SP Angel . Morning View . Tuesday 05.05.26

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN)  – Encouraging drilling results from Lithium Ridge, Namibia prompt expansion of the programme

Celsius Resources (CLA LN)  – Apologies issued following dismissal of executive

Cobra Resources (COBR LN)  – Rare earths resource drilling completed

Empire Metals* (EEE LN)  – Completion of 712-hole drill programme with MRE update due 3Q26

Galantas Gold* (GAL LN)  – 6moz MRE delivered for Andacollo, transaction approvals expected June 2026

Fulcrum Metals (FMET LN)  – £6m funding for pilot plant

Goldstone Resources (GRL LN)  – Operational update

Kodal Minerals* (KOD LN)  – BUY, Target 0.86p – $34m land for 3rd concentrate shipment

Landore Resources* (LND LN)  – Appointment of SP Angel as Nomad and broker

Rainbow Rare Earths* (RBW LN)  – Rainbow looks to US listing for strong investor interest in Rare Earths

St George Mining (SGQ AU) – Drilling continues to return wide high grade intersections at Araxa ahead of 3Q26 MRE update

Tertiary Minerals* (TYM LN)  – BUY, Target 0.26p – Zambian update shows pathway to Mushima North MRE

Wyloo Metals controlled by Andrew Forrest is seeking buyers for its 60% stake in the Yangibana REE Project, WA.

Gold ($4,557/oz) edges higher following correction as Treasuries continue sell-off

• Gold prices have bounced from recent lows c.$4,510/oz.
• The metal has been struggling from further escalation in the Middle East, with Iran reportedly striking a US warship.
• US Treasuries have sold off again, with the 10-year sitting at 4.43%.
• The dollar is holding steady, up marginally but failing to break through recent highs.
• Gold continues to struggle, having sold off by over $1,000/oz since record highs hit in late February.
• There has been a continued unwind in momentum for gold, with traders rotating into new trades as the metal consolidates around the $4,500/oz mark.
• Whilst gold’s long-term tailwinds persist, namely central bank reserve diversification and concerns over fiscal deficits, a period of consolidation should be welcomed.
• Miners continue to make strong margins at these prices, whilst we are seeing elevated diesel costs creep into AISC guidance for the remainder of the year.
• The VanEck Gold Miners ETF is down 26% from February highs as investors take profit following a dramatic rally through 2025.
• The correction is likely to present good buying opportunities, following a year of balance sheet strengthening supported by strong free cash flow.
• 2026 has seen considerable gold M&A already, with Angico consolidating the Finnish greenstone belt and G Mining taking out the neighbouring G2 Goldfields.

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

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Currencies

US$1.1689/eur vs 1.1738/eur previous. Yen 157.21/$ vs 156.30/$. SAr 16.774/$ vs 16.693/$. $1.354/gbp vs $1.361/gbp. 0.715/aud vs         0.720/aud. CNY 6.829/$ vs 6.829/$.

Dollar Index 98.45 vs 98.06 previous.

Economics

US – Trump rejects Iranian proposals to end conflict as Israel and US prepare for kinetic action

US forces start breaking blockade of Strait of Hormuz

• US guided-missile destroyers are operating in the Arabian Gulf after transiting the Strait of Hormuz in support of Project Freedom.
• The US has authorised strikes on immediate threats against ships crossing the strait, including IRGC fast boats and missile positioning.
• Two US-flagged merchant ships are reported to have successfully passed through the Strait of Hormuz.
• US Navy to give ships information for safe passages through the Strait not threatened by Iranian mines but Project Freedom will not include US Navy escorts. (Axios)
• Overnight, many American military fuel tankers have been operating over the Middle East.

US takes out seven IRGC fast Boats in the Strait of Hormuz

• US to co-draft a UN Security Council resolution with Bahrain and Gulf allies to hold Iran accountable over the Strait of Hormuz.
• The draft requires Iran to stop laying sea mines, stop demanding tolls on ships for passage and disclose the number and locations of mines placed in the strait.
• Iranian missiles into UAE and at South Korean ship suggests the Iranian leadership may not have full control on its fanatical and local IRGC operatives
• Iran executed three individuals accused of killing security personnel during January 2026 protests in Mashhad.

