--- title: "SP Angel Morning View -Today’s Market View, Wednesday 20th November 2024" publisher: "Share Talk" author: "sharetalk" published: "2024-11-20T11:16:35+00:00" modified: "2024-11-20T11:16:35+00:00" date: 2024-11-20 canonical: "https://www.share-talk.com/sp-angel-morning-view-todays-market-view-wednesday-20th-november-2024/" category: "B2B" categories: ["B2B", "Blogs", "Business & Support Services", "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", "SP Angel"] 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 20th November 2024 **Published:** November 20, 2024 **Author:** sharetalk **Categories:** B2B, Blogs, Business & Support Services, 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, SP Angel **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) --- **Copper edges higher on signs of stronger demand** **MiFID II exempt information – see disclaimer below** **Aterian plc* (ATN LN) – Azrar copper, gold project and Morocco portfolio review** **ECR Minerals (ECR LN) – Drilling results from the Tambo project, Victoria** **Glencore (GLEN LN) – Deal for copper leaching at Chilean mine** **Kavango Resources* (KAV LN) – New target at Nara, Zimbabwe** **Kore Potash* (KP2 LN) – Final EPC contract signed** **Mkango Resources* (MKA LN) – Management shares issued** **Copper prices ($9,150/t) edge higher on signs of demand strengthening** - Copper prices have bounced off recent lows, having been weighed down by a strong dollar. - Spot TCRCs are improving as smelters cut output in China following several years of rapid expansion. Smelter rates are falling to 80%, as limited profitability weighs on output. - On the other hand, the futures curve is showing contango, which is historically a sign of weak physical demand. - Bloomberg reports semi-fabricated operating rates are low, below 2023 levels, with rod and wire manufacturer operating rates 7-13% lower than last year. - China construction remains weak, with weak demand from downstream users who step in as prices fall, visible in China premiums. - Inventories have been sliding, now below August levels, with seven days supply currently available, vs 12-day average since 2013. - Mitsui is reportedly in the running for a 20% stake in First Quantum’s Zambia mines at $2bn. **Lithium hydroxide producers ramp up conversion to carbonate as prices climb** - The spread between lithium hydroxide prices and carbonate prices continues to grow, with carbonate trading at a premium. - This has pushed converters to ramp up carbonate production to take advantage of the difference. - Fastmarkets suggests the cost for Chinese converters to go from hydroxide to carbonate stands at c.2000CNY ($275/t). - Reports suggest that hydroxide producers are converting their own product into carbonate given the strong margins. - As a result, hydroxide supplies are tightening, which is in turn pushing up spodumene prices, which recent rose to c.$850/t according to Benchmark SC6 CIF China. - Hydroxide prices are $9,390-9,665/t whilst battery-grade carbonate prices are edging up to $11,500-11,870/t according to Fastmarkets on a weekly average basis. - Chinese lithium equities continue to rally, with Ganfeng up 4%, however, Australian producers continue to struggle. - Shanghai Metals Market reports downstream buyers are limiting their spot purchases on concerns over future price weakness, unsurprising given the extended period of price weakness. - Sentiment has picked up following the shutdown of Bald Hill, alongside higher cost projects in China and Zimbabwe coming offline. - On a fundamental basis, end-user demand from battery cell and cathode producers has reportedly improved, increasing carbonate spot procurement prices. - Destocking persisted in November. - The Chinese Ministry of Finance announced on November 15th, that export rebate tax rate for lithium batteries is set to be reduced to 9% from 13%. - This is expected to ‘*move away from excessive price competition and towards healthy competition.. reducing excess capacity and promote the healthy development of the industry.’* **Zambia and Zimbabwe urged to diversify power sources as Kariba dam levels fall** - Zambia’s Energy Minister stated falling water levels at the Kariba Dam ‘*has been a wake-up call that has taught us to start thinking of alternative sources.’