SP Angel . Morning View . Tuesday 04.11.25

 MiFID II exempt information – see disclaimer below

Almonty (AII CN) – 3Q25 results as Sandong construction complete

Amarc Resources (AHR CN) – Drilling expands the AuRORA deposit northwards while mineralisation remains open in multiple directions

Amaroq Ltd (AMRQ LN) – Rare Earths in surface grab samples

Ariana Resources (AAU LN) – RC drilling underway at Dokwe, Zimbabwe

Coeur Mining (CDE US) / New Gold (NGD US) – All share acquisition of New Gold

First Tin (1SN LN) – Completion of resource conversion drilling at Taronga, NSW

Founders Metals (FDR CN) – Strategic C$50m investment from Gold Fields

Kodal Minerals* (KOD LN) – Bougouni official opening ceremony

Prospector Metals (PPP CN) – B2 Gold takes stake via $10m placing

True North Copper (TNC AU) – Encouraging copper results from Aquila discovery

URU Metals* (URU LN) – Award of Mining Right and additional funding for the Zeb Nickel Project

Copper ($10,622/t) leads base metals sell-off amid China capacity cut and Codelco supply boost

• Copper prices are down nearly $600/t from their recent record highs, falling 2% this morning on the LME.
• The move follows a wider sell-off in base metals, with aluminium and tin also sliding.
• The metals spectrum has enjoyed a strong rally through 3Q25 on the back of a weaker dollar, increased Fed rate cut expectations and steady China demand.
• However, calls for capacity cuts form China’s major non-ferrous metals body has raised concerns.
• China copper refining capacity rose 12%yoy for the first nine months of 2025 (SMM), whilst utilisation sits at c.85%.
• Glencore stated yesterday it would close the Horne smelter in Canada amid uncompetitive cost dynamics.
• Codelco eased concerns over supply with a promising update from El Teniente, where conventional grinding operations and smelting is returning to normal.
• Codelco expects 2025 production higher than 2024, despite the disruption.
• However, we expect the impact of lower production from Grasberg, El Teniente, Kamoa Kakula and QB2 to all feed into tight markets going forward, should demand remain healthy.

Two REE startups secured US$1.4bn in funding with the US government and private investors.

• Companies involved in the deal are Vulcan Elements and ReElement Technologies.
• Under the deal, Vulcan Elements will secure a $620m loan from the Office of Strategic Capital at the Defense Department.
• Additionally the Department of Commerce will invest $50m into equity under the CHIPS and Science Act.
• The Office of Strategic Capital will loa $80m to ReElement Technologies.
• The Pentagon will get warrants in both companies as part of the deal.
• Private investors’ involvement to take total investment in two companies to $1.4bn.
• Vulcan Elements is a startup working on establishing production of permanent sintered NdFeB magnets in the US.
• ReElement Technologies is using a patented chromatographic and modular refining processes to treat, separate and purify REE from recycled feedstock.
• Earlier two companies signed an agreement for ReElement Technologies to supply REE to Vulcan Elements production facilities.

IG TV Commodity Corner: https://www.youtube.com/watch?v=u7en9LCuurE 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b
• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

US – Risk sentiment is off this morning with many questioning high equity market valuations and uncertainty over Fed rate cut prospects.

• Morgan Stanley and Goldman Sachs CEOs warned at a summit in Hong Kong that markets may be due for a major correction.
• Palantir shares are trading ~7% down pre market as investors ‘sold the news’ following estimates beating quarter.
• S&P and Nasdaq futures are trading 1.2% and 1.5% lower this morning.
• VIX opened higher nearly hitting 20.0 mark.
• Comments from Fed heads show a split within central bank officials over policy rate outlook.
• Chicago Fed President Austan Goolsbee said he is more concerned with inflation than the job market.
• Governor Lisa Cook highlighted that she sees the risk of further labour market weakness as greater than the chance that inflation will pick up.
• Earlier Fed Chair Powell said that a December cut was not a foregone conclusion.

Japan – The yen strengthened amid Finance Minister warned over the currency weakness suggesting the government may intervene at some point.

• The currency traded at its weakest in eight months lately.
• “I’m seeing one-sided and rapid moves in the currency market… there’s no change in our stance of assessing developments with a high sense of urgency,” Minister Satsuki Katayama said.
• The yen is currently trading around 153.5, down from 154.5 earlier today.

