---
title: "SP Angel Morning View -Today’s Market View, Wednesday 13th December 2023"
publisher: "Share Talk"
author: "sharetalk"
published: "2023-12-13T11:28:38+00:00"
modified: "2023-12-13T11:28:38+00:00"
date: 2023-12-13
canonical: "https://www.share-talk.com/sp-angel-morning-view-todays-market-view-wednesday-13th-december-2023/"
category: "Blogs"
categories: ["Blogs", "SP Angel", "Technology", "Technology, Media & Telecoms"]
tags: ["base metals", "battery", "china", "company news", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Shanghai Composite"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# SP Angel Morning View -Today’s Market View, Wednesday 13th December 2023

**Published:** December 13, 2023
**Author:** sharetalk
**Categories:** Blogs, SP Angel, Technology, Technology, Media & Telecoms
**Tags:** base metals, battery, china, company news, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Shanghai Composite
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1)

---

**Underwhelming Chinese economic conference results weigh on metal prices**

**MiFID II exempt information – see disclaimer below**

**Anglesey Mining (AYM LN) – Completion of first hole on the Northern Copper Zone at Parys Mountain**

**Bushveld Minerals* (BMN LN) – Operations update**

**Greatland Gold (GGP LN) –2023 exploration programme at Scallywag prospect, WA**

**Ivanhoe Mines (IVN CN) – US$370m placing shows investor appetite for copper intensifies**

**Technology Minerals (TM1 LN) – High-grade trenching results show 2.55% Li20 spodumene**

**West African Resources (WAF AU) – Maiden underground resource at M5 South and Scoping Study**

**Wishbone Gold* (WSBN LN) – Visual encouragement from the recent drilling at Cottesloe , WA**

**Copper falls as President Xi disappoints at policy meeting**

- Copper prices have weakened to $8,300/t this morning from recent December highs of $8,630/t.

- Traders had been eyeing concrete policies for 2024 at the CCP’s annual economic work conference.

- The Party noted that industrial policy would be the top priority but failed to provide specific guidance.

- The move lower comes despite growing concerns over diminishing supply into 2024.

- Lower TCRC charges suggest smelters are struggling to source concentrate, whilst also highlighting the major investment in new smelter capacity made this year.

- Analysts expect 600kt of forecast supply has been removed by guidance cuts and the shutdown of Cobre Panama.

**Gold steadies after CPI as market turns to Powell’s and dot plots for guidance**

- Gold prices are hovering around $1,982/oz following a sell-off yesterday the $1,972/oz.

- The move followed US CPI data, which showed slowing inflation but a minor tick higher than expected.

- US yields initially hit 4.19% on the 10-year before jumping to 4.25%.

- The volatile move pressured gold prices, which have since recovered in more normalised trading

- The Dollar is holding steady, despite a weakening of the Yen following its record rally on hawkish BoJ expectations.

- Given sustained deflation, focus is shifting to the US Labour market which remains hot but shows some signs of weakening.

- Yellen commented yesterday that inflation is coming down ‘meaningfully’ and she expects it to ‘gradually decline to levels consistent’ with the Fed’s 2% target

- US manufacturing PMIs have been in decline since August 2021 and continuing jobless claims have climbed from from 1.6m in October to 1.87m last week.

- Non-farm payrolls showed unexpected strength, whilst the preceding JOLTs report showed tightening hiring conditions.

- Powell’s comments will be watched closely this afternoon, whilst the FOMC dot plot will also be a key catalysts for gold, rates and the dollar going forward.

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **Dow Jones Industrials** |  | **+0.48%** | **at** | **36,578** |
| **Nikkei 225** |  | **+0.25%** | **at** | **32,926** |
| **HK Hang Seng** |  | **-0.89%** | **at** | **16,229** |
| **Shanghai Composite** |  | **-1.15%** | **at** | **2,969** |

**Economics**

**US – Inflation numbers came largely in line with estimates a day before the FOMC rate decision announcement.**

- Headline CPI edged lower to 3.1% in November, down 0.1pp on the previous month, while core measure was unchanged at 4.0%.