* - The Kariba Dam has suffered from sliding water levels owing to a drought in the region, with water available for power generation at 2.4% vs 15.5% a year ago. - Kariba is producing 10% of its installed capacity of 1,050 megawatts, Bloomberg reports. - Zambia is looking to boost solar capacity to offset its reliance on hydropower. **Wagner in $2.5bn profit since Ukraine invasion on illicit gold mining** - The World Gold Council reports that the Wagner Group has earned $2.5bn from illegal gold mining since Russia’s invasion of Ukraine. - Wagner has been prolific in Syria, Libya, Mali and the Central African Republic. - The WGC report authored by Dominic Raab reports Wagner transports gold back to Russia via the Latakia military base in Syria or via gold trading hubs. - $30.7bn in gold was reportedly smuggled out of Africa in 2022, primarily from artisanal operations. - South America is also rife with illicit gold mining, with Colombia’s FARC reportedly gaining 20% of its funding from illegal gold operations. - The report states that 20m workers over 80 countries are involved in the artisanal gold trade. **China to have 3.6m public chargers by end of year, 70% of global total** **Europe public chargers 0.62m in 2023. Est. 3.5m by 2030** **US public charging stations 0.14m now** - China is expected to have 3.6m public charging piles by the end of 2024, accounting for nearly 70% of the global total, according to market research firm TrendForce. - South Korea is expected to lead growth, with an annual growth rate of 39%, and is expected to reach its goal of 500,000 public by the end of 2025. - Global growth is expected to be down significantly to 30% in 2024, from 60% in 2023. | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | -0.28% | at | 43,269 | | **Nikkei 225** | | -0.16% | at | 38,352 | | **HK Hang Seng** | | 0.21% | at | 19,705 | | **Shanghai Composite** | | 0.66% | at | 3,368 | | **US 10 Year Yield (bp change)** | | +1.8 | at | 4.414 | **Economics** **US – Nvidia quarterly results are in focus due later today with the stock trading new all time highs.** - Some call the results to be the most important catalyst for risk sentiment left in 2024 beating the Federal Reserve’s December decision. - On the latter, markets still see chances of another rate cut as a more likely scenario with a ~60% chance of a move. **China – Prime lending rates were left unchanged at 3.1% (1y) and 3.6% (5y) following a major cut last month and in line with market estimates.** **Japan – Exports climbed more than expected in October helped by demand from China and the rest of Asia.** - Shipments to China climbed 1.5% after posting a 7.3% drop the previous month. - An increase in outbound shipments is more welcome given that the yuan actually strengthened during the same period. - On a less positive note, exports to the US and Europe fell 6.2% and 11.3% extending declines from the previous month. - Exports (%yoy, Oct/Sep/Est): 3.1/-1.7/1.0 - Imports (%yoy, Oct/Sep/Est): 0.4/1.8(revised from 2.1)/-1.9 **UK – Inflation accelerated more than expected in October with headline reading coming in at 2.3%, up on 1.7% in September, reflecting an increase in energy costs.** - Services inflation that is monitored more closely by monetary authorities remained elevated at 5%, in line with BOE forecasts and up on 4.9% the previous month. - Odds of a rate cut in February next year fell but only marginally. - The pound climbed on the news only to give up all its gains currently trading below pre announcement levels. - CPI (%mom, Oct/Sep/Est): 0.6/0.0/0.5 - CPI (%yoy, Oct/Sep/Est): 2.3/1.7/2.2 - Core CPI (%yoy, Oct/Sep/Est): 3.3/3.2/3.1 **Currencies** **US$1.0572/eur vs 1.0584/eur previous. Yen 155.63/$ vs 153.90/$. SAr 18.104/$ vs 17.979/$. $1.269/gbp vs $1.267/gbp. 0.652/aud vs 0.651/aud. CNY 7.242/$ vs 7.239/$** **Dollar Index 106.42 vs 106.26 previous** **Precious metals:****         ** **Gold US$2,622/oz vs US$2,621/oz previous** **Gold ETFs 82.9moz vs 82.8moz previous** **Platinum US$966/oz vs US$965/oz previous** **Palladium US$1,028/oz vs US$1,004/oz previous** **Silver US$30.9/oz vs US$31.2/oz previous** **Rhodium US$4,625/oz vs US$4,625/oz previous** **Base metals:****   ** **Copper US$9,137/t vs US$9,075/t previous** **Aluminium US$2,685/t vs US$2,628/t previous** **Nickel US$16,105/t vs US$15,820/t previous** **Zinc US$2,995/t vs US$2,962/t previous** **Lead US$2,028/t vs US$1,996/t previous** **Tin US$29,400/t vs US$29,145/t previous** **Energy****:           ** **Oil US$73.6/bbl vs US$73.2/bbl previous** - Crude oil prices edged higher despite the International Atomic Energy Agency reporting that Iran has agreed to stop producing near bomb-grade uranium and the API estimating a 4.8mb w/w build to US crude inventories. - European gas prices edged down as French nuclear reactor operating levels rose 5% w/w to 80% of 61.4MW capacity, with Gazprom reporting a stable gas supply of 42.4mcm/d (~1.5bcf/d) via the Sudzha metering station. - A