SP Angel Morning View -Today’s Market View, Wednesday 11th December 2024

Gold pushes higher as focus remains on US inflation data

MiFID II exempt information – see disclaimer below

Apollo Minerals (AON AU) – Initial exploration success from Salanie, Gabon

ECR Minerals (ECR LN) – Latest drilling results from the Tambo project, Victoria

Endeavour Mining (EDV LN) – Assafou PFS

Eurasia Mining* (EUA LN) – Sanderson loan drawdown

Great Southern Copper (GSCU LN) – Approval to drill at Cerro Negro

Guardian Metal Resources (GMET LN) – Water rights secured at Pilot Mountain

Power Metal Resources* (POW LN) – Acquisition of additional uranium claims in Canada and update on Red Rock

Rockfire Resources (ROCK LN) – £1.02m raised to progress the Molaoi project in Greece

Vulcan Energy (VUL AU) – Up to ~€120m equity raise

Gold ($2,694/oz) prices push higher as focus remains on US inflation data

• Gold prices rallied again overnight, pushing towards $2,700/oz.
• The move comes despite a sell-off in US government bonds, with the 10-year yield climbing back to 4.23%.
• Gold prices may be rallying on expectations of higher inflation, with CPI due today.
• However, a short-lived rally in Chinese equities may be pushing local buyers back into the safe haven of gold.
• Chinese retail has been a key driver of gold’s major rally this year, alongside central bank buying.

Europe’s failing battery plans give China stronger grip on global EV battery industry

• Europe had plans to develop an EV battery industry to end its dependence on China for the EV transition, but this is proving to be unsuccessful.
• 11 of the 16 European-led battery projects have been delayed or cancelled according to Bloomberg News analysis.
• The issues have only been made more evident following Northvolt’s Chapter 11 bankruptcy.
• On the other hand, 10 of the 13 projects from Asian manufacturers are on track to be completed on schedule.
• The expertise provided by Asian manufacturers, including China’s CATL and South Korea’s Samsung SDI, has driven European automakers to seek them out for the development of new projects.
• China’s early and rapid transition to EVs has led them to the forefront of global battery technology.
• CATL has over 21,000 R&D engineers, about four times the entire workforce of Northvolt.
• Stellantis have just announced a €4.1bn joint venture with CATL to develop and manufacture LFP batteries at its facility in Zaragoza, Spain.
• Renault has also approached China’s Envision Group to make batteries for its mass-market models.
• A European supply chain would always struggle to challenge China’s global dominance – China supplies about 80% of the world’s lithium-ion batteries and is home to six of the world’s 10 largest EV battery makers.

121 Mining Investment Conference – Investment Leaders – Alternative Finance Panel

• https://www.theassay.com/videos/panels-presentations/investment-leaders-panel-alternative-financing-strategies-whats-best-for-the-junior-market-at-this-moment/

Economics

US – Inflation numbers are due later this afternoon with estimates for little change in the core measure and a slight pickup in headline CPI.

• Markets are pricing in a 86% chance of a rate cut later this month.
• CPI (%mom, Nov/Oct/Est): NA/0.2/0.3
• CPI (%yoy, Nov/Oct/Est): NA/2.6/2.7
• Core CPI (%mom, Nov/Oct/Est): NA/0.3/0.3
• Core CPI (%yoy, Nov/Oct/Est): NA /3.3/3.3

China – Yuan falls 0.5% at one point on a report that authorities are considering currency depreciation ahead of higher tariffs from the US.

• The government is looking at abandoning the current stable currency policy allowing the currency to trade more freely.

China treads carefully as it prepares for higher tariffs into the US

• President Xi is preparing the ground for negotiations with the US on tariffs.
• Recent tightening of the embargo on certain semiconductors from the US indicates the Democrats are preparing the ground for Trump Mk 2
• All manufacturers know that the diversification of suppliers is important but even the best struggle when their suppliers all use components exclusively made in China.
• While sourcing components from local sources is sensible it is almost always more expensive and sacrifices margins at the expense of security.
• But sourcing outside China also diversifies supply chain risk which became a major issue during Covid and will likely become a major risk in the next major pandemic.

