SP Angel – Today’s Market View, Thursday 25th June 2026

Gold trades lower as de-dollarisation trade reverses as Strait of Hormuz reopens and US dollar gains

MiFID II exempt information – see disclaimer below

Benz Mining (BZ CN) – 10-12moz Exploration Target reported at Glenburgh

Cornish Metals* (TIN LN) – South Crofty mine lease agreement

Mineral Resources (MIN AU) – Unlucky day for workers Lucky Bay garnet mine

Premier African Minerals (PREM LN) – Progress report from the Zulu lithium project, Zimbabwe

Prospect Resources (PSC AU ) – Positive copper concentrate results from Kabikupa met testwork

REalloys (ALOY US) – US$100M equity raise

Resolute Mining (RSG LN) – Receipt of A$77m from sale of Ravenswood

Rome Resource (RMR LN) – 2025 results highlights progress at Bisie North, DRC

Strategic Minerals* (SML LN) – Confirmation of NED appointment

Tertiary Minerals* (TYM LN) – 4,000m drilling programme begins at Mushima North

Gold ($3,993/oz) – De-dollarisation trade reversing as Strait of Hormuz reopens and US dollar gains

US Dollar continues to strengthen with the dollar Index rising to 101.62 vs 101.56 previous.

• Gold prices fell over 3% yesterday, sliding to recent lows of $3,964/oz. Bitcoin collapses below $60,000 to 20-month low
• The metal has come under pressure from a rallying US dollar, with the global reserve currency rebounding from January lows.
• The weak dollar through 2025, falling c.13% against a basket of currencies, had been a major tailwind behind gold’s strong upward momentum.
• This sell-off has reversed, with the dollar index rising to 101.5, the highest level since March 2025.
• The dollar index peaked c.110 in late 2024, before a series of Trump policy rollouts reduced confidence in the greenback,
• Sustained higher US Treasury yields, with the 10 year holding over 4.4% for the past month, have increased the appeal of the dollar.
• A weakening US Tech sector is also increasing appetite for risk-off assets, with the dollar returning to favour.
• Platinum has fallen 18% over the past month, while palladium is down 14% over the same period.
• Similarly, silver is down 25% over the past month.
• The dollar rally has weighed on previous beneficiaries from its weakness, namely precious metals.
• While central bank buying will provide a sustained support level for gold over the next 12 months, volatile trading is expected to continue.
• While a real peace deal between the US and Iran feels unlikely, the illusion of a deal will likely provide some positive support for bullion, as more certainty is gained over inflation and energy costs.

Chinese banks tighten retail gold trading amid price volatility

• Chinese authorities crackdown on precious metals trading
• Major lenders suspend new accounts and raise margins with banks restricting client trading on the Shanghai Gold Exchange.
• Many banks started cleaning up on personal gold and other precious metal trading accounts earlier this year as volatility rose
• The SGE itself issued risk warnings around February 9, telling member firms to strengthen contingency plans and urging investors to actively manage their positions.
• Part of the move may have been due to competition from the PBoC which was also buying gold last year and earlier this year.
• Tokenisation of gold offered Chinese and other investors a new and easy route into the gold market away from regulation without conventional margin structures.

Tin – falls again as a strong dollar pressures metals

• Tin’s most-traded Shanghai (SHFE) contract fell 1.76%, sliding toward the RMB 380,000 ($55,850/t) mark, while LME three-month tin held around $50,490/t.
• The main driver was still a strong US dollar, now at a 13-month high, plus the Fed’s hawkish tone which pulled money out of metals.
• Easing Middle East tension, with US-Iran talks set to resume on 30 June, also cut the risk premium that had supported prices.

Nickel – prices fall as Indonesia signals substantial increase in mine quotas

• Indonesia may reverse its savage cut in mine quota to 360mt from ~260mt set in the first half to ease the ore shortage at smelters.
• The move comes after pressure from Chinese nickel smelters which dominate the Indonesian nickel smelting instry.
• Indonesia’s energy ministry said yesterday no final number is set, calling it a review, not an easing.

