SP Angel . Morning View . Tuesday 25.11.25

MiFID II exempt information – see disclaimer below

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Barrick Mining (B US) – Resolution with Mali over the Loulo and Gounkoto gold operations

Caledonia Mining (CMCL LN) – Decision to develop Bilboes project, Zimbabwe

Cobra Resources (COBR LN) – Exploration programme for Manna Hill project, South Australia

FG Gold (Private):  Baomahun gold project, Sierra Leone, funded to production by AFC-led consortium

Fireweed Metals (FWZ CN) – Mactung Feasibility Study guided for 2027

First Tin (1SN LN) – £6.3m fundraising to progress Taronga tin project

Harmony Gold Mining (HMY US) – Greenlighting Eva copper project

Lynas Rare Earths (LYC AU) – Power outages at the Kalgoorlie Plant

New Frontier Minerals* (NFM LN) – £1.1m raised to accelerate drilling for Rare Earth resource at Harts Range

Rainbow Rare Earths (RBW LN) – Conventional Solvent Extraction to replace the CIC / CIX process route for Rare Earth extraction

Snowline Gold (SGD CN) – Drilling extends Valley mineralisation

Strategic Minerals* (SML LN) – Latest Redmoor drilling results establish continuity of wider than expected SVS mineralisation

Vast Resources (VAST LN) – First tenders of recovered Zim stones

Gold equities lead metal higher as Tether continues to build bullion reserves and Treasuries rally

• Spot gold climbed c.$100/oz yesterday, touching recent highs of $4,155/oz.
• Whilst prices remain below October’s record highs of $4,390/oz, mining equities have rallied.
• The Van Eck Gold Miners index climbed 5.9% yesterday, as the market looked to a sustained period of elevated pricing.
• The move was led by Barrick, who have secured the return of their major Loulo-Gounkoto complex.
• Gold has consolidated between $4,050-4,200/oz since it bounced off October highs.
• FT quotes Jefferies research suggesting Tether net demand stood at 26t in 3Q (Central Bank net demand at 220t), vs 23.5t in Q2 where Central Bank demand stood at 172t.
• Tether is currently the largest holder of gold reserves outside of Central Banks.
• Tether operates the USDT stablecoin, which has become integral to crypto purchasing, pegged to the dollar.
• Kazakhstan was the second largest purchaser of gold in Q3, with 18t, whilst Brazil bought 15t.
• The FT reports China bought 5t, although analysts expect China’s actual purchases to be much higher.
• Tether is reportedly aiming to purchase 100t of physical gold in 2025, and is expected to generate $15bn in profit from its stablecoin operation.
• Tether also issues the XAUt token, which represents one troy ounce of gold and is intended to make gold purchasing easier.

Conclusion: Tether is a top 20 holder of US Treasuries globally and generates significant interest from those holdings. The Group is using interest income from US government bonds to bolster their gold holdings, considering gold as ‘natural bitcoin.’ Essentially, Tether has added a major incremental demand driver to the gold market, which we suspect has played a role in spot gold’s 58% rally over the past 12 months. This is an exciting development for the gold sector, bringing previously untapped sources of capital and democratising precious metal holdings for retail investors. We also expect sustained demand from Central Banks looking to diversify their foreign reserves away from US dollars.

Gold names we like:

