SP Angel Morning View -Today’s Market View, Wednesday 3rd September 2025

Gold extends gains as India buys, US fiscal concerns mount and inflation concerns resurface

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – Drilling starts at Lithium Ridge, Namibia

Atlantic Lithium* (ALL LN) – Long State Investments in NY agrees £8m and £20m in committed drawdown equity facility

Brazilian Rare Earths (BRE AU) – Final pilot plant permits secured

Cora Gold (CORA LN) – DFS shows 10 year LOM producing 47kozpa for $221m NPV8

Ecora Resources (ECOR LN) – Kestrel contributions shrink on mining area timings, Voisey’s Bay ramps up

Empire Metals* (EEE LN) – Graduating to OTCQX

Greenheart Gold (GHRT CN) – Exploration update from Suriname and Guyana

Ioneer Ltd (INR AU) – Rhyolite Ridge Updated Economic Study

Orezone Gold (ORE CN) – Bomboré not subject to Burkina Faso equity purchase request

Premier African Minerals (PREM LN) – New MD joins the Board

Rome Resource (RMR LN) – Proposed NED

Turaco Gold (TCG AU) – Drilling and metallurgical testwork from Begnopan satellite deposit

Gold ($3,541/oz) extends gains as India buys, US fiscal concerns mount and inflation concerns resurface

• Gold prices have extended their rally this morning, having broken through $3,400/oz on Friday.
• The metal has added another $140/oz over the past week, up 5%.
• Bond markets pull back on concerns over Western deficits along with government intransigence and inability to cut costs and restore fiscal discipline
• India’s Economics Times reported on Monday that the Reserve Bank of India had reduced holdings in US T-bills over the summer, whilst increasing gold holdings.
• Additionally, reports suggest India is considering easing restrictions on gold purchases for pension funds.
• Gold’s recent spike has coincided with a summit between Russia, China and India in Tianjin.
• The wider thematic of BRICs countries, led by China, diversifying their foreign reserve holdings with gold has been a major catalyst for the metal’s rally over the past two years.
• Putin commented to Xinhua Media that Russia and China share a view that a new financial system is needed based on ‘openness and true equity.’
• In parallel, concerns are mounting over the West’s current debt load, with long-dated yields rising sharply in the US, France, Germany and the UK.
• This is coinciding with entrenched inflation concerns, coinciding with record fiscal spending.

Conclusion: The steady trend of BRIC countries accumulating gold to diversify their foreign reserve holdings away from the dollar is coinciding with increased anxiety over the West’s ability to service its debt load. This has created a perfect storm for gold, which pushed past record highs yesterday. ETF inflows are accelerating, suggesting improved gold demand from the wider investment community.

Gold names we like:

• Anglo Asian Mining* (top-class mine builders in Azerbaijan funding longer-term copper growth story)
• Orosur* (early-stage exploration in Colombia with high-grade MRE due before year-end)
• Endeavour Mining (High-margin West African producer at cash flow inflection point, strong growth prospect in Assafou project – 329kozpa at $892/oz AISC)
• G Mining (Mine builders funding development of large-scale Oko West via recent build cash flows)
• Kefi Minerals* (Finalising financing in Ethiopia)
• Rio2+ (Heap leach development story in Chile due for first production 1H26 and expansion potential on water agreement)
• Turaco Gold (Cote d’Ivoire development story adding ounces)
• WIA Gold+ (Namibian development story, 3moz open pit led by ex-Centamin team)
• Desoto Resources+ (Exploration in Guinea led by ex-Predictive team)
• Greenheart Gold (ex-Reunion team with large land package and strong cash position ramping up drilling)

*SP Angel acts as either Nomad/Broker or Both. +An SP Angel analyst holds shares

Copper ($10,006/t)

• Copper opened at $10,038/t this morning before pulling back to $9,960 despite consumer buying overnight for October deliveries

Xi and Putin potential agenda:

• Break dominance of US dollar as the world’s functional trading currency.
• Reduce the dominance of the US and promote BRICs and RCEP ‘Regional Comprehensive Economic Partnership’
• Critical materials: Restriction of critical materials to the West to disrupt drone, EV and other manufacturing.
• New Gazprom pipeline to supply gas into China.
• US and EU Tariffs: China wants to sell more Electric Vehicles into the West.
• Conquest of Ukraine and potentially Taiwan through greater military cooperation and expenditure.
• US support for NATO is critical in holding back Russian and potential Chinese military aggression.

