SP Angel . Morning View . Tuesday 28.04.26

MiFID II exempt information – see disclaimer below

SP Angel - No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

Anglo American (AAL LN)  – Highlighting Q1 copper performance as Teck merger progresses

EQ Resources (EQR AU) – Rain in Spain hits production from Barruecopardo

Greatland Resources (GGP LN)  – Strong cash build and tracking for upper-end production guidance

Great Southern Copper (GSCU LN)  – Phase 3 drilling demonstrates lateral and vertical continuity of mineralisation along the Mostaza Fault Zone

Mila Resources (MILA LN)  – Further reverse-circulation drilling results from Yarrol, Queensland

Mkango Resources* (MKA LN)  - BUY – Official opening of HyProMag REE magnet recycling and manufacturing plant in Germany

Meridian Mining (MNO CN)  – LSE placing ahead of listing as DFS target reiterated for 4Q26

Orosur Mining* (OMI LN)  – Large-scale porphyry system identified at El Cedro, drilling due 1H26

Panther Metals (PALM LN)  – Additional drilling results from the Winston Lake tailings project, Ontario

Power Metal Resources* (POW LN)  – Completion of East Hawkrock programme, analysis underway

Predictive Discovery (PDI AU) – Kiniero production strong as Bankan prepares for construction

Premier African Minerals (PREM LN ) – £1m fundraising

Resolute Mining (RSG LN)  – Syama operating normally as violence increases in Mali

Serabi Gold (SRB LN)  – Brownfield exploration delivers increased MRE

Gold ($4,623/oz) slides further as Treasury yields climb on Middle East peace talk impasse

• Gold is under pressure again, down 1.3% this morning and finding new lows below the recent $4,700/oz level.
• Gold is leading the wider precious metals spectrum lower, with silver down 2.4% and PGMs also sliding.
• The dollar index is ticking higher, whilst US Treasuries are selling off again.
• The US 10 Year yield has jumped again, climbing to 4.36%, near recent highs of 4.4%.
• Higher energy costs are fuelling inflation concerns, with Brent up 2.7% this morning and crude rising 3.3% to $99.5/bbl.
• The market is gradually pricing in a longer-term conflict, with Iran pushing to delay negotiations over its nuclear programme.
• The Fed is expected to hold rates steady on Wednesday, amid an increasingly hawkish shift from Central Banks in a bid to contain inflationary pressures.

Investors generally selling gold and silver and respective ETFs as markets shifting focus to interest rates and away from US dollar moves

• Investors appear focussed on the US Fed, ECB, and BoE reactions to higher oil prices and fuel disruption.
• Manufacturing disruption is expected particularly within the smaller Asian nations which have reacted quickly to delayed shipments.
• If manufacturer disruption is extensive across Asia, then some nations may even cut rates for support.
• China and the US are relatively well insulated with China holding >90 days of oil storage and the US seen as a net exporter of total petroleum products.
• Current forecasts are for the ECB and BoE to hold rates for the time being though we expect the BoE to follow or precede the US Fed in its actions to maintain Sterling.

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

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Currencies

US$1.1696/eur vs 1.1744/eur previous. Yen 159.41/$ vs 159.20/$. SAr 16.601/$ vs 16.497/$. $1.351/gbp vs $1.355/gbp. 0.717/aud vs         0.718/aud. CNY 6.834/$ vs 6.825/$.

Dollar Index 98.63 vs 98.36 previous.

Economics

China – Residential property prices fall to below 2005 levels

• The collapse of China’s real estate market has led to prices losing ~23% of its value (BIS).
• We feel the fall is all the more extraordinary given the much smaller size of the Chinese economy in 2005 vs today.

Japan - BoJ expected to hold rates at 0.75% but likely to raise rates going forward

• The latest BoJ meeting indicates a likely shift to 1% to maintain stability and manage inflation.
• BoJ core CPI forecast rose to 2.8% from 1.9% previously expected for FY 2026 due to disruption caused by the Iran war.
• The BoJ cut its real GDP growth forecast to 0.5% from 1.0% for FY2026 reflecting higher energy prices and reduced business confidence.