• Kefi Minerals* (Finalising financing in Ethiopia): CLICK FOR PDF
• Anglo Asian Mining* (top-class mine builders in Azerbaijan funding longer-term copper growth story)
• Orosur Mining* (early-stage exploration in Colombia with high-grade MRE due before year-end): CLICK FOR PDF
• Endeavour Mining (High-margin West African producer at cash flow inflection point, strong growth prospect in Assafou project – 329kozpa at $892/oz AISC)
• G Mining (Mine builders funding development of large-scale Oko West via recent build cash flows)
• Rio2+ (Heap leach development story in Chile due for first production 1H26 and 300kzpa potential on water agreement)
• Turaco Gold+(Cote d’Ivoire development story adding ounces)
• Minerals260 (Tim Goyder-backed Australian development project targeting >3moz open pittable MRE)
• WIA Gold+ (Namibian development story, 3moz open pit led by ex-Centamin team)
• Landore Resources (Fresh management team currently optimising the BAM Gold Deposit, Ontario)
• Tolu Minerals (Restarting production at Tolukuma mine in PNG to fund widespread regional exploration programme)
• GBM Resources (Ian Middlemas-led Australian development story building on current 1.84moz MRE)
• Sun Peak Metals (Ex-Bisha team exploring for VMS deposits in Saudi Arabia and Ethiopia)
• C3 Metals (Drilling for gold in Jamaica alongside copper porphyry targeting)
• Desoto Resources+ (Exploration in Guinea led by ex-Predictive team)

*SP Angel acts as either Nomad/Broker or Both. +An SP Angel analyst holds shares

China-owned Indonesian nickel plant slashes output on waste constraints

• Bloomberg reports China’s Indonesian nickel plant at PT QMB New Energy Materials Co. Ltd is reducing output for the next two weeks.
• QMB is backed by Chinese metals groups GEM Co and Tsingshan Holding.
• The report suggests that QMB’s plant tailings storage inside the park is full.
• Another location is planned for additional tailings, with paperwork still being processed.
• The nickel price continues to languish around $14,650/t, sitting at five year lows.
• The price has been under pressure from a major jump in HPAL output from Indonesia, funded by Chinese groups.
• Demand has been constrained by a chance in battery chemistry and China’s property slump.

IG TV Commodity Corner (18/11/25):  https://www.youtube.com/live/_cghAS9Wnnk?si=YQpSPWrZ5_tzX0ha&t=4718 

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

Currencies

US$1.1523/eur vs 1.1529/eur previous. Yen 156.65/$ vs 156.90/$. SAr 17.268/$ vs 17.294/$. $1.312/gbp vs $1.309/gbp. 0.645/aud vs         0.645/aud. CNY 7.094/$ vs 7.106/$.

Dollar Index 100.15 vs 100.17 previous.

Precious metals:

Gold US$4,137/oz vs US$4,073/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,555/oz vs US$1,539/oz previous

Palladium US$1,397/oz vs US$1,387/oz previous

Silver US$51.3/oz vs US$50.4/oz previous

Rhodium US$8,000/oz vs US$8,000/oz previous

Base metals:

Copper US$10,857/t vs US$10,783/t previous

Aluminium US$2,823/t vs US$2,805/t previous

Nickel US$14,705/t vs US$14,570/t previous

Zinc US$3,016/t vs US$3,006/t previous

Lead US$1,985/t vs US$1,987/t previous

Tin US$37,435/t vs US$37,095/t previous

Energy:

Oil US$63.0/bbl vs US$62.2/bbl previous

Natural Gas €29.5/MWh vs €29.7/MWh previous

• European energy prices fell below €30/MWh for the first time in 18M on positive sentiment that a peace deal could be reached between Russia and Ukraine and on record LNG flows this month from the USA.

Uranium Futures $75.9/lb vs $75.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$105.8/t vs US$105.1/t

Chinese steel rebar 25mm US$448.2/t vs US$447.0/t

HCC FOB Australia US$196.0/t vs US$196.0/t

Thermal coal swap Australia FOB US$112.3/t vs US$112.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$77,527/t vs US$77,193/t

Lithium carbonate 99% (China) US$12,545/t vs US$12,525/t

China Spodumene Li2O 6%min CIF US$1,115/t vs US$1,115/t

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

China Tungsten APT 88.5% FOB US$738/mtu vs US$738/mtu

China Tantalum Concentrate 30% CIF US$95/lb vs US$95/mtu

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

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$271/t vs US$271/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,107/t vs US$1,105/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,125.0/kg vs US$3,125.0/kg

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

EV & battery news

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Company news

Barrick (B US) US$39.5, Mkt Cap US$67bn – Resolution with Mali over the Loulo and Gounkoto gold operations

