SP Angel Morning View -Today’s Market View, Thursday 7th November 2024

Copper regains ground after wider metals sell-off on dollar jump

MiFID II exempt information – see disclaimer below

Bezant Resources (BZT LN) – Progress at Hope & Gorob and with Namibian exploration

Empire Metals* (EEE LN) – Metallurgical testwork results

Endeavour Mining (EDV LN) – Quarterly results

Great Southern Copper (GSCU LN) – Additional £0.8m to support Chilean exploration

Greatland Gold (GGP LN) – Progress report on WA exploration and on Havieron/Telfer transaction

Hummingbird Resources (HUM LN) – Debt to equity at 2.7p offered by major lenders and a potential delisting as the Group faces liquidity pressures

Jubilee Metals Group (JLP LN) – Q1 operations report highlights progress in South Africa and Zambia

Kore Potash* (KP2 LN) – ASX and JSE trading halt ahead of EPC contract announcement

Prospect Resources (PSC AU)  – Drilling at Nyungu in Zambia shows meaningful copper assays relatively close to surface indicating potential for >150mt resource

Vast Resources (VAST LN) – Issue of shares to cover fees

Gold ($2,660/oz) sells off after Trump victory, as reinflation concerns mount

• Gold prices fell 2.6% yesterday after Trump secured a definitive victory over Kamala Harris.
• The move traced the US Treasury market, which also sold off on concerns Trump’s protectionism would and de-immigration plans would reignite inflationary pressures in the US.
• Gold had seen extended positioning in the run up to the election, with momentum-driven algorithmic funds likely chasing the rally.
• As a result, yesterday was likely a sell-the-news event for many gold buyers who were keen to book profits.
• We expect gold will continue to be historically elevated given the non-Western additions to foreign reserve holdings, led by China and Russia.
• Additionally, should the labour market start to show signs of weakening, with 12k job additions reported last week vs 114k expected, a reignition of recession concerns may also support gold.

Copper ($9,520/t) regains ground after wider metals sell-off on dollar jump

• Copper fell yesterday in line with the wider metals complex, hitting $9,350/t before regaining ground overnight.
• Base metals were hit by a stronger dollar, which rallied against a basket of currencies on the back of Trump’s victory.
• Focus now turns to China’s policy update as it looks to shore up an economy suffering from a property downturn and poor consumer sentiment.
• Meanwhile iron ore climbed in anticipation of more positive messaging from the National People’s Congress Standing Committee.

 Global EV battery industry still firmly in China’s hands as latest data shows continued dominance

• In the January-September period, global EV battery usage totalled 599.0GWh, up 23.4% from 485.3GWh in the same period a year ago. (Data from SNE Research)
• Top 5 makers by market share were:
  • CATL (China): 36.7%
  • BYD (China): 16.4%
  • LG Energy Solutions (S. Korea): 12.1%
  • CALB (China): 4.9%
  • SK On (S. Korea): 4.8%
• CATL’s battery production was up 26.5%, to 219.6GWh, yoy and its market share was also up for the period.
• BYD battery installation totalled 98.5GWh in January-September, up 28% yoy.

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

Economics

US – The FOMC are expected to cut rates by 25bp later today to the 4.50-4.75% range.

• Odds of another rate cut in December have been coming down recently amid concerns over proposed Trump inflationary policies, although, markets still rates the move as highly likely.

China – Trade came in strongly above expectations with export growth hitting the fastest pace since July 2022.

• The trade surplus in October climbed to the third highest on record as shipments picked up ahead of Christmas holidays.
• Some front loading amid fears of incoming increase in trade tariffs is also a potential reason.
• Exports (%yoy, Oct/Sep/Est): 12.7/2.4/5.0
• Imports (%yoy, Oct/Sep/Est): -2.3/0.3/-2.0

Germany – Chancellor Olaf Scholz called for a snap election amid disagreements within the ruling coalition.

• The news followed an unexpected dismissal of Finance Minister Christian Lindner yesterday with Chancellor blaming the chairman of the pro-business FDP party for refusing a proposal to suspend rules limiting new government borrowing, Bloomberg writes.
• General elections are expected to be announced for March next year compared to September.

UK – Property prices climbed for a fourth consecutive month hitting a record high in October, Halifax reports.

