SP Angel Morning View -Today’s Market View, Thursday 4th April 2024

Gold touches $2,300/oz following Powell’s reiteration of rate cuts this year

MiFID II exempt information – see disclaimer below

Amaroq Minerals (AMRQ LN) – Progress towards delivering gold production from Nalunaq, Greenland

Artemis Resources (ARV LN) – Plans to assess the IRGS potential of the Lulu Creek prospect

BeMetals (BMET CN) – Latest Pangeni drilling results

Kore Potash* (KP2 LN) – CEO appointment

Sayona Mining (SYA AU) – Strategic review triggers ramp up decision as recoveries surprise to the upside

Xtract Resources (XTR LN) – Earning an interest in a Zambian copper project

Gold touches $2,300/oz following Powell’s reiteration of rate cuts this year

• Gold prices continue to climb, with spot prices hitting $2,300/oz yesterday, before easing to $2,293/oz.
• Powell spoke, stating that interest rate cuts are more than likely this year.
• Traders are now pricing in two 2024 interest rate cuts this year.
• Treasury yields fell slightly, but still remain elevated on a ytd basis at 4.35% for the 10-year.
• The dollar index weakened slightly, hovering around 104, still above early March levels.
• We note the persistent divergence between US Treasury yields and gold prices, which have traditionally moved in tandem.
• Gold’s previous rallies, in 2011 and the Covid pandemic, saw rock bottom interest rates as Central Bankers eased monetary policy.
• However, today, real yields are sitting close to 2% in the US.
• This divergence has led analysts to raise concerns over the market anticipating a potential black swan, whether it be heightened tensions between China and Taiwan, a US recession, or potentially a resurgence in inflationary pressures.
• The bond market and the gold market are taking two separate bets as we stand.
• However, this presents a bullish case for gold. In the scenario of lower yields amid a potential labour market slowdown, funds will rotate into physical gold ETFs as their bond returns lessen, providing an additional catalyst for bullion.
• Alternatively, there is a chance that the market is frontrunning a rally in Treasuries and subsequent slide in yields. An acceleration in inflation or US employment could leave gold vulnerable to a pullback.

China sees EV sales rise 80% mom

• In March, retail sales of passenger NEVs in China totalled 698,000 units, up 28% yoy and 80% from February, according to preliminary data released today by the China Passenger Car Association (CPCA).
• For the week commencing 25^th March China’s NEV sales were 186,183 units, up 14% from the previous week, with a 43% market penetration rate.
• Major EV makers saw a rebound in sales during the last week of March, as end-of-month deliveries are typically higher.
• Nio sold 3,550 vehicles in China during the week, an 18% increase from the previous week.
• Nio delivered a total of 11,866 vehicles in March 2024, up 45.92% from February and 14.34% year-over-year.
• Tesla sold 89,064 China-made vehicles in March, essentially flat compared to a year ago but up 47.54% from February.
• BYD sold 66,650 units in China during the week, up 13% from the previous week.

China relaxes loan ratios for car purchases

• China has released a plan to relax the loan ratios for personal vehicle purchases to boost consumption and trade-ins.
• Financial institutions can now independently determine the upper limits of loan ratios for personal gasoline cars and new energy vehicles (NEVs).
• Currently, the highest loan ratios are 80% for personal gasoline cars and 85% for NEVs.
• After the adjustment, the loan ratios for both personal gasoline cars and NEVs could potentially be raised to 100%.
• The loan ratios for commercial gasoline vehicles, NEVs, and used cars remain unchanged at 70%, 75%, and 70% respectively.

Copper prices surge as manufacturing data improves and supply constraints persist

• Copper prices bounced to $9,380/t, having climbed to two-year highs.
• The move caught many by surprise, likely reflecting some short covering and momentum fund inflows.
• Contango persists with high inventories, suggesting physical demand has yet to pick up. Inventory levels have risen to new three year highs.
• Longer term demand prospects are improving, with US manufacturing showing a rebound from a sustained downtrend.
• Thirteen major copper smelters have reportedly proposed a 5-10% smelter capacity cut.
• Smelter cuts have been triggered by a combination of overcapacity and dwindling concentrate availability.

