SP Angel Morning View -Today’s Market View, Monday 25th November 2024

Tin prices hold lower but raw material supplies worsen in China, limiting processing output

MiFID II exempt information – see disclaimer below

Anglo American (AAL LN) – Further sales of steel-making coal businesses

Arc Minerals (ARC LN) – Correction

Ferro-Alloy Resources (FAR LN) – Commercial development update from Balasausqandiq Project

Great Southern Copper (GSCU LN) – Drilling underway at Viuda, Chile

Kavango Resources* (KAV LN) – Drilling underway at Prospect 3 in Zimbabwe

Mkango Resources* (MKA LN) – BUY – HyProMag USA FS highlights attractive economics for the NdFeB magnets recycling project

Thor Energy (THR LN) – A$408,000 cash infusion

Tin prices hold lower but raw material supplies worsen in China, limiting processing output

• Tin prices continue to hover below $29,000/t, having fallen from recent highs of $34,000/t over the past month.
• This comes on weak demand for semiconductors and soldering.
• However, the supply side of the market continues to worsen, with output from Myanmar disrupted this year.
• Shanghai Metals Market reports operating rates at refined tin smelters in Yunnan and Jiangxi are sitting at 65%, declining last week.
• SMM reports a drop in operating rates on ‘difficulties in raw material procurement,’
• Reports last month surfaced of smelters extending maintenance periods on lack of feedstock.
• Scrap supply is also tightening and ‘the availability of spot cargo is gradually becoming tight.’

Gold ($2,670/oz) slides in Asian trading following Trump’s appointment of Scott Bessent as Treasury Secretary

• Gold prices have fallen 1.4% this morning, giving up last week’s gains which saw a return to $2,715/oz.
• The move followed a rally in US Treasuries after Trump appointed ex-Soros macro fund manager Scott Bessent for Treasury Secretary.
• The 10 year fell 10bp to 4.33%, down from recent highs near 4.5%.
• However, the dollar remains strong against a basket of currencies, but did provide some respite to recent Euro, Pound and Yen weakness.
• Bessent is considered more run-of-the-mill than Trump’s other potentials, including Lutnick and Wirsch.
• Gold has been pressured by the recent sell-off in US Government bonds in the wake of Trump’s victory, as traders positioned for higher long-term inflation and a stronger dollar.

Metals hold lower as strong dollar continues to weigh on Chinese buying

• Copper prices continue to bounce around the $9,000/t mark, with the dollar’s recent rally against currencies including the Yuan weighing on appetite.
• Aluminium, lead, zinc and tin are all steady.
• Nickel has bounced slightly, now reclaiming the $16,000/t mark as Eramet highlights the challenges of operating ex-China and Indonesia looks to curb exports.
• Iron ore is holding over $100/t for the 62% Fe index, however port inventory remains high and Brazil and Australia continue to ramp up exports.

Chinese lithium carbonate producers boost output following a recent price increase

• Mysteel reports that Chinese lithium carbonate production rose 3.2% week on week, as Carbonate prices neared $11,000/t in China.
• The same period saw total China carbonate inventory fall 1.4%, with smelters and downstream players reporting 4.5% and 4.4% reductions respectively.
• Trader inventory rose as downstreamers relied on in-plant inventory to cover requirements.
• Spot market activity reportedly remains limited as buyers hold off following recent price volatility.
• ElectraLith, a Rio-backed startup is set to complete a funding round this week to explore a new filtration technology with reduced water and chemical requirements.
• The DLE-R process ‘filters brine through two membranes that extract lithium and turn it into lithium hydroxide, before injecting the remaining brine back into the aquifer’ Reuters reports.
• The technology will be explored at Rio’s Rincon operation, with pilot plant status a year away.

Economics

US – Scott Bessent has been selected by Trump to head US Treasury who advocated for tax reform and deregulation with markets seen liking the nomination.  

• Some commentators said the nomination was a relief given his extensive experience with financial markets and a potential for less severe than feared tariffs.
• Flash PMIs released on Friday showed private sector favoured better than expected with growth led by strong services sector in November.
• Preliminary Manufacturing PMI (Nov/Oct/Est): 48.8/48.5/48.9
• Preliminary Services PMI (Nov/Oct/Est): 57.0/55.0/55.0
• Preliminary Composite PMI (Nov/Oct/Est): 55.3/54.1/54.3

UK – The pound is trading higher this morning on BOE policymaker comments that disinflation seem to be slowing down.

