SP Angel Morning View -Today’s Market View, Wednesday 21st August 2024

Gold higher again as traders and investors go long before Powell’s speech

MiFID II exempt information – see disclaimer below

Alba Mineral Resources (ALBA LN) – Initial blast at Llechfraith imminent

Galileo Resources (GLR LN) – Reverse-circulation drilling at the Shinganda copper project, Zambia

Iluka Resources (ILU AU) – CAPEX continues to weigh on cash flows as development projects progress

Jubilee Metals Group (JLP LN) – Increasing copper and chrome production expected in FY2025

Metals One plc (MET1 LN) – Terrafame application for strategic project status for exploitation of the Kolmisoppi ore deposit under EUs Critical Raw Materials Act

Mkango Resources* (MKA LN) – Equity raise and EIT RawMaterials investment

Perseus Mining (PRU AU) – Reserves and Resources update

SQM (SQM US) – Quarterly results

URU Metals* (URU LN) – DMPR grants EIA Authorisation helping to advance the Zebediela nickel project in the Bushveld region of South Africa

Gold ($2,508/oz) Gold prices hike higher again as traders and investors go long

• Traders increased long positions in gold by 18% with >$6.7bn of new contracts on last week
• US investors are also seen buying gold ETFs to protect from a weaker US dollar
• Lower US interest rates herald a weaker US dollar which should raise gold prices in US dollar terms
• Restocking and buying ahead of the Indian wedding season and by the jewelry trade ahead of Christmas tends to lift prices into the autumn
• We also believe Chinese investor buying of gold as many private investors do not trust local banks or investment funds.
• China has said property is for living in and not investing pushing investors into other asset classes
• Gold miners are likely to hedge, eg sell future production into the market at these levels.
• Trade buyers are likely to stand back during the run in prices waiting for a pullback .
• Prices look vulnerable to a reversal but could spike to $2,550/oz before heading lower again
• We are waiting to see how concerned the Fed are over an economic hard landing in the US
• The market is looking for the Fed to guide towards a 0.25% rate cut and maybe a hint towards a 0.5% rate cut which is not yet priced into the market
• In a world where the US dollar is expected to weaken gold is a favoured alternative with enormous liquidity

Iron ore prices ticks higher on renewed speculation of stimulus form China

• Iron ore prices have ticked up to $94/t having fallen as low as $91/t for the 62% Fe index in China.
• Rumours have circulated that China may boost bond issuance to prop up the property sector (Reuters).
• China Daily published an article that consumer support should be boosted to 1 trillion yuan.
• Pessimism continues around iron ore, with Citi calling for iron ore to hit $85/t as ‘China is in a transition to an economy led by ‘new productive forces’ requiring less steel.
• Iron ore is down 30% this year, with China’s slowdown in construction weighing on steel demand.
• Baowu hit market confidence last week, warning of a long winter for steel pricing in China.

Copper ($2,244/t) holds steady after hedge funds cut bullish positions

• Copper prices have held steady around the $9,000/t for some time now, having been pushed to $11,500/t by speculators in May.
• Fund managers have cut bullish copper positions as copper demand remains weak.
• SMM reports China produced 5.9mt refined copper in 1H24, yoy growth of 6.5%.
• Smelter cuts are yet to eventuate, whilst China continues to import – up 16% yoy, whilst scrap copper imports up 18% yoy. (Reuters)
• Reuters reports DRC continues to boost output, rising to second largest global producer as Kamoa ramps up and CMOC boosts production from Tenke Fungurume.
• China boosted copper imports from the DRC by 91% yoy in the Jan-June period, at 700kt.
• Antaike reports Chinese copper demand expected to grow 2.5%.
• China exports falling, down to 70kt in July, whilst ShFE stocks down 75kt from June highs.
• Yangshan premium back over $50/t, having touched negative levels in May.
• Derailment on the Lobito Atlantic Railway which runs for >1,300km from the DRC to the port of Lobito in Angola is delaying copper out of the DRC for a few days.
• Trains carrying sulphur and fuel into the DRC are also held up.

Economics

Carry trade is back with hedge finds borrowing in US dollars for immediate investment into developing markets

• The rationale is that the yield on their emerging markets investments will more than cover the cost of borrowing in US dollars.
• The trade looks even better as the US dollar weakens as expected with lower Fed interest rates.
• We also reckon the Japan carry trade remains a core earner for many hedge funds

US – Jobs market may be weaker than previously thought as government revisions may show due later today.

