Copper holds recent gains whilst China reports major discovery in the Tibetan Plateau
MiFID II exempt information – see disclaimer below
SP angel received great news this week from the LSEG StarMine commodities forecast polling team
- SP Angel – 1st in LSEG StarMine Precious Metals poll for 2024
- SP Angel – 2nd in LSEG StarMine Base Metals poll for 2024
Aterian plc* (ATN LN) – Reinterpretation of data shows promising targets in sedimentary-hosted copper prospect at Tata and Azar in Morocco
Alba Mineral Resources (ALBA LN) – Option exercised over Swedish rare-earths project
Equinox Gold (EQX CN) – Extension of Fazenda mine life
Gemfields Group (GEM LN) – Zambia reinstates export levy on gemstones
Guardian Metal Resources (GMET LN) – Encouraging early-stage exploration results from the Garfield project, Nevada
Power Metals Resources* (POW LN) – (Power Metals* holds a 45% stake in Guardian Metal Resources)
Mkango Resources* (MKA LN) – Nasdaq SPAC merger agreement
West African Resources (WAF AU) – Gold production for 2024 meets guidance
Copper holds recent gains whilst China reports major discovery in the Tibetan Plateau
- Copper prices are holding above $9,000/t, having rallied on the recent weakness in the US dollar.
- China stimulus measures remain elusive, and the sliding iron ore price points to little enthusiasm for further policy announcements in the short term.
- This might be reflective of diverging supply prospects for 2025, with Rio bringing Simandou on, likely raising surplus prospects in the steelmaking ingredient.
- However, Chile copper export revenue rose in December, despite steady/lower prices, prompting analyst to note a recovery in copper production.
- Chile sales rose 10% in December mom and 13% yoy.
- However, Teck’s QB2 expansion is likely a supporting factor.
- China reports a discovery in the Tibetan Plateau of 20mt of contained copper with potential for 150mt spread over four deposits according to China Daily.
- China is looking to boost access to upstream copper supplies following a major rollout of additional smelter capacity in the past four years.
Gold edges up again on China currency concerns despite JOLTs upside surprise
- Gold continues to defy traditional headwinds, falling in the wake of JOLTs job opening data yesterday but since recovering to $2,654/oz.
- The job opening data caused US Treasury yields to rise again, with the 10 year now approaching 4.7%.
- Despite this move in rates, the dollar failed to climb back to recent highs, suggesting some potential that the post-election rally is coming to an end.
- However, the Yuan continues to sell-off despite PBoC intervention attempts to stabilise the Chinese currency.
- This has recently been a bullish factor for gold prices, pushing Chinese retail into haven assets, like gold, to protect them from currency devaluation.
Lithium market steady after China proposes export ban on cathodes and processing technology
- Lithium prices have remained largely unchanged since reports of new Chinese export bans in the battery metal space.
- Last week, the China Ministry of Commerce filed a notice mentioning potential export bans on battery and lithium processing-related technologies.
- There will be a consultation period through to February 1st 2025.
- The battery technology restrictions mentioned include:
- Lithium Iron Phosphate Batteries
- Lithium Manganese Iron Phosphate Batteries
- Phosphate-based cathode precursor preparation technology
- Downstream lithium processing and smelting restrictions mentioned include:
- Spodumene-based lithium extraction for lithium carbonate production
- Spodumene-based lithium extraction for lithium hydroxide production
- Metallic lithium and lithium alloy preparation technology
- DLE from brines
- Includes adsorbent materials and integration of adsorption and membrane systems
- Purified lithium solution preparation techniques
- The consultation process follows similar restrictions implemented on germanium and gallium, graphite and antimony.
- Tensions are escalating between Xi’s China and the US, with the Pentagon adding battery maker and Tesla supplier CATL to a list of military-linked Chinese firms.
- However, spodumene prices remain largely anchored around the $800/t mark and carbonate prices are struggling to climb over $10,000/t.
- This likely reflects an ample supply outlook over the coming few years.