Europe - ECB SAFE ‘Access to Finance of Enterprises’ highlights inflation expectations

• The SAFE Survey points to rising inflation as businesses raise prices and cost expectations.
• Selling price expectations rose to 3.5% from 2.9%.
• Input costs rose to 5.8% from 3.6% including energy.
• Wage growth expectations fell  to 2.8% from 3.1%
• Inflation expectations climbed to 3.0% from 2.6% but held steady at 3% over the longer term.

Iraq – US blocks cash shipments to Iraq following Iran-backed proxy attacks on US interests.

• The US DOJ has announced a $10M bounty for the leader of the pro-Iran Harakat Ansar Allah al-Awfiya terror group. (Fox News)

Iran – Trump reviewing peace plan to halt the war and open the Strait of Hormuz

• Tehran is considering a US request to restart negotiations (Aljazeera)
• Blockade of Iranian ports remains in place.
• US ceasefire likely to remain in place till after King Charles’ state visit
• Russia’s UN ambassador says Iran has the right to control the Strait of Hormuz.
• Disruption to Gulf oil and gas exports raises prices and helps Russia.
• The US continues to demand Iran halt all uranium enrichment and Iran must not acquire a nuclear weapon as a condition to end US and Israeli attacks.
• The UN atomic watchdog estimates Iran holds ~440kg (970lbs) of uranium enriched to 60% sufficient for 10-11 atom bombs if refined to weapons grade.
• Iran has so far refused to agree to stop enrichment.

Canada - Rogers Communications is offering half its 25,000 workforce voluntary exit packages

• This move follows a trend of downsizing across the Canadian telecom industry and follows a shift to third-party vendors for IT support.

AI – Claude powered AI coding tool deletes company database in 9 seconds

• Anthropic are investigating reports that a Claude powered AI agent went rogue.
• One reports suggests the AI agent was given a blanket token with god-mode permissions.
• Sounds like more of a school-boy error than an actual rogue AI but also shows that AI can be unpredictable and should be used carefully.

Precious metals:

Gold US$4,630/oz vs US$4,713/oz previous

   Gold ETFs 98.9moz vs 99.0moz previous

Platinum US$1,954/oz vs US$2,031/oz previous

Palladium US$1,455/oz vs US$1,495/oz previous

Silver US$73.3/oz vs US$75.6/oz previous

   Silver ETFs 793.7moz vs 793.6moz previous

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

Base metals:   

Copper US$13,196/t vs US$13,300/t previous

Aluminium US$3,558/t vs US$3,601/t previous

Nickel US$19,295/t vs US$19,405/t previous

Zinc US$3,373/t vs US$3,454/t previous

Lead US$1,956/t vs US$1,961/t previous

Tin US$49,190/t vs US$50,405/t previous

Energy:

Oil US$111.3/bbl vs US$108.2/bbl previous

• Crude oil prices traded higher as both Iran and the US remain at loggerheads with respect to efforts to agree a peace deal that would lead to a reopening of the Strait of Hormuz.
• Ocean Winds, a joint venture between ENGIE and EDP, reached a deal with the US administration to cancel two more offshore wind developments in exchange for an $885m investment in oil and gas, energy infrastructure or LNG projects.

