SP Angel Morning View -Today’s Market View, Tuesday 10th June 2025

Copper prices holding higher levels as metal flows out of LME warehouses

MiFID II exempt information – see disclaimer below

East Star Resources (EST LN) – Oversubscribed exploration funding offer

Great Western Mining* (GWMO LN) – £1.25m placing to fund copper porphyry and epithermal gold drilling

Greatland Gold (GGP LN) – Company presentation

Hochschild Mining (HOC LN) – Mara Rosa processing suspended

Kore Potash* (KP2 LN) – BUY (TP Under Review) – Kola Potash Project non-binding $2.2bn funding agreement

Metals One (MET1 LN) – Progress on acquisition of exploration ground in Nevada’s Carlin gold belt

Sovereign Metals* (SVML LN) – Toho Titanium confirms quality of Kasiya rutile is good for high-specification applications

Copper (US$9,748/t ) – Prices holding higher levels as metal flows out of LME warehouses

• Copper inventories have fallen to 120,400t this morning led by metal outflows from Taiwan and South Korea
• Prices are rising despite very little fund involvement with funds waiting for news on the China / US trade negotiations.
• Copper inventories fell a further 54,858t last week in China on the SHFE to 116,753t
• Copper inventories rose 1,843t on Comex to 189,720t last week though more metal may be in transit.
• The rising cash / 3’s backwardation in copper at 90.0 / 94.0 appears to be flagging a potential shortage of physical copper metal.
• Bloomberg report some Chinese smelters are planning to ship copper to warehouses for June and July delivery which may be the reason for the halving of the Yangshan copper premium.

Iron ore ticks lower as focus shifts to trade talks, China steel inventories slide

• Iron ore is edging lower again, with Singapore futures hitting $94/t.
• Focus is on China’s trade talks with the US in London, as they look to de-escalate the ongoing trade war.
• Beijing is holding further stimulus measure guidance close to their chest, as the property crisis continues to drag.
• Trump stated that they are ‘doing well with China… I’m only getting good reports.’
• However, Chinese steel mill inventories fell 6.42% in the second half of May, with crude steel production cuts ongoing amid weak margins.
• China production volumes at four-month lows however the steel industry PMI fell to 46.4 recently amid ongoing contraction in demand.

Gold ($3,330/oz) holds steady as dollar holds near three-year lows

• Gold prices have returned to their recent level at $3,330/oz, hovering above the key $3,300/oz level.
• Gold rose above $3,400/oz in both April and May as China continued to build central bank reserve holdings.
• We wonder whether retail demand from China is weakening somewhat as profits rotate from gold into platinum.
• Platinum prices have climbed $1,215/oz, over the 2021 highs, as the market flips to deficit and investors look for a gold alternative.
• Both can be seen as a hedge against a weakening dollar, which continues to struggle against Sterling and the Euro amid concerns over Trump’s fiscal profligacy.
• The dollar index is sitting at 2022 lows and has fallen 10% since Trump’s inauguration.

Vox Markets: Mining Matters: https://www.voxmarkets.co.uk/articles/mining-matters-sp-angel-s-john-meyer-on-commodities-capital-and-change-7c82c6d/

SharePickers: Copper – We’ve Never Seen This Before in the World: Video: 

Podcast: https://audioboom.com/channels/4099560-the-sharepickers-podcast-with-justin-waite

Economics

US – Trade talks with China are progressing into a second in London today.

• The US is reported to be willing to lift some restrictions on tech exports while asking China to ease limits on rare earth shipments.
• First day of talks on Monday did not deliver any breakthroughs.
• “We are doing well with China. China’s not easy,” President Trump commented on the course of negotiations.
• Equity futures are slightly off this morning (S&P -0.1%, Nasdaq -0.1%) with US$ index and 10y yields slightly higher.

UK – Employment extended losses in May as the government raised taxes on businesses and lifted the minimum wage that came into effect in April.

• The largest annual falls in payrolls were recorded in sectors like retail and hospitality that were most exposed to the tax and minimum wage changes.
• Jobless rate ticked up in April with growth in labour earnings seen slowing down.

