{"id":133876,"title":"SP Angel – Today’s Market View, Friday 20th March 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-03-20T11:41:11+00:00","modified":"2026-03-20T11:41:11+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-20th-march-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-20th-march-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-20th-march-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"tags":["base metals","battery","china","company news","COPPER","currencies","Dow Jones Industrials","ENERGY","FRANCE","GERMANY","Gold","gold prices","HK Hang Seng","Nikkei 225","Rio Tinto","Russia","Shanghai Composite","silver","SP Angel","Ukraine"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/02/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Gold rebounds amid continued volatility on fears of sustained Middle East conflict**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Atlantic Lithium* (ALL LN) – Mining Lease Ratification marks key de-risking milestone for Ewoyaa**\n\n**Botswana Minerals (BMIN LN) – Placing raises £1.15m for Botswana copper exploration targets**\n\n**KEFI Gold and Copper* (KEFI LN) –BUY – Oversubscribed £34m equity placing completing Tulu Kapi project funding**\n\n**Power Metal Resources* (POW LN) – Boosting copper exposure via Chilean project stake**\n\n**Strategic Minerals* (SML LN) – Improved tungsten recovery in latest metallurgical results from Redmoor**\n\n**Gold ($4,662/oz) rebounds amid continued volatility on fears of sustained Middle East conflict**\n\n- Gold prices have fallen 7% over the past week and 14% since the beginning of the war in Iran.\n\n- The metal rebounded this morning, having touched lows of $4,540/oz yesterday.\n\n- Gold subsequently rebounded to $4,730/oz, before paring gains and stabilising around $4,670/oz.\n\n- Gold is coming under pressure from sustained profit taking, combined with higher US Treasury yields and a stronger dollar.\n\n- The 10 year yield has climbed to 4.3%, up from 3.94% lows reached in late February.\n\n- Government borrowing costs are rising following a widespread hawkish shift from central banks over renewed inflation concerns.\n\n- Major infrastructure damage in the Gulf has raised concerns over cost pressures from rising LNG and crude prices.\n\n**Zijin eyes critical minerals exposure, focus on tungsten and uranium**\n\n- China’s second largest miner by market cap, Zijin Mining, is reported to be eyeing additional critical metals.\n\n- The Company has focused primarily on gold, copper and lithium.\n\n- However, one of Zijin’s investment arms, Gold Mountains, which holds $6bn AUM, stated yesterday it is ‘*looking to expand our position in tungsten and other strategic metals.’ (*Bloomberg)\n\n- The investment vehicle holds stakes in Montage Gold and Equinox Gold.\n\n- The Fund committed that they are also looking at rare earths, but noted that there are limited suitable projects and ‘*many of them are either very expensie or will need a long time’ *before first production.\n\n- The Fund also remains committed to gold, stating that ‘*given all the uncertainty – whether its global conflicts or changes to monetary systems – there has to be an anchor for storing wealth.*\n\n**VOX video:  ****[The most extraordinary week in commodities I’ve ever witnessed](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=uDoe2TG&sig=6WoSk2u1rGdO41cRme3fvDtxeCi&v=2&url=https://www.voxmarkets.com/articles/the-most-extraordinary-week-in-commodities-i-ve-ever-witnessed-67f0bc2)**\n\n- **Podcast:  ****[The Vox Markets Podcast](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=kuG46Ag&sig=W4bbTU5Q8moC9allrUdKtWu2qhU&v=2&url=https://audioboom.com/channels/5051662-the-vox-markets-podcast)**\n\n**IG TV – Commodity Markets Weekly: ****[https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=uvoAQIx&sig=SXqV1sG7mM6b6mShmzlStBKrd7R&v=2&url=https://youtu.be/-YKK0NzMLZ0?si%3Di-83_jtBI8u5bM86)**\n\n**We are now in a new commodities cycle: on VOX: ****[https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=HV_Xz21&sig=8W1U0kgx8P0F5Xvq9WC5qlo9Bed&v=2&url=https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a)**\n\n- **Podcast: ****[The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=ynNXZhG&sig=VnhMkaOwYcyKUYAKLuwMHa7qzGN&v=2&url=https://urldefense.proofpoint.com/v2/url?u%3Dhttps-3A__audioboom.com_posts_8837560-2Dmining-2Dmatters-2Dwe-2Dare-2Dnow-2Din-2Da-2Dnew-2Dcommodities-2Dcycle-2Dsays-2Dsp-2Dangel-2Ds-2Djohn-2Dmeyer%26d%3DDwMFaQ%26c%3DeuGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM%26r%3D2VdfGX60fZWOkYluCz5ANP6H71ZMA5kD_HBsIZSf5Nc%26m%3DdMn59S0FLeUsNs2p5YV1mC9TiAYPnR2DQgLQypXMpsWVIAaQpUM1Pr8ZiBGxQVN_%26s%3D5OHW8ezmSUjW2QN9MXbEL0CfYKvoe28tGcZwgrkIyuw%26e%3D)**\n\n**Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski**\n\n- **[https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK](https://spangel.email.streetcontxt.net/platform/al?a=12831104&ad=4070609373&h=B9V0zA9&sig=Kjt3e7HjfeCuJzpoE3qu2MBxy5T&v=2&url=https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK)**\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **-0.44%** | **at** | **46,021** |\n| **Nikkei 225** |  | **-3.38%** | **at** | **53,373** |\n| **HK Hang Seng** |  | **-0.88%** | **at** | **25,277** |\n| **Shanghai Composite** |  | **-1.24%** | **at** | **3,957** |\n| **US 10 Year Yield (bp change)** |  | **+2.6** | **at** | **4.27** |\n\n**Currencies**\n\n**US$1.1577/eur vs 1.1451/eur previous. Yen 158.38/$ vs 159.19/$. SAr 16.769/$ vs 16.960/$. $1.343/gbp vs $1.326/gbp. 0.709/aud vs 0.703/aud. CNY 6.883/$ vs 6.901/$.**\n\n**Dollar Index 99.29 vs 100.21 previous.**\n\n**Economics**\n\n**Eurozone – The ECB left rates level, in line with expectations, while warning of growing inflation risks.**\n\n- The bank also upped its inflation projections from December estimates while pulling back GDP growth outlook.\n\n- Markets are expecting two rate hikes this year with the first one in June.\n\n- New ECB projections for 2026/27/28 with previous estimates in brackets include:\n\n- GDP: 0.9 (1.2%) 1.3% (1.4%) 1.4% (1.4%)\n\n- Inflation: 2.6 (1.9%) 2.0% (1.8%) 2.1% (2.0%)\n\n- Core Inflation 2.3 (2.2%) 2.2% (1.9%) 2.1% (2.0%)\n\n**UK – The BOE held rates unchanged at 3.75% while providing a more hawkish than expected policy rate commentary.**\n\n- Unanimous decision to hold rates level (9-0) compared to a 7-2 vote expected.\n\n- Policymakers highlighted risks of sustained elevated inflation on higher energy costs.\n\n- Markets are now expecting the central bank to hike as early as next meeting compared to two cuts for 2026 expected before the start of the war in Iran.\n\n- Two rate increases to 4.25% and an 80% chance of a third to 4.50% are currently priced in.\n\n- 10y yields climbed and are now at their highest since late 2000s.\n\n**Precious metals****:**\n\n**Gold US$4,705/oz vs US$4,725/oz previous**\n\n**   Gold ETFs 98.9moz vs 99.2moz previous**\n\n**Platinum US$2,002/oz vs US$1,937/oz previous**\n\n**Palladium US$1,488/oz vs US$1,447/oz previous**\n\n**Silver US$73.2/oz vs US$71.2/oz previous**\n\n**Silver ETFs 802.0moz vs 805.8moz previous**\n\n**Rhodium US$11,300/oz vs US$11,400/oz previous**\n\n**Base metals****:   **\n\n**Copper US$12,231/t vs US$12,084/t previous**\n\n**Aluminium US$3,292/t vs US$3,327/t previous**\n\n**Nickel US$17,035/t vs US$16,685/t previous**\n\n**Zinc US$3,097/t vs US$3,086/t previous**\n\n**Lead US$1,898/t vs US$1,889/t previous**\n\n**Tin US$43,300/t vs US$42,835/t previous**\n\n**Energy****:**\n\n**Oil US$107.8/bbl vs US$113.2/bbl previous**\n\n- Crude oil prices pulled back after Israeli Pime Minister Netanyahu said he would not order further attacks on Iran’s energy infrastructure and US President Trump confirmed that the US is not considering deploying ground troops.\n\n- The back end of the gas futures curve shifted upwards after QatarEnergy confirmed the Iranian attacks had damaged two LNG trains, which would reduce export capacity by 17% for LNG and 14% for helium over the next 3-5 years and may force it to declare majeure on long-term LNG contracts for up to five years with Italy, Belgium, South Korea, and China.\n\n- Henry Hub prices edged lower after the EIA reported a 35bcf w/w storage build to 1,888bcf, which represents an early end to the seasonal withdrawal period due to warmer temperatures across the L-48 in the last week, with US inventories now 10% above last year’s level and 3% over the five-year average as LNG export vessel capacity rose 1bcf w/w to 134bcf.