{"id":134147,"title":"SP Angel – Today’s Market View, Friday 27th March 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-03-27T11:12:17+00:00","modified":"2026-03-27T11:12:17+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-27th-march-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-27th-march-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-27th-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&ssl=1","format":"news","language":"en-GB","content":"**Gold holds new level despite wider risk-off market volatility**\n\n**MiFID II exempt information – see disclaimer below**\n\n**80 Mile Plc* (80M LN) –– Greenland Energy Company starts trading in the US**\n\n**AngloGold Ashanti (AU US) – Arthur PFS outlines 500kozpa over 9 year LOM**\n\n**Cora Gold (CORA LN) – ~£16m raise completion and Board changes**\n\n**GreenRoc Strategic Materials Plc (GROC LN) – Anode active material MoU and €1m drawdown on EIFO loans**\n\n**Power Metal Resources* (POW LN) – Drill testing begins at 6km uranium target**\n\n**Switch Metals (SWT LN) – Update on maiden MRE for Issia Project**\n\n**Unity Metals* (UM1 AU) – Maiden assays from Ngot Gold, Cambodia**\n\n**Gold ($4,425/oz) holds new level despite wider risk-off market volatility**\n\n- Gold prices have stabilised above $4,400/oz, having rebounded from last week’s aggressive dip to $4,100/oz.\n\n- The metal held steady yesterday despite a wider market sell-off, which saw the Nasdaq 100 fall 2.4% and the VIX jump 5%.\n\n- It is encouraging to see gold lose its recent correlation to risk-on assets like US Tech and Bitcoin.\n\n- Reports yesterday confirmed a large Turkish Central Bank gold sale in the wake of the US-Israel attack on Iran.\n\n- This may be a theme of the War as emerging market central bankers look to shore up their currencies with bullion sales.\n\n- However, to us, the key driver for a sustained gold rally will remain Chinese incremental gold purchases in a bid to diversify their reserves.\n\n**Iran – US and Israel remove the Iran Foreign Minister Parliament Speaker from target lists for up to four or five days as in relation to possible negotiations.**\n\n- A Pakistani official said Israel removed them from its target list following a request from Pakistan to the US (Reuters)\n\n- Iran has since said that mediated messages do not constitute talks with Washington.\n\n- Iran has also declares the Strait of Hormuz closed warning any ships transiting through will face ‘harsh measures’\n\n- Negotiating with the US or Israel is an extremely risky thing to do for any Iranian and we suspect the Iranian officials run a high risk of being murdered by other factions within the Iranian regime.\n\n- State media is reported to be increasingly reporting growing support from government hardliners to quit the Non-Proliferation Treaty and seek development of nuclear weapons.\n\n**Iran threatens to target its own infrastructure if Iran’s enemies occupy one of its islands**\n\n- While many of the regime have enjoyed the riches of Iran’s oil for many years there are others who will not hesitate to bomb their economic resources.\n\n- Reports suggest the Pentagon is preparing options for a decisive strike which may include ground forces and a large-scale bombing campaign.\n\n- Including ground operations deep inside Iranian territory to secure highly enriched uranium, with escalation possible if talks fail and the Strait of Hormuz remains closed.\n\n- Iran is trying to link any ceasefire on a halt in strikes on Hezbollah in Lebanon.\n\n- The relationship between Hezbollah and Iran runs both ways with Hezbollah very closely interlinked with the Iranian regime.\n\n- That would link an end to the war with a halt to the IDF offensive in Lebanon.\n\n**This week we met with two specialist Persian / Iranian experts**\n\n- Roger Macmillan had just presented a policy briefing to the House of Lords on the Iranian situation\n\n*See link for Roger’s policy briefing: *[https://www.lfi.org.uk/unleashing-hell-time-to-ban-tehrans-terror-army/](https://spangel.email.streetcontxt.net/platform/al?a=12878129&ad=4102470762&h=vFEUpeR&sig=Xe5Ro3uLsKl9xbolPpDZxocBstN&v=2&url=https://www.lfi.org.uk/unleashing-hell-time-to-ban-tehrans-terror-army/)\n\n- Willie Reeve was a former BBC and Reuters correspondent in Kabul for many years and has previously worked as an engineer in Iran.