• Prices average £294k surpassing a previous peak hit in June 2022 when real estate rallied amid record low interest rats and pandemic era “race for space”.
• Prices were up 3.9%yoy compared to a 4.6% increase recorded in September.
• The central bank decision is due later today with expectations for a 25bp rate cut taking rates to 4.75%.

Currencies

US$1.0766/eur vs 1.0757/eur previous. Yen 153.91/$ vs 154.08/$. SAr 17.525/$ vs 17.634/$. $1.293/gbp vs $1.289/gbp. 0.663/aud vs 0.657/aud. CNY 7.160/$ vs 7.162/$.

Dollar Index 104.72 vs 105.01 previous

Precious metals:         

Gold US$2,662/oz vs US$2,728/oz previous

Gold ETFs 83.7moz vs 83.8moz previous

Platinum US$981/oz vs US$992/oz previous

Palladium US$1,029/oz vs US$1,068/oz previous

Silver US$31.1/oz vs US$32.2/oz previous

Rhodium US$4,675/oz vs US$4,675/oz previous

Base metals:   

Copper US$9,518/t vs US$9,579/t previous

Aluminium US$2,659/t vs US$2,635/t previous

Nickel US$16,460/t vs US$16,110/t previous

Zinc US$3,049/t vs US$3,063/t previous

Lead US$2,052/t vs US$2,028/t previous

Tin US$31,800/t vs US$31,910/t previous

Energy:           

Oil US$74.9/bbl vs US$74.4/bbl previous

• Crude oil prices edged higher after the EIA reported US inventory builds of 2.1mb to crude and 0.4mb to gasoline stocks, with refinery utilisation also rising 1.4% w/w to 90.5%, as US production continued at 13.5mb/d.
• European energy prices remain around the $13/mmBtu level as aggregate EU natural gas storage levels fell by 0.4% w/w to 94.8% full (vs 92.6% 5-Yr average), with aggregate storage at 1,087TWh.
• Wood Group’s share price slumped by 40% in early trading after announcing a y/y fall in 3Q24 revenues and EBITDA due to the underperforming Projects business, which was impacted by delayed awards in the chemicals business and continued weakness in minerals and life sciences.

Natural Gas €40.8/MWh vs €39.7/MWh previous

Uranium Futures $77.2/lb vs $77.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$105.7/t vs US$104.1/t

Chinese steel rebar 25mm US$529.2/t vs US$531.2/t

HCC FOB Australia US$209.0/t vs US$206.5/t

Thermal coal swap Australia FOB US$141.5/t vs US$143.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$59,286/t vs US$59,278/t

Lithium carbonate 99% (China) US$10,125/t vs US$10,124/t

China Spodumene Li2O 6%min CIF US$760/t vs US$760/t

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

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

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

Europe Vanadium Pentoxide 98% 4.6/lb vs US$4.6/lb

Europe Ferro-Vanadium 80% 24.55/kg vs US$24.55/kg

China Ilmenite Concentrate TiO2 US$312/t vs US$312/t

China Rutile Concentrate 95% TiO2 US$1,180/t vs US$1,180/t

Spot CO2 Emissions EUA Price US$62.6/t vs US$62.6/t

Brazil Potash CFR Granular Spot US$277.5/t vs US$277.5/t

Germanium China 99.99% US$2,875.0/kg vs US$2,875.0/kg

China Gallium 99.99% US$445.0/kg vs US$445.0/kg

Battery News

Automakers brace for new tariffs and changes to EV incentives following Donald Trump’s victory in US election

• Automakers are bracing for President-elect Donald Trump to impose new tariffs on vehicles from Mexico and potentially from other countries and to reverse many existing pro-EV policies, according to industry experts.
• Throughout his election campaign, Trump has been vocal about his plans to rescind Environmental Protection Agency (EPA) and Transportation Department vehicle and paring back or eliminating EV tax breaks and other incentives.
• The regulatory changes will give automakers more flexibility in the EV transition, but many automakers have already committed billions of dollars in EV battery development and manufacturing.
• Trump has repeatedly warned he will impose tariffs of 200% or more on vehicles imported from Mexico and could also impose them on Asian and European vehicles.
• He has also stated that he wants to prevent the import of Chinese EVs, but is open to Chinese manufacturers building EVs in the US.