Retail sales growth slumps in May to the slowest increase in six months.

• Higher prices and higher monthly bills seen squeezing household budgets.
• Employment Change (May/Apr/Est): -109k/-55k(revised from -33k)/-20k
• Unemployment Rate (Apr/Mar/Est): 4.6%/4.5%/4.6%
• Av Weekly Earnings (Apr/Mar/Est): 5.3%/5.6%(revised from 5.5%)/5.5%
• Av Weekly Earnings ex Bonus (Apr/Mar/Est): 5.2%/5.5%(revised from 5.6%)/5.3%
• Retail Sales (May/Apr/Est): 0.6/6.8/2.6

Uranium – The UK pledged £11.5bn of new state funding for the Sizewell C nuclear plant in Suffolk taking the total taxpayer investment in the site to £17.8bn.

• The UK is in partnership with French state-owned utility EDF that kept a 15% interest in Sizewell C.
• Partners will be looking for financial commitments from several other investors before the FID that is expected next month.

The Rolls Royce consortium has been selected out four bidders shortlisted last year to build the nation’s first small modular nuclear reactors.

• The government is planning to commit £2.5bn for SMRs over the current spending review period.
• The project is likely to come online in 2030s.

Currencies

US$1.1391/eur vs 1.1427/eur previous. Yen 144.80/$ vs 144.18/$. SAr 17.784/$ vs 17.718/$. $1.347/gbp vs $1.357/gbp. 0.650/aud vs 0.652/aud. CNY 7.191/$ vs 7.183/$

Dollar Index 99.12 vs 98.93

Precious metals:         

Gold US$3,325/oz vs US$3,325/oz previous

Gold ETFs 88.4moz vs 88.4moz previous

Platinum US$1,214/oz vs US$1,215/oz previous

Palladium US$1,066/oz vs US$1,087/oz previous

Silver US$36.4/oz vs US$36.4/oz previous

Rhodium US$5,850/oz vs US$5,425/oz previous

Base metals:   

Copper US$9,748/t vs US$9,719/t previous

Aluminium US$2,479/t vs US$2,462/t previous

Nickel US$15,395/t vs US$15,496/t previous

Zinc US$2,643/t vs US$2,657/t previous

Lead US$1,990/t vs US$1,892/t previous

Tin US$32,580/t vs US$32,373/t previous

Energy:           

Oil US$67.2/bbl vs US$66.2/bbl previous

Henry Hub Gas US$3.64/mmBtu vs US$3.71/mmBtu yesterday

• Crude oil prices rose on positive sentiment following the commencement in London of high-level trade talks between US and Chinese officials, as well as a lack of progress toward a ceasefire in the Russia-Ukraine war.

Natural Gas €35.2/MWh vs €35.9/MWh previous

Uranium Futures $70.4/lb vs $71.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.2/t vs US$96.3/t

Chinese steel rebar 25mm US$464.5/t vs US$466.0/t

HCC FOB Australia US$181.3/t vs US$185.0/t

Thermal coal swap Australia FOB US$108.5/t vs US$107.3/t

Other:  

Cobalt LME 3m US$33,335/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$62,298/t vs US$61,441/t

Lithium carbonate 99% (China) US$8,483/t vs US$8,489/t

China Spodumene Li2O 6%min CIF US$610/t vs US$610/t

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

China Tungsten APT 88.5% FOB US$413/mtu vs US$408/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

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

Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$361/t vs US$361/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/t vs US$1,465/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$2,845.0/kg vs US$2,845.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg 

Battery News

General Motors and LG Energy to introduce lithium manganese-rich cells by 2028

• GM and LGES will commercialise lithium manganese-rich (LMR) prismatic cells for future trucks and SUVs.
• The two companies have been in partnership to develop prismatic battery cell technology for several years, while GM’s research into LMR batteries has ben ongoing since 2015.
• Battery cathodes require materials like cobalt, nickel and manganese, with cobalt being the most expensive component.
• GM and LGES’s new LMR battery cells use a higher proportion manganese and less cobalt, while also delivering greater capacity and energy density, according to the companies.
• The companies expect pre-production to begin in 2027, with commercial production starting in 2028 in the US.

