SP Angel Morning View -Today’s Market View, Tuesday 24th June 2025

Gold slides on de-escalation in the Middle East

 MiFID II exempt information – see disclaimer below

Aterian plc* (ATN LN) – Appointment of Strategic Advisor for Asset Transactions

Central Asia Metals (CAML LN) – NWR offer increased to A$0.055 as bidding war escalates

Desoto Resources* (DES AX) – Auger drilling results from Siguiri Basin, Guinea

Ivanhoe Electric (IE US) – Santa Cruz PFS for underground operation in Arizona

Great Southern Copper (GSCU LN) – Latest drilling results from Cerro Negro, Chile

Kavango Resources* (KAV LN) – Two new gold bearing structures at Bill’s Luck Gold Mine in the Hillside licenses in Zimbabwe

Mundoro Capital (MUN CN) – Summer drilling programme starts at the Borsko Project in Serbia

Oriole Resources* (ORR LN) – Mbe Drilling to support Exploration Target 3Q25

Rio Tinto (RIO LN) – US$1.6bn iron-ore project in Pilbara, WA

Snowline Gold (SGD CN) – PEA highlights large-scale operation in Yukon

Sovereign Metals* (SVML LN) – Crop yields increase four fold for local farmers in Malawi on Sovereign Metals support

Strategic Minerals* (SML LN) – Start of latest phase of drilling at Redmoor is imminent

Gold ($3,325/oz) slides on de-escalation in Middle East

• Gold has now given up it’s June rally, back to pre-escalation price ranges of $3,310-3,330/oz.
• Gold enjoyed ETF inflows as investors sought haven assets among rising escalation between Israel and Iran.
• However, last night’s ceasefire agreement, which pushed oil price down 15% from their Sunday open, has seen haven investors rotate back into risk assets.

Conclusion: In our view, gold’s rally from 2022 lows of $1,650/oz to today’s level over $3,300/oz has been powered by foreign reserve diversification in BRICs countries, specifically China. This rotation from dollar reserves to gold has coincided with growing concerns over the West’s fiscal profligacy, with government deficits expanding year on year. We believe these two primary factors are the key drivers behind what is becoming a multi-year bull run.

Trade IG: Trading Experiences with Angeline Ong: Talk starts 2:16 into the video: 

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

Currencies

US$1.1585/eur vs 1.1498/eur previous. Yen 145.21/$ vs 147.20/$. SAr 17.755/$ vs 18.048/$. $1.357/gbp vs $1.344/gbp. 0.650/aud vs         0.643/aud. CNY 7.177/$ vs 7.185/$.

Dollar Index 98.044 vs 99.027

Economics

Israel/Iran – Israel declared that all its goals of the latest military operation in Iran were completed and joined a ceasefire agreement.

• The war is reported to have entered a ceasefire this morning.
• Although both sides accused each other of violating the agreement later on.

US – Iran/Israel ceasefire news drive risk on sentiment with Brent sliding sub $70/bl and VIX index sliding close to levels seen before first Israeli military strikes on Iran mid-June.

• “On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, “THE 12 DAY WAR,” Trump wrote on his Truth Social platform.
• Earlier Iran launched a missile strike on US bases in Qatar in retaliation to the US bombing of nuclear sites, although, Tehran provided an advance warning of the attack with all but one missile intercepted and no casualties reported.
• S&P and Nasdaq futures are up 0.8% and 1.1% this morning after posting ~1% gains the day before..
• Brent and Gold are down trading around $68/bbl and 3,330/oz.
• Philadelphia Fed manufacturing index -4 in June vs -4 in May
• Existing home sales 0.8% to 4.3m units in May vs -0.5% in April (4m units).

China – Foreign direct investment fell -13.2% ytd yoy in May vs -10.9% inApril

Japan – CPI jumps to 3.7% yoy in May from 3.5% in April

• Underlying inflation continues to exceed the BoJ target of 2%.

EU – Flash consumer confidence fell to -15.3 in June vs  -15.2 in May

UK – retail sales fall -2.7% mom in May

• The higher cost of living is hitting food sales in the UK with food sales falling sharply.
• The fall will reflect consumers moving to lower value food stuffs to cut weekly bills.

