SP Angel Morning View -Today’s Market View, Tuesday 8th April 2025

Gold rebounds as focus shifts to China yuan devaluation

MiFID II exempt information – see disclaimer below

Anglesey Mining (AYM LN) – Conceptual study on the energy storage potential at Parys Mountain

Blencowe Resources (BRES LN) – Non-binding offtake agreement for 50% of initial production from the Orom Cross graphite project, Uganda

Bradda Head (BHL LN) – Drill permits received for San Domingo lithium targets

Celsius Resources (CLA LN) – DENR issues financial approval for MCB’s mineral production sharing agreement

Central Asia Metals (CAML LN) – Q1 operational update shows progress with Sasa capital projects

Focus Xplore (FOX LN) – Name change

KEFI Gold and Copper* (KEFI LN) – Tulu Kapi development update

Savannah Resources* (SAV LN) – BUY, 18.1p – Barroso Lithium Project update

Thor Explorations (THX LN) – Maiden dividend declared and 85-95koz Au targeted for 2025

Gold ($3,002/oz) rebounds as focus shifts to China yuan devaluation

• Gold prices rallied overnight, bouncing from recent lows of $2,957/oz.
• The metal reached c.$3,160/oz in the spot market in the run up to ‘Liberation Day,’ with traders subsequently taking profit or using their gold to cover margin calls.
• The cross-atlantic arbitrage trade, similar to copper, saw gold rushed to New York from London, pushing premiums up and Comex stockpiles to 1992 highs.
• ETFs have been trimming gold holdings, with ytd gold inflows up 6.2%  to 88moz.
• This has subsequently unwound, with London now seeing inflows of gold for the first time since October following record outflows.
• We are focusing on a potential China yuan devaluation, with, the PBoC weakening its daily reference rate past the 7.2 level vs the dollar.
• The yuan is sitting near its weakest level since Sept. 2023

Gold miners – Margins to rise further on oil prices collapse

• The collapse in oil prices will enhance margins for gold miners.
• Miners generally spend anywhere between 30-40% of their operating costs on energy with a significant cost in diesel for dump trucks, loaders and other equipment.

• We recommend: Anglo Asian Mining plc* and Goldstone Resources* as operating gold miners. We recommend SolGold* plc for its giant undeveloped copper / gold project in Ecuador.

*SP Angel acts as Nomad & Broker to Anglo Asian Mining plc, Nomad & Broker to Goldstone and Broker (Standard List) to SolGold plc 

Copper ($8,781/t) ticks up on improving sentiment following tariff-induced rout

• LME copper has risen 0.4% this morning, essentially flat over the past day, whilst CME copper has risen 2.6% on more speculative positioning.
• Copper sold off hard on the Liberation Day tariff roll-out, unwinding a trade revolving around tariff expectations. COMEX prices fell 20% from recent highs amid the chaos.
• Focus now is on China stimulus, with the escalating trade war with the US stepping up a notch yesterday, with Trump warning of an additional 50% hit.
• Chinese buyers ramped up purchases on Monday, taking advantage of the dip, with Bloomberg reporting a ‘sharp increase in buying interest from Chinese fabricators’ and a jump in importing.
• The move followed a Chinese holiday on Friday, with the rush to secure metal pushing the spread between Shanghai and LME prices to over $1,000/t briefly.
• China’s property market continues to struggle, with a jump in global demand likely reliant on additional stimulus measures from Beijing.
• Elsewhere, Codelco’s Chair reports sustained strength in the physical market, as it targets a return to pre-pandemic output levels by 2030.

Tariffs – Investors were dismayed not to see a reduction in tariffs for Israel. But Trump may be playing it tough for now.