• Clare Lombardelli said she supports “gradual” cutting of interest rates.
• Markets are pricing in a less than 15% chance of another rate cut before year end.

Germany – Business sentiment weakened in November after government collapsed with snap elections planned for February 2025 and amid expectations for more trade barriers under Trump.

• Bundesbank President warned that Trump tariffs may cost the economy 1% growth and see the economy going into a contraction in 2025.
• Ifo Business Climate (Nov/Oct/Est): 85.7/86.5/86.0

Currencies

US$1.0450/eur vs 1.0473/eur previous. Yen 154.52/$ vs 154.41/$. SAr 18.106/$ vs 18.033/$. $1.256/gbp vs $1.257/gbp. 0.650/aud vs 0.652/aud. CNY 7.246/$ vs 7.245/$.

Dollar Index 107.22 vs 107.04 previous

Precious metals:         

Gold US$2,671/oz vs US$2,700/oz previous

Gold ETFs 83.1moz vs 83.0moz previous

Platinum US$949/oz vs US$972/oz previous

Palladium US$998/oz vs US$1,044/oz previous

Silver US$30.8/oz vs US$31.4/oz previous

Rhodium US$4,600/oz vs US$4,600/oz previous

Base metals:   

Copper US$9,036/t vs US$9,028/t previous

Aluminium US$2,658/t vs US$2,622/t previous

Nickel US$16,030/t vs US$15,775/t previous

Zinc US$2,996/t vs US$3,001/t previous

Lead US$2,039/t vs US$2,025/t previous

Tin US$29,065/t vs US$28,800/t previous

Energy:           

Oil US$74.6/bbl vs US$74.8/bbl previous

• The US Baker Hughes rig count was down 1 to 583 units last week (-29 or 5% y/y), with oil rigs up 1 to 479 units (-21 y/y) and gas down 2 to 99 units (-18 y/y), as the Haynesville shale lost 2 rigs to 30 units (-9 y/y).
• TotalEnergies announced the farm-down to QatarEnergies of half of its recently acquired stakes from Impact Oil & Gas in offshore Namibia blocks 2913B and 2912, which contain the Orange Basin Venus discovery.
• The UN’s 29th Conference of the Parties (COP29) has ended two weeks of talks in Azerbaijan with a core target for developed countries to triple the previous climate finance goal to $300bn per year for developing countries by 2035, which includes bilateral and multilateral deals.

Natural Gas €47.2/MWh vs €48.2/MWh previous

Uranium Futures $77.6/lb vs $78.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$102.2/t vs US$100.8/t

Chinese steel rebar 25mm US$500.2/t vs US$499.1/t

HCC FOB Australia US$204.5/t vs US$204.5/t

Thermal coal swap Australia FOB US$143.5/t vs US$144.0/t

Other:  

Cobalt LME 3m US$24,300/t vs US$24,300/t

NdPr Rare Earth Oxide (China) US$56,578/t vs US$56,450/t

Lithium carbonate 99% (China) US$10,557/t vs US$10,558/t

China Spodumene Li2O 6%min CIF US$790/t vs US$790/t

Ferro-Manganese European Mn78% min US$985/t vs US$985/t

China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu

China Graphite Flake -194 FOB US$440/t vs US$440/t

Europe Vanadium Pentoxide 98% US$4.8/lb vs US$4.8/lb

Europe Ferro-Vanadium 80% US$25.6/kg vs US$25.6/kg

China Ilmenite Concentrate TiO2 US$307/t vs US$307/t

China Rutile Concentrate 95% TiO2 US$1,125/t vs US$1,139/t

Spot CO2 Emissions EUA Price US$64.9/t vs US$64.9/t

Brazil Potash CFR Granular Spot US$282.5/t vs US$277.5/t

Germanium China 99.99% US$2,825.0/kg vs US$2,865.0/kg

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Battery News

Europe’s battery pipeline to 2030 falls by 176GW

• According to latest data from Benchmark Minerals, Europe’s battery pipeline capacity out to 2030 has fallen by 176GW in 2024.
• At least 12 large-scale battery projects have been cancelled, postponed or are yet to receive necessary permits to progress.
• The slowdown of EV demand has led to battery and EV manufacturers reassessing where investment is directed.