German transit fee paid by traders or utilities for deliveries through Germany will rise to €2.99/MWh after the collapse of the ruling coalition prevented the country’s parliament from scrapping the levy, which raises the cost of accessing LNG imports to Europe for landlocked such as Austria, Slovakia and the Czech Republic. **Natural Gas €45.4/MWh vs €47.0/MWh previous** **Uranium Futures $80.3/lb vs $81.0/lb previous** **Bulk:****   ** **Iron Ore 62% Fe Spot (cfr Tianjin) US$101.1/t vs US$101.1/t** **Chinese steel rebar 25mm US$504.6/t vs US$506.3/t** **HCC FOB Australia US$204.5/t vs US$204.0/t** **Thermal coal swap Australia FOB US$141.5/t vs US$143.5/t** **Other:  ** **Cobalt LME 3m US$24,300/t vs US$24,300/t** **NdPr Rare Earth Oxide (China) US$57,859/t vs US$57,956/t** **Lithium carbonate 99% (China) US$10,564/t vs US$10,569/t** **China Spodumene Li2O 6%min CIF US$790/t vs US$790/t** **Ferro-Manganese European Mn78% min US$985/t vs US$985/t** **China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu** **China Graphite Flake -194 FOB US$440/t vs US$440/t** **Europe Vanadium Pentoxide 98% US$4.8/lb vs US$4.8/lb** **Europe Ferro-Vanadium 80% US$25.6/kg vs US$25.55/kg** **China Ilmenite Concentrate TiO2 US$307/t vs US$307/t** **China Rutile Concentrate 95% TiO2 US$1,139/t vs US$1,140/t** **Spot CO2 Emissions EUA Price US$64.9/t vs US$64.9/t** **Brazil Potash CFR Granular Spot US$277.5/t vs US$277.5/t** **Germanium China 99.99% US$2,865.0/kg vs US$2,865.0/kg** **China Gallium 99.99% US$430.0/kg vs US$430.0/kg** **Battery News** **CATL begin talks to launch battery recycling operations in Europe** - CATL is in talks to set up a battery recycling business in Europe, discussing possible plant sites with European governments including Hungary. (Bloomberg) - CATL has already signed a land pre-purchase agreement with the city of Debrecen, in Hungary, for a cell production facility that we be its second in Europe. - The facility is targeting an annual capacity of 40GWh in phase one and expanding to 100GWh at full capacity. - Regional operations chief, Jason Chen said that CATL hopes *“to have a closed loop from manufacturing to recycling [in the region.]”* - Establishing recycling operations would help CATL mitigate environmental concerns over battery production and disposal. **Nio battery swap stations delivering 100 services per day** - Nio CFO has said that most of its 150 swap-stations in Shanghai are providing more than 100 services per day. - From an enterprise value perspective, the business case for the battery swap service is clear: a battery swap station can break even with 60 to 70 services a day, he said. - Nio’s latest fourth-generation battery swap station can provide up to 480 services a day, but these are in operation at only a few sites currently. **Company News** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -0.6% | -1.2% | **Freeport-McMoRan** | 1.3% | 1.2% | | **Rio Tinto** | 0.2% | 2.0% | **Vale** | -0.1% | 0.5% | | **Glencore** | 0.5% | 1.3% | **Newmont Mining** | 1.9% | 3.8% | | **Anglo American** | 1.6% | 4.9% | **Fortescue** | 0.0% | -3.0% | | **Antofagasta** | 0.4% | 2.8% | **Teck Resources** | 1.7% | 1.7% | **Aterian plc* (ATN LN) 49p, Mkt Cap £4.7m – Azrar copper, gold project and Morocco portfolio review** *(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)* *(Rwanda: Aterian holds an effective 100% stake in the *Musasa Mining Licenses plus a* 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.)* *(Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)* - Aterian report progress at the Azrar copper-gold project and on the rest of the portfolio in Morocco. - The team looking to remove non-core projects while maintaining focus on Agdz, Azrar, Tata, and Jebilet Est. within their newly delineated 663.6 km2 of licenses in Morocco. - **Azrar **(76.9km2 license area): fieldwork review in the western Anti-Atlas Mountains, Morocco - The project area is 30km north of Aterian’s Tata copper project and has been reduced by two low-potential permits. **Tifrit **copper-gold zone target: **0.82 g/t Au and 0.63 % Cu over 9.0 m from surface chip channel sampling** along quartz veins - including: 0.70 g/t Au and 0.55 g/t Cu over 7.6 m from 0 to 7.6 m along the channel, - and 2.97 g/t Au and 2.00 % Cu over a 0.7 m interval from 8.3 m to 9.0 m. - Gold-copper target zone potential strike length is estimated to be 3.8km. **Ougri **sedimentary-hosted copper target: - Up to 2.92 % Cu and 16 g/t Ag from rock chip samples over an 800 m strike length of a 1.4 km basal Adoudou Formation target. **Izarzar **fault zone hosted copper target: - Up to 1.37 % Cu and 6 g/t