IGTV – The Future of Mining: Gold, Copper, Rare Earths & M&A:  https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US – Bond sell off deepened this morning with 30y US Treasury yields nearing 5% for the first since July.

• Long term yields in Japan are at record high while 30y UK rates are at the highest since late 1990s.
• Investors are growing increasingly concerned over continuous budget deficits, high debt levels and stubbornly high inflation.

China – Private sector survey showed services growth picked up as well in August.

• Summer is typically a peak season for services such as tourism and entertainment.
• The report follows better than expected manufacturing PMI released earlier in the week (50.5 Aug vs 49.5 Jul).
• RatingDog Services PMI (Aug/Jul/Est): 53.0/52.6/52.5
• RatingDog Composite PMI (Aug/Jul/Est): 51.9/50.8/NA

UK – Chancellor Rachel Reeves set November 26 for the release of the Budget, a month later than last year.

• The government considers options to raise government revenues as rising borrowing costs weighs on budget projections.
• Some economists believe Reeves will have to find at least £20bn to balance the books and potentially a lot more.
• Some bond investors argued tax increases will not be enough arguing that some spending cuts will also need to be announced.

UK to test Emergency Alert system on Monday 7 September

• Your mobile phone will issue a loud alert for 10 seconds at 3pm next Monday
• All compatible mobile phones and tablets will make a loud siren noise and vibrate for around 10 seconds, even if your device is on silent.
• You do not need mobile data or Wi-Fi to receive the alert. Lets hope it never needs to be used for a large scale emergency.
• https://educationhub.blog.gov.uk/2025/09/what-you-need-to-know-about-the-emergency-alerts-test-on-7-september/

Currencies

US$1.1627/eur vs 1.1665/eur previous. Yen 148.82/$ vs 148.61/$. SAr 17.733/$ vs 17.698/$. $1.336/gbp vs $1.343/gbp. 0.652/aud vs 0.651/aud. CNY 7.147/$ vs 7.148/$

Dollar Index 98.52 vs 98.05 previous

1. Sterling continues to fall as UK government struggles to convince financial markets on their ability to avoid debt default.
2. The rising cost of borrowing for the UK government would normally enforce restraint on government spending.

Precious metals:         

Gold US$3,534/oz vs US$3,482/oz previous

Gold ETFs 93.9moz vs 93.4moz previous

Platinum US$1,393/oz vs US$1,413/oz previous

Palladium US$1,136/oz vs US$1,135/oz previous

Silver US$40.8/oz vs US$40.7/oz previous

Rhodium US$7,325/oz vs US$7,175/oz previous

Base metals:   

Copper US$10,006/t vs US$9,859/t previous

Aluminium US$2,614/t vs US$2,617/t previous

Nickel US$15,345/t vs US$15,265/t previous

Zinc US$2,883/t vs US$2,845/t previous

Lead US$2,003/t vs US$1,989/t previous

Tin US$34,900/t vs US$34,805/t previous

Energy:           

Oil US$68.8/bbl vs US$68.7/bbl previous

Henry Hub Gas US$2.98/mmBtu vs US$2.98/mmBtu yesterday

1. European energy prices were flat despite France’s nuclear generation showing an 8% decline w/w to 60% of 61.4GW maximum capacity, with three reactors affected as part of industrial action in the energy sector focused on pensions and wages. Separately, EDF estimate the country’s 1H25 aggregate nuclear output was up 2.5% y/y to 181.8TWh.
2. A new report from Offshore Energies UK forecasts that without reform of the current fiscal regime, domestic  oil and gas production will fall by ~40% from 2025 levels within the next five years.
3. Shell has decided not to restart construction of its planned biofuels facility in Rotterdam, after an in-depth commercial and technical evaluation that showed the project would be insufficiently competitive.

