SP Angel – Today’s Market View, Thursday 17th September 2026

Gold steadies after Fed rate rise as FOMC point to a further rate rise this year

MiFID II exempt information – see disclaimer below

Alkemy Capital (ALK LN) – Offer in principle for a £18.3m grant

Anglesey Mining (AYM LN) – Focus on Parys Mountain to advance critical mineral resource in UK

Atlantic Lithium* (ALL LN) – Australian FIRB approval received for Huayou’s takeover

Global Atomic (GLO CN) – Conditional up to US$414m debt facility with US DFC

Tertiary Minerals* (TYM LN) – 82m at 107g/t silver equivalent from 8m at the Discovery Zone, Mushima North

Serval Resources* (SRVL LN) – Geophysics completed at Somelo in Botswana’s Kalahari Copper Belt

Savannah Resources* (SAV LN) – Good progress on drilling and field work at Barroso lithium mine

Strategic Minerals* (SML LN) – Update on drilling progress at Redmoor

Gold ($4,325/oz) – Gold steadies after Fed rate rise as FOMC point to a further rate rise this year

• Warsh said the jobs market and other data show the economy has strengthened.
• US retail sales rose strongly in August, with households spending more on goods and in restaurants.
• The Fed now sees US PCE inflation at 3.7% this year with core PCE inflation at 3.4% with US GDP at 2.3% and unemployment of 4.1%.
• Gold ETFs holdings rose for a sixth day running, adding 132,100oz (Bloomberg data)

Copper ($14,296/t) – Copper holds steady as the shortage outside the US unwinds

• Copper barely moved at $14,296/t, with the dollar stronger after the Fed decision.
• The rally to last week’s record rested on bets the US would put tariffs on refined copper, and those tariffs have not come.
• In mid-August buyers paid premiums of >$500/t for spot physical copper
• Buying copper today is now $86/t cheaper than metal in three months reversing the premium for spot delivery.
• Freeport‘s two smelters at Gresik in Indonesia are both producing again.
• PT Smelting, which can make ~342,000t of cathode a year, is back to normal after two weeks down for furnace repairs in August.
• Freeport Indonesia expects the two together to approach 400,000t of cathode this year.

Chile – Permitting delays hit $10.3bn of Freeport and Codelco copper plans in Chile

• Chile’s environmental regulator has stopped its review of Freeport’s $7.5bn El Abra expansion until 17 December (BNamericas).
• El Abra must answer nearly 1,900 questions from government agencies and the public before then.
• If approved, it would lift output to 340,000tpa from 2033, against about 100,000tpa now.
• The mine is 51% Freeport and 49% Codelco.
• A farmers association is separately asking the Antofagasta court to cancel the permit for Codelco’s $2.8bn Ministro Hales extension.
• The court took the case but refused to stop construction.
• Ministro Hales would produce 830,000tpa of copper concentrate for 30 years.

Nickel ($16,250/t) – MMG pledges European supply after the Commission’s objection

• The European Commission gave a first opinion on Wednesday on MMG’s purchase of Anglo American’s Brazilian nickel business, worth up to $500m.
• The mines make ‘ferronickel’, an iron and nickel alloy that goes straight into stainless steel.
• The Commission fears MMG would send it to China instead of Europe, raising costs for European mills.
• MMG says Europe is the best market for the metal, and it has no plan to send it elsewhere.
• It offered to keep supplying Europe at least at Anglo’s current levels, and to guarantee that to customers or to the Commission.
• A final decision is due by 30 November. The assets are Barro Alto and Codemin, making about 40,000t of nickel a year, plus two undeveloped projects.

Currencies

US$1.1479/eur vs 1.1547/eur previous. Yen 155.64/$ vs 154.93/$. SAr 16.282/$ vs 16.229/$. $1.339/gbp vs $1.348/gbp. 0.712/aud vs 0.713/aud. CNY 6.708/$ vs 6.707/$.

Dollar Index 100.16 vs 99.59 previous.