\n\n- Here follows a summary and thoughts on the situation in Iran and how it might play out:\n\n**Iran – Regime change of some sort sounds likely – but what sort of regime will follow?**\n\n- The current regime and IRGC-QF are guilty of systemic violence with evidence of crimes against humanity executed by the IRGC-QF.\n\n- The Iranian state has honed its instruments of repression to a level which is difficult for the people to overcome.\n\n- **Regime change **is unlikely to happen in the short term as the IRGC is currently tightening its grip on the country.\n\n- Reza Pahlavi is waiting in the wings for an uprising however he has not, as yet, achieved critical mass nor is the timing right for the people to stand up to the IRGC.\n\n- The MEK ‘Mujahideen-e Khalq’ are not an option for the future leadership of the country\n\n- Regime change to a secular, western-leaning democracy will happen – the question is when.\n\n- Trump has allegedly been talking to representatives of one of these groups which may or may not include the speaker of the Iranian parliament, however this is robustly denied by the Islamic Republic.\n\n- If the Speaker has been talking to the American then this will cause problems as he is not empowered to take decisions.\n\n- **Communication** is extremely difficult in Iran with GPS jamming making it difficult for Starlink systems to lock onto overhead satellites.\n\n- The problem is that as the narrow beam used by Starlink terminals misses its target the beam broadens in an attempt to find its satellite.\n\n- This can enable the IRGC to track down Starlink terminals and apprehend their operators.\n\n- **Lessons learnt** from Iraq and WWII is that pardoning the people / mechanics running state entities such as water, power and other essential services is important to avoid outright collapse of the state and a chaotic aftermath.\n\n- Bombing has probably weakened the IRGC to a point where it struggles to function, though its brutality may be just as harsh.\n\n- Public support by the US for any entity in Iran carries a high risk of turning the people against it.\n\n**Conclusion: **Whichever group gains the upper hand, it will need to draw-in support from remaining forces and factions while appearing to counter US and Israeli action.\n\nThe question is, has the US / Israeli coalition broken enough of the IRGC-QF to enable a more moderate group to gain the upper hand?\n\n**Ferrari flying cars to clients in the Middle East (FT)**\n\n- The Iranian situation has prompted Ferrari to fly cars to clients in the Middle East in preference to shipping through the Strait of Hormuz.\n\n**How the Iran conflict is reshaping global commodity markets – IG TV: **[https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA](https://spangel.email.streetcontxt.net/platform/al?a=12878129&ad=4102470762&h=ZeR2ik9&sig=ON9983uAtY26zn0qJ2wvbYhU6Ve&v=2&url=https://youtu.be/oE6-k3hQDsM?si%3DsXBMY_UOZpvMP8EA)\n\n**Oil, LNG and helium – what the Middle East conflict means for energy markets – IG TV: **[https://www.youtube.com/watch?v=FlMVGvbgE9o](https://spangel.email.streetcontxt.net/platform/al?a=12878129&ad=4102470762&h=xif8TGV&sig=WC0A4KejamoqKXC96igalbg6e8n&v=2&url=https://www.youtube.com/watch?v%3DFlMVGvbgE9o)\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **-1.01%** | **at** | **45,960** |\n| **Nikkei 225** |  | **-0.43%** | **at** | **53,373** |\n| **HK Hang Seng** |  | **+0.38%** | **at** | **24,952** |\n| **Shanghai Composite** |  | **+0.63%** | **at** | **3,914** |\n| **US 10 Year Yield (bp change)** |  | **+4.2** | **at** | **4.45** |\n\n**Currencies**\n\n**US$1.1521/eur vs 1.1558/eur previous. Yen 159.84/$ vs 159.45/$. SAr 17.143/$ vs 17.029/$. $1.331/gbp vs $1.335/gbp. 0.690/aud vs 0.694/aud**\n\n**CNY 6.912/$ vs 6.903/$. Dollar Index 99.99 vs 99.74 previous**\n\n**Economics**\n\n**US – President Trump extended the deadline for striking Iran’s energy infrastructure by 10 days.**\n\n- Trump wrote the pause was requested by Tehran with the new target set to April 6.\n\n- US President claimed that discussions are ongoing and progress “very well”.\n\n- This is the second extension with previous deadlines set at March 23 and March 27.\n\n- Tehran denied reports it sought an extension.