- Whilst consensus forecasts suggest lithium surplus in 2025, analysts see this shrinking in comparison to 2024 following several lossmaking operations coming offline.
- BMI forecasts the 2025 lithium price at US$10,400/t and S&P Global sees it at $10,566/t.
- Analyst forecasts remain conservative owing to the availability of quickly accessible swing-supply from China’s lepidolite and spodumene operations in Zimbabwe and China.
- Major 2025 supply additions are expected from China, Argentina, Mali, and Brazil.
- Australian operations are expected to keep supply flat and remain at risk of further care and maintenance announcements owing to their higher cost base.
- We see Wodgina and Mount Marion as particularly vulnerable to further capacity reductions, with MinRes’ balance sheet remaining under pressure.
| Dow Jones Industrials | -0.42% | at | 42,528 | |
| Nikkei 225 | -0.26% | at | 39,981 | |
| HK Hang Seng | -0.86% | at | 19,280 | |
| Shanghai Composite | +0.02% | at | 3,230 | |
| US 10 Year Yield (bp change) | +6.0 | at | 4.69 |
Economics
Trump Tariffs – The world waits for Trump to decide on the imposition of his promised Tariffs
- Tariffs on Canada and Mexico are due to immigration issues
- Canada looks to be politically paralysed till May
- Mexico can stop the migrants but tariffs against Mexico will hit many US companies
- US debt levels also remain a major issue with US 10-year and 30-year bond yields at comparative highs.
- Trump is looking to expand the debt by $5-7tn in the next four years.
- Fed outlook likely to remain cautious with persistent US inflation.
- US dollar to remain strong held higher by US rates.
- Ongoing tension between the US and Russia as
2025: Scenario and probability analysis
- We presented four scenarios relating to Trump’s impact on the US economy in our summary comments
- Chat GPT was used to assess the probability of each scenario and give: Probability, Outcomes and Comments, see below
Scenario 1
- Summary: Trump eases tariffs, Fed cuts rates, global central banks follow suit, US dollar weakens, global growth accelerates.
- Probability: 30%
- Trump’s willingness to ease tariffs depends on broader political strategy and negotiation outcomes, making this plausible but not highly likely.
- Outcomes:
- Global Growth: Positive, driven by rate cuts and lower trade barriers.
- US Inflation: Slight rise due to weakening dollar and increased consumer demand.
- Markets: Equity markets rally globally due to improved sentiment.
- Comments:
This scenario presents the most optimistic outlook, but Trump’s unpredictability and domestic political pressures might limit its feasibility.
Scenario 2
- Summary: Trump sticks to hard-line tariffs, Fed is cautious, US dollar remains strong, inflation rises, central banks hesitate.
- Probability: 25%
- Trump’s preference for a “tough stance” on trade aligns with this scenario, making it relatively probable.
- Outcomes:
- Global Growth: Stagnates or weakens due to higher costs and restrained monetary policy.
- US Inflation: Rises, driven by higher import costs.
- Markets: Equity markets struggle, with sectors reliant on imports hit hardest.
- Comments:
This scenario reflects a continuation of trade tensions, with persistent risks to global economic stability. A strong dollar could further hurt US exports, amplifying trade imbalances.
Scenario 3
- Summary: Trump imposes tariffs but leaves room for negotiation, Fed is cautious, US dollar remains strong but volatile, inflation rises due to uncertainty, central banks act conservatively
- Probability: 35%
- A mixed approach to tariffs and negotiations is consistent with Trump’s history of using economic leverage.
- Outcomes:
- Global Growth: Moderate decline due to uncertainty, with recovery possible if negotiations succeed.
- US Inflation: Rises, reflecting uncertainty and increased production costs.
- Markets: Volatile, driven by shifting expectations around trade outcomes.
- Comments:
This scenario captures a blend of caution and unpredictability. The recovery in the latter half could hinge on successful negotiations and improved trade clarity.
Scenario 4
- Summary: Tariffs imposed, geopolitical tensions escalate (WWIII threat), Chinese companies struggle, Fed cuts rates to calm panic, US dollar remains strong, gold prices surge
- Probability: 10%
- While geopolitical tensions can escalate unpredictably, such an extreme scenario seems less likely.
