SP Angel Morning View -Today’s Market View, Monday 13th May 2024

Copper jumps over $10,000/t to near 10-year high on rising confidence

MiFID II exempt information – see disclaimer below

Amur Minerals* (AMC LN) Suspended – RTO of Extruded Pharmaceuticals Limited

Anglesey Mining (AYM LN) – Drilling of the Northern Copper Zone at Parys Mountain continues to show wide zones of mineralisation

Caledonia Mining (CMCL LN) – Quarterly results report on the deep drilling programme at Blanket and forthcoming mineral resources update

Golden Metal Resources (GMET LN) – Drilling underway at Pilot Mountain

KEFI Gold and Copper* (KEFI LN) – Quarterly results as Tulu Kapi financing accelerates and Saudi drilling progresses

Sovereign Metals* (SVML LN) – Site visit highlights scale and potential value of Kasiya Rutile and graphite deposit in Malawi

Thor Energy (THR LN) – A$1.3m funding to progress the US uranium and Australian copper projects

Copper rises again as speculators continue to ramp up bullish trades and Codelco output slides

• Copper prices have rallied over $10,140/t nearing 10-year highs last seen in 2022.
• Lower rates have supported a widespread risk on appetite since the NFP miss a fortnight ago, boosting liquidity and supporting speculative positions.
• Copper prices have benefited, with elevated levels of contango and China ramping up exports suggesting physical demand from the metal’s main customer remains weak.
• However, the supply picture remains tight, with Codelco output sliding 10% in March, whilst BHP’s Esconidda output rose 10%.
• Total Chilean output slid 0.7% yoy in March, at 433kt.

Gold prices pare gains into CPI week following Thursday spike

• Gold prices climbed to $2,370/oz on Thursday as US Treasuries held lower.
• The 10 Year fell to 4.48% having touched 4.7% in late April.
• PPI data is due tomorrow, with the more impactful CPI reading due on Wednesday which will likely provide a guide for Fed rate cut options going forward.

Shades of Bre-X as Canadian junior explorer blames CEO for tampering with gold assays

• Red Pine Exploration announced on Friday that investigations into its assay results suggest ‘unauthorised manipulation… by the Company’s former CEO.’
• 532 of 98,000 assays in the database are believed to have been manipulated.
• The manipulation boosted the 400koz Surluga resource by 39-54koz.
• The Minto resource of 25koz is expected to lose 8-12koz from it’s indicated segment and 16-20koz from its inferred part.
• Manipulated assay results had been used in the NI 43-101 from 2023.

Iran missile hits Iranian ship killing 19 Iranian soldiers in Golf of Oman

• The incident was a friendly fire incident and follows on from the unintentional shooting down of a Ukrainian civilian aircraft flying out of Tehran on 8^th January.
• The news highlights the disorganised and trigger happy state of the Republican Guards and related military forces.

IG TV: Gold and Copper. 10/04/2024: https://youtu.be/KuGSbDqWglk?si=-8iikkOHxbbLSnPZ

Sharepickers TV:  It’s all about copper. 26/04/2024 podcast:  https://audioboom.com/posts/8496588-john-meyer-it-s-all-about-copper

         Video: https://www.youtube.com/watch?v=MV9_8K494rY

*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. SP Angel acts as Broker/Nomad or both for Anglo Asian Mining, Kodal Minerals, Power Metals Resources.

Currencies

US$1.0778/eur vs 1.0783/eur previous. Yen 155.85/$ vs 155.68/$. SAr 18.352/$ vs 18.420/$. $1.252/gbp vs $1.254/gbp. 0.660/aud vs 0.662/aud. CNY 7.235/$ vs 7.224/$.

Dollar Index 105.30 vs 105.25 previous.

