SP Angel Morning View -Today’s Market View, Thursday 1st May 2025

Copper prices slide on ICSG surplus forecasts and China May Day holiday

MiFID II exempt information – see disclaimer below

Atlantic Tin (Unlisted) – Recommending an A$98m offer from Inner Mongolia Xingye Mining

Challenger Gold (CEL AU) – Quarterly update as Argentine gold toll milling looms

Endeavour Mining (EDV LN) – Cash flows ramp up as focus shifts to Assafou progression and shareholder returns

First Tin (1SN LN) – Progress on exploration of German projects

Kodal Minerals* (KOD LN) – KMUK jv subsidiary receives $15m loan facility from Hainan Mining to Bougouni project in Mali

Kore Potash* (KP2 LN) – BUY, TP 4.4p – ASX and JSE trading update

Mkango Resources* (MKA LN) – BUY – FY24 results highlight well contained costs with recycling business to launch production in the UK and Germany in 2025

Metals One (MET1 LN) – Exploration plans for US uranium projects

Resolute Mining* (RSG LN) – Acquisition of Doropo to diversify asset base in West Africa

SolGold* (SOLG LN) – Revised agreement with Ecuador’s Government for Cascabel

Copper – Prices slide to $9,214/t on ICSG surplus forecasts and China May Day holiday

Prices slipped despite a further 2,450t drawdown to 200,150t on the LME and 2,550t of cancelled warrants

• Copper fell yesterday amid sustained concerns over global economic growth slowing, with weak US GDP and labour data.
• The ISCG ‘International Copper Study Group’ is looking for a surplus of nearly 500,000t of copper over the next two years driven by forecast surplus of 289kt in 2025 and 209kt in 2026.
• This marked an increase in surplus expectations from September which saw 194kt in 2025.
• ICSG 2025/2026 forecast sees copper mine production to rise 2.3% in 2025 and 2.5% in 2026
• This is driven by the ramp up of Kamoa Kakula in the DRC, Oyu Tolgoi in Mongolia and the Russian Malmyz mine, with additional output also rising from Australia, Indonesia and Kazakhstan.
• They also forecast apparent copper usage expected to increase 2.4% in 2025 and 1.8% in 2026.
• The ICSG see demand supported in Asia, but usage impacted by forecasted slowing manufacturing activity.

US premiums continue to draw metal into the US.

• China has been busy persuading friendly nations to work with China to replace US consumption and help the nation through its tariff dispute with the US.
• President Xi appears determined to hold the line on official 4.5% GDP growth, though many manufacturers will take a more cautious line when faced with the loss of a major customer.
• China is aggressively developing its renewable energy capacity to reduce its dependence on coal which currently accounts for around 50% of all power generation.
• China produced around 30% of global power last year at 9.418TWh vs the US at 4,304TWh.
• We see government stimulus and the need to upgrade grid infrastructure to better connect increasing wind, solar, hydro, nuclear and battery instillations as creating significant new demand.
• New energy demand for AI datacentres will also increase demand for copper cabling.

Gold ($3,232/oz) slides on China holiday and trade deal optimism

• Gold prices have taken another leg lower, as profit taking continues following the spike to $3,500/oz in April.
• This follows increased optimism over the Trump administration signing several ‘imminent’ trade deals.
• ETF outflows continue, as investors secure gains following the rapid April rise.
• Focus now shifts to tomorrow’s NFP labour data from the US, with continued focus on the health of the employment market.
• China’s May Day holiday has begun, likely reducing buying for gold from its current largest consumer.

Economics

US – US claims to be close to announcing the first tranche of deals.

China – May day holiday today and tomorrow

EU – EU looking to lower trade barriers with the US and encourage greater investment into the US.

