SP Angel Morning View -Today’s Market View, Tuesday 29th October 2024

Gold breaks higher as US Treasury sell-off continues on fiscal largesse concerns

MiFID II exempt information – see disclaimer below

Alba Mineral Resources (ALBA LN) – Plan to produce commemorative gold coins from the Clogau St David mine, Wales.

Burgundy Diamonds (BDM AU) – Quarterly report as diamond prices slide

Castillo Copper (CCZ LN) – Plans for further exploration of the ‘Big One’ prospect, Queensland

East Star Resources (EST LN) – Geophysical exploration underway in East Kazakhstan

Ecora Resources (ECOR LN) – Vanadium-Titanium project PFS

Keras Resources* (KRS LN)  – Related party funding adds £372,500 at 2.5p/s

Resolute Mining (RSG LN) – Rain hit September quarter curbs production but delivers exploration progress

Sylvania Platinum* (SLP LN) – Progressing towards Thaba JV commissioning

Wishbone Gold* (WSBN LN) – Geophysical insights into the Red Setter prospect

BUY UK Miners – UK planning £300 billion Gilt auction sales

Analysts forecasting UK Gilt bond sales to rise to around £300bn this year as the Chancellor loosens the UK borrowing rules (FT)

• 10-year Gilt yields are at 4.33% as the market sells off ahead of the Labour budget and follows US Treasury yields lower.
• We expect Sterling to weaken on the £300bn forecast though the US is also expected to add to its borrowing with Trump forecast to add $7.5tn vs Kamala Harris at $3.5tn
• The difference is the US is forecast to grow at 2.6% in 2024 and 16% in 2025 and finds borrowing a few extra trillion relatively easy while the UK is expected to grow at 1.1% for 2024 and 1.2% in 2025 and relies on the kindness of strangers (GDP estimated by the OECD).
• In some respects, a Trump win might enable countries around the world to add increasing amounts to their national debt without much fear of a Liz Truss-style currency collapse.
• We are surprised more politicians are not blaming Covid for the increase in national debt but maybe it’s more fun to blame a previous government.
• Additional funds to be spent on:
  • Union pay rises (Unite union investigation by Serious Fraud Office over £112m hotel complex which was estimated to cost £35m in 2015)
  • NHS (Labour sees the issuance of Omeprazole as a potential solution for the NHS with respect to obesity)
  • Infrastructure (HS2 northern leg, rail privatisation, fixing water companies etc…)
  • Growth initiatives
  • Keir Starmer’s suits and accessories.
• Rio Tinto, Antofagasta, Glencore, Anglo American and BHP all count their earnings in US dollars with broad exposure to international markets and US dollar-denominated commodities.
• Lower oil and energy prices should offset the impact of other inflation in many regions with increasing use of renewable energy combined with better energy efficiency.

Gold prices ($2,752/oz) break out as US Treasury sell-off continues on fiscal largesse concerns

• Gold has rallied further, breaking out of the tight trading band between $2,720-$2,740/oz.
• Asian trading saw prices rally to $2,757/oz, before settling here.
• The move came as US Treasuries sold off further, with the 10-year yield climbing over 4.3%, highest level since July.
• Concerns are mounting of fiscal largesse amid the imminent US election, with both Trump and Harris expected to add further pressure to the US deficit.
• Trump’s odds have improved dramatically in recent weeks, potentially pressuring the US bond market.
• However, non-farm payrolls are expected to add some further fuel to the fire, with another strong reading potentially pushing Treasuries even lower.
• The correlation between US real yields and gold prices seems to be a thing of the past, with both climbing in unison since September.
• The Dollar is hovering around July highs against a basket of currencies but remains below 12 month highs hit in April.

PGMs lead metals as base metals follow whilst iron ore falls

• PGMs continued to rally, with palladium rising 1.2% this morning to $1,240/oz, vs August levels below $900/oz.
• Platinum is also strengthening, rising 1.3% to $1,060/oz, vs September lows of $925/oz.
• Base metals are also showing signs of strength, with copper rallying 1% to $9,633/t, and aluminium, zinc and tin all ticking up.
• Chinese steelmakers rallied yesterday, after the CISA reported plans to improve ‘exit mechanisms’ and restructuring for struggling mills.
• China steel consumption reportedly down 6.2%ytd yoy, with concerns mounting over global tariff measures.