Precious metals:         

Gold US$2,349/oz vs US$2,369/oz previous

Gold ETFs 80.5moz vs 80.6moz previous

Platinum US$997/oz vs US$991/oz previous

Palladium US$985/oz vs US$983/oz previous

Silver US$28.13/oz vs US$29/oz previous

Rhodium US$4,725/oz vs US$4,725/oz previous

Base metals:   

Copper US$ 10,096/t vs US$10,065/t previous

Aluminium US$ 2,531/t vs US$2,585/t previous

Nickel US$ 18,995/t vs US$19,120/t previous

Zinc US$ 2,948/t vs US$2,950/t previous

Lead US$ 2,235/t vs US$2,248/t previous

Tin US$ 32,320/t vs US$33,070/t previous

Energy:           

Oil US$82.8/bbl vs US$84.5/bbl previous

• The US Baker Hughes rig count fell by 2 units to 603 rigs last week (-128 or 18% y/y), with oil rigs down 3 to 496 units (-90 y/y) and gas rigs up 1 unit to 103 units (-38 y/y) as Texas dropped 3 rigs to 289 units (-77 y/y).

Natural Gas €29.6/MWh vs €31.0/MWh previous

Uranium Futures $91.3/lb vs $93.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$115.9/t vs US$115.1/t

Chinese steel rebar 25mm US$534.0/t vs US$534.8/t

Thermal coal (1st year forward cif ARA) US$113.3/t vs US$113.0/t

Thermal coal swap Australia FOB US$142.5/t vs US$142.7/t

Hard Coking Coal Australia FOB US$326.0/t vs US$326.0/t

Other:  

Cobalt LME 3m US$27,830/t vs US$27,830/t

NdPr Rare Earth Oxide (China) US$56,118/t vs US$56,201/t

Lithium carbonate 99% (China) US$14,721/t vs US$14,881/t

China Spodumene Li2O 6%min CIF US$1,230/t vs US$1,230/t

Ferro-Manganese European Mn78% min US$972/t vs US$972/t

China Tungsten APT 88.5% FOB US$345/mtu vs US$343/mtu

China Graphite Flake -194 FOB US$470/t vs US$475/t

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

Europe Ferro-Vanadium 80% 26.35/kg vs US$26.35/kg

China Ilmenite Concentrate TiO2 US$324/t vs US$326/t

China Rutile Concentrate 95% TiO2 US$1,403/t vs US$1,405/t

Spot CO2 Emissions EUA Price US$71.1/t vs US$69.6/t

Brazil Potash CFR Granular Spot US$305.0/t vs US$305.0/t

Battery News

US set to impose 100% tariff on Chinese EV imports

• The Biden administration is set to increase tariffs on Chinese EV imports from 25% to 100% as part of efforts to protect American industry ahead of the US election.
• According to insiders, officials are preparing to announce the tariffs on Tuesday, which will also affect critical minerals, solar goods and batteries sourced from China.
• This move is in response to concerns that China could flood the US market with cheap EVs, threatening the American car industry.
• The administration has been reviewing tariffs imposed by former President Donald Trump as part of the 2018 trade war. The new EV tariffs will be announced alongside the conclusion of this review.
• The Biden administration has invested billions in subsidies for EV and battery production in the US, aiming to reindustrialise the rust-belt, reduce carbon emissions, and decrease dependence on Chinese supply chains.
• A spokesman for the Chinese Foreign Ministry denounced the Biden administration’s plans in a briefing on Friday, saying the tariffs have disrupted trade between the two countries.

Chinese EV makers set sights on new markets as competition in China slows profitability

• Europe – Chinese carmakers are looking to set up manufacturing and assembly plants in Europe as they aim to ramp up sales of lower-cost cars in the region to rival their European competitors amid slowing demand at home.

• Chery Auto, China’s largest automaker by export volume, announced on April 16 that it has signed a joint venture with Spain’s EV Motors to open its first European manufacturing site in Catalonia.
• BYD announced in late 2023 that it will build its first European EV production base in Hungary that will produce EVs and plug-in hybrids for the European market and is set to start operating in three years.
• Leapmotor partnered with Stellantis last year, and it is reported it will start producing small EVs at Stellantis’ Tychy plant in Poland (Reuters)
• Polish state-led venture to produce the country’s first electric car, known as Izera, signed a licence agreement with China’s Geely Holding to build the country’s first EV plant. The plans are currently on hold as the new government revises spending plans.

