SP Angel Morning View -Today’s Market View, Monday 3rd February 2025

SP Angel Mining Team in Cape Town for the 121 Mining Investment Conference and Indaba

MiFID II exempt information – see disclaimer below

SP Angel Mining Team in Cape Town for the 121 Mining Investment Conference and Indaba

• Simon, Sergey, Arthur and I will be boldly seeking out new opportunities and presenting commodity and company ideas to a full schedule of investors.
• Ewan, Charlie, Grant and Richard are also available at the 121 and after.
• We will be travelling to look at opportunities in Zambia and Zimbabwe

Oriole Resources* (ORR LN)– Potential gold discovery at Mbe. Cameroon

Gold market comment (17/01/2025):     Podcast:  

Video:  

Currencies

US$1.0224/eur vs 1.0386/eur previous. Yen 155.62/$ vs 154.63/$. SAr 18.951/$ vs 18.645/$. $1.229/gbp vs $1.242/gbp. 0.614/aud vs 0.622/aud. CNY 7.245/$ vs 7.245/$.

Dollar Index 109.753 vs 108.200 previous.

Precious metals:         

Gold US$2,799/oz vs US$2,794/oz previous

Gold ETFs 83.4moz vs 83.5moz previous

Platinum US$969/oz vs US$971/oz previous

Palladium US$1,007/oz vs US$984/oz previous

Silver US$31.1/oz vs US$31.6/oz previous

Rhodium US$4,650/oz vs US$4,650/oz previous

Base metals:   

Copper US$8,970/t vs US$9,071/t previous

Aluminium US$2,583/t vs US$2,605/t previous

Nickel US$15,130/t vs US$15,370/t previous

Zinc US$2,735/t vs US$2,779/t previous

Lead US$1,946/t vs US$1,957/t previous

Tin US$29,865/t vs US$30,110/t previous

Energy:           

Oil US$76.8/bbl vs US$77.0/bbl previous

Natural Gas €53.0/MWh vs €52.5/MWh previous

Uranium Futures $71.2/lb vs $70.9/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.0/t vs US$106.5/t

Chinese steel rebar 25mm US$487.6/t vs US$487.6/t

HCC FOB Australia US$189.0/t vs US$187.0/t

Thermal coal swap Australia FOB US$117.0/t vs US$116.0/t

Other:  

Cobalt LME 3m US$21,550/t vs US$21,550/t

NdPr Rare Earth Oxide (China) US$57,284/t vs US$57,284/t

Lithium carbonate 99% (China) US$10,145/t vs US$10,145/t

China Spodumene Li2O 6%min CIF US$815/t vs US$815/t

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

China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu

China Graphite Flake -194 FOB US$430/t vs US$430/t

Europe Vanadium Pentoxide 98% US$4.5/lb vs US$4.5/lb

Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$296/t vs US$296/t

Global Rutile Spot Concentrate 95% TiO2 US$1,588/t vs US$1,588/t

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

Brazil Potash CFR Granular Spot US$305.0/t vs US$305.0/t

Germanium China 99.99% US$2,725.0/kg vs US$2,725.0/kg

China Gallium 99.99% US$385.0/kg vs US$385.0/kg 

Company News

Oriole Resources* (ORR LN) XXp, Mkt cap £XXm – Potential gold discovery at Mbe. Cameroon

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

• Oriole, a gold explorer in Cameroon, has released maiden assay results from its Mbe project.
• Oriole is currently drilling a 24 maiden programme at MB01-S over 6,590m.
• Results from the first two/four completed holes are now available, using a 0.2g/t Au cut-off grade.
• Highlights include:

• • • 2m at 3.2g/t Au from 80m
    • 1m at 3.6g/t Au from 108m
    • 2m at 1.8g/t Au from 270m

• • • 1m at 1.5g/t Au from 16m
    • 1.2m at 1g/t Au from 50m
    • 1.8m at 1.2g/t Au from 83m
    • 30m at 0.8g/t Au from 95m (including 17m at 1.1g/t Au)
    • 26m at 0.6g/t Au from 133m (including 11m at 1g/t Au)
    • 6.8m at 1.1g/t Au from 166m

• The Company notes that the results correlate well with trenching results, showing narrower zones of >1g/t Au within wider envelopes of lower grade material.
• Initial orientation analysis suggests the higher grading mineralisation relates to a moderately east-dipping NNW-trending zones of smoky quartz veinlets, cross-cutting a steeper dipping NNE structure.
• The Company will use this information to drill future holes at a 270 degree angle to target subvertical mineralised zones dipping to the east, alongside high-grading structures dipping 50 degrees to the east.
• A second pair of scissor hole results are due later this month, with ‘a visual assessment of the core’ suggesting ‘mineralisation within these holes appear to be more intense’

Bibemi Drilling Update

• Additionally, Oriole nears completion their Phase 5 drilling programme at Bakassi Zone 1, intended to upgrade and expand the current JORC resource.
• The Company has drilled additional metres within the existing MRE, to support the upgrade to Measured/Indicated category.
• Management notes ‘several intersections in the programme so far fall outside of the current mineralisation wireframes, but within the existing open pit design.’
• Results announced today include:

• • BBDD098: 2.90m at 1.41g/t Au from 12m
  • BBDD099: 1.00m at 0.63g/t Au from 83m

Conclusion: Highly anticipated results from the maiden drilling programme at Mbe have displayed the exciting potential of the project. Wide intercepts of gold, including 17m at 1.1g/t Au and 11m at 1g/t Au confirm prospectivity identified from ground-based exploration and trenching. We are encouraged to read that core from the next scissor hole pair is showing signs of more intense mineralisation and we look forward to these assays with interest. These mark the first two of 24 holes from the current Phase 1 programme. At a time of record high gold prices, we consider Oriole to be one of the most exciting gold exploration stories in London.

*SP Angel acts as Broker to Oriole Resources

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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