SP Angel . Morning View . Thursday 07.05.26

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN)  – Progress report on Dokwe with PFS expected in the coming weeks

Cornish Metals* (TIN LN)  – Oversubscribed US$210m bond issue secures debt for South Crofty

Atlantic Lithium* (ALL LN)  – Takeover offer for Atlantic Lithium by Zhejiang Huayou Cobalt for 18.8p/s

Zhejiang Huayou Cobalt Co., Ltd (603799 SHA)

Bunker Hill Mining (BNKR CN) )  – Director Appointment

DPM Metals (DPM CN)  – Blood tests indicate elevated levels of lead in >300 residents in town of Vareš, Bosnia and Herzegovina (Independent)

Great Western Mining (GWMO LN)  – Metallurgical testwork underway for Defender-Pine Crow Tungsten Project

GreenRoc Strategic Materials Plc (GROC LN)  – Opening of pilot graphite process plant in Denmark

Halo Minerals (HALO LN)  – Mining permit application for Playa Verde project, Chile

Landore Resources* (LND LN)  – 2026 field programme to focus on advancing Lamaune gold project towards MRE

Lindian Resources (LIN AU) – Kangankunde maiden concentrate production reiterated for 4QCY26

Lundin Gold (LUN CN)  – Strong cash flows from Fruta del Norte support dividend ramp up

Savannah Resources* (SAV LN)  – BUY, Target– 18.5p – Second temporary land access granted

Strategic Minerals* (SML LN)  – Additional tin mineralisation detected in historic drilling data from Redmoor

Taseko Mines (TKO LN)  – Robust quarterly production with maiden copper delivered at Florence

Copper ($13,385/t) rises on dollar weakness and hopes of peace in the Middle East

• Copper has joined a wider global market rally as optimism rises over deescalation in Iran.
• The metal had come under some pressure from fears of higher energy prices feeding into a global growth slowdown.
• However, this has been offset by limited concentrate availability following several major supply disruptions in 2025.
• Deficit fears have been intensified following ramp up delays from both Kamoa Kakula and Grasberg in 1Q26.
• Sulphuric acid shortages are also feeding into higher copper prices, hitting producers of SX-EW operations, particularly in the DRC.
• We suspect some of copper’s strength in recent months has been driven by more speculative capital, with traders seeing copper as an alternative trade on AI and the required data centre needs.
• WoodMac estimates that AI data centre needs will add c.700kt of incremental copper demand through to 2030, with potential for an additional 5mt in associated transmission and grid infrastructure.

Gold ($4,740/oz) continues to strengthen as precious metals rise on dollar sell-off

• Gold has risen further overnight, breaking through $4,700/oz following a week of muted trading.
• The metal is rallying alongside the precious spectrum following positive updates from Trump on peace negotiations.
• The move coincides with wider risk-on sentiment, with the Nasdaq and SP500 both hitting new all time highs yesterday.
• Gold’s movements are increasingly correlated with negotiations in Iran, selling off on escalations and strengthening on suggestions of peace from the White House.
• US Treasuries have rallied on the recent peace talk suggestions, with the 10 year yield sliding to 4.33%, down 10bp since Monday.
• As a result of lower yields, the dollar has fallen against a basket of currencies, with the DXY index hitting late March levels.

Lithium – Chinese concerns over future lithium (spodumene) feedstock supply prompts takeover of Atlantic Lithium.

• China is ramping up Li-ion battery production to meet new demand for domestic and grid-scale power storage.
• The situation in the Strait of Hormuz as accelerated the move towards energy independence and greater energy security.
• New investment into solar, wind and other renewables is also generating new demand for power storage.
• Domestic storage is best done with Li-ion batteries with Li-Phos looking like the optimum solution for now as pack prices fall.
• Grid scale power storage and balancing comes in many differing forms with Li-ion battery instillations making up an increasing component in this mix due to its cost and near-instant demand reactivity.
• Most spodumene mines are lithium-rich granite pegmatites. These mines typically occur in dyke swarms or tabular deposits causing their mining to become more expensive and more risky with depth.
• We suspect production rates and economics to worsen in many mines with time and for overproduction in early years to cause issues in later mine life.
• Eg Offtakers will likely be looking to find new mines faster than they had initially imagined.

