SP Angel Morning View -Today’s Market View, Thursday 29th May 2025

Metals hold steady against rising dollar as US judge blocks Liberation Day tariffs

MiFID II exempt information – see disclaimer below

Asiamet Resources (ARS LN) – Major shareholder contributes US$2.5m to progress BKM copper project to a final investment decision

Atalaya Mining (ATYM LN) – Robust Q1 delivers record EBITDA

Beowulf Mining* (BEM LN) – Quarterly report

Champion Iron Ore (CIA AU) – FY25 results as focus on cost reduction and long-term growth pipeline

Develop Global (DVP AU) – Sulphur Springs update

Fireweed Metals (FWZ CN) – C$54m placing to advance Macpass and Mactung projects

Galantas Gold* (GAL LN) – 1Q25 results

GreenRoc Strategic Materials Plc (formerly GreenRoc Mining) (GROC LN) – Amitsoq graphite Exploitation license public hearing starts in Greenland

Metals One (MET1 LN) – Additional Norwegian exploration project

Resolute Mining* (RSG LN) – Clarification on Guinea exploration permits

Savannah Resources* (SAV LN) – BUY, 18.1p – Further drilling results return wide higher grade intersections with Phase 2 programme nearly complete

Gold ($3,279/oz) slides as dollar rallies on Trump tariff block

• Gold prices are down $50/oz since yesterday’s rally as optimism builds over reduced Trump tariffs.
• Gold had been a primary beneficiary of uncertainty and geopolitical tensions created by the Trump administration, rallying sharply following his ‘Liberation Day’ tariff roll-out in early April.
• However, he has gradually pulled back on various punitive measures on China, and tensions with the EU thawed over the weekend.
• Whilst speculative funds may be taking profits on gold due to the above, we suspect China will continue accumulating dips.
• China saw record gold imports in April as their Central Bank continued to amid a longer-term programme of diversifying foreign reserves.
• Other Central Banks have been following suit, with more Western countries taking part in the buying, noting Czech and Poland recently.

Copper – (US$9,633/t) LME copper stocks continue to fall with another 1,925t outflow bringing LME inventories down to 154,300t

• LME, SHFE and Comex stocks represent around just 7.2 days of 2024 global consumption.
• Give the global reliance on just-in-time ordering and inventory management this is a remarkably small stock level.
• The State Grid Corp. of China, the world’s largest consumer of copper has increased grid expenditure by 25% yoy in Q1 with investment in new equipment also rising by 60%.
• Chinese copper concentrate imports have risen 7.3% yoy to 10mt to end April.

Copper – We’ve Never Seen This Before in the World: Video: 

Podcast: https://audioboom.com/channels/4099560-the-sharepickers-podcast-with-justin-waite

Economics

US – A US court ruled that Trump Liberation Day and retaliation tariffs were illegal and the administration did not have the authority to use the emergency economic powers legislation

• Trump team said they would launch an appeal to the US Court of International Trade decision.
• Section 232 and Section 301 trade levies are not impacted by ruling so tariffs on steel, aluminium, cars are not affected.
• A section 232 notice is expected soon on copper, hence the ongoing stock build in physical copper in the US ahead of potential new tariffs.
• Trump can still use Section 338 trade tariffs and various other measures to impose tariffs.
• S&P and Nasdaq futures both climbed on the news trading 1.5% and 1.9% higher.
• NVDA shares are trading 5% up pre market after beating market quarterly earnings expectations and projected strong revenues for the current quarter.

Elon Musk stepped down from Trump administration yesterday

• “As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,” he wrote in a post on X.
• Earlier Musk blamed lawmakers for Doge’s slow progress and criticised Trump tax bill.

US FOMC meeting minutes showed “almost all participants commented on the risk that inflation could prove to be more persistent than expected” amid tighter US administration trade policy

• Markets are pricing in 1-2 rate cuts this year with the first one not before October.

Currencies

US$1.128eur vs US$1.133/eur previous, Yen 145.44/$ vs 144.15/$, SAr 17.923/$ vs 17.946/$, US$1.346/gbp vs US$1.350/gbp, US$0.644/aud vs US$0.644/aud

CNY 7.189/$ vs 7.191/$, Dollar Index 100.02 vs 99.63.