EU official hints that agreement over Chinese EV tariffs could be reached

• Brussels and Beijing are close to reaching a solution on tariffs on Chinese EV imports into the EU, an EU official said.
• Bernd Lange, chair of the trade committee of the European Parliament told German broadcasters that ‘China could commit to offering EVs in the EU at a minimum price.’
• He elaborated that by agreeing to a minimum price ‘the distortion of competition through unfair subsidies,’ would be eliminated – the reason the tariffs were brought in in the first place.
• The EU’s anti-subsidy investigation into EV imports from China concluded on 29^th October, and a five-year policy of additional tariffs came into effect the next day.
• Different car companies face different tariff rates, ranging from 7.8% for Tesla China to 35.3% for SAIC Motor, in addition to the 10% flat rate.

BYD to launch new generation blade battery next year

• BYD’s next generation blade battery will improve the range and extend the lifespan of the battery according to a BYD executive.
• The company has also been focusing on battery life cycle management system and is also working to develop battery reuse systems.
• After the first life of the battery in vehicles, they can be used for different types of applications, such as energy storage, for example.

Company News

Anglo American (AAL LN) 2,397.5p, Mkt Cap £32bn – Further sales of steel-making coal businesses

• Anglo American reports that it has agreed to sell its steel-making coal businesses in Australia to Peabody Energy for up to US$3.8bn.
• In conjunction with the sale of its interest in the Jellinbah mines in Australia to its partner in the project for US$1.1bn which was announced earlier this month, today’s announcement will “generate up to US$4.9 billion in aggregate gross cash proceeds”.
• The sale to Peabody will consist of an initial “an upfront cash consideration of US$2.05 billion … [followed by a ] … deferred cash consideration of US$725 million … [and] … the potential for up to US$550 million in a price-linked earnout; and … [a] … contingent cash consideration of US$450 million linked to the reopening of the Grosvenor mine”.
• CEO, Duncan Wanblad, described the disposal of Anglo American’s steel-making coal business as “another important step towards delivering the strategy that we set out in May to create a world class copper, premium iron ore and crop nutrients business”.
• He confirmed Anglo American’s focus on “delivering that strategy and unlocking the associated value as we streamline our cost structures and create a much simpler, more resilient and more agile business”.
• He also explained that other aspects of “our portfolio transformation are well in train … [including the demerger of Anglo American Platinum which] …is expected by mid-2025 and … [said that] … we have seen strong interest in our nickel business with the sale process well progressed”.
• Mr. Wanblad also said that “We expect De Beers to follow, recognising its unmatched industry and brand position and good progress in working with stakeholders to position the business for long term success as we work toward separation for value”.
• Commenting on cost saving initiatives, he said that Anglo American is “well progressed with the delivery of $1 billion of cost savings and have detailed plans in place to deliver at least an additional US$800 million in pre-tax recurring cost benefits on a run-rate basis from the end of 2025”.
• President & CEO of Peabody, Jim Grech, said that “We’re pleased to acquire these world-class assets from Anglo American, a company that shares our strong values of safety, sustainability and social license to operate. We look forward to integrating these assets, teaming up with their highly skilled workforce, and aligning with our new mine joint venture partners to create long-term value”.

Conclusion: Disposal of its remaining steelmaking coal assets streamlines Anglo American and advances its’ broader strategy to focus on copper, iron ore and fertiliser minerals following the overtures from BHP earlier this year.  Additional cost savings in the residual businesses and cash realised from assets sales provide a firmer foundation to the business but could also make it more attractive to a potential predator.

Arc Minerals (ARC LN) 1.3p, Mkt cap £16m – Correction

• Commentary in SP Angel’s Morning View on 19 November 2024 referenced that an announcement by Arc Minerals (ARC LN) on 14 November 2024 appeared to omit the depths of intersections drilled at the company’s Virgo project in Botswana.
• We clarify that the relevant information was included in the press release under the ‘Drill hole Information’ heading within ‘Section 2 Reporting of Exploration Results’ of the  ‘JORC Code, 2012 Edition – Table 1 Report’ in Appendix A.
• We note the depth of the 6m intersection grading 0.82% copper equivalent was from 326-332m downhole as reported from diamond drill hole ALV-DD-004.

