SP Angel Morning View -Today’s Market View, Wednesday 15th November 2023

Metals prices rise on expectations for lower Fed interest rates

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – Renewal of offtake agreements

Arkle Resources* (ARK LN) – Lithium prospecting begins at Aughrim

Asiamet Resources (ARS LN) – US$4m fundraising

Atlantic Lithium* (ALL LN) – STRONG BUY – Atlantic rejects takeover offer from Assore

Gem Diamonds (GEMD LN) – Bringing contracted load/haul operations at Letšeng in house

Kodal Minerals* (KOD LN) – BUY, Target raised to 0.97p (from 0.7p) – Hainan mining completes US$117.75m funding into Kodal for development of Bougouni lithium project in Mali

Premier African Minerals (PREM LN) – Potential suspension at Zulu to install new ball mill

SolGold* (SOLG LN) – Quarterly reports flags progress on the revised pre-feasibility study for Cascabel

Thor Energy (THR LN) – Encouraging results from uranium drilling in Colorado

Iron ore hits $130/t as China optimism improves on Beijing’s fresh stimulus measures

• Singapore iron ore futures jumped to $130/t overnight.
• The move followed Beijing’s fresh stimulus measure rumours, with $137bn reportedly allocated to urban village renovation and affordable housing programmes.
• Last month 1tn CNY worth of sovereign bonds were issued, the much of this allocated to construction.
• Iron ore restocking is expected over December before the new year restocking phase.
• Rate cut hopes in the US are also stimulating iron ore optimism.
• China’s centralised iron ore buying body has noted that current pricing levels are unreasonable.
• However, October crude steel production in China hit the lowest rate in 2023. Mills cut production on the back of weakening steel demand and thin margins on higher iron ore prices.
• Goldman Sachs have raised their 2024 average iron ore price to $110/t from $90/t on the back of reduced supply from Australia and Brazil.
• Low inventories are supporting prices. 

Gold jumps as CPI miss triggers Treasury rally and hopes of Fed rate cuts

• Gold prices jumped to $1,970/oz in the spot market after US CPI data missed by 10bp.
• Treasury yields saw a sharp move lower as traders rushed to buy bonds in expectation that the Fed has finished hiking.
• The US 10 year moved to 4.44%, a two-month low and a major move lower from the highs of 5% hit in October.
• Gold has a tightly correlated inverse relationship with US Treasury yields, with both seen as safe-haven assets.
• The market shifted its expectations of a first Fed rate hike from July to June in the wake of the data release.
• Focus shifts to today’s retail sales in the US, where a strong reading may push yields higher and weigh on gold, whereas a weaker-than-expected number will fuel the rally.

Copper prices push higher on China optimism and warnings of concentrate bottlenecks

• LME copper prices have bounced to $8,245/t, on reports of China property stimulus and supply concerns.
• Asia Copper Week is ongoing, and a key Chinese executive warned yesterday that mining output is failing to keep up with smelter demand.
• the Jiangxi Copper VP noted that smelter capacity expansion is combining with slowing mine output, expected to trigger a ‘tight balance’ in 2024.
• Chinese smelter capacity reached record levels this year, with monthly output at 1mt.
• China relies on concentrate imports, importing 27mt on average.
• However, CRU alongside a number of other forecasting bodies expects a 260kt surplus in 2024, followed by deficits.
• Top Chinese copper trader Wooray Metals expects the copper market the be at its ‘loosest’ next year, with the trading house expecting a 600kt surplus in 2024 as China continues to add smelting capacity.
• Wooray expects China’s refined copper demand to rise 3% this year, lower than the 5% GDP growth target.
• Wooray supplied 2mt of refined copper last year, primarily to fabricators.

Economics

US – Soft inflation data leads a rally in risk assets pulling the US$ index lower on hopes the US Fed is done with the tightening cycle and will be looking to cut rates sooner.

