SP Angel Morning View -Today’s Market View, Wednesday 2nd April 2025

Gold holds near all time highs as market braces for Liberation Day tariff rollout

MiFID II exempt information – see disclaimer below

Cornish Metals* (CUSN LN) – Additional land acquired at South Crofty

Equinox Gold (EQX CN) – Suspension of Los Filos mine on land access issues

Kore Potash* (KP2 LN) – Kola term sheet delayed to April and Chairman to subscribe for $0.5m in new stock

Oriole Resources* (ORR LN) – Results show continued exploration progress in Cameroon

Panther Metals (PALM LN) – Geochemical data delivers insights at the Dotted Lake project, Ontario

Premier African Minerals (PREM LN) – Canmax offtake and prepayment agreement update

Turaco Gold (TCG AU) – Drilling at Afema with updated MRE due soon

Gold ($3,131/oz) holds near all time highs as market braces for Liberation Day tariff rollout

• Spot gold is sitting just off record highs of $3,149/oz hit last night.
• The metal has rallied amid a wider risk off market move which has seen equities sell down and US government bonds and the Japanese Yen rally.
• The market is bracing for Trump’s tariff rollout due at 4pm Washington time today, although the WSJ suggested that there may be a moderation of expected levies.
• Meanwhile, ISM manufacturing surveys painted a weaker picture for the US economy yesterday, with new orders sliding and employment measures weaker, whilst prices paid jumped.
• The jump in prices paid might reflect pre-emptive ordering before tariffs imposed, suggested they may not feed into a longer-term inflationary trend.
• However, US Treasury yields are sliding on a worsening economic growth picture.
• Focus wills shift to US labour data, with the key NFP reading due on Friday, current consensus estimate at 140k vs 151k in February.
• Bloomberg highlights the Baker, Bloom and Davis index which measures economic policy uncertainty from US newspaper mentions has risen to near-record levels (last highs in 2020 pandemic chaos).
• Focus is also on China Yuan devaluation, which may be rolled out to counter a trade war with the US, with previous episodes noted in 2005 and 2015.
• China is likely to lower rates this year to support their ailing economy, although gold has shrugged off the recent yuan rally having correlated tightly with its previous sell off.

Copper ($9,700/t) stabilises following sell-off amid Trump tariff chaos and progress on Cobre Panama reopening

• Copper has fallen 3.5% since highs reached last week, as the arbitrage trade between CME and LME unwinds and focus shifts back to supply/demand fundamentals.
• CME futures rose above the May 2024 short squeeze at $5.28/lb last week, with spreads to LME growing over $1,700/t.
• Reuters reports c.500kt of copper was redirected to the US, in anticipation of a potential 25% tariff on copper imports.
• LME stocks down from 258kt to 106kt since the February 262 announcement.
• The market likely remains vulnerable to further reversal on a ‘sell the news’ event following an official tariff announcement. Trump is expected to announce policy at in the White House Rose Garden at 4pm Washington time today.
• Additionally, China property market continues to struggle, and the imposition of global tariffs from the US is expected to trigger a growth slowdown, reducing demand.
• China home prices in February fell mom, although the 70-city property price index showed improvement yoy and vs October’s low of -6.2%.
• A Cobre Panama restart continues to look more likely, with First Quantum equity trading at near October 2023 pre-shutdown levels and Panama government bonds rallying.
• However, smelters continue to cut supply, including Tongling and Glencore, recently, amid low TCRC fees following major global capacity expansion.
• There remain signs of green shoots from the China property market, although Vanke’s results yesterday highlight the continued malaise in the sector.

Deep-sea mining – Trump considering executive order on deep-seam mining for polymetallic nodules and potentially other mineral sources

• President Trump is reported to be working on an executive order which may better enable deep-sea mining in international waters.
• The Trump administration appears concerned over the vulnerability of US manufacturing industry to shortages of rare earths and a range of other critical minerals.
• Harvesting of polymetallic nodules on the sea floor could provide a meaningful source of high-grade minerals which should require simpler processing.

