SP Angel Morning View -Today’s Market View, Tuesday 12th December 2023

Copper surplus expected to narrow on lower production from key mines

MiFID II exempt information – see disclaimer below

Anglo Asian Mining* (AAZ LN) – New Caterpillar mining equipment arrives at Gilar

Atlantic Lithium* (ALL LN) – Feldspar mineral resource shows 15.7mt grading 40.2% feldspar at Ewoyaa Lithium project in Ghana

Atalaya Mining (ATYM LN) – Confirmation of change of corporate domicile to Spain

Bushveld Minerals* (BMN LN) – PrimaryBid Offer results

Condor Gold* (CNR LN) – Additional £0.85m fund-raising

East Star Resources (EST LN) – Drill results from Verkhuba Copper Deposit

Empire Metals* (EEE LN) – Shares soar as investors await drill results

Jubilee Metals Group (JLP LN) – Additional copper bearing waste in Zambia expected to accelerate production growth

Mkango Resources* (MKA LN) – Tyseley commercial scale HPMS facility first production

Premier African Minerals (PREM LN) – Ball mill installation at Zulu expected to complete by February

Red Rock Resources (RRR LN) – New investment of £110,000

Copper surplus expected to narrow on lower production from key mines at First Quantum and Anglo

• Having expected a surplus of 350kt in 2024, concerns over tight concentrate supply are easing.
• Recent supply concerns have been triggered by disruptions to Cobre Panama, producing 1.5% of global supply, and guidance cuts from majors including Anglo American’s Los Bronces.
• Cobre Panama is expected to be shut for several years and Anglo American slashed 2024 guidance by 200kt.
• Las Bambas continues to suffer from strike disruption in Peru.
• Escondida is battling lower grades in Chile.
• Chinese smelters have slashed concentrate charges by 9%, pointing to lower available concentrate.
• Analysts are now shifting their expectations to a 500kt deficit in 2024.

• Unwrought copper imports rose to 510kt in November in China from 410kt in October
• Copper concentrate and ore imports rose 22% to 2.19mt from October in China

Iron ore prices pause rally as steel mill margins remain negative in China

• Iron ore prices weakened 2% in Asian trading before settling around $135.7/t.
• Deflationary concerns in China are fuelling bets on a sustained period of Beijing-backed stimulus measures.
• Consumer prices are sliding, and producer costs are fuelling concerns over the strength of the Chinese economy.
• Iron ore prices have been rallying since July, when they hit $105/t for 62% fines.
• Iron ore has been held back by unprofitable steel margins, with Mysteel reporting the majority of mills remained unprofitable in November.
• China rebar margins are hovering around breakeven, and BloombergNEF expects them to remain limited through December.
• Higher steel prices on sustained exports from China will be required to support the next leg higher.
• China’s daily hot metal output has fallen for the sixth consecutive week, down 2.2% at an average of 2.29mt/day.
• Iron ore inventories are climbing on weaker mill demand.

Gold weakens in volatile trade as traders look to today’s CPI reading

• Gold prices fell to a two-week low, after US Treasuries paused their rally and the dollar bounced off lows.
• The metal has fallen 6% in the spot market to $1,983/oz.
• US Treasuries had rallied from 4.99% in October for the 10-year to 4.1% last week.
• The pause in the rally has pushed the dollar higher, with traders paring back bets on interest rate cuts after a stronger-than-expected payroll reading on Friday.
• Swaps markets had priced in a 55% of a March cut last week, now lower than 40%.
• CPI data today is expected to read 3.1% for November.

Economics

US – FEOC ‘Foreign Entity of Concern’ restrictions are set for a 30-day consultation on its proposed 25% ownership level to determine control.

• The FEOC restrictions are proposed for 2025 and are set to compliment the IRA ‘Inflation Reduction Act’.
• Ford has already suspended plans for a new EV battery manufacturing plant in Mischigan due to arrangements to use CATL batteries.
• FEOC rules could prove highly disruptive but appear to be effective in reshoring component manufacturing to the West from China
• FEOC countries are currently China, Iran, North Korea and Russia.