- Outcomes:
- Global Growth: Severely contracts due to economic and geopolitical instability.
- US Inflation: Falls, driven by consumer stockpiling and recessionary trends.
- Markets: Highly volatile, with safe-haven assets (gold, treasuries) outperforming.
- Comments:
This is the most disruptive scenario, with significant geopolitical and economic risks. Central banks would likely respond aggressively, but the fallout could lead to a global recession.
Overall Assessment:
- Scenarios 1 and 3 are more moderate and offer a balance of potential growth and negotiation, making them more likely than the extremes of Scenarios 2 and 4.
- Key Factors Influencing Probabilities:
- Trump’s political goals, domestic pressures, and the response of key trade partners like China.
- The Fed’s monetary policy strategy and willingness to respond to economic disruptions.
- Geopolitical developments, especially regarding US-China and US-Russia relations.
We welcome your thoughts
US – Bond yields climbed on the back of better than expected labour numbers and the gauge for services sector prices.
- Job openings, an indicator of labour demand, came in at nearly 8.1m v estimates for a 7.7m reading.
- ISM Survey showed a sub gauge of sectoral inflation was much stronger than forecast in December.
- Nasdaq closed 1.9% down, marking the largest daily loss in three weeks.
- S&P was down 1.1%.
- JOLTS Job Openings (Nov/Oct/Est): 8.1m/7.8m(revised from 7.7m)/7.7m
- ISM Services Index (Dec/Nov/Est): 54.1/52.1/53.5
- ISM Services Prices Paid (Dec/Nov/Est): 64.4/58.2/57.5
Malibu city residents urged to evacuate
- Los Angeles wildfires continue to threaten city
China – The government will offer subsidies for consumer products and industrial equipment upgrades in an effort to support domestic consumption as exports are facing tariffs risks.
- Consumers will qualify for a 15% subsidy for buying new mobile phones, tablets and smartwatches under CNY 6,000 this year.
- The programme will also include home appliances with eligible items expanded to 12, up from 8 last year.
- A trade in subsidy for EVs and hybrids was also renewed.
Germany – A series of weak economic data released this morning highlighting economic headwinds in manufacturing and private spending.
- Retail sales and factory orders both contracted at accelerating pace in November.
- Retail Sales (%mom, Nov/Oct/Est): -0.6/-0.3(revised from -1.5)/0.5
- Retail Sales (%yoy, Nov/Oct/Est): 2.3/5.1(revised from 3.6)/2.5
- Factory Orders (%mom, Nov/Oct/Est): -5.4/-1.5/-0.2
UK – Gilts yields are at a 27-year high, 5.24% for 30-year money.
- The market appears to be pricing in a shortfall in tax receipts and increasing potential for further government bond issuance..
Indonesia – joins the enlarged BRICS alliance
- Trade between BRICS nations may increasingly reduce the use of the US dollar in .
Indonesia reviewing its annual nickel ore mining quota
- Indonesia last year approved annual nickel ore mining quotas of 240mt pa till 2026 but might cut to 150mtpa to to support prices.
- Indonesia is one of the world’s biggest producers of nickel products since a 2020 ban on exports of raw nickel.
- PT Freeport Indonesia to negotiate to extend concentrate exports into 2025 after a fire in October delayed its new Mayar smelter till later this year.
Currencies
US$1.0330/eur vs 1.0360/eur previous. Yen 158.22/$ vs 156.83/$. SAr 18.808/$ vs 18.780/$. $1.245/gbp vs $1.249/gbp. 0.623/aud vs 0.623/aud. CNY 7.332/$ vs 7.324/$
Dollar Index 108.84 vs 108.44 previous.
