SP Angel Morning View -Today’s Market View, Wednesday 23rd October 2024

Chinese lithium miners postpone growth production amid low carbonate prices

MiFID II exempt information – see disclaimer below

Artemis Resources (ARV LN) – Drilling plans for Lulu Creek project, WA

First Quantum Minerals (FM CN) – Production Results as Jiangxi representative appointed to Board

Freeport McMoran (FCX US) – Production Report

Fresnillo PLC (FRES LN) – Q3 Results as Saucito and San Julian offset Fresnillo

Hochschild Mining (HOC LN) – Production results Mara Rosa ramp up continues

Gem Diamonds (GEMD LN) – Solid contribution from the recovery of large diamonds keeps Letšeng on track to meet revised 2024 guidance

Mayur Resources (MRL AU) – Mayur Resources secures 10-year alliance for lime with Guangxi Zhongzi New Materials

Petra Diamonds (PDL LN) – Sales tender results and operating progress report

Rome Resources (RMR LN) – Drilling progress at Mont Agoma

True North Copper (TNC AU) Suspended – Appointment of Administrators

Savannah Resources* (SAV LN)  – More in the market buying from local investors

West African Resources (WAF AU) – 3Q24 results

Lithium – Zijin Mining will postpone start of production at its two lithium projects on low carbonate prices and delays to permits, the Company said last week in 3Q24 update.

• Commencement of production at the Tres Quebradas Salar Project (3Q) in Argentina and the Lakkor Tso Salar Project in Tibet was moved to 2025.
• Zijin acquired 3Q Project in 2021 in a ~$740m deal with the project hosting ~7.6mt LCE at 611mg/L at the time.

Gold ($2,756/oz) extends gains as US Treasuries continue sell-off

• Gold prices have pushed higher, sitting at record highs again as buying continues.
• The metal has further decoupled from US Treasuries, with the 10 year sell-off continuing, with yields climbing to 4.23%.
• As a result, the dollar index has climbed, hitting 104.3, highest level since August, and up 4$ from September lows.
• The BRICS summit is in the spotlight, with Putin hosting leaders including India’s Modi and China’s Xi.
• Money managers have boosted gold bullish positions by 9kt to 235.3kt this week, with short-only positions sliding
• ETF holdings continue to grow, hovering around 84moz vs lows of 80moz in May.
• The ETF levels remain well below 2020 and 2022 peaks, at 111moz and 107moz respectively.

Economics

The IMF slightly cut global growth GDP forecast on risks from wars to trade protectionism.

• 2025 world GDP is expected to grow 3.2%, down 0.1pp from July estimates.
• 2024 global output forecast left unchanged at 3.2%.
• Inflation is expected to slowdown to 4.3% in 2025, from 5.8% in 2024.

Israel – The IDF strike kills Hizbollah heir apparent and another commander in Lebanon.

• Israeli militaries confirmed a killing of Hashem Safieddine who was expected to succeed Nasrallah earlier this month in the southern Beirut suburb of Dahiyeh.

Zambia – The government is looking to work together with mining companies to more than quadruple copper production by early next decade.

• More than 40 permits reserved by the nation’s Mines Ministry will be transferred to a state company that will be discussing partnerships with private investors, Bloomberg cites Jito Kayumba, an assistant for finance and investment to the President.
• The government will hold a significant but non-operational minority stake.

Currencies

US$1.0782/eur vs 1.0831/eur previous. Yen 152.50/$ vs 150.99/$. SAr 17.553/$ vs 17.532/$. $1.297/gbp vs $1.301/gbp. 0.667/aud vs 0.669/aud. CNY 7.130/$ vs 7.122/$.