Economics

US – The Fed delivered a 25bp hike in unanimous decision with another one expected before year end implied from the dot chart.

• The target range was lifted to 3.75-4.00%.
• “The plain fact is that inflation is too high and has been for too long,” Kevin Warsh said
• “This summer’s inflation readings do not tell me that underlying trends have meaningfully improved.”
• Markets are pricing in a nearly 90% chance of another raise before year end, in line with policymakers’ median view.
• Short term rates, more sensitive to the monetary policy, climbed following the announcement with 2y yields up 7bp at >4.7%.
• The US$ dollar index climbed while gold and equities pulled back.

Brent prices fell to sub $105/bbl as Saudi Arabia said the damaged East-West pipeline may be back at half the capacity within days and in full with six weeks.

• President Trump is also due to meet with Persian Gulf leaders next week on the sidelines of the UN General Assembly in New York.

Japan – The currency depreciated as much as 1% overnight to over 156 following the Fed decision to raise.

• The currency may fall further unless the central bank convinces the market that more tightening is planned (Bloomberg)
• The BOJ is widely expected to hike to 1.25% this Friday.

UK – The central bank is due later today with expectations for a no change decision (3.75%).

Hong Kong sets out plans for a gold trading hub

• Hong Kong has published its first five-year plan, and it wants to build a global gold hub (Bloomberg).
• The government sees gold as the way into trading other commodities and into wider use of the yuan.
• It wants a single place for storing, trading, and settling gold deals.
• A new settlement system has been in trial since July.
• The plan links Hong Kong to the Shanghai Gold Exchange and Shanghai Futures Exchange.
• The People’s Bank of China is already storing more gold there, and other central banks are being invited to move reserves.

Zimbabwe – Mutapa Energy Resources is looking to secure US$400m for a lithium sulphate plant at its Sandawana Mine by December.

• Mutapa Energyis undertaking the downstream project as part of a broader US$700m investment to upgrade the mine from lithium concentrate production to sulphate processing.
• The company operates under the sovereign wealth fund Mutapa Investment Fund and has secured US$300m for a concentrator and roads with a further US$400m allocated for downstream processing depending on feasibility work.

Precious metals:

Gold US$4,325/oz vs US$4,334/oz previous

Gold ETFs 100.3moz vs 100.2moz previous

Platinum US$1,794/oz vs US$1,793/oz previous

Palladium US$1,304/oz vs US$1,321/oz previous

Silver US$64.1/oz vs US$64.8/oz previous

Silver ETFs 801.3moz vs 802.2moz previous

Rhodium US$9,300/oz vs US$9,550/oz previous

Base metals:

Copper US$14,296/t vs US$14,181/t previous

Aluminium US$3,271/t vs US$3,264/t previous

Nickel US$16,250/t vs US$16,075/t previous

Zinc US$3,835/t vs US$3,854/t previous

Lead US$1,899/t vs US$1,885/t previous

Tin US$52,755/t vs US$52,450/t previous

Energy:

Oil US$103.8/bbl vs US$107.6/bbl previous

• Crude oil prices pulled back on reports that Saudi Arabia plans to bring back roughly half the 7mb/d capacity of its East-West pipeline within days and to restore full operation within six weeks on this key Strait of Hormuz bypass.
• The EIA estimated draws of 0.6mb to commercial US crude and 0.4mb to the SPR, offset by builds of 0.8mb to gasoline and 1.6mb to distillate stocks, with refinery utilisation down 1% w/w to 96.8% on 13.94mb/d of domestic supply.
• European energy prices remain pulled back with oil prices as EU natural gas storage levels increased by 1.4% w/w to 68.7% full (vs 84.8% 5-Yr average), with aggregate inventory at 777TWh and all countries now above 50% full.