Lower oil and other input prices are bailing out the West

• Policymakers are being careful not to reduce interest rates too early so as to contain inflation while local wages rise.
• Wage growth is good for paying taxes, mortgage affordability and property price growth.
• Some central bankers might pause for a moment to reflect on a job well done as runaway inflation is averted, though we feel they are lucky on oil and should than China for lowering product / component prices.
• Putin and the Ayatollahs may be trying their best to destabilise the west and reduce dependence on the US dollar through various conflicts but so far all they have achieved is a weakening of their own positions.
• China has been careful to watch from a distance while selling products to all parties.

UK – Employment data shows softening labour market

• Unemployment rate for October held at 4.2% as expected.
• Average earnings index + Bonus at 7.2% vs 7.7% expected and 8% previous.
• Claimant count change for November increased to 16k vs 9k in October.
• Vacancies at 949k in three months to November, down 45k from previous three months but above pre-pandemic rates.

Japan – PPI falls as import prices slide

• Japan PPI down to 0.3% in November from 0.9%.
• Export prices unchanged at 0.9% increase yoy but import price decline down to -9.7% yoy vs -12.7% previously.
• PPI rose 0.2% mom, import prices up 0.7% mom, export prices down -0.2% mom.
• Final Q3 GDP cut to 0.7% qoq vs 0.9% in Q2 and -2.9% yoy in Q3 vs 3.6% yoy in Q2

Currencies

US$1.0783/eur vs 1.0761/eur previous. Yen 145.55/$ vs 146.18/$. SAr 19.012/$ vs 19.060/$. $1.257/gbp vs $1.255/gbp. 0.659/aud vs 0.656/aud. CNY 7.176/$ vs 7.179/$.

Dollar Index 103.93 vs 104.15 previous.

Commodity News

Precious metals:

Gold US$1,986/oz vs US$1,998/oz previous

Gold ETFs 86.0moz vs 86.0moz previous

Platinum US$919/oz vs US$925/oz previous

Palladium US$974/oz vs US$944/oz previous

Silver US$22.89/oz vs US$23/oz previous

Rhodium US$4,400/oz vs US$4,400/oz previous

Base metals:

Copper US$ 8,376/t vs US$8,412/t previous

Aluminium US$ 2,131/t vs US$2,126/t previous

Nickel US$ 16,580/t vs US$16,800/t previous

Zinc US$ 2,439/t vs US$2,391/t previous

Lead US$ 2,067/t vs US$2,029/t previous

Tin US$ 24,475/t vs US$24,440/t previous

Energy:

Oil US$76.3/bbl vs US$76.4/bbl previous

• European gas prices continue to decline as unseasonably warm weather and ample storage reassure traders that there will be no supply crunch this winter season.
• On the final day of the COP28 conference in Dubai, the lack of any reference to the “phase-out” of fossil fuels in the draft agreement has divided participants with the EU describing the draft as “unacceptable”.

Natural Gas €36.4/MWh vs q€36.6/MWh previous

Uranium UXC US$81.45/lb vs US$81.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Tianjin) US$135.7/t vs US$136.3/t

Chinese steel rebar 25mm US$578.6/t vs US$578.2/t

Thermal coal (1st year forward cif ARA) US$109.8/t vs US$113.3/t

Thermal coal swap Australia FOB US$153.0/t vs US$153.5/t

Coking coal swap Australia FOB US$322.0/t vs US$322.0/t

Other:

Cobalt LME 3m US$31,265/t vs US$31,975/t

NdPr Rare Earth Oxide (China) US$63,131/t vs US$63,107/t

Lithium carbonate 99% (China) US$12,473/t vs US$12,607/t

China Spodumene Li2O 6%min CIF US$1,380/t vs US$1,380/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,033/t

