SP Angel . Morning View . Thursday 06.11.25

MiFID II exempt information – see disclaimer below

Allied Gold (AAUC CN) – Robust quarterly production with 2025 guidance reiterated at >375koz

Albemarle (ALB US) – 3Q25 update highlights higher lithium production and cost optimisations offsetting lower market pricing

GreenRoc Strategic Materials Plc (GROC LN) – Pilot plant for Active Anode Material ordered for instillation at new site in Denmark

Europa Metals Limited (EUZ LN) Suspended – Proposed acquisition of African projects via RTO

Lundin Mining (LUN CN) – Production guidance increased on higher output from Caserones and Candelaria

IAMGold (IAG US) – Côté supports strong results

Kinross Gold (KCG US) – Strong operating margins as Tasiast and Paracatau continue to deliver

Rockfire Resources (ROCK LN) – Drilling at the Molaoi zinc project in Greece

Tronox (TROX US) – Weak TiO2 and zircon prices stress balance sheet, pigment plants idled

Unity Metals* (UML AU) – Australian IPO Prospectus for Cambodian/Thailand focused exploration projects

We are hosting our first-ever Wine and Mine event on 12th November in the City at 4:45pm

The evening will feature a curated wine tasting alongside 5-minute presentations from each attending company, followed by a short Q&A session.

Companies presenting:

• Cornish Metals (CUSN, £100m)
• Orosur Mining (OMI, £92m)
• Power Metal Corp (CVE: PWM, CAD$161m)
• Mkango Resources (MKA, £218m)
• Serval Resources (Oscillate plc) (SRVL, £1.5m)

RSVP — spaces are limited.

Gold ($4,007/oz) rebounds as dollar rally pauses and Trump’s tariff legality called into question

• Gold has rebounded from yesterday’s dip to $3,930/oz, returning to the key $4,000/oz resistance level.
• The metals spectrum came under pressure from a higher US dollar this week, which saw gold sell-off alongside other precious and base metals.
• The market rallied on the back of increased expectations of Trump’s tariffs being ruled illegal.
• US Treasuries have pulled back, with yields on the 10-year rising sharply to 4.144%, as ADP numbers surprised to the upside.
• The government remains in shutdown in the US, with a truce offering a potential short-term headwind to gold prices.
• We note that gold consolidated around $3,300/oz between April and August.
• It would surprise us were gold to stay rangebound around $4,000/oz as speculative capital exits, with central bank buying remaining the primary positive tailwind going forward.

Rare Earths – Europe claims to have special channel for REE supply as China progresses nationwide survey of rare earth resources

• EU Commissioner, Maros Sefcovic, claims to have established a “special channel” of communication with Chinese authorities to secure the flow of REEs for EU industries (Reuters)
• Reuters reports, Sefcovic said he had discussed the issue directly with Chinese Commerce Minister Wang Wentao several times, stressing that poorly managed export procedures could have a “very negative impact on production and manufacturing in the EU”.
• Sefcovic says, European firms have submitted around 2,000 applications to Chinese authorities since the controls came into force, with just over half already approved.
• We feel Mr Sefcovic’s “special channel” might be less productive than he expects.
• China initiated license and mining operation reviews some time ago following the implementation of tighter export controls giving the CCP the ability to restrict production at its source.  
• China can simply slow production and ensure REE material goes into local production on a preferential basis restricting available supply for export without needing to resort to export bans.

IG TV Commodity Corner (4/11/1015): https://www.youtube.com/live/1dgNycx2o4U?si=7nWx4N9VXXyIe4Ap&t=6274 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://youtu.be/41MBzeI8M4s?si=MY1uIg-iTZwBH5Bh
• FTSE 100 stocks, small-cap and lithium: https://youtu.be/mLPY874joJs?si=8bzipl1DPW_SSe7H

Economics

China – Caixin survey of 12 domestic and foreign institutions show a significant slowdown is anticipated in foreign trade.

• Companies expect export growth to slow to 2.7% yoy vs 5.5% seen in September.
• Economists also see growth in industrial output and retail sales also slowing in October.

Currencies

US$1.1513/eur vs 1.1491/eur previous. Yen 153.70/$ vs 153.55/$. SAr 17.362/$ vs 17.465/$. $1.307/gbp vs $1.305/gbp. 0.651/aud vs 0.649/aud. CNY 7.123/$ vs 7.126/$.

