SP Angel Morning View -Today’s Market View, Thursday 5th December 2024

Metals steady despite more pain from China property as Country Garden sales slump

MiFID II exempt information – see disclaimer below

Anglesey Mining (AYM LN) – Changes to Board

Condor Gold* (CNR LN) – Recommended £67.5m offer from Metals Exploration

Great Western Mining* (GWMO LN) – Tungsten exposure gained through new claims

GreenX Metals (GRX LN) – Chinese ban on export of Gallium, Germanium and Antimony raises metal prices  

Larvotto Resources (LRV AU) – Equity Raise and Antimony agreement with Wogen

Mkango Resources* (MKA LN) – HyProMag USA Project update

Savannah Resources* (SAV LN) – Local investors add to their position in the Group

Sunrise Resources (SRES LN) – Progress of the Nevada pozzolan projects

Metals steady despite more pain from China property as Country Garden sales slump

1. Zinc and tin led gains overnight, both up 0.7% whilst copper is steady around the $9,110/t mark.
2. Country Garden reported contracted sales down 52%yoy for November, following a 31% drop in October. (Bloomberg)
3. This comes despite a US$1.4tn stimulus package from Beijing, with funds directed to shoring up the property sector.
4. 100 biggest real estate companies recorded a 6.9% slide in November for month on month home sales.
5. Iron ore prices pared gains, following a rally into optimism of another stimulus round at the Central Economic Work Conference next week.
6. Both Rio and Vale have now guided to steady production levels into 2025 as market remains well supplied.
7. In copper, Chile’s Cochilco reports the updated investment pipeline for copper projects has increased to US$83.2bn from previous projects of US$65.7bn between 2023-2032.
8. The major project investments include Freeport’s El Abra, Antofagasta, Capstone, Los Andes Copper and BHP.

Gold holds ground as miners bounce on expectations of higher-for-longer prices

1. Gold continues to hold around $2,650/ounce, having been testing $2,610/oz last week.
2. The metal has been supported by a recent rally in US Treasuries, with yields sliding to 4.2% on the 10 year.
3. Powell reiterated caution over further rate cuts yesterday given the strength of the US economy.
4. However, focus will be on tomorrow’s nonfarm payroll data, with current consensus at 215k additions for November.
5. A disappointment to number that may support gold, with October’s additions coming in at 12k on the back of hurricane impacts.
6. Meanwhile, the Van Eck gold miners’ index has rallied c.6% from last week’s lows, with optimism triggered by Northern Star’s US$3.3bn bid for De Grey.

Gold discovery – Officials in China claim to have found a ‘supergiant’ gold mine

• The deposit is reported to stretch to 3,000m below the surface and lies underneath an existing gold mine.
• Officials estimate the deposit could contain 1,100t of gold
• So far the geologists have detected >40 gold veins containing ~330t of gold at around 2,000m depth
• They also report the new deposit features grades of 138g/t of gold with visible gold in many rock cores.
• China has risen to be the world’s largest gold producer in recent years.
• China will also have to learn how to mine gold at deeper levels to extract this metal if it proves to be economic
• We have a feeling that some of the local exuberance might be scaled back on further evaluation.
• We also wonder if the Central Bank might look to include some of the in-ground resources in its central bank reserves to help prop-up financial restructuring of regional authorities.

Wholesale sales of NEVs in China nearly reach 1.5m in November

• According to preliminary figures from the China Passenger Car Association (CPCA), wholesale figures for NEV sales in China reached 1.46m in November, a new record high.
• Sales in November were up 51% yoy and 6% from October.#
• This is the fifth time China’s monthly NEV wholesale sales have exceeded 1m units, with the last three months all seeing sales over 1.2m units.
• Retail sales of passenger NEVs in China totalled 1.28m units in November, up 52% yoy and up 7% from October.
• So far this year, cumulative retail sales of China’s passenger NEVs totalled 9.61m units, up 41% yoy, according to the CPCA.
• Sales have grown rapidly in the second half the year following the introduction of subsidies for scrapping old cars and buying new vehicles through trade-in.
• China began subsidising trade-ins at the end of April to support auto consumption, and at the end of July, the subsidy amount was doubled.
• As of 18^th November, there were more than 2m applications for the subsidies.

