SP Angel Morning View -Today’s Market View, Wednesday 29th November 2023

Gold soars as US Treasuries rip higher off October lows on Fed pivot bet

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) 5.4p, Mkt cap £85m – Seeing the impact of increased production rates for tin concentrate

Arkle Resources* (ARK LN) 0.5p, Mkt Cap £2m – Pegmatites identified at new Wicklow exploration licence

Aura Energy* (AURA LN) 15.25p, Mkt Cap £88m – Application for additional exploration licences in Mauritania

Beowulf Mining* (BEM LN) 1.6p, Mkt Cap £18m – Financial results

Empire Metals* (EEE LN) 9.7p, Mkt Cap £54m – Additional high-grade titanium intercepts hit at depth

Filo Corp (FIL CN) C$18.45, C$2.41bn – Filo report dramatic intersections of copper at the Filo del Sol Project, Argentina

Galantas Gold* (GAL LN) 13p, Mkt Cap £15m – Quarterly earnings

Impala Platinum (IMP SJ) ZAR7,846, Mkt cap ZAR71bn – Major accident at Rustenburg mine

Lucara Diamonds (LUC CN) C$0.36, Mkt Cap C$164m – 2024 operational guidance as transition to future underground mining gathers pace

Premium Nickel Resources (PNRL CN) C$1.35, Mkt Cap C$171m – Selebi North underground drilling returns 22m @ 1.22% Ni

Gold soars as US Treasuries rip higher off October lows on Fed pivot bet

• Gold prices rallied yesterday to $2,050/oz in the spot market, settling around $2,045/oz this morning.
• The move followed a sharp rally in US Treasuries across the curve yesterday, pushing the dollar lower.
• 20yr yields moved from 5.24% in October to 4.66% today whilst 10yr yields moved from 4.9% in October to 4.3% today.
• Lower Treasury yields impact gold in two primary ways. They increase appetite from investors looking for safehaven assets and they traditionally weaken the dollar, supporting buyers.
• Notably hawkish Fed official Waller noted yesterday that inflation rates are promising, and the Fed may not have to hike again.
• Focus now turns to today’s PCE inflation reading, which is the Fed’s preferred gauge of pricing pressures.
• Today’s Q3 GDP data may also provide a catalyst for further move in the US government bond market.
• Hedge funds are ramping up bullish bets on gold, with net long exposure sitting at four-month highs.
• ETF outflows have stabilised – we suggest a step up in ETF buying may provide the next key tailwind to gold prices if yields continue to move lower.

Copper prices move higher on First Quantum supply concerns and weaker dollar

• Copper prices climbed to September highs of $8,500/t yesterday following a key ruling in Panama over First Quantum’s Cobre mine.
• Panama’s top court ruled against a previous ruling approving First Quantum’s mining contract with the government.
• Cobre Panama produces 1.5% of global supply, with MMG’s Las Bambas strike also fuelling supply concerns.
• The lower dollar is providing support to Chinese buyers, aiding imports and lifting the Yangshan to $105/t, near yearly highs.

Economics

US – The US$ index was down for a fifth day with sovereign bonds continuing to rally on dovish comments from FOMC members.

• “I am encouraged by what we have learned in the past few weeks — something appears to be giving, and it’s the pace of the economy,” Governor Christopher Waller, one of the most hawkish Fed officials, said yesterday.
• “I am increasingly confident that policy is currently well positioned to slow the economy and get inflation back to 2%,” he added.
• Governor Michelle Bowman said that more policy tightening may be required, although her support for higher rates was more conditional than it had been before, Bloomberg writes.
• Key economic news due later this week are weekly jobless report and PCE numbers on Thursday, Fed Chairman Powell talk on Friday.

China – President Xi is visiting Shanghai yesterday today and tomorrow to reinforce the development of the Yangtze River economic belt and motivate business leaders.

• Xi has also visited the SHFE showing support for the financial sector.

Spain – Inflation posted the first monthly drop since January in a welcome sign of slowing inflationary pressures.

