Copper steadies as the AI selloff offsets Chilean supply risk
MiFID II exempt information – see disclaimer below
American Tungsten & Antimony (AT4 AU) – Del Sol ingot meets ASTM Grade A on Arizona ore
Arkle Resources (ARK LN) – Initial drilling at Erongo shows shallow uranium mineralisation
Bradda Head Lithium (BHL LN) – Assays confirm grades of visual spodumene logged in the first cored hole at Whistlejacket, Arizona
Ionic Rare Earths (IXR AU) – Belfast rare earth magnet recycling facility on course to FID with Makuutu placed under strategic review
Kodal Minerals* (KOD LN) – BUY – Quarterly update highlights strong FCF with 105-115kt SC 2026 guidance
Manhattan Gold (MHC AU) – Drilling results from the Spectre prospect, Nunavut
Southern Palladium (SPD AU) – Updated PFS doubles Bengwenyama NPV as chrome moves to co-product
Copper ($14,641/t) steadies as the AI selloff offsets Chilean supply risk
- Copper prices held around $14,600/t, easing in Asian trade as technology stocks sold off worldwide.
- The selloff followed warnings that the rapid buildout of AI data centres will become harder to finance.
- However, copper’s 17% rally this year has rested on US tariff threats rather than AI demand, limiting the damage.
- Tariff expectations have pulled large volumes of metal into the US, leaving availability tighter elsewhere.
- Additionally, a dollar near an 18-month high on safe-haven demand is weighing on dollar-priced metals.
- On the supply side, Antofagasta and the two Centinela unions are due back in talks with the strike continuing.
Codelco’s El Teniente open pit stays shut following fatal avalanche
- Codelco’s open pit at El Teniente remained closed on Monday following Sunday’s avalanche of snow, rock, and mud.
- However, the underground operations and processing plants continued to run normally (union official).
- The open pit accounts for <10% of El Teniente’s output, limiting the impact on Codelco’s production.
- Mining Minister Daniel Mas stated that worker safety ‘must take precedence over any production target.’
Gold ($4,192/oz) holds its level as Houthi attacks on Saudi Arabia lift crude
- Gold prices held around $4,190/oz, having traded in a $4,000-4,300/oz range since June.
- Brent rose back towards $106/bbl after Houthi attacks on Saudi Arabia’s main airport.
- However, higher energy cost sustains inflation pressure, keeping a further rate rise on the table and capping bullion.
- Cleveland Fed’s Beth Hammack backed smaller, more frequent policy moves but stopped short of supporting an October rise.
- US CPI is due Wednesday, with traders pricing ~20% odds of a hike this month and one before year-end.
- Gold ETFs fell 0.1moz to 101.0moz.
Kazakhstan switches from gold buyer to seller as bullion dominates reserves
- Kazakhstan’s central bank is moving from one of the world’s largest gold buyers to a seller.
- Gold now accounts for ~78% of total reserves, which the bank is looking to reduce to 75% by year-end.
- Deputy Governor Aliya Moldabekova notes Treasury yields at 24-year highs are making the dollar more attractive.
- Half the reduction will come through options and half through physical sales, from holdings of 386t.
- However, central banks are still buying overall this year, led by Poland, China, and Uzbekistan (WGC).
Lithium – Chinese carbonate futures fall 11.8% to a ten-month low on Monday
- Lithium carbonate futures on the Guangzhou exchange closed 11.8% lower at ¥104,740/t.
- This marks the steepest daily fall since March and the weakest level since 17 December.
- The fall followed a China-EU agreement which could halve Chinese hybrid car exports to the bloc.
- Trade Commissioner Maroš Šefčovič announced the deal on Friday following talks in Beijing.
Sulphur shortage lifts mining costs while fertiliser makers cut output
- Sulphur prices have risen to 10x pre-war levels following disruption in the Strait of Hormuz (FT).
- The commodity normally trades at $100-200/t and has reached close to $1,000/t this year.
- Roughly half of global supply passed through the strait before the war, with China now banning acid exports.
- Both copper producers and fertiliser makers need sulphur, which is converted into sulphuric acid.
- Miners can pay more for the scarce supply than the lower-margin fertiliser industry (Argus).