China Tungsten APT 88.5% FOB US$300/mtu vs US$300/mtu

China Graphite Flake -194 FOB US$615/t vs US$615/t

Europe Vanadium Pentoxide 98% 6.1/lb vs US$6.1/lb

Europe Ferro-Vanadium 80% 26.25/kg vs US$26.25/kg

China Ilmenite Concentrate TiO2 US$313/t vs US$313/t

Spot CO2 Emissions EUA Price US$75.1/t vs US$74.9/t

Brazil Potash CFR Granular Spot US$322.5/t vs US$322.5/t

EV & Battery news

Could CATL ‘skateboard’ chassis be the next big development for EVs

• At the start of December, CATL announced that its CIIC skateboard platform completed testing in China.
• The CIIC (CATL Integrated Intelligent Chassis) skateboard integrates batteries, electric motors, and other critical units into a single platform that underpins the EV, lowering production cost, vehicle weight, energy consumption and maximizing passenger space.
• In testing it achieved a 1,000km China Light Duty Vehicle Test Cycle (CLTC) range rating with consumption of 10.5kWh/100km. It also charged 300km range in 5 minutes.
• CLTC tends to be generous with its test results, but a 10.5kWh/100km efficiency will still be impressive in real world driving.

Panasonic to buy silicon anodes from US start-up for EV batteries

• The Japanese conglomerate will purchase silicon anodes from US start-up, Sila, to use in its global battery factories.
• The agreement comes as EV and battery makers scramble to adjust their supply chains to qualify their products for subsidies in the US.
• Following the Inflation Reduction Act, EVs must be produced using predominantly domestically sourced materials to qualify for the $7,500 consumer credit. Vehicles are ineligible for the credits if they have parts or minerals from China.
• Silicon has gained ground as a potential alternative to graphite, which is overwhelmingly produced in China.
• A handful of start-ups are betting on anodes made completely of silicon to curb reliance on China.

Company News

Anglo Asian Mining* (AAZ LN) 63p, Mkt Cap £72m – New Caterpillar mining equipment arrives at Gilar

BUY

• New caterpillar underground mining equipment arrives at the Gilar polymetallic development project in Azerbaijan.
• The fleet includes thee R1700 (5.7-8.6m3) and two 980UMA (5.6m3) underground loaders.
• Loaders will be used at Gilar that is currently under development with underground works focused on driving access decline and ventilation adit to the mineralisation.
• Borusan, the authorised regional dealer of Caterpillar equipment, will hold a stock of spares and consumable in Azerbaijan to help with equipment maintenance while major parts will be available in Borusan regional centres in Turkey and Kazakhstan.
• Equipment is estimated to cost $4.6m and is expected to be funded through a vendor financing loan from Caterpillar (exp Q1/24).
• This is the first time Caterpillar underground equipment will be used in Azerbaijan.

Conclusion: New Caterpillar equipment arrives at the Gilar polymetallic development project as the team targets start of production Q3/24. New fleet will drive development and mining efficiencies with a local dealership to help with spares and consumables when needed all to be refinanced with Caterpillar Finance assisting with liquidity management.

*SP Angel acts as Nomad and Broker to Anglo Asian Mining

Atlantic Lithium* (ALL LN) 26.5p, Mkt Cap £162m – Feldspar mineral resource shows 15.7mt grading 40.2% feldspar at Ewoyaa Lithium project in Ghana

(Ewoyaa Ownership: 40.5% Atlantic, 40.5% Piedmont, 6% MIIF Sovereign Wealth fund, 13% government of Ghana)

STRONG BUY

• Atlantic Lithium have reported their first feldspar Mineral resource Estimate at the Ewoyaa Lithium project in Ghana.
• The initial mineral resource is estimated to be 15.7mt grading 40.2% representing approximately half of the total pegmatite volume with strong potential to double the resource.
• The team have also started re-sampling previous drilling samples for sodium as the indicator mineral for feldspar with potential to expand the resource further before the inclusion of new extensions being drilled.
• And a comment on the sub-region represents one of the fastest growing population centres globally which bodes well for ceramics demand.
• Ghana had a thriving ceramics industry in the Salt Pond region with investors looking to revamp the Saltpond Ceramic Company ‘SCC’ and Ghana Ceramics Company factory in recent years.
• The GCC factory has been defunct since the 1990s, partly due to the unreliable energy supply at the time.
• New hydropower production coupled with a more stable power grid is seen as supporting the restart of the ceramics industry along with plans for new solar power in the region.
• Atlantic’s metallurgical test work and ceramic application trials show the feldspar product is suitable for industry-standard ware and is comparable in all aspects, including contraction, water absorption, density, porosity, shape, colour and appearance.
• The team’s expert processing skills and output should be able to supply local Ghanaian demand and may even find new export markets.