Natural Gas €45.2/MWh vs €45.2/MWh previous

Uranium Futures $86.6/lb vs $86.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.3/t vs US$106.7/t

Chinese steel rebar 25mm US$472.9/t vs US$473.1/t

HCC FOB Australia US$232.0/t vs US$231.5/t

Thermal coal swap Australia FOB US$134.3/t vs US$130.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$111,942/t vs US$113,693/t

Lithium carbonate 99% (China) US$24,656/t vs US$24,834/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$2,393/mtu vs US$2,393/mtu

China Tantalum Concentrate 30% CIF US$203/lb vs US$203/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$249/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$1,149/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$3,225.0/kg vs US$3,225.0/kg

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

EV and battery news

CATL secures 60GWh sodium-ion battery order

• Battery giant CATL has signed a three-year sodium-ion battery supply deal with HyperStrong, a global leader in energy storage systems and services.
• The deal marks a significant 'turning point in the industrialisation of sodium-ion batteries,' said CATL in the announcement.
• CATL has been working on sodium-ion batteries since 2016, and has invested almost $1.5bn in R&D.
• Robin Zeng, chairman of CATL, previously said that in the long run, sodium-ion batteries are expected to replace 30% to 40% of the existing market share.

Automakers threaten to pull cheapest models from US over trade deal

• The Wall Street Journal has reported that foreign automakers could have to pull their cheapest car models from the US if the US-Mexico-Canada Agreement (USMCA) is not renewed.
• The USMCA is set for review this year and if the Trump administration do not renew it or a revised version does not reduce the tariffs on cars and auto parts made in North America, the automakers may be forced to act.
• Last year Trump imposed a 25% national security tariff on automotive exports from Mexico and Canada, compared to free trade under the USMCA.
• Nissan, Hyundai and Toyota are among the few automakers who offer new models of small affordable vehicles, and although models are manufactured in the US, they rely heavily on parts imports from both Mexico and Canada.

China launches largest car carrier with 10,800 vehicle capacity

• Guangzhou Shipyard International Company Limited (GSI) has built and delivered the world's largest car carrier with a max. capacity of 10,800 vehicles.
• China's ship building industry is growing in tandem with the rapid growth of EVs.
• Last April, BYD launched their largest car-carrier, the BYD Shenzen with a 9,200 carrying capacity.
• BYD now operates 8 carrier vessels, with three of them having a 9,200 carrying capacity.

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Company news

Anglo American (AAL LN) 3,661p, Mkt Cap £43bn – Highlighting Q1 copper performance as Teck merger progresses

·        Reporting its Q1 production results for the three months to 31st March 2026, Anglo American highlights its copper and iron-ore operations with the reopening of the second plant at its Las Bronces copper mine in Chile and stable operating performance at its Kumba and Minas Rio iron ore businesses in S Africa and Brazil.

·        The company also comments that it expects its’ merger with Teck to create a “copper-focused global critical minerals champion” to conclude between September 2026 and March 2027 with regulatory approvals received from South Korea and “anti-trust approval from China now the final outstanding regulatory milestone”.

·        Chief Executive, Duncan Wanblad, said that both Anglo American and Teck “continue to operate separately until closing … [but that] … the integration planning is progressing well, ensuring that once the transaction closes, we will be well positioned to begin delivering the exceptional value and expected synergies that we have identified."

·        Higher copper production at Los Bronces and at Collahuasi, partly offset by the impact of lower grades from Quellaveco resulted in quarterly copper production of 170,400t (Q1 2025 – 169,000t)

·        Copper production and cost guidance for the year remains unchanged in the range 700-760,000t at a cost of around US$1.72/b.

·        Approximately 55% of 2026 copper production is expected to come from the Chilean mines at a cost of US$2.30/lb with the balance from Peru at an estimated cost of ~US$1.00/lb.

·        Quarterly iron-ore production totalled 15.2mt (Q1 2025 – 15.4mt) comprising ~8.8mt from Kumba (Q1 2025 – 9.0mt) and ~6.4mt from Minas Rio (Q1 2025 – 6.5mt).

·        Annual iron-ore production and cost guidance is maintained in the range 55-59mt at an average cost of ~US$41/t.  Kumba is expected to contribute 31-33mt at a cost of US$45/t with Minas Rio producing 24-26mt at US$36/t with the company advising that “Kumba guidance is subject to third-party rail and port availability and performance”.

