SP Angel Morning View -Today’s Market View, Monday 29th January 2023

Copper poised to rise as Chinese smelters struggle to source concentrate

MiFID II exempt information – see disclaimer below

Amaroq Minerals (AMRQ LN) – High-grade veins noted at Nalunaq

Conroy Gold and Natural Resources (CGNR LN) – Scout drilling results

European Metal Holdings (EMH LN) – Exploration licence extensions at Cinovec

IGO Limited (IGO AU) – Lithium update as production cut on weak spodumene demand

Phoenix Copper* (PXC LN) – Raising £2.2m to purchase equipment at a discount

Sierra Rutile (SRX AU) – Quarterly update as costs rise above sales price

PYX Resources (PYX LN) – Operational update as zircon sales ramp up

Serabi Gold (SRB LN) – Improving gold production as Coringa makes an increasing contribution.

Copper prices poised to rise as Chinese smelters struggle to source concentrate supply

• Copper prices are holding steady at $8,500/t as traders look for direction.
• Reuters reports a group of China’s top copper smelters are calling for a joint production cut as TCRCs slump.
• Treatment charges for copper concentrate have fallen 67% since the 2024 benchmark late last year, with limited concentrate supply available.
• TCs are sitting around $20/t, pointing to tightening concentrate availability following Indonesian tightening export restrictions and Cobre Panama coming offline.
• Chinese construction companies are reportedly boosting investment to $7bn for infrastructure projects, following an updated agreement over the Sicomines copper/cobalt JV.

CATL offers prismatic LFP battery cells for ~$75kWh (<CNY0.4Wh)

• CATL has lowered Li-ion battery prices to ~$75/kWh which translates to around $90/kWh and $4,500 for a 50kWh battery pack.
• This is significantly cheaper than the $133/kWh in 2024 vs $139/kWh last year according to Bloomberg NEF.
• While LFP battery chemistry has lower power density and is a heavier alternative to NCM batteries, the new CATL cells gives manufacturers a low cost alternative for vehicles where weight and performance are not critical issues.
• Battery material prices have fallen significantly over the past year. This combined with greater economies of scale have reduced prices faster and further than forecast.
• New innovation in Li-ion battery chemistry and in particular anode performance along with the development of solid-state electrolyte will further improve safety, reliability and power density going forward.
• While we do not expect innovation in battery chemistry to follow Moore’s Law in the Semiconductor industry we do expect regular and significant improvements going forward.
• Improvements in electric motor efficiency, wiring systems, batteries and their charging should ensure further growth in EV sales across all forms of transport from passenger vehicles to busses and lorries and eventually onto trains, aircraft and boats.
• The challenge will be for governments to provide sufficient power for the charging of EVs while preserving power supplies for all other consumers.
• The instillation of solar panels onto rooftops will provide a significant solution to the problem helping consumers and taking pressure off the local grid.
• Solar panels generally offer around 400W a panel for an average of 4-5 hours a day giving 1,600-2,000W/day so just 5-6 panels should generate sufficient power for 10kWh or about 37 miles a day in a Tesla Model Y.
• The cost of solar also looks far less than grid power when the capital is amortised indicating significant and compelling savings though solar instillation.

Conclusion: The cost of battery packs has fallen far further and more quickly than anyone had envisaged. We also suspect the cost of manufacturing the rest of the EVs is also falling fast due to fewer and simpler components. While some obstacles remain we see the price of new EVs falling to match Internal Combustion Engine vehicles in the near future.

Economics

An excess of cash combined with inflation hedge characteristics are pushing equities higher in the US