Currencies

US$1.1353/eur vs 1.1355/eur previous. Yen 161.83/$ vs 161.69/$. SAr 16.581/$ vs 16.588/$. $1.318/gbp vs $1.319/gbp. 0.690/aud vs 0.690/aud. CNY 6.804/$ vs 6.805/$.

Dollar Index 101.62 vs 101.56 previous.

Economics

Oil – Brent prices dropped below pre-Iran war levels amid increased flow of ships through the Gulf.

• 31 tankers left the Gulf on Wednesday, marking a 50% increase from the day before.
• Brent is trading at $73 after hitting an intraday high of $126 earlier in April.

US – PCE data, a preferred Fed inflation measure, is due later today.

• Estimates are for an increase in inflation in May (0.5%mom/4.1%yoy, up on 0.4%/3.8%).
• Core measures are also expected higher (0.3%mom/3.4%yoy, up on 0.2%/3.3%).
• Rate hike expectations have been rising with a decision potentially as early as September.

Strong Micron and Qualcomm outlooks lift risk sentiment easing AI rally concerns.

• Both stocks were up 15% and 12% higher in early trading.
• Nasdaq futures are 2.3% higher this morning.

Japan – 7.2 earthquake of northern coast of Japan this morning

• The quake registered a rare upper 6 on the Japanese seismic intensity scale of 7 in the town of Hashikami, Aomori Prefecture. (Japan Times)
• An intensity of upper 6 is when people can only crawl and are unable to walk during an earthquake. Unsecured furniture will topple over, according to the JMA.
• No tsunami warning has been issued. At least 10 people were injured.

Germany – GfK Consumer Confidence (Jul / Jun / Est): -29.2 / -29.7 (revised from -29.8) / -28.0

Venezuela – 7.5 and 7.2 earthquakes hit Venezuela with many trapped under collapsed apartment blocks

• Reports describe unbelievable devastation in Caracas
• The last major earthquake in Caracas was in the 1967 causing severe damage.
• Oil infrastructure is thought to have survived with no damage to the El Palito refinery near Moron which was the epicentre of the earthquake.
• The US is sending rescue teams and medical assistance. China, Spain, France and others have offered assistance.

Precious metals:

Gold US$3,983/oz vs US$4,085/oz previous

Gold ETFs 97.3moz vs 97.5moz previous

Platinum US$1,561/oz vs US$1,648/oz previous

Palladium US$1,175/oz vs US$1,229/oz previous

Silver US$56.9/oz vs US$61.8/oz previous

Silver ETFs 783.4moz vs 786.4moz previous

Rhodium US$7,850/oz vs US$7,950/oz previous

Base metals:   

Copper US$13,144/t vs US$13,359/t previous

Aluminium US$3,135/t vs US$3,198/t previous

Nickel US$16,925/t vs US$16,830/t previous

Zinc US$3,428/t vs US$3,441/t previous

Lead US$1,912/t vs US$1,930/t previous

Tin US$50,075/t vs US$51,100/t previous

Energy:

Oil US$72.8/bbl vs US$76.2/bbl previous

• Crude oil prices fell on reports of more tankers are transiting the Strait of Hormuz with their tracking signals turned on, as the EIA estimated w/w US inventory draws of 6.1mb to crude and 9mb to the SPR, offset by builds of 2.1mb to gasoline and 3.1mb to distillates stocks, with refinery utilisation down 0.6% w/w to 96.1% on 13.8mb/d of domestic production.
• European energy prices remain elevated as EU natural gas storage levels increased by 1.9% w/w to 47.2% full (vs 61.8% 5-Yr average), with aggregate inventory at 534TWh and Germany at almost 40% full (vs 61% 5-year average).