UK – Chancellor Reeves is prepping the public for further tax increases to be announced later this month repeatedly refusing to recommit to Labour’s manifesto pledges.

• “If we are to build the future of Britain together, we will all have to contribute to that effort… each of us must do our bit,” Reeves said.
• Reeves refused to address manifesto pledges not to raise the rates of income tax, NI or VAT.

US / China – Never mind the rhetoric here comes the reality of the real world

• China is hugely leveraged, particularly at the provincial level with the state working on taking over off-balance sheet loans.
• China is looking to ramp up domestic demand but needs local manufacturers to raise profits so the CCP can use the tax revenue to subsidise coupons and promotions to boost consumption.
• The US is reshoring more manufacturing but import tariffs are sometimes not enough to offset higher US production costs
• US tariffs make Chinese cars unattractive. EU EV policy adjustments to protect domestic car production might
• China can’t afford to stop selling to the US and is not able to replace US consumption with other markets over the longer term.
• Short-term sales pushes into ASEAN and BRICS nations simply can’t replace US consumption.
• Global consumption growth will continue but perhaps at a slower pace.
• The US continues to grow but must find new buyers for government debt. Tariffs and government cost cutting will help but the Fed may need to replace China as a buyer of government Treasuries.
• US Tech stocks are posting strong earnings growth and can be persuaded to prop-up the market with the growth in AI serving to drive gains.
• With the US showing GDP growth it will continue to find buyers for its Treasuries.
• But Chinese growth is slowing with Official nonmanufacturing MPI at 50.1 in October and the composite PMI slowing to 50.0 from 50.6 mom.

Currencies

US$1.1527/eur vs 1.1513/eur previous. Yen 153.59/$ vs 154.13/$. SAr 17.440/$ vs 17.313/$. $1.311/gbp vs $1.312/gbp. 0.652/aud vs         0.655/aud. CNY 7.124/$ vs 7.122/$.

Dollar Index 99.80 vs 99.87 previous.

Precious metals:         

Gold US$4,000/oz vs US$4,016/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,566/oz vs US$1,606/oz previous

Palladium US$1,422/oz vs US$1,453/oz previous

Silver US$48.1/oz vs US$48.9/oz previous

Rhodium US$8,150/oz vs US$8,150/oz previous

Base metals:   

Copper US$10,692/t vs US$10,907/t previous

Aluminium US$2,875/t vs US$2,913/t previous

Nickel US$15,090/t vs US$15,260/t previous

Zinc US$3,101/t vs US$3,081/t previous

Lead US$2,025/t vs US$2,027/t previous

Tin US$35,800/t vs US$36,210/t previous

Energy:

Oil US$64.3/bbl vs US$64.8/bbl previous

Natural Gas €31.9/MWh vs €31.7/MWh previous

Uranium Futures $79.5/lb vs $82.3/lb previous

Bulk:

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

Chinese steel rebar 25mm US$443.0/t vs US$443.0/t

HCC FOB Australia US$198.3/t vs US$200.0/t

Thermal coal swap Australia FOB US$112.0/t vs US$109.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$76,160/t vs US$74,560/t

Lithium carbonate 99% (China) US$10,950/t vs US$11,233/t

China Spodumene Li2O 6%min CIF US$940/t vs US$950/t

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

China Tungsten APT 88.5% FOB US$678/mtu vs US$668/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$23.9/kg vs US$23.9/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$273/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$3,075.0/kg

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

EV & battery news

Stellantis recalls 320,000 US vehicles over battery fire risk

• Stellantis has recalled 320,065 Jeep Wrangler and Grand Cherokee plug-in hybrid models in the US due to potential high-voltage battery failures that could cause fires.
• The NHTSA has urged owners to park outside, away from structures, and avoid charging vehicles until a fix is available.