Economics

US – Fed Chairman Jerome Powell lifted up risk sentiment saying that the US economy is in “remarkable good shape”.

• Downside risks for labour market seem to have come down, Powell noted.
• Markets are expecting Fed to cut by 25bp wit a 74% chance, up on more than 66% recorded last week.
• NFPs are due this Friday with estimates for a >200k reading in November following 12k recorded in October disrupted by hurricanes and strikes.

Japan – Markets dialled back expectations for a rate hike at the coming policy meeting on dovish comments from one of central bank board members,

• “I am still not confident about the sustainability of wage increases, and I expect the economy to grow at a rate lower than the median of the monetary policy board forecast,” Toyoaki Nakamura said in a speech in Hiroshima.
• Odds of a rate hike at the December 9 meeting declines to 31%, down from over 60% at the start of the week.
• The yen is little changed trading around 150 level, down from 156 recorded in the middle of last month.
• Nakamura is know as one of the most pro stimulus members of the board after voting against BOJ’s two rate hikes this year.

France – The French parliament passed a no confidence vote ousting PM Michel Barnier and unable to agree on a budget.

• The budget included €60bn in tax increases and spending cuts aimed at reducing French deficit.
• The deficit is expected to reach 6% of GDP this year.
• President Macron will now have to select a new PM which is complicated by a fractured parliament.
• 10y premium over Germany bonds pulled back ~7bp after hitting over 88bp at the start of the month.
• CAC 40 equity index was trading 0.3% higher this morning.

Barnier gets his comeuppance as vote of no-confidence sacks his leadership

• Michel Barnier, the man who loved to say ‘non’ to every little proposal in the UK-EU Brexit negotiations has been sacked from his role as French prime minister.
• But, somehow we feel sure he will retire into a comfortable job within the EU.
• Unfortunately for France, their growing national debt combined with anaemic GDP growth and recession in Germany means budget cuts will need to be made

Portugal – Government plans to launch a tender for lithium exploration in 2025 marking a revision in sentiment towards mineral prospecting.

• The centre right government said that the international tender for lithium prospecting will focus on six areas in the north and centre of the country, Mining.com reported earlier this week.
• The tender was initially planned for 2018 but was delayed on concerns for the environmental and social impact.
• Environment Minister Maria de Graca Carvalho said the government will also launch tenders for new copper and gold prospecting licenses next year.
• Change of sentiment is a welcome news for Savannah Resources (SAV LN) developing the largest hard rock spodumene deposit in Europe aiming complete permitting 2H25, construction start in 2026 and maiden production 2027.

Bitcoin jumps to $102,800 per coin lifted by Trump’s nomination of pro-crypto, Paul Atkins as Chair of the SEC

• Jerome Powell at the Fed recently equated Bitcoin to gold endorsing its growing legitimacy as a store of value.

UN – adopts resolution demanding Israel should withdraw from the Golan Heights and return the territory to Syrah

• Given, that security situation in Syrah, that President Assad is responsible for the deaths of many of his own people this seems a particularly bizarre ruling.
• The UN is asking for $47bn in aid. We suspect the US under Trump might be less than willing to support the UN going forward following this ruling.

Currencies

US$1.0537/eur vs 1.0501/eur previous. Yen 149.96/$ vs 150.36/$. SAr 18.072/$ vs 18.158/$. $1.273/gbp vs $1.268/gbp. 0.645/aud vs         0.642/aud. CNY 7.263/$ vs 7.270/$.

Dollar Index 106.09 vs 106.44 previous

Precious metals:         

Gold US$2,646/oz vs US$2,637/oz previous

Gold ETFs 82.9moz vs 83.1moz previous

Platinum US$950/oz vs US$948/oz previous

Palladium US$987/oz vs US$969/oz previous

Silver US$31.3/oz vs US$30.8/oz previous

Rhodium US$4,575/oz vs US$4,575/oz previous

Base metals:   

Copper US$9,143/t vs US$9,106/t previous

Aluminium US$2,642/t vs US$2,616/t previous

Nickel US$15,955/t vs US$16,115/t previous

Zinc US$3,126/t vs US$3,102/t previous

Lead US$2,097/t vs US$2,076/t previous

Tin US$29,205/t vs US$28,910/t previous

Energy:           