• Lower inflation in November was attributed to weaker fuel and tourism costs.
• CPI (%mom): -0.6 v 0.3 October and -0.1 est.
• CPI (%yoy): 3.2 v 3.5 October and 3.7 est.

Germany- -Nationwide inflation numbers are to be released later in the day with regional data so far this morning pointing a more than expected drop in the consumer prices growth rate in November.

• Estimates are for CPI to come in at -0.5%mom/+2.5%yoy down from -0.2%/3.0 in October.

Australia – A stronger than expected rate pullback in inflation supports the case for the Reserve Bank to pause at the next meeting.

• The RBA hiked rates by 25bp earlier this month as inflation proved stickier than expected while economy and labour market was more resilient than anticipated.
• CPI (%yoy): 4.9 v 5.6 September and 5.2 est.

South Africa – Coal deliveries to its main export port are set to hit the lowest level in three decades this year due to rail logistics challenges, according to Exxaro Resources.

• Railed coal to Richards Bay Coal Terminal are expected to drop for a sixth year coming in at ~47mt, underperforming Transnet targets of 60mt.

Currencies

US$1.0991/eur vs 1.0945/eur previous. Yen 147.40/$ vs 148.67/$. SAr 18.530/$ vs 18.697/$. $1.270/gbp vs $1.261/gbp. 0.663/aud vs 0.660/aud. CNY 7.125/$ vs 7.153/$.

Dollar Index 102.73 vs 103.28 previous.

Commodity News

Precious metals:

Gold US$2,042/oz vs US$2,013/oz previous

Gold ETFs 86.6moz vs 86.6moz previous

Platinum US$938/oz vs US$925/oz previous

Palladium US$1,051/oz vs US$1,064/oz previous

Silver US$24.92/oz vs US$25/oz previous

Rhodium US$4,500/oz vs US$4,500/oz previous

Base metals:

Copper US$ 8,452/t vs US$8,349/t previous

Aluminium US$ 2,210/t vs US$2,207/t previous

Nickel US$ 16,990/t vs US$16,390/t previous

Zinc US$ 2,528/t vs US$2,521/t previous

Lead US$ 2,142/t vs US$2,158/t previous

Tin US$ 23,560/t vs US$23,310/t previous

Energy:

Oil US$81.6/bbl vs US$80.4/bbl previous

Natural Gas €42.500/MWh vs €43.075/MWh previous

Uranium UXC US$80.25/lb vs US$73.65/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Tianjin) US$133.0/t vs US$133.0/t

Chinese steel rebar 25mm US$575.6/t vs US$572.3/t

Thermal coal (1st year forward cif ARA) US$108.3/t vs US$112.4/t

Thermal coal swap Australia FOB US$127.9/t vs US$129.3/t

Coking coal swap Australia FOB US$326.0/t vs US$326.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$68,770/t vs US$68,932/t

Lithium carbonate 99% (China) US$15,368/t vs US$15,730/t

China Spodumene Li2O 6%min CIF US$1,490/t vs US$1,490/t

Ferro-Manganese European Mn78% min US$1,058/t vs US$1,054/t

China Tungsten APT 88.5% FOB US$300/mtu vs US$300/mtu

China Graphite Flake -194 FOB US$620/t vs US$620/t

Europe Vanadium Pentoxide 98% 6.1/lb vs US$6.1/lb

Europe Ferro-Vanadium 80% 25.25/kg vs US$25.25/kg

China Ilmenite Concentrate TiO2 US$315/t vs US$314/t

Spot CO2 Emissions EUA Price US$82.8/t vs US$82.5/t

Brazil Potash CFR Granular Spot US$325.0/t vs US$325.0/t

EV & Battery News

Nio adds Geely to its battery swap alliance

• The two automakers have signed a strategic partnership which would see the work in collaboration on battery swapping standards, technology and model development.
• Nio are the global leaders in EV battery swapping technology
• Geely Holdings own Geely Auto, Volvo, Zeekr, Lotus and Smart among others.
• Nio announced that it would work with Changan Auto last week.