Dollar Index 100.01 vs 100.13 previous.

Precious metals:         

Gold US$4,014/oz vs US$3,979/oz previous

Gold ETFs 97.0moz vs 97.1moz previous

Platinum US$1,579/oz vs US$1,547/oz previous

Palladium US$1,441/oz vs US$1,411/oz previous

Silver US$48.7/oz vs US$47.9/oz previous

Rhodium US$7,975/oz vs US$7,950/oz previous

Base metals:   

Copper US$10,778/t vs US$10,707/t previous

Aluminium US$2,877/t vs US$2,871/t previous

Nickel US$15,115/t vs US$15,095/t previous

Zinc US$3,066/t vs US$3,082/t previous

Lead US$2,023/t vs US$2,027/t previous

Tin US$35,805/t vs US$35,610/t previous

Energy:

Oil US$63.5/bbl vs US$64.5/bbl previous

• Crude oil prices edged lower as the EIA estimated a w/w US inventory build of 5.7mb to crude, partly offset by draws of 4.7mb to gasoline and 0.6mb to distillate stocks, as utilisation fell 0.6% to 86% on domestic output of 13.65mb/d.
• European energy prices are flat as EU natural gas storage levels increased 0.2% w/w to 83% full (vs 92.1% 5-Yr average), with aggregate inventory at 948TWh and German weekly storage levels still stuck on ~75%.

Natural Gas €31.6/MWh vs €31.9/MWh previous

Uranium Futures $78.8/lb vs $79.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.8/t vs US$105.8/t

Chinese steel rebar 25mm US$442.8/t vs US$442.7/t

HCC FOB Australia US$196.0/t vs US$196.0/t

Thermal coal swap Australia FOB US$114.1/t vs US$113.3/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$76,097/t vs US$76,342/t

Lithium carbonate 99% (China) US$10,951/t vs US$10,946/t

China Spodumene Li2O 6%min CIF US$940/t vs US$940/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$698/mtu vs US$688/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

China Graphite Flake -194 FOB US$395/t vs US$395/t

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.9/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$270/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,102/t vs US$1,102/t

Spot CO2 Emissions EUA Price US$65.1/t vs  US$65.1/t

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$3,125.0/kg vs US$3,125.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Japanese automakers look towards India as manufacturing hub as alternative to China

• Japanese automakers are investing over US$11bn in India to expand car-manufacturing and export capacity as they look for an alterative to China.
• Direct investment from Japan in China's transport sector was down 83% to 46bn yen ($300m) last year.
• Toyota, Honda and Suzuki have all announced various levels of investment in India, with Toyota announcing $3bn of investment last year, and Suzuki, who lead the Indian auto market with a 40% share, investing $8bn to increase production to 4m cars annually from 2.5m currently.
• Toyota is targeting an annual production capacity in India exceeding 1m vehicles by 2030, with 15 new/refreshed models and aiming to raise its local market share from around 8% to 10%.
• Honda, which has a significant presence in the two-wheeler market, has not announced any specific investment, but has said it plans to make India the production and export base for one of its "Zero Series" EVs from 2027.

India’s low labour costs, large workforce and government incentives under Narendra Modi’s administration are major draws and Chinese EV competition has yet to ramp up in India, giving the Japanese automakers a strategic advantage.



Company news

Allied Gold (AAUC CN) C$21, Mkt Cap C$2.6bn – Robust quarterly production with 2025 guidance reiterated at >375koz

