SP Angel Morning View -Today’s Market View, Monday 14th July 2025

Gold pushes higher on Trump escalate tariff threats again

MiFID II exempt information – see disclaimer below

Alba Mineral Resources (ALBA LN) – Acquiring a 51% interest in a Greenland project

Ariana Resources (AAU LN) – Further progress on commissioning at Tavsan

Great Southern Copper (GSCU LN) – Ground geophysics defines additional targets at Cerro Negro, Chile

Ionic Rare Earth (IXR AU) – Government backed £11m “CirculaREEconomy” partnership

Minerals260 (MI6 AU) – First production target reiterated for 2028

Orosur Mining* (OMI LN) – Moving Pepas to MRE -stage with infill drilling programme

Serabi Gold (SRB LN) – Delivers highest quarterly gold output since operations restarted in 2023

South32 (S32 LN) – Power supply at Mozal triggers impairment and guidance review

Strategic Minerals* (SML LN) – Cobre sales volumes expected to bounce back following disruption caused by wildfires

Thor Explorations (THX LN) – Q2 Operating Update as Douta PFS looms

Vast Resources (VAST LN) – Diamond parcel tender update

Gold ($3,370/oz) pushes higher on Trump escalate tariff threats again

• Gold prices climbed to three week highs after Trump ramped up trade threats against the EU and Mexico.
• Trump stated yesterday he was planning on imposing a 30% tariff on imports from the EU and Mexico from August 1^st.
• US treasury yields have risen past 4.4% on the 10 year again, whilst the dollar is ticking higher.
• However gold is shrugging off these traditional headwinds, grinding higher on sustained geopolitical uncertainty.
• Focus shifts to key inflation data from the US this week, as traders eye the Fed’s cutting path going forward.
• Silver jumped higher on Friday, as traders look for gold alternatives.
• Platinum and palladium have both pushed higher this morning.

BHP, CATL and BYD sign MOUs with to explore opportunities in battery development for their fleet. (Bloomberg)

• The MOUs covers mining equipment, locomotives and commercial light vehicles including rapid charging infrastructure.

IGTV: Trading Experiences with Angeline Ong: Talk starts 2:16 into the video: 

Economics

US – US stock futures are trading lower as the administration raises pressure on its trading partners to lock in agreements ahead of the 1 August deadline.

• The administration sent out notifications to US trading partners over the course of the month threatening import tariffs mostly within the 20-30% range.
• The EU, top US imports region, is looking at a 30% tariff, up on 20% announced on the Liberation Day in April (Stoxx Europe 600 Index -0.4%).
• Mexico and Canada, other top sources of US imports, are said to face 30% and 35% tariffs, respectively.
• Chinese imports are on ~55% import tariff following an agreement between two nations to roll back on 145% announced in early April.

Inflation data is due tomorrow with estimates for both headline and core measures to pick have picked up in June on pass through costs from tariffs.

• CPI and Core CPI are expected at 2.6% and 2.9%, up on 2.4% and 2.8% in May.

Retail Sales are out on Thursday (0.1% exp v -0.9% in May) to show if tariffs are beginning to affect consumer spending.

China – The economy reported a record trade surplus of around $586bn as companies front loaded shipments ahead of US tariffs.

• Shipments to the US reported another negative reading in June (-16.1%yoy v 34% in May).
• China diverted its shipments to other countries to compensate for weaker sales in the US.
• Exports to the 10 Southeast Asian nations in the Asean group climbed 17%yoy.
• Both exports and imports came in stronger than anticipated in June.

China credit accelerated faster than forecast last month helped by a season pickup as well as heavy government bond issuance.

