SP Angel Morning View -Today’s Market View, Monday 2nd October 2023

Risk sentiment picks up as US avoids shutdown

MiFID II exempt information – see disclaimer below

Bluejay Mining* (JAY LN) – Drilling shows 5.7m at 2.99m copper equivalent  at Hammaslahti

Caledonia Mining (CMCL LN) – Quarterly dividend maintained

Critical Mineral Resources (CMRS LN) – Zagora Cobalt Update

East Star Resources (EST LN) – £0.5m fundraising for exploration

Goldstone Resources* (GRL LN) – Gold loan extension

Horizonte Minerals (HZM LN) – Horizonte shares tumble as capital cost of Araguaia project rises by 35%

Lucara Diamonds (LUC CN) – Management departures

Mkango Resources* (MKA LN) – Cotec stake in Maginito increased to ~21% on loan note conversion

Sigma Lithium (SGML CN) – Company refutes ‘categorically incorrect’ media speculation

Versarien* (VRS LN) – Management make progress in core areas while cutting cost base

IGTV: Copper will still move up despite a gear shift down in carbon-zero targets  https://youtu.be/jbywf2hmEU8?si=yxJcwGiE1_V121Ok

VOX: 29/09/23:  https://audioboom.com/posts/8375969-john-meyer-on-china-s-property-implosion-plus-atlantic-lithium-bushveld-sovereign-metals

          22/09/23:  https://audioboom.com/posts/8372001-john-meyer-discusses-heat-pumps-the-energy-transition-plus-bluejay-jay-kodal-kod-savannah-sav

*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.

Gold prices slump as Treasury sell-off persists on stronger US growth outlook

• Gold prices slid close to $1,840/oz following a large repricing of US Treasury rates last week.
• The US Real yield when factoring in inflation bounced from 1.06% in June to 1.7% today, with higher real rates weighing on investor appetite for gold.
• The repricing followed a series of more solid US data points showing relatively sticky inflation and persistent growth in US labour markets, giving Powell and the Fed a headache.
• Gold ETFs continue to see outflows, with the SPDR fund seeing holdings fall to the lowest levels since January 2020.
• The dollar has held near its 10-month highs as international funds flow into the US to take advantage of the higher yields.
• The sharp move lower on Friday came despite the Fed’s primary inflation gauge, the PCE, falling near the 2% target.
• This week is set to see additional data which will catalyse another gold move, with non-farm payrolls due alongside private hiring and job opening data.

Copper gives up ground as Chilean output rises and smelters boost output

• Copper prices fell to $8,250/t this morning having rallied through Friday to two-week highs of $8,330/t.
• Volume is limited at the moment on the back of a week-long Chinese holiday to 8^th October.
• LME inventories are up 140% over the past three months, sitting at their highest levels since May 2022.
• Chile is ramping up production, with output rising 2.7% yoy in August to 434kt.
• Mitsubishi Materials is ramping up smelting activity, with refined output for H2 expected at 217kt, a 34% jump yoy.
• Chinese copper smelters are also seeing a ramp up in production, with officials last week concerned over increased capacity.

Economics

US – Congress passes a bipartisan bill to avoid the shutdown and keep the government funded until November 17 last Saturday, Bloomberg reports.

• Although, policymakers had to drop a provision for $6bn in Ukraine aid to get the bill passed.
• Equity futures climbed and Treasuries pulled back reflecting an element of relief following a deal to avert the shutdown.

China – Economic growth measures see business activity growing in September, albeit, at a slower pace among smaller private firms.

• Caixin Manufacturing PMI registered another >50 reading last month marking the fourth consecutive month of expansion.
• While both output and new orders expanded, overseas demand remained weak with the gauge for new export orders remaining below 50.
• Employment returned to negative territory representing the sixth contraction in the past seven months.
• Services recorded only marginal growth hitting a nine-month low.
• Caixin Manufacturing PMI: 50.6 v 51.0 August and 51.2 est.
• Caixin Services PMI: 50.2 v 51.8 August and 52.0 est.
• Caixin Composite PMI: 50.9 v 51.7 August
• Official Manufacturing PMI: 50.2 v 49.7 August and 50.1 est.
• Official Services PMI: 51.7 v 51.0 August and 51.6 est.