- Estimates are for the Fed to stay put, although, the focus is on the timing of the first rate cut and the quantum of easing due next year.

- Expectations remain for the first rate cut in May and a total of 4-5 during 2024.

- CPI (%mom): 0.1 v 0.0 October and 0.0 est.

- CPI (%yoy): 3.1 v 3.2 October and 3.1 est.

- Core CPI (%mom): 0.3 v 0.2 October and 0.3 est.

- Core CPI (%yoy): 4.0 v 4.0 October and 4.0 est.

**China – Lack of economic support pledges during the ruling Communist Party’s annual economic work conference underwhelmed investors.**

- Expectations were for authorities to commit more to pro-growth policies during the two-day event that finished yesterday.

- Hang Seng closed 0.9% lower while mainland CSI 300 stock index was down 1.7%.

**CCP Pro-growth policies appear designed protect against a potential slowdown in demand for Chinese products and exports**

- The CCP has been warned by the US on multiple occasions to stimulate domestic demand, stop stealing technology and to clean up human rights abuses.

- But, we suspect the most important factor in the CCP’s new found pro-growth rhetoric is the threat from the reshoring of component manufacturing to the west following severe Covid disruption to non-Chinese manufacturers.

- President Xi’s past treatment of technology entrepreneurs was seen reversing growth in this area with the detention of Jack Ma marking a low point in China’s.

- Deflation suggests domestic consumption is struggling to soak up and excess of goods and services alongside unwinding of the inflationary factors which kicked in after Covid.

- Capital continues to leak out of China as families move funds offshore to protect against further CCP scrutiny and clampdowns.

- So far the PBoC has been successful in defending the Chinese currency from excessive outflows, largely by restricting the ability of citizens to send money offshore.

- But higher US interest rates are another draw as investors shy away from committing capital into and within China.

- **FEOC:** US companies are already seen putting off Chinese jvs and investment due to proposed ‘Foreign Entity of Concern’ restrictions, now set for a 30-day consultation on proposed 25% ownership levels to determine control.

- We do also expect more interest rate and lending criteria adjustment to support the ailing property sector as the CCP strives to support and restructure the major property developers.

**Dalian Wanda Group agrees deal to avoid CNY30bn ($4.2bn) repayment to investors**

- The firm had agreed to repay the CNY30bn if Zhuhai Wanda Commercial Management Group was not listed by the end of 2023 (Asiafinancial).

- Under the new arrangement, the investor group will hold ~60% of Zhuhai Wanda with, founder, Wang Jianlin holding 40%.

**CXMT, a semiconductor company, delays CNY140bn ($19.5bn) IPO to wait for better market conditions**

- CXMT also published a paper to 69th annual IEEE conference on advanced gate-all-around transistors.

- CXMT makes advanced semiconductors and is seen as capable of designing and potentially manufacturing top quality products.

**UK – The economy posted a contraction in October marking the first negative reading since July dragging the pound lower against the US$.**

- The data increases the risk of a recession, although, the BOE is likely to push back against any likely near term rate cuts at the meeting due tomorrow.

- Markets are increasing their bets of nearly three rate cuts through 2024 with the first one coming in June.

- GDP (%mom): -0.3 v 0.2 September and -0.1 est.

- GDP (%qoq): 0.0 v 0.0 September and 0.1 est.

**Argentina – New government devalued the peso by around half and announced cuts to public spending to address budget deficits and improve competitiveness of the market globally.**

- In addition, the office announced cuts to energy and transport subsidies.

- The official exchange rate has been lifted to 800 to the US$, up from just below 400 last week, with the measure narrowing the gap with the current black market rate of 1,045.

- “If we carry on as we are, we will have hyperinflation…out of the last 123 years, Argentina ran a fiscal deficit in 113… we have to solve the addiction to fiscal deficits,” Economy Minister Luis Caputo commented on new measures.