\n\n**Natural Gas €61.7/MWh vs €66.9/MWh previous**\n\n**Uranium Futures $84.3/lb vs $84.8/lb previous**\n\n**Bulk****:   **\n\n**Iron Ore 62% Fe Spot (Singapore) US$108.3/t vs US$107.3/t**\n\n**Chinese steel rebar 25mm US$466.2/t vs US$464.9/t**\n\n**HCC FOB Australia US$221.5/t vs US$221.0/t**\n\n**Thermal coal swap Australia FOB US$142.5/t vs US$139.5/t**\n\n**Other****:  **\n\n**Cobalt LME 3m US$56,290/t vs US$56,290/t**\n\n**NdPr Rare Earth Oxide (China) US$100,979/t vs US$107,592/t**\n\n**Lithium carbonate 99% (China) US$20,850/t vs US$20,939/t**\n\n**China Spodumene Li2O 6%min CIF US$2,015/t vs US$2,015/t**\n\n**Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t**\n\n**China Tungsten APT 88.5% FOB US$2,313/mtu vs US$2,313/mtu**\n\n**China Tantalum Concentrate 30% CIF US$252/lb vs US$245/mtu**\n\n**China Graphite Flake -194 FOB US$415/t vs US$415/t**\n\n**Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb**\n\n**Europe Ferro-Vanadium 80% US$29.1/kg vs US$29.1/kg**\n\n**China Ilmenite Concentrate TiO2 US$258/t vs US$259/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,759/t vs US$2,759/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,141/t vs US$1,137/t**\n\n**Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t**\n\n**Brazil Potash CFR Granular Spot US$380.0/t vs US$380.0/t**\n\n**Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg**\n\n**China Gallium 99.99% US$400.0/kg vs US$400.0/kg**\n\n**EV & battery news**\n\n**Company News:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -1.8% | -4.7% | **Freeport-McMoRan** | -3.3% | -9.4% |\n| **Rio Tinto** | -2.9% | -6.9% | **Vale** | -0.4% | -2.9% |\n| **Glencore** | 0.7% | 0.6% | **Newmont Mining** | -6.9% | -13.3% |\n| **Anglo American** | 1.3% | -3.6% | **Fortescue** | -0.4% | -7.4% |\n| **Antofagasta** | 1.6% | -5.1% | **Teck Resources** | -3.0% | -8.0% |\n\n**Atlantic Lithium* (ALL LN) 18.7p, Mkt Cap £140m – Mining Lease Ratification marks key de-risking milestone for Ewoyaa**\n\n- Atlantic Lithium reports that the Parliament of Ghana has officially ratified the Ewoyaa Mining Lease.\n\n- Ratification represents the formal approval of the proposed Ewoyaa Lithium Mine and Processing Plant.\n\n- This key stage milestone enables Atlantic to advance discussions relating to Project funding as it advances towards FID.\n\n- The Mining Lease gives Atlantic Lithium exclusive rights to carry out mining and commercial production activities over the Mining Lease area for an initial 15-year period.\n\n- The Mining Lease holds revised terms under Ghana’s Minerals and Mining Regulations, 2025, which sets out a legally binding sliding royalty rate:\n\n- Varying royalty rates will be applied to the following spodumene prices:\n\n<$1,500/t: 5%\n\n- $1,500-$2,300/t: 7%\n\n- $2,300-$3,200/t: 10%\n\n- >$3,200/t: 12%\n\nEwoyaa DFS Highlights:\n\n- Reserves: 25.6mt at 1.16% Li2O for 12 year LOM\n\n- 2.7mtpa DMS plant feed at 1.22% head grade\n\n- 67% for c.150ktpa SC5.5 over LOM\n\n- CAPEX: $185m\n\n- AISC of $610/t\n\n- Post-tax NPV8 of $1.5bn and IRR of 105% at $1,478/t SC5.5 FOB Ghana\n\n**Conclusion: **This is a major de-risking milestone for Atlantic who have worked closely with the Ghanaian Government through the permitting process for Ewoyaa. Focus now is on financing spodumene project as the Company works towards FID and first production. Spodumene prices have rebounded significantly from 2025 lows and have held above $2,000/t for the past three months, having rallied 150% over 2025. Stronger-than-expected BESS demand and sustained EV demand have met supply disruptions out of China and Zimbabwe. We see spodumene at $1,750/t over the long term, at which levels Ewoyaa should be a high margin asset in a stable, mining friendly jurisdiction.\n\n**SP Angel acts as Nomad to Atlantic Lithium*\n\n**Botswana Minerals (BMIN LN) 0.25p, Mkt Cap £3m – Placing raises £1.15m for Botswana copper exploration targets**\n\n- Botswana Minerals has raised £1.15m at 0.25p/share with one warrant for one new share at 0.25p expiring within a year of the placing.