Natural Gas €40.9/MWh vs €41.9/MWh previous

Uranium Futures $85.7/lb vs $85.6/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.6/t vs US$98.4/t

Chinese steel rebar 25mm US$478.8/t vs US$479.4/t

HCC FOB Australia US$243.0/t vs US$243.0/t

Thermal coal swap Australia FOB US$129.3/t vs US$130.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$110,229/t vs US$106,988/t

Lithium carbonate 99% (China) US$21,972/t vs US$22,559/t

China Spodumene Li2O 6%min CIF US$2,350/t vs US$2,400/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vs US$1,705/mtu

China Tantalum Concentrate 30% CIF US$228/lb vs US$228/mtu

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

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

Europe Ferro-Vanadium 80% US$27.2/kg vs US$27.2/kg

China Ilmenite Concentrate TiO2 US$224/t vs US$224/t

US Titanium Dioxide TiO2 >98% US$2,809/t vs US$2,809/t

China Rutile Concentrate 95% TiO2 US$1,154/t vs US$1,154/t

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

Brazil Potash CFR Granular Spot US$402.5/t vs US$402.5/t

Germanium China 99.99% US$4,075.0/kg vs US$4,075.0/kg

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

Europe Molybdenum Oxide 57% US$31.0/lb vs US$31.0/lb

EV & Battery news:

EV demand powering European car market as Chinese manufacturers grab larger share

• Total new car registrations across the EU, UK and EFTA rose 3.6% yoy in May 2026 to 1,152,523 vehicles, while registrations for the first five months of 2026 increased 4.5% versus the same period in 2025.
• Electrified vehicles were the main growth driver accounting for more than two-thirds of all new vehicle registrations in May. Battery-electric vehicle (BEV) registrations were up 39.1%, plug-in hybrids (PHEVs) up 13.2%, and hybrids up 8.2% yoy.
• Sales of traditional internal-combustion vehicles continued to fall sharply, with petrol registrations down around 19% and diesel registrations down around 19% compared with May 2025.
• Major European automakers lost market share, with registrations at Renault, Stellantis and Volkswagen declining between 1% and 3% amid intensifying competition from Chinese brands.
• Chinese manufacturers recorded triple-digit growth rates, led by Leapmotor (+465.1%), Chery (+244.1%) and BYD (+136.6%). Other Chinese groups also expanded, with Geely up 12.6% and SAIC up 13.9%.
• Tesla registrations surged 107.9% yoy to 28,610 vehicles in May, marking its fourth consecutive month of growth after more than a year of declining sales.
• The growth in EV demand has been supported by new and revised tax incentives across key European markets, helping electrified vehicles offset the decline in combustion-engine sales and underpin overall market growth.

Toyota widens its EV lineup, a signal for battery-metal demand 

• Toyota, the world’s largest carmaker, is expanding its battery EVs and plug-in hybrids.
• They will introduce new 21 electrified models due by end-2026 and its first North America-built electric SUV, the Highlander EV, in 2027.
• More EV and hybrid models support long-term demand for nickel, lithium, and copper.

Indonesia’s $5.9bn CATL-Antam battery plant preparing for July opening

• The integrated project, built by the Indonesian state-miner Antam and Chinese battery giant CATL, is one of Indonesia’s flagship downstream schemes.
• The Karawang plant can make up to 15 GWh of batteries, starting with a 6.9 GWh lithium-ion line for both EVs and energy-storage systems (BESS).
• It is a major step in turning Indonesia’s nickel into finished batteries, supporting demand for nickel, lithium, and copper.

