SP Angel -Today’s Market View, Monday 9th February 2026

Gold regains $5,000/oz mark as China urges its lenders to scale down US bond holdings

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – Drilling results from Lithium Ridge, Namibia

Aterian plc* (ATN LN) – Trading structure for tantalum concentrates from Rwanda

Cobra Resources (COBR LN) – Drilling programme at Manna Hill extended

Cornish Metals* (TIN LN) – Progress report from South Crofty confirms mid-2028 resumption of tin production

Fulcrum Metals (FMET LN) – Latest tests show improved recoveries for tailings from the Teck Hughes project

Kavango Resources* (KAV LN) – MRE for Bill’s Luck, Zimbabwe

Kodal Minerals* (KOD LN) – FLASH NOTE – From maiden production to scaled growth at Bougouni

Oscillate* (SRVL LN) – Kalahari Copper acquisition ahead of planned AIM listing

Phoenix Copper* (PXC LN) – Senior management suspensions

Rainbow Rare Earths (RBW LN) – Pilot plant test work delivers commercial quality rare-earth hydroxide product

Solgold (SOLG LN) – Company update

VOX video:  The most extraordinary week in commodities I’ve ever witnessed

• Podcast:  The Vox Markets Podcast

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

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

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer

Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1856/eur vs 1.1793/eur previous. Yen 156.69/$ vs 157.98/$. SAr 15.993/$ vs 16.165/$. $1.360/gbp vs $1.357/gbp. 0.703/aud vs 0.696/aud. CNY 6.928/$ vs 6.940/$.

Dollar Index 97.34 vs 97.86 previous.

Economics

China – Regulators called on banks to scale down holdings of US bonds.

• The call comes amid increasing concerns over the safe haven status of US debt under the policy changes of the Trump administration.
• Precious metals have been one of clear beneficiaries of more participants diversifying their holdings away from US debt.

Japan – PM Sanae Takaichi secures a landslide victory with the Liberal democratic Party winning316 of 465 seats in snap general elections over the weekend.

• The result is likely to reignite the so-called Takaichi trade driven by aggressive fiscal spending plans and cuts in taxes seeing the yen and debt selling off.
• Yields traded higher this morning (10Y 2.29% +6bp) while Nikkei surpassed 56,000 for the first time.

UK – Chief of Staff quits the Cabinet as the future of Premier Starmer as head of the government come into question.

• Morgan McSweeney is reported to have left the post over the appointment of Peter Mandelson as ambassador to Washington.
• McSweeney said he took “full responsibility” for his advice to hire the Labour veteran as US envoy.
• Betting platforms see chances of Starmer leaving before year end at >70%, nearly 20pp up from a week ago.
• The pound is little changed at 1.36 with longer term rates picking up (UK 10Y 44.55% +4bp).

Precious metals:         

Gold US$5,025/oz vs US$4,860/oz previous

   Gold ETFs 100.0moz vs 100.0moz previous

Platinum US$2,104/oz vs US$2,004/oz previous

Palladium US$1,733/oz vs US$1,644/oz previous

Silver US$81.7/oz vs US$73.6/oz previous

   Silver ETFs 848.5moz vs 848.5moz previous

Rhodium US$10,475/oz vs US$10,475/oz previous

Base metals:   

Copper US$13,080/t vs US$12,823/t previous

Aluminium US$3,082/t vs US$3,036/t previous

Nickel US$17,136/t vs US$16,960/t previous

Zinc US$3,342/t vs US$3,294/t previous

Lead US$1,957/t vs US$1,946/t previous

Tin US$46,293/t vs US$45,645/t previous

Energy:           

Oil US$67.5/bbl vs US$68.3/bbl previous

• The US Baker Hughes rig count rose 5 to 551 units last week (-35 or -6% y/y), with oil rigs up 1 to 412 units (-68 y/y) and gas rigs up 5 to 130 units (+30 y/y), with the Haynesville Basin adding 7 rigs w/w to 50 units (+20 y/y).