New 31km crossing over the Pearl River Delta connecting Greater Bay Area opens

• The new 19 mile Huangmaohai Cross-sea Passage crossing is the Pearl River Delta’s third major cross-sea connector
• The bridge will slash travel times when it opens today adding to regional economic integration
• The crossing connects the city of Zhuhai to cities west of the Huangmao River.
• Construction started in June 2020 costing US$1.8bn. When was the last time anyone built a bridge of this scale in the West?

HK – IPO 920x oversubscribed as Mao Geping (1318.HK) jumps 85% on its debut in HK raising $300m

• The Chinese cosmetics company recorded a super strong performance in HK yesterday.
• Founder Mao Geping, a professional make-up artist, and his wife made around $1.4bn in the IPO.
• The premium beauty market is valued at around $27 billion according to Mao Geping prospectus.

Russia – Oil prices climbed on a Bloomberg report that the Biden administration is considering new sanctions on Russia’ oil trade.

• Details are still being worked out.
• The step is reported to have been previously considered but the administration was hesitant to enact over concerns for potentially higher energy prices in the run up to last month’s presidential elections.
• With prices pulling back amid concerns over growth outlook and that Trump may seek to force Ukraine into a quick deal with Russia, the administration is now open to more aggressive stance.

Syria – Assad said to have transferred US$135bn to Russia

• Turkish news reports quoting a former Assad intelligence officer suggest Bashar al-Assad transferred US$135bn to Russia before his regime collapsed.
• The officer also described a conflict between pro-Russian and pro-Iranian units in Assad’s military.
• Reports suggest some Russian forces may be under siege by Syrian rebel forces as Russia scrambles to evacuate its forces and equipment.

Iran blames the fall of Assad on the US and Israel

• The Syrian army abandoned their uniforms and laid down their weapons as fast as they could once the regime fell.
• While it has taken many years of grinding conflict within the Syrian civil war to break the regime the collapse shows the people can overcome the brutality of their oppressors
• Not much lies between Syria and Iran where the Ayatollahs have also used much brutality to maintain their leadership.

Turkish backed militia attack Kurds in Syria

• Israel continues to strike weapons and munitions depots across the country
• The US continues to target ISIS
• Turkey is attacking Kurds
• Will HTS remain the dominant political and military force?
• What happens to Iraq?
• Will Hezbollah completely collapse now its supply routes have been severed.
• Will Lebanon be restored to the vibrant multicultural and economic community it once was?

Zambia – Protests in Mozambique disrupt power supplies into Zambia

• Gas-fired power supplies are reported to have been cut around 250MW by a third into Maputo
• 300MW of power into Zambia have been halted.
• Excessive water drawdown combined with recent drought conditions have also reduced hydropower generation from the Kariba dam.
• Zimbabwe which also produces hydropower from Kariba stands accused of drawing excessive amounts of water from the lake.
• Water levels at Kariba are so low that only one of Zambia’s six turbines was in operation reducing power output to <10% of normal levels.
• Zambia relies on Kariba hydropower for >80% of its national electrical power.
• Court rules ex-President Edgar Lungu can not seek re-election

Mozambique – South 32 likely suspend operations at Mozal following post-election protests

• Recent protests resulted in 110 dead since 21 October with many more injured as police battle opposition protestors intent on disrupting infrastructure.
• 274 people have been shot during demonstrations with another 3,450 detained (https://clubofmozambique.com/).

Currencies

US$1.0501/eur vs 1.0547/eur previous. Yen 151.67/$ vs 151.58/$. SAr 17.854/$ vs 17.835/$. $1.274/gbp vs $1.275/gbp. 0.636/aud vs 0.639/aud. CNY 7.264/$ vs 7.249/$.