Northvolt weighs up site for electric plane battery plant

• Northvolt is considering Quebec as a possible site to industrialise its Cuberg lithium battery system for electric planes.
• The aviation industry has sought to make more fuel-efficient designs but the heavy weight of traditional lithium-ion batteries has prevented aircraft makers from following car companies in building electric engines.
• Cuberg is a subsidiary of Northvolt and has started testing its battery system which it claims is light enough to be installed on a plane.

Company News

Andrada Mining (ATM LN) 5.4p, Mkt cap £85m – Seeing the impact of increased production rates for tin concentrate

• In its unaudited financial results for the six-months to 31^st August, Andrada Mining reports increased revenues of £8.8m (H1 2023 – £4.7m) and reduced operating losses of £2.5m (H1 2023 – £3.6m) “driven by a 67% increase in tin concentrate production to 758 tonnes, resulting in a 58% increase in contained tin to 454 tonnes compared to the interim period in the 2023 financial year”.
• Despite increased finance costs of ~£310k (H1 2023 – ~£187k) pre-tax losses were approximately £1m lower at 2.8m (H1 2023 – £3.7m) although the company reported a £0.9m tax credit in H1 2023 resulting in an H1 2023 loss of £2.8m in line with a similar loss reported today for H1 2024.
• Tin prices remained substantially unchanged at US$25,912/t (H1 2023 – US$25,525/t) with the increased revenues generated by the higher concentrate production volumes.
• Operating cash costs declined by 10% to US$18,161/t of tin (H1 2023 – US$20,094/t) and on an all-in-sustaining basis costs reduced by 5% to US$24,662/t (H1 2023 – US$25,812/t).
• Andrada Mining attributes the increased operational performance to “a 37% increase in plant processing rate and a 10% improvement in capacity utilisation, following the completion of the modular expansion of the crushing and tin concentration circuits in Q3 2023”.
• Describing the reporting period as “nothing short of eventful and exhilarating” CEO, Anthony Viljoen, highlighted the production improvements of the mainstay tin operation at the Uis mine as well as the pilot scale production of lithium and tantalum products as well as the mineral resource upgrade which confirmed “81 million tonnes (Mt) of ore with an enhanced average tin grade of 0.15%” in the V1 and V2 pegmatites and “an updated Lithium Carbonate Equivalent of 1.45Mt at a noteworthy average grade of 0.73% Li₂O” which was released in February.
• He concluded that “As we approach the final quarter of 2024, we look forward to achieving the key milestones regarding the lithium development strategy and tin production in line with the Orion tin royalty”.

Conclusion: Production expansion at the Uis mine is delivering lower costs and improved revenues from the tin operation.  The recent commissioning of the lithium pilot plant at Uis provides a platform for increasing the output of lithium-bearing petalite concentrate by the end of March 2024.

Arkle Resources* (ARK LN) 0.5p, Mkt Cap £2m – Pegmatites identified at new Wicklow exploration licence

• Arkle reports that its new exploration programme at the recently acquired Aughrim licence block has identified pegmatites.
• The Company is looking for lithium-bearing pegmatites on a licence block contiguous to the International Lithium Corp/Ganfeng JV area.
• 59 samples have been taken and are currently being reviewed by ALS, assaying for lithium among other metals.
• Management also suggests the block is prospective for gold, given it lies contiguous to the Avoca gold deposit.

*SP Angel are Nomad and Broker to Arkle Resources

Aura Energy* (AURA LN) 15.25p, Mkt Cap £88m – Application for additional exploration licences in Mauritania

(Aura holds 85% of the Tiris Uranium Project, Mauritania with 15% held by ANARPAM, a Mauritanian Government entity.)