Natural Gas €32.7/MWh vs €34.7/MWh previous

Uranium Futures $85.7/lb vs $85.7/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$100.1/t vs US$99.1/t

Chinese steel rebar 25mm US$465.7/t vs US$465.7/t

HCC FOB Australia US$247.0/t vs US$247.0/t

Thermal coal swap Australia FOB US$116.0/t vs US$116.0/t

Other:  

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$108,075/t vs US$108,075/t

Lithium carbonate 99% (China) US$19,382/t vs US$19,382/t

China Spodumene Li2O 6%min CIF US$2,015/t vs US$2,015/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

China Tungsten APT 88.5% FOB US$1,553/mtu vs US$1,553/mtu

China Tantalum Concentrate 30% CIF US$121/lb vs US$121/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$25.2/kg vs US$25.2/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$262/t

US Titanium Dioxide TiO2 >98% US$2,908/t vs US$2,908/t

China Rutile Concentrate 95% TiO2 US$1,131/t vs US$1,131/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$367.5/t vs US$367.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

Company News:

Andrada Mining (ATM LN) 3.85p, Mkt Cap £74m –Drilling results from Lithium Ridge, Namibia

• Andrada Mining reports exploration drilling results from its Lithium Ridge JV with SQM in Namibia.
• Initial results confirm “high-grade lithium mineralisation from surface to drill depth, together with meaningful tin and tantalum mineralisation”.
• Among the results highlighted in today’s announcement are:

• A 9.63m wide intersection at an average grade of 2.12% Li₂O from a depth of 36.66m in hole LRD-003, including 5.74m, from 43.74m depth, at a grade of 3.02% Li₂O; and
• A 24.44m wide intersection at an average grade of 1.38% Li₂O from a depth of 55.44m in hole LRD-010. Including 14.75m at an average grade of 1.73% Li₂O from 79.44m; and
• A 16.81m wide intersection at an average grade of 1.51% Li₂O from a depth of 68.30m in hole LRD-011. Including 4.81m at an average grade of 1.98% Li₂O from 80.30m.

• Drilling also showed tin and tantalum intersections including:

• 2.57m averaging 1.98% tin and 227ppm tantalum from a depth of 70.88m in hole LRD-001; and
• 0.89m at an average grade of 1.33% tin and 247ppm tantalum from 88.46m in hole LRD-011.

• CEO, Anthony Viljoen, said that the drilling “results build on the recent high-grade grab sample results and show the continuity of lithium mineralisation at depth”.
• As well as demonstrating the continuity of the lithium mineralisation, he said that they show “the substantial polymetallic potential with meaningful tin and tantalum credits that will enhance project economics”.
• Mr. Viljoen explained that the drilling programme for an estimated “14 000 metres of orientated diamond core drilling across 120 planned drill holes” is progressing “on schedule”.

Aterian plc* (ATN LN) 29p, Mkt Cap £4.3m – Trading structure for tantalum concentrates from Rwanda

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• In what Executive Chairman, Charles Bray, describes as “the most significant commercial agreement the Company has entered into since listing on the LSE” Aterian Plc has announced Heads of Terms for a “transformational strategic commercial and funding partnership relating to the sale, marketing, and funding of its Rwandan-origin tantalum concentrates”.
• The agreement, which is expected to start this month, provides a “50/50 profit and loss share on international sales of tantalum concentrates, providing direct exposure to global pricing and margins” expanding trading capacity and establishing “Centralised international marketing, sales, and logistical support to global end customers”.
• Mr. Bray said that the agreement will ease existing working capital constraints and secure Aterian “within the global tantalum supply chain, providing direct exposure to international pricing, margins and long-term commercial relationships … [establishing] … a scaled, institutional-grade trading platform capable of rapidly growing volumes while maintaining disciplined risk management and full compliance”.