Natural Gas €77.7/MWh vs €81.3/MWh previous

Uranium Futures $89.9/lb vs $89.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$96.3/t vs US$95.7/t

Chinese steel rebar 25mm US$475.7/t vs US$475.0/t

HCC FOB Australia US$275.0/t vs US$275.0/t

Thermal coal swap Australia FOB US$145.7/t vs US$145.8/t

Other:

Cobalt LME 3m US$40,120/t vs US$40,675/t

NdPr Rare Earth Oxide (China) US$108,676/t vs US$108,984/t

Lithium Carbonate 99% (China) US$19,156/t vs US$19,158/t

China Spodumene Li2O 6%min CIF US$1,880/t vs US$1,880/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu

China Tantalum Concentrate 30% CIF US$240/lb vs US$240/mtu

China Graphite Flake -194 FOB US$405/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.3/kg vs US$25.3/kg

China Ilmenite Concentrate TiO2 US$186/t vs US$186/t

US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t

China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,170/t

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg

China Gallium 99.99% US$440.0/kg vs US$440.0/kg

Europe Molybdenum Oxide 57% US$33.5/lb vs US$34.0/lb

EV & Battery news:

CATL Tectrans II  1,000km ‘sodium-ion’ heavyweight truck battery

• CATL’s Tectrans II commercial vehicle battery is a bit of a beast. The battery unit is modular and offers up to 1,000km of range for heavy-duty trucks.
• CATL also claim megawatt-level fast charging to 80% in 25 minutes.
• They also reckon the modular design can cut development cycles by 50% and R&D costs by 60-70%.
• The battery cells have a gravimetric energy density of 170Wh/kg, about 13% above the industry average due to their ‘sodium’ content adding ~0.6 tonnes of additional battery weight at the same capacity.
• CATL’s Tectrans brand are being incorporated into light commercial vehicles in China this year, including a low-temperature sodium-ion version in January and an 8C ultrafast-charging version in July.
• The bottom plate is rated to withstand impacts of up to 1,000 joules, providing protection against objects and debris encountered on the road and to resist corrosion for 15 years.
• The problem with heavy-duty batteries is their weight and the very substantial power consumption of lorries over passenger cars.
• The average passenger EV uses 0.15-0.18 kWh/km with heavy duty trucks running at ~1.5-2.0 kWh/km efficiency.
• A passenger EV has an average Li-ion battery pack of ~45 kWh Li-ion weighing 250-460kg.
• Heavy-Duty Trucks for long-haul logistics will require 1,500-2,000kWh battery capacity
• We estimate these battery backs should weigh around ~7 to 9 tonnes assuming 1.5-2.0 kWh/km efficiency and 20% additional pack weight by our rough estimates.
• An EV lorry will not need 500 litres of diesel weighing ~420kg and an EV lorry should save ~750kg on its smaller and lighter EV engine and gearbox.

Conclusion: While the headline numbers look great, the batteries still look unfeasibly heavy for UK roads and in proportion to the weight of lorry payloads.

We would not want to stand anywhere near the recharging cable while they are packing 50kWh a minute into the battery.

Assuming the lorries will run on an 800-volt architecture the cable would need to run at around 3,750 amps – that’s allot of power!

To carry 3,750 amps you need a solid copper/ aluminium busbar or 9 x 28mm, 430amp, 500kcml copper cables.

EU requests limit on Chinese hybrid exports with potential for higher tariffs if no deal reached

• The EU has asked China to voluntarily limit hybrid vehicle exports to its market or face potentially higher tariffs, the Financial Times has reported.
• The plea increases trade pressure beyond the BEV tariffs already imposed in October 2024, which run up to about 45% versus 10% for hybrids.
• EU imports of Chinese hybrids rose from 3,800 units in October 2024 to 50,000 in July 2026, with average prices falling significantly.
• European Commission president Ursula von der Leyen said on Wednesday the EU’s roughly €1bn ($1.15bn) daily trade deficit with China has reached a tipping point, with trade commissioner Maroš Šefčovič set to speak with Chinese Commerce Minister Wang Wentao on Thursday and expected to visit Beijing in early October.
• Germany and France are reportedly moving toward a consensus on tougher action, while the European Commission hopes to negotiate voluntary export restraints that could push Chinese automakers toward greater European investment or local partnerships, echoing earlier moves by Japanese carmakers.
• The potential curbs come as overseas markets underpin China’s auto industry growth.
  • China exported 1.01m vehicles in August, up 65.3% yoy, with NEV exports up about 130% to 526,000 units, even as domestic NEV sales fell 4.6% yoy over the same period.