Ag from a variably mineralised fault zone with an apparent width of up to 13.25 m within Adoudou Formation sediments. Azrar mineralisation styles include: - Sedimentary-hosted copper-silver in basal Adoudou Formation sediments. - Fold hinge and fault-controlled copper-silver in Adoudou Formation sediments. - Fault controlled copper-silver +/- chrome-nickel within Adoudou Formation sediments - Copper-gold mineralisation within quartz veins and veinlets. Numerous fold hinge and fault intersection target zones were identified from remote sensing data analysis for follow-up mapping and sampling. **Ougri and Amane:** new focus on sedimentary copper potential. **Tifrit: **focus on recently discovered gold-bearing zones. **Conclusion:** Aterian are focussing in on priority targets from their land package in Morocco. The team have identified four high-priority copper projects including Azrar which is reported to offer potential for the discovery of a large-scale copper development opportunity due to potentially economic copper grades. The identification of a larger fault system with silver and gold mineralisation also warrants further investigation. Some similarity with Managem’s the nearby Tizert copper mine is also encouraging. **SP Angel acts as Broker to Aterian Plc* **ECR Minerals (ECR LN) 0.43, Mkt Cap £7.9m – Drilling results from the Tambo project, Victoria** - ECR Minerals reports initial results from its maiden diamond-drilling campaign at the Tambo gold project in eastern Victoria. - Drilling, of five holes totalling 439m, was *“targeted beneath the historic workings of the Duke of Cornwall Mine, Swifts Creek”* and today’s announcement reports results from hole DOCd-002 including intersections of: - 0.40m at a grade of 8.51g/t from 44.6m depth; and - 0.15m at a grade of 24.10g/t gold from a depth of 51.05m. - The company also reports results of surface channel sampling on the Main Lode including *“results of 27.80 g/t to 180 g/t Au* *… *[which]* … support previous photon analysis of rock chip sampling of the same vein material”*. - The company explains that the initial results *“confirm that the Duke of Cornwall Lode system is comprised of quartz veins propagating from a mapped shear zone* *… *[and that] *…* *visual indicator minerals have been identified in the drill core including sulphides such as Chalcopyrite, Tungsten and Arsenopyrite, with assay values correlating strongly to elevated Bismuth**”*. - Chief Geologist, Adam Jones, described the initial results as *“highly promising**”* and said that they correspond with *“our earlier rock chip sampling … demonstrating consistency of results across our exploration programmes at the Tambo Gold Project”*. - He confirmed that *“We have drilled approximately 75 metres vertically beneath the old Duke of Cornwall mine workings, aiming to see results similar to those obtained nearer to surface. Despite this being a relatively focused drilling program, the initial findings suggest there is significant potential for further exploration**”*. **Conclusion**: Initial drilling results from Tambo confirm high gold grades but across relatively narrow intervals in the first hole reported.  We await results from the remaining four holes of the programme with interest. **Glencore (GLEN LN) 381p, Mkt Cap £46bn – Deal for copper leaching at Chilean mine** - Media reports Glencore has started testing leaching at their Lomas Bayas mine in Chile. - The Company is using Ceibo’s process, which has been backed by BHP. - Ceibo is intended to leach sulphide ores using electrochemical reactions to boost recoveries. - Lomas Bayas holds grades of 0.25% Cu, and Glencore suggests this may support LOM extension by seven years. - FID is expected 3Q25. **Kavango Resources* (KAV LN) 0.75p, Mkt Cap £11m – New target at Nara, Zimbabwe** - Kavango Resources reports that analysis of historical data, coupled with the results from its drillhole NAKLLDD-001 which were announced in August, has helped identify a new exploration target at its Nara project in southern Zimbabwe. - The historic N1 mine, which reportedly *“produced 72,468 ounces (“oz”) of gold at an average grade of 10 grams a ton (“g/t) … before its closure in the early 1980s **is currently being mined to 4-level by artisanal miners who are contracted to the current owner of Nara”* is a priority target for exploration. - *“Kavango holds an option to acquire Nara until June 2025**”.