• 3Q25 production 87.0koz (3Q24: 85.1koz) including:
  • Sadiola 42.2koz $2,224/oz AISC;
  • Bonikro 22.0koz $1,755/oz AISC;
  • Agbaou 22.9koz $2,175/oz AISC
• Sales 92.1koz at $3,310/oz realised gold price (3Q24: 78.9koz at $2,474/oz).
• AISC $2,092/oz (3Q24: $1,867/oz).
• EBITDA $71m (3Q24: -$73m)
• Net Profit -$7m (3Q24: -$127m).
• 9M25 production 262.1koz (9M24: 258.5koz)
• Sales 304.7koz at (9M24: 248.7koz)
• AISC $2,037/oz (9M24: $1,652/oz).
• EBITDA $197m (9M24: $11m).
• Net Profit $17m (9M24: -$112m).
• Production is expected to pick up in 4Q25 on higher grades.
• 2025 production is guided to come at above 375koz, in line with previous targets for 375-400koz.
• Kurmuk (Ethiopia) development ongoing with engineering substantially completed targeting start of operations mid 2026.
• Kurmuk (Ethiopia) is expected to run at 290koz in the first 4y and 240koz average over LOM at <$950/oz AISC.
• In Mali, operations are reported to be progressing as planned with logistics and project development running as usual.
• Inventories of consumables are at normal levels.
• The Company had $262m in cash as of 3Q25 with $50m in undrawn RCF and $134m raised in new equity post quarter end.

Albemarle (ALB US) US$92, Mkt Cap US$10.8bn – 3Q25 update highlights higher lithium production and cost optimisations offsetting lower market pricing

• Net Sales $1,308m (-4%yoy)
• Adjusted EBITDA $226m (+7%yoy)
• EBITDA was slightly up on higher sales volumes and ongoing cost and productivity improvements offset by lower market prices.
• Net Loss -$161m (3Q24: -$1,069m).
• Lithium sales were up 8%yoy with prices down 16%.
• Lithium EBITDA $124m, down $19m yoy.
• 9M25 CFO $894m, up $202m yoy.
• 9M25 Capex $434m, down $903m yoy, reflecting a cut in growth capex and completion of capacity expansions in Energy Storage (Lithium) and Specialties.
• 2025 capex reduced to ~$600m.
• 2025 FCF is guided at $300-400m.
• On track for full year run rate cost and productivity improvement of ~$450m.
• The Company had $3.5bn in available liquidity including $1.9m in cash and $1.6bn under undrawn credit facilities.
• Total debt $3.6bn with ND/EBITDA at ~2.1x.

GreenRoc Strategic Materials Plc (GROC LN) 2.8, Mkt cap 7.7m – Pilot plant for Active Anode Material ordered for instillation at new site in Denmark

• GreenRoc Strategic Materials report progress towards the instillation of a new AMM ‘active anode material’ pilot process plant in Denmark to process graphite from the Amitsoq mine in Greenland.
• Management report the signing of a purchase agreement with a Chinese manufacturer a for a line of graphite processing mills.
• GreenRoc has also signed a rental agreement for a site in Denmark for building and running the pilot plant.
• The mills are expected to arrive on site in Q1 for the production of spheronised graphite from flake graphite feedstock.
• The mills and associated air-classifiers, cyclones and dust filters are designed and manufactured by a specialist Chinese company which has delivered >100 full scale processing lines.
• Equipment includes:
  • one 600mm diameter micronising mill with internal classifier to reduce the flake graphite particles to a uniform and specified particle size.
  • a 300mm diameter spheronisation mill with two sets of classifiers to produce spheronised graphite of a predetermined size category with two types of biproducts.
• Delivery is expected at site in Denmark Q1, 2026.
• The pilot plant will also include a division for purification of the spheronised graphite with the team currently designing the plant in preparation for the placement of orders by year-end.
• GreenRoc says it has received the necessary permits for building and operating the AAM pilot plant.
• Stefan Bernstein, the GreenRoc ceo will present at the EU Raw Materials Week in Brussels on 17-20 November.
• GreenRoc recently reported the signing of a €5.2m secured loan facility with the Danish Export and Investment Fund for work on the Amitsoq graphite project.
• We note: if GreenRoc raises £15m or more over 18 months from other sources of debt or equity capital the fund may elect either to be repaid in cash or to convert the loan into ordinary shares at an effective 20% discount to the Ordinary Shares' market price at that date.

Conclusion:  GreenRoc is making rapid progress towards the production of Active Anode Material on a pilot scale in Denmark utilising the €5.2m loan from the Danish Export and Investment Fund. We look forward to news of the pilot plant commissioning next year and to further progress on the future sale of GreenRoc’s AMM material into the new European Li-ion battery gigafactories being planned.

The European Commission recently announced €2.9bn from its Innovation Fund into 61 net-zero projects including support for battery supply chain materials.