Dollar Index 104.33 vs 103.88 previous

Precious metals:         

Gold US$2,754/oz vs US$2,734/oz previous

Gold ETFs 84.0moz vs 84.0moz previous

Platinum US$1,037/oz vs US$1,019/oz previous

Palladium US$1,078/oz vs US$1,074/oz previous

Silver US$34.7/oz vs US$34.2/oz previous

Rhodium US$4,750/oz vs US$4,775/oz previous

Base metals:   

Copper US$9,521/t vs US$9,623/t previous

Aluminium US$2,637/t vs US$2,630/t previous

Nickel US$16,195/t vs US$16,610/t previous

Zinc US$3,116/t vs US$3,114/t previous

Lead US$2,060/t vs US$2,069/t previous

Tin US$30,985/t vs US$30,810/t previous

Energy:           

Oil US$75.6/bbl vs US$73.7/bbl previous

• Crude oil prices edged higher despite the API estimating a 1.6mb w/w build to US crude oil inventories, versus market expectations for a 0.7mb build.
• European energy prices edged higher on news that Equinor had shut down an unmanned production platform serving the Norwegian Sleipner Vest field after it was notified of a “smoke development”.
• French nuclear reactor operating levels were reported up 4% w/w to 69% of 61.4MW capacity, with Gazprom reporting a stable supply of 42.4mcm/d (~1.5bcf/d) via the Sudzha metering station.
• Baker Hughes announced 3Q24 EBITDA margins increasing to a record 17.5% driven by higher pricing partially offset by lower volume in both segments, which is the highest margin quarter since the company was formed.
• The EU Agency for the Cooperation of Energy Regulators (ACER) reported a 23% y/y decline during 3Q24 in LNG imports (36% utilised capacity) to 21.5bcm and a 12TWh y/y decline in gas-fired power generation.
• The North Sea Transition Authority (NSTA) reported (link) UK oil and gas proven and probable (2P) reserves down 0.2bnboe y/y to 3.3bnboe at YE23, with a 59% reserve replacement of the 1.16mboe/d produced in 2023. 2C contingent resources fell 5% y/y to 6.1bnboe, half of which are in producing fields or proposed new projects.

Natural Gas €40.8/MWh vs €39.9/MWh previous

Uranium Futures $82.6/lb vs $82.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$103.1/t vs US$103.7/t

Chinese steel rebar 25mm US$534.6/t vs US$533.1/t

HCC FOB Australia US$203.3/t vs US$203.0/t

Thermal coal swap Australia FOB US$144.0/t vs US$146.3/t

Other:  

Cobalt LME 3m US$24,300/t vs US$24,300/t

NdPr Rare Earth Oxide (China) US$59,331/t vs US$59,607/t

Lithium carbonate 99% (China) US$9,748/t vs US$9,759/t

China Spodumene Li2O 6%min CIF US$750/t vs US$750/t

Ferro-Manganese European Mn78% min US$985/t vs US$985/t

China Tungsten APT 88.5% FOB US$340/mtu vs US$340/mtu

China Graphite Flake -194 FOB US$445/t vs US$445/t

Europe Vanadium Pentoxide 98% 4.6/lb vs US$4.6/lb

Europe Ferro-Vanadium 80% 24.55/kg vs US$24.55/kg

China Ilmenite Concentrate TiO2 US$315/t v US$315/t

China Rutile Concentrate 95% TiO2 US$1,269/t vs US$1,285/t

Spot CO2 Emissions EUA Price US$63.9/t vs US$63.9/t

Brazil Potash CFR Granular Spot US$277.5/t vs US$277.5/t

Germanium China 99.99% US$2,875.0/kg vs US$2,875.0/kg

China Gallium 99.99% US$455.0/kg vs US$455.0/kg

Battery News

Hybrids overtake petrol cars for first time in EU new car sales

• According to latest European Automobile Manufacturers Association (ACEA) data, hybrid cars outsold petrol cars in the EU for the first time in September.
• Electrified vehicles (BEV, PHEV, HEV) accounted for 56.9% of vehicle sales in the month, up 50.3% yoy.
• Hybrids accounted for 32.8% of vehicles sold in the EU for the month.
• Total vehicle sales in the bloc were down 6.1% yoy for September, falling two months consecutively for the first time since July 2022.
• Major markets Germany, France and Italy have seen sales of vehicles stagnate.
• Hybrids are viewed as an affordable compromise between ICE vehicles and fully-electric vehicles.
• EV registrations have accounted for 50% on new vehicle sales in the EU for the first nine months of the year.