• PBOC Deputy Governor reiterated that the central bank will support a moderately loose monetary policy and keep liquidity ample.
• Exports (%yoy, Jun/May/Est): 5.8/4.8/5.0
• Imports (%yoy, Jun/May/Est): 1.1/-3.4/0.3
• New Yuan Loans (bn CNY, Jun/May/Est): 12,920/10,682/12,700
• Aggregate Financing (bn CNY, Jun/May/Est): 22,830/18,631/22,431

Mali – Government military helicopter takes gold form Loulo-Gounkoto gold mine complex

• The Mali government has seized gold and has appointed an administrator for the sale of Barrick Mining’s Loulo-Gounkoto for the restart of the gold mine.
• Barrick Mining shut the mine nearly six months ago following demands for the payment of new royalties and back taxes by the company in relation to the new 2023 mining convention.
• A Mali judge also ordered the removal of three tons of gold in January with a fourth ton of gold remaining in the mine valuts.
• The government plans to use the gold to pay to restart the mining complex.
• It remains to be seen how effectively the Mali government might effect a restart without the cooperation of Barrick Mining management.
• Modern mines and process plants hare highly sophisticated industrial complexes requiring significant technical expertise.
• While we reckon the mines should restart relatively easily, the process plants with their computer controlled systems might prove more difficult to manage.
• Barrick could easily sabotage or frustrate the operation of the process plant if it was minded to, rendering the restart.

Currencies

US$1.1683/eur vs 1.1688/eur previous. Yen 147.35/$ vs 146.82/$. SAr 17.880/$ vs 17.833/$. $1.348/gbp vs $1.355/gbp. 0.658/aud vs 0.659/aud. CNY 7.189/$ vs 7.169/$

Dollar Index 97.89 vs 97.65 previous

Precious metals:         

Gold US$3,372/oz vs US$3,340/oz previous

Gold ETFs 90.5moz vs 90.5moz previous

Platinum US$1,462/oz vs US$1,410/oz previous

Palladium US$1,312/oz vs US$1,217/oz previous

Silver US$39.4/oz vs US$38.2/oz previous

Rhodium US$5,700/oz vs US$5,600/oz previous

Base Metals

Copper US$9,664/t vs US$9,662/t previous

Aluminium US$2,585/t vs US$2,613/t previous

Nickel US$15,202/t vs US$15,248/t previous

Zinc US$2,736/t vs US$2,773/t previous

Lead US$2,015/t vs US$2,027/t previous

Tin US$33,666/t vs US$33,585/t previous

Energy

Oil US$71.2/bbl vs US$68.8/bbl previous

• Crude oil prices moved higher over the weekend after President Trump announced plans to make a “major statement” on Russia today, which raised the expectation for further US sanctions impacting global supplies.
• The US Baker Hughes rig count was down 2 to 537 units last week (-47 or 8% y/y), with oil rigs down 1 to 424 units (-54 y/y) and gas rigs flat at 108 units (+8 y/y) as miscellaneous rigs also lost 1 to 5 units (-1 y/y).
• The IEA’s July oil market report marginally revised down global oil demand growth forecasts to 0.7mb/d in 2025 and 0.72mb/d next year to reach 104.4mb/d in 2026, which is more than offset by 0.2mb/d higher m/m forecast global supply growth of 2.1mb/d to 105.1mb/d in 2025 and by 1.3mb/d in 2026 due to OPEC+ increases.

Natural Gas €35.7/MWh vs €35.2/MWh previous

Uranium Futures $73.8/lb vs $73.8/lb previous

Bulk

Iron Ore 62% Fe Spot (cfr Dalian) US$104.6/t vs US$104.6/t previous

Chinese steel rebar 25mm US$458.3/t vs US$458.0/t

HCC FOB Australia US$177.0/t vs US$177.0/t

Thermal coal swap Australia FOB US$113.0/t vs US$112.0/t

Other:  

Cobalt LME 3m US$33,335/t vs US$33,335/t

NdPr Rare Earth Oxide (China) US$63,263/t vs US$63,226/t

Lithium carbonate 99% (China) US$8,723/t vs US$8,704/t

China Spodumene Li2O 6%min CIF US$680/t vs US$670/t

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

China Tungsten APT 88.5% FOB US$433/mtu vs US$433/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$5.0/lb

