SP Angel Morning View -Today’s Market View, Thursday 10th April 2025

Copper sees sharp rally higher after Trump tariff drop saw prices whipsaw

MiFID II exempt information – see disclaimer below

Alpha Exploration (ALEX CN) – Private placement to fund Eritrean gold exploration

Amerigo Resources (ARG CN) – Copper production meets guidance and continuing shareholder returns

Andrada Mining (ATM LN) – Drilling results close to the Uis plant in Namibia

Anglo American (AAL LN) – Continuing work to complete sale of Queensland coal assets to Peabody

Cleantech Lithium (CTL LN) – Appointment of former Albemarle country manager as CEO

Cobra Resources (COBR LN) – Progress report on South Australian projects

Neometals (NMT AU) – Gold strategy to diversify volatile battery metals market exposure

Tharisa (THS LN) – Quarter impacted by record lightning and rainfall

Savannah Resources* (SAV LN) BUY – 18.1p – FY24 results highlight Barroso Lithium Project development progress

Copper ($8,930/t) sees sharp rally higher after Trump tariff drop saw prices whipsaw

• Copper prices are up 3.4% on the LME, and 3.5% on the COMEX following a sharp sell-off earlier this week.
• Rising tensions between China and the US coupled with tariffs across the board had weighed on global demand forecasts.
• These may persist as 10% tariffs have been retained and higher on some products, whilst Chinese tariffs have been increased to over 120%.
• Shanghai brokers have cut their net long positions and copper cash spreads have fallen.

LME trading hit as Reuters EIKON system goes down again

• Traders are advised to pick up the ‘dog-and-bone’ or move back onto web-based chat.
• Substantial outflow of copper (-1,500t), aluminium (-3,175t) and zinc (-1,350t) on the LME today with cancelled warrants running at copper (-450t), Aluminium (-3,175t), Zinc (-350t).

Gold ($3,110/oz) shines in volatile times with largest gain in 18 months

• Gold jumped nearly 6% between Monday’s lows and yesterday evening’s highs. Biggest intraday jump in five years.
• The metal has settled around $3,110/oz, supported by a weaker dollar and lower US Treasury yields.
• Concerns were raised on Wednesday night over the stability of the US Treasury market, with funds forced to liquidate their Swap carry trades.
• Trump subsequently backed off higher tariff levels for the majority of countries, lifting the pressure on Treasury markets and triggering a jump in liquidity into the market.
• However, heightened tariffs on China, who are major buyers of gold currently, has kept geopolitical tensions elevated between the world’s two largest economies.
• The US’ move to freeze Russian dollar reserves in the wake of the Ukraine invasion triggered a rush for unfriendly actors to boost their gold position.
• Elsewhere, we note the Czech Republic Central Bank added 5t of gold over the quarter, booting holdings to 56.2t (7.8t in 2020)
• This follows a wider theme of central banks boosting their foreign reserves with gold, showing the trend is not limited solely to those countries seen as ‘unfriendly’ to the US (China.)
• The Czech bank’s governor previously stated that they are working to reduce volatility, with gold seen as a ‘zero correlation’ assets to stocks.
• Poland and Serbia have also been adding to gold reserves to diversify their holdings.

Tin prices ($32,000/t) slide as Alphamin* set to reopen Bisie in the DRC on rebel departure

• Tin prices dumped from $38,500/t to $32,000/t yesterday after Denham-backed Alphamin* reported a reopening of the Bisie mine is scheduled.
• Bisie accounts for c.7% of global tin supply, and the shutdown of the mine had come at a time of dwindling ore supply in China.
• The mine is set to begin a phased restart and is ‘adequately supplied with consumables and spares to support the resumption of production.’
• Company produced 4,500t of tin between 1^st Jan and 8^th April, 280t inn transit.
• The Man Maw mine is also due to return to production soon, following the approval of several mining permits.