Autonomous ride-hailing company Waymo closes latest fundraising round of $5.6bn

• The self-driving arm of Google parent company Alphabet, has raised a new round of funding to help support its efforts in expanding the Waymo One ride-hailing service.
• Waymo says the funding round will support efforts in expanding Waymo One services in San Francisco, Los Angeles, and Phoenix, as well as in its Uber partnership program in Austin and Atlanta.
• Waymo has been expanding operations in California and elsewhere, and it has launched self-driving freeway trips around both Phoenix and San Francisco.
• The company also notes that it is now providing 100,000 paid self-driving rides per week, representing a tenfold increase from its levels last year.

Currencies

US$1.0818/eur vs 1.0811/eur previous. Yen 153.32/$ vs 153.33/$. SAr 17.708/$ vs 17.668/$. $1.298/gbp vs $1.297/gbp. 0.657/aud vs 0.660/aud. CNY 7.141/$ vs 7.128/$.

Dollar Index 104.33 vs 104.31 previous

Precious metals:         

Gold US$2,751/oz vs US$2,735/oz previous

Gold ETFs 84.0moz vs 84.1moz previous

Platinum US$1,048/oz vs US$1,023/oz previous

Palladium US$1,237/oz vs US$1,196/oz previous

Silver US$34.0/oz vs US$33.5/oz previous

Rhodium US$4,700/oz vs US$4,700/oz previous

Base metals:   

Copper US$9,605/t vs US$9,553/t previous

Aluminium US$2,664/t vs US$2,652/t previous

Nickel US$16,005/t vs US$16,155/t previous

Zinc US$3,140/t vs US$3,082/t previous

Lead US$2,022/t vs US$2,023/t previous

Tin US$31,250/t vs US$31,360/t previous

Energy:           

Oil US$71.6/bbl vs US$72.6/bbl previous

• Brent crude oil prices stabilised above the $70/bbl level ahead of next week’s US elections and a decision by OPEC+ on plans to taper voluntary production cuts from December.
• Media reports that average output at Novatek’s Arctic LNG 2 plant fell from 12.1mcm/d to 5.3mcm/d in October due to high inventories as a result of Western sanctions against Russia restricting access to ice class tankers.

Natural Gas €42.8/MWh vs €42.0/MWh previous

Uranium Futures $80.5/lb vs $80.7/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$103.9/t vs US$104.1/t

Chinese steel rebar 25mm US$538.8/t vs US$540.5/t

HCC FOB Australia US$204.0/t vs US$203.5/t

Thermal coal swap Australia FOB US$146.5/t vs US$146.0/t

Other:  

Cobalt LME 3m US$24,300/t vs US$24,300/t

NdPr Rare Earth Oxide (China) US$59,233/t vs US$59,343/t

Lithium carbonate 99% (China) US$9,872/t vs US$9,891/t

China Spodumene Li2O 6%min CIF US$750/t vs US$750/t

Ferro-Manganese European Mn78% min US$985/t vs US$985/t

China Tungsten APT 88.5% FOB US$340/mtu vs US$340/mtu

China Graphite Flake -194 FOB US$440/t vs US$440/t

Europe Vanadium Pentoxide 98% 4.6/lb vs US$4.6/lb

Europe Ferro-Vanadium 80% 24.55/kg vs US$24.55/kg

China Ilmenite Concentrate TiO2 US$313/t vs US$314/t

China Rutile Concentrate 95% TiO2 US$1,211/t vs US$1,228/t

Spot CO2 Emissions EUA Price US$63.9/t vs  US$63.9/t

Brazil Potash CFR Granular Spot US$280.0/t vs US$280.0/t

Germanium China 99.99% US$2,875.0/kg vs US$2,875.0/kg

China Gallium 99.99% US$455.0/kg vs US$455.0/kg

Battery News

SVOLT halts production of two European battery factories

• Chinese battery maker SVOLT has suspended the construction of two battery plants in Europe after facing financial issues and struggling to remain operational domestically.
• The company has felt increased competition from battery giants CATL and BYD.
• One of the factories in the German state of Saarland was to assemble battery packs from imported cells, with an annual capacity of 24GWh.
• SVOLT earlier this year halted plans for another battery facility in Germany.
• According to a separate report from Nikkei, the battery supplier has plans to close down its European operations by January.

