SP Angel . Morning View . Tuesday 31.03.26

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN)  – 2025 results emphasise progress in Türkiye and Zimbabwe

Aterian plc (ATN LN)  – Lithosquare AI selects eight priority targets for further exploration in Morocco and Botswana

Beowulf Mining* (BEM LN)  – Update on financial position

Elmet Group (ELMT US)  – Critical materials group files for Nasdaq IPO in US

Empire Metals* (EEE LN)  – Update on Eclipse Mining Licence sale

Enegex Ltd* (ENX AU) – Strong gold intercepts from AC drilling at Tougbe, Cote d’Ivoire

Galantas Gold* (GAL LN)  – Update on Andacollo acquisition and positive permitting news

Jubilee Metals Group (JLP LN)  – Enhanced Molefe mine plan

Landore Resources (LND LN)  – OJEP program funding award

Metals One (MET1 LN)  – Progress on South African acquisitions

Resolute Mining (RSG LN)  – Co-operation agreement with Guinea state mining company

Rainbow Rare Earths* (RBW LN)  – Interims, funding and royalty fair value adjustment

Strategic Minerals* (SML LN)  – Infill drilling underway at Redmoor

Gold ($4,566/oz) rebound continues as petrodollar uncertainty lifts bullion’s appeal

• Gold prices jumped 2% overnight, hitting $4,620/oz in Asian trading.
• The metal has stabilised at $4,565/oz, having rebounded steadily from the sharp sell-off to $4,100/oz.
• Silver is also edging higher, up 4% this morning.
• Strong trading in Asia may suggest renewed Chinese buying, potential retail or central bank purchases, following a wave of margin calls into the Iran War.
• US Treasury yields are edging lower as the market begins to phase out rate hike expectations on growth slowdown concerns.
• The dollar has held higher, with the index climbing above 100 again.
• We echo concerns over the status of the ‘petrodollar’ system, amid Trump’s recent rhetoric calling for Gulf states to help pay for war-incurred costs.
• The strong relationship between hydrocarbon-rich Gulf states and the US over the past 40 years has been a boon to the US dollar, and supports its status as the global reserve currency, with Saudi, the UAE, Qatar and Bahrain all pegging their currencies to the dollar.
• Furthermore, sovereign wealth funds from the Gulf Cooperation Council are heavily invested in US Treasuries and equities. (Reuters)
• Saudi and the UAE funds are both among the top 20 national holders of US Treasuries.
• Today Trump is reportedly considering ending the war without reopening the Straits of Hormuz, marking a potential end of US security influence in the region.
• We see gold as a key beneficiary of a radical shift in the current ‘petrodollar’ status quo, with America less energy reliant on the Gulf following its transition to a net energy exporter.
• Both China and Russia are currently pushing to de-dollarise their economies, with China boosting commodity purchases in renminbi in recent years.
• Gold was a key beneficiary of the dollar index’s c.10% decline through 2025, and any loss in confidence by Gulf states in the US’ protection of the region could compound the decline in favour of alternate assets.

Aluminium – EGA, Alba 1.6mtpa AL-Taweelah smelter plant severely damaged after Iranian missile strike

• Market may now see significant 1mt deficit
• The US imports >20% of its imported primary aluminium from the UAE and Bahrain.

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

Oil, LNG and helium - what the Middle East conflict means for energy markets - IG TV: https://www.youtube.com/watch?v=FlMVGvbgE9o

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Currencies

US$1.1465/eur vs 1.1496/eur previous. Yen 159.78/$ vs 159.68/$. SAr 17.141/$ vs 17.148/$. $1.319/gbp vs $1.325/gbp. 0.685/aud vs 0.685/aud

CNY 6.908/$ vs 6.912/$. Dollar Index 100.48 vs 100.26 previous

Economics

US - Powell said that the current Fed monetary policy is in a good place with longer term inflation expectations remaining in check.

• The impact of higher energy prices on the economy and expectations remain to be seen.
• Potential monetary policy response may be required but that is not the case yet.
• Markets see little change in rates in 2026, compared to two cuts forecast before the start of the US/Iran war.