• Some estimates suggest the economy may have created 600k less jobs in the year through March.
• The downward revision to employment of more than ~500k would be the largest in 15 years.
• Sharp downward revision may further add to expectations of a potential 50bp cut at the coming September meeting.

China – In a further sign of trade wars escalation, China announced a new anti-dumping investigation into European dairy imports.

• The announcement comes a day after the EC released a series of new additional levies on Chinese EVs imports.

Japan – Exports climb in July helped by a drop in the national currency to a 38 year low.

• Exports were up 10.3%yoy led by chip parts and auto.
• On volume basis, goods exports were down 5.2%yoy with sharpest declines registered in the EU (-13.8%) and China (-10.9%).
• Exports (%yoy, Jul/Jun/Est): 10.3/5.4/11.5
• Imports (%yoy, Jul/Jun/Est): 16.6/3.2/14.6

Currencies

US$1.1128/eur vs 1.1074/eur previous. Yen 145.72/$ vs 146.74/$. SAr 17.822/$ vs 17.757/$. $1.303/gbp vs $1.299/gbp. 0.674/aud vs 0.673/aud. CNY 7.130/$ vs 7.145/$

Dollar Index 101.46 vs 101.93 previous

Precious metals:         

Gold US$2,516/oz vs US$2,508/oz previous

Gold ETFs 82.6moz vs 82.4moz previous

Platinum US$954/oz vs US$960/oz previous

Palladium US$930/oz vs US$929/oz previous

Silver US$29.57/oz vs US$29.52/oz previous

Rhodium US$4,750/oz vs US$4,725/oz previous

Base metals:   

Copper US$ 9,246/t vs US$9,245/t previous

Aluminium US$ 2,486/t vs US$2,463/t previous

Nickel US$ 17,035/t vs US$16,790/t previous

Zinc US$ 2,829/t vs US$2,798/t previous

Lead US$ 2,076/t vs US$2,055/t previous

Tin US$ 32,380/t vs US$32,590/t previous

Energy:           

Oil US$77.2/bbl vs US$77.0/bbl previous

• Crude oil prices edged lower after the API reported a 0.3mb w/w build to US crude stocks (2.5mb draw exp).
• European energy prices fell with French nuclear reactor operating levels falling 1% w/w to 66% of 61.4MW capacity and Gazprom reporting supply stable of 42.4mcm/d (~1.5bcf/d) via the Sudzha metering station.

Natural Gas €38.3/MWh vs €39.8/MWh previous

Uranium Futures $80.3/lb vs $81.1/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$94.3/t vs US$94.0/t

Chinese steel rebar 25mm US$478.6/t vs US$479.4/t

Thermal coal (1st year forward cif ARA) US$127.0/t vs US$129.0/t

Thermal coal swap Australia FOB US$153.3/t vs US$152.0/t

Coking coal Dalian Exchange futures price US$188/t vs US$186.0/t

Other:  

Cobalt LME 3m US$24,900/t vs US$24,900/t

NdPr Rare Earth Oxide (China) US$54,698/t vs US$54,378/t

Lithium carbonate 99% (China) US$9,747/t vs US$9,728/t

China Spodumene Li2O 6%min CIF US$790/t vs US$810/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$330/mtu vs US$330/mtu

China Graphite Flake -194 FOB US$462/t vs US$462/t

Europe Vanadium Pentoxide 98% 4.7/lb vs US$4.7/lb

Europe Ferro-Vanadium 80% 24.8/kg vs US$24.8/kg

China Ilmenite Concentrate TiO2 US$322/t vs US$321/t

China Rutile Concentrate 95% TiO2 US$1,395/t vs US$1,393/t

Spot CO2 Emissions EUA Price US$72.4/t vs  US$72.4/t

Brazil Potash CFR Granular Spot US$295.0/t vs US$295.0/t

Germanium China 99.99% US$2,315/kg vs US$2,275/kg

China Gallium 99.99% US$445/kg vs US$445/kg

Battery News

Tesla to get reduced EU tariff on Chinese-made EVs

• The EU commission has cut the additional tariffs on Tesla vehicles imported from China. (Reuters)
• A new reduced extra rate of 9% was set for Tesla, less than half of the 20.8% it had indicated in July.
• It also said some Chinese companies in joint ventures with EU automakers may also receive lower planned punitive duties on Chinese-made EV imports.
• The tariffs are on top of the EU’s standard 10% duty on car imports.

