SP Angel Morning View -Today’s Market View, Wednesday 3rd April 2024

Gold pushes on again despite rising Treasury yields as focus turns to Powell today

MiFID II exempt information – see disclaimer below

 Altona Rare Earths (REE LN) – Acquisition of copper exploration license in Zambia

Beowulf Mining* (BEM LN) – Result of capital raise to fund Kallak and Grafintec development

East Star Resources (EST LN) – Plans to widen interest in Verkhuba

Orosur Mining* (OMI LN) – Receipt of historic core from Anzá

Paladin Energy (PDN AU) – Commercial uranium production begins at Langer Heinrich, Namibia

Regis Resources (RRL AU) – Capex blowout at NSW Gold Project

Shanta Gold (SHG LN) – Mineral reserves and resources update

Thor Explorations (THX LN) – Expanding exploration holdings close to the Douta project, Senegal

Gold pushes on again despite rising Treasury yields as focus turns to Powell today

• Gold prices continue to break record levels, with prices touching $2,287/oz before settling at $2,273/oz.
• The move has broken the traditional correlation between US Treasury yields and  gold, with US Government bonds selling off to 4.4% on the 10-year.
• Powell is due to speak later today, with traders focused on his comments on recent inflation data as the market waits for nonfarm payrolls due on Friday.
• A potential weakening of the labour market could provide another catalyst to the gold price, with lower yields expected to push patient ETF investors into bullion.
• However, traders note open interest in gold futures is fading and it currently sits 15% above its 200 day moving average.
• Silver prices have broken above $26/oz, their highest since March 2022.

Copper prices rise as Chinese traders slash bearish positions

• Chinese copper futures have risen to $9,030/t, bouncing from recent levels at $8,850/t.
• ShFe traders have slashed net short positions of 747 contracts.
• Output reductions in Chinese smelters are supporting a bullish short term case, whilst Chinese exports are also expected to improve.
• Indonesia is also due to ban copper concentrate exports from June
• CSPT the China Smelter Purchase Team agreed a 5-10% output cut failed to set Q2 TC/RC rates

• Production for the first two months of the year rose 10.7% to 2.2mt
• Concentrate imports fell to 4.66mt

Lithium trade on CME exchange surges in encouraging boost to sentiment

• CME, which has held lithium futures for three years, has noted record high in contract trading.
• Q1 trading of lithium hydroxide has neared the entire trading volume of 2023.
• China trades lithium carbonate futures on the Guangzhou exchange.
• Liquid commodity exchanges support the industry through enabling easier hedging access.

Xiaomi IPO values company at US$55bn at HK$17.34

• Xiaomi stock gained 9% or $4bn in its first day of trading in HK this morning making it just larger than GM or Ford.
• Commentators warn the company may lose around $10,000 on each SU7 vehicle sold this year.
• The SU7 appears to look like a cross between a Tesla and a Porsche with base models selling for under $30,000.
• Waiting lists are 4-7 months for Chinese customers with 88,898 pre-orders taken in the first 24 hours of SU7 sales.
• The company has already produced its first 5,000 SU7s.

IGTV: Copper:  https://www.ig.com/uk/news-and-trade-ideas/beat-the-street–megacaps-and-chips-higher-ahead-of-us-data–tes-240326

https://www.ig.com/uk/news-and-trade-ideas/_copper-likely-to-stay-above–9-000–meyer-240315

Sharepickers – on Gold, Copper, Arc Minerals, Atlantic Lithium, Cornish Metals, Empire Metals & Sovereign Metals

Podcast: https://audioboom.com/posts/8477440-john-meyer-on-gold-copper-arc-atlantic-cornish-empire-sovereign.

Youtube: https://www.youtube.com/watch?v=PcmKx065aWw.

Economics

US – Two FOMC voting members said three rate cuts may be appropriate for this year, although there is no rush to start lowering borrowing costs at the moment.

