SP Angel . Morning View . Tuesday 24.03.26

MiFID II exempt information – see disclaimer below

Fulcrum Metals (FMET LN)  – Completion of auger drilling at Ontario mine tailings project

Gemfields Group (GEM LN)  – Highlighting challenges of 2025 ahead of results release on Thursday

Jubilee Metals Group (JLP LN)  – Molefe drilling results delayed

KEFI Gold and Copper* (KEFI LN)  – BUY – Retail offer raises additional £0.9m

NGEx Minerals (NGEX CN) –Saturn Zone expands with high-grade core identified

Resolute Mining (RSG LN)  – Chaiman’s letter to shareholders emphasises growth and diversification of the asset base as priorities

Rome Resource (RMR LN)  – Additional drilling results from Kalayi, DRC

Zijin Mining (2899 HK) – 2025 annual results and acquisition of Chifeng Jilong stake

Copper ($11,987/t) firms higher as Chinese inventories slide on renewed buying interest

• Copper prices have climbed to c.$12,000/t as short sellers rushed to close their positions on Trump’s ceasefire announcement.
• Copper fell alongside the base metals complex with concerns over higher energy costs weighing on global economic growth.
• Chinese buyers were seen taking advantage of the sell-off, with Mysteel reporting refined copper inventories fell by 79kt last week.
• Analysts suggest fabricators are boosting orders amid renewed demand.
• Zhejiang Holdings, a major copper tube and rod producer, tripled daily purchases of refined metal after the 12% sell-off in copper prices. (Bloomberg)
• Freeport McMoran’s CEO acknowledged yesterday ‘some uncertainty about global economic growth’ but emphasised that ‘the things that are driving copper demand are more secular in nature.’
• Freeport is ramping up an expansion programme at its El Abra mine in Chile with $7.5bn in CAPEX and noted an openness to returning to the DRC, Reuters reports.

Gold ($4,419/oz) ticks up on easing tensions in the Middle East and cooling ETF sales

• Spot gold hit recent lows of $4,099/oz yesterday morning, before rebounding on Trump’s suggestion of a five day ceasefire.
• The metal has been rocked by sustained selling pressure through the military escalation in the Middle East, as margin calls and deleveraging consumed the market.
• Global gold ETF holdings fell 2.3% since the beginning, with traders rotating out of winning trades into energy and cash.
• The dollar has strengthened marginally, whilst US Treasuries have sold off aggressively over inflation concerns due to higher energy costs.
• 2025 saw retail and speculative hedge funds drive gold prices over $5,500/oz.
• We suspect the sudden volatility in gold prices has seen an unwinding of much of these more speculative positions in the precious metals space.
• Central Banks had been the primary driver of gold’s uptrend before speculative inflows took over in 2H25.
• Russia’s central bank reportedly sold 300koz of gold in January, followed by another 200koz in February.
• Whilst other central banks may be taking profits or selling down reserves to fund budget requirements, we suspect China will continue its 4 year trend of sustained gold allocation increases.
• China’s PBoC added to its gold bullion reserves for the 16th consecutive month, with official reported holdings at 74.2moz, albeit a slow rate of increase than seen in late 2025.

Coal - Scientists have discovered a way to turn cheap coal into valuable ingredients for medicine.

• Jiao Ning at Peking University claims to have transformed olefins from coal into high-value alkynes under mild and efficient conditions. (SCMP)
• The breakthrough revolutionises molecular synthesis offering potential for coal-based chemicals to transform into higher value chemicals.
• Olefins such as ethylene and propylene are produced on a large scale and at low cost, usually from oil.

How the Iran conflict is reshaping global commodity markets - IG TV: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA



Currencies

US$1.1593/eur vs 1.1544/eur previous. Yen 158.54/$ vs 159.45/$. SAr 16.954/$ vs 17.192/$. $1.340/gbp vs $1.333/gbp. 0.697/aud vs 0.697/aud

CNY 6.889/$ vs 6.906/$. Dollar Index 99.29 vs 99.79 previous.

Economics

US – Austan Goolsbee, a Chicago Fed President and a non-voting member of the FOMC, said the Fed may need to raise rates if Middle Eastern conflict drags on.