Japan – The yen is approaching the 150.0 level as the central bank announced more bond buying to curb further increases in sovereign bond yields, Bloomberg writes.

• The BOJ announced an extra bond buying programme following an unscheduled operation conducted last Friday,
• Monetary authorities will buy extra amounts of 5-10 years debt on Wednesday as rates on 10 year bonds hit ~0.78% this morning, the highest level in nearly a decade.

Eurozone – Manufacturing PMI falls to 43.4 in September from 43.5 in August

• The 43.4 level continued to indicate contraction in the manufacturing sector partly driven by competition from lower factory gate prices in China.
• Reduced shipping rates are also helping Chinese exports.
• Ireland has performed best in the Eurozone at 49.6
• Spain at 47.7
• Italy 46.8
• France 44.2
• Holland 43.6
• Austria 39.6
• Germany 39.6

UK – Manufacturing PMI rises to 44.3 in September from 43.0 in August

• Recent positive revisions to UK economic activity highlight some unexpected resilience in the economy.
• Input price inflation is also of concern for manufacturers as sterling weakens against the US dollar

UK Property prices were little changed following two months of declines at ~£258k, Nationwide data showed.

• A slowdown in correction of property prices is attributed to stabilisation in mortgage rates with a five year fixed rate falling below 6% for the first time since early July last week.
• “Investors have marked down their expectations for the future path of Bank Rate in recent months amid signs that underlying inflation pressures in the UK economy are finally easing,” Nationwide said.
• “If sustained, this will ease some of the pressure on those remortgaging or looking to buy a home.”
• House prices are now down 5.8% from their peak levels in August 2022, Nationwide estimates.
• Nationwide House Prices (%mom): 0.0 v -0.8 August and -0.4 est.
• Nationwide House Prices (%yoy): -5.3 v -5.3 August and -5.6 est.

Japan – Manufacturing PMI falls to 48.5 in September from 49.6 in August

• The Tankan business sentiment survey index rose to 9 from 5 indicating a surprising uplift in sentiment.
• Meanwhile, the BoJ continues to promote its ultra-loose monetary policy despite some optimism within BoJ members.

Currencies

US$1.0581/eur vs 1.0590/eur previous. Yen 149.62/$ vs 148.89/$. SAr 18.874/$ vs 18.869/$. $1.221/gbp vs $1.225/gbp. 0.642/aud vs 0.647/aud. CNY 7.298/$ vs 7.298/$.  Dollar Index 106.07 vs 105.87 previous.

Commodity News

Precious metals:

Gold US$1,844/oz vs US$1,870/oz previous

Gold ETFs 88.1moz vs 88moz previous

Platinum US$911/oz vs US$918/oz previous

Palladium US$1,248/oz vs US$1,283/oz previous

Silver US$21.83/oz vs US$23/oz previous

Rhodium US$4,100/oz vs US$4,100/oz previous

Base metals:

Copper US$ 8,320/t vs US$8,317/t previous

Aluminium US$ 2,358/t vs US$2,309/t previous

Nickel US$ 18,905/t vs US$19,065/t previous

Zinc US$ 2,664/t vs US$2,654/t previous

Lead US$ 2,175/t vs US$2,195/t previous

Tin US$ 23,950/t vs US$24,800/t previous

Energy:

Oil US$92.6/bbl vs US$95.1/bbl previous

• Oil prices were steady in early trading following a significant pullback on Friday, with the market not expecting any change to OPEC+ output policy when the Joint Ministerial Monitoring Committee meets on Wednesday.
• The US Baker Hughes rig count was down 7 units to 623 rigs last week (-142 or 18% y/y), with oil rigs falling by 5 to 502 units (-102 y/y) and gas rigs down 2 to 116 units (-43 y/y), including an 8 unit drop in Texas (304).
• Yesterday the EU’s border adjustment mechanism came into effect, which aims to place a levy on carbon-intensive imports so that European companies won’t face unfair competition from non-EU producers.