Iron ore prices weaken again as Australia ramps up exports

• Iron ore prices in China fell below $99/t for the 62% Fe benchmark.
• The move reflects increasing pessimism over the steel sector, which continues to struggle amid a deteriorating Chinese housing sector.
• Australian iron ore exports are up 30% wow, with cyclone impacts subsiding.
• Rebar prices extend losses, hitting August lows.
• The divergence with copper is notable, reflecting green energy demand implications and supply cuts in LatAm.

Teck cuts zinc smelting fees as concentrate supply wanes

• Korea Zinc and Teck Resources have agreed to cut smelting fees by 40% as concentrate supply dwindles following production cuts.
• Processing fees were trimmed to $165/t of ore vs $274/t last year.
• Teck traditionally sets the benchmark for zinc processing fee.

Diamonds – Signet Says Shoppers Getting Wiser on Falling Lab-Grown Prices (Rapaport)

• Retailers report consumers are at last differentiating between LGD ‘lab-grown diamonds’ and natural mined diamonds.
• The move appears to be driven by the collapse in prices of LGDs vs greater value preservation in natural mined stones.
• The good news is that many consumers appear to recognise the value of natural diamonds.
• Competition amongst LGD manufacturers is intense with reports of closures in the sector presumably due to energy prices and competition from cheaper Chinese imports.

Economics

US – Weaker than expected services PMI numbers revived hopes for rates to be announced this summer helped by dovish commentary from Fed Chairman Powell.

• Importantly, a price sub-gauge for the services sector came in significantly below estimates.
• Separately, Jerome Powell said yesterday that recent surprises in inflation did not “materially change the overall picture” for the monetary policy outlook, FT writes.
• Powell reiterated his expectation that it will likely be appropriate to begin cutting grates “at some point this year”.
• Fed Chairman tried to balance his dovish comments with a bit of caution saying that “it is too soon to say whether the recent readings represent more than just a bump”.
• Focus is on employment data due this Friday with estimates for another >200k reading (213k v 275k in February) and wages growth slowing down slightly to 4.1% versus 4.3% in February.
• ADP Employment number came in above expectations yesterday (184k v 155k February and 150k est), although, often correlation between ADP data and NFPs is weak.
• ISM Services Prices Paid: 53.4 v 58.6 February and 58.4 est.
• ISM Services: 51.4 v 52.6 February and 52.8 est.

China – military on high alert on Myanmar border (SCMP)

• There appears to be trouble brewing on the border with Myanmar with security and stability threatened in China’s northern region.
• The PLA have been conducting joint exercises in Yunan Province which may be a precursor to some form of military action across the border in Myanmar.
• Last week we saw news on the arrest of Chinese national’s running online scams out of Myanmar.
• China may also be keen to limit the drugs trade and drug trafficking across the border into China.

Eurozone – Expectations are picking for the first rate cut in June following the latest set of inflation numbers showing a faster than anticipated slowdown in the headline and core CPIs.

• The ECB is holding its policy meeting Thursday next week.
• CPI (%yoy): 2.4 v 2.6 February and 2.5 est.
• Core CPI (%yoy): 2.9 v 3.1 February and 3.0 est.

UK – Business expectations of 1y are continuing to come down, according to the latest BOE survey.

• On year ahead inflation is expected to decline to 3.2%, the lowest since the survey began in 2022.

Octopus Energy, Tilia Homes and Hopkins Homes introduce ‘Zero bills’ homes

• The new houses will run off solar panels and heat pumps powered by Octopus Energy’s Kraken platform.
• “With our ‘Zero Bills’ smart proposition, Tilia Homes and Hopkins Homes homeowners can enjoy not only energy bill-free homes but also a genuine shift towards sustainable living.”.
• The houses must be particularly energy efficient and use stored solar power to run their heat pumps
• Question is, what’s in it for Octopus Energy?.

Taiwan – Aftershocks continue to shake island

• Death toll remains remarkably low for such a substantial (7.4) earthquake at just nine dead and around 1,000 injured.
• Taiwan builders are heroes as not one tall building has completely collapsed though a few are pictured at precarious angles.
• We suspect Taiwan uses structural steel with a relatively high vanadium content to help protect buildings from earthquakes
• Around 690 are either still trapped or out of contact.