• Both 2y and 10y sovereign bond yields fell ~20bp while the US$ index was down ~1.5% on the day.
• Markets revised outlook for US monetary policy expecting now two rate cuts by mid next year compared to September 2024 forecast previously.
• CPI (%mom): 0.0 v 0.4 September and 0.1 est.
• CPI (%yoy): 3.2 v 3.7 September and 3.3 est.
• Core CPI (%mom): 0.2 v 0.3 September and 0.3 est.
• Core CPI (%yoy): 4.0 v 4.1 September and 4.1 est.

China – Growth in consumer spending as indicated by retail sales and industrial production accelerate in October beating market estimates.

• On a less positive side public investment slowed down while property market continued to struggle with declines in property sales accelerating.
• While headline numbers came in strong, part of that is down to base effects as the economy was still struggling through the end of Covid Zero in late 2022, Bloomberg reports.
• When looking at mom data, both retail sales and industrial production were almost little changed suggesting more fiscal/monetary stimulus is required.
• Retail Sales (%yoy): 7.6 v 5.5 September and 7.0 est.
• Industrial Production (%yoy): 4.6 v 4.5 September and 4.5 est.
• FAI (%YTD): 2.9 v 3.1 September and 3.1 est.
• Property Investment (%YTD): -9.3 v -9.1 September and -9.1 est.
• Residential Property Sales (%YT): -3.7 v -3.2 September.

UK – Pound is coming back this morning on the back of softer than expected inflation numbers in a welcome news to the BOE aiming to take the rate down to 2% target.

• A pull back is coming on the heels of a jump yesterday following a stronger than forecast drop in inflation rate in the US
• Markets are pricing in a rate cut as early as June next year compared to August estimated before the announcement.
• Core measure slowed to the lowest since early 2022.
• A return to the 2% target is unlikely until 2025, economists and the central bank forecast, Bloomberg reports.
• CPI (%mom): 0.0 v 0.5 September and 0.1 est.
• CPI (%yoy): 4.6 v 6.7 September and 4.7 est.
• Core CPI (%yoy): 5.7 v 6.1 September and 5.8 est.

Currencies

US$1.0872/eur vs 1.0701/eur previous. Yen 150.55/$ vs 151.68/$. SAr 18.217/$ vs 18.738/$. $1.246/gbp vs $1.229/gbp. 0.651/aud vs 0.636/aud. CNY 7.242/$ vs 7.294/$.

Dollar Index 104.13 vs 105.62 previous.

Commodity News

Precious metals:

Gold US$1,972/oz vs US$1,945/oz previous

Gold ETFs 87.1moz vs 87.0moz previous

Platinum US$890/oz vs US$872/oz previous

Palladium US$1,026/oz vs US$982/oz previous

Silver US$23.29/oz vs US$22/oz previous

Rhodium US$4,350/oz vs US$4,300/oz previous

Base metals:

Copper US$ 8,240/t vs US$8,124/t previous

Aluminium US$ 2,233/t vs US$2,224/t previous

Nickel US$ 17,490/t vs US$17,195/t previous

Zinc US$ 2,629/t vs US$2,547/t previous

Lead US$ 2,213/t vs US$2,179/t previous

Tin US$ 25,375/t vs US$24,950/t previous

Energy:

Oil US$82.5/bbl vs US$82.7/bbl previous

• Crude oil prices edged lower as the API reported a 1.3mb build on US crude stocks last week (vs 1.4mb/d exp) and the IEA contrasted with OPEC’s positive outlook in forecasting a 0.93mb/d increase to 2024 oil demand.
• The EU announced an agreement that requires the oil, gas and coal sectors to measure, report and verify methane emissions, which will also apply to importers by 2027.
• Siemens Energy reported a €4.6bn annual loss, mainly due to impairments at its Gamesa wind subsidiary, and announced a €15bn credit line from the German government and a consortium of private banks to guarantee its long-term project pipeline. We anticipate greater detail at next week’s the capital markets day.