Ferro-Alloy Resources (FAR LN) 7.1p Mkt Cap £32m – Commercial development update from Balasausqandiq Project

• Ferro-Alloy reported on Friday that it has identified a commercial option for the Balasausqandiq vanadium project.
• The Company has conducted a marketing study with Smithers for carbon black substitute, which is predominantly sold into the tyre market.
• Carbon black is traditionally used as a reinforcing filler in rubber making, with the market estimated at US$20bnpa.
• The study estimates a value per tonne of U$500 for the tyre market and US$550-600 for the non-tyre market.
• Previous studies on the Project suggests recoveries via flotation, producing 220ktpa over Phase 1 from a mining rate of 1.65mtpa of ore.
• The flowsheet would include flotation, milling, pelletising and drying.
• The study suggests a 40% concentrate produced from the tailings of the vanadium circuit, with the concentrate dried and milled further.
• The product can be shipped to Western Europe or China, with marketing studies underway to explore buyers closer to home.
• Marketing activities are now underway to further investigate commercial opportunities.
• Management sees the development as adding ‘hugely to the anticipated project NPV,’ supported by ‘relatively small production costs.’

Great Southern Copper (GSCU LN) 1.4p, Mkt Cap £7.2m – Drilling underway at Viuda, Chile

• Great Southern Copper reports that it has now started drilling at its Viuda prospect in the coastal metallogenic belt of Chile.
• The 16km² prospect forms part of Great Southern Copper’s Especularita project area and the current drilling is expected to consist of 8-10 reverse-circulation (RC) drillholes for a total of 800-1,500m testing targets identified by geological mapping, sampling of artisanal workings, geochemical and geophysical exploration.
• Today’s announcement confirms that the first hole, VIU24-RC-001 has “intersected massive pyrite-albite-clay (PAC) alteration from surface which is early supporting evidence for a large-scale porphyry type alteration system at Viuda”.
• CEO, Sam Garrett, explained that the “scout drill programme is designed to test our porphyry model for Viuda targeting both surface geochemistry, geology and magnetic anomalies identified from work completed by GSC earlier in the year. Already the first hole in this programme has been successful, confirming a large-scale porphyry type alteration system at Viuda with massive pyrite-albite-clay alteration identified from surface”.
• He also said that “the permitting and approvals for drilling of our Cerro Negro prospect are anticipated to be completed within the week concluding a very busy and successful year for our team in Chile … [and explained that a] … drilling contractor has been arranged and construction of drill pads for the diamond drill programme is in progress”.
• In July, Great Southern Copper finalised the purchase option to acquire the Cerro Negro exploitation licence area in Chile, expanding the footprint of its Especularita project and the company has previously explained that “Cerro Negro includes the high-grade Mostaza Cu-Ag deposit previously mined by Antofagasta Minerals”.

Conclusion: Great Southern Copper has started initial scout drilling at Viuda with early results supporting the existence of alteration patterns characteristic of a large-scale porphyry intrusion.  It remains to be confirmed whether and to what extent there is commercial mineralisation and we await further results with interest

Kavango Resources* (KAV LN) 0.75p, Mkt Cap £12m – Drilling underway at Prospect 3 in Zimbabwe