Company news:

Benz Mining  (BZ CN) C$2.34, Mkt Cap C$762m – 10-12moz Exploration Target reported at Glenburgh

• Australian gold explorer reported a maiden Exploration Target for its Glenburgh project in Western Australia yesterday.
• Glenburgh Exploration Target:

• • Higher-grade core: 110-125mt at 1.7-1.8g/t Au for 6.1-7.3moz
  • Mineralised halo: 375-415mt at 0.33-0.35g/t Au for 4-4.6moz Au
  • Total: 485-540mt at 0.6-0.7g/t Au for 10.-12moz Au

• Benz notes the Exploration Target is supported by drilling with 80% drill-defined, wireframed and assay supported.
• The Company intends to complete an infill, extensional and down-plunge drilling over the next 12 months, intended to convert a ‘substantial portion’ of the target into an MRE.
• Infill drilling of the drill-constrained domains will be conducted at a 25m x 25m spacing to test grade and tonnage continuity and support the conversion to MRE.
• Extensional, step-out and down-plunge drilling will be completed to test conceptual projection components.
• Metallurgical testwork is also underway over the coming year.
• Tungsten assaying is also underway, planning to release a tungsten Exploration Target and resource model.

Cornish Metals* (TIN LN) 116p, Mkt cap £144m – South Crofty mine lease agreement

• Cornish Metals has concluded a 25-year lease agreement with its co-owner of the Dundance lease at the South Crofty mine area in Cornwall.
• Agreement with the 50% owner of the lease, the Preston family, consolidates “mineral rights across South Crofty, reducing title-related risk and strengthening long-term development and operational certainty for the Project”.
• Cornish Metals holds the remaining 50% interest in the Dundance lease and the agreement follows previously announced “agreements with other mineral rights holders at South Crofty, including the Pendarves and Vyvyan estates”.
• Chief Executive, Don Turvey, thanked “the mineral rights owners for their constructive and professional engagement throughout the process … [and described the agreement as] … another important step in de-risking the project”
• Speaking on behalf of the Preston family, Mr. Henry Preston described South Crofty as “part of the history and identity of this area … [and welcomed] … renewed investment and activity returning to the historic mining district … [and said that] … we look forward to watching South Crofty continue to advance and help revitalise Cornwall’s tin mining heritage”.
• Earlier this month, the company described continuing progress with surface and underground development for the resumption of mining at South Crofty which aims to deliver “approximately 4,700 tonnes of tin-in-concentrate annually in the first five years of full production at lowest-quartile all-in sustaining costs over an initial 14-year mine life”.
• Also in June, the company reported additional mineral resource potential in the Roskear area of the mine where the first drillhole of an initial two-hole programme intersected the “western extensions of the Roskear B and Roskear South mineralised structures beyond the limits of the current Mineral Resource envelopes”.

Conclusion: The 25-year agreement over the Dundance lease adds additional certainty as Cornish Metals continues to progress towards a mid-2028 resumption of tin production at the South Crofty mine.

*SP Angel acts as Nomad. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s.

Mineral Resources (MIN AU) A$64, Mkt cap A$12.7bn – Unlucky day for workers Lucky Bay garnet mine

• Mineral Resources are closing their Lucky Bay garnet mine near Kalbarri, Australia with the loss of 110 jobs.
• The company is reported to have lost $260m on the company including prior debt writedowns with $222m of losses already booked from the former owner Resource Development Group including $146m in foreign loans (AFR)
• MinRes acquired the project from the administrators of Resource Development Group last year.
• Lucky Bay has production capacity of 130,000tpa of garnet which is used as an industrial abrasive mineral, in sand paper, polishing, filtration, air blasting and water jet cutting.
• Simple dry mining is used to mine the dune, mineral sands using front-end loaders. Ore is then slurried to a wet processing plant to produce concentrate.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £8.7m – Progress report from the Zulu lithium project, Zimbabwe