Precious metals:         

Gold US$3,324/oz vs US$3,355/oz previous

Gold ETFs 90.0moz vs 89.9moz previous

Platinum US$1,296/oz vs US$1,271/oz previous

Palladium US$1,066/oz vs US$1,062/oz previous

Silver US$36.0/oz vs US$36.1/oz previous

Rhodium US$5,425/oz vs US$5,475/oz previous

Base metals:   

Copper US$9,721/t vs US$9,613/t previous

Aluminium US$2,573/t vs US$2,554/t previous

Nickel US$14,910/t vs US$14,820/t previous

Zinc US$2,697/t vs US$2,647/t previous

Lead US$2,016/t vs US$2,002/t previous

Tin US$32,750/t vs US$32,540/t previous

Energy:           

Oil US$68.7/bbl vs US$77.5/bbl previous

• Energy prices plummeted overnight after a ceasefire agreement between Israel and Iran went into effect, easing market concerns of disruption to oil and LNG exports from the Middle East.
• Hunting announced the acquisition for a total cash consideration of £50m (~8x FY24 EBITDA) of UK-based Flexible Engineered Solutions, which provides access to proprietary subsea fluid transfer technologies and system solutions for the offshore oil and gas and renewable energy industries.
• Kiwetinohk Energy has launched a business strategy review to evaluate a range of potential value enhancing opportunities with a focus on the Company’s upstream assets and an orderly exit from its power business.

Natural Gas €35.9/MWh vs €41.6/MWh previous

Uranium Futures $77.8/lb vs $77.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$94.5/t vs US$94.7/t

Chinese steel rebar 25mm US$459.4/t vs US$459.0/t

HCC FOB Australia US$179.0/t vs US$179.0/t

Thermal coal swap Australia FOB US$112.9/t vsUS$112.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$61,865/t vs US$61,798/t

Lithium carbonate 99% (China) US$8,081/t vs US$8,031/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$418/mtu vs US$418/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$24.4/kg vs US$24.4/kg

China Ilmenite Concentrate TiO2 US$289/t vs US$289/t

Global Rutile Spot Concentrate 95% TiO2 US$1,687/t vs US$1,687/t

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

Brazil Potash CFR Granular Spot US$362.5/t vs US$362.5/t

Germanium China 99.99% US$2,925.0/kg vs US$2,925.0/kg

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

Company News

Aterian plc* (ATN LN) 35p, Mkt Cap £4.35m – Appointment of Strategic Advisor for Asset Transactions

(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.)

(Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian has appointed Arron Smyth as Strategic Advisor for Asset Transactions
• Mr Smyth is a seasoned investor, strategic advisor, and corporate development specialist and recently led two significant energy infrastructure ventures in Europe.
• Arron has previously consulted for Aterian in Rwanda and will support management in identifying and executing strategic opportunities, including jv partnerships, asset acquisitions and disposals.
• Atrian holds a number of tin, tantalum and lithium prospects in Rwanda as well as copper prospects in Morocco and other base metal licenses in Botswana.
• Management also run a small-scale concentrate trading business in Rwanda.

*SP Angel acts as Broker to Aterian Plc

Central Asia Metals (CAML LN) 157p, Mkt Cap £273m – NWR offer increased to A$0.055 as bidding war escalates

• The Company raised the offer price to A$0.055, up from A$0.053 before and A$0.050 initially.
• The Company also reports that NWR received an unsolicited, non-binding, conditional and indicative proposal from Kinterra Capital to acquire the NWR for A$0.057..
• The Company is considering the implications of the Kinterra Offer and will notify the market of any further developments.
• NWR closed at A$0.058 in Australia this morning.

Desoto Resources* (DES AX) A$0.14, Mkt Cap A$23m – Auger drilling results from Siguiri Basin, Guinea

• Gold explorer Desoto, who are currently auger drilling in Guinea’s Siguiri Basin, reports assay results.
• The Company has received assays from a 356 hole power auger programme at the Dadjan Main Zone and Grand Plateau prospects, returning highlights of:

• • DJAU0304: 2m at 7g/t Au from 14m
  • DJAU0305: 4m at 7g/t Au from 2m
  • DJAU0307: 2m at 4.88g/t Au from 2m

• The average hole depth was 12m, and confirmed a 3,700m strike of gold anomalism trending NE.
• Power auger continues at Tole, whilst another rig is infill drilling at Dadjan where zones of strong anomalism have been identified.
• Dump and rock chip sampling ongoing at Dadjan and Tole.
• Management still considers Timbakouna the primary target, where multiple >1km gold trends have emerged and previous drilling included 18m at 11.8g/t Au from 48m.
• Assay results from sampling pending at Timbakouna, whilst Desoto waits for approval from the Ministry of Mines to begin power auger drilling.
• Total auger samples outstanding at 1,239.
• Management team visited the Ministry of Mines and Geology last week.