Precious Metals
Gold US$2,652/oz vs US$2,637/oz previous
Gold ETFs 82.8moz vs 82.6moz previous
Platinum US$952/oz vs US$911/oz previous
Palladium US$925/oz vs US$908/oz previous
Silver US$30.1/oz vs US$29.7/oz previous
Rhodium US$4,725/oz vs US$4,575/oz previous
Base metals:
Copper US$9,010/t vs US$8,797/t previous
Aluminium US$2,517/t vs US$2,571/t previous
Nickel US$15,435/t vs US$15,876/t previous
Zinc US$2,855/t vs US$2,974/t previous
Lead US$1,960/t vs US$1,957/t previous
Tin US$30,050/t vs US$29,083/t previous
Energy:
Oil US$77.6/bbl vs US$74.1/bbl previous
- Crude oil prices have started the year positively buoyed by tightness in the physical crude market with the API also reporting a 4mb w/w draw (-0.2mb exp) in US crude inventories. The outlook for 2025 remains uncertain, with expectations for growth from the America’s restricting the possible revival of idled OPEC+ production.
- European natural gas prices have pulled back slightly after peaking above €50/MWh following the expiration of Gazprom’s transit agreement with Ukraine on January 1, with a significant contribution from France’s nuclear generation that has surged today to ~89% of the country’s 61.4MW maximum capacity.
Natural Gas €47.5/MWh vs €47.6/MWh previous
Uranium Futures $72.9/lb vs $72.8/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$96.8/t vs US$96.6/t
Chinese steel rebar 25mm US$486.0/t vs US$487.6/t
HCC FOB Australia US$197.0/t vs US$203.0/t
Thermal coal swap Australia FOB US$120.4/t vs US$127.0/t
Other:
Cobalt LME 3m US$24,300/t vs US$24,300/t
NdPr Rare Earth Oxide (China) US$54,763/t vs US$53,776/t
Lithium carbonate 99% (China) US$9,821/t vs US$9,933/t
China Spodumene Li2O 6%min CIF US$790/t v US$790/t
Ferro-Manganese European Mn78% min US$1,005/t vs US$985/t
China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu
China Graphite Flake -194 FOB US$435/t vs US$435/t
Europe Vanadium Pentoxide 98% US$4.8/lb vs US$5.0/lb
Europe Ferro-Vanadium 80% US$25.6/kg vs US$26.3/kg
China Ilmenite Concentrate TiO2 US$290/t vs US$294/t
China Rutile Concentrate 95% TiO2 US$1,084/t vs US$1,089/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$295.0/t vs US$295.0/t
Germanium China 99.99% US$2,725.0/kg vs US$2,725.0/kg
China Gallium 99.99% US$390.0/kg vs US$415.0/kg
Company News
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 1.8% | -0.4% | Freeport-McMoRan | 0.4% | 1.5% |
| Rio Tinto | 1.1% | -1.3% | Vale | -0.7% | -3.4% |
| Glencore | -0.7% | 1.8% | Newmont Mining | 1.0% | 3.1% |
| Anglo American | 0.0% | 0.4% | Fortescue | 1.9% | -3.7% |
| Antofagasta | 0.0% | 2.8% | Teck Resources | -0.5% | 2.1% |
Aterian plc* (ATN LN) 47p, Mkt Cap £4.5m – Reinterpretation of data shows promising targets in sedimentary-hosted copper prospect at Tata and Azar in Morocco
(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)
(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.)
(Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)
- Aterian have been reassessing exploration data on the Tata and Azar licenses in Morocco through the reprocessing of historic airborne magnetometry, gamma-spectrometry, and multi-frequency electromagnetic geophysical data.
- The team have identified multiple targets to follow-up:
- Tata Project – Four priority targets covering a cumulative 14.3 km strike length.
- Azrar Project – Five priority targets covering a cumulative 11.4 km2 area.
- Tata – copper mineralisation within two mineralised stratigraphic horizons with mineralised apparent thicknesses of up to 8.5 m
- Up to 1.50 % Cu, 0.97 Cu %, and 0.32 % Cu from an 8 m thick carbonate sequence.
- Up to 1.02 % Cu, 0.51 % Cu, and 0.48 % Cu from an 8.5 m thick carbonate sequence.