·        “Manganese ore production increased by 118% to 759,100 tonnes, compared with the same period in 2025 … [348,400t] …, which was impacted by the temporary suspension of operations in Australia following the tropical cyclone Megan in March 2024”.

·        Increased quarterly rough diamond production of ~7.1m carats (Q1 2025 – ~6.1m carats) reflects “planned ore release from Gahcho Kué in Canada and higher volumes from Venetia underground”.

·        Overall, however, Botswana diamong production remains dominant contributing around two-thirds (~4.8m carats) of the production followed by Canada (~1m carats), South Africa (~0.7m carats) and Namibia (~0.6m carats).

·        Reiterating its commitment to “divesting De Beers” Anglo American confirms that it is continuing to “progress a formal sale process and expect to provide an update through the course of 2026”.

·        Commenting on the market for rough diamonds the announcement says that the “consolidated average realised price declined by 19% to $101/carat, primarily driven by a 17% decrease in the average rough price index”.

·        Diamond production guidance for the year is “unchanged at 21-26 million carats” with unit cost guidance intact at US$80/carat.

·        “De Beers continues to monitor rough diamond trading conditions in order to align output with prevailing demand”.

·        “Steelmaking coal production decreased by 31% to 1.5 million tonnes, primarily due to lower production from Moranbah North following the incident in March 2025 and significant weather impacts at Dawson”.

·        Anglo American confirms that its plans to divest the steelmaking coal business are “progressing well, with expectations for a sale to be agreed in the second quarter of 2026”.

·        A previously announced agreement to sell the Group’s nickel operations to MMG Singapore Resources is progressing “through the European Commission's anti-trust approval process” with quarterly nickel production of 9,100t (Q1 2025 – 9,800t) “reflecting maintenance at Barro Alto and Codemin. Production is currently expected to increase gradually at both operations from the second quarter”.

Conclusion: Anglo American is maintaining 2026 production and cost guidance as it moves to focus on copper via its planned merger with Teck Resources.

EQ Resources (EQR AU) A$0.3, Mkt cap A$1.5bn – Rain in Spain hits production from Barruecopardo

• Tungsten producer EQ Resources, who has assets in Portugal and Australia, report results for 3QFY26.
• Group production stood at 23,505mtu WO3, down from 38.3kmtu.
• Average realised price for the quarter increased to $1,004/mtu, up from $478/mtu in 2QFY26.
• Nominal cash costs increased to $571/mtu from $232/mtu prior quarter.
• Weaker production data and higher costs reflect lower grades, throughput and recoveries at Barruecopardo, with Mt Carbine also reporting lower throughput.
• Barruecopardo operations were reportedly impacted by ‘adverse weather events,’ reportedly the wettest Q1 in the last 50 years.
• Focus at Barruecopardo have been on restoring pit access following excessive rainfall, with waste stripping prioritised over the quarter.
• Management also notes wet weather impacted access to the high-grade lolanthe vein system at Mt Carbine over the quarter.
• Company reports A$15.5m in cash at 31st March.
• Tungsten prices weakened towards the end of the quarter, however, management notes that there remains ‘persistent tightness and elevated pricing, driven by limited new supply and sustained demand from industrial and defence sectors.’

Greatland Resources (GGP LN) 737p, Mkt cap £5bn – Strong cash build and tracking for upper-end production guidance