*An SP Angel analyst holds shares in Alphamin

ii / interactive investor – video interviews:  

• Is China losing its grip on African mining, inc. Sovereign Metals*, Kefi*, Atlantic Lithium*, Goldstone*, Kodal*, Yellow Cake, Kazera Global, Aterian*: 

• Gold, inc. Goldstone*, Kefi, 

• Trump tariffs, China and critical metals, inc. Aterian*, Atlantic Lithium*, Sovereign Metals*, Yellow Cake, Kazera Global

• Five mining stocks to watch:  , inc. Sovereign Metals*, Kazera Global, Yellow Cake, Thor Explorations, Kodal Minerals*

* SP Angel act as nomad and or broker

Sharepickers: Gold & Copper Small Caps: 

• Gold, copper, 13:05 Orosur*, 13:38 Oriole*, 15:25 Resolute, 16:44 Goldstone*, 17:46 Antofagasta, 18:23 Central Asia Metals, 19:56 Kavango, 20:52 Power Metal Resources, 24:25 Kefi*, 25:18 Tertiary Minerals*
• Video:  

* SP Angel act as nomad and or broker

Economics

US equities post largest gains for five years as Trump delays implementation of major tariffs for 90 days

Well done to the Whitehouse official who inadvertently announced the 90-day delay two days early

• 10% tariffs are still applied to all imports but more major tariffs are up for negotiations by Trump’s own volition.
• Japan and South Korea are lined up as the first two nations for renegotiation.
• We see Trump’s public meeting with Netanyahu as setting the stage for future negotiations.
• Netanyahu offered to equalize Israel’s deficit with the US though he still walked away with no deal
• We see this public meeting as a strong hint to the nations which will follow.
• The message from equity and bond markets is for more reasonable tariffs or risk further market collapse.
• The Administration appears to be mindful of the impact of collapsing US and global markets. We suspect the move in the US long-bond yield was a major concern.
• China is the big question with 125% on all Chinese imports effective immediately.
• China also raised its tariffs on US imports to 84%.
• We suspect China’s combative stance will work against it with Trump looking for nations to line up, pay homage and negotiate more easily.
• The EU offered a zero-for-zero tariff deal on cars and industrial goods on 19 February but Trump appears to wants to also negotiate on US energy into the EU.

Trump support for coal to help US Tech companies to stay ahead of China on AI

• It currently takes 5-7 years to get a large-scale power connection in the US due to existing power generating restrictions.
• Enabling older coal-fired generators to extend their lifespans will help manufacturers to refurbish, repower and restart old factories.
• China has been smart in planning more hydro and coal-fired power plants alongside substantial low-cost wind and solar power.
• China recognises lower power costs in China will support their economy grow and insulate against other low-cost labour jurisdictions.

Iran – Supply of long-range missiles to Iraq-based militias marks major escalation by Iran

• The weapons transfer occurred last week according to intelligence monitoring the 1,000mile border.
• Trump has indicated that Israel will lead military action into Iran if military action if necessary.
• Turkey appears to be increasingly referred to with respect to a conflict with Iran.
• Israeli officials are concerned the new Syrian regime may allow Hamas to regroup in Syria.
• Trump has declared “we are not going to buy Gaza, were going to have Gaza. There’s nothing to buy. Were going to take and, were going to hold it”.
• “Negotiations are underway with two countries to absorb very large numbers of Gazans who will voluntarily emigrate.”

Currencies

US$1.1004/eur vs 1.1059/eur previous. Yen 146.65/$ vs 145.03/$. SAr 19.342/$ vs 19.704/$. $1.286/gbp vs $1.282/gbp. 0.616/aud vs 0.600/aud. CNY 7.342/$ vs 7.350/$

Dollar Index 102.628 vs 102.087 previous

Precious metals:         

Gold US$3,113/oz vs US$3,044/oz previous

Gold ETFs 88.2moz vs 87.8moz previous

Platinum US$936/oz vs US$932/oz previous

Palladium US$923/oz vs US$919/oz previous

Silver US$31.0/oz vs US$30.3/oz previous

Rhodium US$5,300/oz vs US$5,300/oz previous

Base metals:   

Copper US$8,931/t vs US$8,612/t previous

Aluminium US$2,380/t vs US$2,312/t previous

Nickel US$14,680/t vs US$14,235/t previous

Zinc US$2,630/t vs US$2,535/t previous

Lead US$1,897/t vs US$1,850/t previous

Tin US$31,425/t vs US$31,935/t previous

Energy:           

Oil US$64.6/bbl vs US$61.0/bbl previous

• Brent crude oil prices briefly fell below $60/bbl before yo-yoing back above $65/bbl yesterday as the market responded to a 90-day pause on higher reciprocal tariffs.
• The EIA estimated a US inventory w/w build of 6.2mb to crude, offset by draws of 1.6mb to gasoline and 3.5mb to diesel stocks, with refinery utilisation up 0.7% w/w to 86.7% and domestic production at 13.5mb/d.
• European natural gas prices were stable as EU natural gas storage levels rose 1% w/w to 35% full (vs 45.7% 5-Yr average) with aggregate inventory at 395TWh and as Germany rebounded from its low point to 29.4%.