Natural Gas €31.9/MWh vs €32.2/MWh previous

Uranium Futures $76.2/lb vs $76.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$113.8/t vs US$111.6/t

Chinese steel rebar 25mm US$478.9/t vs US$478.9/t

HCC FOB Australia US$185.4/t vs US$183.8/t

Thermal coal swap Australia FOB US$109.8/t vs US$108.0/t

Other:  

Cobalt LME 3m US$33,335/t vs US$33,335/t

NdPr Rare Earth Oxide (China) US$84,088/t vs US$83,938/t

Lithium carbonate 99% (China) US$10,214/t vs US$10,352/t

China Spodumene Li2O 6%min CIF US$880/t vs US$900/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$513/mtu vs US$513/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$23.7/kg vs US$23.7/kg

China Ilmenite Concentrate TiO2 US$269/t vs US$269/t

China Rutile Concentrate 95% TiO2 US$1,098/t vs US$1,098/t

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

Brazil Potash CFR Granular Spot US$350.0/t vs US$350.0/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

US sees spike in EV sales as $7,500 federal tax credit nears expiration

• US EV sales have surged ahead of the expiry of the $7,500 federal tax credit on 30th September
• Automakers are boosting incentives with the average discount now around $6,700 which has pushed the average EV transaction price to $44,300, below the average $45,700 for ICE cars, for the first time ever.
• Market intelligence firm JD Power expects EVs to reach a record share of 12.8% of US car sales in August, up from 9.6% a year earlier.
• However, inventory is becoming a concern, with dealership stock at estimated at around 197,000 units, enough for approx. 60 days of sales – more than double the number of days the credits will be valid for.
• Analysts are predicting a post‑September sales dip, though automakers like Ford, Tesla, VW, and Toyota all have plans to maintain pressure with affordable new models.

EVE Energy begins production of all-solid-state batteries

• EVE Energy has started producing commercial pouch-cell all-solid-state batteries, for use in humanoid robots, low-altitude unmanned flying vehicles and AI
• These batteries use polymer-ceramic composite solid electrolytes and lithium metal anodes.
• The company claims an energy density of 300Wh/kg and cycle life exceeding 1,000 cycles.
• The first samples have already rolled of the production and mass production is expected to begin in 2026.

Company news

Andrada Mining (ATM LN) 3.9p, Mkt cap £70m – Drilling starts at Lithium Ridge, Namibia

• Andrada Mining reports the start of a 14,000m diamond-drilling campaign at its Lithium Ridge project, located around 35km from its operational Uis tin mine in Namibia.
• The programme, expected to comprise around 120 holes, aims “to determine the depth extensions and continuity of the extensive … [lithium] … mineralisation already identified at surface”.
• The company says that the drilling “is expected to significantly enhance the geological understanding of Lithium Ridge and demonstrate its economic potential as a large-scale, high quality lithium project”.
• The drilling is the initial phase of the exploration partnership with Chile’s lithium producer, SQM, which was first announced in September 2024.
• The agreement with SQM envisages an initial, SQM-funded, US$7m exploration programme earning them a 30% interest in the project “with the potential to fund up to US$40m million over the three stages” for a 40% interest.
• Describing the start of the drilling as “a significant step forward in unlocking one of Namibia’s most exciting lithium opportunities … [CEO, Anthony Viljoen, said that] … encouraging historical results of up to 2.13% Li₂O along the 6km ridge line, are already being complemented by a new geological mapping and sampling programme that has identified additional mineralised pegmatites containing visible spodumene crystals”.

Atlantic Lithium* (ALL LN) 9.48p, Mkt Cap £56m – Long State Investments in NY agrees £8m and £20m in committed drawdown equity facility

1. Atlantic Lithium have agreed to place £8m of new stock with Long State Investments a nominated entity of Patras Capital Pte Ltd. In NY.
2. Placing agreement (£8m over 24 months).

