SP Angel Morning View -Today’s Market View, Wednesday 19th April 2023

Gold falls as prospects for US Fed rate rise Strengthen dollar

MiFID II exempt information – see disclaimer below

Antofagasta* (ANTO LN) – Water shortages curb copper Q1 output with improvement expected as the year progresses.

Atlantic Lithium* (ALL LN) – Drilling starts to better optimise, sequence and expand new lithium mine in ghana

BeMetals* (BMET CN) – Identification of drilling targets on Kyushu, Japan.

Hummingbird Resources (HUM LN) – Robust quarterly production at Yanfolila with annual guidance reiterated at 80-90koz

Kodal Minerals* (KOD LN) – Target Under Revision – Boumou prospect results confirm high-grade extension. Sale of Bougouni West concession for 2.0m

Tirupati Graphite (TGR LN) – Update on Successful acquisition of Suni Resources

Power Metal Resources (POW LN) – Golden Metal Resources IPO update and release of Schedule One

Perseus Mining (PRU AU) – Q3 gold production remains on track to meet full year guidance.

Serabi Gold* (SRB LN) – Grade improvements at Palito lift Q1 gold production above 8,000oz.

Gold – $1,980/oz – Spot prices slide as US Fed members call for higher interest rates as labour market remains hot

• Two non-voting members have called for additional rate hikes, bolstering the dollar and weighing on gold prices.
• The dollar has also rallied on the back of Euro weakness, with the Euro constituting over 50% of the DXY index.
• US Treasuries have extended weakness, with the 10-year yield climbing to 3.616%. Higher yields reduce appetite for non-interest yielding gold.
• Some reversion was expected following a $200/oz rally in gold prices since mid-February.

Chinese major strikes deal with DRC, freeing over $1.5bn in copper and cobalt

• Chinese cobalt and copper miner CMOC has resolved its dispute with DRC state miner Gécamines over a royalties issue at Tenke Fungurume.
• The dispute had been ongoing since last July, with CMOC stating that the progress will enable a ‘further release’ of capacity at Tenke, with the group looking to begin production again this year.
• Tenke Fungurume accounts for c.15% of global cobalt output, and reports suggesting close to $1.5bn worth of Cu-Co concentrate was being held on site.
• CMOC also state they will look to make ‘greater contributions to friendly cooperations between China and the DRC.’

China aluminium province hit by severe drought, threatening hydropower

• Aluminium hub, Yunnan, is facing one of its worst droughts in over a decade.
• The state is reliant on hydropower to support its heavy industry, however rainfall levels are 40% below average.
• The province produces 12% of China’s aluminium supply.
• Mysteel reports power rationing has been instigated, although aluminium smelters to date are unaffected.
• Aluminium futures climbed to a two-month high on Wednesday.

CATL reveals strongest battery with c.2x battery density

• China’s battery giant CATL has unveiled its strongest battery, opening the potential to electric aircraft.
• The battery holds an energy density of 500wh/kg a significant improvement on its 255Wh/kg battery, which offers EVs a 1,000km range in one charge.
• The new cell is set to start production next year.

Economics

US – Non-voting members of the FOMC provided hawkish comments arguing in favour of higher rates for longer.

• Bank of Atlanta President Rapahel Bostic told CNBC he would like to see one more rate hike and then holding rates above 5% for a period of time to cool down inflation.
• Bank of St Louis President James Bullard told Reuters he supports rates to go into a 5.5-5.75% range, up from current 4.75-5.0%.

A spell of dry weather in the south of Europe see the cost olive oil surging nearly a 30% increase with the Bloomberg’s Pizza Margherita index running at least 20%yoy higher for eight months in a row.

• Five main components of the index include flour (+17.6%yoy), mozzarella (26.9%), tomato (+13.4%), olive oil (+27.0) and electricity (+28.0).
• Around 60% of the Spanish countryside, the leading producer of olive oil, is struggling with droughts.
• The rest of the EU favoured better after recording wet months in March and April.

UK – Inflation came in stronger than expected with a core measure proving to be sticker than thought supporting further tightening of the monetary policy.

• Two year UK bond yields jumped higher hitting 3.8% while FTSE 100 pulled back following the release of the data.
• CPI (%mom): 0.8 v 1.1 February and 0.5 est.
• CPI (%yoy): 10.1 v 10.4 February and 9.8 est.
• Core CPI (%yoy): 6.2 v 6.2 February and 6.0 est.