Europe Ferro-Vanadium 80% US$24.0/kg vs US$24.0/kg

China Ilmenite Concentrate TiO2 US$289/t vs US$289/t

China Rutile Concentrate 95% TiO2 US$1,094/t vs US$1,093/t

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

Brazil Potash CFR Granular Spot US$362.5/t vs US$362.5/t

Germanium China 99.99% US$2,925.0/kg vs US$2,925.0/kg

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

Company News

Alba Mineral Resources (ALBA LN) 0.02p, Mkt cap £2.5m – Acquiring a 51% interest in a Greenland project

• Alba Mineral Resources reports that it has agreed to acquire a majority interest in the Motzfeldt niobium/tantalum/zirconium and rare-earths project in southern Greenland from Elemental Rare Metals (ERM).
• The company expects to complete acquisition of a 51% interest in the project “in a few weeks’ time”. Alba will pay “£30,000 in cash and £945,000 in Alba shares” in two stages; “firstly the acquisition of a 49% interest in the Project for £30,000 in cash and £895,000 in Alba shares, and then, upon receipt of Greenland Government approval, the acquisition of a further 2% interest in the Project for £50,000 in Alba shares”.
• “Following Completion, a 51:49 joint venture will be established between Alba and ERM. Alba will act as operator and manager of the Project and will sole fund the next £350,000 of project expenditure by the joint venture partners”.
• The project, which was initially mapped by Greenland’s Geological Survey during the 1960s, hosts “a JORC-compliant inferred resource at the Aries deposit of 340 million tonnes at 0.012% Ta2O5 (Tantalum), 0.185% Nb2O5 (Niobium), 0.460% ZrO2 (Zirconium) and 0.260% TREO (Total Rare Earth Oxides)”.
• A ground radiometric survey is due to start shortly and Alba confirms its intention to undertake “a detailed mineralogical and metallurgical study of the Aries deposit, in order to establish the optimal processing routes for Aries material … using the 2.5 tonne bulk sample which has previously been collected from the Aries plateau by the current operator”.
• Alba also intends to start a “Scoping Study or Preliminary Economic Assessment for the Project, building on the previous Engineering Report … [by Behre Dolbear in 2002] … and incorporating the results from the Aries metallurgical test work programme”.
• Today’s announcement discloses that “Alba Chairman George Frangeskides is a founder, significant shareholder and funder of ERM”.
• Independent non-executive directors of Aba Mineral Resources Elizabeth Henson and Michael Nott welcomed the transaction which, they said, “positions us strongly to support the transition to a low-carbon global economy. We look forward to accelerating exploration and development and unlocking Motzfeldt’s considerable value”.
• They also commented that the Motzfeldt project offers us a significant opportunity – the potential to access grant funding, development loans, or strategic partnerships, which would enable us to advance the project with far less dilution than would traditionally be required on the public markets”.
• The company also reports that it has raised “£550k (before costs) to progress work at Motzfeldt and Finnsbo and support the next phase of blasting and bulk sampling at the Clogau-St David’s Gold Mine in Wales”.

Ariana Resources (AAU LN) 1.65p, Mkt Cap £29m – Further progress on commissioning at Tavsan

• Ariana Resources, which reported the start of ‘cold commissioning’ at its 23.5% owned Tavsan heap-leach gold project in western Turkey in June has announced that it has now moved to ‘hot commissioning’ and is expected to become fully operational later this month.
• Operationally, the company reports that the heap leach pads are complete “with overliner aggregate currently being laid ahead of ore loading, which will follow the conclusion of statutory government inspections”.
• “Approximately a year of full ore production remains stockpiled ready for loading, with crushing and screening of this material now underway”.
• The ‘hot commissioning’ phase has been completed for the crushing and screening plants and the ‘cold commissioning’ “of the agglomerator is complete”.
• Welcoming the progress, Managing Director, Dr. Kerim Sener, acknowledged the contribution of the operating team which “is working around the clock to ensure that all remaining system tests are completed on the plant and heap-leach areas ahead of statutory government inspections, before the operation proceeds to production”.
• He confirmed that Tavsan, the company’s second operational mine in Turkiye, “is nearing final commissioning ahead of ore loading onto the heap-leach pad, which is expected from later this month”.
• According to the company’s website, Tavsan hosts a ‘Measured, Indicated & Inferred’ JORC (2012) resource of 0.3moz of gold and 1.1moz of silver in 7.65mt at an average grade of 1.26g/t gold and 4.49g/t silver

Conclusion: Tavsan’s commissioning is now well underway with ore stacking expected later this month and an initial gold pour expected later this summer.

