SP Angel Morning View -Today’s Market View, Thursday 11th April 2024

Lithium carbonate prices rise in China as refiner sentiment improves

MiFID II exempt information – see disclaimer below

SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 2024

Atalaya Mining (ATYM LN) – Maintaining 2024 production guidance as copper fundamentals strengthen

Botswana Diamonds (BOD LN) – New geophysical anomaly close to the KX36 kimberlite in Botswana

Core Lithium (CXO AU) – Increased spodumene resource at Finniss

Cornish Metals* (CUSN LN) – Spurious gossip over high rainfall hits shares

European Metals Holdings (EMH LN) – Lithium hydroxide produced at Cinovec pilot plant

Goldstone Resources* (GRL LN) SUSPENDED – Financial accounts out ahead of AGM and expected resumption trading in shares

Great Western Mining* (GWMO LN) – Geophysics programme to support drill target generation begins

Griffin Mining (GFM LN) – Q1 Production reflects Lunar New Year holiday

Kavango Resources* (KAV LN)  – Permits to export drill core out of Zimbabwe

Mkango Resources* (MKA LN) – £750k equity raise completion

Premier African Minerals (PREM LN) – £2m additional funding for the Zulu lithium project, Zimbabwe

IG TV:  Gold and Copper:  https://youtu.be/KuGSbDqWglk?si=-8iikkOHxbbLSnPZ

Sharepickers: Gold & Lithium; Anglo Asian, Gileon, Kodal, Power Metals, Rainbow, Shanta – Video:  https://www.youtube.com/watch?v=2VHsauhHZ0w

Podcast: https://audioboom.com/posts/8484406-john-meyer-anglo-asian-gileon-kodal-power-rainbow-shanta-gold-lithium-copper

*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. SP Angel acts as Broker/Nomad or both for Anglo Asian Mining, Kodal Minerals, Power Metals Resources.

Lithium carbonate prices rise in China as refiner sentiment improves

• Battery grade carbonate prices are hovering around $15,500-800/t according to SMM, whilst  industrial grade carbonate is over $15,000/t.
• Chinese analysts report lithium refiners are increasing their production quotas as market sentiment improves.
• Supply tightness is also reported after a period of glut which pushed prices down over 85%.

Precious metals rebound from inflation-led sell-off as bullish wagers accumulate

• Gold prices have managed to hold over $2,330/oz following a sell-off after US CPI came in hotter-than-expected.
• Treasuries sold off more, with the 10-year jumping to ytd lows, with yields at 4.57%.
• USTs were then hit by a disappointing 10 year auction, with 24% allocated to dealers (highest this year), suggesting weak general demand.
• Silver also bounced, climbing over $28.3/oz. Bloomberg reports substantial bullish option calls have been placed on silver climbing over $30/oz.

Copper holds higher ground as Las Bambas threatened by protests

• Copper prices have held over $9,350/t following a sharp rally over the past month.
• The move has come despite record inventories, elevated levels of contango and a strong dollar against the Yuan,
• Bloomberg reports Las Bambas is currently facing new disruptions this year with copper transportation limited since April 4^th.

Economics

US – Strong inflation numbers following NFPs beat last week see yields climbing and investors pushing expectations for the first rate cut later into the year.

• Treasuries are reported to have reported the biggest one day loss since August 2022 with 10y notes crossing 4.5% for the first time since November.
• Markets are now expecting first rate cut not until September for a total of just under two over 2024 compared to July and a total of nearly three expected at the beginning of the month.
• CPI (%mom): 0.4 v 0.4 February and 0.3 est.
• CPI (%yoy): 3.5 v 3.2 February and 3.4 est.
• Core CPI (%mom): 0.4 v 0.4 February and 0.3 est.
• Core CPI (%yoy): 3.8 v 3.8 February and 3.7 est.

China – Weak CPI numbers released this morning highlight ongoing deflationary pressures that were masked temporary by stronger demand over the Lunar New Year, Bloomberg writes.