Chinese automakers turning on BYD following aggressive price cuts

• The competition between Chinese automakers has intensified following the latest round of aggressive cuts by leading automaker BYD.
• Great Wall Motors and BYD first butted heads after GWM reported BYD to Chinese regulators, alleging its two best-selling hybrid models failed to meet emissions standards.
• Last month GWM’s chairman, expressed concerns about the ongoing price war and confirmed that the regulatory probe into the emissions standards was still active.
• Geely have echoed concerns regarding BYD’s continuing price cuts.
• Following this, the Ministry of Industry and Information Technology called for the sector to halt its price wars and summoned automakers to a meeting last week, two sources familiar with the matter said.

Company News

East Star Resources (EST LN) 1. 33p, Mkt Cap £5.3m – Oversubscribed exploration funding offer

• Following its announcement earlier this month of a subscription and retail offer, East Star Resources, reports that its proposed £200,000 offer to its retail shareholders is oversubscribed and it has increased the offer to ~£341,000.
• The company explains that “Due to the significant level of demand, the Company is increasing the amount it will accept from the WRAP Retail Offer to £340,992 and has therefore raised aggregate gross proceeds from the Subscription (which has also been increased) and WRAP Retail Offer of £622,292”.
• We estimate that combined shares issued as part of the fund-raising represent approximately 10.7% of the enlarged company.
• Directors, Alexander Walker and Alexander Barblett, “have both participated in the Subscription, subscribing in aggregate for 1,846,154 new Ordinary shares … [leaving] … Mr Walker and Mr Barblett … [with holdings of] … 12.87% and 0.77% respectively”.
• The company previously announced that the additional funds would be used to “provide cost-effective optionality to immediately expand the current drilling programme at Rulikha, Talovskoye and Verkhuba, subject to drill results from each target”.

Great Western Mining* (GWMO LN) 1.83p, Mkt Cap £1.1m – £1.25m placing to fund copper porphyry and epithermal gold drilling

• Great Western Mining has raised £1.25m gross via the issuance of 125m new shares at 1p.
• Subscribers will also receive warrants at 1.3/share on a 1 for 2 basis.
• GWM will use the funds to drill at their large-scale West Huntoon copper porphyry prospect.
• Additionally, geophysics and drilling is planned at the Rhyolite Dome gold prospect, which sits within the wider Olympic Gold Project.
• GWM is also progressing earlier-stage work at the Defender and Pine Crow tungsten prospects.
• In the meantime, Great Western is working on strategic partnerships for their Eastside/Tango copper porphyry prospect.
• Additionally, the Company has retained porphyry specialist Dr Lawrence Carter and Gemma Cryan, previously Head of Geology at Greatland Gold, will become Geology Manager of the Company for the drilling programme.
• West Huntoon Copper Porphyry target

• • Great Western has conducted three km² of soil sampling and geophysical surveys suggesting continuity of prospectivity under tertiary cover on the Huntoon valley floor.
  • This has supported a thesis that the West Huntoon, M4 and M2 prospects are connected within a wider 6km copper porphyry system.
  • The Company will drill five holes to 200m over the summer.

• Rhyolite Dome Gold Prospect

• • Management believes Rhyolite Dome is the Company’s most prospective gold asset.
  • It sits 1.5km southeast of the historic producing OMCO Mine.
  • The target will see an IP survey to delineate five drill targets at 100m depths.
  • Management sees the project as an exciting epithermal target.

• Defender and Pine Crow tungsten prospects

• • The two targets sit 1.2km apart and GWM recently added to the claim package.
  • Tungsten was previously produced from two workings at within the claim package historically.
  • Recent field work has included soil sampling, with lab results pending.