- Azrar project, potential strike length to be 3.8 km:
Tifrit copper-gold target: 0.82 g/t Au and 0.63 % Cu over 9.0m from surface chip channel targets
-
- 0.70 g/t Au and 0.55 % Cu over 7.6 m from 0 to 7.6m along the channel, and
- 2.97 g/t Au and 2.00 % Cu over a 0.7 m interval from 8.3 m to 9.0m.
Ougri sedimentary-hosted copper target:
-
- Up to 2.92 % Cu and 16 g/t Ag from rock chip samples over an 800m strike length.
Izarzar fault zone hosted copper target:
-
- Up to 1.37 % Cu and 6 g/t Ag from a variably mineralised fault zone with an apparent width of up to 13.25m
Conclusion: Aterian are working towards the identification of new potential discoveries in two highly prospective regions of Morocco. We look forward to further results on the identification of copper in follow-up ground-based sampling.
*SP Angel acts as Broker to Aterian Plc
Alba Mineral Resources (ALBA LN) 0.03p, Mkt cap £4.4m – Option exercised over Swedish rare-earths project
- Alba Mineral Resources reports that it has exercised its £15,000 option over the Finnsbo rare earth project in Sweden which was announced in November.
- We note that when the transaction was first announced in November, the price of the option was reported to be £10,000.
- The current owners will now receive a cash payment of £7,500 plus ~30.5m shares (representing around 0.3% of the enlarged equity capital) and Alba Mineral Resources can now “earn into the Finnsbo Project in stages … with the first stage comprising the right to spend £100k on qualifying expenditure over a 12-month period in order to earn a 25% interest in the Project, with the further right thereafter to earn or acquire in further stages up to a 100% interest in the Project”.
- The company explains that it will disclose “information about the forthcoming work programme at this exciting, high-grade prospect … in due course”.
- Finnsbo is located in eastern Sweden approximately “15km north of the famous 540 yr old Dannemora magnetite mine”.
Equinox Gold (EQX CN) C$7.6, Mkt Cap C$3.5bn – Extension of Fazenda mine life
- Canadian miner Equinox reports an updated Mineral Reserve and Resource Estimate for the Fazenda Mine in Brazil.
- The update boosts reserves 142% to 13.2mt at 1.8g/t Au for 763koz Au, extending LOM to 2033 at the current throughput of 3,400tpd.
- Fazenda M&I resource boosted 418% to 21.4mt at 2.21g/t Au for 1.5moz Au, exclusive of reserves.
- Average grade in reserves and resource increased 22% and 25% respectively.
- Equinox continues to drill at Fazenda, approving a 60,000m drill programme over 2025.
Gemfields Group (GEM LN) 6.75p, Mkt Cap £82m – Zambia reinstates export levy on gemstones
(Montepuez Ruby Mining Limitada in Mozambique (“MRM”) and which is 75% owned by Gemfields, the Kagem emerald mine in Zambia is 75% owned by Gemfields)
- Gemfields reports that, effective 1st January 2025, the Zambian Government has “revoked the 2019 suspension of a 15% export duty on precious gemstones” … [which] … directly impacts the Zambian emeralds mined by Kagem Mining Limited (“Kagem”) which is 75% owned by Gemfields and 25% owned by the Zambian Government’s Industrial Development Corporation”.
- The company clarifies that “This 15% export duty now applies on top of the existing 6% mineral royalty tax and meaning that Kagem faces an effective tax on revenues of 21% (in addition to corporation tax of 30%)”.
- Gemfields contrasts the effective tax rate on Zambian emerald production with comparable rates in other emerald producing countries where “Brazil’s aggregate tax on revenues is 2% (in the form of mineral royalty) and Colombia’s aggregate tax on revenues is 2.5% (being a 1.5% mineral royalty and a 1% national emerald fund contribution) in addition to corporation taxes of 34% and 33% respectively”.