• Aura Energy reports that it has applied for additional exploration licences totalling 13,000km2 surrounding and adjacent to its existing holdings at its 85% owned Tiris uranium project in Mauritania.
• The company confirms that it selected the areas for the new applications “following a detailed 12-month evaluation program based on historical drilling and radiometric data and analogues from the Company’s … Tiris Uranium Project … [and that] … Subject to the successful granting of these applications, Aura will work to progressively confirm and test exploration targets within these tenements through 2024 and 2025”.
• Confirming that the company’s geologists “are confident that the Tiris Zemmour region of Mauritania is a world-class uranium region” Chairman, Phil Mitchell, outlined parallel strategies of “progressing development of the already defined resource in Tiris East as a new uranium producer … [alongside] … undertaking a significant resource expansion exploration study on the new tenure”.
• Adding his perspective, CEO, David Woodall, said that building on the “commanding” mineral resource and reserve at Tiris “these tenement applications – if successful – will give us an opportunity to be a driving force to realise the full potential of this region, which we believe could be truly world-class in scale”.
• Mr. Woodall also said that “Our development strategy for Tiris is complemented by our exploration strategy, which aims to grow our resources and allow scaled-up production over time in a capital-efficient manner”.
• In a separate announcement today, Aura Energy publishes its presentation to the AGM describing the progress achieved at Tiris and the continuing work, including the imminent results of its FEED (Front End Engineering Design) study alonngsdide financing, offtake and export permitting.
• The presentation also describes the continuing exploration in Mauritania and the Swedish Häggån Project following the Government’s introduction of legislation “supporting 100% fossil-free energy production (i.e. including nuclear power) … [following its] … commitment to overturn the uranium mining ban”.

Conclusion: Applying for additional exploration ground in Mauritania emphasises Aura Energy’s conviction that the Tiris Zemmour region of Mauritania is a potential major source of global uranium.  Additional exploration is planned alongside the continuing progress on developing the key Tiris uranium project.

*SP Angel acts as Nomad and Broker to Aura Energy

Beowulf Mining* (BEM LN) 1.6p, Mkt Cap £18m – Financial results

• Beowulf reports its unaudited financial results for the nine months to 30^th September 2023.
• £580k in administration expenses were reported for Q3, including fees related to directorship changes over the period.
• £1.7m in cash was held as of 30^th September.
• The Company is progressing its environmental baseline studies in advance of the EIA.
• Management continues to look to optimise the Kallak project, advancing its PFS with SLR as lead consultant.
• The team is recruiting for a new head of the Kallak project, alongside actively engaging in meetings with key stakeholders and communities.
• An Environmental Impact Assessment is also underway at the Grafintec anode materials plant in Finland, where a PFS highlighted positive initial economics.
• This EIA is expected to be completed in 1Q24, opening the door to a DFS supported through pilot-scale test work.

*SP Angel acts as Nomad and Broker to Beowulf Mining

Empire Metals* (EEE LN) 9.7p, Mkt Cap £54m – Additional high-grade titanium intercepts hit at depth

(Empire holds 70% of Pitfield, Century Minerals, which is run by two geologists holds the other 30%. One of these geologists works for Empire.)

• Empire Metals provides drilling results from its second and third diamond holes.
• Both intercepted bedded intervals of higher-grade titanium mineralisation.
• Drillhole DD23TOM001 intercepted:
  • 297.1m @ 6.1% TiO2 from 111.4m.
•  Drillhole DD23COS001 intercepted:
  • 173m @ 5.76% TiO2 from 18.6m.
• The first drillhole, already reported, hit 276.5m@ 4.57% TiO2.
• The sediment-hosted mineralisation is reportedly hosting thick, higher grade bedded intervals.
• The three holes all stopped in mineralisation.
• The Company notes that the second and third holes, reported today, are located near the recently identified high-grade surface area target, generated through rock chip sampling.
• Empire notes it has drilled 18 of the 40 holes planned in its current extensive RC campaign.
• The Company has issued 8,400,000 ordinary shares at an exercise price of 8.6p to Directors in line with ongoing incentive plans.