• Many investors see the US dollar as a relatively strong and stable currency despite the inevitable onset of lower interest rates.
• We reckon central banks will try to retain relatively stable exchange rates with the US dollar as rates are lowered in a form of collective and synchronised monetary easing.
• The Fed is therefore responsible for potential new inflation across the developed world and not just within its shores.
• The interest rate differential between the US and China is believed to be driving indirect and disguised carry trades with round-trip reimports with currency controls unable to stop carry-trade by trucking (VoxChina).
• China ‘s risk of property market implosion looks reduced with the recent RRR cut and promise of liquidity into equity markets risks.
• India remains the strongest growth market with a manufacturing PMI of 56.9 vs 54.9 in December and Services PMI running at 61.2 vs 59.0 in December.
• The war in Ukraine and lack of low-cost Russian gas in Europe continues to depress economic activity with China quick to make up for lost production at European smelters and refiners.
• Germany remains deeply depressed with manufacturing struggling to lift to a manufacturing PMI of 45.4 vs 43.3 and services slipping to 47.6 vs 49.3. Germany’s Ifo business climate index also slipped to 85.2 in January vs 86.3 in December.
• France is faring even worse with a manufacturing PMI at 43.2 vs 42.1 and Services PMI of 45.0 vs 45.7
• The EU is recovering some lost ground with manufacturing PMI at 46.6 vs 44.4 and Services PMI at 48.4 vs 48.8
• The UK is faring slightly better than France or Germany but also remains in contraction at 47.9 vs 47.6 though services remain strong at 53.8 vs 53.4.
• US manufacturing PMI has returned to growth at 50.3 vs 47.9 with services PMI showing a strong gain at 52.9 vs 51.4

 China – Chinese authorities will suspend lending of certain shares for short selling from Monday as authorities are looking for ways to shore up the equity market.

• Strategic investors will not be allowed to lend out shares during agreed lock up periods, according to Shanghai Stock Exchange and Shenzhen Stock Exchange.
• Bloomberg reported earlier that state owned Citic Securities stopped lending stocks to individual investors and tightened requirements for institutional clients on guidance from regulators.
• CSI 300 index was little change today registering a 0.9% drop on the day.
• Hong Kong court issues a liquidation order on China Evergrande Group after the Company failed to reach an agreement with its creditors.
• Equity was valued at just $275m this morning before trading in shares was suspended, down more than 99% from its peak.
• Most of US$ denominates bonds traded at just 1.5c on the dollar as of Friday reflecting low chances of any repayment as part of restructuring.
• The liquidation will be closely watched by investors with Bloomberg highlighting that most of the Company’s assets are located in mainland China with the order to test the legal reach of Hong Kong courts.

South Korea – Consumer confidence rose to 101.6 in January vs 99.5 in December

• Q4 advanced GDP held steady at 0.6% qoq vs 0.6% in Q3 but rose to 2.2% in Q3 vs 1.4%

UK – The Bank of England is due to have the first policy meeting this year and to release updated economic estimates.

• While market expectations are for rates to be kept unchanged at 5.25% the focus will be on the commentary of the quantum of potential rate cuts in 2024.
• BoE November economic estimates guided for inflation to slowdown to 3.4% in 2024 and 2.2% in 2025 with only a single (25bp) rate cut in 2024 followed by two more in 2025.
• Markets are currently pricing in 4-5 rate cuts in 2024 alone.

Turkey – Business confidence held at 99.0

Currencies

US$1.0836/eur vs 1.0829/eur previous. Yen 147.84/$ vs 147.83/$. SAr 18.788/$ vs 18.920/$. $1.271/gbp vs $1.269/gbp. 0.660/aud vs 0.658/aud. CNY 7.180/$ vs 7.181/$.

Dollar Index 103.52 vs 103.61 previous.

Commodity News

Precious metals:

Gold US$2,031/oz vs US$2,021/oz previous

Gold ETFs 84.2moz vs 84.2moz previous

Platinum US$916/oz vs US$895/oz previous

Palladium US$950/oz vs US$931/oz previous

Silver US$23.00/oz vs US$23/oz previous

Rhodium US$4,500/oz vs US$4,550/oz previous

Base metals:

Copper US$ 8,506/t vs US$8,514/t previous

Aluminium US$ 2,256/t vs US$2,245/t previous

Nickel US$ 16,545/t vs US$16,680/t previous

Zinc US$ 2,563/t vs US$2,579/t previous

Lead US$ 2,163/t vs US$2,137/t previous

Tin US$ 26,675/t vs US$26,650/t previous

Energy:

Oil US$84.0/bbl vs US$82.1/bbl previous

• Crude oil prices have strengthened following escalating tensions in the Middle East caused by a deadly drone attack on US military facilities in Jordan and a fire aboard a Trafigura-operated fuel tanker.
• Media reports Russian Energy Minister Nikolai Shulginov said on Saturday that the country’s oil production will likely stay broadly unchanged this year following last year’s slight decline to 10.6mb/d of oil and condensate.
• The Biden administration announced a moratorium on the approval of new US LNG export licences on Friday, citing the need to better assess climate and economic considerations on pending applications.
• The US Baker Hughes rig count was up 1 unit to 621 rigs last week (-150 or 20% y/y), with oil rigs up 2 to 499 units (-110 y/y) and gas rigs down 1 to 119 units (-41 y/y) including 3 rigs added in the Permian to 310 units.

Natural Gas €28.4/MWh vs €26.8/MWh previous

Uranium Futures $99.8/lb vs $101.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Tianjin) US$135.2/t vs US$135.5/t

Chinese steel rebar 25mm US$572.3/t vs US$572.6/t

Thermal coal (1st year forward cif ARA) US$94.5/t vs US$94.0/t

Thermal coal swap Australia FOB US$119.0/t vs US$121.0/t

Coking coal swap Australia FOB US$324.0/t vs US$324.0/t

Other:

Cobalt LME 3m US$29,135/t vs US$29,135/t

NdPr Rare Earth Oxide (China) US$55,569/t vs US$55,563/t

Lithium carbonate 99% (China) US$12,047/t vs US$12,046/t

China Spodumene Li2O 6%min CIF US$1,000/t vs US$1,000/t

Ferro-Manganese European Mn78% min US$1,057/t vs US$1,056/t

China Tungsten APT 88.5% FOB US$305/mtu vs US$305/mtu

China Graphite Flake -194 FOB US$590/t vs US$590/t

Europe Vanadium Pentoxide 98% 5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% 29.05/kg vs US$29.05/kg

China Ilmenite Concentrate TiO2 US$317/t vs US$317/t

Spot CO2 Emissions EUA Price US$67.6/t vs US$67.6/t

Brazil Potash CFR Granular Spot US$292.5/t vs US$295.0/t

Battery News

Tesla Model Y to dethrone Toyota RAV4 as bestselling EV globally

• Sales of the Tesla Model Y grew 64% in 2023, delivering 1.23m worldwide.
• Some international markets have not yet reported annual sales data, but it is expected that the Model Y will take top spot.
• It was the bestselling EV in Europe with 255,000 Model Y sales.
• The Model Y was also the bestselling EV in China, selling 456,000 units.

Tesla to introduce bi-directional charging with Cybertruck

• Tesla announced in early 2023 that its vehicles will have bi-directional charging by 2025.
• In a recent company release, it revealed that the Cybertruck will be the first vehicle to have this implemented.
• Other EV manufacturers have been using bi-directional charging for a while, effectively turning their vehicles into energy storage systems.
• Bi-directional charging allows:
  • Vehicle-to-load (V2L) – allows the user to charge electrical appliances directly from the vehicle.
  • Vehicle-to-home (V2H) – the vehicle feeds electricity back to the domestic power gride and can be useful in the event of power cuts.
  • Vehicle-to-grid (V2G) – vehicles can feed electricity back to the main grid. Effective for maintaining grid with power fluctuations (which may become more crucial as countries become more reliant on renewable energy sources)

Redwood Materials begin work on $3.5bn EV battery manufacturing plant

• Redwood Materials, who specialise in the recycling of EV batteries, have broken ground at the 600-acre site that will eventually produce anode and cathode materials to produce 100GWh of battery cell production – enough for 1m vehicles.
• The facility will employ 1500 within the next 10 years.
• In an announcement, the company said it has started construction of its processing facilities and would begin to accept battery cells by the end of 2024.

