Gold prices climb as dollar weakens and Treasury sell-off eases
MiFID II exempt information – see disclaimer below
Andrada Mining (ATM LN) – Geological mapping and channel sampling at Lithium Ridge prospect, Namibia
Atlantic Lithium* (ALL LN) – Sayona Mining issues may make Ewoyaa more important to Piedmont
Bluebird Merchant Ventures (BMV LN) – Interims highlight frustration and hope in South Korea
Empire Metals* (EEE LN) – Positive results from airborne gravity survey at Pitfield
First Quantum Minerals (FM CN) – La Granja joint-venture with Rio Tinto
First Tin (1SN LN) – Tin Beetle prospect assays show interesting tin grades
Galantas Gold* (GAL LN) – More high grade close to surface intersections released at Gairloch
Sarn Helen Gold (Private, full EIS tax relief) – Exploring for Gold in Wales and Scotland
- Holds five Crown Option Agreements covering over 1,200 square kilometres of ground, 4 in Wales, in Carmarthenshire, around the historic Dolaucothi Gold Mine – the only gold mine in Roman Britain, Pembrokeshire plus 1 in Peeblesshire, Scotland
- The team led Mike Armitage, ex SRK, is as Welsh as a cawl stew and considered indigenous to the land of Cymru.
- Analysis is ongoing on soil and stream sediments, panning, mapping and rock chip sampling along with 120m of core from three historic boreholes.
- Three potential drill targets have been identified near to the Dolaucothi mine:
- Target 1. Soil samples with grades of up to 0.9g/t over a 500m strike length.
- Target 2. Outcropping rock chips up to 6.16g/t.
- Target 3. High grade soil samples >1g/t.
- 3D modelling of historic drilling suggests the mineralisation at Dolaucothi may be geologically similar and have similar structural controls to the gold mineralisation at Bendigo, Australia
- Independent expert analysis of gold grains collected from steams in Pembrokeshire indicate a local source.
- Rock chip samples collected in Peeblesshire have graded up to 7.95g/t Au.
- The Company is looking for £150,000-200,000 to fund field and laboratory-based work to end Q2 2024 aimed at identifying sufficient targets to justify a drilling programme in 2025.
- 2023 marks a century of Welsh gold being used by members of the British Royal Family to create their wedding rings. Welsh gold is expected to sell at a premium. No gold has however been mined in Wales this century.
Please reply to this email if you wish to know more about Sarn Helen Gold
*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.
Gold prices climb as dollar weakens and Treasury sell-off eases
- Gold prices have bounced off recent lows to climb above $1,925/oz.
- The move follows a softening in US Treasury yields, with the 10-year falling to 4.19%, having climbed as high as 4.37% last week.
- The strengthening of US Treasuries has weighed on the dollar, with the Greenback index sliding from recent highs.
- Key inflation metric the US PCE data is due on Thursday, with non-farm payrolls due on Friday. Both are expected to provide a catalyst to gold.
- Gold ETFs are noting their first inflows in months.
| Dow Jones Industrials | +0.62% | at | 34,560 | |
| Nikkei 225 | +0.18% | at | 32,227 | |
| HK Hang Seng | +1.88% | at | 18,472 | |
| Shanghai Composite | +1.20% | at | 3,136 |
Economics
China – Country Garden is considering requesting a grace period for a renminbi bond maturing next week after missing payments on its international debt in early August, FT writes.
- The property developer is planning to ask its creditors to postpone a CNY 3.9bn (~$535m) bond repayment due September 4 by 40 days.
- The vote on the extension will be held no later than August 31.
- Total Chinese property sector debt risk of default estimated at US$1.75bn
- Property makes up 70% of private wealth in China vs 50% in the US
- Chinese foreign reserves stand at US$3.2tn indicating the problem is manageable with government intervention.
- China’s GDP was US$17.73bn in ’21 vs US GDP of US$23.32bn
Germany – Consumer sentiment weakened in September on the back of declining income expectations and propensity to buy, GfK numbers showed this morning.
- The sentiment index dropped to -25.5 from revised -24.6 in August and came in below Reuters estimates for -24.3.
- “The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more,” GfK said.