• Several automakers have also been expanding in the Brazilian EV market

o   Sales of Chinese EVs in Brazil increased  to 48,000, an eightfold increase from the same period last year.

o   Total sales of passenger vehicles and light commercial vehicles in Brazil totalled 208,000 units in April, up 37% yoy.

o   Fiat, Volkswagen and General Motors holding the top three spots with a combined 50% share.

o   Chinese automakers have gained ground on the Big Three’s grip, as China’s BYD, Chery Automobile and Great Wall Motor captured a combined 7% share in April.

o   Overall sales of EVs, plug-ins and hybrid vehicles grew 91% to an all-time high of roughly 94,000 units in 2023.

BP to invest $1bn in Tesla Superchargers to ramp up network of charging points

• CEO of BP Pulse has revealed that the company is actively pursuing the acquisition of Tesla Supercharger sites across the US.
• BP will invest $1bn to expand its charging network with goal of installing over 3,000 charging points by 2030.
• Tesla CEO Elon Musk announced that the company plans to invest over $500m in expanding its Supercharger network, creating thousands of new charging stations in 2024.

Lobbying by automotive companies increases as EV sales soar

• Automotive companies have significantly increased their lobbying efforts as sales of EVs continue to rise.
• The surge in lobbying is aimed at influencing government policies that affect the EV industry, including regulations, subsidies, and infrastructure development.
• The lobbying topics include pushing for extended tax credits for EV buyers, support for domestic battery production, and the expansion of charging infrastructure across the United States.
• The competitive aspect of lobbying will see companies aiming to position themselves advantageously as the industry shifts towards electric vehicles.
• The potential impact of these lobbying efforts on legislation and public policy could significantly influence the pace and direction of EV adoption in the country.

Nissan reports 92% jump in profit as sales surge

• Nissan reported a 92% jump in profit to $2.7bn for the fiscal year as sales grew in all major global markets except China.
• Annual sales surged nearly 20% to $81.5bn, while FYQ4 sales rose 13% to $22bn.
• Nissan aims for further growth under its new “The Arc” strategy, focusing on EVs to boost sales.
• Nissan targets mass production of EVs with next-generation solid-state batteries by early 2029.
• Nissan projects $2.4bn profit for the year through March 2025, down 11% due to development costs.
• Global sales reached 3.44m vehicles, with growth in the U.S., Japan, and Europe but a 24% decline in China.
• Nissan expects global sales to rise to 3.7m vehicles in the current fiscal year, with recovery in China.

Company News

Amur Minerals* (AMC LN) Suspended – RTO of Extruded Pharmaceuticals Limited

• Amur Minerals, which was reclassified as an AIM Rule 15 cash shell, has executed an SPA agreement to acquire Extruded Pharmaceuticals Limited.
• The Company is targeting drug delivery technology development for cancer treatments.
• The RTO is conditional upon the approval of shareholders on the 29^th May.
• The Proposed Acquisition sees Amur acquire the issued share capital of EPL for an aggregate consideration of £5.5m via the issue of 23,939,986 shares.
• The Company proposes to consolidate shares on a ratio of 1:160 and change its name to CRISM Therapeutics.
• Amur directors Robert Schafer, Robin Young, Thomas Bowens and Paul Gazzard will resign on admission, wih Dr Nermeen Varawalla taking the chair position and Andrew Webb becoming CEO.
• EPL’s lead product ChemoSeed aims to support chemotherapy treatment, minimising side effects and increasing efficacy.
• Clinical Trial Applications are targeted for 2H24, with Phase II clinical trials targeted for 4Q25.

*SP Angel act as Nomad and Broker to Amur Minerals

Anglesey Mining (AYM LN) 1.4p, Mkt Cap £5.7m – Drilling of the Northern Copper Zone at Parys Mountain continues to show wide zones of mineralisation