US Treasury freezes $344m in cryptocurrency linked to Iran

• Scott Bessent announced sanctions linked to digital wallets which are thought to be connected to Iran.
• The move demonstrates that Cryptocurrencies can also subject to government control.
• We suspect drug and terrorist funds may now flow from Crypto into gold, diamonds and other less traceable assets.

China – Officials said China is maintaining a cautious stance on the conflict due to competing strategic interests.

• Chinese companies have shipped dual-use materials to Iran that can serve both civilian and military purposes (NY Times)
• China buys 90% of Iran's energy making it the largest indirect funder of state sponsor of terrorism

UAE – Iron Dome intercepts 12 ballistic missiles, 3 cruise missiles, and 4 UAVs launched from Iran yesterday

• The UAE had quietly and wisely installed an Israeli Iron Dome system in recent weeks
• The UAE says one of its oil tankers in the Strait of Hormuz was targeted yesterday by two Iranian drones.

Israel – IDF raises alert level as UAE intercepts missile barrage from Iran

Zambia – Sino-Metals dam collapse and subsequent poisoning of the Kafue River covered up

• A US House Select Committee has accused the Zambian government of covering up the disaster of the Sino-Metals toxic dam collapse following heavy rain in February last year.
• The committee found that the Zambian government disregarded warnings and suppressed investigation findings regarding the disaster
• The tailings dam collapse poisoned tributaries and farmlands leading to the Kafue River, killing fish, poisoning drinking water leaving toxic residues on farmland.
• The independent investigations suggest the dam failure released 1.5mt toxic material >30 times that initially admitted by Sino-Metals, a subsidiary of the state-run China Nonferrous Metal Mining Group.
• It is also alleged that Zambian officials suppressed a probe into the collapse and helped the company downplay the environmental damage.
• Investigators have warned of long-term health risks including cancer, birth defects, and organ damage.
• Zambian farmers are filing an $80bn lawsuit alleging the collapse was caused by engineering failures and operational mismanagement.
• Zambia carries $6.6bn of debt with China, though the US remains Zambia's largest foreign aid provider:

Mali – Junta leader takes over role of defence minister following car bombing by insurgents

• Recent attacks have led to the loss of the town of Kidal to JNIM separatists who are looking to set up a separate state called Azawad
• The attacks were marked by the coordination of the JNIM and FLA against the ruling military government.
• Russian mercenary forces, now known as the Africa Corps (formerly Wagner) lost the town of Kidal int eh North of Mali to the separatists.
• Separatist forces have also partially blockaded the capital, Bamako.
• Now might be a good  time to invite French, UK and US forces back into the region.

Russia - Putin tightens security in fear of assassination / coup as over dissatisfaction with war in Ukraine

• President Putin has tightened his security over fears of assassination.
• The Kremlin has significantly raised security around Putin additional screening.
• Anyone working close to Putin are not allowed to use phones with internet access to avoid eavesdropping or to pinpoint Putin’s location.
• The move follows the assassination of a high-ranking general and unrest over the war in Ukraine.
• 1.3m soldiers have been lost to the Russian army since 24 February 2022.
• The Russian army has also lost ~12,000 tanks, 24,000 armoured vehicles, 39,000 artillery, 435 planes, 350 helicopters, 211,000 UAVs, 4,500 cruise missiles, 33 ships, 2 subs, 87,000 cars and tankers (Minfin.com.ua).

Precious metals:

Gold US$4,551/oz vs US$4,587/oz previous

   Gold ETFs 98.7moz vs 98.8moz previous

Platinum US$1,984/oz vs US$1,975/oz previous

Palladium US$1,500/oz vs US$1,520/oz previous

Silver US$73.4/oz vs US$73.4/oz previous

   Silver ETFs 790.5moz vs 791.3moz previous

Rhodium US$10,050/oz vs US$10,000/oz previous

Base metals:   

Copper US$12,991/t vs US$13,010/t previous

Aluminium US$3,522/t vs US$3,510/t previous

Nickel US$19,460/t vs US$19,605/t previous

Zinc US$3,357/t vs US$3,384/t previous

Lead US$1,958/t vs US$1,947/t previous

Tin US$49,380/t vs US$49,180/t previous

Energy:

Oil US$113.5/bbl vs US$110.7/bbl previous

·        Brent crude oil prices edged higher after the US and Iran exchanged military strikes over the weekend, which included the first Iranian attack against its neighbours since a ceasefire was declared in early April.

