SP Angel Morning View -Today’s Market View, Friday 25th April 2025

Copper inventories slide as tensions cool between China and US

MiFID II exempt information – see disclaimer below

Agnico Eagle (AEM US) – Results show cost control and focus on organic growth

Atlantic Lithium* (ALL LN) – Media coverage in Ghana as Atlantic calls for better fiscal terms for Ewoyaa lithium mine development

NGEx Minerals (NGEX CN) – Additional high grade copper results

Premier African Minerals (PREM LN) – £1.575m raised primarily for the Zulu Lithium and Tantalum project in Zimbabwe

URU Metals* (URU LN) – Progress towards mining right on Zebediela Nickel-PGM-gold project in South Africa

Vale* (VALE US) – Results weaker on lower iron ore prices

Vast Resources (VAST LN) – Zimbabwe diamond parcel release

Copper ($9,380/t) inventories slide as tensions cool between China and US

• Shanghai Metals Market reports mainstream copper inventories fell 14.8kt this week in China to 181.7kt, down 52kt since last Thursday.
• China inventories have now fallen for the past eight consecutive weeks.
• Reports of sustained high consumption from Chinese downstream users.
• Daily average outflows from warehouses hit a yearly high, as Chinese users replenish stocks ahead of the May Day holiday.
• Additionally, the import arbitrage has been cooling as the spread between COMEX prices and LME/Shanghai prices has narrowed following Trump’s Liberation Day.
• European copper premiums are rising, with reports of limited inventories on the continent following the flows into the US.

BBC World Service – Bre-X , the $6bn gold scam

• It is typical that just as the gold price runs to a record high the BBC decides to schedule their adaptation of the Bre-X $6bn gold scam.
• https://www.bbc.co.uk/programmes/p0hv1p87.
• May we point out that gold shares can go up as well as down and that not all gold explorers are scoundrels.
• We view, gold equities as safer than Cryptocurrencies from a theft perspective.
• Gold ETFs are a valid part of a portfolio and relatively safe, but they are also really quite dull from an investment perspective.
• The mining industry has put measures in place to try to prevent other Bre-X type scams through the development of JORC and Ni 43-101 resource reporting protocols.
• We suspect many scammers will have moved onto digital currencies AI, mini bonds and other easier pickings.

Economics

US priorities – Iran, Israel, China. One conflict at a time!

• We suspect Trump will want to settle Russia vs Ukraine before Israel strikes Iran.
• We also suspect that removing Iran’s potential for nuclear capability is their no.1 priority.
• Trump withdrew from the JCPOA (Iran nuclear deal) to raise pressure in Iran and continues to push for a new nuclear deal. Iran has increased uranium refining raising the stakes.
• Unfortunately, the Ayatollahs appear to remain committed to the destruction of Israel and the US raising the likelihood of a strike by the Israelis.
• If the Russian situation with Ukraine is settled and a deal is done with Iran, the US may feel it can better front up to China.
• Unfortunately, we do not see Russia as sticking to any agreement, we are sure Iran cannot be trusted, and China will continue to undermine the US economy as it sees fit.
• Tragically, the alternative option is to hit Russia hard and weaken its influence, for Israel to bomb Iranian nuclear facilities and to maintain stiff tariffs against China as a method of containment.
• “Si vis pacem, para bellum” (If you want peace prepare for war), Publius Flavius Vegetius Renatus of ancient Rome.

US – Risk sentiment improves on colling trade tensions and as Fed Governor Waller indicated his pro monetary easing stance.

• China is considering suspending its 125% tariff on some US imports, according to people familiar with the matter.
• Among product categories are medical equipment, some industrial chemicals and plane leases.
• Additionally, a tariff waiver is considered on at least eight semiconductor related products.
• Earlier, China demanded the US to revoke all unilateral tariffs for negotiations to start.
• Christopher Waller said he would support rate cuts should employment weaken.
• Cleveland Fed President Beth Hammack told CNBC that the central bank may cut as early as Jun.
• Equity futures (S&P 500 +0.3% and Nasdaq +0.4%) are trading in the black following strong run over the week.
• The US$ index and Treasuries climbed with gold prices off.