Indonesia – Central bank maintains interest rate at 5.75%

North Korea – President Xi urges North Korea to refrain from further nuclear tests and to boost communication

• President Xi appears to be trying to cool tensions between North Korea and the rest of the world following a recent solid-fuel missile test.
• The nation is said to have some 30-40 nuclear weapons with potential to make a further

Currencies

US$1.0971/eur vs 1.0957/eur yesterday. Yen 134.58/$ vs 134.35/$. SAr 18.201/$ vs 18.263/$.  $1.247/gbp vs $1.242/gbp. 0.672/aud vs 0.673/aud. CNY 6.891/$ vs 6.878/$.

Dollar Index 101.78 vs 101.87 yesterday.

Commodity News

Precious metals:

Gold US$1,980/oz vs US$2,002/oz yesterday

Gold ETFs 93.4moz vs US$93.4moz yesterday

Platinum US$1,071/oz vs US$1,057/oz yesterday

Palladium US$1,632/oz vs US$1,603/oz yesterday

Silver US$25.00/oz vs US$25.15/oz yesterday

Rhodium US$7,900/oz vs US$7,700/oz yesterday

Base metals:   

Copper US$ 8,939/t vs US$8,999/t yesterday

Aluminium US$ 2,415/t vs US$2,409/t yesterday

Nickel US$ 25,695/t vs US$24,650/t yesterday

Zinc US$ 2,845/t vs US$2,848/t yesterday

Lead US$ 2,146/t vs US$2,117/t yesterday

Tin US$ 27,350/t vs US$27,800/t yesterday

Energy:           

Oil US$84.4/bbl vs US$85.1/bbl yesterday

• Crude oil prices edged lower on demand concerns even as the API reported a 2.7mb draw in US crude oil stocks (vs 2.5mb draw expected).
• European energy prices edged higher despite French nuclear reactors’ operating levels being reported as increasing from 58% yesterday to 62% of capacity from 36 available reactors, up from 35 last week.

Natural Gas US$2.358/mmbtu vs US$2.277/mmbtu yesterday

Uranium UXC US$51.00/lb vs US$51.00/lb yesterday

Bulk:

Iron ore 62% Fe spot (cfr Tianjin) US$117.7/t vs US$116.7/t

Chinese steel rebar 25mm US$586.2/t vs US$587.1/t

Thermal coal (1st year forward cif ARA) US$132.0/t vs US$132.0/t

Thermal coal swap Australia FOB US$183.0/t vs US$183.5/t

Coking coal swap Australia FOB US$286.0/t vs US$286.0/t

Other:  

Cobalt LME 3m US$34,930/t vs US$34,930/t

NdPr Rare Earth Oxide (China) US$68,936/t vs US$69,423/t

Lithium carbonate 99% (China) US$23,293/t vs US$23,916/t

China Spodumene Li2O 5%min CIF US$4,410/t vs US$4,460/t

Ferro-Manganese European Mn78% min US$1,355/t vs US$1,353/t

China Tungsten APT 88.5% FOB US$323/mtu vs US$323/mtu

China Graphite Flake -194 FOB US$780/t vs US$780/t

Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb

Europe Ferro-Vanadium 80% 36.25/kg vs US$36.25/kg

China Ilmenite Concentrate TiO2 US$345/t vs US$345/t

Spot CO2 Emissions EUA Price US$100.0/t vs US$99.9/t

Brazil Potash CFR Granular Spot US$415.0/t vs US$415.0/t

Company News

Antofagasta* (ANTO LN) 1,596.5p, Mkt Cap £16bn – Water shortages curb copper Q1 output with improvement expected as the year progresses.

