SP Angel Morning View -Today’s Market View, Thursday 10th July 2025

Gold bounces as Trump ratchets up tariffs again and dollar falters

MiFID II exempt information – see disclaimer below

Atalaya Mining (ATYM LN) – Masa Valverde resource drilling

Aterian plc* (ATN LN) – Drilling shows target pegmatites bodies up to 80m thickness with good lithium grades in Spodumene sections in Rwanda

Aura Energy (AURA LN) – Former Mauritania’s Finance Minister and Minister of Economic Affairs joins the Board

Aurelia Metals (AMI AU) – FY25 guidance in line as focus shifts to growth projects

Central Asia Metals (CAML LN) – 1H25 production update

Cobra Resources (COBR LN) – Drilling results from the Boland rare earths project, South Australia

Lundin Gold (LUG CN) – Q2 production hits target, guidance on track for 2025

OreZone Gold (ORE CN) – Production data and expansion project update

SolGold* (SOLG LN) – US$33m tranche of streaming finance

Triple Flag (TPFM CN) – Record revenues supported by Northparkes stream

Turaco Gold (TCG AU) – Drilling results from Woulo Woulo

Vulcan Energy (VUL AU) – Suspension pending capital raise

Gold ($3,330/oz) bounces as Trump ratchets up tariffs again and dollar falters

• Gold prices have climbed from the recent dip to $3,285/oz.
• US Treasury yields fell below 4.4% on the 10 year again, pushing the dollar lower and lifting gold.
• However, the main driver of gold prices has been central bank buying, predominantly by China.
• BRIC countries met this week in Brazil, attended by both China and Russia.
• Trump has been increasing tariff threats on BRIC countries, who have been the main buyers of gold in 2024/25.
• We would expect continued trade aggression from the White House to support the continued foreign reserve diversification efforts away from the dollar, with gold the primary beneficiary.

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

Economics

US – June 17-18 FOMC meeting minutes showed majority of policymakers expected some rate cuts later this year.

• Some favoured to keep rates unchanged amid concerns that inflation may prove more persistent than expected.
• Given escalation in trade barriers rhetoric lately and new August 1 deadline for “reciprocal tariffs” the Fed may opt to wait further.
• Markets are currently pricing in two rate cuts for this year with the first one not before October.

China sentiment improves, lifting iron ore as property equities surge

• Iron ore prices jumped 4% overnight, with the Singapore 62% Fe index now climbing over $104/t.
• Wider steelmaking sentiment has been improving in China on plans to crack down on excessive competition and supply in various sectors, including steel.
• Xi Jinping made a statement this week on industries ‘currently caught in a wave of anti-overcapacity leading to rising prices.’
• Coking coal futures have also risen in China, up 4.55 this morning to their highest level since May.
• Steel inventories are sliding in China, suggesting better-than-expected demand amid a historically weak seasonal period.
• Elsewhere, Chinese property shares saw their biggest gain in c.9 months, as rumours spread of a high-level meeting next week to boost the sector. (Bloomberg)
• The Bloomberg Intelligence China real estate index climbed 11% overnight, with parallels drawn to a 2015 conference to support urban planning and infrastructure.
• Analysts are suggesting the potential for the development of shantytown areas in China.
• Elsewhere, China’s construction equipment sales have surged recently, with domestic excavator sales up 23%yoy.
• Conversely, housing starts in May saw further declines, alongside sales and completions, although the market seems to be suggesting this may reverse course.
• Additionally, Bloomberg reports that Chinese high-yield bond issuance has risen 23% in 2Q25, on expectations of an economic recovery going forward.

Japan – Local automakers are cutting prices on its exports as Trump tariffs begin to bite.

• Export price index on vehicles shipped to North America fell 19.4%yoy in June.
• That was the largest drop in records going back to 20166.
• The move suggests auto producers are opting to absorb tariffs rather than lose their market share.

Brazil – President Trump threatened 50% import tariffs on Brazilian imports sending real nearly 3% down against the US$.

• Trump cited “insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans” as one of the reasons for decision.
• Jair Bolsonaro, the former president and the opponent of Lula da Silva, is reportedly facing a trial on charges for an attempted coup following the 2022 election defeat.

Bitcoin hit a new all time high of over $112,000 with the cryptocurrency up nearly 20% YTD.

• Separate reports suggest there were $340m in liquidations of short positions around the time it hit an all time high.