\n\n- The extension followed one of the worst daily in US equities in the last two months.\n\n- S&P was down 1.7% at a six month low with Nasdaq off 2.4% marking a 10% drop since reaching its peak in October.\n\n- The extension failed to dial down the nervousness in the market with Brent continuing to trade over $100 and VIX futures over 26.\n\n- Around 10,000 additional US troops and five warships are reported to be on route to the region.\n\n- This includes ~4,400 marines and thousands of elite army paratroopers.\n\n**China – Industrial profits climbed 15.2%yoy in the first two months of the year, compared to a 0.6% increase in 2025.**\n\n- Fastest growth was reported in such industries as computer, communication and other electronic equipment manufacturing (+200%) and non ferrous metal smelting and processing (+150%).\n\n- Growth outlook is dependent on development in the Middle East.\n\n**Precious metals****:**\n\n**Gold US$4,434/oz vs US$4,438/oz previous**\n\n**   Gold ETFs 98.2moz vs 98.2moz previous**\n\n**Platinum US$1,864/oz vs US$1,882/oz previous**\n\n**Palladium US$1,381/oz vs US$1,392/oz previous**\n\n**Silver US$69.0/oz vs US$69.1/oz previous**\n\n**Silver ETFs 807.0moz vs 807.2moz previous**\n\n**Rhodium US$10,800/oz vs US$10,800/oz previous**\n\n**Base metals****:   **\n\n**Copper US$12,196/t vs US$12,194/t previous**\n\n**Aluminium US$3,271/t vs US$3,244/t previous**\n\n**Nickel US$17,280/t vs US$17,230/t previous**\n\n**Zinc US$3,092/t vs US$3,068/t previous**\n\n**Lead US$1,900/t vs US$1,893/t previous**\n\n**Tin US$45,310/t vs US$44,280/t previous**\n\n**Energy****:**\n\n**Bets for Brent over $150 in April are gaining momentum as the war in the Middle East continues to disrupt energy logistics.**\n\n- Open interest for April Brent $150 call options increased to nearly 29,000 contracts (1,000 barrels each), that is up on ~3,400 a month ago.\n\n**Oil US$109.9/bbl vs US$104.8/bbl previous**\n\n- Energy prices edged lower after US President Trump extended the deadline for a planned strike on Iranian energy infrastructure by ten days to April 6 to allow for further negotiations.\n\n- Henry Hub prices edged higher after the EIA reported a 54bcf w/w storage draw to 1,829bcf, with US inventories now 5% above last year’s level and 1% above the five-year average as LNG export vessel capacity was flat w/w at 134bcf.\n\n- Oil Company executives at the CERAWeek energy conference in Houston told investors that they had no current plans to increase output unless oil prices stayed elevated for a longer period, as the cycle time from when you begin and then make a decision to add rigs to ultimately drilling and producing and getting to market can be a year-long process.\n\n**Natural Gas €56.4/MWh vs €54.1/MWh previous**\n\n**Uranium Futures $84.3/lb vs $84.4/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$106.9/t vs US$107.4/t**\n\n**Chinese steel rebar 25mm US$464.9/t vs US$465.4/t**\n\n**HCC FOB Australia US$223.5/t vs US$223.0/t**\n\n**Thermal coal swap Australia FOB US$141.0/t vs US$140.8/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$103,088/t vs US$103,214/t**\n\n**Lithium carbonate 99% (China) US$21,775/t vs US$21,657/t**\n\n**China Spodumene Li2O 6%min CIF US$2,040/t vs US$2,040/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$2,443/mtu vs US$2,373/mtu**\n\n**China Tantalum Concentrate 30% CIF US$258/lb vs US$258/mtu**\n\n**China Graphite Flake -194 FOB US$420/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$28.8/kg vs US$29.1/kg**\n\n**China Ilmenite Concentrate TiO2 US$257/t vs US$257/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$1,136/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$382.5/t vs US$382.5/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** | 0.3% | 6.1% | **Freeport-McMoRan** | -2.2% | 4.1% |\n| **Rio Tinto** | 1.5% | 4.3% | **Vale** | -1.3% | 2.2% |\n| **Glencore** | -0.9% | 1.4% | **Newmont Mining** | -2.1% | 0.2% |\n| **Anglo American** | -0.4% | 6.0% | **Fortescue** | 1.7% | 6.5% |\n| **Antofagasta** | -1.2% | 2.0% | **Teck Resources** | -3.4% | 3.4% |\n\n**80 Mile Plc* (80M LN) – 1.2p, Mkt cap £57m – Greenland Energy Company starts trading in the US**\n\n- 80 Mile PLC reports Pelican Acquisition Corp. has completed its acquisition of GEL ‘Greenland Exploration Limited’ which is owned by March GL.