SP Angel Morning View -Today’s Market View, Monday 24th March 2025

Copper breaks through key level as Asian supply tightens on tariff disruption

MiFID II exempt information – see disclaimer below

Anglo Asian Mining* (AAZ LN) – BUY – 296p – Maiden ore mined at Gilar

Aura Energy* (AURA LN) – Positive hydrological studies and update on Tiris financing

Caledonia Mining (CMCL LN) – Quarterly dividend maintained

Cornish Metals* (CUSN LN) – Completion of 2^nd tranche of South Crofty fundraising and appointment of director

Guardian Metal Resources (GMET LN) – US Presidential Executive Order emphasises support for domestic mining industry

Kore Potash* (KP2 LN) – BUY – 4.4p – >$10m equity raise to progress Kola Potash Project

Landore Resources (LND LN) – Receipt of C$275k in Storm shares

Oriole Resources* (ORR LN) – Assay result study

SolGold* (SOLG LN) – Completion of Jiangxi Copper’s additional investment

Sovereign Metals* (SVML LN) – Halt to ASX trading pending a proposed fundraising

Strategic Minerals* (SML LN) – Retirement of Director

Thor Explorations (THX LN) – Douta drilling results and DFS update

Copper ($10,030/t) breaks through key level as Asian supply tightens on tariff disruption

• Copper prices have broken through $10,000/t, on continued signs of improving demand in China.
• The Yangshan premium has doubled this week, with import premiums rising to 11 month highs, suggesting improving copper demand.
• Tariff concerns are bringing futures higher in the US, bringing up LME prices which are more reflective of global demand.
• Traders are rushing to bring copper onto the US exchanges to profit from the current dislocation.
• Cathode premiums in China have spiked, further evidence of tightening supplies in China.
• Stockpiles continue to be drawn down to supply into the US warehouses.
• However, copper majors are yet to catch a bid on the recent rally, with Freeport and Teck up 6% and 1% ytd vs COMEX prices up 30%.

Gold ($3,025/oz) holds higher ground as M&A ramps up for miners

• Gold prices are sitting over $3,000/oz in the spot market, having touched $3,057/oz last week.
• The metal is being supported by a weaker dollar, sustained China buying and ongoing geopolitical rifts amid Trump’s trade wars, the Ukraine war and sustained tensions in the Middle East.
• S&P reported gold M&A doubled those in base metals in 2024, with a total value of $19.3bn vs $7.23bn for base metals.
• Major deals include Northern Star’s acquisition of De Grey and AngloGold Ashanti’s acquisition of Centamin.
• M&A is picking up this year again, with Newmont taking $4.3bn in gross proceeds from their Non-Core Divestiture programme.
• In Australia, Ramelius moved for Spartan in a A$2.4bn takeover last week, whilst Gold Fields bid US$2.1bn for Gold Road this morning.
• In Canada, Equinox Gold and Calibre are merging, and Osisko bought Gold Fields’ stake in the Windfall mine last year.
• West Africa may be due some M&A action, with Perseus sitting on a a US$704m cash pile, alongside US$300m in undrawn debt capacity.

Economics

US – Equity futures are gaining on expectations the next round off President Donald Trump’s tariffs will be more measured than previously expected. (Bloomberg)

• Officials familiar with the matter are suggesting that new round of trade restrictions may be more targeted than people think.

US/Ukraine/Russia – Delegations from three countries are holding talk in Riyadh as Trump administration aims to negotiate a ceasefire.

Eurozone – Business activity picked up reaching the highest level in seven month in March on the back of a recovery in manufacturing, particularly in Germany. (Bloomberg)

• The sentiment is seen to benefit from the massive infrastructure and defence bill voted through in Germany./
• On a less positive side, services sector growth slowed more than expected.
• Although, services input costs and selling prices advances at a slower pace than in recent months, welcome news for the ECB in the middle of its easing cycle.
• Preliminary Manufacturing PMI (Mar/Feb/Est): 48.7/47.6/48.2
• Preliminary Services PMI (Mar/Feb/Est): 50.4/50.6/51.1
• Preliminary Composite PMI (Mar/Feb/Est): 50.4/50.2/50.7

Germany

• Preliminary Manufacturing PMI (Mar/Feb/Est): 48.3/46.5/47.0
• Preliminary Services PMI (Mar/Feb/Est): 50.2/51.1/52.0
• Preliminary Composite PMI (Mar/Feb/Est): 50.9/50.4/51.1

France

• Preliminary Manufacturing PMI (Mar/Feb/Est): 48.9/45.8/46.1
• Preliminary Services PMI (Mar/Feb/Est): 46.6/45.3/46.0
• Preliminary Composite PMI (Mar/Feb/Est): 47.0/45.1/46.1

UK – Growth surprised on the upside hitting a six month high led by a rebound in the service economy.