• Israel has publicly offered to eliminate the US / Israel trade deficit. That’s probably quite easy through buying weapons and munitions right now.
• While Trump did not offer to reduce the 17% tariff on Israel we would be surprised if this does not occour. Maybe Trump will wait to see how the trade deficit does before acting.
• One way for nations to balance the trade deficit will be to buy lots of Zero-coupon 100-year Treasuries from the US alongside other US goods.
• China – The $263bn trade imbalance with China is so huge it might be challenging to buy enough US goods. China could offer to buy allot of US companies but that is a strategy that Trump won’t allow!
• China’s threat to impose 34% counter tariffs has wound Trump up to an extra 50% tariffs on China which might cause tariffs to rise to >100%. The disruption from this could be highly disruptive for some US industry.
• Japan – investors reckon Japan will be a near the front of the queue in terms of trade talks
• EU – proposed counter-tariffs of 25% on a range of US goods + potential to add taxes to US digital services

Global trade – Maersk family offer to take marine service provider business private a year after its IPO

• What do they know about global trade and the demand for containerisation that we have yet to find out?
• Will Trump tariffs cause less or more global trade?
• Will traders simply re-route trade such as Chinese goods into the US through other jurisdictions?
  • WCI Composite Container Freight Benchmark Rate per 40ft box Drewry has fallen to 2,208. This is still higher than levels seen in 2023 but along way off the 10,000 level seen in July 2021 (Covid)
  • The WCI Shanghai to LA index is at 2,726. Again not as low as seen in late 2022 and 2023
  • WCI Shanghai to Rotterdam is 2,304 marking a 12-month low

Economics

US/China – The US threatened China it would levy further 50% on its goods taking total rate to 104% unless China withdraws the proposed retaliatory tariff of 34%.

• “Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9^th,” President Trump said.
• China announced a 34% tariff on all US imports beginning April 10.

The following scenarios are simple guesswork and designed to provoke thought and debate

Trump ramps tariffs ‘higher’ on China and other nations which threaten to raise tariffs on US goods further

• Manufacturers accelerate reshoring of production into the US
• Growth slows in China, the EU etc. Many nations face manufacturing recession.
• Inflation rises in the US but slows in the rest of the world
• Fed looks to cut rates as it moves to protect US from disruptive impact of sudden tariffs
• Rest of the world cuts rates to compensate for disruption, stimulate domestic demand for manufacturing and services.
• UK and other low-tariff nations suddenly do allot more business with the US
• US dollar continues to weaken as investors withdraw funds from US markets

Trump adds further barriers in addition to Tariffs

• Disruption slows US growth but many manufacturers accelerate US investment.
• Other manufacturers turn away from US and focus on trade with the rest of the world
• Growth slows further in China, the EU etc.
• Inflation rises further in the US but slows in the rest of the world
• Fed may hold or even raise rates despite more US staff being furloughed risking Stagflation
• UK and other low-tariff nations do more business with US
• US dollar continues to weaken as investors withdraw funds from US markets

Trump maintains tariffs at current reciprocal levels

• World adapts to high cost of doing business in the US
• Growth slows outside the US with EU, UK and China struggling with recession
• Inflation rises in the US and slows elsewhere
• UK does more business with the US
• US dollar continues to weaken as investors withdraw funds from US markets

Trump allows favoured nations to negotiate to reduce tariffs

• Some relief for equity markets but uncertainty remains. Investors fear further disruption
• Growth slows outside the US with EU, UK and China still struggling with uncertainty and potential recession
• Inflation rises in US but may be less of an issue for the Fed. Inflation slows elsewhere
• US dollar improves but investors continue to withdraw funds from US markets
• Fed does not cut interest rates so fast

Trump takes a hint from the collapse of equity markets and rolls back on tariffs

• Equity markets rally but not to previous highs as many investors are stopped out – damage has been done
• Growth is restored outside the US with EU, UK and China
• Inflation in US slows but remains in 2% – 3% range. Inflation continues to fall elsewhere as manufacturers continue to look to develop non-US sales
• US dollar continues to weaken as investors withdraw funds from US markets
• Fed cuts rates to support recovery from recent disruptive events and restore confidence

Congress / The Senate disallows Trump tariffs and winds back on Trump’s key executive orders

Potential for Trump impeachment if Tariffs cause catastrophic economic disruption

