{"id":141666,"title":"SP Angel – Today’s Market View, Friday 9th October 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-10-09T10:36:52+00:00","modified":"2026-10-09T10:36:52+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-9th-october-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-9th-october-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-9th-october-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/2026/09/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Gold gains as a strong US 30-year debt auction pulls Treasury yields back**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Caledonia Mining (CMCL LN) – Operating challenges curb Q3 production at the Blanket gold mine**\n\n**ECR Minerals (ECR LN) – Alluvial gold discovered in Queensland prospecting**\n\n**G Mining (GMIN CN) – 3Q26 strongest production YTD with 2026 target reiterated at 160-190koz**\n\n**Trekor Metals (TKO CN) – 3Q26 with Florence commercial production declared and 2026 guidance adjusted**\n\n**URU Metals* (URU LN) – Shareholder analysis puts the CEO as largest holder**\n\n**Gold (US$4,195/oz) gains as a strong US 30-year debt auction pulls Treasury yields back**\n\n- Gold rose 1.7%, recovering from a two-month low earlier this week.\n\n- A 30-year US debt auction on Thursday drew solid demand.\n\n- That pulled long-dated yields back from their highest in more than two decades.\n\n- Oil also eased after Trump said he would not attack Iran before the midterms.\n\n- The PBoC added about 23t of gold in September.\n\n**Copper (US$14,496/t) set for a weekly gain as China restocks and Centinela mine in Chile sees second day of strike**\n\n- Oil prices slide following Trump statement that he won’t attack Iran till after the Midterms\n\n- It’s just asking the IRGC to stage some sort of pre-emptive attack on the US navy or shipping in the area to damage Trump’s ratings\n\n- Chinese copper inventories are low after the national holiday, leaving room for restocking.\n\n- 5% of Chilean copper production is at risk from disruption according to a new study by GEM Mining Consulting.\n\n- And to prove the point workers at Antofagasta’s Centinela entered a second day of strike.\n\n- Unions say the stoppage will start affecting output within about two weeks.\n\n- Antofagasta are maintaining output projections for now but it’s too early for management to adjust their numbers.\n\n**Chile – Flooding in central region where 9mm of rain fell in 30 minutes**\n\n- Chile’s disaster-response agency put 11 districts on high alert for landslides ordering schools to close today.\n\n- Mapocho River, Santiago flooding overwhelmed the river banks: [https://www.bbc.co.uk/news/articles/ck5yn8jn677vo](https://spangel.email.streetcontxt.net/platform/al?a=14170370&ad=4982103613&h=y2ZurbI&sig=TB4OlXsdy4JioNX6kRjRS6DV1wU&v=2&url=https://www.bbc.co.uk/news/articles/ck5yn8jn677vo)\n\n- Fortunately, the weather should be better for the The Latin Rocks, mining conference in Santiago on Tuesday.\n\n- Mines close Santiago\n\nEl Teniente (Codelco) – world’s largest underground copper mine – 75km southeast of Santiago.\n\n- Los Bronces (Anglo) – major open-pit and underground copper mine to the north of Santiago.\n\n- Andina (Codelco) – open pit in high Andes ~65km northeast of Santiago.\n\n- El Soldado (Anglo) – open-pit ~130km northwest of Santiago\n\n- Los Pelambres (Antofagasta) – open pit ~200km north of Santiago\n\nWe would expect in-pit activity to slow or suspend in heavy rain though this should not have a material impact on production.\nLandslides, avalanche risk and flooding of facilities typically disrupts production for a few days.\nInundation of tailings facilities is a risk but many facilities are built to withstand 1,000-10,000-year rainfall events.