Japan – 6 mangnitude earthquake hits east coast of Honshu in the north of Japan

Currencies

US$1.0854/eur vs 1.0765/eur previous. Yen 151.73/$ vs 151.73/$. SAr 18.595/$ vs 18.836/$. $1.266/gbp vs $1.256/gbp. 0.659/aud vs 0.651/aud. CNY 7.233/$ vs 7.236/$

Dollar Index 104.18 vs 104.82 previous

Precious metals:

Gold US$2,294/oz vs US$2,273/oz previous

Gold ETFs 82.1moz vs 82.0 moz previous

Platinum US$944/oz vs US$921/oz previous

Palladium US$1,025/oz vs US$1,007/oz previous

Silver US$27.05/oz vs US$26/oz previous

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

Base metals:   

Copper US$ 9,355/t vs US$9,034/t previous

Aluminium US$ 2,453/t vs US$2,364/t previous

Nickel US$ 17,395/t vs US$16,965/t previous

Zinc US$ 2,580/t vs US$2,479/t previous

Lead US$ 2,111/t vs US$2,016/t previous

Tin US$ 28,645/t vs US$27,900/t previous

Energy:           

Oil US$89.3/bbl vs US$89.1/bbl previous

• Crude oil prices were stable as OPEC+ confirmed existing cuts into 2Q24 and the EIA reported a 3.2mb w/w build to US crude stocks, offset by 4.3mb gasoline and 1.2mb distillate draws, with refinery utilisation at 88.6%.
• European energy prices were stable on reports that EU natural gas storage levels rose 0.5% w/w to 59.4% full (vs 42.2% 5-Yr average), with Germany still 67% full and aggregate storage at 671TWh.
• The UK’s North Sea Transition Authority (NSTA) has set out new rules that will force oil and gas operators to adopt electrification while mitigating flaring and venting. For new developments aiming for production by 2030, including satellite tiebacks, full electrification or alternative low-carbon power usage will become mandatory.
• Media reports that Russia produced 191bcm of natural gas in 1Q24 and increased pipeline exports to Europe by 32% y/y to 7.7bcm during the period, with the Turkstream pipeline supplies up 48% y/y to 3.9bcm.
• The Trans Mountain pipeline expansion to create a twinned pipeline that will increase the nominal capacity of the system from 0.3mb/d to 0.89mb/d is expected to commence commercial operations in May 2024.

Natural Gas €25.8/MWh vs €25.7/MWh previous

Uranium Futures $89.0/lb vs $87.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Tianjin) US$99.0/t vs US$102.0/t

Chinese steel rebar 25mm US$521.8/t vs US$523.6/t

Thermal coal (1st year forward cif ARA) US$116.3/t vs US$120.0/t

Thermal coal swap Australia FOB US$131.0/t vs US$134.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$50,185/t vs US$49,755/t

Lithium carbonate 99% (China) US$14,724/t vs US$14,719/t

China Spodumene Li2O 6%min CIF US$1,210/t vs US$1,210/t

Ferro-Manganese European Mn78% min US$975/t vs US$975/t

China Tungsten APT 88.5% FOB US$310/mtu vs US$310/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$1,431/t vs US$1,430/t

Spot CO2 Emissions EUA Price US$56.1/t vs US$57.9/t

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

Battery News

Nio begins mass production of 150kWh semi-solid state battery

• The company held a ceremony to celebrate the first mass-produced 150kWh semi-solid state battery rolling off the production line.
• According to Nio, it is the largest capacity battery pack mass-produced in the passenger car segment.
• The battery was unveiled at on 9^th January 2021, during Nio Day – the company’s annual event.
• Battery start-up WeLion New Energy Technology are supplying Nio with their 360Wh/kg semi-solid state cells.
• Nio filed for the use of the 150kWh batteries to be used in its models last year, capable of providing a range of up to 1000km in a single charge for some models.
• The battery will be put into service in Q2.

