Warsh’s hawkish speech knocks gold back as US attacks IRGC missiles and assets in Iran
MiFID II exempt information – see disclaimer below
Bradda Head Lithium (BHL LN) – Surface assays up to 3.90% Li2O as Phase 3 drilling starts at Whistlejacket
Great Southern Copper (GSCU LN) – Scout drilling hits 106m at 0.33% Cu from surface at Especularita
Hamak Strategy* (HAMA LN) – Withdrawl of trading from US OTC Venture Market
KEFI Gold and Copper* (KEFI LN) – Board changes
Liontown (LTR AU) – Earn in agreement to acquire 100% in Centenario Lithium Brine Project in Argentina
Mkango Resources* (MKA LN) – BUY – Quarterlies highlight magnet recycling business development progress along with Remploy acquisition completion
Tertiary Minerals* (TYM LN) – Silver-copper mineralisation confirmed in assays near surface at Target A1, Mushima North
Gold ($4,421/oz) – Warsh’s hawkish speech knocks gold back as US attacks IRGC missiles and assets in Iran
- US forces struck an island in the Strait of Hormuz, and Iran hit back at the UAE and Jordan.
- Oil prices jumped higher on the news raising inflation prospects higher.
- US Treasury yields rise as sell off in bond markets continues.
- Fed Chairman, Kevin Warsh’s speech caused traders to price a >60% chance of a rate rise at September meeting.
- Many in the market are now looking towards two 0.25% rate rises by the year-end.
Copper rises towards all-time-high
- Copper touched $14,525/t last week just off January’s all-time-intraday high of $14,527.50/t
- Chilean copper production fell to 403,424t in in July and its lowest level since 2011 vs 445,322t yoy and 447,336t in June due to heavy storms attributed to El Niño
- Storms shut Antofagasta’s Los Pelambres and Lundin’s Caserones, and both have cut their guidance.
- Traders keep shipping copper into the US ahead of a possible import tariff, draining stocks in London.
- Comex stocks reached ~688kt on 31 August, almost three times LME levels (Bloomberg).
Nickel ($16,865/t) – Indonesia’s biggest producers talk about cutting output
- Tsingshan, GEM, Lygend and Huayou met last week to discuss cutting output at their Indonesian HPAL plants (Bloomberg).
- One idea is a 30% cut each, though nothing has been agreed.
- Indonesia supplies more than 60% of world nickel, with HPAL plants making ~450kt last year.
- HPAL plants use acid under high pressure to turn low-grade ore into battery-grade nickel.
- Sulphur is their biggest cost problem, at ~10t used for every tonne of nickel made (Red Door Research).
- Plants buy ~75% of that sulphur from the Middle East, where war has driven prices up.
- Government has set the 2026 ore quota at ~260-270mt, down from 379mt in 2025.
Lithium – LG locks up most of a new US supply source
- LG Energy Solution will buy 8,000tpa of lithium carbonate from Smackover Lithium for ten years from 2029.
- Smackover, owned by Equinor and Standard Lithium, pulls lithium from brine in Arkansas.
- With the Trafigura deal in March, ~90% of the project’s output is now sold.
Antimony – Australia opens a new mine outside Chinese supply
- Larvotto has started production at Hillgrove in New South Wales.
- The mine is planned at 4,900t of antimony and 40,500oz of gold a year over eight years.
- The Company puts that at ~7% of world demand and more than half of supply outside China.
- Antimony hit a record above $59,000/t in May 2025 but has since fallen by more than half.
Gallium – US funds a new plant in Australia
- Gallium, mainly used in semiconductors, diodes, solar cells, alloys and medical applications as well as radar amplifies and missile guidance.
- China makes ~98% of the world’s gallium and banned direct sales to the US in 2024.
- The US Department of War will lend Alcoa $174m to build a gallium plant in Western Australia.
- It should make ~100t a year, with building started last month.