Dollar Index 106.61 vs 106.32 previous

Precious metals:         

Gold US$2,692/oz vs US$2,662/oz previous

Gold ETFs 83.0moz vs 82.9moz previous

Platinum US$936/oz vs US$934/oz previous

Palladium US$967/oz vs US$972/oz previous

Silver US$31.7/oz vs US$31.7/oz previous

Rhodium US$4,575/oz vs US$4,575/oz previous

Base metals:   

Copper US$9,191/t vs US$9,175/t previous

Aluminium US$2,594/t vs US$2,578/t previous

Nickel US$15,825/t vs US$15,840/t previous

Zinc US$3,119/t vs US$3,117/t previous

Lead US$2,063/t vs US$2,063/t previous

Tin US$29,795/t vs US$29,730/t previous

Energy:           

Oil US$72.4/bbl vs US$72.0/bbl previous

• Crude oil prices moved higher following Israeli military attacks in Syria that raised Middle East geopolitical tensions and despite the API estimating a 0.5mb w/w build (-1.3mb draw exp) to US crude inventories.
• The EIA’s monthly short-term energy outlook report expects oil demand growth of 0.9mb/d in 2024 and expects 2025 growth of 1.3mb/d to be balanced by supply growth of 1.6mb/d, 90% coming from non-OPEC+ sources.
• The UK awarded the first ever carbon storage permit to the Endurance, the $4bn Track 1 East Coast Cluster Teesside project operated by a JV between bp, Equinor and TotalEnergies, which allows for first injection by 2027 at a permitted injection rate of 4mtpa of CO2 that could store up to 100mt CO2 over its 25-year duration.
• INEOS with its partners Harbour Energy and Nordsøfonden, has taken a Final Investment Decision (FID) on the first commercial phase of Project Greensand, with CO2 to be captured and liquified at Danish biomethane production plants for injection into the Nini West field in the Danish North Sea commencing by early 2026.
• Ørsted announced the sale to Cathay Life Insurance of a 50% stake in the 583MW Greater Changhua 4 Offshore Wind Farm development, which is covered by a 20-year fixed-price power purchase agreement with the TSMC. Cathay will fund 50% (DKK11.6bn) of the EPC contract for the wind farm over 2024 and 2025.

Natural Gas €45.2/MWh vs €44.7/MWh previous

Uranium Futures $76.5/lb vs $76.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$105.4/t vs US$106.0/t

Chinese steel rebar 25mm US$488.1/t vs US$489.2/t

HCC FOB Australia US$205.0/t vs US$205.0/t

Thermal coal swap Australia FOB US$133.0/t vs US$133.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$56,509/t vs US$56,838/t

Lithium carbonate 99% (China) US$10,049/t vs US$10,071/t

China Spodumene Li2O 6%min CIF US$790/t vs US$790/t

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

China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu

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

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$5.0/lb

Europe Ferro-Vanadium 80% US$26.3/kg vs US$26.3/kg

China Ilmenite Concentrate TiO2 US$299/t vs US$300/t

China Rutile Concentrate 95% TiO2 US$1,108/t vs US$1,124/t

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

Brazil Potash CFR Granular Spot US$290.0/t vs US$290.0/t

Germanium China 99.99% US$2,775.0/kg vs US$2,825.0/kg

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Battery News

Tesla to launch affordable sub-$30,000 model in 2025

• According to Deutsche Bank, Tesla will launch a sub-$30,000 vehicle, dubbed ‘Model Q’, in 2025.
• “The new Tesla model should launch in 1H25 and will be priced <$30k including subsidies (i.e., $37,499 if US EV tax credit goes away),” the Deutsche Bank report said.
• Tesla has yet to comment on the report, but Deutsche Bank cites Travis Axelrod, Tesla’s head of IR, as the source of the information.
• Instead of an all-new platform, Musk has repeatedly suggested that the company can cut costs out of existing products to introduce a new affordable model.

Fewer than 1% of EV drivers return to ICE vehicles

• According to data from the Global EV Alliance, fewer than 1% of EV drivers return to petrol or diesel vehicles after purchasing an EV.
• According to the survey, 92% plan to buy another EV, while only 1% said they would return to a petrol or diesel car. Another 4% of those surveyed said they would choose a plug-in hybrid (PHEV).
• The survey collected data from 23,000 EV drivers from 18 countries.

Tesla sales in China carry strong growth from November into December

• Tesla China had year high sales of 73,000 vehicles in November.
• Sales have remained strong with 21,900 vehicles being sold in the first week of December.
• This figure represents Tesla China’s best weekly sales in 2024.