Company News

Artemis Resources (ARV LN) 0.73p, Mkt Cap £13.4m – Drilling plans for Lulu Creek project, WA

• Artemis Resources reports the imminent start of drilling at its Lulu Creek gold project in WA where it is targeting IRGS (intrusive related gold system) mineralisation.
• Mobilisation of the drilling teams is expected within the next few days to the site located around 20km west of the company’s Carlow Castle project which hosts a “704koz AuEq gold-copper-cobalt project in the West Pilbara”.
• The company completed “126 shallow RC … [reverse-circulation] … drill holes in 2020 with an average depth of 20m and a maximum depth of 50m … identifying several zones of highly anomalous (>0.4g/t Au) gold mineralisation at shallow depth”.
• Artemis Resources says that “The gold zones extend over 1.5km and are associated with disseminated sulphide and quartz veins within an interpreted quartz diorite intrusion”.
• This early drilling was followed up with induced polarisation (IP) geophysical exploration which identified “two IP chargeability anomalies within the interpreted Lulu Creek intrusion, broadly coincident with the anomalous gold zones intersected in the shallow drilling program in 2020”.
• Welcoming the support of the Ngarluma Aboriginal Corporation in the continuing exploration, Executive Director, George Ventouras, said that the company is “looking forward to getting the drill rig spinning”.

Conclusion: We await results from the next phase of exploration at Lulu Creek with interest.

First Quantum Minerals (FM CN) C$18.4, Mkt Cap C$15bn – Production Results as Jiangxi representative appointed to Board

• First Quantum reports production results.
• Company produced 116.1kt copper over the period, vs 102.7koz prior quarter and 221.6kt 3Q23.
• Gold production of 41koz vs 32.3koz prior quarter and 73koz 3Q23.
• The reduction in production yoy reflects no output from Cobre Panama, whilst Kansanshi and Sentinel both increased production.
• Improvement at Kansanshi reflects higher feed grades on mixed and oxide circuits, with increased throughputs at the sulphide and mixed mills.
• Production Guidance for Kansanshi increased to 155-165kt Cu from 130-150kt.
• Sentinel production improvement from stronger performance from in-pit crushers and improved fragmentation of ore.
• Production guidance at Sentinel narrowed to 220-230kt from 220-250kt.
• Enterprise nickel production at 4.8kt over the quarter, reduced by plant shutdowns on power restrictions.
• Guidance unchanged for Enterprise at 17-20kt.
• C1 costs reported at $1.57/lb, excluding Cobre Panama, down from $1.73/lb the prior quarter.
• AISC ex-Cobre Panama reported at $2.35/lb, down from $2.71/lb the prior quarter.
• EBITDA for the period reported at $520m, vs 336, prior quarter.
• Cash flows from operating activities reported at $260m vs $397m prior quarter.
• Net debt reported at $5,591m vs $5,437m prior quarter.
• Increase in net debt reflects CAPEX at Kansanshi and net working capital increases.
• Cobre Panama still suspended with the costs of Preservation and Safe Management estimated at $13m/month.
• 121kt of copper concentrate remain stockpiled at Cobre.
• Group guidance narrowed to 400-420kt Cu from 370-420kt.
• Gold production guidance increased to 120-135koz from 95-115koz.
• Nickel guidance unchanged at 22-25kt.
• CAPEX guided at $1,250-1,400m – unchanged.
• We note FQM has also appointed a Jiangxi representative to its board, with the company holding an 18.5% stake in FQM.

Freeport McMoran (FCX US) $48.5, Mkt Cap $70bn – Production Report

• Freeport produced 499kt copper over the period, 456koz Au and 9kt Mo.(consolidated basis)
• Average net unit cash cost reported at $1.39/lb.
• Operating cash flows for the quarter reported at $1,872m vs $1,236m same period last year.
• CAPEX over the period reported at $1,199m vs $1,178m same period last year.
• FY24 CAPEX guided at $4.6bn, with $2.2bn going to major mining projects and $1bn for PT-FI’s processing facilities.
• $1.2bn of CAPEX going to underground Grasberg mine development, with a further $1bn on ‘discretionary growth projects.’
• Cash at quarter end at $5bn, with total debt at $9.7bn.
• Company increased its stake in Cerro Verde to $55.1% from 53.6%.