Xpeng breaks ground at AeroHT ‘flying car’ production facility

• The automaker has made a big step closer to full production of its eVTOL, breaking ground at a new production facility.
• When complete, the facility will build the AeroHT’s flagship commercial product – an eVTOL/vehicle combo called the “Land Aircraft Carrier.”
• The Land Aircraft Carrier is a large that transports a separate eVTOL in its rear.
• Xpeng have been developing its eVTOLs for a decade and its eVTOL/EV recently received its airworthiness certificate.
• The new facility will produce 10,000 units annually and rough estimates expect the vehicle to cost around $280,000.

LG Energy Solutions operating profit down almost 40%

• LG Energy Solutions (LGES) has reported its Q3 operating profit was down 38.7% yoy.
• The drop in profit is down to the current decline in demand for EVs.

Company News

Alba Mineral Resources (ALBA LN) 0.05p, Mkt cap £4.4m – Plan to produce commemorative gold coins from the Clogau St David mine, Wales.

• Following news, in August , of the first underground blast on No.4.5 level in the Llechfraith section of its Clogau St David’s mine in North Wales, Alba Mineral Resources has issued a progress report confirming that blasting is continuing and that the rocks encountered “are amenable to blasting by low-impact deflagrating explosives” which would include low-velocity agents such as black powder.
• The company confirms that the “volume of ore found in situ at Levels 4 and 5 from historic mining operations has greatly exceeded what was anticipated, leading to a significant ore extraction exercise being completed prior to blasting, involving some 25 tonnes”.
• Alba Mineral Resources says that this has extended the original operational timetable but this “is considered overall positive as this additional ore will be processed for its gold content”.
• At a time of near-record gold prices, Alba Mineral Resources says that “From the test gold production to date, the Company intends to auction a limited run of commemorative coins in the coming weeks”.
• Commenting on progress, Executive Chairman, George Frangeskides, said that “The need to clear out a large volume of residual ore, combined with additional remedial measures requested by the Mines Inspector, has pushed out our planned blasting timeline, however our mining team anticipate being able to recommence blasting on No.5 Level later this week”.
• He expressed confidence that “the blasting programme should be able to proceed efficiently from here”.

Conclusion: Continuing work underground at the historic Clogau St David’s mine in North Wales has encountered higher than expected volumes of ore left by historic mining which should contribute to a plan to produce commemorative gold coins for auction over the next few weeks.

Burgundy Diamonds (BDM AU) A$0.11, Mkt Cap A$152m – Quarterly report as diamond prices slide

• Burgundy Diamonds, which has acquired the ex-BHP Ekati Mine out of administration, reports quarterly results.
• The Company generated EBITDA of US$22m, selling 1.42m carats receiving an average price of US$83/ct.
• Average selling price down from US$116/ct the prior quarter.
• Company guides to 4.7-5mct recovered over CY24, down from 4.9-5.3mcts.
• Cash reported at US$72m, with debt paid down of $23m via convertible loan notes, with bank loans remaining at US$74m.
• Net cash including diamond inventories at US$51m.
• Revenue guidance revised from US$460-500m to US$430-460m, whilst EBITDA guidance retained at US$100-120m.
• The Point Lake open pit preparation nearing completion, with first ore production due 1Q25.
• An update on the Fox underground project, which holds 16.5mcts in indicated resources is expected to be completed 1Q25.