Company News

Amaroq Minerals (AMRQ LN) 75p, Mkt Cap £194m – High-grade veins noted at Nalunaq

(Formerly AEX Gold (AEXG LN))

• Amaroq provides further exploration results from its Nalunaq project in Greenland.
• Underground channel sampling from the historic mine has extended the Target Block.
• Grades returned 48.3g/t over 1m, with the Company now looking to target underground drilling for a second mining face at Nalunaq.
• Other samples returned intercepts of 0.5m at 15g/t Au, 0.4m at 13g/t Au and o.65m @ 4.2g/t Au.
• Sampling from historic drillcore is also going to be executed this year to support geological modelling of the 75 Vein.
• The 75 Vein was discovered in 2023, showing 256g/t Au over 0.5m.
• The Company believes the newly identified zone of virgin ground extends to the west over a strike potentially up to 775m.
• Management considers themselves able to model this second, 75 Vein, with the Company looking to deliver a Mineral Resource ‘in the near future.’

Conroy Gold and Natural Resources (CGNR LN) 13.75p, Mkt Cap £6.5m – Scout drilling results

• Conroy Gold has reported results of scout drilling totalling 2,921m in 14 holes at 4 sites within its Orlock Bridge and Skullmartin licence areas which now total an area in excess of 1,000km².
• In collaboration with its joint-venture partner, Demir Export, the company drilled at Corcaskea, Corraweelis and Dunraymond in the Orlock Bridge area and at Creenkill in the Skullmartin licence area.
• Drilling at Corkaskea, “which forms part of the overall Clontibret gold target, consisted of three holes for a total of 666.2 metres” including intersections of:
  • 1.4m at an average grade of 0.7g/t gold from a depth of 45.9m in hole COR-23-001; and
  • Two intersections in hole COR-23-003 with 1m grading 0.4g/t gold from 154m depth and a deeper intersection of 2.5m from 199m depth which averaged 0.6g/tgold.
• The company says that the “drilling … [located around 200m north of previous work] … intersected gold outside the current Clontibret resource area and to depth which demonstrates that the Clontibret resource is still very much open in all directions”.
• The company clarifies that a “series of shallow dipping mineralised lode structures have been interpreted at Corcaskea which is different to the lode structures at the Clontibret deposit which are relatively steep dipping. Some of the mineralised lode structure intersected in the recent drilling suffered from poor core recovery particularly the 1.4m @ 0.7 g/t Au from 45.9m which recorded less than 45% recovery”.
• The drilling at Corraweelis “within the overall Slieve Glah gold target area, consisted of two holes for a total of 544.7 metres” and intersected:
  • Multiple mineralised horizons in hole 3130-23-001 with 1m grading 0.4g/t gold from a depth of 122m, 1.2m grading 0.3g/t gold from 146.9m and 1m, also grading 0.3g/t gold from 157m depth; and
  • Intersections, each of 1m and each grading 0.3g/t gold from 129m and 138m respectively in hole 3130-23-002
• The company explains that these are “the first gold-in-bedrock intersections in the Corraweelis gold target area. The Corraweelis gold anomaly extends over a length of 500m which is still open at both ends and is 200m wide”.
• Drilling at Dunraymond “tested the large Glenish fault zone within the geochemical gold anomaly and intersected it from 179.4m to 233.6m” but encountered “Only minor mineralisation”.
• At Skullmartin, where an “additional seven holes for a total of 1,094.9 metres … [has] … added significantly to the geological understanding of the Creenkill gold target”, drilling intersections included:
  • An intersection of 0.5m at an average grade of 2.4g/t gold from 47.7m depth in hole C3-23-005; and
  • Intersections, each of 0.5m with gold grades of 0.3g/t and 0.5g/t respectively from 52.5m and 273m depths in hole C3-23-007; and
  • An intersection of 0.3m assaying 0.3g/t gold from 65.5m in hole C3-23-008.
• The company explains that “Work on the Creenkill gold target continues to enhance the Company’s knowledge of this area where we have visible gold and grades of up to 123 g/t Au and which forms a key part of the newly identified 24km (15 miles) Skullmartin gold trend”.
• Chairman, Prof Richard Conroy, acknowledged that the joint venture with Demir Export “has enabled the Company to carry out an extensive scout drilling programme which has added considerably to our knowledge of the geology and mineralisation of the two district scale gold trends.

Conclusion: Early-stage scout drilling at Orlock Bridge and Skullmartin continues to encounter gold mineralisation although at this stage many of the intersections are relatively narrow and relatively low grade suggesting that further exploration will be required to hone in on any future targets with mining potential.