- Fertiliser makers are cutting output rather than passing costs on to farmers.
- However, Antofagasta reported 1H earnings almost a third higher despite higher acid and diesel costs.
China – Vehicle exports rose 61.4% yoy to 1.053 mand 4.2% mom.
NEV sales rose 13.6% to 1.823m accounting for 61.6% of all new vehicle sales in September
- Vehicle sales fall -8.4% yoy in September vs -5.1% in August on slow domestic demand (China Association of Automobile Manufacturers).
- Automakers sold 2.956m vehicles in September representing a 9% rise on August but still much lower yoy.
- Vehicle production fell 8.7% yoy 2.99m but also posted a 11.4% rise mom.
- Production for the first nine months was 23.246m and sales were 23.271m both 4.5% lower yoy.
- Passenger vehicle sales fell 9.5% yoy to 2.588m in September with production falling 9.4% to 2.626m.
- Production for the first nine months for passenger vehicles fell 6.1% to 19.96m. Production fell 6% to 19.966m.
- Commercial vehicles saw better sales up 0.2% yoy to 369,000 in September, but production fell 3.3% to 364,000 units.
- Commercial vehicle production rose 6.1% to 3.279m while sales rose 6.2% to 3.311m .
- NEVs production rose 12.2% in September to 1.814m yoy, sales rose 13.6% to 1.823m accounting for 61.6% of all new vehicle sales in September.
- NEV production for the first nine months rose 11% to 12.483m, sales rose to 11.1% to 12.472m with NEVs accounted for 53.6% of total new vehicle sales.
- The $14,900-$22,400 price range gained market share for NEV passenger vehicle sales.
- Exports rose 61.4% yoy to 1.053m and 4.2% mom.
- Exports rose 65.8% in the first nine months to 8.205m and should top >10m by the year-end.
- Domestic Chinese brand vehicles hit 1.996m in September falling 0.6% yoy but still make up 77.1% of total passenger vehicle sales.
- China-brand passenger vehicles rose 0.6% to 14.743m in the first nine months accounting for a 73.9% market share.
| Dow Jones Industrials | +0.38% | at | 51,851 | |
| Nikkei 225 | -1.82% | at | 67,778 | |
| HK Hang Seng | +0.02% | at | 24,275 | |
| Shanghai Composite | +0.10% | at | 3,801 | |
| US 10 Year Yield (bp change) | -5.0 | at | 5.19 |
Currencies
US$1.1190/eur vs 1.1202/eur previous. Yen 158.17/$ vs 158.43/$. SAr 16.477/$ vs 16.507/$. $1.323/gbp vs $1.324/gbp. 0.697/aud vs 0.698/aud. CNY 6.695/$ vs 6.693/$.
Dollar Index 102.35 vs 102.22 previous.
Economics
IMF – Growth maintained as nations adapt to new energy sources to offset Middle East energy crisis
- The IMF is concerned that the ‘buffers’ which have helped absorb disruption to the energy shock of the closure of the Strait of Hormuz are increasingly strained.
- Global growth is now projected to slow to 3.1% this year from3.5% in 2026 before recovering to 3.4% in 2027 representing a 0.1% upgrade for 2026.
- IMF global inflation is forecast to be 4.7% this year and 4.1% in 2027 but is at risk from commodity shocks.
- We see significant potential for inflation to rise if China elects to raise export prices.
Annual GDP growth (%)
| Economy | 2025 | 2026 | 2027 | 2026 Revision vs July |
| World | 3.5% | 3.1% | 3.4% | +0.1pp |
| Advanced Economies | 2.0% | 2.1% | 1.8% | +0.4pp |
| Emerging & Developing Economies | 4.5% | 3.7% | 4.4% | -0.1pp |
| United States | 2.3% | 2.3% | 2.3% | 0.0pp |
| Euro Area | 1.2% | 1.1% | 1.2% | +0.2pp |
| Japan | 1.2% | 0.7% | 0.7% | +0.1pp |
| China | 5.0% | 4.5% | 4.0% | -0.1pp |
| India | 7.8% | 7.0% | 7.0% | +0.6pp |
Global Inflation Projections
| Indicator | 2026 | 2027 |
| Headline Inflation | 4.7% | 4.1% |
| Core Inflation | 3.9% | 3.7% |
Source: IMF World Economic Outlook, October 2026. Forecasts based on information available through October 1, 2026.