Apple planning to shift the assembly of all its US sold iPhones to India as soon as next year. (FT)

• Plans mean doubling the iPhone output in India by the end of 2026.
• Apple sells more than 60m smartphones in the US annually or just under 30% of ~232m sales reported in 2024.

Chinese manufacturing has been largely funded by US companies and PE funds

• US companies and funds earn huge margins of the back of cheap Chinese labour, lax working practices, low energy costs, etc…
• China has returned the favour by copying products, stealing IP and raising the value of its output to rival and sometimes get ahead of US manufacturers.
• As costs in China rise and as the CCP has randomly taxed private entrepreneurs business have started moving to Vietnam, Cambodia, Thailand etc…

Western retailers and consumers have become dependent on cheap manufacturing:

• If Apple made iPhones in the US they might cost 2-3x their current cost base.
• If most retailers were to have their products made in the West margins would fall similarly and the sky-high property rents and business rates would put them out of business.
• Shops cannot sustain lower margins unless their landlords and local authorities cut their rates but landlords are often leveraged and councils are burdened with huge social costs.

Play the game and dump the crazy rhetoric! Diplomacy is the art of telling people to go to hell in such a way that they ask for directions “Winston Churchill”

• China, India, the EU and others have been quietly raising tariffs on differing products for many years.
• Trump could simply talk diplomatically while quietly raising tariffs on key imports, bit by bit.
• Raise US VAT on most products while subsidising domestic manufacturing through lower energy and social costs.
• China has been effective with this, though we don’t see US labour accepting Chinese salaries.

Reduce tariffs for in return for investment into the US (deals) and allow global trade to resume

• Bank the win and recognise that fixing the US debt crisis maybe less important than maintaining stability in the short term.
• Persuade the Fed to cut interest rates to reinvigorate growth in the US economy. This should serve to weaken the US dollar.
• Ensure that your spies know more about China’s intentions than they know about you!

UK – Retails sales climbed for a third consecutive month in March ahead of Trump tariffs. (Bloomberg)

• Stronger sales were driven by the sunniest March in England on record and the third sunniest for the UK as a whole.
• Sales were up 0.4%mom, beating expectations for a 0.4% drop.

Namibia swears in its first female Mrs. President Netumbo Nandi-Ndaitwah after winning 58% of the vote in November

• Mrs. Nandi-Ndaitwah, known as NNN is the daughter of an Anglican clergyman joining SWAPO aged 14, later becoming the leader of the SWAPO Youth movement fighting to end South Africa’s occupation.
• The new President, aged 72 is keen to make government more efficient with ministers reporting to quarterly targets.
• Nandi-Ndaitwah has a US$4.6bn plan for the nation to improve economic conditions through the construction of two internationally accredited football stadiums before the next 2029 election.
• SWAPO also has a plan to improve the reduction of food imports through the development of larger scale farming.
• The party also plans to develop the national mining company, Epangelo Mining, which will be allocated around half of all new EPLs ‘exclusive prospecting licenses’.
  • The strategy includes enacting a mineral beneficiation law and establishing a national gold reserve, ensuring that wealth from mining benefits Namibians first. (Namibian Sun)
  • A critical minerals value-chain mapping study will be conducted between April and July 2025, paving the way for an integrated mineral beneficiation policy by March 2026.
  • On local mineral beneficiation, the plan details that 50% of all new EPLs will be allocated to Epangelo Mining, Namibia’s state-owned mining company, which will be capacitated through fiscal support and self-funding to finance its own exploration.
  • This process is set for completion by May, according to documents perused by Namibian Sun.
  • The national gold reserve, guided by a Cabinet directive, is expected to be in place by April 2026.
  • A key aspect of this plan is value addition for critical minerals, with bilateral agreements to establish a regional processing centre by March 2026.
  • To boost athlete development, sports centres of excellence will be integrated into the category two stadiums, providing training facilities, sports science labs and professional coaching. These centres, supported by a N$544 million annual budget, will begin construction by October, with full completion expected by March 2028.
  • A sports levy will see 30% of gambling revenues allocated to sports development to ensure sustainable funding for leagues and youth programmes.
  • Swapo’s youth empowerment strategy aims to boost entrepreneurship, skills development and job creation. A national youth fund, backed by N$500 million annually, will finance at least 6 000 youth-owned businesses.