There are currently ~30 gigafactories in operation in the EU with total capacity of >300GWh, with plans for a further 50 projects by 2030, combined capacity of ~1.35 TWh.

Europa Metals Limited (EUZ LN) SUSP – Proposed acquisition of African projects via RTO

• Europa Metals reports a proposed acquisition of a company with African assets in Kenya, Tanzania, Burundi and South Africa.
• Europa Metals has signed a ‘heads of terms’ agreement to acquire Marula Africa Mining for 9 of its shares for every Marula share.
• Marula has what are described as near-production assets including:
  • The Blesburg lithium/tantalum mine in South Africa;
  • The Kilifi manganese processing plant in Kenya; and
  • The Kinusi copper mine in Tanzania; as well as
  • A “portfolio of earlier stage projects including exploration/advanced exploration manganese projects in Kenya, graphite projects in Tanzania and Kenya, and lithium and tungsten projects in South Africa and Botswana”.
• If it proceeds, the acquisition of Marula would constitute a ‘reverse-takeover’ and “Trading in the Company's shares on AIM will remain suspended pending completion of the RTO”.
• Europa Metals’ shares were suspended from AIM trading in May following the disposal of its Toral project in Spain and its inability to finance and proceed with the proposed acquisition of the Tynagh lead/zinc/copper/silver project in Ireland.

Lundin Mining (LUN CN) C$23, Mkt Cap $19.5bn – Production guidance increased on higher output from Caserones and Candelaria

• Lundin Mining produced 86.4kt Cu over the quarter at cash costs of $1.61/lb.
• Additionally, 38koz Au produced alongside 2.7kt Ni.
• Revenue reported at $1bn, with realised copper prices of $4.6/lb and gold prices of $3,889/oz.
• EPS reported at $0.17/shr and adj. EBITDA at $490m.
• Cash from operations at $270m and FCF of $169m.
• Net debt reported at $108m.
• Company reiterates tightens guidance to 319-337kt Cu from 303-330kt and lowers cash cost guidance to $1.85-2/lb Cu.
• Lundin Mining is targeting 500ktpa Cu and 500kozpa Au over the long term as it brings the Vicuna district online with BHP.
• Candelaria reports strong throughput on softer ore feed, finer ore size and higher ball mill runtime.
• Caserones benefitted from increased dump leach material, and higher throughput.
• Chapada is transitioning to higher-grade material, reducing cash costs, which also benefitted from higher gold by-product credits.

IAMGold (IAG US) $12, Mkt Cap $7bn – Côté supports strong results

• IAMGold reported quarterly production of 190koz at AISC of $1,956/oz.
• The Company generated revenues of $707m at average selling price of $3,492/oz.
• EBITDA reported at $338m, with net cash from operating activities at $281m.
• Cash reported at $314m, with debt at $971m and available credit of $392m.
• Lien note repayments over the quarter of $100m, with an additional $170m repaid post period.
• Share buyback for 10% of IAMGOLD outstanding stock approved over the quarter.
• Production ytd at 524koz.
• Côté produced 75koz attributable, with 193koz attributable produced ytd.
• Management guides to top end of annual AISC guidance of $1,830-1,930/oz and remains on track to achieve annual guidance at 735-820koz on an attributable basis.
• Company acquired Northern Superior over the quarter and Mines d’Or Orbec, for consideration of $267m, intended to form part of IAMGOLD’s Nelligan and Monster Lake camp.

Conclusion: IAMGOLD is executing the ramp up of Côté effectively, with expansion plans underway as the team combines Gosselin and Côté pits for higher throughput and longer LOM with throughput increasing from 36ktpd to >50ktpd for longer term production of 495kozpa. We suspect IAMGOLD is one of Agnico Eagle’s primary acquisition targets, given its Tier One jurisdiction and substantial scale.