* - Previously reported results from hole 001, include: - 2.1m averaging 1.54g/t gold from 54.9m depth, and single metre long intersection averaging 1.88g/t gold from235.5m and 3.78g/t from 241m; as well as - 0.5m at an average grade of 7g/t from 237m depth; and - A single metre averaging 3.78g/t from 241m depth. - Examination of the historic information including the digitisation of *“old mine plans and development sections of the historic workings at N1* … [lead Kavango Resources to believe that] … *the higher-grade mineralisation intersected from 235.5m to 242m coincides with the down dip extension of the N1 Main Reef, which was never developed or mined”*. - In addition to the reinterpretation of the historic information and the recent drilling, *“Induced Polarisation (“IP”) surveying over the entire N1 mine zone subsequently identified a discrete resistivity low coincident with the central portion of the mine workings and the mineralisation intersected by hole NAKLDD001”*. - Kavango Resources’ *“technical team believes the IP results, along with the new zones of mineralisation intersected by hole NAKLDD001, offer compelling evidence for the continuation of gold mineralisation along strike of the N1 development workings”*. - The company *“has now begun to drill three holes along strike of hole NAKLDD001 into areas of the N1 mine zone that historic development data indicate to be entirely undrilled and with no known development* - *Hole NAKDDL002 and Hole NAKLDD004, will test whether gold mineralisation continues at depth in areas to the NW and SE of NAKLDD001 respectively, where historic development appears to be restricted to shallow levels near to the surface* - *Hole NAKDDL003 will test whether the mineralised structures at N1 mine extend into an area southeast of NAKDDL001 that appears to have never been mined”**.* - The company explains that *“Successful completion of this programme will be followed by further drilling to establish grade and continuity in the new target areas**”*. - Commenting on the wider significance of improved geological understanding of Nara, Chief Executive, Ben Turney, said that “*there are mines on the same regional structure as Nara that have been mined below 25 Level (>750m depth from surface), this could be developing into a significant opportunity for Kavango**”.* **Conclusion**: Kavango Resources is following up its initial drilling results from Nara and improved geological understanding based on historic records with a limited 3-hole programme of additional drilling to establish depth and lateral continuity of gold mineralisation observed in historical and artisanal workings.  We await results which, if successful, could trigger further exploration. **An SP Angel Analyst holds shares in Kavango* **Kore Potash* (KP2 LN) 3.7p, Mkt Cap £161m – Final EPC contract signed** - The Company signed a final EPC for the Kola Potash Project with PowerChina. - Project cost is estimated at $1,929m and PowerChina will oversee the design and construction. - The EPC is a fixed price contract, subject to delivery timelines (penalties/bonuses for delays/early completion) and final completion tests including produced potash product complying with Brazilian market specifications (MOP KCl ≥95% among others). - Structure of the contract controls for a number of key risks typical of capital intensive projects including construction cost overruns, time to completion delays and product quality compliance. - Construction period is 43 months with the commencement date announced from the moment the Company issues a Full Notice to Proceed (FNTP). - FNTP can be issued at any time after signing the EPC and is subject to several conditions including: Satisfactory results from the Beneficiation Tests; - Legally binding Financial Close. Beneficiation Tests will be carried by PowerChina on existing core samples to confirm the ore grade information provided by the Company and making sure that final MOP product can be delivered to required specifications. Should testwork results differ from DFS or suggest that current design will be unable to achieve minimum performance guarantee levels, both parties will consider necessary adjustments to the project while in an unlikely scenario that both parties cannot reach an agreement, the EPC can be terminated. Under the EPC contract, the Company will need to pay US$5m in line with Early Works Agreement. This is separate from $5m ($3m currently outstanding) agreed previously for additional design and engineering works required to finalise the EPC contract. Early Works are expected to start post signing of the EPC contract and take around six months to complete including: - Supplementary geological work, consisting of drilling at the proposed shaft and marine works locations; - Final FEED design relating to the shaft; - Beneficiation Testing (highlighted above). The FNTP long stop date is 12 months after the completion of Early Works and in case FNTP is not issued on time, PowerChina has the right to request a change to the Contract Price that Kore must accept for contract to proceed. 