1. • £2m through initial 24,786,526 shares at an effective 8.1 pence per share (A$17/s)
   • The first £1m will be paid on completion with the second 50% deferred until the trading day immediately after the relevant Pricing Period.
   • Adjustment will be made according the 40-day Volume Weighted Average Price as nominated by Long State in the relevant pricing period, eg within the 80-day trading period immediately after completion, as may be extended to exclude any days within the pricing period minus the “Benchmark Price” (being 115% of the Placement Price).
2. Atlantic can then undertake three more £2m tranches at >80-day intervals.
   • “The Share Placement Agreement may be terminated by agreement between the Company and Long State at any time, by either party if the Initial Placement has not occurred within five AIM Trading Days of the relevant placement date (unless otherwise agreed), or by Long State in respect of an event of default or a change in law.
   • As conditions to the Share Placement Agreement, Long State undertakes that:
   • (i) It and its affiliates will not participate in short selling of any of the Company’s securities over the term of the agreement.
   • (ii) it will not trade more than 5% of the number of placement shares per day during the Pricing Period without prior consent from the Company.
   • The Share Placement Agreement contains a prohibition on entering into any similar arrangements (i.e. an equity line, at-the-market facility or equity swap) or an arrangement that otherwise involves securities for which the conversion or exchange rate fluctuates with the Company’s share price, is subject to a price reset or grants a right to the relevant investor to receive additional securities based on future transactions within 30 days of termination of the Share Placement Agreement or there being no Swap Amount outstanding, whichever occurs later.”

1. Committed equity facility (£20m) over the next 24 months subject to shareholder approval and;

1. • ratification of the Ewoyaa project Mining Lease by Ghana’s parliament

1. Cash flow: Management have cut costs to Due to A$3.8m in Q1 from A$8.2m in Q4
2. Atlantic recently reported the Ghana Minister of Lands and Natural Resources has confirmed the Cabinet had authorised that revised terms of the Mining Lease be negotiated and presented for review by Cabinet, and by Parliament thereafter, per the necessary process for parliamentary ratification.
3. The Mining Lease was granted in October 2023 when lithium prices were much higher.
4. The pull-back in lithium prices requires adjustment to Atlantic’s fiscal terms on Ewoyaa to ensure economic viability at current price levels.
5. Offtake: Management have yet to announce the results of offtake discussions.
6. Piedmont: Piedmont are partners with Atlantic Lithium on the Ewoyaa project with an agreement to earn into a 50% interest in the project through the sole funding of US$70m of expenditure on the project and 50:50 of the costs going forward.

Conclusion: Atlantic have options to draw down significant funding to support their lithium mining plans in Ghana.

*SP Angel acts as Nomad and Broker to Atlantic Lithium

Brazilian Rare Earths (BRE AU) A$2.9, Mkt Cap A$608m – Final pilot plant permits secured

• The Company secured final operating permit for the REE pilot facility for the Monte Alto REE Project, Brazil.
• The National Authority on Nuclear Safety (ANSN) issued the final regulatory permit for the REE beneficiation and hydrometallurgy facility.
• Pilot operations to start mid-2026.
• The facility will enable the team to optimise REE beneficiation and downstream processing ahead of production.
• The facility to be located within the Camacari Petrochemical Complex, approximately 260km NE of the Monte Alto Project.
• Industrial park location allows to streamline permitting, reduce development timelines and benefit from existing infrastructure (port/roads/power/access to chemical reagent producers).
• The stock is up 16% this morning.

Cora Gold (CORA LN) 10p, Mkt Cap £47m – DFS shows 10 year LOM producing 47kozpa for $221m NPV8

• Malian gold developer Cora reports results from the updated DFS for the Sanankoro Project.
• Updated Reserves:
  • 531koz at 1.13g/t Au (up 26% vs 422koz at 1.3g/t Au)
• DFS envisages 10.2 years reserve LOM.
• 1.5mtpa CIL plant with 90.7% recoveries at US$124m CAPEX>
• 47kozpa LOM production, 64kozpa over first five years.
• $1,478/oz LOM AISC.
• US$221m NPV8 using $2,750/oz gold price for 65% IRR.
• Company sees potential to add an additional 173koz to the mine life via the inferred resource, with infill drilling required.
• DFS completed under the new 2023 Mining Code, with AISC factoring $290/oz in royalty and tax charges at the assumed gold price.
• Company now advancing permitting for the mine to progress financing and begin construction.