Hooters – restaurant chain files for bankruptcy protection

• Hooters breasturant profits have been a little on the skimpy side in recent years.
• A group of Hooters’ original owners who own around a third of the sites plan to buy and operate more of the outlets.
• The group trialled a restaurant in 2017 without their signature waitstaff attire but it appears this approach did not woke.

ii / interactive investor – video interviews:  

• Is China losing its grip on African mining, inc. Sovereign Metals*, Kefi*, Atlantic Lithium*, Goldstone*, Kodal*, Yellow Cake, Kazera Global, Aterian*: 
• Gold, inc. Goldstone*, Kefi, 
• Trump tariffs, China and critical metals, 
• Five mining stocks to watch:  

Sharepickers: Gold & Copper Small Caps: https://audioboom.com/posts/8693044-john-meyer-here-s-some-gold-copper-small-caps

• Gold, copper, 13:05 Orosur*, 13:38 Oriole*, 15:25 Resolute, 16:44 Goldstone*, 17:46 Antofagasta, 18:23 Central Asia Metals, 19:56 Kavango, 20:52 Power Metal Resources, 24:25 Kefi*, 25:18 Tertiary Minerals*
• Video:  https://www.youtube.com/watch?v=KG6furFO3n4X

* SP Angel act as Nomad and or Broker.

Economics

US – President Trump is set to announce a series of tariffs on US trading partners later this afternoon.

• The lack of details on the structure, size and targeted countries raise uncertainty that in turn brings risk sentiment down.
• Treasuries and gold prices climb with equity futures trading lower this morning (S&P -0.3%, Nasdaq -0.3%).
• Bloomberg estimates that up to $33tn in global trade is under risk with countries from Brazil to China facing between a 4% and 90% drop in their exports to the US.
• Its global trade policy uncertainty index soared to the highest level since record began from 2009.
• Bloomberg Economics analysis suggests that in the worst case scenario measures would add up to 28pp to average US tariff rates deducting 4pp from US GDP and lifting prices by close to 2.5%.
• Separately, JOLTC job openings, a proxy for labour market demand, dropped and came in below market expectations for February.
• The data points to a cooling labour market with decreased vacancies in a series of cyclically sensitive sectors like manufacturing, retail trade and leisure and hospitality.
• JOLTS Job Openings (Feb/Jan/Est): 7,568k/7,762k(revised from 7,740k)/7,658k

Japan – The BOJ Governor Kazuo Ueda said tariffs could have a significant impact on trade activity in his first public comments since President Trump announced a 25% auto tariff last week.

• Ueda did not comment on the BOJ’s rate hike path.

China – continues to ramp up manufacturing while urging state-owned and private companies is consolidate and become more efficient

• China appears to be doubling down on its strategy of adding value, lowering costs and consolidating less efficient businesses as part of its strategy to overcome Trump tariffs.
• The drive to stimulate significant new consumption appears to be failing as confidence falls and households adopt a wait and see stance.
• A number of major state-owned banks have raised funds through special purpose debt with commercial banks now ordered to raise the cost of consumer loans to >3% reversing a previous order to cut loans to 2.5%.
• Further consolidation in the automotive sector is being encouraged with manufacturers urged to lower costs.
• Industrial agglomeration encouraged with other manufacturing urged to upgrade and invest more in machinery.
• Property and construction remains subdued with some cities seen loosening restrictions on transactions to stimulate the market.
• China Vanke Co. a leading property company based in Shenzhen has posted its first ever loss of $6.8bn for 2024 as asset and credit impairments combine with liquidity strains.

