SP Angel . Morning View . Tuesday 16.12.25

MiFID II exempt information – see disclaimer below

C3 Metals (CCCM CN) – Maiden drill hole at Khaleesi returns 269m at 0.3% Cu

Cornish Metals* (CUSN LN) – AIM shares suspended as part of the Redomicile process

Li-FT Power (LIFT CN) – Recommended all share offer for Winsome Resources

Winsome Resources (WR1 AU)

Oriole Resources (ORR LN) – Bibemi PEA sees 10kozpa over 7 year LOM

Nordgold (Private)– Reported $1bn sale of Burkina Faso assets

Perseus Mining (PRU AU) – Stepping back from Predictive bid following Robex’s improved terms

Sovereign Metals* (SVML LN) – IFC joins in with Rio Tinto in collaborating on the Kasiya rutile and graphite project in Malawi

Tertiary Minerals* (TYM LN) – Exploration Target due 1Q26 for Mushima North

Versarien* (VRS LN) – Completion of sale of AAC Cyroma Limited

Gold ($4,276/oz) pulls back following strong rally ahead of US NFP data

• Gold prices bounced off $4,350/oz yesterday, struggling to break above record highs of $4,387/oz.
• The metal has been consolidating around the $4,200/oz level, and pushed higher over the past week on renewed retail inflows and expected sustained central bank buying.
• US Treasury yields have climbed back to c4.18% for the 10 year, having touched recent lows of 3.98% on labour market concerns.
• Gold shrugged off the traditional headwind of higher yields, supported by a dollar index sitting near 12 month lows, down 8% ytd.
• NFPs are due today, which will provide further insight into the US labour market.  

US Dollar index falls to near 2-month low at 98.21 as China sees Yuan strengthening next year

• US dollar index has pulled back again on lower Fed interest rates.
• China continues to shun and even ditch its US Treasury holdings
• Fed is expected to make further rate cuts depending on labour rates next year.
• US employment rates are expected to show further losses this week
• We expect China’s Yuan to strengthen to 6.8 and then to >7/USD next year.
• A stronger Yuan will make Chinese manufactured goods more expensive driving inflation in the Western world
• Anti-Involution policies combined with a drive to make higher value products will also help push raw material and other product prices higher.
• We see this driving commodity prices and inflation in the West

Tungsten – APT price rises to $1,015.8/mtu as strong demand for defence tightens market.

• Strong demand from defence and advanced manufacturing have tightened the market for APT ‘Ammonium Parra Tungstate’.
• Chinese demand has tightened the market leading to restricted exports for Western consumers.
• You can’t blame China for delivering to Chinese consumers ahead of exports!
• A move by major producers away from spot market deliveries and onto to long-term contracts is limiting the supply response
• Crackdowns by local officials on environmental and license issues may also some impact.
• High-End Manufacturing for nuclear fusion research projects which use tungsten-copper alloys alongside the manufacturing of aircraft and trains.
• Prices look likely to remain high through 2026 as it will take time for miners and processors ramp up to meet spot market demand.

IG TV Commodity Corner (09/12/25):  https://www.youtube.com/live/E8IBOXDwYKs?si=Ie8TQjY0Xeuyg4j1&t=6417

     (02/12/25):  https://www.youtube.com/live/XJDYYt31w_g?si=8lB4TP7a7pIGHrZ4&t=6672 

Economics

US – November non farm payrolls delayed by the US shutdown are out later today.

• Estimates for a 50k headline reading and unemployment at 4.5%.
• Retail sales (0.1% est v 0.2% Sep) and preliminary PMIs (a slight slowdown is forecast) are also out today

Ford is to book a $19.5bn impairment on scaling back its EV truck production plans in favour for gas and hybrid models as well as repurposing an EV battery plant.

• The Company will cancel its planned electric F-Series truck converting it into an extended-range hybrid vehicle.
• “It didn’t make sense to keep plowing billions into products that we knew would not make money,”  Ford CEO said.
• EV division is reported to have lost $5.1bn last year.
• Most of the write down to be recognised in 4Q25 with the balance in 2026.

UK – Unemployment ticked higher hitting 5.1%, up 0.1pp and in line with expectations, and marking its highest level in nearly five years in October.