- Faltering sentiment is blamed on persistently high inflation.
UK – A system wide failure of UK’s air traffic system with local airports faced with cancellations of outbound and inbound flights will take “some days” to resolve, according to the transport secretary.
- The cause of the failure will be investigated by the Civil Aviation Authority, although, the government said it was “clear it wasn’t a cyber attack”.
Russia – Two Russian fighter jets were lifted to prevent two US drones from violating the Crimean border over the Black Sea as part of an intelligence mission on Monday.
- Fighter jets were later scrambled as drones altered their direction of the flight and left the area, Reuters reports.
Will a financially stressed Russia sell whole regions to China
- Russia annexed the Amur region in 1858-1860 through a series of unequal treaties forced upon the Qing dynasty of China.
- Russia also invaded Xinjiang in the 1934.
Chile – Codelco being investigated by the lower house of in the Chile parliament
- Like all good socialist leaning governments, it’s national asset is being sweated into oblivion due to underinvestment, slow expansions and a lack of exploration and discovery across Chile to replace its ageing mines.
- At least Joeseph Stalin had the foresight to send thousands of geologists out across the FSU to find new assets though much of it was for military purposes to feed his war machine.
- The problem with nations owning mining assets is there is no benefit from raising their taxes.
Currencies
US$1.0829/eur vs 1.0786/eur yesterday. Yen 146.38/$ vs 146.03/$. SAr 18.442/$ vs 18.762/$. $1.264/gbp vs $1.258/gbp. 0.645/aud vs 0.642/aud. CNY 7.288/$ vs 7.289/$. Dollar Index 103.98 vs 104.16 yesterday.
Commodity News
Precious metals:
Gold US$1,924/oz vsUS$1,914/oz yesterday
Gold ETFs 89.7moz vs US$89.9moz yesterday
Platinum US$972/oz vs US$942/oz yesterday
Palladium US$1,256/oz vs US$1,245/oz yesterday
Silver US$24.31/oz vs US$24.09/oz yesterday
Rhodium US$4,100/oz vs US$4,100/oz yesterday
Base metals:
Copper US$ 8,428/t vs US$8,414/t yesterday
Aluminium US$ 2,172/t vs US$2,174/t yesterday
Nickel US$ 20,730/t vs US$21,175/t yesterday
Zinc US$ 2,434/t vs US$2,400/t yesterday
Lead US$ 2,146/t vs US$2,182/t yesterday
Tin US$ 25,345/t vs US$25,800/t yesterday
Energy:
Oil US$84.4/bbl vs US$83.9/bbl yesterday
- European energy prices surged over the weekend on negative sentiment related to LNG labour talks in Australia, where unions voted to endorse strikes at Chevron’s Gorgon and Wheatstone downstream plants.
- The US Baker Hughes rig count was down 10 units to 632 rigs last week (-133 or 17% y/y), as the Permian fell by 7 units to 320 rigs, with oil rigs down 8 units to 512 units (-93 y/y) and gas rigs down 2 to 115 units (-43 y/y).
- ExxonMobil published its energy outlook yesterday, forecasting that energy-related CO2 emissions will peak at more than 34 billion metric tons this decade as economies and energy demand grow, and then decline to 25 billion metric tons in 2050, as a slower energy transition fails to keep global temperature increases below 2oC.
Natural Gas US$2.558/mmbtu vs US$2.512/mmbtu yesterday
Uranium UXC US$58.25/lb vs US$58.25/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$112.7/t vs US$112.3/t
Chinese steel rebar 25mm US$512.1/t vs US$515.6/t
Thermal coal (1st year forward cif ARA) US$128.8/t vs US$128.8/t
Thermal coal swap Australia FOB US$159.0/t vs US$155.5/t
Coking coal swap Australia FOB US$252.0/t vs US$252.0/t
Other:
Cobalt LME 3m US$33,420/t vs US$33,420/t
NdPr Rare Earth Oxide (China) US$68,606/t vs US$67,502/t
Lithium carbonate 99% (China) US$27,648/t vs US$27,783/t
China Spodumene Li2O 6%min CIF US$3,040/t vs US$3,170/t
Ferro-Manganese European Mn78% min US$1,045/t vs US$1,041/t
China Tungsten APT 88.5% FOB US$310/mtu vs US$310/mtu
China Graphite Flake -194 FOB US$667/t vs US$667/t
Europe Vanadium Pentoxide 98% 7.5/lb vs US$7.5/lb
Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg
China Ilmenite Concentrate TiO2 US$309/t vs US$309/t
Spot CO2 Emissions EUA Price US$93.5/t vs US$93.2/t
Brazil Potash CFR Granular Spot US$355.0/t vs US$360.0/t
Battery News
UK installing hundreds more rapid charging points to help EV transition
- Hundreds of EV chargers have been installed in the UK this year in a shift that will help end consumer “range anxiety”.