Oil US$72.5/bbl vs US$73.8/bbl previous

• Crude oil prices fell ahead of today’s OPEC+ meeting, which is expected to maintain the existing output cuts, as the EIA reported a US inventory draw of 3.6mb to crude, more than offset by builds of 2.4mb to gasoline and 3.4mb to diesel stocks, with refinery utilisation up 2.8% w/w to 93.3%.
• European energy prices were flat as EU natural gas storage levels fell by 2.8% w/w to 84.2% full (vs 86.3% 5-Yr average), with aggregate storage at 966TWh after large draws that reduced inventories by 11% in France.
• Shell and Equinor announced plans to merge their UK offshore oil & gas upstream assets to create the UK North Sea’s biggest independent producer with 140kboe/d in 2025.
• TotalEnergies announced the €1.57bn acquisition of VSB Group from Partners Group and the $800m sale to Apollo of a 50% stake in a 2GW solar and battery energy storage systems portfolio in Texas. TotalEnergies aims to sell up to 50% of its wholly owned renewable assets once they reach commerciality and are derisked.

Natural Gas €47.3/MWh vs €48.0/MWh previous

Uranium Futures $77.5/lb vs $77.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$104.7/t vs US$106.3/t

Chinese steel rebar 25mm US$491.5/t vs US$491.0/t

HCC FOB Australia US$204.0/t vs US$205.5/t

Thermal coal swap Australia FOB US$134.5/t vs US$135.5/t

Other:  

Cobalt LME 3m US$24,300/t vs US$24,300/t

NdPr Rare Earth Oxide (China) US$57,003/t vs US$56,946/t

Lithium carbonate 99% (China) US$10,258/t vs US$10,247/t

China Spodumene Li2O 6%min CIF US$790/t vs US$790/t

Ferro-Manganese European Mn78% min US$985/t vs US$985/t

China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu

China Graphite Flake -194 FOB US$440/t vs US$440/t

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

Europe Ferro-Vanadium 80% US$26.3/kg vs US$26.3/kg

China Ilmenite Concentrate TiO2 US$301/t vs US$301/t

China Rutile Concentrate 95% TiO2 US$1,122/t vs US$1,121/t

Spot CO2 Emissions EUA Price US$64.9/t vs US$64.9/t

Brazil Potash CFR Granular Spot US$287.5/t vs US$287.5/t

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

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Battery News

One in four new cars sold in UK were electric in November

• One in four new cars registered in the UK last month were fully electric, New AutoMotive, a transportation research group said.
• The figure is the highest monthly market share for EVs in nearly two years and are above the mandated quota of 22%.
• However, the year-to-date figure will still likely be behind the government targets.

Chinese automakers ramp up hybrid production for Europe to counter EV tariffs

• Automakers in China are ramping up exports of hybrid vehicles to Europe and planning more models for the European market in a response to the tariffs on EVs introduced by the European Union.
• The bloc’s latest EV tariffs, enacted to protect the European auto industry from a flood of cheap Chinese imports do not apply to hybrid cars.
• From July to October, hybrid exports from China to Europe more than tripled to 65,800 units from the same period a year earlier.
• China’s hybrid exports to Europe are expected to grow 20% this year and even faster next year. (Counterpoint Research)

Company News

Anglesey Mining (AYM LN) 0.95p, Mkt Cap £4.4m – Changes to Board

• Anglesey Mining reports the resignation, with immediate effect of former CEO, Jo Battershill, from the Board.
• The company also announces the appointment of a lawyer and former partner at Norton Rose Fulbright, Doug Hall, as a non-executive director, also with immediate effect.
• Chairman, Andrew King, welcomed Mr. Hall’s appointment commenting that his “risk assessment and project finance background … brings extensive experience of guiding companies in the natural resources sector through complex negotiations, often with a cross border and cross-cultural element”.
• Mr. King also thanked Mr. Battershill for his contribution to Anglesey Mining explaining that his resignation reflected his “decision to step down as a director follows his relocation to Australia earlier this year to pursue a new opportunity in the resources sector”.