\n\n- The business has started trading under Greenland Energy Company (GLND N).\n\n- The consolidation of Pelican, GLND, and March GL into a single US-listed entity focused on the development of the Jameson liquid hydrocarbon project in East Greenland.\n\n- GLND can earn up to a 70% of Jameson by funding 100% of the costs associated with drilling two exploration wells at Jameson.\n\n- 80 Mile will retain a 30% interest through its wholly owned subsidiary White Flame Energy A/S.\n\n- GLND has a market capitalisation of US$345m on NASDAQ implying a notional value of ~US$104m for 80 Mile’s retained 30% interest in the Jameson oil and gas exploration license area.\n\n- We look forward to the start of drilling and results thereon.\n\n**SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management*\n\n**AngloGold Ashanti (AU US) $86, Mkt Cap $44bn – Arthur PFS outlines 500kozpa over 9 year LOM**\n\n- AngloGold Ashanti reports PFS results for its Arthur Gold Project in Nevada.\n\n- The study unveils 88mt at 1.75g/t Au reserves for 4.9moz Au supporting a 9 year mine life.\n\n- The project will host a 7mtpa milling facility and a 5.5mtpa crushed heap-leach circuit from a conventional open pit.\n\n- CAPEX of $3.6bn for a 13mtpa plant producing 500kozpa at AISC of $954/oz.\n\n- The project returns a post-tax NPV5 of 3.4bn at $3,500/oz Au.\n\n- The project also holds an MRE at Merlin hosting 1moz Au Indicated and 5.5moz Au inferred.\n\n- Feasibility level studies have begun.\n\n- Management notes the Arthur Gold Project is ‘*a cornerstone of our strategy to build a world-class, long-life production platform in the US.’*\n\n**Cora Gold (CORA LN) 8p, Mkt Cap £40m – ~£16m raise completion and Board changes**\n\n- The Company reports the passing of all necessary EGM resolutions to close the £15.m equity raise announced earlier in February.\n\n- The raise comprises\n\n£13.7m (~228m shares) investment from Eagle Eye Asset Holdings, a Singapore registered family office;\n\n- £2m (~33m) retail offer.\n\nEagle Eye will hold ~29.9% interest in the Cora post raise.\nAryann Gupta, a representative of Eagle Eye, to be appointed as NED and a member of the audit committee.\nSeparately, Adam Davidson currently acting as NED will be appointed Chair of the Board replacing Edward Bowie who will remain as NED.\nProceeds will be used to advance Sanankoro Gold Project development in southern Mali.\n\n**GreenRoc Strategic Materials Plc (GROC LN) 5.0, Mkt cap 14m – Anode active material MoU and €1m drawdown on EIFO loans**\n\n- GreenRoc Strategic Materials reports the signing of an MoU with an AAM ‘Active Anode Material Producer’.\n\n- The AAM producer supplies to major global automotive OEMs and battery cell manufacturers.\n\n- GreenRoc’s MoU relates to a Technology Licence Agreement to enable GreenRoc to coat and test spheronised purified graphite  made from graphite from the Amitsoq mine.\n\n- The ultimate product will be coated SPG at Greenroc’s planned plant in Norway.\n\n- A Technology Licence Agreement will follow on from the testing phase and enable GreenRoc to add a ‘market-leading’ coating technology at the final coating stage of AMM production.\n\n- GreenRoc are also running pre-tests on a subsample from the 18t bulk sample collected from Amitsoq last year.\n\n- **Management are also preparing:**\n\nDrill campaign for 2026.\n\n- EIA leach tests on Amitsoq material.\n\n**AAM Pilot Plant**\n\n- Hydrofluoric acid (“HF”)-free purification optimisation test work\n\n- Installation of power, wiring and other expenses in warehouse related to plant installation\n\n- Payment of purification plant\n\n- Acquisition of test instruments for QC on spherical graphite production.\n\n**Funding: **Management also report the drawdown of ~900k of EIFO loan funds.\nA further €3,301,825 of funds remain available within the loan facility.\nFunds should over the 2026 Phase III drilling programme, processing of the full 18t bulk graphite ore sample and construction and operation of the AAM pilot plant in Denmark.\n**PFS: **The Amitsoq Mine Prefeasibility Study should start before the year-end.