• The Company reports a resolution with Malian government over the Loulo and Gounkoto mines.
• All charges against the Company and employees to be dropped.
• The release of the four detained Barrick employees to be undertaken.
• Provisional administration of Loulo and Gounkoto to be terminated and control to be handed back to Barrick.
• Barrick to withdraw the arbitration claims against the government as well.
• The agreement marks the end of standoff that started in 2023 as Mali aimed to move Barrick to the new Mining Code 2023.
• Reuters provides a good timeline of the standoff
• https://www.reuters.com/sustainability/sustainable-finance-reporting/barrick-resolves-dispute-with-mali-government-over-loulo-gounkoto-mining-complex-2025-11-24/
• Separately, Barrick allegedly agreed to a 244bn CFA (US$430m) and accepting new mining code, Bloomberg quotes people familiar with the matter.
• 144bn to be paid within six days and 50bn to be covered by VAT-credit offsets.
• Market commentators estimate the mine to produce ~670koz generating US$1.5bn in operating cash flow in 2026.
• The news follows speculation that Barrick may split out African and Asian assets out with the resolution potentially seen as a preparation for a sale process.

Caledonia Mining (CMCL LN) 2,130p, Mkt Cap £403m – Decision to develop Bilboes project, Zimbabwe

• Following completion of its feasibility study, Caledonia Mining has announced that it will proceed to develop its wholly-owned Bilboes gold project in Zimbabwe.
• Bilboes is located in southern Zimbabwe around 80km north of Bulawayo and hosts a ‘Proven & Probable” ore reserve of 1.75moz of gold within ~24mt of ore at an average grade of 2.26g/t gold.
• Over a planned 10.8 years mine life, Bilboes is expected to produce 1.55moz of gold at an all-in-sustaining cost of US$1.061/oz “with first production expected in late 2028”.
• Using a consensus gold price of US$2,548/oz, Caledonia Mining expects funding of US$484m to deliver an after-tax NPV8%(Real) of US$582m and an IRR of 32.5% with a payback of 1.7years.
• “Caledonia … expects most of the financing to be in the form of non-recourse senior debt, internal equity contributions from Blanket Mine and flexible instruments such as royalties, streams and mezzanine funding which may include the issue of convertible bonds”.
• “The Company aims to minimise equity dilution and maintain its current quarterly dividend of 14 cents per share, subject to prevailing conditions”.
• The Bilboes ore is known to be refractory, and the project development will harness established BiOx technology to deliver recovery rates ranging between 83.6-88.9% with the first full production year, 2029, producing ~200,000oz.
• The company expects “Plant throughput of 240kt per month for the first 6 years of production, falling to 180kt per month for the remainder of the Project”.
• As well as the defined ore reserves at Bilboes, the project also hosts “significant exploration potential both within Bilboes and on the adjacent Motapa property, a brownfield site comprising 2,161.34 hectares which is also owned by Caledonia”.
• CEO, Mark Learmonth, described the decision to develop Bilboes as “a defining moment for Caledonia in our journey to become a mid-tier gold producer”.
• He said that the “Project has been decades in the making and represents the culmination of an extraordinary amount of work by our team and our partners and by the previous owners”.
• Mr. Learmonth also said that “Bilboes should deliver substantial benefits to Zimbabwe … [helping it] … to reclaim its position as a major "gold destination" in the eyes of the international investment community … [and] … deliver substantial benefits to Zimbabwe in terms of foreign exchange earnings and tax receipts”.
• We observe that, following Caledonia Mining’s rejuvenation of the Blanket gold mine, Ariana Resource’s work to expand the 1.1moz resource at Dokwe and exploration work by Kavango Resources and others, Zimbabwe’s profile as a destination for gold mining is undergoing a renaissance.