Company news

Almonty (AII CN) C$9.2, Mkt Cap C$2.1bn – 3Q25 results as Sandong construction complete

• Tungsten producer Almonty reports 3Q25 results.
• The company reports C$8.7m in revenue, with Adj. EBITDA reported at (C$2.2bn).
• Net income reported at C$33m from warrant liability revaluation.
• Almonty listed on Nasdaq in July, raising $90m.
• Company reports that Sangdong construction is now substantially complete, with ramp-up underway.
• Cash reported at C$112m following the equity raise.
• Sandong holds 8.6mt at 0.42% WO3 for 36kt WO3 contained reserves.
• Company expects to produce 230kt WO3 65% concentrate initially at $127/Mtu.
• Sandong post-tax NPV5 at $450/mtu APT $344m, increases to $420m at $510/mtu APT. (Spot c.$610/mtu).

Amarc Resources (AHR CN) C$1.13, Mkt Cap C$255m – Drilling expands the AuRORA deposit northwards while mineralisation remains open in multiple directions

• Amarc Resources reports that the latest results from drilling at the AuRORA porphyry copper/gold/silver deposit in its Joy project. British Columbia has extended the known mineralisation around 200m to the north with mineralisation still remaining open to the north, east and west.
• The announcement explains that “This northern extension to the deposit is in addition to partial assay results from AuRORA hole JP25098 announced in September that expand the deposit approximately 300 m to the southeast”.
• Among the results highlighted in the announcement are;
  • A 126m wide intersection at an average grade of 0.97g/t gold, 0.32% copper and 4.8g/t silver from a depth of 225m in hole JP25-089; and
  • A 231m wide intersection at an average grade of 0.83g/t gold, 0.22% copper and 2.3g/t silver from a depth of 132m in hole JP25-091; and
  • A 154m wide intersection at an average grade of 0.97g/t gold, 0.27% copper and 4.1g/t silver from a depth of 186m in hole JP25-094; and
  • A 75m wide intersection at an average grade of 0.71g/t gold, 0.27% copper and 2.4g/t silver from a depth of 60m in hole JP25-086; and
  • A 200m wide intersection at an average grade of 0.70g/t gold, 0.24% copper and 1.8g/t silver from a depth of 101m in hole JP25-100; and
  • A 204m wide intersection at an average grade of 0.74g/t gold, 0.28% copper and 3.9g/t silver from a depth of 74m in hole JP25-083.
• CEO, Dr. Diane Nicolson, said that “the previously announced near surface high grade results some of the highest porphyry grades ever intercepted in the Province … [and] … they have been encountered in younger volcanic rocks than those hosting the Kemess porphyry deposits on the property immediately south of JOY, indicating that these younger volcanics are highly prospective”.
• Dr. Nicolson explained that results from the 2025 drilling show “the potential for significant and on-going deposit expansion, and these porphyry grades remain among the highest encountered in British Columbia”.

Amaroq Ltd (AMRQ LN) 81p, Mkt Cap £369m– Rare Earths in surface grab samples

• Amaroq Ltd. Report the initial identification of certain rare earth elements in mineralisation at it’s Ilua Pegmatite on the Nunarsuit license in South Greenland.
• Management report grades of up to 2.31% TREO ‘Total Rare Earth Oxide’
• An EC Joint Research Centre project estimates some 20% of global REE resources may be contained within the Gardar Igneous Province which also hosts Kvanefjeld and Tanbreez.
• The REE assays show a split of 27% Heavy and 73% Light REE including 21% made up of Neodymium, Praseodymium, Dysprosium, and Terbium.
  • “The pegmatite systems are believed to be predominately hosted within monazite mineralogy” though the presence of monazite has not yet been confirmed!
• If sufficient resource of economic grade is discovered then the process of REEs from monazite is considered to be easier to process.
• Unfortunately, monazite is seen as a major source of thorium with trace amounts of uranium, the mining of which is currently banned in Greenland.

Conclusion: Amaroq management are naturally excited at the identification of REEs at Nunarsuit.

But, it is important to note that no monazite has been confirmed and Amaroq is along way from a defined discovery or any form of resource.

Note: 80 Mile plc just signed a $30m exploration jv on its Disko project in Greenland highlighting strong interest from the US in the identification of critical minerals in Greenland.

