{"id":142919,"title":"SP Angel – Today’s Market View, Thursday 12th November 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-11-12T11:13:10+00:00","modified":"2026-11-12T11:13:10+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-12th-november-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-12th-november-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-12th-november-2026.json","category":"SP Angel","categories":["SP Angel"],"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/2026/11/sp-angel-header-750x406-1.png?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Gold sub $4,000/oz on Fed rate hike bets**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Abenojar Tungsten (ABT LN) – First post-IPO update and a second EU Strategic Project**\n\n**Amaroq (AMRQ LN) – Nalunaq production ramps up post flotation circuit commissioning with 2026 guidance reiterated**\n\n**Cobra Resources (COBR LN) – New holes widen the Shadow Rose copper discovery and extend the corridor to 2.7km**\n\n**Endeavour Mining (EDV LN) – 3Q26 update highlights record 9M26 FCF with FY26 production expected at the lower half on Mana suspension**\n\n**Lithium Americas (LAC US) – Thacker Pass Phase 1 capex rises to US$3.8bn**\n\n**Strategic Minerals* (SML LN) – Additional metallurgical drilling at Redmoor to accelerate feasibility work on the flowsheet design **\n\n**Gold (US$3,942/oz) drops <US$4,000 as markets bet on a December rate rise**\n\n- Gold fell for a third day and has lost >3.7% over the past two sessions.\n\n- Markets fully expect a quarter-point Fed rate hike in December, with odds of a 50bp on the rise.\n\n- Two-year Treasury yields have risen ~20bp this week and the dollar gained almost 1%.\n\n- Traders now look to Fed speakers today and US producer prices later this week.\n\n**Copper (US$13,697/t) – Chile opens the door to private capital in Codelco**\n\n- Chile’s finance minister opened the door to private investment in Codelco.\n\n- Any stake in Codelco itself would come later, with state control kept, and needs broad political support.\n\n- The near-term plan is to cut debt, change management, sell minority holdings, and take private partners at project level.\n\n- The chairman rules out selling shares but says partnerships are the only way Codelco can grow or hold output.\n\n- The copper workers’ federation says Codelco is not for sale.\n\n- Codelco says accounting irregularities inflated reported production in 2024 and 2025 and has dismissed managers and called in prosecutors.\n\n**Codelco signs Adani for the Kaburkaala copper exploration project**\n\n- Codelco signed with Kutch Copper, part of India’s Adani Group, to explore Kaburkaala in Antofagasta.\n\n- Adani funds the work and could take long-term supply for its Mundra smelter in India.\n\n- The two agreed a partnership last year and screened several Codelco projects before Adani picked Kaburkaala.\n\n**Nickel (US$16,320/t) – Eramet’s Weda Bay stake draws Indonesian buyers**\n\n- Eramet confirms expressions of interest for most of its Weda Bay stake, and for a minority stake in its Centenario lithium plant.\n\n- Reports indicate an Indonesian coal and palm oil group is in talks for part or all the 38.7% holding, with Indonesia’s sovereign wealth fund also interested.\n\n- Eramet declined to comment and no decision has been taken.\n\n- Weda Bay was the world’s largest nickel mine at 42 million tonnes of ore before Indonesia cut its quota.\n\n- Eramet has also agreed to sell an undeveloped Argentine concession for US$71 million, with the French state set to become its largest shareholder.\n\n**Rare Earths – US says China’s shipments are still too slow**\n\n- The US ambassador says buyers have waited months for rare earths used in data centres and aircraft engines.\n\n- He accused Beijing of weaponising its dominance of strategic industries.\n\n- The trade truce runs out in January, with a US presidential visit due next week.\n\n**Nvidia shares are down ~6% pre market (~$164) as the Board considers CEO Jensen Huang’s future**\n\n- The stock sold off on Wall Street report that Huang could have had an affair with Kimberley Powell, Nvidia’s VP of healthcare.\n\n- The news comes days after it emerged that he was in a relationship with a suspected Chinese spy.