• Equity markets bounce with growth restored in US and ex US
• Inflation growth slows in US to below 2% as market absorbs huge inventory. Inflation rises ex US
• Western automakers see recovery
• Fed cuts interest rates to ensure recovery
• US dollar weakens

Currencies

US$1.0960/eur vs 1.1015/eur previous. Yen 147.06/$ vs 145.45/$. SAr 19.550/$ vs 19.375/$. $1.278/gbp vs $1.290/gbp. 0.607/aud vs 0.601/aud. CNY 7.335/$ vs 7.309/$

Dollar Index 102.967 vs 102.31 previous

Precious metals:         

Gold US$3,009/oz vs US$3,023/oz previous

Gold ETFs 88.0moz vs 88.0moz previous

Platinum US$929/oz vs US$919/oz previous

Palladium US$923/oz vs US$909/oz previous

Silver US$30.2/oz vs US$30.0/oz previous

Rhodium US$5,300/oz vs US$5,450/oz previous

Base metals:   

Copper US$8,771/t vs US$8,690/t previous

Aluminium US$2,371/t vs US$2,350/t previous

Nickel US$14,600/t vs US$14,210/t previous

Zinc US$2,584/t vs US$2,592/t previous

Lead US$1,865/t vs US$1,869/t previous

Tin US$33,420/t vs US$34,000/t previous

Energy:           

Oil US$64.6/bbl vs US$63.0/bbl previous

• Crude prices recovered from hitting 4-year lows yesterday, after China and the US traded threats on tariffs and the market elevated the likelihood of a global recession.
• The US Baker Hughes rig count was down 2 to 590 units last week (-30 or 5% y/y), with oil rigs up 5 to 489 units (-19 y/y) and gas rigs down 7 to 96 units (-14 y/y), as the Permian lost 3 rigs to 294 units (-23 y/y).

Natural Gas €36.4/MWh vs €34.3/MWh previous

Uranium Futures $64.4/lb vs $64.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$97.3/t vs US$99.6/t

Chinese steel rebar 25mm US$468.1/t vs US$471.5/t

HCC FOB Australia US$186.0/t vs US$179.0/t

Thermal coal swap Australia FOB US$98.8/t vs US$98.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$60,398/t vs US$60,474/t

Lithium carbonate 99% (China) US$9,571/t vs US$9,673/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$5.1/lb vs US$5.1/lb

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

China Ilmenite Concentrate TiO2 US$283/t vs US$284/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

Musk made direct appeals to Trump regarding auto tariffs

• Tesla CEO Elon Musk made direct yet unsuccessful appeals to US President Donald Trump to reverse tariffs over the past weekend, the Washington Post reported.
• The exchange marks the highest profile disagreement between the President and Musk, the report said.
• Musk has previously said that the impact of Trump’s auto tariffs on Tesla is “significant.”

EU to discuss zero tariffs on car imports with India 

• The European Union wants India to eliminate tariffs on car imports under a long-pending trade deal.
• According to sources, Indian Prime Minister Narendra Modi’s government is open to the phased reduction of tariffs from 100% to around 10%.
• The EU’s demands come weeks after U.S. President Donald Trump’s administration sought a similar elimination of import duties on cars, including EVs, as part of bilateral trade talks with India.
• The tariff cuts would be a win for European automakers, opening the door for wider access to the Indian market.

Company News

Anglesey Mining (AYM LN) 0.88p, Mkt Cap £4.0m – Conceptual study on the energy storage potential at Parys Mountain

