SP Angel Morning View -Today’s Market View, Wednesday 11th June 2025

Gold edges higher as focus shifts to CPI data for further Fed rate cut clues

MiFID II exempt information – see disclaimer below

Atlantic Lithium* (ALL LN) – Consolidation of day-to-day management under ceo streamlines group

Capital Metals (CMET LN) – Potential for MRE upgrades following deeper drilling

Celsius Resources (CLA LN) – Drilling programme for the MCB project, Philippines

Elemental Altus (ELE CN) – Crypto group Tether acquires majority stake from La Mancha and AlphaStream

Pan African Resources (PAF LN) – ~6% FY25 increase in gold output after record H2 performance

Perseus Mining (PRU AU) – Production guidance to 2030

Pilbara Minerals (PLS AU) – MRE update delivers a 23% growth in contained lithium

Power Metal Resources* (POW LN) – Permits open door to imminent drilling at uranium property

Premier African Minerals (PREM LN) – £1.56m fundraising

Gold ($3,339/oz) edges higher as focus shifts to CPI data for further Fed rate cut clues

• Gold prices have held fairly steady, ticking around the $3,330-3,350/oz.
• The metal is being supported by a weaker dollar, with the index down 10% since Trump’s inauguration.
• Stronger-than-expected NFP labour data last Friday pushed real rates higher, limiting ETF inflows into gold.
• China has also seemingly taken a break from adding to gold from a retail perspective, with platinum getting all the love.
• Platinum prices are up 3.7% this morning to $1,260/oz, having climbed $350/oz since April.

Lithium – Australian lithium producers bounce from lows as Zimbabwe rumoured to ban concentrate exports

• Liontown, Pilbara, MinRes have all climbed overnight, with the former up 8%.
• The move comes amid Bloomberg reports that Zimbabwe is set to ban lithium concentrate exports in 2027.
• Reports suggest that Sinomine’s Bikita and producer Arcadia are building facilities to convert ores to sulphate.
• DSO exports were banned in 2024.
• Zimbabwe accounted for 14% of China’s lithium imports last year.
• Sulphate produced in Zimbabwe would supposedly then be shipped to China for processing into battery-grade.

Currencies

US$1.1413/eur vs 1.1391/eur previous. Yen 145.16/$ vs 144.80/$. SAr 17.695/$ vs 17.784/$. $1.347/gbp vs $1.347/gbp. 0.651/aud vs 0.650/aud. CNY 7.187/$ vs 7.191/$

Dollar Index 99.12 vs 99.12

Economics

US – Equity futures are muted this morning ahead of May inflation data with estimates for a slight pick up in both headline and core measures.

• CPI expected to come in at 0.2%mom/2.4%yoy, up on 0.2%mom/2.3%yoy in April.
• Core CPI is forecast at 0.3%mom/2.9%yoy, up on 0.2%mom/2.8%yoy.

US and China agree a framework to restore trade relations following two days of negotiations in London.

• No details were provided.
• Two nations agreed to cut tariffs by 115% earlier in May (from 145% to 30% for the US, from 125% to 10% for China) and a 90-day pause to resolve the trade war.
• Tensions have been rising lately as both sides accused each other of reneging on agreed terms.
• Shanghai and Hong Kong stock indices closed higher today both up ~0.8%.

China – Bloomberg high frequency measures showed the economy got a small boost form consumption subsidies but little significant recovery from trade-war relief.

• The gauge tracking such measures as home sales, car sales and home appliance sales, trading data etc showed economic activity remain in contraction.
• The pace of contraction was at -0.1 in May , up from -0.6 mid-May and -1.5 at the end of April.
• Improvements in sales of home appliances and autos are attributed to state subsidies directed to support consumption.
• Excluding those components, the demand indicators were almost unchanged.
• New property sales remained weak with the four week average down 5.4%yoy in May and >50% off the same period in 2019

UK – Yield on 10-year UK gilts rises to 4.65% (now 4.61%) vs peak of 4.42% during the Liz Truss debacle

• The current yield on 30-year gilts is at 5.32% vs Liz Truss peak of 5.12%
• The UK government now paying more to borrow and has been paying more for some time, than during the Liz Truss government
• Governments are now paying significantly higher rates than expected to renew borrowing.