• “An upturn in business activity in March brings some good news for the government ahead of the Chancellor’s Spring Statement, offering a respite from the recent flow of predominantly downbeat economic data,” PMI report reads.
• Although a recovery is reported to be driven by only small pockets of growth, notably financial services, with other services sectors and manufacturing continuing to struggle.
• The latest PMI reading is consistent with quarterly GDP growth of just 0.1% while potential disruptions from higher NI contributions and new US tariffs both expected to come into effect in April to continue to weigh on sentiment.
• Preliminary Manufacturing PMI (Mar/Feb/Est): 44.6/46.9/47.2
• Preliminary Services PMI (Mar/Feb/Est): 53.2/51.0/51.0
• Preliminary Composite PMI (Mar/Feb/Est): 52.0/50.5/50.5

Canada – Snap general elections are scheduled for 28 April.

Turkey – Protests continue with demonstrations gaining pace in what is reported to be one of the worst crises the country has seen in more than a decade.

• Ekrem Imamoglu was formally arrested and charged with corruption yesterday after a detention earlier in the week.
• Interior Ministry said that Imamoglu was now suspended from his post as a mayor of Istanbul.
• Under current legislation, if convicted of any charges against him, Imamoglu will not be able to participate in the next presidential elections.
• President Erdogan cannot run for office in 2028 unless he changes the constitution.
• In an effort to arrest a sell off in Turkish equities, a local regulator banned short selling, allowed Companies to buyback their stock above the previous market close and reduced allowed margin limits to 20% from 35%.
• The central bank is reported to have spent record $12bn propping up lira that briefly shot over the 41.0 mark on the news of Imamoglu detention and has since been hovering around 38.0 level.

Currencies

US$1.0842/eur vs 1.0828/eur previous. Yen 149.67/$ vs 149.34/$. SAr 18.182/$ vs 18.235/$. $1.295/gbp vs $1.293/gbp. 0.630/aud vs 0.629/aud. CNY 7.253/$ vs 7.250/$.

Dollar Index 103.900 vs 104.034 previous.

Precious metals:

Gold US$3,026/oz vs US$3,029/oz previous

Gold ETFs 87.1moz vs 87.0moz previous

Platinum US$986/oz vs US$980/oz previous

Palladium US$971/oz vs US$951/oz previous

Silver US$33.3/oz vs US$33.0/oz previous

Rhodium US$5,650/oz vs US$5,875/oz previous

Base metals:   

Copper US$10,012/t vs US$9,844/t previous

Aluminium US$2,636/t vs US$2,639/t previous

Nickel US$16,205/t vs US$16,155/t previous

Zinc US$2,965/t vs US$2,909/t previous

Lead US$2,057/t vs US$2,038/t previous

Tin US$34,655/t vs US$34,805/t previous

Energy:           

Oil US$72.2/bbl vs US$72.2/bbl previous

• The US Baker Hughes rig count was up 1 to 593 units last week (-31 or 5% y/y), with oil rigs down 1 to 486 units (-23 y/y) and gas rigs up 2 to 102 units (-10 y/y), as Canada lost 19 on break-up to 180 units (+11 y/y).

Natural Gas €42.0/MWh vs €44.7/MWh previous

Uranium Futures $64.6/lb vs $65.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$102.3/t vs US$99.7/t

Chinese steel rebar 25mm US$478.9/t vs US$480.4/t

HCC FOB Australia US$174.0/t vs US$174.0/t

Thermal coal swap Australia FOB US$100.8/t vs US$100.8/t

Other:  