US petrol prices crossed the $4 a gallon for the first time in over three years on Monday

• US crude prices trading over $100/bbl are on course for the highest monthly increase in six years.

Iran - Trump told aides he is willing to end the war even if the strait remains largely closed leaving the operation for now (WSJ)

• US equity futures gained and Brent pulled back on the news.
• The war proves to be an unexpectedly protracted costly campaign.
• The administration earlier requested an additional $200bn in funding for the war.

US engaged in ongoing discussions with a ‘new and more reasonable’ regime in Iran

• Trump reports progress has been significant and suggested a deal is likely

IAF strikes IRGC’s primary military academy and also advanced weapons R&D facility

• The airstrike destroyed underground wind tunnels for ballistic missile testing and development
• The chemical weapons R&D facility and technology and engineering centre also used for ballistic missile and weapons development.

Iran hit a Kuwaiti fully loaded crude oil tanker off Dubai this morning following Trump threats to destroy the nation’s energy plants and oil wells if Strait of Hormuz is not reopened

• Dubai authorities said they brought the fire under control following a drone attack on the tanker.
• No oil leaks or injuries to the crew were reported.
• IAF strikes weapons factories in Terhan including:
  • a facility used for assembling long-range surface-to-air missiles,
  • a site manufacturing weapon components required for the development of anti-tank missiles and small anti-aircraft missiles,
  • a facility for the production, research, and development of ballistic missile engines.
• USSF strike military-industrial sites across Tehran.
• Strikes also hit concealed IRGC command centres.

Israel said the war in Iran was “beyond the halfway point… in terms of missions, not necessarily in terms of time”, according to PM Netanyahu

China – Official March PMIs showed the economy returned to growth following two months of contraction, although, only marginal.

• Hard to see the momentum maintained amid an developing energy crisis on the back of a war in the Middle East.
• Manufacturing PMI (Mar/Feb/Est): 50.4 / 49.0 / 50.1
• Services PMI (Mar/Feb/Est): 50.1 / 49.5 / 49.9
• Composite PMI (Mar/Feb/Est): 50.5 / 49.5 / NA

UK – Final GDP numbers released this morning confirmed earlier readings with growth coming at just 0.1%mom/1.0%yoy in 4Q25.

• Private consumption and government spending revised lower with a fall in business investments lower than initially estimated.

Precious metals:

Gold US$4,551/oz vs US$4,522/oz previous

   Gold ETFs 98.0moz vs 98.1moz previous

Platinum US$1,919/oz vs US$1,924/oz previous

Palladium US$1,436/oz vs US$1,425/oz previous

Silver US$71.9/oz vs US$70.3/oz previous

   Silver ETFs 802.8moz vs 803.6moz previous

Rhodium US$10,400/oz vs US$10,800/oz previous

Base metals:   

Copper US$12,217/t vs US$12,220/t previous

Aluminium US$3,476/t vs US$3,409/t previous

Nickel US$17,160/t vs US$17,315/t previous

Zinc US$3,187/t vs US$3,164/t previous

Lead US$1,909/t vs US$1,902/t previous

Tin US$46,400/t vs US$46,400/t previous

Energy:

Oil US$113.5/bbl vs US$116.3/bbl previous

• Crude oil prices remain elevated after an Iranian drone attack sparked a fire on a fully loaded oil tanker anchored at Dubai port that was later extinguished, with no oil leakage or injuries reported.
• The UK’s Offshore Petroleum Regulator for Environment and Decommissioning (OPRED) acting on behalf of the Secretary of State for Energy Security and Net Zero (DESNZ) has requested that Adura provide further information on emissions information for its Rosebank and Jackdaw fields as part of the long-delayed development consent process.