• Anglesey Mining reports the publication of a conceptual study on the energy storage potential of its Parys Mountain property which indicates that the project offers a “positive business case”, manageable risks and can “advance the delivery of a producing underground polymetallic mine at Parys Mountain”.
• In February, the company described its collaboration with what it described as “an innovative energy storage company”, RheEnergise, to examine the potential to implement new energy storage technology in the 300m deep Morris Shaft at Parys Mountain.
• The February announcement outlined the use of “traditional pumped energy storage technology … [with] … a high-density fluid which is 2.5 x more dense than water … used in a closed loop … [as a potential source of ] … renewable energy … for future mining and mineral processing operations”.
• Building on the conceptual study, “Anglesey Mining and RheEnergise have elected to immediately commence a Pre-feasibility study (PFS), the first part of which will assess a range of deployment and sizing options, as described in the conceptual study”.
• The project scope includes “the de-watering and refitting of the Morris shaft for material and personnel hoisting, the dewatering of the workings emanating from the Morris shaft 280m below the surface, the upgrading of the power-line to site, the on-going environmental and social studies and the deployment of impact avoidance, mitigation and compensation strategies … [as key steps towards] … establishing a modern underground mine on Parys Mountain”.
• The announcement confirms that a “key aspect of this study stage is to identify third party funders for the project including reviewing the range of government incentives available for R&D renewable energy storage projects, highlighting the link to the primary supply of critical minerals for the UK and the creation of jobs and associated economic activity”.
• Describing the potential benefits of an energy storage solution to the planned resumption of mining at Parys Mountain, described as “the UK’s most advanced project for the primary mining of copper, lead, silver and zinc”, the announcement describes the importance of reliable power supply to future processing operations as well as its environmental and safety benefits.

Conclusion: Conceptual studies of the energy storage potential at Parys Mountain have prompted Anglesey Mining and its collaborative partner, RheEnergise, to progress their evaluation to a pre-feasibility study. We await the outcome with interest.

Blencowe Resources (BRES LN) 3.5p, Mkt Cap £9.5m – Non-binding offtake agreement for 50% of initial production from the Orom Cross graphite project, Uganda

• Blencowe Resources reports the signing of an additional non-binding offtake agreement for fine-flake natural graphite concentrate from its Orom Cross graphite deposit in Uganda.
• The agreement with the Chinese entity, Qingdao TaiDa Carbon, which is described as “one of the largest producers of Uncoated Spheronised Purified Graphite in the world”, covers “an initial 5,000t per year of 96% graphite concentrate for three years, with potential extension and expansion thereafter”.
• The announcement explains that the agreement with Qingdao TaiDa Carbon “covers 50% of initial Phase 1 of production of 10,000tpa targeted from 2026”.
• The non-binding agreement follows “successful test work and 18 months of bulk sample processing by TaiDa to validate Orom-Cross graphite quality”.
• Blencowe Resources explains that pricing has yet to be agreed and “will be confirmed post-DFS and financing at binding stage”.
• Describing the impact of the agreement, the announcement explains that “this deal lays the groundwork for Blencowe’s in-country SPG facility in Uganda, which will enable domestic purification, reduce operating costs, and capture substantial downstream value where the bulk of profit is currently being made in world graphite markets”.
• The agreement with TaiDa also “underpins Blencowe’s decision to expand Orom-Cross Phase 1 production from 5,000tpa to 10,000tpa which is a critical move to ensure profitability from the outset”.
• In March the company announced another non-binding agreement with Florida-based Apollo Energy Systems for offtake of “250 tonnes per annum of purified small flake graphite” and earlier in the month reported that the African Finance Corporation (AFC) has expressed a possible interest in debt or project level investment in the Orom Cross graphite project.

Conclusion: Blencowe Resources has secured a non-binding offtake agreement for graphite from its Uganda project with a large Chinese company.  Although pricing and, presumably other terms, have yet to be finalised the agreement should reinforce confidence in the viability of the project which remains subject to finalising of financing.

Bradda Head (BHL LN) 1.1p, Mkt Cap £4m – Drill permits received for San Domingo lithium targets

• American lithium explorer and developer Bradda Head reports the receipt of Notice of Intent for drilling permits at San Domingo.
• The approval enables the construction of 37 drill pads on the North and South targets on the Dragon target.
• 35 drill pads to be built at Ruby, Soho, Midnight Owl and Lone Giant targets.
• Additionally, they have acquired a mineral lease for 160 acres at San Domingo.
• Company will target shallow, undrilled targets over untested pegmatites, where visible mineralisation has been reported.
• Channel sampling has returned 8.4m at 1.17% Li20.