• Mary Daly, San Francisco Fed President, said that three cuts is a reasonable expectation.
• Loretta Mester, Cleveland Fed President, suggested that three cuts is appropriate, but added that it may be “a close call” on whether fewer will be needed.
• “It really depends on what happens in the economy and how it evolves… Are those early readings that we got in inflation so far this year, are they saying that the disinflation process is stalling or is it going to be that those are sort of like a detour on the road and we’re back on that downward path?”
• Dot plot pointed to a median projection of three rate cuts for 2024 with market, in line with market expectations.
• Markets are currently not expecting the first rate cut before July.
• JOLTS job openings in February rose to 8.756m vs 8.748m in January, though down from and January’s initial figure of 8.863m
• Job quits 3.484m vs 3.446m in January and January’s initial estimate of 3.385m

Taiwan – 7.4 magnitude earthquake kills 7 in Taiwan this morning with >72 people trapped in road tunnels

• It is testament to the strong and well-designed construction in Taiwan that the island has not suffered more fatalities.
• A number of buildings will need to be demolished but in Hualien which is prone to earthquakes, but nothing appears to have completely collapsed.
• 736 people are reported injured indicating the scale of the damage with three of the fatalities crushed by falling boulders while out hiking in the hills.
• 26 structures are reported to have collapsed but pictures suggest none have completely fallen.
• Taiwan manufacturers around 65% of the world’s semiconductors worth >$200bn.
• Semiconductor production is a very delicate and precise process with the earthquake likely to have significantly disrupted production.
• We suspect some machinery will need to be reset and recalibrated before production resumes once the aftershocks have subsided.
• TSMC and other manufacturers evacuated buildings during the earthquake.
• A similar 7.6 magnitude earthquake killed around 2,400 people in 1999 highlighting how much better buildings are constructed in Taiwan these days.
• TSMC, United Microelectronics and ASE Technology all operate in an area which is prone to seismic activity.

TSMC suspended some of its chipmaking facilities evacuating staff evaluating the impact of a 7.4 earthquake off east coast of Taiwan.

• UMC, a competing semiconductors manufacturer, also halted operations at some of its plans and evacuated certain facilities.
• That was the biggest earthquake in 25 years that is reported to have destroyed dozens of buildings on the eastern side of the island and killed at least four people, Bloomberg reports.
• Taiwan produces over 60% of global semiconductors and over 90% of most advanced chips representing one of the most critical choking points in global supply chains.
• TSMC and UMC shares traded 1.3% and 1% lower today.

Turkey – Inflation climbed for a fifth consecutive month hitting close to 70 in March despite central bank raising rates.

• Headline index was up 68.5%, up from 67.1% in February but less than 69.1% forecast.
• Core measure hit the highest level on record of 75.2%, up from 72.9% in February.
• Services, education and food are reported to have been key contributors to headline CPI growth.
• Inflation picks up despite at central bank hiking rates to 50% in late March and suggesting tightening may need to be 02
• more aggressive.
• The central bank expects inflation to end the year at 36% and potentially at 42%, an upper end of the expected range.

Ukraine – Russia is planning a major new offensive in the Donetsk region

• The Institute for the study of war reckons Russia is looking at planning a major new offensive around Avdiivka in the Donetsk region.
• Ukraine recently held back a Russian force of 36 tanks and 12 fighting vehicles in the area which is seen as a battalion’s worth of tanks.
• Russia has been holding tanks and other vehicles behind the front lines to preserve vehicles for their next major assault.
• Ukraine has been hugely successful in knocking out vehicles so far but is weakened by a reported lack of munitions.
• Russia is seen bringing old post-WWII vehicles out of stocks to replace damaged vehicles and appears to be preparing to try to overwhelm Ukraine positions through sheer weight of men and vehicles.

Numbeo Crime Index rankings 2024

1. Caracas, Venezuela
2. Pretoria, South Africa
3. Durban, South Africa
4. Johannesburg, South Africa
5. Port Moresby, Papua New Guinea

Currencies

US$1.0765/eur vs 1.0732/eur previous. Yen 151.73/$ vs 151.69/$. SAr 18.836/$ vs 18.890/$. $1.256/gbp vs $1.256/gbp. 0.651/aud v 0.650/aud. CNY 7.236/$ vs      7.235/$.

Dollar Index 104.82 vs 105.04 previous.