Conclusion:  Atlantic is focussed on the production of lithium bearing spodumene from the Ewoyaa mine. The processing and sale of Feldspar should help to restart and rejuvenate local production of ceramics providing substantial new youth employment as well as opportunities for further export. This is good news for Atlantic, the Salt Pond ceramics industry and great news for local youth employment .

*SP Angel acts as Nomad to Atlantic Lithium. Two mining analysts from SP Angel recently visited the Ewoyaa mine site in Ghana and drove onto Takoradi to check the quality of the road to port. Our analysts also visited the Ministry of Minerals Commission and MIIF, the Ghana Minerals Income Investment Fund.

Atalaya Mining (ATYM LN) 316p, Mkt Cap £446m – Confirmation of change of corporate domicile to Spain

• Following the 14^th of November announcement of its intention to “re-domicile the Company by transferring its registered office from the Republic of Cyprus to the Kingdom of Spain”, Atalaya Mining has now confirmed that it has received the necessary regulatory approvals.
• The company says that it expects “that the re-domiciliation and the change of name … [to Atalaya Mining Copper, S.A.] … will take effect on or about May 2024”.
• Atalaya explains that it considered several jurisdictions, including the UK, but that bearing in mind the capital gains tax implications for its shareholders it discarded a move to the UK.

Bushveld Minerals* (BMN LN) 2.3p, Mkt Cap £36m – PrimaryBid Offer results

BUY – Under Review

• The Company completed the PrimaryBid Offer raising announced early last week.
• The offer provided an opportunity for retail investors to invest on same terms as the larger placing of $18.4m conditionally closed last week.
• The offer raised ~£74k of the allocated £2.0m reflecting premium pricing of the raise (at 3p/share).
• The Company will now hold a general meeting (27 December) to approve the equity raise and Orion refinancing transaction.

*SP Angel act as nomad and broker to Bushveld Minerals

Condor Gold* (CNR LN) 15.25p, Mkt Cap £29.6m – Additional £0.85m fund-raising

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

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• After Condor Gold’s announcement on 5^th December that warrants exercised by its’ Chairman and associated entities had raised £1m, the company reports today that it has raised a further £0.85m following the placing of ~5.7m additional shares at 15p/share.
• The new shares are priced at the same level as the warrants exercised by Mr. Mellon and his Galloway Limited.
• Directors, Andrew Cheadle and Ian Stalker participated in the placing with Mr. Cheadle acquiring an additional 33,333 shares taking his interest to 196,432 share and Mr. Stalker increasing his holding by 66,666 shares to 376,894 shares.
• The placing and exercise of the warrants provides Condor Gold with a total of £1.85m (gross) as it pursues the proposed sale of its assets in Nicaragua which was announced in November 2022.
• Condor Gold reiterates its caveats over the sale but last week it confirmed that it has executed 8 non-disclosure agreements and that it has received 5 non-binding offers from potential purchasers and “is in advanced discussions with 2 gold producers” and remains confident that “further progress will be made in the New Year”.
• Condor Gold’s assets are centred on the La India project where the company has a fully permitted development project and an ‘Indicated’ mineral resource totalling over 1moz of gold with a further resource of over 1moz classed as ‘Inferred’ as well as important potential to add resources through further exploration.
• In Last week’s announcement, CEO, Mark Child explained the scarcity value of “fully permitted, construction ready gold mines with potential production of 150,000 oz gold per annum, in major Gold Districts” and confirmed that “none of the non-binding offers have progressed to firm proposals to date, the Company is in advanced discussions with 2 gold producers” and he expressed optimism of further progress in 2024.

Conclusion: The additional funds should support Condor Gold as it progresses the sale of its assets in Nicaragua.