Unemployment jumps >5% a number of salaries employees falls by 22,000

• Bank of England likely to cut rates by another 0.25% to 3.75% from 4.00%.
• A more up to date number for November showed the economy lost 38k jobs, although some of it accounts for a downward revision in losses in October.
• Weak labour numbers to further convince the central bank of a rate cut in December (>90% chance of a 25bp cut currently).
• Unemployment Rate (Oct / Sep / Est): 5.1 / 5.0 / 5.1
• Employment Change (3M/3M, Oct / Sep / Est): -16k / -22k / -75k
• Monthly Employment Change (mom, Nov / Oct / Est): -38k / -22k (revised from -32k) / -20k
• Av Weekly Earnings (3M yoy%, Oct / Sep / Est): 4.7 / 4.9 (revised from 4.8) / 4.4

Business activity moderately improved in December, although, employment continued to slide (15-months in a row now) with inflationary pressures stronger.

• New orders picked up helped by the post-Budget easing of uncertainty and hit the highest level in over a year.
• UK Preliminary Manufacturing PMI (Dec / Nov / Est): 51.2 / 50.2 / 50.3
• UK Preliminary Services PMI (Dec / Nov / Est): 52.1 / 51.3 / 51.6
• UK Preliminary Composite PMI (Dec / Nov / Est): 52.1 / 51.2 / 51.5

Eurozone – Business activity growth slowed down towards year end with manufacturing remaining in a contraction.

• Latest Preliminary PMIs came in lower than expected with both France and Germany underperforming.
• Eurozone Preliminary Manufacturing PMI (Dec / Nov / Est): 49.2 / 49.6 / 49.9
• Eurozone Preliminary Services PMI (Dec / Nov / Est): 52.6 / 53.6 / 53.3
• Eurozone Preliminary Composite PMI (Dec / Nov / Est): 51.9 / 52.8 / 52.6

Germany

• Germany Preliminary Manufacturing PMI (Dec / Nov / Est): 47.7 / 48.2 / 48.6
• Germany Preliminary Services PMI (Dec / Nov / Est): 52.6 / 53.1 / 53.0
• Germany Preliminary Composite PMI (Dec / Nov / Est): 51.5 / 52.4 / 52.4

France

• France Preliminary Manufacturing PMI (Dec / Nov / Est): 50.6 / 47.8 / 48.1
• France Preliminary Services PMI (Dec / Nov / Est): 50.2 / 51.4 / 51.1
• France Preliminary Composite PMI (Dec / Nov / Est): 50.1 / 50.4 / 50.2

Japan

• Japan Preliminary Manufacturing PMI (Dec / Nov / Est): 49.7 / 48.7 / NA
• Japan Preliminary Services PMI (Dec / Nov / Est): 52.5 / 53.2 / NA
• Japan Preliminary Composite PMI (Dec / Nov / Est): 51.5 / 52.0 / NA

Mozambique - Mozal’s 240kt Aluminium smelter will move to care and maintenance in three months if a new power contract is not agreed.

(South32 holds 63.7% of Mozal, the Industrial Development Corporation of South Africa Limited holds 32.4%, and the Government of the Republic of Mozambique holds 3.9%.)

• South 32 management continue to engage with the Government of the Republic of Mozambique, HCB ‘Hidroeléctrica de Cahora Bassa’ and Eskom (South Africa) to negotiate a suitable power supply contract to replace the existing contract on 15th March.
• An ongoing and severe drought has dropped water levels at the Cahora Bassa dam to a 30-year low, forcing a reduction in output..
• We are surprised to hear of drought conditions considering the heavy rains seen in Zambia earlier this year but understand that severe and recurring dry spells influenced by El Niño have led to low reservoir water levels.
• Mozambique's is driving a national push for universal electricity access by 2030 along with economic expansion.
• The government aims to double total energy demand between 2019 and 2027, with efforts focused on increasing on-grid and off-grid connections.
• Mozambique heavily relies on hydropower (historically around 80% of production).

Conclusion: Demand for power continues to rise across Southern Africa with demand expected to rise in South Africa by 45% by 2050 and Mozambique demand expected to double by 2027.