Kinross Gold (KCG US)$24, Mkt Cap $31bn – Strong operating margins as Tasiast and Paracatau continue to deliver

• Kinross reported strong production on Tuesday, at 520.3koz, selling at an average price of $3,460/oz.
• Revenue reported at $1.8bn, up from $1.4bn same period last year.
• AISC reported at $1,622/oz AuEq, up from $1,350/oz 3Q24.
• Operating cash flow of $1bn, up from $734m same period last year.
• EPS at $0.48/shr.
• FCF reported at $485m.
• Net cash reported at $485m, with redemption of $500m in 2027 notes reported post announcement.
• Company reiterates guidance for production and costs.
• $405m worth of shares bought back since April 2025 and dividend increased 17% to $0.14/share annualised.
• Company reports Paracatau delivered strong production of 150koz at C1 costs of $933/oz from higher grades and increased recoveries.
• Tasiast delivered 120koz at C1 costs of $889/oz, with management reporting higher throughput offsetting planned lower grades.
• La Coipa delivered 58koz at C1 costs of $1,199/oz as mining transitioned to higher grades, with costs falling qoq.
• Great Bear detailed engineering ongoing, with Impact Statement submissions on track.
• Round Mountain Phase X ongoing, with 5,200m developed to date alongside ‘extensive underground drilling,’ as the Company advances engineering studies to support a production decision.
• Curlew infill drilling continues to support the resource estimate.

Conclusion: Kinross has outperformed the gold miners index by 61% over the past 12 months with consistent delivery and high margins, driven by Tasiast and Paracatau. Growth is focused on Great Bear, where detailed engineering continues as the Company advances towards production in 2029. Great Bear is expected to produce 500kozpa over 12 years at AISC of $800/oz with total CAPEX of C$1.4bn, NPV5 of $3.3bn at $2,500/oz for IRR of 36%.

Rockfire Resources (ROCK LN) 0.16p, Mkt Cap £11m – Drilling at the Molaoi zinc project in Greece

• Rockfire Resources reports the completion of hole HMO-008 at the Molaoi zinc project in Greece at a depth of 289m.
• Hole HMO-008 “is the first drill hole of the recently commenced resource upgrade to Indicated status … [and] … also aimed to test mineralisation at much greater depths”.
• Apart from the results of portable XRF analysis, which reports zinc, lead and silver within “a 2.5m wide zone of visible zinc mineralisation … high in the hole” assays are not yet available although the “zone has been cut, sampled and sent to the laboratory for analysis”.
• “In addition to testing these upper lodes, hole HMO-008 also aimed to test mineralisation at much greater depths. The hole is dominated by extensive fault zones, shears, brecciation and fracturing, which resulted in very slow and difficult drilling conditions”.
• The drilling conditions are interpreted to have been caused by “unintentionally … [drilling] … directly down one of the growth faults which are responsible for the thickening of mineralised sedimentary units”.
• CEO, David Price said that hole HMO-008 “is without question, the most fractured, broken and brecciated hole drilled at Molaoi so far … [and] … is thought … [to have been] … drilled directly down one of the growth faults”.
• Despite the challenging drilling conditions, he explained that the “decision to push deeper to get through the fault zone was taken, however the fault proved far more extensive than first thought. This hole has provided excellent geological information within the fault which will enable us to model the fault into our updated Indicated resource”.
• He said that these “faults have provided the geological setting for thicker mineralised lodes at depth. It was hoped that, by drilling deeper, the hole might exit the fault into strong mineralisation, however the hole remained in the fault for its entire length”.
• Mr. Price confirmed that the “upper lodes were intersected in the anticipated position, and these lodes are currently being analysed”.
• The second hole of the programme is underway to the south of HMO-008 with the company expecting “the rate of drilling to be faster … [with a] … second drill rig … also being sought to increase the company's rate of drilling”.

Conclusion: Resource upgrade drilling at Molaoi has started more slowly than hoped with the first hole of the programme drilling through faulted ground.  The company hopes that the second hole, currently underway, will prove easier and confirms that it is looking for an additional rig to speed progress.

