---
title: "SP Angel – Today’s Market View, Thursday 3rd September 2026"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-09-03T10:19:26+00:00"
modified: "2026-09-03T10:19:26+00:00"
date: 2026-09-03
canonical: "https://www.share-talk.com/sp-angel-todays-market-view-thursday-3rd-september-2026/"
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"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# SP Angel – Today’s Market View, Thursday 3rd September 2026

**Published:** September 3, 2026
**Author:** sharetalk
**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/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1)

---

**Gold rebounds as weak US jobs data cools rate hike bets** 

**MiFID II exempt information – see disclaimer below**

**Bezant Resources (BZT LN) – First concentrate due this month at Hope & Gorob, Namibia**

**Ionic Rare Earths (IXR AU) – JV term sheet signed for US magnet recycling plant in Missouri**

**Lindian Resources (LIN AU) – Carester partnership to move further downstream into separated REOs**

**Rockfire Resources (ROCK LN) – Molaoi ore rated medium-hard in first grinding tests**

**Strategic Minerals* (SML LN) – Sale of Leigh Creek copper project in Australia to help fund future development of Redmoor tungsten mine in Cornwall**

**Vulcan Energy (VUL AU) – Project Ludwig PFS to double production capacity with extra ~21ktpa LCE**

**Gold ($4,425/oz) – Gold rebounds as weak US jobs data cools rate hike bets**

- The ADP survey showed private hiring rose less than expected in August, with payrolls due Friday.

- The Fed’s Beige Book pointed to modest growth, slight hiring and moderate price rises.

- Traders now price a 62% chance of a rise this month, down from >70% Wednesday.

- The dollar and Treasury yields pulled back from recent highs.

**The Dutch central bank moved more than 78t (~US$11B worth) of gold from New York vaults to London citing “increasing geopolitical unrest”.**

- “With this relocation, we have improved the tradeability of our gold reserves,” central bank head Olaf Sleijpens said.

- The bank holds 612t of gold in total.

- London is reported to trade more than $900B in gold each week.

- The decision follows the same move by France that relocated its gold reserved from NY Fed between July 2025 and January 2026.

**Zambia looks to formalise small-scale gold mining**

- ZCCM-IH, the state mining investor, sees more than $1.8bn from bringing informal gold trade into the formal market.

- The UAE reported importing nearly $1.8bn of Zambian gold in 2023, against official exports of under $128m.

- Zambia is following Ghana, whose state gold board brought in ~$10.8bn last year.

- CEO Kakenenwa Muyangwa says a few hundred thousand ounces a year is achievable, against 127,000oz in 2025.

**Copper ($14,223/t) – Copper recovers as Trump says the Iran strikes will be short**

- Copper rose after Trump said the bombing campaign would not last long.

- Russia has started the rebuilt cathode plant at Udokan in Siberia, which can now make 150,000t a year.

- A fire in December 2023 set the plant back nearly three years, with replacement equipment bought from Asia.

- In Chile, Antofagasta reported 86 robberies on its copper trains in the Atacama last year, against 39 in 2022.

- Thieves struck 34 times in the first four months of 2026, taking 71% of last year’s total.

- Stolen cathode is melted to remove markings and shipped out as scrap, often to China.

- Copper Tc/Rc ‘Treatment and refining charges’ fall to below US$200/t according to certain sources.

- Bloomberg see Tc/Rc at -$150/t. Argus Daily CIF China spot rates show -$175/t with current trades ~$200/t

**Brazil Congress passes bill to enable it to veto mining deals**

- Brazil’s Congress has approved a critical minerals bill which now awaits President Lula’s signature.

- A new council must approve changes of control at mining companies, so it could block foreign takeovers.

- USA Rare Earth agreed in April to buy Serra Verde, owner of Brazil’s only operating rare earth mine.

- This is the kind of deal the council would now review.