Currencies

US$1.1749/eur vs 1.1738/eur previous. Yen 154.86/$ vs 155.13/$. SAr 16.803/$ vs 16.830/$. $1.338/gbp vs $1.337/gbp. 0.664/aud vs 0.665/aud. CNY 7.042/$ vs 7.050/$

Dollar Index 98.21 vs 98.37 previous

Precious metals:

Gold US$4,281/oz vs US$4,345/oz previous

Gold ETFs 98.3moz vs 98.3moz previous

Platinum US$1,805/oz vs US$1,783/oz previous

Palladium US$1,577/oz vs US$1,530/oz previous

Silver US$63.1/oz vs US$63.6/oz previous

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

Base metals:   

Copper US$11,587/t vs US$11,661/t previous

Aluminium US$2,870/t vs US$2,883/t previous

Nickel US$14,330/t vs US$14,565/t previous

Zinc US$3,050/t vs US$3,151/t previous

Lead US$1,945/t vs US$1,968/t previous

Tin US$40,700/t vs US$41,220/t previous

Energy:

Oil US$59.9/bbl vs US$61.2/bbl previous

·        Brent crude oil prices fell below $60/bbl after US authorities indicated that a peace deal between Russia and Ukraine may be closer than ever.

·        Challenger Energy, which is in the midst of an all-share takeover proposal by Sintana Energy, has requested that its shares be temporarily suspended from trading on AIM, pending an announcement.

Natural Gas €27.0/MWh vs €27.6/MWh previous

Uranium Futures $78.5/lb vs $78.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$102.6/t vs US$101.3/t

Chinese steel rebar 25mm US$458.8/t vs US$458.4/t

HCC FOB Australia US$208.0/t vs US$207.0/t

Thermal coal swap Australia FOB US$106.5/t vs US$106.8/t

Other:  

Cobalt LME 3m US$52,790/t vs US$52,790/t

NdPr Rare Earth Oxide (China) US$82,216/t vs US$82,132/t

Lithium carbonate 99% (China) US$13,490/t vs US$13,405/t

China Spodumene Li2O 6%min CIF US$1,120/t vs US$1,120/t

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

China Tungsten APT 88.5% FOB US$858/mtu vs US$788/mtu

China Tantalum Concentrate 30% CIF US$98/lb vs US$97/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.2/lb vs US$5.2/lb

Europe Ferro-Vanadium 80% US$24.2/kg vs US$24.2/kg

China Ilmenite Concentrate TiO2 US$259/t vs US$259/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,115/t vs US$1,114/t

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

Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

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

EV & battery news

Ford takes $19.5bn write down and scales back EV plans as Trump policies take effect

• Ford announced yesterday it will take a $19.5bn writedown and is killing several of its EV models in response to the Trump administration’s policies.
• The US automaker will end production of its F-150 Lighting, instead focusing on a hybrid extended-range model.
• The company is also scrapping its next-gen electric truck, codenamed T3, as well as a range of planned electric commercial vans.
• Ford's writedown will be spread over the next year and into 2027, with about $8.5bn related to the cancellation of EV models and another $6bn tied to the dissolution of a battery joint venture with South Korea's battery maker SK On.
• US sales of EVs fell about 40% in November, following the expiration of a $7,500 consumer tax credit in September.

China approves first two L3 autonomous cars in big step towards 'hands-off' driving

• Beijing has approved China’s first two Level 3 (L3) autonomous cars, allowing hands-off driving in defined conditions.
• The vehicles are domestic EV models (from Changan and BAIC) and cleared by national regulators, not just local pilot schemes.
• L3 approval means the system, not the driver, is legally responsible when autonomy is engaged.
• Rollout is limited to specific roads and scenarios, but it signals China moving faster than the US and Europe on commercial autonomy.