• A pullback in inflation is likely to see monetary and fiscal authorities to step up stimulus measures in an effort to avoid an outright deflation.
• CPI (%yoy): 0.1 v 0.7 February and 0.4 est.
• PPI (%yoy): -2.8 v -2.7 February and -2.8 est.

Currencies

US$1.0742/eur vs 1.0853/eur previous. Yen 153.10/$ vs 151.81/$. SAr 18.785/$ vs 18.481/$. $1.256/gbp vs $1.268/gbp. 0.653/aud vs         0.662/aud. CNY 7.237/$ vs 7.232/$.Dollar Index 104.11 vs

105.18 vs 104.11 previous.

Precious metals:         

Gold US$2,338/oz vs US$2,356/oz previous

Gold ETFs 81.7moz vs 81.9moz previous

Platinum US$972/oz vs US$980/oz previous

Palladium US$1,060/oz vs US$1,092/oz previous

Silver US$27.93/oz vs US$28/oz previous

Rhodium US$4,725/oz vs US$4,725/oz previous

Base metals:   

Copper US$ 9,405/t vs US$9,464/t previous

Aluminium US$ 2,472/t vs US$2,477/t previous

Nickel US$ 18,170/t vs US$18,460/t previous

Zinc US$ 2,768/t vs US$2,775/t previous

Lead US$ 2,176/t vs US$2,181/t previous

Tin US$ 32,155/t vs US$32,545/t previous

Energy:           

Oil US$90.6/bbl vs US$89.8/bbl previous

Natural Gas €28.3/MWh vs €27.8/MWh previous

Uranium Futures $88.0/lb vs $88.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$107.0/t vs US$107.9/t

Chinese steel rebar 25mm US$513.6/t vs US$514.7/t

Thermal coal (1st year forward cif ARA) US$117.5/t vs US$117.3/t

Thermal coal swap Australia FOB US$130.5/t vs US$130.0/t

Other:  

Cobalt LME 3m US$28,550/t vs US$28,550/t

NdPr Rare Earth Oxide (China) US$51,820/t vs US$51,506/t

Lithium carbonate 99% (China) US$15,131/t vs US$15,279/t

China Spodumene Li2O 6%min CIF US$1,240/t vs US$1,240/t

Ferro-Manganese European Mn78% min US$972/t vs US$972/t

China Tungsten APT 88.5% FOB US$320/mtu vs US$320/mtu

China Graphite Flake -194 FOB US$490/t vs US$490/t

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

Europe Ferro-Vanadium 80% 26.25/kg vs US$26.25/kg

China Ilmenite Concentrate TiO2 US$330/t vs US$330/t

China Rutile Concentrate 95% TiO2 US$1,430/t vs US$1,431/t

Spot CO2 Emissions EUA Price US$62.1/t vs US$57.9/t

Brazil Potash CFR Granular Spot US$305.0/t vs US$305.0/t

Battery News

Volkswagen EV sales have plunged by 24% in Europe

• Volkswagen’s EV sales in Europe plunged by 24% in Q1 2024 as demand for battery-powered cars stalled and buyers return to ICE models.
• Globally, Volkswagen’s all-electric sales dropped 3% to 136,400 units, while sales of combustion engine cars climbed 4% to nearly 2 million units.
• The drop in EV demand comes as governments rollback subsidies and reconsider ambitious targets to phase out gasoline and diesel cars.
• In the UK, the deadline to ban new petrol/diesel car sales was pushed back from 2030 to 2035, and EV incentives were scrapped in 2022.
• EV registrations in the UK rose only 3.8% yoy in March, while gasoline car sales jumped 9.2%.
• The EU is considering allowing synthetic e-fuels for combustion engines, watering down its proposed ban on gas/diesel cars.
• Competition from cheaper Chinese EV brands like BYD, allegedly subsidised by Beijing, is pressuring Volkswagen’s EV sales in Europe.
• While EV sales dropped in Europe, they surged 91% for Volkswagen in China during Q1 2024.