Ola Electric unveils new 4680 cell

• Ola Electric introduced its new Bharat 4680 battery cell and pack at its annual event, Sankalp 2024. (BESTMag)
• The Bharat 4680 cell offers five times the energy of current cells, ~275Wh/kg, and features rapid charging of up to 50% in 13 minutes.
• The cell has a wide operating range and a life of more than 1000 charge cycles.
• The battery cell will be integrated into Ola’s electric motorcycles starting in 2026.
• The cell is in trial production at Ola’s gigafactory, with a future production capacity expandable from 1GWh to 20GWh.

China doubles EV trade-in subsidies to boost market

• China has doubled subsidies for trading in old vehicles for new energy vehicles (NEVs) to boost market demand. (The Standard)
• NEV trade-in subsidies increased from 10,000 yuan to 20,000 yuan, while ICE vehicle trade-in subsidies rose from 7,000 yuan to 15,000 yuan.
• These enhanced subsidies apply to applications submitted between April 24, 2024, and January 10, 2025.
• NEVs accounted for over 30% of China’s auto market last year and reached 50% in the past month, showing significant growth in domestic adoption.

Ethiopia beginning to see growth in EVs following ICE import ban

• Ethiopia became the first to ban the import of gas-powered passenger vehicles in February 2024, aiming to cut reliance on fossil fuels. (CNN Climate)
• The country is witnessing a significant shift to EVs, driven by fuel shortages, high petrol prices, and progressive government policies.
• There are currently around 100,000 EVs in Ethiopia, which the government predicts will quadruple by 2032.
• Ethiopia’s push toward electrification leverages its abundant hydropower resources, with 96% of its electricity from clean sources, reducing dependency on costly fuel imports.
• The country is also focusing on electrifying public transport, including the introduction of electric buses.
• Ethiopia’s bold policies could set a precedent for other African nations, with examples like Kenya seeing rapid growth in electric motorbikes due to similar incentives.

Company News

Alba Mineral Resources (ALBA LN) 0.04p, Mkt cap £3.7m – Initial blast at Llechfraith imminent

• Alba Mineral Resources reports that it expects to undertake its first underground blast in the Llechfraith section of its Clogau St David’s mine in Nort Wales within the next week.
• The company confirms that preparatory work including the installation of compressed air and water services and underground ventilation of the old workings has been completed
• “The installation of a large tonnage winch system to lift blasted ore to surface and electrical connection of the newly installed compressor is due to be completed this week”.
• Alba Mineral Resources also confirms that it has removed residual ore and tailings “from No. 4 and 5 Levels in the Lower Llechfraith workings”, which the company describes as its ”primary gold target at Clogau … [providing] … around 12 tonnes of material … [of which] … around 1.5 tonnes have so far been processed at the Company’s pilot processing plant”

Conclusion: An initial underground blast at the historic Clogau St David’s mine in North Wales is expected within around a week as Alba Mineral Resources works to refurbish the mine.

Galileo Resources (GLR LN) 1.1p, Mkt Cap £12.8m – Reverse-circulation drilling at the Shinganda copper project, Zambia

• Galileo Resources confirms that it has started its phase 3 drilling programme, previously described as comprising a 30-hole, 2,400m campaign, at its Shinganda copper project in western Zambia.
• The company says that its earlier exploration and drilling “established the potential for a large IOCG-type target … [iron oxide copper gold]…and the current programme is focusing on an approximate 10km strike length of Cu – Au mineral-bearing fault/shear targets along the Shinganda Main Fault and Splay structures broadly defined by the Company to date”.
• The latest programme will test the “extent of the mineralisation”.
• Earlier drilling included intersections of “50.3m @ 1.77% CuEq from 21m depth in Galileo hole SDDD002 and 17m @ 2.00% CuEq from 7m depth in historic Vale hole DH0004”.

Conclusion: We await results from the new drilling at the Shinganda prospect as the exploration progresses.