• Premier African Minerals reports that initial results from the flotation circuit at its Zulu lithium project show “the most positive operating performance we have seen from the plant to date”.
• The company explains that “commissioning was cut short due to the exhaustion of … [the ~6,000t of] … available ore feed” but that until that point “the circuit demonstrated a significant improvement in concentrate quality and overall operating stability compared to the previous configuration”.
• The commissioning work prior to suspension “produced concentrate grades materially in excess of those previously achieved. Internal assay results recorded sample concentrate grades exceeding 5.0% Li₂O, with peak sample grades of up to 5.58% Li₂O achieved”.
• The company will now need to replenish ore stocks as “Experience has shown that flotation circuit optimisation requires sustained operation over a prolonged period, and we believe that establishing an adequate stockpile before recommencing commissioning activities represents the most efficient approach”.
• Managing Director, Graham Hill, explained that “Our objective is to operate the plant continuously for a period of approximately 30 days, which should provide the data and operating experience required to fully optimise the circuit and assess its long-term performance”.
• “Based on current mining and stockpiling activities, the Company expects to have sufficient ore available on the ROM pad to recommence plant operations during July 2026 … subject to mining performance and other operational factors”.
• Premier African Minerals also describes progress of its discussions with Canamax Technologies “regarding a further extension of the Long Stop Date … under the existing prepayment and offtake arrangements”.
• The “Long Stop Date is the date by which Premier will have delivered either sufficient spodumene SC6, or provided cash settlement, to Canmax to settle the advance purchase amount provided by Canmax to Premier in full”.
• The company says that “discussions remain ongoing and no definitive agreement has yet been reached … [but] … the Board is encouraged by the engagement to date and believes that both parties remain committed to finding a mutually acceptable path forward”.

Conclusion: Commissioning work on the Zulu lithium plant delivered encouraging results prior to the exhaustion of available ore stocks. The company hopes to build sufficient stocks for a 30-day commissioning run in July.

Prospect Resources (PSC AU ) A$0.3, Mkt Cap A$250m – Positive copper concentrate results from Kabikupa met testwork

• Zambian copper explorer Prospect has completed metallurgical testing on its Kabikupa transition and low-grade fresh mineralisation.
• The Company used a flowsheet consistent with the previously announced Mumbezhi project.
• Results from the transition zone reported a copper concentrate grade of 31.9% Cu at 94.7% recoveries after a single cleaning stage.
• The low-grade fresh zone achieved a concentrate grade of 25% Cu at 94.3% recovery.
• Primary grind size used of P₈₀ of 250μm.
• Management note the results support using a centralised processing facility at Mumbezhi for a concentrate product.
• The results will be incorporated into a Scoping Study due towards the end of the year.
• Drilling is ongoing targeting additional MRE growth at Nyungu alongside testing regional targets across the wider licence.
• Assay results are due in the coming weeks

REalloys (ALOY US) US$16.7, Mkt Cap US$1.0bn – US$100M equity raise

• The Company raised US$100m with institutional investors to advance its portfolio of up/mid/downstream REE projects.
• The Company is building out a vertically integrated North America based mine-to-magnet business.
• The team has a partnership agreement with Saskatchewan Research Council (SRC) for sourcing oxides and metals as well as an MOU with St George (Araxa REE/Nb Project, Brazil) and an LOI Critical Metals (Tanbreez REE Project, Greenland).
• The Company is building a US metallisation facility (converting REOs into ~3,000tpa of high purity metals) using patented hydrofluoric acid free reduction technology.
• Additionally, the Company is developing a 3,000tpa permanent magnet manufacturing facility with a potential to expand to 10,000tpa.

Resolute Mining (RSG LN) 52p, Mkt Cap £1,099m – Receipt of A$77m from sale of Ravenswood

• Resolute Mining reports that it expects to receive A$77m (~US$54m) on the Promissory Note for the sale of the Ravenswood mine.
• Funds are “expected to be received by 30 June 2026 … representing full repayment of the outstanding principal and accrued interest under the Vendor Financing Promissory Note”.

Rome Resource (RMR LN) 0.35p, Mkt Cap £27m – 2025 results highlights progress at Bisie North, DRC

• Rome Resources reports a 2025 loss of £1.3m (2024 loss – £4.8m) and a closing cash balance of £1.4m with a further £1.6m “equity funding in the first half of 2026”.
• The company highlights exploration progress at its Bisie North project in DRC where it has completed “a further 3,250m drilling programme” during 2026.