Natural Gas €35.3/MWh vs €35.0/MWh previous

Uranium Futures $64.4/lb vs $64.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$98.5/t vs US$96.5/t

Chinese steel rebar 25mm US$466.2/t vs US$466.2/t

HCC FOB Australia US$179.5/t vs US$186.0/t

Thermal coal swap Australia FOB US$98.5/t vs US$100.5/t

Other:  

Cobalt LME 3m US$33,700/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$59,385/t vs US$59,930/t

Lithium carbonate 99% (China) US$9,534/t vs US$9,456/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$430/t vs US$430/t

Europe Vanadium Pentoxide 98% US$5.1/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% US$24.2/kg vs US$24.3/kg

China Ilmenite Concentrate TiO2 US$283/t vs US$282/t

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

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

Brazil Potash CFR Granular Spot US$347.5/t vs US$347.5/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

China EV sales rebound in March with market penetration back above 50%

• Retail sales of passenger EVs rebounded in March following a slow start to the year.
• Sales in China are often at their highest in December and then experience a period of low sales at the start of the year and across Chinese New Year.
• Sales in March totalled 991,000, up 38.0% yoy and 45.0% from February.
• The growth in sales also took EV penetration rate to 51.1%, above 50% for the first time since November 2024.

GM to expand US EV battery production to lower cost and boost sales

• General Motors is scaling its US battery production as it seeks to establish a strong North American supply chain, and develop next-gen technology that’s more affordable and competitive globally.
• Through Ultium Cells, the joint venture with LG Energy Solution, GM is already North America’s largest OEM battery cell producer.
• GM has another joint venture with Samsung SDI launching in 2027 to build prismatic cells.
• The expansion of battery technology options ensures that GM can drive innovation across its full range of EVs.
• GM’s use of prismatic cells, which reduce battery module components by 75% and total pack components by 50%, combined with low-cost lithium iron phosphate (LFP) chemistry, is expected to reduce battery pack costs by up to $6,000 in some models.
• The automaker is also committed to investing in domestic production of these key materials, as well as components like cathodes, anodes, electrolytes, and separators.
• By 2028, the company is aiming to increase the North American content in its battery supply chain by eight times – this commitment was made before the introduction of Trump’s latest tariffs, which could see this accelerated.

Company News

 Alpha Exploration (ALEX CN) C$0.67, Mkt Cap C$61m – Private placement to fund Eritrean gold exploration

• Eritrea gold explorer Alpha reports the closing of their first tranche private placement.
• They are issuing units for total proceeds of C$3.2m at C$0.7/unit.
• The Company will use the funds to progress their Kerkasha Project in Eritrea.
• The project covers 771km2 and has evidence of historic gold workings.
• The Aburna project has drilling including:
  • 18m at 15g/t Au, 49m at 2.75g/t AU and 15m at 5.85m Au.
• Company is targeting orogenic/VMS and porphyry style mineralisation within the Arabian-Nubian shield.
• Zijin are operating the Bisha mine in Eritrea, with John Clarke, who discovered Bisha, serving as NED of Alpha.

Amerigo Resources (ARG CN) C$1.7 Mkt Cap C$280m – Copper production meets guidance and continuing shareholder returns

• Amerigo, who process tailings from Codelco’s El Teniente mine in Chile, report production data for 1Q25.
• Company processed 10.2mt at 0.17% Cu and 22% recoveries for 8mlb (3.6kt) copper from fresh tailings.
• From historic tailings company processed 3.25mt at 0.24% Cu and 31% recoveries for 5.3mlb (2.4kt).
• Total production of 13mlb vs 18.3mlb prior quarter and 14mlb same period last year.
• Cash costs at $2.22/lb vs $1.73/lb prior quarter and $1.96/lb same period last year.
• Amerigo completed the annual plant shutdown over the period.
• Guidance retained at 63mlb Cu and 1.3lb Mo, with cash cost guidance of $1.93/lb also maintained.
• Management notes that any rise in copper prices from present levels will support the goal to be debt free by year end 2025.
• Company paid US$3.5m in dividends and $1.1m in buybacks over the period.
• CAPEX over the quarter of US$6.8m accounted for 52% of the annual CAPEX budget.