\n\n**Nickel (US$15,665/t) Indonesia weighs a moratorium on smelters making half-processed nickel**\n\n- Indonesia is considering a moratorium on new smelters making intermediate nickel products.\n\n- The move follows a growing risk of oversupply in the global market for ferronickel, nickel pig iron, nickel matte and mixed hydroxide precipitate.\n\n- Most operating smelters in Indonesia process material around 50-60% with this material shipped overseas for added value.\n\n- Coordinating Minister Bahlil Lahadalia said the government will choose which industries continue as the government aims to back plants making finished products.\n\n- Verified smelter capacity under construction is ~320mt, someway ahead of the 2026 ore production quota of 260-270mt.\n\n**Anglo American warns on Brazil nickel closure if EU blocks MMG sale**\n\n- Anglo American told EU merger officials in Brussels it may push its Brazilian nickel business towards care and maintenance, then closure, if the Commission vetoes the up to $500m sale to MMG.\n\n- COO Ruben Fernandes positioned MMG — majority owned by state-owned China Minmetals — as the only credible buyer found.\n\n- The EU opened an in-depth probe in Nov 2025 over ferronickel supply diversion concerns; decision deadline is 30 November.\n\n- The sale is part of Anglo restructuring and a drive to focus on copper and iron ore along with a Teck merger scheduled to close by March 2027.\n\n**Lithium – Zimbabwe rules out delaying its January ban on concentrate exports**\n\n- Zimbabwe says there is no reason to delay the ban on lithium concentrate exports due in January 2027.\n\n- Producers had asked for more time to prepare.\n\n- Information Secretary Nick Mangwana said on X that producers have had ample time for the deadline.\n\n- Zimbabwe halted concentrate shipments in February to push domestic processing and curb illegal exports.\n\n- The restrictions were relaxed again in April.\n\n- Zimbabwe accounted for about 10% of global mined lithium production last year (USGS).\n\n- Chinese groups have driven the investment, with Sinomine and Yahua building lithium sulphate plants.\n\n- Huayou has already commissioned its own plant.\n\n**Sibanye tests AI/robotics for ultra-deep gold**\n\n- Sibanye-Stillwater is funding robotics and AI trials aimed at unlocking high-grade gold more than 3km deep in the Witwatersrand Basin.\n\n- Early results are described as encouraging.\n\n- CEO Richard Stewart said mechanisation, previously written off for these narrow-orebody mines, now looks feasible.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.10%** | **at** | **51,232** |\n| **Nikkei 225** |  | **-0.02%** | **at** | **69,031** |\n| **HK Hang Seng** |  | **+1.52%** | **at** | **24,147** |\n| **Shanghai Composite** |  | **+0.05%** | **at** | **3,814** |\n| **US 10 Year Yield (bp change)** |  | **+1.3** | **at** | **5.24** |\n\n**Currencies**\n\n**US$1.1231/eur vs 1.1191/eur previous. Yen 158.27/$ vs 158.23/$. SAr 16.525/$ vs 16.685/$. $1.324/gbp vs $1.320/gbp. 0.698/aud vs 0.695/aud. CNY 6.694/$ vs 6.703/$.**\n\n**Dollar Index 102.02 vs 102.30 previous.**\n\n**Economics**\n\n**Tech stocks sold off on Thursday following reports that OpenAI annualised revenue is lagging estimates.**\n\n- ChatGPT maker was reported to run at ~$50bn in annualised sales at the end of September which was below ~$70bn forecast, FT story read.\n\n- Data was shared as part of the Company’s fundraising efforts.\n\n- The Company is planning to raise $30bn or more at a $1.4tn valuation compared to the previous raise of $122bn at $0.85tn in March.\n\n- Philadelphia Semiconductor Index (SOX) dropped 3.4% yesterday.\n\n- Nasdaq was down 1.4%.\n\n- Most recent reports suggested that the $70bn target may be reached by year end driving a bounce back in tech names this morning.\n\n- OpenAI have recently said it will delay its IPO as the Company focuses on addressing safety concerns with its tech.