Company news

C3 Metals (CCCM CN) C$1, Mkt Cap C$101m – Maiden drill hole at Khaleesi returns 269m at 0.3% Cu

• C3 Metals reports initial drilling results from its Khaleesi Copper Project in southern Peru.
• C3 is currently drilling 6,000m of diamond holes with two rigs in operation.
• The team is testing a large mineralised magnetite and garnet skarn body.
• Hole KHZ5800-001 was drilled to 626m and ended in copper mineralisation.
• Assay highlights returned:
  • 4m at 2% Cu, 28ppm Mo, 0.17g/t Au, 12g/t Ag from 16m
  • 20.00 at 0.32% Cu, 17ppm Mo, 0.04g/t Au and 1g/t Ag from 252m
  • 37m at 0.19% Cu, 15ppm Mo, 0.03g/t Au, 0.8g/t Ag from 285m
  • 269m at 0.3% Cu, 65ppm Mo, 0.04g/t Au, 1.5g/t Ag from 346m
• The hole was designed to test a large chargeable and magnetic 3D high,.
• The hole intersected skarn and porphyry-style copper-molybdenum mineralisation, with mineralisation remaining open in all directions.
• Epithermal veins were also identified close to surface.
• Going forward, C3 are collecting data from all drill holes to build a 3D geological block model to further refine drill targeting in parallel to geophysics data.
• Management is considering an expanded drill programme beyond the ongoing 14 hole, 6,300m programme.
• Khaleesi lies 8km west of C3’s Jasperoide skarn project, which holds an M&I MRE of 52mt at 0.5% Cu, 0.2g/t Au.

Conclusion: C3 Metals’ shares took a hit following yesterday’s assay results, down 30%. We see this as an overreaction following a strong 2H25 performance and high expectations for maiden assays. Khaleesi has demonstrated its potential to host large-scale copper mineralisation in skarn-porphyry-style geology. Management notes that mineralisation extends under a large area of glacial till cover, which increases the Khaleesi system target area. As a result, the team are looking to expand the drilling programme as they work to refine the geological model for Khaleesi, which sits within a world class mining district.

Cornish Metals* (CUSN LN) Suspended – AIM shares suspended as part of the Redomicile process

• Cornish Metals shares are temporarily suspended on AIM in the UK as part of the the Redomicile process.
• The Company’s shares have now delisted from the TSX-V.
• The UK registrar (Computershare) needed the share register fixed in order to effect the Share Exchange so trading in Cornish Metal Inc’s shares have been suspended.
• Note that for each 10 shares that a holder owns in Cornish Metals inc, eg the Canadian share, they will be issued with 1 share in Cornish Metals plc.
• Cornish Metals PLC will have a total of 125,450,089 shares in issue on admission to AIM for trading on Thursday.

*SP Angel act as Nomad and Broker to Cornish Metals

Li-FT Power (LIFT CN) C$4.3, Mkt Cap C$204m – Recommended all share offer for Winsome Resources

Winsome Resources (WR1 AU) A$0.40, Mkt Cap A$99m

• Li-FT announced yesterday it is acquiring (all share deal) Winsome Resources, an owner of the Adina Lithium Project in Quebec, Canada.
• Winsome to receive 0.107 new Li-FT shares implying an offer price of A$0.50.
• Acquisition price implies a 62% premium to the last closing price (A$0.31) on December 8.
• The offer values Winsome equity (fully diluted) at C$120m and TEV at C$83m.
• Winsome shareholders to hold ~35% in the merged Company.
• Adina is a hard rock spodumene lithium project located in James Bay region of Quebec.
• MRE 77.9mt at 1.15% for 2.2mt LCE total resource (~80% in the Indicated category).
• Scoping Study released in 2024 envisaged an OP operation and a 1.7mtpa DMS producing ~260ktpa SC5.5 over >20y LOM.
• Development cost ~US$260m post government tax credits and using brownfield Renard DMS plant (Renard deal fell through earlier in 2025).
• Post Tax NPV8 and IRR ~$740m and ~40% using $1,375/SC5.5 FOB Canada.
• Concurrently, Li-FT is acquiring 75% interest in the Galinee Lithium Project consolidating large land package around the Adina property.
• Galinee property covers 335sqkm of adjacent license area to the Adina Property (44sqkm).
• Li-FT is paying 2m shares / 1.4% NSR on Galinee / $1.5m deferred cash for a 50% interest held by Azimut and 1m shares for a 25% interest acquired from SOQUEM (SOQUEM to retain 25% in Galinee).
• Li-FT to launch 30,000m drilling programme at Adina-Galinee over 2Q-4Q26, update MRE 4Q26 and progress to FS.
• A combination with Renard to be reexamined.
• The Company is raising C$40m in new equity to fund development works.
• Li-FT holds a portfolio of advanced and early stage lithium exploration projects in Northwest Territories, Canada.
• More advanced Yellowknife Lithium Project hosts 50.4mt at 1.00% Li2O for 1.2mt LCE in total resource (100% Inferred).