Currencies

US$1.1733/eur vs 1.1718/eur previous. Yen 146.33/$ vs 146.75/$. SAr 17.758/$ vs 17.798/$. $1.361/gbp vs $1.360/gbp. 0.656/aud vs 0.654/aud. CNY 7.176/$ vs 7.181/$

Dollar Index 97.39 vs 97.52 previous

Precious metals:         

Gold US$3,325/oz vs US$3,290/oz previous

Gold ETFs 90.5moz vs 90.5moz previous

Platinum US$1,362/oz vs US$1,353/oz previous

Palladium US$1,115/oz vs US$1,105/oz previous

Silver US$36.6/oz vs US$36.6/oz previous

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

Base metals:   

Copper US$9,660/t vs US$9,624/t previous

Aluminium US$2,608/t vs US$2,584/t previous

Nickel US$15,155/t vs US$15,020/t previous

Zinc US$2,770/t vs US$2,731/t previous

Lead US$2,061/t vs US$2,046/t previous

Tin US$33,500/t vs US$33,095/t previous

Energy:           

Oil US$70.3/bbl vs US$70.1/bbl previous

• Crude oil prices were stable as the EIA estimated a w/w US inventory build of 7.1mb to crude, partially offset by draws of 2.7mb to gasoline and 0.8mb to diesel stocks as refinery utilisation fell 0.2% w/w to 94.7%.
• European energy prices were also stable as EU natural gas storage levels rose 2.0% w/w to 61.2% full (vs 70.6% 5-Yr average) with aggregate inventory at 694TWh and all countries now above 50% full.
• The UK Government announced a decision to reform the existing national pricing system rather than split the country into different pricing zones depending on their proximity to where energy is generated.
• Ørsted confirmed financial close on a ~$3bn project finance package with 25 banks and five export credit agencies for the 632MW offshore Taiwan wind farm Greater Changhua 2 that is expected to complete in 4Q25.

Henry Hub Gas US$3.24/mmBtu vs US$3.29/mmBtu yesterday

Natural Gas €35.2/MWh vs €34.3/MWh previous

Uranium Futures $72.2/lb vs $73.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$104.6/t vs US$102.6/t

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

Atalaya Mining (ATYM LN) 467.5p, Mkt Cap £652m – Masa Valverde resource drilling

• Atalaya Mining has reported the latest results from its continuing programme of infill and resource expansion drilling at Masa Valverde which is located around 28km south of the company’s 15mtpa processing plant at Proyecto Riotinto.
• Results highlighted in today’s announcement are:

• • A 25m wide intersection at an average grade of 2.93% copper from a depth of 568m in hole MJ65; and
  • An 18m wide intersection at an average grade of 2.17% copper from 611m depth in hole MJ72; and
  • An 83mm wide intersection at an average grade of 1.19% copper from a depth of 579m, including a 12m wide section averaging 2.39% copper in hole MJ73W1 from 650m; and
  • A 53m wide intersection at an average grade of 1.36% copper from a depth of 599m in hole MJ74, including 15m at an average grade of 2.32% copper from 599m; and
  • A 46m wide intersection at an average grade of 2.11% copper from a depth of 575m in hole MJ76; and
  • A 30m wide intersection at an average grade of 2.14% copper from a depth of 598m in hole MJ76W1; and
  • A 25m wide intersection at an average grade of 2.54% copper from a depth of 604m in hole MJ76W3; and
  • A 26m wide intersection at an average grade of 2.78% copper from a depth of 603m in hole MJ79, including 10m at an average grade of 4.39% copper from 603m.