UK new car market slows in October, but EV sales positive

• The new car market saw poor month of sales in October 2024, with stalling fleet registrations adding to usual decline of private sales.
• According to Society of Motor Manufacturers and Traders (SMMT) data, the overall new car market was down 6% compared to the same month last year.
• Private new car registration were down 11.8%, but fleet sales also saw a 1.7% dip.
• The only metric that SMMT records that showed growth from the same month last year, was EV registrations that were up 25%.

German car sales up in October, but EV demand still weak

• New car sales in Germany rose slightly in October for the first time in months but demand for EVs fell, official data showed.
• It was the first growth in sales since June and was driven by higher sales of commercial vehicles, which were up about 10% – private registrations were down 2.5%.
• Sales of EVs, which have been falling since the removal of government subsidies at the end of last year, saw a drop of around 5%.
• EVs accounted for 15% of sales in October, below the average of 18% for 2023.

Company News

Bezant Resources (BZT LN) 0.03p, Mkt cap £3.7m – Progress at Hope & Gorob and with Namibian exploration

• Bezant Resources reports that geotechnical and optimisation drilling is underway at its Hope & Gorob Copper & Gold Project in Namibia.
• The latest drilling follows the approval of a Mining Licence for the project, although the company clarifies that the Licence is “subject to statutory approval”.
• The company’s website reports a 2023 ‘Indicated’ resource at the project of 1.24mt at an average grade of 1.6% copper and 0.4g/t gold at the Hope deposit plus an ‘Inferred’ resource of ~14mt at an average grade of 1.2% copper “across the Hope, Gorob, Vendome and Anomaly deposits, including approximately 3 million tonnes at 1.7% Cu and 0.4 g/t Au at Hope”.
• Executive Chairman, Colin Bird, explained that Bezant Resources is “advancing all the underlying matters required to bring a mine into production and we are taking the opportunity to closely define the start point for the initial pit entry onto the Hope deposit”.
• Mr. Bird said that this approach aims to “maximise early cash flow as much as possible by predicting ground conditions and associated factors that might impact on mining and the optimisation and modulation of the various ore sorting technologies that will be applied”.
• As well as the preparatory work for mining at Hope & Gorob, Mr. Bird said that Bezant Resources is looking forward to “continuing exploration on our southern Matchless exploration licences that total more than 70km strike length, 17km of which occur within the Hope and Gorob Licence”.

Conclusion: Bezant Resources is progressing work to facilitate mining at its Hope & Gorob project in Namibia while also advancing its exploration efforts within the wider Matchless mineral belt.

Empire Metals* (EEE LN) 6.1p, Mkt Cap £39m – Metallurgical testwork results

• Empire reports results from its recent metallurgical programme on its TIO2-bearing anatase deposit in Western Australia.
• The Company conducted gravity separation and froth flotation on composite samples taken from Pitfield diamond drill core.
• Gravity separation created a heavy mineral concentrate with recoveries of 62-80% of the Tio2 bearing minerals, alongside 80-92% of the Fe-oxide minerals.
• The mass recovery was 40% for gravity separation, recovering 62% of the titanium minerals with the concentrate grading 9.3% TiO2.
• An additional concentrate stream was produced, with higher recoveries at 80% but a concentrate grade of 7.2% TiO2.
• The head grade of the screened sample used for gravity separation was 6% TiO2.
• The Company notes that ‘the HMC produced will require further mineral processing to separate and recover the TiO2 bearing minerals into a high-grade, high-purity concentrate suitable for leaching.’
• Positively, the concentrate was reportedly ‘largely free of the lighter, acid consuming gangue,’ which is likely supportive for the following leaching phase.
• The company will also explore the effect of grind size on the particle liberation before passing a concentration through hydrometallurgical testing.
• Froth flotation tests were also conducted on the sample, which produced a concentrate containing 60% of the feed mass, titanium recovery of 78% and a concentrate grade of 8.8% TiO2.
• The Company awaits mineralogical analysis of the flotation concentrate which will guide further testwork to separate the Tio2 minerals from gangue minerals.
• Further work will include iron removal, titanium recovery from the slimes fraction, continued development of the gravity and flotation conditions in addition to comminution studies.
• Regarding leaching, Empire suggests that the anatase-based titanium deposit is likely more amenable to low temperate leaching than ilmenite.
• Pilot plant discussions are continuing in line with the flowsheet studies, with Empire now looking to a ‘lower-capital and operating cost option.’
• Empire has also begun discussions with Government authorities over future funding potential, given Titanium’s position on the Critical Minerals list.
• Company has also identified a high-grade zone at Cosgrove, where drilling returned 4.6m at 12.2% TiO2from 15m.