• Australian gold and copper producer Greatland, who operate the Telfer complex, report March quarter results.
• The Company produced 82.7koz Au and 4.1kt Cu over the quarter, vs 86.3koz and 3.5kt in the prior quarter.
• Milling increased to 4.8mt, up from 4.5mt with grades at 0.59g/t Au and 0.1% Cu.
• Gold recoveries steady at 88.4%, whilst copper recoveries increased to 82.6%.
• Company sold 97.8koz Au and 4.6kt over the quarter, vs 72.2koz and 3.3kt in the prior quarter.
• AISC reported down at A$2,056/oz from A$2,196/oz prior quarter.
• Revenue reported at A$742m, up from A$507m prior quarter.
• Management reports cash flow from operations at A$453m, with A$260m of cash build over the quarter.
• Greatland reports a cash balance of A$1.2bn with no debt.
• A$42m of Telfer growth CAPEX invested over the quarter, with 78,302m drilled over the quarter.
• Company notes that full-year production is expected to be around or above current upper end guidance of 310koz.
• AISC for FY26 is expected to be towards the lower end of the A$2,400/oz-2,800/oz range.

Great Southern Copper (GSCU LN) 2.9p, Mkt Cap £22m –Phase 3 drilling demonstrates lateral and vertical continuity of mineralisation along the Mostaza Fault Zone

• Great Southern Copper has announced the final results from its Phase 3 drilling programme at Mostaza in the Cerro Negro prospect of its Especularita project area in the coastal metallogenic belt, Chile.
• The company says that the results “confirm down-dip and along strike continuity of high-grade Cu-Ag mineralisation at Mostaza” and highlights:
  • A 17.0m wide intersection at an average grade of 0.69% copper and 48.2g/t silver from a depth of 184m in hole CNG25-DD-045 including higher grade intersections of 1.44% copper and 103.8g/t silver over 3.4m from 189.55m depth and 2.0m grading 1.1% copper and 52.5g/t silver from 198m; and
  • A 2.0m wide intersection at an average grade of 2.0% copper and 123.7g/t silver from a depth of 187m in hole CNG25-DD-046 and 0.5m grading 4.24% copper and 233g/t silver from 200.3m.
• The company says that the drilling results exceeded “expectations including extending the Mostaza deposit limits, discovering hanging-wall base-metal zone, recognising stacked lens morphology and confirming IP chargeability as an exploration tool with follow-up scout RC drilling”.
• CEO, Sam Garrett, said the Phase 3 work had given the company “further confidence in the continuity of the Mostaza copper-silver deposit, with drilling now consistently intersecting mineralisation at increasing depths”.
• He also commented that the “latest results indicate that the system appears to be broadening at depth, with higher-grade copper-silver lenses hosted within a wider mineralised envelope. This is consistent with our evolving geological model and supports the potential for a larger-scale system”.
• Mr. Garrett said that interpretation of the results is continuing to “support planning for the Phase IV drilling programme which will focus on the expansion of the Mostaza resource, alongside the ongoing exploration of the broader Cerro Negro system, that now measures over 2km along strike and 1 km in width”.

Conclusion: The Phase 3 drilling around Mostaza has established strike and down-dip continuity to the mineralisation and planning is underway for a Phase 4 programme to expand the resource envelope around Mostaza.

Mila Resources (MILA LN) 1.5p, Mkt Cap £8.9m – Further reverse-circulation drilling results from Yarrol, Queensland

• Mila Resources reports further assay results from its reverse-circulation (RC) drilling at the Yarrol Gold Project in Queensland.
• The company says that the RC drilling in the southern part of the Yarrol North Target, confirmed “extensions of shallow gold mineralisation further to the north and continuity of mineralisation to the west that was not included in the historic resource”.
• Among the results highlighted in today’s announcement, which include “the highest-grade gold intercept recorded on the project at 112g/t over 1m” are
• A 4m wide intersection at an average grade of 29.4g/t gold from a depth of 8m in hole MYARC-0222 which includes the single metre grading 112g/t at 10m and a further metre grading 5g/t at 11m depth; and
• A 9m wide intersection at an average grade of 2.48g/t gold from a depth of 31m in hole MYARC-0216, including 15.05g/t over a single metre at 36m depth; and
• A7m wide intersection at an average grade of 1.0g/t gold from a depth of 17m in hole MYARC-0215 including 1m at a grade of 4.04g/t at 21m depth
• Executive Chairman, Mark Stephenson, said that the drilling “is helping us build tonnage and tighten the geological picture … [and showing] … a pattern of repeating structures hosting high-grade shoots, suggesting a more continuous and robust mineralised system than was ever previously understood”.
• He confirmed that “Following our recent capital raise we will be continuing to fast track the development of this project”.