Company news:

 Alkemy Capital (ALK LN) 350p, Mkt Cap £39m – Offer in principle for a £18.3m grant

• Tees Valley Lithium, a wholly owned subsidiary of the Company, received an Offer in Principle for a £18.3m government grant.
• The funding comes under the UK Government’s DRIVE35 Automotive Transformation Fund.
• The proposed grant is expected to contribute towards the first phase of the £185m lithium refinery project to convert lithium carbonate into battery grade hydroxide in Billingham, Teesside.
• The project is designed to produce 25ktpa LHM battery grade with plans to expand production to more than 100ktpa.

Anglesey Mining (AYM LN) 7.5p, Mkt Cap £4.9m – Focus on Parys Mountain to advance critical mineral resource in UK

• Anglesey Mining report results for the year to end-March 2026.
• Management are now solely focussed on advancing and delivering progress towards the potential restart of the Parys Mountain polymetallic project.
• Parys Mountain is a brownfield site with substantial copper, zinc, lead, silver and gold within a VMS ‘volcanogenic massive sulphide’ system.
• The project hosts a ‘Measured, Indicated & Inferred’ resource of 16.06mt at an average grade of 0.98% copper, 1.33% zinc, 0.71% lead, 15g/t silver and 0.17g/t gold
• Board restructuring saw Jim Williams appointed as Chairman, Andrew Fulton a CEO and both Martin Wood and Taj Singh as independent NEDs.
• New Principal Geologist and Exploration Geologist have been appointed and are working at the Parys Mountain site to integrate historic drilling, underground records, assay data and recent geophysical surveys into a new integrated geological and technical model.
• Management plan to:
  • Develop the Mine: progress mine planning, engineering studies, metallurgy and mining optimisation;
  • Grow the Resource: increasing geological confidence, extend known mineralisation and support future resource updates;
  • Discover the District: eg to find more mineralisation within the Parys Mountain mineral system.
• Profit £2.08m to March-2026 post tax vs £0.66m loss to March-2025 reflecting a £2.92m gain on balance sheet restructuring.
• Admin and other costs £505,848 vs £450,086 yoy as the group repositioned of focus on Parys mountain.
• Cash and cash equivalents were £629,594 vs £44,264);
• Mineral property exploration and evaluation assets had a carrying value of £17.1m vs £17.0m
• Total net assets £17.63mvs £14.27m
• Restructuring and recapitalisation has eliminated all debt.

Conclusion: Parys Mountain appears to fit well with UK Government initiatives on strengthening domestic capability for critical minerals with a ready-made resource for mining on an existing brownfield site.

Atlantic Lithium* (ALL LN) 15.3p, Mkt Cap £123m – Australian FIRB approval received for Huayou’s takeover

• Australia’s Foreign Investment Review Board, the body that reviews foreign takeovers, has approved Zhejiang Huayou Cobalt’s purchase of Atlantic Lithium.
• The Australian Treasury have reported the Australian government has no objection to the takeover of Atlantic by Huayou.
• This clears one of the conditions in the takeover agreement signed on 7 May.
• The all-cash offer is US$0.25486 a share, valuing the Company at ~US$210m.
• Still to come are other regulatory approvals, a shareholder vote and approval by the Supreme Court of Western Australia.
• Shareholder vote expected in November with completion due December.
• The Board continues to recommend shareholders vote in favour, unless a better offer arrives.
• Atlantic Lithium is developing Ewoyaa, set to be Ghana’s first lithium mine.