Ukraine – Agreement with the US on natural resources

• Ukraine is an interesting case from a mining perspective.
• There are iron ore, ilmenite and some other industrial commodities.
• There used to be chromite mines but we thing they were exhausted.
• There may even be some rare earths.
• But there is also, massive corruption.
• Ukraine is a global leader when it comes to corruption and the US military don’t like it much either.
• It’s a safe bet that for every dollar spent in Ukraine that a substantial portion is syphoned off into some oligarchs pocket.
• Any miner going into Ukraine needs to know how to deal with they ‘style’ of business which raises the risk in a world of anti-corruption legislation.
• We look forward to Scott Bessent’s new “bone-crushing” sanctions on Russia when Putin disregards the forthcoming ceasefire.

Currencies

US$1.1306/eur vs 1.1386/eur previous. Yen 144.41/$ vs 142.73/$. SAr 18.692/$ vs 18.568/$. $1.330/gbp vs $1.340/gbp. 0.639/aud vs 0.640/aud. CNY 7.271/$ vs 7.264/$

Dollar Index 99.952 vs 99.23 previous

Precious metals:         

Gold US$3,231/oz vs US$3,312/oz previous

Gold ETFs 88.9moz vs 89.0moz previous

Platinum US$962/oz vs US$978/oz previous

Palladium US$941/oz vs US$937/oz previous

Silver US$32.1/oz vs US$33.0/oz previous

Rhodium US$5,375/oz vs US$5,375/oz previous

Base metals:   

Copper US$9,214/t vs US$9,326/t previous

Aluminium US$2,415/t vs US$2,454/t previous

Nickel US$15,445/t vs US$15,605/t previous

Zinc US$2,606/t vs US$2,642/t previous

Lead US$1,961/t vs US$1,976/t previous

Tin US$31,450/t vs US$31,825/t previous

Energy:           

Oil US$60.5/bbl vs US$63.4/bbl previous

• Crude oil prices fell further on data indicating the US economy contracted in 1Q25 and concern that OPEC+ may accelerate the restoration of voluntary output cuts when the group meets next Monday.
• The EIA estimated a US inventory w/w draws of 2.7mb to crude and 4mb to gasoline, partly offset by a 0.9mb build to diesel stocks, with refinery utilisation up 0.5% w/w to 88.6%.
• European energy prices fell after EU natural gas storage levels rose 1.7% w/w to 39.2% full (vs 49.4% 5-Yr average) with aggregate inventory at 443TWh.

Natural Gas €32.3/MWh vs €31.6/MWh previous

Uranium Futures $67.7/lb vs $67.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$99.8/t vs US$99.8/t

Chinese steel rebar 25mm US$465.1/t vs US$465.6/t

HCC FOB Australia US$187.0/t vs US$183.0/t

Thermal coal swap Australia FOB US$101.3/t vs US$99.0/t

Other:  

Cobalt LME 3m US$33,700/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$56,524/t vs US$56,231/t

Lithium carbonate 99% (China) US$9,036/t vs US$9,044/t

China Spodumene Li2O 6%min CIF US$785/t vs US$785/t

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

China Tungsten APT 88.5% FOB US$363/mtu vs US$363/mtu

China Graphite Flake -194 FOB US$430/t vs US$430/t

Europe Vanadium Pentoxide 98% US$5.2/lb vs US$5.2/lb

Europe Ferro-Vanadium 80% US$24.3/kg vs US$24.3/kg

China Ilmenite Concentrate TiO2 US$285/t vs US$286/t

Global Rutile Spot Concentrate 95% TiO2 US$1,513/t vs US$1,513/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

Battery News

Company News

Atlantic Tin (Unlisted) – Recommending an A$98m offer from Inner Mongolia Xingye Mining

• The unlisted Australian company, Atlantic Tin, reports that it has agreed a recommended A$98m offer from Inner Mongolia Xingye Silver and Tin Mining.
• In August 2024, Atlantic Tin (formerly Kasbah Resources) completed the acquisition of the former El Hammam mine, located adjacent to its Achmmach tin project, from Managem.
• At that time, it was indicated that processing capacity at El Hammam which included a “two-stage crushing plant, milling, flotation, thickening and filtering in place as well as power, water and communications” would be used to process ore mined underground at Achmmach into a tin concentrate.
• Production was expected to start in 2026 building up to “a sustained mining and processing rate of 900,000 tpa of ore”.