\n\n**SpaceX acquired low band spectrum enabling it to become a “major mobile carrier” in the US.**\n\n- Shares in incumbent providers dropped including AT&T, T-Mobile and Verizon.\n\n**Brent pulled back to <$103/bbl as President Trump said the US will not attack Iran ahead of November midterm elections.**\n\n- Yields fell slightly on the news with 30y debt trading around 5.6%, down from 5.7% earlier on Thursday.\n\n- The news also helped 30y bond auction held yesterday with strong demand reported.\n\n- The sale was followed by a Treasury buyback covering $6bn of 20-30y bonds.\n\n**Inflation – in the real world**\n\n- I don’t know if many people watch their Amazon baskets as closely as I do\n\n- Having rebuilt my house post flooding in Storm Bertie (2024), I’ve had allot of fittings and stuff to buy.\n\n- Was interesting to see Amazon’s sellers ramp up prices ahead of the ‘Prime Day’ event and then watch those prices return to where they stated during the sale.\n\n- What surprised me was the post-Prime Day hike in prices for so many items with many items hiked higher than their pre-Prime Day levels.\n\n- Are they punishing consumers for not falling for their fake discounting or is it just a reason to jack up prices.\n\n- If China is deflationary for goods / consumer prices someone else is trying to raise margins in the supply chain!\n\n**Precious** **metals****:**\n\n**Gold US$4,195/oz vs US$4,120/oz previous**\n\n**Gold ETFs 101.3moz vs 101.2moz previous**\n\n**Platinum US$1,693/oz vs US$1,657/oz previous**\n\n**Palladium US$1,166/oz vs US$1,135/oz previous**\n\n**Silver US$60.5/oz vs US$59.0/oz previous**\n\n**Silver ETFs 801.2moz vs 801.9moz previous**\n\n**Rhodium US$9,000/oz vs US$9,000/oz previous**\n\n**Base**** metals:**\n\n**Copper US$14,496/t vs S$14,496/t previous**\n\n**Aluminium US$3,093/t vs US$3,106/t previous**\n\n**Nickel US$15,665/t vs US$15,620/t previous**\n\n**Zinc US$3,771/t vs US$3,760/t previous**\n\n**Lead US$1,877/t vs US$1,884/t previous**\n\n**Tin US$52,095/t vs US$53,180/t previous**\n\n**Energy****:**\n\n**Oil US$103.6/bbl vs US$103.7/bbl previous**\n\n- Energy prices edged lower ahead of the US Colombus Day weekend after President Donald Trump said that the US had re-entered discussions with Iran and would refrain from not attack the country ahead of the November elections.\n\n- US Henry Hub natural gas prices fell after the EIA reported an 85bcf w/w storage build to 3,500bcf, with US inventories 4% lower y/y and 2% above the five-year average, as LNG export capacity fell 23bcf to 119bcf (c.17bcf/d).\n\n**Natural Gas €78.4/MWh vs €80.1/MWh previous**\n\n**Uranium Futures $89.7/lb vs $89.8/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$90.9/t vs US$91.4/t**\n\n**Chinese steel rebar 25mm US$478.9/t vs US$479.2/t**\n\n**HCC FOB Australia US$267.0/t vs US$266.0/t**\n\n**Thermal coal swap Australia FOB US$147.8/t vs US$149.0/t**\n\n**Other****:**\n\n**Cobalt LME 3m US$39,245/t vs US$39,245/t**\n\n**NdPr Rare Earth Oxide (China) US$110,334/t vs US$110,320/t**\n\n**Lithium Carbonate 99% (China) US$18,725/t vs US$18,722/t**\n\n**China Spodumene Li2O 6%min CIF US$1,740/t vs US$1,740/t**\n\n**Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$2,845/mtu vs US$2,925/mtu**\n\n**China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu**\n\n**China Graphite Flake -194 FOB US$410/t vs US$410/t**\n\n**Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.4/lb**\n\n**Europe Ferro-Vanadium 80% US$26.6/kg vs US$26.1/kg**\n\n**China Ilmenite Concentrate TiO2 US$183/t vs US$183/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,171/t vs US$1,171/t**\n\n**Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t**\n\n**Germanium China 99.99% US$4,305.0/kg vs US$4,275.0/kg**\n\n**China Gallium 99.99% US$450.0/kg vs US$450.0/kg**\n\n**Europe Molybdenum Oxide 57% US$33.0/lb vs US$33.0/lb**\n\n**EV & Battery news****:**\n\n**BYD, the world’s largest EV producer and the second biggest batteries manufacturer, eyes Argentine lithium value chain**\n\n- The Company is considering investment in Argentina tied to the lithium value chain, with a focus on battery production and energy storage systems.