- “Gemfields notes that there was no notice or prior consultation regarding the re-introduction of the 15% export duty. Gemfields understands that several additional measures have also been introduced in other areas of the Zambian economy to enhance Zambian Government revenues in 2025”
Conclusion: Reintroduction of a 15% levy on Zambia’s emerald production may impact the competitive position of its production. The company’s assertion that it was introduced without notice or consultation may attract concerns from other overseas investors as Zambia’s mineral endowment attracts increasing international exploration interest.
Guardian Metal Resources (GMET LN) 31.5p, Mkt Cap £38m – Encouraging early-stage exploration results from the Garfield project, Nevada
Power Metals Resources* (POW LN) 13p, Mkt cap £15m – (Power Metals* holds a 45% stake in Guardian Metal Resources)
- Guardian Metal Resources reports sampling results from a recent site visit by its technical team to its wholly-owned Garfield project located within Nevada’s Walker Lane mineral belt.
- The company says that five surface samples recovered from the Pamlico zone “followed on from the late 2023 prospecting and rock sampling work over the same area” and yielded “overlimit antimony (>10,000g/t or 1%), gold (>10g/t), silver (>100g/t), lead (>10,000 or 1%) as well as 3,920ppm Cu” from sample CJ0079 as well as encouraging grades from other samples.
- Guardian Metal Resources has “instructed the laboratory to complete the required analytical methods to determine the final assay results for the above overlimit metals”.
- Today’s announcement explains that the “’Pamlico Zone’ is emerging as an increasingly significant mineralised area with not only high-grade gold and base-metal mineralisation, but also very attractive antimony potential”.
- CEO, Oliver Friesen, explained that the company’s identification of the Pamlico zone was “organically generated and staked by our technical team resulting in royalty free 100% ownership”.
- Commenting on the significance of the high antimony content of the samples, he said that “antimony’s critical importance as a defence metal, coupled with the U.S. focus on reducing reliance on foreign imports, places Guardian Metal in a unique position to contribute to domestic supply chains. While tungsten remains our primary focus, this antimony result highlights the strategic importance of our entire project portfolio”.
Conclusion: Early-stage exploration results from the Garfield project show encouraging results from the newly identified Pamlico zone. We expect that considerable further exploration will be required to demonstrate the potential and generate an initial resource estimate. We look forward to further results as the programme advances.
*SP Angel acts as Nomad and Broker for Power Metals
Mkango Resources* (MKA LN) 10.7p, Mkt Cap £26m – Nasdaq SPAC merger agreement
BUY
- The Company agreed a non-binding LOI for a proposed SPAC deal for its upstream and midstream businesses with Crown PropTech Acquisitions (CPTK).
- The plan is to establish a vertically integrated production of separated REOs listed on the NASDAQ market in the US.
- The listed entity will own Songwe Hill project in Malawi and a proposed separation plant in Pulawy in Poland.
- On listing, Mkango will own a majority interest in the listed vehicle.
- Rare earth recycling business owned through Maginito (~80/20% Mkango/CoTec JV) is not part of the transaction.
- Details of the transaction are being discussed.
- CPTK’s sponsor agreed to invest $750k with $500k to be provided on execution of the definitive agreement with the balance released on the initial filing of registration documents with the US SEC.
Conclusion: Discussions on the proposed spin out of upstream (Songwe Hill) and midstream (Pulawy Separation Plant) businesses are progressing with a potential deal benefiting the Group in several ways. The deal will provide a market based valuation for two segments of the business that have been weighed down by challenging rare earth pricing environment, allow to reduce Group capital commitments related to two businesses moving forwards and see the team focusing on rare earth recycling business in Europe and the US.
*SP Angel acts as nomad and broker to Mkango Resources
West African Resources (WAF AU) A$1.55, Mkt Cap A$1.8bn – Gold production for 2024 meets guidance
- WAF reports production results for Q4 and full year.
- The Company produced 51.2koz over the quarter, selling 47,953oz at an average price of US$2,690/oz.
- Full year production of 206.6koz, with full year sales of 199.6koz at an average price of US$2,391/oz.
- FY24 guidance stood at 190-210koz.
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.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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