**Ukraine/Russia – President Zelensky visited Washington in a push to convince US lawmakers to approve Biden’s request to provide Ukraine with $61.4bn in military assistance.**

- Expectations are for Congress to fail to agree any significant aid package ahead of Christmas recess as Republicans tie up the approval with changes to immigration policies.

- President Biden warned Republicans yesterday that they would give Russia a “Christmas gift” if they failed to provide additional military aid to Ukraine.

- Congress has approved more than $110 billion for Ukraine since Russia’s February 2022 invasion, but no new funds since Republicans took control of the House from Democrats in January, Reuters writes.

**Currencies**

**US$1.0790/eur vs 1.0782/eur previous. Yen 145.94/$ vs 145.54/$. SAr 19.026/$ vs 19.005/$. $1.253/gbp vs $1.257/gbp. 0.655/aud vs 0.659/aud. CNY 7.184/$ vs 7.175/$.**

**Dollar Index** **103.91 vs 103.93 previous.**

**Commodity News**

**Precious metals:**

**Gold US$1,980/oz vs US$1,985/oz previous**

**Gold ETFs 85.8moz vs 86.0moz previous**

**Platinum US$930/oz vs US$920/oz previous**

**Palladium US$976/oz vs US$974/oz previous**

**Silver US$22.68/oz vs US$23/oz previous**

**Rhodium US$4,400/oz vs US$4,400/oz previous**

**Base metals:**

**Copper US$ 8,294/t vs US$8,376/t previous**

**Aluminium US$ 2,112/t vs US$2,131/t previous**

**Nickel US$ 16,405/t vs US$16,580/t previous**

**Zinc US$ 2,413/t vs US$2,439/t previous**

**Lead US$ 2,037/t vs US$2,067/t previous**

**Tin US$ 24,580/t vs US$24,475/t previous**

**Energy:**

**Oil US$72.7/bbl vs US$76.3/bbl previous**

- Crude oil prices slumped to 2H23 lows despite the API reporting a 2.35mb draw to US crude stocks last week, as robust non-OPEC supply and weak OECD oil demand growth forecasts continue to dominate sentiment.

- The EIA raised its forecast for US supply in 2023 by 0.03mb/d m/m to 12.93mb/d in the December short-term energy outlook, with the Brent oil price now expected to average $83/bbl in 2024 (from $93/bbl in November).

- The EIA also reduced this winter’s Henry Hub gas price forecast by c.20%, which reflects a warmer-than-average start to the winter due to El Niño that has reduced heating demand and higher natural gas production.

- The COP28 conference in Dubai has ended with signatories agreeing to a process of “Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.”

**Natural Gas €34.8/MWh vs €36.4/MWh previous**

**Uranium UXC US$81.45/lb vs US$81.0/lb previous**

**Bulk:**

**Iron Ore 62% Fe Spot (cfr Tianjin) US$136.7/t vs US$135.7/t**

**Chinese steel rebar 25mm US$577.9/t vs US$578.6/t**

**Thermal coal (1st year forward cif ARA) US$102.0/t vs US$109.8/t**

**Thermal coal swap Australia FOB US$143.0/t vs US$153.0/t**

**Coking coal swap Australia FOB US$322.0/t vs US$322.0/t**

**Other:**

**Cobalt LME 3m US$30,545/t vs US$31,265/t**

**NdPr Rare Earth Oxide (China) US$62,362/t vs US$63,131/t**

**Lithium carbonate 99% (China) US$12,319/t vs US$12,473/t**

**China Spodumene Li2O 6%min CIF US$1,380/t vs US$1,380/t**

**Ferro-Manganese European Mn78% min US$1,036/t vs US$1,035/t**

**China Tungsten APT 88.5% FOB US$300/mtu vs US$300/mtu**

**China Graphite Flake -194 FOB US$615/t vs US$615/t**

**Europe Vanadium Pentoxide 98% 6.1/lb vs US$6.1/lb**

**Europe Ferro-Vanadium 80% 26.25/kg vs US$26.25/kg**

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

**Spot CO2 Emissions EUA Price US$75.1/t vs US$75.1/t**

**Brazil Potash CFR Granular Spot US$322.5/t vs US$322.5/t**

**EV & Battery news**

**South Korea to invest $29bn over five years to support battery industry**

- The country is planning tax incentives and loan support for South Korean companies investing overseas to secure minerals and other battery materials, as the country seeks to reduce its dependence on other countries.