Precious metals:         

Gold US$3,340/oz vs US$3,325/oz previous

Gold ETFs 88.5moz vs 88.4moz previous

Platinum US$1,262/oz vs US$1,214/oz previous

Palladium US$1,080/oz vs US$1,066/oz previous

Silver US$36.5/oz vs US$36.4/oz previous

Rhodium US$5,650/oz vs US$5,850/oz previous

Base metals:   

Copper US$9,751/t vs US$9,748/t previous

Aluminium US$2,526/t vs US$2,479/t previous

Nickel US$15,385/t vs US$15,395/t previous

Zinc US$2,683/t vs US$2,643/t previous

Lead US$1,984/t vs US$1,990/t previous

Tin US$32,730/t vs US$32,580/t previous

Energy:

Oil US$66.9/bbl vs US$67.2/bbl previous

• Crude oil prices edged lower as the API estimated an unexpected 0.4mb/d w/w draw (+0.7mb/d build exp) to US crude, which was more than offset by builds of 3.0mb to gasoline and 3.7mb to distillate stocks.
• The EIA’s June STEO report forecasts global oil demand growth of 0.8mb/d to 103.5mb/d (-0.2mb/d m/m) in 2025, with US domestic oil output falling marginally to 13.37mb/d (-0.12mb/d m/m) in 2026 driven by fewer rigs.
• European energy prices were stable as France’s nuclear generation was flat w/w at 66% of the country’s 61.4GW maximum capacity.

Natural Gas €35.2/MWh vs €35.2/MWh previous

Uranium Futures $70.1/lb vs $70.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.9/t vs US$95.2/t

Chinese steel rebar 25mm US$464.3/t vs US$464.5/t

HCC FOB Australia US$181.0/t vs US$181.3/t

Thermal coal swap Australia FOB US$106.3/t vs US$108.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$62,338/t vs US$62,298/t

Lithium carbonate 99% (China) US$8,488/t vs US$8,483/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$413/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$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$361/t vs US$361/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/t vs US$1,465/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$2,845.0/kg vs US$2,845.0/kg

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

Battery News

China NEV sales hit year-to-date high in May as exports set new record

• China’s May NEV sales reached 1,307,000 units, up 36.9% yoy and up 6.61% from April according to data released today by the China Association of Automobile Manufacturers (CAAM).
• The NEV sales figures released by CAAM represent wholesale sales by automakers, including sales within China and exports to overseas markets.
• Domestic NEV sales grew 27.9% yoyr to 1,095,000 units, contributing to a 48.7% NEV penetration rate in the total vehicle market.
• Battery electric vehicle (BEV) sales increased by 43.1% yoy to 834,000 units, while plug-in hybrid electric vehicle (PHEV) sales rose by 27.3% to 473,000 units.

CATL launches new battery for energy storage

• CATL has launched a new high-capacity energy storage battery cell with 587Ah capacity, which has gone into mass production following three years of developement.
• The new battery cell sees a 10% increase in energy density from its predecessor.
• The efficiency of the new cells increases the energy density of systems using the cells by up to 25%.
• The cells use LFP chemistry which enables a higher energy density, and ensures a reduced risk of thermal runaway compared to traditional NMC chemistries

Company News

Atlantic Lithium* (ALL LN) 6.19p, Mkt Cap £42m – Consolidation of day-to-day management under ceo streamlines group

1. Atlantic Lithium streamlines management in cost cutting initiative.
2. Keith Muller, CEO, will take over day-to-day management, will lead all operational and strategic activities.
3. Mr Muller’s salary is reduced by 10% to A$427,500 (£206,521) from 1 July 2025 for 12 months.
4. Neil Herbert is to step down as executive chairman as planned into a non-executive chairman on role on 1 July 2025 with the flowing reduction in pay and rations:

1. • “A$125,000 (£60,000) of Mr Herbert’s annual total fixed remuneration of A$735,000 (£355,000) will be paid in cash.
   • The remaining A$610,000 (£295,000) will accrue as Deferred Fees, which will not be payable unless a change in control of the Company occurs before 31 December 2026.
   • Mr. Herbert will no longer be eligible for a target annual performance bonus of 50% of annual total fixed remuneration.
   • Mr Herbert may terminate the employment contract by providing 20 business days’ notice. A termination benefit of A$125,000 is payable on a substantial diminution of Mr Herbert’s role, in the event that he is not re-elected to his position or if his role is not extended by the Company after the period of 1 year.”