Kazzinc, Kazakhstan's largest producer of zinc, lead, copper, gold, and silver suffers a fatal explosion

• The smelter which is owned by Glencore reports two fatalities and five injured

UK – Will we see Starmageddon in the UK local elections tonight?

IG TV Gold report: https://youtu.be/PliTL-z0n54?si=HvvFdldYY7oHK7s7

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Currencies

US$1.1764/eur vs 1.1730/eur previous. Yen 156.15/$ vs 156.48/$. SAr 16.306/$ vs 16.480/$. $1.362/gbp vs $1.359/gbp. 0.726/aud vs         0.724/aud. CNY 6.802/$ vs 6.818/$.

Dollar Index 97.87 vs 98.12 previous.

Precious metals:

Gold US$4,740/oz vs US$4,666/oz previous

   Gold ETFs 98.6moz vs 98.7moz previous

Platinum US$2,083/oz vs US$2,005/oz previous

Palladium US$1,558/oz vs US$1,519/oz previous

Silver US$79.3/oz vs US$75.8/oz previous

   Silver ETFs 791.1moz vs 790.3moz previous

Rhodium US$9,950/oz vs US$9,950/oz previous

Base metals:   

Copper US$13,407/t vs US$13,269/t previous

Aluminium US$3,522/t vs US$3,569/t previous

Nickel US$19,210/t vs US$19,895/t previous

Zinc US$3,428/t vs US$3,410/t previous

Lead US$1,988/t vs US$1,983/t previous

Tin US$54,475/t vs US$52,565/t previous

Energy:

Oil US$97.9/bbl vs US$108.0/bbl previous

• Brent crude oil prices edged below $100/bbl on improved market sentiment towards a US-Iran deal that would lead to the gradual reopening of the Strait of Hormuz.
• The EIA estimated w/w US inventory draws of 7.5mb to crude, 2.5mb to gasoline and 1.3mb to distillate stocks, with refinery utilisation rising 0.5% to 90.1% on 13.6mb/d of domestic output.
• European energy prices were also broadly unchanged as EU natural gas storage levels to increase by 3.6% w/w to 34.3% full (vs 46.4% 5-Yr average), with aggregate inventory at 388TWh and Germany at 27.2% full (vs 46.6% 5-year average). Equinor’s CFO commented this week that it is unlikely the EU will reach its 80% storage target for the 2026/27 winter.
• The Australian Government has proposed requiring LNG exporters to reserve 20% of all new contracts and spot deliveries for the domestic market from the middle of next year. LNG projects in Western Australia are already subject to a 15% reservation policy, with the new rules impacting exporters in Queensland for the first time.

Natural Gas €42.5/MWh vs €46.2/MWh previous

Uranium Futures $86.0/lb vs $86.1/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$110.9/t vs US$110.7/t

Chinese steel rebar 25mm US$478.6/t vs US$476.3/t

HCC FOB Australia US$235.0/t vs US$235.0/t

Thermal coal swap Australia FOB US$137.0/t vs US$139.5/t

Other:  

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$113,563/t vs US$113,310/t

Lithium carbonate 99% (China) US$26,388/t vs US$25,596/t

China Spodumene Li2O 6%min CIF US$2,590/t vs US$2,520/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

China Tungsten APT 88.5% FOB US$2,283/mtu vs US$2,343/mtu

China Tantalum Concentrate 30% CIF US$193/lb vs US$193/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.9/lb vs US$5.9/lb

Europe Ferro-Vanadium 80% US$28.6/kg vs US$28.6/kg

China Ilmenite Concentrate TiO2 US$251/t vs US$250/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,154/t vs US$1,151/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