Fresnillo PLC (FRES LN) 780p, Mkt Cap £5.75bn – Q3 Results as Saucito and San Julian offset Fresnillo

• Fresnillo produced 13.9moz silver over the quarter, down 1.1%qoq but up 3.4%yoy.
• Sliding silver production reflects lower ore grades and volume from San Julian as it comes to its end of life, alongside weaker grades at Cienaga.
• Saucito and San Julian Veins saw higher grades and increase volumes of ore.
• Gold production at 156.8koz, up 21%qoq and up 18.2%yoy.
• Gold production supported by higher grades at Herradura and Fresnillo, despite lower grades at Cienaga.
• YTD gold production down 6.6% on lower grades and recoveries at Herradura.
• Company maintains 2024 outlook, with att. Silver inc. Silverstream at 55-62moz and att. Gold at 580-630koz.

Hochschild Mining (HOC LN) 248p, Mkt Cap £1.3bn – Production results Mara Rosa ramp up continues

• Hochschild report Q3 production of 70koz Au, 2.2moz.
• Mara Rosa production rose to 9koz Au, with further rises expected in 4Q24.
• Mara Rosa was guided this year to produce 83-93koz Au at an AISCV of $1,090-$1,120/oz.
• Average production guided to 80kozpa Au over a 10-year LOM, with aims to boost resources by 1moz by 2030.
• First pour was recorded in February.
• YTD production at 174koz Au, 6.3moz Ag.
• Guidance reiterated at 343-360koz AuEq.
• AISC guidance reiterated at $1,510-1,550/oz AuEq.
• Exploration work continues at Monte de Carmo, with technical work ‘almost complete.’
• Monte de Carmo holds M&I resource of 1moz Au within 82.5kha of mineral concessions.
• 2024 drilling programme is expected to add ‘significant resources at all operating units.’’
• Financially, the Company repaid $45m in debt over the period, holding $85m of cash at 30^th September 2024.
• Net debt fell qoq to $227m.

Gem Diamonds (GEMD LN) 13p, Mkt Cap £17.5m – Solid contribution from the recovery of large diamonds keeps Letšeng on track to meet revised 2024 guidance

• Gem Diamonds reports the production of 24,678 carats of diamonds from its its 70% owned Letšeng mine in Lesotho during the 3 months ending 30^th September bring overall production over the first nine months of 2024 to 80,550 carats.
• The company confirms that “All operational and financial metrics are trending within the revised guidance issued for 2024”.  In August, Gem Diamonds revised its full year guidance upwards to a range of 98-101,000 carats recovered (formerly 88-92,000 carats) and for sales of 100-103,000 carats.
• Production during the quarter resulted from the processing of ~1.2mt of ore at an average grade of 2.08 carats per hundred tonnes (cpht) bringing the total volume treated so far this year to ~3.7mt at an average grade of 2.16cpht.
• The company reports that sales of 24,422carats of diamonds during the quarter realised US$34.8m bringing the YTD sales to 83,610 carats generating revenues of US$120.5m.
• Letšeng produced five individual diamonds larger than 100 carats during the quarter bringing the total to 13 stones so far this year and 4 of these diamonds were sold during the quarter.
• Average sales prices of US$1,603/carat achieved during the quarter showed a recovery from the US$1,424/carat of Q2 sales bringing the average price achieved during the first nine months of 2024 to US$1,441/carat.
• Six individual large diamonds achieved sales prices of over US$1m each during the quarter contributing US$22.6m of revenue or over 50% of the total.

Conclusion: Q3 production and sales keep Gem Diamonds on course to meet the latest production and financial guidance for 2024 which was upgraded in August.

