{"id":142371,"title":"SP Angel – Today’s Market View, Thursday 29th October 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-10-29T11:19:57+00:00","modified":"2026-10-29T11:19:57+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-29th-october-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-29th-october-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-29th-october-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"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/2026/09/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Copper – World Bank raises copper price outlook by 18% to $13,000/t for 2027**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Capstone Copper (CS CN) – Reports of plans to double Chilean copper output**\n\n**Liontown Resources (LTR AU) – Production dips as mining shifted to underground with guidance reiterated**\n\n**Lynas Rare Earths (LYC AU) – Record quarterly TREO production and prices lift sales with 2QFY27 guided lower on maintenance works**\n\n**Resolute Mining (RSG LN) – Production remains stable at Mako and is improving at Syama while the company progresses mine development and evaluation project in Cote d’Ivoire**\n\n**Tertiary Minerals* (TYM LN) – New drilling to probe depth continuity and sulphide mineralisation potential at Mushima North**\n\n**Thor Energy (THR LN) – Quarterly report focusses on South Australia hydrogen/helium project**\n\n**Turaco Gold (TCG AU) – Up to A$130m equity raise to fund Afema minority stake acquisition and ongoing DFS work**\n\n**Credit markets woes spill into equities as AI rally stalls**\n\n- Base metals, particularly copper appear led in short-term trading by AI investor sentiment.\n\n- Credit spreads have widened significantly in the US AI sector raising borrowing cost for new datacentres\n\n- The spread between B and CCC is now 8% – a massive credit spread by all accounts. We would normally expect to see around 4%.\n\n- These are sub-investment grade / junk bond spreads suggesting investors are repricing risk in the AI sector and the one-way positive trade is over.\n\n- Coreweave is highly indebted and seen as epicentre of the debt issue.\n\n- Higher credit spreads could also spill over into other sectors sparking a re-run of the debt issues which caused Glencore shares to collapse in September 2015.\n\n- Glencore had been largely funded on short-term, low-cost revolving credit issues which needed regular refinancing and when the credit market music stopped investors feared Glencore might not be able to refinance certain revolving credit lines.\n\n**Copper (US$14,379/t) – World Bank raises copper price outlook by 18% to $13,000/t for 2027**\n\n- The world bank also forecasts $13,200/t for 2026 and if prices remain around current levels we should see ~$13,674/t for the year\n\n- They say the outlook points to sustained demand for new copper supply alongside higher costs.\n\n- The bank sees long development timelines to keep prices higher for some time\n\n**Disruption at Andean copper mines**\n\n**El Teniente – new safety inspection started following avalanche on 11th October which killed two inspectors in the pit.**\n\n- El Teniente produced 310,000t of copper and 3,587t of molybdenum last year.\n\n**Andes Norte **– seismic risks have caused Codelco to reassign 1,817 of 2,460 workers on the construction of the new Andes Norte deep-level expansion within the El Teniente mine.\n\n- Analysis of the area shows deep seismic activity which may impact the safety and operation of panel caving within the mine where a rock burst killed six workers in July.\n\n- Andes Norte is 81% built and should produce >100,000tpa but no restart for the Andes Norte extension has yet been set.\n\n**Antamina suspended copper operations in Peru due to a fatality at its Yanacancha site**\n\n- Antamina produced 390,000t of copper last year\n\n- The mine raised production 49% yoy to 342,100t from January – August this year.\n\n- Ownership: BHP (33.75%), Glencore (33.75%), Teck (22.5%) Mitsubishi (10%)\n\n**SHFE suspends bonded delivery business for refined copper and aluminium futures as it reorganises warehouse delivery business**\n\n- SHFE has suspend bonded deliveries for refined copper and aluminium futures with immediate effect (Reuters)\n\n- According to SMM the SHFE is reshaping its warehousing business, cancelling specific legacy sites with focus on larger delivery systems.