- Alcoa’s partners are Japan’s Sojitz and the Japan Organization for Metals and Energy Security.
| Dow Jones Industrials | -0.70% | at | 53,186 | |
| Nikkei 225 | -0.15% | at | 66,215 | |
| HK Hang Seng | -0.86% | at | 25,346 | |
| Shanghai Composite | -0.16% | at | 3,980 | |
| US 10 Year Yield (bp change) | +2.6 | at | 4.78 |
Currencies
US$1.1598/eur vs 1.1645/eur previous. Yen 159.98/$ vs 159.45/$. SAr 16.119/$ vs 15.970/$. $1.354/gbp vs $1.359/gbp. 0.716/aud vs 0.720/aud. CNY 6.723/$ vs 6.721/$.
Dollar Index 99.54 vs 99.20 previous.
Economics
Inflation – What happens when China stops exporting deflation to the West
- The West is struggling to hold back domestic inflation due to rising energy, labour and other domestic costs.
- But the deflationary cost of Chinese exports is helping western retailers and assemblers hold their costs down.
- Chinese factories are lowering costs due to overcapacity and low domestic demand, related to low consumer confidence and a weak property market.
- But, at some stage China will re-stimulate Consumer confidence (dual circulation) and domestic demand.
- China is currently addressing overcapacity through its ‘Anti-Involution’ policy in key sectors of Solar, EVs and Lithium and Battery Storage Systems
- Manufacturers may then shift their sales to focus on domestic markets leaving Western buyers to compete more aggressively to buy Chinese products at higher prices.
- The removal of the disinflationary impact of lower export prices will have a marked impact on Western inflation.
US – Kevin Warsh signalled the Fed is prepared to raise rates in inflation does subside in the near term at the Jackson Hole address last week.
- The central bank would have “work to do” if price rises did not ease shortly, FT cited Warsh comments.
- Labour market was broadly robust while “n the price-stability side of our mandate, the numbers are more concerning”.
- He said the central bank had missed its 2% inflation goal for 65 months.
- “Here is my standard: we must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed… otherwise, we have work to do”.
- Odds of a hike in September jumped to 62% from 35% the previous day following the speech.
- The US$ climbed dragging risk assets and dollar denominated precious metals lower.
Japan – The yen hits 160 while 10y bond yields reached the highest in 30 years on ongoing concerns for nation’s fiscal health.
- Japan’s 10-year yield hit 3% for the first time since 1996.
- The Japanese defence ministry submitted a record budget for next fiscal year while PM’s flagship stimulus plan involves high government spending and tax cuts.
- Expectations are rising for the central bank to announce another hike this year.
UK – Manufacturing PMI eases to 51.7 in August from 51.9 but remains firmly in growth territory
- Manufacturing output continued to expand in the UK against the expectation of many.
- Export demand also firmed on rising orders from China, the US, Middle East and Western Europe.
- Employment continued to rise driven by ongoing strong orderbooks.
- Business optimism rose to a six-month high with ~50% of manufacturers forecasting rising production over the next year.
- Investment goods saw strongest growth.
- But small manufacturers saw output and new orders fall.
- Consumer-goods production also fell.
- Input price inflation slowed for a third straight month to weakest since February.
- Supplier delivery delays were least severe in six months with a pause in the Iran / US conflict.
- Costs input pressures remain from energy and supply issues.
Precious metals:
Gold US$4,421/oz vs US$4,610/oz previous
Gold ETFs 98.9moz vs 98.9moz previous
Platinum US$1,809/oz vs US$1,877/oz previous
Palladium US$1,356/oz vs US$1,376/oz previous
Silver US$66.4/oz vs US$70.8/oz previous
Silver ETFs 801.3moz vs 801.2moz previous
Rhodium US$9,050/oz vs US$8,850/oz previous
Base metals:
Copper US$14,362/t vs US$14,321/t previous
Aluminium US$3,269/t vs US$3,233/t previous
Nickel US$16,865/t vs US$16,880/t previous
Zinc US$3,967/t vs US$3,933/t previous
Lead US$1,910/t vs US$1,913/t previous
Tin US$55,590/t vs US$55,425/t previous
Energy:
Oil US$91.8/bbl vs US$89.0/bbl previous
- Crude oil prices edged higher after the US and Iran exchanged military strikes over the weekend for the first time in a month, further threatening the path to reopening the Strait of Hormuz.