• “We could be back to the environment with multiple rate cuts for the year if inflation behaves,” Goolsbee told CNBC.
• “I could see circumstances where we would need to raise rates if it was going a different way, and inflation was getting out of control.”
• Markets are currently leaning towards a rate hike rather than a cut this year, although, chances are still considered low.
• US considering deployment of ~3,000 rapid-response paratroopers into Iran (NY Times).

Iran denies US claims of behind-the-scenes negotiations with Washington.

• President Trump on Monday said on Monday that two sides held discussions over the weekend and had “major points of agreement”.
• As a result, Washington postponed hits on Iran’s energy infrastructure extending the previous 48h deadline (expiring Monday evening) to five days.
• Tehran threatened to target critical civil infrastructure as well as energy production facilities in the region in response.
• “We’re giving it five days and then we’re going to see where that takes us. And I would say at the end of this period, I think it could very well end up being a very good deal for everybody.”
• Commenting on who is US holding talks with, Trump said “we’re dealing with the man who, I believe, is the most respected and the ‘leader’. It’s a little tough – we’ve wiped out everybody…”
• An Israeli official claims the US is talking with the Iranian Parliament Speaker Mohammad Ghalibaf.
• Talks are underway for a possible meeting later this week in Islamabad between US and Iranian officials, including Mohammad Ghalibaf representing Tehran and Witkoff, Kushner, and possibly Vice President Vance representing Washington. (Axios news)
• "It is not expected that Iran will agree to the current conditions" according to a senior Israeli security official.

Fighting between US/Israel and Iran continued.

• Iran launched overnight missile and drone attacks on Israel cities and US bases in the region.
• Tehran reported that US/Israeli strikes hit a pipeline supplying gas to the power station in the southwest as well as a gas pressure-regulation plant and an administrative building in Isfahan.

Commentators suggest Trump’s extended deadline is a way to allow more time before thousands of US marines are set to arrive in the region his Friday.

• Increased presence may indicate US administration plans to take control of the Kharg Island tightening control over Iran’s key oil export logistics.

Saudia Arabia and UAE move to join forces to combat the threat from Iran.

• Saudi Arabia and the UAE are moving closer to joining against Iran war and allowing the use of their bases for attacks.
• The Emirates have begun shutting down Iranian strategic assets in Dubai according to i24 News.
• Gulf states are moving closer to direct involvement against Iran driven by continuous attacks on their territory and energy infrastructure.
• The UAE has strengthened US operational capabilities while stopping short of full military participation for now.
• Crown Prince Mohammed bin Salman is said to be weighing further steps, including potential participation in military operations.
• The UAE is intensifying pressure on Tehran warning it could freeze billions of dollars in Iranian assets.
  • “Certain institutions directly linked to the Iranian regime and IRGC will be closed under targeted measures after being found to have been misused to advance agendas that do not serve the Iranian people and in violation of U.A.E. law.” According to a UAE statement.
• These steps could significantly restrict Iran’s access to foreign currency and trade.

Eurozone – Preliminary PMIs shed a light on first signs of economic affect on logistics and energy supply disruptions from the war in the Middle East.

• March PMIs point to rising risks of a stagflation.
• Production slowed to a near stagnation with the strongest drop in in future output expectations since Russia/Ukraine war start in 2022.
• Costs are rising at the highest pace in over three years amid the surge in energy prices and choking of supply chains.
• Expectations for an ECB monetary policy adjustment to more tightening are also on a rise.
• Preliminary Manufacturing PMI (Mar/Feb/Est): 51.4 / 50.8 / 49.6
• Preliminary Services PMI (Mar/Feb/Est): 50.1 / 51.9 / 51.1
• Preliminary Composite PMI (Mar/Feb/Est): 50.5 / 51.9 / 51.0

EU Parliament willing to compromise on automatic permits for defence factories

• The EU and national governments are clashing over permit rules for defence factories.