1. Atlantic reported cash of A$7m (£3.4m) in their interim results in March.

Conclusion:  Today’s restructuring streamlines the business as it progresses towards the financing and development of the Ewoyaa hard rock lithium project in Ghana.

The retention of Neil Herbert will provide for continuity with government relations as the team negotiate with the new government for ratification of the awarded mining license.

*SP Angel acts as Nomad and Broker to Atlantic Lithium

Capital Metals (CMET LN) 3.3p, Mkt Cap £12m – Potential for MRE upgrades following deeper drilling

1. Capital Metals reports the completion of its 1,501m Phase 1 reverse circulation drilling programme (170 holes) at its Taprobane mineral project in Sri Lanka.
2. The drilling, on a 400x40m grid pattern over “the proposed initial mining area … [showed] … Indications of high-grade mineralisation at depth and outside the Mineral Resource where drilling extended down to 15m with an average depth of around 10m”.
3. The company explains that “previous hand auger drilling used to define the … [17.2mt] … Mineral Resource, calculated on a total 2,621m of drilling, only went to an average of 1.6m depth”.
4. Today’s announcement describes ‘indications of exceptional’ high grades of up to over 60% at depth from initial panning but advises that these are “subject to laboratory assay” for confirmation.
5. We note that even though drilling has penetrated deeper than the previous hand auger methods, the average depth of the 170 holes drilled in Phase 1 is still <10m.  The use of RC drilling, particularly if it penetrates below the water table in an unconsolidated mineral deposit, will require rigorous sample recovery protocols to ensure representative sampling.
6. Commenting on the mineral resource implications of the new drilling, the announcement says that “Additional mineralisation inland in the area drilled to date is approximately double the width of the existing Mineral Resource”.
7. Capital Metals also explains that as well as “the anticipated resource increase from the new discovery at depth, the Company is confident it will be able to reduce the cut-off grade of the Mineral Resource from 5% to 2% upon optimisation, which will significantly increase the size of the resource with a slight reduction in grade”.
8. While cautioning that the “results are only estimates at this stage … [Executive Chairman, Greg Martyr, said that] … extensive new mineralisation discovery is evident”.
9. He said that “his confirms our exploration model and validates our expectation of a substantial resource increase. There is, however, a lot more drilling to be completed before we know how consistent this expansion is over the whole Project”.
10. He confirmed that the company is in discussion “with the Geological Survey and Mines Bureau regarding the phased implementation of the global practice of mining below the water table to access the deeper resources”.
11. The announcement confirms the imminent start of a Phase 2 drilling campaign “to include completion of 400m north by 40m east spaced extensional drilling programme for the balance of the … tenement in a southerly direction from the Phase 1 drilling … followed up by infill drilling, based on results from Phases 1 and 2, for the proposed Initial Mining Area at a 100m north by 20m east drill pattern to provide greater definition of host material characteristics and mineral grade”.

Conclusion: Recent, deeper drilling at the Taprobane mineral sands project in Sri Lanka, in conjunction with scope for cut-off grade reductions, indicates mineral expansion potential

Celsius Resources (CLA LN) 0.33p, Mkt Cap £10.2m – Drilling programme for the MCB project, Philippines

• Celsius Resources reports that it will start a programme of geotechnical and hydrogeological drilling at its Maalinao-Caigutan-Biyog (MCB)Copper-Gold Project located on Luzon approximately 320km north of Manila later this month.
• The 2,300m campaign “is designed to generate detailed subsurface models and data to further optimise the underground mine plan, process plant layout, and surface infrastructure design”.