China’s EV exports drives demand for car-carrying ships

• Chinese EV manufacturers and shipping companies are witnessing an exceptional surge in demand for car-carrying vessels, attributed to booming EV exports. (Reuters)
• China currently has the eighth largest car-carrying fleet worldwide with 33 vessels.
• It currently has 47 vessels on order which would take its fleet to 80, the fourth largest globally.
• Last year, China surpassed Japan as the world’s largest auto exporter – BYD alone exported over 240,000 EVs in 2023.

BYD sees sales top 360,000 of its Seagull EV since launch last year

• BYD launched the Seagull, its cheapest EV, at the end of April 2023 – the base model starting at $10,200.
• In February 2024, BYD announced an even cheaper version of the car, the Seagull EV Honor Edition, starting at $9,700.
• BYD sold 35,000 Seagull EVs in March alone, taking cumulative sales to over 360,000 in under a year.

Lucid beats Q1 delivery estimates following price cuts

• The company sold approx. 1,970 vehicles in the Q1 2024, compared with industry estimates of 1,745.
• Lucid’s deliveries remained resilient after the EV startup cut prices of its flagship Air sedans by 1% to 10% in February.
• The automaker announced in February that it plans to launch a midsize car in 2026 to appeal to a broader audience.
• Lucid CEO, Peter Rawlinson said the new vehicle will target the $50,000 price point to compete with the Tesla Model Y in the US.

Company News

Atalaya Mining (ATYM LN) 419p, Mkt Cap £597m – Maintaining 2024 production guidance as copper fundamentals strengthen

• Atalaya Mining reports production of 10,066t of copper during the three months ending 31st March 2024 (Q1 2023 – 12,139t).
• The company is maintaining its 2024 production guidance range of 51-53,000t “and cash costs and AISC of $2.80 – 3.00/lb and $3.00 – 3.20/lb copper payable, respectively”. Production is, however, expected to be weighted towards the 2^nd half of the year.
• The production derives from the processing of 3.7mt of ore at an average grade of 0.34% copper (Q1 2023 – 3.7mt at a lower average grade of 0.38%).
• The announcement explains that ore throughput was lower than the 4.1mt processed during the preceding quarter ending 31^st December 2023 arising from “the scheduling of two plant shutdowns, one for maintenance and the other for connecting the 50 MW solar plant to the substation”.
• Atalaya Mining clarifies the lower grades treated as the result of “pit sequencing and also due to rainfall which prevented access to higher grade areas of the Cerro Colorado pit”.
• The company sold 10,286t of copper during the quarter (Q1 2023 – 12,501t) and realised an average price of US$3.89/lb (Q1 2023 – US$4.00/lb and US$3.78/lb during the final quarter of 2023).
• Commenting on the plans to source higher grade ore for the Rio Tinto plant from nearby deposits, CEO, Alberto Lavandeira, explained that “At San Dionisio, waste stripping activity is making good progress and at San Antonio we are preparing plans for a drilling programme”.
• He also welcomed the recent “strengthening in copper market fundamentals … [with] … Ongoing supply challenges and growing demand from renewables and new technologies … [supporting] … the copper price in recent weeks”.
• He expressed the view that “this is the right time to invest in our growth pipeline in order to capitalise on the expected copper deficits in the coming years”.
• Modifications to the permits at Riotinto have been secured which provide additional tailings storage capacity and representing “n important step towards developing regional deposits such as San Dionisio and San Antonio”.
• Atalya Mining remains committed to progressing its Touro project in Galicia which it says has “the potential to become a new source of copper production for Europe”.
• Continuing exploration includes sterilisation drilling at Proyecto Masa Valverde and step out drilling along “the Mojarra Trend and the Masa Valverde deposit”.

Conclusion: Atalaya Mining remains on track to achieve its 2024 production guidance of 51-53,000t of copper production although Q1 output remains below that run rate as a result of scheduled lower grades and the impact of seasonal rainfall.  Consequently, production is expected to be weighted towards the 2^nd half of the year.