European Metal Holdings (EMH LN) 15p, Mkt Cap £33m – Exploration licence extensions at Cinovec

• European Metals Holdings confirms the renewal of its four exploration licences at Cinovec in the Czech Republic which have now been extended until 31^st December 2026.
• The licences “cover all three granted Preliminary Mining Permits (“PMP’s”) comprising the Cinovec Project … [and renewals were necessary to allow] … further metallurgical and measured resource drilling”.
• In July 2017, the company reported a ‘Probable’ ore reserve at Cinovec of 34.5mt at an average grade of 0.65% Li2O which it says “makes Cinovec the largest hard rock lithium deposit in Europe and the fifth largest non-brine deposit in the world”.
• A January 2022 updated preliminary feasibility study (PFS) which “indicates a post-tax NPV of USD1.938B and a post-tax IRR of 36.3% and confirmed that the Cinovec Project is a potential low operating cost producer of battery-grade lithium hydroxide or battery grade lithium carbonate”.
• The capacity of the project to produce this battery grade product has subsequently been tested at the pilot-plant scale to produce “clean battery grade lithium carbonate (>99.9%)”.

IGO Limited (IGO AU) A$7.6 Mkt cap A$5.7bn – Lithium update as production cut on weak spodumene demand

• IGO, which holds a minority stake in spodumene giant Greenbushes, provides an update on operations.
• Pricing will now reflect a range of price agencies, including Fastmarkets, Asian Metals, BMI and S&P Platts, linking it closer to daily spot prices.
• Spodumene production is expected to be below forecast for 2H24, guided at 1.3-1.4mtpa vs previously guided 1.4-1.5mtpa of spodumene concentrate.
• Sales for the second half of the financial year are expected to be 20% below production as inventories continue to build on site. Space for stockpiled ore is reportedly limited.
• Reduced demand from Albemarle and Tianqi has been noted for the Greenbushes spodumene product vs previous expectations.
• Cash cost guidance expected to be towards top end of guidance, at A$280-330/t.
• The Group remains committed to the CGP3 processing plant., as the Talison JV continues to progress their down streaming plans.

Phoenix Copper* (PXC LN) 11.18p, Mkt Cap £13.7m – Raising £2.2m to purchase equipment at a discount

Phoenix holds 80% of the Empire mining property in Idaho)

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• On Friday, following its early morning announcement of plans to raise funds to purchase equipment for its Empire mine project in Idaho Phoenix Copper reported later in the day that it had “conditionally raised approximately £2.7 million in aggregate (before expenses) through the placing of 14,130,434 Placing Shares at the Issue Price, being 11.5 pence per new Ordinary Share, and a subscription of 9,000,004 Subscription Shares at the Issue Price”.
• The £2.7m exceeded the company’s £2.2m indication provided in its 7:00am announcement.
• The funds “will be used to progress the purchase of the Equipment (including taxes and shipping) and for general working capital purposes”.
• Phoenix Copper also confirms that “remains in advanced discussions with a number of interested bond investors in relation to the Company’s proposed corporate copper bond financing which is intended to finance construction of the Empire Open-Pit Mine in Idaho”.
• The funding was supported by management, including the Chairman, Marcus Edwards Jones, CEO, Ryan McDermott and CFO Richard Wilkins who each subscribed for 140,582 shares as well as by non-executive director, Andre Cohen, who subscribed for 50,000 shares and advisory board members, Dennis Thomas and Harry Kenyon Slaney who took 25,000 shares each.
• The additional ~23.1m new shares represent around 15.6% of the company’s enlarged capital.

Conclusion: Phoenix Copper has conditionally raised £2.7m, in excess of the £2.2m originally sought, to purchase equipment for the Empire mine project in Idaho at a discount to the manufacturer’s price, The additional funding gives the company an opportunity to reduce the capital required for its Idaho project in tandem with a possible shortening in the development timetable.