PMI Manufacturing data

Currencies

US$1.0788/eur vs 1.0803/eur previous. Yen 149.69/$ vs 149.89/$. SAr 18.575/$ vs 18.405/$. $1.291/gbp vs $1.291/gbp. 0.630/aud vs 0.625/aud. CNY 7.271/$ vs 7.269/$

Dollar Index 104.300 vs 104.235 previous

Precious Metals

Gold US$3,131/oz vs US$3,131/oz previous

Gold ETFs 88.0moz vs 87.9moz previous

Platinum US$978/oz vs US$991/oz previous

Palladium US$982/oz vs US$991/oz previous

Silver US$33.7/oz vs US$33.9/oz previous

Rhodium US$5,700/oz vs US$5,700/oz previous

Base metals:   

Copper US$9,690/t vs US$9,772/t previous

Aluminium US$2,493/t vs US$2,538/t previous

Nickel US$16,055/t vs US$16,145/t previous

Zinc US$2,807/t vs US$2,864/t previous

Lead US$1,982/t vs US$2,013/t previous

Tin US$38,035/t vs US$36,450/t previous

Energy:           

Oil US$74.2/bbl vs US$74.8/bbl previous

Henry Hub Gas US$3.96/mmBtu vs US$4.09/mmBtu yesterday

• Crude oil prices edged lower after the API estimated a larger-than-expected 6.0mb/d w/w build to US crude inventories, as the market awaits the impact of planned new US tariffs billed by Trump as ”Liberation Day”.
• European energy prices rose on forecasts for cooler temperatures this weekend and upcoming maintenance in Norway, as France’s nuclear generation fell 5% w/w to 70%% of the country’s 61.4GW maximum capacity.
• Media reports state-owned Ecopetrol, which is expected to produce 750kboe/d in 2025, is interested in the potential acquisition of Carlyle’s SierraCol with output of ~45kboe/d and 128mboe of YE24 net 2P reserves.

Natural Gas €42.5/MWh vs €41.0/MWh previous

Uranium Futures $64.6/lb vs $64.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$103.7/t vs US$103.7/t

Chinese steel rebar 25mm US$474.4/t vs US$475.1/t

HCC FOB Australia US$175.0/t vs US$175.0/t

Thermal coal swap Australia FOB US$107.3/t vs US$106.8/t

Other:  

Cobalt LME 3m US$33,965/t vs US$33,965/t

NdPr Rare Earth Oxide (China) US$60,792/t vs US$61,153/t

Lithium carbonate 99% (China) US$9,917/t vs US$9,919/t

China Spodumene Li2O 6%min CIF US$805/t vs US$805/t

Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t

China Tungsten APT 88.5% FOB US$358/mtu vs US$358/mtu

China Graphite Flake -194 FOB US$435/t vs US$435/t

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$5.0/lb

Europe Ferro-Vanadium 80% US$24.3/kg vs US$24.3/kg

China Ilmenite Concentrate TiO2 US$285/t vs US$291/t

Global Rutile Spot Concentrate 95% TiO2 US$1,506/t vs US$1,506/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$337.5/t vs US$337.5/t

Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Battery News

European auto makers hit with €458m fine for end-of-life recycling cartel

• 13 carmakers, including Volkswagen and Stellantis, and the European Automakers Association (ACEA) have been fined €458m by EU antitrust regulators.
• Following an investigation, the EU competition watchdog said the companies agreed not to compete with each other in advertising the extent to which their cars could be recycled and agreed to keep quiet on how much recycled materials are used in new cars.
• They also agreed not to pay car dismantlers for processing the end-of-life vehicles – EU laws require carmakers to bear the costs of recycling such vehicles.

BYD sells 377,420 EVs in March taking Q1 sales total to nearly 1m

• The company also revealed that they exported 206,084 vehicles in the quarter, up 111% yoy.
• Of the vehicles sold, 416,388 were passenger BEVs, up 39% yoy.
• Passenger PHEV sales were 569,710 vehicles, up 76% yoy.
• BYD is targeting annual sales of 5.5m vehicles.