• Antofagasta reports the production of 145,900t pf copper during the 3 months to 31^st March at a net cash cost of US$1.54/lb.
• The company confirms its full year guidance of 670-710,000t of copper at a cash cost of US$ 1.65/lb and that the Q1 production is 5.1% above that achieved during Q1 2022 but 25.4% below that of the preceding quarter to December 2022.
• Antofagasta attributes the quarter-on quarter decline since Q4 2022 to “the expected temporary reduction in throughput at Los Pelambres on lower water availability, and expected lower grades and scheduled maintenance at Centinela … [and confirms that production] … is expected to increase through the rest of the year”.
• Energy and sulphuric acid cost inflation, strength in the Chilean Peso and lower production levels increased cash costs before by-product credits by 24.5% compared to Q4 2022 to US$2.49/lb although the company points out that by-product credits of US$0.95/lb net cash costs were “21c/lb lower than in Q1 2022”.
• The desalination plant and concentrator expansion at Los Pelambres is reported to be over 96% complete and the desalination plant is “expected to come into production by the end of the second quarter of 2023 … [and]… Commissioning of the concentrator plant expansion will begin in the second quarter of 2023”.
• Antofagasta expects to decide on whether to proceed with “the Centinela Second Concentrator project … by the end of the year”.
• Los Pelambres produced 59,300t of copper during the quarter which, although “9.6% higher than the same quarter last year … was 33.2% lower than in the previous quarter, mainly driven by the reduced throughput, which was down 34.6% due to water restrictions arising from the drought”.
• Cash costs, on a net basis, at Los Pelambres were 7.7% higher than the preceding quarter to December 2022 at US$0.84/lb.
• At Centinela, Q1 copper output of 57,700t was 3.4% higher than for Q1 2022 but 21.7% lower than Q4 2022 “on expected lower grades and scheduled major maintenance at Centinela Concentrates” which reduced average daily throughput to 103kt compared to 116kt in the quarter to December 2022.
• The Antucoya mine produced 18,800t of copper during the quarter (q4 2022 – 21,800t) at a cash cost of US$2.80/lb (US$2.58/lb) with the company explaining that the cost increase was “mainly due to lower production and the stronger Chilean peso”.
• Production at Zaldivar declined by 11.5%compared to Q4 2022 to 10,000t “due to scheduled maintenance and lower grades, partially offset by higher recoveries”.  Cash costs rose by 5.1% during the quarter to US$2.89/lb.

Conclusion: The completion of the desalination plant at Los Pelambres is expected during the current quarter easing the water supply constrains which have held back copper production. Antofagasta is maintaining its annual production and cost guidance and looking for rising copper output as the year progresses.

*An SP Angel mining analyst has previously visited a number of Antofagasta’s copper mines.

Atlantic Lithium* (ALL LN) 33.7p, Mkt Cap £204m – Drilling starts to better optimise, sequence and expand new lithium mine in ghana

• Atlantic Lithium report the start of a 3,000m infill reverse circulation and diamond drilling programme at the Ewoyaa South 2 deposit in Ghana
• The drilling is to increase drill data definition to better optimise and sequence the mine plan.
• The exploration team are also using seismic to better determine the footprint of the broader mineral resource at Ewoyaa
• The ambient noise seismic technology should also test for concealed pegmatite targets alongside soil geochemistry over the Cape Coast licence.
• Auger drilling to further test for pegmatites is ongoing with 7,900m drilled so far for new targets
• The team are also planning a further 7,000m extensional resource drill programme at the Ewoyaa Main, Ewoyaa North-East and Kaampakrom targets.
• Soil samples are analysed with Atlantic’s in-house pXRF and Li LIBS analysers enabling rapid turnaround of results to better target the exploration.
• While the 2023 drill program will not affect the timing of the current DFS due before end June it should add significantly to confidence in the resource and to the potential expansion of the planned mine at Ewoyaa.
• We expect the likely identification of concealed pegmatites within the Ewoyaa license area using seismic and drilling to add significantly to the spodumene resource.
• 20,000m of auger drilling is planned to test multiple coincident geochemical and geophysical targets testing for pegmatites below vegetation and soil cover to define the extend to the sub-surface pegmatites many of which will be simply overlain by a few meters of cover.
• A further 6,500m of reverse circulation drilling is also budgeted to test targets as they are defined later in the year.
• The exploration and resource drilling programmes will not impact the targeted delivery date of the Definitive Feasibility Study in Q2 2023, which will be based on the current 35.3Mt @ 1.25% Li2O MRE1.
• JORC Resource:
  • 3.5Mt at 1.37% Li2O – Measured
  • 24.5Mt at 1.25% Li2O – Indicated
  • 7.4Mt at 1.16% Li2O – Inferred category.
  •  35.3mt at 1.25% Li2O – Total Mineral Resource Estimate

• Atlantic’s recent PFS shows a Post-tax NPV8 of US$1.33bn and an IRR of 224% assuming a spodumene price of $1,359/dmt SC6% in the short term with US$1,200/dmt long term pricing
• Spodumene prices for SC5% min are currently at US$4,410/t CIF

Conclusion:  Atlantic are working at full speed to complete the BFS and to extend the scale of the mineral resources. The scale and speed of the work being done indicates the drive to start mining and producing spodumene concentrate in Ghana.