Celsius Resources (CLA LN) 0.33p, Mkt Cap £8.7m – DENR issues financial approval for MCB’s mineral production sharing agreement

• Celsius Resources reports that it’s Makilala Mining Company has received “formal confirmation from the Philippine Department of Environment and Natural Resources (“DENR”) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB)”.
• The confirmation follows the agreement, in February, of a bridging loan for up to US$76.4m with Maharlika Investment Corporation (MIC), the Philippines sovereign wealth fund, for (MCB) located on Luzon approximately 320km north of Manila.
• The project hosts a December 2022 “JORC compliant Mineral Resource Estimate … [of] … 338 million tonnes @ 0.47% copper and 0.12 g/t gold” with a planned mine life of 25 years treating 2.25mtpa of ore. to produce an average of around 16,000tpa of copper and 19,000oz pa of gold.
• A 2021 study on the project described an initial investment of US$253m delivering a post-tax NPV8% of US$464m and an IRR of 31%. The study was based on assumed copper price of US$4:00/lb (~US$8,800/t – currently ~US$8,800/t) and a gold price of US$1,695/oz (currently ~US$3,000/oz).
• Welcoming the progress, Chairman, Julito Sarmiento, thanked the “MIC for their confidence and catalytic funding support to the Project, and to the DENR and MGB for their professionalism and guidance throughout the compliance process”.
• He also expressed the company’s commitment “to ensuring that the MCB project delivers lasting and sustainable economic benefits to our host communities… as well as meaningful contributions to national development … while upholding environmental stewardship and shared prosperity”.

Conclusion: The MCI funding for the MCB project enables the 2021 technical studies to be updated and initial site access work to start. We await further news with interest

Central Asia Metals (CAML LN) 151p, Mkt Cap £264m – Q1 operational update shows progress with Sasa capital projects

• Kazakh and North Macedonian polymetallic producer CAML report an operational update from 1Q25.
• The Company produced 2.85kt Cu from Kounrad over the period, with Sasa producing 4.6kt Zn and 6.6kt Pb.
• Ore mined up to 196.5kt over the period, vs 184kt same period 2024.
• However, zinc production down marginally yoy on lower feed grades.
• Company reports the Sasa dry stack tailings plant was operational during the quarter, with the central decline also operational. Transition to paste-fill mining progressing.
• CAML reiterates production guidance for FY25, with Cu at 13-14kt, Zn at 19-21kt and Pb at 27-29kt.
• Company notes progress at Aberdeen Minerals’ Arthrath project, in which CAML holds a 28.4%, noting potential for  ‘higher-grade, nickel-copper sulphide traps within depth extensions to a prospective conduit system.’
• Aberdeen Minerals set to begin next round of drilling 2Q25.
• CAML Exploration boosted licences in Kazakhstan to four in total.

Focus Xplore (FOX LN) 0.04p, Mkt Cap £1.0m – Name change

• Yesterday afternoon, Katoro Gold announced a name change.
• Effective immediately, Katoro Gold becomes Focus Xplore with the ticker FOX LN.
• CEO, Patrick Cullen said that the new name “better reflects our purpose as we advance our critical minerals exploration portfolio in Ontario”.

KEFI Gold and Copper* (KEFI LN) 0.47p, Mkt Cap £38m – Tulu Kapi development update

• The Company released an update on the Tulu Kapi Gold Project in Ethiopia.
• Funding wise, the team continues to optimise the finance syndicate for $300m (ex capital already spent and contractor commitments):
• $240m in the form of bank debt (two lenders secured approvals from respective committees earlier in March);
• $60m in the form of a combination or either of US$ linked “EthioPrefs” to be issued by an Ethiopian holding company and listed on the Ethiopian Securities Exchange expected to be completed in due course and/or sale of the 15% interest in GMCO JV in Saudi Arabia.
• Preparations signing of all detailed definitive documentation are progressing for planned completion in 2Q25.
• Project development wise, works for full launch of the project are advancing across all fronts.
• Updated tender prices for mining services are being evaluated.
• Property surveys for Phase 1 Resettlement (~350 properties and 130 households) are being reviewed as part of planned compensation programme.
• The focus for 2Q25 is to complete government approvals of residual administrative matters and independent certifications for the project’s fixed price construction contracts, security, community commitments and overall schedule.
• Operational management appointed at the subsidiary level (TKGM).
• All contractors have been asked to prepare to proceed from the end of 2Q25.