EV prices fall as cheap Chinese vehicles flood market

• The UK saw the average price of the 20 most popular models of used electric and hybrid vehicle has fallen 12% in Q1 compared with the same period in 2023.
• Chinese models from BYD and MG sell for around £25,000 in the UK, with a new Tesla Model 3 costing around £39,000.
• BYD has continued to slash prices in China which has legacy automakers concerned for what could happen once those models hit other global markets.
• The sale of used EVs continues to be a stifled by uncertainty around the lifespan of batteries which is still the top concern of consumers.
• There has been much news over the depreciation of EVs vs ICEs on social media and on Youtube so we compared the second hand value of a Porsche Taycan vs its ICE equivalent.
• Our analysis shows that both cars lost around 50% of their value over their first three years.

Conclusion: if you can’t stand the depreciation don’t buy a new car wait a few years and buy it second hand, particularly where companies release new models more frequently!

While we are seeing news on improved battery performance on a daily basis, we still reckon most second hand EVs will see reasonable battery performance and lifespans beyond their warranties.

US sees EV market share slow in Q1

• EV sales growth in the US slowed to only 2.7% in the first quarter of 2024, compared to 47% growth for the full year 2023.
• The slow in sales growth led to a drop in EV market share from 7.6% at the end of 2023 to 7.1% in Q1 2024.
• Major EV makers Tesla and Rivian failed to meet production estimates due to the slowing EV demand. Tesla’s sales fell 20.2% quarter-over-quarter and 8.5% year-over-year.
• Several automakers like GM, Ford, and Mercedes have had to scale back previously announced EV goals amid slowing demand and high costs.
• Concerns about EV range limitations and lack of robust US charging infrastructure are making consumers apprehensive about adopting EVs.
• The Biden administration is trying to incentivise EV adoption through tax credits and stricter emissions rules requiring more EV sales post-2032.
• General Motors reported a nearly 20.5% drop in EV sales for Q1 2024 in the US, selling only 16,425 units.
  • The drop was largely due to a 64.3% year-over-year decline in sales of the discontinued Chevrolet Bolt EV. Despite being GM’s best-selling EV in Q1, the Bolt was discontinued late in 2023.
  • EVs contributed only 2.8% to GM’s total US vehicle sales of 594,233 units in Q1 2024.
  • In comparison, Tesla reported an 8.5% year-over-year decline in global deliveries for Q1 2024, delivering 386,810 vehicles.
  • However, Tesla sold 17,027 units of its higher-end Model S, Model X, and Cybertruck vehicles, a 59.2% increase from Q1 2023.
  • Tesla’s lower-priced Model 3 and Model Y sales dropped 10.3% year-over-year, dragging down overall deliveries.

Company News

Amaroq Minerals (AMRQ LN) 76.7p, Mkt Cap £201m – Progress towards delivering gold production from Nalunaq, Greenland

• Amaroq Minerals reports its first underground mining blast at its Nalunaq mine development in southern Greenland.
• The blast was part of trial mining at the site.
• CEO, Eldur Olafsson, congratulated the operating team and their contractors for reaching “a milestone moment … [and said that] … Work at Nalunaq is progressing to schedule, with rehabilitation works now complete as we prepare to commence trial mining between 100 and 150tpd from Mountain Block”.
• In March, the company said that it expected “to mine first gold in 2024”.

Conclusion: The initial mine blast at Nalunaq brings Amaroq Minerals closer to achieving its aim of producing its first gold during 2024.

Artemis Resources (ARV LN) 0.95p, Mkt Cap £16m – Plans to assess the IRGS potential of the Lulu Creek prospect

• Artemis Resources has issued a progress report on its exploration of the Karratha gold project in the Pilbara region of WA.
• The company says that the area could be capable of hosting intrusion-related-gold systems (IRGS) which were “not fully understood” at the time it drilled its Lulu Creek prospect (formerly known as Carlow West) but that “Lulu Creek is reminiscent of De Grey’s Hemi deposit, which has resulted in large gold projects being discovered in intrusive related gold systems (IRGS)”.
• The “Hemi project resource currently sits at 255Mt @ 1.3 g/t Au for 10.5Moz” and Artemis Resources confirms that “Lulu Creek … [will] … be drill tested in Q3 2024”.
• Artemis Resources confirms that “Programs of works to cover the Lulu Creek prospect have previously been submitted and approved and a heritage clearance application has been completed and submitted for approval. Once the heritage clearance has been completed, drilling can be scheduled and undertaken”.
• In addition to the IRGS potential, the company says that it has other targets including its Carlow Castle project where a “series of shear zones along the margin of the Regal Thrust Fault …[host] … a high-grade foundation resource of 704Koz AuEq at 2.5g/t AuEq”.
• The project area also hosts soil, geochemical, gravity and electro-magnetic geophysical and drilling anomalies at multiple locations including the Carlow North, Titan, Marillion, Europa and Chapman prospects.