\n\n- Funds will be used to advance copper exploration projects in North-West Botswana.\n\n- Botswana Minerals is aiming to advance its high-priority anomalous prospects to drill target levels.\n\n- Additionally, Botswana Minerals has appointed Rory Harding as NED.\n\n- Rory will subscribe for 40m shares in the Placing.\n\n- The Company holds eight exploration licences in Botswana covering 7,000km2.\n\n- Botswana Minerals is focusing on the Damaran Belt, with targets lying on a known zinc-lead-silver mining trend.\n\n**KEFI Gold and Copper* (KEFI LN) 1.3p, Mkt Cap £138m – Oversubscribed £34m equity placing completing Tulu Kapi project funding**\n\n**BUY**\n\n- The Company is raising £34m (~$45m) at 1.2p (~2,833m) to close the funding of the Tulu Kapi Gold Project and exploration activities in Ethiopia.\n\n- Additionally, the Company is issuing £853k worth of shares (~71m at the issue price) to settle outstanding expenses.\n\n- Funding proceeds to be used to:\n\nComplete and optimise the $330m Tulu Kapi project development capital structure\n\n- Exploration activities testing higher grade mineralisation underground extensions at Tulu Kapi as well as wider regional targets\n\n- Cover cost overrun cash reserves\n\n- General working capital\n\nThe raise complements committed funding for $310m including:\n\n- $240m secured bank debt\n\n- $20m government equity contribution earned through project infrastructure\n\n- $30m prior KEFI investments since January 2026\n\n- $20m Chancery Royalty equity ranking royalty\n\nThe issue price implies a 15% discount to the last close.\nThe Company to hold a GM on or around 14 April to approve the issue of new shares above current shareholder authority (~590m).\nAs such the placing is split into two tranches – Tranche 1 for ~£7.1m issuing ~590m (expected to be completed 24 March) and Tranche 2 for the balance.\nSeparately, the Company launched a retail offer to an up to £1m (in addition to the £34m raise) at the issue price (~83m shares).\nThe retail offer is expected to close 23 March.\n\n**Conclusion:** The oversubscribed equity placing completes the Tulu Kapi Gold project funding optimising the capital structure and replacing higher cost alternatives as well as brings in new institutional names to the register. With the financing now secured, the focus shifts toward project development and execution as KEFI ramps up Tulu Kapi construction works towards delivery of first production.\n\n**SP Angel act as Nomad and Broker to KEFI Gold and Copper*\n\n**Power Metal Resources* (POW LN) 12p, Mkt cap £14m – Boosting copper exposure via Chilean project stake**\n\n- Power Metal Resources reports a strategic investment in Next Minerals.\n\n- POW will invest $1m in Next Minerals for a 2.6% interest as part of a larger $3m placing.\n\n- Next Minerals holds the construction-ready Comahue underground copper mine in Chile.\n\n- Comahue:\n\n-\n\n9.91mt at 0.81% Cu MRE (70% in M&I category)\n\n- Seven year LOM producing total copper cathode of 40kt\n\n- Sub-level stoping operation with conventional crushing, heap leach and SX-EW at 6ktpa\n\n- Company sees potential to extend life beyond 15 years at 12ktpa Cu from additional deposits.\n\n- C1 costs guided at $3.45/lb in Phase 1\n\nNext Minerals is a Chilean-based mining company with an experienced leadership team.\n\n**Conclusion: **Power Metals is boosting their portfolio exposure to copper via a 2.6% stake in Next Minerals. Next Minerals is developing the Comahue copper mine in Chile, which holds the potential to produce 12ktpa Cu via from an underground operation.\n\n**SP Angel acts as Nomad and Broker for Power Metal Resources*\n\n**Strategic Minerals* (SML LN) 4.9p, Mkt Cap £132m – Improved tungsten recovery in latest metallurgical results from Redmoor**\n\n- Strategic Minerals has published metallurgical test results on material from the sheeted vein system (SVS) which hosts the current mineral resource at its Redmoor tungsten/tin/copper project in Cornwall.\n\n- The results, from Alfred H. Knight show improved recovery rates for tungsten trioxide compared to results from the 2020 Scoping study with recovery rising to 85.8% from the previous 72.0%.