SP Angel Morning View -Today’s Market View, Wednesday 4th June 2025

Copper climbs higher as Peru sees slight uptick in 2025 production

MiFID II exempt information – see disclaimer below

Alphamin Resources* (AFM CN) – Abu Dhabi’s IRH to acquire majority interest from Denham

Ariana Resources (AAU LN) – Balkan exploration projects

C3 Metals (CCCM CN) – Drilling starts at Jamaican gold targets

Ceibo (PRIVATE) – Commissioning of a demo sulfide leaching plant and production of the first copper cathode

Cornish Metals* (CUSN LN) – Important progress along the critical path to resumption of production at South Crofty

Guardian Metal Resources (GMET LN) – Promising exploration results from the Garfield project, Nevada

Metals One (MET1 LN) – Colorado uranium exploration

Minerals 260 (MI6 AU) – Drilling results show resource expansion potential

New Frontier Minerals (NFM LN) – A$1.59m fundraising for drilling at the Harts Range project, Northern Territory

Sunrise Resources (SRES LN) – Garfield project royalty

West African Resources (WAF AU) – Transition to 2024 Burkina Faso Mining Code

Copper ($9,660/t) climbs higher as Peru sees slight uptick in 2025 production

• Copper has rebounded after the dollar held its lower ground, supporting Chinese buyers.
• Peru reports expectations of 2.8mt of copper produced in 2025, vs 2.7mt in 2024.
• Elsehwere, BHP-backed Ceibo has delivered first copper cathodes from a sulphide leaching operation at San Geronimo.
• The process leaches sulphide ore with electrochemical reaction to boost recoveries.
• In China, factory gate data surprised fell against expectations whilst Saturday PMI numbers were stronger, creating a confusing picture re. the health of Xi’s economy.

Gold ($3,362/oz) edges higher on sustained support and bubbling geopolitical tensions

• Gold has continued to bounce between the $3,330/oz and $3,390/oz, as traders wait for direction.
• NFP data on Friday is likely to provide further clues over the Fed’s rate cutting programme, which has been put on pause amid strong employment and above-target inflation.
• JOLTs data came in stronger than expected yesterday, pushing US Treasury yields higher.
• Trump and Xi are still at heads over their trade relationship going forward, with China claiming the US has ‘seriously undermined’ their recent truce.
• The EU is also warning of further countermeasures against Trump after he moved to hike tariffs on aluminium and steel.
• Gold is enjoying a sustained bid from both geopolitical concerns and a wider trend of diversifying foreign reserves away from the dollar.

Rare Earths – Diplomats and automakers from India, Japan and Europe are seeking meetings with Chinese amid shortages of rare earth magnets. (Reuters)

• Japan business representatives are visiting Beijing this month to meet the Ministry of Commerce.
• European diplomats are also seeking “emergency” meeting with the Ministry.
• India is reported to have automakers warning to close production facilities down if exports are not ramped up with officials said to be organising a trip in the next two to three weeks.
• In April, Beijing imposed restrictions on seven rare earth elements and magnets exports requiring trading firms to secure licenses.
• Importers are reporting that China has been slow in granting those licenses.
• China accounts for over 90% of global processing capacity for magnets.
• Trump has accused China of already breaking its Tariff agreement on REEs.
• We are aware of a UK manufacturer which is highly concerned at the lack of available REEs for permanent magnets.

Vox Markets: Mining Matters: https://www.voxmarkets.co.uk/articles/mining-matters-sp-angel-s-john-meyer-on-commodities-capital-and-change-7c82c6d/

SharePickers: Copper – We’ve Never Seen This Before in the World: Video: 

Podcast: https://audioboom.com/channels/4099560-the-sharepickers-podcast-with-justin-waite

Currencies

US$1.1393/eur vs 1.1428/eur previous. Yen 143.82/$ vs 142.70/$. SAr 17.823/$ vs 17.827/$. $1.354/gbp vs $1.353/gbp. 0.647/aud vs 0.646/aud. CNY 7.187/$ vs 7.191/$