• EMX Royalty pooling agreement

• • GWM is currently in a pooling agreement with Bronco Creek, a subsidiary of EMX Royalty.
  • This is focused on farming out a significant copper porphyry target at the Eastside/Tango claims.
  • IP surveys have recently been completed, noting ‘strong chargeability anomalies’ at undrilled positions.

Conclusion: Great Western has secured funds to advance the West Huntoon copper porphyry prospect, where the team has been laying vital exploration groundwork to delineate drill targets. The West Huntoon project holds the potential for a large-scale copper porphyry system and has seen limited drilling. New targets have been identified, and the Company is now funded to examine these with drilling. Drilling will also be conducted at the Company’s prospective epithermal gold target, Rhyolite Dome.

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

Greatland Gold (GGP LN) 15.25p, Mkt Cap £1,930m – Company presentation

• Following its ~US$450m acquisition of former Newcrest Mining assets from Newmont, Greatland Gold has released a presentation describing its now wholly-owned Havieron project and the operating Telfer gold mine in WA ahead of its ASX listing.
• The acquisition, completed in December 2024, comprised a cash component of ~US$165m and a share consideration of ~US$168m plus a deferred component of up to US$100m based on the “first 5 years’ Havieron gold production, via 50% price participation”.
• Since concluding the deal with Newmont, Greatland Gold has published its initial mineral resource and reserve estimates for Telfer, provided an update for the Havieron feasibility study describing the potential expansion of operations to 4-4.5mtpa as well as identifying additional exploration potential at Telfer.
• The presentation also describes plans for a cross-listing on the ASX, which would become the company’s primary listing on 23^rd June, while retaining a secondary listing on London’s AIM.
• Greatland Gold describes improved gold recoveries at Telfer under its stewardship with the March 2025 quarter delivering gold recovery of 86.7% for gold and 80% for copper (FY 2023 82.3% for gold and 72.1% for copper).
• The company explains the flexibility for processing provided by Telfer’s modular plant which at 20mtpa capacity it describes as the third highest processing capacity available in Australia after Boddington and Cadia Hill.
• Based on it’s updated resource estimate of 3.2moz of gold and 117kt of copper hosted in 154mt at an average grade of 0.64g/t gold and 0.08% copper, Greatland Gold is targeting “production to continue through FY27 with annual average Telfer production of 280 – 320koz of gold plus 7 – 11kt of copper across FY26-27” at an all-in-sustaining cost of A$2,670/oz FT2026-27.
• The presentation projects “Havieron production … to begin during FY28” with the project augmenting “Telfer production with high grade Havieron ore feed … [which is] … expected to result in step change reduction in AISC and sustained high volume production”.
• The 4.0-4.5mtpa Havieron Feasibility Study is expected to be completed in the December quarter 2025 “with first gold production from Havieron expected during FY28”.
• Currently, Haveiron development is “partially complete … [with] … 2,110m of the total 2,800m decline to the base of Permian cover … complete” and 80m still required to reach “the top of … [the] … Havieron ore body”.

Conclusion: The consolidation of its ownership of Haveiron plus the acquisition of Telfer will position Greatland Gold among the top tier of Australian mid-cap gold producers when it lists on the ASX later this month.

Kore Potash* (KP2 LN) 3.7p, Mkt Cap £181m – Kola Potash Project non-binding $2.2bn funding agreement

BUY – TP (Under Review)

• The Company signed a non binding term sheets and released details of the proposed funding for the Kola Potash Project, Republic of Congo.
• Under the agreement, OWI-RAMS, an investment firm headquartered in Switzerland, indicated its intention to arrange and provide a funding package for the project.
• OWI-RAMS is focused on investment in advancing global food security and accelerating the energy transition using equity and structured loan offerings to bespoke senior and whole-loan facilities for sponsors and operating companies.
• Final potential arrangements will be structured in accordance with Shariah principles.
• Funding will consist of two parts, a Senior Secured Project Facility and a Royalty Finance Facility.