Tronox (TROX US)$3.2, Mkt Cap $506m – Weak TiO2 and zircon prices stress balance sheet, pigment plants idled

• TiO2 major Tronox reported 3Q25 results overnight.
• The Company generated $699m in revenue over the period, with $550m from TiO2 and $59m from Zircon.
• Company reports adjusted EBITDA of $74m, and net loss of $99m.
• Lower EBITDA reflects lower average sales prices and sales volumes, alongside higher production costs and unfavourable exchange rates.
• TiO2 volumes down 8%yoy and zircon volumes down 4%.
• TiO2 prices down 5%yoy and 3%qoq, whilst zircon prices down 16%yoy and 6%qoq.
• Company raised $400m in senior secured notes over the quarter for available liquidity of $664m.
• Tronox holds $3.2bn in debt, $3bn net debt.
• Company guides 4Q25 revenue and adj. EBITDA flat to 3Q25, on expectations of weaker TiO2 and zircon prices.
• Tronox expects to return to free cash flow in 4Q25 and 2026 amid cash-focused actions.
• Tronox reports it has taken a 5% equity stake in Lion Rock Minerals exploring for rare earths in monazite and rutile.
• They note their mining operations in Australia and South Africa are monazite-rich, presenting an opportunity for heavy and light REE production.
• Tronox targeting $60m in annualised savings by 2025, increasing to $125-175m in annualised savings by 2026-end.
• Tronox has idled its Fuzhou pigment plant and lowered operating rates at Stallingborough pigment plant with a view to care and maintenance.

Conclusion: The quarterly report for Tronox makes for worrying reading as the stock slides again, with a highly leveraged balance sheet and negative cash flows. Prices for TiO2 and Zircon continue to slide amid weak demand from the ongoing Chinese property market downturn and a glut in Chinese supply. Management is idling pigment plant facilities in a bid to limit further losses. However, looking forward, the Company notes that over 1.1mt in TiO2 pigment capacity has been idled since 2023, much of which is permanent. Further supply curtailments could leave the market vulnerable to deficits going forward as global GDP growth reaccelerates. This may further boost the appeal of Sovereign Metals* low-cost Kasiya rutile project to Rio Tinto/another party with a long-term focus. Additionally, Empire Metals’* Pitfield project offers exposure to a potential multi-generational high-grade TiO2 product in Tier One jurisdiction Western Australia.

*SP Angel acts as Nomad and Broker to Sovereign Metals and Empire Metals

Unity Metals* (UML AU) – Australian IPO Prospectus for Cambodian/Thailand focused exploration projects

• Unity Metals reports that it has lodged a Prospectus for an IPO with the Australian Securities & Investments Commission.
• The company holds exploration projects including the Ngot and O’Phlay intrusion-related gold (IRG) projects in eastern Cambodia and the Loei porphyry copper/gold project in northern Thailand.
• The company’s website https://www.unitymetals.com.au explains that “IRG deposits can be large (+5Moz gold4), with some of the most significant deposits (Fort Knox, Dublin Gulch, Donlin Creek and Pogo) discovered in the Tintina Gold Province that encompasses central Alaska (USA) and the Yukon”.
• Ngot and O’Phlay are in the same area of Cambodia as ASX-listed Emerald Resources’ 100koz pa Okvau gold mine, described as Cambodia’s “first commercial gold mine” which was commissioned in mid-2021 and is producing “at an AISC … [all-in-sustaining-cost] … of between US$740 – US$810/oz”.
• “Mineralisation within Ngot is similar to the intrusion-related gold (IRG) style of mineralisation at the Okvau Gold Mine” which hosts an “Indicated & Inferred Mineral Resource of 17.7Mt @ 2.0g/t gold for 1.1Moz of gold”.
• At O’Phlay, the company’s website reports “Broad zones (up to 40m wide) of sheeted & stockwork quartz + arsenopyrite vein mineralisation hosted in granodiorite & hornfels… [with rock chip samples assaying] … up to 37.1g/t, 27.5g/t gold, 24.3g/t gold … [and three] … major gold-in-soil anomalies in historical mining areas”.
• Also in Cambodia, the company holds an 85% interest in undrilled the Ta Vaeng copper/gold porphyry project containing a “7km x 5km vegetation anomaly believed to be due to hydrothermal alteration above …  [an] … intrusive system”.
• The Loei porphyry copper/gold project in northern Thailand surrounds the “PUT 1 copper-gold deposit. PUT 1 is … [described as] … the largest copper deposit in Thailand (Measured, Indicated & Inferred Mineral Resource of 183.0Mt @ 0.50% copper & 0.13g/t gold for 913Kt copper & 771Koz gold)”.

* An SP Angel analyst holds shares in Unity Metals.

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk - 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk - 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

George Krokos - george.krokos@spangel.co.uk – 0203 470 0486

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

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SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.