SP Angel Morning View -Today’s Market View, Tuesday 1st August 2023

Chinese manufacturing PMIs and real estate data disappoint

MiFID II exempt information – see disclaimer below

Galantas Gold* (GAL LN) – Omagh mine plan update

Glencore (GLEN LN) – Acquisition of remaining stake in MARA copper project

Neometals Ltd (NMT LN) – Cost Study Results for battery recycling hub show degree of variability

Oriole Resources* (ORR LN) – Conditional equity subscription to raise £1.7m for developing Cameroonian assets

Patriot Battery Metals (PMET CN) – Albemarle subscribe for C$109m as lithium majors continue to back hard-rock projects

Aterian Plc (ATN LN) – Rio Tinto take option to invest US$7.5m in Rwandan pegmatite licenses

Rockfire Resources (ROCK LN) – Additional drilling results from the Molaoi zinc project

Wishbone Gold* (WSBN LN) – Wishbone issues 59m new shares at 2.4p

Pre-IPO financing for High-Purity Alumina project

Li-ion batteries use a separator membrane made out of High-Purity Alumina

• High-Purity Alumina (HPA) is an inert chemical with high thermal stability. It gives good heat resistance and insulation making it ideal as a coating for separator membranes.
• The project alumina has been shown to be suitable for Li-ion batteries, LED lighting and synthetic sapphire for smartphones and tablets,
• The resource contains a JORC inferred resource sufficient for 10,000 – 20,000tpa of HPA >30 years
• The process uses an innovative process flowsheet combining commercial proven technologies with recent metallurgical tests producing 99.995% alumina.
• CRU estimate demand for HPA powder could reach 187,000t in 2028 from 19,000t in 2018 and substantial demand growth led by Li-ion battery and LEDs.

*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.

VOX Markets:  

31/07/2023: https://audioboom.com/posts/8341813-john-meyer-on-lab-grown-diamonds-bushveld-minerals-power-metals-res-wh-ireland

24/07/2023: https://audioboom.com/posts/8338437-john-meyer-on-improved-liquidity-plus-cornish-metals-beowulf-rainbow-rare-earths-solgold-sove

*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts. We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.

Gold prices flat as Central Banks begin to trim holdings

• Gold prices are hovering around the $1,955/oz following a volatile week last week.
• Investors will be paying close attention to the US ISM Manufacturing PMI and JOLTS data due today, services PMI on Thursday and July employment data due Friday.
• Gold prices are holding higher despite a bounce in yields to c. 4% in the 10-year.
• We expect any further evidence of falling inflation combined with signs of cracks in the US labour market to weigh on gold prices by supporting the dollar and weighing on bond yields.
• However, if the US economy continues its hot streak and bonds continue their sell-off, expect gold prices to attempt a move past $2,000/oz.
• The World Gold Council releases their quarterly report, which showed a slowing appetite from central banks of 35% qoq to 159t.
• Turkish purchases of gold bar and coins increased, however outflows continued from ETFs as US real yields remained positive.

Copper prices push higher to $8,800/t as market enthusiasm mounts over China policy

• Copper prices touched $8,850/t before settling around the $8,770/t mark this morning.
• The metal has rallied over $300/t since China laid out new guidelines for policy support on Monday, emphasising the need to shore up the property sector and invest in renewable infrastructure, both copper-intensive measures.
• Weak PMIs released yesterday also supported bets that China will opt for more substantial stimulus measures, encouraging bets on commodity demand.
• Supply-side enthusiasm is also mounting from bullish copper traders following a surprisingly weak output performance from copper giant Codelco, who have slashed production guidance for the rest of the year.
• We suspect major inflows of concentrate to China from Peru earlier this year are beginning to ease, increasing market tightness in mainland China Shanghai copper stocks have drawn down by 75% since the beginning of the year, with a marked move lower over the past few weeks to 61kt, around December 2022 lows.
• Yangshan premiums are hovering around $27/t, having fallen close to 50% since the end of June, suggesting demand is yet to pick up for refined imports.
• LME copper futures have been in backwardation since the beginning of the month, suggesting that the market is relatively tight, however the spread is starting to tighten.