- The announced measures will seek to strengthen the country’s battery industry’s competitiveness in the long-term.

- South Korean battery makers held a 49% share of the global market, excluding China, as of 2022.

- As competition increases and new regulations are brought in globally, countries and companies are having to invest heavily on developing their own supply chains.

**Indonesia relaxes EV import taxes to encourage investment**

- Indonesia will grant automakers that plan to build EV plants in the country, tax incentives on the imports of EVs until 2025.

- Companies that have invested in EV plants, are planning to increase their EV investments, or planning to invest would be eligible for the incentives.

- The new regulations also delayed the deadline requiring companies to produce at least 40% of the content of EVs in Indonesia until 2026 from 2023.

**Company News**

**Anglesey Mining (AYM LN) 1.55p, Mkt Cap £6.3m – Completion of first hole on the Northern Copper Zone at Parys Mountain**

- Anglesey Mining reports that its drillhole, NCZ-001 to investigate the Northern Copper Zone at Parys Mountain has been completed at a depth of 635m.

- Although assay results are not expected until Q1 2024, the drilling intersected the expected two zones of mineralisation with the *“Northern Copper Zone interpreted to be between 351 – 540 metres and a second zone, potentially the Garth Daniel Zone, between 560 – 586 metres”*.

- The company says that, in line with its expectations based on drilling conducted in 1970s, *“the interpreted Northern Copper Zone has varying levels of sulphide accumulation* … [while the] … *lower zone of sulphide accumulation between 560 – 586 metres demonstrates areas with very high levels of chalcopyrite”* as shown in a photograph included in today’s announcement.

- The second hole of the programme, NCZ-002 *“is expected to be collared this week. Target zones are modelled at 330 – 420 metres (Northern Copper Zone) and 610 – 620 metres (Garth Daniel Zone)”*.

- Chief Executive, Jo Battershill, explained that the “*next hole in the program is designed to step out 200 metres to the southwest and provide infill drilling pierce points within the Northern Copper Zone. ** Converting the upper levels of the Northern Copper Zone from the Inferred category to the higher confidence Indicated category is the key objective of this program”.*

- *He outlined that **“Our current planning is to drill two holes from the new-collar position to reduce any down time between holes – changing the angle of the rig should ensure the targeted pierce points are achievable”.*

**Conclusion: **The first new drill hole** **at the Northern Copper Zone at Parys Mountain confirms the company’s geological model with assay results expected to be available in Q1 2024.  The next hole of the programme starts this week aimed at upgrading part of the ‘Inferred’ resource to the ‘Indicated’ level.

**Bushveld Minerals* (BMN LN) 2.2p, Mkt Cap £33m – Operations update**

**BUY – Under Review**

- The Company announced a series of cost cutting measures to match more focus on core operations and improve its competitiveness amid weak vanadium prices.

- Around 40% of head office positions are reported to be impacted by cost curtailment measures delivering ~$1.5m in annual savings.

- Separately, the team decided to bring forward 2024 Vanchem kiln reline programme forward into December (12 days) amid repeated refractory failures.

- This will affect December production but, nevertheless, Group production should come within the 2023 guidance of 3.7-3.9ktV announced earlier.

**Conclusion: **The Company announced a series of Head Office cost cutting initiatives following decisions to streamline operations and in response to weak vanadium pricing environment.