• • Senior Secured Project Facility (SSP) indicative terms:
  • US$1.53bn nominal representing 70% of estimated development capex;
  • A fixed profit payment of 6.8-9.3%pa to be finalised during due diligence;
  • Fist ranking security over the asset;
  • Grace period during construction and ramp up (expected 49-50m) with profit amounts accrued and capitalised;
  • Facility amortisation over a minimum period of 7-8y and to be determined during due diligence;
  • A reserve account equivalent to 6m of planned profit and principal payments.
  • Facility is subject to a series of debt covenants like cashflow cover, profit cover, leverage ratios etc.

• Royalty Finance Facility indicative terms:

• • US$655m nominal representing the balance 30% of capex;
  • Split into two Phases:

• • • Phase I

• • • • The period between first income to repayment of SSP;
      • 14% of gross revenue to be paid under the Royalty Finance Facility.

• • • Phase II

• • • • The period following the repayment of SSP;
      • 16% for the remaining life of the project under the Kola Mining License.

• • Under the agreement, funding is provided together with a 100% offtake for potash produced at Kola.

• Offtake will use prevailing CFR Brazil market price.
• Royalty is subject to a number of financial covenants with capital expenditure overruns to be discussed by both parties if they occur.
• The Company outlined a series of steps required to progress funding to binding legal agreements and financial close including ongoing due diligence, appointing a project operator, addressing political risks and expanding operational team among other things.
• Non binding agreements do not have a defined termination date.
• The Company highlighted that further equity funding will be required to reach binding legal agreements, reach financial close and for working capital purposes.

Conclusion: Non binding terms of the proposed funding deliver a 70/30 debt/royalty financing solution for the $2.2bn Kola Potash Project. Royalty part involves a relatively high 14-16% rate but delivers ~$0.7bn in potential funding contribution that would have involved a significantly more dilutive funding option if at all manageable. The Company is looking to work with financiers regarding further steps required to reach financial close moving forward ensuring the final capital structure is robust and meets all requirements. The fixed cost EPCM structure of the agreement with PowerChina for the Project helps to keep development capital cost of the project in check. Non binding agreements do not have a defined termination date. Previously, the Company guided start of construction works in early 2026 following FID and Full Notice To Proceed (FNTP). Under the EPC agreement with PowerChina FNTP long stop date is 12m after the completion of Early Works. The Company raised ~$11m (@1.7p) earlier this year to cover $5m in Early Works that includes beneficiation tests, more geological work will be carried at shaft and marine terminal areas as well as final FEED relating to the shaft.

Our valuation assumed a more dilutive project funding option previously that the proposed debt/royalty structure will undoubtedly improve on once final terms are agreed. We placed our price target under review and look forward to final funding agreement details.

*SP Angel acts as Nomad and Broker to Kore Potash

Hochschild Mining (HOC LN) 240p, Mkt Cap £1.24bn – Mara Rosa processing suspended

• Hochschild has reported an operational update from their recently commissioned Mara Rosa operation.
• The Company notes that ‘heavier-than-usual’ seasonal rainfall over the past few months has coincided with contractor performance issues to impact production.
• There has been ‘limited access to ore, particularly the higher-grade zones’ as well as compounding ongoing filtering issues.
• Management is conducting a review of all mining, processing and disposal activities at Mara Rosa.
• Processing has been suspended for six weeks for general maintenance and mechanical filter repair work.
• Mining will continue.
• Production guidance of 94-104koz in 2025 have been withdrawn, with 25koz produced to end of May.
• OPEX guidance expected to rise as a result.
• Hochschild had previously reported plans to upgrade blasting and drilling processes, expand waste removal fleet.
• Mara Rosa Asset:

• • CIL open-pit operation processing 7ktpd for expected 80kozpa (10 year LOM)
  • AISC previously estimated at $1,510/oz.
  • Reserves of 23.3mt at 1.15g/t Au for 865koz.

Conclusion: Shares down 20% this morning as management withdraws guidance and suspends processing at Mara Rosa. Company emphasises Mara Rosa’s ‘role as a key pillar of our long-term growth strategy’ and is focused on achieving a ‘sustainable level of operational performance.’