- London and the south-east have far more chargers of different speeds than the rest of the UK, but high-speed chargers, used for quick recharging on longer journeys is increasing across the UK.
- The West Midlands, east Midlands, the south-west of England and Wales all installed more rapid or ultra-rapid chargers than London during the past year, according to data from ZapMap.
- Nine out of 12 regions of the UK installed more than 100 rapid chargers during the past year, ZapMap’s data showed.
- Most of the UKs public chargers are classed as ‘slow’ or ‘fast’ chargers, but there is more need for ‘rapid’ and ‘ultra-rapid’ chargers to aid the EV transition.
- Rapid chargers can deliver between 25 and 100kW of power – with a 50kW connection able to charge the average car to 80% in less than an hour.
- Ultra-rapid connections of more than 100kW (and up to 350kW for the newest cars) can achieve even faster times, and therefore charge more vehicles during the same time at motorway service stations, albeit at a higher cost for customers.
Nio reaches 1,700 battery swap stations in China
- Over the weekend, Nio put 4 new battery swap stations into operation, bringing the total number of its battery swap facilities in China to 1,700.
- The company aims to have 2,300 battery swap stations in China by the end of 2023.
- Nio’s battery swap stations have cumulatively provided more than 27.5m battery swap services, averaging about 60,000 services per day, according to the company.
Company News
Andrada Mining (ATM LN) 6.75p, Mkt cap £105m – Geological mapping and channel sampling at Lithium Ridge prospect, Namibia
- Andrada Mining has released results from a programme of geological mapping and channel sampling at its Lithium Ridge prospect located around 35km southeast of its Uis tin mine
- The programme has confirmed “the existence of continuous mineralisation … [spodumene and petalite] … at surface over a 6 km strike length”.
- Exploration which “comprised 129 separate channel lines … over 99 individual pegmatites” also included “detailed geological mapping of the pegmatites in the areas between existing datasets obtained in 2022”.
- Results “demonstrate that, while lithium, tin and tantalum enrichments all occur together in this area, there are other areas where they occur separately”.
- Among the channel sample results highlighted in today’s announcement are:
- An intersection of 9.65m at an average grade of 2.18% Li2O, 0.18% tin and 89ppm tantalum; and
- An intersection of 15.29m at an average grade of 1.60% Li2O, 0.18% tin and 57ppm tantalum; and
- An intersection of 11.73m at an average grade of 1.32% Li2O, 0.18% tin and 99ppm tantalum.
- Andrada Mining says that, as well as the geological work it started a programme of reverse circulation drilling during Q1 2023 “within the same area, to investigate the continuation and mineralisation of selected pegmatites below surface”.
- “All drill holes successfully intersected pegmatites at depth providing valuable information about the potential morphology of these intrusions and have been sampled for chemical analysis. The first batch of results from the drill programme are imminent, following which Andrada will implement additional drill programmes to prove continuity along strike and to investigate extensions at depth”.
- Commenting on the exploration, CEO, Anthony Viljoen, said that the results highlight the “potential upside of our mining licence portfolio … [and that in conjunction with] … the bulk test work programme at the newly constructed Pilot facility [they] will allow the Andrada team to expedite the concurrent development of the Lithium Ridge licence”.
- He said that the “work continues to confirm our belief that the geology of the Erongo region, plays host to a burgeoning critical metals province in Namibia”.