Dollar Index 99.117 vs 98.837

US – Equities are closing in on previous peaks on the back of expectations of a softer stance on tariffs by Trump administration as well as optimism around AI following earnings. (Bloomberg)

• Both S&P and Nasdaq are trading ~3% below their all time high hit earlier this year.
• Additionally, labour report released yesterday showed job openings unexpectedly climbed in April.
• NFPs are due this Friday.
• Job Openings (Apr/Mar/Est): 7,391k/7,200k(revised from 7,192k)/7,100k

Tariffs that doubled rates on steel and aluminium to 50% come into force today.

• The UK will have those rates remaining at 25% as part of a UK/US trade deal signed last month.

President Trump says it is “extremely hard to make a deal with” Chinese leader Xi Jinping.

• “I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” Trump wrote on his Truth Social platform.
• Earlier, the White House suggested that the two could have a direct call later this week.

The White House is expected to lift some legal requirements including a congressional approval for larger projects to support domestic production of critical minerals and weapons. (Reuters)

• Former President Joe Biden used similar powers to accelerate production of vaccines and medical equipment during the Covid pandemic.

UK – Chancellor pledges £15.6bn for regional transport infrastructure

• The government is planning to improve transport across the North and Midlands areas which have suffered from a lack of infrastructure investment.
• The funds will be split between nine Labour and one Conservative council.
• Greater Manchester gets £2.5bn and the West of England gets £0.8bn.
• Some 50,000 civil service jobs are reported to be at risk in an effort to balance the budget.

Ukraine – Kerch Bridge, Crimea, severely damaged by underwater explosion.

• The explosion is reported to have severely damaged the base of pylons holding the bridge with >1t TNTeq..
• The blast follows on from a spectacular drone attack which is claimed to have taken out around 40 of Russia’s long-range bombers and surveillance aircraft.
• All of the damaged infrastructure has been used to launch attacks against Ukraine
• The more Russian assets are depleted the less of a threat Russia becomes to the rest of the world.
• While Putin is recruiting / conscripting convicts and soldiers from the Russian regions away from Moscow, he also runs the risk of regions electing to breakaway.
• A weakening of Russia’s forces combined with growing dissatisfaction across Russia over Ukraine could lead to further attempts to topple the current leadership.

Precious metals:         

Gold US$3,362/oz vs US$3,357/oz previous

Gold ETFs 88.5moz vs 88.3moz previous

Platinum US$1,085/oz vs US$1,062/oz previous

Palladium US$1,007/oz vs US$992/oz previous

Silver US$34.5/oz vs US$34.1/oz previous

Rhodium US$5,350/oz vs US$5,375/oz previous

Base metals:   

Copper US$9,675/t vs US$9,540/t previous

Aluminium US$2,488/t vs US$2,437/t previous

Nickel US$15,525/t vs US$15,455/t previous

Zinc US$2,729/t vs US$2,669/t previous

Lead US$1,988/t vs US$1,965/t previous

Tin US$32,060/t vs US$30,695/t previous

Energy:           

Oil US$65.6/bbl vs US$64.8/bbl previous

Henry Hub Gas US$3.68/mmBtu vs US$3.70/mmBtu yesterday

• Crude oil prices edged higher as Canadian wildfires shut-down an estimated 0.35mb/d of heavy oil production in the Alberta region.
• The API estimated a higher than anticipated 3.3mb/d w/w draw (-0.9mb/d draw exp) to US crude, partially offsetting builds of 4.7mb to gasoline and 0.8mb to distillate stocks.
• European energy prices climbed higher on ongoing Norwegian outages as France’s nuclear generation rose 10% w/w to 66% of the country’s 61.4GW maximum capacity.
• KKR-backed Greenvolt has agreed to divest 28 wind and solar park development projects in Spain to White Summit Capital’s Transiziona for €195m, which includes a forward sale to commercial operation date of 145MW of projects and a greenfield portfolio with an additional capacity of 86MW.