• Anglesey Mining reports that its third drillhole investigating the Northern Copper Zone (NCZ) at Parys Mountain intersected 90m of mineralisation at an average grade of 0.51% copper, 0.06%zinc, 0.03% lead, 2.16g/t silver and 0.14g/t gold from a depth of 389m.
• The hole, NCZ-003, which was terminated early “at a depth of 535m due to a large, potentially fault-related void” is said to be consistent both with the previous two holes of the current programme and with historic drilling in delivering “high-grade copper intersections within broad thicknesses of mineralisation up to 100m wide”.
• “The last 6 metres of core prior to the 4m void assayed 1.16% CuEq and coincides with previous high-grade assays from historic drilling … [and the] … last metre of core prior to the void assayed 1.3% Cu and 1.22% CuEq”.
• We imagine that, if the high grades intersected just prior to the void have been cut-off by faulting, locating the extension of this mineralisation beyond the fault is likely to be a priority for the geological team.
• NCZ-003 “targeted the up-dip area above historical hole H17A” although today’s announcement does not appear to elaborate on the intersection in the historic hole.
• As well as the grades reported from the current programme, “the drilling is demonstrating good continuity and further supports the integrity of the geological model and drill targeting, with indications of greater mineralised volumes overall”.
• Interim Chairman, Andrew King, commented that the results “continue to support our view that the NCZ provides significant upside for the Parys Mountain project, over and above the 5 million tonne contribution included within the 2021 Preliminary Economic Assessment”.
• The current resource estimate for Parys Mountain is 5.3 million tonnes at over 4.0% combined base metals in the Measured and Indicated categories and 10.8 million tonnes at over 2.5% combined base metals in the Inferred category.

Conclusion: Although mineralisation in the latest hole at the NCZ appears to have been cut off by faulting the continuing intersection of long zones of copper mineralisation demonstrates the validity of the exploration model and should be reflected in any forthcoming mineral resource revision.  We await further news on the progress at Parys Mountain.

Caledonia Mining (CMCL LN) 820p, Mkt Cap £156m – Quarterly results report on the deep drilling programme at Blanket and forthcoming mineral resources update

• Caledonia Mining has announced an after-tax profit of US$2.8m for the 3 months to 31st March reversing the US$4.3m loss of the equivalent quarter in 2023.
• EBITDA amounted to US$9.9m, (Q1 2023 – US$2.3m) with the Blanket mine contributing US$17.5m (Q1 2023 – US$11.3m) and Caledonia Mining reports a closing cash balance of US$14.2m.
• The financial results reflect the production of 17,476oz of gold, including 17,050oz from the Blanket mine and 426oz from the Bilboes project with Blanket’s output increasing by 6% compared with Q1 2023 “due to higher tonnage and grade and improved gold recovery”.
• On-mine costs of US$993/oz at Blanket are “virtually unchanged from Q1 2023’s amount of $991 … [and costs on an all-in-sustaining basis were8.2% lower at] … $1,296 per ounce (Q1 2023: $1,412 per ounce)”.
• Caledonia Mining reports that the Blanket mine produced 7,956oz of gold in April and that it is maintaining its current 2024 production guidance range of 74-78,000oz.
• Today’s announcement also reports that deep drilling “which is currently evaluating the continuity of the mineralised zones on the Blanket and Eroica ore bodies” has delivered encouraging results which “will be reflected in a revised mineral resource statement and expected increase in life of mine to be announced shortly”.
• Chief Executive, Mark Learmonth, explained that the drilling is showing that “the Blanket, Eroica and AR South ore bodies have better than expected grades and widths at depth”.
• He also explained that “Work to refresh the existing study for the large-scale sulphide project at Bilboes is well-advanced.  Management is considering various options for developing Bilboes, with a view to optimising capital allocation”.
• Mr. Learmonth said that he would update investors on the progress at Bilboes “in the next few weeks. Thereafter, the work on the selected development route will be upgraded to a feasibility study … in parallel with a process to secure debt finance for the project”.

Conclusion: Deep drilling success showing better than expected widths and grades at the Blanket mine is expected to be reflected in increased mineral resources and mine life.  We look forward to an updated MRE incorporating the recent drilling.

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

Golden Metal Resources (GMET LN) 15.25p, Mkt Cap £14.9m – Drilling underway at Pilot Mountain