Cobalt LME 3m US$33,610/t vs US$33,610/t

NdPr Rare Earth Oxide (China) US$61,285/t vs US$61,315/t

Lithium carbonate 99% (China) US$9,858/t vs US$9,863/t

China Spodumene Li2O 6%min CIF US$805/t vs US$805/t

Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t

China Tungsten APT 88.5% FOB US$358/mtu vs US$358/mtu

China Graphite Flake -194 FOB US$435/t vs US$435/t

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$4.9/lb

Europe Ferro-Vanadium 80% US$24.3/kg vs US$24.1/kg

China Ilmenite Concentrate TiO2 US$300/t vs US$300/t

Global Rutile Spot Concentrate 95% TiO2 US$1,506/t vs US$1,543/t

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

Brazil Potash CFR Granular Spot US$335.0/t vs US$335.0/t

Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Battery News

Stellantis and Chinese partner Leapmotor to pick Spain for new production

• According to the Chinese embassy in Spain, Stellantis and Leapmotor will invest $200m in a factory in Spain to build the B10 electric crossover vehicle.
• The companies have been looking for a site in Europe to produce the model and had previously considered Stellantis’ existing factories in Germany and Slovakia.
• The firms are now ramping up efforts to increase component procurement from suppliers in Spain to qualify for the highest level of subsidies from the government.
• Leapmotor and Stellantis, which are yet to officially make a final decision, plan to start mass production of the vehicle in the Q1 ‘26.

Audi to focus on plug-in hybrids as EV uptake still subdued

• Audi are set to unveil 10 new plug-in hybrid EVs (PHEV) in 2025 to satisfy growing global demand for petrol/electric drivetrains, and as a hedge against uncertain future take-up of pure electric cars.
• The German automaker is extending sales of combustion-engine cars beyond an original planned cutoff date of 2032 and will place more emphasis on plug-in gasoline-hybrid electric vehicles to help the brand lower CO2 emissions to meet regulatory targets

Company News

Anglo Asian Mining* (AAZ LN) 125p, Mkt Cap £143 – Maiden ore mined at Gilar

BUY – 296p

• The Company reports that first ore was mined at the greenfield Gilar Au/Cu Underground Mine, Azerbaijan.
• Earlier this month, mining operations delivered 1.3kt at 0.65% Cu and 1.36g/t Au.
• Mined ore will be stockpiled at site awaiting processing.
• The plan is to ramp up mining operations to 50-60ktpm ore over the next few months.
• Development works established access to the higher grade part of the deposit, Zone 4, that hosts 2.6mt at 1.5% Cu and 1.78g/t Au.
• Development works to establish access to multiple levels off the main ramp to improve flexibility of operations are ongoing.
• The deposit is located only 7km away from the Gedabek processing complex and is estimated to host 6.1mt at 0.9% Cu and 1.30g/t Au in total resource.

Conclusion: Delivery of first ore from higher grade Gilar deposit marks another major milestone as the team commissions another greenfield project in vicinity of its Gedabek processing facilities. The update is a welcome news as Gilar is expected to be a major contributor to guided FY25 production target of 28.0-33.0koz Au and 6.5-6.8kt Cu.

*SP Angel acts as Nomad and Broker for Anglo Asian Mining

Aura Energy* (AURA LN) 6.4p, Mkt Cap £64m – Positive hydrological studies and update on Tiris financing

(Aura Energy hold 100% of Tiris Uranium and 100% of the Häggån Project in Sweden, Häggån hosts 2.5bnt of vanadium, SOP ‘sulphate of potash’ and uranium resource)

• Mauritanian uranium developer Aura provides an update on their Tiris Project.
• The Company has completed hydrological studies, which confirm the availability of sufficient water resources for the operation, confirmed at 57% in excess of water requirements.
• Additionally, Aura have appointed Mohammed Sid’Ahmed as General Manager of Operations, previous GMO of the Goulamina Lithium Mine in Mali and an executive at the Tasisast mine in Mauritania and Sabodala in Senegal.
• Aura continues to progress project financing, with a western sovereign development bank engaged to fund 50-60% of total funding requirements. Site visit due April 2025 and credit approval aimed for mid-year 2025.
• Company is also progressing equity financing discussions.
• Aura is aiming to bring the Tiris project into production in 2027.

Conclusion: A positive update for Aura who continue to derisk the Tiris project in Mauritania with key engineering studies. Sufficient water resources should support the financing process, which is picking up steam with ongoing discussions on both debt and equity funding. Production aimed for 2027.

*SP Angel acts as Nomad to Aura Energy

Caledonia Mining (CMCL LN) 875p, Mkt Cap £170m – Quarterly dividend maintained

• Caledonia Mining has declared a quarterly dividend of 14US¢/share. Payment is due on 18^th April.
• The latest quarterly dividend maintains the level at 14US¢/share first announced in October 2021.
• Caledonia Mining is a consistent dividend payer making it one of a comparatively select group AIM listed mining companies and we are encouraged to see this now firmly-established trend continue.