Saudi Arabia – Riyad airport to remain closed till 17 October
- Industrial production fell -23.5% in August vs -8.3% in July
- The kingdom is reported to be short of interceptor missiles and other air defense systems due to sustained daily Houthi missile and drone attacks.
- Personnel are struggling to defend Saudi airspace and is redeploying air defense batteries to protect key energy facilities and royal palaces.
- MBS is also reported to be moving cautiously between heavily guarded palaces with bunkers.
- Saudi Foreign Minister received a call from the Iranian Foreign Minister to discuss the regional escalation.
- Iran’s Foreign Ministry said they conveyed Tehran’s readiness to help initiate talks between Saudi Arabia and the Houthis.
- We believe Saudi Arabia is reaching out to Israel for air defense systems and missiles
In the US:
- 73% of people see it as a bad time to by a household appliance,
- 78% a bad time to buy a car
- 87% a bad time to buy a house.
- But, 10% of the population account for 60% of spending, the bottom 30% of earners account for only 15% of spending
- US farm debt at record levels.
Precious metals:
Gold US$4,192/oz vs US$4,185/oz previous
Gold ETFs 101.0moz vs 101.1moz previous
Platinum US$1,706/oz vs US$1,701/oz previous
Palladium US$1,151/oz vs US$1,162/oz previous
Silver US$60.6/oz vs US$60.9/oz previous
Silver ETFs 802.6moz vs 801.9moz previous
Rhodium US$9,200/oz vs US$9,050/oz previous
Base metals:
Copper US$14,641/t vs US$14,635/t previous
Aluminium US$3,046/t vs US$3,044/t previous
Nickel US$15,645/t vs US$15,555/t previous
Zinc US$3,742/t vs US$3,803/t previous
Lead US$1,893/t vs US$1,888/t previous
Tin US$53,045/t vs US$53,330/t previous
Energy:
Oil US$105.4/bbl vs US$104.5/bbl previous
- Crude oil prices remain elevated as US lawmakers argued that President Trump’s diesel deal appears to violate US law prohibiting Russian energy imports ahead of a peace deal with Ukraine.
- Murphy reported a successful appraisal at the Bubale West-1X well offshore Côte d’Ivoire and an exploration discovery at the Lac Da Trang North-1X well offshore Vietnam, as well as first oil from the Lac Da Vang field offshore Vietnam.
- Eni has agreed to divest for an undisclosed amount a minority interest in two Indonesian asset packages operated by Searah, the 50/50 JV with Petronas, which comprises a 10% interest in the East Sepinggan, North Ganal, and Rapak PSCs to Pertamina and a 10% interest in the West Ganal, East Ganal, Ganal and Muara Bakau PSCs to Medco.
Natural Gas €85.9/MWh vs €82.1/MWh previous
Uranium Futures $90.0/lb vs $89.9/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$90.4/t vs US$91.1/t – Iron ore prices fall as inventories rise at Chinese ports. Maintenance at blast furnaces
Chinese steel rebar 25mm US$479.5/t vs US$479.6/t
HCC FOB Australia US$267.0/t vs US$270.0/t
Thermal coal swap Australia FOB US$151.5/t vs US$147.5/t
Other:
Cobalt LME 3m US$39,345/t vs US$39,245/t
NdPr Rare Earth Oxide (China) US$110,520/t vs US$110,482/t
Lithium Carbonate 99% (China) US$16,802/t vs US$17,405/t
China Spodumene Li2O 6%min CIF US$1,565/t vs US$1,615/t
Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t
Tungsten APT (China) 88.5% FOB US$1,865/mtu vs US$1,875/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,825/mtu
China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu
China Graphite Flake -194 FOB US$410/t vs US$410/t
Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb
Europe Ferro-Vanadium 80% US$26.5/kg vs US$26.5/kg
China Ilmenite Concentrate TiO2 US$177/t vs US$177/t
US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t
China Rutile Concentrate 95% TiO2 US$1,172/t vs US$1,173/t
Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t
Germanium China 99.99% US$4,325.0/kg vs US$4,305.0/kg
China Gallium 99.99% US$450.0/kg vs US$450.0/kg
Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb
EV & Battery news:
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | -1.8% | -2.5% | Freeport-McMoRan | -0.5% | 1.0% |
| Rio Tinto | -2.4% | -4.0% | Vale | -0.7% | -4.5% |
| Glencore | -0.5% | 1.7% | Newmont Mining | -0.6% | 1.1% |
| Anglo American | -1.0% | -0.2% | Fortescue | -2.9% | -6.6% |
| Antofagasta | -0.8% | -1.6% | Teck Resources | -0.7% | -0.5% |
American Tungsten & Antimony (AT4 AU) A$0.048, Mkt Cap A$89m – Del Sol ingot meets ASTM Grade A on Arizona ore
- American Tungsten & Antimony, who hold the Antimony Canyon project in Utah, report refining results from the Del Sol refinery in Nevada.