- The bill sets R$5bn of tax credits for companies that process minerals in Brazil, plus a R$2bn fund to back projects.

- Brazil holds the world’s second-largest rare earth reserves after China.

**Rare Earths – Greenland Mines closes the Sarfartoq acquisition**

- Greenland Mines has completed its $35m purchase of Sarfartoq from Neo Performance Materials.

- An independent initial assessment puts the pre-tax NPV at ~$2.05bn and the IRR at 118.6%.

- That covers only the ST1 deposit, <1% of the licence.

- President Bo Moller Stensgaard says NdPr from ST1 alone would equal about a third of all NdPr refined outside China.

**Lynas Rare Earths reported to have been in takeover discussions earlier this year.**

- While talks are reported to have been early stage, the Company had to pauses its search for a new CEO to replace Amanda Lacaze, Reuters reports.

- “The discussions earlier this year ​had a high level of uncertainty and did not proceed,” the Company commented on the news.

**Driverless taxis – we saw a Wayve driverless taxi in London yesterday with no driver for the first time**

- All previous Wayve taxis have had a driver with hands close to the steering wheel.

- Driverless taxis use LiDAR, radar, cameras, and ultrasonic systems along with additional internal wiring, semiconductors etc..

- Indium, Gallium, Neodymium and copper alongside gold, silver and aluminium are used in the sensors, their housing and connections.

- But will it’s AI communication deliver the typical right-wing chat you get in a London Hackney Carriage?

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **Dow Jones Industrials** |  | **+0.56%** | **at** | **53,062** |
| **Nikkei 225** |  | **-0.17%** | **at** | **64,214** |
| **HK Hang Seng** |  | **-0.45%** | **at** | **25,197** |
| **Shanghai Composite** |  | **+0.02%** | **at** | **3,942** |
| **US 10 Year Yield (bp change)** |  | **-1.2** | **at** | **4.77** |

** ****Currencies**

**US$1.1607/eur vs 1.1574/eur previous. Yen 156.72/$ vs 159.66/$. SAr 16.053/$ vs 16.157/$. $1.349/gbp vs $1.350/gbp. 0.717/aud vs 0.714/aud. CNY 6.719/$ vs 6.723/$.**

**Dollar Index 99.18 vs 99.76 previous. –  Yen rises 1% vs USD on potential BoJ and US intervention**

**Economics**

**Inflation – data shows surprisingly low levels, suppressed by low cost exports from China**

- US:  3.4% yoy in July

- South Korea:  3.1% yoy vs 2.8%

- Indonesia:  3.2%yoy vs 2.9%

- Germany:  2.9% yoy vs 2.8%

- EU:  3.3%yoy vs 2.9%

**US – RCM/TIPP economic optimism index 45.6 in September vs 45.1**

- LMI logistics managers index 66.6 in August vs 68.9

- Dallas Fed manufacturing index 11.6 in August vs 1.3

- Dallas Fed services 4.2 in August vs 6.6

- Construction spending -0.5% in July vs 0%

**China – Official nonmanufacturing PMI 49.0** in August vs 49.0 in July

- General PMI 49.5 in August vs 49.3 July

- China’s two biggest copper producers Jiangxi Copper and Tongling Nonferrous more than doubled profits 1H’26 boosted by the higher copper, sulphuric acid and by product metal prices in their smelting units.

**Japan – Yen strengthened sharply on Thursday on speculation over another government intervention.**

- The currency appreciated by 1.4% to just over 156 following on a 0.9% gain the previous day.