*SP Angel acts as Nomad and broker to Atlantic Lithium

Global Atomic (GLO CN) C$0.71, Mkt Cap C$348m – Conditional up to US$414m debt facility with US DFC

• The US International Development Finance Corp (DFC) conditionally approves an up to US$414.2m debt facility for the Dasa Uranium Project, Niger.
• Selected material conditions include:
  • Identifying a viable route to export yellowcake (U3O8) from the project site
  • Extending the Project Mining Convention and the Mining Permit on satisfactory terms to harmonize with the tenor of the DFC Facility
  • Receiving satisfactory assurances regarding governmental approvals for loan repayments
  • Negotiating a satisfactory direct agreement with the government of Niger
• The Company reports ~11% of production is currently under offtake agreements, underground development reached the ore zone and maiden production due 2H28.
• 2024 FS envisaged ~3mlbs U3O8 annual production over 23y LOM generating after tax NPV8/IRR US$917m/57% at $75/lb price.
• The mine hosts the highest grade uranium deposit in Africa with reserves at 8.1mt 4,113ppm U3O8 for 73mlbs.
• Global Atomic holds a 80% interest in the project with the balance owned by the Republic of Niger.
• Stock closed 45% up yesterday.

Tertiary Minerals* (TYM LN) 0.078p, Mkt Cap £5.6m – 82m at 107g/t silver equivalent from 8m at the Discovery Zone, Mushima North

• Tertiary Minerals report the intersection of 82m at 107g/t silver equivalent from 8m depth at the Discovery Zone, Mushima North, in Zambia.
• The long intersection carries significant grade and follows on from previous assays from the Phase 4 drill programme.
• Highlights:
  • 82m at 89 g/t Ag, 0.20% Cu and 0.38% Zn (107 g/t Ag equivalent) from 8m downhole (26TMNRC-066; drillhole ends in mineralisation).
    • Inc: 37m at 165 g/t Ag, 0.28% Cu and 0.58% Zn (191 g/t Ag equivalent) from 53m downhole.
  • 5m at 1.01% Cu, 164 g/t Ag, and 0.15% Zn (238 g/t Ag equivalent) from 101m downhole (26TMNRC-063).
• Highest silver assay 659 g/t to date.
• The identification of mineralisation so close to the surface is positive from a mining and future economic perspective.
• The announcement covers assays from four RC holes with two ending in mineralisation extending it beyond the current Exploration Target boundary and confirming it remains open at depth.
• The true depth extent of mineralisation is yet to be tested.
• The team previously estimated a near surface Exploration Target of 15-30mt grading 40-60 g/t silver equivalent in the Discovery Zone based on a shallower mineralised area.
• Deposit confirmed to continue below the current estimated Exploration Target boundary.
• A total of 39 RC drill holes completed with results from 29 released to date (incl four holes today) and remaining assays to be announced in coming weeks.

Conclusion: Latest results deliver shallow higher-grade intersections well above existing Exploration Target average grades with a number of holes ending in mineralisation pointing to upside potential to the current Exploration Target.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Serval Resources* (SRVL LN) 31p, Mkt Cap £11m – Geophysics completed at Somelo in Botswana’s Kalahari Copper Belt

• Serval report progress on ground surveys at two prospects in the Kalahari Copper Belt, Somelo and Sweet Thorn Pan.
• Both sit along the same trend as Khoemacau, MMG’s copper-silver mine holding 450mt at 1.4% Cu and 18g/t Ag.
• The surveys are looking to define the contact between the Ngwako Pan and D’kar rock formations, which is known to host copper mineralisation across the belt.
• The contact is buried under Kalahari sand, so cannot be mapped at surface.
• Somelo:
  • 51 line-km of ‘audio-frequency magnetotellurics’,
  • 4.45 line-km of ‘induced polarisation’,
  • 170 line-km of drone magnetics
• Sweet Thorn Pan: (Serval’s top priority in the belt)
  • A 630 line-km drone magnetic survey at 50m line spacing, still running
  • It covers most of the licence, focused on fold structures seen in regional data
  • Earlier owners drilled copper at the target rock contact
• Field work finishes this month, with data processing already under way.
• The combined interpretation is due in the first half of October, and a results report around month end.
• Land access was agreed at both prospects through talks with the village chiefs of Somelo and Bothathogo and affected landowners.
• CEO Robin Birchall says the next step is processing and interpreting the data, then defining targets for follow-up including drilling, subject to receipt of additional funding.