Natural Gas €42.300/MWh vs €39.650/MWh previous

Uranium UXC US$70/lb vs US$70/lb previous

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$114.9/t vs US$119.1/t

Chinese steel rebar 25mm US$540.3/t vs US$540.3/t

Thermal coal (1st year forward cif ARA) US$130.0/t vs US$131.0/t

Thermal coal swap Australia FOB US$156.0/t vs US$161.0/t

Coking coal swap Australia FOB US$321.0/t vs US$321.0/t

Other:  

Cobalt LME 3m US$33,420/t vs US$33,420/t

NdPr Rare Earth Oxide (China) US$71,252/t vs US$71,252/t

Lithium carbonate 99% (China) US$21,033/t vs US$21,033/t

China Spodumene Li2O 6%min CIF US$2,290/t vs US$2,290/t

Ferro-Manganese European Mn78% min US$1,026/t vs US$1,027/t

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

China Graphite Flake -194 FOB US$645/t vs US$645/t

Europe Vanadium Pentoxide 98% 6.6/lb vs US$6.6/lb

Europe Ferro-Vanadium 80% 29.25/kg vs US$29.25/kg

China Ilmenite Concentrate TiO2 US$316/t vs US$316/t

Spot CO2 Emissions EUA Price US$85.6/t vs US$86.7/t

Brazil Potash CFR Granular Spot US$345.0/t vs US$350.0/t

Battery News

US Automaker strikes expand as union clashes with auto-chiefs

• There are now around 25,000 UAW workers now on strike across the US
• Workers initially walked out on GM, Ford and Stellantis in Detroit over pay on 15^th September.
• The strike escalated when workers at GM and Stellantis across 20 other states also walked out.
• UAW are demanding 40% pay rises for workers in a dispute that centres around wages and benefits at new EV battery plants that have yet to start production.
• The strike has seen support from Joe Biden as he joined the picket line in Michigan last week.
• “It’s clear that there is no real intent to get to an agreement,” GM CEO Mary Barra, while Ford CEO Jim Farley said the union was holding a deal “hostage” over a dispute over future EV battery plants.
• Elon Musk has since weighed in on the strikes tweeting “They want a 40% pay raise *and* a 32-hour workweek. Sure way to drive GM, Ford, and Chrysler bankrupt in the fast lane.”

Northvolt to invest $5.2bn into Canada battery production

• The lithium-ion battery producer has announced it will open a $5.2 billion gigafactory in Quebec.
• It is the largest ever investment in the Canadian province and the latest in EV battery manufacturing capacity in the country.
• The first phase of the construction of the Northvolt Six factory just outside Montreal will begin this year and it is expected to be operational in 2026.
• The first phase will provide 30GWh of production capacity, before eventually expanding to 60GWh.
• The Canadian government is in further talks with companies as it looks to invest about $11bn in the Canadian province over the next three years to build EV supply chains.

Rolls-Royce successfully tests new engine for hybrid-electric flight

• The engine manufacturer has successfully completed its first fuel burn of a small gas turbine specifically developed to power hybrid-electric flight.
• The system is being developed for the Advanced Air Mobility market, which includes electrical vertical take-off and landing or electric short take-off and landing aircraft for Urban Air Mobility (UAM) and commuter aircraft with up to 19 seats.
• The engine will provide on-board power source with scalable power offerings between 500kW and 1,200kW enabling extended range on sustainable aviation fuels and eventually through hydrogen combustion.