Company News

Apollo Minerals (AON AU) A$0.015, Mkt Cap A$9.7m – Initial exploration success from Salanie, Gabon

• In an announcement to the ASX today Apollo Minerals reports drilling results from its Salanie gold project in Gabon.
• The project is around 16km from “the major town of Lambarene” close to a sealed road and around “3.5hours by road from the capital city of Libreville”.
• Commenting that its A1 prospect at Salanie “has seen no exploration or modern drilling in 70 years”, today’s announcement reports “shallow, high grade gold” intersections including:
  • An interval of 11.67m at an average grade of 4.31g/t gold from a depth of 9.62m in hole SLDD-004 including a higher grade zone averaging 8.24g/t gold over 5.84m from 15.45m depth
• The company explains that the mineralisation is hosted in “fresh rock within a 12m zone of quartz veining” and that it “aligns with and extends trends observed in trench SATR-001, which returned 10.3m @ 3.4g/t Au and 1.4m @ 15.7g/t Au”.
• Apollo Minerals confirms that “Visible gold was identified at 18.94m, 19.04m and 19.35m downhole … [in what is described as] … believed to be the same structure that hosts the visible gold recently located in a separate drill pad in the north of the SATR001 trench”’
• The announcement also describes the “Potential for a broader mineralised area indicated from anomalous gold up to 0.4g/tAu from surface to start of mineralisation at 9.6m”.
• Further drilling early in 2025 “will focus on untested targets at four key prospects (A1, A2, A3 and P6) in addition to extensions to the current A1 mineralisation”.

Conclusion: Visible gold located in a trench and in shallow drilling provides early exploration encouragement at a prospect in Gabon which has seen minimal modern exploration.  We await the results of additional drilling planned for early 2025 with interest.

ECR Minerals (ECR LN) 0.31, Mkt Cap £6.8m – Latest drilling results from the Tambo project, Victoria

• ECR Minerals reports further results from its diamond-drilling campaign at the Tambo gold project in eastern Victoria.
• Results from holes DOCD-003 and DOCD-004, which “successfully … [intersected the] … Main Lode at a depth of 62.3 metres” at the Duke of Cornwall prospect include

• • A 0.15m wide intersection of the Footwall Vein averaging 1.42g/t gold from 22.15m depth in hole DOCD-004; and
  • Another 0.15m intersection of the Main Lode at a grade of 10.6g/t golf from 62.3m depth, also in hole DOCD-004; and
  • A 0.35m wide intersection of the Hanging Wall Vein at a grade of 1.47g/t gold from 78.8m depth, also in hole DOCD-004

• Chief Geologist, Adam Jones, commented that “While DOCD003 provides valuable geological insights into the location of the shear zone, DOCD004 has confirmed gold continuity within the Main Lode and highlights the potential for additional undiscovered veins within the system”.
• He said that he was “encouraged by how the best findings from DOCD002 and DOCD004 match up with historical records and the Board is optimistic about the potential for high-grade gold mineralisation as we continue to explore the strike and depth of the system”.
• Results are awaited from hole DOCD-005 “which was designed to test for mineralisation under the extreme northern strike of the system and also for drill hole DOCD001 are … expected by the end of 2024”.
• The announcement confirms that “Geological logging of DOCD005 thus far has identified two distinct quartz veins, aligning with historical reports of similar lodes … [and that results from this hole are expected to] … provide further insight into the mineralisation potential at the northern end of the Duke of Cornwall system.”

Conclusion: Drilling results from Tambo are consistent with historical data from the former Duke of Cornwall mine and confirm gold grades across relatively narrow intervals. We await further results from the programme, expected by the end of 2024, with interest.

Endeavour Mining (EDV LN) 1,529p, Mkt Cap £3.6bn – Assafou PFS

• Endeavour reports PFS results for the Assafou Project in Cote d’Ivoire.
• The mine is expected to produce 329kozpa over the first 10 years of production, with a 15 year LOM and reserves of 4.1moz, with LOM production guided to 265kozpa.
• NPV5 of US$1,526m and IRR of 28% using a $2,000/oz gold price.
• CAPEX of $734m for a 5Mtpa plant, AISC of $936/oz over LOM.
• Average grade processed of 1.76g/t Au, average recoveries of 94%.
• Company estimates NPV5 of $2,485m post-tax at $2,500/oz gold prices.