Economics

US – Dallas Fed manufacturing index -20.0 in July vs -23.3 in June

• US Federal ban on incandescent bulbs comes into effect today to help consumers save on energy bills
• LEDs use at least 75% less energy and are said to last up to 25 times longer than traditional light bulbs.
• Both types of bulb use tungsten. Some users are said to be incandescent!

China – Private manufacturing survey showed the sector slipped into a contraction in July on the back of a drop in domestic and overseas new business orders, according to Caixin PMI data.

• Measures for total new orders hit the lowest level since December while new export orders were at their weakest since September.
• “Overall, manufacturing conditions contracted in July, with supply, demand, exports and employment all deteriorating… Prices continued to decline, inventories rose without companies adjusting them, and logistics times increased,” the report read.
• The report highlights waning growth momentum with the report concluding that “monetary policy (to date) only has limited effect on boosting supply” and “an expansionary fiscal olicy that targets demand should be prioritised”.
• Home sales data released showed the value of new properties recorded by the 100 largest real estate developers dropped 33.1%yoy in July, according to preliminary data from China Real Estate Information.
• The drop was the second in a row after four months of gains.
• Falling sales put further pressures on struggling developers that are in desperate need for additional liquidity.

Country Garden, the largest property developer, pulled a $300m equity placing at the last minute with little explanation provided, Reuters reported.

• JPMorgan acting that was acting as the sole bookrunner for the sale said the Company decided against proceeding with the deal due to “various internal considerations” even though enough buyers had committed enough interest to cover the book.
• “Because communications were not totally aligned, (we) did not enter into final agreement for the suggested deal. Moreover, we are not considering the suggested deal at this stage,” the firm said in a statement to Reuters.
• Caixin Manufacturing PMI: 49.2 v 50.5 June and 50.1 est.

NDRC ‘the National Development and Reform Commission ‘ to implement new demand growth strategy for the PRC including:

• All-round employment support for disadvantaged workers
• Promotion greater pay alongside more work
• Lifting of workers to higher levels of renumeration
• Increasing wages to drive domestic demand
• Assist renewed investment and growth within private companies
• The policy statement indicates wage inflation is going to be pushed at a time when many factories are suffering from a dramatic fall in orders
• In an ideal world with strong demand for Chinese exports these policies could work well but in today’s China economy, companies might struggle to achieve the worthy goals of the PRC.

EU – Flash EU Q2 GDP rose a smidgin to 0.3% in Q2 from 0% in Q1 and 0.6% yoy in Q2 vs 1.1% yoy in Q1

• Flash CPI fell -0.1% in July vs 0.3% in June and 5.3% yoy in July vs 5.5% in June

UK – Property prices dropped 3.8%yoy in July marking the strongest drop in 14 years, according to Nationwide data.

• The average cost of a home in the UK is now ~£261k.

Australia – The central bank opted to leave rates on hold at 4.10% despite market expectations for a 25bp hike.

• Leaving rates unchanged for a second time in a row, the Reserve Bank of Australia reiterated the current data-dependent mode monitoring consumer spending, labour earnings, inflation and business sentiment.
• “Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon the data,” Governor Philip Lowe commented on the decision.
• The currency sold off on a surprise decision trading 1.3% against the greenback this morning.

Niger – The junta arrested senior politicians including the head of the former ruling party, the mines minister and the petroleum minister, consolidating power following a successful coup, FT reports.

• France is expected to start evacuating its citizens and other Europeans from the country today.
• ECOWAS, the Economic Community of West African States, given Niger a week to reinstate the deposed president.

• • ECOWAS is threatening to use force to reinstate Niger’s democratically elected leader.

Ukraine – Saudi Arabian summit to discuss plan to end Ukraine conflict.

• Drones in Moscow potentially indicate the conflict is coming to Putin. Or were the drones sent by Putin?

Currencies

US$1.0977/eur vs 1.1024/eur yesterday. Yen 142.63/$ vs 142.01/$. SAr 17.929/$ vs 17.620/$. $1.283/gbp vs $1.286/gbp. 0.665/aud vs 0.669/aud. CNY 7.165/$ vs 7.145/$.