Conclusion: Revised trading arrangements for tantalum concentrates from Rwanda are expected to start later this month providing a platform for international expansion of the trade.

*SP Angel acts as Broker to Aterian Plc

Cobra Resources (COBR LN) 4.55p, Mkt Cap £42m – Drilling programme at Manna Hill extended

• Cobra Resources reports that visual inspection of drill cuttings from the first 13 holes (2,300m) of its reverse-circulation drilling programme at the Manna Hill project in South Australia has prompted it to add up to a further 5 holes to the programme.
• The cuttings show visible primary copper and molybdenum mineralisation ”in multiple drillholes and mapped at scale beyond defined mineralisation at Blue Rose”.
• The additional drilling is intended to “gain further geological and geochemical detail of the greater porphyry system” and is expected to be completed next week with initial assays expected in March.
• Previous drilling at the Blue Rose prospect at Manna Hill reported in today’s announcement included assay results of up to 2.2% copper over 47m from 11m depth and wider intersections of up to 132m at an average grade of 0.52% copper from 8m depth.
• Managing Director, Rupert Verco, said that “Whilst visual observations are not results, the geological observations being made from this drilling programme to date are encouraging for a scalable copper discovery”.

Conclusion: Encouraging visual results from the current drilling at the Manna Hill project in South Australia have prompted a decision to add an additional  holes to the programme.

Cornish Metals* (TIN LN) 143.5p, Mkt cap £176m – Progress report from South Crofty confirms mid-2028 resumption of tin production

• Cornish Metals has provided a progress report on its work to reestablish tin production at the South Crofty mine in Cornwall.
• Confirming that initial tin production remains on track for mid-2028, today’s announcement also confirms completion of the mid-shaft pumping station in the New Cook’s Kitchen (NCK) shaft following pump installation, continuation of the mine de-watering and shaft refurbishment.
• Pre-production development on the 290 level of the mine “is being brought forward to commence in Q3 2026 … [providing] … access to Roskear shaft for through-ventilation and secondary egress”.
• The pre-production development of 290 Level, at a depth of approximately 530m, will establish the mining infrastructure for the early stages of production and helps to de-risk the resumption of production.
• Surface earthworks at the 610m deep Roskear Shaft, approximately 850m west of the NCK shaft, are now underway as “we continue to advance South Crofty towards production”.
• Today’s announcement also confirms shallower underground development is underway on the 25 Level, around 45m below surface to “establish the sub-terranean skip discharge and rock handling facilities for the NCK shaft rock-hoisting system”.
• CEO, Don Turvey, explained the increased timetable flexibility and risk mitigation of the work on 290 level and noted that “Further de-risking options are constantly being reviewed”.
• He also noted the tightness of the tin market which has driven recent strong prices and shown “the need for new and secure mined tin supply that South Crofty can deliver”.

Conclusion: The latest progress report from South Crofty confirms the resumption of tin production in mid-2028 and describes the risk-mitigation impact of current workstreams.

*SP Angel acts as Nomad to Cornish Metals

Fulcrum Metals (FMET LN) 9.25p, Mkt Cap £12m – Latest tests show improved recoveries for tailings from the Teck Hughes project

• Fulcrum Metals reports gold recovery rates of up to 78% in testing of material from its Teck Hughes Mine tailings project near Kirkland Lake, Ontario.
• The tests by Extrakt Process Solutions using “of innovative cyanide-free technologies to recover precious and critical metals from mine waste” showed a 31% increase in gold recovery compared to earlier results and also recovered “multiple co-products including up to 95% silver, 96% tellurium, 85% copper and 20% gallium”.
• The announcement attributes the improvement in gold recovery rates to limited additional grinding of the feed material, taking it to 54µm in size and “requiring only 10 minutes of grind time”.
• It also explains that “Increasing leaching temperature consistently improved recoveries of all metals”.
• CEO, Ryan Mee, said that the “Extrakt technology has delivered results which significantly upgrades the economic potential of our Teck Hughes project and supports effective site rehabilitation”.
• He confirmed that Fulcrum Metals is “in discussions with Extrakt on further steps to optimise recoveries and monetise a wider range of co-products”.