Natural Gas €48.900/MWh vs €47.300/MWh previous

Uranium UXC US$73.65/lb vs US$73.00/lb previous

Bulk:

Iron ore 62% Fe spot (cfr Tianjin) US$128.0/t vs US$127.1/t

Chinese steel rebar 25mm US$549.5/t vs US$545.8/t

Thermal coal (1st year forward cif ARA) US$110.8/t vs US$110.5/t

Thermal coal swap Australia FOB US$126.5/t vs US$126.5/t

Coking coal swap Australia FOB US$296.0/t vs US$296.0/t

Other:  

Cobalt LME 3m US$33,420/t vs US$33,420/t

NdPr Rare Earth Oxide (China) US$70,165/t vs US$69,965/t

Lithium carbonate 99% (China) US$19,268/t vs US$19,686/t

China Spodumene Li2O 6%min CIF US$1,690/t vs US$1,760/t

Ferro-Manganese European Mn78% min US$1,047/t vs US$1,030/t

China Tungsten APT 88.5% FOB US$295/mtu vs US$295/mtu

China Graphite Flake -194 FOB US$625/t vs US$625/t

Europe Vanadium Pentoxide 98% 6.2/lb vs US$6.2/lb

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

China Ilmenite Concentrate TiO2 US$313/t vs US$311/t

Spot CO2 Emissions EUA Price US$83.8/t vs  US$81.5/t

Brazil Potash CFR Granular Spot US$337.5/t vs US$337.5/t

EV & Battery News

China hits record EV sales despite end of subsidies

• China’s EV sales have continued to grow despite it ending its subsidy scheme at the end of 2022.
• Sales increased 29% year-to-date in September, according to Rho Motion.
• The global EV market has seen 34% growth in the same period, notably:
  • 26% growth in Europe
  • 78% growth in North America
• EV makers are starting to slow production as they predict a slowing in demand for EVs.
• They are also working to develop more affordable EVs to encourage more consumers to buy EVs.

UK to have 1m EVs on the road by early 2024

• There will be 1m EVs on UK roads by February according to Cap HPI.
• At the start of October there were almost 900,000 pure battery EVs in the UK.
• October’s new car market experienced a 14.3% growth, reaching 153,529 registrations.
• BEVs saw growth, for the 42^nd consecutive month, to 23,943, a 20.1.% year-to-date increase and 15.6% of the market share.

Hyundai to invest $1.5bn into new EV plant

• Hyundai is set to invest $1.5bn on a new manufacturing plant in Ulsan, South Korea.
• This marks the automakers first domestic manufacturing plant in almost 30 years.
• The plant will build 200,000 EVs annually.
• Hyundai are looking to sell 940,000 EVs by 2026 and 2m by 2030.

Company News

Andrada Mining (ATM LN) 5.85p, Mkt cap £90m – Renewal of offtake agreements

• Andrada Mining has confirmed that off-take agreements with the Thailand Smelting and Refining Co. Limited (“Thaisarco”) and AfriMet Resources AG (“AfriMet”) for tin concentrate and tantalum concentrate from its Uis mine in Namibia have been renewed.
• The renewal of the agreement with Thaisarco, covering all of the tin concentrate production from the expanded operation at Uis extends for three years while that with Afrimet for the tantalum concentrates has been renewed for a further 12 months “with an option to receive advance payment”.
• Chief Executive, Anthony Viljoen, recognised the “extremely successful” relationship with Thaisarco and said that the renewal agreement “secures off-take of our tin production, allowing management to focus on achieving the Orion royalty tonnage. Importantly, we are proud of the major milestones we have achieved at Uis Mine to date, including the successful expansion of the processing plant and the on-going continuous improvement programme to enhance efficiencies and profitability”.
• The Thaisarco agreement has a minimum monthly delivery requirement of 90,000t.
• Mr. Viljoen also explained that “despite the small tantalum concentrate volumes, the additional revenue … [generated by the Afrimet offtake] … will incrementally improve profitability”

Conclusion: Contract renewals for the tin and tantalum concentrates from the Uis mine provide useful commercial stability for the expanded operation and suggest an efficient working relationship between the mine operators and their cstomers.