Castillo Copper (CCZ LN) 0.38p, Mkt Cap £5.5m – Plans for further exploration of the ‘Big One’ prospect, Queensland

• Castillo Copper’s review of activities for the 3 months to 30^th September headlines the imminent start of the latest phase of exploration at its ‘Big One’ prospect in Queensland.
• The work will build on the results of an induced-polarisation (IP) survey in 2020 which identified an “untested bedrock conductor north of the line of lode, materially larger than the high-grade anomaly drilled in 2020” as well as significant “incremental copper mineralisation along north-trending fault structures, rather than within the trachyte dyke”.
• The new exploration seeks to aims to extend the current ‘Inferred’ resource of 2.1mt at an average grade of 1.1% copper “to identify extended mineralisation beyond the identified orebody, effectively paving the way to grow the known resource” and to identify potential sites for future drilling.

Conclusion: Castillo Copper’s next phase of exploration at the ‘Big One’ prospect aims to investigate potential resource expansion opportunities identified in geophysical surveys.  We await news of progress at the project.

East Star Resources (EST LN) 1.2p, Mkt Cap £4.5m – Geophysical exploration underway in East Kazakhstan

• East Star Resources reports that an induced polarisation (IP) geophysical survey is now underway over its Rudny Altai Volcanogenic Massive Sulphide (“VMS”) Licences in East Kazakhstan.
• The planned survey is expected to cover up to 17.3km covering four targets and “will continue as long as weather permits”.
• The targets are:

• • Rulikha – a recently identified electromagnetic target located ~1km north of the Tulikha deposit which hosts “a historical defined deposit of 14.2 Mt @ 1.18% Cu, 3.58% Zn and 13.5 g/t Ag[1], partially located on East Star’s 100% owned licence, EL_1799”; and
  • Talovskoye – located ~1.7km north of the Rulikha target and host to an historic resource of “3.9 Mt @ 1.87% Cu, 5.4% Pb, 11% Zn, 0.3 g/t Au and 34.5 g/t Ag”; and
  • Rulevskoye – described as “a historically known copper occurrence located in the middle Devonian series and is comprised of volcanic breccias, tuffs, and quartz porphyry lithologies” and where East Star’s mapping has “revealed copper-iron oxide mineralised bodies with several small pits and trenches across them”; and
  • Nikolaevskoye East – hosting “an EM anomaly in a geologically prospective part of the area”. The anomaly “strikes approximately 900 m from NW-SE”.

• CEO, Alex Walker said that the company expects “the IP results to provide definitive drill collar locations to begin drill testing these targets with the intention of adding further resources to our existing 20.3Mt at the Verkhuba deposit”.

Ecora Resources (ECOR LN) 63p, Mkt Cap £156m – Vanadium-Titanium project PFS

• Ecora provides an update on its 2% NSR royalty over Largo’s Maracas Menchen Vanadium-Titanium Project.
• The Project holds an operating LOM of 31 years, a post-tax NPV8 of $1.1bn using a long-term vanadium forecast price of $9/lb.
• The Study also uses a long-term ilmenite concentrate price of $222/t and $4040/t Tio2 pigment price.
• Tio2 Pigment product costs suggested at $1,733/t in the economic parameters.
• Total CAPEX at US$575m, and IRR of 18.5%.
• Vanadium pentoxide prices sit at $4.5/lb, however, ilmenite concentrate is trading at $313/t.
• Largo is aiming for full ramp up of the ilmenite plant by 2029, and full ramp up of the Tio2 Pigment plant by 2031.

Keras Resources* (KRS LN) – 2.4p, Mkt cap £2.3 – Related party funding adds £372,500 at 2.5p/s

(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA)