Challenger Gold (CEL AU) A$0.08, Mkt Cap A$135m – Quarterly update as Argentine gold toll milling looms

• Ecuador gold developer Challenger reports a quarterly update.
• The Company has increased their MRE at the El Guayabo and Colorado V gold projects in Ecuador.
• Colorado V (50% owned)
  • 4.4moz at 0.5g/t AuEq from 278mt
• El Guayabo (100% owned)
  • 4.7moz at 0.5g/t AuEq from 292mt
• Company notes a higher-grade core of 2.1moz at 1g/t AuEq.
• Challenger also notes resource drilling has been based on 5 of the 15 major anomalies.
• Challenger is now looking to ‘commence the value realisation process, including strategic divestment options… strategic sale or farm-in partnership.’
• At their tolling operations in Argentina, Challenger notes a PFS for the toll milling is nearing completion, following the refurbishment of the plant.
• Tolling is intended to generate cashflow to fund the larger stand-alone Hualilan development.

Endeavour Mining (EDV LN) 2,050p, Mkt Cap £5bn – Cash flows ramp up as focus shifts to Assafou progression and shareholder returns

• West African gold producer Endeavour reports production of 341koz over the quarter, down 6%qoq.
• AISC for the quarter of US$1,129/oz, down 1%qoq.
• Realised gold price over the quarter up 7% to $2,783/oz.
• Endeavour reports operating cash flow of US$494m, free cash flow of US$409m.
• Adj. EBITDA of US$613m.
• Company repurchased US$40m worth of shares over the quarter, with full year returned expected to be minimum US$277m (inc. dividends)
• Net debt fell 48%qoq to US$378m, as cash rose US$353m over the quarter to US$737m.
• Company remains on track to achieve FY guidance.
• Regarding growth, Endeavour is focusing on the Assafou project, with DFS due for completion late-2025/early 2026, alongside a maiden resource at the Pala Trend 3 target, due 2H25.

First Tin (1SN LN) 5.63p, Mkt Cap £27m – Progress on exploration of German projects

• First Tin reports that exploration of its Auersberg and Gottesberg licences in Germany has identified potential ‘critical minerals’ in addition to tin.
• Exploration of the projects during the 2024/25 field season, including the collection and assaying of 96 rock chip samples taken from tin-bearing griesens show that, in addition to the tin, there is “considerable potential for other critically important minerals”.
• The recent sampling, in conjunction with work undertaken by the former East German authorities, shows that “the critical raw material (CRM) gallium (Ga) is widespread in the Auersberg licence area, associated with tin bearing greisen alteration around vein structures that can be traced for several kilometres”.
• The announcement also confirms that “significant enrichment of indium has been found in tin, copper and zinc minerals at Tellerhauser and Gottesberg.  Tellerhauser is one of the World’s largest undeveloped indium deposits, with an Indicated and Inferred resource estimate of 708,000kg at an average grade of 25ppm In”,
• In addition, the “Eibenstock Granite, the source for the tin mineralisation … has been shown to be enriched in lithium, rubidium, caesium, fluorine and tin”.
• CEO, Bill Scotting, commented that the “results highlight the potential for tin as well as other critical minerals in this historic mining district in the heartland of Europe’s high-tech manufacturing belt, minerals which today are primarily imported from geo-politically sensitive regions”.
• He also highlighted “further potential for significant tin deposits in our portfolio of exploration licenses in the tin triangle around the known Tellerhäuser and Gottesberg deposits”.
• Mr. Scotting confirmed that “Further work to evaluate these additional critical raw materials and better define the Gottesberg to Gabe Gottes corridor is planned for the 2025 field season”.

Conclusion: First Tin has identified CRM potential in and around its German tin projects as well as possible additional tin targets.