Mayur Resources (MRL AU) A$31, Mkt cap A$129m – Mayur Resources secures 10-year alliance for lime with Guangxi Zhongzi New Materials

• Mayur Resource has signed a 10-year strategic alliance with Guangxi Zhongzi New Materials for the supply of lime.
• Guangxi Zhongzi New Materials Co. is a private, large-scale quicklime and limestone producer which operates mainly in China.
• The deal gives Mayur Resources immediate access to lime products which are similar to the intended production from Mayur’s Central Lime Project in the future.
• Mayur can immediately start sales and distribution of premium-grade quicklime into Australia and around the Pacific offering better quality than domestic Australian and other imported supply.
• Mayur’s Central Lime Project is planned to ramp up to 400,000tpa of quicklime from the mine and two kilns.
• Guangxi Zhongzi New Materials Co. has current capacity for 2mtpa of premium quality quicklime and has given Mayur Resources exclusive marketing and distribution rights under its own branding into Australia, NZ, PNG, Fiji and the South Pacific Islands for 10 years.
• Mayur Resources recently secured financing for $50m investment into its Central Lime Project with ACAM and other investors funding a US$10m convertible note plus a further $40m of equity funding, subject to conditions precedent, to fund construction activities and to settle existing debt and working capital.
• The convertible note carries a modest 10% coupon.
• US$40m funding is split

• • US$7.8m at A$0.2425/s
  • US$32.2m to result in investors holding 44.0% of the Central Lime Project company

• Conditions:

• • Suitable debt arrangements in place to the satisfaction of the investors
  • Execution of subscription and shareholder agreements and their conditions
  • Shareholder approvals

Conclusion:  Mayur Resources offers an interesting investment proposition through its marketing and distribution with Guangxi Zhongzi New Materials Co. on their Quicklime as well with its own production out of PNG.

Petra Diamonds (PDL LN) 35p, Mkt Cap £68m – Sales tender results and operating progress report

• Yesterday, Petra Diamonds reported that its sales tenders 1 and 2 of FY 2025 closed this week realising US$76m from the sale of 60,161 carats of diamonds at an average price of US$126/carat.
• Realised prices were 13% higher than those achieved in the final tender of FY2024 “with product mix contributing 22%, partially offset by a 9% decrease in like-for-like prices with weakness evident in the smaller size fractions”.
• Commenting on the tenders, CEO, Richard Duffy, said that they “indicate continued weakness in the rough diamond market” although he qualified this comment by explaining that the market weakness was “more than offset by Petra’s product mix”.
• Mr. Duffy confirms that a “further review of cash generation opportunities is currently underway to mitigate the impact of ongoing weakness in the diamond market and a stronger Rand, and we remain committed to our target of net cash generation for the full year in FY 2025”.
• He also commented that “We continue to expect prices to show some improvement in CY 2025, with market fundamentals being supportive in the medium-to-longer term”.
• The company also confirms the completion of its sale of the Koffiefontein diamond mine in South Africa which avoids Petra “incurring closure-related costs of US$15-18 million”.
• Reviewing Q1 operations for FY2025, Petra Diamonds says that improved performance at the Finsch and Williamson mines increased overall process tonnages by 7% to 3.2mt (Q4 FY 2024 – 3.0mt).
• Total diamond production “increased to 679,625 carats (Q4 FY 2024: 636,743 carats) largely due to higher grades at Cullinan Mine and higher tonnes mined and grade improvements at Williamson”.
• The company confirms that the “ramp-up of the 78-Level phase II has now been completed at Finsch, with tonnes treated increasing 7%, but with run-of-mine grades down 14% due to mining the last remaining level of the sub-level cave. We expect grades to improve as a result of enhanced grade control measures and a higher proportion of less-diluted ore from 78-Level phase II”.
• Financially, “Consolidated net debt increased to US$285 million as at 30 September 2024 (30 June 2024: US$201 million)”.

Conclusion: Petra Diamonds’ product mix has helped offset the continuing weakness in the rough diamond market to realise a 13% increase in per carat prices compared to the previous quarter.