*SP Angel acts as Nomad to Atlantic Lithium

BeMetals* (BMET CN) – C$0.12, Mkt cap C$21.2m – Identification of drilling targets on Kyushu, Japan.

• In an announcement to the Canadian market yesterday, BeMetals reported that it has identified drilling targets at the Noya and Noya Southwest prospects within its Tashiro gold project on Kyushu, Japan.
• Recent high resolution magnetic geophysical surveying in conjunction with the compliation of historic drilling information undertaken by Japan’s Metal Mining Agency between 1989 and 1994 which “confirmed the development of an extensive epithermal gold system … [indicate] … the potential extension of this gold vein target zone to some 1.5 kilometres along strike”.
• The “historical high-grade vein intersections are at vertical depths of approximately 175 to 200 metres below surface, thereby defining a clear initial depth target for the planned drilling” which is initially expected to constitute 3 or four holes.
• Among the historical drill intersections highlighted in the announcement are:
  • A 0.47m wide intersection from hole 4MAKC-1 on the Noya prospect which averaged 6.3.9g/t gold and 16.7g/t silver from a depth of 306.9m; and
  • A 1.08m wide intersection from 353.9m depth in hole MAKC-4, also from the Noya prospect, which averaged 28.6g/t gold and 12.9g/t silver and  contained a second intersection of 0.3m at an average grade of 41.6g/t gold and 28.4g/t silver from 205.8m depth: and
  • A 27.1m wide intersection in hole MAKN-7 drilled on the Noya SW prospect which averaged 1.67g/t gold and 1.70g/t silver from a depth of 121.30m and included 3.38g/t gold and 3g/t silver over 8.95m from 139.45m: and
  • A 1.30m wide intersection in hole MAKN-8, also at Noya SW which averaged 13.8g/t gold and 16.75/t silver from 119.6m depth.
• President and CEO, John Wilton, confirmed that “certain features of this new magnetic data are consistent with the orientation of the main Noya prospect gold vein trend … [and] … indicate the potential extension of this gold vein target zone to some 1.5 kilometres along strike”.
• Mr. Wilton explained that drilling at Tashiro would take place later this year after completing “the current and planned phases of drilling at its Kato and Todoroki projects in Hokkaido”.
• BeMetals explains that the project Tashiro “is situated within the regional scale Hohi Graben, a major geological structure in this district that is associated with numerous historical gold mines and prospects known collectively as the Northern Kyushu epithermal gold province”.

Conclusion: Drilling is planned at the Tashiro project later in the year to follow up epithermal gold targets identified by historic drilling data and a recent magnetic geophysical programme. We look forward to results when the Tashiro drilling has been completed.

*SP Angel act as broker to BE Metals

Hummingbird Resources (HUM LN) 13.1p, Mkt Cap £79m – Robust quarterly production at Yanfolila with annual guidance reiterated at 80-90koz