Natural Gas €53.9/MWh vs €55.0/MWh previous

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

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$105.6/t vs US$106.3/t

Chinese steel rebar 25mm US$465.6/t vs US$465.3/t

HCC FOB Australia US$224.0/t vs US$223.5/t

Thermal coal swap Australia FOB US$150.0/t vs US$143.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$103,140/t vs US$103,089/t

Lithium carbonate 99% (China) US$22,293/t vs US$22,426/t

China Spodumene Li2O 6%min CIF US$2,100/t vs US$2,100/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$253/lb vs US$253/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$28.8/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$257/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$1,136/t vs US$1,136/t

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

Brazil Potash CFR Granular Spot US$387.5/t vs US$387.5/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

Company News:

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Ariana Resources (AAU LN) 1.8p, Mkt Cap £50m – 2025 results emphasise progress in Türkiye and Zimbabwe

• Ariana Resources reports a 2025 pre-tax loss of £12.4m (2024 - £2.7m profit) and a closing cash balance of £5.4m following its ASX listing and Xinhai’s investment and participation in the Dokwe project in Zimbabwe.
• Reporting to shareholders, Chairman, Michael de Villiers, highlighted the commissioning of the heap-leach operations at the Tavsan mine in Türkiye during H2 where exploration “continues to test extensions to the known mineralisation, with encouraging results” as well as progress at Dokwe.
• Mr. de Villiers said that the work at Dokwe “continued to deliver positive results during 2025. Drilling and soil sampling programmes identified new gold anomalism and further enhanced the overall understanding of the project's mineralised system”.
• He said that during 2025 Ariana Resources “continued with a range of technical studies aimed at accelerating project development through the feasibility stage and positioning Dokwe as Ariana's next major producing asset”.
• Looking ahead, Ariana Resources confirms its priority to advance Dokwe “toward production … [with] … its favourable project economics, large-scale resource base and potential for expansion through exploration, Dokwe represents a transformational opportunity within the Company's portfolio and provides an exceptional foundation for long-term growth”.
• Ariana Resources also expects “to witness further development of its interest in the Turkish operations and pursue opportunities to unlock additional value within its broader portfolio of investments, including the advancement of its exploration interests across south-eastern Europe”.

Conclusion: In its 2025 results, Ariana Resources emphasises its plans for the Dokwe gold project in Zimbabwe

Aterian plc* (ATN LN) 22p, Mkt Cap £3.7m – Lithosquare AI selects eight priority targets for further exploration in Morocco and Botswana

(Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest. Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana. Aterian holds 100% on all licenses held in Morocco)

• Aterian plc reports the completion of the AI selection phase with Lithosquare SAS delivering eight targets in Morocco and Botswana.
• Next-stage exploration work programmes and budgets are now being prepared.
• Strategic framework and jv agreements are being completed.
• In the meantime, Aterian is scaling up its tantalum and tin trading operation in Rwanda.

Conclusion:  The use of AI systems to collate and help evaluate large quantities of geological data is increasingly popular. We look forward to seeing more details on the results in relation to the exploration work programs.

*SP Angel acts as Broker to Aterian Plc

Beowulf Mining* (BEM LN) 4.5p, Mkt Cap £3.8m – Update on financial position

• Beowulf provides an update on its financial position, noting the need to secure additional financing ‘in the very near term in order to progress its projects.’
• Beowulf’s longer-term strategy includes the sale of Vardar, independent financing of Grafintec and capital raise to fund the Kallak PFS and Environmental Permit application.
• The Vardar sale HoT Agreement has been signed but remains non-binding, with positive dialogue continuing with the prospective buyers.
• Management expects to conclude the transaction in the coming months but cautions that no guarantee can be provided of completion.
• Regarding the €5m Grafintec-level equity raise, management notes a number of interested parties have progressed to the data-room under confidentiality agreements.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst visited Kallak

Elmet Group (ELMT US) – Critical materials group files for Nasdaq IPO in US

• Elmet Group which machines tungsten and molybdenum components alongside high-power microwave systems has filed for IPO.
• Elmet order book and sales are expected to soar based on the need to manufacture more precision components for aerospace,  defence and energy.
• Elmet Technologies reported:
• Sales of $201.6m in 2025 from $190.4m in 2024
• Net income of $5.5 m in 2025 vs $15.4m in 2024
• A significant ⁠portion of Elmet's sales relate to US defense contracts with critical components for aircraft, missile, radar and ​naval programs.

Empire Metals* (EEE LN) 30p, Mkt Cap £211m – Update on Eclipse Mining Licence sale

• Empire Metals provides an update on its Eclipse Mining Licence sale.
• The Company is selling its 75% interest in non-core Eclipse, with the sale now extended to 30th April 2026.
• The extension reflects a delay in assay results following the purchaser’s 10 RC hole programme.
• Empire has received a A$50k deposit and will receive the balance of A$700k on closing, ‘pending successful due diligence.’