Conclusion: Desoto has a stated ambition of finding the next >2moz West African deposit and is laying foundations for AC/RC drilling targets through auger drilling and chip sampling.

*An SP Angel analyst holds shares in Desoto Resources

Ivanhoe Electric (IE US) $8.2, Mkt Cap $1.1bn – Santa Cruz PFS for underground operation in Arizona

• Friedland-backed Ivanhoe Electric reports results from the Santa Cruz PFS.
• The project holds reserves of 136mt at 1.08% Cu for 1.5mt contained copper.
• The study envisages:

• • 23 year LOM
  • 20ktpd operation with heap leaching and paste backfill.
  • Average LOM feed grade of 1.08% Cu
  • Average annual production of 57ktpa from 92.2% recoveries.

• Costs

• • Development CAPEX US$1.24bn
  • Sustaining CAPEX of US$1.28bn
  • C1 of $1.32/lb over LOM and AISC of $2/lb.

• Economics

• • Post-tax NPV8 of $1.38bn and IRR of 20% using $4.25/lb Cu and $0.14/lb domestic cathode premium.

• Targeting first production 1H28, following construction start in 1H26.
• Permits due 2026-2027.

Great Southern Copper (GSCU LN) 2.75p, Mkt Cap £14m – Latest drilling results from Cerro Negro, Chile

• Great Southern Copper has released further results from its Phase 2 drilling campaign around the Mostaza mine at its Cerro Negro prospect in the Especularita project in northern Chile.
• The Phase 2 programme drilled a fan “pattern below the old mine workings … [at Mostaza to approximate a] … grid-pattern of intercepts intersecting the deposit with a nominal spacing of approximately 20-25 metres (m) along strike (NE-SW) and 20-50m down dip of the plane of the manto (NW-SE)”.
• Today’s announcement highlights the results of holes CNG25-DD015 and DD016 which intersected:

• • 9.9m at an average grade of 5.47% copper and 442.5g/t silver from a depth of 41.15m in hole CNG25-DD015; and
  • 7.5m at an average grade of 4.48% copper and 342.6g/t silver from a depth of 89m in hole CNG25-DD016.

• “Hole DD015 was drilled to intersect the manto at approximately 25m down-dip from hole DD013 which intersected 13.9m @ 1.74% Cu and 153.4 g/t Ag from 26.1m … [and] … intercepted the same style of mineralisation with abundant disseminated and crackle-hosted chalcocite-dominant mineralisation in strongly altered and locally brecciated “lens” rock”.
• “Hole DD016 targeted the manto approximately 30m down-dip from DD015 (Figure 3, 5) and intersected a broad interval of mineralisation including 10.7m @ 3.28 % Cu and 248.9 g/t Ag from 85.8m”.
• As well as the two highlighted holes, Hole DD017 intersected “a broad interval of 13.1m @ 1.18 % Cu and 48.7 g/t Ag from 71m” and Hole DD-018, described as “the deepest hole drilled to date … [intersected] … 16.6m @ 0.46 % Cu and 42.3 g/t Ag from 118.9m … [in an] … upper and lower interval of manto separated by a barren dyke”.
• Hole DD-021 “intersected almost 16m of altered proto-lens cut by dykes. However, only a few metres of mineralised lens were observed from 99.9m with maximum values of 0.84 % Cu and 41.4 g/t Ag …. It is unclear if this is a local zone of weaker mineralisation”.
• Today’s announcement confirms that “All drillholes in this release intersected silicified intermediate-argillic altered and variably mineralised rock at depths where the deposit was expected, indicating that the manto comprises a tabular body striking NE-SW and dipping at 50 degrees to the NW … although the exact architecture of the deposit is still to be determined”.
• CEO, Sam Garrett, observed that in addition to the grades encountered in the drilling, “the deposit also benefits from being near surface and is located at low altitude with excellent access to key infrastructure and mining support services”.
• Geophysical work, including “induced polarisation (IP) and audio frequency magneto-telluric (AMT) geophysics surveys … [have been] … completed testing the Mostaza trend over 2.5km”.
• Mr. Garrett confirmed that “Planning for the Phase III exploration drilling at Mostaza is well advanced and will rely on results from recently completed pole-dipole IP and AMT geophysics surveys as well as our surface mapping and geochemistry results”.