Germany

• Preliminary Manufacturing PMI (Mar/Feb/Est): 51.7 / 50.9 / 49.5
• Preliminary Services PMI (Mar/Feb/Est): 51.2 / 53.5 / 52.5
• Preliminary Composite PMI (Mar/Feb/Est): 51.9 / 53.2 / 52.2

France

• Preliminary Manufacturing PMI (Mar/Feb/Est): 50.2 / 50.1 / 49.5
• Preliminary Services PMI (Mar/Feb/Est): 48.3 / 49.6 / 49.0
• Preliminary Composite PMI (Mar/Feb/Est): 48.3 / 49.9 / 49.3

Japan

• Preliminary Manufacturing PMI (Mar/Feb/Est): 51.4 / 53.0 / NA
• Preliminary Services PMI (Mar/Feb/Est): 52.8 / 53.8 / NA
• Preliminary Composite PMI (Mar/Feb/Est): 52.5 / 53.9 / NA

Japanese ‘military officer’ forces way into Chinese embassy in Tokyo

• The intruder threatened to kill Chinese diplomatic personnel in the name of god according to China’s foreign ministry.
• China has lodged a strong protest with Japan.

UK – Growth is coming down fast as the US/Israel/Iran war drives energy prices higher, disrupt shipping routes and see the BOE potentially lifting borrowing costs.

• Preliminary Manufacturing PMI (Mar/Feb/Est): 51.4 / 51.7 / 50.0
• Preliminary Services PMI (Mar/Feb/Est): 51.2 / 53.9 / 52.9
• Preliminary Composite PMI (Mar/Feb/Est): 51.0 / 53.7 / 52.8

Australia – Free trade deal with EU for provision of Australian critical materials into Europe

• Ursula von der Leyen met with Anthony Albanese in Canberra to sign trade, security and defense agreements today
• The Free Trade Agreement is reported to be worth A$10bn.
• European manufacturers are desperate for critical raw materials and have been pushing the EU to secure supplies.

Rusal – Investigation into Aughinish Alumina refinery in Ireland shows products going to Russian arms producers

• Aughinish, Europe’s largest alumina producer may have exported $376m of alumina to Russian in 2024.
• The trade does not appear to break sanctions law but raises questions over the EU’s export of raw materials to Russia.

UK - Quote of the day:

• In relation to HMRC tightening tax rules: “One founder of a fledgling business in the City added: “I now get why some would rather face the drone attacks in Dubai’s financial district than the put up with the UK’s drift towards surveillance-pseudo capitalism.” CITY AM.

Precious metals:

Gold US$4,399/oz vs US$4,221/oz previous

   Gold ETFs 98.4moz vs 98.6moz previous

Platinum US$1,888/oz vs US$1,806/oz previous

Palladium US$1,432/oz vs US$1,387/oz previous

Silver US$69.4/oz vs US$64.8/oz previous

   Silver ETFs 799.7moz vs 797.8moz previous

Rhodium US$10,600/oz vs US$11,000/oz previous

Base metals:

Copper US$11,995/t vs US$11,793/t previous

Aluminium US$3,220/t vs US$3,192/t previous

Nickel US$17,035/t vs US$16,820/t previous

Zinc US$3,067/t vs US$3,061/t previous

Lead US$1,892/t vs US$1,879/t previous

Tin US$44,190/t vs US$41,750/t previous

Energy:

Oil US$101.6/bbl vs US$113.7/bbl previous

• Crude prices fell 10% yesterday after US President Trump delayed threatened strikes on Iran’s energy infrastructure by a further five-days amid "good and productive" peace talks with Tehran.
• TotalEnergies and its partners have signed a ~$1bn settlement agreement with the US Department of the Interior to relinquish the Carolina Long Bay and New York Bight offshore wind leases that were both awarded in 2022. Under the terms of the agreement, the Company will reinvest the refunded lease fees to build the 29mtpa Rio Grande LNG plant.

Natural Gas €55.7/MWh vs €62.1/MWh previous

Uranium Futures $83.9/lb vs $83.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$107.9/t vs US$108.4/t

Chinese steel rebar 25mm US$466.1/t vs US$464.8/t

HCC FOB Australia US$222.5/t vs US$222.0/t

Thermal coal swap Australia FOB US$142.8/t vs US$143.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$104,874/t vs US$101,728/t

Lithium carbonate 99% (China) US$20,830/t vs US$20,346/t

China Spodumene Li2O 6%min CIF US$2,040/t vs US$1,985/t

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

China Tungsten APT 88.5% FOB US$2,313/mtu vs US$2,313/mtu

China Tantalum Concentrate 30% CIF US$258/lb vs US$258/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