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

Cornish Metals* (CUSN LN) 8.35p, Mkt Cap £56m – Completion of 2^nd tranche of South Crofty fundraising and appointment of director

• Cornish Metals announces that it has closed the 2^nd tranche of its fund raising to progress development plans for the resumption of the historic South Crofty tin mine in Cornwall.
• The second tranche raises ~£46.7m via the issue of ~583m shares and will help to “ensure that the Company can continue with its path to development through completing the shaft refurbishment and de-watering process, the start of early project works, ordering long lead items and completion of the project finance process and up to the point of the formal final investment decision”.
• The company confirms that following Admission of the shares “Vision Blue Resources Limited … [will hold] … 29.14% of the Total Voting Rights and the National Wealth Fund Limited … [will hold] … 28.50% of the Total Voting Rights”.
• Today’s announcement also confirms the appointment of the “National Wealth Fund’s (“NWF”) nominated representative” Mr. James Whiteside, as a Director.  He is “a Director in Banking and Investments at NWF where he is responsible for critical minerals”.
• Mr. Whiteside’s former career includes ten years “at Lloyds Banking Group before joining NWF in August 2022”.
• Cornish Metals is working on a DFS for South Crofty however, based on an assumed long-term tin price of US$31,000/t its May 2024 PFS showed capex of US$177m generating an after-tax NPV8% of US$201m and IRR of 29.8%.
• The PEA envisages from the production of up to 5,000 tonnes per year and total production of 49,310t of tin, in concentrate, from the processing of almost 3mt of pre-concentrated ore averaging 1.83% tin over a 14-years mine life.
• the introduction of pre-concentration of the ore using X-ray and dense media (DMS) sorting sees processing rates of 250ktpa through upgrading of mined ore production of 500ktpa.
• The major components of the pre-production capital costs, which includes a US$25.7m contingency, are US$40.5m on capitalised mining costs and US$59.7m for the process plant with pre-production payback within 3 years.
• An additional US$54m of post-production capital is required to sustain production and deliver life-of-mine cash costs of US$12,705/t and all-in-sustaining costs of US$16,661/t of tin production, net, we assume, of the by-product copper and zinc production of 3,444t and 3,255t respectively.
• Operating costs of ~US$103/t include mining costs of ~US$65/t and processing costs of ~US$25/t.
• Subsequent exploration drilling work south of the mine has identified relatively extensive mineral potential in the ‘Great Flat Lode’ and ‘Wide Formation’ and we have previously commented that this may ultimately expand the mineral resource and extend the mine life and is a testament to the further exploration potential of an area which has already been mined for at least 400 years.

In August last year the company announced that initial results of the drilling in the Carn Brea area had shown that “the Wide Formation structure … [extends] … over a 1.6km strike length, a downdip extent of at least 525 meters and thicknesses ranging from 1.8 meters – 4.8 meters. The structure remains open” and includes an intersection of “1.21 meters grading 0.87% Sn in CB23_004”.

The drilling also “identified a new mineralized structure lying directly beneath the Great Flat Lode (named the “Great Flat Lode Splay”), and several high-grade, steeply dipping tin zones between the Great Flat Lode and the Wide Formation. Notable tin intercepts from the newly identified Great Flat Lode Splay include 3.38 meters grading 1.01% Sn in CB23_002”.

Conclusion: Completion of the previously announced, funding including the participation of the UK’s National Wealth Fund and the continuing support of Vision Blue Resources, maintains progress toward the resumption of tin production from South Crofty where a final investment decision is expected in Q1-2026.

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Guardian Metal Resources (GMET LN) 43.5p, Mkt Cap £52m – US Presidential Executive Order emphasises support for domestic mining industry

Power Metals Resources* (POW LN) 13p, Mkt cap £15m – (Power Metals* holds a 19.5% stake in Guardian Metal Resources)

• Guardian Metal Resources draws attention to the US Presidential Executive Order ‘Immediate Measures to increase American Mineral Production’ issued on 20^th March.
• The company highlights supportive measures including:

• • “Fast-tracked permitting & streamlined approvals”;
  • “Priority status for critical minerals, including tungsten” which are directly impacts its projects at Pilot Mountain and Tempiute in Nevada; and
  • “Reduction in dependence on foreign imports … [which] … aligns with Guardian Metal’s mission to develop a secure, domestic supply of tungsten”