\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -0.4% | -0.4% | **Freeport-McMoRan** | -1.0% | 2.7% |\n| **Rio Tinto** | 0.2% | -1.5% | **Vale** | -1.4% | -0.2% |\n| **Glencore** | 1.8% | 3.2% | **Newmont Mining** | 1.8% | 0.8% |\n| **Anglo American** | 1.6% | 0.2% | **Fortescue** | -2.8% | -5.3% |\n| **Antofagasta** | 2.3% | -3.0% | **Teck Resources** | -0.9% | -0.6% |\n\n**Caledonia Mining (CMCL LN) 1,725p, Mkt Cap £348m – Operating challenges curb Q3 production at the Blanket gold mine**\n\n- Caledonia Mining reports Q3 production of 17,030oz of gold at its Blanket mine in Zimbabwe bringing nine-month output to 49,158oz (Q3 2025 – 19,106oz and 58,846oz 2025 YTD).\n\n- The company attributes the lower gold output to *“a shortage of compressed air at certain high-grade, high-volume mining areas and a temporary increase in the gold inventory in the metallurgical plant”*.\n\n- Additional compressed air capacity has been achieved by the acquisition of *“four additional compressors”* as mining moves to *“the deeper 30 and 34 levels (990 and 1,110 meters below surface, respectively)** … *[although]* … there have been delays in the delivery and deployment of the four new compressors which has severely adversely impacted production at this crucial high-grade mining area”*.\n\n- In response to these challenging operating conditions, Caledonia Mining is reducing its *“production guidance for Blanket for FY 2026 from a range of 72,000 to 76,500 ounces to a range of 69,000 to 72,500 ounces”*.\n\n- Looking ahead, the company confirms that during October it has recovered *“approximately 1,100 ounces of gold temporarily retained within the metallurgical plant* … [and that the implementation of] … *the seven-day shift system* … [has] … *Improved mining flexibility and increased access to higher-grade mining areas”*.\n\n- Acknowledging that Q3 production *“as below our expectations** … *[CEO, Mark Learmonth said that Caledonia Mining expects]* …   production in the fourth quarter to benefit from improved access to higher-grade mining areas, the recovery from mid-October of approximately 1,100 ounces of gold retained within the metallurgical plant and the processing at Lima of additional ore arising from the seven-day shift system”.*\n\n- He explained that the remedial actions are *“intended to support more consistent production, improved grade and lower unit costs** … *[and said that]* … Blanket remains a robust and cash-generative operation … focused on delivering a stronger performance in the fourth quarter and implementing the operational improvements required to support production and cash generation in 2027”.*\n\n**Conclusion**: Operational challenges at the Blanket mine have prompted a downward revision of around 5% to 2026 production guidance. Remedial measures have been implemented to deliver more consistent performance through the balance of 2026 and in the future.\n\n**SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe*\n\n**ECR Minerals (ECR LN) 0.16p, Mkt Cap £6.4m – Alluvial gold discovered in Queensland prospecting**\n\n- ECR Minerals reports the discovery of coarse alluvial gold mineralisation in prospecting at its Brothers Creek prospect southeast of the Maddens Flat group of mines in north Queensland.\n\n- *“ECR has a 50% interest in the Maddens Flat Group of Mines”.*\n\n- *“**Prospecting using metal detectors in a 2,100m north-south zone incorporating the Brothers Mining Licence area has recovered multiple gold nuggets from 26 sites ranging from 0.1g to 12.3g in weight, particularly in the Brothers Creek, which drains directly into the alluvial mining area of the Brothers Mining Licence **“*.