Conclusion: Further RC drilling at Yarrol North is clarifying the geology and understanding of the mineralised structures as Mila Resources works towards defining an MRE.

Mkango Resources* (MKA LN) 47.5p, Mkt Cap £184m – Official opening of HyProMag REE magnet recycling and manufacturing plant in Germany

(Mkango holds 79% of HyProMag and Mkango Rare Earths UK/Mkango)

BUY

• The German federal ministry for economic affairs and energy has officially opened the HyProMag REE magnet recycling and manufacturing plant in Pforzheim today.
• The opening was performed by Stefan Rouenhoff, Parliamentary State Secretary of the Federal Ministry for Economic Affairs and Energy.
• The UK and Germany also signed a Joint Statement on cooperation on Critical Raw Materials with HyProMag featuring in the declaration as a prime example.
• The opening marks a major step in the de-risking of mutual supply chains to supporting resilience in key industries such as EVs and defense.
• Pforzheim has a commercial scale REE sintered magnet recycling and manufacturing line using Mkango’s patented HPMS ‘Hydrogen Processing of Magnet Scrap’ technology.
• Capacity is fully permitted for production of up to 750tpa of NdFeB ‘neodymium-iron-boron’ magnets and alloys.
• Production will start at a minimum initial capacity of ~100tpa NdFeB rising to ~350tpa.
• HyProMag GmbH is evaluating the potential to scale up the Pforzheim lines to 750tpa over the next three years.
• First commissioning runs of the HPMS reactor have been done with sequential commissioning of other major equipment underway.
• Management are evaluating a potential Feasibility Study for an expansion of from an initial 100-350tpa NdFeB alloys and magnets to 1,000tpa.at the TEP ‘Tyseley Energy Park’, UK.
• Mkango are also collaborating with Siemens on offering further third-party validation of recycled NdFeB magnets in industrial applications with >20 potential customers received magnet samples.

*SP Angel acts as nomad and broker to Mkango Resources

Meridian Mining (MNO CN) C$1.74, Mkt cap C$796m – LSE placing ahead of listing as DFS target reiterated for 4Q26

• Brazilian mine developer Meridian reported results from an LSE placing yesterday as it lists in London.
• The Company raised £22.5m from the issue of 24.5m new shares at 92p/share (C$1.7).
• Meridian reports the placing was ‘significantly oversubscribed.’
• Meridian is advancing the Cabaçal copper-gold VMS project in Brazil.
• The Cabaçal PFS results showed a base case post-tax NPV5 of US$984m and IRR of 61.2% using $2,119/oz Au, $4.16/lb Cu, $26.9/oz Ag.
• Project expected to produce 141koz AuEq over the first 10 years of operations, at an AISC of $742/oz AuEq.
• LOM initial CAPEX of US$248m, which includes expansion to 4.5mtpa throughput in year four.
• The Company is undertaking a feasibility study for Cabaçal and is working on a maiden MRE for Santa Helena.
• The current Cabaçal resource/reserves stand at:
  • M&I: 51.4mt at 0.55g/t Au, 0.4% Cu, 1.5g/t Ag for 904koz Au, 204kt Cu, 2.5moz Ag
  • Reserves: 41.7mt at 0.63g/t Au, 1.64g/t Ag, 0.44% Cu for 850koz Au, 2.2moz Ag, 405k Cu.
• The mine will be an open pit operation, with estimated strip ratio of 2.33 of LOM.
• Company will sell gold and silver in doré bars and a copper-gold concentrate

Conclusion: Meridian is raising additional cash, on top of its previous £55m, to advance development of the Cabacal project with long lead items and advanced infrastructure costs. The Company is aiming to deliver a DFS for the Brazilian VMS project in 4Q26.