Natural Gas €35.7/MWh vs €35.1/MWh previous

Uranium Futures $71.7/lb vs $71.7/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.8/t vs US$95.2/t

Chinese steel rebar 25mm US$467.2/t vs US$467.6/t

HCC FOB Australia US$183.0/t vs US$184.0/t

Thermal coal swap Australia FOB US$106.5/t vs US$106.5/t

Other:  

Cobalt LME 3m US$33,700/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$60,944/t vs US$60,908/t

Lithium carbonate 99% (China) US$8,390/t vs US$8,163/t

China Spodumene Li2O 6%min CIF US$610/t vs US$610/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$408/mtu vs US$408/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

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

Europe Ferro-Vanadium 80% US$24.8/kg vs US$24.8/kg

China Ilmenite Concentrate TiO2 US$361/t vs US$289/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/t vs US$1,465/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

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

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

Battery News

Company News

Alphamin Resources* (AFM CN) C$0.91, Mkt cap C$1.2bn – Abu Dhabi’s IRH to acquire majority interest from Denham

• Abu Dhabi group IRH has acquired 56% of the outstanding shares in Alphamin at C$0.7 from Tremont, a subsidiary of Denham Capital.
• The total consideration of C$503m marks a 23% discount to Alphamin’s closing price yesterday.
• IRH suggest the investment enables aligns with their strategy of ‘securing interests in high-quality mining assets with long-term growth potential.’
• Tremont’s Chairman states they are ‘pleased to transfer our ownership stake to another long-term investor who shares our vision.’
• Abu Dhabi-based IRH is focused on both upstream and midstream assets, and there is some speculation that they will look to use Bisie feedstock, currently under offtake with Gerald, for a new smelter in the Middle East.
• The Bisie tin mine in the North Kivu province of the DRC produces c.20ktpa of tin in concentrate, c 6% of global production.
• A 2022 resource update showed a contained tin inventory over LOM of 154.5kt, delivering 4.78% Sn to the processing plant.
• Bloomberg previously reported that Denham had been exploring an investment vehicle ‘to continue the investment in Bisie… which has solicited considerable interest from a number of parties.’
• The Abu Dhabi IRH invested into Zambia’s Mopani copper project previously and has committed to invest over $1bn.

*An SP Angel analyst holds shares in Alphamin

Ariana Resources (AAU LN) 1.08p, Mkt Cap £20m – Balkan exploration projects

• Ariana Resources reports that its’ 76% owned Western Tethyan Resources (WTR) has applied for additional exploration rights in Kosovo and has continued to evaluate additional opportunities including in North Macedonia and Bulgaria.
• In eastern Kosovo, WTR has applied for exploration licences covering 29.99km2 at its Hertica project “in advance of the expiry of the current 59.99km² licence, under which WTR has completed significant geological mapping, geochemical sampling, geophysical surveys and drilling across a large porphyry system”.
• Today’s announcement explains that the “reduced area reflects a focus on the most prospective zones identified during early exploration … [and that so far] …. the work on Hertica has been funded primarily through the Exploration Alliance Agreement with Newmont Mining Corporation”.
• Also in Kosovo, “WTR has … submitted a new exploration licence application over the Slivova Gold Project area (51% WTR, 49% Avrupa Minerals Ltd … covering 30.5km² and matching the coordinates of the previously held licence. This step follows delays in formal approval by the ICMM regarding the transfer of control, reflecting WTR’s recently earned 51% interest in the project”.
• Ariana Resources also outlines “its broader strategic vision … [where WTR is] … actively assessing multiple new exploration opportunities across the Western Balkans … [and] … has submitted several licence applications in North Macedonia and Bulgaria, targeting underexplored districts with strong geological potential for copper-gold and polymetallic mineralisation”.
• The announcement confirms WTR’s expectation “that certain projects, if granted or acquired, may form part of the Exploration Alliance Agreement with Newmont Mining Corporation”.