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

Europe Ferro-Vanadium 80% US$29.1/kg vs US$29.1/kg

China Ilmenite Concentrate TiO2 US$258/t vs US$257/t

US Titanium Dioxide TiO2 >98% US$2,759/t vs US$2,759/t

China Rutile Concentrate 95% TiO2 US$1,139/t vs US$1,137/t

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

Brazil Potash CFR Granular Spot US$382.5/t vs US$382.5/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

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

EV & battery news

BYD outsells Tesla in Europe for second consecutive month

• BYD's new car registrations in Europe reached 17,954 units in February, narrowly surpassing Tesla's 17,664.
• BYD's sales were up 162.3% from 6,844 a year earlier, taking its market share of the region from 0.7% to 1.8%.
• In comparison, Tesla sales were only up 11.8% yoy, reversing its downward trend in January.

Company News:



Fulcrum Metals (FMET LN) 10.25p, Mkt Cap £15m – Completion of auger drilling at Ontario mine tailings project

• Fulcrum Metals reports the completion of 159 auger drill holes at its Teck Hughes Mine tailings project near Kirkland Lake, Ontario.
• The results show “Consistent grade distributions from surface, both laterally and vertically, with maximum thickness of 12.4 metres which should support stable processing operations”.
• Average grades from the auger drilling are 0.63g/t gold, 0.70g/t silver, 12.86g/t tellurium and 17.12g/t gallium as well as “Additional critical and technology minerals identified including 106.40g/t rubidium, 841.73g/t strontium and 134.28g/t zirconium which may provide further economic potential subject to additional recovery test work and saleability”.
• Optimisation metallurgical testing indicates recovery rates of 78% for gold, 95% for silver, 96% for tellurium and 20% for gallium. Recovery rates for rubidium, strontium and zirconium were not tested at this stage.
• As well as the results, CEO Ryan Mee, confirmed that the “Pilot Plant Scoping Study is progressing well, following visits to assess potential site locations in Timmins alongside Extrakt and Bechtel. The pilot plant is a key milestone as we move the Teck Hughes and Sylvanite tailings projects towards production”.

Gemfields Group (GEM LN) 4.8p, Mkt Cap £85m – Highlighting challenges of 2025 ahead of results release on Thursday

• In advance of the release of its 2025 results, expected on 26th March, Gemfields reports that “well documented operational interruptions at both Montepuez Ruby Mining ("MRM") and the Kagem emerald mine ("Kagem") weighed on output and cash generation”.
• Today’s announcement also explains that “Auction outcomes during the year were mixed … [with] …seven auctions realising only USD 129 million, with demand uneven and skewed away from lower‑quality, smaller‑size goods”.
• Gemfields says that during the year “overall sentiment was fragile and volatility persisted … [although] … we have been encouraged by improved pricing throughout the year for high-quality emeralds and rubies”.
• The announcement also comments that the “recent escalation of conflict in the Middle East adds further uncertainty to global energy markets. While diesel prices remain volatile, it is too early to quantify any potential cost impact on our operations; however, we continue to monitor developments closely”.

Jubilee Metals Group (JLP LN) 3.3p, Mkt cap £110m – Molefe drilling results delayed

• Jubilee Metals reports that the release of results from its Phase 1 drilling at the “Molefe copper mine, scheduled for 24 March 2026, … [has] … been delayed pending formal sign-off from the Competent Person”.

KEFI Gold and Copper* (KEFI LN) 1.2p, Mkt Cap £126m – Retail offer raises additional £0.9m

BUY

• The Company announced results of the Retail Offer launched last week.
• The Company raised ~£0.9m (~78.5m shares at 1.2p) of a maximum planned £1.0m.
• That brings gross proceeds raised to ~£35m (~$47m) completing the Tulu Kapi Gold Project development funding.
• The Company to hold a GM on or around 14 April to approve the issue of new shares above current shareholder authority (~590m).