Orosur Mining* (OMI LN) 20p, Mkt Cap £78m – Large-scale porphyry system identified at El Cedro, drilling due 1H26

• Orosur provides an update on its El Cedro exploration programme within the wider Anza project in Colombia.
• El Cedro is a large gold porphyry target with several intrusions noted to the south of the Project area.
• Orosur has been conducting a follow-up soil sampling and mapping programme after identifying a second intrusive body south of the mapped northern porphyry system.
• Management reports today that results suggest the southern intrusive system is similar in scale to the northern system, with gold grades noted over a 2km x 3km area.
• Orosur also notes the potential for porphyry-associated epithermal systems, with high-grade samples noted in fault systems.
• Drilling is set to begin following the processing of magnetic survey results, with the programme set to start in 1H26.
• At Pepas, assay results from the newly identified Pepas West gold zone are being processed.
• The Pepas rig has now moved south, where a new target has been identified, with geological features bearing distinct similarities to Pepas.
• Drilling is ongoing at APTA.

Conclusion: We have long considered the wider exploration potential at Anza to be the true value driver for the Orosur story. The Company is aggressively exploring the Colombian exploration package, with drilling underway at both Pepas and APTA. High-grade targets have been identified in the vicinity of the Pepas MRE (219koz at 5.1g/t Au) which will be the subject of follow up drilling. To us, the real scale potential here is at El Cedro, where two large-scale gold porphyry targets have now been mapped. Drilling is set to begin at El Cedro in 1H26 and we look forward to further details of the planned programme.

*SP Angel acts as Nomad and Broker to Orosur Mining

Panther Metals (PALM LN) 91p, Mkt Cap £7.7m – Additional drilling results from the Winston Lake tailings project, Ontario

• Panther Metals, has issued a further batch of assay results from its vibracore drilling at the Winston Lake tailings project in Ontario.
• “Assayed intersections reported … are taken from total tailings thicknesses varying between 3.0m to 16.7m … [with the] … maximum vertical thickness of tailings (below ice and water) intersected across the TSF … [of] …16.8m with an average vertical thickness of 8.7m”.
• The results “continue to show good grade consistency across the vertical depth-profile and laterally between Vibracore hole collar locations … [and CEO, Darren Hazelwood, said they increase] … our confidence in the project's scale and consistency”.

Power Metal Resources* (POW LN) 13.5p, Mkt cap £15m – Completion of East Hawkrock programme, analysis underway

• Power Metals reports the completion of the 2,120m drilling programme at the East Hawkrock uranium project in Canada.
• Nine holes were completed to test several unconformity-related uranium targets.
• The first-pass exploratory holes did not encounter uranium mineralisation but did confirm the presence of hydrothermal elements and structures comparable to major Athabasca Basin uranium systems.
• A comprehensive laboratory analysis is underway to further boost management’s understanding of the project’s geology, with results due late 2Q26/early 3Q26.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Predictive Discovery (PDI AU) A$0.98, Mkt cap A$4.8bn – Kiniero production strong as Bankan prepares for construction

• Predictive reports the first quarter of operations following the merger with Robex Resources.
• The Company reports gold production of 48.2koz Au, up from 11.8koz prior as Kiniero ramps up.
• Gold sales reported at 41.8koz for an average realised price of $4,806/oz.
• Revenue reported at $201m, and AISC reported at $1,192/oz, down from $1,894/oz on higher production volumes from Kiniero.
• Cash reported at $240m (Robex) and $22.2m (PDI) with $130m of debt and $14.6m of bullion.
• Predictive guides for group production of 180-220koz in 2026 (157-174koz from Kiniero and 41-46koz from Nampala).
• FEED contract awarded to Primero for Bankan, with long lead item tendering underway.
• Regarding the Bankan Exploration Permit, Predictive notes it remains in the final stage awaiting issuance.
• Management is refining the DFS process plant design for Bankan and optimising the flowsheet.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £4.4m – £1m fundraising