Iluka Resources (ILU AU) A$5.8, Mkt cap A$2.4bn – CAPEX continues to weigh on cash flows as development projects progress

• Iluka reports net profit after tax of A$133.7m, mineral sands EBITDA of A$252.2m and free cash outflow of A$47m.
• Total zircon, rutile and synthetic rutile sales down 13% to 242kt.
• Ilmenite sales down 13.4% 71kt.
• Total mineral sands revenue at A$606m, down 15% yoy in 1H24, with revenue per tonne at $2,312.
• Cash production costs higher on higher fuel and labour costs.
• Net profit impacted by lower zircon sand prices, moderate reduction in synthetic rutile prices and higher COGS at A$1,214/t.
• A$173m CAPEX over the period, with A$49 on Eneabba, A$66m on Balranald, A$42m on SUSEX and maintenance outage.
• Total Mineral Sands CAPEX for the period at A$124m, vs A$105m previous half year and A$183m same period last year.
• Net cash position decreased to A$154m.
• Zircon Market Update:
  • Company reports weak demand from Chinese ceramics sector on subdued real estate market
  • Fused zirconia market stable, with Chinese foundries seeing a recovery in momentum
  • Zirconium chemical production seeing modest increases
  • Stable European zircon demand, with weaker competition from Southeast Asia and Turkey
  • Caution in the US over industrial activity demand.
  • Indian market expected to recover following election
• Titanium Feedstock Market
  • Demand above 2023, with pigment producers seeking price increases.
  • Production issues in North American and European facilities – Chemours’ Altamira plant, INEOS’ Ashtabula plant and Tronox’s Stallingborough plant all halting production.
  • Venator closing two sulphate pigment plants, and Kronos also reducing capacity on escalated costs and weak performance.
  • Welding-grade rutile in China seeing a subdued market
• Development projects
  • Balranald commissioning on track for 2H25, Wimmera mineral sands project advancing environmental approvals.

Jubilee Metals Group (JLP LN) – 5.85p, Mkt cap £180m – Increasing copper and chrome production expected in FY2025

• Jubilee Metals’ Q4 operations report for the FT to June 2024 highlights an increase of almost 52% in quarterly copper production in Zambia to 1,048t (Q3 FY 2024 – 691t) bringing output for the year to 3,422t (FY 2023 – 2,923t).
• The annual total achieves the company’s revised production guidance range of 3,250-4,000t.
• The company also highlights the completion, in July, of “Construction and commissioning of the Roan Front-End Module … with production of first copper concentrate announced on 12 August 2024”.
• “Early results indicate Roan’s Front-End Module achieving a 10-fold copper grade upgrade into concentrate from Previously Mined Material meeting design specifications”.
• The company also highlights the expansion of “its portfolio of Open-Pit copper resources with the acquisition and implementation of Project Munkoyo and the agreement for the acquisition of Project G as previously announced on 24 June 2024 … [and says that both] …. operations contain significant copper resources that are near surface and are currently being open-pit mined with material being delivered to Sable for refining”.
• Jubilee Metals also explains that its “Sable Refinery is currently being upgraded to expand its refining capacity and copper sulphide concentrating capacity targeting to reach a combined capacity of 16 000 tonnes per annum of copper … [from] … the concentrating and refining of Open-Pit mined copper resources”.
• In South Africa, chrome concentrate production rose by ~3% during the quarter to 421,698t (Q3 2024 – 408,710t) delivering a 20% increase in full year output to 1,548,205t (FY 2023 – 1.289,891t).
• Platinum group metals output (on a 6E basis) in Q4 of 7,828oz (Q3 FY 2024 – 8,339oz) brought the FY 2024 total to 36,411oz (FY 2023 – 36,411oz, ~14% lower than the 42,433oz in FY 2023.
• The company’s FY 2025 production guidance is for copper in the range 5,750-7,500t with chrome concentrate output of 1.65mt and PGE output similar to FY 2024 at 36,000oz.
• CEO, Leon Coetzer, commented on the “significant investment in upgrading the Roan operations while expanding our copper resource portfolio with the commissioning of our Munkoyo Open-Pit copper mining operation … [and the continuing strong growth in] … chrome production [where it is concentrating on] chrome recoverability over PGM production to capitalise on the buoyant chrome market while PGM prices remain depressed”.