• • The geotechnical drilling, which will include “the modification of a pre-planned high-grade resource definition borehole (MCB-038) … [will] … target data gaps in underground mine infrastructure and major fault structures”.
  • It will also investigate “surface infrastructure sites-including the processing plant area, camp facilities, access roads and underground portal to characterise subsurface conditions”.
  • Hydrogeological drilling aims to test hydrological continuity “between the Pasil River Fault and the proposed underground mine, addressing uncertainties around the weathering profile below the Pasil River and confirming the presence of mapped faults”.

• Information gained from the drilling, which is estimated to cost ~A$925k, “will directly inform the updating of the Feasibility Study and the Front-End Engineering and Design (FEED) phase” of the project development.
• Director, Peter Hume explained that the drilling campaign aims to “gather critical data needed to develop construction-ready plans for both the surface infrastructure and underground mine”.
• He said that the selected drilling contractor, DrillCorp Mining Resources and Construction, “has been a trusted drilling partner … throughout the exploration phases from 2006 to 2013 and again in 2022. We are pleased to continue this collaboration, as they have consistently demonstrated precision, reliability, and a strong commitment to safety and operational efficiency”.
• The MCB project hosts a December 2022 “JORC compliant Mineral Resource Estimate … [of] … 338 million tonnes @ 0.47% copper and 0.12 g/t gold” with a planned mine life of 25 years treating 2.25mtpa of ore. to produce an average of around 16,000tpa of copper and 19,000oz pa of gold.
• A 2021 study on the project described an initial investment of US$253m delivering a post-tax NPV_8% of US$464m and an IRR of 31%. The study was based on assumed copper price of US$4:00/lb (~US$8,800/t – currently ~US$9,490/t) and a gold price of US$1,695/oz (currently ~US$3,200/oz).

Conclusion: Moving into geotechnical and hydrogeological drilling is an important step in the development of the MCB project providing design data to the updated feasibility study and front-end engineering design phases of the project.

Elemental Altus (ELE CN) C$1.56, Mkt cap C$383m – Crypto group Tether acquires majority stake from La Mancha and AlphaStream

• Last night Tether Investments reported the acquisition of La Mancha’s stake in Elemental Altus.
• La Mancha sold 78,421,780, or 32% of the outstanding shares.
• Additionally, Tether acquired Alpha 1’s stake in Elemental Altus, boosting their position to 47.7% of the Company. Alpha 1 is an affiliate of Abu Dhabi-backed AlphaStream, a separate royalty company.
• Tether paid an average price of C$1.55/share for La Mancha’s stake, or C$122m.
• Elemental Altus holds the following main producing royalties:

• • Caserones

• • • 0.473% NSR on Lundin Mining’s Chile operation producing copper and molybdenum
    • 16 year LOM, 2.6mt Cu in reserves, throughput at 100ktpd.

• • Karlawinda

• • • 2% NSR on Capricorn Metals’ gold project holding 1.5moz at 0.8g/t reserves producing c.110-125kozpa.

• • Bonikro

• • • 4.5% NSR on Allied’s Cote D’Ivoire operation capped at 560koz
    • Reserves of 571koz at 1.3g/t Au with six year LOM

• • Sadiola

• • • 3% NSR on Allied’s Malian operation with 280koz reserves, three year LOM.

• • Wahgnion

• • • 1% NSR on a private operator’s Burkinan operation with reserves at 715koz at 1.6g/t Au.

• Elemental also holds royalties over development projects including:

• • 2.25% NSR on Firefly’s Pickle Crow project in Canada with inferred resource of 2.8moz at 7.2g/t Au.
  • 2% GRR over Laverton, recently acquired by Genesis with M&I resource of 817koz at 1.7g/t.
  • 0.68% NSR on Arizona Sonoran’s Cactus with M&I resource of 3.3mt Cu at 0.58%.

• Elemental reported NAV breakdown (Company estimates) at:

• • 84% Au, 16% Cu
  • 68% producing assets, 32% Development, predominantly from Karlawinda and Caserones.
  • 32% Australia, 20% Chile, 15% Canada, 9% US, 13% CDI, 3% Burkina and 3% Mali.