Kodal Minerals* (KOD LN) 0.35p, Mkt Cap £71m – KMUK jv subsidiary receives $15m loan facility from Hainan Mining to Bougouni project in Mali

(Hainan Mining holds a 51% stake in KMUK which holds the Bougouni Lithium Project in Mali with Kodal holding 49%. Mali will hold 35% of the jv company with KMUK)

(Kodal Minerals Plc now, effectively, hold 49% of 65% of the Bougouni project with Mali holding 35% through LMLB and 65% of LMLB held by the Kodal jv with Hainan Mining within KMUK)

• Kodal Minerals report the provision of a new US$15m Loan Facility to Kodal’s Bougouni Project in Mali.
• The loan facility has a 10-month term with interest of 15% per annum.
• The final $7.5m payment to the State of Mali has been paid out by KMUK from the $15m loan facility.
• The KMUK team is meeting with Mali Government Direction Nationale de Geologie et des Mines to update on site activities and plant improvements at Bougouni.
• The KMUK team are also progressing discussions with the Mali Government in order to finalise the necessary permitting for export.
• Production:
  • Kodal continues to ramp up production of spodumene concentrate with >20,000t now sitting at the mine site.
  • The inventory is awaiting an export permit from the government of Mali before export.
  • The DMS process plant is working on >150,000t of ore mined at Ngoualana grading 1.17% Li2O.
  • Target production is for 120,000tpa of 5.5% spodumene concentrate
  • Trucking: 10 trucks carrying 350t per day at a cost of under $100/t.
• Offtake:
  • We await further news on the offtake agreement to be signed between Hainan Mining and KMUK where Hainan holds 51%.
  • The offtake agreement is to be based on market prices for spodumene, with a floor set to ensure that all costs are covered and requires written approval from Kodal Minerals PLC
  • Offtake for Stage 2 production is outside of the scope of current negotiations with Hainan and remains available to KMUK for future commercial opportunities.”
• Agreement with Mali government:
  • • 10% free carry – a long-standing item in Mali,
    • 25% of new equity for ~US$4.3 million. The state’s 35% equity interest cannot be diluted below 35%,
    • KMUK partners are able to recover all capital investment and intercompany loans from the operation as a priority.
  • 65% of LMLB will be held within KMUK (Kodal 49% Hainan Mining 51%). The remaining 35% is with the State of Mali.
  • 10-year term for the mining license with renewal likely but subject to conditions in the mining code.
  • Customs and duties exemptions during construction continue including the temporary admission of vehicles, machinery and other property under the regime and in the mining list.
    • Including all tools, oils and greases for machines necessary for their activities, petroleum products, spare parts, materials and equipment, machinery and appliances.
  • LMLB will have at least four directors representing Mali including two independent directors.
  • US$15m cash payment to the government of Mali relating to the Hainan Transaction. This is now paid!
• License:  
  • The Malian government has signed a binding MoU with KMUK so that the Bougouni mine and associated licenses can move to the new Mali 2023 Mining Code.
• Gold exploration:
  • Kodal Minerals has a substantial portfolio of gold exploration projects in Mali and the Ivory Coast.
  • The Fatou and Niéllé Gold prospects seen as core assets with new exploration planned to advance towards mineral resource estimates.

Conclusion:  KMUK should now be in full compliance with their agreement with the government of Mali. We look forward to news of spodumene exports, details on the offtake agreement and news on the gold exploration.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Kore Potash* (KP2 LN) 2.8p, Mkt Cap £141m – ASX and JSE trading update

BUY – TP 4.4p

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• The Company has not provided details of the Summit Consortium term sheet for the Kola Potash Project with ASX suspension to remain in place.
• The suspension will remain in place until details of the term sheet are announced.
• The team said that it was unable to comply with ASX enquiry “given the nature and contents of the Term Sheet, and ongoing review and negotiation thereof”.
• The term sheet allows a period up to 31 May 2025, unless otherwise agreed, to review, negotiate and agree formal terms.
• Trading in shares on the JSE in South Africa resumed.
• Shares continue to trade as normal on AIM.