**India – Q2 GDP 7.8% vs 7.8% in Q1**

- The Indian economy continues to grow at an extraordinary rate though their manufacturing PMI is falling quite heavily on increasing competition from China

**Manufacturing PMIs faring relatively well considering massive competition from China**

|   |   |   |   |
| --- | --- | --- | --- |
| **PMI Manufacturing** | **August** | July |   |
|   |   |   |   |
| JP Morgan comp. | 52.3 | 52.1 |   |
| US ISM | 54.6 | 55.6 |   |
| US S&P | 53.9 | 53.9 |   |
| China Official | 49.8 | 49.2 |   |
| China Rating Dog | 51.5 | 50.9 |   |
| Japan | 54.9 | 54.5 |   |
| South Korea | 52.3 | 53.1 |  |
| Taiwan | 54.7 | 55.1 |  |
|   |   |   |  |
| EU | 52.7 | 51.9 |  |
| Germany | 54.3 | 52.2 |   |
| France | 51.1 | 49.8 |   |
| Spain | 49.5 | 50.2 |   |
| Italy | **49.6** | 51.3 |   |
| Poland | 48.3 | 49.0 |   |
| UK | 51.7 | 51.9 |   |
| Mexico | 49.8 | 51.3 |   |
| Brazil | 46.3 | 47.5 |   |
| India | 52.8 | 53.5 |   |

**Precious**** ****metals****:**

**Gold US$4,425/oz vs US$4,328/oz previous**

**Gold ETFs 99.2moz vs 99.0moz previous**

**Platinum US$1,775/oz vs US$1,739/oz previous**

**Palladium US$1,365/oz vs US$1,311/oz previous**

**Silver US$65.8/oz vs US$64.0/oz previous**

**Silver ETFs 801.2moz vs 801.3moz previous**

**Rhodium US$9,350/oz vs US$9,150/oz previous**

**Base**** metals:**

**Copper US$14,223/t vs US$14,152/t previous**

**Aluminium US$3,283/t vs US$3,262/t previous**

**Nickel US$16,915/t vs US$16,610/t previous**

**Zinc US$3,868/t vs US$3,887/t previous**

**Lead US$1,897/t vs US$1,912/t previous**

**Tin US$54,290/t vs US$54,175/t previous**

**Energy****:**

**Oil US$94.7/bbl vs US$95.1/bbl previous**

- Crude oil prices edged higher on continued disruption to global energy flows as the EIA estimated draws of 4.5mb to commercial US crude, 3.1mb to the SPR and 1.2mb to gasoline inventories, offset by a 0.8mb build to distillate stocks, with refinery utilisation up 0.6% w/w to 98.0% on 13.9mb/d of domestic supply.

- European energy prices remain elevated as EU natural gas storage levels increased by 1.9% w/w to 65.4% full (vs 82.4% 5-Yr average), with aggregate inventory at 739TWh and only the Netherlands below 50% full (vs 75.4% avg.).

- Chevron announced agreements in Venezuela to develop adjacent acreage underpinning JV plans to invest over $7bn over the next five years to more than double current output to 600kb/d, with total estimated costs of less than $20/bbl.