• The Executive Order also “allows for additional federal support, including potential financing through agencies like the U.S. International Development Finance Corporation … [which] … could unlock new funding opportunities for our Nevada based tungsten properties”.
• Guardian Metal Resources also draws attention to the “need for secure, U.S.-based supply chains … [to support] … American economic and defense priorities”.
• CEO, Oliver Friesen, confirmed the company’s support for “policies that enhance supply chain security while fostering investment in domestic resources”.
• Confirming that Guardian Metal Resources “continues to advance technical studies and community engagement initiatives … [and that it ] … will actively engage with all relevant government agencies to align with the directives outlined in the Executive Order”.

Conclusion: Guardian Metal Resources’ Nevada tungsten projects may be beneficiaries of US Government support for domestic mining to secure mineral supply chains.

*SP Angel acts as Nomad and Broker for Power Metals

Kore Potash* (KP2 LN) 2.0p, Mkt Cap £86m – >$10m equity raise to progress Kola Potash Project

BUY – 4.4p

• The Company is raising US$10.1m at 1.7p in new equity to progress development of the Kola Potash Project in the Republic of Congo.
• Additionally, David Hathorn, Chairman and a top four shareholder in the Company (373m share or ~8.5%), is planning to put in $0.5m on top of proposed $10.1m once a close period ends on or about 31 March as well as after securing shareholder approval at a general meeting to be held in due course.
• Proceeds to be directed towards:
• $5.0m for Early Works programme agreed under the EPC signed with PowerChina
• $0.8m for outstanding balances under 2022 and 2023 optimisation works completed by PowerChina;
• $0.85m ESIA update;
• $3.45m working capital and other costs.
• The placing price represents a 26% discount to the Thursday closing price 2.3p.
• Funds are expected to be sufficient to cover working capital needs for at least the next seven months.
• Harlequin Investments, the second largest shareholder (557m shares or 12.7%), will be subscribing for 13.6m shares.
• Oman Investment Authority (OIA) and SQM, top and third largest investors, have been notified of the fundraise with both parties having up to 20 days to inform the Company is they intend to participate; should OIA and SQM decide to take part those funds would come in addition to $10.1m.

Conclusion: New funds help the Company to start Early Works programme that need to be completed ahead of the Full Notice to Proceed with PowerChina under the EPC contact signed November last year. Project funding wise, Summit Consortium finance team is expected to provide a non binding financing proposal by 31 March under the existing MOU with the Consortium. Financial close is expected in 2H25 paving the way for the start of construction works under the EPC in early 2026.

*SP Angel acts as Nomad and Broker to Kore Potash

Landore Resources (LND LN) 3.0p, Mkt Cap £10m – Receipt of C$275k in Storm shares

• The Company received March 2025 option payment from Storm Exploration for the disposal of the 100% interest in the Miminiska Lake and Keezhik Lake Properties in Thunder Bay Mining District, Northern Ontario, Canada.
• The Company was issued 8.3m shares in Storm valued at C$275k.
• The Company now owns a ~17% interest in Storm.
• The payment follows the tranche completed in November 2024 and one more outstanding due in March 2026 for a total of C$2.1m.
• Storm is planning to launch an exploration programme focusing on the drill ready Miminiska target.
• The Company remains focused on its flagship 100% owned BAM Gold Project located in Northwest Ontario, Canada.

Oriole Resources* (ORR LN) 0.19p, Mkt cap £7m – Assay result study

(BCM International is earning a 50% interest in Mbe and Bibemi by spending US$4m on exploration respectively)

• Oriole Resources has completed a study on the optimal assay methods for its ongoing drilling programme at Mbe, now 38% complete.
• Oriole has been exploring both assay and photon methods.
• As a result of the study, Oriole will use fire assays in a lab in Côte d’Ivoire.
• The results were statistically comparable, and fire assaying is expected to be cheaper by c.$10/sample.
• Assay results are also expected to be faster from Côte d’Ivoire.
• Oriole has now delivered over 60 gold mineralised intervals, with highlights including 17m at 1.35g/t Au in MBDD002 and 4.24m at 8.12g/t Au in hole MBDD003.
• Company is currently preparing holes MBDD005-007, with the three drill hole results due 2Q25.