Conclusion: The decision to develop Bilboes significantly advances Caledonia Mining’s aspiration to become a multi-mine mid-tier gold producer and may enhance Zimbabwe’s profile as a resurgent gold producer

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

Cobra Resources (COBR LN) 3.55p, Mkt Cap £33m – Exploration programme for Manna Hill project, South Australia

• Cobra Resources reports that South Australia’s Department of Energy & Mines has approved drilling at the Manna Hill copper project around 150km SW of Broken Hill.
• The approval allows for up to 50 drillholes at the Blue Rose prospect which hosts a 1.6km zone of skarn mineralisation, as well as a programme of induced polarisation geophysical exploration.
• An initial campaign of reverse circulation (RC) drilling in December and January may, depending on results, lead to further RC work in February and possibly to diamond drilling in April.
• Previous drilling results at Blue Rose include:
  • A 4.8m wide intersection averaging 2.2% copper and 0.76g/t gold from a depth of 11m in hole RABR-822; and
  • A 132m wide intersection averaging 0.52% copper from a depth of 8m in hole RABR-025, including 48m at an average grade of 1.04% copper; and
  • A 41m wide intersection averaging 1.6% copper from a depth of 9m in hole RABR-152, including 18m at an average grade of 2.03% copper; and
  • A 43m wide intersection averaging 0.6% copper from a depth of 12m in hole RABR-205; and
  • A 52m wide intersection averaging 0.77% copper and 0.94g/t gold from a depth of 80m in hole RABR-030
• The geophysical work will focus on the “interpreted porphyry intrusion and the length of the interpreted extent of the skarn host limestone unit” to provide information for “future diamond drill design aimed at testing for porphyry stockwork mineralisation at depth”.
• Managing Director, Rupert Verco, said that “This is the first time the Blue Rose prospect has been drilled in over a decade”.
• He said that the company’s geological interpretation shows that “Blue Rose bears the right geological setting to deliver a major porphyry discovery”.
• Cobra Resources “has a 12-month option to acquire the Manna Hill Project” as reported in August 2025 and Mr. Verco explained that the “work programme is designed to demonstrate the potential of the Manna Hill asset as a basis for which the Company will look to exercise its option”.

Conclusion: Copper exploration to start at Manna Hill shortly to help Cobra Resources decide on whether to exercise its option to acquire the project.

FG Gold (Private):  Baomahun gold project, Sierra Leone, funded to production by AFC-led consortium

• AFC and Trafigura to finance $330m FG Gold’s Baomahun gold project in Sierra Leone.
• The Baomahun Gold Project has a JORC resource of 5.81moz across both open pit and underground mining.
• First pour had been targeted for 2026, aiming for 184kozpa over the first five years.
• Average LOM production of 147kozpa over a 12.5 year LOM.
• Throughput targeted for 2.5mtpa, with Lycopodium completing FEED work.
• The asset lies 200km east of Freetown.
• The Angola Sovereign Wealth fund invested $20m into FG Gold in October.

Fireweed Metals (FWZ CN) C$2.75, Mkt Cap C$580m – Mactung Feasibility Study guided for 2027

• Lundin-backed Fireweed Metals provides an update on their Mactung tungsten project in the Yukon.
• The Company has completed an 11,117m drill programme for geotechnical, hydrogeological and infill drilling.
• The drilling has been completed for the upcoming Feasibility Study.
• The feasibility stud is due for 2027 release.
• Infill drilling will support an updated MRE to convert mineralisation from Inferred to Indicated.
• 2023 MRE stands at:
  • 42mt at 0.73% for 30.2m WO3 mtu Indicated (29mt open pit)
  • 12mt at 0.59% for 7.2m WO3 mtu inferred (9.4mt open pit)
• Environmental baseline studies are also underway.

First Tin (1SN LN) 7.5p, Mkt Cap £39m – £6.3m fundraising to progress Taronga tin project

·        First Tin has announced a conditional £6.3m fundraising to progress its Taronga tin project in NSW and support its Tellerhäuser tin project in Germany.

·        The new funds will be raised by a subscription for an additional 90m shares priced at 7p/share.