• Kavango Resources reports that it has started drilling at its Prospect 3 in the Hillside gold project located in Matabeleland, southern Zimbabwe.
• The drilling aims to “delineate a mineral resource to form the basis for an open pit mine, and to obtain sufficient sample to conduct metallurgical test work”.
• Systematic drilling will comprise a “grid of 90m deep diamond core holes over the target area, on a 25m x 50m spacing with the goal of defining an initial resource containing at least 20,000oz of gold at > 0.5 g/t”.
• “Samples from this program will be combined with bulk samples from artisanal pits to complete heap leach metallurgical test work. Metallurgical testing will seek to determine the metallurgical recovery of the gold contained in the mineralised material and guide the design of the heap leach … [and] … Selected core samples will also be used for geotechnical testing to aid in the open pit mine design”.
• Prospect 3 is described as Kavango Resources’ “priority project in Zimbabwe … [with] … the highest potential to commence commercial production in the shortest amount of time, and with the lowest capital entry”.
• “Artisanal miners are currently producing gold from 12 surface workings with at least 2 different vein orientations, from oxidized meta-sediments above a granodiorite intrusive next to … [drillhole] … NSDD0002”
• Shallow mineralised intersections from the 3 exploration holes drilled to date at Prospect 3 include:
  • A 1m wide intersection grading 1.13g/t gold from a depth of 14m in hole NSDD-001; and
  • A 2m wide intersection at an average grade of 1.21g/t gold from a depth of 6m in hole NSDD-002 which also intersected 1m grading 1.77g/t gold at 13m and 8.2m averaging 3.08g/t from 66.9m; and
  • A single metre grading 2.08g/t gold at 28m depth in hole NSDD-003.
• The announcement describes these intersections as “close enough to surface to represent a possible open-pit gold deposit”.
• Explaining that “artisanal workings have focussed on higher-grade material, but to a limited and shallow extent … [Chief Executive, Ben Turney, said that the] … high level of artisanal workings across Prospect 3 is strongly indicative of the area’s potential for larger scale, near surface gold deposits that Kavango can mine”.

Conclusion: Kavango Resources is drilling to delineate a resource at Prospect 3 where it hopes to establish a shallow resource amenable to open-pit mining in an area of existing artisanal mining activity.  We await the results with interest.

*An SP Angel Analyst holds shares in Kavango

Mkango Resources* (MKA LN) 7.7p, Mkt Cap £15m – HyProMag USA FS highlights attractive economics for the NdFeB magnets recycling project

BUY

• The Company announced results of an independent FS for HyProMag USA studying rare earth magnet recycling operation in the US.
• The project is run by a 50/50 JV between CoTec and Maginito with the latter co-owned by Mkango (79.4%) and CoTec (20.6%) giving the Company a ~40% interest in the project.
• The project is based on a patented and licensed Hydrogen Processing of Magnet Scrap (HPMS) technology that was successfully tested at the University of Birmingham and that is being rolled out on a commercial scale in the UK.
• US$262m and 23% in NPV7% and IRR (both post tax) using current market prices for NdFeB magnets of $55/kg (based on market enquiries).
• $503m and 31% in NPV7% and IRR (both post tax) based on forecast market prices of $94/kg (derived from latest REOs prices by Adamas Intelligence).
• Current design is based on a “hub-and-spoke” model with initially two collection sites (spokes) in the eastern (South Carolina) and western regions (Nevada) and a central processing site with two HPMS vessels (hub) in Dallas Fort Worth (DFW), Texas.
• Not currently included in project economics but the team is considering a low capital cost expansion to three HPMS units (extra $7m) within three years of maiden production.
• The spoke facilities located next to feed sources will focus on initial sorting of NdFeB containing scrap to reduce transportation costs and streamline feed for the hub.
• Further downstream processing using the powder is conventional involving sintering, shaping and magnetising with any scrap material left post shaping of magnet blocks to be recycled at the facility or sold to a third party.
• HPMS technology offers a solution to liberate embedded RE permanent magnets consumer electronics (HDDs, speakers et al.), electric motors and MRI magnetic units in the form of demagnetised NdFeB powder.
• The design is modular in nature allowing to scale up capacities in the future.
• Longer term target to supply 10% of US domestic demand.
• The process is highly efficient with the only waste produced being the casing material that housed RE magnets and separated during the HPMS process which is planned to be supplied to a suitable scrap recycling plant with no revenue assumed for that in the FS.
• 1,147tpa of gross NdFeB product or 1,041tpa of payable NdFeB split between 750t NdFeB sintered magnets and 291t NdFeB by products (excess powder, swarf, offcuts).
• 40y life of project.
• $125m development capital cost (including 10% contingency) most of which ($95m) related to the hub operation.
• $135m total capex over LOA (Life of Asset) including sustaining capital spend.
• $19.6/kg AISC delivering attractive economics at current depressed spot NdFeB prices with hub processing accounting for most of costs that also includes feed costs (>80%)
• $31.9/kg AISC (+62%) in the higher NdFeB price scenario of $94/kg (+71%) while delivering slightly better margins reflecting a share of costs that is not exposed to changes in REE prices.
• $2.3bn/$1.5bn LOA Revenue/EBITDA (~$60mpa/$40mpa) under spot price scenario and $3.9bn/2.6bn (~$100mpa/$65mpa) under higher forecast prices.
• Expected timeline:
  • Mid-2025 Notice to Proceed subject to results of a further detailed engineering study (Class 1 vs current Class 3 AACE);
  • 1.7y construction period post NTP;
  • 1Q27 maiden sales.
  • 2H27 production at capacity.
• Recycled magnets using domestically sourced components improve security of supply in the industry dominated by Chinese producers and will be vital source of material for strategic industries like defense, aerospace, automotive, renewable energy, robotics, data centres and medical science.
• In parallel with detailed engineering study, JV partners are working with US authorities on potential grant financing and incentives, potential suppliers to secure feed and end customers regarding product qualification and offtakes.
• Under the JV agreement, CoTec is responsible for FS and development funding that is envisaged in the form of a shareholder loan allowing Mkango to maintain its interest without any dilution.
• Our understanding is that loan to involve competitive terms with no security over the asset and to be repaid out of HyProMag USA CFs.