Germanium China 99.99% US$3,275.0/kg vs US$3,275.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

Europe Molybdenum Oxide 57% US$28.5/lb vs US$28.5/lb

EV & battery news:

Chinese researchers unveil all-iron flow battery for renewable energy storage

• The breakthrough in 'all-iron flow battery' technology could lead to next-gen large scale energy storage systems that are ultra-low cost with a significantly extended battery lifespan.
• The global energy transition has been facing a critical bottleneck in storing power from solar and wind farms at a scale sufficient to stabilise the grid.
• Current lithium-based batteries have become more affordable, but are still seen as expensive for storage - lithium is currently 80 times more expensive than iron as a raw material.
• All-iron batteries have been an appealing candidate for energy storage for a long time, but the instability of iron-based anolytes, where active materials degrade quickly, curtailing operational life, has been a barrier to commercial adoption.
• A research team at the Institute of Metal Research have developed a 'highly stable electrolyte that is capable of sustaining thousands of charge-discharge cycles with almost no capacity loss.
• At this early stage of development, it is yet to be clear how this technology will perform at commercial scale.

World's first coal fuel cell that produces electricity with zero emissions

• Chinese scientists have developed a way to generate electricity and achieve higher energy efficiency than conventional burning methods, while producing zero carbon dioxide emissions, by placing coal inside a “battery”.
• In the new system, coal is pulverised, dried, purified and subjected to surface pre-treatment before being fed into the anode chamber of the cell.
• Oxygen is supplied to the cathode, and within the cell, the fine coal powder undergoes electrochemical oxidation across an oxide membrane, generating electricity directly, without a steam cycle or mechanical turbine.
• Conventional coal power relies on burning coal to produce heat, which then boils water into steam to spin a turbine generator, a process limited by the Carnot cycle efficiency limit of internal combustion engines.
• The development of this technology is still at an incredibly early stage and it is yet to be seen how this could be scaled for commercial power generation.

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Company news:

Ariana Resources (AAU LN) 1.9p, Mkt Cap £49m – Progress report on Dokwe with PFS expected in the coming weeks

• Ariana Resources has issued a progress report on its Dokwe gold project in Zimbabwe where it expects to complete a Pre-feasibility Study during the current quarter and a more comprehensive Definitive Feasibility Study in Q1 2027.
• The company highlights the A$11m investment by Hongkong Xinhai Mining Services supporting “a 2,370m metallurgical drilling programme and the first phase of the metallurgical test work”.
• The work will be overseen independently by SGS’s Independent Metallurgical Operations unit (IMO), described as “Australia's largest metallurgical group … to ensure compliance with industry standards, specifically JORC 2012”.
• “The drill holes have been planned jointly by Ariana, IMO, and Xinhai to deliver a range of ore types and gold grades to evaluate the mining schedule and deposit variability, and to determine the optimum processing route in accordance with IMO's designed testwork flow sheets”.
• The DFS will incorporate a review of the “existing 1.12Moz @ 1.52g/t Au (at a 0.6g/t Au cut-off) Measured, Indicated & Inferred JORC Resource estimate” with the review results expected in the 2nd half of 2026.
• In addition, a 5-hole, 1,250m, programme of geotechnical drilling “will be drilled at Dokwe Central” to aid mine design studies.
• Work is also in progress to “determine the optimum storage of tailings, water optimisation, and to characterise waste-rock materials”.
• Following a desk-top evaluation addressing the “groundwater potential for the district within the Eastern Kalahari-Karoo Transboundary Aquifer system. Preparations are being made for a geophysical programme to identify the optimum bore field, which will be followed by drilling several test boreholes”.
• Commenting on what he described as “excellent progress towards completing the Feasibility Study for the Dokwe Gold Project and its associated technical work … [Mangaing Director, Dr. Kerim Sener reported that] … our BoxScan unit has been transferred from Türkiye to the Dokwe Project site, to support the scanning and digital data archiving of our historic drill core and the current drilling programme”
• He explained that the “range of data collected will reinforce our understanding of the lithological and structural controls on mineralisation, as well as the alteration characteristics of the deposits. This, in turn, will further refine our geological models and further improve our exploration targeting”.