- Ingot produced at Del Sol, from White Spar ore in Arizona, assayed 99.8% Sb.
- This meets ASTM B237 Grade A, the highest grade in the standard, and exceeds the 99.65% Sb Regulus II grade.
- Drill samples from five ingots returned:
- S-260930-290: 99.5% Sb
- S-260930-291: 99.6% Sb
- S-260930-292: 99.6% Sb
- S-260930-293: 99.6% Sb
- S-260930-294: 99.8% Sb
- Sample S-260930-294 met every chemical requirement of Grade A, with lead at 1,300ppm against a 1,500ppm limit.
- The four lower samples were produced before the Company applied optimised electrowinning conditions.
- Samples comprised drill shavings from individual ingots and may not represent the restart campaign.
- Del Sol is a constructed and permitted hydrometallurgical refinery using alkaline leach and electrowinning.
- The Company is assessing the addition of a tungsten APT circuit at Del Sol.
- The Company has yet to complete the acquisition of Nexus Metals, which holds the rights to Del Sol and White Spar.
- A White House critical minerals roundtable was attended on 5 October, with Congressmen visiting both sites last week.
- The Company notes the visits carry no commitment to funding or offtake from the US Government.
Arkle Resources (ARK LN) 0.78p, Mkt Cap £13m – Initial drilling at Erongo shows shallow uranium mineralisation
- Arkle Resources, which yesterday reported initial success with uranium exploration drilling at the ‘Palaeo East’ channel in has now reported further uranium intersections at the ULG target located “approximately 12 km west-southwest of the Paleo East channel” but also within its Erongo Project in Namibia.
- Eight of the nine holes drilled at ULG “intersected uranium above 100 parts per million (ppm) of uranium oxide (U₃O₈) across approximately 1.4 km by 0.6 km”.
- The holes were drilled up to 188m vertical depth and returned intersection widths ranging between 2m and 41m including:
- An intersection of 41m at an average grade of 141ppm U3O8, from a depth of 59m in hole R-069; and
- An intersection of 18m at an average grade of 123ppm U3O8 from a depth of 79m in hole R-064: and
- An intersection of 10m. also at an average grade of 123ppm U3O8, from a depth of 135 m in hole R-066.
- Plus other narrower intersections from depths between surface and almost 200m at grades between 104ppm and 114ppm.
- The underlying geology is described as “granitic rocks … [composed of] … leucogranite, garnetiferous biotite granite, biotite granite and pegmatoid granites … [within] … schistose … [country rock including] … approximately 40 m of carbonate-calcsilicate-quartzite”.
- “Arkle plans to improve its understanding of the local structural controls at the … ULG target through focused surface mapping, refined trench logging, additional trenching and a second round of exploration drilling”.
Bradda Head Lithium (BHL LN) 1.6p, Mkt Cap £9.1m – Assays confirm grades of visual spodumene logged in the first cored hole at Whistlejacket, Arizona
- Bradda Head reports assays from the first diamond drill hole at its Whistlejacket lithium project in Arizona.
- Whistlejacket is “held under the Company’s Option to Joint Venture agreement with Kennecott Exploration Company”.
- The drilling seeks to “expand previously drilled areas, confirms the extension and continuity of the mineralized body … [and replicate] … past results”.