Great Southern Copper (GSCU LN) 3.35p, Mkt Cap £19m – Ground geophysics defines additional targets at Cerro Negro, Chile

• Great Southern Copper reports that a recently completed ground geophysics survey has identified additional targets south of the historic Mostaza copper/silver mine in its Cerro Negro project area in Chile.
• Induced polarisation (IP) work shows areas of high chargeability coinciding with copper/silver mineralisation intersected in earlier drilling (particularly in hole DD-007) extending the anomalous trend over 2.5km south of the old mine “consistent with the trend of the Mostaza Fault Zone” and with earlier rock chip sampling results.
• The results are expected to inform targeting of the Phase 3 drilling campaign currently in preparation.
• In April this year, Great Southern Copper ann9ounced that hole DD-007 had intersected 33m at an average grade of 1.96% copper and 60.6g/t silver from a depth of 87m including 3.58m averaging 5.21% copper and 318.2g/t silver from 88m depth and 5.00m averaging 5.90% copper and 99.2g/t silver from 115m depth
• The announcement explains that “further survey lines to the south and north may be considered for the future, as well as in-fill lines and extensions of existing lines further to the east, where mapping has identified anomalous Cu-Ag hosted in sub-parallel structures with evidence of artisanal mining”.
• CEO, Sam Garrett, explained that the IP results confirm “significant potential for the Mostaza copper-silver mineralisation to extend southward along the Mostaza Fault Zone. We eagerly await the final results of the AMT and pole-dipole IP surveys, which will provide critical insights to support us in finalising plans for our Phase III exploration drilling at Cerro Negro”.
• Emphasising the importance that the company attaches to the results from Cerro Negro and other projects in its Especularita project area, Great Southern Copper has decided that it “will not proceed further with its San Lorenzo and Monti projects … [so that it can] … prioritise its spending focus at Especularita”.

Conclusion: Geophysical survey results have extended the area of exploration interest at Cerro Negro over 2.5km south of the Mostaza mine with induced polarisation anomalies coinciding with previous drilling and sampling results and areas of artisanal mining.

Ionic Rare Earth (IXR AU) A$0.02, Mkt Cap A$91m – Government backed £11m “CirculaREEconomy” partnership

• The Company led consortium backed by the Advanced Propulsion Centre UK (APC) secures £11m in UK grant funding.
• The “CirculaREEconomy” consortium covers full rare earth permanent magnet (REPM) supply chain from produced REOs to permanent magnets manufacturing and end users.
• Project participants include Ionic Technologies (a 100% owned subsidiary of IXR), Ford Technologies, Bentley Motors, Wrigthbus, Less Common Metals (LCM), European Metals Recylcing (EMR), British Geological Survey (BGS), Vacuumschmelze (VAC), GKN Power Metallurgy (GKN).
• The programme will be launched on 1 August and run for three years facilitating development of the European permanent magnets supply chain.
• Ionic Technologies allocation of the programme will be ~£3.1m.
• Ionic Technologies is developing a long loop RE recycling process to recover separated REOs using patented hydrometallurgical flowsheet.
• The Company recovers separated REOs from the EMR provided feedstock that are then to be used by LCM to produce RE containing metal and alloys as precursors for permanent magnets production.
• VAC and GKN are expected to produce magnets for the programme with manufacturing located in Germany to OEM specifications.

