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

Tin prices rise as tin inventories fall 40% year to date

MiFID II exempt information – see disclaimer below

BHP Group (BHP LN) – West Australian nickel operations put on maintenance

Bluejay Mining* (JAY LN) – Titanium source rock identified underneath ilmenite mineral sands at Dundas project in Greenland

Central Asia Metals (CAML LN) – 1H24 operations as Sasa production guided lower

Cobra Resources (COBR LN) – Promising bench-scale metallurgical test results from the Boland REE project, South Australia

Cornish Metals* (CUSN LN) – Moving to the next phase of shaft refurbishment at South Crofty

Culpeo Minerals* (CPO AU) – Latest drilling results from Lana Corina, Chile

Ecora Resources (ECOR LN) – Kestrel royalty income outperforms forecasts

First Tin (1SN LN) – Metals X builds 23% stake

GreenRoc Strategic Materials Plc (formerly GreenRoc Mining) (GROC LN) – Enhancements to PFS generate additional potential value

Savannah Resources* (SAV LN) – DFS Phase 1 drilling results

Gold ($2,382/oz) holds ground as market looks to CPI for rate cut guidance

• Gold prices rallied yesterday, up $30/oz from lows this week.
• The move followed Powell’s second testimony, where he continued to highlight positive progress on inflation.
• US Treasury yields have held lower, as traders position for CPI data due this afternoon.
• Economists anticipate further slowing in inflation, with the Fed needing several data points for confidence to cut rates without a major slowing in hiring.
• Markets became particularly enthused by Powell’s comments that the Fed doesn’t need to see inflation below 2% to cut rates.

Copper prices ($9,870/t) slide as stockpiles hit 21-month highs whilst China boosts exports

• Copper prices fell to $9,870/t on the LME as inventories rose over 2% to 195kt.
• China has been ramping up exports into Korea and Taiwan as domestic demand remains subdued.
• Bloomberg reports China copper volumes in LME warehouses supported a 90% surge in inventories in May.

China slows steelmaking CAPEX as it progresses its 2060 carbon neutral ambitions

• Bloomberg reports that China didn’t permit any coal-based steelmaking projects in 1H24 for the first time in four years.
• China approved 7.1mt of new steelmaking capacity over the period, all of which was electric arc furnaces.
• China has been cracking down on carbon intensive steelmaking to support their 2060 carbon neutrality targets.
• The CCP is working on a 53mt emission reduction target, restricting exports on low-value iron and steel products.

Kazakhstan looks to hike taxes on uranium production following price rally

• Kazakhstan is set to hike their Mineral Extraction Tax for natural uranium from 4% to 18%, volume dependent.
• The 2025 rate is currently 9% and 6% this year.
• The rate can increase if the weighted average uranium price exceeds $70/lb.
• The rate rises by 0.5% over $70/lb, 1% over $80/lb and 1.5% over $90/lb.

Economics

US – Inflation numbers are due later today with estimates for a headline gauge to come down to 3.1% in June from 3.3% and core CPI holding unchanged at 3.4%.

• Pressure on Biden to withdraw his presidential candidacy is increasing with a Senate Democrat joining an increasing number of House lawmakers.
• Vermont Democrat Peter Welch was the first sitting senator to back a replacement of the 81 year old Biden, Bloomberg writes.
• Separately, former House Speaker Nancy Pelosi also said that President Biden need to consider whether to stay in the presidential race.

UK – Sterling climbed against the US$ with annual GDP now registering a 1.4%yoy increase, higher than the 1.2% forecast.

• Growth was driven by the services sector that expanded 0.3%mom with manufacturing and construction also positively contributing to growth.
• On monthly basis, GDP climbed 0.4%mom, double the rate of 0.2% expected.
• The economy caught a bit of tailwind from better weather with May reported to have been the warmest since records began in 1884 while April recorded >1.5x more rain than the long term average for the month, FT quotes Met Office numbers.
• GDP (%mom, May/Apr/Est): 0.4/0.0/0.2
• GDP (3M/3M, May/Apr/Est): 0.9/0.8(revised from 0.7)/0.7

Philippines – Multiple kidnappings of Chinese nationals in Philippines

• News is emerging of a number of ransom kidnappings and murders of Chinese national in the Philippines.
• In one case the hostages were killed anyway.
• A kidnapping in June appears to have similarities with a kidnapping in January where the hostages were murdered despite the ransom being paid.
• The kidnappers demand payment in cryptocurrencies.