*SP Angel acts as Nomad and Broker to Serval Resources

Savannah Resources* (SAV LN) 5.9p, Mkt Cap £151m – Good progress on drilling and field work at Barroso lithium mine

BUY – 17.6p

• Savannah management report good progress on their final construction related field programme.
• Access and groundwork is now complete for over 200 geotechnical test pits, 32 geotechnical drill holes and 17 hydrogeological boreholes.
• Including 198 geotechnical pits excavated and logged with 23 pits to go.
• Geotechnical drilling complete with 83m have been drilled to date out of a planned 300m on three holes for an environmental control reservoir with one hole in progress for a water storage reservoir.
• Hydrogeological drilling shows 14 holes (696m) complete out of 800m at the environmental control reservoir, water storage reservoirs, the Tailings Facility, processing plant site and waste rock dumps.
• A third rig is expected to arrive on site next week to speed up geotechnical drilling at the Tailings Facility.
• The three rigs and advanced progress in pit excavation and logging should be complete ahead of the authorisation period granted by the Portuguese State.
• All lab results are due early Q4.
• “Once this programme is finalised, all the geotechnical and hydrogeological field drilling activity ahead of construction will be done, and all field inputs for RECAPE, FID and construction preparation will be completed.” according to John Pereira, Savannah’s Exploration Manager.
• “The next planned major work in the field, not related to construction, will be associated to further geological prospection.”.

*SP Angel acts as Nomad and Broker to Savannah Resources

Strategic Minerals* (SML LN) 4.8p, Mkt Cap £135m – Update on drilling progress at Redmoor

• Strategic Minerals has issued a progress report on its 22,500m infill resources drilling campaign at the Redmoor tungsten/copper/tin project in Cornwall.
• The company has now completed 5,000m, in 9 holes of the planned 42 resource holes plus a further hole hole “for resource and metallurgical testwork”.
• “The results to date are highly encouraging and continue to confirm our understanding of the resource and its economics, consistent with what has previously been announced”.
• Rig 1 has completed six holes intersecting “the full thickness of the Redmoor Sheeted Vein System … [and] … identifying the new style of Sn+Cu mineralisation in the granitic body”
• Rig 2 has completed one hole “having intersected the full thickness of the SVS, with wolframite (tungsten), chalcopyrite (copper) and cassiterite (tin) mineralisation visually identified by CRL geologists … [with the] … second hole from this pad … well advanced”.
• Rig 3 is testing “the western-most portion of the Redmoor Resource”, has completed a further 2 holes with Strategic Minerals confirming that “Both holes intersected the full thickness of the SVS along with the previously modelled North Tin Zone, with wolframite, chalcopyrite and cassiterite mineralisation identified by CRL geologists”.
• Tungsten benchmark APT prices are 5.5 times higher yoy in Europe with the “6- and 12-month average price per mtu APT are both above the Upside Case scenario of $1,800 mtu APT highlighted in the Economic Sensitivity Analysis produced for Redmoor” which was issued on 26^th March this year.
• Prices “if sustained over the long-term could provide further significant upside to the project economics” which gave an Upside Case “NPV8% of $2.71bn and IRR of 55% based on $1,800 mtu APT”.

Conclusion: Drilling at Redmoor is around 22% complete with ~5,000m drilled to date and the company confirms that the programme is currently running on time and on budget. Recent tungsten commodity prices exceed the ‘Upside Case’ of US$1,800/mtu for APT in the March 2026 Economic Sensitivity Analysis.

*SP Angel acts as Nomad and broker to Strategic Minerals

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 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

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.

DISCLAIMER

This 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.

This 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.

This 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.

This 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.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, 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).

SPA 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.

MiFID 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.

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

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

---