\n\n- The SHFE revoked the delivery warehouse qualifications for large logistics providers while centralising operations under regional group hubs.\n\n- The SHFE is also proposing revisions to its settlement system and business rules.\n\n- The SHFE cancelled two nickel and other metals futures storage sites in August as part of the ongoing reorganisation.\n\n**Lithium futures hit 2026 lows sliding below CNY90k mark.**\n\n- The most active GFEX lithium carbonate contract fell as much as 5.3% to RMB88,320/t (US$13,258/t), its first move below RMB90k this year.\n\n- Prices are down c.45% in two months, from a peak near RMB160k/t in early September.\n\n- The market is growing more cautious on EV and energy storage demand growth.\n\n- Battery makers are reported cutting procurement to avoid inventory losses, placing only sporadic spot orders with no new bookings.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.19%** | **at** | **52,475** |\n| **Nikkei 225** |  | **+1.10%** | **at** | **64,659** |\n| **HK Hang Seng** |  | **-0.59%** | **at** | **22,959** |\n| **Shanghai Composite** |  | **-0.82%** | **at** | **3,651** |\n| **US 10 Year Yield (bp change)** |  | **-2.5** | **at** | **4.99** |\n\n**Currencies**\n\n**US$1.1134/eur vs 1.1124/eur previous. Yen 157.91/$ vs 157.72/$. SAr 16.661/$ vs 16.658/$. $1.331/gbp vs $1.329/gbp. 0.704/aud vs 0.703/aud. CNY 6.663/$ vs 6.668/$**\n\n**Dollar Index 102.25 vs 102.36 previous**\n\n**Economics**\n\n**US – FOMC held rates flat at 3.75-4.00 (10-2 vote), in line with expectations.**\n\n- Two members dissented in favour of a hike.\n\n- Warsh offered no explicit guidance but stressed persistent inflationary pressures.\n\n- Futures price hikes in December and March.\n\n**Nasdaq futures are falling ~1% on Alphabet and Samsung results miss.**\n\n- Alphabet dropped >10% pre-market following underwhelming sales.\n\n- Samsung was down >4% on a profit miss, higher capex and less than expected details on shareholder return plan.\n\n- Microsoft rose 3% on better than forecast results.\n\n**ECB – Expectations are for the European central bank to hold rates at the meeting today after having already hiked borrowing costs twice this year.**\n\n**Japan – The central bank is expected to hold rates at 1.25% tomorrow following a hike in September.**\n\n- Similar to the US Fed, expectations of an increase in December is at over 80%.\n\n- The BoJ’s underlying inflation gauge hit a three-year high of 3.2% last month, and unions plan to seek even bigger pay rises in the 2027 wage talks.\n\n**Precious metals:**\n\n**Gold US$4,025/oz vs US$4,049/oz previous**\n\n** Gold ETFs 101.0moz vs 101.0moz previous**\n\n**Platinum US$1,510/oz vs US$1,539/oz previous**\n\n**Palladium US$1,005/oz vs US$1,028/oz previous**\n\n**Silver US$52.8/oz vs US$54.0/oz previous**\n\n** Silver ETFs 808.0moz vs 807.3moz previous**\n\n**Rhodium US$9,075/oz vs US$9,075/oz previous****      **\n\n**Base metals:   **\n\n**Copper US$14,379/t vs US$14,460/t previous**\n\n**Aluminium US$3,049/t vs US$3,091/t previous**\n\n**Nickel US$15,610/t vs US$15,735/t previous**\n\n**Zinc US$3,875/t vs US$3,871/t previous**\n\n**Lead US$1,909/t vs US$1,925/t previous**\n\n**Tin US$50,310/t vs US$51,440/t previous**\n\n**Energy:****           **\n\n**Oil US$114.4/bbl vs US$115.1/bbl previous**\n\n- Crude oil prices edged lower after US President Donald Trump confirmed ongoing negotiations with Iran through mediators as the EIA estimated draws of 1.9mb to commercial US crude, 0.1mb to the SPR and 1.5mb to distillates, offset by a 3.9mb build to gasoline stocks, with refinery utilisation down 0.6% w/w to 92.8% on 13.99mb/d of domestic supply.\n\n- European energy prices pulled back from €100/MWh as EU natural gas storage levels increased by 0.4% w/w to 75% full (vs 89.6% 5-Yr average), with aggregate inventory at 849TWh and only Germany below 65% full (vs 85% 5-Yr avg).\n\n- The UK Budget announced a £100 Household Energy Payment for up to 20 million households, an extended VAT cut on electricity and a new British data centre covenant, which recognises the importance of data sovereignty and supports on-site power generation to enable faster data centre deployment, subject to certain criteria.\n\n- The Chancellor also declined to accelerate introduction of the proposed Oil and Gas Revenue Levy (OGRL) from potentially as late as April 2030, which is designed as a permanent successor to the 78% Energy Profits Levy (EPL).