Conclusion: Latest results from the Phase 2 drilling continue to show mineralisation beneath the old Mostaza mine.  Planning for a 3^rd phase of drilling is well advanced to test geophysical signatures beneath the shallow leached zones.

Kavango Resources* (KAV LN) 0.84p, Mkt Cap £26m – Two new gold bearing structures at Bill’s Luck Gold Mine in the Hillside licenses in Zimbabwe

• Kavango Resources report the identification of several new gold bearing structures at the Bill’s Luck Gold Mine, Hillside, Zimbabwe.
• The team operate a series of stamp mills at Bills Luck, largely for use by local artisanal miners who take the free gold which they trap using old carpet and towelling.
• Kavango then recovers the gold which the artisanal miners are not able to extract.
• The use of artisanal miners gives good intel on grade and quantum of gold being extracted from the multiple artisanal shafts on the property enabling geologists to piece together a map of the geology.
• Kavango is also busy drilling Bill’s Luck with >3,800m drilled to date and have identified four new potential ore shoots >245m along the Main Reef.
• Two parallel structures are 100m northwest of the Main Reef and appear to be unworked by the artisanal miners.
• One structure shows gold in a quartz reef ~10m into the hanging-wall.
• A further two structures are see in the foot-wall on current mining operations.
• Mineralisation has been intersected at 160m at Bill’s Luck and 180m at Roscor with work ongoing to bring the Roscor shaft into production.
• Diamond drill results include:

• • BLDD007:

• • • 1.46g/t over 1m from 43.00m
    • 1.65g/t over 0.4m from 228.90m
    • 1.90g/t over 0.8m from 249.50m

• • BLDD006:

• • • 1.38/t over 3.00m from 196.00m
    • 2.24g/t over 0.84m from 216.74

• RC drilling results include:

• • BLPD002 – 2.69g/t over 3.00m from 44.00m
  • BLPD004 – 9.26g/t over 2.00m from 22.00m
  • BLPD010 – 2.65g/t over 1.00m from 53.00m
  • BLRC002 – 1.57g/t over 2.00m from 52.00m
  • BLRC008B – 3.61g/t over 1.00m from 34.00m

• The team will now design an infill and step-out surface drilling plan to better define the geometry and continuity of the new reefs.

*Two SP Angel Analysts recently visited Kavango’s Hillside mines and licenses in Zimbabwe. An SP Angel analyst holds shares in Kavango

Mundoro Capital (MUN CN) C$0.21, Mkt Cap C$22m – Summer drilling programme starts at the Borsko Project in Serbia

• The Company launches the summer drilling programme at the Borsko Project in Serbia.
• Tehe Project is part of the BHP-Mundoro option earn in agreement in the Central Timor Magmatic Complex.
• The team will test a geophysical anomaly in the northwest portion of the license area (Borsko NW Target).
• The plan is to drive an initial 1,000m drill hole testing the anomaly for a potential porphyry mineralisation.
• The Borsko Project is located next to the operating Bor Mine (Zijin Mining).
• The drill rig was mobilised this month with drilling expected to conclude 3Q25.
• The program is solely funded by BHP as part of the approved work program and operated by Mundoro’s operations team.

Oriole Resources* (ORR LN) 0.22p, Mkt Cap £8.3m – Mbe Drilling to support Exploration Target 3Q25

• Oriole provides additional drill results from Mbe in Cameroon, where they have completed hole MBDD013.
• MBDD013 yielded:

• • 6.4m at 0.52g/t Au from 4m
  • 1m at 3.2g/t Au from 128m
  • 2m at 3.2g/t Au from 149m

• The programme is now 70% complete, with 4,919m drilled to date over 16 holes.
• The three completed holes are due in 3Q25.
• Company has now identified mineralisation over a strike length of 200m, width of 400m and vertical depth of 290m.
• Mineralisation is considered to be ‘open in all directions and at depth.’
• Company will use results from MBDD001 to MBDD013, alongside trenching from 2024, to produce a JORC Exploration Target for MB01.
• This JORC Exploration Target will be published in 3Q25.
• Drilling is due for completion in 3Q25, which will support the publication of a pit-constrained MRE 4Q25.