Rome Resources (RMR LN) 0.36p, Mkt Cap £16.6m – Drilling progress at Mont Agoma

• Rome Resources has issued a progress report on its current drilling at the Mont Agoma prospect in North Kivu Province, DRC.
• Yesterday’s announcement confirms that hole MADD-016 was terminated ahead of its planned depth “due to stuck rods at 46 metres but entered the tin zone” while MADD-016A “Successfully redrilled to 242.5m; encountering a 67m wide tin, copper and zinc  zone between at 47m and 113m”.
• The copper mineralisation “was present in discrete intervals within this tin-polymetallic zone and additionally in several intervals below the tin zone to 220m”.
• Hole MADD-017 is currently at a depth of 143m in a “tin, copper and zinc zone … with a concentration of cassiterite (tin) veins between 117m and 140m … [and with a] … notable copper zone … encountered between 98m and 113m”.
• Hole MADD-018 is currently “drilling above the anticipated mineralised zone at 27m”.
• Although assay results are not yet available, “drill site core assessments are highly promising”.
• CEO, Paul Barrett, commented that “We are encouraged by what appears to be a marked increase in tin mineralisation as drilling progresses towards the southeast and at deeper levels … [and he said that] … the strong association of tin and copper mineralisation further supports our analogy with San Rafael in Peru which commenced operations as a copper mine before passing through a transition zone of tin and copper”.

Conclusion: Despite drilling issues, results so far from the drilling at Mont Agoma are encouraging and we await assay results to confirm the tenor of the mineralisation with interest.

True North Copper (TNC AU) Suspended – Appointment of Administrators

• Following the appointment of administrators the ASX has suspended True North Copper which had been developing a heap leach copper project in the Mt Isa region of Queensland.
• The company’s announcement confirms that the appointment of the administrators “has come after a period of extensive negotiations with the Company’s debt provider, largest shareholder and other potential equity providers … [and] … is regrettable especially as mining activities at Wallace North, part of the Cloncurry Copper Project, ramp up on schedule with the first oxide ore placed onto the heap leach pads at Cloncurry earlier this month”.
• True North Copper explains that “With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM the Directors appointed the Administrators”.
• The Administrators are said to be “seeking urgent expressions of interest to acquire the Group as a whole or individual projects/assets”.
• It appears that, despite bringing the project close to production, last-minute financial pressures have prevented the operational team from delivering the planned mine.
• Citing an October 2023 estimate, the company’s website shows an overall JORC (2012) resource of ~12.6mt at an average grade of 0.79% copper and 0.2g/t gold at the Cloncurry project within a total ~28.5mt at an average grade of 1.15% copper and 0.09g/t gold within its tenements in the Mt Isa inlier.

Savannah Resources* (SAV LN) 3.9p, Mkt Cap £85m – More in the market buying from local investors

BUY – 18.1p

• Grupo Lusiaves bought more shares in the market taking its interest in the Company to 5.2%, up from 4.0%, with a 113.9m shares holding.
• Grupo Lusiaves is reported to have acquired 26.2m shares, worth just over £1m at spot prices.
• The news follows a notification last week informing that Mario Ferreira bought 9m shares taking his stake to 9.1% in the Company.
• The Company is currently preparing for the start of Phase 2 drilling (13,000m) that is expected to kick off later this year as part of the DFS related work.

*SP Angel acts as Nomad and Broker to Savannah Resources

West African Resources (WAF AU) A$1.7, Mkt Cap A$1.9bn – 3Q24 results

• 3Q24 production amounted to 47.8koz at US$1,296/oz AISC (3Q23: 56.3koz at $1,164/oz)
• 3Q24 sales totalled 49.6koz at an average realise price of US$2,493/oz (3Q23: 50.7koz at $1,932/oz)
• YTD production was 155.4koz at $1,248/oz AISC.
• 2024 guidance is for production to come in at the upper end of 2024 production target for 190-210koz at <$1,300/oz.
• Post tax CFO totalled A$59m during the quarter with FCF at -A$117m largely reflecting Kiaka development capex.
• Kiaka construction progresses on time and budget with A$171 spent in project development costs in 3Q24.
• More than 60% project construction is completed with commissioning to start in 2025 and commercial production target for 2H25.
• Closing net cash balance stood at ~US$40m including ~US$297m in cash post a A$150m equity raise completed during the quarter.

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

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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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