Ariana Resources (AAU LN) 1. 5p, Mkt Cap £35m – RC drilling underway at Dokwe, Zimbabwe

• Ariana Resources confirms that a 26-hole, 4,000m programme of resource expansion drilling is now underway at its Dokwe gold project in Zimbabwe.
• The initial objective of this phase of drilling is to test “our target areas and to identify potential areas for future resource expansion” and the company explains that, depending on results, it may continue with additional drilling.
• The current campaign may also “encompass drilling for metallurgical purposes at Dokwe Central in particular”.
• Shear-hosted mineralisation at Dokwe extends over ~12km and the company explains that drilling to date has only tested ~10% of the overall strike length.
• Since acquiring Dokwe via the merger with Rockover Resources in 2024, Ariana Resources has increased the project’s JORC-compliant MRE to the current 1.4moz (at a 0.3g/t cut-off grade) hosted within ~45mt at an average grade of 0.98g/t gold.
• The latest drilling follows up targets identified by exploration including soil geochemistry and “a historical intercept of 7.3m @ 6.63g/t Au from 32.2m at the Sinkwe prospect and of 0.5m @ 81.09g/t Au from 243m at the Siduli Pan prospect ” located northeast of Maboe.
• Managing Director, Dr. Kerim Sener, said that initial results from the drilling are expected “prior to the end of this year and … [Ariana Resources has a] … contingency to allow for an expanded RC campaign, as required”.
• He also clarified that, although some core drilling would be required in future at Dokwe Central for geotechnical and metallurgical purposes, “the results of this initial programme of RC drilling will go substantially towards defining the most appropriate and cost-effective future work activities for the Feasibility Study”.

Conclusion: Since acquiring the Dokwe project in mid-2024, Ariana Resources has gained detailed insights into the geological context and controls of the shear-hosted mineralisation which are now being drill-tested for potential resource extensions.

Coeur Mining (CDE US) $15, Mkt Cap $9.7bn – All share acquisition of New Gold

New Gold (NGD US) $7.3, Mkt Cap $5.8bn

• Coeur announced the acquisition of New Gold yesterday.
• Coeur will pay 0.496 shares for each New Gold share, implying a $8.51/share price on Couer’s closing price at 31st October for a total equity value of $7bn.
• New Gold shareholders will own 38% of the pro forma entity.
• Coeur sees a boost to margins and lower overall costs from the acquisition, anticipating $3bn EBITDA and $2bn in FCF in 2026 following the acquisition.
• Coeur highlights the benefit of increased investor appeal via additional ETF ownership, upside from New Afton and Rainy River growth projects, and operating diversification.
• The combined entity will see revenue split
  • 72% Au, 20% Ag, 8% Cu
  • 50% Mexico, 32% USA, 18% Canada
• The acquisition requires approval by a BC court, 66 2/3% of votes by New Gold shareholders and majority of votes by Coeur shareholders.
• Transaction expected to close 1H26, with break fee of $255m payable by New Gold and $414m payable by Coeur.
• New Gold’s portfolio includes:
• New Afton, British Columbia
  • Reserves to 2031
  • Expected to produce 120koz Au and 43kt Cu 2026E.
  • Generated $115m FCF ytd.
• Rainy River, Ontario
  • Reserves to 2033
  • Expected to produce 350koz Au 2026E
  • Generated $215m FCF ytd.
• New Gold expected to produce 600koz AuEq 2026 at AISC of $1,026/oz AuEq.
• New Gold held $123m cash and $397m debt and Coeur held $266m in cash and $364m in debt.
• Coeur expected to produce 644koz AuEq 2026E.
• Coeur’s major assets include Plamajero (six year LOM), Rochester (415kozpa 16 year LOM), Kensington (five year LOM) and Wharf (six year LOM)

First Tin (1SN LN) 7.75p, Mkt Cap £35m – Completion of resource conversion drilling at Taronga, NSW

·         First Tin reports the completion of a campaign of 97 reverse-circulation (RC) drillholes totalling 7,459m aimed at converting resources at its Taronga tin project from ‘Inferred’ status to the higher confidence ‘Measured’ or ‘Indicated’ levels.

·         The company says that assays received so far from the drilling show the mineralisation extending “to the northeast and southwest, indicating potential for wider and deeper pits, a longer life of mine and stronger project economics”.

·         The drilling has also shown potential for converting material currently classified as waste within the pit-shells into ore helping to reduce the waste:ore stripping ratio further from the current 1:1.

·         Drilling has also identified higher grades “within and between the current pit shells … [including at the ] … Hillside Extended zone, in the north of both pits … [which] … appears well mineralised, with much of the current Inferred category expected to be upgraded to Measured and Indicated status”.