**SP Angel act as nomad and broker to Bushveld Minerals*

**Greatland Gold (GGP LN) 9.25p, Mkt Cap £496m –2023 exploration programme at Scallywag prospect, WA**

- Greatland Gold has summarised the progress of its 2023 exploration programme at the wholly-owned Scallywag prospect which lies adjacent to the north of the company’s 30% owned, flagship, Havieron project.

- A total of 2,518m of drilling in nine holes with diamond cored ‘tails’ to reverse-circulation holes targeted electromagnetic (EM) conductors with down hole EM in five of the holes showing *“conductive responses at the weathering and stratigraphic boundaries, but no significant off-hole conductors”*.

- Among the highlights of the drilling programme, Greatland Gold reports a gold intersection of 1m at an average grade of 0.83g/t from a depth of 238m in hole A35 -RD003 and a 2m interval of 0.17% copper from a depth of 310m in hole A35-RD002 in the A34 and A35 tenements.

- Greatland Gold says that the *“A34 and A35 drill holes intersected progressively stronger calcareous units to the east. A35RD003 has a thick sequence of dolomite which has not been intersected in any previous Greatland drilling”*.

- The company also explains that modelling based on a ground magneto-telluric data over the eastern part of Scallywag *“comprising the major syncline structure that was the target of previous Greatland drilling at Kraken, London and Blackbeard* … [shows] … *a weak anomalous zone coincident with a de-magnetised section of the northern limb of the syncline** … along trend from Havieron”*.

- Managing Director, Shaun Day, explained that the *“ground magneto-telluric survey provides an enhanced understanding of the geology around the Scallywag syncline target area and identifies an untested conductor target coincident with a structural trap which potentially delineates the key structure to be tested”.*

- Outlining future exploration plans the company says that it is working on additional modelling to *“inform a broader three dimensional bedrock geology model of the Scallywag area including structure … to identify the prospective Telfer Member (which is not geophysically detectable) where it lies within structural traps under shallow to moderate cover. Any resultant blind Telfer-style ore body targets along with any confirmed MT conductors will be targeted for drilling”*.

- We imagine that Greatland Gold’s experience at Havieron will have given it a comprehensive insight into the local geology and its structural and lithological relationship with mineralisation which it can deploy in its future exploration at Scallywag.

**Conclusion**: Although exploration at the wholly-owned Scallywag project is still at a relatively early stage, the identification of similarities with the adjacent 92mt Havieron deposit containing an estimated 5.5moz of gold and 218kt of copper provides a compelling target for further investigation. We await further news on the progress of the campaign.

**Ivanhoe Mines (IVN CN) C$12.3, Mkt Cap C$15bn – US$370m placing shows investor appetite for copper intensifies**

- Robert Friedland’s Ivanhoe has raised US$370m in an equity placing to fund copper exploration in the DRC.

- Ivanhoe holds 2,400km2 of exploration licences in the DRC and is currently ramping up production of the Kamoa-Kakula Copper Complex.

- Ivanhoe recently announced plans to quadruple its exploration budget in 2024, targeting the expansion of Kitoko’s 1.9km strike.

- The Kitoko Sedimentary Copper project was discovered this year, with highlight intersections of 5.2m @ 11.6% Cu using a 1% cut-off.

**Conclusion: **The sizeable equity raise shows institutional appetite for copper projects continues, despite a weak price environment. The confidence placed in Friedland and Ivanhoe also highlights investor appetite for higher-risk jurisdictions as greenfield copper discoveries remain limited at scale and grade decline and domestic issues persist in Latin America. Ivanhoe’s raise follows Foran’s C$200m price placement yesterday, supporting development of the McIlvenna Bay copper VMHS deposit and Ero’s $111m placing in November to advance their Brazilian copper development projects.

**Technology Minerals (TM1 LN) 1.05p, Mkt Cap £16m – High-grade trenching results show 2.55% Li20 spodumene**

*(Global Battery Metals currently holds 55% in Leinster with 45% held by Technology Minerals Plc. Global Battery Metals can earn into 90% on exercise of a third option with $1m of expenditure and payment of €200,000 in cash or shares)*

- Technology Minerals reports trenching assay results from its Leinster Lithium Project.