Company News

Bluejay Mining* (JAY LN) 0.76p, Mkt cap £9m – Drilling shows 5.7m at 2.99m copper equivalent  at Hammaslahti

(Bluejay Mining holds 100% of the Hammaslahti and Enonkoski projects)

• Bluejay Mining report the discovery of significant copper and polymetallic mineralisation at its Hammaslahti project in Finland.
• Drilling shows:
  • 5.7m grading 2.99% Cu-eq with 0.89% copper, , 3.43% zinc, 0.37% lead, 29.6 g/t silver and 0.46 g/t gold from 95.9m down-hole depth.
    • Inc. 2.1m @ 6.31% Cu-eq with 2.04% Cu, 7.22% Zn, 0.5% Pb, 61.7 g/t Ag and 0.86 g/t Au.
• Previously drilling on the E-lode has returned 8.8m @ 1.20% Cu-eq with 0.43% Cu, 1.46% Zn, 0.18% Pb, 9.7 g/t Ag and 0.06 g/t Au from 301.2m depth.
  • • Inc. 4.1m @ 2.32% CuEq 0.73% Cu, 3.07% Zn, 0.39% Pb, 18.9 ppm Ag and 0.10 g/t Au from 302.9m depth down-hole.
• All holes drilled intersected sulphide mineralisation with E-lode mineralisation remaining open both up plunge towards north where the structure may outcrop beneath till cover.
• The E-lode structure also remains open down plunge towards the south as well as up and down dip of previous E-lode intersections.
• The E-lode is approximately 200m from Hammaslahti mine underground workings and appears to be comparable in grade and style of mineralisation to the ore-lodes that were mined historically.

Conclusion:  While these results are encouraging the Bluejay team now need to start to piece a basic resource together to see if it is worth further work towards the potential reopening of the Hammaslahti mine. If mineralisation is located close to surface as predicted in the modelling this should dramatically improve the economics of the project.

*SP Angel acts as nomad and broker to Bluejay Mining. The analyst has visited the historic Enonkoski mine site and holds shares in Bluejay Mining

Caledonia Mining (CMCL LN) 805p, Mkt Cap £154m – Quarterly dividend maintained

• Caledonia Mining has declared a quarterly dividend of 14US¢/share. Payment is due on 27^th October.
• The latest quarterly dividend maintains the level at 14US¢/share first announced in October 2021.
• We reiterate comments we have made in the past that as a consistent dividend payer, Caledonia Mining is one of a comparatively select group AIM listed mining companies.

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

Critical Mineral Resources (CMRS LN) 4p, Mkt Cap £2m – Zagora Cobalt Update

• Critical Mineral Resources provides an update on its Zagora Cobalt Project in Morocco.
• The Company has signed heads of terms to earn-in to the Project.
• Surface chip sampling at the project has returned 1.15% Cobalt from assays, with the Company looking to explore for shallow-lying mineralisation.
• The site lies 90km south of the Bou Azzer cobalt project operated by Managem.
• CMR will gain a 50% stake in the Project on delivery of a Scoping Study.

East Star Resources (EST LN) 1.48p, Mkt Cap £2.6m – £0.5m fundraising for exploration

• East Star Resources has announced the raising of £540,000 by placing 36.4m new shares at a price of 1.5p/share.
• “The Placing includes the allocation of a one-for-one warrant to subscribe for one new ordinary share at an exercise price of 3p, with a term of 24 months from the date of Admission”.
• The new shares represent approximately 16.6% of the enlarged company.
• The additional funds are to be used to advance exploration of the Rudny Altai licences in Kazakhstan where the company is planning to advance the Verkhuba copper project to a JORC compliant mineral resources estimate with additional modelling and drilling as well as identifying additional potential volcanogenic massive-sulphide (VMS) drill targets within the wider licence area.
• CEO, Alex Walker, confirmed that “The funds raised today from new and existing investors will go towards advancing a potentially game-changing copper deposit at Verkhuba as well as preparing a number of other targets for drill-ready status such as Talovskoye, where a rock chip sample from 2022 returned >17% Cu and >10% Pb”.
• Today’s announcement confirms Mr. Walker’s participation in the fundraising saying that he “has subscribed for 1,254,679 Placing Shares (“Director’s Subscription”), increasing his shareholding in the Company to 21,279,201 ordinary shares” which we estimate as around 9.7% of the company.
• “The subscription was also supported by Ilwella Pty Ltd which maintained its 16.7% shareholding by participating pro-rata in the Placing”.