Kavango Resources* (KAV LN) 0.85p, Mkt Cap £32m – MRE for Bill’s Luck, Zimbabwe

• Kavango Resources has issued preliminary, JORC-compliant mineral resource estimate for the former Bill’s Luck mine in Zimbabwe.
• The mine, which was worked “between 1916 and 1950 … produced around 17,000 oz/Au at an average grade of 7.7 g/t”  and is now reporting 33,900oz of contained gold resources at a cut-off grade of 0.5g/t.
• Today’s announcement describes:

• A ‘Measured’ resource of 24,000t at an average grade of 3.3g/t hosting 2,600oz; and
• An ‘Indicated’ resource of 154,000t at an average grade of 2.7g/t (13,400oz); and
• An ‘Inferred’ resource of 215,000t at an average grade of 2.6g/t (18,000oz).

• The estimate is based on both surface and underground drilling and sampling including 24 surface diamond drill holes (6,721m), 35 surface reverse circulation drillholes (4,646m) and 30 underground diamond drill holes (~1,704m).
• Drilling “has intersected the currently mined “Main Reef”, as expected, but has also confirmed the presence of an additional “reef” structure adjacent to and parallel with the “Main Reef” that is also mineralised … [as well as additional mineralisation ] …. in both the hanging wall and footwall”.
• Mineralisation at Bill’s Luck is hosted in “steeply NNE-dipping anastomosing shear zones, and the intrusive contact between the metasedimentary rocks and the Balmoral mafic intrusives … [with] … gold-bearing veins occasionally … [carrying] … sulphides (pyrite and chalcopyrite)”.
• The announcement confirms that the MRE for Bill’s Luck brings “the total JORC-compliant gold resource within Hillside to 52,900 oz, building on 19,000 oz at Kavango’s Nightshift project” which was announced in October last year.

Conclusion: An initial MRE for the old Bill’s Luck mine brings the overall resource for Kavango’s Hillside project in Zimbabwe to over 50,000oz of gold.

*An SP Angel Analyst holds shares in Kavango

Kodal Minerals* (KOD LN) 0.40p, Mkt Cap £81m – FLASH NOTE – From maiden production to scaled growth at Bougouni

BUY – 0.86p

CLICK FOR PDF

• We update on Kodal Minerals, the only AIM listed pure play hard rock lithium producer, highlighting latest developments at the Bougouni Lithium Mine in southern Mali and expansion plans amid a strong recovery in lithium prices.
• Bougouni Lithium Mine (32% KOD) was commissioned in early 2025 and is ramping up Stage 1 (DMS) production to ~120ktpa SC5.5 (~110ktpa SC6), making Kodal the second only lithium producer in the country.
• Stage 2 (FLO) commissioning is targeted for late 2028 and is expected to increase output to ~240ktpa SC5.5 (~220ktpa SC6), supported by a 32Mt @ 1.06% Li2O MRE and a medium-term resource target of 50Mt.
• Stage 2 is expected to deliver higher tonnage at lower unit costs (~220ktpa SC6 at ~$700/SC6 FOB AISC vs ~110ktpa SC6 at ~$750/SC6 FOB AISC for Stage 1) and one of the lowest capital intensities among hard-rock flotation projects (~$94/ore vs >$300/ore peer average).
• At $1,750/SC6 CIF, we estimate ~$190M Revenue and ~ $110M EBITDA pa under Stage 1, rising to ~$375M revenue and ~$225M EBITDA pa following Stage 2 commissioning (100% interest basis).
• ~$190M Stage 2 capex (SPAe; mid point of the guided $175-200M range) is estimated to be self-funded from Stage 1 cash flows at >$1,700/SC6 CIF, with current spot prices >$2,000 providing a meaningful funding buffer.
• Stage 1 (DMS) is expected to deplete by mid-2029 on the current MRE, with scope to extend feed via additional DMS-amenable material, including Boumou, offering downside protection if Stage 2 is delayed.
• Recent fiscal and security developments in Mali raises jurisdiction risk, although, Bougouni continues to operate and export without disruption.
• Strong strategic backing from Hainan Mining (JV partner and ~15% shareholder) that fully funded the Stage 1 (DMS) with a $100M investment and holding 100% offtake from Stage 1 (Stage 2 remains uncontracted and may be used in project funding discussions if required) and continues to provide operational and financial support.
• Leverage to lithium price recovery with base case valuation assuming $1,750/SC6 CIF, below current spot prices, offering meaningful upside to NAV and cash generation if prices remain elevated.
• Solid balance sheet with ~£15M cash (Dec/25) and no bank debt.