·        The US Baker Hughes rig count rose 3 to 547 units last week (-37 or -6% y/y), as oil rigs rose 1 to 408 units (-64 y/y) and gas rigs rose 1 to 130 units (+22 y/y), with the Haynesville Formation adding 2 units to 58 rigs (+25 y/y).

·        Media reports that BP has commenced an internal review of its upstream E&P operations in the UK, which may result in either a divestment of the assets or a joint venture to capture additional operational, cost and fiscal synergies.

·        Diamondback Energy broke ranks to increase FY26 capex and production guidance by 4-5%, as the Company believes there is a supply-demand imbalance and that the associated price signal is the catalyst to begin to grow production.

Natural Gas €47.8/MWh vs €46.1/MWh previous

Uranium Futures $85.9/lb vs $86.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$108.7/t vs US$107.4/t

Chinese steel rebar 25mm US$474.1/t vs US$474.1/t

HCC FOB Australia US$235.0/t vs US$234.5/t

Thermal coal swap Australia FOB US$137.8/t vs US$138.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$113,122/t vs US$113,122/t

Lithium carbonate 99% (China) US$24,821/t vs US$24,821/t

China Spodumene Li2O 6%min CIF US$2,450/t vs US$2,450/t

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

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

China Tantalum Concentrate 30% CIF US$198/lb vs US$198/mtu

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

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

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

China Ilmenite Concentrate TiO2 US$250/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$1,150/t vs US$1,150/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$28.0/lb vs US$28.0/lb

EV & Battery news

Trump administration clamps down on wind farm development

• The US Department of Defense has stalled approvals for around 165 onshore wind projects on private land, effectively halting new development while it reviews national security risks.
• The disruption affects projects at every stage, including those awaiting final approval, already in negotiations, or previously considered low-risk, creating a broad industry-wide freeze rather than isolated delays. 
• The blocked projects represent roughly 30GW of potential capacity, enough to power about 15m homes, putting significant energy supply and private investment at risk. 
• The move is part of a wider push by Donald Trump to curb wind energy, including halting offshore projects and redirecting investment toward fossil fuels, marking a sharp policy shift away from renewables.
• Trump has previously called wind power "the worst form of energy" and that his "goal is not to let any windmill be built."

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Company news

Andrada Mining (ATM LN) 4.3p, Mkt Cap £95m – Encouraging drilling results from Lithium Ridge, Namibia prompt expansion of the programme

·        Andrada Mining reports the second batch exploration drilling results from its Lithium Ridge JV with SQM in Namibia.

·        The results follow an earlier release in February and “continue to confirm the presence of consistent high-grade lithium mineralisation from surface to depth” and reinforce “confidence in the scale and continuity of the mineralised system, while also confirming the presence of associated tin and tantalum mineralisation”.

·        Among the results highlighted from the 7 holes reported in today’s announcement are:

o   A 21.31m wide intersection at an average grade of 1.24% Li2O from a depth of 146.18m in hole LRD-031, including 7.20m, from 154.61m depth, at a grade of 1.99% Li2O; and

o   A 16.24m wide intersection at an average grade of 1.04% Li2O from a depth of 0.87m in hole LRD-025, including 8.86m, from 7.92m depth, at a grade of 1.63% Li2O; and

o   An intersection of 10.87m at an average grade of 1.38% Li2O from a depth of 25.68m in hole LRD-022, including 7.35m at an average grade of 1.68% Li2O from a depth of 27.68m; and

o   A 5.88m wide intersection at an average grade of 1.50% Li2O from a depth of 76.50m in hole LRD-017, including 3.00m, from 76.50m depth, at a grade of 1.94% Li2O.

·        Andrada Mining confirms that “credits in tin (Sn) and tantalum (Ta) mineralisation … [have been] … confirmed in all reported holes”.

·        Encouraged by the results so far, which indicate “a large-scale lithium system within a well-established mining jurisdiction … [the drilling programme is being] …extended by approximately 18% to 16 500 metres, to more fully define the scale and continuity of the mineralised system”.

·        CEO, Anthony Viljoen, said that the drilling has increased the company’s understanding of the mineralisation and said that the decision to expand the scope of the drilling aims to “more fully test the extent of the system and to deepen our understanding of its full value potential, with the objective of accelerating overall project development”.