*SP Angel acts as Nomad and Broker to Empire Metals

Enegex Ltd* (ENX AU) A$0.25, Mkt Cap A$73m – Strong gold intercepts from AC drilling at Tougbe, Cote d’Ivoire

• Enegex, a Cote d’Ivoire gold explorer, reports maiden AC drilling results from the Tougbe project.
• The 94 hole, 2,972m AC prorgramme was undertaken to follow-up auger results which outlined a 650m x 100m drill target.
• Aircore highlights from the programme included:
  • TOAC017: 12m at 2.06g/t Au from 12m
  • TOAC030: 8m at 3.36g/t Au from surface
  • TOAC045: 10m at 4.98g/t Au from 20m to end-of-hole
  • TOAC064: 16m at 2.84g/t Au from 8m (inc. 4m at 10.3g/t Au)
  • TOAC067: 4m at 6.89g/t Au from 24m
  • TOAC074: 24m at 3.72g/t Au from surface (inc. 4m at 20.4g/t Au)
• Drilling was largely confined to saprolite at a 25m vertical depth, with 50% of holes containing reportable intercepts (4m at >0.2g/t Au).
• As a result, Enegex will begin a deeper RC drilling programme to test mineralised zones in fresh rock.
• RC drilling at Tougbe will begin following the completion of the upcoming RC programme at Gogo in April-May.
• Management suggests the presence of a shallow dipping mineralised structure, potentially reflecting supergene enrichment of gold values or shallow-dipping primary mineralisation.
• Furthermore, higher-grade gold results in weathered bedrock is considered to suggest a primary source, with the potential for multiple stacked lodes at the prospect.
• Shares up 22%.

*SP Angel analyst(s) hold shares in Enegex

Galantas Gold* (GAL LN) 29p, Mkt Cap £165m – Update on Andacollo acquisition and positive permitting news

• Galantas Gold provides an update on the acquisition of Andacollo Oro Gold Project, Chile.
• Management is working to satisfy closing conditions with the TSX-V regulator and obtain minority approval from GAL shareholders.
• Galantas expects the Andacollo transaction to close in 2Q26, enabling a resumption of trading in Canada.
• Galantas provides a chronology of the acquisition, highlighting that both the Andacollo and Indiana transactions occurred from separate and independent circumstances.
• As a result, management states that they do not view the two transactions as ‘components of a larger scheme or series of related transactions.’
• Additionally, Galantas notes it has reallocated C$8.4m to Andacollo from the C$15.5m financing, with C$3.9m being allocated to Indiana for drilling and PEA alongside option payments, with remaining funds directed to working capital.
• The reallocation ‘reflects the Company’s intention to balance continued advancement of the Indiana with the evaluation and staged development of the Andacollo Project.’
• On Andacollo, management provides a positive permitting update for Andacollo, noting formal confirmation that the restart and extension of mine life at Andacollo does not require re-entry into Chile’s EIA system.
• As a result, Andacollo can progress to restarting production without requiring a new permitting process.
• Management is set to complete an updated NI-43-101 Technical Report in April and advance the asset towards FID.

Conclusion: Galantas is working through the regulatory process with the TSX regarding the acquisition of the Andacollo heap leach project in Chile. Management reiterates expectations that the transaction is expected to close in 2Q26. We highlight the positive update regarding permitting at Andacollo, with Chilean authorities confirming no new permitting process will be required for a restart of production. Management has allocated additional capital to the advancement of the project through technical studies as it advances the gold project towards FID. Meanwhile, drilling continues at Indiana where the Company is looking to upgrade and expand the underground MRE to support technical studies. We see Galantas as an undervalued and exciting gold story following the strategy pivot towards production in Chile and look forward to the closing of the transformational transaction.