Dollar Index 102.10 vs 101.75 yesterday.

Commodity News

Precious metals:

Gold US$1,957/oz vs US$1,955/oz yesterday

Gold ETFs 91.4moz vs US$91.7moz yesterday

Platinum US$948/oz vs US$937/oz yesterday

Palladium US$1,276/oz vs US$1,239/oz yesterday

Silver US$24.56/oz vs US$24.36/oz yesterday

Rhodium US$4,100/oz vs US$4,100/oz yesterday 

Base metals:   

Copper US$ 8,800/t vs US$8,676/t yesterday

Aluminium US$ 2,273/t vs US$2,232/t yesterday

Nickel US$ 22,420/t vs US$22,233/t yesterday

Zinc US$ 2,569/t vs US$2,511/t yesterday

Lead US$ 2,157/t vs US$2,163/t yesterday

Tin US$ 27,805/t vs US$28,740/t yesterday

Energy:           

Oil US$85.2/bbl vs US$83.6/bbl yesterday

• Crude oil prices rallied 15% in May on the back of a reduction of supply from OPEC+ leaders Saudi Arabia and Russia and improved sentiment on economic growth forecasts in the US and Europe.
• The UK Government yesterday confirmed plans to issue the first of over 100 new oil and gas licences in 2H23 as part of the 33^rd Licensing Round awards and also suggested a commitment to future licensing rounds.
• US Henry Hub natural gas prices were stable as the EIA reported record average May gas production up 5.5% y/y to 103.1bcf/d and LNG exports also at record levels of 11.8bcf/d.

Natural Gas US$2.660/mmbtu vs US$2.615/mmbtu yesterday

Uranium UXC US$56.15/lb vs US$56.23/lb last week

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$107.9/t vs US$109.5/t

Chinese steel rebar 25mm US$536.3/t vs US$538.4/t

Thermal coal (1st year forward cif ARA) US$119.5/t vs US$133.3/t

Thermal coal swap Australia FOB US$140.5/t vs US$148.0/t

Coking coal swap Australia FOB US$236.0/t vs US$237.0/t

Other:  

Cobalt LME 3m US$33,420/t vs US$33,420/t

NdPr Rare Earth Oxide (China) US$65,595/t vs US$65,468/t

Lithium carbonate 99% (China) US$35,938/t vs US$37,880/t

China Spodumene Li2O 6%min CIF US$3,710/t vs US$4,040/t

Ferro-Manganese European Mn78% min US$1,070/t vs US$1,095/t

China Tungsten APT 88.5% FOB US$310/mtu vs US$310/mtu

China Graphite Flake -194 FOB US$675/t vs US$675/t

Europe Vanadium Pentoxide 98% 7.6/lb vs US$7.6/lb

Europe Ferro-Vanadium 80% 31.85/kg vs US$31.85/kg

China Ilmenite Concentrate TiO2 US$311/t vs US$312/t

Spot CO2 Emissions EUA Price US$93.4/t vs US$100.2/t

Brazil Potash CFR Granular Spot US$345.0/t vs US$340.0/t

Battery News

Sunak confirms new oil and gas production licences for North Sea and carbon capture funding

• In a move criticised by opposition parties and climate groups, Rishi Sunak has confirmed at least 100 new oil and gas licences will be issued for the North Sea.
• The Prime Minister has described plans as “entirely consistent” with the government’s climate change goals, after criticism and accusations of doubling down on fossil fuels despite experts warning of climate crisis.
• Sunak has said it would help power the UK during the transition to renewables and stop reliance on “foreign dictators” for energy.
• In the same announcement, Sunak confirmed funding for the development of two new carbon capture and storage (CCS) projects.
• Existing CCS currently reduces CO2 emissions by 0.1%. To meet net zero, it needs to rise to 10%.