·        Based on the ~451.9m shares in issue at 30th June 2025 as disclosed in the company’s Annual Report, we estimate that the new shares represent ~16.6% of the enlarged capital.

·        The majority of the funds will be deployed at Taronga where they will help finalise the project’s DFS incorporating a revised mineral resource estimate incorporating the latest drilling and further metallurgical work as well as the start of the engineering work for critical equipment and early work “on dam construction and groundworks for the southern water system”.

·        “The Subscription is conditional on the approval by shareholders … at a general meeting of the Company which is to be convened on 11 December 2025”.

·        CEO, Bill Scotting, said that the additional funds will “allow us to accelerate critical early works at Taronga, including preparatory groundworks, infrastructure upgrades, and the completion of our updated Definitive Feasibility Study, while also supporting progress at our German assets”.

Conclusion: The additional funds will assist in completion of the Taronga DFS and support early project development work.

Harmony Gold Mining (HMY US) $17.8, Mkt Cap $11.5bn – Greenlighting Eva copper project

• South African gold major Harmony has approved FID at the Eva Copper Project.
• An updated Feasibility Study envisages a 15 year LOM producing 60ktpa Cu and 19kozpa Au in concentrate.
• The mine will consist of 10 open pits, a LOM strip ratio of 1.6:1, copper reserve grades of 0.4% Cu and average gold grades of 0.07g/t Au.
• An 18mtpa processing plant is planned, with development CAPEX of $1.55-1.75bn.
• The Northwest Queensland project is expected to produce at an AISC of $2.5/lb.
• First production due 2H28.
• Post-tax NPV8 of A$445m, IRR of 11%, payback of 7 years using $4.5/lb Cu, $2,237/oz Au.
• NPV8 increases to A$1.36bn, IRR of 17% and payback of 6 years at $5.5/lb Cu, $3,750/oz Au.
• Management states the asset is expected to ‘deliver strong free cash flows and attractive margins, while reducing Harmony’s overall risk profile.’

Lynas Rare Earths (LYC AU) A$15, Mkt Cap A$15bn – Power outages at the Kalgoorlie Plant

• Significant power supply disruptions recorded at the Kalgoorlie Rare Earth Processing Facility, WA.
• Outage frequency and duration of power disruptions at the plant in November led to a significant drop in MREC production.
• That would affect production at the Malaysian facility using MREC feedstock.
• The team is in contact with WA Government and Western Power, a power provider, to identify causes of outages and options to improve power availability.
• The Company estimates disruptions may cause one month in lost production.
• The team expects to recover lost production during the financial year.

New Frontier Minerals* (NFM LN) 1.05p, Mkt Cap £19m – £1.1m raised to accelerate drilling for Rare Earth resource at Harts Range

• New Frontier Minerals reports the raising of £1.1m (A$2.25m) in Australia at a price of A$0.021 (1.03p/s).
• Funds will be used for drilling and metallurgical work on the Harts Range project
• Metallium: NFM are also looking to sign a binding commercial framework with Metallium Ltd (MTM AU), which aims to create a concentrate process route for Harts Range ore.
• Metallum’s recent trials on a 25kg bulk sample using FJH ‘Flash Joule Heating’ technology from Harts Range raw ore is reported to have delivered exceptional results:
  • ~20x upgrade in total REO from 1.7% → 35 % (TREO) in a single step flash; and
  • ~53x enrichment in dysprosium (Dy2O3) to 10.03% and 21x in terbium (Tb4O7) to 0.64% – with complete removal of detectable Fe, Si and Th from raw, un-beneficiated (no flotation, acid leaching or hydrometallurgical pre-conditioning) ore
• Funds will also be allocated to progress the mining lease application at the NW Queensland Copper Project including ongoing work with Austral Resources Ltd (AR1 AU)

Conclusion: We look forward to new and hopefully meaningful results from the 46-hole, 2,500m drill program at Hart’s Range.