**Natural Gas €73.3/MWh vs €73.9/MWh previous**

**Uranium Futures $89.5/lb vs $89.5/lb previous**

**Bulk****:**

**Iron Ore 62% Fe Spot (Singapore) US$99.4/t vs US$97.7/t**

**Chinese steel rebar 25mm US$466.8/t vs US$465.7/t**

**HCC FOB Australia US$271.5/t vs US$279.0/t**

**Thermal coal swap Australia FOB US$148.8/t vs US$147.5/t**

**Other****:**

**Cobalt LME 3m US$50,665/t vs US$56,290/t**

**NdPr Rare Earth Oxide (China) US$108,505/t vs US$108,733/t**

**Lithium Carbonate 99% (China) US$22,996/t vs US$22,981/t**

**China Spodumene Li2O 6%min CIF US$2,260/t vs US$2,260/t**

**Ferro-Manganese European Mn78% min US$1,070/t vs US$1,070/t**

**Tungsten APT (China) 88.5% FOB US$1,825/mtu vs US$1,835/mtu**

**Tungsten APT (Europe) 88.5% Rotterdam US$2,995/mtu vs US$2,995/mtu**

**China Tantalum Concentrate 30% CIF US$233/lb vs US$233/mtu**

**China Graphite Flake -194 FOB US$390/t vs US$390/t**

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

**Europe Ferro-Vanadium 80% US$25.1/kg vs US$25.1/kg**

**China Ilmenite Concentrate TiO2 US$190/t vs US$190/t**

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

**China Rutile Concentrate 95% TiO2 US$1,168/t vs US$1,168/t**

**Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t**

**Germanium China 99.99% US$4,225.0/kg vs US$4,225.0/kg**

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

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

**EV & Battery news****:**

**Chery Auto targets 2027 vehicle validation for 400Wh/kg all-solid-state battery**

- Chery chairman Yin Tongyue announced at the 2026 World Power Battery Conference that the company plans to install solid-liquid hybrid versions of its Rhino Battery in vehicles in Q4 2026, with all-solid-state batteries entering vehicle validation in 2027.

- Chery’s solid-state cells have reached an energy density of 400Wh/kg, using a sulfide-based solid electrolyte and high-nickel ternary cathode.

- The timeline puts Chery alongside CATL and BYD, both also targeting small-volume solid-state deployment in 2027, while Geely aims to complete its first in-house solid-state pack in 2026 and Dongfeng plans 50,000 solid-state-equipped vehicles in 2027.

- CATL chairman Robin Zeng said in June that solid-state technology sits at level 4 of 9 toward mass-production readiness.

- Yin said no technology will reach vehicles before meeting safety requirements, with the Rhino Battery undergoing tests including high temperature, extreme cold, crash, underbody scraping, and water immersion.

- Yin expects China’s vehicle exports to exceed 10m units in 2026, with NEVs accounting for more than half, and said green electricity already covers over 52% of power at Chery’s China manufacturing bases.

**Company news****:**

|   |   |   |   |   |   |
| --- | --- | --- | --- | --- | --- |
|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |
| **BHP** | -1.3% | -3.9% | **Freeport-McMoRan** | 2.0% | -6.4% |
| **Rio Tinto** | 1.3% | -0.9% | **Vale** | 4.0% | 3.8% |
| **Glencore** | 0.5% | 0.0% | **Newmont Mining** | 2.1% | -4.9% |
| **Anglo American** | -0.1% | -2.2% | **Fortescue** | 2.0% | -4.2% |
| **Antofagasta** | -0.5% | -4.8% | **Teck Resources** | 0.0% | -6.0% |

**Bezant Resources (BZT LN) 0.17p, Mkt Cap £37m – First concentrate due this month at Hope & Gorob, Namibia**

- Bezant reports progress at its Hope & Gorob copper-gold project in Namibia and the Tsoaxaub processing plant.

- First run-of-mine ore should go through the plant during September, giving the project its first concentrate.

- Mine site:

Camp construction ~75% complete, with 130 staff and contractors on site

- Ore from the first two blasts is stockpiled and came in above the projected tonnage

- ~75% of surface infrastructure delivered, with the full Unitrans fleet on site

Plant:

- The civils and structural completion certificate has been received

- The mechanical completion certificate is due September

- Electrical drives and instrumentation 90% connected, with the cone crusher and surge tank installed

- The ore sorter is clearing customs

Executive Chairman Colin Bird commented: “*This is a critical yet exciting time for all involved and we will keep shareholders and interested parties fully informed as we move towards that important production date*“

**Ionic Rare Earths (IXR AU) A$0.37, Mkt Cap A$78m – JV term sheet signed for US magnet recycling plant in Missouri**

- The Company signed a non-binding JV term sheet with Missouri-based US Strategic Metals, superseding the November 2025 MOU.

- 50/50 JV to build magnet recycling facilities at USSM’s 1,800-acre permitted site near Fredericktown, Missouri.

- Facilities to process recycled NdFeB and SmCo magnets and magnet scrap.