Taiwanese EV maker Foxconn to target India or Thailand for small EV

• Foxconn’s venture to build a standardised EV platform is targeting India or Thailand to produce a small battery-powered car, the unit’s chief executive said.
• The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with Foxconn or a domestic company to build the new three-seat EV priced below $20,000 and tailor-made for a corporate delivery fleet. (Reuters)
• Foxconn established the MIH consortium of some 2,600 suppliers two years ago with the aim of creating an open platform that could become the equivalent of Google’s Android operating system for EVs.
• MIH plans to start production of the three-seat EV about 18 to 24 months after the prototype is unveiled in October, Cheng said. A six-seat EV is scheduled to follow in 2024 and a nine-seat model in 2025.

Toyota to strengthen EV development in China

• The Japanese automaker will look to develop its EV technology in China as it looks to play catch up with domestic competition.
• The move is the latest from the world’s top-selling carmaker to show a sharper pivot to EVs – it recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries.
• Toyota will strengthen development of its full suite of electrified cars, not just battery-powered ones, unlike some other automakers – Toyota is betting that hybrids and plug-in hybrids will continue to see robust demand and is also investing in the development of hydrogen fuel-cell cars.

Company News

Galantas Gold* (GAL LN) 19p, Mkt Cap £21m – Omagh mine plan update

• Mining contractors, QME Mining Services, has substantially concluded their work on the mine plan update at the Omagh Gold Project.
• The plan envisages mining of both the Joshua and Kearny veins outlining a staged production expansion.
• The plan that was previously targeted for completion in July is expected to be released in due course.
• QME holds ~2.8% in the Company and has an extensive background in the mining industry having worked on projects in the Republic of Ireland, Northern Ireland and Scotland.

*SP Angel acts as Broker to Galantas Gold

Glencore (GLEN LN) 470p, Mkt cap £58bn – Acquisition of remaining stake in MARA copper project

• Glencore announced yesterday it has now become the sole owner of the MARA copper project after acquiring the remaining 56.25% stake from Pan American Silver.
• Glencore will pay Pan American $475m in cash for the stake, granting Pan American a copper Net Smelter Return royalty of 0.75%.
• Pan American had acquired the 56.25% stake following their acquisition of Yamana Gold in March this year.
• MARA, in Argentina, has a PP Reserves of 5.4mt Cu, 7.4moz Au over 1.1bnt ore and a 27yr LOM.
• The project is supported by the Alumbrera processing plant and will have the capacity to produce >200kt pa.

Conclusion: The divestiture by Pan American and the acquisition by Glencore is unsurprising given Glencore already held 43.75% in the project and Pan American acquired their interest following a larger takeover of Yamana earlier this year. However, the move continues to emphasise major miner’s ambitions to boost copper output into the energy transition as demand for the metal is expected to exceed current supply by the end of the decade. The move follow’s Saudi Arabia’s $2.6bn investment into Vale’s copper and nickel projects at the end of last week, and we expect a continuation of investment into copper projects to come

Neometals Ltd (NMT LN) 27p Mkt cap £149m – Cost Study Results for battery recycling hub show degree of variability

• Neometals has produced a cost study for its battery recycling hub.
• The study focussed on the hydrometallurgical refinery section of a 21,000tpa Primobius lithium-ion battery recycling facility.
• The Primobius’ shredding plant produces a ‘Black Mass’ for refining into crystalline nickel, cobalt and lithium products.
• Capex of €377m includes €274m (inc. 15% contingency) for the refinery.
• Total operating costs of €83m equates to €3,9733/t of Lithium-ion battery feedstock into the Primobius shredding plant.
• The €83m operating cost includes €56m of refinery operating costs estimated to +/-25% accuracy.
• The lithium recovered is seen as the largest revenue stream
• Plant throughput: 21,000tpa (50tpd)
• Refinery throughput: 12,000tpa of ‘Black Mass’ concentrate
• The Hub ECS is based on data from eight trials at Primobius’ Hilchenbach demonstration plant.
• The refinery should produce:
  • 9,300tpa of hydrated nickel sulphate crystals,
  • 4,300tpa of hydrated cobalt sulphate crystals
  • 1,600tpa of lithium fluoride crystals
  • + some other metal and chemical by-products from NMC622 chemistry feedstock.
• The plant can also NMC 111 to 811 and LCO battery chemistry feedstocks
• Lithium is the largest estimated revenue source and net of nickel and cobalt co-product revenue is expected to be lowest cost quartile.
• C1 production costs of US$6,125/t estimated after revenue from nickel and cobalt is offset.
• Incremental LCE production cost estimated at US$2,743/t after offsetting revenue from all by-product credits
• Further detailed engineering to support larger 50tpd (21,000tpa) integrated shredders and refineries to Class 3 level engineering and design are to be completed over the coming six months.
• These engineering and design activities will run in conjunction with further customer Hub demonstration trials.