Eurasia Mining* (EUA LN) 2.0p, Mkt Cap £56m – Sanderson loan drawdown

• The Company draws a further £150k from Sanderson to cover working capital needs.
• The drawdown relates to a trade finance loan facility for a total of £2.5m agreed with Sanderson in September.
• Regarding the agreement, the Company also reports it issued shares to Sanderson to cover fees relating to the loan including:
  • 14.0m shares relating to a 12.5% on total amount of the facility using a 2.3p share price;
  • 0.5m new shares representing a 5% fee on the first drawdown of £250k using a 2.5p price;
  • 0.3m new shares representing a 5% fee on the second drawdown of £150k using 2.5p price.
• Additionally, 54.3m warrants with an exercise price of 4.0p and expiration on 10 December 2026 were issued to Sanderson.

*SP Angel act as Nomad and Broker to Eurasia Mining

Great Southern Copper (GSCU LN) 1.48p, Mkt Cap £7.7m – Approval to drill at Cerro Negro

• Great Southern Copper reports that it has received the necessary approvals to drill at its Cerro Negro copper/gold/silver target within its Especularita project located 170km from the port city of Coquimbo, and 130km from Antofagasta Minerals’ copper concentrate port at Los Villos in Chile.
• Drilling is expected to start within two weeks and will initially concentrate on the historic Mostaza mine area where “historical drill holes … including 25 diamond holes (1,025m) plus channel sampling of mine adits were used to report a non-JORC mineral resource estimate of 190,600t of measured and indicated sulphide ore with grades of 1.2% Cu, 80 g/t Ag, and 0.45 g/t Au, plus an additional 63,000t of inferred sulphide resource at depth”.
• The company explains that its review of historical information shows that “Cu-Ag mineralisation at Mostaza is open in all directions defining an initial drill target to expand the known orebody along strike and to depth … [and that] … recent geological mapping and sampling by GSC confirms that the Mostaza mineralisation extends up to 1.5km along trend to the south … [while to the east] … mapping indicates potential for a larger mineralised system up to 400m in width”.
• CEO, Sam Garrett, said that following drilling at Mostaza, the plans to extend its drilling “along trend to the south where our recent exploration results have confirmed evidence of similar mineralisation at surface”.
• Today’s announcement also confirms that “Scout RC drilling is continuing at the Company’s Viuda prospect targeting porphyry type mineralisation”.  This 16km² Viuda prospect also forms part of Great Southern Copper’s Especularita project area and the initial holes of the programme show alteration patterns and host rocks “suggestive of a large-scale porphyry type alteration system”.
• Mr. Garrett said that the planned drilling at Cerro Negro will build “on the momentum of the recently initiated scout RC drilling at the Viuda prospect”.

Conclusion: Following receipt of the necessary permits, Great Southern Copper plans to start drilling at Cerro Negro within two weeks while drilling is also continuing at Viuda.

Guardian Metal Resources (GMET LN) 30p, Mkt Cap £36m – Water rights secured at Pilot Mountain

Power Metals Resources* (POW LN) – (Power Metals* holds a 45% stake in Guardian Metal Resources)

• Guardian Metal Resources reports that it has secured water rights within 3km of its projected plant site at its Pilot Mountain tungsten project in Nevada which is understood to be the United States’ largest tungsten project.
• The US$550,000 purchase of water permit 87850, “represents a significant development and derisking milestone for the Project as the use of water is essential for supporting mine development and ongoing operations as the Project progresses”.
• CEO, Oliver Friesen explained that “Water rights are a crucial requirement for mine development and ongoing operations. When the opportunity arose to purchase the water rights within the basin directly adjacent to Pilot Mountain we jumped at the opportunity as this represents a significant derisking step for our flagship asset”.
• Mr. Friesen said that “With these rights now in hand, we push forward with further confidence towards our goal of being the only domestic U.S. miner of the critical defence metal, tungsten”.