Goldstone Resources* (GRL LN) SUSPENDED – Gold loan extension

• The Company agreed a short term extension to the outstanding gold loan with Asia Investment Management Services.
• The date of the repayment was moved to 10 November 2023 from 30 September.
• The interest will continue to accrue at 14% annual rate until the date of repayment.
• The team continues to work closely with AIMS to negotiate longer term solution with respect to the gold loan.
• Outstanding gold amount due under the facility stood at ~2.0koz (including accrued interest) as of June 2022.

*SP Angel acts as broker to Goldstone Resources

Horizonte Minerals (HZM LN) 75.5p, Mkt Cap £339m – Horizonte shares tumble as capital cost of Araguaia project rises by 35%

• Horizonte Minerals reports that detailed final engineering designs and enhancements and a “comprehensive cost review” for its Araguaia ferronickel project in Brazil has resulted in an increase of at least 35% in the expected capital cost of the project which is also now expected to experience a delay in initial production to Q3 2024 (previously Q1 2024).
• In August, Horizonte Minerals referred to “budgeted capital requirement of US$537 million” for the project implying that costs could now come in at well over US$700m.
• “Construction work on site continues to progress well with all key engineering drawings issued for construction. Ore stockpiling activities commenced last quarter, and ROM build-up is progressing to schedule” and today’s announcement provides reassurance that “Given the progress made to date with construction, the value of the Araguaia Line 1 Project and the upcoming delivery of the Feasibility Study on Araguaia Line 2, the Company continues to have strong support from its major partners”.
• Horizonte Minerals is “working on a plan with its various financial institutions together with the cornerstone shareholders for a financing solution to complete construction”.
• The company confirms that it expects to complete “the Feasibility Study on Araguaia Line 2 … in Q4-2023”. The second phase doubles the project’s annual production rate to 29,000tpa.
• Integrating the revisions to the current project with the plans for the phase 2 expansion is, in our opinion, likely to pose challenges but these are much better faced directly at this stage to provide a coherent solution than seeking to find solutions later.
• CEO, Jeremy Martin, affirmed that “We continue to make solid progress with construction at Araguaia Line 1 and are confident that the Project is now significantly de-risked given the near-finalization of detailed engineering and procurement, together with the detailed review of the costs to project completion, ensuring successful delivery”.
• Mr. Martin said that “Despite the anticipated higher capital requirement … [Horizonte Minerals appreciated] … the strong support provided by both local stakeholders and cornerstone shareholders, as we work towards a financing solution to complete construction”.

Conclusion: The Araguaia project is now expecting increased capital costs and a delay of around six months in initial production.  No doubt difficult negotiations will be required to secure additional funds to complete the Phase 1 project but with construction well advanced and plans for a doubling of production during Phase 2 also well advanced there are clear incentives for all parties to find a solution.

Lucara Diamonds (LUC CN) C$0.39, Mkt Cap C$177m – Management departures

• Lucara Diamonds reports the resignations of its Chief Financial Officer/Corporate Secretary, Zara Boldt and of its VP, Technical Services, John Armstrong.
• Today’s announcement, which says that both will leave in December, does not clarify the company’s plans for replacements in these key roles but it follows the replacement, in August, of the long-standing CEO and co-founder, Eira Thomas in the CEO role by William Lamb.
• Chairman, Paul Conibear, thanked Zara Boldt and John Armstrong for their contributions and acknowledged their “hard work and dedication, and … their meaningful contributions to Lucara and the Karowe Diamond Mine”.

Mkango Resources* (MKA LN) 8.6p, Mkt Cap £22m – Cotec stake in Maginito increased to ~21% on loan note conversion

• Cotec, an ESG focused investment Company, converted £2m convertible loan note in Mkango into additional shares of Maginito.
• Following the conversion, Cotec increased its stake in the Maginito to 20.6% from 10.0%, with the balance held by Mkango.
• Maginito owns 100% of HyProMag, a UK based company involved in development of patented HPMS process to recycle rare earth containing magnets.
• HyProMag is currently developing a £4.3m short loop recycling facility with an initial capacity of 100tpa NdFeB at Tyseley Energy Park in Birmingham with first production planned for 2023.
• Additionally, HyProMag is developing a similar sized facility in Germany through its 90% owned (assuming HyProMag GmbH convertible loan conversion) subsidiary HyProMag GmbH with first production planned in 2024.