Botswana Diamonds (BOD LN) 0.43p, Mkt Cap £4.5m – New geophysical anomaly close to the KX36 kimberlite in Botswana

1. Following the announcement earlier this year of the identification of a 12-hectare geophysical anomaly close to its KX36 kimberlite pipe in the Kalahari Region of Botswana, Botswana Diamonds has now reported a second, contiguous, ~6 hectare anomaly.
2. The company says that it is taking the preparatory steps to secure environmental approval for drilling five holes to investigate the anomalies.
3. Botswana Diamonds confirms that the 3.5-hectare KX36 kimberlite hosts an ‘Indicated’ resource of 17.9mt at an average grade of 35 cparats per hundred tonnes (cpht) with an additional ‘Inferred’ resource of 6.7mt at a grade of 36cpht and explains that “at $65 per carat (“ct”). The modelled grade range is 57-76 cpht at an estimated diamond value of up to $107/ct”.
4. Welcoming the identification of a second anomaly close to the KX36 pipe, Chairman, John Teeling, said the “anomalies need to be drilled”.

Conclusion: The identification of a second geophysical anomaly close to the exiting mineral resource at KX36 provides potential to eventually expand the resource base.  We await news of the planned drilling when the required permits are secured.

Core Lithium (CXO AU) A$016, Mkt Cap A$342m – Increased spodumene resource at Finniss

• Core Lithium reports an updated MRE for its Finniss project.
• The total Finniss lithium project now stands at 48.2mt at 1.26% Li20 for 608kt Li20.
• This reflects a 58% increase of the previous 30.6mt MRE which graded 1.31% Li20.
• 58% of the updated resource sits in the Measured and Indicated categories.

Cornish Metals* (CUSN LN) 7.70p, Mkt Cap £41.75m – Spurious gossip over high rainfall hits shares

BUY – 48p/s

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• We have been watching Cornish Metals shares recently with the stock falling 14% over the last week and 23% over the past month.
• The share price move appears to run counter to a recovery in the market, particularly for more promising projects.
• The AIM Resources Index has risen 2.6% on last week and 6.5% over the past month.
• We rarely comment on internet gossip but we feel we ought to put a couple of points straight.
• Yes, it has rained a lot in Cornwall and yes, some of this will inevitably seep into mine workings across Cornwall.
• Water levels and pump flow rates indicate the South Crofty tin mine is not connected to other mines in the district with no evidence of inflows from other mine workings.
• The Company update in January highlighted that ‘South Crofty is not hydrologically connected to neighbouring historic mines and that the dewatering only comprises South Crofty Mine’
• One of the more bizarre internet gossips suggested dead sheep and cows had been washed into the mine and that their bones might be confused with human bones.
• While this reminds me of the Koidu diamond mine in Sierra Leone where Branch Energy’s pumps were almost certainly grinding away at some human bones this is not likely to be the case at South Crofty in Cornwall.
• We are quite sure no dead sheep or cows have been washed through the mine portals into the South Crofty mine.
• We are also quite sure the heavy rainfall has not filled the mine to the top again.
• Another gossip speculates that sludge in the mine might be over 60ft deep.
• Having worked in the mine in the 1980s spending several happy weeks clearing sludge from tunnels and rails, there is relatively little water inflow and not so much sludge in the mine.
• Sludge is mainly created through fine material from blasting. There has been no blasting since the 1990s and we would not expect much sludge to have accumulated in the lower levels of the mine.
• Given that the next phase of underground drilling will be from the intermediate levels we do not see sludge as an issue.
• Tin prices have risen to $32,155/t with the closure of the Man Maw mine in Myanmar while demand for tin is expected to continue to rise as a result of ongoing demand growth for electronics and related goods.
• The rise has been caused by increasing military conflict in both the Democratic Republic of Congo, in addition Indonesian production has continued to disappoint.
• There have been remarkably few new tin mines developed over the past 20 years indicating to us that tin will quite likely see a supply / demand deficit in future years.

Conclusion: Cornish Metals shares appear to us to have been oversold on unconfirmed and spurious gossip which has little or no basis. We believe the water level is being maintained with the pumps operating at a reduced rate according to the Company’s latest communicated plans. (link to news release)

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals.