• Tether Investments is an affiliate of the crypto group Tether.
• The Tether Investments CEO stated that ‘the investment reflects our long-term confidence in the fundamentals of gold and its critical role in financial markets.’
• He added that Elemental provides ‘diversified exposure to gold production around the world, aligning strategically with our vision for Tether Gold and future commodity-backed digital asset infrastructure.’
• Elemental Altus had been aiming to increase their streaming exposure.

Conclusion: The entry of major digital asset group into a royalty company should be considered very positive for the wider mining sector in our view. Tether is looking to increase their exposure to gold and a royalty/streaming group with low operational risk is a logical first step. Elemental has a promising pipeline of undeveloped assets in their portfolio, and we suspect Tether will be a supportive shareholder as they look to grow their asset base, likely moving further into the streaming space.

Pan African Resources (PAF LN) 47.6p, Mkt Cap £964m – ~6% FY25 increase in gold output after record H2 performance

• After announcing a fatality which sadly occurred on 6th June at its Sheba mine at Barberton, Pan African reports record six-month gold production in the FY 25 H2 of “approximately 112,000oz, representing an increase of approximately 32% when compared to FY25H1 (84,705oz)”.
• The company attributes the production increase to a successful ramp-up of production at the Mogale tailings retreatment (MTR) operation in conjunction with improvements to both grades and tonnages at the Evander sub-vertical shaft and “Much improved production from all of the Barberton underground operations” underpinned by stable production “at Elikhulu and Barberton Tailings Retreatment Plant”.
• The record projected half year production prompts an estimated full FY 25 production of “approximately 197,000oz (FY24: 186,039oz), an increase of approximately 6% from the prior financial year”.
• “Group AISC for FY25 is expected to be between US$1,550/oz to US$1,575/oz at an average exchange rate of US$/ZAR:18.50 (previous guidance of US$1,450/oz to US$1,500/oz)”.
• The company is guiding FY 2026 production “of between 275,000oz and 292,000oz, an increase of approximately 40% compared to expected FY25 production at an AISC of between US$1,475 and $1,525”.
• Production guidance for FY26 on a mine-by-mine basis is:

• • Elikhulu: 49-51,000oz; and
  • Barberton tailings retreatment (BTRP): 13-15,000oz; and
  • Mogale Tailings Retreatment (MTR):52-54,000oz and;
  • Tennant Mines: 46-50,000oz and;
  • Evander Underground: 46-50,000oz and;
  • Barberton Underground mines: 69-72,000oz.

• Today’s announcement reports a “Substantial reduction in Group gearing with net debt of approximately US$155 million expected as at 30 June 2025, a decrease of US$72 million or 32% compared to 31 December 2024 (net debt of US$228.5 million) – the Group is expected to be fully degeared during FY26 at prevailing gold prices”.
• The announcement also describes “a share buyback programme to purchase up to ZAR200 million (approximately US$11.1 million) of ordinary shares of £0.01 each in the Company (Shares), commencing on 17 June 2025”.

Conclusion: Gold production increased by around 6% for FY 2025 and is expected to rise by around 40-50% in FT 2026 aided by up to 50,000oz from the recent acquisition of Tennant Consolidated Mining in Australia.

Perseus Mining (PRU AU) A$3.7, Mkt cap A$4.9bn – Production guidance to 2030

• West African gold producer Perseus provided a five-year production outlook to the market last night.
• The Company expects 515-535kozpa average production through to FY30.
• Contributions over those years broken down as:

• • Yaouré 34%
  • Edikan 28%
  • Sissingué 10%
  • Nyanzaga 28% (First pour due Jan2027.

• Perseus expects average AISC at US$1,400-1,500/oz over the five year period, peaking in 2028.
• 93% of the ounces forecast for production in JORC reserve category.
• 2.6-2.7moz of production expected 2026-2030.
• Management emphasises on cash flows and balance sheet ‘resilience.’
• Perseus holds US$801m in cash and bullion, alongside a US$300m undrawn facility.
• Growth capital allocation of US$355m to be allocated to current operating assets, with US$523m to be allocated to Nyanzaga development.
• Meyes Sand construction remains shelved amid ongoing conflict in Sudan.
• Management noted on the call they remain concerned over the current valuation of Predictive’s* Bankan Project in which they have an 18% equity stake at company level.