Precious metals:

Gold US$2,273/oz vs US$2,255/oz previous

Gold ETFs 82,044,577.0moz vs 82,162,357.7moz previous

Platinum US$921/oz vs US$911/oz previous

Palladium US$1,007/oz vs US$1,012/oz previous

Silver US$26.25/oz vs US$25/oz previous

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

Base metals:   

Copper US$ 9,034/t vs US$8,981/t previous

Aluminium US$ 2,364/t vs US$2,362/t previous

Nickel US$ 16,965/t vs US$16,930/t previous

Zinc US$ 2,479/t vs US$2,488/t previous

Lead US$ 2,016/t vs US$2,034/t previous

Tin US$ 27,900/t vs US$27,890/t previous

Energy:

Oil US$89.1/bbl vs US$88.4/bbl previous

• Crude oil prices were flat after the API reported a 2.3mb w/w draw (-2mb expected) to US crude stocks.
• European energy prices edged lower with French nuclear reactor operating levels falling 1% w/w to 67% of 61.4MW capacity and Gazprom reporting stable supply of 42.4mcm/d (~1.5bcf/d) via the Ukraine.
• SLB has agreed an all-stock deal worth $7.8bn (implies a 15% share price premium) to acquire ChampionX, which targets $400m in synergies by 2027 and expands its production chemicals and artificial lift technologies.
• Baytex Energy announced it has priced $575m of senior unsecured notes due 2032 to yield at 7.5% per annum, which will be used to redeem $410m of outstanding 8.75% notes issued in 1Q20 and due in 2027.

Henry Hub Gas US$1.86/mmBtu vs US$1.83/mmBtu yesterday

Natural Gas €25.7/MWh vs €27.2/MWh previous

Uranium Futures $87.5/lb vs $87.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Tianjin) US$102.0/t vs US$101.2/t

Chinese steel rebar 25mm US$523.6/t vs US$523.6/t

Thermal coal (1st year forward cif ARA) US$120.0/t vs US$118.5/t

Thermal coal swap Australia FOB US$134.0/t vs US$135.0/t

Other:  

Cobalt LME 3m US$28,550/t vs US$28,550/t

NdPr Rare Earth Oxide (China) US$49,755/t vs US$48,926/t

Lithium carbonate 99% (China) US$14,719/t vs US$14,581/t

China Spodumene Li2O 6%min CIF US$1,210/t vs US$1,210/t

Ferro-Manganese European Mn78% min US$975/t vs US$975/t

China Tungsten APT 88.5% FOB US$310/mtu vs US$310/mtu

China Graphite Flake -194 FOB US$490/t vs US$490/t

Europe Vanadium Pentoxide 98% 5.0/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% 26.25/kg vs US$26.45/kg

China Ilmenite Concentrate TiO2 US$330/t vs US$330/t

China Rutile Concentrate 95% TiO2 US$1,430/t vs US$1,430/t

Spot CO2 Emissions EUA Price US$57.9/t vs US$60.9/t

Brazil Potash CFR Granular Spot US$305.0/t vs US$305.0/t

Battery News

EVs on track to overtake petrol vehicles in Norway by end of 2024 – Reuters

• Norway is aiming to be the first country to ban the sale of new petrol and diesel vehicles, by 2025
• 90% of new vehicles registered in January were pure EVs.
• BEVs account for 24.3% of Norway’s 2.9m, versus 26.9% for petrol vehicles, according to data from the Norwegian Public Roads Administration.
• EVs have been heavily subsidised by the Norwegian government from an early stage thanks to the income from oil and gas.

BYD sales continue to grow yoy, but down significantly from Q4 2024

• The Chinese automaker saw sales in Q4 2023 reach 526,409 EVs, sales figures for Q1 2024 were 300,114 – down 43%.
• Sales did show a yoy increase of 13% from 264,647 in Q1 2023.

India shows sustained EV growth as global sales stall

• Sales of EVs in India reached 486,669 vehicles in Q1 2024, up 40% yoy.
• All three months of the quarter saw sales figures top 100,000 units, with highest ever monthly sales figures of 204,337 units in March.
• Electric two-wheelers made up 62% of EV sales in India for Q1.
  • Ola Electric topped sales for the period with 116,810 units sold.
• Electric three-wheelers made up 33% of EV sales in Q1, whilst four-wheelers made up a more moderate 4%.
• However, EV sales could slow following the end of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles program – the government is considering extending the program on advice of the Parliamentary Standing Committee.
• In March, the Ministry of Heavy Industries launched the Electric Mobility Promotion program with approx. $60.3m in funding to target electric two- and three-wheelers.