• Golden Metal Resources reports that it has started its initial, 2,000m, drilling programme at its wholly-owned Pilot Mountain project in the Walker Lane mineral belt of Nevada.
• CEO, Oliver Friesen, who is on-site to oversee start of the campaign, explained that the drilling has two main objectives:
  • To “grow our confidence and increase the size of the resource at the Project’s main Desert Scheelite zone, which currently hosts the largest known tungsten resource on USA soil”; and
  • “make new brownfield discoveries to materially grow the amount of contained metal known about within the Project at present”.
• In a market dominated by China, tungsten features as a critical or strategic commodity in many jurisdictions and if Golden Metals Resources is successful in its efforts to expand the current indicated mineral resource of 9.01mt at an average grade of 0.26% tungsten trioxide (WO₃) plus an inferred resource of a further 3.53mt at an average grade of 0.31% WO₃ within the deposits at Desert Scheelite and Garnet the Pilot Mountain project’s strategic potential will have been enhanced.
• Mr. Friesen acknowledged that “no outcomes are guaranteed when drilling … [but explained that] … we have been very methodical throughout the preparation process and are excited to now be in position to finally drill test multiple of the Project’s exciting target areas”.

Conclusion: The start of drilling at Pilot Mountain provides an opportunity to investigate a potential resource expansion of what is already believed to be the USA’s largest tungsten deposit.  We await the results with interest.

KEFI Gold and Copper* (KEFI LN) 0.7p, Mkt Cap £42m – Quarterly results as Tulu Kapi financing accelerates and Saudi drilling progresses

• Kefi provide their quarterly results for the period to 31^st March 2024.
• In Ethiopia, Kefi is progressing its financing for their Tulu Kapi Gold Project.
• The Ethiopian Prime Minister visited the area last week.
• The Company has assembled financing of US$320m for the Project, including US$190m in secured debt, US$100m in Equity Risk Notes and US$20-40m in share subscriptions.
• Approval processes are now underway for project financing partners.
• Tulu Kapi is targeting production in mid-2026.
• Final approvals for financing syndicate parties are expected this month.
• Tulu Kapi holds 1.7moz Au at 2.7g/t, with management believing potential for an additional one million ounces in the underground section.
• The project is expected to mine 2.5mtpa, with initial processing planned 2mtpa. The Company has since updated its processing forecasts to 2.4mtpa
• Covenant compliance stress tests suggest ‘all secured debt can be fully repaid at a gold price of US$1,200/oz.
• The Project economics assume 93.7% recoveries, processing 2.1g/t Au for AISC expectations ranging between $887/oz- $831/oz.
• Tulu Kapi is forecasted to produce 200kozpa with the underground operation integrated.
• Kefi expects their beneficial ownership of Tulu Kapi at 80%.
• In Saudi Arabia, Kefi is progressing the Hawiah Copper-Gold project, where it expects to update the current MRE.
• Drilling as begun at the Al Godeyar deposit to expand and infill the 2023 MRE.
• Exploration is ongoing at other satellite deposits, with a DFS currently in progression.
• At Jibal Qutman, drilling is also underway to expand the resource, with additional satellite deposits intercepted.
• The Company remains well capitalised having raised £5m gross in March 2024 through an equity placing.

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

Sovereign Metals* (SVML LN) 29p, Mkt Cap £160m – Site visit highlights scale and potential value of Kasiya Rutile and graphite deposit in Malawi

(Sovereign currently holds 100% of the Kasiya project. The government has a right to a 10% free carry in the project. Rio Tinto acquired an initial strategic interest of 15% for a $40.6m with an option to increase it to 19.99% within 12 months from 17 July 2023)