*SP Angel acts as a broker to Condor Gold

East Star Resources (EST LN) 1.3p, Mkt Cap £3m – Drill results from Verkhuba Copper Deposit

• East Star Resources report assay results from drilling at the Verkhuba Copper Deposit, Kazakhstan.
• Highlights from the 1,084m include:
  • VU_23_DD_001: 1.2m @ 3.23% Cu from 19.4m, 1.5m @ 1% Cu from 30.4m, 1m @ 2.35% Cu from 58m
  • VU_23_DD_002: 1m @ 1.15% Cu from 163m, 0.6m @ 3.93% Cu from 188m
  • VU_23_DD_003: 1m @ 3.13% Cu from 74m, 1m @ 1.86% Cu from 101m and 0.8m @ 4.99% Cu from 160m
  • VU_23_DD_004: 0.5m @ 2.7% Cu from 62m
  • VU_23_DD_005: 0.6m @ 0.96% Cu from 114m, 1m @ 1% Cu from 230m
• The Company had initially planned a 3,000m programme, but believed 1,084m was sufficient when comparing to historical assays.
• The mineralisation is dominated by copper, although assays highlight zinc showings, up to 6.6% in some intersections.
• A cut-off grade of 0.38% CuEq was used when reporting.
• The Company will now look to generate a JORC-compliant resource through analysing previous historical drilling to ‘understand what additional work is required.
• An updated resources model is expected in early 2024, which will guide the planned drilling programme to explore economic feasibility of an open pit.
• Field work for additional prospects on the Rudny Altai belt will begin when seasons allow in 2024.

Empire Metals* (EEE LN) 11.42p, Mkt Cap £65m – Shares soar as investors await drill results

(Empire holds 70% of Pitfield, Century Minerals, which is run by two geologists holds the other 30%. One of these geologists works for Empire.)

• Empire Metals shares continue to rise as investors await assay results from the Reverse Circulation campaign.
• The team had drilled 18 out of a planned 40 holes by 29^th November
• The best intercepts from the first two holes drilled showed higher-grade titanium mineralisation:
  • 297.1m @ 6.1% TiO2 from 111.4m.
  • 173m @ 5.76% TiO2 from 18.6m.
• While it is not known if the titanium will be of value, the sheer scale of the higher-grade titanium is exceptional from a geological perspective.

Conclusion:  The large, sedimentary-hosted hydrothermal nature of the system at Pitfield indicates a chance for the discovery of alternative mineralised deposits on the project, including potential for copper, gold and nickel.

 *SP Angel acts as nomad and broker to Empire Metals

Jubilee Metals Group (JLP LN) – 5.4p, Mkt cap £145m – Additional copper bearing waste in Zambia expected to accelerate production growth

• Jubilee Metals reports that it has secured rights to a large volume of copper-bearing waste rock in Zambia reported to contain 350mt where early-stage sampling indicates grades of over 1.5% copper.
• The company confirms that its “technical services team has commenced extensive resource definition and process technical review with the aim of completing the project implementation detail and timeline within the next 60 days”.
• At an initial estimated capital cost of “around US$50 million … [the company’s] … newly developed modular copper units aims to produce in excess of 20 000 tonnes per annum of copper at a cost of below US$4 000 per tonne of copper from this historical waste rock dump” which is described as “one of the largest copper waste rock assets on surface in Zambia”.
• The company confirms that it can “construct and commission all modular copper units within a 12-month period and aims to commence within Q1 CY2024”.
• The project funding is supported by “a strategic partnership with Abu Dhabi based International Resources Holding RSC Limited (“IRH”) … [for] … both the acquisition of the copper waste rock asset and implementation of the processing solution”.
• IRH was recently selected “as the preferred strategic equity partner for Zambia’s Mopani Copper Mines asset, which owns the Mufulira Slag Dump Project recently awarded to Jubilee”.
• A special purpose vehicle funded by IRH “undertakes to provide all capital required by the SPV through a combination of equity in the SPV and shareholder loans”.
• CEO, Leon Coetzer, described the acquisition of the additional waste resource as “a significant milestone on our journey in Zambia, catapulting our copper expansion in the region … with the potential to far exceed our goal of reaching 25, 000 tonnes of copper per annum”.
• He said that the agreement with IRH “affords Jubilee the opportunity to aggressively pursue its copper growth strategy in partnership with a prestigious group … [and] … combines Jubilee’s unique technical and operational experience with the strategic in country copper focus and financial support of the IRH”.