Condor Gold* (CNR LN) 28p, Mkt Cap £57m – Recommended £67.5m offer from Metals Exploration

(Condor Resources holds 100% of the La India gold mining project)

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• Yesterday afternoon, Condor Gold announced a recommended offer from Metal Exploration.
• The offer, comprising 9.9p in cash and 4.0526 Metals Exploration shares for each Condor Gold share values the company at ~£67.5m or 33p/share.
• In addition, Condor Gold shareholders receive a ‘Contingent Value Right’ (CVR) for their share of US$14.4m to be paid “following the first gold pour after commissioning of the relevant processing facilities … using ore from the La India mining operations” provided that this occurs within five years.
• Shareholders will also receive a pro rata share of “up to an aggregate of US$14.4 million on the basis of US$18.00 per ounce … of additional contained gold JORC Mineral Resource discovered in excess of 3.158 million ounces (Moz) total resource at the Condor Group’s La India, Rio Luna and Estrella projects”.
• The announcement confirms that following completion of the transaction, Condor Gold shareholders “will hold approximately 33.8 per cent of the Enlarged Share Capital of the Combined Group”.
• The transaction will be subject to approval by shareholders of Metals Exploration although the announcement confirms that shareholders representing “representing approximately 56.0 per cent. of the voting rights of the MTL Shares … [have given irrevocable undertakings] … to vote in favour”.
• Condor Gold’s shareholders, representing ~4.1% of the shares recommend the offer in the belief that it “represents the best opportunity for Condor Gold Shareholders to gain exposure to additional scale and the opportunities offered by the Combined Group and that the terms of the Offer are in the best interests of Condor Gold Shareholders as a whole”.
• As previously announced, Condor Gold’s largest shareholder, Galloway Limited, has given “an irrevocable undertaking … to vote …  in favour of, or accept … the proposed acquisition by Metals Exploration”.

Conclusion: The recommendation of the offer from Metals Exploration seems to conclude a lengthy process started in 2022 when Condor Gold offered the fully permitted La India development project in Nicaragua for sale “in the best interests of the Company and all stakeholders”.

*SP Angel acts as a broker to Condor Gold

Great Western Mining* (GWMO LN) 0.019p, Mkt Cap £1.6m – Tungsten exposure gained through new claims

1. Great Western, who are exploring for copper and ramping up a precious metal processing mill, have staked claims prospective for tungsten.
2. The Company has generated three primary tungsten targets and has now staked six new claim blocks.
3. Two historic tungsten workings, Pine Crow and Defender, lie to the northern edge of GWM’s Black Mountain claims.
4. The Company has registered six new claims, covering Pine Corw and Defender.
5. At Pine Crow, a 2018 grab sampling campaign returned highs from historic mining dump of:
   • 2,590ppm, 2,430ppm and 1,520ppm tungsten
6. At Defender, samples from outcropping veins returned highlights of:
   • 1,600ppm and 850ppm tungsten
7. Additionally, GWM has identified a 600m east-west tungsten-in-soils anomaly to the south of the Jack Springs claim, 9km southwest of the aforementioned workings.
8. Geophysics suggests the anomaly overlies a linear magnetic high and correlates with an east-west trending magnetic anomaly.
9. Jack Springs is believed by GWM’s exploration team to host a skarn setting.
10. Going forward:
    • GWM is planning further soil sampling and field mapping at both tungsten-prospective areas, with geophysical surveys to follow in order to delineate drill targets.
11. Tungsten Market:
    • Tungsten is considered a critical mineral by the US and a number of western countries.
    • It is one of the densest metals and benefits from one of the highest melting points.
    • China produces 83% of global tungsten supply, which stands at 79ktWO3, whilst holding 51% of total world tungsten reserves (3,700kt WO3).
    • Tungsten demand is split between:
      • Transport (26%)
      • Mining (26%)
      • Industrial (13%)
      • Petrochemical (10%)
      • Consumer/Durable Goods (9%)
      • Energy (6%)
      • Defence (9%)
      • Pharmaceuticals (1%)
    • Defence demand has been a major driver, up 23%yoy in 2023 on rising ammunition demand.