Andrada Mining (ATM LN) 2.7p, Mkt Cap £39m – Drilling results close to the Uis plant in Namibia

• Andrada Mining has released drilling results from exploration of targets within a 3km radius of the processing plant at its’ Uis in mine in Namibia.
• The drilling, consisting of 44 diamond-core holes and 177 reverse-circulation (RC) holes, targeted 13 pegmatite targets and, while results are still awaited for 85 holes, they are now available for 136 holes.
• All the pegmatite targets have been confirmed to host mineralisation “along a 5km strike”.
• Among the results highlighted in today’s announcement are:
  • A 50m wide intersection averaging 0.16% tin, 0.44% Li₂O and 133ppm tantalum from a depth of 9m in hole P5-003, including a 5m wide section, from 18m depth, averaging 0.50% tin and 153ppm tantalum; and
  • A 59.7m wide intersection averaging 0.14% tin, 1.23% Li₂O and 38ppm tantalum from a depth of 101.92m in hole K5-018; and
  • An 85m wide intersection averaging 0.18% tin, 0.33% Li₂O and 53ppm tantalum from a depth of 99m in hole K5-019; and
  • A 6m wide intersection averaging 0.51% tin, 0.07% Li₂O and 119ppm tantalum from a depth of 48m in hole K3-021, including 2m at an average of 1.13% tin from 52m; and
  • A 46m wide intersection averaging 0.17% tin, 0.77% Li₂O and 59ppm tantalum from a depth of 90m in hole V3-012 including 2m averaging 1.76% Li₂O from 133m; and
  • A 25.89m wide intersection averaging 0.33% tin, 0.54% Li₂O and 90ppm tantalum from a depth of 114.93m in hole V3-018 including 4m averaging 0.59% tin from 131m.
• The company explains that “All drilled pegmatites remain open ended at depth … [and says that] … a few deeper holes were drilled to confirm the pegmatite extensions at depth … [which] … confirm that the pegmatites continue down dip and tend to thicken in a similar manner to the V1V2 pegmatite” at the Uis mine.
• So far, “The deepest intersection reported over these proximal pegmatites is 238m compared with 450m recorded for the V1V2 pegmatite”.
• Commenting on what he described as “strong” results, CEO, Anthony Viljoen, said that they “validate our strategy to grow the resource towards 200 million tonnes and support future reserve definition”.
• The current (reported February 2023) resource within the V1V2 orebody is 81mt at an average grade of 0.15% tin, 0.73% Li₂O and 86ppm tantalum.
• Mr. Viljoen said that “these results highlight the opportunity to restore Uis Tin Mine to its historical status as a major global tin producer-now with the added advantage of lithium and tantalum as high-value co-products”.

Conclusion: Drilling results from targets close to the Uis processing plant should help the company’s aspiration to build its resource base towards 200mt.  We look forward the results being reflected in a new resource estimate.

Anglo American (AAL LN) 1,891.6p, Mkt Cap £23.6bn – Continuing work to complete sale of Queensland coal assets to Peabody

• Following yesterday’s announcement from Peabody that it is “reviewing all options related to its acquisition of steelmaking coal assets from Anglo American”, Anglo American confirms that it “continues to work with Peabody towards satisfying the remaining customary conditions in those agreements that are required for completion of the Transaction”.
• In November last year, Peabody agreed to pay US$3.8bn for the assets, including US$2.05bn in cash, a deferred cash consideration of US$725m and s price-linked earnout of up to US$550m and contingent cash consideration of $450m.
• Anglo American also confirms that it is “making progress in relation to the temporary suspension of mining operations at the Moranbah North mine following what we believe to have been a minor ignition in the underground area of the mine on 31 March”..
• The company explains that “Conditions in the mine normalised shortly afterwards and they remain stable, with data and camera footage showing no evidence of damage”.
• “Anglo American is working alongside industry experts and the safety regulator, Resources Safety & Health Queensland, to expedite re-entry into the mine and the subsequent safe resumption of mining operations”.

Conclusion: Anglo American confirms that discussions are continuing with Peabody on the latter’s acquisition of its steelmaking coal business in Quensland and comments that it is working to resume operations at Moronbah North following what it describes as a ‘minor ignition’ event underground at the mine.