Conclusion: Securing a large copper bearing waste source in Zambia and the financial support to develop it provides a platform for the company to potentially exceed its aspiration of 25,000tpa of Zambian copper production.

Mkango Resources* (MKA LN) 12.7p, Mkt Cap £39m – Tyseley commercial scale HPMS facility first production

• The Company reports first production of short loop recycled rare earth magnets at the Tyseley Energy Park rare earth hub in Birmingham.
• The site is expected to ramp up to commercial production rates by mid-2024.
• Recycled magnet samples are planned to be provided to potential customers and partners for product quality checks.
• Initial production is expected at 20tpa scaling up to a minimum of 100tpa in subsequent months with a potential to further expand 1,000tpa.
• Patented HPMS recycling technology is cleaner and more energy efficient compared to traditional magnet recycling processes offering improvements to carbon footprint of permanent magnets supply chain.
• The commercial scale facility follows successful testing of a broad variety of scrap streams at the pilot plant at the University of Birmingham where HPMS technology is coming from.
• Over 3,000 finished rare earth magnets have been produced to date by HyProMag, a 100% owned subsidiary of Maginito (79% Mkango / 21% CoTec), from recycled powders at the pilot facility that were then tested by potential customers in a wide range of applications including auto, aerospace, electronics and other industries.
• The £4.3m project was funded by UK Research and Innovation with a similar size facility now being developed in Germany (commissioning 2024) as well as the US (2025/26).

Conclusion: The Company delivers first production at the commercial scale facility using the patented short loop rare earth magnet HPMS recycling technology at the Tyseley Energy Park in Birmingham. The facility is planned to be ramped up to commercial scale rates by mid-2024 and marks a major milestone in successful development of new efficient and potentially scalable rare earth magnet recycling technology. The process developed in University of Birmingham and supported by ~$100m of research and development funding targets recycling end of life rare earth magnets bearing scrap. Market opportunity is large with estimates suggesting that <5% of NdFeB magnets currently recycled and most of it done in China (99%). The sector is also set to benefit from regulatory tailwind as Western nations aim to secure supply of critical raw materials (eg EU aims to have >15% of strategic raw materials recycled domestically).

*SP Angel acts as nomad and broker to Mkango Resources

Premier African Minerals (PREM LN) 0.26p, Mkt Cap £69m – Ball mill installation at Zulu expected to complete by February

• In an announcement yesterday afternoon, Premier African Minerals said that it expects to complete the installation of its 55tph ball mill at its Zulu lithium project in Zimbabwe and be back in production by February.
• The mill, which was relocated from Premier African Minerals’ dormant RHA tungsten mine, also in Zimbabwe, is expected “to rectify the most significant of the deficiencies in the original plant design and be able to mill sufficient material to the correct particle size to meet the design capacity for the float plant of 37.5 ton per hour of dry solids”.
• In May last year, the company reported that modifications to the plant at Zulu were needed “to allow for full optimisation to design capacity throughput”.
• Despite the setbacks, yesterday’s announcement confirms that Zulu’s “Offtake and Prepayment Partner remains extremely supportive and this is evidenced by the fact that they have not called for payment related to the delayed delivery”.
• CEO, George Roach, confirmed the latest “target completion date of late January/early February 2024 stands, with the Company and the Original Equipment Manufacturer all fully committed to this timeline”.

Red Rock Resources (RRR LN) 0.12p, Mkt cap £2.9m – New investment of £110,000

• Yesterday afternoon, Red Rock Resources reported that it had placed an additional 100m shares with a “high net worth investor at £0.0011 per share” raising £110,000.
• The company says that the new investment has helped fund the costs of exporting 200t of lithium (presumably in concentrate form) from Zimbabwe “on the Company’s behalf”.
• The company also confirms that its geological team “has started to assemble in Burkina Faso … [where it is exploring for gold] …to begin work on the first targets including alluvial/colluvial areas”..
• We estimate that the additional shares represent approximately 3.7% of the enlarged company.

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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*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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