Conclusion: Jubilee Metals is looking for increased copper output over the next year as its Zambian investments start to deliver while in South Africa, the emphasis is on maximising chrome production to tap strong markets as PGM markets remain weak.

Metals One plc (MET1 LN)– 0.83p, Mkt cap £2.7m – Terrafame application for strategic project status for exploitation of the Kolmisoppi ore deposit under EUs Critical Raw Materials Act

• News today states Terrafame is applying for strategic project status for exploitation of the Kolmisoppi ore deposit under EUs CRMA ‘Critical Raw Materials Act’ is good news for Metals One.
• Terrafame is owned by the Finnish government minerals group (64.4%) and  Galena funds run by Trafigura (32.9%)
• Kolmisoppi is an undeveloped ore deposit in Sotkamo, Finland and is close to the Kuusilampi deposit which is currently mined.
• Terrafame says it “contributes to building a sustainable and climate-friendly battery value chain in Europe’.
  • Exploiting the Kolmisoppi ore deposit as planned enables the production of low-carbon footprint battery chemicals for the European markets well into the future,”
• The two deposits at Sotkamo form the largest nickel ore reserves in Europe with zinc, cobalt, copper and uranium also recoverable from the ore.
• The CRAM application underscores the significance of the Black Schist development in Finland
• Metals One is currently advancing a PEA with Wardell Armstrong on two Black Schist resources in the Kainuu schist belt including:
  • Rautavaara (R1) – JORC inferred: 28.1mt at 0.19% Ni, 0.10% Cu, 0.01% Co, and 0.38% Zn
  • Paltamo (P5) – JORC inferred: 29 Mt at 0.18% Ni, 0.08% Cu, 0.01% Co, and 0.33% Zn
• Processing: bacterial leach processing is now well established at Sotkamo on this type of ore though there may be some variability between deposits.

Conclusion:  Metals One has a number of similar black Schist projects in the region which could potentially benefit from the future granting of CRMA status.

Mkango Resources* (MKA LN) 0.56p, Mkt Cap £17m – Equity raise and EIT RawMaterials investment

• The Company conditionally raised £1.25m in new equity at 5p per share to progress development of tis rare earth magnet recycling business.
• Additionally, EIT RawMaterials, an impact investor funded by the EU to promote sustainable raw materials sector development, will be putting in €200k into the business in exchange for a 5.7% interest in Mkango Polska, a wholly owned subsidiary of the Company.
• The equity raise comprises the issue of 25m units with each unit to include one common share and one warrant (7p exercise price and 3y to maturity).
• €200k EIT RawMaterials investment is convertible into Mkango shares by no later than 30 November 2024 or later if agreed by both parties at the market price at the time subject to a minimum of C$0.115 (6.5p).
• €150k will be payable immediately with the balance payable upon final approval of the Pulawy Rare Earths Separation Project in Poland but no later than 30 June 2025.
• Equity raise proceeds will be used for additional equipment procurement for the 2025 commercial development of rare earth magnet recycling operations at Tyseley Energy Park, UK, and Pforzheim, Germany.
• EIT RawMaterials funding will be directed towards the start of process optimisation at the Songwe Hill Rare Eart Projectl in Malawi.

Conclusion: Additional funding will assist the Company with development of its recycling business to commercial production, the current focus of the Group, while EIT RawMaterials funds will enhance options for the Songwe and Pulawy Projects that are currently going through a strategic review process.

*SP Angel acts as nomad and broker to Mkango Resources

Perseus Mining (PRU AU) A$2.6, Mkt Cap A$3.6bn – Reserves and Resources update

• Perseus announces an updated resource and reserve statement.
• The Company holds a total proved and probably reserve of 64.9mt at 1.39g/t Au for 2,893koz.
• Measured and Indicated resources at 115.9mt at 1.31g/t Au for 4,883koz.
• M&I resources in 2023 stood at 122.8mt at 1.3g/t Au for 5.2moz.
• Definition drilling and organic growth has supported the steady ounce profile, despite ongoing production.
• Reserves are held 35.2mt at Yaoure, 25.4mt at Edikan and 4.3mt at Sissingue.
• Perseus’s recently acquired Nyanzaga Gold is currently recognised as Foreign Estimates
• Nyanzaga holds 24.2mt at 3.6g/t Au for 2,834koz in M&I category, alongside 452koz at 2.4g/t inferred.
• Nyanzaga reserves stand at 40mt at 2g/t Au for 2,600koz.
• Perseus also announces it has sold US$45m worth of Montage Gold, its total stake in the Company.
• The sale will be used to ‘strengthen Perseus’ balance sheet’ following their investment into Predictive Discovery for US$58m.