Conclusion: These are the preliminary metallurgical results from Empire’s higher purity anatase weathered zone, which holds potential for low-strip, large scale mining. The Company is exploring options for a heavy mineral concentrate and has made clear progress in today’s announcement. Empire reports the removal of lighter gangue minerals successfully, which will support a leaching phase. Additionally, management has been reassured by the promising rejection of aluminium and silica. Further work is required and Empire will now focus on separating the iron oxide minerals.

 *SP Angel acts as nomad and broker to Empire Metals

Endeavour Mining (EDV LN) 1,575p, Mkt Cap £4bn – Quarterly results

• Endeavour produced 270koz over the period, at an AISC of $1,287/oz.
• The Company generated $245m in operating cash flow ($213m prior quarter), and $97m in free cash flow ($81m prior quarter).
• Net debt reduced by $1m to $834m.
• Company reports commercial production at Sabodala-Massawa BIOX Expansion and the Lafigue mine.
• Endeavour is also boosting its exploration expenditure, spending $74m over the quarter, targeting the Tanda-Iguela prospect which is prospective for shallow mineralisation near Assafou.
• Endeavour has initiated a new shareholder returns programme of $435m over the 2024-2025 period, consisting of dividends and buybacks.
• Full year guidance expected to be towards the low end of the guidance range, with AISC towards the higher end.

Great Southern Copper (GSCU LN) 1.45p, Mkt Cap £6.7m – Additional £0.8m to support Chilean exploration

• Great Southern Copper reports that two new private investors and its current majority shareholder have invested a further £780,000 in its Chilean exploration.
• The funding comes from the placing of an additional 62.4m shares at a price of 1.25p/share and includes “one warrant, exercisable at £0.025 for a period of 24 months”.
• We estimate that the new shares represent ~12% of the enlarged company.
• Welcoming the injection of additional funds CEO, Sam Garrett, said that while “the equity markets continue to be starved of capital for early stage exploration, this investment reflects the increasing confidence and excitement around the Company’s prospects. The funds will be deployed to advance our drilling programmes and other exploration activities over the next 6-12 months”.
• Last week, the company reported that initial geological mapping and rock-chip sampling at its Cerro Negro project in Chile had shown the Mostaza mineralisation extends at least 1.5km to the south while remaining open laterally and confirmed that it was planning to drill at Cerro Negro.

Conclusion: The company is attracting additional financial support for its early-stage exploration plan in Chile.

Greatland Gold (GGP LN) 5.98p, Mkt Cap £635m – Progress report on WA exploration and on Havieron/Telfer transaction

• Greatland Gold has described exploration progress at projects in the Paterson region of WA which also hosts the company’s Havieron project.
• At the Chilly project northwest of Havieron, drilling intersected “37m @ 0.21 g/t Au and 0.13% Cu from 136m, including 1m @ 6.1 g/t Au and 0.24% Cu from 137m in first pass reconnaissance drilling” in hole CHRY005RC.
• “Three of the other four holes … [at the Chilly prospect] … returned intercepts of 1m or more at greater than 0.2% Cu including 2m @ 0.44% Cu in hole CHY003RC … and 1m @ 0.77% from 200m in hole CHY002RC … both of which occur in fresh dolerite”.
• Drilling at the Teague prospect, WSW of Havieron “intersected veining, sulphides and alteration … [and] … Assay results … [are] … pending”.
• The company also confirms that drilling has started at the London and Bootstrap prospects located west of Havieron and that geophysical “magnetic and gravity targets … [have been] … identified at Atlantis for future drilling”.
• Commenting on the plans to acquire the balance of the Havieron project and the Telfer mine from Newmont Mining following its takeover of Newcrest Mining, Managing Director, Shaun Day, confirmed that the transaction is expected to be completed during “this December quarter”.
• Mr. Day also commented that the “recent exploration progress includes highly encouraging results from drilling at our Chilly and Teague prospects, identification of new drill targets at Atlantis from magnetic and gravity surveying and modelling, and soil sampling results which enhance our ability to map geology undercover”.