Minerals260 (MI6 AU) A$0.12, Mkt Cap A$228m – First production target reiterated for 2028

• Tim Goyder led Australian gold developer Minerals260 provide an update on Bullabulling’s timeline to production.
• The Company recently acquired the project from Zijin, and is working to derisk the asst.
• Metallurgical testwork shows free milling ore, with focus now on optimising recoveries with grind size testing.
• Water sources have been identified with geophysical surveys.
• Current 80,000m drill programme expected to support an expanded MRE for 4Q25, with additional mineralisation at depth and along strike.
• Company fully funded to support FID by 2027.

Orosur Mining* (OMI LN) 8.4p, Mkt Cap £25m – Moving Pepas to MRE -stage with infill drilling programme

• Orosur announces plans to progress Pepas to MRE drilling via infill drilling.
• Orosur expects to drill 1,500-2,000m of additional drilling at Pepas, completed in November 2025.
• MRE expected to be delivered in December 2025.
• Management considers gold mineralisation drilled to date at Pepas may offer ‘potential nearer term production opportunities.’
• Orosur has now drilled 26 holes at Pepas since December 2024, focusing on a central core of high-grade gold mineralisation near surface.
• They state that gold mineralisation defined to date is ‘worthy of economic study,’ following the completion of preliminary pit shell modelling.
• These economic studies will involve both a Mineral Resource Estimate and a PEA at Pepas.
• Orosur notes supportive factors including access to power, regional highways, and nearby mining operations with potential for toll treating capacity.
• Exploration on the wider Anza licence will continue, with field mapping and sampling ongoing, with the rig set to move back to exploration once the infill programme is complete.
• Additionally, Orosur is exploring the potential for a maiden MRE at APTA, where 38,000m of drilling has been completed.
• In Argentina, Orosur is negotiating with drill companies to begin drilling this year at El Cedro.

Conclusion: Orosur announces today it is redirecting its rig to focus on infill drilling at the Pepas high-grade gold project. This will support the delivery of a maiden resource estimate in December 2025. The deposit is likely to be on the smaller side but will benefit from high grade, at surface ounces with advantageous neighbouring infrastructure. We look forward to the completion of the infill programme due November 2025 and the results of the MRE, alongside the resumption of exploration drilling on the wider Pepas licence package.

*SP Angel acts as Nomad and Broker to Orosur Mining

Serabi Gold (SRB LN) 197p, Mkt Cap £144m – Delivers highest quarterly gold output since operations restarted in 2023

• Serabi Gold reports the production of 10,532 13oz of gold in the 3 months to 30th June (Q1 2025 – 10,013oz) including 5,607oz from the Palito complex and 4,925oz from Coringa, both in Brazil.
• Palito treated 29,885t of ore (Q1 2025 – 24,328t) at an average grade of 6.15g/t gold (Q1 – 6.25g/t) while the contribution from Coringa reflected the processing of 21,361t at an average grade of 7.39g/t gold Q1 2025 – 23,827t at a grade of 7.17g/t).
• CEO, Mike Hodgson, commented that Serabi Gold has “followed a strong first quarter with an even better second quarter, which at 10,532 ounces, has been the highest quarterly output recorded since operations recommenced in 2013”.
• He explained that the ore-sorter at Coringa “has now been operational for 6 months …[taking] … advantage of favourable economics … to process low grade ore stockpiled since the mine opened, whilst higher grade ROM is transported directly to the Palito plant. By doing this we can produce more ounces from Coringa this year than originally planned”.
• Mr. Hodgson said that at Palito grades are continuing to improve with a year-to-date grade of “approximately 6.19 g/t gold compared to 4.86 g/t gold in 2024”.
• He attributed the higher grades at Palito to “stoping the Barrichello zone, along with some excellent grades being returned from the G3 vein, which formed the backbone of production at Palito from 2005-2017”.
• Mr. Hodgson said that “Our production profile will see greater quarterly production in Q3 and Q4 to reach guidance. With this as a foundation to what we anticipate will be a successful period of organic growth to look forward to in the second half of 2025”.
• Guidance has previously been issued in the range 44-47,000oz of gold production for 2025.
• Commenting on the company’s brownfield exploration programme, today’s announcement confirms that two rigs are operational at both Palito and Coringa with a planned 30,000m for the year with results so far “progressing towards our goal of increasing the current mineral resource inventory to between 1.5Moz-2.0Moz”.