• CEO, Paul Barrett, said that the initial, CIM compliant, ‘Inferred’ mineral resource estimate of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72%zinc and 14.3g/t silver at Mont Agoma and a further 0.33mt at an average tin grade of 1.36% at Kalayi was “a marker for the Company … [which] … form a basis for resource growth going forward”.
• He outlined progress during 2026 including “further drilling and an airborne geophysical survey, the latter designed to identify additional mineral exploration targets along the tin trend and closer to the granite contact … [and starting] … a small-scale mining operation at Kalayi”.
• Chairman, Klaus Eckhof, said that a new MRE is expected in “mid-2026 … [incorporating the 2026 drilling and focussing] … on Kalayi  … [which] …  will provide confirmation of the wider intercepts that have been encountered in this programme and quantify their effect on the resource numbers”.

• Mr. Barrett also noted the option covering “a new tin play in Eastern Canada … over several claims in the Devonian tin-tungsten-indium play of SW New Brunswick, adjacent to the historical Mount Pleasant tungsten mine”.

Strategic Minerals* (SML LN) 3.95p, Mkt Cap £114m – Confirmation of NED appointment

• Following its announcement earlier this month and “the completion of customary Nominated Adviser due diligence”, Strategic Minerals confirms the appointment of Mr. Luke Rogers an independent non-executive director,
• Mr. Rogers is described as having “extensive international experience in mining and operations, having worked in the industry for over 15 years as a mining executive and engineer with a particular focus on critical and strategic minerals” in jurisdictions including “Africa, Europe and South America”.
• Supplementing his technical credentials, Mr. Rogers offers a strong Cornish connection via his “role as an elected Cornwall Councillor representing St Ives East, Lelant and Carbis Bay”.
• Earlier this week, the company reported the identification of previously unrecognised lode style tin mineralisation north of the existing MRE at Redmoor and plans to accelerate the drilling with the deployment of additional rigs.

Conclusion: Strategic Minerals’ appointment of an NED with technical mining experience and powerful local connections broadens the senior level expertise as the company advances its flagship project at Redmoor in Cornwall.

*SP Angel acts as Nomad and broker to Strategic Minerals

Tertiary Minerals* (TYM LN) 0.055p, Mkt Cap £4m – 4,000m drilling programme begins at Mushima North

• Zambian explorer Tertiary reports their RC drilling programme at the Mushima North Silver-Copper target has begun.
• The 4,000m programme will target extensions of oxide mineralisation at the Target A1.
• Extensions of mineralisation will be tested to the northwest, southwest and at depth within the oxide zone.
• Infill drilling will be completed to support the delivery of a maiden MRE at Target A1 before year end.
• Drilling will be spaced at 100m apart north-south and collared 50m apart along the east-west lines to a vertical depth of 125m.
• The MRE will build upon the reported JORC Exploration Target at A1 of 15-30mt at 40-60g/t AgEq for up to 58moz AgEq.
• Additionally, a maiden exploratory drill programme will be completed to test targets at A1 West and Target A2.
• Preliminary analysis will be conducted using a portable X-Ray Fluorescence analyser before sending selected samples to the lab.

Conclusion: An exciting time for Tertiary who have begun a 4,000m drilling programme at their flagship asset, Mushima North in Zambia. Drilling will support the delivery of a maiden MRE for Target A1, with extension drilling offering upside to the current 15-30mt Exploration Target. Additional zones of silver-copper mineralisation will be tested within the wider project area, and we continue to believe that Mushima North has the potential to host several near-surface oxide deposits. Limited drilling has been conducted at depth and the current programme will test several deeper targets.

*SP Angel acts as Nomad and Broker to Tertiary 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

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.

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

---