Conclusion: Renewal of the Balkan exploration licences should help to ensure that exploration can continue without any unnecessary disruption.  The new application in North Macedonia and Bulgaria may contribute to the existing exploration collaboration with Newmont Mining.

C3 Metals (CCCM CN) C$0.6, Mkt cap C$60m – Drilling starts at Jamaican gold targets

• C3 Metals, who hold copper and gold projects in Jamaica and Peru, provide an update from their Jamaican Super Block Project (50% JV).
• The Company has now begun a 14 DD hole, 2,500m programme at the Super Block Project.
• The programme will test epithermal gold targets over a defined 5km strike, where a geochemical anomaly has been identified via soil sampling.
• The 5km strike holds the historic Pennants Gold Mine, which holds an historic resource of 75.5kt at 20.4g/t Au.
• Soil line results at the PEZ Prospect included highlights of 103m at 0.2g/t Au and rock chip samples assaying up to 1.1g/t Au at surface.
• At the DHZ prospect, a 550m x 190m anomaly was defined, trending northwest with rock chip assays yielding up to 36g/t Au.
• Assay results to be announced through 3Q25.

Conclusion: C3 Metals has made strong progress in delineating drill targets at Super Block and is now well funded to start drilling at the Jamaican gold target. We look forward to assay results with anticipation. Elsewhere, C3 are in JV with Freeport McMoran, where they intend to fund up to US$75m in drilling as they explore for deep and large-scale porphyry systems within the underexplored and prospective Bellas Gate licence package.

Ceibo (PRIVATE) – Commissioning of a demo sulfide leaching plant and production of the first copper cathode

• The Company reported commissioning of a demo plant using its proprietary leaching technology to recover copper from sulphide minerals.
• The operation produced its first copper cathode.
• The facility is located at the Compania Minera San Geronimo (CMSG), Chile.
• Construction was launched in February 2025.
• Ceibo is private processing engineering Company backed by a series of leading investors and mining companies including BHP, Energy Impact Partners (incl Abu Dhabi Investment Auhtority, Microsoft, CoTec, Audley Capital and Orion Industrial Ventures among others.
• In November, the Company signed a deal with Glencore to setup an on-site testing facility at the Lomas Bayas operation in Chile.
• Ceibo, Jetti Resources and Nuton backed by Rio Tinto are among companies testing new technology to economically leach low grade sulphide ores.
• Link to the announcement https://www.businesswire.com/news/home/20250604478837/en/Ceibo-Successfully-Launches-Copper-Production-at-Compaa-Minera-San-Gernimo-CMSG

Cornish Metals* (CUSN LN) 8p, Mkt Cap £100m – Important progress along the critical path to resumption of production at South Crofty

• Cornish Metals confirms that it has ordered two winders for the New Cook’s Kitchen shaft at the South Crofty mine from the Barnsley-based specialist engineering company, Qualter Hall & Co.
• Qualter Hall will design, manufacture, install and commission the two 3.2m, 1,200kW winders with a single drum winder to be used for production, personnel and equipment with a second, double-drum unit for rock hoisting in order to “handle the hoisting demands required for the proposed production rates as detailed in the South Crofty Preliminary Economic Assessment” which describes pre-concentration of the 500ktpa of ore using X-ray and dense media (DMS) sorting to deliver 250ktpa of product for processing.
• CEO, Don Turvey, welcomed the ordering of the winders which he described as “a vital step to maintaining the momentum on-site, actioning one of the project’s critical path projects which will allow for the planned commencement of pre-production underground development in H2 2026”.
• In our opinion, ordering these long-lead time items of equipment is a vital preparatory step to readying the underground mine for a resumption of production which should ease the critical path towards the restart of production.
• The company also announces today the appointment of project management specialists, Technical Management Group (TMG) to support “the development of South Crofty by supplementing the Company’s owner’s team resources through the construction phase and ramp-up to full production with experienced project management, project controls, procurement and engineering professionals”.
• Mr. Turvey said that the involvement of TMG augments “our project development owner’s team through the addition of experienced professionals who will work alongside the existing Cornish Metals team, ensuring that we are project ready and setup for project success to bring South Crofty back to production”.