Conclusion: The study marks a major milestone and a de-risking event of the RE magnet recycling part of the Group. The study was delivered in less than year after having appointed lead engineers earlier in March with work supported by extensive piloting of the HPMS technology in the UK and the rest of the flowsheet being relatively conventional. Importantly, the study demonstrated good economics even at current depressed prices delivering $262m/23% NPV7/IRR (post tax) highlighting cost competitiveness of the technology. HPMS is found 90% less energy intense in NdFeB magnet production compared to the mine to magnet route and is more cost efficient compared to a more traditional ‘long loop’ recycling method involving extracting separates REOs contained in the magnet but involving high reagent, power and residue management costs.

Valuation wise, the Company offers attractive upside potential even at current spot NdFeB magnet prices ($55/kg). Risk adjusting for stage of the project (0.70x) and effective interest (40%), HyProMag USA contributes ~20p at 7% discount and 12p at a more conservative 10% discount rate to Mkango valuation. On higher forecast NdFeB prices ($94//kg), the range increases to 39p and 24p, respectively. That is excluding any upside from non-HyProMag USA recycling business owned by Maginito (80/20% Mkango/CoTec) in the UK and Germany as well as upstream and midstream parts of the business. HPMS UK facility is targeting commercial scale production 1Q25 followed by a facility in Germany that should further derisk the business case for RE magnet recycling including securing the feedstock and delivering final product to required specifications. We see strong valuation upside potential as the team continues to develop its portfolio of assets highlighting a busy pipeline of catalysts ahead and recommending the Company as a BUY.

*SP Angel acts as nomad and broker to Mkango Resources

Thor Energy (THR LN) 0.8p, Mkt Cap £3.7m – A$408,000 cash infusion

• Thor Energy reports the receipt of up to A$408,000 (~£210,000) “from both a Research and Development tax incentive scheme and notes a partial licence sale from the new Molyhil Joint Venture that entitles the Company to short term and longer-term cash payments”.
• A$208,000 (~£107,000) is received as a rebate under the Research and Development Tax Incentive scheme for “innovative exploration being undertaken at the Alford East Oxide Copper project” in South Australia.
• Today’s announcement also highlights a 21st November announcement to the ASX by “Investigator Resources Limited … who are earning an 80% interest in the Molyhil Project and Tivan (ASX:TVN), … [concerning an agreement] … to sell certain Fluorite rights on the Molyhil JV licence package, the result of which entitles Thor to cash payments totalling A$200,000 (~£103,000) including half of that sum upfront on signing (occurred) and licence transfer (near term)”.
• Executive Chairman, Alastair Clayton, explained that the R&D rebate and the fluorite sales from Molyhil “improve funds available for exploration”.  The company has previously emphasised its intention to focus on its North American uranium exploration projects in the Uravan Belt of southwest Colorado.

Conclusion: Receipts from Australian projects now considered relatively less important than the US exploration provide additional resources to advance  Thor Energy’s American exploration agenda. We look forward to the drilling results from Colorado with interest.

LSE Group Starmine awards for Q3 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Previous Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 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                                                            

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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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