*SP Angel acts as Broker to Galantas Gold

Jubilee Metals Group (JLP LN) 3.1p, Mkt cap £105m – Enhanced Molefe mine plan

• Following completion of its Phase1 drilling and trenching work at the Molefe copper mine in Zambia, Jubilee Metals has updated its operational plans.
• The updated plans include the amalgamation of pits 2 and 3 to “form an enlarged open-pit mine allowing for an increased mining rate”.
• Preparatory work for the larger pit includes the removal of 400,000t of waste overburden should facilitate a fourfold increase in the quarterly ore production rate to ~60,000t.
• High grade ore from Molefe “will be trucked to Sable refinery for direct leaching with the medium-grade stockpile targeted for on-site processing prior to refining at Sable refinery”.
• Today’s announcement also confirms that a second phase of drilling will start shortly to “target the further definition of the eastern extension beyond the current Pit 1 based on the early results from the Phase 1 drilling programme, which confirmed the existence of a significant extended copper mineralisation”.
• CEO, Leon Coetzer, said that Jubilee Metals’ focus “now extends to unlocking the full potential of the Molefe Project … [which he described as] … a key step in expanding the scale of operations and extending the life of the project”.

Conclusion: Plans to increase ore production at Molefe as a larger pit is planned through the amalgamation of smaller units and mineralisation is shown to extend eastward.

Landore Resources (LND LN) 2.18p, Mkt Cap £8m – OJEP program funding award

• Landore reports it has been awarded the maximum allowed non-dilutive funding of C$215,000 from OJEP ‘Ontario Junior Exploration Programme’.
• The initiative is designed to support early-stage mineral exploration and development in Ontario and helps junior mining companies defray a portion of eligible exploration and development costs, accelerating project timelines and creating employment.
• Management have also sold Landore’s stake in Storm Exploration.
• Landore recently released Resources a CIM compliant mineral resource estimate on its BAM gold project and the B4-7 and VW nickel/copper/cobalt project at its Junior Lake project in northwest Ontario.
• The estimate shows an ‘Indicated’ resource of 19.1mt at 1.01g/t gold (0.6m oz) and an ‘Inferred’ est. of 1.1mt at 0.96g/t gold for ~34,000oz.

Metals One (MET1 LN) 1.6p, Mkt Cap £20m – Progress on South African acquisitions

• Metals One confirms the completion of its previously announced plan to acquire a 30% interest in Lions Bay Resources including the assets of Vantage Goldfields in the Barberton region of South Africa and the cogeneration plant located in theKarbochem Industrial Park, in Newcastle, South Africa.
• Managing Director, Daniel Maling, said that Metals One’s “next step is to cement LBR's plan to acquire the Vantage Goldfields assets in the Barberton region with a historical resource inventory of 4.5 million ounces of gold, a central metallurgical complex and extensive underground development”.
• He explained that “We look forward to progressing the strategy alongside LBR and eagerly await the outcome of the BRP creditors meeting next week. A positive outcome at the meeting will unlock the next round of discussions for the balance of cash required to complete the Vantage assets acquisition and mine startup capital”.

Resolute Mining (RSG LN) 66.6p, Mkt Cap £1,424m – Co-operation agreement with Guinea state mining company

• Resolute Mining reports that it has agreed a non-binding strategic partnership agreement with the Guinean state company, Nimba Mining, “regarding the potential co-development of gold projects in Guinea”.
• Nimba Mining’s participation, described as its “first collaboration with an international listed company operating in the gold sector … [is part of its] … diversification strategy supported by the Guinean Government for the development of projects other than in the bauxite sector”.
• Resolute Mining current mineral resource statement reports a 0.3moz gold resources attributed to the Mansala project in Guinea.
• CEO, Chris Eger, said that “This partnership reflects our commitment to invest in Guinea - a jurisdiction that we believe has the potential for Resolute to develop a fourth mine”.
• Nimba Mining’s Chief Executive, Patrice L’Huillier, said that “co-developing mining projects with Resolute will strengthen the share of local content in Guinea's mining ecosystem”.

Conclusion: Resolute Mining is diversifying its west African exposure via an agreement with a state mining company in Guinea.