- Ionic Technologies, a wholly owned subsidiary, contributes a non-exclusive licence to its magnet recycling technology.

- Initial funding requirements estimated at US$100m including a US$95m contribution from USSM with US$5m equity split equally between USSM and Ionic.

- The US$5m is earmarked for FEED and demonstration-scale recycling.

- Further capital expected to be funded at JV level.

- The JV to be managed by a Board of five members (3 USSM, 2 Ionic).

**Lindian Resources (LIN AU) A$0.64, Mkt Cap A$1.4bn – Carester partnership to move further downstream into separated REOs**

- The Company partners with Carester on a potential Oxide Separation Facility in Kazakhstan and sings a long term offtake agreement.

- Carester and Tetra Tech Coffey will advance a DFS on an 8,000tpa REO nameplate solvent extraction and oxide separation facility at Stepnogorsk.

- The facility designed to produce NdPr oxide and SEGH carbonate (Sm-Y and Dy-Tb rich).

- The study is expected to be completed December 2026.

- The facility to be ~1.5x the size of the SARECO hydrometallurgical plant acquired by Lindian earlier this year allowing to accommodate 3rd party MREC.

- Construction is expected to be funded internally from upstream Kangankunde and midstream SARECO operations’ cash flows.

- Kangankunde concentrate production in Malawi is on course for first production in November.

- SARECO commissioning due October.

- Kangankunde Stage 2 DFS targeted for December 2026.

- Under a long term offtake agreement with Carester, the Company will supply SARECO heavy rare earths products over a period of up to 20 years (10 years and two 5 year extension options).

- The Company will sell SEGH carbontate (up to 70% of annual production and up to a cap of 8,750dmtpa) and granted right of first refusal for Mixed Heavy Rare Earths Carbonate (MHREC).

- The agreement is conditional on SARECO achieving commercial production of SEGH or MREC.

- Heavy rare earths products will be supplied to the Caremag Refinery in Lacq, France.

- Priced linked to realised Carestr prices adjusted for payability with an upside secured from any potential agreed direct/indirect government price floors.

- Stock is down 17% this morning.

**Rockfire Resources (ROCK LN) 0.11p, Mkt Cap £11m – Molaoi ore rated medium-hard in first grinding tests**

- Rockfire reports progress at its Molaoi zinc deposit in Greece.

- SLR Consulting has returned preliminary grinding tests, rating the ore medium-hard.

- The tests measure how much power it takes to grind the ore, and Molaoi came in at 8.66kWh/t.

- Most mines fall between 0.5kWh/t for soft ore and 14.0kWh/t for hard ore, so Molaoi sits in the middle.

- Rockfire is looking at a SAG mill (6-12kWh/t to work) rather than a ball mill, which avoids the cost and wear of steel balls.

- The results feed into the flowsheet and the coming feasibility study.

- Diamond drilling restarted after the summer break, with hole HMO-021 in progress.

- Its own rig from Epiroc is due in Athens at the end of October or early November.

- The Company is hiring drillers and assistants for its Greek subsidiary ahead of the rig arriving.

- CEO David Price commented: “*Rockfire is considering the option of a SAG mill, rather than a conventional ball mill. SAG mills rely on the rock impacting against itself inside a rotating mill, whereas ball mills rely on the introduction of expensive and high-wear steel balls, resulting in SAG mills having materially cheaper operating costs”oik*

**Strategic Minerals* (SML LN) 5.45p, Mkt Cap £154m – Sale of Leigh Creek copper project in Australia to help fund future development of Redmoor tungsten mine in Cornwall**

- Strategic Minerals reports the sale of Leigh Creek to South Pacific Mineral Investments Pty Ltd trading (Cuprum Metals).

- The two parties have signed a Definitive Agreement which is subject to Australian FIRB ‘Foreign Investment Review Board’ approval.

- Strategic has lowered the upfront cash payment for Leigh Creek in return for a NSR see below, enabling participation in future copper sales.