\n\n**Natural Gas €97.6/MWh vs €97.8/MWh previous**\n\n**Uranium Futures $91.3/lb vs $90.2/lb previous****    **\n\n**Bulk:   **\n\n**Iron Ore 62% Fe Spot (Singapore) US$91.4/t vs US$90.2/t**\n\n**Chinese steel rebar 25mm US$481.7/t vs US$481.5/t**\n\n**HCC FOB Australia US$266.5/t vs US$266.8/t**\n\n**Thermal coal swap Australia FOB US$149.0/t vs US$149.0/t****  **\n\n**Other:  **\n\n**Cobalt LME 3m US$33,510/t vs US$34,620/t**\n\n**NdPr Rare Earth Oxide (China) US$108,139/t vs US$108,210/t**\n\n**Lithium Carbonate 99% (China) US$14,033/t vs US$14,398/t**\n\n**China Spodumene Li2O 6%min CIF US$1,290/t vs US$1,350/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$1,835/mtu vs US$1,835/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,775/mtu**\n\n**China Tantalum Concentrate 30% CIF US$242/lb vs US$242/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$25.9/kg vs US$25.9/kg**\n\n**China Ilmenite Concentrate TiO2 US$176/t vs US$176/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$1,178/t vs US$1,177/t**\n\n**Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t**\n\n**Germanium China 99.99% US$4,475.0/kg vs US$4,475.0/kg**\n\n**China Gallium 99.99% US$450.0/kg vs US$450.0/kg**\n\n**Europe Molybdenum Oxide 57% US$33.0/lb vs US$33.0/lb**\n\n**EV & Battery news****:**\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -0.9% | 0.7% | **Freeport-McMoRan** | 1.0% | -3.3% |\n| **Rio Tinto** | -0.6% | -0.4% | **Vale** | -3.1% | -9.7% |\n| **Glencore** | -0.3% | 0.6% | **Newmont Mining** | 1.1% | -2.8% |\n| **Anglo American** | 0.9% | 6.2% | **Fortescue** | 0.6% | 0.1% |\n| **Antofagasta** | -1.6% | 6.9% | **Teck Resources** | 1.2% | 0.4% |\n\n**Capstone Copper (CS CN) C$12.02, Mkt Cap C$9.2bn – Reports of plans to double Chilean copper output**\n\n- The industry website [www.mining.com](https://spangel.email.streetcontxt.net/platform/al?a=14306496&ad=5079001867&h=lGCXKCF&sig=AeLEONm2j36VeQaHPqnxfmhTc8G&v=2&url=http://www.mining.com) carries a report attributed to the Chilean Mines Ministry that Capstone Copper *“*[will invest $3 billion](https://spangel.email.streetcontxt.net/platform/al?a=14306496&ad=5079001867&h=mz11259&sig=O5SqLmHG6GmfHVRxQmCptWpAMB9&v=2&url=https://www.youtube.com/watch?v%3DDZ6VgdQBRGo)* in Chile’s Atacama region to double its copper production in the country by 2031”*.\n\n- The production growth is said to include a $2.3bn investment in the Santo Domingo copper project *“which is in the early stages of construction*… [and] … *two expansion projects at the nearby Mantoverde mine”* located around 35km from Santo Domingo.\n\n- The report says that the Santo Domingo construction *“is expected to employ more than 8,000 workers, with about 1,500 jobs anticipated once the mine enters operation**”* underlining the employment benefits highlighted by Chile’s Economy and Mining Minister, Daniel Mas who also recognised *“potential benefits of the investment for … copper output, small and medium-sized businesses and government tax revenue”*.\n\n- We understand that Santo Domingo’s 436mt ore reserve is expected to support a 19-year LOM producing 106kt Cu over first seven years.\n\n**Liontown Resources (LTR AU) A$0.67, Mtk Cap A$2.2bn – Production dips as mining shifted to underground with guidance reiterated**\n\n- Liontown reports SepQ26 production results for its lithium operations at the Kathleen Valley mine in WA, Australia.\n\n- Production 78.0kt SC5.1 (-24%qoq) on lower throughput as operations switch to underground feed.\n\n- The plant processed 508kt at 1.3% and 60% recoveries.\n\n- Lower recoveries (4QFY26: 63%) attributed to higher share of contaminated stockpile feed.\n\n- Unit costs A$1,259/SC FOB (4QFY26: A$995/SC).\n\n- Sales 82.6kt SC5.2 with realised prices US$1,966/SC6 CIF.\n\n- Underground development hit record 4,021m with mining rates at ~1.6mtpa on course for 1.9mtpa 2QFY27 and targeted 2.8mtpa by end-FY27.\n\n- Operating cash flow ~A$47m.\n\n- FCF -A$35m after accounting A$82m in capex.\n\n- Expansion project FID announced in September lifting underground mining rates to 4.1mtpa (from 2.8mtpa) and raising production to ~780ktpa SC5.4 from FY30.\n\n- Expansion budget $389m including the previously announced FY27 growth spend of A$60-70m.\n\n- FY27 production and costs guidance maintained at 390-440kt SC5.1 at A$1,050-1,250/SC FOB\n\n- FY27 capex revised to A$435-495m, up from A$320-370m , reflect expansion project related capex.