*SP Angel acts as Nomad and Broker to Kore Potash

Mkango Resources* (MKA LN) 18p, Mkt Cap £61M – FY24 results highlight well contained costs with recycling business to launch production in the UK and Germany in 2025

BUY

• The Company released FY24 results highlighting major developments at is REE portfolio of assets.
• At rare earth magnet recycling segment, the Company progressed with development of facilities in Europe and the US.
• In the UK, first production at the manufacturing facility at Tyseley Energy Park is expected by the end of June 2025 with ongoing pilot production supplying samples for customers.
• HPMS vessel acceptance tests completed and the unit was delivered to the UK from Germany.
• Magnet presses commissioned and powder processing plant constructed.
• In Germany, first production is guided for 4Q25 with a lease signed on the site near Pforzheim.
• HPMS vessel, magnet presses, jet mill, sintering furnaces and other items ordered.
• In the US, Notice to Proceed is expected in 2H25 with first sales in 1H27 with positive feasibility study results released in November 2024 and EPCM services contract signed with lead engineers PegasusTSI and BBA.
• At upstream and midstream verticals, the business combination agreement for the Songwe Hill Rare Earths Project in Malawi and the Pulawy Rare Earths Separation Plant Project in Poland is being finalised ahead of the planned NASDAQ listing.
• PAT amounted to -US$0.4m (FY23: -$4.2m) that includes a $3.2m gain on reversal in contingent consideration for HyProMag interest consolidation in 2023.
• Excluding the reversal PAT came in at -$3.7m, still down on the year reflecting cost cutting initiatives through the course of the year.
• G&A costs were down at $3.1m (FY23: $4.1m).
• FCF (ex M&A) was at -$2.9m (FY23: -$4.6m) including $0.7m in capitalised costs (FY23: $1.0m).
• Closing cash balance stood at US$1.2m with $1.2m in outstanding leases, $0.3m due to related parties (management and directors) and no bank debt.
• Contingent consideration of $3.2m payable in cash or Mkango shares has been cancelled as highlighted above as contractual milestones relating to the deal have not been met.
• The Company raised ~$2.9m at 8p post reporting period in February and had 25m in the month investor warrants outstanding at 7p, equivalent to additional ~$2.3m in new cash if exercised.

Conclusion: FY24 highlight major developments at upstream/midstream/recycling business segments with financials showing a reduction in cash burn amid cost cutting initiatives. Rare earth magnet recycling and manufacturing part of the Group is nearing first commercial production at the facility in the UK (June) followed by Germany (4Q25) while HyProMag US is due to announce Notice to Proceed in 2H25. Meanwhile, preparations for NASDAQ listing of upstream/midstream segments are ongoing.

*SP Angel acts as nomad and broker to Mkango Resources

Metals One (MET1 LN) 0.28p, Mkt Cap £14.8m – Exploration plans for US uranium projects

• Metals One has described its exploration plans for the uranium projects at Squaw Creek, Wyoming and in the Uravan belt of Colorado.
• At Squaw Creek, initial work will review historic gamma ray logging in the area close to “past-producing mines”.
• The project is located in the Shirley Basin which hosts ‘roll-front’ type uranium mineralisation amenable to ISR (In-situ recovery) techniques.
• In the Uravan Basin, “the proposed Phase 1 exploration programme … will consist of reconnaissance prospecting of historical workings, geological mapping, surface sampling and relocating of historical workings”.
• The project area is “situated near the historic Buckhorn Mine … [in an area where initial sampling] … confirmed exceptionally high uranium grades at surface, with assays returning up to 22,280 ppm uranium (2.23% U₃O₈) alongside significant vanadium values in carnotite ore”.
• Chairman, Craig Moulton, described the projects, which are being acquired “subject to various conditions as outlined in the announcement” of 24^th April, as “directly in line with Metals One’s strategic objective to acquire high-potential critical minerals assets to support the global energy transition”.

Conclusion: Subject to completion of the transaction announced last month, MetalsOne will start exploration of the US uranium projects with examination of historical information.