\n\n- The company plans to progress its exploration by testing *“the alluvial gravels across selected areas of the Brothers Mining Lease in order to better understand gold distribution, recovery characteristics and the potential scale of the opportunity**”*.\n\n- In the Brothers Creek area, there are also *“historic underground workings which provide longer-term hard-rock exploration and development potential* … [and recent exploration has] … *significantly improved the Company’s understanding of the historic underground workings, including surveying of Brothers and other mines within the field”*.\n\n- Technical Director, Mike Parker, said that *“we are reasonably confident that the hard-rock source of the gold is localised upstream and in the side creeks of the main Brothers Creek – so it’s a fertile area for gold localisation in veins as we have seen in many other localities at Maddens Flat Group of Mines**”.*\n\n**G Mining (GMIN CN) C$48, Mkt Cap C$14.2bn – 3Q26 strongest production YTD with 2026 target reiterated at 160-190koz**\n\n- The Company released preliminary 3Q26 production results from the Tocantinzinho Gold Mine (TZ) in Pará State, Brazil.\n\n- The mine delivered 45koz, +22%qoq, marking the strongest quarter YTD on higher grade and recoveries.\n\n- The plant processed 1.1mt at 1.33g/t and 92.0% met recoveries.\n\n- Gold sold 43.1koz.\n\n- YTD production 114koz.\n\n- A further increase in production expected in 4Q26 on accessing higher grade Phase 2 mineralisation.\n\n- 2026 guidance reiterated at 160-190koz with operations on track for midpoint.\n\n**Trekor Metals (TKO CN) C$11.8, Mkt Cap C$4.3bn – 3Q26 with Florence commercial production declared and 2026 guidance adjusted**\n\n- The Company released 3Q26 production results of its copper operations in BC (Canada) and Arizona (US).\n\n- Group production 41mlbs (~18.6kt) including:\n\nGibraltar (Canada) 34mlbs, +12%qoq on better grades and higher mill throughput\n\n- Florence (US) 7mlbs, +36%qoq as ISR operations continue to ramp up\n\nFlorence announced commercial production on October 6 becoming the world’s first greenfield commercial scale in-situ copper operation.\nInitial flow rates continue to exceed expectations with optimisation work ongoing to strike balance between wellfield flow and PLS grade.\nDrilling rates are slower than expected with wellfield expansion lagging budget by three months.\nFull capacity expected in early 2027.\n2026 guidance adjusted to 140-148mlbs, from 140-150lbs, including:\n\n- Gibraltar upgraded – 115-120mlbs from 110-115mlbs\n\n- Florence downgraded – 25-28mlbs from 30-35mlbs\n\n**URU Metals* (URU LN) 2.7p, Mkt Cap £4.0m – Shareholder analysis puts the CEO as largest holder**\n\n- URU Metals, who are advancing the Zeb nickel project in South Africa, report a shareholder register analysis.\n\n- The analysis was carried out independently and taken as at 30 September.\n\n- CEO John Zorbas is the largest holder on 13.00%.\n\n- Hargreaves Lansdown holds 12.39% and broker Axis Capital Markets 10.45%.\n\n- Interactive Investor holds 9.14% and Sharon Tansley 5.16%.\n\n- Halifax, Barclays Wealth, AJ Bell, Steven Geoghegan and J M Burne are each above 3%.\n\n- The ten disclosed holders account for 69.7% of the register.\n\n- The figures predate 50m placing shares admitted on or around 6 October.\n\n- Issued capital is now 146,963,703 shares, so holdings are diluted unless the holder took part.\n\n**SP Angel acts as Nomad and Broker to URU Metals*\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 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**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\nPrince 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=14170370&ad=4982103613&h=HIB4kp7&sig=Lxh0xSCTBqtcvYmKl9U7YlfBTG7&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"}