Conclusion: Drilling results from Lithium Ridge have prompted an expanded programme to gain a better understanding of the mineralisation.

Celsius Resources (CLA LN) 0.46p, Mkt Cap £27m – Apologies issued following dismissal of executive

• Celsius Resources has elaborated on the background to the “current alternative conflict processes with respect to Makilala Mining Company” the operating company for its Maalinao-Caigutan-Biyog Copper-Gold Project ("MCB Project") in the Philippines.
• Ahead of the expiry, in February, of Sodor Inc’s proposed ~US$5m acquisition of a 60% interest in Makilala Mining, an alternative company, Socialej Inc, “in which Celsius' Interim Non-Executive Chair, Mr Peter Hume and former Celsius Non-Executive Director, Ms Attilenore "Nene" Manero held equity interests” was considered but did not progress “due to governance and related party concerns”.
• Today’s announcement explains that “Notwithstanding these decisions and without any approval or authority from either entity, Mr Neil Grimes, an Executive Director of Celsius, issued Sodor on 16 February 2026 with a notice of relinquishment directing Sodor to transfer its shares in MMCI to Socialej”.
• Investigations and legal consultations surrounding these events are underway but “The Board of Celsius has also determined to terminate Mr Neil Grimes' executive consulting agreement with immediate effect”.
• Today’s announcement says that “Whilst Celsius remains of the view that the deadline for payment under the terms of the transaction agreements with Sodor has expired, it would like to express its apologies to both Sodor and Socialej for any confusion caused by the unauthorised actions of Mr Neil Grimes”.

Cobra Resources (COBR LN) 4.65p, Mkt Cap £49m – Rare earths resource drilling completed

·        Cobra Resources reports the completion of resource drilling at its Boland and Head rare earths prospects in South Australia

·        A total of 74 holes (~3,200m) of resource definition holes were drilled to support an initial mineral resource estimate for the “aquifer-hosted ionic rare earth element ("REE") mineralisation”.

·        The company highlights results from an initial 14 of the holes including:

o   A 5.2m intersection hosting 1,674ppm TREO (total rare earth oxide) from 26.4m depth in hole CBSC-0016; and

o   A 1.7m intersection grading 1,755ppm TREO also from 26.4m depth in hole CBSC-0017; and

o   A 7.2m intersection grading 1,751ppm TREO from 14m depth in hole CBSC-0018; and

o   A 1.5m intersection grading 891ppm TREO from 31.3m depth in hole CBSC-0021; and

o   A 1.1m intersection grading 1,004ppm TREO from 42m depth in hole CBSC-0035; and

o   Another 1.5m intersection grading 891ppm TREO from 31.3m depth in hole CBSC-0028

·       “Further results expected across the next 6-8 weeks … [and] … Independent technical consultants are being engaged to support both the MRE and Scoping (Order of Magnitude) Studies”.

·       Managing Director, Rupert Verco, said that “Whilst grade is important, economics will be determined by a combination of permeability, metallurgy, acid generation, and grade”

·        He also commented that “The conflict in the Middle East, particularly in the Strait of Hormuz, has created a bottleneck in the global supply of sulphuric acid, a key consumable for the extraction of many critical minerals. The ability to organically generate our own sulphuric acid from our geological formations is a project elevator and should not be underestimated”.

Conclusion: Completion of the South Australian rare-earths drilling is a prelude to resource estimation and scoping studies.

Empire Metals* (EEE LN) 35p, Mkt Cap £227m – Completion of 712-hole drill programme with MRE update due 3Q26

• Empire Metals reports it has completed its 712-hole drill programme over 34,844m and reports assays from 88 holes.
• Initial results from Thomas confirm and extend the high-grade core using 100m x 100m spacing.
• Highlight intercepts include:
  • 54m @ 7.08% TiO2 from surface (including 8m @9.10%)
  • 48m @ 7.90% TiO2 from surface (including 8m @10.78%)
  • 47m @ 7.77% TiO2 from surface
  • 50m @ 6.78% TiO₂ from 10m (incl. 2m @ 17.83% TiO₂)
• Importantly, Empire notes that 36/88 holes returned average grades >6% TiO₂
• The Company also reports samples have been delivered to Intertek for geochemical analysis.
• Management is confident the drilling programme will enhance the Cosgrove and Thomas MRE through increased confidence and resource expansion at Cosgrove.
• Empire has now drilled 67,846m at Pitfield over 1,104 holes, with 25 DD, 211 RC and 868 AC.
• Cosgrove now extends over 10km x 5km with mineralogy reportedly consistent across the area, whilst more unmineralized conglomerates are noted at Cosgrove.
• Drilling also de-risks the high-grade central core zone at Thomas, which will be used for MRE updates and economic studies.