Arkle Resources* (ARK LN) 0.375p, Mkt Cap £1.5m – Lithium prospecting begins at Aughrim

• Arkle announces it has begun prospecting at its recently acquired Aughrim licence package.
• The Company has acquired four licences in County Wicklow, over an area covering 150km^2, focusing on lithium bearing pegmatites.
• Targets have been generated through stream sediment sampling, which returned pathfinder elements and available geophysical data.
• Ten priority target areas have been highlighted for initial prospecting.
• The team has identified unmapped Leinster granite bodies, believed to be related to lithium, caesium and tantalum-bearing pegmatites.
• Arkle also believes that the prospect is prospective for gold, given it sits contiguous to the Mine River block and the Avoca gold deposit, where alluvial and bedrock-hosted gold is known.
• Additionally, management notes indications of copper, tungsten and gold.

*SP Angel are Nomad and Broker to Arkle Resources

Asiamet Resources (ARS LN) – 0.93p, mkt cap £21m – US$4m fundraising

• Asiamet Resources, which is developing the BKM copper project in Kalimantan, reports that it has raised US$4.04m through the issue of approximately 370.9m additional shares at a price of 0.9p/share.
• The new shares represent approximately 14% of the enlarged company.
• The majority of the issue was taken in a non-brokered private placement to Asiamet’s existing shareholder, PT Delta Dunia Makmur Tbk, leaving it with a 34.5% interest in the company.
• CEO, Darryl McClelland, also subscribed for 4m shares. He stated that the “funding enables the Company to continue progressing a number of critical path activities. Continuation of project engineering, formal engagement with key execution contractors and delivering on several site-based programs are all requirements ahead of completing a project financing package”.
• Commenting on behalf of PT Delta Dunia Makmur Tbk its President, Ronald Sutardja, expressed continuing support for the BKM project and said that they are “working closely with the Company to ensure it every success”.

Conclusion: We look forward to further news of progress on longer-term financing for the BKM project over the coming months.

Atlantic Lithium* (ALL LN) 25p, Mkt Cap £153m – Atlantic rejects takeover offer from Assore

(Ewoyaa Ownership: 40.5% Atlantic, 40.5% Piedmont, 6% MIIF Sovereign Wealth fund, 13% government of Ghana)

STRONG BUY

• Atlantic Lithium report the rejection of a non-binding and indicative offer from its long-term shareholder Assore International Holdings.
• Assore is private and diversified mining group focussed on manganese (Assmang 50%) and chromite (Dwarsrivier Chrome 100%) with significant investments in Gemfields (26.6%), Atlantic (23.9%) and Vision Blue Resources (~14%).
• The offer was at a price of 33p per share indicating a 57% premium over yesterday’s share price.
• We suspect this will not be the last offer to be presented to the Atlantic board as mining companies compete to acquire fully licensed, permitted, and approved projects in respected jurisdictions.
• Ghana is well known and respected for its mining industry, and we are aware of at least one major mining company visiting lithium prospects close to Atlantic’s Ewoyaa project in recent months.
• Now the Ghana government has set its terms for lithium extraction and export permits we expect many more majors to run their slide rules over Atlantic’s Cape Coast lithium portfolio.

*SP Angel acts as Nomad to Atlantic Lithium. Two mining analysts from SP Angel recently visited the Ewoyaa mine site in Ghana and drove onto Takoradi to check the quality of the road to port. Our analysts also visited the Ministry of Minerals Commission and MIIF, the Ghana Minerals Income Investment Fund.

Gem Diamonds (GEMD LN) 10.98p, Mkt Cap £15m – Bringing contracted load/haul operations at Letšeng in house

• Gem Diamonds reports that it will be terminating the contract of its load and haul contractor, Matekane Mining Investment, at the Letšeng mine in Lesotho 11 months early with the company bringing the activity ‘in-house’ with effect from 1^st December.
• The decision, which the company says “is expected to lead to further efficiencies and operational cost reductions at Letšeng”, stems from a review following the election of Matekane’s owner, Mr. Sam Matekane “as Prime Minister of Lesotho in October 2022”.
• His election makes Mr. Matekane “a Politically Exposed Person”.
• Describing the transitional arrangements, Gem Diamonds says that it “will acquire the mining equipment at Letšeng from MMIC that is currently used exclusively for Letšeng, and will offer employment to MMIC employees who are currently working exclusively for Letšeng, in line with operational requirements … [enabling] … Letšeng to continue seamlessly with its mining activities”.
• “The consideration has been based on independent third party valuation experts and will be funded via a combination of asset-based financing and available cash”.
• CEO, Clifford Elphick, said that the transaction “brings a long standing and successful business relationship we’ve enjoyed with MMIC, since 2005, to an end. The transaction resolves important issues relating to governance and conflicts; and will lead to operational efficiencies and cost reductions being achieved”.