Conclusion: Artemis Resources plans follow up drilling to assess the IRGS potential of its Lulu Creek prospect once the required heritage permits has been received.  We await results of the continuing exploration.

BeMetals (BME CN) – C$0.09, Mkt cap C$16m – Latest Pangeni drilling results

• In an announcement to the Canadian market yesterday, BeMetals reported results from its cored drillhole, D14-C1 at the Pangeni copper target in Zambia.
• The hole, which was drilled at an angle of 60⁰ towards the north, intersected multiple mineralised intervals including:
  • A 69.41m wide interval at an average grade of 0.25% copper from a down-hole depth of 80.47m; and
  • A second mineralised zone of 33.03m at an average grade of 0.23% copper from 164.16m depth ; and
• The company explains that both these broad mineralised zones included higher grade sections with the upper zone intersecting:
  • 4.75m at an average grade of 0.45% copper from 102.62m depth, 5.89m averaging0.38% copper from 120.60m and 6.20m averaging 0.48% copper from 136.97m depth; and
  • Interval 4 of 3.84m at an average grade of 0.48% copper from 284.50m depth.
• BeMetals says that the upper zone intersection “demonstrates that extensive zones of lower grade material envelop the multiple, or stacked, zones of higher-grade copper mineralization similar to what is seen at both the Sentinel and Lumwana copper mines in the Domes Region of Zambia”.
• The lower mineralised zone contains:
  • A 12.64m wide interval at an average grade of 0.32% copper from 184.55m depth as well as:
  • A 7.64m wide section averaging 0.39% copper from 187.55m depth.
• The Pangeni prospect is located in the western part of the ‘Domes’ region of the Zambian Copperbelt covered by “a relatively thin but extensive layer of Kalahari sand” and approximately 130km southwest of First Quantum’s Sentinel mine.
• The company says that it is “increasingly encouraged and excited by what we are seeing from our ongoing drilling of the D-Prospect at the Pangeni Project in Zambia”.
• BeMetals confirms that it “has recently commenced a planned 1,800 to 2,000 metre follow-up core drilling program and approximately 600 metres of this program have already been drilled with the first completed drill hole under sampling and dispatch to the laboratory. First results from the current drilling are expected during Q2, 2024”.
• Commenting on results, CEO, John Wilton, said that the company’s consultant, the internationally acknowledged expert, Dr. Richard Sillitoe had reviewed the drill-core from the D Prospect at Pangeni and “concluded that the copper mineralization is closely similar in geological setting, style, and age to that exploited by Barrick Gold Corporation at their Lumwana Copper Mine, in the Zambian Copperbelt”.
• In January, BeMetals reported the results of hole D22-C1 at Pangeni which showed “an interpreted zonation of the copper sulphide minerals from a narrow but meaningful interval of high-tenor chalcocite through chalcopyrite plus bornite and chalcopyrite only to chalcopyrite plus pyrite … [which it said it interpreted as] … evidence for a robust mineralizing system”.

Conclusion: BeMetals’ continuing drilling at Pangeni has identified copper mineralisation showing geological similarities to that being mined at the Lumwana mine and which is being followed up by the latest 1,800-2,000m programme. We await further news as the exploration progresses.

Kore Potash* (KP2 LN) 0.49p, Mkt Cap £21m – CEO appointment

• The Company appoints Mr Andre Baya as CEO effective 15 April 2024.
• Andre brings over 20 years of experience in mining and agriculture sectors having held a number of senior positions for companies with operations in the Republic of Congo.
• Prior to joining Kore, Andre acted as a management consultant working with Fraser Alexander and Fortescue (Belinga Iron Ore Project in Gabon).
• Previously he also held country and general manager positions at Sundance Resources, Cominco, Roxgold, Alliance Mining Commodities, Orezone and Central Copper Resources.
• Andre also acted as COO at Managem responsible for operations and development projects of the Moroccan mining group.