Conclusion: The completion of the extensive 712-hole drill programme is a major milestone for Empire, who continue to define the large-scale Pitfield TiO₂ deposit. Empire has guided for an MRE update in 3Q26 which will support a Scoping Study. Metallurgical testowkr is ongoing, with pilot-scale production planned to further derisk the asset.

*SP Angel acts as Nomad and Broker to Empire Metals

Galantas Gold* (GAL LN) 38p, Mkt Cap £195m – 6moz MRE delivered for Andacollo, transaction approvals expected June 2026

• Today Galantas reports an updated MRE for the Andacollo Gold Project in Chile.
• Galantas is currently acquiring Sol de Oro, which holds a 100% interest in Andacollo.
• Galantas expects completion of the transaction in June 2026, subject to required approvals.
• Andacollo MRE:
  • Indicated: 102.4mt at 0.45g/t Au for 1.47moz Au
  • Inferred: 348mt at 0.41g/t Au for 4.54moz Au
  • Total: 450.3mt at 0.42g/t Au for 6moz Au
• The Company also notes that additional gold mineralisation has been identified within the Andacollo Project, which can be potentially accessed via a land access agreement with Teck.
• Andacollo is an historic gold heap leach operation with previous production recorded at 1.12moz Au.
• The project holds existing site infrastructure and local environmental approvals enabling future restart readiness.
• Galantas is aiming to further derisk the Project by improving resource confidence, additional metallurgical teswork and the preparation of a PEA.
• A Phase 1 work programme has been outlined to include infill and confirmatory drilling, metallurgical testwork and further review of historical data to support the PEA delivery.
• Historic metallurgical results show heap leach recoveries of 65-75%, with planned testwork to focus on higher-grade vein material to support flowsheet development.
• Management sees significant exploration potential at Andacollo, with primary targets including:
  • The extension of known manto mineralisation along strike and down-dip
  • Targeted high-grade zones via angle-drilling of vertical structures
  • Potential porphyry copper mineralisation extending from Teck’s Andacollo mine.
• Additionally, Galantas has filed a general meeting due June 15th to progress the Andacollo transaction with further updates due May 12th.

Conclusion: This is a key update from Galantas who today report an updated Andacollo MRE. The Resource highlights the scale of the project, which holds over 6moz Au, 1.5moz of which are in the indicated category. The technical report should enable regulatory approval of the acquisition, which we consider transformational for the Galantas story. Andacollo is an historic operation which hosts significant site infrastructure, as well as restart permits. Going forward, Management intend to further derisk the Andacollo project with the delivery of a PEA, which will include further infill drilling and metallurgical testwork before targeting an operational restart of the mine.

*SP Angel acts as Broker to Galantas Gold

Fulcrum Metals (FMET LN) 8.25p, Mkt Cap £13m – £6m funding for pilot plant

·        Fulcrum Metals reports that it has secured £6m equity and convertible debt funding to aid “the implementation of a stand-alone pilot plant to process material from the Company's Teck Hughes and Sylvanite tailings projects” near Kirkland Lake, Ontario.

·        The funds comprise 2 stages of equity funding, each of £0.5m and £5m of convertible loans staged over time with £1m (gross) available immediately and a further £1.5m following approval of “the necessary share authorities at a general meeting to be convened on 22 May 2026 … [and] … £2.5 million … at any time until 30 days after the first anniversary of the drawdown of the First Loan”.

·        “Convertible loan terms include a 30% premium to the prevailing share price”.

·        Additional funds allow Fulcrum Metals to secure “critical path items, including securing long-lead equipment, procurement of a pilot plant site, and engagement of key services for the delivery, fabrication and assembly of the pilot plant”.

·        CEO Ryan Mee, confirmed that the financing “fully funds the pilot scoping study, the pilot plant and pilot testing”.