*SP Angel acts as broker to New Frontier Minerals

Rainbow Rare Earths (RBW LN) 19.5p, mkt Cap £126m – Conventional Solvent Extraction to replace the CIC / CIX process route for Rare Earth extraction

• Rainbow Rare Earths has restated production from its ancillary SEG+ concentrate production estimates.
• The reduction appears to result from a change in the REE grades assumed in the calculation though to be fair Rainbow had stated:
  • “SEG+ MREC product of 99.5% purity containing 719 tpa TREO”
• The error appears to have arisen from the testing of a higher-grade metallurgical sample with the results from this testing carried on into the production assumption.
• Today’s statement on the re-evaluation of the rare earth content within the SEG+ concentrate results cuts output to 718tpa, though the table in the 10 November RNS does add up to 832tpa.
• Solvent Extraction to replace the CIC / CIX process route
• ANSTO, the Australian metallurgical experts, have confirmed a two-stage ‘SX’ Solvent Extraction circuit will to produce separated NdPr oxide and SEG+ high purity mixed rare earth carbonate at +99.5% purity from the concentrate material produced at Rainbow’s in-house laboratory in Johannesburg.
• CIC & CIX technology dropped.
• Rainbow has replaced its proposal to use the CIC and CIX processing technologies with conventional Solvent Extraction technology.  
• The Phalaborwa concentrates should now be processable using Solvent Extraction for REE separation due to its success in impurity.
  • “The ANSTO pre-feasibility report confirms that the Phalaborwa process will only require two small SX circuits; one for the NdPr separated oxide and one for the SEG+ high purity MREC.
  • The SX circuits will have a total of ca. 75 mixer settlers, which compares to traditional SX plants which often hold ca. 1,500 mixer settlers or more, confirming that Rainbow is maintaining a low capital intensity”

Conclusion:  We respect the metallurgical expertise within ANSTO and within Rainbow and if the metallurgists say the Phalaborwa REE concentrate should be clean enough for processing using conventional Solvent Extraction circuits this sounds like the safest route to take.

We believe Rainbow have been relatively conservative in their work using a low price of US$220/kg for Yttrium and a 70% payability on the SEG+ concentrates rather than 75-80% which appears possible in the market. We see this as adding US$21m to EBITDA based on the previous process circuit.

The incorporation of current, higher Dysprosium and Terbium prices should double revenues to ~US$160m vs the original economic model.

We look forward to new and better-defined estimates of the capex and opex on the process plant.

Snowline Gold (SGD CN) C$7.9, Mkt Cap C$1.3bn – Drilling extends Valley mineralisation

• Snowline reports drill results from its Rogue Project in the Yukon.
• The Rogue project hosts the Valley deposit, which holds an MRE of 7.4moz at 1.34g/t Au.
• Yesterday the Company reported assays from a new zone on the eastern margin of the Valley intrusion.
• Assays from three holes yielded:
  • V-25-139: 535m at 0.62g/t Au from 132m including 43m at 2.1g/t Au
  • V-25-141: 105m at 1g/t Au from 332m
  • V-25-147: 348m at 0.71g/t Au from 204m
• Management believes these results ‘serve to upgrade and potentially to expand our resource at Valley.’
• Mineralisation noted beyond the high-grade, near-surface core of the Valley deposit.
• Company now sees potential for a new gold-bearing zone towards the eastern margin of Valley, previously believed to be barren.
• This zone sits 500m east of the main system, interpreted as a potential indicator of additional centres of higher-grade mineralisation.
• At Gracie, drilling has intersected a wide zone of RIRGS mineralisation in silicified sediments to the northwest, which suggests potential for intrusions at depth.
• 10,800m of additional assays from 32 holes are pending, including geotechnical and metallurgical holes.
• The Valley PEA envisages a 20 year LOM, producing 341kozpa at AISC of US$844/oz for an NPV5 of C$8.3bn and IRR of 41% at $3,600/oz.