- Proceeds are to be used for the definition and development of the Redmoor Tungsten, Tin and Copper project in Cornwall.

- The deal:

- Cash consideration A$750,000 of which A$500,000 is in escrow pending FIRB approval

- Share consideration of up to A$3,000,000 (19.9%) on IPO of Cuprum. Any shortfall is to be added to earn-out payments.

- NSR 2% on first 24,900t of copper production, with a 1% buy-out option for Cuprum on payment of A$1,500,000.

- Earn-out payments from the start of commercial production, representing 20% of half-yearly operating cash flows up to the value of A$4,000,000.

- Cuprum Metals is run by Matt Salthouse and Alan Broome, the legendary metallurgist and member of the Order of Australia for services to the Australian mining industry.

Broome was formerly Chairman of Strategic Minerals and previously Chairman of Austmine.

- Cuprum plans to list on a recognised exchange in time starting with the development of Leigh Creek. [https://www.cuprum-metals.com/](https://spangel.email.streetcontxt.net/platform/al?a=13943007&ad=4825380661&h=PFswbkt&sig=PnPsXSmWsUSd9Isl9Po1eQbP6Xb&v=2&url=https://www.cuprum-metals.com)

- Leigh Creek hosts a total resource of 3.6mt grading 0.69% copper containing 24,900t of contained metal.

- The plan is to restart a nearby process plant for up to 3,600tpa of contained copper production.

**Cobre: **Strategic Minerals continues to receive revenue from its Cobre Magnetite operation in New Mexico, USA with US$4.2m on sales of with 61,279 tons of magnetite last year and an operating margin of ~85%,
Redmoor: Strategic Minerals is now running three active drill rigs at Redmoor with seven approved drill pad sites.
Redmoor delived a 49% increase to its mineral resource to 17.4mt inferred @ 0.49% WO3, 0.17% tin, 0.44% copper and 5.8g/t silver earlier this year.
The increase delivered a 31% rise in the contained tungsten trioxide (WO3)
We expect the new 22,500m drill program to deliver a further meaningful increase in the underground tungsten, tin and copper resource.

**Conclusion: **While we believe Leigh Creek is a valuable copper mining asset, we see its sale as enabling the faster drilling and future definition of the more valuable Redmoor tungsten project.

**SP Angel acts as Nomad and broker to Strategic Minerals*

**Vulcan Energy (VUL AU) A$2.6, Mkt Cap A$1.2bn – Project Ludwig PFS to double production capacity with extra ~21ktpa LCE**

- The Company released PFS results for Project Ludwig in line with phased development of the Upper Rhine Valley Brine Field.

- The study envisages a second development area with similar resource and geological setting to the Lionheart Project, currently in development.

- As Lionheart, Project Ludwig combines production of lithium with renewable heat supply for both internal use and sale to 3rd parties.

- Project highlights (with Lionheart details for comparison):

30y LOM and 21.1ktpa LCE (similar to Lionheart)

- 3,125GWh pa heat (275GWh pa electricity + 560GWh pa heat)

- Capex ~€1.3B (~€1,5B)

- Capex intensity ~€60,000/LCE (~€70,000/LCE)

- C1 Cash Costs ~€4,100/LCE (~€4,100/LCE)

- Annual Revenue €583mpa (€566mpa)

- Post-tax NPV8 and IRR €1.7B and 20% using €20,588/LCE lithium price (€1.2B and 14%)

Ludwig MRE 3.5mt LCE at 155mg/L.

**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](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**

**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**

**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**

**Sales**

**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**

**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**

**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**

**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 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.**

|   |   |
| --- | --- |
| Sources of commodity prices |   |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |

-

|   |   |
| --- | --- |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
|  |  |

**DISCLAIMER**

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A 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=13943007&ad=4825380661&h=HIB4kp7&sig=RFkyqxUjKSfe7nctfSsB0gUlDpP&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)).

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

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