Atlantic Lithium* (ALL LN) 21.3p, Mkt Cap £131m – Sayona Mining issues may make Ewoyaa more important to Piedmont
(Piedmonth can earn into up to 50% of the Ewoyaa lithium project through the expenditure of around 70% of the project capex)
BUY
- Sayona Mining, which started to ship spodumene concentrate to Piedemont on 1st August reports the resignation of its MD and CEO.
- The shipment is from its North American Lithium (NAL) operation in Québec, Canada.
- While the first shipment is to international markets following shipments will be to Piedmont which owns 25% of the Quebec project.
Conclusion: We are wary of why the CEO has stepped down and note a degree of public speculation over the nature of the ore body at NAL project.
*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 intrepid analysts also visited the Ministry of Minerals Commission and MIIF, the Ghana Minerals Income Investment Fund.
Bluebird Merchant Ventures (BMV LN) 1.4p, Mkt Cap £9.7m – Interims highlight frustration and hope in South Korea
- Bluebird Merchant Ventures report interim results to end June 2023.
- Management have been surprised at the difficulty of obtaining mining licenses in South Korea but continue to work through local licensing processes.
- The company has calculated a post-tax NPV of USD181m on the Kochang and Gubiong projects in South Korea with an IRR of 111% largely due to estimated low capital costs and assuming an USD1,750 per oz gold price.
- Management also estimate an AISC (All in Sustaining Cost) of USD630
- The team which has much expertise in the Philippines is also looking to develop the Batangas Gold Project with a Certificate of Approval from the Mines and Geosciences Bureau for its Two-Year Community Development Plan already granted. Though the company still needs to work through EIS, SIA and other permitting requirements.
- The company has cash and cash equivalents of £519,201 at end June having raised £230,000 in December and £1.215m in March.
Conclusion: Charles Barclay and Colin Patterson must feel highly frustrated with the permitting regime in South Korea. It will be interesting to see if they make faster headway in the Philippines where they have more proven expertise.
Empire Metals* (EEE LN) 5.55p, Mkt Cap £27m – Positive results from airborne gravity survey at Pitfield
(Empire holds a 70% interest in the Pitfield prospect 313km north of Perth, WA)
- Empire provides an update on its recent airborne gravity survey flown at its recent titanium ilmenite discovery, the Pitfield Project in Western Australia.
- The survey has identified a large and dense core, correlated to the mineralised sedimentary beds discovered to contain titanium-bearing ilmenite through the Company’s recent drill programmes.
- Interestingly, some of the highest density areas identified were in areas not tested by the Empire team’s drilling programme.
- The results boost the Company’s confidence in a thick, high-grade mineralised beds of iron-titanium.
- The results also suggest the potential for hematitc iron oxides with potential copper mineralisaiton, although the initial drilling did not return significant copper values.
- To follow up this further boost in confidence in the project, Empire will conduct a 1,500m drill programme in September, before a more comprehensive RC programme over the newly-identified targets from the airborne survey.
Conclusion: The Pitfield project continues to gather steam, and today’s airborne gravity survey provides management with the confidence to pursue additional drilling programmes at site, hopefully expanding the known mineralisation area. The Company has two fully-funded drill programmes due over the remainder of the year, both to shore up known mineralisation with diamond core and to conduct extensive RC drilling in today’s expansion zones.
*SP Angel acts as nomad and broker to Empire Metals
First Quantum Minerals (FM CN) – C$34.41, Mkt cap C$24bn – La Granja joint-venture with Rio Tinto
- First Quantum Minerals reports that it has agreed a joint venture with Rio Tinto to progress development of the La Granja copper deposit in Peru.
- The deposit which contains indicated and inferred resources of 4.3bn tonnes at an average grade of 0.51% copper is located “at high altitude in Cajamarca, Northern Peru”.
- First Quantum has purchased a 55% interest in the project, which it will now operate, for US$105m, and agreed to “invest up to a further $546 million into the joint venture to sole fund capital and operational costs to take the project through a feasibility study and toward development”.
- Subsequent expenditures will be shared pro-rata.