- Hole WSTL-0020 intersected 31.8m at an average grade of 1.07% Li2O from a depth of 161.85m including a higher-grade section, showing “visual spodumene crystals” which averaged 1.33% Li2O over 20.47m from 170.23m depth.
- Executive Chairman, Ian Stalker, said that the initial results “from WSTL0020 are exactly what we hoped to see. Grades of this consistency across more than 30 metres – including individual intervals running at almost 2.0% Li2O, confirm that the visual mineralization logged at Whistlejacket is consistent with laboratory results”.
- He confirmed that assays from two further holes “WSTL0021 and WSTL0022 … [are] …still to come … [and will help to build] … a fuller picture of Whistlejacket’s potential in the weeks ahead”.
Ionic Rare Earths (IXR AU) A$0.45, Mkt Cap A$125m – Belfast rare earth magnet recycling facility on course to FID with Makuutu placed under strategic review
- Ionic released a quarterly update highlighting development progress across its portfolio of upstream and recycling businesses.
- On magnet recycling front, Tenova Advanced Technologies was commissioned to conduct FEED for the Belfast commercial magnet recycling facility.
- Commercial plant planning application submitted to Belfast City Council and validated for assessment.
- £600k upgrade completed at Belfast facility to support enhanced operations, including scaled-up HREE separation circuit
- Belfast Demonstration Plant continues operating, with ~4t of mixed REO stockpiled pending installation of the new HREE circuit.
- Signed a JV term sheet with US Strategic Metals (USSM) to build magnet recycling capacity at USSM’s permitted Missouri site, with the long-form agreement targeted for completion by YE2026.
- Viridion JV (50%) advancing designs for the CRITR magnet recycling and REE refining centre in Brazil.
- Colossus MREC samples received in Belfast for refinery process design validation.
- Strategic review initiated at Makuutu (60%) to consider strategic and funding alternatives that the Company attributes to strong inbound interest.
- AIM dual listing process ongoing targeting admission during 4Q26.
- The Company had A$5.1m in the bank as of September, equivalent to just over one quarter of cash burn.
- The team highlighted that the Company is evaluating funding options.
Kodal Minerals* (KOD LN) 0.33p, Mkt Cap £61m – Quarterly update highlights strong FCF with 105-115kt SC 2026 guidance
BUY
- Kodal released 3Q26 operational results at the Bougouni Lithium Mine in Mali.
- Production 27.2kt SC5.3.
- The plant treated 315kt at 1.01% Li2O with 46% average recoveries.
- Mining was impacted by heavy rainfall during the wet season (Jul-Sep) with one week of lost access to the pit floor in late September.
- Subsequently operations recovered to normal levels.
- Mining run at below budget level with the team engaging an additional mining contractor to increase mining rates.
- Full supply of diesel fuel, explosives and other items for mining operations maintained through the quarter.
- YTD production 80.4kt SC5.3.
- Concentrate exports continued with 4th shipment (24.1kt) delivered in Hainan Port in mid-August.
- Full revenue received for the shipment amounted to $47m based on ~$2,330/SC6 average price.
- Four shipments generated $143m for 93.3kt concentrate delivered.
- Fifth shipment (17.4kt) departed the port of San Pedrin September.
- A further shipment is expected to be completed before year end.
- Stage 2 flotation expansion advancing toward FID: metallurgical testwork, updated ESIA/ESMP for the expanded Boumou footprint, and feasibility engineering all progressing; TSF, plant and mining design contractors under review.
- KMUK, a Hainan/Kodal JV (51/49) that has a 65% stake in Bougouni, repaid and terminated the external Hainan loan facility in full thanks to strong FCF generation.
- FY26 guidance for 105-115kt and US$600–610/SC unit costs (incl. mining, processing, transport to port and D&A).
Conclusion: Robust quarter delivering 27.2kt SC5.3 in production (YTD 80.4kt SC5.3) with 2026 guidance for 105-115kt. Mining supplies including fuel and explosives are being sourced as normal with concentrate shipments ongoing with the team having recently secured a new export permit for 125kt. Strong FCF supported by high concentrate prices and low unit costs saw repayment of outstanding working capital loans to Hainan. FS related work ongoing for the Hainan/Kodal team plans to add flotation plant to double production rates. Overall, we see the update as net positive as operations outperform our estimates on costs partly compensated by weaker than anticipated production reflecting lower recoveries with the latter expected to be addressed by the flotation circuit. We reiterate our BUY recommendation and will update our TP shortly.