• The company explains that the drilling at Masa Valverde “is confirming and expanding the areas of high-grade copper mineralisation. …which … [is] … located at depths of over 500 metres … [and consists of] … coarse-grained recrystallised chalcopyrite with minor sphalerite and galena, locally accompanied by silica and carbonate … [in a] … copper-rich stockwork (SW-Cu) and copper-rich massive sulphide (MS-Cu) ore” hosting zinc, lead, silver and gold in addition to the predominant copper.
• The company’s website shows a ‘Measured and Indicated’ resource of 16.9mt at an average grade of 0.66% copper, 1.55% zinc, 0.64% lead, 0.55g/t gold and 27g/t silver within an overall ‘Measured, Indicated & Inferred’ resource of 90.3mt at an average grade of 0.62% copper, 1.30% zinc, 0.62% lead, 0.61g/t gold and 29g/t silver at the Masa Valverde/Majadales deposit.
• Atalaya Mining has previously discussed a development strategy where some relatively low-grade feed from the Cerro Colorado deposit at Riotinto will be substituted with higher grade feed from nearby deposits at San Dionisio, San Antonio and Masa Valverde facilitating increased copper production without incurring further capital expenditure to expand the existing 15mtpa processing capacity.
• Welcoming the latest drilling results, CEO, Alberto Lavandeira, confirmed that “Infill drilling will continue for the remainder of 2025, furthering our understanding of the copper zones which are expected to form the basis for the initial development of this satellite project, and of the separate zinc-rich and gold-rich areas of mineralisation which could be exploited as part of a larger-scale future development”.
• Today’s announcement explains that Atalya Mining expects “that this copper mineralisation will be amenable for treatment at Atalaya’s existing Riotinto processing facility, and therefore this material is expected to be the initial focus for mining once the planned access ramp has been developed”.
• Key permits, including Environmental, Exploitation & Restoration Permits and Water permits are already in place and “Atalaya plans to access the Masa Valverde and Majadales deposits by constructing a ramp from surface. Underground mining is expected to be completed by a mining contractor, which is consistent with other operations across the Iberian Pyrite Belt … [harnessing] … the significant underground mining skills in the region”.

Conclusion: Atalaya Mining’s infill and resource expansion drilling at Masa Valverde is intersecting wide zones of copper rich mineralisation at depths below ~500m providing potential future higher grade ‘sweeteners’ to the 15mtpa processing plant at Proyecto Riotinto located around 28km to the north.

Aterian plc* (ATN LN) 40p, Mkt Cap £3.85m – Drilling shows target pegmatites bodies up to 80m thickness with good lithium grades in Spodumene sections in Rwanda

(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.)

(Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian report the identification of lithium (hard-rock Spodumene) in drilling on its HCK project jv with Rio Tinto Mining and Exploration Ltd. in Rwanda.
• Rio Tinto is also exercising its Stage 1 earn-in rights under the jv agreement to take Rio to a 51% stake in the HCK Licence.
• Rio can then go to 75% through the expenditure of US$7.5m over three years.
• Diamond drilling: Four holes totalling 1,180m were drilled at HCK-1 and HCK-2 intersecting multiple pegmatites:
• Drilling reveals target pegmatite bodies of appreciable thickness, up to 80m (downhole depth).
• HCK-1: shows downhole thicknesses up to 79m Including 6.90m from 175m grading 2.11% Li₂O which

• • The hole also shows a higher-grade interval of 3.45m at 3.20% Li₂O from 174.60 to 178.05m at MWOG0002.

• HCK-2: The hole at HCK-2 appears to have missed the down-dip extension of the surface artisanal workings.
• The team have a further 10 prospect areas to test depending on how they view these results.

Conclusion: This is a promising start for Aterian in Rwanda and Rio Tinto’s decision to exercise its option for 51% appears to support the intention to follow up on these results.

We hope the geological team will be able to trace the extent of the spodumene intersections and to evaluate a meaningful tonnage of high-grade lithium in spodumene within striking distance of the surface.

*SP Angel acts as Broker to Aterian Plc

Aura Energy (AURA LN) 7.4p, Mkt Cap £64m – Former Mauritania’s Finance Minister and Minister of Economic Affairs joins the Board

• The Company announced the appointment of Oousmane Mamoudou Kane to the Board.
• He will join as an Independent Non Executive Director effective immediately.
• Oousmane Mamoudou Kane served as Mauritania’s Finance Minister and Minister of Economic Affairs and Promotion of Productive Sectors before.
• He also previously served as Governor of the Central Bank and senior advisor to head of state.

Aurelia Metals (AMI AU) A$0.2, Mkt Cap A$339m – FY25 guidance in line as focus shifts to growth projects

• Polymetallic Australian producer Aurelia reports production data for the June quarter and FY25.
• Company produced 45koz Au over the year, in line with 40-50koz FY25 guidance.
• Copper production at 2.7kt for the year, in line with 2.5-3.5kt guidance.
• Zinc production of 16.8kt in line with 14-20kt guidance.
• Cash position rose marginally over the quarter to A$110m (A$107m prior quarter)
• Aurelia has transitioned the Dargue mine to closure and began development of Great Cobar in July.
• Great Cobar:

• • FS outlines 3.6mt production target over eight years, mining 500ktpa mining rate from FY30.
  • LOM Cu production of 77kt and LOM Au production of 84koz.
  • CAPEX guided at A$92m
  • NPV8 at spot prices of A$164m for post-tax IRR of 33%.