Cleantech Lithium (CTL LN) 8.75p, Mkt Cap £8.8m – Appointment of former Albemarle country manager as CEO

• Cleantech Lithium report the appointment of Ignacio Mehech, former Country Manager of Albemarle in Chile, as CEO and a director.
• Albemarle is the world’s largest producer of battery grade lithium with Chile accounting for 30 – 40% of its production.
• Mr Mehech spent seven years up to 2024 at Albemarle managing a workforce of 1,100 employees and key stakeholder relationships, including Government and indigenous communities.
• Mehech previously worked as a legal manager at Freeport-McMoRan leading the legal strategy for the El Abra copper mine in Calama, a jv with Codelco and Freeport McMoRan.
• Mr Mehech holds a law degree from the Universidad de Chile and a master’s degree in Energy and Resources Law from the University of Melbourne, Australia.
• Mr Mehech helped secure the first-ever IRMA (Initiative for Responsible Mining Assurance) certification for a lithium operation worldwide at the Salar de Atacama plant.
• Previously to Albemarle, Mr Mehech has worked as a legal manager at Freeport-McMoRan assuring operational continuity, building relationships with regional authorities, indigenous and non-indigenous communities.
• CleanTech raised £2.5m on 11^th February through a placing of 16m new shares at 16p + warrant exercisable at 11p with the new shares adding 15.2% of the enlarged share capital.
• The funds are to be directed towards:
  • Capital programmes which are critical path for the award of the Special Lithium Operating Contract (CEOL) at Laguna Verde in Chile;
  • Complete Laguna Verde PFS by end 1Q25;
  • Fund the listing on the ASX;
  • Complete the first stage DLE pilot plant conversion process and produce samples of battery grade lithium carbonate for potential offtakes and strategic partners.

• CleanTech plans to use DLE ‘Direct Lithium Extraction’ and reinjection of spent brines to reduce the next water loss to <2cubic meters per tonne of LCE which is 50x less than existing producers in Chile.

Conclusion:  We look forward to the results of the Laguna Verde PFS which will update the last Scoping Study from 2023.

Cobra Resources (COBR LN) 1.1p, Mkt cap £9.2m – Progress report on South Australian projects

• Cobra Resources has released a progress report on its exploration work at the Boland rare-earths and its Wudinna gold projects in South Australia.
• Moving on from its recent aircore drilling at Boland, “which demonstrated rare earth enrichment across a highly scalable footprint” the company expects to start “Sonic core drilling, which uses high-frequency, resonant energy to advance a core barrel into subsurface formations” in the near future.
• This phase of drilling will “support a forthcoming … [initial] … Mineral Resource Estimate”.
• The company also plans additional “metallurgical optimisation studies” next month and confirms that “In further preparation for the planned infield ISR … [in-situ-recovery] … testing, two additional monitoring bores were installed last month”.
• The ISR testing aims to evaluate achievable production rates using the low impact ISR extraction method.
• Commenting on Boland’s significance in “the current geopolitical climate, with China placing export controls on certain rare earths”, Managing Director, Rupert Verco, said that “Cobra’s opportunity is to demonstrate Boland as a low-cost, environmentally credentialled reliable source of terbium and dysprosium”.
• At Wudinna, which currently hosts a “279,000 Oz defined JORC Gold Mineral Resource Estimate with potential additional gold resource growth through infill and further extensional drilling” Cobra Resources is “evaluating opportunities for resource development and low-cost options for progressing the Wudinna Gold Project towards production”.
• The company explains that the resource is relatively shallow (at depths up to 200m) and that it has identified “a further 22 orogenic gold targets”.
• Mr. Verco observed that “the strong gold price is supporting possible advancements in our gold assets where operational synergies could bring forward a pathway to production”.

Conclusion: Cobra Resources is moving forward with drilling work to support an initial mineral resource estimate for its’ Boland rare-earths project in South Australia.  We await the estimate and results of forthcoming metallurgical and flow rate tests with interest

Neometals (NMT AU) A$0.06, Mkt Cap A$45m – Gold strategy to diversify volatile battery metals market exposure

• The Company announced a gold strategy focused on exploration at the 100% owned Barrambie Gold Project in the Murchinson region of WA.
• The team highlighted new strategy will diversify its exposure and hedge against volatility risks in the battery metals market.
• The Company is developing lithium ion battery recycling and refining process as well as vanadium recovery projects.
• The plan is to advance the Barrambie project enough to enable a decision to mine in 2H26.
• Resource definition drilling will focus on brownfield targets (eg Ironclad, Barrambie Ranges, Mystery) as well as regional exploration covering 40 strike kilometres of the Barrambie Greenstone Belt.
• The plan is to target near term development opportunities with offsite processing options to facilitate early revenue streams.
• The Company had A$11m in cash, no bank debt and A$4m in leases as of December 2024.
• The team highlighted the need to raise a minimum of A$3m from December 2025 with JV contributions excluded and a potential need to raise additional capital should JV contributions continue.
• The Company is in a 50/50 JV with SMS Group (Primobius) commercialising Neometals proprietary lithium battery recycling process.
• Primobius is currently commissioning a 2,500tpa plant in Kuppenheim, Germany, for Mercedes-Benz ahead of planned commercial scale 20,000tpa recycling facility.

Tharisa (THS LN) 53p Mkt Cap £157m – Quarter impacted by record lightning and rainfall

• PGM and Chrome producer Tharisa report production results for the quarter ending March 31^st.
• PGM production at 32.5koz vs 29.9koz prior quarter and 35.3koz same period last year.
• Chrome concentrate at 381kt vs 374kt prior quarter and 403kt same period last year.
• Average PGM price received of US$1,421/oz and average chrome price of $235/t.
• Tharisa reports US$186m of cash on hand, vs US$175m prior quarter, and debt of US$107m, up from US$86m prior quarter.
• Management notes the quarter was impacted by ‘unprecedented rainfall and weather interruptions and  lightning disruption causing ‘higher than budgeted in pit evacuations,’ affecting ‘mining mix and volumes.’
• Company expects to update on their underground mine development studies in 2H25.
• PGM Market Update:
  • Tharisa report pre-USA global trade tariff support for PGMs, although raises concerns that the impact on the motor trade from tariffs may impact PGM prices going forward.
• Chrome Market Update
  • Chrome spot prices trading at US$300/t following recent lows.
  • Port stocks at six-eight week inventory levels.
  • Chrome demand strong, although China tariffs may impact demand for stainless steel.
• 2025 guidance unchanged:
  • 140-160koz PGMs (6E basis) (145koz produced 2024 and 145koz produced 2023)
  • 1.65-1.8mt chrome concentrate (1.7mt produced 2024 and 1.6mt 2023)

Savannah Resources* (SAV LN) 5.3p, Mkt Cap £116m – FY24 results highlight Barroso Lithium Project development progress

BUY – 18.1p

• The Company released FY24 accounts this morning highlighting development progress at the Barroso Lithium Project in Portugal.
• Major 2024 milestones included:
  • Strategic partnership with AMG Critical Materials including £16m equity investment (15.8% interest), an offtake agreement and a potential full project financing solution.
  • An eligibility for a potential guarantee on a loan up to $270m from a German Government (Barroso development cape of $280m based on ScopStudy 2023).
  • Phase 1 drilling programme for 6,000m completion with Phase 2 (13,000m) currently in progress.
  • Rick Anthon joined the Company as new Chairman bringing a wealth of experience to the Board having previously worked at Orocobre and Allkem.
  • Local Portuguese shareholding now around 20%.
• The team reiterated targets to complete DFS and RECAPE application by YE25.
• PAT was £5.0 (FY23: £3.9m) including £4.3m in administrative expenses (FY23: £3.5m).
• CFO totalled -£3.6m (FY23: -£2.9m).
• FCF was -£7.8m (FY24: -£4.5m) including £4.2m in capitalised project development related costs (FY23: £1.6m) as project development works picked during the year.
• Closing cash and cash equivalents stood at £17.7m with no bank debt and £0.4m in outstanding leases as of December 2024.
• The Company said it can complete DFS and RECAPE work by the end of 2025 using existing cash balances, although, if “the Company proceeds with all activities to maintain the Project’s critical path to production, additional funding would be required by the last quarter of 2025 in order to finalise the DFS and RECAPE work and to complete the potential acquisition of the Aldeia mining licence, as it looks to bring the Project to the final investment decision stage and start construction in 2026”.

Conclusion: FY24 results highlight major milestones achieved as the team progresses with DFS and permitting related works at the Barroso Lithium Project. Targets reiterated for DFS and RECAPE application before YE25.

*SP Angel acts as Nomad and Broker to Savannah 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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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