European Metals Holdings (EMH LN) 19p, Mkt Cap £40m – Lithium hydroxide produced at Cinovec pilot plant

• European Metals provides an update from its upscaled Lithium Chemical Plant pilot programme at Cinovec.
• The Company reports it has produced a lithium hydroxide from pregnant leach solution.
• The Cinovec mica project is aiming to produce a lithium sulphate solution then converting it to either carbonate or hydroxide.
• Management today reports crude lithium carbonate has been converted into lithium hydroxide at ‘at exceptionally clean battery-grade’ levels.

Goldstone Resources* (GRL LN) SUSPENDED – Financial accounts out ahead of AGM and expected resumption trading in shares

• The Company released FY22 and Interim 2023 results yesterday ahead of the AGM on 26 April and a potential resumption of trading in shares on 2 May.
• FY23 heap leaching operations are reported to have seen 95kt of ore agglomerated and stacked at 1g/t.
• Operations were affected by low recoveries, rainy season between July and October and working capital constraints.
• Gold sales amounted to 1.3koz at $1,970/oz (FY22: 5.2koz at US$1,727/oz).
• The Company is reviewing available historical as well as latest exploration results across the Akrokeri license area with a view to identify new targets and add new ounces to the resource.
• Financially, the Company reported a loss of $3.7m in H1/23 (H1/22: -$0.6m) reflecting little in the way of production during the period.
• FCF amounted to -$2.8m (H1/22: $0.1m) that was covered by proceeds from the £2.4m Blue Gold convertible loan.
• Latest cash and debt number were provided earlier in corporate update showing the Company had ~$0.5m in cash and $11.2m in outstanding liabilities including $4.8m Gold Loan, $3.0m due to Blue Gold (repayment 30 Nov/24) and a series of smaller creditor with ~$3.4m.
• Earlier this week, AIMSL agreed to take shares in lieu of accrued interest with the Gold Loan to get reduced to ~1.9koz  (~$4.4m at current gold prices) and extend the standstill agreement to 31 December 2025.
• The fundraise should also bring in £1.8m in new capital.
• Separately, directors and senior management are subscribing for ~£140k of shares in lieu of 50% of their outstanding fees accrued and unpaid for the period from Jul/22 to Dec/23.
• Advisers are also taking ~£75k worth of share to pay for its fees.
• New shares as well as the rest of the earlier announced £1.8m equity placing come with one warrant for every new share exercisable at 2p for 24 months.

*SP Angel acts as broker to Goldstone Resources

Great Western Mining* (GWMO LN) 0.047p, Mkt Cap £2.6m – Geophysics programme to support drill target generation begins

• Today Great Western provides an update on its West Huntoon copper porphyry target and its M5 gold-silver-copper prospect.
• The Company has now begun induced polarisation and resistivity surveys at both prospects.
• The surveys are expected to be completed this month, with results intended to support drill target generation.
• The West Huntoon is copper porphyry target holds various encouraging surface indicators and the geophysics will provide more insight into areas under tertiary volcanics.
• The porphyry target shows multiple copper oxide outcrops on site and textures consistent with hydrothermal fluid release. These are supported by multiple copper in soil anomalies.
• The M5 prospect has shown elevated gold and copper values in soil samples, with the survey set to target the ridge line.

Conclusion: Great Western has identified two exciting and highly prospective focal targets for the new field season, with the West Huntoon Copper Porphyry’s potential reinforced by an independent expert review from an internationally-recognised porphyry specialist. Geophysics surveys set to be completed this month are intended to support drill target generation and we look forward to updates as and when they are ready.

*SP Angel act as Broker to Great Western Mining, an SP Angel Analyst has visited Great Western’s Nevada claim blocks.

Griffin Mining (GFM LN) 124p, Mkt Cap £230m – Q1 Production reflects Lunar New Year holiday

• Griffin Mining’s Q1 results show 335kt mined over the quarter, down from 356kt yoy and 419kt qoq.
• Ore processed at 328kt, vs 366kt previous year and 408kt previous quarter.
• Gold in concentrate produced at 5,270oz vs 4,743oz previous year’s quarter and 5,122 previous quarter.
• Zinc in concentrate fell yoy in the quarter to 11,423t vs 13,965t previous year and 15,999t previous quarter.
• Griffin does not expect the Lunar New Year holiday slowdown to impact FY24 guidance, expecting to mine and process 1.5mt this year.
• Management suggests the conflict between the NPC annual meeting and the Lunar New Year holiday added to delays, including explosive deliveries.