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

NGEx Minerals (NGEX CN) C$24, Mkt Cap C$5.2bn –Saturn Zone expands with high-grade core identified

• NGEx reports drilling results from its Phase 4 programme at Lunahuasi, Argentina.
• DPDH056: 294m at 2.42% CuEq from 433m (inc. 58m at 4.86% CuEq from 546m and 9.3m at 7.57% CuEq from 647m.
  • The hole targeted the Saturn Zone at depth, and intercepted mineralisation 50m north of the previous northernmost intersection, and suggests the zone improves to the north at depth.
• DPDH058: 109m at 3.37% CuEq from 365m.
  • The hole was drilled to investigate a new mineralised zone to the northern edge, with results extending the zone 80m to the south and remaining open in all directions.
• DPDH059: 335m at 4.08% CuEq from 409m (inc 98m at 6.55% CuEq inc. 19m at 19% CuEq)
  • The hole was drilled to boost understanding of the Saturn zone and its geometry, filling a gap between two previous holes on the same section.
  • Results correspond with previous holes suggesting a higher-grade core zone between 455-554m, with bonanza gold intercepts recorded.
• Management notes the results ‘demonstrate the significant size and grade of Saturn, which is the largest defined zone to date.’
• Company has increased its targeted Phase 4 programme from 25,000m to 30,000m, with 23,000m drilled to date.
• Phase 4 drilling is expected to conclude in the first week of May.

Resolute Mining (RSG LN) 67.6p, Mkt Cap £1,419m – Chaiman’s letter to shareholders emphasises growth and diversification of the asset base as priorities

• Resolute Mining reports 2025 post-tax profit of US$149.4m (2024 – loss of US$26.0m), and EBITDA of US$397.7m (2024- US$319.5m).
• The financial results reflect production of a total of 277,236oz of gold at an all-in-sustaining cost of US$1,843/oz.
• The Syama mine contributed 176,341oz of production at US$2,008/oz with Mako producing a further 100,895oz at US$1,269/oz.
• Production guidance for 2026 is total group gold production of 250,000 – 275,000 oz at an AISC of $2,000 – 2,200/oz with capital expenditure, inclusive of exploration and the Doropo gold project of US$310-360m.
• In his letter to shareholders in the 2025 Annual Report, released today, Resolute Mining’s Non-Executive Chairman, Andrew Wray, describes 2025 as “a transformational year”.
• He highlights a strengthened balance sheet and diversification of assets following the acquisition of the Doropo Gold project in Cote d’Ivoire in May and where the company announced the development of the project earlier this month.
• The December 2025 DFS for Doropo, based on a god price of US$4,000/oz, envisages capital investment of US$516m generating an after tax NPV5% of US$2,543m and IRR of 72% from the production of ~2.2m oz of gold over a 13 year mine life.
• Mr. Wray also commented on progress at the Syama mine in Mali where Resolute Mining has optimised “underground mining … studies on future ore sources and … [also optimised] … plant performance”.
• In Senegal, the ‘Mako Life Extension Project’ is “expected to lift the scale, quality and longevity of our asset base, thereby reducing our dependence on any single operation or jurisdiction”.
• Aided by “a supportive gold price … [and] … disciplined cost management … [Resolute Mining] … further strengthened the balance sheet … [building a year end] … net cash position of US$209.1 million by year … even after making the initial payment on the acquisition of Doropo”.
• Mr. Wray identified priorities for the current year including the disciplined advance of growth projects at Doropo and Mako as well as continued building “relationships with all our stakeholders, including host governments, communities, employees and investors …and continuing to earn the trust and support of all those who have a stake in Resolute’s long-term success”.

Conclusion: Production guidance for 2026 in the range 250,000 – 275,000 oz as Resolute Mining diversifies its production base following go-ahead for the Doropo project and the mine life extension project at Mako.

Rome Resource (RMR LN) 0.28p, Mkt Cap £19m – Additional drilling results from Kalayi, DRC