Conclusion: SWAPOs plan to revitalise the economy and boost mining could well resonate with US policymakers looking to develop critical mineral supply chains into the US. Proposals to develop new smelting and refining capacity close to the Namibian coast should create a suitable staging post for processing of minerals from near-by deposits to supply the

India/Pakistan – Nuclear nations India and Pakistan moved closer to military confrontations following a series of escalating tit-for-tat moves since a terrorist attack on Indian tourists in the disputed region of Kashmir earlier this week.

• Both countries cancelled visas respective nationals with Pakistan closing its airspace for all India owned and operated airlines.
• Islamabad has also suspended all trade with India.
• India suspended 1960 Indus Water Treaty regulating the flow of water to Pakistan with the latter calling the decision as an act of war.
• India said the suspension will be in place until Pakistan “credibly and irrevocably” ends its support for “cross-border terrorism”.
• Pakistan denied any role in the attack.
• India ordered its citizens to return from Pakistan while Pakistan expelled a number of Indian diplomats.
• The attack led to the killing of 25 Indian tourists and a Nepalese national on Tuesday in the worst assault targeting civilians in the region for years.

Currencies

US$1.1364/eur vs 1.1373/eur previous. Yen 143.40/$ vs 142.68/$ previous. SAR 18.817/$ vs 18.613/$ previous. $1.330/gbp vs $1.329/gbp previous. 0.639/aud vs 0.638/aud previous. CNY 7.286/$ vs 7.297/$ previous.

Dollar Index 99.57 vs 99.45 previous.

Precious metals:

Gold US$3,306/oz vs US$3,335/oz previous.

Gold ETFs 89.5moz vs 89.5moz previous.

Platinum US$960/oz vs US$978/oz previous.

Palladium US$937/oz vs US$942/oz previous.

Silver US$33.3/oz vs US$33.4/oz previous.

Rhodium US$5,375/oz vs US$5,400/oz previous.

Base metals:

Copper US$9,392/t vs US$9,384/t previous.

Aluminium US$2,450/t vs US$2,443/t previous.

Nickel US$15,823/t vs US$15,672/t previous.

Zinc US$2,677/t vs US$2,654/t previous.

Lead US$1,963/t vs US$1,940/t previous.

Tin US$31,673/t vs US$31,189/t previous.

Energy:

Oil US$66.7/bbl vs US$66.7/bbl previous.

• US Henry Hub natural gas prices fell as the EIA reported a larger-than-expected 88bcf w/w build to 1,935bcf, with storage inventories now 19.8% below last year and 2.2% below the 5-year average.
• Eni has reached financial close with the UK Government’s Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS project, which will capture and transport CO2 from the HyNet industrial Cluster via new and repurposed infrastructure to permanent storage in depleted gas reservoirs from 2028.

Natural Gas €33.4/MWh vs €34.1/MWh previous.

Uranium Futures $65.5/lb vs $65.2/lb previous.