• Aurelia is targeting 40ktpa CuEq from Y28, before ramping up to 50ktpa CuEq.

Central Asia Metals (CAML LN) 148p, Mkt Cap £281m – 1H25 production update

• The Company released 1H25 production results for its polymetallic operations in Kazakhstan and North Macedonia.
• At Kounrad,.copper production 6.2kt (1H24: 6.6kt).
• At Sasa,. zinc and lead production amounted to:

• • Zinc 8.7kt (1H24: 9.0kt).
  • Lead 12.6kt (1H24: 12.9kt).

• Phase 2B exploration programme launched at the Arthrath nickel-copper-cobalt project in northeast Scotland (owned by Aberdeen Minerals, 28.4% CAML).
• Five holes will be drilled for 2,400m with the programme planned to be completed August and results to follow thereafter.
• Net cash at US$42.9m (YE24: $67.1m) affected by working capital movements, prepayment of some taxes in Kazakhstan and buying of shares in the New World Resources.
• FY25 guidance:

• • Copper reiterated at 13.0-14.0kt;
  • Zinc slightly reduced to 17.0-19.0kt from 19.0-21kt;
  • Lead slightly reduced to 25.0-27.0kt from 27.0-29.0kt.
• The stock is down 8%.

Cobra Resources (COBR LN) 2.25p, Mkt cap £18m – Drilling results from the Boland rare earths project, South Australia

• Cobra Resources reports that results from its sonic drilling programme at its Boland rare earths project in South Australia, which was completed in May, “has provided invaluable insight into geological controls, Heavy Rare Earth (“HREE”) distribution and spatial continuity of ISR … [In-Situ Recovery] … recoverable mineralisation”.
• “The drilling campaign consisted of 10 Sonic drillholes … [423m] … aimed to test the geological interface between underlying saprolite and the permeable Pidinga Formation. Results affirm the enrichment of valuable REEs like dysprosium and terbium that are concentrated through mobilisation and ionic absorption to lignite detritus bound within confined, permeable sands” of the paleochannel-hosted mineralisation.
• The announcement confirms that “Two zones of high grade, ISR recoverable mineralisation … [have been] … identified flanking the main incised channel of the Narlaby palaeosystem”.
• Results highlighted in today’s announcement include:

• • An intersection of 3.3m at an average Total Rare Earth Oxide (TREO) grade of 1,115ppm including 40ppm dysprosium and 136ppm neodymium & praseodymium from 36.5m depth in hole CBSC-0013; and
  • 4m at an average TREO grade of 1,106ppm including 11ppm dysprosium and 111ppm neodymium & praseodymium from 50.6m depth in hole CBSC-0008; and
  • 2.6m at an average TREO grade of 896ppm including 14ppm dysprosium and 170ppm neodymium & praseodymium from 54m depth in hole CBSC-0014; and
  • 1.3m at an average TREO grade of 1,230ppm including 46ppm dysprosium and 269ppm neodymium & praseodymium from 25.6m depth in hole CBSC-0009; and
  • 1m at a TREO grade of 2,937ppm including 62ppm dysprosium and 624ppm neodymium & praseodymium from 26m depth in hole CBSC-0010.

• The company confirms that “Results from re-analysis of historical drill samples from across recently acquired tenements are anticipated in the coming weeks to guide expansion drilling”.
• Further drilling to assess the “northern continuity of high-grade mineralisation” is expected to start in August.
• Commenting on the results, Managing Director, Rupert Verco, said that the “thickness of ISR recoverable intersections to the north of the existing Boland Wellfield have exceeded our expectations and provide a focused target zone for further resource expansion drilling”.
• He explained that the sonic drilling had recovered “quality core … [which] …has been paramount to understanding the controls on this unique mineral system. It has also enabled us to assess the geological compatibility for ISR at scale where permeability, orebody confinement and gangue minerals are important factors for economics and environmental control. The observed conditions are highly favourable across Boland”.

Conclusion: The drilling results and the planned future campaign as well as metallurgical testing of the Boland paleochannel-hosted rare earths project should contribute valuable insights into an economic scoping study expected later this year.

Lundin Gold (LUG CN) C$72, Mkt Cap C$17bn – Q2 production hits target, guidance on track for 2025

• Lundin Gold produced 133koz over the quarter, milling 461kt at 10.4g/t Au and recoveries of 90.9%.
• Average price sold over the quarter of $3,361/oz, average price in 1H25 of $3,231/oz.
• The Company expects to hit 2025 production guidance of 475-525koz.
• Company also notes the Plant Expansion project has succeeded following a boost of production to 5,064tpd with recoveries rising to 91%.
• Company expects to mill an average grade of 9.2g/t Au over 2025.