Resolute Mining* (RSG LN) 24p, Mkt Cap £520m – Acquisition of Doropo to diversify asset base in West Africa

• Resolute Mining has entered an agreement with AngloGold Ashanti to acquire their Doropo and ABC projects.
• Resolute will pay US$150m in cash, split between a US$25m upfront cash consideration, a US$50m paid 18 months after closing and US$75m paid 30 months after closing.
• Additionally, AngloGold will receive a 2% NSR royalty over the ABC Project and a US$10m contingent payment upon the release of a Feasibility Study with over 1moz in reserves at ABC.
• Resolute will also transfer their Guinea exploration permits to AngloGold Ashanti.
• Resolute held net cash of US$100m at 1Q25 end, with the Company exploring ‘project financing options either from traditional project finance banks or alternative funding options.’’
• Doropo
  • The Cote d’Ivoire asset was progressed by Centamin who were subsequently acquired by AngloGold Ahanti in 2024.
  • Centamin DFS on Doropo outlined 167kozpa (207kozpa over first five years) over a 10 year LOM. (management expects to add to the current LOM through pit shell optimisation factoring in improved gold prices)
  • Post-tax NPV8 at US$426m and IRR of 34% using US$1,900/oz Au.
  • Reserve of 38.2mt at 1.53gt Au, with M&I resource of 77mt at 1.26g/t Au.
  • Feasibility study expects AISC US$1,097/oz over LOM and US$971/oz cash costs over the first five years.
  • Feasibility study assumes an open pit operation with plant capacity of 5.4mtpa for oxide/transition ore and 4mtpa for fresh ore.
  • CAPEX at US$373m (expected to rise >$400m as per management comments today
  • Recovery rates expected at 89%.
• ABC Project
  • The ABC Project, also in Cote d’Ivoire, and previously held by Centamin, holds an inferred resource of 2.2moz at 0.9g/t Au.
  • Resolute intends to begin a drilling programme to explore higher grade targets to the north, where Awale/Newmont are enjoying exploration success.
• Resolute intends to complete an optimised DFS as it progresses permitting through 2025.
• The acquisition is expected to be completed this quarter, following by a Doropo FID towards the end of 2025.
• First gold from Doropo is expected in 2Q28.

Conclusion: Resolute has been seeking to diversify its operations following recent ongoings in Mali. The acquisition of Doropo sees Resolute secure an asset in a top West African jurisdiction, derisked by the Centamin team, with strong expected margins and manageable CAPEX requirements. The ABC asset adds further upside exploration potential in Cote D’Ivoire and Resolute has now guided for production to hit >500kozpa by 2029.

*SP Angel analysts hold shares in Resolute Mining

SolGold* (SOLG LN) 7.6p, Mkt Cap £203m – Revised agreement with Ecuador’s Government for Cascabel

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1. Solgold reports that it has concluded a revised agreement with the Ecuadorian Government for the development of its Cacabel copper/gold project.
2. The new ‘Amended Investment Protection Agreement’ (AIPA) “updates the original Investment Protection Agreement signed earlier in the Project’s life cycle, affirming the legal and fiscal framework to reflect Cascabel’s transition toward development and recognizing US$311.5 million in historical investment made by SolGold through 2023 during the exploration stage”.
3. Today’s announcement explains that the new agreement “satisfies a key condition precedent for the release of the second tranche of funding under SolGold’s syndicated gold stream financing agreement with Franco-Nevada … and Osisko”, which was announced in July last year.
4. Welcomiing the new agreement as “an important step forward in de-risking the Cascabel Project … [CEO, Dan Vujcic confirmed that Solgold remains] … focused on advancing Cascabel with urgency and intent to ultimately delivering a world-class mining complex that benefits our host communities, shareholders, and all stakeholders”.

Conclusion: A new agreement with the Government recognises Solgold’s past exploration expenditure at Cascabel, provides a framework for development and clears the way for the next tranche of gold-stream finance.

*SP Angel acts as broker to Solgold

LSE Group Starmine awards for 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 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

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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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