Ecora Resources (ECOR LN) 80p, Mkt Cap £197m –  Kestrel contributions shrink on mining area timings, Voisey’s Bay ramps up

• Ecora, the royalty and streaming company, reports results to 30^th June 2025.
• Total portfolio contributions to the portfolio fell to $17.9m from $51.3m last year on reduced Kestrel output.
• Base metal contributions rose to $8.7m from $4.8m same period last year.
• Voisey’s Bay contributions rose to $5.1m from $2m, Mantos Blancos at $3.8m vs $2.8m.
• Mimbula contributions at $0.7m for the period.
• Cash position reported at $8m, flat yoy, with sale of Dugbe for $20m announced yesterday.
• Net debt increased to $125m from $82m on Mimbula acquisition.

Empire Metals* (EEE LN) 65p, Mkt Cap £416m – Graduating to OTCQX

1. Empire Metals, which trades predominantly on the AIM market, has also graduated from the OTCQB Venture Market to the OTCQX Best Market (“OTCQX”).
2. The move reflects strong momentum in Empire’s share price following positive metallurgical testwork and product development results.
3. Trading on the OTCQX is expected to boost Empire’s reach to US investors.

*SP Angel acts as nomad and broker to Empire Metals

Greenheart Gold (GHRT CN) C$0.73, Mkt Cap C$112m– Exploration update from Suriname and Guyana

• Greenheart, a spin-off from Reunion Gold and G Mining, provides an exploration update.
• The Company has begun diamond drilling at the Majorodam project in Suriname and the Tamakay project in Guyana.
• Channel sampling along a roadcut at Majorodam delivered 18m at 6.4g/t Au in mineralised quartz veins.
• The road cut bisects an 800m trend which intersected 6m at 9.34g/t and 30m at 2.1g/t Au from RC drilling.
• Three holes over 610m have been completed at Majorodam, with Phase 2 set to drill 2,500m.
• At Tamakay, 1,200m diamond drilling programme started in August, targeting quartz veins uncovered by artisanal mining.
• Drill targets have been defined at Igab in Suriname via soil grid geochemical results, with drone magnetics surveys now underway.
• Igab drilling will target the Lemon Tree prospect, where channel sampling returned 31m at 1.36g/t Au.
• The Company has appointed Tim Stubley to oversee exploration activity across the Guiana Shield.
• Tim was Principal Geologist at the Kerr-Addison project in Ontario, where he executed a 150,000m resource drill programme.

Ioneer Ltd (INR AU) A$0.12, Mkt Cap A$307m – Rhyolite Ridge Updated Economic Study

• The Company released updated project economics for the Rhyolite Ridge Lithium-Boron Project, Nevada.
• Updated economics include:
  • Throughput LOM 3.2mtpa (2.6mtpa as per June 2025 Study Update);
  • Processed grades 0.78% Li2CO3 and 3.04 H3BO3 (0.79%/3.21%);
  • Recoveries 81.6% lithium and 65.9% boric acid (84.9%/67.9%);
  • LCE LOM production 19.3ktpa (17.2ktpa)
  • Boric Acid LOM production 68ktpa (60ktpa)
  • AISC (net of boric acid credits) US$7,165/LCE (US$7,511/LCE)
  • Development Capex US$1.7B (unchanged)
  • NPV8 AT US$1.9B (US$1.4B)
  • IRR AT 16.8% (14.5%)
  • Pricing LOM average US$23,012/t LHM and $1,368/t boric acid (little changed)
• Improved economics are driven by a reduction in planned vat leach retention times from 3d to 2d.
• Faster processing times enable a more efficient use of sulfuric acid and a 25% increase in throughput.
• Recoveries are down slightly on previous studies, although, that is more than compensated by higher processing volumes.
• Improvements planned with no increase in project capital cost and no change in process plant design.
• NPV8 AT increased by 38% to $1.9B at no change in lithium/boric acid prices.
• The Company also released slightly updated MRE and Reserves that were largely little changed from previous estimates.
• MRE 4.1mt LCE (+2%) and Reserves 2.0mt LCE (+5%).