*SP Angel acts as Broker to Oriole Resources

Rio Tinto (RIO LN) – 4,232p, Mkt cap £52bn – US$1.6bn iron-ore project in Pilbara, WA

1. Rio Tinto has announced that, in conjunction with Hancock Prospecting, it is to invest US$0.8m in the US$1.6bn development of the Hope Downs 2 iron ore deposit in the Pilbara, WA.
2. Mining will develop the Hope Downs 2 and Bedded Hilltop deposits with a planned 31mtpa capacity and ore treated at the Hope Downs 1 processing plant.
3. Initial ore production is expected in 2027.
4. Today’s announcement confirms that “Hope Downs 2 is part of Rio Tinto’s tranche of replacement projects that underpin the company’s ongoing commitment to the Pilbara, and which will have combined total capacity of about 130Mtpa”.
5. As part of its broader iron-ore strategy, Rio Tinto confirms that “a pre-feasibility study … [is] … also underway on the Rhodes Ridge project, the Pilbara’s best undeveloped iron ore deposit”.

Snowline Gold (SGD CN) C$7.9, Mkt Cap C$1.3bn – PEA highlights large-scale operation in Yukon

• Snowline Gold reports a PEA for their Valley Gold deposit in Yukon.
• The study envisages:

• • 20 year LOM
  • Average mill feed of 8.5mtpa
  • Average head grade of 1.34g/t Au
  • Recoveries of 92%
  • Average annual payable gold at 340kozpa (544kozpa years 2-6)

• Costs:

• • Development capital seen at C$1,685m
  • Sustaining capital of C$1,424m
  • LOM AISC of US$844/oz

• Economics

• • Post-tax NPV5 at C$3,367m and 25% IRR (US$2,150/oz gold price)
  • Increases to C$7,655m and 39% IRR at spot gold.

• Timeline:

• • Company expects Permitting between 2028-2029 and Indigenous Participation Agreement implemented by 2030
  • Company progressing PFS, with additional drilling to convert inferred resource to indicated, alongside geotechnical drilling, groundwater monitoring and lidar surveying.

Sovereign Metals* (SVML LN) 33.2p, Mkt Cap £214m – Crop yields increase four fold for local farmers in Malawi on Sovereign Metals support

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

• Sovereign Metals report a very significant expansion of crop yields on their program with local farmers in Malawi.
• “Malawian farmers who participated in Sovereign’s 2025 Conservation Farming Program increased crop yields by four-times (4x), with the top farmer achieving a 10x yield increase compared to traditional farming techniques”
• 260 local farmers have now signed up to the Kasiya farming program joining the 90 farmers trained in the previous planting season.
• Of the 350 farmers involved around half are female highlighting broad acceptance and inclusion of the community in the program.
• Increased yields are enabling families to sell surplus crop with proceeds being used to upgrade their houses and invest in trading businesses.
• The growing scheme is also designed to enable more sustainable farming through the improvement of the land, restoring soil health and breaking away from the perpetiual land degradation so often seen in Malawi.
• Simple crop rotation, minimal tillage, organic mulching, and composting should all regenerate soil health and boost productivity.

Conclusion:  Sovereign is building trust and appreciation within the local communities around the giant Kasiya rutile and graphite project. The team is not unique in the development and promotion of farming around its mine site but it appears to be best-in-class when it comes to working with the community on enhancing sustainable and appropriate farming within the Malawi community.

*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

Strategic Minerals* (SML LN) 0.3p, Mkt Cap £6.9m – Start of latest phase of drilling at Redmoor is imminent

• Strategic Minerals confirms the arrival on site at its Redmoor project in east Cornwall of the first drilling rig for its previously announced 9-hole, 5,300m campaign.
• A second rig is expected to arrive on site after completion of the first 3 holes of the programme.
• The new drilling, in conjunction with the results from the current programme of relogging the previous drilling, will contribute to a revised mineral resource estimate for Redmoor which, based on a 2019 estimate, currently hosts 11.7mt at an average grade of 0.56% WO₃, 0.16% Sn, 0.50% Cu which the company reports as 1.17% on a tin-equivalent basis.
• Project Manager, Dennis Rowland, confirmed that drilling is expected to start “within a matter of days”.
• Today’s announcement also confirms that results are awaited from 328 soil samples “collected from the Tamar Valley Licence Area adjacent to Redmoor, which aims to test the continuity of known mineral occurrences and generate further targets for future exploration and improved understanding of the regional geology”.

Conclusion: The imminent start of drilling at Redmoor aims to generate a revised mineral resource estimate updating the 2019 MRE

*SP Angel acts as Nomad and broker to Strategic Minerals

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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