*An SP Angel Analyst holds shares in Predictive

Pilbara Minerals (PLS AU) A$1.4, Mkt Cap A$4.6bn – MRE update delivers a 23% growth in contained lithium

• The Company released an updated mineral resource for the 100% owned Pilgangoora Operation, WA.
• Tonnage increased 10% while contained lithium is up 23% reflecting an upwards revision to the grade.
• Update mineral resource is 446mt at 1.28% for 14mt LCE (84% in the Measured and Indicated category).
• A 12% increase in the MRE grade from 1.15% to 1.28% reflects an inclusion of new higher grade Central Extension zone as well as a removal of lower grade material following a revision of modelled criteria.
• The update includes 104,672m of drilling in 364 holes completed over FY24 and FY25 targeting infill drilling and down dip extensions over a continuous strike length of over 7km.
• Significant exploration potential remains at the Pilgangoora Operation with mineralisation remaining open along strike including at the “Bridge Zone” between the Central Area and North Area that remains untested below 200m depth.
• The announcement also includes an Operation Exploration Target (ex MRE) for 76-102mt at 1.1-1.5% Li2O.
• The Company slowed down exploration spend from the end of March 2025 as part of cost reduction activities.

Power Metal Resources* (POW LN) 13.5p, Mkt cap £15.6m –Permits open door to imminent drilling at uranium property

• Power Metal Resources provides an update from their Perch River uranium project in the Athabasca Basin, Canada.
• The property forms part of POW’s Fermi JV.
• The Company reports that a drilling permit has been received for seven-eight DD holes to test a significant electromagnetic conductor and radon/soil anomalies.
• The Fermi team believes Perch River hosts several geophysical and geochemical indicators suggestive of a potential unconformity-related uranium deposit.
• Rigs will be mobilised for the third week of June, with drilling then scheduled to begin.
• Company is also conducting Ambient Noise Tomography surveys at the Rapids Target to analyst alteration potentially related to uranium mineralisation.
• Meanwhile, there are pending results due from the Falcon gravity and magnetic geophysics survey.

Conclusion: This is an exciting time for Power Metals and their Fermi JV. The exploration team has laid important foundations through geophysics and geochemistry to delineate several drill targets at the uranium project. A maiden drilling programme is now due to begin imminently and we look forward to assay results with anticipation.

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

Premier African Minerals (PREM LN) 0.01p, Mkt Cap £8.7m – £1.56m fundraising

• Premier African Minerals is raising £1.575m via the issue of an additional 13,125m additional shares at a price of 0.012p/share.
• “In addition, the Company has settled US$1.1 million (equivalent to £0.740 million) worth of contractor’s invoices of Zulu through the issue of 6,174,166,667 new ordinary shares”.
• We estimate that the additional shares represent approximately 18.6% of the enlarged company.
• The additional financial resources will be used:

• • “to complete the installation and commissioning of the inserts needed to improve the retention time of concentrates in the cleaner section of the original float plant and in so doing, improve grade and recovery”; and
  • “to progress the completion of the alternative spodumene float plant, should the primary plant not perform to expectations”; and
  • “to part fund certain operating expenses and debt settlements”.
• CEO, George Roach confirmed that work at the Zulu project “is progressing on time and budget … [and he explained that] … the inserts and the secondary floatation circuit are exactly as proposed in Q3 2024 but now, with many more months of test work completed that all indicates proper recovery and grade should be achieved”.
• Mr. Roach also commented that the company has also recently evaluated “alternative ore sorting options, advancement of possible recovery of high purity quartz, and recovery of tantalite, the principal tantalum bearing mineral at Zulu”.
• He commented that “Pegmatites such as the that being mined at Zulu are a source of a variety of industrial minerals and not only spodumene. Other products will make an important contribution to the overall life of mine profitability of this project in time”.

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.

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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