SQM (SQM US) $37, Mkt Cap $10.5bn – Quarterly results

• Sales at $2,380m vs $4,316m same period last year.
• Net loss of -$656m vs net income of $1,330m last year.
• Record quarterly sales volume for lithium at 52kt LCE, up 21% yoy whilst average sales price down 63%.
• Adjusted EBITDA of $413m, down 53% yoy and up 2% qoq.
• 38% gross profit contribution from Iodine, with sales volumes up 29% but sales prices down 6% yoy.
• Average sales price at $13/kg, flat qoq but down from $15/kg in 4Q23.
• Sales volumes expected to be steady into 2H24, with majority of sales contract linked to price indices.
• Expect continued pricing pressure to have negative impact on average realised prices for second half of this year.
• See global lithium market demand growing 20% in 2024, with EV sales growth at same rate.
• Expect excess lithium capacity to continue through 2024.
• Expect total LCE capacity at 305kt by 2025-end, with CAPEX totalling $1.7bn in 2024-2025.

URU Metals* (URU LN) 55p, Mkt cap £1m – DMPR grants EIA Authorisation helping to advance the Zebediela nickel project in the Bushveld region of South Africa

(URU Metals holds a 73.81% interest in Zeb Nickel Corp. URU Metals acts as a technical advisor to the project)

• Zeb Nickel Corp which managed the Zebediela Nickel project in South Africa report the South African DMPR ‘Department of Minerals and Petroleum Resources’ has granted Zeb Nickel Corp an IEA ‘Integrated Environmental Authorisation’ under the NEMA ‘National Environmental Management Act’ of 1998 and the Environmental Impact Assessment Regulations (2014).
• This is a significant milestone in the journey to obtain a 30-year mining permit for nickel, copper, platinum-group metals, gold, chrome, cobalt, vanadium, and iron ore.
• The granting of the IEA allows Zeb Nickel to start various listed activities in the Project’s approved EIA.
• The Project now awaits the approval and granting of the mining right from the DMPR, the final regulatory approval required for the project to commence with mining activities.
• The project: Zeb nickel is looking to increase the overall nickel grade and improve the project economics though further drilling.
• The team are targeting higher grades in the lower geological units in Zone 1, and Zone 2 where higher nickel grades and additional copper and platinum-group mineralisation are present.
• Management are looking to revise the 43-101 inferred mineral resource estimate of 485mt at 0.25% Ni in Indicated and 1,115mt at 0.25% Ni and revise the PEA.
• Drilling shows higher-grade sulfide nickel zones such as 1.67% Ni-cu-PGEs over 2.25m.
• Gold: The discovery of a gold zone underneath the main reef at Zebediela in late 2022 makes the project more interesting
• The gold mineralization looks like it relates to gold mineralization on the Pietersburg Greenstone Belt, which hosts the old Eerstegeluk Gold Mine.
  • Hole Z026 drilled on 15th March 2022 intersected 0.68 g/t Au over 1.83 m from a depth of 221.41 m to 223.20, and 1.36 g/t Au over 1.50 m from a depth of 250.50 m to 252m,
  • Hole Z029 drilled on 12^th April 2022 intersected 9.05 g/t Au over 28.32 m, including 12.21 g/t Au over 10.86 m and including 11.25 g/t Au over 10.64 m,
  • Hole Z027 drilled on 12^th April 2022 intersected 1.67 g/t Au over 33.81 m, including 5.07 g/t Au over 4.81 m.
• One former drill hole at UIT01-5 also contains relatively high gold mineralization of 2.45m grading 0.82g/t gold.
• The company started an airborne geophysical survey over the project in April which should help with future drill targeting and planning on the project.
• The support of the DMPR is hugely helpful in the advancement of the project

*SP Angel acts as Nomad and Broker to URU Metals

No.1 in Base Metals: SP Angel mining team awarded No 1. ranking for Base Metals forecasting in LSEG Quarterly Starmine Award for Reuters Polls Q1 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 – 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

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

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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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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return