Conclusion: Ordering the long-lead time winders and enlisting specialist project management support for the redevelopment of South Crofty represent important milestones in bringing the mine back to production.

*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

Guardian Metal Resources (GMET LN) 42p, Mkt Cap £58m – Promising exploration results from the Garfield project, Nevada

Power Metals Resources* (POW LN) 12p, Mkt cap £13m – (Power Metals* holds a 17.8% stake in Guardian Metal Resources)

• While confirming its focus on progressing its Nevada tungsten projects at Pilot Mountain and Tempiute, Guardian Metal Resources yesterday announced further exploration progress from its wholly-owned Garfield project located within Nevada’s Walker Lane mineral belt.
• The company reports that recent samples of quartz vein material “have delivered the highest grade gold results to date from Garfield including 61.0 g/t gold (Au) from quartz vein on a mine dump in the Freeze Zone as well as 47.0 g/t Au from mine dump vein material in the Pamlico zone”.
• The announcement explained that “Geological field work has determined that the high-grade epithermal vein structures in the Pamlico and Freeze Zones have the same west-north-westerly (WNW) trending orientations, and are likely genetically related”.
• It also explains that it “is investigating whether there may be epithermal mineralisation overprinting skarn mineralisation in the “High Grade Zone”, directly 4 km along strike of epithermal veins at the Freeze East Zone and Freeze Zone”.
• Among the other sample results reported are:

• • A quartz mine dump sample from the Freeze Zone at an average grade of 6.6g/t gold, 137g/t silver and 18,800ppm (1.88%) copper; and
  • Another quartz mine dump sample from the Freeze Zone at an average grade of 5.7g/t gold, 28.3g/t silver and 15,200ppm (1.52%) copper; and
  • An outcropping quartz vein sample from the Pamlico Zone at an average grade of 10.3g/t gold, 9.5g/t silver and 1,395ppm (0.14%) copper.

• Guardian Metal Resources’ CEO, Oliver Friesen, said that “we remain focused on structuring any future partnerships around our non-core assets in a way that delivers clear benefits to our shareholders and supports long-term project growth”.
• Sunrise Resources (SRES LN) holds a 2% NSR over the Garfield property.

Conclusion: Early-stage exploration results from the Garfield project continue to show encouraging results although the company stresses that its primary interest remains the progression of its Pilot Mountain and Tempiute tungsten projects

*SP Angel acts as Nomad and Broker for Power Metals

Metals One (MET1 LN) 25.4p, Mkt Cap £30m – Colorado uranium exploration

• Metals One reports that it has “agreed to begin exploration work in anticipation of completion of the acquisition of Uravan, including award of the 10-year exploration leases”.
• The project area, within the well-known Uravan belt of Colorado covers 59 claims (~490 hectres) “near the historic Buckhorn Mine, … [where previous] … surface sampling … [of the Morrison Formation] … returned exceptionally high uranium grades, including assays up to 22,280 ppm uranium (2.23% U₃O₈) and significant vanadium values”.
• Today’s announcement confirms that a contract geologist “has started with mapping the basal layer of the Salt Wash Member of the Morrison Formation. The mapping will include faults, joint-sets, historic drill holes, adits, pits, prospects and roads”.
• The announcement also confirms that a “geophysical survey was initiated with a set line and interval spacing using a radiation solution spectral scintillometer … [and that grab] … samples were then collected” for analysis.

Conclusion: Exploration is underway on MetalsOne’s Colorado uranium projects.  We await further news.