Conclusion: Conversion of loan facilities into Maginito along with an earlier announced JV between Mkango and CoTec regarding the roll out of the HPMS technology in the US highlights strong investors’ strong support in the Mkango’s rare earth recycling business opportunity.

*SP Angel acts as nomad and broker to Mkango Resources

Sigma Lithium (SGML CN) C$44, Mkt Cap C$4.8bn – Company refutes ‘categorically incorrect’ media speculation

• Brazilian lithium producer and developer Sigma has issued a press-release countering claims made by Reuters last week.
• Reuters had reported that a Brazilian court had issued an ‘injunction’ on Sigma’s Groto di Cirilo project and its ability to sell lithium or mine planned pits.
• The court case regards a dispute between Sigma’s former co-CEOs who are currently undertaking divorce proceedings.
• Sigma reports that the phase 2 & 3 pits are separate ore bodies from the RIX deposits currently under scrutiny, meaning  mining activities are ‘ensured and regulated by the rule of law’.
• The Company has recently put the asset up for sale and notes that the ‘strategic review of proposals received from potential partners’ is ongoing.

Versarien* (VRS LN) 1.0p, Mkt Cap £3.3m – Management make progress in core areas while cutting cost base

• Versarien management led by Stephen Hodge and Chris Leigh report progress in the development of a number of core areas within the group.
• The team have substantially reduced the cost base to reduce the monthly cash burn while making progress in the following areas
  • maintain and strengthen Versarien’s scientific teams supported by grant funding
  • development of light manufacturing operations
  • licencing of Versarien technology, brands and manufacturing know‐how
  • divestiture of non‐core activities and Korean assets.

Graphene-Wear™  (Gnanomat graphene inks)

• Initial revenues for the Graphene-Wear™ ink formulation and royalties for the use of the Company’s trademark in the finished product.
• Umbro Autumn/Winter 2023 Graphene-Wear™ range with integrated graphene coatings.
• Revenues from Graphene-Wear™ rubber compound delivered to Flux Footwear LLC’s supply chain partners following an order required for shoe production.
• Gnanomat recently received a €415,000 grant from ICEX Trade and Investment for the commercialisation and launch a new line of conductive inks.
• Gnanomat is also working with a large Latin American corporation to develop novel supercapacitors and with a Southeast Asian corporation to advance the electromagnetic interference (EMI) shielding properties of thermoset composites utilising carbon and hybrid nanomaterials.
• The shielding project will be led by Gnanomat in collaboration with Versarien subsidiaries 2-DTech and Cambridge Graphene.

Cementene™

• Trials with key partners, including Banagher Precast Concrete Limited ongoing.
• Cementene™ admixture certification process ongoing with potential for significant orders for the deployment of Cementene™ in construction projects.
• 3D printed concrete headwall discussions ongoing in collaboration with its partners under the Digital Roads of the Future Partnership.
• 3D printed concrete structures already supplied for other projects.
• 2-DTech to work on graphene dispersion, mechanical testing and material characterisation of thermoset composites work funded by UK aviation company.
• Versarien selected to attend the Innovate UK Global Business Innovation Programme (GBIP) in Germany focusing on sustainable materials for construction.
• Cust cutting: Versarien has slimmed its R&D team focussing on strategic objectives using key personnel so it can continue to work on Innovate UK, Horizon Europe and other grant-funded projects.
• Financial performance and future funding
• Funding: Discussions are ongoing on the sale of mature businesses along with IP and equipment from the acquisition of assets from Hanwha Aerospace in 2020 but further equity funding may still be required.

Conclusion:  Versarien is beginning to show meaningful traction in the sale of its Graphene-Wear™  and Cementene™ products. While the commercialisation of graphene has taken far longer than many would have imagined, we may look back in 10 or 20 years time and wonder how the world ever managed without it.

*SP Angel acts as Nomad and Broker to Versarien

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 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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