Kodal Minerals* (KOD LN) 0.65p, Mkt Cap £110m – Hainan mining completes US$117.75m funding into Kodal for development of Bougouni lithium project in Mali

BUY – Target raised to 0.97p from 0.7p assuming the licenses are transferred.

(Kodal Minerals holds 100% of the Bougouni lithium project. The Mali government has the right to a free carry on 10% of the project and an option to acquire a further 10%)

• Kodal Minerals report the receipt of US$100m of funding from Hainan Mining into their Kodal Mining UK Limited subsidiary.
• Management also report the receipt of US$17.75m in return for subscription of 2,937,801,971 new shares equating to 0.60p/s
• The funding remains conditional on the transfer of the mining license into the joint venture company with Hainan Mining advancing funds now so the Kodal team can press ahead with the design work and ordering of long lead items.
• Mining license transfer: The Mali government have been auditing licenses within the mining industry and has frozen activity in renewals, acquisitions and transfers.
• Kodal will transfer the Bougouni license into the new jv company as soon as it is possible.
• Expansion potential: Further expansion of the plant is being considered with the team estimating the resource could give 10 years of production at 230,000t of spodumene concentrate from the flotation plant after the 4+ years of flotation DMS.
• The DMS module designs have been completed for the processing of 125,000tpa of concentrate along with two crushing modules.
• The DMS design is 95% complete. Work is ongoing with DRA Global. Manufacturing of long lead items will start as soon as
• The lead times are six months for the DMS and crushing modules.
• The plan to develop a flotation plant as fast as possible following commissioning of the DMS modules.
• Work is ongoing on drilling and metallurgical testing .
• Management remain of the view that the best use of funds is to continue to invest in Bougouni where the DMS payback is estimated to be around two months giving an IRR >270%.
• ESG: Management report the company continues to work on and maintain good community relations.
• Gold assets: Management will continue to advance their gold assets.
• The work on the Niele gold prospect could result in a maiden resource in the new year.
• Valuing the jv company on its estimated cash flow shows :
  • Sales of >$1bn of revenues over 4 years .
  • NPV $420m at a 7% discount rate on a post-tax basis.

Assumptions:

• • $2,080/t for 5.5% spodumene concentrate.
  • Production of 120,000tpa
  • Trucking: 10 trucks carrying 350t per day at a cost of under $100/t.
• Valuation: Kodal’s 49% of $420m is estimated to be worth some $206m (£165m) at a spodumene concentrate price of $2,080/t.
• Adding in the $17.75m of cash in Kodal along with the added dilution realises a valuation 0.70p/s.
• If we apply a 25% discount to the NPV we get a valuation of 0.97p .
• We therefore rate the shares as a buy on the assumption the deal will consummate.

Conclusion:  Its great news to see the funding from Hainan Mining arrive in the Kodal account. This substantially de-risks the project in our view with relatively little construction and commissioning risk on the construction of relatively simple DMS and flotation plants in Mali.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Premier African Minerals (PREM LN) 0.23p, Mkt Cap £58m – Potential suspension at Zulu to install new ball mill

• The Company is considering to temporarily suspend Zulu operations to allow to complete civil works required for the new grinding mill.
• New ball mill is expected to arrive at site in December this year with the intention of supporting full production from January 2024.
• As a result no shipment of concentrate is likely during months of November and December.
• The team is speaking with its offtake and prepayment partner regarding several options including an interim payment of US$1.5m for each month of missed concentrate delivery.
• The Company is also reporting that current mining and pit development operations will continue as will exploration in the wider EPO region.