- The US Baker Hughes rig count was flat at 588 units last week (+52 or +10% y/y), with oil rigs down 5 to 447 units (+35 y/y) and gas rigs up 5 to 132 units (+13 y/y), as the Canada rig count declined by 5 w/w to 211 units (+36 y/y).
- The US and Venezuela have reached an agreement over development of 17 fields with more than 65bnb of proven oil reserves in the Orinoco Belt and Lake Maracaibo producing regions that will involve a partnership with private industry to develop them. There was no disclosure on the structure of the transaction or how the US would exercise control.
Natural Gas €70.5/MWh vs €68.8/MWh previous
Uranium Futures $89.4/lb vs $90.4/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$99.4/t vs US$98.5/t
Chinese steel rebar 25mm US$464.8/t vs US$463.3/t
HCC FOB Australia US$282.0/t vs US$238.5/t
Thermal coal swap Australia FOB US$137.8/t vs US$137.8/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$108,217/t vs US$109,139/t
Lithium Carbonate 99% (China) US$22,982/t vs US$22,393/t
China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t
Ferro-Manganese European Mn78% min US$1,060/t vs US$1,040/t
Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$3,075/mtu vs US$3,075/mtu
China Tantalum Concentrate 30% CIF US$233/lb vs US$228/mtu
China Graphite Flake -194 FOB US$390/t vs US$390/t
Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb
Europe Ferro-Vanadium 80% US$25.1/kg vs US$25.1/kg
China Ilmenite Concentrate TiO2 US$194/t vs US$203/t
US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t
China Rutile Concentrate 95% TiO2 US$1,168/t vs US$1,168/t
Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t
Germanium China 99.99% US$4,225.0/kg vs US$4,225.0/kg
China Gallium 99.99% US$440.0/kg vs US$440.0/kg
Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb
EV & Battery news:
Europe adds 8.8GW of wind capacity in H1 2026, up 30% yoy, but WindEurope warns momentum is fragile
- Europe installed 8.8GW of new wind capacity in H1 2026, up 30% yoy, across the EU plus 13 other countries including Turkey, Ukraine, and the UK, with the region on track for a potentially record 24.1GW of total 2026 expansion if policy conditions hold.
- WindEurope CEO Tinne Van der Straeten warned that permitting volumes have declined in several major markets, including Spain, France, the UK, Italy, and Ireland, calling on Brussels and national governments to stabilise permitting rules and roll out the EU grids package.
- Governments awarded 17.2GW of wind capacity in auctions in H1, split between 8.8GW onshore and 8.4GW offshore, while turbine manufacturers received 10.6GW of firm orders, down 12% yoy, with the onshore share at 7.8GW.
- Europe’s wind capacity has doubled over the past decade, and wind and solar generated more EU electricity than fossil fuels for the first time last year.
BYD’s flash charging network hits 10,000 stations, halfway to year-end target
- BYD opened its 10,000th flash charging station in China on Friday, at its flagship site in Shenzhen’s Longhua district, doubling the network’s size in under 5 months since reaching 5,000 stations on 1ˢᵗ April.
- The company reiterated its target of 20,000 stations by year-end, meaning it needs to build another 10,000 stations over roughly the next 4 months, or about 80 a day, more than twice its average pace over the past 5 months.
- Of the planned 20,000 stations, 18,000 will be built with charging network partners and 2,000 deployed along highways.
- The network has delivered a cumulative 210m kWh of electricity to over 1.83m users, with drivers from other brands accounting for nearly a third of total users.
- BYD’s next-generation charger, unveiled in March, delivers up to 1,500kW per connector and, paired with its second-generation Blade Battery, can charge a vehicle from 10-97% in 9 minutes.
- BYD is also expanding the network overseas, having built its first UK stations, with plans for 300 there by year-end.