Conclusion: Ariana expects to deliver the Dokwe PFS in the current quarter as it transitions into DFS level evaluation with results expected in Q1 2027

Cornish Metals* (TIN LN) 101p, Mkt cap £127m – Oversubscribed US$210m bond issue secures debt for South Crofty

• Cornish Metals reports an oversubscribed US$210m bond issue securing the debt component of the finance needed for the resumption of tin production at its South Crofty mine in Cornwall during 2028.
• The six-year, 13.5%pa, bonds will pay a quarterly coupon with “No principal repayments for 48 months; thereafter quarterly amortisation of 5% of the nominal amount and a 60% bullet repayment at maturity… at 103.5% of the nominal amount”.
• “The proceeds of the issue of the bonds will be held in an escrow account and will not be capable of being drawn down by the Company until the conditions precedent to release from escrow have been satisfied”.
• “An important condition precedent is for the Company to have completed an equity fundraising of at least US$161 million”.
• The company confirms its intention to list the “bonds on the Nordic Alternative Bond Market”.
• CEO, Don Turvey, welcomed the successful bond issue and confirmed that “Project financing is progressing well and we expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer”.

Conclusion: Cornish Metals’ bond issue secures the debt financing for the resumption of tin production at South Crofty ahead of equity financing and a final investment decision expected in the coming months.

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Atlantic Lithium* (ALL LN) 15.6p, Mkt Cap £125m – Takeover offer for Atlantic Lithium by Zhejiang Huayou Cobalt for 18.8p/s

Zhejiang Huayou Cobalt Co., Ltd (603799 SHA) CNY 68.20, Mkt cap CNY 126bn

• Atlantic Lithium reports it has entered into a Binding SID ‘Scheme Implementation Deed’ with Zhejiang Huayou Cobalt for 18.8p (A$0.35)
• Management have agreed an offer from Huayou at 18.8p/s (35.4Ac, 25.5USc.
• The agreed offer values Atlantic Lithium at ~£155m (US$210m, A$292m)
• Huayou are acquiring all assets including the Ewoyaa spodumene mining project and associated exploration in Ghana and exploration licenses in the Ivory Coast.
• The directors have invested substantial sums into Atlantic Lithium shares over the years and currently hold 14.2m shares representing 1.8% of the total issued share capital.
• Assore, which holds ~26.4% has signalled it intends to vote in favour of the scheme subject to no other offers and an independent expert concluding the scheme is in the best interests of shareholders.
• Atlantic Lithium previously reported a tentative 33p proposal from Assore though this never progressed to a firm offer 2 October 2023 and 7 November 2023.
• Huayou have concluded a detailed due diligence process along with significant engagement with Atlantic Lithium.
• The Scheme is subject to:
  • An independent expert concluding the Scheme is in the best interests of Atlantic Lithium shareholders;
  • Approval by >75% of Atlantic Lithium shareholders at the Scheme Meeting,
  • Receipt of regulatory approvals from Australian Foreign Investment Review Board, Chinese regulators and the ECOWAS Regional Competition Authority,
  • No Material Adverse Change,
  • Ghana Securities and Exchange Commission waivers, exemptions and clearances in respect of the mandatory takeover requirements under the SEC Code on Takeovers and Mergers,
  • Receipt of a private ruling from the Commissioner-General of the Ghana Revenue Authority,
  • Completion of certain transactions relating to the Company's subsidiary, Barari DV Ghana Limited,
  • Court approvals,
  • Certain other customary conditions.
• The SID contains customary exclusivity provisions, including "no shop", "no talk" and "no due diligence", a notification obligation and a matching right in favour of Huayou
• Break fee: The SID also details circumstances under which a break fee may be required to be paid by either of the parties.
• Zhejiang Huayou Cobalt Co., Ltd. is a major Chinese high-tech enterprise specializing in the research, development, and manufacturing of new energy lithium battery materials and cobalt products.
• The company operates an integrated industrial chain, from mining and smelting though to precursor production, cathode material manufacturing, and battery recycling.
• Huayou produces ternary precursors, cathode materials, and lithium cobalt oxide for EVs and consumer electronics and also mines and refines non-ferrous metals, including crude cobalt hydroxide, electrolytic copper, and nickel.

*SP Angel acts as Nomad to Atlantic Lithium

Bunker Hill Mining (BNKR CN) C$5.875, Mkt Cap C$270m – Director Appointment

• Bunker Hill Mining, which is working to rejuvenate the historic Bunker Hill silver/lead/zinc Bunker Hill mine in Idaho has announced the appointment of former Condor Gold Chairman and CEO, Mark Child as an independent non-executive director.
• Welcoming the appointment of Mr. Child, who will serve as a member of the Corporate Governance & Nomination, Audit and Compensation Committees, Bunker Hill’s Executive Chairman, Richar Williams, said that his “ability to create shareholder value in complex circumstances, will add much to our team and our governance system as we transition the Bunker Hill critical metals project from commissioning into sustainable, profitable operations”.
• Mr. Child said that he looked forward to “working with the Board and management team to support the Company’s next phase of growth as the Company expands to a 2,500 tpd processing plant and reviews other growth opportunities”.
• He added that “Bunker Hill represents a unique opportunity to participate in a historic U.S. mining operation, which is expected to restart production next month with a 1,800 tpd processing plant producing critical minerals”.

DPM Metals (DPM CN) C$44.25, C$8bn – Blood tests indicate elevated levels of lead in >300 residents in town of Vareš, Bosnia and Herzegovina (Independent)

• Press reports indicate elevated levels of lead in blood tests of >300 residents in the town of Vares in central Bosnia.
• Four Bosnian environmental agencies filed criminal charges against Dundee Precious Metals which operates the Rupica mine this week
• Initial blood tests showed 17 of 44 people who lived close to the mine's processing plant and waste depot had elevated lead levels in their blood.
• Subsequent rounds of tests show >300 people, including some living further away from the mine in Vares, also had lead in their blood.
• Of 238 blood tests conducted by the Zenica-based Institute for Health and Food Safety, 23% are considered to be above a danger threshold of 2.8mg per decilitre of blood and 13% were >5 mg per decilitre.
• It is important to note there was a significant mining industry in Vareš, Bosnia and Herzegovina, long before the restart of the mine in 2023.
• The town of Vareš was known as a major industrial hub for iron ore, lead, zinc, and barite extraction from the 1890s until the early 1990s when it was operated by the Yugoslav Mining and Metallurgical Combine Zenica (RMKZ).
• The Smreka open cast iron ore mine was abandoned at the start of the war in the early 1990s as became known as "Lake Zero" after pumping stopped.
• Adriatic Metals was acquired by Dundee Precious Metals in September 2025 after reviving the historic mines at Rupice and Veovača.

Great Western Mining (GWMO LN) 3.85p, Mkt Cap £16m – Metallurgical testwork underway for Defender-Pine Crow Tungsten Project

• Great Western provide an update on their Defender - Pine Crow tungsten project in Nevada.
• The Company has started proof-of-concept flotation test work on bulk tonnage samples from the Project.
• Metallurgical test work will be undertaken on a 750kg sample.
• The programme will analyse recovery rates for scheelite mineralised in skarn host rocks.
• The results are expected to be included in the targeted 4Q26 MRE.

GreenRoc Strategic Materials Plc (GROC LN) 3.22, Mkt cap 8.4m – Opening of pilot graphite process plant in Denmark

• GreenRoc have kindly invited investors and stakeholders to join them for the opening of their pilot process plant in Copenhagen on 2nd June 2026.
• Visitors will see the GreenRoc's new pilot-scale graphite mills and two mill lines for spheronisation part of the AMM ‘active anode materials’ process.
• The AMM is then further purified and coated before testing.
• The site visit includes a tour of the of the graphite mill lines and laboratory facilities where graphite ore from Amitsoq and samples of graphite concentrate and spheronised graphite will be on display.

Halo Minerals (HALO LN) 11.7p, Mkt Cap £13m – Mining permit application for Playa Verde project, Chile

• Halo Minerals, which listed on AIM earlier this year, confirms that it has filed an application to mine the beach-hosted historic mine tailings on Playa Grande de Chañaral with the Chilean regulators.
• “Subject to permit approval, Halo is on track to commence site works at Playa Verde before the end of 2026”.
• Playa Verde “hosts mineralised sands with copper content derived from historic tailings discharged into the Salado River basin where the Project has a defined 53Mt JORC compliant resource at 0.24% Cu which includes Ore Reserves of 32Mt at 0.25% Cu”.
• The company’s presentation available on its website https://halominerals.co.uk describes the mining a 32mt reserve grading 0.25% copper at a rate of 5mtpa of tailings with a US$87m capital investment generating an after-tax NPV10% of US$154m and IRR of ~51%.
• Chief Executive, Andrew Dennan, described “Playa Verde … [as] … a unique opportunity to reprocess metal rich historic tailings to produce LME Grade A copper cathodes and a copper - gold concentrate from an at-surface, low-capex project in a Tier-1 mining jurisdiction whilst delivering meaningful environmental detoxification to the Chañaral Bay area”.

Landore Resources* (LND LN) 2.1p, Mkt Cap £7.8m – 2026 field programme to focus on advancing Lamaune gold project towards MRE

• Landore Resources provides an update on its planned 2026 field programme at the Lamaune Gold Project in Ontario.
• The Company is currently exploring strategic options for its Lessard and Nevada properties, including JVs, asset level transactions and partnerships.
• The Lessard polymetallic VMS deposit in northern Quebec holds an historic MRE of 740kt at 1.88% Cu, 3.5% Zn, 39g/t Ag and 0.84g/t Au.
• Landore notes the 2026 field programme will begin next week, with focus on infill and structural refinement at Lamaune.
• This is intended to boost confidence of the mineralised system for further resource evaluation work and progression towards MRE.
• Lamaune is considered the most prospective exploration target at Junior Lake, outside of the more advanced BAM project.
• The BAM project holds an MRE with:
  • 19.1mt 1.01g/t Au for 622koz Indicated
  • 1.1mt at 0.96g/t Au for 34koz Inferred
• Lamaune is currently the primary focus for Landore, given its prospective position in the Junior Lake Greenstone Belt.
• Historic drilling (2009-2010) yielded broad gold intersections with high-grades.
• Highlight intercepts include:
  • 3m at 9.14g/t Au from 41m (inc. 0.6m at 35.63g/t Au)
  • 1m at 4.55g/t Au from 145m
  • 0.5m at 53g/t Au from 89m
  • 21.5m at 0.99g/t Au from 58m
  • 0.6m at 119g/t Au from 74m
• The geology is considered to show a gold-dominant system within a structurally controlled, shear-hosted mineralisation.

Conclusion: Landore is looking to build on the district-scale potential identified at Junior Lake through exploration at Lamaune in the coming field season. High-grade vein mineralisation (0.6m at 35.6g/t Au) has been identified near surface, with promising intercepts of 22m at 0.99g/t Au also identified. We like Landore’s approach of identifying additional gold ounces to bolster the economic prospects of the BAM asset, which hosts 622koz at 1g/t in indicated. Management expects fast progress towards a maiden MRE for Lamaune, and is working on asset-level transactions for its non-core Lessard and Nevada assets.