*SP Angel acts as Broker to Oriole Resources

SolGold* (SOLG LN) 7.76p, Mkt Cap £232m – Completion of Jiangxi Copper’s additional investment

CLICK FOR PDF

• Solgold confirms that the conditions related to Jiangxi Copper’s US$18m purchase of ~157m shares at a price of US$0.115/share, announced earlier this month, have now been satisfied and the settlement of the transaction is expected on 26^th March.
• The acquisition of the additional shares, by Jiangxi Copper (JCC) “were acquired by the Company pursuant to the acquisition of Cornerstone Capital Resources Inc. … [in February 2023 and hence] … no new shares of SolGold have been issued in connection with the Investment and the Company’s total issued share capital remains unchanged”.
• Jiangxi’s purchase, which is at a “premium of approximately 45% to the closing middle-market share price on 11 March 2025”, increases Jiangxi’s holding to almost 12.2%.
• CEO, Dan Vujcic, welcomed the speedy conclusion of the transaction saying that it “strengthens our balance sheet and allows us to assess interesting opportunities to bring forward production at Cascabel and formulate a plan for our vast and valuable exploration portfolio”.
• He also explained that “Technical input from JCC, at their cost, will also contribute significantly in terms of savings and timing of assessments of Cascabel”.
• Solgold is currently working on a Definitive Feasibility study on the development of its Cascabel project in Ecuador building on its existing prefeasibility study, released in March last year, which describes an underground block-caving operation with an initial 28-year mine life generating an after-tax NPV8% of US$3.2bn and IRR of 24% from an initial pre-production investment of US$1.55bn.

Conclusion: An increased shareholding by Jiangxi Copper bringing in an additional US$18m has been concluded rapidly and provided both additional financial resources and access to Jiangxi’s technical expertise as Solgold proceeds with the Cascabel DFS.

*SP Angel acts as broker to Solgold

Sovereign Metals* (SVML LN) 43p, Mkt Cap £288m – Halt to ASX trading pending a proposed fundraising

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 19.9% of Sovereign Metals)

STRONG BUY – Valuation 55p

• Sovereign Metals reports the voluntary halt to trading of its shares on the ASX “pending an announcement regarding a proposed capital raising”.
• The shares continue to trade on London’s AIM Market and Sovereign Metals says that the ASX “trading halt … [will] … remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on Wednesday, 26 March 2025”.
• In a separate announcement, the company comments on “media speculation including an article in the Australian Financial Review … [and] … confirms that it has engaged Petra Capital as Lead Manager and Sole Bookrunner to raise A$40m via a placement at A$0.85 per share”.
• The “Funds raised will be applied to the Kasiya Rutile Graphite Project’s development costs including permitting, studies and other costs and working capital and offer costs”.

*SP Angel act as Nomad and broker to Sovereign Metals. An SP Angel analyst has visited the Kasiya mine site. We highly recommend the Malawi coffee beans sold in Lilongwe airport.

Strategic Minerals* (SML LN) 0.33p, Mkt Cap £6.6m – Retirement of Director

• Strategic Minerals reports the retirement of Executive Director, Peter Wale, effective today.
• Chairman, Charles Manners, thanked Mr. Wale, who will now “focus on his other business interests …for his long standing service”.
• Mr. Wale’s retirement follows the departure of his colleague, John Peters, in November and the retirement of former Chairman, Alan Broome, in July 2024.

*SP Angel acts as Nomad and Broker to Strategic Minerals

Thor Explorations (THX LN) 24p, Mkt Cap £165m – Douta drilling results and DFS update

• Nigerian gold producer Thor provides an update from their Douta project in Senegal.
• The project currently holds a 1.8moz Au resource of 875koz at 1.3g/t Au Indicated and 909koz Au inferred.
• Thor has been conducting a regional exploration drilling programme at Baraka 3, on Douta-West, which hosts a 1km drill target.
• Assay results from two holes today across the target include:

• • DTWRC129: 19m at 2.46g/t Au from 29m
  • DTWRC134: 26m at 1.3g/t Au from 21m
• Management notes gold mineralisation over a true width of 12-17m within a northerly-trending structure.
• Company suggests the potential for a satellite deposit to the main Makosa resource area.
• Company has also been drilling along strike from Makosa North to Makosa Tail to test for depth extensions.
• Thor is now targeting to upgrade the Makosa North and Makosa East resource with additional RC infill drilling.
• Regarding the Douta PFS, the additional drilling is expected to be incorporated into the mine plan, pushing back the Douta PFS timeline.

LSE Group Starmine awards for 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 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

SP Angel                                                            

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