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$100.2/t vs US$99.8/t

Chinese steel rebar 25mm US$463.4/t vs US$444.1/t

HCC FOB Australia US$185.5/t vs US$180.0/t

Thermal coal swap Australia FOB US$94.0/t vs US$96.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$56,683/t vs US$56,897/t

Lithium carbonate 99% (China) US$9,258/t vs US$9,300/t

China Spodumene Li2O 6%min CIF US$800/t vs US$800/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/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$24.2/kg

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

Global Rutile Spot Concentrate 95% TiO2 US$1,513/t vs US$1,513/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

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

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

Company News

Agnico Eagle (AEM US) $120, Mkt Cap $60bn – Results show cost control and focus on organic growth

• Agnico Eagle reports first quarter production of 874koz at AISC of $1,183/oz.
• The Company retains 2025 production guidance of 3.3-3.5moz at AISC of $1,250-1,300/oz.
• AISC fell over the quarter on higher production from LaRonde and Macassa, alongside a weaker Canadian dollar.
• CAPEX estimated for 2025 retained at $1.75-1.95bn.
• Company reports average realised gold price $2,891/oz over the quarter, generating $1.6bn in EBITDA, and $594m in free cash flow after $419m in CAPEX.
• Agnico increased cash by $212m, with debt at $1.1bn, with net debt at $5m.
• Dividend of $0.4/share paid quarterly.
• Company repurchased 488k shares over the period for $50m and is looking to increase their NCIB to $1bn.
• At Canadian Malartic, the Company is aiming to boost the Odyssey mine’s annual production to 1mozpa, potentially by sinking a second shaft.
• Agnico is spending c.$225m on exploration in 2025.
• Company expects to deliver a feasibility study at its 50/50 JV with Teck, the San Nicolas VMS project, in 2H25.
• San Nicolas holds 52.6mt at 1.12% Cu, 1.48% Zn, 0.4g/t Au and 22g/t Ag.

Atlantic Lithium* (ALL LN) 6.99p, Mkt Cap £49m – Media coverage in Ghana as Atlantic calls for better fiscal terms for Ewoyaa lithium mine development

1. Atlantic Lithium have acknowledged a degree of media coverage relating to their appeal to the Ghana Government for fiscal concessions relating to the Ewoyaa Lithium Project.
2. Press reports indicate that Atlantic has asked the government for further tax concessions.
3. The current framework includes a 10% free carry and a special 13% royalty on gross revenue.
4. Reuters reports, General manager Ahmed-Salim Adam as saying urgent revisions to the fiscal terms would help keep the project alive.

1. • “Nobody is going to put their money in that,” “It should have been 30% to make sense.”

1. Altantic recently retrenched 25 employees and has not ruled out the potential for further redundancies.
2. Ewoyaa Ownership:

1. • Atlantic 62.9% falling to 40.5% if Piedmont fund their share of Ewoyaa,
   • Piedmont 18.2% rising to 40.5% on project funding,
   • MIIF Sovereign Wealth fund 6%,
   • Government of Ghana 13%
   • For Piedmont to raise their stake to 40.5% will cost a total of $70m + 50% of the total Capex eg. $135m on a $200m capex.

1. Supporting partners:

1. • MIIF, the ‘Minerals Income Investment Fund’ contributed US$5m. MIIF are the Ghana sovereign wealth fund.
   • Assore which has made two previous offers to acquire Altantic Lithium remains supportive and recently supported a A$10m equity placing in October 2024
   • Piedmont Lithium Inc. is merging with Sayona Mining Limited which also produces spodumene concentrate. Note; Piedmont also has a contract with Sayona for the supply of spodumene concentrate.

1. Ongoing projects for Ewoyaa lithium mine development:

1. • FID, ‘Final Investment Decision’ completion of a number of key activities towards FID.
   • DFS ‘Definitive Feasibility Study’ technical refinement and optimisation for Ewoyaa
   • EPCM ‘Engineering, Procurement, Construction and Management’ and Mining contracts. In addition, considerable steps have been taken, and will continue to be taken, towards maximising safety across the Company’s operations. The well-being of our employees, contractors and local stakeholders remains of upmost importance to the Company. Across all of its activities, Atlantic Lithium is committed to maintaining practices that ensure the safety of everyone impacted by the Project, which we consider imperative to the Company’s success at Ewoyaa.

1. Resource: Higher confidence JORC resources now total 81% of the total MRE with:

1. • 3.7mt @ 1.37% Measured,
   • 26.1mt @ 1.24% Indicated,
   • 7.0mt @ 1.15% Inferred.
2. Parliament ratification process
   • Management continue to wait for the new Ghanian government to ratify the Ewoyaa Mining Lease before advancing the Project towards construction and operation.