*SP Angel as Nomad and Broker to Landore

Lindian Resources (LIN AU) 0.78, Mkt Cap A$1.4bn – Kangankunde maiden concentrate production reiterated for 4QCY26

• The Company released a development updated for its Kangankunde Rare Earths Project in Malawi.
• Development works ongoing with first concentrate target reiterated for 4QCY26.
• Stage 1 is for 20ktpa monazite concentrate.
• Front end commissioning targeted for October and practical completion mid-November 2026.
• First ore to ROM pad due June with mining to start around six months ahead of process plant commissioning.
• Plat civil works started, TSF clearing around 98% complete, powerlines installation progressing as planned.
• Key long lead items procured and are in the fabrication stage.
• Obsideo, a South African engineering group, was awarded design and construction (D&C) contract for the plant.
• Mining fleet will be owner-operated and is provided by Komatsu.

Lundin Gold (LUN CN) C$95, Mkt Cap C$23bn – Strong cash flows from Fruta del Norte support dividend ramp up

• Lundin Gold reports 1Q26 results.
• The Company milled 497kt over the quarter, vs 398kt same period 2025.
• Average grade milled of 8.4g/t Au from 10.4g/t Au.
• Recoveries of 89.2% supported production of 119.7koz vs 117.3koz same period 2025.
• Revenues reported at $567m, EBITDA of $424m and free cash flow of $370m.
• AISC reported at $1,114/oz.
• The Company paid a quarterly dividend of $1.15/share, in line with its policy of returning 50% of free cash flow on top of a minimum $0.3/share dividend quarterly.
• Cash position rose to $703m from $630m in December.
• Guidance reiterated at 475-525koz at AISC of $1,110-1,170/oz Au.
• Lundin Gold is focused on exploration over the wider Fruta del Norte package including 133,000m underway, 8,000m targeted at reconnaissance targets and 25,000m of resource conversion drilling planned.

Savannah Resources* (SAV LN) 7.0p, Mkt Cap £180m – Second temporary land access granted

BUY – 18.5p

• The Company was granted a second immediate temporary access to the area it does not own for a year at the Barroso Lithium Project.
• The access allows the team to progress geotechnical and resource fieldwork.
• Initial work will focus on the clearing and preparation of the land with drill rigs to be mobilised as soon as practicable.

Conclusion: Securing a second temporary land access is a positive news. While the team previously said that existing technical dataset was enough to proceed with DFS (Jul26 target) and additional geotechnical and resource data to be incorporated in later engineering studies, the announcement acts as another indication of governmental support behind the strategic lithium project.

*SP Angel acts as Nomad and Broker to Savannah Resources

Strategic Minerals* (SML LN) 4.95p, Mkt Cap £147m – Additional tin mineralisation detected in historic drilling data from Redmoor