Conclusion: Q2 production built on a strong Q1 production performance to deliver the highest quarterly production since the mine restarted in 2013 keeping Serabi Gold on track to achieve its 2025 production guidance range of 44-47,000oz.  Brownfield exploration is aiming to build a mineral resource inventory of 1.5-2moz.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

South32 (S32 LN) 145p, Mkt Cap £6.5bn – Power supply at Mozal triggers impairment and guidance review

• South32 provides an update from their Mozal aluminium smelter in Mozambique.
• The Company notes the electricity supply agreement is due to exposure in March 2026.
• The Company notes that to date, it has been unable to reach an affordable electricity price tariff.
• The hydro-electric power generator, HCB, also notes drought conditions are impacting electricity generation.
• South32 expects to recognise an impairment expense and is reviewing FY27 guidance over operational uncertainties.

Strategic Minerals* (SML LN) 0.31p, Mkt Cap £7.5m – Cobre sales volumes expected to bounce back following disruption caused by wildfires

• Strategic Minerals reports sales from its Cobre magnetite operation in New Mexico during the three months to 30th^t June 2025 were 11,305t generating revenues of ~US$0.82m.
• The company reports a 30^th June 2025 cash balance of US$1.59m .
• Lower sales volumes resulted “from a 10-day shutdown due to wildfires … [although the company explains that] … Even with that pause, revenues in the first half of 2025 are only marginally below the strong performance of the first half of 2024”.
• We estimate that YTD sales are ~US$2m (2024 -~US$2.1m) based on sales of ~28.500t.
• Today’s announcement explains that the “Cobre operations were shut down for 10 days between 17-27 June 2025 due to wildfires (the Trout Fire) caused by extreme drought conditions prompting an emergency response from state officials including the suspension of ore shipments via affected roads”.
• Strategic Minerals confirms that there “was no impact to the Company’s site or workforce and shipments have returned to normal, with the Company expecting to make up the shortfall in the quarter to 30 September 2025”.

Conclusion: Disruption caused by wildfires in New Mexico affected Q2 volumes but. With road access now restored, Strategic Minerals expresses confidence that its sales volumes will recover in the current quarter.

*SP Angel acts as Nomad and broker to Strategic Minerals

Thor Explorations (THX LN) 41p, Mkt Cap £275m – Q2 Operating Update as Douta PFS looms

• Thor, who operate the Segilola gold mine, Nigeria, reports 2Q25 gold production of 22.8koz.
• Company generated $82.5m in revenue over the quarter, selling 25.9koz at an average price of $3,187/oz.
• Ore processed at 238.4kt at average grade of 3.1g/t Au and 93% recoveries.
• Company retains production guidance of 85-95koz at AISC of $800-1,000/oz for FY25.
• Thor is drilling at its Douta project in Senegal, with results from Baraka 3 to be included in the PFS.
• Company has now completed drilling at Douta and is preparing an MRE and PFS.
• Thor will pay a second quarterly dividend of C$0.0125/share.

Vast Resources (VAST LN) 0.34p, Mkt Cap £11m – Diamond parcel tender update

• The Company released an update regarding the selling process of a parcel of diamonds secured from the Reserve Bank of Zimbabwe earlier this year.
• The team is working with consultants on primary beneficiation process (cleaning and sorting) ahead of tendering.
• The Company released a set of pictures highlighting the cleaning and sorting process of 4-6ct mixed stones:
• http://www.rns-pdf.londonstockexchange.com/rns/9005Q_1-2025-7-14.pdf
• Earlier, the team reported that the parcel included ~135kct of eluvial stones of which ~36kct were identified as gem quality.

LSE Group Starmine awards for 2025 / 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 for Q1 2025

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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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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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