Minerals 260 (MI6 AU) – A$0.14, Mkt Cap A$300m– Drilling results show resource expansion potential

• Minerals 260, who recently acquired the Bullabulling project from Zijin, report drilling results from the Phoenix deposit.
• The Company currently has six drill rigs on site with 51 assays pending, having completed 70 holes over 15,264m.
• Minerals 260 is conducting an 80,000m programme to expand the resource along strike and at depth.
• Today’s highlights include:

• • BBRC0001: 35m at 1.3g/t Au from 143m and 17m at 1.1g/t Au from 205m.
  • BBRC0003: 17m at 1g/t Au from 246m
  • BBRC0009: 19m at 1g/t Au from 273m
  • BBRC0011: 8m at 2.3g/t Au from 178m
  • BBRC0015: 62m at 1.1g/t Au from 158m
  • BBRC0016: 1m at 12.2g/t Au from 198m

• The Company believes the results above are likely to extend the depth of the current Phoenix resource, which holds 930koz at 1.1g/t Au.
• An updated MRE is due December 2025 and expected to underpin mining studies.

Conclusion: Encouraging first assay results from Minerals 260 who have begun to validate their belief that Bullabulling mineralisation extends at depth. Wider intercepts at depth should be supportive for extending the open pit. Focus now moves to the Bacchus deposit which hosts 894koz at 1.27g/t Au.

New Frontier Minerals (NFM LN) 0.6p, Mkt Cap £9.8m – A$1.59m fundraising for drilling at the Harts Range project, Northern Territory

• New Frontier Minerals reports that it has commitments from institutional and sophisticated investors to raise A$1.59m via the placing of an additional ~144.5m shares at a price of 1.1A¢/share.
• The new funds will be “used for ongoing exploration” including an initial drilling campaign at the Harts Range heavy rare-earth minerals, niobium and uranium project located ~140km northeast of Alice Springs in the Northern Territory, Australia.
• They will also assist in progressing “the MOU with Austral Resources to establish a pathway to production for the Big One Deposit” in Queensland.
• Chairman, Ged Hall, welcomed the investor support and noted what he described as a favourable “macro environment … with recent developments in the US improving the outlook for HREE and Uranium”.

Conclusion: Additional funds will enable an initial drilling programme to test the priority targets at the Harts Range project.

Sunrise Resources (SRES LN) 0.01p Mkt Cap £0.8m – Garfield project royalty

• Sunrise Resources draws attention to Guardian Metal Resources’ announcement yesterday of exploration results from the Garfield property in Nevada where Sunrise holds a 2% NSR following its 2021 sale of the project to Power Metal Resources.
• In its announcement yesterday, Guardian Metal Resources reported that recent sampling of quartz vein material had “delivered the highest grade gold results to date from Garfield including 61.0 g/t gold (Au) from quartz vein on a mine dump in the Freeze Zone as well as 47.0 g/t Au from mine dump vein material in the Pamlico zone”.
• The announcement explained that geological field work had “determined that the high-grade epithermal vein structures in the Pamlico and Freeze Zones have the same west-north-westerly (WNW) trending orientations, and are likely genetically related”.
• It also explained that it “is investigating whether there may be epithermal mineralisation overprinting skarn mineralisation in the “High Grade Zone”, directly 4 km along strike of epithermal veins at the Freeze East Zone and Freeze Zone”.
• Sunrise Resources’ Chairman, Patrick Cheetham, explained that the “original discovery of gold-copper-silver at surface at Garfield was made by Sunrise prior to selling the project mining claims. Sunrise has retained a 2% NSR royalty over the original claim area and a 1-mile surrounding area.
•  Mr. Cheetham also clarified that the “Garfield royalty is just one of a number of royalty interests held by the Company”.

West African Resources (WAF AU) – A$2.7, Mkt Cap A$3.1bn– Transition to 2024 Burkina Faso Mining Code

• WAF announces that it will transition to the 2024 Mining Code by increasing the state’s free-carried equity interest.
• The free carry will increase from 10% to 15% in Sanbrado, Kiaka, and Toega.
• First gold at Kiaka is reportedly on track for 3Q25.
• The Company is set to produce 190-210koz in 2025 at AISC of <$1,350/oz.
• Following Kiaka commissioning, WAF set to produce 420koz.

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                                                            

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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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