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

GreenX Metals (GRX LN) 36.3, Mkt cap 100m – Chinese ban on export of Gallium, Germanium and Antimony raises metal prices  

• GreenX Metals which reported the identification of high-grade antimony last week stands to gain from the recent rise in antimony prices.
• China’s recent ban on the export of critical minerals with dual use applications to the US has caused metal prices to jump.
• The ban on the export of gallium, germanium and antimony follows further restrictions of the sale of US semiconductors into China.
• Antimony is a critical material in the US and EU due to its use in military applications but Chinese demand has also risen for its use in photovoltaic glass where it is considered to be more energy efficient.
• While China mines just under half the world’s antimony it controls almost all refined antimony production and supplied ~63% of US antimony imports.
• Antimony exports from China fell 97% in October vs September highlighting the effective nature of the export restrictions.
• Eleonore North antimony project:
• Outcropping mineralised veins grade up to 23% antimony in stibnite mineralisation with other samples grading up to 4g/t gold
• Previously reported historical data confirmed the presence of gold and high-grade antimony in outcropping veins at ELN including:
  • 14m long chip sample grading 7.2% Sb and 0.53g/t Au2
  • 40 m chip line with a length weighed average of 0.78g/t Au2
• Arbitration:
• GreenX, formerly Prairie Mining Limited, was awarded £252m in compensation and interest after an international Tribunal unanimously held that Poland breached its obligations under the Treaties over its investment in coal assets in Poland.
• Poland has now lodged a request to set-aside the BIT award, seeking to have it set-aside on the basis of jurisdictional aspects of the award and procedural unfairness
• The Polish Prime Minister, Mr Donald Tusk, recently stated at a press conference that:
  • “The case is rather hopeless, because a lost arbitration is a lost arbitration. We have two big cases on our shoulders. The PiS government blew this issue.
  • The Australians, as you know, were promised that their mine would be built there. For years they were misled and later the commitment was withdrawn. It was quite obvious that they would go to arbitration, and it was rather obvious that they would win this arbitration.
  • Speaking frankly, I would most likely, and I cannot exclude that it will go this way, to find the person directly responsible for Poland now having to pay well over a billion zloty if we do not find a legal solution – which I think has very little probability to set aside the award in this arbitration. So, speaking the truth, I will expect my officers to inform the public in the coming days who made a decision or refrained from making a decision with the consequence of these gigantic losses, that is the compensation that we as the Polish State must pay to the Australians.”
• GreenX is well funded to defend the annulment with over A$5.5 million in cash reserves
• Pricing: Antimony ingot prices have risen 112% over the past year with a 15% rise in the last 30 days according to Asian Metals.
• Antimony concentrate prices have risen by just 16%yoy and have fallen by 6% over the past 6-months by comparison with traders and antimony roasters making all the money.
• Now might be a good time to restart the antimony roaster in Oman built by TriStar. This was the first antimony roaster build outside of China for decades.
• While the smelter suffered some technical commissioning issues its major stumbling block is said to be the sourcing of sufficient concentrate supply.

Conclusion: Traditionally it is the miners which make better margins than smelters and roasters. We suspect the tables will turn when other nations build antimony roasting capacity and seek antimony concentrates for their feedstock. Consulting group, Project Blue see tight feedstock supply as continuing into 2025 and 2026.

Larvotto Resources (LRV AU) A$0.55, Mkt Cap A$185m – Equity Raise and Antimony agreement with Wogen

1. Larvotto, who hold the Hillgrove gold-antimony project in NSW, have raised A$30m.
2. The Company issued 57.7m shares in a placing at A$0.52/shr, a 13% discount to last closing price.
3. Use of Funds:
   • Begin underground drilling to target deeper inferred mineralisation
   • Expansion of Reserve base
   • Site works to prepare for mill expansion
   • Secure long-lead items for Hillgrove and processing plant
   • Progress DFS and provides working capital
4. Additionally, Larvotto has agreed an offtake agreement with Wogen Resources, alongside Xcelsior Capital.
5. Wogen will provide off-take sales for Larvotto’s antimony concentrate from Hillgrove.
6. Xcelsior will provide a US$4m prepayment facility to finalise the DFS and expand ongoing exploration programme.
7. Larvotto’s share price is up 670% this year amid a sharp rally in antimony prices.
8. Hillgrove Project:
   • Targets 80kozpa AuEq (using US$2,000/oz Au and US$15,000/t antimony
   • Expects to produce c.5.4ktpa antimony.
   • Current antimony price is c. US$39,000/t after China banned exports from September.
   • M&I resource of 668k contained ounces gold and 67kt contained antimony.
9. Company is targeting first ore by early 2026.