Metals One (MET1 LN) 16.6p, Mkt Cap £23m – Progress on acquisition of exploration ground in Nevada’s Carlin gold belt

• Metals One reports that it has secured a 10-year lease, extendable for a further 20 years, over the Swales Gold property in the Carlin Gold belt of Nevada.
• As well as the recently staked contiguous land holdings, Swales now covers “139 contiguous unpatented mining claims (~2,780 acres) … [in an area] … with minimal modern exploration completed to date”.
• The project area has previously been described as being in a geologically promising area close to “the largest gold mining operation in the U.S … [at] … Nevada Gold Mines’ Carlin Complex … [and] … is underlain by both the upper and lower plates of the Roberts Mountains thrust”.
• Todays’ announcement explains that these “geological conditions are ideal for hosting Carlin-type gold deposits and are analogous to major gold mines along the Carlin Trend”.
• Initial exploration work is expected to include “surface mapping, sampling, and geophysical surveys to define drill targets”.
• Chairman, Craig Moulton, said that Metals One is “delighted to confirm the first stage in formally closing the Swales Gold Property acquisition, which marks a pivotal step in our strategic expansion into the U.S. gold sector”.
• He commented that “we are excited to move ahead with the planned Phase 1 exploration programme, which will capture modern, systematic exploration data at the Project for the first time. The primary objective is to identify a large world-class mineralised system, like those found along the Carlin Trend”.

Conclusion: As the transaction to acquire the Swales property progresses we look forward to the results of early-stage exploration work.

Sovereign Metals* (SVML LN) 35.4p, Mkt Cap £220m – Toho Titanium confirms quality of Kasiya rutile is good for high-specification applications

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 18.5% of Sovereign Metals)

• Toho Titanium has confirmed that natural rutile from Kasiya is suitable for producing high-performance titanium metal products.
• This is good news as it shows the rutile does not contain any deleterious elements which might preclude its use in this area.
• Titanium metal accounts for around 10% of titanium use with the other 90% relating to while paint pigment
• Japan has >15% of global titanium production capacity with >60% of non-sanctioned, aerospace-grade titanium.
• Toho Titanium produces some 25,000tpa of titanium metal in Japan and 15,000tpa at a jv facility in Saudi Arabia.
• Toho also has production capacity of 12,000tpa of titanium sponge and 7,800tpa of titanium ingots in Japan.
• Titanium demand from aerospace is estimated to grow at 7%pa over the next 10 years and more than doubling to 132,000t by 2034
• Global production of aircraft was 1,300 last year with a projected CAGR of 6%.
• China is ramping up production of commercial aircraft with 75 C919 planes due this year and 150 ARJ21 aircraft produced in 2024.
• Premium-grade rutile product:

• • Bulk scale testing by Allied Mineral Laboratories in Australia also confirms a premium-grade rutile product can be produced via a simple, conventional process flow sheet with no requirements for flotation or acid leaching.
  • Low impurities: high-specification rutile product grading 95.0% to 97.2% TiO2 with low impurities and exceptional metallurgical recoveries of up to 100%

• Specifications:

• • Critically, the presence of problematic impurities is very low and should enable the world’s major titanium dioxide converters to buy the material

• Modern commercial aircrafts contain around 15-20t of titanium components, mainly in critical structural element such as turbine spindles, blades and landing gear.
• Producers use the Kroll process to produce titanium metal using four to six key steps converting titanium ore into titanium tetrachloride (TiCl4), before reducing with magnesium and electrolysis to precipitate the metal.
• Global production of rutile fell to just 55,000t of rutile in 2024 from 560,000t a year earlier due to the closure of the Kabwe mine in Kenya. Global production of ilmenite was 9.4mt in 2024.

Conclusion: The market for titanium metal continues to grow with China now producing >50% of all titanium metal. The recent development of commercial aircraft production in China combined with a ramp up of military aircraft the world over will increase further demand for titanium metal.

*SP Angel act as Nomad and broker to Sovereign Metals. An SP Angel analyst has visited the Kasiya mine site. We highly recommend the Malawi coffee beans sold in Lilongwe airport

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

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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