Conclusion: The team is advancing preparation efforts for full project development launch from the end of 2Q25.

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

Savannah Resources* (SAV LN) 5.3p, Mkt Cap £115m – Barroso Lithium Project update

BUY – 18.1p

• The Company released an update on development works at the Barroso Lithium Project in Portugal.
• Phase 2 drilling programme is more than 60% complete with 6 drill rigs turning in parallel across multiple orebodies.
• As of April 2, 71 holes for ~6,900m have been completed from planned 117/13,000m programme.
• The Company will be releasing updated MRE as well as maiden Mineral Reserves later this year.
• Drilling continued to demonstrate that mineralisation remains open along strike and at depth.
• In addition, a number of mineralised targets were identified as part of surface exploration programme that offer further potential to expand the mineral resource in the future.
• Land access wise, the team acquired a further three properties and negotiations on multiple other land plots ongoing.
• The Company applied to government authorities for a second land easement over areas that are subject to planned fieldwork and geotechnical studies.
• Studies for supporting infrastructure are well advanced including 11km northern access road, 16km bypass road, internal haul roads and power supply.
• The team to submit its EIA and accompanying Preliminary Design report for the16km bypass road to APA in the coming days.
• RECAPE related fieldwork studies continued at pace with a number of monitoring programmes in progress including noise study, Covas River water flow and biodiversity.
• LOM design work and metallurgical testwork are ongoing.
• Processing plant equipment list finalised and budget quotation requests are being prepared.
• The preliminary designs have been completed for the Tailings Storage Facility, water reservoirs and environmental control dams.
• The Company highlighted securing “Strategic Project” designation under the EU Critical Raw Materials Act in March.
• The classification allows the Barroso Project to benefit “from coordinated support by the Commission, Member States and financial institutions to become operational”.
• 1H25 key targets include ongoing work on DFS related work streams, environmental licensing, securing land access, recruitment, and stakeholder engagement.

Conclusion: The team is advancing the Barroso Lithium Project at pace on course for completion of the DFS and the release of maiden mineral reserve later this year along with the RECAPE application submission before YE25.

*SP Angel acts as Nomad and Broker to Savannah Resources

Thor Explorations (THX LN) 25.3p, Mkt Cap £147m – Maiden dividend declared and 85-95koz Au targeted for 2025

• Nigerian gold producer Thor reports FY24 results and announces a maiden dividend.
• Thor produced 85koz Au over the period, vs 73.4koz 2023 (Thor had reduced guidance to 85koz from 95-100koz)
• Reported AISC came in at $765/oz vs initial guidance of $1,100/oz to $1,200/oz.
• Company reported a net profit of $91m and FY24 cash and cash equivalents at $12m (net cash at $11.2m).
• Additionally, Thor declares a C$0.05/year dividend, paid in quarterly instalments.
• Thor is guiding for 85-95koz in 2025 at AISC of $800-1000/oz.
• Exploration expenditure guided at $7.5-10m in Nigeria and $5m-7.5m across West Africa.
• Douta project progressing towards PFS, with Thor currently incorporating the Baraka 3 drilling results, including:
• • DTWRC129: 19m at 2.46g/t Au from 29m
  • DTWRC134: 26m at 1.3g/t Au from 21m
• Update to Douta PFS completion timing due once drilling completed.
• Thor focused on extending Segilola mine life and advancing Douta in Senegal, alongside their portfolio in Cote d’Ivoire.

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

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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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