1. Cash position remains healthy at A$7m as of the Interim statement of 14 March.

Conclusion:  The current lithium price environment is forcing the reassessment of lithium projects the world over. CATL recently restarted its lepidolite mine and refinery in Jiangxi, a move which looks likely to supress global spodumene prices.

*SP Angel acts as Nomad and Broker to Atlantic Lithium

NGEx Minerals (NGEX CN) $12.6, Mkt Cap $1.6bn – Additional high grade copper results

• Lundin-backed copper exploration Company NGEx, who holds the Lunahuasi project in Argentina, reports results from their phase 3 drill programme.
• DPDH033:
  • 40m at 7% CuEq from 935m extends mineralisation to the north
• DPDH034
  • 272m at 2.88% CuEq from 564m extends mineralisation downdip from previous hole DPDH028.
• Management suggests that the results boost confidence in their geological interpretation of Lunahuasi, believed to be ‘an extensive network of vein hosted high-sulphidation mineralisation associated with a porphyry copper-gold system.’
• The source and driver of mineralisation is believed to be a porphyry system, although the Company believes that ‘the high-grade mineralisation is starting to demonstrate significant scale.’
• They note high-grade mineralisation correlates with northeast trending, steeply dipping, structural corridors.
• Mineralisation along these corridors pinches and swells between 100m and 1/2m zones.
• Company notes the structure is open upward, downward and along strike.
• Drilling has also intersected various sub-arallel corridors with wide and high-grade zones of mineralisation.
• Lunahuasi lies within the Vicuna district, which also hosts the Caserones, Josemaria and Filo del Sol deposit, currently in development by BHP and Lundin Mining.

Premier African Minerals (PREM LN) 0.038p, Mkt Cap £17m – £1.575m raised primarily for the Zulu Lithium and Tantalum project in Zimbabwe

• Premier African Minerals Limited report the raising of £1.575m at 0.035p/s primarily for the Zulu Lithium and Tantalum project in Zimbabwe
• Premier plans to complete the complete the spodumene float section at Zulu though the commissioning and optimisation of the Primary Flotation Plant and Secondary Flotation Plant.
• This should enable the plant is able to achieve the required grade and tonnage to reach a binding agreement for its future development.
• The recently announced amendment to the Offtake and Prepayment agreement with Canmax, the provision of a non-binding letter of interest and the alleviation of the concerns related to the long stop date all point towards ongoing cooperation between Canamax and PREM.
• Canmax holds a fixed charge over the shares of Zulu Lithium. The project had received $43m from Canmax as of June 2024 with the balance accruing 12%pa interest.

URU Metals* (URU LN) 4.72p, Mkt cap £2.43m – Progress towards mining right on Zebediela Nickel-PGM-gold project in South Africa

(URU Metals holds a 73.81% interest in Zeb Nickel Corp. URU Metals acts as a technical advisor to the project)

• URU Metals reports LPU ‘Lesego Platinum Uitloop (Pty) Ltd’ has started issuing shares so as to comply with South Africa’s BEE Mining Charter III regulations.
• The move should prepare the way for mining right approval by the DMRE
• ) to URU, thereby positioning the Company to advance its exploration and further project development activities.
• LPU will allocate 5% to an Employee Share Ownership Scheme and 5% to a newly formed Non-Profit Company focussed on community development and socio-economic upliftment.
• Exploration
• Once granted, the mining right will enable the Company to proceed with the next phase of the exploration program, including:
  • Infill Drilling Program: A focused campaign aimed at upgrading the existing resource classification at the Zebediela project.
  • Declaration of a Maiden Resource: This phase will target the high-grade nickel-platinum group elements (Ni-PGE) mineralization in the footwall zone, building upon the substantial resource base already identified.
• Zeb nickel Corp holds 76% the Zebediela Nickel-PGM-gold project with 26% held by BEE investors. located on Northern Limb of the Bushveld Complex of South Africa.
• The Project lies adjacent to IvanPlats’ Platreef Mine and south of Anglo-American Platinum’s flagship Mogalakwena Mine.  URU Metals remains technical operator on the Project.
• Zebediela is drilling to expand the existing, non-current 43 101 ‘indicated’ resource of 485t at 0.245% Ni and ‘inferred’ resource of 1,115mt at 0.248% Ni, as well as follow up on higher grade Ni-PGM intersections in the footwall of this resource.
• In addition to the resource mentioned above, a second Ni-PGM resource associated with Critical Zone rocks, also found on the project area could result in a potential 76% increase in grade to 0.431% Ni using a Ni cut-off grade of 0.31%. Recent drilling has also resulted in the discovery of gold intersections of potentially significant value.
• Zeb Nickel is focussed on improving the grade of the 1.5bnt resource and by targeting higher-grade nickel zones which are thought to occur within mineralised zones.
• URU Metals is overseeing the resource delineation and potential future development of the Zebediela nickel project in South Africa just north of Johannesburg.
• Drilling and exploration is being funded by Zeb Nickel which is listed on the US OTCQB market and TSX:V.
• The region hosts a number of important Platinum Group Metals ‘PGM’ mines with Anglo American’s Mogalakwena PGM mine to the north and Ivanhoe Mines Platreef project to the east.
• A host of other prospects lie along the Northern Limb held by Sibanye Stillwater, Anglo American, Sylvania Platinum and Platinum Group Metals Ltd.
• URU resumed drilling of the Zebediela project late last year and recently reported high grade gold intercepts below the main nickel-PGM bearing reefs indicating the potential for further value to be gained from mining the mineralised package.
• The latest 3,600m diamond exploration drilling program aimed to improve the confidence in the historical NI43-101 compliant resource at Zebediela while also exploring for higher grade nickel sulphide mineralisation which is thought to occur within and below the reef.
• The application for the Mining Right for the Zebediela Project is in its advanced stages and Zeb Nickel has secured necessary permits to continue exploration with a view to potential development following submission of required documentation to the South African Department of Mineral Resources and Energy ‘DMRE’.
• The project is well located in a mining friendly jurisdiction with plenty of highly experienced skilled local labour, all the mining services a company could want for and ready access to expert engineering and construction companies.

*SP Angel acts as Nomad and Broker to URU Metals

Vale* (VALE US) $9.6, Mkt Cap $42bn – Results weaker on lower iron ore prices

• Vale reports adj. EBITDA of $3.2bn, down 9%yoy and 18%qoq.
• Iron ore adj. EBITDA of $2.9bn, with fines contributing $2.3bn and pellets $0.54bn.
• Copper adj.EBITDA of $0.6bn.
• Average realised iron ore price at $91/t for fines and $141/t for pellets, down 10% and 18%yoy respectively.
• Fines volumes increased 8%yoy.
• Fines and pellets all in costs at $64/t, down 9%yoy and up 8%qoq.
• CAPEX of US$1.2bn over the quarter, with guidance retained at US$5.9bn for the year.
• Free cash flow reported at $504m down from $1.7bn same period last year on lower EBITDA and working capital movements.
• Company’s net debt increased to US$12.2bn, on dividend and interest on capital payments.
• Vale expects to pay $1.8bn on Samarco commitments in 2025, reducing to $1bn in 2026, then $0.6bn in 2026.

*An SP Angel analyst holds shares in Vale

Vast Resources (VAST LN) 0.5p, Mkt Cap £13m – Zimbabwe diamond parcel release

• The Company was delivered the historical diamond parcel that was held by the central bank of Zimbabwe since early 2010.
• A valuation estimate to be provided in due course following the completion of the cleaning and re-sorting process.
• The parcel has been despatched to Dubai for eventual sales process that is expected to comment within a month.
• The Company estimates that royalties and fees related to the sale process may add to ~20% of the gross rough diamond value.

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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