\n\n**Lynas Rare Earths (LYC AU) A$13, Mkt Cap A$12.6bn – Record quarterly TREO production and prices lift sales with 2QFY27 guided lower on maintenance works**\n\n- Lynas reports SepQ26 production results for its rare earth operations in Australia and Malaysia.\n\n- NdPr record quarterly production 2,082t (+12%qoq, +4%yoy).\n\n- NdPr run rates averaged ~77% of the 900tpm (2,700tpq) nameplate.\n\n- DyTb production 23t (+21%qoq)\n\n- TREO production 4,254t (+22%qoq)\n\n- Revenues A$310m (+7% qoq, +55% yoy), the highest since Q4 FY22.\n\n- Higher headline sales helped by larger volumes (+3%qoq) and higher realised prices (+4%qoq).\n\n- Record average selling prices A$102/kg TREO with floor price agreements now covering >50% of production.\n\n- December quarter production volumes are expected lower on a ~one-month Lynas Malaysia shutdown and a ~two-week Kalgoorlie outage.\n\n- The Company announced a recommended acquisition of Meteoric Resources developing an ionic clay deposit in Brazil in a ~A$968m all scrip deal earlier in October.\n\n- Cash was steady at A$1.2bn after ~A$50m of strategic investment in JS Link (3,000tpa NdFeB sintered magnet plant in Kuantan, Malaysia, with exclusive supply until Jan38) and ~A$30m in LS Eco Energy (Vietnam metal making facility).\n\n**Resolute Mining (RSG LN) 58.2p, Mkt Cap £1,324m – Production remains stable at Mako and is improving at Syama while the company progresses mine development and evaluation project in Cote d’Ivoire**\n\n- Resolute Mining reports the production of 44,398 oz of gold during the 3 months to 30th September bringing YTD output to 149,193oz at a cost (on an all-in-sustaining cost basis) of US$2,379/oz (2025 – 211,318oz at US$1, 834/oz).\n\n- As previously announced in September *“Group production guidance* … [has been] … *revised to 205 – 225 koz**”* with all-in sustaining costs in the range US$2,250-2,350/oz.\n\n- Commenting on the performance CEO, Chris Eger, explained that *“While Q3 began with operational challenges in Mali, Resolute made meaningful progress across its key development and exploration projects with activities across all other assets performing well**”*.\n\n- He said that the Mako mine in Senegal *“continued to perform well**”* contributing 12,621oz at US$1,516/oz bringing YTD output to 43,733oz at an AISC of US$1,579/oz (2025 – 82,140oz at US$1,180/oz).\n\n- Mr. Eger said that the Syama mine in Mali *“was affected by slower-than-planned open pit mining rates, intermittent underground explosives supply and plant downtime* … [but explained that] … *Mobilisation of additional equipment accelerated towards quarter end, and commissioning of the Syama Sulphide Conversion Project continued as we focus on improving production through the final quarter”*.\n\n- Syama’s quarterly production of 30,439oz from the sulphide plant plus 1,338oz from processing oxide ores brings the mine’s YTD production to 105,460oz at US$2,459/oz (2025 –  128,908oz at US$2,092/oz) as oxide ore production and processing rates *“remained below plan during the quarter**”*.\n\n- Today’s announcement also highlights progress with the company’s projects in Cote d’Ivoire at Doropo where *“construction remains on track and on budget**”* and at the ABC project where, following the completion of >23,000m of infill drilling it *“remains on track to complete infill drilling campaign by end of 2026”*.\n\n- Following expenditure of US$53m at Doropo during the quarter, *“approximately $315 million (61%) of total capex has been committed**”*.\n\n- Initial gold production from Doropo is expected *“in H1 2028 with pre-stripping activities commencing in Q2 2027**”*.\n\n- The company describes the ABC project as *“a priority growth project**”* which already hosts an ‘Inferred’ resource of ~133mt at an average grade of 0.71g/t gold (3moz) and says that *“it has the potential to become its fourth mine furthering Resolute’s strategy of diversification in West Africa”*.\n\n- In southern Cote d’Ivoire the La Debo project drilling helped expand the mineral resource estimate to a total ‘Inferred’ 17.6mt at an average grade of 1.2g/t gold hosting 0.93moz across the G3 North and G3 South deposits with G3 South containing a *“higher grade core… of 4.2Mt grading 2.9g/t Au for 397,000 ounces**”*.