\n\n**Conclusion: ** GreenRoc are making good progress towards production of Active Anode Materials for Li-ion batteries in Norway using graphite material from the Amitsoq mine in Greenland. “From little acorns grow mighty oaks”\n\n**Power Metal Resources* (POW LN) 14p, Mkt Cap £16m – Drill testing begins at 6km uranium target**\n\n- Power Metal Resources reports the start of their maiden drill programme at East Hawkrock Uranium Property.\n\n- East Hawkrock lies within the Fermi JV in Saskatchewan.\n\n- The 2,500m diamond drilling programme is intended to test high-grade unconformity-related uranium mineralisation.\n\n- Target generation has been supported by four geophysical surveys and one radon in water survey.\n\n- These unveiled a six-kilometre conductive corridor, with uranium deposition potentially associated with structurally complex zones along these types of horizons.\n\n- The Project holds similar geological features to other uranium deposits in the region, hosting a pelaeoweathered zone at the uncomformity beneath the contact of Athabasca sandstone and Aphebian basement rocks c. 170-220m.\n\n- Historic hydrogeochemical results highlighted elevated radon and methane gases near the unconformity, indicating the potential for fluid movement.\n\n- The drilling programme is expected to be finished by mid-April, and should boost the Company’s understanding of the underlying geology and support further targeting.\n\n**Conclusion: **Power Metals’ Fermi JV are undertaking a maiden drilling programme at the East Hawkrock Uranium Project. Strong foundations for discovery have been laid by widespread geophysical surveys and radon-in-water results, providing strong targets that warrant testing. The anomalous target is one of Fermi’s largest across their portfolio, boosting the prospectivity of an economic discovery. Drilling at Badger Lake continues concurrently.\n\n**SP Angel acts as Nomad and Broker to Power Metal Resources*\n\n**Switch Metals (SWT LN) 11p, Mkt Cap £17m – Update on maiden MRE for Issia Project**\n\n- Switch Metals, who are advancing the Issia tantalum and lithium project in Cote d’Ivoire, provide an update on MRE timing.\n\n- The Company has completed the washing programme required for the tantalum MRE at Issia, with the MRE due in the coming weeks.\n\n- A first MRE will be issued for eluvial and colluvial targets, followed by an incremental update incorporating tantalum-rich eluvial and colluvial targets.\n\n- A final update will be reported for the alluvial drainage targets at the project.\n\n- Following the first MRE delivery, Switch will begin economic studies through 2026, with a goal of generating early cash flows.\n\n- Management notes record high tantalum prices and sustained growing demand, emphasising the potential for Issia to provide ‘*conflict-free tantalum’* in Cote d’Ivoire.\n\n**Unity Metals* (UM1 AU) A$0.23, Mkt Cap A$33bn – Maiden assays from Ngot Gold, Cambodia**\n\n- Unity Metals reports assays from its maiden drill programme at the Ngot Gold Project in Cambodia.\n\n- The Company has unveiled stacked zones of stockwork quartz-pyrite-arsenopyrite veins in diorite and extending from surface.\n\n- They note mineralisation similar to the style seen at the neighbouring Okvau Mine to the north.\n\n- Assay highlights from six holes include:\n\n26DDNC006: 0.5m at 18.4g/t Au from 15m and 1m at 22g/t Au from 126m\n\n- 26DDNC002: 5m at 3.2g/t Au from 35m (inc. 0.4m at 35g/t Au)\n\nUnity notes assays are pending from an additional 10 holes at Ngot Central.\nAt the Rohav Mountain target, Unity notes 20-50m of mineralisation intersected, with assays due in April.\nThe programme is currently 60% complete and remains on track for completion end of April 2026.\n\n**SP Angel analyst(s) hold shares in Unity Metals*\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. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.\n\nDistribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.\n\nWhere the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.\n\nSPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).\n\nSPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.\n\nMiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.\n\nA full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=12878129&ad=4102470762&h=HIB4kp7&sig=ESLJd6gyvomkCFstwWr6XkW9vfG&v=2&url=http://www.spangel.co.uk/legal-and-regulatory-notices.html). If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange."}