STRONG BUY – Valuation 55p

• Last week we visited Sovereign Metals’ Kasiya rutile and graphite project in Malawi.
• It’s an easy trip as site visits go, the climate is refreshingly mild at this time of the year and the pot holes in the roads reminds us of roads back home.
• We drive to the Kasiya project site on a paved road until we turn off and onto familiar African dirt roads.
• Rural villages and trading posts are scattered along the way with villagers barely noticing our passing.
• We visited the proposed site for a large water dam, much of which is on land that naturally floods with local houses marking the high water mark during the rainy season.
• The siting of an all-year round lake rather than a boggy river and marsh land looks like an improvement for surrounding local villages.
• We met with some curious and friendly local lads from nearby houses. They sound like avid football fans. Its amazing how far Man U and Chelsea football shirts travel.
• There is a relatively new macadamia plantation on a far hill nearby but all else looks like fields for subsistence farming.
• Trial pits: We drove around the sovereign resource to the trial mining site where a series of pits are to be dug to test extraction and tailings disposal methods.
• A number of Rio Tinto executives were also at the site to check on the process and advise on how to progress.
• Everyone wants to build the mine but they also want it to be done in the right way for the local community and for Malawi.
• Trial mining is set to start in August with 150m3 per hour of water required for the 3-day hydro mining test.
• The trial pits and associated infrastructure will cover an area of 10 hectares.
• Mining method: Management are preparing pits to test how hydro mining performs vs dry mining methods. The bulk samples which come out of the trials will also serve to confirm grade and recoveries.
• The water table is seen to start at around 8m in areas which is both interesting and useful in a country where the relatively short rainy season determines the timing of the single harvest for the year.
• A high clay content in the ore should enable hydro mining as so successfully done by Base Resources at Kabwe in Kenya.
• Tests will be done to see how well the material flows and if it starts to form beaches in the pit.
• The hydro mining trial will dig down to 20m eg to the Saprock contact to see how well the method works with the 20m high wall.
• Tankers will be used to provide water for the hydro mining trial.
• Processing: Around 150m3 of material will be removed and run through spirals to separate the rutile and graphite.
• There appears to be no need to crush or grind the material so essentially, what comes out of the ground will simply return in the same form minus most of its graphite and rutile content.
• It will take around six weeks to fill the water storage facility ahead of the hydro mining trial.
• Geotechnics: The team will also test the use of articulated dump trucks in the box cuts to better understand the geotechnics and working of machinery in the pits.
• Geology: Loose sand gives way to a friable saprolite and then a harder saprock in a progressive slow weathering profile.
• The saprock contact is at around 20m depth.
• The trial will test to see how easy it is to continue to mine this material and how long the pits might be kept open.
• Grade: Higher rutile grade is seen in the upper first few meters of the deposit with erosion leaving much of the heavy mineral sand in place.
• While graphite is generally interspersed in the deposit some areas contain higher grade making the optimisation more interesting.
• Graphite flakes are easy to see on separation on the shaking tables in the mineral processing and concentration lab.
• Tailings: are an important issue for any mine and the proposed ore throughput of 12mtpa in Stage 1 and 24mtpa in Stage 2 requires a careful thought.
• The 7 pits will be mined to 8m in this first trial to trial tailings disposal to see stable the tailings material is and long it will take to solidify where wet tailings are used.
• Trials will be done to ensure the reconstituted ground is in good condition for the replacement of topsoil and reestablishment of a fertile soil.
• There are no chemicals proposed for the Rutile and Graphite extraction process enabling inert sand to be replaced into the mined pits.
• The team are also trialling the return of dry tailings versus wet tailings for water conservation and for faster land remediation.
• Water: Management are looking to install solar power at the site to run pumps on the bore holes for additional water.
• DFS: management plan to start on work to upgrade the PSF to a DFS later this year using data from the trial pits and mineral recovery work to optimise the mine and process plant.
• Life of Mine: We expect this mine to run for more than 50 years supplying the best quality raw material for the manufacture of titanium but after that it’s legacy should allow future villagers to farm the land as before with just a few percent of the ground extracted for mineral use.

Conclusion: We believe the executives visiting the site were impressed with the quality of work in terms of local community engagement, trial mining planning and mineral concentrate preparation. An unusually large team from Rio Tinto were also at site to check on their investment and to offer advice. The team was impressed by quality work being done.

*SP Angel act as Nomad and broker to Sovereign Metals. The analyst has recently visited the Kasiya mine site.

Thor Energy (THR LN) 0.9p, Mkt Cap £2.5m – A$1.3m funding to progress the US uranium and Australian copper projects

• Thor Energy reports that it aims to raise A$1.3m via the placing of 100m new shares at a price of 1.3A¢ps.
• The funding will take place in two tranches including ~A$0.47m in a “Firm Placing” of ~36m shares to “certain institutional shareholders” and the balance via a “Conditional Placing” of ~A$0.83m through placing a further ~64m shares.
• “All placees to receive, one option for each two Placing Shares, to subscribe for a further new Ordinary Share at 2.6 cents expiring in 3 years”.
• The funds will be used to advance the Company’s 100% owned uranium assets located in Colorado and Utah, USA and copper assets in South Australia.

No.1 in Base Metals: SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 2024

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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*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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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 of less than 15%

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