• Keras Resources reports the issue of 14.9m new shares at 2.5p/s to two investors.
• The subscription is equally split between Christopher Grosso, who holds 17% through the Diane Grosso Credit Shelter Trust, and Joseph Carbone, a contact of Christopher Grosso.
• Christopher Grosso founded KGC, a wealth management company based in Saratoga Springs, NY. His shareholding will increase to 22.17% following the subscription.
• Joseph Carbone will hold 7.81% of the company.
• Funds raised will be used by the Company for general working capital.
• Chris Grosso and Joseph Carbone both support the development of the organic agriculture with a portion of the funds raised going towards developing the sales team .
• The total number of shares rises to 95.4m shares
• Keras recently completed jv with PhoSul Utah LLC and the acquisition of a new site 8 miles north of Delta in Utah for along with the transfer and construction of all processing infrastructure from the previous operation at Spanish Fork.
• Management were looking to mine around 7,500t of rock phosphate this year.
• The new jv and facilities with PhoSul should enable faster and greater growth in sales for the organic rock phosphate with the material split for processing into simple rock phosphate for direct sales and into the more sophisticated PhoSul® product.
• PhoSul® reduces nutrient runoff and improving soil health enhancing crop production while reducing environmental impact. It is organic, non-water-soluble, and provides plant-available P2O5.
• PhoSul® currently selling for $40 per 25lb (11kg) bag on Amazon in the US or £31 in the UK through theseedsupply.com.
• Manganese:  we continue to await news on the restart of the Nayéga manganese mine by the Togo government.
• Keras hold a 1.5% royalty advisory fee plus 6.0% of gross revenue from the Nayéga mine over the lesser of 3.5 years or 900,000t of beneficiated manganese ore sold.
• The deal with the Togo government should give nearly $0.9m a year at a price of $3.5/dmt for manganese and production of 7,480tpa equating to some $2.6m over three years.
• Manganese ore prices for 38%min FOB South Africa remain at $3.65-3.80/dmtu vs 3.47-3.62/dmtu at end June.
• Keras reported a loss of £354k for the six months to end June. We expect the business to grow from here
• The company has £1.5m of promissory and convertible notes repayable in 2028.

Conclusion:  We expect Keras to report a substantial uplift in sales from here on through the direct sale of organic rock phosphate and via the new jv with PhoSul® in the US.

*SP Angel acts as nomad and broker to Keras

Resolute Mining (RSG LN) 41.2p, Mkt Cap £898m – Rain hit September quarter curbs production but delivers exploration progress

• Resolute Resources reports that it produced 85,043oz of gold over the 3 months to 30th September (Q3 2023 – 74,056oz) at an all-in-sustaining (AISC) cost of US$1,452/oz (Q4 2023 – US$1,459/oz) bringing output for the first nine months of 2024 to 252,182oz at an AISC of US$1,444/oz (2023 – 250,687oz at US$1,466/oz).
• The company says that output for the quarter, which resulted from the processing of ~1.5mt of ore at an average grade of 2.06g/t gold, was “slightly below expectations due to extreme rainfall events at Mako … [in Senegal] … and lower than expected ore grades”.
• Resolute Mining confirms that “2024 group production guidance … [is] … expected at or below lower-end (345 – 365 koz) and AISC at the upper end ($1,300-1,400/oz) due to lower Mako production and the impact of a higher royalty rate (c. $70/oz higher) in Mali as a result of the higher gold price environment”.
• Capital costs in 2024 are “expected to be below guidance ($115 – 145m) due to approximately $20m of capital expenditures for the Syama Sulphide Conversion Project being deferred into 2025”.
• The company retains “Net cash of $145.6m ($96.6m in Q2 2024), including cash and bullion of $188.3m”.
• Commenting on what he described as a “mixed quarter”, Managing Director, Terry Holohan, explained that “unprecedented rains … [affected] … mining operations at both Mako and the oxide operation in Syama”.
• He said that the “Syama, sulphide operations continued to perform better than expected for the quarter and should perform similarly in Q4 and beyond, demonstrating the improvements we have put in place over the last 3 years”.
• Flooding in the lower parts of the pit at Mako hindered “mining operations for four weeks … [while grades at Mako] … were also impacted by a 15% negative reconciliation from the grade control model which we expect to continue for the remaining ore in the pit due to inconsistencies in the orebody as it nears its end of mine life. This, in combination with the impact of the rains, means that Mako is now expected to be below guidance”.
• Mr. Holohan welcomed “exploration progress across our portfolio” including the resource upgrade at the Tomboronkoto deposit in Senegal to 571,000oz which “has the potential of extending the life of Mako” as well as “the initial Mineral Resource Estimate for the Mansala Prospect in Guinea with over 340koz of gold being identified”.
• He also welcomed the “earn-in JV agreement over the La Debo Project in the Ivory Coast” which was concluded after the end of the quarter, and said that Resolute Mining expects “to initiate a drilling program on the main deposit over which there exists a NI 43-101 resource of 400 koz which we are confident can be expanded”.
• Resolute Mining also confirms that “During the quarter we secured up to $140m from external lenders to support growth and received the second tranche of the deferred sales proceeds of A$20m from Ravenswood adding further strength and flexibility to the Balance Sheet. Operating cash flows remained robust as our net cash increased by $49m over the quarter to $145.6m”.