·         Among the higher-grade results highlighted in today’s announcement are:

• A 13m wide intersection at an average grade of 0.19% tin from a depth of 8m in hole TMTARC-049; and
• A 12m wide intersection at an average grade of 0.18% tin from a depth of 38m in hole TMTARC-067; and
• A 6m wide intersection at an average grade of 0.19% tin from a depth of 19m in hole TMTARC-079; and
• A 7m wide intersection at an average grade of 0.31% tin from a depth of 11m in hole TMTARC-101; and
• An 18m wide intersection at an average grade of 0.21% tin from surface in hole TMTARC-103.

·         The above intersections include higher grade portions within the broader mineralised zones.

·         The company also publishes intersections of “Broad mineralised zones consistent with the existing resource and reserve … particularly in the north of the north pit, including” new intersections of:

• A 37m wide intersection at an average grade of 0.12% tin from a depth of 26m in hole TMTARC-062; and
• A 48m wide intersection at an average grade of 0.09% tin from a depth of 26m in hole TMTARC-063; and
• A 29m wide intersection at an average grade of 0.09% tin from a depth of 71m in hole TMTARC-073; and
• A 24m wide intersection at an average grade of 0.11% tin from a depth of 50m in hole TMTARC-081; and
• A 37m wide intersection at an average grade of 0.11% tin from surface in hole TMTARC-087; and
• A 39m wide intersection at an average grade of 0.13% tin from a depth of 31m in hole TMTARC-113.

·         As with the higher-grade intersections, these wider zones also include higher grade portions within the broader mineralised zones.

·         CEO, Bill Scotting, said that the assays “continue to meet - even exceed – expectations … [and that they extend] … mineralisation to the northeast and southwest … [providing the potential to develop] … wider and deeper pits in a potential second phase, extending mine life and significantly enhancing project economics”.

·         He confirmed that “Once the remaining assay are received later this month, we will move swiftly to update our resource and reserve estimate ahead of the optimised DFS to be published in mid-2026."

·         The company’s September 2025 presentation reports a ‘Proven & Probable’ ore reserve at Taronga of 40mt at an average grade of 0.13% tin hosted within an overall ‘Measured, Indicated & Inferred’ resource of 133mt at an average grade of 0.1% tin.

·         The ‘Inferred’ portion of the current resource represents around 46% (61.1mt at an average grade of 0.09% tin) of the current overall resource tonnage.

Conclusion: The completion of the latest drilling at Taronga shows potential for upgrading existing ‘Inferred’ resources in a new mineral resource estimate as well as the possibility of extending the footprint of mineralisation.

Founders Metals (FDR CN) C$3.9, Mkt Cap C$400m – Strategic C$50m investment from Gold Fields

• Founders reports Gold Fields has agreed to subscribe at C$4.15/share for gross proceeds of C$50m.
• Funds will be used for land consolidation, regional exploration activities and general corporate purposes at Antino.
• B2 Gold previously backed the Company via a C$12m placing in October 2024.
• The Company is progressing a 60,000m drilling programme targeting growth and new discoveries.
• Drilling at upper Antino has defined 1,900m strike, 450m width and 450m depth with key intercepts including:
  • 15.5 m of 30.72 g/t Au
  • 46.0 m of 5.31 g/t Au
  • 19.0 m of 14.23 g/t Au
• Current drilling is focused on systematic drilling between Froyo and Donut zones to define parallel structures, alongside deeper step-out drilling targeting the vertical extent at depth, and drilling along strike at Upper Antino.
• Founders is owning up to 75% in the project, converting on delivery of a BFS.