Conclusion: Greatland Gold is progressing exploration in the Paterson region of WA and is expecting to conclude the Havieron/Telfer transaction during the current quarter,

Hummingbird Resources (HUM LN) 2.1p, Mkt Cap £17m – Debt to equity at 2.7p offered by major lenders and a potential delisting as the Group faces liquidity pressures

• The Company reports of an agreed potential debt to equity restructuring amid liquidity pressures as operations struggle to ramp up.
• CIG, one of the Group’s major lenders and a related party to Coris and Nioko Resources, provided another $10m unsecured loan to address immediate liquidity issues.
• This takes total amount outstanding under the unsecured New COG Loan facility to $30m that is repayable on 31 December 2024.
• Under a non binding term sheet between the Company and the Coris Parties including CIG, Coris and Nioko, a restructuring of the facility is propose involving a debt for equity swap.
• The restructuring of the $30m loan would involve issuing 863m shares at a price of 2.68p to Nioko.
• The conversion price represents a 58% discount to the previous closing price.
• Nioko currently holds 42% in the Group and will increase its interest to 72% following the restructuring.
• The deal is subject to governmental approvals, Takeover Panel Rule 9 waiver and shareholder approval among other things.
• Nioko indicated that on completion of the restructuring it would seek to take the Group private.
• Nioko also said that is considering a potential offer for shares held by other investors at the same 2.68p price with the decision contingent on ongoing due diligence as well as the entry of the subscription agreement for the debt to equity conversion.
• Operationally, 3Q24 production amounted to 26koz taking YTD output to 69koz.
• Yanfolila delivered 14koz at $2,352/oz AISC with grades and processing volumes continuing to underperform.
• Komana East Underground project produced first development ore in 3Q24 with development now paused amid liquidity constraints.
• Development is expected to resume in early 2025 and commercial production reached 2Q25.
• Kouroussa produced 12koz, up on 8koz in 2Q24 with commercial production delayed due to ongoing operational and equipment availability challenges as well as wet weather.
• The Company also reports a tragic incident recorded at the operation during the quarter.
• The Group recorded -$3.8m in EBITDA (2Q24: -$16.0m) despite an increased realised price of $2,216/oz (2Q24: $2,075/oz).
• Net debt increased slightly to $159m (2Q24: $154m) while accounts payable outstanding climbed to $152m (2Q24: $134m).
• FY24 guidance cut to 100-115koz at $2,100/oz AISC, from 115-145koz at $1,500/oz, reflecting weaker production at both Yanfolila and Kouroussa.

Jubilee Metals Group (JLP LN) – 4.53p, Mkt cap £134m – Q1 operations report highlights progress in South Africa and Zambia

• In its FY 2025 Q1 report covering the 3 months to 30^th September, Jubilee Metals reports “strong results” from South Africa and progress with its plans to expand its Zambian operations.