Insurer ANWB says Netherlands goal of 1.9m EVs by 2030 unattainable

• Royal Dutch Touring Club (ANWB) has said that current adoption of EVs will not see the 1.9m EVs on Dutch roads as the government expects.
• The Netherlands has around 455,000 EVs on the roads with around 110,000 added each year.
• ANWB Director Marga de Jager points out that “anyone who can do the math can work out that we won’t reach the 1.9 million by 2030 this way.”
• He was particularly critical of the uncertainty around road tax and EVs – in 2026 plug-in cars will no longer be exempt from tax which would significantly increase the cost of owning an EV.

South Korea’s Samyang signs $2.2m deal to supply lithium sulphate electrolytes for solid-state batteries.

• The deal with local electrolyte developer Solid Ionics marks Samyang’s full-scale entry into the solid-state battery business.
• The investment secures Samyang’s position in the solid-state battery industry by adding solid electrolytes and lithium sulphide (Li2S), both key materials for solid-state batteries, to its portfolio.
• This move also accelerates the commercialisation of products under development by Solid Ionics, which is preparing for mass production of solid electrolytes used in sulphide-based solid-state batteries.
• Samyang holds a patent for the production of lithium sulphide, the primary material, ensuring a stable supply and competitive pricing.
• This investment, combined with a previous $2.1m investment in Solid Ionics in 2020, brings Samyang’s total investment in the company to almost $4.4m.

Scientists discover stable and highly conductive lithium-ion conductor for use as solid electrolytes for solid-state lithium-ion batteries.

• Researchers have discovered a new stable and highly conductive lithium-ion conductor material in the form of a pyrochlore-type oxyfluoride.
• The new material exhibits higher ionic conductivity than previously reported oxide-based solid electrolytes.
• It is highly stable and will not ignite if damaged, making it suitable for applications where safety is critical, such as aircraft.
• The material can be used in high-capacity applications such as EVs, as it can operate under high temperatures and supports rapid recharging.
• It is also promising for miniaturization of batteries, home appliances, and medical devices.
• The discovery of this new Li-ion conductor material is a significant advancement towards the development of revolutionary all-solid-state lithium-ion batteries with both high energy density and safety.

Company News

Altona Rare Earths (REE LN) 1p, Mkt cap £1m – Acquisition of copper exploration license in Zambia

• Altona Rare Earths report the acquisition of Large Scale Exploration Licence 21403-HQ-LEL from Sustineri Group Ltd for $190,000.
  • £40,000 on the transfer through the issue of 800,000 Altona shares at 5p.
  • $150,000 also payable in shares 12-months after the transaction .
• Investors in Arc Minerals might be interested to know that the directors of Sustineri Group Ltd are also directors of Arc Minerals according to Companies House.
• Given that Arc Minerals is focussed and dedicated to copper exploration in Zambia, Arc Minerals’ investors might want to ask why were these directors also holding exploration licenses in a company outside of Arc Minerals?

Beowulf Mining* (BEM LN) 0.66p, Mkt Cap £7m – Result of capital raise to fund Kallak and Grafintec development

• Beowulf has completed its Rights Issue, raising £3.8m gross through the issue of 625m new SDRs.
• PrimaryBid Offer raised £290k, alongside £190k additional placing demand for an aggregate UK Issue raise of £0.48m.
• As a result, Beowulf will raise c.£4.3m gross from the capital raise.
• We note that Swedish steelmaker SSAB has today announced plans to invest $4.8bn in a new Swedish plant, highlighting the growing demand for green steel, which Kallak would be able to feed into, in Scandinavia.