Oriole Resources (ORR LN) 0.26p, Mkt Cap £12.5m – Bibemi PEA sees 10kozpa over 7 year LOM

• Oriole has released a technical report at PEA level for their 50%-owned Bibemi Project in Cameroon.
• The Study sees a 7 year LOM producing average annual gold production of 10koz.
• Oriole sees an open pit operation with a mining inventory of 89koz at 2.2g/t Au within the 100koz Indicated Bakassi Zone 1 MRE.
• An expandable modular skid-mounted treatment plant design has been incorporated into the study, enabling flexibility to expand production.
• The plant is expected to deliver 85% recoveries with a 2.09g/t Au feed grade
• AISC estimated at $1,243/oz, using OPEX assumptions of:
  • $2.4/t mining costs
  • $30.1/t processing costs
  • $5/t G&A
• LOM CAPEX of $65.2m comprising:
  • $35.8m 191ktpa  treatment plant
  • $24.6m other CAPEX inc. pre-stri
  • Sustaining CAPEX of $1.8m
  • Mine closure costs of $3m
• The study returns a post-tax NPV8 of $12.8m and IRR of 19% using $3,200/oz gold price assumption.
• NPV8 increase to $35m at $4,000/oz Au.
• Oriole is expecting to agree commercial terms for an Exploitation Licence by 2Q26.

Conclusion: Oriole delivers PEA results for its 50%-owned Bibemi project, seeing an NPV8 of $13m and IRR of 19% at $3,200/oz Au. Further metallurgical studies are being completed to refine the study assumptions, which are currently guided at (+/-30%) accuracy. An expandable plant provides increased throughput optionality, although further work on the current MRE is likely required to boost confidence for an increased mining inventory. We look forward to further progress on the Exploitation Licence and a pathway to financing.

Nordgold (Private)– Reported potential $1bn sale of Burkina Faso assets

• Russian media has reported that Alexey Mordashov’s Nordgold is selling their Burkina Faso assets.
• Reports suggest the potential deal values the assets c.$1bn.
• The wider holding group is expected to use any cash proceeds to invest in other industries.
• Nordgold reported revenue from its wider gold asset base at $1.44bn in 2023.
• Nordgold built the 4mpta Bissa mine in 2013, producing 130kozpa using conventional CIL, and the 7.5mtpa Bouly mine in 2016, producing 120kozpa via heap leach.
• Nordgold also holds the 12mtpa Gross Gold mine in Yakutia, Russia, which was put into production in 2018 producing 230kozpa.
• Reports suggested that Burkina Faso revoked the operating licence for Nordgold previously-held Taparko gold mine in September, aiming to ‘reallocate the mine’s resources to support public revenue and address security challenges.’
• Taparko had been inactive since April 2022 on security threats, with Malian group Skygold Resources taking control of the asset.

Perseus Mining (PRU AU) A$5.4, Mkt Cap A$7.3bn – Stepping back from Predictive bid following Robex’s improved terms

• Perseus Mining has provided an update on their offer for Predictive Mining*.
• Perseus notes that their previous proposal, which had valued Predictive at $1.4bn, is no longer deemed a superior proposal.
• The revised Robex Merger will see Predictive shareholders in the combined entity owning 53.5% vs previous 51%.
• Perseus suggests they believe the revised Robex Merger ‘remains inferior to Perseus’ Proposal, as evidenced by recent trading in Predictive which continues to trade at a discount to the value implied by the Perseus proposal.’
• Perseus states it does not intend to submit a revised proposal, but ‘reserves the right to vary its position or make a further proposal.’