• Premier African Minerals reports that it has raised ~£1m via a subscription for an additional ~7.353m shares at a price of 0.0136p/share.
• The new funds will “assist with the ongoing commissioning of new Xinhai Flotation Plant, operating expenses at Zulu Lithium, and the management of essential creditors at Zulu”.
• We estimate that the additional shares represent ~22% of the enlarged company.
• So far this year, Premier African Minerals raised £1.25m in two blocks during March and £1m in January as it works to complete the Zulu flotation plant.
• The company has also provided a progress report on its Zulu lithium project in Zimbabwe saying that construction of the new spodumene flotation plant is  progressing well and that “Commissioning activities are now underway across the crushing and milling circuit”.
• Managing Director, Graham Hill, said that “the new Xinhai Flotation Plant, together with targeted upgrades across the existing operations, is expected to position Zulu Lithium to demonstrate the ability to produce a consistent, quality spodumene concentrate”.
• Mr. Hill confirmed that “Commissioning and optimisation activities remain firmly on track for completion during Q2”.

Resolute Mining (RSG LN) 65p, Mkt Cap £1,419m – Syama operating normally as violence increases in Mali

• Following reports of violence in Mali, including the assassination of the country’s defence minister, Resolute Mining reports that its Syama mine in southern Mali “continues to operate without interruption”.
• The company says that “At this stage, there has been no impact to the safety of personnel, supply chains or production … [and confirms that it] … continues to closely monitor the situation and remains in regular contact with local authorities, security advisors and in‑country teams”.
• During the first 3 months of 2026, Syama produced a total of 43,802oz of gold at an AISC of US$2,227/oz and produced contributed 176,341oz of production at US$2,008/oz in 2025.

Conclusion: Resolute Mining’s Syama mine is operating normally as violence spreads in northern and central parts of the country and around the capital, Bamako.

Serabi Gold (SRB LN) 325p, Mkt Cap £239m – Brownfield exploration delivers increased MRE

• Serabi Gold reports an increased mineral resource inventory with a total of 731,000oz classed as ‘Measured & Indicated’ (previously 567,000oz) and an additional 653,000 in the ‘Inferred’ category (previously 435,000oz).
• The Palito mine hosts a ‘Measured & Indicated’ resource of 1.27mt at an average grade of 9.5g/t gold (388,600oz) with an additional 744kt of ‘Inferred’ resources at an average grade of 6.5g/t (156,600oz).
• Sao Chico contributes a ‘Measured & Indicated’ resource of 151kt at an average grade of 7.9g/t gold (38,400oz) with an additional 8kt of ‘Inferred’ resources at an average grade of 6.5g/t (1,700oz).
• At Coringa, [i]Serabi Gold reports a ‘Measured & Indicated’ resource of 1.43mt at an average grade of 9.3g/t gold (427,000oz) with an additional 0.75mt of ‘Inferred’ resources at an average grade of 6.6g/t (158,300oz).
• CEO, Mike Hodgson, explained that the new MRE incorporates “the drill results of our 2025 brownfield exploration programme, which is part of Phase 2 of our growth strategy of significantly increasing our resource after two years of ‘aggressive’ brownfield drilling”.
• He commented that the first year of the exploration had delivered approximately half of the planned resource increase.
• He said that “the majority of our resource growth … [came from] … Coringa … [which] … is not surprising … [as] … Coringa is a new mine, with greater geological continuity which in turn offers much upside potential. We expect more resource growth at Coringa during the 2026 brownfield exploration programme”.

Conclusion: The increased MRE from Serabi Gold reflects increased brownfield exploration around the existing mines at Palito/Sao Chico and at the Coringa development.  Further increases are targeted as the exploration effort continues.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

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