*SP Angel acts as nomad to Phoenix Copper

Sierra Rutile (SRX AU) A$0.063 Mkt cap A$55m – Quarterly update as costs rise above sales price

• Sierra Rutile, mineral sands producer in Sierra Leone, provides a quarterly update.
• The Company mined 1.6mt over the quarter, producing 29kt rutile and 12kt ilmenite.
• 34kt of rutile sold and no ilmenite.
• $43m revenue generated from sales of rutile at an average unit price of $1,258/t.
• Unit operating cash costs of rutile climbed to $1,421/t.
• Cash fell from $20m in Q3 to $7.8m in Q4.
• As a result, the Company is making concerted efforts to conserve cash, suspending operations at the Area 1 project, effective from 11^th March.
• Sierra Rutile continues to progress the DFS for Sembehun, with delivery expected by middle of this year.
• No guidance will be provided given the notice of suspension of operations.
• Rutile Market Commentary:
  • Management notes that pigment demand remains weak in both Europe and China, whilst the US remains in a stronger position.
  • Welding market remains depressed on weak infrastructure and construction activity.
  • Strong welding demand noted in LNG shipbuilding and the US, whilst Europe disappoints.
  • Aerospace titanium demand remains strong.
  • Management sees the current rutile downturn as more reflective of a cyclical decline in demand opposed to longer-term demand trends

*An SP Angel mining analyst has previously visited Sierra Rutile’s rutile mine in Sierra Leone

PYX Resources (PYX LN) 16p, Mkt Cap £22m – Operational update as zircon sales ramp up

• Pyx provides an update on its mineral sands projects in Indonesia.
• Zircon production increased 31% yoy in 2023 at 11.8kt, sold at an average price of $1,998/t, down 19%.
• Total production, including titanium dioxide minerals, fell 11% yoy, whilst total product sold climbed 20%.
• Pyx received an extraction licence for up to 94kt/year of product sold from its Mandiri Project.
• Stockpiles of zircon inventory stood at 533t in December, with Ilmenite and rutile inventory standing at 9.8t at year end.

Serabi Gold (SRB LN) 38.5p, Mkt Cap £33m – Improving gold production as Coringa makes an increasing contribution.

1. Serabi Gold reports gold production of 7,891oz of gold production during the 3 months to 31^st December bringing output 2023 to 33,153oz (2022 – 31,819 oz).
2. The Palito operation produced around 75% of the total output (24,330 oz) with the balance from the new Coringa operation which contributed 8,822oz.
3. The company reports a year end cash balance of US$11.6m.
4. Among the highlights of the final quarter of 2023 were the generation, in conjunction with Serabi Gold’s partner, Vale,  of an exploration target at the Matilda prospect with “resource potential between 21Mt @ 0.40% Cu up to 81Mt @ 0.28% Cu”.
5. The company also highlights its updated reserve estimate, released in November, for Palito of 824,000t at an average grade of 7.78g/t containing 206,400oz of gold which is “a threefold increase on the previous mineral reserve estimate of 67,344 ounces”.
6. The company also reports the purchase of an “ore sorter for Coringa … which is now being transported to site and expected to be operational by Q4-2024”.
7. CEO, Mike Hodgson, commented on the progress at Coringa, which “is now being worked on four levels, with the newest level, 225mRL just intersected at the start of 2024”.
8. He said that the “Coringa orebody continues to exceed expectations with payability of the development significantly better than forecast, and we are planning an underground drill campaign at site during the first half of 2024” which is expected “to expand the mineral resource for Serra and plan to issue a new mineral resource and reserve estimate during the Q3/2024”.
9. Mr. Hodgson also said that “greenfield exploration efforts at Matilda, being undertaken in partnership with Vale, resulted in an in-house estimation of 81Mt @ 0.28% Cu including 21MT @ 0.4% Cu though it should be cautioned that this potential volume and grade is conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated”.
10. He summarised the outlook for 2024 saying that “We look forward to 2024 with great optimism. An excellent geological resource update at Palito, Coringa mine development improving quarter by quarter, and with permitting of Coringa expected to reach a positive conclusion, we expect meaningful production growth and continued strong operational cash flow in the next 24 months”.

Conclusion: Improving gold output as Coringa ramps up production and an improved reserve base at Palito coupled with encouraging exploration at Matilda encourage management optimism for 2024 and beyond.

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

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

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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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