Kavango Resources* (KAV LN) 0.90p, Mkt Cap £11.73m – Permits to export drill core out of Zimbabwe

• Kavango Resources plc reports it has received authorisation to export drill core samples from the Hillside gold project in Zimbabwe.
• Approvals have been granted to the current Hillside project owner by the Ministry of Mines and Mining Development for the export of up to 2,500kg of drill core samples for analysis, valid for three months.
• Drill cores from the Hillside project will be exported alongside samples from new holes.
• Kavango recently reported results from geophysical survey at their Kalahari Copper Belt targets where helicopter borne gravity surveys conducted by the team has yielded encouraging gravity highs.
• The Company is looking for basin margins, where base metals potentially lie on the edge of deeper basins which have traditionally been prospective for Cu-Ag mineralisation.
• Sandfire’s Motheo Mine holds similar fold hinges associated with copper mineralisation.

*An SP Angel Analyst holds shares in Kavango

Mkango Resources* (MKA LN) 6.1p, Mkt Cap £17m – £750k equity raise completion

• The Company closed its earlier announced equity raise of £750k at 5p.
• Proceeds will be used for new equipment at the Tyseley HyProMag facility with first commercial sales of recycled NdFeBb magnets targeted for H2/24.
• Initial production is planned at 25-30tpa NdFeB with a potential to significantly ramp run rates up.
• Additionally, raised funds will be used for orders of long lead time equipment for a planned second HyProMag unit in Germany unlocking additional grant funding.

*SP Angel acts as nomad and broker to Mkango Resources

Premier African Minerals (PREM LN) 0.19p, Mkt Cap £57m – £2m additional funding for the Zulu lithium project, Zimbabwe

1. Premier African Minerals has announced a £2m subscription via the issue of ~1,212m additional shares at a price of 0.17p/share to help fund the completion of its Zulu lithium project.
2. We estimate that the new shares are around 4% of the enlarged company.
3. CEO, George Roach, said that “The final step in commissioning Zulu looks to be the changes to be made to the material flow through the floatation plant as described in our announcement of 10 April 2024 … [and that the] … required piping and valves are expected to load for site by Tuesday 16 April, and the expectation is that fitment could be complete as early as the week commencing 22 April 2024”.
4. Yesterday’s announcement referred to by Mr. Roach was released during the day and disclosed that “Preliminary finding from the independent EPCM contractor… confirmed a number of design issues related to the flow of material between various components of the plant”.
5. These issues initially affected the comminution plant (crushing screening and grinding) but the company now confirms that “Material flows from mill discharge to thickener feed are now stable”.
6. Focus is now on resolving downstream issues in the flotation plant which comprise:

1. • Throughput issues; and
   • Grade and recovery.

1. Yesterday’s announcement disclosed that as far as throughput is concerned “In original test work, mica content was estimated at 17% … [but that] … In early processing actual mica content is closer to 27%” which restricts “throughput to approximately 26 tons per hour of dry solids”.
2. We observe that the discrepancy between the expectations from the original testing and the performance achieved in practice at the operational scale serves to illustrate the importance of rigorous testing in flowsheet design.
3. The additional pumps and valves required to rectify this referred to by Mr. Roach are expected to increase throughput to “the target rate of approximately 37 tons per hour”.
4. Consistent grade and recovery has proved difficult to maintain and Zulu’s “engineering team in conjunction with the OEM team has identified both the cause and the remedy and is in the process of attending to flow changes between the various floatation cells. This problem is expected to be rectified in the coming weeks”.

Conclusion: The Zulu project has been dogged by setbacks and no doubt all concerned will welcome final completion of the plant commissioning.  Today’s funding to help eliminate the process plant’s problems may prove to be the ‘final brick in the wall’.

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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