Strategic Minerals* (SML LN) 1.58p, Mkt Cap £36m – Latest Redmoor drilling results establish continuity of wider than expected SVS mineralisation

• Strategic Minerals has released assay results from the second hole of its current drilling campaign (Hole CRD-034b) at the Redmoor project in Cornwall.
• The hole, which was drilled  from the same location as the first hole of the programme (CRD-033) towards the SE (135⁰) at an angle of 58⁰, was completed at a depth 608.2m and intersected multiple mineralised zones including both ‘Lode Style Copper Mineralisation’ as well as the Sheeted Vein System (SVS) which hosts the initial ‘Inferred’ mineral resource of 11.7mt at an average grade of 0.56% tungsten trioxide, 0.16% tin and 0.50% copper released in 2019.
• The company highlights the grades of individual intersections as well as a 10m wide intersection averaging 0.92% tungsten trioxide, 0.78% copper and 0.02% tin from a depth of 578m which “widens the previously modelled thickness of the Redmoor SVS in this zone of the deposit”.
• Dennis Rowland, Managing Director of the operating subsidiary, Cornwall Resources, explained that the “new results reported outside the existing Redmoor resource model indicate strong potential for material resource growth”.
• He confirmed that “Ongoing analysis of samples from additional drillholes is expected to further refine and enhance the understanding of Redmoor’s resource potential … [and reinforce] … Redmoor’s status as Europe’s highest-grade undeveloped tungsten resource”.
• Strategic Minerals says that Hole CRD-034b’s results “complement the high-grade “exceptional” intersections from CRD033, adding further high-grade zones of mineralisation with grades exceeding these previous results”.
• Although today’s announcement does not tabulate assays for silver, which the company has previously reported as a potential additional economic component to the mineralisation, it says that “Silver values of up to 84.8 g/t have been reported within copper-rich zones over a 0.75 m interval … [and says that more] …  work is underway to assess the potential for silver recovery; however, CRL makes no assumptions regarding its recoverability at this stage”.
• The company summarises the impact of Hole CRD-034b on its understanding of the setting to mineralisation at Redmoor saying that it shows the continuity of the “SVS orebody, with mineralised continuity confirmed eastwards and correlated to high-grade zones previously drilled in CRD033”.
• Strategic Minerals also explains that the “final 35.00 m of CRD034b was successful in drilling a previously untested portion of a projected high-grade zone, this section returned the wide, high-grade interval of 10.00 m @ 0.92% WO3, 0.02% Sn & 0.78% Cu (1.15% WO3.Eq) … from 579.93 m, along with strong grades of silver (Ag) up to 84.8 g/t”.

Conclusion: Strategic Minerals’ latest drilling results demonstrate continuity of the SVS mineralisation at Redmoor which is shown to be wider than previous modelling projected in the area penetrated by this hole.  High individual grades for tungsten trioxide prompt the company to describe Redmoor as “Europe’s highest-grade undeveloped tungsten resource”.  When all the assay results from the drilling are available, they will contribute to a new mineral resource estimate.

*SP Angel acts as Nomad and broker to Strategic Minerals

Vast Resources (VAST LN) 0.12, Mkt Cap £6m – First tenders of recovered Zim stones

• The Company released results from the tender of the initial parcel of stones recovered from Zimbabwe central bank following a ~15y legal dispute.
• The tender included ~126,700cts of a mix of quality gem, low grade and industrial grade stones.
• ~123,900cts were sold during tender including:
  • ~123,700cts of the low grade gem and industrial stones (av realised price ~$7/ct)
  • ~220cts of higher grade gem quality stones (av realised price ~$1,084/ct)
• Total sales proceeds (net of commissions) ~$1.09m.
• Remaining ~3,000cts are of higher grade gem quality stones and are being marketed and to be sold in due course.
• Those stones are to be offered together with yet to be tendered stones.
• Together those sales are expected to deliver the majority of sales proceeds.
• The Company recovered a total of ~135,100cts from the central bank in April this year.
• That would imply over 11,000cts of stones remaining to be sold.

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

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