Conclusion: Perseus had offered Predictive shareholders 0.1360 for every 1 PDI share held, valuing the Company at $1.4bn. Robex is looking to merge at a 53.5/46.5 PDI/RXR split, emphasisng their team’s mine building capabilities and the combined long-term production growth potential. Predictive is in a strong position, holding one of the last large-scale undeveloped gold assets in West Africa. We would still not be surprised to see Perseus come back with revised terms, potentially including a cash element. Perseus needs to improve its production profile into 2030, with Nyanzaga being brought online to offset depletion from Sissingue and Edikan. Should Perseus fail to secure Bankan, we would not be surprised to see them go for another undeveloped asset, potentially Turaco’s Afema, Kefi’s Tulu Kapi or WIA’s Kokoseb in Namibia.

*SP Angel acts as Nomad/Broker to Kefi, an SP Angel analyst holds shares in PDI, TCG and WIA

Sovereign Metals* (SVML LN) 27.3p, Mkt Cap £162m – IFC joins in with Rio Tinto in collaborating on the Kasiya rutile and graphite project in Malawi

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 18.5% of Sovereign Metals)

• Sovereign Metals report the collaboration of the IFC in the development of the Kasiya, rutile and graphite mine in Malawi.
• The IFC is the financing arm of the World Bank and brings substantial credibility and financing to projects where it is closely involved.
• As part of the collaboration Sovereign will bring in the IFC’s expertise in ESIA ‘Environmental and Social Impact Assessment’ will seek to integrate IFC's Performance Standards on Environmental and Social Sustainability into the DFS.
  • “The IFC has the right to act as lender, mandated co-lead arranger, and/or investor in securities for project financing.
  • IFC's financing rights are subject to Rio Tinto's rights under the Investment Agreement.”
  • “The World Bank Group has a long-standing presence in Malawi, supporting strategic enabling infrastructure, including transport infrastructure and power, which is expected to benefit Kasiya.”
• The IFC has committed a record US$71.7bn to private companies and financial institutions in developing countries in FY 2025, with a total portfolio of US$68.5bn.
• The World Bank's support for the Nacala transport corridor and the Mpatamanga Hydropower Project, are expected to benefit the Kasiya project.
• These are important to Kasiya which plans to export ~222,000tpa of rutile concentrate and 233,000tpa of graphite products.
• We look forward to the completion of the DFS early next year following significant cooperation with Rio Tinto and the IFC in its formulation.

*SP Angel act as Nomad and broker to Sovereign Metals. The analyst has visited the Kasiya mine site and highly recommends the Malawi coffee.

Tertiary Minerals* (TYM LN) 0.06p, Mkt Cap £2.9m – Exploration Target due 1Q26 for Mushima North

• Tertiary Minerals provides an update on the Mushima North Ag-Cu-Zn project in Zambia.
• The Company is aiming to deliver a maiden JORC Exploration Target for the A1 prospect on the Project.
• The Exploration Target is due 1Q26, following assays from Phase 3 Drilling.
• The Exploration Target will outline a range of tonnage and grade potential for the asset.
• Drilling to date (3,083m) has identified a copper-silver-zinc mineralised zone over 450m x 400m to a depth from surface to 84m.
• Mineralisation remains open at depth and along strike in both directions.
• Highlight intercepts include 25TMNAC-038: 58m at 49g/t Au, 0.26% Cu and 0.16% Zn.

Conclusion: Tertiary is set to report an initial Exploration Target for Mushima North in 1Q26. Assay results are due from Phase 3 drilling at Mushima North in 1Q26, which will be reported after initial mineralogical results. Metallurgical testwork will follow. We see potential for Mushima North as a small-scale open pit, bulk tonnage silver-heavy operation, mineralisation extending from surface to c.85m depth. Focus will be on further defining the Exploration Target

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Versarien* (VRS LN) - SUSPENDED – Completion of sale of AAC Cyroma Limited

• Versarien report the sale of AAC Cyroma Limited to Harper Bennett Limited for £550,000.
• Harper Bennett has paid four instalments totalling £137,500 leaving £412,500 outstanding.
• AAC Cyroma intends to enter into a creditors' voluntary liquidation and invoke a charge over the assets of AAC Cyroma to recover the outstanding consideration payable.
• The amount recoverable will be dependent upon any offers made to the liquidator for the business or the value of the assets should they be sold either by private treaty or at auction.

*SP Angel acts as Nomad and Broker to Versarien

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

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

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

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

Analysts

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

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

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

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

Sales

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

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

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

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

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

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

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

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

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

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

MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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

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