- Acknowledging the support of Peru’s Government in completing the joint-venture agreement, First Quantum’s CEO, Tristan Pascall, said that “La Granja has the potential to be a large, long-life operation and supply the copper that will be needed as the world transitions to the greener economy and where responsible mining will be the only acceptable way to produce metals”.
- Rio Tinto’s Copper Chief Executive, Bold Baatar, commented that “Developing La Granja would provide a significant new supply of copper and further strengthen Rio Tinto’s portfolio of materials needed for the energy transition”.
- He also explained that partnering with First Quantum “will bring our combined development capabilities and deep knowledge of La Granja to progress the project”.
Conclusion: In an environment of accelerating demand for copper, large scale copper deposits remain scarce and though the complexity of the mineralisation and high altitude will present their own challenges, First Quantum Minerals’ established reputation as a mine builder makes them a sensible partner for Rio Tinto.
First Tin (1SN LN) 7.65p, Mkt cap £20.31m – Tin Beetle prospect assays show interesting tin grades
- First Tin, which is looking to advance tin projects in Germany and Australia reports assays from its Tin Beetle prospect in Australia.
- The project In the Emmaville area which historically produced some 88,000t of alluvial tin mined from the Emmaville district and is 9km from First Tin’s Taronga project.
- 48m @ 0.18% Sn from 2m incl. 21m @ 0.32% Sn from 2m and 3m @ 0.28% Sn from 42m
- 30m @ 0.10% Sn from surface incl. 7m @ 0.16% Sn from 21m (entire hole mineralised)
- 18m @ 0.07% Sn from 17m incl. 9m @ 0.10% Sn from 17m
- 78m @ 0.08% Sn from 7m incl. 12m @ 0.11% Sn from 7m and 12m @ 0.13% Sn from 48m
- 57m @ 0.05% Sn from 62m
- 27m @ 0.08% Sn from 76m incl. 14m @ 0.12% Sn from 77m and 5m @ 0.18% Sn from 85m
Conclusion: These are interesting results but look like they might fall short of the grades required for a new mining operation. Investors might like to compare the Tin Beetle project with Andrada Mining, formerly AfriTin in Namibia, where the Uis tin project carries 81mt with a total contained tin metal of 120kt grading 0.15%.
Galantas Gold* (GAL LN) 16p, Mkt Cap £17m – More high grade close to surface intersections released at Gairloch
- The Company released results from two exploration drillholes (#03 and #04) at the 100% owned Gairloch Project, Scotland.
- Intersections include:
- 31m at 4.42g/t Au, 0.71% Cu along with traces of cobalt, zinc and silver for 4.17% CuEq from 10m including a higher grade interval of 7m at 15.46g/t Au, 0.80% Cu (23-GL-04);
- 18m at 1.34g/t Au, 0.86% Cu for 1.95% CuEq from 35m (23-GL-03);
- Intervals are downhole widths with true widths currently unknow due to local structural complexities.
- The third hold was drilled 57m southeast of the second hole while the fourth one was completed 49m southwest of the third one.
- The fourth hole was a 15m stepout from the known mineralised area.
- The fifth deep hole drilled to a depth of 390m located just south east of the fourth one and testing depth potential of near surface mineralisation is being logged and split with results due shortly.
- The 2023 drilling was completed within 100m of the mineralised zone exposed at surface within the 900m long trend drill tested historically.
- The team is planning to focus on testing and potentially expanding the trend in the coming year.
- Separately, the Company released June Quarter results.
- The Company reported a C$1.4m loss during the quarter (June Quarter 2022: -C$1.6m) mostly comprised of C$1.2m in general administrative costs.
- FCF for six months of the year amounted to -C$3.8m (H1/CY22: -C$6.2m) accounting for exploration and development works in Northern Ireland and Scotland.
- Closing cash balance stood at C$0.6m (YE22: C$1.0m) with C$12.5m in debt including ~C$1.0m in gold option contracts related liabilities.
Conclusion: Drilling of mineralised area exposed at surface at the Gairloch Project continued to return high grade intersections as the team is planning to expand its programme testing the 900m trend to better understand the structure and delineate potential extensions to the mineralised zone.
*SP Angel acts as Broker to Galantas 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
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.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite | Asian Metal |
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 of less than 15%