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 0.9% | -1.2% | Freeport-McMoRan | -0.9% | -2.6% |
| Rio Tinto | 1.5% | -1.0% | Vale | 0.4% | 0.3% |
| Glencore | 2.3% | 2.8% | Newmont Mining | -1.5% | -4.4% |
| Anglo American | 0.0% | 3.6% | Fortescue | -1.6% | -1.7% |
| Antofagasta | 0.2% | 1.9% | Teck Resources | -1.9% | -2.8% |
Bradda Head Lithium (BHL LN) 2.12p, Mkt Cap £12m – Surface assays up to 3.90% Li2O as Phase 3 drilling starts at Whistlejacket
- Bradda Head reports the last batch of 2026 surface sampling at Whistlejacket, held under an option to joint venture with Kennecott.
- Assays:
- 41 rock samples ran from 0.01% to 3.90% Li2O
- 19 came in above 0.50% Li2O, 15 above 1.00% and 13 above 1.50%
- The best sample came from a 4m thick flat-lying pegmatite southeast of the main targets
- All samples ran below 1.0% Fe, most below 0.4%
- Elevated tantalum, niobium, caesium and rubidium point to a well-fractionated pegmatite system
- Bradda Head reports the last batch of 2026 surface sampling at Whistlejacket, taking the total to 303 samples.
- Targets:
- The work adds three target areas east and southeast of the ground explored so far
- Targets A and B are steep pegmatites 1-6m wide, Target C is flat-lying
- Target A already has permitted drill sites and access roads
- Phase 3 drilling has started, the first campaign run by Bradda after two by Kennecott.
- It will test the continuity, geometry and scale of the pegmatites at depth, including targets never drilled before.
- Executive Chair Ian Stalker commented: “The combination of high-grade lithium assays, low iron content and strong LCT geochemical signatures continues to reinforce our confidence.“
Great Southern Copper (GSCU LN) 2.8p, Mkt Cap £22m – Scout drilling hits 106m at 0.33% Cu from surface at Especularita
- Great Southern Copper reports first assays from scout drilling at Especularita in coastal Chile.
- The programme ran 17 holes for 2,474m across four targets, with four holes now reported.
- Artemisa North, hole RC009:
- 106m at 0.33% Cu and 42ppm Mo from surface
- Including 54m at 0.46% Cu and 20m at 0.57% Cu, both from 16m
- Copper oxide runs to ~54m, passing into chalcopyrite and bornite at depth
- The hole ended in mineralised granodiorite, with the zone open in all directions
- Other holes:
- RC011 at Victoria returned 14m at 0.23% Cu and 0.18g/t Au from 6m, including 2m at 0.85% Cu
- RC001 and RC002 at Piedras Blancas ran up to 0.13% Cu
- The rocks carry potassic alteration, which the Company reads as the signature of a porphyry copper system.
- Especularita already hosts two earlier discoveries, high-grade Cu-Ag at Cerro Negro and gold at Viuda.
- Assays are pending for the remaining 13 holes, with mapping at Artemisa North starting now.
- CEO Sam Garrett commented: “This result validates the Company’s aggressive ‘drill-early’ exploration strategy.“
Hamak Strategy* (HAMA LN) 0.4p, Mkt Cap £2.8m – Withdrawl of trading from US OTC Venture Market
- Hamak Strategy reports the withdrawl of its shares from the US OTC Venture Market where the costs of the listing are not justified by the trading activity.
- Management remain focussed on advancing the Akoko Gold Project in Ghana, developing its wider West African gold portfolio and continuing to execute its disciplined Digital Asset Treasury Management strategy.
- Hamak is working on a new PEA for the recently estimated 210,430oz Akoko gold resource in Ghana. The PEA is for a open pit, heap-leach mining operation of the near surface oxide zones.
- An updated investor presentation is available at: https://hamakstrategy.com
*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy if Hamak elects to acquire Akoko.