Mkango Resources* (MKA LN) 8.4p, Mkt Cap £26m – HyProMag USA Project update

BUY

• HyProMag USA, a 50/50/ CoTec and Maginito (80/20 Mkango/CoTec) JV, started a “Request for Proposal” process for an EPCM provider to progress the RE magnet recycling and manufacturing project in the US.
• Requests will be collected from top EPCM providers to complete the detailed engineering design, procurement and construction management for the JV.
• The plan is to complete AACE Class1 design updating the recently released Class 3 report.
• Following study completion, the team aims for an FID decision in mid-2025.
• Site selection is expected to be completed in 1H25 with permitting works to follow.
• Initial revenue target reiterated for 1Q27.

Conclusion: The team continues to advance the roll out of patented HPMS technologies in the US with a AACE Class 1 study no in the RFP stage on course for the FID mid-2025. The news follows Class 3 study’s results released last month demonstrating attractive economics for a RE recycling and manufacturing technology allowing to establish domestic source of permanent magnets and reduce dependence on China (>90% of RE magnet production).

*SP Angel acts as nomad and broker to Mkango Resources

Savannah Resources* (SAV LN) 4.2p, Mkt Cap £90m – Local investors add to their position in the Group

BUY – 18.1p

• Grupo Lusiaves bought more shares in the market taking its interest in the Company to 6.0%, up from 5.2%, with a 130.7m shares holding.
• That amounts to ~16.8m shares or just under £700k at 4p/sh.
• Grupo Lusiaves is the fourth largest shareholder in the Group.

*SP Angel acts as Nomad and Broker to Savannah Resources

Sunrise Resources (SRES LN) 0.04p Mkt Cap £1.7m – Progress of the Nevada pozzolan projects

• Sunrise Resources has commented on its natural pozzolan projects in Nevada.
• Natural pozzolan provides a cost-effective and environmentally more benign alternative to fly-ash in the production of concrete as fly-ash becomes scarcer as electrical power generation moves away from coal.
• The principal, CS Project, is described as ‘mine-ready’ “with key operating permits already in place covering 14.5 million tons of pozzolan and 1.3 million tons of perlite”.
• The earlier stage, Hazen Project located near Reno is “expected to serve markets in northern Nevada and northern California”.
• Sunrise Resources explains that “the Company has been in discussions with various groups with the objective of securing investment and material offtake agreements for the development of both projects” with “extensive testing programmes to evaluate the performance of a specific pozzolan when blended with proprietary cements and/or cement blends”.
• Today’s announcement disclose that discussions are underway with:
  • “a large multinational cement company that has extensive cement and ready-mix businesses in the western USA”; and
  • “an existing multinational industrial minerals producer looking to produce various cementitious materials for the mining industry”; and
  • “an established industrial minerals company which is considering use of our natural pozzolan as a beneficial additive to their existing planned production of cementitious materials”; and
  • “a private group looking for opportunities to establish a new natural pozzolan grinding facility in Nevada”.
• Sunrise Resources confirms that discussions “have included simple offtake arrangements, joint production arrangements and the outright sale of the projects. Some discussions relate to just one of the pozzolan projects, others to both”.
• Executive Chairman, Patrick Cheetham, explained that the “testing programmes and due diligence programmes are time consuming, repetitious and sometimes intermittent” and acknowledged that although this could be frustrating, “the consistent feedback is that our natural pozzolan is of the highest quality and we remain confident that we will achieve a positive outcome”.

Conclusion: Discussions with third parties on the company’s pozzolan projects in Nevada are continuing, with test-work demonstrating the quality of the raw material.  Sunrise Resources remains optimistic of achieving a successful outcome for investment and offtake agreements.

 LSE Group Starmine awards for Q3 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Previous Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 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

SP Angel                                                            

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35-39 Maddox Street London

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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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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return