Conclusion: Today’s funding update will enable Beowulf to continue to progress its high-grade magnetite iron ore project in Sweden, alongside further optimise its Grafintec anode materials plant in Finland. A key step in this will be the completion of PFS and EIA stages of both assets, with today’s funding supporting the further development of these workstreams. This will help derisk the assets and attract potential strategic partners. The Company will also use funds to pay down a bridging loan. It is encouraging to see Management support the capital raise with £232k worth of subscriptions. We look forward to updates as the various work programmes get underway, supported by the new capital.

*SP Angel acts as Nomad and Broker to Beowulf Mining

East Star Resources (EST LN) 1.95p, Mkt Cap £3.3m – Plans to widen interest in Verkhuba

• East Star Resources has opened a data room on its Verkhuba copper deposit in Kazakhstan as part of a formal process to elicit interest from third parties in a joint venture, farm-out arrangement or an outright sale of the project.
• The company confirms that it is receiving interest from mid-tier mining companies and others and that it has already received a “non-binding offer”.
• The process is expected to be completed “in June, in time for drilling to commence in the forthcoming field season”.
• Work in parallel with the process is continuing, including the “publication of a maiden JORC Inferred resource” which, in an announcement on 11^th March, East Star Resources said was “expected to take around one month and will be ready prior to the commencement of the 2024 field season”.
• East Star Resources says that the forthcoming field season “is anticipated to include drilling, targeting a conversion of the main open pit area to a JORC Indicated resource, further testing the continuity of the primary underground ore bodies, and drilling several exciting geophysical targets in other areas of the licences on the Rudny Altai Volcanogenic Massive Sulphide (“VMS”) belt”.
• Commenting on the decision to encourage third party interest in Verkhuba, CEO, Alex Walker, said that “East Star believes the value of Verkhuba alone significantly exceeds the current market capitalisation of the Company and as such will only consider proposals that offer a fair valuation for shareholders and exposure to the near-term production potential of the Copper Deposit at a time when a multiyear copper bull market is being predicted by most market analysts”.
• He confirmed that the project’s “open pit and underground potential … [has] … been demonstrated by the modelling of more than 46,000 meters of drilling and numerous geological interpretations by independent resource consultants”.
• He also pointed out that the project is situated relatively close to “around 1.4 million tonnes per annum of excess processing capacity from two third-party concentrators within 52km by road” and that it benefits from power and water infrastructure which offers an “opportunity for Verkhuba to be put into production quickly and with a low upfront capital cost”.

Conclusion: Third party support through a joint-venture or a farm-in deal could accelerate development at Verkhuba although the company is signalling that it would not accept an offer it considered inadequate and is preparing to progress the exploration in the forthcoming field season.  We look forward to the results of the resource estimation at Verkhuba, expected shortly, which is likely to provide insight into the scale and tenor of the deposit.

Orosur Mining* (OMI LN) 4.6p, Mkt Cap £9.6m – Receipt of historic core from Anzá

• Orosur has tweeted that it has received diamond core from its 2022 drilling campaign at Pepas.
• The core had returned 150m at 3g/t Au.
• Readers can see an image of the core by clicking on the LINK.
• The Company note the heavy alteration in the core, with more altered sections recording higher grade of gold.
• Orosur has recently signed a letter of intent to regain 100% control of the Anzá Project from a JV between Newmont and Agnico Eagle.

*SP Angel acts as Nomad and Broker to Orosur Mining

Paladin Energy (PDN AU) A$1.46, Mkt Cap A$4.4bn – Commercial uranium production begins at Langer Heinrich, Namibia

• Paladin announces it has begun uranium concentrate production at its 75% owned Langer Heinrich Mine.
• The mine is expected to ramp up to support a finished product inventory build, before shipping to customers.
• LHM has previously produced 43mlb U308 over a 10 year operational history.
• The Company expects to produce 77mlb over a 17 year mine life going forward.
• An updated 2021 mine plan showed C1 cash costs of $27.7/lb.

Regis Resources (RRL AU) A$1.94, Mkt Cap A$1.5bn – Capex blowout at NSW Gold Project

• Regis Resources provides an update on its McPhillamys Gold Project in NSW.
• The Company has moved to update the market on ‘material pressures on costs and the degree of confidence achieved from work to date.’
• Regis expects total construction costs of A$845-900m, vs analysts estimates of A$550-650m.
• Management notes that McPhillamys ‘is a key part of Regis’ future growth and remains an attractive gold project.’
• CAPEX inflation is considered a result of industry-wide inflation and various changes to the original mine design from 2017.