\n\n- Recovery rates for tin are 67.2% (previously 68.0%) and those for copper are 82.4% (previously 85.0%) while recovery for silver, which was first identified last year within the copper mineralisation during the relogging and resampling of historic samples, is reported at 58.7%.\n\n- The testing covered *“pre-concentration, flotation and gravity separation* … [as well as] … *hand magnetic separation of the final gravity concentrate … to demonstrate positive magnet response and separation of wolframite (paramagnetic) and cassiterite (non-magnetic)”*.\n\n- Today’s announcement confirms that insufficient sample volumes were available to *“perform a full-scale magnetic separation, and this will be targeted in future testwork”*.\n\n- Dennis Rowland, Managing Director of the operating company, Cornwall Resources, said that the metallurgical “*results further demonstrate the quality of mineralisation at Redmoor, with strong recoveries for the polymetallic mineralisation”.*\n\n- He welcomed the increased recovery rates for tungsten which is “*the primary economic driver of the project …* [and] *… is expected to positively feed into the project economics as part of the forthcoming MRE and updated Economic Assessment”.*\n\n- Mr. Rowland also confirmed that the silver, which will be *“recoverable as part of the copper float circuit, with 270g/t of silver recovered per ton of copper concentrate produced … will be counted as a credit on the copper concentrate”.*\n\n- He explained that the Alfred H. Knight work “*highlights a small number of additional testworks which can be carried out as part of follow-on testworks during the prefeasibility study, which are expected to study further improvements in the recoverability of tin and copper”.*\n\n- Earlier this week, Strategic Minerals reported the conclusion of a new drilling contract and the arrival of the first drilling rig to undertake a new phase of drilling at Redmoor.\n\n- An updated mineral resource estimate, based on additional information from the 2025 drilling, the relogging of historic material and the incorporation of recently validated drilling from the 1980s is expected later this month and it is encouraging that the metallurgical recoveries reported today “will be incorporated into the upcoming MRE and updated economic sensitivity assessment”.\n\n**Conclusion**: Metallurgical test results from the Redmoor project have shown improved recovery rates for the principal economic mineral, tungsten, and also shown that by-product silver can be recovered to the copper flotation concentrate.  The additional metallurgical work will be incorporated in the forthcoming mineral resource estimate as the site prepatres for the next phase of drilling.\n\n**SP Angel acts as Nomad and broker to Strategic Minerals*\n\n**LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:**\n\n**No1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –****[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)**** – 0203 470 0490**\n\n**Simon Beardsmore – ****[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)**** – 0203 470 0484**\n\n**Sergey Raevskiy –****[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)**** – 0203 470 0474**\n\n**Arthur Parish – [Arthur.Parish@spangel.co.uk](mailto:Arthur.Parish@spangel.co.uk) – 0203 470 0476**\n\n**Sales**\n\n**Richard Parlons –****[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)**** – 0203 470 0472**\n\n**Abigail Wayne –****[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk) ****– 0203 470 0534**\n\n**Rob Rees –****[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)****[ ](mailto:Rob.Rees@spangel.co.uk)****– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)****[ ](mailto:Rob.Rees@spangel.co.uk%20-)****– 0203 470 0471**\n\n**Prince** Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*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)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.\n\nThis note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.\n\nThis note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.\n\nThis note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. 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