Kodal Minerals* (KOD LN) 0.26p, Mkt Cap £52m – Bougouni official opening ceremony

(Kodal Minerals Plc now, effectively, hold 49% of 65% of the Bougouni project (~32% effective interest) with Mali holding 35% through LMLB and 65% of LMLB held by the Kodal jv with Hainan Mining within KMUK)

• The Company announced the official opening of the Bougouni Lithium Project (Stage 1) by President Assimi Goita.
• The ceremony was held yesterday on 3 November.
• Stage 1 includes 1mtpa DMS production facility running at ~125ktpa SC5.5.
• The ceremony was hosted by General Ousmane Wele, Gover of the Bougouni Region, joined by President Goita and Professor Amadou Keita, the Mali Minister of Mines.
• The event was also attended by community leaders include the Village Chief of Ngoulana, and national and local press.
• The Company has recently secured an export permit for the Bougouni concentrate (125kt initial export permit).
• The plant has produced >45kt of concentrate to date with >10kt reported to have been transported to the port of San Pedro, Cote d’Ivoire, awaiting shipment.
• More trucks are arriving daily.
• The team also released an operational update yesterday highlighting that Bougouni operations continue unaffected amid press speculation reported over security developments in and around the capital of Bamako.

Conclusion: The official opening ceremony attended by President Assimi Goïta and senior officials underscores strong government and community backing for Bougouni as the Company transitions from development to revenue generation stage.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Prospector Metals (PPP CN) C$0.96, Mkt Cap C$102m – B2 Gold takes stake via $10m placing

• Prospector Metals has agreed a $10m placing at C$0.97/share from B2 Gold.
• Funds will be used to fund the 2026 drill programme at the ML Project in the Yukon.
• Drilling will target several high-grade gold trends.
• B2 Gold will control 17% of the issued shares following the Placing.
• B2 Previously held 9.9%.
• The Company recently saw a major rerate following drilling at the Tess Zone which returned:
  • 44m of 13.79 g/t Au and 1.84% Cu from 62m
• Mineralisation at Tess is associated with a strongly calc-silicate altered unit with disseminated arsenopyrite-chalcopyrite-pyrrhotite-BiTe.

True North Copper (TNC AU) A$0.32, Mkt Cap A$40m – Encouraging copper results from Aquila discovery

• True North Copper, who hold the Mt Oxide project in Queensland, report drilling results.
• The Company has been drilling along the 1.3km Aquila trend and reports it has extended the system 400m north.
• Shallow copper-silver-cobalt mineralisation reported to span over 500km in strike length.
• Company has drilled 16 holes over 4,338m along 900m of the Aquila Trend.
• Highlights include:
  • MOX251: 103m at 0.53% Cu, 0.1% Co and 2.6g/t Ag from 19m (drilled 300m north along strike)
  • MOX252: 72m at 0.55% Cu, 0.16% Co, 5.6g/t Ag from 124m (400m north along strike)
• Earlier Aquila discovery included highlights of:
  • 145m at 0.75% Cu, 0.12% Co, 2.9g/t Ag from 28m
  • 30m at 2.45% Cu, 0.02% Co, 6.2g/t Ag from 20m
  • 16m at 1.25% Cu, 0.01% Co, 1.9g/t Ag from 163m
• Management believes they are ‘uncovering a significant new copper-cobalt-silver system with great grade, real scale and growth potential.’
• Drilling going forward will focus on defining the northern and southern extents of Aquila,

URU Metals* (URU LN) 8.13p, Mkt cap £7.3m – Award of Mining Right and additional funding for the Zeb Nickel Project

• URU Metals reports that its project company for the Zeb nickel project near Mokopane, South Africa, Lesego Platinum, has been granted a 30-year Mining Right over a total of ~4,704 hectares in the Limpopo Province, South Africa.
• CEO, John Zorbas, explained that “The granting and execution of the Mining Right materially de-risks Zeb Nickel by securing the right for 30 years and positions the project to engage quality partners as we advance”.
• He confirmed that URU Metals’ “immediate priority is to complete the ground EM and gravity survey and associated modelling and present a clear, efficient drill plan focused on the highest ranked targets”.
• In a separate announcement today, the company confirms that it has raised £1.1m (gross) by placing ~15.7m shares (~16% of the enlarged company) at a price of 7p/share.
• The proceeds “allow URU to begin critical, on the groundwork, such as ground geophysics, which will give a clearer picture of the geological site and form a crucial part of the preparation for a drilling programme that will commence on completion of the geophysics”.
• Mr. Zorbas said that the funding support reflects “increased investor interest at this critical time in URU's development”..

Conclusion: URU Metals has secured a Mining Right over the Zeb Nickel project and received investor support to help fund further exploration including ground geophysics and potential drilling of targets which are identified.

*SP Angel acts as Nomad and Broker to URU 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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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

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