Conclusion: Gold development projects continue to suffer from CAPEX blowouts as miners work to update pre-Covid studies. Miners have been hit by high OPEX and CAPEX inflation since the Pandemic rejigged supply chains, raised raw material costs and impacted skilled labour availability.

Shanta Gold (SHG LN) 14.1p, Mkt Cap £149m – Mineral reserves and resources update

• The Company updated reserves and resources estimates for its operations at New Luika and Singida in Tanzania.
• New Luika Gold Mine mineral reserves and resources as of Dec/23 are now estimated at:
  • 297koz at 2.71g/t and 931koz at 2.38g/t (Dec/22: 394 at 2.85g/t and 1,034koz at 2.42g/t).
• Singida Gold Mine latest mineral reserves and resources are estimated at:
  • 203koz at 2.88g/t and 823koz at 2.32g/t (Dec/22: 231koz at 3.01g/t and 885koz at 2.23g/t).
• A decline in reserves and resources is attributed to mining depletion and optimisation of the model.
• Mineral resources at West Kenya Project reported unchanged with 2023 drilling to be incorporated into the next resource scheduled for Q2/24.
• West Kenya resources estimated at 1,755koz at 5.55g/t (no reserves).
• In Tanzania, a focus in 2023 was on commissioning of Singida that achieved commercial production in June last year with financial resources prioritised towards completion of construction and mine commissioning.
• The Company is planning to target more infill and exploration drilling now.
• The Company is currently under an offer from Saturn Resources bidding for Shanta in an all cash deal and paying 14.85p per share.
• Erroneously, yesterday we said the General Meeting is scheduled for 2 April.
• The meeting is expected to be held on 4 April.

Thor Explorations (THX LN) 14p, Mkt cap £95m – Expanding exploration holdings close to the Douta project, Senegal

• Thor Explorations has announced that it has acquired interests in two exploration licences close to its Doutagold project in Senegal where the company is working on a pre-feasibility study.
• The company is acquiring up to 85% of the 93km² Douta West licence area which is contiguous with its Douta project area and covers “several historic gold-in-soil geochemical anomalies that extend south from the southern end of the Makosa Tail prospect and that also run parallel and to the north of the known Makosa trend in a corridor that occupies the ground between Makosa and Endeavour’s Masawa gold mine”.
• Thor Explorations will pay “US$120,000 to Birima Gold SARL (“Birima”), payable in two equal tranches six months apart for an initial 70% interest” and will complete a Preliminary Feasibility study on Douta West “after which there is a contribute or dilute provision for Birima who will retain a 5% free carried interest should they choose not to contribute”.
• “Drilling programs at the Douta Gold Project scheduled for Q2 2024 will be extended to Douta-West”.
• The Government will hold a 10% free carried interest.
• In addition, Thor Explorations is acquiring up to 80% of the 56.5km² Sofita licence located around 10km south of the town of Koudougou and about 45km south west from the Douta Gold Project for US$20,000 plus the completion of US$300,000 of exploration over the next two years.
• At Sofita, exploration is expected to include “initial surface geochemical surveys with the view to generating exploration targets that could be followed by drilling”.
• President & CEO, Segun Lawson commented that the “acquisition of the Douta-West permit, which has a number of geochemical targets, allows us to potentially add scale to the Douta Gold Project”.
• The 70% owned Douta project currently hosts an ‘Indicated’ resource of 21.2mt at an average grade of 1.3g/t gold containing 875,000oz of gold plus an additional ‘Inferred’ resource of 24.1mt at an average grade of 1.2g/t containing 909,000oz at a cut-off grade of 0.5g/t.
• Mr. Lawson also confirmed the company’s production guidance for its operating Segilola mine in Nigeria which is expected to produce “95,000 to 100,000 ounces in 2024” and assist in redeeming “its senior debt facility this year”.

Conclusion: Additional exploration ground in Senegal may provide an opportunity to expand the PFS stage Douta gold project.

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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