Valuation: Risked NAV ~US$230M and TP 0.86p at $1,750/SC6 CIF (base case) implying ~115% potential upside and supporting a BUY recommendation. ~$290M and 1.08p at $2,000/SC6 CIF. Kodal offers compelling upside driven by Stage 1 ramp-up, self-funded Stage 2 expansion and further resource growth potential. A sustained lithium price recovery and successful delivery of the FLO expansion could support valuation upside to >1.0p and beyond, underpinning our positive view on the stock.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Oscillate* (SRVL LN) 0.55, Mkt Cap £2m – Kalahari Copper acquisition ahead of planned AIM listing

• The Company, operating under the name Serval Resources, signed a Sale and Purchase Agreement to acquire 100% in Kalahari Copper Limited (KCL), a large landholder in two emerging copper belts in Namibia and Botswana
• KCL holds an extensive portfolio of exploration assets in the Kaoko Belt in Namibia (four licenses for 789sqkm) and the Kalahari Copper Belt in Botswana (17 licenses for 1,453sqkm).
• The acquisition is subject to a number of conditions as well as regulatory approvals and to be completed in parallel with the proposed AIM listing.
• The Kaoko Basin is interpreted as an extension of the major Central African Belt prospective for sediment hosted copper and silver mineralisation.
• KCL completed more than 9,000m of drilling on license areas with multiple intersections returning Cu-Ag mineralisation from surface providing immediate targets for follow up work.
• The Kalahari Copper Belt license areas are located next to major operations like Khoemacau (MMG) and Motheo (Sandfire) exploiting sediment hosted Cu-Ag deposits.
• The Company believes that KCL licenses are underlain by similar perspective geology and will target unexplored basin margins and strike extensions of existing deposits.
• Consideration:
  • £2m cash (can be deferred at 15%pa interest and convertible into shares at a discount)
  • 30% of the Company at AIM admission in shares
  • Up to £9m in milestone payments (six £1.5m tranches with three for each in Namibia and Botswana) linked to a maiden JORC MRE, PFS and FID outcomes
  • Serval also to grant the seller a 1.9% NSR royalty on copper production from the Namibia/Botswana licenses, plus additional participation rights and options.
  • Sellers will get two 3% options with 3y and 5y from completion of the acquisition exercise period and exercisable following maiden JORC MRE with Measured and Indicated resources on any of the Namibian licenses.
• The deal is conditional on regulatory approvals and a minimum £5m equity raise.
• Additionally, Andrew Benitz (CEO Jersey Oil & Gas, ex-Deutsche Bank, M&A/ECM experience) and Richard James (Chartered Accountant, ex-PWC, extensive junior mining CFO track record, Africa/Central Asia/North America experience) to join the Company as Non Executive Director and CFO, respectively.

Conclusion: The KCL acquisition represents a transformational deal for Oscillate/Serval providing the Company with a sizeable exposure to copper across two highly prospective African copper belts in Namibia and Botswana.

*SP Angel acts as Broker to Oscillate/Serval

Phoenix Copper* (PXC LN) 0.95p, Mkt Cap £5.8m – Senior management suspensions

(Phoenix holds 80% of the Empire mining property in Idaho)

• Phoenix Copper reports the immediate suspension of its Executive Chairman, Marcus Edwards Jones and Chief Financial Officer, Richard Wilkins as it investigates “allegations made in relation to Mr Edwards-Jones’s and Mr Wilkins’s recent conduct and certain historic payments made to Lloyd Edwards-Jones S.A.S., the Company’s former Corporate Finance Adviser”.
• Today’s announcement confirms that “during the period of Mr Edwards-Jones’s and Mr Wilkins’s suspension, the Company has put interim financial oversight arrangements in place while it advances the appointment of an interim CFO”.
• Interim arrangements pending a formal appointment “will be supported by Catherine Evans, Chair of the Audit Committee and Ryan McDermott, CEO, as well as by other members of the Board and senior management team to ensure operational continuity”.
• The announcement confirms that “the Board believes its current cash balances will provide sufficient working capital to meet ongoing obligations until early Q2 2026 … [and that Phoenix Copper] … is currently considering a range of both short term and longer term funding options”.

*SP Angel acts as Nomad to Phoenix Copper

Rainbow Rare Earths (RBW LN) 18.25p, mkt Cap £113m – Pilot plant test work delivers commercial quality rare-earth hydroxide product

• Rainbow Rare Earths reports that its recently commissioned large scale pilot plant in Johannesburg has produced around 2kg of a commercial quality “high-grade mixed rare earth hydroxide” product
• The results from “the optimised Phalaborwa primary flowsheet” have delivered a “higher-grade than the industry norm, being ca. 55% TREO, versus the Chinese specifications for a mixed rare earth carbonate at ca. 42 to 44% TREO”.
• Rainbow Rare Earths says that “this high-grade product has been confirmed as an ideal feed stream into the planned solvent extraction (“SX”) separation circuit in order to produce NdPr oxide and a SEG+ product that is rich in medium and heavy REE, each at +99.5% purity”.
• “By delivering these separated products, Rainbow intends to capture more of the value chain by going further downstream than many REE projects”.
• CEO, George Bennett, described the pilot plant result as “an important de-risking event for the project”.

Conclusion: Production of a commercial quality high-grade rare earth hydroxide product from its Johannesburg pilot plant shows the potential to derisk the project and capture additional value

An SP Angel analyst recently visited the Rainbow pilot process plant in Johannesburg and will report on its operation.

Solgold (SOLG LN) 28p, Mkt Cap £840m – Company update

• The Company reconfirmed support for a recommended cash offer (28p) from Jiangxi Copper (JCC) announced late last year.
• Directors unanimously recommend the deal.
• BHP, Newcrest, Maxit Capital, DGR Global and Directors including Nicholas Mather representing ~35% of interest have provided irrevocable undertakings to vote in favour of the deal.
• The Company highlighted the need to raise additional funding by 2Q26 to progress development activities unless the deal closes on currently planned timetable.
• The funding is likely to be in the form of new equity “to be done at a material discount to the JCC Offer Price”.
• The Company had US$34m as at SepQ25.
• The Company also reports it has not received any expressions of interest since the current Offer Period commenced 28 November 2025.
• The vote on the deal is scheduled for 23 February.
• Separately, the Company reports that an infill and step out diamond drilling programme was completed at the Tandayama Deposit, part of the Cascabel Project, Ecuador.
• Final assays have been received for all drill holes in the 2025 programme.
• Results confirmed continuity of Cu-Au mineralisation at depth while extensions to the mineralisation were intersected outside of pit limits

Conclusion: The Company reiterates major shareholders’ and Directors’ support for the 28p cash offer from Jiangxi Copper ahead of the vote in late February. The Company highlighted no alternative bids and a potential equity raise at a discount to the offer price should the get delayed or voted down.

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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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.

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