43 months construction period may be extended at no additional cost in case significant discrepancies are observed relating to DFS geotechnical information. Should project performance fail to meet minimum performance guarantee levels the Company can demand PowerChina to remedy the problem or agree a price reduction while in case issues are so serious that the Company “is unable to substantially gain the whole benefit of the works carried out” Kore is entitled to end the contract and demand full compensation. Performance tests should be passed within a set time period (270d after construction completion). Funding wise, under the 2021 non binding MOU with Summit Consortium, a project finance term sheet is expected to be delivered within three months post signing of EPC. Non binding term sheet that will cover total capital cost via a mix of debt and royalties will be subject to the completion of detailed and definitive legal documentation. Indicative timeline of next major milestones to first production include: - Late February 2025 – securing non-binding financing term sheet from Summit; - Late April 2025 – Early Works completion; - 2H25 – binding Financial close, FNTP issued, construction commenced; - 1H29 – maiden production at the Kola Project. The Company also received a non binding indicative operator proposal from PowerChina that may reduce the operator risk. PowerChina is reported to have a significant experience as a third party operator of a potash mine, process plane and related infrastructure. The operator proposal is separate from the EPC contract. Trading in shares on the ASX has been resumed following the release of the announcement. **Conclusion:** The news marks a major milestone for the team and development of the Kola Potash Project in Republic of Congo. The Company has done well to negotiate cost, time and product quality guarantees managing for major risks in development of a capital intensive project. At the same time, total cost came in close to the Optimisation Study number of just under $1.9bn (including ~$60m in deferred spend). The announcement also kicks off project funding process with a non binding term sheet for a mix of debt and royalty financing to be presented by Summit by late February 2025 (ie 3m post EPC signing). Under the Summit’s proposed financing structure, the Company is not expected to provide any equity component and should retain 90% interest in the Project. The team provided a clear timeline to start of construction in 2025 and maiden production in 2029 both naturally contingent on securing binding funding agreements and issuance of FNTP. **SP Angel acts as Nomad and Broker to Kore Potash* **Mkango Resources* (MKA LN) 6.1p, Mkt Cap £20m – Management shares issued** - The Company issued 1.6m new shares to management. - The value of shares issued at 6p (~£100k) reflect after tax bonus amounts paid to William Dawe (CEO), Alexander Lemon (President, Co-Founder) and Robert Sewell (CFO). - The announcement follows management decision to reduce cash burn rates taking reduced salaries and investing any after tax cash amounts received through the bonus scheme into shares of the Company. **SP Angel acts as nomad and broker to Mkango Resources*  **LSE Group Starmine awards for Q3 commodity forecasting:** **No.1 in Precious Metals: ****SP Angel mining team awarded No 1. ranking for Previous Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 2024** **No.2 in Base Metals: ****SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q3 2024** **No.1 in Copper:  ****“The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”** **No1. In Gold:  ****“SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”** The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020 **Analysts** **John Meyer – **[John.Meyer@spangel.co.uk](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, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc. Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter. Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile. SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s). 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=9744331&ad=2255026452&h=HIB4kp7&sig=KyVi9WX4psan9xa53GK9pJgeHim&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 --- **Original URL:** https://www.share-talk.com/sp-angel-morning-view-todays-market-view-wednesday-20th-november-2024/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*