Conclusion: Securing water rights close to Pilot Mountain is an important step to de-risk future development at the Pilot Mountain tungsten project.

Power Metal Resources* (POW LN) 14p, Mkt cap £16m – Acquisition of additional uranium claims in Canada and update on Red Rock

• POW’s Uranium JV, Fermi has acquired additional claims in Saskatchewan, Canada, through mineral claim staking.
• The Pardo Property, covering 9,593Ha, was acquired for C$6k via staking, with a two-year term of no minimum spend requirement.
• The Property borders Canadian explorers and developers such as Fission Uranium, Skyharbour Resources and ALX Resources.
• Baselode Energy’s ACKIO deposit lies 28km NW, with the Falcon Point deposit lying 44km SW.
• The Group have generated five targets, which have shown geophysical and geochemical prospectivity.
• The Property benefits from extensive geophysical work, with the data now in Fermi’s hands, enabling fast-tracking of ground testing key target areas.
• The region is of note as it ‘straddles the structural contact between the Wollaston and Peter Lake geological domains.’
• North-south faulting is considered prospective for the enrichment of uranium, however the property remains underexplored.
• Red Rock Agreement
  • POW is working to dispose its 49.9% interest in New Ballarat Gold, which holds exploration properties in Victoria and South Australia.
  • The Company has amended terms with Red Rock Resources, with RRR now paying £200k of the £250k due, with the remainder now rescheduled to 20^th Jan 2025.
  • The £250k convertible loan notes expiring on 19^th December will be repaid in cash on 19^th March 2025.
  • 166,666,667 RRR warrants issued to POW will be repriced at 0.041p.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Rockfire Resources (ROCK LN) 0.17p, Mkt Cap £5.7m – £1.02m raised to progress the Molaoi project in Greece

• Rockfire Resources reports that it has raised a total (gross) of £1.02m by placing an additional 550m shares and an oversubscribed retail offer of a further 300m shares.
• The company confirms that the “Retail Offer was five times oversubscribed”.
• The additional 850m shares, which we estimate represents ~21.6% of the enlarged capital, were placed at 0.12p/share.
• The proceeds “in conjunction with Rockfire’s existing available cash … [will be used] … to continue development of the Company’s Molaoi zinc/silver/lead/germanium project in Greece”.
• In September, Rockfire Resources raised ~£0.53m, representing approximately 17% of the enlarged company, at a price of 0.1p/share for the continuing work at the Molaoi zinc project in Greece

Vulcan Energy (VUL AU) A$6.6, Mkt Cap $A1.3bn – Up to ~€120m equity raise

• The Company looking to raise €100m in new equity at A$5.85/share.
• €74m of the planned raise is fully underwritten with a further €26m secured from a strategic investor.
• Additionally, the Company is launching a rights issue for a further €12.2m to existing shareholders that is expected to close 20 January.
• The placing price represents a 12% discount to the last traded price.
• The announcement follows a conditional approval for a €120m in debt funding secured from Export Finance Australia yesterday with final commitment subject to due diligence and legal documentation.
• Proceeds of the fundraise together with available €20m in cash will be used to start project execution of the Phase One Lionheart Project including commencement of the field development plan, EPC contracts and other critical path execution items.
• Funds will also provide enough working capital to finalise its equity and debt project funding.
• The team continues discussions with lenders and government agencies regarding debt project financing as well as strategic investors and partners for the equity component.
• The Company estimates total funding requirement for Phase 1 (24ktpa LHM) amounting to €2.2bn including €1.4bn in project capex and the balance in funding costs, debt service reserve account, contingencies and owners’ costs.
• Debt component is expected to account for €1.5-1.6bn with the balance of €625-725m coming in the form of equity including potential asset level investments.
• The Company also released an updated economic study termed End of Validation (EOV) representing slight adjustments to the Bridging Study (BES, 2023).
• EOV guides for 24ktpa LHM project running at €4,030/LHM C1 cost.
• NPV8 and IRR (unlevered and post tax) estimated at €2,173m and 17.8% using €22,355/LHM price assumption for first 10y of operation.

LSE Group Starmine awards for Q3 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Previous Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 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                                                            

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.

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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