Ford tells Kuga hybrid drivers not to charge their cars due to fire risk caused by battery defect

• The warning is a major blow to Ford, to EVs and to hybrids in general.
• Ford issued an urgent recall to 26,000 owners of its Kuga plug-in hybrid in early March due to a risk of short-circuit while on the road.
• Drivers are advised to exit the car immediately if the “Stop safely now” warning is triggered.
• Ford says that affected vehicles are still safe to drive and is currently working on a software fix.

Company News

Cornish Metals* (CUSN LN) 7.7p, Mkt Cap £54m – Additional land acquired at South Crofty

• Cornish Metals has announced the purchase of 4.5 acres (~1.8 hectares) of land adjacent to its current land at the historic South Crofty mine in Cornwall.
• The addition, which takes the company’s surface holding to ~32.5 acres (~13.2 hectares) will facilitate “direct access to the main road at Dundance Lane from where a new entrance to the mine site is planned and where a new mine office, stores and workshop will be located”.
• Cornish Metals is working to resume tin production at South Crofty, a site with a mining history of at least 400 years.
• A preliminary feasibility study in May last year showed capex of US$177m generating an after-tax NPV8% of US$201m and IRR of 29.8%.
• The PEA envisages from the production of up to 5,000 tonnes per year and total production of 49,310t of tin, in concentrate, from the processing of almost 3mt of pre-concentrated ore averaging 1.83% tin over a 14-years mine life.
• The introduction of pre-concentration of the ore using X-ray and dense media (DMS) sorting sees processing rates of 250ktpa through upgrading of mined ore production of 500ktpa.
• The major components of the pre-production capital costs, which includes a US$25.7m contingency, are US$40.5m on capitalised mining costs and US$59.7m for the process plant with pre-production payback within 3 years.

Conclusion: Additional land at South Crofty provides space for surface facilities for the resumption of tin production and improve site access from the main road.

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Equinox Gold (EQX CN) C$9.6, Mkt Cap C$4.4bn – Suspension of Los Filos mine on land access issues

• Diversified gold miner Equinox, currently merging with Calibre, reports the suspension of operations at Los Filos in Mexico.
• The Land Access agreement with the Carrizalillo community expired on March 31^st.
• Equinox states that long-term agreements with the three local communities are ‘essential to provide the economic and investment conditions necessary for continued operations…including the construction of a 10ktpd CIL processing plant.
• Carrazilillo is the only of the three communities not to sign the agreement.
• Equinox had already withheld 2025 guidance for Los Filos, which produced 170koz in 2024 of the Company’s total 624koz.

Kore Potash* (KP2 LN) 1.8p, Mkt Cap £80m – Kola term sheet delayed to April and Chairman to subscribe for $0.5m in new stock

BUY – TP 4.4p

CLICK FOR PDF

• Non binding term sheet for the Kola Potash Project from the Summit Consortium is being delayed past the end of March target.
• The Summit Consortium advised it needs more time to complete their internal process that was delayed by the Ramadan season and Eid celebrations.
• The consortium is expecting to have the term sheet presented before the end of April and potentially by mid-April.
• Separately, as previously indicated, Chairman will be subscribing for US$0.5m worth of new stock at the same placing price that the last raise was done at (1.7p).
• The restriction for Directors and senior management from trading ceased following the release of FY24 results.
• Funds come on top of $10.1m raised late last month with proceeds to be used for Early Works programme and outstanding balances with PowerChina as well as ESIA related work and general working capital.

Conclusion: The delay of the term sheet is disappointing, although, the Summit Consortium indicated that the proposal may be ready by the end of April. In the meantime, the Company is funded to progress with additional works required to take the Kola Project to FID and Full Notice to Proceed (FNTP) with PowerChina. The team expects to be in the position to trigger FNTP by YE25.

New shares to be issued to Chairman have been accounted for in our latest valuation and bear no effect on the recommendation/target price.