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.49%** | **at** | **52,486** |\n| **Nikkei 225** |  | **-0.70%** | **at** | **60,819** |\n| **HK Hang Seng** |  | **-1.26%** | **at** | **24,009** |\n| **Shanghai Composite** |  | **-0.67%** | **at** | **3,656** |\n| **US 10 Year Yield (bp change)** |  | **+0.2** | **at** | **4.99** |\n\n**Currencies**\n\n**US$1.1091/eur vs 1.1139/eur previous. Yen 159.71/$ vs 158.93/$. SAr 16.646/$ vs 16.561/$. $1.327/gbp vs $1.332/gbp. 0.682/aud vs 0.687/aud. CNY 6.669/$ vs 6.671/$.**\n\n**Dollar Index 102.90 vs 102.40 previous.**\n\n** ****Economics**\n\n**Brent level at $92/bbl on little clarity over the course of the US/Iran conflict.**\n\n- Iran refuses to give up its enriched uranium stockpile while the US maintains its naval blockade of Iranian ports in the Persian Gulf.\n\n**Russia/Ukraine – A prisoner swap agreed following two days US brokered talks in Abu Dhabi**\n\n- No breakthrough reached on core issues as both sides refuse to cede control of territories.\n\n- Moscow floated NATO non-aggression pacts as part of a new European security architecture.\n\n- Europe insisted on a ceasefire first while Russia refused to meet European officials in Abu Dhabi.\n\n- Kushner and Witkoff are meeting Putin in Moscow today.\n\n**Precious metals:**\n\n**Gold US$3,942/oz vs US$4,057/oz previous**\n\n**Gold ETFs 101.0moz vs 101.0moz previous**\n\n**Platinum US$1,539/oz vs US$1,560/oz previous**\n\n**Palladium US$1,033/oz vs US$1,063/oz previous**\n\n**Silver US$51.2/oz vs US$52.9/oz previous**\n\n**Silver ETFs 814.5moz vs 814.4moz previous**\n\n**Rhodium US$9,300/oz vs US$9,400/oz previous****   **\n\n**Base metals:   **\n\n**Copper US$13,697/t vs US$13,840/t previous**\n\n**Aluminium US$3,076/t vs US$3,045/t previous**\n\n**Nickel US$16,320/t vs US$16,190/t previous**\n\n**Zinc US$3,758/t vs US$3,762/t previous**\n\n**Lead US$1,884/t vs US$1,886/t previous**\n\n**Tin US$46,580/t vs US$46,900/t previous**** **\n\n**Energy:           **\n\n**Oil US$93.6/bbl vs US$92.2/bbl previous**\n\n**Natural Gas €90.1/MWh vs €86.8/MWh previous**\n\n**Uranium Futures $90.5/lb vs $91.1/lb previous****  **\n\n**Bulk:   **\n\n**Iron Ore 62% Fe Spot (Singapore) US$90.4/t vs US$92.3/t**\n\n**Chinese steel rebar 25mm US$479.3/t vs US$479.4/t**\n\n**HCC FOB Australia US$260.5/t vs US$260.5/t**\n\n**Thermal coal swap Australia FOB US$139.8/t vs US$137.5/t**** **\n\n**Other:  **\n\n**Cobalt LME 3m US$33,525/t vs US$33,525/t**\n\n**NdPr Rare Earth Oxide (China) US$107,967/t vs US$106,656/t**\n\n**Lithium Carbonate 99% (China) US$13,196/t vs US$13,191/t**\n\n**China Spodumene Li2O 6%min CIF US$1,170/t vs US$1,170/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$1,845/mtu vs US$1,845/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$2,725/mtu vs US$2,725/mtu**\n\n**China Tantalum Concentrate 30% CIF US$231/lb vs US$233/mtu**\n\n**China Graphite Flake -194 FOB US$410/t vs US$410/t**\n\n**Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb**\n\n**Europe Ferro-Vanadium 80% US$25.4/kg vs US$25.4/kg**\n\n**China Ilmenite Concentrate TiO2 US$169/t vs US$169/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,917/t vs US$2,917/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,177/t vs US$1,177/t**\n\n**Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t**\n\n**Germanium China 99.99% US$4,725.0/kg vs US$4,725.0/kg**\n\n**China Gallium 99.99% US$460.0/kg vs US$460.0/kg**\n\n**Europe Molybdenum Oxide 57% US$34.0/lb vs US$34.5/lb**\n\n**EV & Battery news****:**\n\n**India bans exports of recycled battery material**\n\n- India banned exports of lithium-ion black mass, the recycled powder that holds lithium, cobalt, nickel and manganese.\n\n- The status moved from free to prohibited with immediate effect, forcing recyclers to process it at home.\n\n- The ban covers unsorted battery waste free of lead, cadmium and mercury.\n\n**Company news****:**\n\n**Abenojar Tungsten (ABT LN) 96.2p, Mkt Cap £457m – First post-IPO update and a second EU Strategic Project**\n\n- Abenojar Tungsten reports its first update since the October IPO, which raised £142.5m gross (~€170m).\n\n- Construction:\n\nMain decline advanced 60m from the portal on three shifts, with 104 people on site.\n\n- The 100,000m³ water pond is complete, and the water treatment pilot plant is running.\n\n- Phase 1 of the waste rock and tailings co-disposal facility is under way.\n\nFunding:\n\n- Project finance remains at conditional term sheet with Deutsche Bank, with the facility agreement due 1Q27 and close 2Q27.\n\n- IPO proceeds and existing cash fund construction to the end of 2027 without the facility.\n\nEU designation:\n\n- The European Commission designated the company’s proposed APT refining plant at Puertollano a Strategic Project, one of 46 chosen from 102 applications.\n\n- No FID has been taken on the plant.\n\nThe 2026 DFS has El Moto at 1.5mtpa for >420,000mtu WO3 a year at steady state over a 20yr LOM, with first production targeted for 1Q29.\n\n**Amaroq (AMRQ LN) 106p, Mkt Cap £432m – Nalunaq production ramps up post flotation circuit commissioning with 2026 guidance reiterated**\n\n- Amaroq released 3Q26 update for the Nalunaq Gold Mine in Greenland.\n\nProduction 12.6koz (3Q25: 3.5koz)\n\n- The plant processed 19.3kt at 23.6g/t Au, with 84% recovery after the flotation circuit was commissioned in June\n\n- Flotation plant recoveries are ramping up towards 90% target\n\n- YTD processed grades averaged 21.6g/t vs 14-15g/t guidance for 2026\n\n- Sales 11.1koz at US$4,184/oz, for revenue of C$65.4m (3Q25: C$12.8m)\n\n- Net profit of C$24.4m 3Q26 (9M26: C$38.0m)\n\n2026 guidance reiterated\n\n- FY26 production of 25–35koz with the team expecting the mid-range (9M26: 21.6koz)\n\n- Cash cost and AISC guidance at US$44–47m and US$69–73m (9M26: US$31m and US$50m)\n\n- Growth capital US$25-43m (9M26: US$35m)\n\nCash balance climbed to C$51.5m as of quarter end, up on C$28.5m at 2Q26; in addition, the Company holds C$22.2m in gold inventory.\nNalunaq MRE updated in July:\n\n- MRE5 504koz at 30.35g/t (65% Inferred), +10.6% (in situ gold) on MRE4 post depletion.\n\nExploration programmes were completed at Nanoq, Ilua, and Minturn, with assay results from each of the drilling campaigns awaited in Q4 2026 and Q1 2027.\n\n**Cobra Resources (COBR LN) 3.4p, Mkt Cap £38m – New holes widen the Shadow Rose copper discovery and extend the corridor to 2.7km**\n\n- Cobra reports six more holes at the Shadow Rose and Blue Rose skarn discovery at Manna Hill, with the two best intersections:\n\nMHRC0025 at the discovery returned 58m at 0.46% Cu, 0.15 g/t Au from 10m, including 10m at 1.09% Cu.\n\n- MHRC0026, drilled 100m south, returned 22m at 0.48% Cu from 10m, including 12m at 0.7% Cu.\n\nMHRC0026 widens the mineralised skarn at Shadow Rose to beyond 100m.\nTwo holes to the west carry visual and pXRF readings only, with assays due within two weeks:\n\n- MHRC0055, ~220m west, shows copper oxides over 109m from 6m.\n\n- MHRC0058, the most western hole, extends the Blue Rose corridor to 2.7km of strike.\n\nNext steps:\n\n- A larger rig is mobilising to test depth below Shadow Rose and Blue Rose West, where MHRC0029 earlier cut 32m at 0.7% Cu outside the skarn.\n\n- Step-out holes are cleared to 250m, with a heritage survey in early December opening the western ground.\n\n- Drilling has started at Netley Hill, a large shallow copper-molybdenum porphyry the company has not drilled yet.\n\n**Endeavour Mining (EDV LN) 3,852p, Mkt Cap £9.8bn – 3Q26 update highlights record 9M26 FCF with FY26 production expected at the lower half on Mana suspension**\n\n- Endeavour released 3Q26 for its operations in West Africa.\n\nProduction 256koz at AISC of US$1,857/oz (2Q26: 283koz at US$1,907/oz)\n\n- Lower production is attributed to lower grades at Ity, Houndé and Lafigué, the wet season at Houndé, and the paused Aviera portal at Mana.\n\n- Sales 259koz at realised gold price US$4,258/oz (2Q26: 278koz at US$4,348/oz)\n\n- Adjusted EBITDA and FCF US$610m and US$261m\n\n9M26:\n\n- Operating cash flow US$1,461m, +38%yoy, helped by a 47%yoy increase in realised gold price\n\n- Record FCF US$1,023m, +50$yoy\n\n2026 guidance:\n\n- Production expected at the lower half of reiterated 1,090-1,265koz guidance (9M26: 820koz)\n\n- Mana will be below the low end of its guidance after a ramp subsidence on 28 October suspended underground mining with processing is paused until 2Q27\n\n- That is expected to be partly compensated by higher grades mined and processed at the Houndé, Ity and Sabodala-Massawa mines, in line with the mine sequence\n\n- AISC expected within the reiterated US$1,600-1,800/oz range using indicative US$3,000/oz gold price (9M26: ~US$1,700/oz at adjusted $3,000/oz gold price)\n\nNet cash US$263m vs net debt US$453m 3Q25.\nTotal shareholder return of US$312m 9M26 including record US$230m dividend and US$82m in buybacks.\nAssafou (320kozpa US$1,026/oz AISC for first 8y of initial 16y mine life) FID approved with project development launched and maiden production due 1H29 (<7y after discovery).\nPhase 1 Sabodala-Massawa Underground Expansion launched in early 3Q26 with first ore targeted by YE.\nPhase 2 launch in early-2027 and commercial production on track for early-2028.\n\n**Lithium Americas (LAC US) US$1.65, Mkt Cap US$623m – Thacker Pass Phase 1 capex rises to US$3.8bn**\n\n- Lithium Americas reports a definitive Phase 1 capital estimate of US$3.8bn, up from US$2.9bn set at FID in April 2025.\n\n- Cost drivers:\n\nLabour install rates ~US$245m, craft wages ~US$150m and EPCM wages ~US$150m.\n\n- EPCM staffing ~US$100m, tariffs and logistics ~US$100m, and ~US$150m of added contingency.\n\nFunding:\n\n- The incremental need is ~US$995m, met by US$650m of company contributions to the joint venture and US$315m already in DOE loan reserve accounts.\n\n- The DOE loan amendment was signed on 10 November, and the contributions will raise the company’s stake in the joint venture.\n\nDetailed engineering is complete and procurement is >90% done, with ~1,900 people on site rising to ~2,200 by year-end.\nPhase 1 is designed for a nominal 40,000tpa of battery-grade lithium carbonate, with mechanical completion targeted late 2027 and ramp-up through 2028.\nPreliminary cash and restricted cash were ~US$1.3bn at end-September, with DOE loan advances cumulative at US$1.4bn.\n\n**Strategic Minerals* (SML LN) 4.7p, Mkt Cap £128m – Additional metallurgical drilling at Redmoor to accelerate feasibility work on the flowsheet design **\n\n- Strategic Minerals has provided a further update on its drilling programme at its Redmoor tungsten/copper/tin project in Cornwall.\n\n- Today’s announcement explains that more that 1,000 samples from holes CRD-044, -045, -046, -048 and -054 have been sent for analysis *“with a further 199 samples from CRD052 to be dispatched to the laboratory this week”*.\n\n- Following last week’s update on the drilling, Strategic Minerals also confirms that holes CRD-053 and -054, drilled for metallurgical information have also been sent for analysis and that a “ further 6 metallurgical drillholes, totalling of 3,880 m, have been scheduled in addition to the current 22,500m infill drill programme … *“to expedite the metallurgical programme and ensure timely execution of Phase 2 of the metallurgical testwork”*.\n\n- In addition to drilling for resource evaluation and metallurgical data, the drilling programme is providing geotechnical data to  *“support the geotechnical aspects of … planned feasibility studie**s”*.\n\n- The company explains that *“By combining the data collection of the metallurgical and geotechnical studies into the infill drill programme the Company can effectively accelerate the path into these studies for the prefeasibility study whilst, through the integrated programme design, ensure sufficient data is also being collected for the follow-on definitive feasibility study outputs**”*.\n\n- Executive Director, Mark Burnett, explained that *“we are now entering a period where we expect more regular batches of results”.*\n\n- He said that the additional metallurgical drilling would help Strategic Minerals to “*move steadily towards a defined processing flowsheet and estimated recoveries for tungsten, copper, tin and silver*\n\n**Conclusion**: The flow of assay results from Redmoor is expected to accelerate as samples arrive at the laboratory. Additional metallurgical holes have been added to the programme to support flowsheet design.\n\n**SP Angel acts as Nomad and broker to Strategic Minerals*\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -1.3% | 1.0% | **Freeport-McMoRan** | 3.0% | -0.8% |\n| **Rio Tinto** | -1.2% | 0.6% | **Vale** | 0.0% | 1.3% |\n| **Glencore** | -0.7% | 3.0% | **Newmont Mining** | -1.2% | 0.3% |\n| **Anglo American** | -1.9% | 3.5% | **Fortescue** | -2.4% | -2.8% |\n| **Antofagasta** | -2.1% | 3.7% | **Teck Resources** | 1.3% | -1.2% |\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=14411626&ad=5159313729&h=HIB4kp7&sig=JGdHGdmVIzXYDhMNZZJxNWGdlA5&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"}