Rainbow Rare Earths* (RBW LN) 24p, mkt Cap £155m – Interims, funding and royalty fair value adjustment

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

• Rainbow Rare Earths reports solid progress towards the recovery and production of rare earths from phosphogypsum residue at its Phalaborwa project in South Africa and Uberaba joint venture in Brazil.
• Recent trials at Rainbow’s test facilities at Micon in Johannesburg demonstrate the successful selection and recovery of rare earths using Rainbow’s in-house process flow sheet.
• The large-scale pilot plant is currently producing a high-grade MREP concentrate ‘mixed rare earth product’.
• The team are now looking to refine the MREP concentrate into NdPr oxide and a SEG+ ‘samarium, europium and gadolinium plus’
• product which contains Dy an Tb at >99.5% purity.
• DFS on Phalaborwa is due later this year.
• Economic Assessment confirms the Uberaba project as a second opportunity for Rainbow.
• Funding:
• Rainbow reports the raising of US$14.6m at 20p/s in equity from investors at end March to complete the Phalaborwa DFS, Uberaba PFS and for general working purposes beyond the end of Q2 2027.
• The US DFC has put a US$50m funding option in place via TechMet
• Interim results:
  • Research costs $0.2m vs $0m yoy
  • Admin expenses $1.7m vs 1.7m yoy
  • Loss before tax $5.9m vs 2.1m yoy
  • Loss / change in fair value of royalty financing liability $3.9m at end December
  • Cash and cash eq $1.4m at end December vs 6.1m yoy
• Ecora royalty financing fair value adjustment: US$8.5m (1 July 2024)
  • The Ecora royalty rises to 0.95% from 0.85% if commercial production is reached after 30 September 2027 and 1.1% if commercial production is reached after 30 June 2028.
  • “The fair value of the royalty liability has been updated using updated rare earth price forecasts published in October 2025, a 18.69% discount rate and reflecting updated guidance on the expected commencement of commercial production at Phalaborwa resulting in an expected royalty rate of 1.1%. The increase in fair value of the liability results primarily from higher rare earth price forecasts and is also impacted by a lower discount rate calculated, a later start to the expected timing of production, and the resulting higher overall royalty rate expected.”

*The SP Angel analyst recently visited the Rainbow pilot process plant in Johannesburg and will report on its operation.

Strategic Minerals* (SML LN) 3.8p, Mkt Cap £116m – Infill drilling underway at Redmoor

• Strategic Minerals, which released its updated ‘Inferred’ mineral resources estimate (MRE) for its Redmoor tungsten/tin/copper project in Cornwall last week, has commenced its next phase of infill drilling at the project.
• The first hole of the 2026 drilling programme started on Saturday with hole CRD-042, which is “the first of eight planned holes to be drilled from Pad 4, totalling 3,850 m - scheduled to take 6 months on this drill pad to complete” as the company works to “support the conversion of Inferred Mineral Resources to Indicated Mineral Resources, and to underpin a maiden Ore Reserve for the Redmoor deposit”.
• The announcement last week updated the Redmoor MRE to 17.4mt at an average grade of 0.49% WO3, 0.17% tin, 0.44% copper and 5.8g/t silver representing a 49% increase in resource tonnage and a 31% rise in the WO3 content of the previous, 2019 estimate.
• The company, which raised £4m in January and a further £4.7m in March has previously announced “a 16,000 metre infill drilling programme … [which] … is expected to substantially complete all the required drilling for a prefeasibility study”.
• Director, Mark Burnett, welcomed the next phase of drilling and said that “early indications from the first drillhole … [are] … already highlighting Redmoor's abundant mineralisation”.
• He noted that the new drilling “marks a major increase in the scale of project activities at Redmoor, with roughly as many metres planned to be completed in this phase than have previously been drilled by CRL in total to date”.
• Mr. Burnett also thanked “Blair McDougall, MP and Minister for Small Business and Economic Transformation, for his visit to Redmoor last week, and Anna Gelderd, MP for South East Cornwall, for her strong and continued support of the Redmoor Project”.

Conclusion: The start of the next phase of drilling at Redmoor is a key component of the pre-feasibility study and aims to upgrade ‘Inferred’ resources from last week’s updated MRE to the ‘Indicated’ level as a basis for future technical and economic evaluation.

*SP Angel acts as Nomad and broker to Strategic Minerals

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.

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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.