Conclusion: Empire continues to deliver wide intercepts of titanium mineralisation at its flagship Pitfield asset. The three diamond drillholes will provide a more comprehensive understanding of the geological makeup of the large sedimentary system. A recently identified zone of potential high-grade TiO2 mineralisation, where rock chip samples showed up to 20% TiO2, is now the target of an additional RC programme early next year. The Company notes it is ‘advancing investigations into the petrology and mineralogy of the titanium mineralisation’ – we look forward to these results with anticipation. Additionally, given the large, sedimentary-hosted hydrothermal nature of the system at Pitfield, Empire’s geological team, led by ex-Lundin PHD Geologist Neil O’Brien, believes there remains the potential for alternative mineralised deposits on the project, including copper, gold and nickel.

 *SP Angel acts as nomad and broker to Empire Metals

Filo Corp (FIL CN) C$18.45, C$2.41bn – Filo report dramatic intersections of copper at the Filo del Sol Project, Argentina

• Filo Corp reports three dramatic drill results at their Filo del Sol Project in San Juan, Argentina.
• Aurora Zone drilling intersected:
  • 1,014.0m at 1.02% CuEq from 400.0m, inc.
    • 796.0m at 1.14% CuEq from 618.0m
    • 44.0m at 1.81% CuEq from 1,370.0m – this is a new gold-rich section with up to 2 g/t over a 2m sample interval within the porphyry associated with strong potassic alteration, sheeted quartz veinlets, chalcopyrite and bornite.
  • 541.0m at 1.51% CuEq from 136.0m, inc.
    • 88.0m at 278.5 g/t Ag from 328.0m; and
    • 225.0m at 1.72% CuEq from 452.0m – this hole ended at 677m in mineralisation
  • 374.0m at 1.30% CuEq from 122.0m, inc.
    • 20.0m at 1,209.9 g/t Ag from 274.0m – this hole ended at 496m in mineralization
• Filo del Sol PFS results (January 2019):
• NPV@8% – $12.8bn post tax
• IRR – 23% post tax
• Capex – $1.27bn.
• C1 Cash cost – $1.23/lb CuEq.
• Production:
  • Copper: 67,000tpa – 80% recovery
  • Gold: 159,000ozpa – 70% recovery
  • Silver: 8.65mozpa –  82% recovery
• Geology: “Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with one or more large porphyry copper-gold systems.
• Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including structurally controlled and breccia-hosted gold, manto-style high-grade silver (+/- copper) and high-grade supergene enriched copper within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization.
• This complex geological history has created a heterogeneous orebody which is characterized by zones of very high-grade copper +/- gold +/- silver mineralization within a large envelope of more homogeneous, lower-grade mineralization.”
• Funding: Filo is well funded having raised C$130m in June at C$21.10/s in June.
• Argentina: The new president elect Javier Milei is a bit of an unknown when it comes to solid economic policies. Milei has

Conclusion:  Filo Corp appear to have a monster of a copper discovery on their hands at Filo del Sol in Argentina. This latest drilling shows a new phase of the porphyry in hole 86 with unusually high gold grades and copper hosted within chalcopyrite-bornite mineralisation. We expect the next iteration of the PFS to give substantially better economics.

Galantas Gold* (GAL LN) 13p, Mkt Cap £15m – Quarterly earnings

• Q3/23 loss amounted to C$1.3m (Q3/22: -C$1.6m) most of which reflects general admin costs of C$0.9m (Q3/22: -C$1.2m).
• YTD loss amounted to C$4.1m (YTD22: -C$4.6m).
• YTD operating cash flow came in positive at C$0.6m (YTD22: -C$1.3m) reflecting a positive contribution from working capital.
• FCF totalled -C$3.8m (YTD22: -C$9.9m) reflecting ~C$4.4m (YTD22: -C$8.6m) spent in exploration and development costs at Omagh (Northern Ireland) and Gairloch (Scotland).
• The Company had C$0.6m as of quarter end with C$13.0m in outstanding debt.
• The team is currently raising up to U$3m in non-brokered private placement using unsecured convertible notes.
• Closing date is expected on or about November 30 with proceeds expected to be directed towards exploration and development at its gold and base metals portfolio in Northern Ireland and Scotland as well as general corporate and working capital uses.