KEFI Gold and Copper* (KEFI LN) 1.2p, Mkt Cap £162m – Board changes
- Danny Callow joins the Board as an independent NED.
- Callow has extensive operational experience in Africa with previous roles including Head of African Copper Operations for Glencore, CEO of Mopani Copper Mines and Mutanda Copper Mine in Zambia and the DRC, COO of Consolidated Copper Corp.
- The Last seven years, he was involved with Toubani Resources, a gold developer in Mali, initially as COO before becoming CEO, transitioning to Executive Chairman, and more recently to the of NED.
- Callow is replacing the vacancy left by the retirement of Richard Robinson.
- The Company also announces that the plans are to find a CEO with the current Executive Chairman to become Non-Executive Chairman at around the start of production at Tulu Kapi (Company target mid-2028).
*SP Angel act as Nomad and Broker to KEFI Gold and Copper
Liontown (LTR AU) A$1.3, Mkt Cap A$3.9bn – Earn in agreement to acquire 100% in Centenario Lithium Brine Project in Argentina
- The Company announced an earn into Centenario lithium brine exploration project in Argentina (Salta).
- The strategic partnership with NEXT Lithium complements the operating Kathleen Valley hard rock mine in Australia (WA).
- The project is located next to the Pozuelos-Pastos Grandes Project (Lithium Argentina/Ganfeng) and Centenario-Ratones operation (Eramet).
- Kyle Stevenson, NEXT CEO, co-founded Millenial Lithium that was acquired for ~U$380m to Lithium Americas (Lithium Argentina pre split) in late 2021.
- Milestone payments include:
- US$5m in cash and US$10m in shares initial consideration
- Phase 1 (49% interest) US$15m funding project expenditure over 24m from completion
- Phase 2 (51% interest) US$15m payment to NEXT within 90d of earning 49%
- Phase 3 (75% interest) US$25m funding project expenditure over 24m from Phase 1
- Phase 4 (up to 100% interest) up to US$125m payment to NEXT contingent MRE size (US$25/LCE for the first 3mt at >350mg/L and US$10/LCE for >3mt at >350mg/L)
- Payment to NEXT can be made in cash/shares/combination of two at NEXT’s discretion.
- Liontown must complete Phase 4 if interest in the project goes to 75% as part of Phase 3.
- Commenting on the deal, Liontown CEO Tony Ottaviano said the investment marks a low cost entry into lithium brine.
Mkango Resources* (MKA LN) 37p, Mkt Cap £147m – Quarterlies highlight magnet recycling business development progress along with Remploy acquisition completion
BUY
- The Company released quarterly results updating on the progress at its portfolio of REE mining/separation and magent recycling/manufacturing assets.
- HyProMag UK has produced 10.1t of recycled NdFeB alloy powder to date from the commercial-scale HPMS vessel at Tyseley, Birmingham.
- Lower HPMS throughput was recorded as the operational focus has been on HPMS debottlenecking, ramp up optimisation and improvements, scrap feedstock test runs, recruitment and staff training.
- Steady state production is expected to be reached by YE ahead of the stat of the scale up to 100-350tpa.
- FS started for a phased expansion to a minimum of 1,000tpa NdFeB magnets and alloys.
- HyProMag Germany (Pforzheim) has commissioned its HPMS vessel, jet mill and transverse/axial presses, producing first pressed NdFeB magnet blocks.
- The site is fully permitted for 750tpa.
- Commissioning of the Texas Hub is now phased, with magnet finishing targeted for H1 2027 using magnet blocks sourced from the UK and Germany and the integrated HPMS section for Q2 2028
- PAT -US$3.0m (1H25: -US$3.7m)
- G&A -$4.7m (1H25: -$2.6m)
- CFO -$3.3m (1H25: -$1.4m)
- Capex -$1.8m (1H25: -$0.9m)
- Closing cash $13.6m (Dec25: $3.1m) following a $15.5m raise in April and little in the form of debt ($900k convertible loan related to the MKAR Nasdaq listing and $1.6m in outstanding leases)
- Separately, the Company completed acquisition of the Remloy Rare Earth Magnet Recycling business from Heraeus Amloy Technologies for €8m in cash.