Precious Metals

Gold US$3,278/oz vs US$3,320/oz previous

Gold ETFs 88.7moz vs 88.7moz previous

Platinum US$1,075/oz vs US$1,097/oz previous

Palladium US$974/oz vs US$990/oz previous

Silver US$33.3/oz vs US$33.5/oz previous

Rhodium US$5,500/oz vs US$5,425/oz previous

Base metals:

Copper US$9,633/t vs US$9,628/t previous

Aluminium US$2,483/t vs US$2,495/t previous

Nickel US$15,200/t vs US$15,125/t previous

Zinc US$2,719/t vs US$2,701/t previous

Lead US$1,992/t vs US$1,984/t previous

Tin US$31,651/t vs US$32,478/t previous

Energy:

Oil US$65.4/bbl vs US$64.0/bbl previous

• Crude oil prices edged higher on after the API estimated an unexpected 4.2mb/d w/w draw (+1mb/d build exp) to US crude, as well as a 0.5mb draw to gasoline and 1.3mb build to distillate stocks.
• European energy prices are flat as EU natural gas storage levels rose 1.8% w/w to 46.9% full (vs 58.1% 5-Yr average) with aggregate inventory at 531TWh, with Bloomberg forecasting an 86% full level by November 1.

Natural Gas €36.7/MWh vs €37.0/MWh previous

Uranium Futures $71.6/lb vs $71.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$100.1/t vs US$100.8/t

Chinese steel rebar 25mm US$469.5/t vs US$469.5/t

HCC FOB Australia US$189.5/t vs US$190.0/t

Thermal coal swap Australia FOB US$103.0/t vs US$102.5/t

Other:  

Cobalt LME 3m US$33,251/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$60,086/t vs US$60,207/t

Lithium carbonate 99% (China) US$8,601/t vs US$8,768/t

China Spodumene Li2O 6%min CIF US$655/t vs US$685/t

Ferro-Manganese European Mn78% min US$995/t vs US$1,113/t

China Tungsten APT 88.5% FOB US$397/mtu vs US$388/mtu

China Graphite Flake -194 FOB US$425/t vs US$430/t

Europe Vanadium Pentoxide 98% US$5.2/lb vs US$5.2/lb

Europe Ferro-Vanadium 80% US$24.4/kg vs US$24.4/kg

China Ilmenite Concentrate TiO2 US$287/t vs US$287/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/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$365/t vs US$357.5/t

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

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

Battery News

CATL closing in on 100-second battery swap system

• CATL is working with a group of Chinese automakers to develop a battery swap system that can complete a swap in 100 seconds.
• Nio has been spearheading the development of battery swap technology with a network of over 3,300 battery swap stations in China and a further 2,200 worldwide.
• The automakers current iteration of their battery-swap station can complete a battery swap in 3-4 minutes.
• According to reports in China, the first 1,000 EVs with CATL’s “Choco-SEB” swappable battery have been delivered to a taxi company.
• Battery swapping is much quicker than even the fastest battery charging technology, but requires more significant investment to set up the infrastructure.
• CATL has established 34 battery-swap stations in the launch city of Chongqing, that can each store up to 30 batteries.
• The company is looking to have 1,000 swap stations built across China by the end of the year.

Company News

Asiamet Resources (ARS LN) – 0.85p, mkt cap £25m – Major shareholder contributes US$2.5m to progress BKM copper project to a final investment decision

• Asiamet Resources’ 40% shareholder, PT Buma International is subscribing an additional £1.9m (~US$2.5m) in two tranches via the issue of a further ~236.5m shares priced at 80p/share.
• Tranche 1, comprising ~94.6m shares for the initial US$1m is due to settle by 3^rd June with the second 141.9m shares (US$1.5m) due by 15^th July.
• The additional funds, which will be used to “advance Asiamet’s BKM Stage 1 BKM Copper Project towards a final investment decision” raises PT Buma’s holding in Asiamet to 44.6%.
• In a separate announcement today, the company reports a net loss for 2024 of US$5.46m (2023 – loss of 5.23m) and a closing cash balance of US$2.23m.
• The company highlights its updated feasibility work on the BKM copper project in Kalimantan which reduced the total volume to be mined by around 46% from 50.5mt to 90.9mt and an “Updated Capital Cost Estimate released in December 2024 delivering an estimated US$58 million saving”.

Conclusion: Additional funding to progress BKM project towards an FID

Atalaya Mining (ATYM LN) 434p, Mkt Cap £581m – Robust Q1 delivers record EBITDA

• Atalaya Mining reports a Q1 2025 profit of €30.5m (Q1 2024 -€1.6m) and EBITDA, described as “the highest quarterly figure in Atalaya’s history” of €52.5m (Q1 2024 – €10.3m) and a 31^st March net cash position of €38.1m.
• The financial results reflect the previously reported quarterly copper production of 14,291t (Q1 2024 – 10,666t) at a cash cost of US$2.25/lb and all-in sustaining cost of US$2.74/lb (Q1 2024 – US$2.99/lb and US$3.17/lb respectively).
• CEO, Alberto Lavandeira, attributed the strong quarterly production to a combination of grade and troughput which delivered “our best quarter of production in several years … [and] … stable site costs”.
• Higher realised copper prices averaging US$4.26/lb (Q1 2024 – US$3.89/lb) will also have contributed to increased revenues of €130.7m (Q1 2024 – €69.9m) which also benefitted from “lower offsite costs”.
• Production reflects the processing of 4.2mt of ore at an average grade of 0.42% copper (Q1 2024 – 3.7mt at a grade of 0.34% copper).
• The company is maintaining its full year 2025 guidance of 48-52,000t of copper output while confirming that production is expected to be “weighted slightly towards H1 2025”.
• Annual cost guidance for 2025 is in the range US$US$2.70-2.90/lb on a cash basis and between US$320-3.40/lb on an all-in-sustaining cost basis.
• Operationally, the company confirms that waste stripping at the San Dionisio deposit is continuing “in order to prepare the area for future mining phases, with total material mined of 1.4 million tonnes in Q1 2025”.
• “Development progress continued in relation to the planned relocation of the A-461 road that currently runs between Cerro Colorado and San Dionisio”.
• Earlier this month, Atalaya Miniing received approval for “the expansion of mining activities … [at] … San Dionisio … [which] … represents a key component of Atalaya’s strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District”.
• Elsewhere in the Riotinto area at “San Antonio, the polymetallic deposit located immediately east of the Cerro Colorado pit, an infill and step-out drilling programme is expected to begin shortly” and the company also confirms continuing drilling at Masa Valverde where “four rigs are infill drilling the veining stockwork and massive sulphide type mineralisation”.
• In the Ossa Morena project area, “Drilling is expected to start at the Alconchel-Pallares copper-gold project in June. At the Guijarro-Chaparral gold-copper project, drilling is expected to begin in the coming months” while drilling to follow-up gravity and soil geochemistry surveys over Proyecto Riotinto East is “expected to begin in the coming months”.

Conclusion: Atalaya Mining has made a positive start to 2025 delivering the highest quarterly EBITDA in the company’s history.  Progress towards mining at San Dionisio continues and the company is actively progressing the evaluation of other deposits with the potential to provide higher grade feed to the Proyecto Riotinto plant.

Beowulf Mining* (BEM LN) 11.4p, Mkt cap £4.4m– Quarterly report

• Beowulf reports quarterly results for the quarter to March 31^st.
• The Company completed a £2.2m capital raise via a placing and SDR rights issue, alongside a retail offer.
• This was supported by management and has bolstered the £0.7m cash position at period end.
• Company reported administrative expenses of £440k over the period.
• Beowulf is advancing the Kallak high-grade iron ore project PFS, and has concluded several key elements of the Kallak PFS, including highlighting the project’s ability to deliver a high-grade, low impurity concentrate suitable for the DRI-feedstock market.
• Beowulf is preparing for the submission of the Kallak Environmental Permit and is facilitating an ongoing consultation process.
• At Grafintec, the Graphite Anode Materials Plant PFS was concluded, opening discussions for strategic partnerships.
• The GAMP PFS outlined strong economics, enhanced by low-cost renewable energy, skilled workforce and a supportive government, in addition to access to key European market.

• • The Plant will be developed in two phases, producing 25ktpa of CSPG at first, before ramping up to 75kt in Phase 2.
  • Phase 1 economics suggest an NPV8 of €924m, an IRR of 37% and initial CAPEX of €225m.
  • Phase 2 CAPEX stands at €675m, supported by free cash flow from Phase 1.
  • The plant will achieve a battery-grade graphite product of 99.99% Cg.
  • OPEX is expected to be competitive at €2,381/t.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Champion Iron Ore (CIA AU) A$4.3, Mkt cap A$2.2bn– FY25 results as focus on cost reduction and long-term growth pipeline

• High-grade iron ore concentrate producer Champion, who operate the Bloom Lake complex in Labrador, report FY4Q25 results.
• The company produced 3.2mt of concentrate, at an AISC of $93.1/t.
• Ore milled fell 11%qoq and 2%yoy to 9.2mt, with iron ore concentrate production down 13%qoq and 3%yoy.
• Concentrate sales rose 6%qoq and 18%yoy on efforts to reduce concentrate inventory stockpiled at Bloom Lake, alongside additional railcar availability.
• Champion expects stripping rates to stay elevated in future periods in line with the mine plan.
• Company reports revenues of C$425m, EBITDA of C$127m, net income of C$39m and EPS of $0.08/sh.
• Revenue increased 28%yoy and 17%qoq, whilst EBITDA increased 50%yoy and 44%qoq.
• C1 costs increased 6%yoy but fell 1%qoq.
• Company reported a net average selling price of C$121.7/t over the quarter, up 10%qoq and 9%yoy. Gross realised selling cost over the quarter at US$112/t
• Net costs take into account sea freight and other costs.
• Champion is working to upgrade 50% of the current 15mtpa nameplate capacity to DR quality pellet feed (69% Fe) with C$340m of cumulative investments made to date.
• The DRPF upgrade is expected to cost C$471m and is due for commissioning in December.
• Champion is also evaluating pelletising opportunities.
• On Kami, Champion expects to deliver the DFS due CY26 end, in partnership with Nippon Steel and Sojitz.
• Company reports net debt of C$303m.

High-grade Iron ore market commentary

• Champion reports the P65 iron ore index averaged US$117/t over the period, down 1%qoq on ongoing weakness in global steel demand.
• Average quarterly P65 premium over P62 index at recent lows, but improved yoy.
• On green steel, Champion notes China’s Emission Trading Scheme is expected to impact steelmakers’ costs beyond 2027 in relation to their greenhouse gas emissions.
• This is expected to motivate the continued conversion of steelmaking towards DRI and EAF furnaces, and boost high-grade iron ore utilisation in traditional blast furnaces and basic oxygen furnaces.
• In Japan, continued focus on decarbonising steelmaking, with automakers being subsidised to use low emission steel.

Develop Global (DVP AU) A$3.8, Mkt cap A$1bn– Sulphur Springs update

• Bill Beament-backed Develop, which has restarted the Woodlawn copper-zinc mine in Australia, reports progress on the Sulphur Springs project.
• Sulphur Springs updated DFS is scheduled for completion in 4Q25, supporting project financing and FID.
• The project holds a reserve of 8.8mt at 1.05% Cu and 5.6% Zn, expected to produce 81ktpa Zn and 16.4kt Cu over years 1-4. (135kt Zn subject to offtake)
• The Project is forecast to produce 30ktpa CuEq, with an NPV5 of A$523m using $9,500/t Cu, Zn.
• The 2023 DFS saw CAPEX of A$296m, with a 1.25mtpa processing plant and paste fill plant.
• Today the company reports substantial earthworks have begun, with the construction of the boxcut to support a decline due to commence Q4.

Fireweed Metals (FWZ CN) C$2, Mkt cap C$382m– C$54m placing to advance Macpass and Mactung projects

• Lundin-backed Fireweed Metals, who hold the Mactung and Macpass projects, have raised C$46m in a brokered offering and C$8.3m in a non-brokered placement.
• The Company will use the proceeds to advance their projects in northern Canada.
• Fireweed’s Mactung Project is considered to be one of the largest high-grade tungsten projects globally.
• Funds will support continued drilling at Mactung to deliver a new FS in 2027 and an FID in 2028.
• The project holds 41mt and 0.73% for 30.2m WO3 mtu indicated, and 12.3mt at 0.59% for 7.2m mtu WO3.
• Project licensing and permitting is expected to coincide with the 2028 FID.
• Macpass 2024 MRE:

• • 56mt at 7.27% ZnEq Indicated
  • 48.5mt at 7.48% ZnEq Inferred.

Galantas Gold* (GAL LN) 3.5p, Mkt Cap £5m – 1Q25 results

• Net Loss of C$1.2m (1Q24: -C$0.6m) with the difference attributed to changes in valuation of the convertible note.
• General admin costs were little changed at C$1.1m (1Q24: C$1.1m).
• Minimal operating costs were related to the ongoing care, maintenance and restoration expenses at the mine site.
• FCF was -C$0.7m (1Q24: -C$1.5m) including C$0.3m in capitalised costs.
• Operations was funded with further loan drawdowns from related parties.
• Closing cash balance stood at C$0.7m with C$23m in outstanding debt related liabilities including C$16m in current liabilities due to related parties.

*SP Angel acts as Broker to Galantas Gold

GreenRoc Strategic Materials Plc (formerly GreenRoc Mining) (GROC LN) 2.88p, Mkt Cap £7.3m – Amitsoq graphite Exploitation license public hearing starts in Greenland

• GreenRoc report the Greenland government has started a public hearing on the Amitsoq graphite project terms of reference.
• The public hearing is part of the company’s application for an Exploitation license.
• GreenRoc recently received a non-binding LoI ‘Letter of Interest’ from the EIFO ‘Export and Investment Fund of Denmark’ for funding on the Amitsoq Graphite Project in South Greenland.
• Ilmenite: GreenRoc has prepared an update on its MRE ‘Mineral Resource estimate’ for the South Area on the Thule licenses in the north of Greenland, just inside the Artic Circle.
• The licenses run close to the strategic Thule US airbase.
• The project is just south of 80 Mile plc’s ‘Dundas’ ilmenite project which shipped 42,000t of sieved ilmenite ore to Canada for testing by Rio Tinto. We do not believe Dundas material went to a ‘furnace test’.

Conclusion:  GreenRoc is working its way through the key stages required to start mining and shipping high-grade natural graphite concentrate for further processing at its Eyde site in Norway.

Management have made two applications for Strategic Project status under the EU ‘CRMA’ Critical Raw Materials act including the an application for the production of Anode Active Material in Norway.

The Arendal port is just five days shipping from the Amitsoq graphite mine which is just 5km from Morrow Batteries which is poised to start production of LFP ‘Li-ion phosphate’ batteries in Norway.

Metals One (MET1 LN) 41.68p, Mkt Cap £48m – Additional Norwegian exploration project

• Metals One reports that it has conditionally agreed to acquire a 20km2 exploration licence in central Norway.
• The company plans to acquire Mjolner Minerals, the owner of the Lillefjellklumpen Project which is reported to host “high-grade platinum group elements (“PGE”), gold, nickel, and copper mineralisation”.
• Terms of the acquisition of 100% of Mjolner Minerals comprise a cash payment of €90,000 plus a “2% net smelter return royalty”.
• The project “covers a historic test mine area containing massive sulphide veins and dykes with high platinum, palladium, gold, nickel, and copper values … [where] … sulphide-rich mineralisation lies along a major untested electromagnetic (“EM”) anomaly, which has not been modelled using modern techniques”.
• The company explains that the “acquisition expands Metals One’s footprint in Norway, where it already holds an interest in the Råna Nickel Project, currently operated by Kingsrose Mining (ASX: KRM) under a joint venture agreement”.
• Today’s announcement discloses that “Winton Willesee, the Company’s Non-Executive Director, holds a 25% interest in Mjolner”.

Conclusion: MetalsOne is expanding its exploration coverage in Norway via the acquisition of a project reported to host PGMs, gold, copper and nickel.

Resolute Mining* (RSG LN) 29.1p, Mkt Cap £631m – Clarification on Guinea exploration permits

• Resolute Mining has responded to media reports, including local television reports, that some of its exploration permits in Guinea are being revoked.
• The company confirms that it “has not received any formal confirmation or communication from the Government of Guinea on the matter … [and that it] … is seeking further information and clarification from the Government”.
• “Resolute has three exploration permits in Guinea (Niagassola, Doko and Siguiri-Kouroussa) with an Initial Inferred Mineral Resource Estimate of the Mansala Prospect of 8.4 Mt grading 1.3 g/t Au for 357 koz of contained gold which was announced in 2024 following a two-year drilling programme”.
• The company also confirms its 1^st May announcement that “as part of the Doropo acquisition, Resolute has agreed to transfer these exploration permits to AngloGold Ashanti (which is subject to government approval)”.

Conclusion: Resolute Mining denies local reports on the revoking of some Guinean exploration licences and confirms that it is seeking Government clarification.

*SP Angel analysts hold shares in Resolute Mining

Savannah Resources* (SAV LN) 3.9p, Mkt Cap £93m – Further drilling results return wide higher grade intersections with Phase 2 programme nearly complete

BUY – 18.1p

• The Company reports results from a third set of assays from the ongoing Phase 2 drilling programme at the Barroso Lithium Project, Portugal.
• Results relate to 26 holes (3 at Pinheiro, 21 at Reservatório and 2 at Grandão).
• At Pinheiro (2mt at 1.0% Li2O in resource) selected results include:

• • 43m @1.24% Li2O from 15m in hole 25PNRRC034, including 5m @1.93% Li2O
  • 30m @1.5% Li2O from 46m in hole 25PNRRC035, including 6m @1.82% Li2O
  • 19m @1.25% Li2O from 50m in hole 25PNRDD015, including 8m @1.73% Li2O and 47m @1.29% Li2O from 73m including 9.2m @1.81% Li2O

• Hole 25PNRRC034 completed at the northern most part of the mineralisation intersecting returning a wide good grade intersection pointing to a further potential to grow the resource.
• At Reservatorio (4mt at 0.9% Li2O in resource) selected intersections include:

• • 8m @1.67% Li2O from 41m in hole 25RESRC070, including 6m @2.17% Li2O
  • 34.91m @1.24% Li2O from 99m in hole 25RESRC054 (includes 23.1m @ 1.28% Li20 from 99m previously reported from RC drilling)
  • 31m @1.23% Li2O from 71m in hole 25RESRC084
  • 30m @1.26% Li2O from 30m in hole 25RESRC066
  • 26m @1.33% Li2O from 49m in hole 25RESRC068
  • 26m @1.10% Li2O from 72m in hole 25RESRC062

• Encouraging results reported in the northeastern part of the resource suggesting the potential to grow the resource in that direction.
• At Grandao (18mt at 1.0% Li2O in resource) selected results included:

• • 7m @1.38% Li2O from 65m in hole 25GRARC144, including 4m @1.5% Li2O
  • 6m @0.97% Li2O from 13m in hole 24GRARC147 and 4m @1.03% Li2O from 23m and 11m @0.97% Li2O from 30m.

• Drilling focused on the southern part of the deposit showing that mineralisation is thinner on the edge than the central part of the pegmatite.
• This takes the total number of holes assayed to date to 68.
• In total 86 holes for ~10,400m have been completed to date accounting for ~80% of the Phase 2 117 hole/13,000m programme.

Conclusion: Drilling results show wide higher grade intersections confirming the geological model while selected holes point to a potential to further grow the existing mineral resource (28mt at 1.04% Li2O). With drilling programme nearly completed, the team will be looking to release an updated mineral resource as well as a new Exploration Target currently standing at 11-19mt at 1.0-1.2% Li2O.

*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 is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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