OreZone Gold (ORE CN) C$1.1, Mkt Cap C$585m – Production data and expansion project update

• Orezone report gold production of 27.6koz over the quarter, selling at an average price of $3,338/oz.
• Ore processed over the quarter at 1.57mt at 0.62g/t Au, recoveries at 87.8%. Grade down from 0.67g/t Au in 1Q25.
• Cash position at US$73m, debt at US$65m.
• Company expects first pour from the stage 1 hard rock expansion project due 4Q25.
• Stage 1 expected to boost Bombore production to 170-185koz in 2026.
• Orezone then plans to boost throughput to 5.5mtpa, expected to boost production to 220-250kozpa.
• Company reiterates guidance of 115-130koz for FY25.

SolGold* (SOLG LN) 7.06p, Mkt Cap £204m – US$33m tranche of streaming finance

1. Solgold reports that it has now met the required conditions for the release of the 2^nd US$33.3m tranche of its initial US$100m streaming agreement with Franco-Nevada and Osisko (OR Royalties) and that it expects to receive the funds “in 10 business days”.
2. The release of the additional funds follows “the successful completion of technical and permitting milestones, including the submission and approval of the Project Execution Plan … [and] …will contribute directly to advancing the Company’s flagship Cascabel Copper-Gold Project in northern Ecuador”.
3. Chief Executive, Dan Vujcic, commented that the release of the “second advance is a strong endorsement from our stream partners and demonstrates our progress at Cascabel”.
4. He described Franco-Nevada and OR Royalties as “outstanding partners … [and confirmed that the] … funds are being deployed to accelerate the advancement of priority infrastructure, de-risk the development path, and make real progress on the ground – not just on paper”.

Conclusion: The release of the latest funds under the streaming agreement provides tangible evidence of progress at Cascabel.

*SP Angel acts as broker to Solgold

Triple Flag (TPFM CN) C$32, Mkt Cap C$6.5bn – Record revenues supported by Northparkes stream

• Streamer and royalty company Triple Flag report revenues and reiterate 2025 guidance.
• The Company reported US$94m in revenues for 2Q25 on 28.7koz GEO.
• Company reiterates 2025 GEO guidance of 105-115koz.
• Triple Flag also expects to close their acquisition of Orogen Royalties imminently, providing exposure to AngloGold Ashanti’s Arthur gold project via a 1% NSR.
• Triple Flag has streams and royalties on 30 producing mines and 206 development/exploration projects.
• Company notes record performance from Northparkes over the period.

Turaco Gold (TCG AU) A$0.49, Mkt Cap A$502m–Drilling results from Woulo Woulo

• Cote d’Ivoire gold explorer reports drilling results from its Woulo Woulo deposit.
• The deposit currently hosts an MRE of 1.6moz at 1g/t Au.
• The Company has been testing for additional parallel mineralised structures.
• Highlights include:

• • WOUDD0206: 36m at 0.44g/t Au from 78m
  • WOUDD0207: 32m at 0.72g/t Au from 104m
  • WOUDD0209: 23m at 0.63g/t Au from 120m
  • WOUDD0212: 4m at 82g/t Au from 64 (inc. 1m at 325g.t Au), a scout hole 250m to the east of the main deposit.
• Management expects to add to the 1.6moz deposit and sees potential for higher grades.
• Additionally, auger drilling has extended the mineralised strike to 1.2km at Woulo Woulo, with drilling now underway to test the southwest extension.
• Baffia drilling has returned 14m at 1.19g/t Au from 197m, with auger drilling now defining an in-situ gold trend over 1km.
• Turaco has added an additional rig, bringing total rig count on the licence package to four.
• Cash at A$85m.

Vulcan Energy (VUL AU) SUSPENDED – €30m equity raise

• Lithium DLE project Vulcan have raised €30m at A$3.4/share marking a 7% discount to 15-day VWAP.
• The placement was corner-stoned by BNP’s Clean Energy Solutions fund with a €15m subscription.
• Vulcan is expecting to finalise the project financing package for Phase One in 2H25.
• Funds will be used to ‘maintain and de-risk the execution of critical path scope for development of the Phase One Lionheart Project.’
• This includes:

• • Next stage of drilling at Phase One Field Development
  • Supporting EPCm contractor commencement in October 2025
  • De-risking engineering works

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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