SolGold* (SOLG LN) 9.26p, Mkt Cap £269m – Quarterly reports flags progress on the revised pre-feasibility study for Cascabel

• In its Q1 report for the 3 months to 30^th September 2023, Solgold reports an after-tax loss of US$7.1m (Q1 2022 – US$7.2m loss) and a closing cash balance of US$22.9m.  Management expects “current cash balances to last beyond June 2024”.
• Operating expenses were 48% lower at US$3.3m (Q1 2022 – US$6.4m) as “the Company continued work … [on a] … revised pre-feasibility study, which envisions a phased development of the Cascabel Project” which is expected to be “completed by first calendar quarter 2024”.
• In parallel with the feasibility work, Solgold describes its efforts to de-risk the project including the securing of “Securing the property required for essential infrastructure such as the tailings deposition site, the concentrate and tailings pipeline route” and continuing engineering and technical optimisation and design.
• The company highlights the July agreements with the Ecuador government “in preparation for the execution of the Exploitation Agreement for the Cascabel Project … [which] … provides for the production of copper, gold, and silver from the contract area for a period of 33 years” and agreements on royalty structures.
• The Alpala project at Cascabel has a ‘Probable’ reserve base of 558mt at an average grade of 0.58% copper, 0.52g/t gold and 1.65g/t silver within a ‘Measured & Indicated’ resource of 2.66bn tonnes averaging 0.37% copper, 0.25g/t gold and 1.08g/t silver.
• The previous April 2022 pre-feasibility study envisaged a 25mtpa underground block-caving operation producing an average of 132,000tpa of copper, 358,000ozpa of gold and 1mozpa of silver over an initial 26 years mine life with a pre-production capital investment of US$2,746m followed by post-production sustaining capital of a further US$2,136m is expected to generate an after-tax NPV_8% of US$2,907m and an IRR of 19.3% using base case commodity prices of US$3.60/lb for copper, US$1,700/oz for gold and US$19.90/oz for silver.
• The Cascabel project area also contains the Tandayama-America ‘Measured & Indicated’ resource of 529mt at an average grade of 0.24% copper and 0.18g/t gold of which around 67% is described as amenable to open-pit mining.
• The company has previously identified additional exploration targets within the Cascabel concession and a total of 13 ‘high-priority’ targets throughout Ecuador although follow-up of these targets is currently in abeyance as the company focusses on refining the development plan for Cascabel.

Conclusion: We look forward to the completion of the revised pre-feasibility study for Cascabel to provide insight into the phased development of the project and to further information on the third party interest in the Ecuador exploration portfolio.

*SP Angel acts as Financial Advisor to SolGold

Thor Energy (THR LN) 1.58p, Mkt Cap £4m – Encouraging results from uranium drilling in Colorado

• Thor Energy has released drilling results from its Wedding Bell and Radium Mountain projects in the historic Uravan belt of southwest Colorado where drilling is expected to continue until later this month.
• The company says that it has completed 16 holes so far and that “uranium mineralisation … [was] …intercepted in all drillholes”.
• The company highlights downhole gamma logging results including:
  • A 0.5m wide interval averaging 0.32% U3O8 from a depth of 76.m in hole 23WBRA-011 at the Rim Rock prospect located along strike from historic mining at the Rim Rock mine; and
  • A 0.6m interval averaging 0.17% U₃O₈ from 63.1m depth in hole 23WBRA-012; and
  • A 0.3m interval averaging 0.11% U₃O₈ from 61.3m depth in hole 23WBRA-013; and
  • A 0.8m interval averaging 0.20% U₃O₈ from 67.4m depth in hole 23WBRA-016
• Thor Energy says that it is continuing to drill at Rim Rock “before moving to Groundhog prospect, with further downhole gamma results anticipated at the end of the program”.
• Managing Director, Nicole Galloway-Warland, described the results as “significant” and said that they reflected “the high-grade nature of the uranium mineralisation within the Uravan Mineral Belt”.
• She said that the “drilling program is progressing well, with completion anticipated in late November 2023 … [and that the results reaffirm] … our long-term strategic focus towards the 100% owned USA uranium projects within the Thor portfolio”.

Conclusion: Initial drilling and gamma-logging results from the campaign in SW Colorado provide encouragement for the rest of the programme. We await further results.

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

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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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