Conclusion:   It is good to hear Primobius is now offering mechanical plant and equipment supply contracts for 10tpd Li-ion battery recycling facilities. While a great deal of work is being done to firm up on costs and the output products from the scrapping of ‘Black Mass’ from Li-ion batteries we suspect there will be some variability and potential surprises in store for recycling plants and associated hydrometallurgical refineries. Refineries will need to adjust to changing battery chemistries.  China has mostly moved to LFP ‘Lithium Ion Phosphate’ which is heavier and lower capacity but safer. We suspect Europe may need to follow China’s lead if many more battery packs catch fire.

Oriole Resources* (ORR LN) 0.14p, Mkt cap £4m – Conditional equity subscription to raise £1.7m for developing Cameroonian assets

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• Oriole has agreed a subscription agreement with Lanstead Capital Investors to raise a conditional £1.767m in gross proceeds.
• Oriole has the right to receive the gross proceeds on a monthly pro rata basis over the next 24 months.
• The amount Oriole receives is dependent on their share price at the time, relative to a Benchmark Price of 0.2533/share.
• Assuming the share price remains hits the benchmark, Oriole will receive 24 monthly settlements of £73,625. However, if the shares continue to trade at current levels or lower, this amount would be reduced.
• On the other hand, if Oriole’s share price appreciates over the next two year period, in line with positive news flow from exploration campaigns etc, then Oriole may receive additional sums than the amount pledged.
• The agreement is effective six weeks from today.
• Lanstead will be issued 1,013m shares in Oriole, equating to 26.23% of the Company’s enlarged share capital post-raise.
• Management are keen to continue work on the Mbe project in its CLP licence package in Cameroon.
• Recent channel-chip samples show highly mineralised results over six sample lines with 11 samples >1g/t gold.
• Oriole expects the mineralised zone to be >70m wide.
• Altered wall rocks host close to 6g/t Au in places.
• Management are also considering the potential for project-level funding on Mbe with discussions expected to conclude in Q3 to help fund drilling over the upcoming 2023/24 field season.

Conclusion:  Despite continued challenging conditions in equity markets, Oriole has successfully agreed terms with Lanstead to support their strategy going forward. The team continues their discussions with project-level financing partners to advance the Eastern CLP following encouraging high-grade gold samples, warranting drilling. The Company is also currently completing local-level technical studies at the Bibemi project, which holds a 304koz JORC MRE. This should enable them to further de-risk Bibemi, offering an entry point for JV partners to take the asset towards production.

*SP Angel acts as Broker to Oriole Resources

Patriot Battery Metals (PMET CN) C$14.3, Mkt Cap $1.5bn – Albemarle subscribe for C$109m as lithium majors continue to back hard-rock projects

• Patriot has agreed a subscription agreement with Albemarle for C$109m at a price of C$15.29/share, a 7% premium to closing price yesterday.
• Proceeds will be used to accelerate development of the Corvette Property via ‘drilling, permitting and study work.’
• Patriot Battery Metals released the first Mineral Resource Estimate for the CV5 Spodumene Pegmatite project yesterday.
• The MRE is based off 163 core holes over 57,385m.
• It stands at 109.2mt @ 1.42% Li20 using a 0.40% Li20 cut-off for 3.835mt LCE.

Conclusion: Albemarle’s move into Patriot is a vote of confidence in the Company’s CV5 lithium project, given the Company’s success in developing the Wogdina and Greenbushes projects in WA. However, given Albemarle’s dominance in lithium brine operations in Chile, the move highlights the long-term potential in hard-rock lithium spodumene projects envisaged by major producers/processers. We expect the decision to provide increased confidence in development-stage projects such as the Barosso project in Portugal, operated by Savannah Resources*, the Ewoyaa project in Ghana, operated by Atlantic Lithium* in a JV with Piedmont, and the Bougouni project in Mali, operated by Kodal* in collaboration with Hainan Mining. Lithium producers are currently flush with cash, as highlighted by Pilbara’s A$3.3bn cash pile.