*SP Angel acts as Broker to Galantas Gold

Impala Platinum (IMP SJ) ZAR7,846, Mkt cap ZAR71bn – Major accident at Rustenburg mine

• On Monday afternoon, in a stark reminder of the hazards of underground mining, Impala Platinum reported an accident involving a winder rope at the No. 11 Shaft at its Rustenburg Platinum mine in South Africa.
• According to subsequent news reports the incident, in which the triple-deck mine cage is believed to have fallen approximately 180m to the bottom of the 1,000m deep shaft, claimed 11 lives and left a further 75 mineworkers injured.
• Investigations into the detailed causes of the accident are underway.
• In what is being described as the “darkest day” in the company’s history, the industry body, the Minerals Council of South Africa offered its “heartfelt condolences” to the families, friends and colleagues of those involved.
• We echo these sentiments and add our condolences.

Lucara Diamonds (LUC CN) C$0.36, Mkt Cap C$164m – 2024 operational guidance as transition to future underground mining gathers pace

• Lucara Diamonds has announced that, during 2024, it expects to produce between 345-375,000 carats of diamonds from its Karowe mine in Botswana.
• The production is expected to come from the mining of between 2.8-3.2mt of ore and the removal of 0.8-1.4mt of waste and the treatment of 2.6-2.9mt of ore.
• The company says that the “assumptions for carats recovered and sold as well as the number of ore tonnes processed are consistent with achieved plant performance in recent years”.
• Almost 90% of the ore production in 2024 is expected to come from the “higher value M/PK(S) and EM/PK(S) units within the South Lobe and the remaining carats recovered will come from the Centre Lobe in accordance with the mine plan”.
• Explaining the apparent mismatch between the volumes of ore mined and processed, Lucara Diamonds says that a “portion of the tonnes mined in 2024 will be stockpiled, prior to the end of open pit mining in mid-2025. Stockpiled material is planned to be processed between 2025 to 2027 before the mine transitions to underground operations”.
• “Ore from the underground development is expected to supplement lower grade stockpile material, primarily from the upper benches of the South lobe, during the transition to underground, beginning in 2027”.
• As the underground mine development, which extends the mine life to at least 2040, proceeds, Lucara Diamonds expects to spend up to US$100m in 2024, with an additional US$10m required for sustaining the operation.
• Following recent management changes which included the departure of Zara Boldt as Chief Financial Officer/Corporate Secretary in October, Lucara Diamonds also announces the appointment of a former employee, Glenn Kondo, in these roles.
• Commenting on the appointment of Mr. Kondo, President and CEO, William Lamb, said “We are very pleased to welcome Glenn back to Lucara”.

Premium Nickel Resources* (PNRL CN) C$1.35, Mkt Cap C$171m – Selebi North underground drilling returns 22m @ 1.22% Ni

• Premium Nickel provided additional results on Monday from its drilling programme at the Selebi North underground mine in Botswana.
• Highlights include:
  • SNUG-23-028: 10.75m @ 1.15% Ni, 1.4% Cu from 194m
  • SNUG-23-032: 22m @ 1.22% Ni, 0.89% Cu from 186m
  • SNUG-23-015: 10.45m @ 0.69% Ni, 0.58% Cu from 141m
  • SNUG-23-026: 7.85m @ 0.85% Ni, 0.53% Cu from 176m
  • The Company reports the intercepts using drillhole lengths and not true width.
• The drilling highlights mineralisation hosted within a tightly folded amphibolite.
• Current drilling focus is targeting areas near existing mine developments.
• The tightly folded nature of the mineralised envelope requires additional drilling to understand the true width and definition of the folded sections.
• The current campaign has drilled 13,817m over 40 holes, looking to better understand the mineralised zones down plunge from the previously mined resource.
• Additional assays are currently being shipped for testing.
• The company is looking to release an upgraded Mineral Resource Statement shortly.

Conclusion: Selebi is an impressive and valuable nickel mine. It has been maintained in good condition by the current, dedicated team.  There is significant potential to optimise the process flow sheet for ore from the Selebi mine to add further value.

*An SP Angel analysts visited the Selebi underground nickel mine in Botswana earlier this year

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 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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