Conclusion: The Company brings in Andre Baya as a new CEO with years of experience in the mining sector as the team is aiming to finalise EPC contract terms for the Kola Potash Project kicking project financing process.

*SP Angel acts as Nomad and Broker to Kore Potash

Sayona Mining (SYA AU) A$0.042, Mkt Cap A$410m – Strategic review triggers ramp up decision as recoveries surprise to the upside

• Sayona Mining, which is ramping up the NAL operation in Quebec, provides an update on its strategic review of operations.
• The Company has assessed various optimisation opportunities, leading to the JV with Piedmont agreement to continue to ramp up to steady stat production this year.
• The review had explored care and maintenance scenarios, moderating output, and a 12-month suspension.
• Capital improvements will be made with the Crushed Ore Dome, commissioned this month, to limit water, snow and ice impact on the ore.
• This is expected to improve mill utilisation, which currently sits at 73% YTD.
• The Company notes that recoveries have exceeded expectations, with March recording 69% (67% target).
• Spodumene concentrate production increased to daily record of 740t last month, at 5.45% Li20.
• Plant throughput rates are in line with forecasts and 8% below design capacity.
• A Bypass Crushing Circuit has been commissioned to address previous mill redundancy issues, increasing output and recoveries.
• The Company reports it has accumulated adequate stockpiles on its ROM pad.
• A ROM feed grade of 1.18% Li20 has been reported YTD.
• Unit costs are reportedly stable at US$840/t, before moderating at steady state production later this year.

Conclusion: Sayona seems to have successfully weathered a downturn in spodumene prices, which touched lows of $850/t before recovering to $1,200/t today, as they ramp up the NAL project. The Company expects to reach steady state production this year, which in turn is expected to reduce unit costs which are likely still pressuring margins at current spot prices.

Xtract Resources (XTR LN) 1.1p, Mkt Cap £8.6m – Earning an interest in a Zambian copper project

• Yesterday, Xtract Resources announced that it had secured an option and joint-venture agreement with Oval Mining to earn up to 70% of the Silverking copper mine in the Mumbwa District of Zambia.

• The agreement will earn Xtract Resources an initial 51% interest in the project through the expenditure of US$0.5m over18 months.  Expenditure of an additional US$1m over the next two years earns the remaining 19% taking the interest to 70%.
• The announcement explains that “Silverking is located immediately adjacent to the Kitumba deposit in which the Chinese Sinomine Resource Group announced a major investment to acquire a 65% interest in March 2024”.
• Previous open pit and underground mining “pre-1964 … [of] … breccia, vein and stockwork hosted … [supergene] … copper mineralisation” at Silverking extended to depths of around 70m and the company says that “based on underground mapping and historic diamond and reverse circulation (“RC”) drilling … [mineralisation] … is believed to remain open both down-dip and along strike”.
• The announcement says that a “wide-spaced geochemical soil survey supplemented by magnetic and IP ground geophysical surveys undertaken by Glencore … [in 2012] … identified a number of high priority targets warranting follow-up”.
• The announcement says that the historic exploration identified “a second breccia pipe located 800m from the main Silverking mineralised body … [which] … has not been explored. Evidence at surface suggested possible stockwork or disseminated copper mineralisation between the two breccia pipes”.
• “The general conclusion from the historic exploration was that the two defined breccia pipes both remain open at depth and along strike and that all other geochemical and geophysical anomalies also remain open in a number of directions”.
• Welcoming the agreement, Executive Chairman, Colin Bird, said that the Silverking property has “significant copper showings, considerable upside potential and occur in proximity to current or potential mines. Silverking certainly satisfies all of … [Xtract Resources’ project acquisition] … criteria, and we are excited about the prospects for a future discovery”.

Conclusion: Earning a controlling interest in an under-explored, historic copper project close to the known deposit at Kitumba provides Xtract Resources with an opportunity to identify a resource as Zambia’s copper potential attracts renewed interest. Historical exploration and mining information at Silverking should accelerate Xtract Resources’ efforts to evaluate the potential of the property. We await the results of their exploration with interest.

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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