*SP Angel acts as Nomad and Broker to Kore Potash

Oriole Resources* (ORR LN) 0.19p, Mkt cap £7m – Results show continued exploration progress in Cameroon

(BCM International is earning a 50% interest in Mbe and Bibemi by spending US$4m on exploration respectively)

• Oriole Resources has reported their final results for 2024.
• The Company reports exploration expenditure of £2.66m, vs £0.33m in 2023, after expanding exploration activity in Cameroon following the BCM earn-in agreements.
• Administrative expenses increased to £1.53m vs $1.13m 2023 on increased activity and workforce.
• Company received £1.18m in signature payments from BCM and the sale of remaining Turkish assets of $0.24m.
• Year end cash balance of £0.7m with Lanstead monthly payments set to continue until August, whilst BCM is funding exploration in Cameroon.
• On an operational basis, Oriole continues to deliver results in Cameroon, with an updated Bibemi MRE expected following the completion of 6,915m drilling over 56 holes.
• The upgrading of the Bibemi MRE categories and potential expansion is expected to support a submission of the ELA to the Mining Ministry, a key step towards commercial production.
• At Mbe, the maiden drilling programme continues, with good success to date showing widespread gold mineralisation at varying grades, with highlights including:

• • MBDD003:

• • • 1.70m at 6.11g/t Au from 50m, 8.00m at 1.03g/t Au from 55.6m, 14.30m at 0.86g/t Au from 68m, 4.30m at 1.05g/t Au from 134m, 4.24m at 7.70g/t Au from 146m

• • MBDD002

• • • 1m at 1.5g/t Au from 16m, 1.2m at 1g/t Au from 50m, 1.8m at 1.2g/t Au from 83m, 30m at 0.8g/t Au from 95m (including 17m at 1.1g/t Au), 26m at 0.6g/t Au from 133m (including 11m at 1g/t Au), 6.8m at 1.1g/t Au from 166m

• Mbe has now delivered 60 gold mineralised intersections and there is plenty more opportunity to add ounces within the current, maiden drilling programme (40% complete).
• Management is targeting the delivery of a maiden MRE at Mbe this year.
• At Wapouze, Oriole is working on generating a local income stream with a project Partner for the limestone licence.
• In Senegal, Oriole is agreeing a JV agreement with Managem to progress the asset, including a ‘significant exploration programme’ – updates expected as the year progresses,

Conclusion: A formative year for Oriole, 2024 saw the signing of the BCM earn-in agreements in Cameroon. This has triggered two large-scale drilling campaigns at Bibemi and Mbe. The former is now complete and expected to support the upgrading and expansion of the current maiden JORC MRE, also supporting the application of an exploitation licence for the Project. At Mbe, widespread gold mineralisation has been intersected, with the programme only 40% complete and the majority of assays currently unreported. We see Mbe holding potential for a large-scale, bulk tonnage operation at shallow depths, should drilling continue to highlight mineralisation. We continue to see Oriole as an exciting gold exploration story in the frontier jurisdiction of Cameroon.

*SP Angel acts as Broker to Oriole Resources

Panther Metals (PALM LN) 38.5p , Mkt Cap £1.9m – Geochemical data delivers insights at the Dotted Lake project, Ontario

• Panther Metals reports that geochemical soil sampling over a 6km long strike length on the northern shore of its Dotted Lake project in Ontario has identified anomalous gold, nickel and base metals trends.
• The geochemical data shows “highly anomalous standout gold and critical mineral geochemical trends and anomalies, including major structurally controlled sub-parallel gold trends which merge on the western north-shore of Dotted Lake … [as well as] … a 5km long nickel trend …with coincident cobalt and chromium”.
• The data also shows “a 3.5km long zinc anomaly … across the northern boundary of the combined survey area … whilst distinct copper zones … correlate well with multielement anomalies including the zinc and nickel”.
• The survey is based on a total of 1,472 samples “which were collected at 25m sample spacing on 100m or 50m spaced grid lines” during sampling campaigns in 2021 and 2024.
• CEO, Darren Hazelwood, explained that the survey enhances “our understanding of the mineralisation footprint and point to as yet untested bedrock source targets … [and that the results correlate] … very positively with our geological model and aligns favourably with soil signature levels which have led to significant mineralisation discoveries within close proximity to our Dotted Lake Project”.
• The company acquired the Dotted Lake project in 2020 with the first phase of geochemical exploration, in 2021, identifying “numerous gold and base metal targets, all within the same geological footprint”.
• Additional geochemical work, following “the installation of a new trail providing direct access to the target location, an initial drilling programme in Autumn 2021 confirmed the presence of gold mineralisation within this system with anomalous gold continuing along strike and present within the surrounding area”.