\n\n- Resolute Mining explains that the *“high grade core at G3S remains open along strike and down dip and further resource increases are expected with additional drilling* … [and that] … *Previous encouraging drilling results at the La Debo Main prospect will be tested with upcoming exploration programs”*.\n\n- Summarising the near-term outlook, Mr. Eger said that Resolute Mining expects *“a strong end to the year* … [with a focus on] …  *improving performance at Syama … maintaining momentum at Doropo, progressing the Mako Life Extension Project and finishing infill drilling at ABC”*.\n\n**Conclusion**: After setbacks at the Syama mine earlier in the year, Resolute Mining reports improvements at the mine and a stable performance from the Mako mine in Senegal. Project development at Doropo in Cote d’Ivoire remains on track to deliver initial gold production in H1 2028 and the ABC and La Debo projects are focussing on resource definition and expansion.\n\n**Tertiary Minerals* (TYM LN) – 0.0575p, Mkt Cap £5.1m – New drilling to probe depth continuity and sulphide mineralisation potential at Mushima North**\n\n- Tertiary Minerals confirms that mobilisation of drilling equipment is underway for a 1,000m programme at its Mushima North project in Zambia.\n\n- The drilling, consisting of 4 diamond cored holes, will investigate the depth continuity of the mineralisation identified in the ‘Discovery Zone’ *“targeting higher-grade mineralisation and the potential for an underlying primary sulphide deposit**”*.\n\n- The last, Phase 4, drilling at the property *“defined a higher-grade zone with a surface footprint of up to 400m by 150m, and mineralisation down to a vertical depth of 125m *… [which was the] … *maximum depth of drilling**”* available so the new programme should add information from the 100m below that providing improved insights into the depth potential.\n\n- The follow-up programme is expected to take around 4 weeks and will enhance *“the geological … understanding of the deposit to support orebody knowledge and future drilling and technical studies**”*.\n\n- Commenting on the new drilling Managing Director, Richard Belcher, said that the new programme will be Tertiary Minerals’ *“first diamond drill programme on the Project and will test for the continuation of mineralisation below the Discovery Zone and, in particular, for the potential of underlying primary sulphides* … [and follows] … *3,600m of Reverse Circulation drilling to support our Mineral Resource Estimation work”*.\n\n**Conclusion**: Deeper drilling is about to start at Mushima North to test the continuity of mineralisation at depth and the potential for underlying suplhides beneath the ‘Discovery Zone’\n\n**SP Angel acts as Nomad and Broker to Tertiary Minerals*\n\n**Thor Energy (THR LN) 0.525p, Mkt Cap £5.4m – Quarterly report focusses on South Australia hydrogen/helium project**\n\n- Thor Energy’s quarterly report for the 3 months to 30th September focusses on progress with the regulatory approval process for its Hy-Range hydrogen & helium project in South Australia.\n\n- Public consultation for a planned seismic geophysical programme *“is ongoing”*,\n\n- CEO, Andrew Hume, explained that the seismic work was expected to be “in late Q1/early Q2 2027, as our technical team and seismic contractors are fully prepared and ready to progress”.\n\n- Mr. Hume also confirmed receipt of the first annual deferred payment of A$1.3m from Tivan “following the successful divestment of the Molyhil Project” contributing to the 30th September cash balance of A$3m.\n\n- The Tivan payment was delivered in equal cash payments and in Tivan shares.\n\n**Turaco Gold (TCG AU) A$0.73, Mkt Cap A$723m – Up to A$130m equity raise to fund Afema minority stake acquisition and ongoing DFS work**\n\n- Turaco raises A$120m to fund consolidation of the interest in the Afema Gold Project in Cote d’Ivoire.\n\n- Funds are being raised at A$0.60 implying a ~12% discount to the last close.\n\n- Additionally, the Company is launching a share purchase plan for up to A$10.\n\n- The Company to acquire the minority stake of 20% for A$112m (US$79m), a mix of cash and shares.\n\n- That would consolidate ownership at 100%.\n\n- The Company estimates to have pro-forma cash of ~A$125m post a A$130M raise.\n\n- DFS work ongoing with the study due 2QCY27.\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. 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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"}