Goldstone Resources (GRL LN) 0.8p, Mkt Cap £11m – Operational update

• The Company released an operational update for the Homase Gold Mine in Ghana and exploration assets in Sierra Leone.
• Homase produced 480oz in 1Q26.
• 36kt of ore was stacked on leach pads during the quarter.
• The team is preparing a drilling programme to update Homase JORC MRE (~600koz).
• The focus is on testing the full strike length and depth extensions at Homase.
• The team visited assets in Sierra Leone with initial observations pointing to strong prospectivity.
• A large excavator was mobilised to site to improve access to licenses and prepare areas for wash plants and crushing equipment.
• The plan is to generate early operational cashflows to fund systematic exploration across the broader license area.

Kodal Minerals* (KOD LN) 0.35p, Mkt Cap £73m - $34m land for 3rd concentrate shipment

BUY – 0.86p

• The Company received $34.4m for the third shipment of concentrate from the Bougouni Lithium Mine, Mali.
• The payment represents 95% of the estimated value for 20.5kt shipped from the Port of San Pedro, Cote d’Ivoire on 12 April.
• The payment was made to LMLB (65% KMUK JV/35% Government of Mali) by Hainan Mining under its 100% offtake for Stage 1 production at Bougouni.
• The balance would be paid on arrival of the concentrate in China and post final assays (expected in July).
• Additionally, Hainan made the final payment for the second shipment (19.7kt) taking the total to $27.6m ($1,681/SC6 equivalent price).
• The team reports Bougouni operations remain unaffected by recent security incidents.
• Deliveries of fuel and spare parts are being completed with transportation of spodumene concentrate to the Port of San Pedro ahead of the next shipment ongoing.

Conclusion: ~$34m payment for the third shipment of concentrate is a welcome news implying a realised price of >$2,000/SC6E. The third shipment means operations should have now cleared the backlog of concentrate shipping ~70kt of concentrate, generating ~$90m in sale proceeds and unwinding working capital account. The announcement also reiterates the unaffected status of operations amid increased security incidents in Mali lately.

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

Landore Resources* (LND LN) 2.02p, Mkt Cap £7.5m – Appointment of SP Angel as Nomad and broker

• Landore Resources reports the appointment of SP Angel as Nomad and broker with immediate effect.
• Mangement are in the process of transforming the business with the, now completed, sale of the Miminiska Project in Ontario for ~C$5.8m in cash and shares.
• The team recently reported an updated CIM compliant mineral resource estimate on its BAM gold project
  •  ‘Indicated’ resource of 19.1mt @ 1.01g/t gold (0.6m oz)
  • ‘Inferred’ resource of 1.1mt at an average grade of 0.96g/t gold (0.03m oz)
• The VW nickel/copper/cobalt project at its Junior Lake project in northwest Ontario just 2km from BAM.
  • ‘Indicated’ 3.6mt @ 0.4% nickel, 0.05% copper, 0.02% cobalt and 0.03g/t platinum
  • ‘Inferred’ 0.6mt @ 0.4% nickel, 0.05% copper, 0.02% cobalt and 0.02g/t platinum
• Around 34% of the overall resource tonnage at VW is amenable to open-pit mining with the balance potentially accessible by underground mining.
• Management plan to build on the resource estimates to plan their future exploration strategy including further infill sampling of the existing core and the development of new drill targets within key mineralised structures.
• Landore was recently awarded non-dilutive funding of C$215,000 from OJEP ‘Ontario Junior Exploration Programme’ in Canada.
• The OJEP is designed to support early-stage mineral exploration and development in Ontario and helps junior mining companies defray a portion of eligible exploration and development costs

*SP Angel as Nomad and broker with immediate effect.

Rainbow Rare Earths* (RBW LN) 28p, mkt Cap £199m – Rainbow looks to US listing for strong investor interest in Rare Earths

(Joint Project Development Agreement 51% Mosaic and 49% Rainbow)

• Rainbow Rare Earths reports the board is considering a potential stock exchange listing in the US.
• Phalaborwa:  Management remains focused on the delivery of a DFS for the Phalaborwa residue retreatment project in South Africa due this year.
• Uberaba: PFS to start on the very similar Uberaba residue retreatment project in Brazil, in conjunction Mosaic which operates the phosphate extraction plant at Uberaba.
• Rainbow is supported with funding via the US DFC which has a US$50m option to provide project equity financing into the Phalaborwa REE extraction project in South Africa.
• Mkango Resources* is working on listing of its mining and separation projects in Malawi and Poland in the US into a separate vehicle (MKAR)
• Mkango is also considering a potential US listing for their US magnet recycling/manufacturing JV with CoTec (HyProMag USA)