Conclusion: Early stage geochemical exploration results from Dotted Lake, where earlier this month the company announced encouraging drilling results, have identified additional potential targets. We await news on the company’s follow-up plans.

Premier African Minerals (PREM LN) 0.03p, Mkt Cap £11m – Canmax offtake and prepayment agreement update

• The Company agreed to conditionally extend the long stop date for amounts due to Canmax Technologies under the offtake and prepayment agreement.
• The long stop date was changed from 1 April 2025 to the sooner of either 31 December 2025 or signed agreement from a buyer acceptable to Canmax that will settle/or manage prepayment amount plus interest on terms to be agreed with Canmax.
• The long stop adjustment is conditional on a number of things including:
• “A non-binding letter of interest has been received within 30 days (unless such period is extended by Canmax at its sole discretion) of the signing of the Addendum from a reputable buyer that is acceptable to Canmax that will settle and/or manage Canmax’s Prepayment Amount plus interest on terms to be agreed by Canmax. To the extent that the Expression of Interest is withdrawn, Premier will have thirty days (unless such period is extended by Canmax at its sole discretion) to secure an alternative reputable buyer that is acceptable to Canmax.”
• The Amended Agreement regarding offtake and prepayment remains the same as the Restated Offtake and Prepayment Agreement which the Parties had previously agreed in August 2023 and furthered amended in December 2024.
• Under the agreement, should Premier fail to deliver the product or cash settlement covering the outstanding amount plus interest to Canmax it will be entitled to receive a direct interest in Zulu Lithium Project on a project valuation of US$100m or an equivalent amount in new Premier shares.
• Canmax holds a fixed charge over the shares of Zulu Lithium.
• The Company reported that outstanding amount received from Canmax stood at $43m as of June 2024 with the balance accruing 12%pa interest.

Turaco Gold (TCG AU) A$0.42, Mkt Cap A$375m – A$35m equity raise

• Cote D’Ivoire gold explorer Turaco, who are exploring at their 80% owned Afema project, report additional drill results.
• The project currently holds an MRE of 2.52moz Au.
• The Company report 32 RC and diamond holes, with ‘all but one hole returning significant gold mineralisatoin.’
• Company notes highlights from the Begnopan target including

• • BEGDM0001: 34m @ 3.44g/t gold from 65m and 6m @ 6.12g/t gold from 73m
  • BEGRC0007: 6m @ 3.66g/t gold from 76m
  • BEGRC0010: 8m @ 5.28g/t gold from 46m
  • BEGRC0020: 15m @ 2.29g/t gold from 51m
  • BEGRC0023: 9m @ 2.22g/t gold from 26m
  • BEGRC0025: 1m @ 29.53g/t gold from 34m and 17m @ 1.48g/t gold from 49m

• Turaco notes average drilling depth <70m vertical from surface and shallow mineralisation across 2.5km of strike.
• Company also notes mineralisaiton remains open in ‘all directions with further drilling planned along with metallurgical testwork.’
• The Company recently raised A$35m to accelerate drilling at the Afema Project aiming resource growth and testing new targets.
• The team’s targeted 1Q25 MRE update is expected imminently, although the above assay results will not be included.

LSE Group Starmine awards for 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

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

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

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

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.

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. 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