• In South Africa, chrome concentrate production “increased by 8% to 455 381 tonnes (Q4 FY2024: 421 698 tonnes), exceeding targeted production for the quarter …  [while PGM output] … reached 9,328oz (Q4 FY2024: 7,828oz), which is on guidance”.
• The company says that its “chrome operations have delivered outstanding performance, surpassing the quarterly targets with exceptional results … [and that it is] … reviewing half-year guidance which will inform the full-year guidance figure”.  Current FY 2025 guidance is 1.65mt of chrome concentrate and 36,000oz of PGMs.
• In Zambia, Jubilee Metals describes the September quarter as “pivotal … as ramp-up targets are achieved”.
• The company has completed its commissioning of the milling and flotation circuit at the Roan concentrator and achieved its ramp up targets as it aims to process “75 000 tonnes of feed per month (tpm) for the first three quarters of operation before increasing to 90 000 tpm of feed”.
• The initial “recovery from feed is targeted at 55% which equates to an equivalent copper production rate of 6 200 copper tonnes per annum (tpa) or 7 400 tpa of copper at the increased 90 000 tpm from Roan alone … [and Jubilee Metals expects copper recovery rates to] …  increase to more than 70% with the introduction of on-site leaching at Roan (H1 FY 2026) which equates to 9 500 to 13 000 tpa of copper from Roan depending on the feed grade”.
• Also in Zambia, the “Munkoyo Open-Pit mine operations successfully ramped up to achieve a targeted 100 000 tonnes of mined run-of-mine (ROM) for October 2024, with 250 000 tonnes mined during Q1 FY2025 … [while the recently acquired] … Project G … commences operations and produces first copper concentrate for refining at Sable on target”.
• Additional mining progress in Zambia included the start of operations at the Phoenix and Project L projects and the identification of two additional open-pit mining operations where bulk samples for refining at Sable are expected “during Q3 FY2025”.
• The company explains that “copper production during the quarter … [was maintained] … despite the severe power interruptions while commissioning and ramp-up of Roan”.
• Welcoming “significant progress in the first quarter of FY2025 … [CEO, Leon Coetzer expressed confidence] … hat we will continue with executing on our copper growth strategy, while maintaining the momentum of our successful South African operations … [during] … the remaining three quarters of FY2025”.

Conclusion: Hinting that it may increase its South African chrome production guidance for FY 2025, Jubilee Metals reports a positive start in Q1 and confidence for the remaining three quarters.  The ramp-up of the Zambian operations is reported to be meeting its targets.

Kore Potash* (KP2 LN) 3.4p, Mkt Cap £148m – ASX and JSE  trading halt ahead of EPC contract announcement

• The Company asked for a trading halt on ASK and JSE pending an announcement in relation to the EPC contract.
• The announcement is expected to be made before start of trading on Monday 11 November.

*SP Angel acts as Nomad and Broker to Kore Potash

Prospect Resources (PSC AU)  A$0.092c, Mkt cap A$52m – Drilling at Nyungu in Zambia shows meaningful copper assays relatively close to surface indicating potential for >150mt resource

• Prospect Resources report meaningful copper drill results within a reasonable distance from surface.
• The results show:
  • 36.1m @ 0.95% Cu from 381.0m and 17.0m @ 0.88% Cu from 59.0m (NCRD004R)
  • 35.0m @ 0.84% Cu from 60.0m (NCRD006)
  • 31.2m @ 0.60% Cu from 177.0m and 23.0m @ 0.78% Cu from 71.0m (NCRD007)
  • 26.0m @ 0.53% Cu from 177.0m (NCRD005).
• Results show a substantial down-dip extension to sulphide mineralisation at Nyungu Central.
• The data increases the Nyungu strike length plunging north.
• The work validates and extends data on Mumbezhi to grow the scale of the Nyungu deposits.
• Four drill rigs will continue to the year end to extend the Phase 1 drill program with drill assay results due to be released from here on and into Q1 next year.
• An initial JORC MRE ‘Mineral Resource Estimate’ for Nyungu is on track for Q1 2025.
• Regional targets:
• The team are running ground-based IP over five regional targets, with drilling already underway at Kabikupa.
• Recent results at Nyungu Central show stacked lodes along with a significant broadening of the mineralisation along with further strike and dip extensions.
• Exploration Target: Prospect have an exploration target of 150mt which is looking like a potential underestimation given the scale indicated by today’s assay results and other survey work.
• While it is difficult and perhaps inappropriate to guess at the grade of the forthcoming JORC MRE we feel there may be reason to raise expectations for grade with potential indication for something similar to other known deposits in the region.

Conclusion:  Prospect are a professional mining and exploration group who know how to explore and to report results. Not only are they showing significant potential for a meaningful discovery they are presenting the data in a right and proper manner for market assessment. The results are all the more impressive given that prospect moved into Zambia earlier this year through the acquisition a series of copper licenses and prospects.

Vast Resources (VAST LN) 0.1p, Mkt Cap £2m – Issue of shares to cover fees

• The Company is issuing 50m new shares at 0.1p each to cover costs due to its broker amid liquidity constraints.
• New shares represent ~1.9% of new increased share capital.

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                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

*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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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

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