• Rome Resources reports that its latest drilling at its Kalayi tin prospect in its Bisie North project in the DRC has intersected “the widest tin-bearing intercept encountered at Kalayi to date”.
• Hole KBDD-033 intersected 20m of mineralisation from a depth of 144m which “a handheld XRF device” indicated contained 1% tin with more reliable laboratory assays appropriate for use in resource estimation “to be reported in due course”.
• Other indicative results reported today include a 5m wide intersection from a depth of 113m at a preliminary grade of 1.8% tin in hole KBDD-032 and a 4m wide interval from a depth of 101m in hole KBDD-031 with an estimated grade of 1.1% tin.
• Today’s announcement explains that the mineralisation in hole KBDD-033 is located “underneath two previous intercepts in drill holes KBDD020A and KBDD031, both of which indicated high tin grades over narrower widths … In this context, the broader interval encountered in KBDD033 provides further evidence that the mineralised zone may strengthen at depth”.
• The announcement also explains that “As the tin-bearing zone(s) have a steep dip to the northeast and the drill holes are inclined at 50 to 90 degrees to the southwest, the reported intercept widths are not true widths; the true width of an intercept is narrower than the reported width and the difference between them depends on the interpreted dip of the tin-bearing zone and the inclination of the drill hole”.
• CEO, Paul Barrett, said that the “tin intercept encountered in drillhole KBDD033 materially strengthens our view of Kalayi's potential to host substantially greater volumes of tin mineralisation at depth than had been indicated by the shallower intercepts”.
• “Samples from completed drillholes will be submitted for laboratory assay, with results to be reported in due course … [and the results] … will feed into our proposed Mineral Resource Estimate update and strengthens our confidence that the proposed Mineral Resource Estimate update could deliver a meaningful uplift”.
• In October 2025, Rome Resources reported an initial mineral resource estimate for Kalayi of 0.33m inferred tonnes at an average grade of 1.36% tin and an inferred resource of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at the nearby Mont Agoma deposit.

Conclusion: Although grades need to be confirmed by assay, the latest drilling at Kalayi has intersected tin mineralisation at depth beneath the existing resource.

Zijin Mining (2899 HK) HK$32.5, Mkt Cap HK$892bn –2025 annual results and acquisition of Chifeng Jilong stake

• Zijin Mining reports 2025 annual results.
• 2025 production results::
  • 2.89moz Au 2025 vs 2.34moz 2024
  • 1,090kt Cu vs 1,070kt
  • 25.5kt LCE
  • 11.5kt Mo vs 9kt
• Zijin reported revenue of $50bn, up 15%yoy, with EBITDA of $14.4bn, up 60%yoy.
• Net operating cash flow reported up 54% to $10.7bn, with dividends paid at $2.3bn.
• 2026 guidance
  • Gold: 3.38moz
  • Copper: 1.2mt
  • Lithium carbonate: 120kt
  • Molybdenum: 15kt
• Reserves:
  • 44.6mt Cu, 5.6mt LCE, 53moz Au.
• Copper Market Outlook:
  • Zijin expects long-term incentive prices to ‘become a solid price floor’ amid mining-side constraints driving prices higher.
  • Company notes strong demand from energy transition drivers, electrificiation and artificial intelligence infrastructure, offsetting traditional demand weakness.
  • Zijin comments ‘long-term underinvestment in global mining CAPEX and rising protectionism,’ have created ‘rigid constraints on copper supply.’
• Gold Market Outlook:
  • Expects global investment allocation to gold to continue rising, with central banks ‘expected to maintain their gold purchases to diversify foreign exchange reserve risk.’
  • Company notes concerns over US Treasury bonds is expected to support global gold ETF investment demand.
• Lithium Market Update:
  • Notes price reversal trend initiated, with market turning to a ‘tight balance.’
  • Energy transition demand trend in a ‘new phase of high-quality development’ with power storage becoming an ‘undisputed core growth engine.’
  • Company continues to expect LCE demand to exceed 3mt by 2030.
• Additionally, Zijin reports it has acquired 26% of Chifeng Jilong for $2.6bn, taking a controlling stake in the Company.
• Chifeng operates six gold mines and one polymetallic mine, predominantly in Asia with the Wassa Mine in Ghana and guided to 537koz gold production in 2025.
• Zijin recently acquired Allied Gold (485-575koz 2026E) for C$5.5bn, boosting their gold production exposure in Africa.
• In 2025, Zijin acquired Zangge Mining to boost copper and lithium exposure, alongside the Raygorodok Gold mine in Kazakhstan and the Akyem Gold Mine in Ghana.
• Growth projects currently include the Cukaru Peki Copper-Gold mine and the JM Copper Mine in Serbia, alongside La Arena Copper-Gold mine in Peru, Zhunuo Copper Mine in Tibet and Haiyu Gold Mine in Shandong.
• Zijin expects to be a top three global copper and gold miner by 2028.

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 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

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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.