Orezone Gold (ORE CN) C$1.15, Mkt Cap C$693m–  Bomboré not subject to Burkina Faso equity purchase request

• Orezone management reported yesterday results of positive meetings with the Government of Burkina Faso.
• The meeting followed the Government’s recent request to purchase a 35% equity interest in WAF’s recently commissioned Kiaka gold mine.
• Orezone note that the Government ‘has no intention to purchase an equity interest in the Bomboré gold mine.’
• Orezone is targeting 220-250kozpa through construction of a parallel 2.5mtpa hard rock plant on top of the 6mtpa oxide plant.

Premier African Minerals (PREM LN) 0.03p, Mkt Cap £21m – New MD joins the Board

• Premier African Minerals reports that its newly appointed Managing Director, Graham Hill, is to join the Board as an Executive Director today.
• Mr. Hill is described as “a qualified engineer with over 41 years of experience in mine development and management in Africa, Southern Europe and Central Asia”.
• His most recent role has been as CEO of Adriatic Metals “where he oversaw the pre-feasibility, feasibility and development of the Vares Project in Bosnia and Herzegovina”.
• The company also confirms the previously announced resignation of the former CEO, George Roach “in accordance with the mutually agreed termination of his consultancy agreement as both the Chief Executive Officer and a director of the Company as announced on 20 May 2025”.
• Chairman, Godfrey Manhambara, welcomed Mr. Hill to the Board and said that his “wide experience … has direct relevance to our operations”.

Conclusion: The newly appointed Managing Director is joining the Board as Premier African Minerals continues with the final commissioning stages of its Zulu lithium plant in Zimbabwe.

Rome Resource (RMR LN) 0.39p, Mkt Cap £24m – Proposed NED

• Rome Resources, which is evaluating the Bisie North tin project in DRC has announced the proposed announcement of “Stephane Mutombo Irung as a non-executive director to the board of directors”.
• He will represent Stanvic Mining which “undertook a strategic investment in Rome towards the end of 2024”.
• Rome Resources’ AIM Rule 26 disclosure on the company’s website shows Stanvic Mining holing a ~19.7% interest in the company.
• The appointment “remains subject to the approval from the Company’s nominated adviser and completion of the customary due diligence”.
• Chief Executive, Paul Barrett, explained that “Mr. Irung will bring further DRC business experience to the team … [and said that] … we will look forward to his contributions to the decision-making process as we move forward with the next phase of the Bisie North Tin Project”.

Turaco Gold  (TCG AU) A$0.48, Mkt Cap A$504m – Drilling and metallurgical testwork from Begnopan satellite deposit

• Cote d’Ivoire gold explorer Turaco reports drilling results from its Afema project.
• The Company reports metallurgical results from Begnopan, which it sees as an ‘additional significant deposit’ on the licence package.
• Metallurgical testwork suggests 89% recoveries at 1g/t Au head grade using the same flowsheet as Jonction, Anuiri and Asupiri.
• 16 RC holes recently drilled, with highlights including:
  • BEGRC0031: 10m at 3.33g/t Au from 49m
  • BEGRC0034: 8m at 6.36g/t Au from 105m
  • BEGRC0039: 6m at 5.05g/t Au from 137m
  • BEGRC0040: 5m at 3.96m from 115m
  • BEGRC0041: 5m at 3.55g/t Au from 113m
• Company expects to boost drilling to deliver a Begnopan JORC MRE to boost the current 3.55moz Afema MRE.
• Infill and northern strike extension drilling ongoing at Asupiri, with management noting improving confidence and growth potential.

LSE Group Starmine awards for 2025 / 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 for Q1 2025

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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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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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