• Q1/23 production came in at 27.3koz (Q1/22: 15.5koz) at the Yanfolila operation in Mali.
• Plant throughput was 367kt at 2.41g/t with gold recoveries of 94.4% helped by the high grade material from the Komana East deposit (Q1/22: 299kt at 1.71g/t with 95.4%).
• AISC averaged $1,109/oz, down on $1,248/oz in Q4/22 and $2,235/oz, on the back of stabled processing rates at the plant, lower strop ratios and improved mining technique at site.
• Q1/23 EBITDA was ~$17.5m, up on ~$11m in Q4/22.
• Q1/23 capex was $21m primarily reflecting ongoing development works at the Kouroussa Project.
• Net Debt came down to $105m (incl ~$119m in gross debt and ~$6m in gold inventory), down from $125m in Q4/22, after a ~$17m equity raise during the quarter.
• Komana East underground mine (KEUG) development commenced during the quarter with design works completed.
• Portal access works started with the deposit estimated to host 278koz at 3.94g/t in reserves expected to come online in Q4/23 underpinning production profile at the Yanfolila as KE open pit depleted in Q3/23.
• The team terminated the contract with JCM at the end of Q1/23 due to ongoing poor equipment availability and is transitioning to the new mining contractor with the support from Corica Mining Services, a Kouroussa’s contract miner.
• Yanfolila 2023 production guidance reiterated at 80-90koz and AISC under $1,500/oz.
• Kouroussa remains on target for the first gold pour in Q2/23 and ramp up to full capacity is guided within six months (ie H2/23).
• Kouroussa hosts 4.9mt at 4.15g/t for 647koz in reserves and is estimated to run at 120-140kozpa in the first three years of operation (~100kozpa average LOM) and LOM AISC of $900-1,000/oz based on a conventional 1mtpa CIL operation.

Conclusion: Good quarterly production update with annual guidance reiterated for 80-90koz at Yanfolila. Development works at Kouroussa continue at pace with the team reiterating first gold pour target for Q2/23 and a ramp up to full capacity within six months after that.

Kodal Minerals* (KOD LN) 0.78p, Mkt Cap £134m – Boumou prospect results confirm high-grade extension. Sale of Bougouni West concession for 2.0m

Target under revision

• Kodal Minerals has confirmed the sale of the Bougouni West concession for £2.0m to its near neighbour Leo Lithium (LLL AU).
• Bougouni West does not form a part of Kodal’s main Bougouni Project and is being sold for a total of £2.5m with £0.5m going to Bambara Resources, the original concession holder.
• As such the Bougouni West concession is not part of the main Bougouni Project into which Hainan Mining are investing ~$100m by way of an operational joint venture with Kodal Minerals.
• Kodal’s agreement with Leo Lithium allows Kodal to retain exposure to exploration upside at Bougouni West with Leo Lithium able to give greater focus than Kodal can currently justify.
• Leo Lithium are also paying a 1.4% gross royalty on future revenue from the concessions to Kodal also has the right to a 15% equity carry on an economic mineral discovery / BFS on the concessions subject to dilution from the Mali Government for no consideration . Leo Lithium is obliged to spend a minimum of AUD$125,000 over two years on mineral exploration activities on each of the Concessions.
• Boumou reverse circulation results:
• Spodumeme veins identified at 51m width with grades running up to 3.27% Li₂O in samples including:
  • 36m at 1.29% Li₂O from 93m depth, including 13m at 1.96% Li₂O from 100m,
  • 51m at 1.08% Li₂O from 78m, including 9m at 1.77% Li₂O from 112m and 31m at 1.23% Li₂O from 42m.
• The results indicate potential for over 700m of additional strike length to be added with the identification of pegmatite material along strike.
• Cash:
  • £14.6m by way of a subscription by Hainan Mining in Kodal at 0.5p/s
  • £2m from Leo Lithium
  • $5.66m from KMUK subsidiary paid by Hainan Mining as part repayment of costs incurred at Bougouni.
• Total cash into Kodal is £22m
• Kodal held cash of £2.6m at end September.
• KMUK to receives $94.34m by way of Hainan subscription including the $7m of deposit currently in escrow.
• Kodal expects to spend around $65m on building the plant at Bougouni leaving plenty of spare cash for further exploration within the Hainan jv and also on Kodal’s own account.

Conclusion:  The sale of Bougouni West builds adds further cash into the Kodal coffers for further exploration on their existing gold and new lithium prospects.

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

Tirupati Graphite (TGR LN) 33p Mkt Cap £36m – Update on Successful acquisition of Suni Resources

• Tirupati Graphite has completed its acquisition of Suni Resources, ASX-listed Battery Minerals Ltd’s Mozambique subsidiary.
• 10,046,556 shares of Tirupati will be issued to BAT for a total consideration of c.£5,284,500.
• The shares, issued at a price of £0.526, will be issued in two tranches, with the second tranche issued on the transaction’s eight-month anniversary.
• Suni Resources has two primary assets, the Montepuez Project with a JORC resource of 120mt and the Balama Central Project, which holds JORC reserves and resources of 33mt.
• The combined assets will offer Tirupati annual production potential of 100kt and 58kt of flake graphite respectively, according to approved permitting.