- Trenches were opened up at 1-2m depth under operation by Global Battery Metals’s leadership.

- Assay results returned grades up to 3% Li20 using grab samples from pegmatite boulders.

- Other results include:

2,55% Li20, 0.92% Li20, 0.67% Li20, 0.61% li20, 0.32% Li20, 2.17% Li20, 1.98% Li20.

- The latter two samples, like the 3% reading, were taken from grab samples.

The trenching intersected what the team believes to be the same pegmatite hit at 30m depth and 60m depth in two previously reported drill holes.
Assay results will be used for 2024 exploration planning.
The team believes that the pegmatite dyke intersected is just one of several over a swarm of seven dikes hit by 24 separate intercepts in the diamond drilling programme.

**West African Resources (WAF AU) A$0.85, Mkt Cap A$872m – Maiden underground resource at M5 South and Scoping Study**

- WAF, the Australian-listed gold producer in Burkina Faso, has delivered a resource estimation and scoping study for the underground deposit of its Sanbrado Gold operation.

- The JORC gold resource uses a 1.5g/t cut-off:

Indicated: 1.7mt @ 3.6g/t for 195koz

- Inferred: 0.69mt @ 4.2g/t for 94koz

- Total: 2.4mt @ 3.8g/t for 289koz.

The underground resource area holds a conservative Exploration Target of c.2mt @ 3g/t for 225koz, with a more optimistic target of 3mt @ 4.5g/t Au for 425koz.
The scoping study suggests a 5-year mine life at an average gold production of 35kozpa.
The Company expects the additional M5 South underground development to increase annual production by up to 25kozpa over 10-years from 2026, supporting WAF’s target of maintaining 200koz production at Sanbrado.
Further geotechnical studies, mine planning and drilling is planned before beginning the portal and underground development, expecting production by mid-2026.
Recoveries are expected at 94%, AISC at $1,098/oz and pre-production CAPEX of US$20m.

**Wishbone Gold* (WSBN LN) – 1.45p, Mkt Cap £3.4m – Visual encouragement from the recent drilling at Cottesloe , WA**

**See link for recent note: **[CLICK FOR PDF](https://spangel.email.streetcontxt.net/platform/al?a=7787222&ad=1363347837&h=bjLS_By&sig=hhzTeZkWlmnH9BsWlVpG4-Hixn0&v=2&url=https://www.spangel.co.uk/research/%23/portal/sp-angel/research/7_WIshbone%2520Gold%2520Report)

- Wishbone Gold reports that visual inspection of core from recent drilling at its Cottesloe project in the Paterson Range of WA has shown zones containing base metal sulphide minerals with results from portable X-ray fluorescence scanning showing *“elevated base metals”* readings.

- Photographs included in today’s announcement show sulphide mineralisation including pyrite and pyrrhotite in both vein and disseminated form with minor sphalerite and chalcopyrite hosted in black shales.

- Welcoming the results, the Chairman, Richard Poulden, confirmed that the company is looking forward to *“having the assays completed and mapping the mineralisation for next year’s drill campaign to get a clearer view of the asset”.*

- *We concur, *until assay results are available, the tenor of the mineralisation remains uncertain however, the occurrence of sulphide mineralisation in ground which we imagine is still in the hanging wall of the expected target zone is encouraging.

**Conclusion**: We await further news when assay results from the drilling become available in early 2024.

**SP Angel acts as a Broker for Wishbone 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](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**

**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** ****– 0203 470 0484**

**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**

**Sales**

**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**

**Abigail Wayne – **[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**

**Rob Rees – **[Rob.Rees@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0535**

**Grant Barker – ****Grant.Barker**[@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 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 |
|  |  |

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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](https://spangel.email.streetcontxt.net/platform/al?a=7787222&ad=1363347837&h=HIB4kp7&sig=UKvQZ4ceLMtdVL5qCDPunhrAQBU&v=2&url=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](mailto: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%

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