*SP Angel acts as either Nomad/Broker/both to Atlantic Lithium, Kodal Minerals, and Savannah Resources

Aterian Plc (ATM) 1.15p, Mkt cap £11m – Rio Tinto take option to invest US$7.5m in Rwandan pegmatite licenses

• Aterian Plc reports an earn-in Investment and jv with Rio Tinto Mining and Exploration Ltd and Kinunga Mining Ltd.
• The Agreement is for the exploration and development of lithium and by-products at its HCK Joint Venture project in Rwanda.
• Rio Tinto have the option to invest US$7.5m in two stages to earn up to a 75% interest in the licence.
  • Stage 1 exploration expenditures of US$3m over two years to earn a 51% interest in the Licence.
  • Stage 2 exploration expenditures of US$4.5m for the following three years to earn a further 24% interest in the licence.
• A cash consideration of US$300,000 over Stage 1 and Stage 2.
• A 2% capped NSR capped at US$50m
• Rio Tinto also has the option to add Aterian’s two other Rwandan projects, pending licence approval.
• The project has 19 identified pegmatite zones over a 2,750ha licence in southern Rwanda.

Rockfire Resources (ROCK LN) 0.32p, Mkt Cap £5.9m – Additional drilling results from the Molaoi zinc project

• Rockfire Resources has announced results from holes MO-GTK-006 and 007 at its wholly-owned Molaoi zinc project in Greece where previous exploration has defined a JORC compliant inferred resource of 2.3mt at an average grade of 9.4% zinc, 1.7% lead and 47g/t silver over a 1.4km long north/south trending zone.
• Hole MO-GTK-006, which is located towards the northern end of the zone currently being drilled, intersected 3.3m at an average grade of 17.1% zinc, 1.9% lead and 100.4g/t silver (reported as 22.1% on a zinc equivalent basis) from an undisclosed depth.
• The intersection is contained within “a broader interval of 5.8m @ 13.6% ZnEq. (10.5% Zn, 1.2% Pb and 61.1g/t Ag), which commences at 75.20m depth”.
• Hole MO-GTK-007, located at the southern end of the current area of drilling and approximately 300m south of the previously reported holes MO-GTK-003 and 004 “was terminated early due to badly fractured and broken ground, but did intersect the uppermost lode, which returned 1.95m @ 3.0% ZnEq. It is expected that this hole will be redrilled later to intersect the main lode deeper”.
• The company explains that the drilling programme “was designed to obtain a sufficiently large sample for geotechnical test work, including crushing and grinding tests”.
• CEO, David Price, explained that the drilling “continues to confirm and infill 179 historical drillholes which were drilled at Molaoi in the 1980’s”.
• He also commented that the “robust nature of the mineralisation is evident, and potentially economic grades and potentially mineable widths continue to be intersected in every drill hole”.
• Mr. Price has previously stated that “Rockfire is committed to proceeding as quickly as possible towards feasibility”.

Conclusion: Rockfire Resources’ drilling at Molaoi continues to show continuity of the zinc mineralisation as it works towards a resource upgrade and the start of feasibility work.  Although one of the holes was abandoned due to poor drilling conditions and will require redrilling, it is encouraging that mineralisation has been encountered in all of the holes of the current programme.  We await further news as the programme proceeds.

Wishbone Gold* (WSBN LN) – 2.35p, Mkt Cap £5.9m – Wishbone issues 59m new shares at 2.4p

• Wishbone Gold reports that it has raised £1.42m through the issue of approximately 59m new shares at a price of 2.4p/share.
• The new shares represent around 21% of the enlarged company on our estimation.
• Proceeds of the fund-raising will “be used to fund the exploration programs on Red Setter and Cottesloe” projects in the Paterson region of WA.

SP Angel Acts as Broker to Wishbone Gold

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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