Currencies

US$1.0839/eur vs 1.0823/eur previous. Yen 161.56/$ vs 161.40/$. SAr 18.089/$ vs 18.055/$. $1.287/gbp vs $1.280/gbp. 0.676/aud vs 0.675/aud. CNY 7.272/$ vs 7.276/$.

Dollar Index 104.97 vs 105.07 previous.

Precious metals:         

Gold US$2,380/oz vs US$2,375/oz previous

Gold ETFs 81.5moz vs 81.5moz previous

Platinum US$990/oz vs US$992/oz previous

Palladium US$989/oz vs US$989/oz previous

Silver US$30.95/oz vs US$31/oz previous

Rhodium US$4,600/oz vs US$4,650/oz previous

Base metals:   

Copper US$ 9,877/t vs US$9,855/t previous

Aluminium US$ 2,490/t vs US$2,483/t previous

Nickel US$ 17,120/t vs US$17,100/t previous

Zinc US$ 2,983/t vs US$2,926/t previous

Lead US$ 2,189/t vs US$2,190/t previous

Tin US$ 35,285/t vs US$34,365/t previous

Energy:           

Oil US$85.5/bbl vs US$84.1/bbl previous

Natural Gas €30.5/MWh vs €31.5/MWh previous

Uranium Futures $86.0/lb vs $85.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$105.3/t vs US$109.3/t

Chinese steel rebar 25mm US$514.3/t vs US$514.8/t

Thermal coal (1st year forward cif ARA) US$110.4/t vs US$110.4/t

Thermal coal swap Australia FOB US$134.0/t vs US$135.0/t

Coking coal Dalian Exchange futures price US$214/t vs US$212.1/t

Other:  

Cobalt LME 3m US$27,150/t vs US$27,150/t

NdPr Rare Earth Oxide (China) US$49,784/t vs US$49,617/t

Lithium carbonate 99% (China) US$12,033/t vs US$12,026/t

China Spodumene Li2O 6%min CIF US$990/t vs US$1,010/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$340/mtu vs US$340/mtu

China Graphite Flake -194 FOB US$470/t vs US$470/t

Europe Vanadium Pentoxide 98% 5.1/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% 26.75/kg vs US$26.75/kg

China Ilmenite Concentrate TiO2 US$313/t vs US$313/t

China Rutile Concentrate 95% TiO2 US$1,396/t vs US$1,395/t

Spot CO2 Emissions EUA Price US$69.6/t vs US$69.6/t

Brazil Potash CFR Granular Spot US$307.5/t vs US$307.5/t

Battery News

Chinese lithium producers report significant losses in H1 ‘24

• Tianqi Lithium (002466 SHE) and Gangfeng Lithium (002460 SHE) both reported significant losses in H1 ’24.
• Tianqi reported an expected loss of between $670m and $760m, compared to profits of nearly $900m in H1 ’23.
• Gangfeng are reporting an estimated net loss of between $105m and $170m, compared to nearly $800m profit over the same period in 2023.
• Both companies attribute the losses to the decline in lithium prices.

China reports NEV sales growth of 32% yoy

• The China Association of Automobile Manufacturers (CAAM) has reported that sales of NEVs reached 4.94m for H1 ’24.
• Production also saw strong growth, up 30.1% in the period.
• From January to June, China’s total automobile production and sales figures stood at approximately 13.89m units and 14.04m units.

Tesla sees share of US EV market drop below 50% for first time

• Kelley Blue Book’s Q2 EV sales report showed Tesla’s US sales falling by 6.3%, while overall EV sales reached a record high.
• Increased competition has pushed prices down, which is slowly increasing adoption in the US.
• Quarterly US EV sales were 330,463, an 11.3% increase yoy and represented around 8% of total US vehicle sales for the period.

Company News

BHP Group (BHP LN) 2,289p, Mkt cap £116bn – West Australian nickel operations put on maintenance

• BHP announces it has temporarily suspended its Western Australian Nickel operations from October 2024.
• The Company will review the decision by 2027.
• They note that the nickel price consensus over the next half decade has weakened substantially following the addition of low-cost Indonesian operations.
•  BHP will invest US$300mpa on the transition period to enable a potential restart of operations.
• The Kwinana nickel refinery, Kalgoorlie nickel smelter and Mt Keith and Leinster operations will all be suspended.
• The West Musgrave project development will also be suspended.
• BHP has invested US$3bn in WA Nickel, including two new mines and the Country’s first nickel sulphate plant.
• WA Nickel reported an underlying EBITDA loss of $300m for the past year.
• The Company expects to record a non-cash impairment charge of $300m.

Bluejay Mining* (JAY LN) 0.475p, Mkt cap £6.97m – Titanium source rock identified underneath ilmenite mineral sands at Dundas project in Greenland

(Bluejay Mining holds 100% of the Hammaslahti and Enonkoski projects and all its Greenland prospects)

• Bluejay Mining report results from 74 bedrock samples taken on the Dundas project in Greenland.
  • 11.12% ilmenite (5.2% TiO2) – average grade
• This is nearly twice the grade seen in the overlying mineral sand where the resource is estimated to be 117mt grading 6.1% ilmenite.
• The hard rock sill appears to underly the mineral sands resource offering potential to significantly expand the resource and for further addition of the value of the Dundas project.
• We had thought the source of the ilmenite mineral sands was from rock further behind the beaches with weathered sands being washed along the coast from the high-grade Iterlak delta area.
• While this might still be the case, the presence of high-grade ilmenite in hard rock underneath the raised beeches is a helpful development.
• A report by GEUS the ‘Geological Survey of Denmark and Greenland’ in 2017/18 estimates a huge 10 Gt of ilmenite is estimated to remain within the Steensby Land Sill complex.
• Reconnaissance of the Thule Group and underlying basement shows at least 15 sills form a sill system that dominates the landscape in southern Steensby Land.
• Ilmenite Tonnages Calculated for Steensby Land Sill Complex
  • 17 Gt – Ilmenite contained in sills prior to erosion
  • 10 Gt – Ilmenite remaining in sills after erosion
  • 7 Gt – Ilmenite available for sedimentation
• Bluejay exploration licenses cover around 98% of the sill complex.
• Bluejay also reports results from rock samples analysed during the 2018 drilling campaign, which are previously unreleased to market..
• Financing potential: Bluejay received a US$208m letter of interest in debt funding from the Export-Import Bank of the US in 2021. With renewed focus on the protection of supply chains outside China we suspect the US Export-Import bank will remain interested.
• Rio Tinto: RTIT, Rio Tinto Iron and Titanium took delivery of 5,000t of ilmenite from Dundas as part of a 44,000t bulk shipment in 2020 for testing at RTIT in Canada.
• Delays: A series of badly sampled and erroneous drill results done by the previous management (see 16 April 24 RNS) combined with estimations of high up-front working capital costs caused the project to require re-evaluation.
• Management and contractors responsible for the Dundas drilling and resource downgrade in September 2023 have been removed.

Conclusion:  The sheer scale of the hard-rock ilmenite resource should make the Dundas project more interesting for anyone looking for a longer-term source of titanium feedstock.

We are pleased to see more comprehensive work now being done on the property and see potential for a larger partner to come in to develop long-term production on the asset.

*SP Angel acts as nomad and broker to Bluejay Mining. The analyst has visited Dundas in Greenland and the Hammaslahti and Enonkoski projects in Finland.

Central Asia Metals (CAML LN) 203p, Mkt cap £354m – 1H24 operations as Sasa production guided lower

• Central Asia Metals provides an operations update for the first half of 2024.
• Cash at the bank reported at $57.4m, vs $57.2m reported as at 31 December 2023.
• 2Q24 copper production reported at 3,488t vs 3,120t in 1Q24.
• 1H24 copper production at 6.6kt vs 6.7kt same period last year.
• Zinc production for the half year at 9kt vs 9.7kt same period last year.
• Lead production at 12.9kt vs 13.7kt same period last year.
• Management note production difficulties at Kounrad from adverse weather impacts, with Sasa impacted in by a reduction in mine tonnage as they transition to a new mining method.
• CAML expects Sasa production to be towards the lower end of its 19-21kt zinc and 27-29kt lead guidance.

Cobra Resources (COBR LN) 0.9p, Mkt cap £7.1m – Promising bench-scale metallurgical test results from the Boland REE project, South Australia

• Cobra Resources reports what it describes as “positive preliminary metallurgical results” from bench scale tests, conducted by the Australian Nuclear Science and Technology Organisation (ANSTO) on drill core from its Boland ionic rare-earths prospect in South Australia.
• The tests to assess the amenability of low-impact and low capital cost in-situ recovery (ISR) techniques showed recovery rates of 41% rare-earth elements from a high grade “sub-sample grading 2,688 ppm Total Rare Earth Oxide (“TREO”) magnet rare earths Nd2O3 + Pr6O11 total 532 ppm and Dy2O3 + Tb2O3 total 83 ppm at pH 3, ambient temperature”.
• The tests show low acid consumption rates and “Low levels of deleterious radioactive elements: in Pregnant Liquor Solution”.
• CEO, Rupert Verco, described the initial recovery rates as “very pleasing … [and said that] … recoveries of 41% from such a high head grade of 2,688 ppm TREO in this diagnostic test is highly encouraging for optimising recoveries from the bench scale ISR tests being performed on a core sample exceeding 4,506 ppm TREO”.
• He said that “There is plenty of room to optimise these recoveries considering the low level of impurities, low acid consumption and the minimal costs involved in ISR mining”.
• Further bench scale testing is planned including “second ISR bench scale ISR study: on core from CBSC0002 to achieve repeatability and increase the volume of pregnant liquor for flowsheet development”.
• Cobra Resources also plans further resource drilling which had “been delayed enabling metallurgical results to be interpreted and evaluated against existing drilling ensuring the most desirable areas of the palaeochannel are targets”.

Conclusion: Bench scale testing on core from the Boland ionic rare-earths prospect in South Australia is being extended following positive recovery and reagent consumption results.  Additional resource drilling will also seek to follow up the metallurgical information.

Cornish Metals* (CUSN LN) 5.7p, Mkt Cap £31m – Moving to the next phase of shaft refurbishment at South Crofty

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• Cornish Metals reports that it has moved to the second stage of refurbishing the New Cook’s Kitchen shaft at the South Crofty mine where the company is working to resume tin production at the historic mine.
• The “installation of the Phase 2 work platform … [in the shaft will enable] … faster replacement of old shaft timbers with new steel guides” speeding up the refurbishment.
• The company also confirms that it is continuing to maintain water levels in the shaft “at approximately 280 metres below surface and the treated water being discharged to the Red River is consistently well within the permitted standards”.
• Commenting on the dewatering programme, Cornish Metals says that it is progressing “in-line with expected rates for this time of year” and confirms that “South Crofty is not hydrologically connected to neighbouring historic mines and natural groundwater inflows are exactly in-line with pre-dewatering predictions”.
• “The Company maintains guidance to complete NCK shaft refurbishment and dewatering of South Crofty Mine to the 400-fathom level (approximately 730 metres below surface) in Q3-2025”.
• Cornish Metals also confirms the completion of its 14-hole, 9,000m, drilling programme of the ‘Wide Formation’ located south of the mine which tests the “geometry and the continuity of tin mineralisation within the Wide Formation target over an area measuring 2,500m along strike (northeast to southwest) and 800m downdip (north to south)”.
• The company has already released results from the earlier stage of the drilling, which it says has intersected the target ‘Wide Formation’ structure “in all drill holes” and results from the latter part of the programme “will be reported when available”.
• In our view, the identification of additional and previously undetected mineralisation close to areas which have been intensively mined for centuries emphasises the exploration potential available to Cornish Metals geology team.

Conclusion: Cornish Metals confirms that dewatering and shaft refurbishment is on track to ~730m below surface in Q3 next year.  We also look forward to the remaining results from the drilling of the ‘Wide Formation’ located south of the mine.

*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

Culpeo Minerals* (CPO AU) A$0.049, Mkt cap A$7.6m – Latest drilling results from Lana Corina, Chile

• In a release to the ASX yesterday, Culpeo Minerals released further assay results from its hole CMCLD-014 at its Lana Corina project in Chile.
• Although the hole is continuing and is currently at a depth of 870m, the results released so far show an intersection of 454m at an average grade of 0.79% copper, 305ppm molybdenum, 4.37ppm silver and 0.01ppm gold, described as 0.93% on a copper equivalent basis, from a depth of 90m downhole.
• The announcement also details deeper molybdenum enriched mineralised intervals including 46m at an average grade of 1,638ppm molybdenum from 498m depth. 30m averaging 613ppm from 580m and 38m averaging 748m from 720m.
• It appears that while the upper part of the hole, to ~500m depth is dominantly enriched in copper, the lower parts, from around 475m have intersected more molybdenum rich mineralisation.
• The company describes the recent result, which is “the longest continuously mineralised intersection at Lana Corina achieved to date” as expanding “the known surface-projected footprint to 600m x 400m and to a depth of 800m and … [that the mineralisation] … remains open in all directions”.
• The mineralised intersection in hole CMCLD-014 appears to be the shallowest encountered in the company’s drilling at Lana Corina which has previously reported intersections of:
  • 72m @ 0.91% CuEq from 352m in Hole CMLCD013; and
  • 100m @ 0.38% CuEq from 334m in Hole CMLCD011; and
  • 104m @ 0.74% Cu & 73ppm Mo in CMLCD001 from 155m; and
  • 257m @ 0.95% Cu & 81ppm Mo in CMLCD002 from 170m; and
  • 173m @ 1.05% Cu & 50ppm Mo in CMLCD003 from 313m; and
  • 89m @ 1.06% Cu & 145ppm Mo in CMLCD005 from 302m; and
  • 113m @ 0.60%Cu & 122ppm Mo in CMLCD009 from 331m
• Managing Director, Max Tuesley, said that the drilling “confirms the presence of a high grade breccia and porphyry hosted mineralised system of significant scale at Lana Corina”.
• He said that “The Culpeo team is very excited by the results so far, demonstrating the existence of a large Cu-Mo porphyry system, which remains open in all directions”.

*An analyst at SP Angel holds shares in Culpeo Minerals

Ecora Resources (ECOR LN) 80p, Mkt cap £202m – Kestrel royalty income outperforms forecasts

• Ecora provides an update ahead of its 2Q24 trading update due 24^th July.
• The Company reports that saleable volumes from its Kestrel royalty were ahead of previous forecasts at 1.3mt.
• Kestrel royalty income for the quarter is expected at $26.6m, with 1H24 revenue expected at $40.8m.
• The Company had expected an increase of 15-25% from FY23 volumes of 1.6mt.
• Ecora is now working to understand the implications for H2 volumes, although they do not expect to update FY volume guidance for 2024, anticipating ‘minimal volumes in H2.’

First Tin (1SN LN) 4.35p, Mkt Cap £12.2m – Metals X builds 23% stake

• First Tin reports that Australian tin producer, Metals X has purchased 60m of its shares for a price of 4p/share in an on-market transaction with Clara Resources.
• The transaction, worth £2.4m, leaves Metals X holding a 23% interest in First Tin.
• Following the sale of its shares, Clara Resources’ nominee on First Tin’s Board, Nicholas Mather, “will step down as a Non-Executive Director”.
• We interpret Metals X’s stake in First Tin, which released a Definitive Study on the Taronga tin deposit in New South Wales and is also progressing the Tellerhäuser tin project in Germany, as an important consolidation of western world tin capacity.
• First Tin’s CEO, Bill Scotting, said that the transaction was an “endorsement of our tin assets” and commented that “we look forward to deepening our collaboration with Australia’s largest tin producer to optimise and accelerate the delivery of our growth projects”.
• His comments were echoed by Metals X Chairman, Peter Gunzberg who said that they were looking forward to “working closely together. The combination of Metals X’s operating and financial capabilities with First Tin’s exciting and late stage development assets should be of significant benefit to all stakeholders”.
• Mr. Gunzberg and MetalsX’s CEO, Brett Smith, will join First Tin’s Board.

GreenRoc Strategic Materials Plc (formerly GreenRoc Mining) (GROC LN) 1.86p, Mkt Cap £3.37m – Enhancements to PFS generate additional potential value

• GreenRoc management report significant improvements to their PFS Pre Feasibility Study on the Amitsoq graphite project in South Greenland.
• The updated PFS shows:
  • NPV of US$621m vs $545m – post tax
  • IRR 26.5% vs 25.3%
  • Capex $340m vs $321m
  • Opex $1,872/t vs $2,211/t
  • Production 80,000tpa of concentrate – remains the same
  • Production 39,700tpa active anode material – remains the same
• Improvements:
  • onsite production of de-ionised water
  • construction of a plant for the production of nitrogen.
• There is scope to reduce operating costs to US$1,662 through the use of an alternative purification method using sodium hydroxide (NaOH) instead of the very efficient, but more hazardous and expensive, hydrofluoric acid.
• The higher capital cost of this this would reduce the post-tax NPV8 to US$601M with an IRR of 23.7% but lowering operating costs carry their own benefits.
• Management are currently looking for a site for the process plant.

Savannah Resources* (SAV LN) 4.1p, Mkt Cap £88m – DFS Phase 1 drilling results

BUY – 18.3p

• Results from further eight diamond drill holes received from a completed Phase 1 drilling programme.
• Results include four drillholes at Pinheiro, three at NOA and one at Reservatorio focused on collecting geotechnical, metallurgical and resource related data for the ongoing Feasibility Study and maiden mineral reserve works.
• Selected results from Pinheiro (7% of MRE) include:
  • 36.5m @ 1.24% Li₂O from 33.5m in 24PNRDD003
  • 16.5m @ 1.22% Li2O from 41.0m in 24PNRDD004
  • 14.1m @ 1.04% Li2O from 9.3m in 24PNRDD007
  • 16.4m @ 1.57% Li₂O from 18.6m and 11m @ 0.79% Li₂O from 61m in 24PNRDD008 (vertical hole not true widths)
• Last two holes were exploration holes (~30m step out from previous drillhole) confirming extension of the mineralisation to the north.
• NOA (2% of MRE) results include:
  • 9.9m @ 1.3% Li2O from 49.1m in 24NOADD011 (twinned holes)
  • 5.5m @ 1.25% Li₂O from 0.4m and 21m @ 1.26% Li₂O from 31m in 24NOADD010 (twinned holes)
• At Reservatorio (15% of MRE) a diamond hole was drilled for geotechnical purposes to intersect the base of the designed open pit with the hole intersecting two mineralised zones showing greater thicknesses than previously expected:
  • 7m @ 1.16% Li₂O from 143m, 5.7m @ 0.81% Li₂O from 172m and 6.5m @ 1.22% Li₂O from 180.5m in 24RESDD013
• Once all drilling results are received from Phase 1 the team will put together Phase 2 drilling programme.

Conclusion: FS and maiden reserve related works are ongoing with further results from Phase 1 drilling comments provide further geotechnical and metallurgical data. Latest results are for Pinheiro, NOA and Reservatorio that together account for ~25% of total resource with the data largely coming in line with expectations while a couple of step out holes at Pinheiro intersected lithium mineralisation along the strike to the north pointing to a potential to expand the resource.

*SP Angel acts as Nomad and Broker to Savannah Resources

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

No.1 in Copper:  “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”

No1. In Gold:  “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020

Analysts

John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne – Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees – Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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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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