Conclusion: Short term setbacks from unusually heavy rain cast some doubt over the 2024 production guidance but Resolute Mining retains a strong financial position and is delivering important exploration successes.

Sylvania Platinum (SLP LN) 48p, Mkt Cap £124m – Progressing towards Thaba JV commissioning

• Sylvania generated EBITDA of $3.3m over the period, with $22m in revenue.
• Production from the Sylvania Dump Operations stood at 19.2koz 4E over the period, vs 17.1koz in the prior quarter.
• Basket price down 2% over the period, sitting at $1,356/oz.
• Annual production target unchanged at 73-76koz 4E.
• AISC reported down 8%qoq to $995/oz, whilst the company’s all in costs, which include Thaba JV spend, rose 21% to $1,401/oz.
• Lower AISC reflect improved PGM production, slightly offset by a stronger Rand.
• Thaba JV CAPEX over the period recorded at $4.8m on an attributable basis.
• Total CAPEX over the period stood at $7.8m ($2.8m on SUSEX and expansion CAPEX, with $0.2m on exploration, up qoq from $5.3m.
• Cash balance at the period stood at $95m, down from $98m the prior quarter.
• Elevated cash balance reflects SUSEX requirements, including a new TSFs, Thaba JV project and exploration, with the company also noting potential shareholder returns.
• Thaba JV production due 2HFY25, with company reporting good progress.
• Cold commissioning of the Thaba JV due Q3FY25, whilst first PGM and chrome production due 4QFY25.
• Lesedi ROM plant due to be recommissioned in 2QFY25.
• Regarding exploration, geophysical survey set to be completed over the Aurora project to improve understanding of the structural geology.

*A member of the SP Angel research team holds shares in Sylvania Platinum

Wishbone Gold* (WSBN LN) – 0.35p, Mkt Cap £1.5m – Geophysical insights into the Red Setter prospect

• Wishbone Gold reports that a paper presented to the Australian Society of Exploration Geophysicists recently in Tasmania described similarities in the geophysical Mobile Magnetotellurics (MMT) signature and structural setting of its Red Setter exploration target and the nearby Telfer mine located 13 km northeast of Red Setter.
• As with the gold copper mineralisation at Telfer, which is “related to stratiform to stratabound quartz–carbonate sulfide reefs as developed in the Telfer Dome structure” initial drilling and geophysical at exploration at Red Setter shows “Isdell Formation carbonate rocks of the Paterson Orogen … [beneath] … extensive cover of Permian Formation with 80m thickness in average”.
• Chairman, Richard Poulden, explained that the MMT “findings reinforce the fact that Red Setter has a 3km strike with impressive gold grades near surface and a clear picture of the possible origins of the gold and copper deposits”.
• Reverse-circulation drilling last year at Red Setter to depths of around 300m encountered “extensive zones of mineralisation … [including] … quartz-carbonate sulphide veins with albitic alteration. Sulphides are pyrite-chalcopyrite with rare pyrrhotite, bornite and arsenopyrite”.
• Wishbone Gold has previously indicated that it intends to core- drill to depths of around 550m and the geophysical work appears to support the validity of this follow-up work.

Conclusion: Geophysical results from Red Setter presented to a technical meeting in Tasmania should help to plan the next, diamond-drilling, phase of exploration which is expected to probe up to 550m depth. The geophysics identifies similarities in geology and structural setting to the nearby Telfer deposit and we look forward to results from the drilling in due course.

*SP Angel acts as a Broker for Wishbone Gold

No.1 in Base Metals: SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 2024

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                                                            

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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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