Power Metal Resources (POW LN) 1p Mkt Cap £17m – Golden Metal Resources IPO update and release of Schedule One

• Power Metal Resources notes the release by AIM of the Schedule One for Golden Metal Resources, with an expected admission date set in early May 2023.
• Golden Metal Resources, in which POW has a significant interest, is progressing with its IPO process, the Company reports.
• Golden Metal holds four mining assets: Pilot Mountain, Garfield, Stonewall and an earn-in option for the Golconda Summit.
• The Golden Metal team is looking to raise funds via IPO to further progress its Nevada-focused tungsten, gold, copper, silver and zinc assets.
• The Pilot Mountain Project is in its mineral resource definition stage, targeting skarn-style tungsten-copper-silver-zinc mineralisation.

Conclusion: A Schedule One release by AIM is a major milestone in the spin-out of POW’s Golden Metal Resources to IPO and a confirmation of the effectiveness of the Company’s strategy. We look forward to further updates as the IPO process progresses.

Perseus Mining (PRU AU) A$2.35, Mkt Cap A$3.2bn – Q3 gold production remains on track to meet full year guidance.

• In an announcement to the ASX, Persus Mining reports the production of 130,275oz of gold during the three months to 31^st March 2023 bringing YTD output to 398,645oz for the first nine months of its financial year.
• Quarterly production costs of US$830/oz and all-in sustaining costs of US$971/oz bring the YTD costs to US$823/oz and US$943/oz respectively.
• The company points out that the all-in sustaining costs for the quarter were 1.2% lower than the preceding (December 2022) quarter and that the “Average cash margin of US$850 per ounce of gold sold was 11% greater than in the prior quarter”.
• The Yaouré mine in Cote d’Ivoire produced 64,753 oz (approximately 50%) of the quarter’s output at an AISC of US$803/oz, with the Edikan mine in Ghana contributing a further 53,720oz ((40%) at US$1,067/oz and the Sissingué operation (Cote d’Ivoire) delivering the remaining 11,803oz) at an AICC of US$1,458/oz.
• The company confirms its production and cost guidance for the year to 30^th June in the range 498-52/,000oz at and AISC between US$1-1,100/oz.
• Guidance for the individual mines is:
  • Yaouré ~254-267,000oz at an AISC between US$850-900/oz; and
  • Edikan~194-206,000oz at an AISC between US$1,075-1,125/oz; and
  • Sissingué ~51-56,000oz at an AISC between US$1,625-1,675/oz Perseus signed a definitive agreement with Orca Gold to acquire all outstanding equity not already owned by the Company.
• Perseus Mining confirms that at 31^st March 2023 it held “available cash and bullion of US$471 million, zero debt, net cash and bullion balance increased by US$66 million”

Serabi Gold* (SRB LN) 29.5p, Mkt Cap £25.8m – Grade improvements at Palito lift Q1 gold production above 8,000oz.

• Serabi Gold reports production of 8,005oz of gold during the first quarter of 2023 representing a 13% improvement over the 7,062oz produced during Q1 2022.
• The total included 2.229oz of gold produced from 7,731 tonnes of ore grading 9.22g/t gold from the Coringa mine which was treated at Palito partially replacing “reduced production from Sao Chico”.
• The company also explains that “the reported average quarterly plant feed grade of 6.49 grammes per tonne (“g/t”) is the highest since the third quarter of 2021”.
• CEO. Mike Hodgson, explained that “mine development at the Coringa Project is continuing as planned, and whilst the mine is still very much only a pilot operation, the development grades as we explore and evaluate the orebody have been spectacular”.
• Serabi Gold confirms that its cash balance at the end of March amounted to US$13.9.

Conclusion: Production of over 8,000oz of gold during Q1 includes almost 28% derived from ore shipped from the Coringa mine for processing

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

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 – [email protected] – 0203 470 0490

Simon Beardsmore – [email protected] – 0203 470 0484

Sergey Raevskiy –[email protected] – 0203 470 0474

Sales

Richard Parlons –[email protected] – 0203 470 0472

Abigail Wayne – [email protected] – 0203 470 0534

Rob Rees – [email protected] – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

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

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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 ([email protected]).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expec