*SP Angel acts as financial advisor and broker to Kodal Minerals.
Manhattan Gold (MHC AU) A$0.017, Mkt Cap A$16.5m – Drilling results from the Spectre prospect, Nunavut
- Last week, ASX listed Manhattan Gold reported results from its initial drilling at the Spectre prospect within the Hook Lake project in Nunavut, Canada.
- Drilling intersected “several massive sulphide zones … [with] … strong copper, gold, silver and zinc results” including:
- A 3.05m wide zinc-rich intersection at an average grade of 0.24g/t gold, 14.2g/t silver and 29.50% zinc from a depth of 12.19m in hole SPC26-001 within a broader interval of 7.62m at an average grade of 13.98% zinc from 10.67m depth;
- Hole SPC26-001 also intersected a deeper polymetallic zone of 6.10m at an average grade of 3.18% copper, 1.37g/t gold, 147.9g/t silver and 1.35% zinc from a depth of 45.72m within a wider mineralised interval of 19.81m at an average grade of 1.77% copper, 0.80g/t gold, 84.3g/t silver and 2.30% zinc from 42.67m depth;
- A second hole, SPC26-002, located “77m along strike to the southwest”, intersected 6.10m at an average grade of 1.10% copper, 0.27g/t gold, 88.3g/t silver, 3.34% zinc and 0.15% lead from a depth of 73.15m and a deeper zone averaging 1.50% copper, 0.22g/t gold, 31.9g/t silver and 0.152% zinc over 1.52m from 91.44m.
- The 6th October announcement to the ASX describes the initial drilling results as showing “the fertility of the greenstone belt captured by the greater Hook Lake Project, much of which remains underexplored and now covered by modern exploration datasets”.
- As well as the Spectre target, “Maiden drillholes have been completed at Quantum and Lotus, the orogenic gold targets, and Omega, the banded-iron formation (BIF) target, none of which were drill tested historically”.
- Sam Vaughan, Technical Advisor to Manhattan Gold, said the “first three holes at Spectre have intersected mineralisation over a 340m strike length, giving us a strong polymetallic target alongside Jaws” which is located northeast of Spectre.
- He said that at “Jaws, the historical resource estimate remains poorly defined and is not reported in accordance with the JORC Code 2012. Combining this initial drilling with our new geophysics, LiDAR and till geochemistry will allow us to better understand the geometry and controls on mineralisation and focus follow-up drilling on the highest-grade parts of the mineralised systems”.
- He added that “Drilling at depth remains very limited, so the full extent of these systems is still largely untested”.
Southern Palladium (SPD AU) A$1.7, Mkt Cap A$220m – Updated PFS doubles Bengwenyama NPV as chrome moves to co-product
- Southern Palladium, who are developing the 70%-owned Bengwenyama PGM-chrome project in South Africa, report an updated PFS.
- Post-tax NPV up 129% to US$1,961m, on an 8% real discount rate and a 100% project basis.
- IRR up to 39.1% from 26.4%, with payback cut to 2.8yrs from 3.8yrs.
- Peak funding up 18% to US$329m.
- Chromite recovery up to 85.6% from 30%, lifting LOM chrome concentrate to 17.2mt from 6.0mt at 42% Cr2O3.
- Higher chrome recovery follows a coarser primary grind, preserving chromite for gravity separation ahead of flotation.
- 6E recovery up to 87.5% from 85%, for 7.7moz recovered over a 33yr life.
- Concentrate grade up to 505.9g/t 6E from 100g/t, at a mass pull of 1.2%.
- AISC up 29% to US$943/6E oz, against a realised basket price up 57% to US$2,210/6E oz.
- AISC margin up to 57% from 48%.
- LOM plan unchanged at 41.9mt at 6.54g/t 6E, with 19% Measured, 51% Indicated and 30% Inferred.
- DFS due end-1Q27.
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*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 |
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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