*SP Angel acts as Nomad and broker to Mkango Resources. The SP Angel analyst recently visited the Rainbow pilot process plant in Johannesburg

St George Mining (SGQ AU) A$0.12, Mkt Cap A$464m – Drilling continues to return wide high grade intersections at Araxa ahead of 3Q26 MRE update

• The Company reports drilling results from the 100% owned Araxa REE/Nb Project in Minas Gerais, Brazil.
• The team completed 13,700m in the current campaign focused both on infill and stepout meters.
• Step out drilling highlights included:
  • 19.35m @ 5.65% TREO and 0.76% Nb2O5 from 7.75m within 100.35m @ 1.73% TREO and 0.33% Nb2O5 (AXDD107)
  • 138.1m @ 2.97% TREO and 0.45% Nb2O5 from surface (AXDD095)
• Step out hoes extend the mineralisation footprint ~240m to the north.
• Infill holes highlights included:
  • 43m @ 8.02% TREO and 0.74% Nb2O5 from surface (AXDD103)
  • 55.2m @ 3.47% TREO and 0.42% Nb2O5 from surface (AXDD104)
  • 31m @ 4.59% TREO and 0.83% Nb2O5 from surface (AXDD096)
  • 26m @ 4.20% TREO and 0.80% Nb2O5 from surface (AXDD108)
• Drilling results to be used for an increase and upgrade in MRE (3Q26).
• Latest MRE (2% TREO COG)
  • 70.9mt at 4.06% TREO
  • 95.5mt at 0.59% Nb2O5 (includes 24.6mt at 0.52% Nb2O5 in addition to TREO MRE)

Tertiary Minerals* (TYM LN) 0.08p, Mkt Cap £4.3m – Zambian update shows pathway to Mushima North MRE

BUY: 0.26p

CLICK FOR PDF

• Tertiary Minerals provides an update from their activities in Zambia.
• The Company recently delivered a JORC Exploration Target for Mushima North, showing potential for 15-30mt at 40-60g/t AgEq at the Target A1.
• Tertiary is currently focused on an infill drilling programme at the Target, with aims to deliver a maiden MRE for the project before the end of 2026.
• Technical studies are set to take place in parallel to the infill programme, with metallurgical studies planned to derisk towards a potential production scenario.
• Importantly, Tertiary sees several expansion opportunities for Mushima North tonnage, noting that sulphide mineralisation below the identified oxide zone remains untested.
• Additionally, management notes various other sulphide targets across the wider Mushima North project which remain untested.
• Field activities are due to begin in mid-May.
• Elsewhere, KoBold is reviewing the Stage 1 dataset against its regional results to support future drilling at Konkola West.
• First Quantum has extended its due diligence period for Mukai until August 2027.

Conclusion: We are excited for the planned programme at Mushima North, which aims to support the delivery of a maiden MRE this year. Metallurgical testwork will be important to support technical studies for the project. However, we are particularly interested in the wider exploration potential at the project, with drilling to date focused on the near surface oxide zone at Target A1. Management has identified several potential sulphide targets across the wider project, whilst the potential sulphide zone below current drilling holds potential for additional expansion.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Wyloo Metals controlled by Andrew Forrest is seeking buyers for its 60% stake in the Yangibana REE Project, WA.

• Bank of America is attracting non binding bids due by the end of May, AFR reports.
• Wyloo secured a controlling stake of the project in February last year on a debt-for-equity swap related to a loan held by Hasting Technology.
• Wyloo acted as the project’s operator since then.
• Yangibana is a FS stage hardrock monazite REE project hosting ~30mt at 9,300ppm in MRE.
• ~A$200m has already been spend on infrastructure with an additional A$300m required for Stage 1 (Beneficiation Plant for Concentrate).
• The plan is for a phased development with ~A$480m Stage 2 (Hydrometallurgical Plant for MREC production) to follow in a couple of years to progressively derisk the project and reduce potential dilution.
• 3,400tpa NdPr capacity at full capacity.

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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

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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