- The Company paid €5m on completion from its existing cash resources.
- The balance of €3m is payable in cash two years, on 28 August 2028.
- Remloy runs a medium loop recycling process processing rare earth magnets via melting.
- The process is complementary to patented HPMS short loop recycling process.
- Remloy recycles magnets to produce NdFeB alloy powders for the bonded and hot deformed magnet markets.
- Remploy runs a plant in Bitterfeld, Germany, with a targeted capacity of at least 500tpa NdFeB alloy powder.
- Fully commissioned facility also includes a stockpile of end of life rare earth magnets (345t).
- The focus is on small scale production for product optimisation, generation of samples for qualification and potential offtakes.
- Mkango highlights a series of potential synergies between Germany based HyProMag operations and Remloy
*SP Angel acts as Nomad and Broker to Mkango Resources
Tertiary Minerals* (TYM LN) 0.07p, Mkt Cap £5.0m – Silver-copper mineralisation confirmed in assays near surface at Target A1, Mushima North
- Tertiary Minerals report “thick, near surface silver-copper mineralisation” at the Discovery Zone, Target A1, Mushima North.
- The results are the first from a new 39 hole (3,639m) Reverse Circulation drill program from the northern section of the Exploration Target to support a new Mineral Resource.
- Drilling was limited to 128m vertical depth due to a higher-than-expected water table.
- The first five drill holes confirm near surface, thick silver-copper-zinc mineralisation.
- The drill assays also confirm the presence of the higher-grade ‘Discovery Zone’ on which Tertiary has estimated a JORC Exploration Target of 15-30mt grading 40-60 g/t silver eq.
- The new intersections appear to support the continuity of surface silver-copper-zinc oxide mineralisation in the Exploration Target.
- Mushima North is 28km east of Moxico’s new Kalengwa copper mining operation where high-grade ore of ~11% copper was sold for direct smelting in the 1970s.
- Assays:
-
- 66m at 37 g/t Ag, 0.28% Cu and 0.27% Zn (58 g/t Ag eq. or 0.97% copper eq.) from 7m downhole
- 73m at 27 g/t Ag, 0.23% Cu and 0.25% Zn (45 g/t Ag eq.) from 9m downhole
- 57m at 38 g/t Ag, 0.20% Cu and 0.31% Zn (55 g/t Ag eq.) from 34m downhole
- 7m at 56 g/t Ag, 0.48% Cu and 0.27% Zn (89 g/t Ag eq.) from 81m downhole
- 6m at 51 g/t Ag, 0.48% Cu and 0.23% Zn (84 g/t Ag eq.) from 71m downhole
- 2m at 16 g/t Ag, 1.48% Cu and 0.13% Zn (107 g/t Ag eq.) from 89m downhole
- Bismuth also encountered in one drill hole. Antimony and cobalt are also seen to be present.
- 6m at 0.32% Bi, 0.32% Co, 15 g/t Ag and 0.22% Cu from 79m downhole (26TMNRC-047).
- Highest grade of bismuth (0.53%), antimony (0.11%) and cobalt (0.39%) intersected to date.
- The assays appear to represent economic silver grades for near surface mineralisation
- Higher-grade mineralisation ed zone from 81m downhole of 7m at 89 g/t silver equivalent (1.49% copper eq.) suggests potential for a larger and more valuable open-pit operation.
- Copper eq. and silver eq. were calculated assuming copper at US$11,000/t, silver: US$57/oz, zinc: US$3042/t and 100% recovery rates.
Conclusion: These are very promising assay results, confirming a significant portion of the estimated JORC Exploration Target and offering potential for a slightly deeper higher-grade copper zone.
We look forward to the next batch of assay results and to the potential for further extension of the estimates resource.
*SP Angel acts as Nomad and Broker to Tertiary Minerals
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Analysts
John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
| 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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A full analysis is available on our website here 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).
SPA 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
SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange
