SP Angel – Today’s Market View, Monday 9th March 2026

Gold holds steady despite wider market volatility as Iran conflict continues

MiFID II exempt information – see disclaimer below

Cobra Resources (COBR LN) – Encouraging early results from recent drilling at Manna Hill, Australia

Focus Xplore (FOX LN) – Fund raising and Board changes

Fulcrum Metals (FMET LN) – £550k funding to advance cyanide free recovery of precious metals

KEFI Gold and Copper* (KEFI LN) – BUY – Tulu Kapi project development accelerates

Kenmare Resources (KMR LN) – Mozambique escalates negotiations over Implementation Agreement

Mkango Resources* (MKA LN) – HyProMag commissions second hard disk drive pre-processing unit in UK

NGEx Minerals (NGEX CN) – Adit approved enabling underground drilling

Pan African Resources (PAF LN) – Acquisition of Emmerson to consolidate Tennant Creek JV

Phoenix Copper* (PXC LN) – Investigation has resulted in the dismissal of the former Chairman and the former CFO

Rox Resources (ROX AU) – Debt funding commitments for Youanmi Gold Project

Serval Resources* (Oscillate PLC) (SRVL LN) – Botswanan licences renewed and final tranche of Pulsar Helium shares received

Gold ($5,100/oz) holds steady despite wider market volatility as Iran conflict continues

• Gold prices edged lower but remain flat vs last week’s level as traders assess the Iran war implications.
• Gold prices touched $5,047/oz in early trading before recovering somewhat to hold steady over the $5,100/oz mark.
• The dollar’s strength is likely pressure metals prices, with the dollar index rising again to 99.3, up 2.8% over the past month.
• Gold is likely facing selling pressure from continued degrossing, with the Nikkei down over 5% overnight, Kospi down 6% and Nasdaq futures down another 1.1% today.
• S&P VIX futures are up again today and sitting up 33% over the past week.
• Ultimately escalating conflict between US and Iran should be bullish gold in the long term, once volatility eases.
• We see the continued theme of dollar reserve diversification in favour of gold, particularly from ‘non-friendly’ nations like China, as likely to continue in the wake of the recent events in Iran.
• Miners are getting hit again in today’s trading (GDX down 2.7% pre-market), perhaps reflecting concerns over increased OPEX from higher fuel costs.
• However, margins should remain elevated despite increased AISC pressures if gold takes another leg higher, perhaps retesting recent highs of $5,600/oz.

Oil price rises to >$100/bbl as Iran promotes Mojtaba Khamenei to Ayatollah and Supreme leader

• It looks as if Mojtaba Khamenei was prepared for the role by his father and the “the power behind the robes” according to US diplomatic cables.
• President Masoud Pezeshkian apologised to neighbouring nations for recent missile strikes though Iran continues to bombard the same countries.

US to escort ships through the Strait of Hormuz

• The Straits normally see some 21mbbs per day representing ~ 20% of global oil consumption.
• ~200 tankers which are not under sanction are awaiting passage
• Oil prices to hit $150/bbl if the Strait of Hormuz is not reopened within two to three weeks
• Oil prices of >$200/bbl are seen as fundamentally damaging to the global economy. (China holds 1.2bn bbls of onshore crude)
• US sends ‘WTF’ message to Israel after bombing of oil storage facilities in Iran.
• Israel say they attacked oil facilities in Iran to stop the fuelling of missile launches.
• If Iran bombs Saudi Arabia’s Abqaiq processing plant, the UAE’s Upper Zakum field, and Kuwait’s Al-Zour refinery then oil prices may go straignt to $200.bbl due to longer disruption of fuel supplies.

Interviews – IG TV Indaba interview: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

• Commodity Markets Weekly: https://youtu.be/OEvjlwDdmQ8?si=Ej5UcV91750ErDPk
• VOX video:  The most extraordinary week in commodities I’ve ever witnessed
• New commodities cycle: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

Currencies

US$1.1532/eur vs 1.1607/eur previous. Yen 158.57/$ vs 157.61/$. SAr 16.883/$ vs 16.583/$. $1.332/gbp vs $1.337/gbp. 0.699/aud vs 0.704/aud.

CNY 6.918/$ vs 6.898/$. Dollar Index 99.35 vs 98.97 previous

Economics

Markets took against the appointment of Mojtaba Khamenei as the Supreme Ayatollah

US – Fed look likely to hold interest rates at meeting scheduled for 18^th March

• Sticky core inflation + higher oil prices likely to raise inflation for the duration of the operation in Iran
• Preliminary Q4 nonfarm productivity qoq rose 2.8% vs 5.2% in Q3
• Unit labour costs rose 2.8% in Q4 vs a fall of -1.8% in Q3
• Key data this week: Consumer Inflation Expectations, CPI, Core PCE Price Index, GDP Q4, 2nd Estimate

China – CPI jumps to 1.3% yoy from 0.2% yoy as Lunar New Year spending boosts inflation

• Core CPI rose to 1.8% yoy from 0.8% in January (excludes fuel and energy prices)
• National People’s Congress ends tomorrow

UK – BoE unlikely to cut interest rates on 19^th March as oil prices rise

• Markets are still looking for one rate cut in the UK this year
• The BoE will want to reduce the risk of a recession from higher energy costs, consumer caution and global uncertainty.

Precious metals:         

Gold US$5,098/oz vs US$5,111/oz previous

   Gold ETFs 100.0moz vs 100.0moz previous

Platinum US$2,113/oz vs US$2,176/oz previous

Palladium US$1,595/oz vs US$1,669/oz previous

Silver US$83.6/oz vs US$84.4/oz previous

   Silver ETFs 823.8moz vs 828.8moz previous

Rhodium US$11,650/oz vs US$11,450/oz previous

Base metals:   

Copper US$12,768/t vs US$12,991/t previous

Aluminium US$3,417/t vs US$3,338/t previous

Nickel US$17,220/t vs US$17,465/t previous

Zinc US$3,336/t vs US$3,270/t previous

Lead US$1,935/t vs US$1,954/t previous

Tin US$48,005/t vs US$50,445/t previous

Energy:           

Brent Oil US$105.0/bbl vs US$87.4/bbl yesterday

WTI Oil US$103.0/bbl vs US$84.2/bbl yesterday

TTF Dutch Futures €62/MWh vs €52/MWh yesterday

UK NBP Futures 160p/therm vs 135p/therm yesterday

Henry Hub Gas US$3.36/mmBtu vs US$3.02/mmBtu yesterday

• Crude oil prices spiked well above $100/bbl in early trading on news of production cuts from major Middle Eastern producers, military strikes on energy structure and after Iran selected the son of the late Ayatollah Ali Khamenei as its new Supreme Leader.
• The IEA’s Executive Director confirmed on Friday that there are no current plans for a collective action by IEA governments to release oil stocks at this stage. Global observed oil inventories rose to more than 8.2bn barrels in 2025, which includes 1.2bnb of public emergency oil stocks held by IEA Member countries and a further 0.6bnb of industry stocks held under government obligation.
• The US Baker Hughes rig count rose 1 to 551 units last week (-41 or -7% y/y), as oil rigs climbed 4 to 411 units (-75 y/y) and gas rigs fell 2 to 132 units (+31 y/y), with the Eagle Ford Basin gaining 3 rigs w/w to 43 units (-6 y/y).
• Media reports that Gulf Energy has secured a rig to commence drilling this Summer at Kenya’s South Lokichar Basin development, which targets first oil production in late 2026 that will initially be transported via truck to Mombasa.
• The NSTA granted consent to drill a carbon storage appraisal well at the Endurance project on licence CS006 in the Southern North Sea, which is scheduled to take ~90 days to drill and complete a comprehensive data acquisition and analysis programme.

Natural Gas €61.5/MWh vs €50.2/MWh previous

Uranium Futures $85.7/lb vs $85.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$103.2/t vs US$101.7/t

Chinese steel rebar 25mm US$462.4/t vs US$463.7/t

HCC FOB Australia US$219.5/t vs US$220.5/t

Thermal coal swap Australia FOB US$137.3/t vs US$136.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$122,875/t vs US$122,856/t

Lithium carbonate 99% (China) US$22,045/t vs US$22,107/t

China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t

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

China Tungsten APT 88.5% FOB US$2,123/mtu vs US$2,063/mtu

China Tantalum Concentrate 30% CIF US$196/lb vs US$191/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

Europe Ferro-Vanadium 80% US$28.4/kg vs US$28.4/kg

China Ilmenite Concentrate TiO2 US$258/t vs US$259/t

US Titanium Dioxide TiO2 >98% US$2,959/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,135/t vs US$1,138/t

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

Brazil Potash CFR Granular Spot US$372.5/t vs US$372.5/t

Germanium China 99.99% US$3,045.0/kg vs US$3,045.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Battery makers switch from EV batteries to storage amid AI boom

• Battery manufacturers are looking to produce energy storage cells instead of EV batteries as AI booms and EV sales have slowed.
• Ten North American facilities are being retooled to produce batteries that are more suitable for energy storage after enough capacity to build 2m EVs was cancelled.
• Analysts at BloombergNEF have revised forecasts that EVs will be 48% of total US car sales in 2030 to 27%.
• Demand for storage is rising as AI data centres demand higher electricity use.
• Donald Trump’s One Big Beautiful Bill Act passed last year has generous production credits for battery makers, including a $35/kWh and 30% investment tax credit for energy storage.

Company News:

Cobra Resources (COBR LN) 5.2p, Mkt Cap £47m – Encouraging early results from recent drilling at Manna Hill

• Initial results from recent drilling at Cobra Resources’ Blue Rose prospect in the Manna Hill copper project in South Australia show down-dip continuity of copper mineralisation.
• A previous shallow result of 47m at an average grade of 2.2% copper and 0.76g/t gold from a depth of 11m in hole RABR-822 is reported to be confirmed by highlighted results of:
  • 20m at an average grade of 0.78% copper and 0.14g/t gold from 38m depth in hole MHRC-0018 which also intersected 74m grading 1.02% copper and 0.25g/t gold from 70m including a 14m wide section at a grade of 1.52% copper and 0.42g/t gold from 88m; and
  • 86m at an average grade of 0.60% copper and 0.14g/t gold from 18m depth in hole MHRC-0017 which includes 12m at a grade of 1.05% copper and 0.09g/t gold from 32m depth and another 12m wide interval averaging 1.10% copper and 0.53g/t gold from 58m depth.
• The company also reports enhanced molybdenum grades in a 56m wide interval at a grade of 0.34% copper in hole MHRC-0003 which intersected 14m averaging 0.21% copper and 0.01% molybdenum from 122m and 10m at a grade of 0.12% molybdenum from 144m and 2m at a grade of 0.38% molybdenum from 146m depth.
• Explaining that molybdenum “is a primary pathfinder for porphyry vectoring” today’s announcement says that “These initial results, and the geological observations from the remaining drillholes, combine to strongly support scale within the Blue Rose skarn and a greater porphyry system”.
• Results from a further 14 reverse circulation drill holes are expected during March.
• Managing Director, Rupert Verco, said that “these results validate the potential of the Manna Hill Copper Project. The two intersections in MHRC0018 collectively total 92m at 1.0% Cu and 0.22 g/t Au, representing shallow, thick, high-grade mineralisation with standout economic potential”.
• He also said that “Blue Rose is the first of a series of prospects to be addressed by Cobra in the fertile Manna Hill porphyry province. Follow-up work at Blue Rose and initial testing of other prospective Manna Hill prospects is being given high priority”.
• The company has a 12-month option to acquire the Manna Hill project.

Focus Xplore –(FOX LN) 0.03p, Mkt Cap £1.0m – Fund raising and Board changes

• Focus Xplore, which is exploring for lithium and rare-earth elements in western Ontario, reports that it has raised £75,000 via the issue of a convertible loan note attracting a 10% interest rate payable annually in arrears on 31 December.
• The Loan Notes, “will convert at the lower of (a) £0.00025 per share, or (b) the price per share paid in any subsequent issue of new Ordinary Shares undertaken by the Company before conversion … [and holders] … shall receive one warrant for each Ordinary Share issued upon such conversion“.
• The funding prompts a restructuring of the Board with “Sean Wade … [stepping down] … from the board, to be succeeded by Antony Legge as Independent Non-Executive Chairman, with Mr Russell being appointed as Executive Director and Neil Slade appointed as Non-Executive Director. In addition, Non-Executive Director James Tosh has resigned with immediate effect. Mr Patrick Cullen … [CEO] … will remain on the board until the end of March and thereafter be available as may be required during this period of transition”.
• Mr. Legge, described as “an experienced non-executive director and former AIM Nominated Adviser” subscribed for £27,500 of the CLN issue with a similar £27,500 subscription from Woodland Capital.
• Subscriptions, each of £10,000 were received from Mr. Yakoub Yakoubov and from Beauty Science UK which is “wholly owned by Neil Slade”.

Fulcrum Metals (FMET LN) 11p, Mkt Cap £15m – £550k funding to advance cyanide free recovery of precious metals

• Fulcrum Metals reports that it has raised £550,000 via the placing of 5m additional shares at 11p/share.
• We estimate that the additional shares, plus a further ~227k shares issued to a service provider, represent approximately 3.5% of the enlarged company.
• The proceeds will be used to progress continuing “work programmes across Fulcrum’s tailings projects and pilot plant strategy” including scoping studies for a pilot plant and work to develop mineral resources estimates and for the “evaluation of potential integrated production scenarios”.
• The company started scoping studies on its Teck Hughes Mine tailings project near Kirkland Lake, Ontario last month.
• CEO, Ryan Mee, welcomed “a new investor who recognises the opportunity in Fulcrum’s innovative cyanide free strategy and approach to tailings and its tailings portfolio … [and confirmed that the additional funds] … will provide additional flexibility to complete important workstreams underway, in particular the pilot scoping study”.

KEFI Gold and Copper* (KEFI LN) 1.9p, Mkt Cap £205m – Tulu Kapi project development accelerates

BUY

• Kefi provides an update on the Tulu Kapi Gold Project in Ethiopia.
• Kefi’s engineering contractor Lycopodium reported it has been awarded the Engineering, Supply and Labour Hire contract for the development of Tulu Kapi.
• The contract is valued at A$118m, with Lycopodium reporting they expect full gold production from mid-2028.
• Lycopodium was responsible for delivering the original Feasibility Study and Feasibility Study update in 2024.
• Kefi reports good progress made by all major Project contractors.
• Regarding financing, Kefi notes that the full package of Project agreements has been finalised, with many of the agreements executed.
• Remaining agreements are expected within the next few weeks.
• Management notes that ‘the Company has more than enough capital on offer for the Project development for which commitments have been received for $310m of the $330m approved budget.’
• Kefi is finalising the remaining finance components.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Kenmare Resources (KMR LN) 235p, Mkt Cap £214m – Mozambique escalates negotiations over Implementation Agreement

• Kenmare reports that the Tax Authority in Mozambique has ‘unilaterally sought to impose updated terms on Kenmare’s processing and export activities.’
• Kenmare currently holds an Implementation Agreement with Mozambique and has been negotiating with the Government over a renewal since 2022.
• Kenmare offered to increase the government royalty rate from 1% to 2.5%, before revising this higher to 3.5% in April 2025.
• The Company reports Mozambique is seeing to:
  • Accelerate the increased royalty rate
  • Revoke the Industrial Free Zone status historically applied to KMPL’s operations.
  • Limit exemptions from customs duties and import VAT
• Management notes concerns and is seeking urgent clarification.
• Kenmare comments that the loss of the IFZ status could ’impose working capital requirements to fund a period of uncertain duration between payment and reimbursement of the VAT.’
• Kenmare also notes it may be compelled to resort to arbitration to assert their contractual rights.

Mkango Resources* (MKA LN) 52p, Mkt Cap £187m – HyProMag commissions second hard disk drive pre-processing unit in UK

BUY

• Mkango Resources reports the successful commissioning of a second automated hard disk drive pre-processing unit by HyProMag in the UK.
• The unit is co-located next to the new commercial-scale magnet recycling and manufacturing facility in Birmingham.
• The unit uses technology by Inserma to separate the magnet and printed circuit board assemblies from their hard disk drives in seconds.
• Capacity of >30,000 hard disk drives a week means the site can ramp up capacity.
• A first batch of 13,000 hard disk drives will be processed as part of the commissioning.
• The process should enable the low-cost recovery and recyclability of critical elements from hard disk drives.
  • “The technology is being rolled-out into multiple jurisdictions with partners, Inserma, Intelligent Lifecycle Solutions Limited (“ILS”) and CoTec Holdings Limited (“CoTec”), with further units already delivered for commissioning at HyProMag GmbH’s facility in Pforzheim, Germany, and to HyProMag USA as per the following press release: HyProMag USA advances US Hub & Spoke Strategy”
  • “William Dawes, Chief Executive of Mkango and Director of HyProMag commented: “This is the second groundbreaking technology to be brought to commercial scale by HyProMag and its partners. Complementary to the HPMS technology being commercialised in the UK, Germany and USA, the Inserma technology unlocks a burgeoning source of NdFeB feedstock from HDDs, geared to large-scale data centre deployment on a global scale which is expected to be a major source of end-of-life HDDs. A five times growth in data centres is expected in Europe alone.”
• Maginito 79.4% and CoTec 20.6% hold an exclusive agreement with Inserma to commercialise their automated pre-processing of hard disk drives,  loudspeakers and electric motors.
• HPMS technology video: HyProMag UK – Inserma HDD Pre-processing Unit
• There is no heat treatment or dismantling required for magnet recovery, and production of separated streams facilitates downstream processes.

*SP Angel acts as nomad and broker to Mkango Resources

NGEx Minerals (NGEX CN) C$27, Mkt Cap C$5.8bn – Adit approved enabling underground drilling

• NGEx Minerals, currently drilling out the Lunahuasi Project in Argentina, provide an update.
• The Company has received environmental approvals for the development of an exploration adit.
• the adit will enable underground drilling of high-grade bulk material needed for metallurgical and engineering tudies.
• The adit will enable year-round drilling to improve geological definition and support the Project development.
• The Company is targeting 4Q26 to begin underground development.

Pan African Resources (PAF LN) 152p, Mkt Cap £3bn – Acquisition of Emmerson to consolidate Tennant Creek JV

• Pan African has agreed to acquire Emmerson Resources.
• Emmerson shareholders will receive 0.1493 new Pan African shares, implying an equity value of $163m for Emmerson based on Pan African’s previous £1.58 closing price.
• The acquisition will require 75% approval of all votes cast by Emmerson shareholders.
• The deal consolidates Pan African’s 75% interest in the Tennant Creek JV, in which Pan African sees ‘significant long-term potential.’
• Pan African will look to undertake an ASX listing, reflecting their ‘long-term commitment to the Australian market.’
• Tennant Mines:
  • Producing 46-50kozpa currently at AISC of $2,543/oz.
  • Strategy to expand and extend current eight year LOM to >15 years
  • JORC MRE of 7mt at 4.4g/t Au for 992koz
  • White Devil Scoping Study outlines 64kozpa at AISC of $1,350/oz open pit
• Pan African also highlights the exploration potential of the region, with <8% of historical drilling below 150m.
• Tennant Creek holds 1,700km2 in the Northern Territory.

Phoenix Copper* (PXC LN) 1p, Mkt Cap £3.1m – Investigation has resulted in the dismissal of the former Chairman and the former CFO

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

• Phoenix Copper reports the completion of its investigation into the allegations against former Chairman, Marcus Edwards-Jones, and Chief Financial Officer, Richard Wilkins announced in February.
• The investigation concluded that “certain historic payments, paid in respect of previous fundraising transactions, totalling approximately US$1.765 million were made between 2016 and 2025 to Lloyd Edwards-Jones S.A.S. (“LEJ”), the Company‘s former Corporate Finance Adviser and a company of which Mr Edwards-Jones is an owner and director (the “LEJ Payments”). The LEJ Payments were made by Mr Wilkins to LEJ without Board knowledge or approval and Mr Wilkins shared in the proceeds of these payments”.
• “In addition, the Investigation uncovered unauthorised payments, totalling approximately £0.61 million, some of which were made without Board knowledge or approval to an intermediary in connection with bond financing, while certain other payments were made expressly against the direction of the Board”.
• The investigation completes the “disciplinary processes … [and] … the Board has resolved to dismiss Mr Edwards-Jones and Mr Wilkins and terminate their service agreements with immediate effect”.
• Today’s announcement confirms that the company is “seeking to recoup these unauthorised payments … [and that] … Mr Edwards-Jones and Mr Wilkins have indicated their willingness to work with the Company in this respect”.
• The announcement confirms that “Phoenix‘s working capital position remains constrained, but following a careful analysis of cashflow and a cost-cutting exercise, absent any additional funding, the Company’s current cash balances will provide sufficient working capital to meet ongoing obligations until the end of Q2 2026”.

*SP Angel acts as Nomad to Phoenix Copper

Rox Resources (ROX AU) A$0.5, Mkt Cap A$694m – Debt funding commitments for Youanmi Gold Project

• Rox Resources reports it has received commitments for A$350m in debt facilities to fund the Youanmi Gold Project in WA.
• The funding is provided via a syndicate with:
  • A$300m in Senior Secured term loans
  • A$20m cost overrun facility
  • A$30m Bank Guarantee facility.
• Company expects to make FID in March 2026.
• Rox reports a ‘highly competitive interest rate of BBSY-bid plus a fixed margin.’
• Whilst the term sheet does not hold mandatory hedging requirements, the Syndicate has providing a ‘secured hedging facility,’ which Rox may undertake should it wish.
• Youanmi Gold Project DFS:
  • 5.7moz at 4.9g/t Au for 900koz in Mine Plan
  • Producing 117kozpa over initial seven year LOM
  • 900ktpa plant capacity with recoveries of 90.8%
  • Development CAPEX of A$383m and AISC of A$1,978/oz
  • Post-tax NPV8 of A$1bn and IRR of 55% at $3,648/oz
• Rox raised A$218m in equity and has guided to first gold in mid-2027.

Serval Resources* (Oscillate PLC) (SRVL LN) 0.7p, Mkt Cap £3m – Botswanan licences renewed and final tranche of Pulsar Helium shares received

CLICK FOR PDF

• Copper explorer Oscillate, soon to be Serval, provides an update on its Botswana licence package.
• The Company has successfully renewed four prospecting licences.
• The renewal includes PL232/2018, which is the Company’s highest priority target along strike from MMG’s Khoemacau mine.
• Management emphasises the efficiency of the Botswanan mining authorities.
• The licences are held by KCL, which Serval is in the process of acquiring.
• Going forward, Serval is set to undertake ground geophysics and soil sampling to target the contact zone between the Ngwako Pan and D’Kar Formation, in order to drill sediment-hosted copper-silver mineralisation.
• Additionally, Serval has now received the fifth and final tranche of the $400k consideration in Pulsar Helium shares following the divestment of its hydrogen assets.

*SP Angel acts as Broker to Serval

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*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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