SP Angel Morning View -Today’s Market View, Monday 19th June 2023

Metals soften as Fed pressures market on inflation and potential China rate cut

MiFID II exempt information – see disclaimer below

Anglo Asian Mining* (AAZ LN) – BUY –Target 204p – Forward sale agreement for 4.6koz at ~$1,950-1,980/oz through Dec/23

Ariana Resources (AAU LN) – Drilling results from Salinbas, Turkey

Empire Metals* (EEE LN) – Final Results for year ended 31^st December 2022

Greatland Gold (GGP LN) – Infill drilling at Havieron

KEFI Gold and Copper* (KEFI LN) – Project funding update

Savannah Resources* (SAV LN) – BUY, Target 22.6p – AGM statement

Gold slides as dollar ticks higher on US rates outlook

• Spot gold fell to $1,954/oz whilst futures prices are hovering around the $1,965/oz mark.
• The early weakness this week is a result of a marginal uptick in the dollar as the yen eased, although trading will be thin today on the US’ Juneteenth holiday.
• Markets are pricing a 72% chance of a Fed hike in July, with any easing of these odds expected to support gold prices.
• Although this week is lighter on catalysts via central bank meetings and data releases, focus will be on Powell’s congressional testimonies on Wednesday and Thursday.

Mali requests departure of UN peacekeepers amid Wagner massacre controversy

• Mali requested the UN to withdraw is peacekeeping forces on Friday.
• The UN had been demanding more freedom to conduct its efforts from the Mali junta.
• The UN last month released a report of a massacre by ‘armed white men’ of 500 people in March, assumedly Wagner forces. The Mali junta and Wagner joined forces in 2021.
• Mali’s move raises concerns on the international stage given the combined presence of over 1,000 Wagner soldiers, rising Islamic State and al Qaeda insurgencies and concerns of separatist uprisings.

Ghana expects to complete debt restructuring deal with creditors in the coming weeks

• Major gold producer Ghana is expected to complete its debt restructuring deal before the IMF’s next review of its $3bn loan.
• The Finance Minister anticipates a bilateral agreement with creditors in coming weeks.
• The Country is looking to slash $10.5bn in interest payments on external debt over the next three years.
• Ghana’s total external debt stock sits around $30bn.
• Ghana is looking to implement an energy sector reform plan to reduce $2bn in debt owed to independent power producers.

Copper – Chinese copper production rose 12.9% yoy to a record 1.1mt (China NBS).

• Shanghai SHFE copper stocks also 20% on the week to 61,090t. LME stocks fell 7% of the week to 88,425t
• We suspect the combination of the US Inflation Reduction Act and potential for new Chinese stimulus directed towards green energy production may be leading manufacturers and traders to restock on copper.
• Chinese Zinc output rose 10.3% yoy to 590kt. Chinese lead output fell 0.6% to 616kt. (China NBS).

Nickel – Trafigura sued by Reuben brothers over nickel scandal

• Trafigura is being sued by the Rueben brothers over the $600m nickel scandal. (Bloomberg)
• Trafigura had described the incident perpetrated by Prateek Gupta ‘systematic fraud.’
• The Reuben brother’s trading company, Hyphen Trading, alleges the fraud involved counterfeit shipping documents, used to obtain financing from ICBC Standard Bank.
• It argues that Trafigura stonewalled requests to inspect cargoes that had been shipped across the world without the necessary control measures.

Rio Tinto – Driverless train derails in Pilbara losing 30 wagons off the track

• Rio Tinto reports a driverless train derailed in the Pilbara on Saturday whilst on route to the port of Dampier.
• It’s not major news given that Rio Tinto operate some 200 trains in the Pilbara.
• We suspect the safety record of driverless trains may be somewhat better than for driver-led trains.
• Given the very sparse community in the Pilbara the incident is a bit of a non-event.

IGTV:  https://www.ig.com/uk/market-insight-articles/ev-metals-to-regain-momentum–despite-economic-uncertainty–sp-a-230606

VOX Markets Podcast:   https://audioboom.com/posts/8318505-taking-stock-featuring-russ-mould-on-ipo-s-john-meyer-on-resource-co-s

                                          https://audioboom.com/posts/8310999-john-meyer-on-china-s-mixed-manufacturing-figures-plus-atlantic-lithium-goldstone-res-anglo-asi

• *SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts. We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.

Economics

US – Fed officials pile on the pressure following last week’s interest rate skip

• Richmond Fed President Thomas Barkin reckons ‘if you back off inflation too soon, inflation comes back stronger, requiring the Fed to do even more, with even more damage. That’s not a risk I want to take.”

• Barkin described the economy as “weaker but not yet weak.” Emphasising robust labour market and relatively firm spending.
• Barkin is looking for slower demand to bring inflation down.
• Prelim. University of Michigan consumer sentiment index rose to 63.9 for June vs 59.2 in May – maybe this is what Barkin is concerned about?
• AI stocks driving US equity markets higher in the US as technology investors jump onto the next new thing
• Investors appear less focused on the winners and losers from inflated product prices versus rising input costs

 China – China diesel exports quadruple yoy as domestic demand remains weak

• Diesel exports from China in May rose four times to 600kt, gasoline exports up 67% to 1.36mt.
• Although these levels are rising from a low base, it highlights weak domestic demand, primarily resulting from the sluggish property market.
• Weak manufacturing is also being pointed to as a driving factor.
• However, international flights to and from China has returned to 62% of pre-pandemic levels, with domestic flights exceeding pre-2019 levels.

China central bankers expected to cut lending rates tomorrow as calls for more stimulus intensify

• A Reuters poll suggests economists expect cuts to the one-year loan prime rate and the five-year tenor tomorrow.
• Short- and medium-term rates were cut last week, a traditional signifier of more stimulus measures to come.
• China last cut the one-year loan prime rate in August 2022.
• Officials met in Beijing on Friday to weigh measures to stimulate growth.

Banks cut China GDP growth forecasts as economy struggles on weaker domestic and export demand

• The Chinese Yuan slips again to 7.16 / USD as exports struggle.
• Both export and domestic demand are weakening causing factory workers, often paid according to production, to lose income.
• Goldman Sachs and UBS have lowered their growth forecasts with Goldman cutting to 5.4% from 6% and UBS cutting to 5.2% from 5.7%..
• Both forecasts are high by Capital Economics standards which reckons Chinese GDP stats are less than normally stated.
• Either way, China is going to have to work hard to attain anything like 5% economic growth in our view.
• So far Chinese stimulus has been relatively muted with the PBoC cutting three differing rates last week.
• China has used stimulus for urban and suburban property development to support economic growth in recent decades but appears unwilling to allow much new development till the last set of half-built apartment blocks are finished. We are not surprised as unfinished buildings are normally depreciating assets.

 UK – Bank of England expected to raise rates by 0.25% to 4.75% this week.

 Turkey – Turkish Lira continues to fall

• What’s so unusual about Turkey is that devaluation of Turkish Lira keeps going and going. We look at episodes since 1980 where the real exchange rate falls 20% or more. Most EM currencies – like Brazil – have stabilized by now. The Lira just keeps falling.

 Brazil – Brazilian Real continues to strengthen

• Brazil’s Real has strengthened below $/BRL 4.90. There are two drivers of this: (i) US disinflation, which is giving a lift to many EM currencies; (ii) huge agriculture exports that are transforming Brazil into a current account surplus country. Brazil’s Real will keep appreciating….

 New Zealand – BusinessNZ Performance of Services Index rises to 53.3 in May from 50.1 in April

• Yet again the rise is due to strong revival in the services sector
• Sales / activity jumped to 52.0 from 45.4
• Employment increases to 52.6 from 50.5
• New orders / business also rose to 55.4 from 50.1
• Inventories fell slightly to 56.8 from 57.1
• Supplier deliveries climbed to 51.1 from 50.6
• BusinessNZ’s ceo says the economy appears to be on a deceleration trajectory, which is seen as necessary to deflate the inflationary pressures.

 Currencies

US$1.0925/eur vs 1.0939/eur last week. Yen 141.73/$ vs 141.25/$. SAr 18.247/$ vs 18.211/$. $1.281/gbp vs $1.278/gbp. 0.685/aud vs 0.688/aud. CNY 7.159/$ vs 7.124/$.

Dollar Index 102.37 vs 102.17 last week.

Commodity News

Precious metals:

Gold US$1,965/oz vs US$1,972/oz last week

Gold ETFs 93.8moz vs US$93.8moz last week

Platinum US$982/oz vs US$996/oz last week

Palladium US$1,403/oz vs US$1,393/oz last week

Silver US$24.108/oz vs US$24.01/oz last week

Rhodium US$6,100/oz vs US$6,100/oz last week

Base metals:   

Copper US$ 8,499/t vs US$8,643/t last week

Aluminium US$ 2,258/t vs US$2,289/t last week

Nickel US$ 22,585/t vs US$23,324/t last week

Zinc US$ 2,457/t vs US$2,510/t last week

Lead US$ 2,134/t vs US$2,113/t last week

Tin US$ 27,225/t vs US$26,762/t last week

Energy:

Oil US$75.8/bbl vs US$75.7/bbl last week

• Crude oil prices edged high going into the weekend ahead of the closure of US markets today for the Juneteenth federal holiday, which since 2021 has marked the freedom of the last enslaved people in 1865.
• The US Baker Hughes rig count was down 8 unit to 687 rigs last week (-53 y/y), with oil rigs down 4 to 552 units while gas rigs were down 5 to 130 units, as the Permian and the Marcellus basins both lost 4 rigs w/w.
• The Eden Project in Cornwall will today commence the UK’s first deep geothermal energy project in nearly four decades by tapping into hot water located 5km underground to provide heating for its facilities.

Natural Gas US$2.582/mmbtu vs US$2.569/mmbtu last week

Uranium UXC US$57.75/lb vs US$57.50/lb last week

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$113.0/t vs US$112.9/t

Chinese steel rebar 25mm US$531.3/t vs US$530.2/t – China produced 90.1mt in May vs 92.6mt in April as mills cut production to reduce losses.

Thermal coal (1st year forward cif ARA) US$113.5/t vs US$107.0/t

Thermal coal swap Australia FOB US$137.0/t vs US$136.0/t

Coking coal swap Australia FOB US$220.0/t vs US$220.0/t

Other:  

Cobalt LME 3m US$29,525/t vs US$29,525/t

NdPr Rare Earth Oxide (China) US$70,027/t vs US$69,945/t

Lithium carbonate 99% (China) US$42,701/t vs US$42,651/t

China Spodumene Li2O 6%min CIF US$4,090/t vs US$4,090/t

Ferro-Manganese European Mn78% min US$1,259/t vs US$1,257/t

China Tungsten APT 88.5% FOB US$320/mtu vs US$320/mtu

China Graphite Flake -194 FOB US$740/t vs US$740/t

Europe Vanadium Pentoxide 98% 7.1/lb vs US$7.1/lb

Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg

China Ilmenite Concentrate TiO2 US$308/t vs US$308/t

Spot CO2 Emissions EUA Price US$97.2/t vs US$93.2/t

Brazil Potash CFR Granular Spot US$340.0/t vs US$340.0/t

Battery News

Rolls-Royce look to take lead in low-emission air mobility

• The company unveiled a new power system as it seeks to become the “number one provider of power and propulsion systems in [low-emission] advanced air mobility.”
• At the Paris Air Show, Rolls-Royce (RR) will unveil a small engine and 800kW turbo generator capable of flying on synthetic low-emission sustainable aviation fuel instead of the kerosene-based fuels.
• Rolls-Royce said its turbo generator, along with its development of battery packs, would give the company a leading role in providing energy source, power distribution systems and electric motors in an industry that is beginning to push regional aircraft capable of carrying 40, and eventually up to 70, passengers.
• Although some of the high-value design and development of the Rolls-Royce technology is being carried out at its Derby headquarters it is likely that the manufacture of the hybrid and electric power systems will take place in mainland Europe.

Sodium-ion battery capacity forecast to hit 150 GWh by 2030 (Benchmark)

• Sodium-ion batteries are emerging as a viable substitute for lithium-ion in certain applications because of the abundant availability and reasonable cost of sodium.
• Although still early in their development, it is widely believed that the development of Li-ion batteries will pave the way for rapid growth in the sodium-ion battery market.
• Like Li-ion batteries, Na-ion consists of an anode, cathode, electrolyte, and separator. The anode is produced from graphite like current Li-ion batteries. The cathode on the other hand is layered metal oxides or polyanionic compounds.
• Na-ion batteries have several advantages over Li-ion, but there are a few challenges to overcome:
  • Sodium is a much more abundant and cheaper material than lithium, making it a more sustainable option.
  • Sodium is less reactive than lithium, reducing the risk of fire and explosion, which is a concern with lithium-ion batteries.
  • Na-ion batteries have a higher theoretical energy density than Li-ion batteries – which could lead to longer battery life and increased range for electric vehicles.
  • Sodium-ion batteries have a longer lifespan than lithium-ion batteries, which means they can be charged and discharged more times before they need to be replaced.
• One of the challenges with sodium-ion batteries is their lower voltage compared to lithium-ion batteries.
• We expect Li-ion to remain dominant for EVs the foreseeable future due to lithium’s lighter weight. Lithium has a higher energy density than sodium with even the lower density, lower cost LFP, Lithium, Iron Phosphate batteries supporting 180Wh/kg vs Sodium-ion at 100-150Wh/kg.
• Sodium-ion looks more likely to succeed in grid power and other stationary power storage applications.

Company News

Anglo Asian Mining* (AAZ LN) 100p, Mkt Cap £115m – Forward sale agreement for 4.6koz at ~$1,950-1,980/oz through Dec/23

BUY – 204p

• The Company signed a forward sale agreement for a total of 4.6koz in gold dore over a 7 month period through to Dec/23.
• Contracts mature at the end of each month for a total delivery of 4.6koz over the period.
• Prices agreed are between ~$1,950/oz and ~$1,980/oz compared to a gold spot price of ~$1,948/oz at the time of signing the contract.
• Monthly forward contract gold deliveries account for ~25-30% of each month’s budgeted gold dore production.
• The contract supports the Company’s medium term growth strategy ahead of the forthcoming capital expenditure requirements.

Conclusion: Forward sales contract secures a close to spot gold price for ~25-30% of the planned dore production over the next seven months through to Dec/23 as the Company is developing two underground operations (Gilar and Zafar) as well as de-risking its copper growth portfolio represented by Xarxar and Garadag projects. The contract implies gold dore production of 15-18koz over seven months which is in line with our estimates with output expected to be weighed towards the latter part of the year as Gilar supplies richer ores to the agitation leaching plant.

*SP Angel acts as nomad and broker to Anglo Asian Mining

Ariana Resources (AAU LN) 2.45p, Mkt Cap £28m – Drilling results from Salinbas, Turkey

• Ariana Resources has released drilling results from its continuing exploration programme at its 23.5% owned Salinbas project in NE Turkey where it is investigating mineralisation associated with the Ardala porphyry.
• The results include an intersection of 461.8m at an average grade of 0.22% copper, 0.23g/t gold and 155ppm molybdenum from a depth of 283.5m in hole ARD-068 which is described as “the deepest hole drilled into the Ardala Porphyry to date”.
• Based on the depths quoted, it appears that hole ARD-068 was terminated in mineralisation.
• Hole ARD-066 intersected 8.2m at an average grade of 0.95g/t gold, 22.41g/t silver1.27% copper and 9ppm molybdenum from a depth of 46.6m in a zone described as “contact mineralisation … on the periphery of the Ardala porphyry” with the hole including a higher grade section of 0.3m at an average grade of 12.92% copper from 52.9m depth.

The company says that “Infill drilling within the Salinbas resource area progressing well, with best results to date including:

• • 12.8m @ 1.34g/t Au + 3.3g/t Ag [Hole SALH-087]
  • 10.7m @ 1.19g/t Au + 16.5g/t Ag [Hole SALH-077]
  • 5.8m @ 1.43g/t Au + 25.0g/t Ag [Hole ARD-065]

• The company confirms that it has now completed more than 12,000m of drilling on the project since late 2021 and that there are currently two drilling rigs in operation, including one at Hizarliyayla.
• Managing Director, Dr. Kerim Sener, said that “We have now confirmed the presence of a significantly gold-rich core to the Ardala Porphyry system in the deepest and one of the most well-mineralised holes drilled on the project to date, yielding almost half a kilometre of continuous copper, gold and molybdenum mineralisation”.
• He said that “We are now about halfway through a substantially expanded drilling programme which allows for up to 22,000m of drilling” and that “Drilling also remains underway at Hizarliyayla using a second drill-rig and the initial results of this drilling will be reported on separately from this release”.
• Dr. Sener also explained that although the results reaffirm “the high prospectivity of the area … [and show that] … our understanding of the overall potential is only just beginning”.

Conclusion: Drilling at Salinbas, including the deepest hole yet drilled on the Ardala porphyry, is beginning to show the exploration potential.  We look forward to further results as the current drilling programme, now about half completed, continues.

Empire Metals* (EEE LN) 1.87p, Mkt Cap £9m – Final Results for year ended 31^st December 2022

• Empire reports its final results for 2022.
• The Company notes the discovery of a mineralised system at the Pitfield Project, where titanium-rich mineralisation showed in all but one of 21 holes.
• Titanium mineralisation of between 4%-10% TiO₂ was identified at/near surface to depths of 154m.
• The Company notes only 2% of their Pitfield target has been drilled to date.
• At the time of signing the Statements, Empire had £1.8m in cash, leaving it well positioned for additional exploration programmes at Pitfield.
• Empire raised £1.25m via an equity placing at a placing price of 2.25p in March 2023.

• Pitfield: Management recently reported the identification of a “metal-rich mineral system, hosted by sedimentary rocks displaying extensive evidence of intense alteration by hydrothermal fluids” over an area covering “~40km by 8km”. in RC drilling at its 70%-owned  Pitfield project in Western Australia.
• Drilling has “identified a new high-grade, titanium discovery with consistently high titanium grades returned in thick intersections over a wide area identified throughout the mineral system … [and that ] … all but one of 21 holes drilled” intersected titanium mineralisation with grades in the range of 4% to 10% TiO₂.
• Empire Metals confirms that drilling encountered anomalous copper grades in excess of 100ppm in “60% of the drill sample intervals … indicating that this giant mineral system contains significant amounts of copper and potential for multiple copper deposits in other parts of the system”.

Conclusion:  Going forward, the Company is launching an exploration programme at its Walton project and expects to provide further details on the Eclipse-Gindalbie kaolin discovery over the course of Q3 from metallurgical testwork. Empire will use airborne geophysical surveys at its Stavely project and rock/soil sampling and mapping at Walton. Empire now has four major projects in Australia over 2,155km² including the high-grade gold prospective Eclipse-Gindalbie project.

*SP Angel acts as nomad and broker to Empire Metals. An SP Angel analyst holds shares in Empire

Greatland Gold (GGP LN) 6.55p, Mkt Cap £326m – Infill drilling at Havieron

• Greatland Gold has described progress at its 30% owned Havieron project in the Paterson Region of WA where underground development has now passed 2,400m in total, including 1,700m of advance on the main decline and where total metres drilled has now passed 303,000m.
• The company explains that infill drilling aimed at the lower levels of the South East Crescent Zone has added a further six holes totalling 5,028m since the last announcement in April, taking the project total to 303,456m in 341 drillholes.
• Work is “underway to incorporate these results into future Mineral Resource estimates to support the ongoing Feasibility Study”.
• Among the highlights of the recent drilling reported today, which include assays from four previously drilled holes are:
  • An intersection of 62m at an average grade of 2.2g/t gold and 0.06% copper from a depth of 1,349m in hole HAD-133-W11; and
  • An intersection of 46m at an average grade of 4.2g/t gold and 0.16% copper from a depth of 1,229m in hole HAD-159-W1, including a 22m wide section from 1,253m which averaged 7.9g/t gold and 0.27% copper; and
  • 72m at an average grade of 1.6g/t gold and 0.18% copper from a depth of 1,554m in hole HAD-171-W3; and
  • An intersection of 148m at an average grade of 1.7g/t gold and 0.25% copper from a depth of 1,205m in hole HAD-172-W3, including 30m at an average grade of 3.2g/t gold and 0.51% copper from 1.309m depth; and
  • An intersection of 32m at an average grade of 6.6g/t gold and 0.26% copper from a depth of 1,317m in hole HAD-172-W4 which also intersected a second zone of 28m at an average grade of 3.2g/t gold and 0.06% copper from 1,472m depth.
• Commenting on the recent drilling, Managing Director, Shaun Day, explained that it “affirms the impressive widths and high grade nature of the South East Crescent. Particularly encouraging is confirmation of continuous mineralisation through the link zone which connects the South East Crescent with the Eastern Breccia.”
• In March 2022, the company reported an increase in the overall estimated mineral resource at Havieron to 92mt of ‘Indicated’ and ‘Inferred’ resources at an average grade of 1.9g/t gold and 0.24% copper, including a ‘Probable’ ore-reserve of 25mt at an average grade of 3.0g/t gold and 0.44% copper with a gold content of 2.4moz and contained copper of 109,000t.
• The 2022 resources estimate was based on “on drilling completed to 2 December 2021, comprising 311 holes for 209,911m, inclusive of 87 holes for 59,270m which are additional to the drilling data used in the Stage 1 PFS Mineral Resource and Ore Reserve estimates released on 12 October 2021”.

Conclusion: Continuing exploration at Havieron continues to intersect mineralisation at increasing depths and is suggesting continuity of mineralisation between the South East Crescent and Eastern Breccia Zones.  We look forward to a future revision to mineral resources estimates including the almost 100,000m of additional drilling completed since the 2022 estimate and to the findings of the feasibility study currently in progress.

KEFI Gold and Copper* (KEFI LN) 0.6p, Mkt Cap £25m – Project funding update

• The Company reports that all outstanding major conditions remaining with the Ethiopian Government for the Tulu Kapi Gold Project funding were completed.
• In particular, the clarification by the Ethiopian Central Bank of specific procedures in relation to international bank accounts was provided last week.
• This follows two other major conditions agreed earlier this year including for two major lenders having been offered same rights and protections in Ethiopia (secured in March) and establishment of a permanent security force around the Tupu Kapi Project to allow the start of development works (agreed in April).
• Three critical agreements allow to now update the syndicate’s detailed definitive documentation for approval by funding syndicate members’ committees and boards ahead regarding the approval of the $390m project financing package.
• Separately, the team reports a number of initiatives that were completed by the government as funding negotiations continue including:
• Local electricity supplier (Ethiopian Electricity Production Corporation) procured the major components to connect the site to the national grid in line with the planned commissioning in 2025;
• The Ethiopian Roads Authority reaffirmed the delivery schedule for the new all-weather access road;
• The Regional Government signed an MOU to increase its equity stake in the project to $30m from $20m to maintain an interest of ~25% in the project.
• A draft of mining legislative reforms were received from the Minister of Mines as the office is looking for stakeholders comments on the potential review of the code.

Conclusion: The Company clears another milestone on course to securing the Tulu Kapi project funding with final documentation is expected to be reviewed by syndicate members’ committees/boards shortly ahead of the sign off paving the way for the start of development works.

*SP Angel acts as Nomad and Broker to KEFI Gold and Copper

Savannah Resources* (SAV LN) 4.9p, Mkt Cap £83m – AGM statement

BUY – 22.6p

• The Company released Chairman’s AGM statement with the meeting to be held later today.
• The statement highlights major milestones achieved by the team including securing the positive DIA decision in late May and a release of the updated Barroso Scoping Study earlier in June.
• The Barroso project hosting the Europe’s largest hard rock spodumene deposits delivers highly attractive returns with the study accounting for latest design adjustments, a significant amount of environmental remediation provisions as well as industry cost inflation.
• The Company had £5.1m in cash as of May/23 allowing the team to now start preparations for the project feasibility study related work as well as the second stage of the permitting process with the study and mining permits expected to be completed H2/24.
• Please, see our note with details behind project economics and our valuation released last week using the link: CLICK FOR PDF

*SP Angel acts as nomad and broker to Anglo Asian Mining

No.1 in Copper:  “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”

No1. In Gold:  “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020

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

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                                                            

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35-39 Maddox Street London

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*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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