• Strategic Minerals, which released its updated ‘Inferred’ mineral resources estimate (MRE) for its Redmoor tungsten/tin/copper project in Cornwall late in March, reports further success from its relogging campaign on historic drill core from the project.
• A total of 428 samples have been analysed using the ME-MS85h method adopted last year as appropriate for tin “in resistant minerals such as cassiterite” with results showing tin in “minor mineralised infill sections between historic sample intersections, and samples from more tungsten-dominant mineralised zones … [as well as in] … previously unrecognised mineralised zones identified through relogging and reanalysis”.
• In 78% of the samples which were re-assayed, reported tin grades showed “moderate increases” averaging 280ppm (~0.03%) although higher grade samples originally reported at over 500ppm (0.05% tin) reported “an average increase in tin grade of 15%”.
• Today’s announcement confirms that some “results highlighted new high grade tin intersections within and outside of the … [90m thick] … Redmoor Sheeted Vein System” (SVS) which hosts the bulk of the ‘Inferred’ resource announced in March of 17.4mt at an average grade of 0.49% WO3, 0.17% tin, 0.44% copper and 5.8g/t silver.
• Among these results highlighted today are:
  • A 1.80m intersection averaging 0.78% tin (previously reported as 0.02% tin) from a depth of 163.10m in hole CRD-024; and
  • A 1.06m intersection averaging 1.00% tin (previously reported as 0.01% tin) from a depth of 235.00m in hole CRD-027 which also intersected 1.75m averaging 0.49% tin (also previously reported as 0.01% tin from 352.35m depth as well as a previously unreported intersection averaging 0.49% tin from 269.45m; and
  • A 1.10m intersection averaging 0.78% tin (previously reported as 0.01% tin) from a depth of 244.75m in hole CRD-029 which also contained a previously unreported intersection of 10.85m at an average grade of 0.33% tin from 235.00m depth
• The programme also assayed samples lying above the SVS in hole CRD-040 with results showing “the potential extension of mineralisation associated with the intersection of the North Tin Zone and highlighting the presence of additional tin mineralisation between the SVS and North Tin Zone”.
• Results from hole CRD-040 include an intersection of 0.96m at a grade of 0.11% tin and 0.16% tungsten trioxide from a depth of 252.00m, 1.51m averaging 0.51% tin from 286.49m and 1.00m averaging 0.33% tin from 311.00m.
• Dennis Rowland, Managing Director of the operating company, Cornwall Resources, welcomed the continued effectiveness of the relogging programme to identify additional mineralisation although he explained that the “new tin values do not materially affect the new Redmoor deposit model or 2026 MRE but will contribute towards the next model update”.
• Mr. Rowland confirmed that “Further new samples and reanalysis samples from CRL’s drill core have been shipped to ALS laboratories, Loughrea, Ireland, with the programme expected to continue alongside the ongoing drilling programme”.
• Strategic Minerals’ Executive Director, Mark Burnett, welcomed the value addition contributed by the technical team at Redmoor and said that the “historical relogging and sampling programme together with the additional follow-up sampling of 2025 drill core is expected to continue to provide positive outputs alongside the new drilling programme”.
• Mr. Burnett explained that there will be “a significant increase in activity at Redmoor in the near term, with a scheduled ramp-up of the ongoing resource infill drilling programme, and initiation of further feasibility programme activities”.

Conclusion: The relogging and re-assaying of historic drilling at Redmoor continues to detect additional, previously unrecognised, tin mineralisation in a cost effective manner as the 2026 drilling campaign proceeds alongside the pre-feasibility study tasks.

*SP Angel acts as Nomad and broker to Strategic Minerals

Taseko Mines (TKO LN) 550p, Mkt Cap £2.0bn – Robust quarterly production with maiden copper delivered at Florence

• The Company released March quarter production update for its Gibraltar (BC, Canada) and Florence (AZ, US) copper operations.
• Gibraltar delivered 30.0Mlbs copper production, ~13.6kt (MQ25: 20.0Mlbs)
• Sales 27.0Mlbs at US$5.74/lbs (MQ25: 21.8Mlbs)
• Copper collars matured during the quarter for 27Mlbs (US$5.40/lbs ceiling price) resulted in a C$17m derivative loss.
• C1 cash costs (net of by products) US$2.63/lb (MQ25: US$2.26/lb)
• 2026 Gibraltar guidance for 110-115Mlbs.
• Copper collar contracts over 27Mlbs (US$4.0-5.4) in JQ26 and 24Mlbs (US$7.5-8.5) in SQ26.
• At Florence, an in-situ copper recovery operation, first copper cathodes produced at the end of February.
• Five drill rigs on site turning to expand the commercial wellfield and increase solution flow rates as operations ramp up.
• 1.5Mlbs produced during the quarter.
• Florence has a fixed price contract for all of its sulphuric acid requirements for 2026
• 2026 Florence guidance for 30-35Mlbs/
• Revenues C$237m (MQ25: C$139m)
• Adjusted EBITDA C$93m (MQ25: C$34m)
• PAT C$17m (MQ25: -C$29m)
• Closing cash balance C$169m with a total available liquidity of C$322m including undrawn corporate revolving credit facility.

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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

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*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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