{"id":142291,"title":"SP Angel – Today’s Market View, Tuesday 27th October 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-10-27T11:49:00+00:00","modified":"2026-10-27T11:49:00+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-27th-october-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-27th-october-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-27th-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 firms as the stock market rally and Chinese demand lend support**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Atlantic Lithium* (ALL LN) – Quarterly report highlights progress and timetable towards acquisition by Huayou**\n\n**Empire Metals* (EEE LN) – Pilot-scale testing starts on the Empire Process, Scoping Study due Q1 2027**\n\n**GreenRoc Strategic Materials (GROC LN) – Phase III drilling completed at Amitsoq in Greenland, purification line delivered in Denmark**\n\n**KEFI Gold and Copper* (KEFI LN) – BUY – 4.0p – Jibal Qutman Stage 1 gets conditional go-ahead**\n\n**Mkango Magnetic Materials* (MKA LN) – BUY – HyProMag USA PFS outlines incremental US$1.9-2.1bn NPV for three new plants**\n\n**New Frontier Minerals* (NFM LN) – Quarterly report show progress on copper and rare earth projects**\n\n**Yellow Cake PLC (YCA LN) – Uranium prices rise on restocking and new reactor projects**\n\n**Copper (US$14,370/t) – Firms as the stock market rally and Chinese demand lend support**\n\n- Copper held firm, with improving macro sentiment and Chinese demand strength supporting the market.\n\n- Wall Street and global stocks advanced on Monday after Anthropic’s IPO filing lifted AI-related shares.\n\n- SHFE copper stocks fell more than 25% last week to 54,356t as Chinese smelters entered maintenance.\n\n- Additionally, the Chinese domestic copper premium reached 900 yuan/t on Monday, up 5.88% on the week.\n\n- However, LME stocks rose last week, with most deposits in North America, pointing to regional bottlenecks.\n\n- In Congo, the mines minister suspended the head of the artisanal mining agency on 21 October.\n\n- The move follows the detention of around 300 Chinese nationals in the copper belt around Kolwezi.\n\n**Nickel – Indonesia’s processed nickel exports up 15.7% to US$24.55bn in the first eight months**\n\n- Exports of processed nickel products reached US$24.55bn to August, from US$21.22bn a year earlier.\n\n- Nickel matte drove the increase, rising 51% to US$7.4bn.\n\n- However, ferronickel as the largest category at US$10.97bn, was almost flat at up 0.9%.\n\n- Stainless steel rose 13% to US$5.74bn and nickel sulphate rose 19% to US$440m.\n\n- Five of 14 planned integrated smelters are complete, with investment of US$7.8bn.\n\n**Nornickel flags lower output in 2027-2028 from a furnace overhaul**\n\n- Russian nickel producer Nornickel will overhaul a flash-smelting unit in its nickel chain at Nadezhda next year.\n\n- The overhaul runs for nine months and may affect output of its key metals in 2027 and possibly 2028.\n\n- Third quarter nickel output rose 41% qoq to 61,000t, with nine-month production up 4% to 146,131t.\n\n- The Company holds 2026 nickel guidance of 193,000-203,000t.\n\n**Gold (US$3,994/oz) – Steadies near $4,000 before Wednesday’s Fed decision**\n\n- Gold held near $4,000/oz, little changed after adding 0.5% in the previous session.\n\n- Oil fell for a second day, with fresh diplomacy raising hopes of avoiding an escalation of the US-Iran war.\n\n- However, the Saudi-led coalition in Yemen intercepted three Houthi ballistic missiles on Tuesday.\n\n- Traders price an 11% chance of a rise on Wednesday and an 82% chance of a December increase.\n\n- CTA funds have reduced positions on gold with some going short while holding reduced long positions in other metals.\n\n- Funds appear to have sold gold and bought the US dollar trade.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.28%** | **at** | **52,362** |\n| **Nikkei 225** |  | **+1.73%** | **at** | **63,268** |\n| **HK Hang Seng** |  | **-0.73%** | **at** | **23,041** |\n| **Shanghai Composite** |  | **-1.33%** | **at** | **3,648** |\n| **US 10 Year Yield (bp change)** |  | **+0.2** | **at** | **4.99** |\n\n**Currencies**\n\n**US$1.1155/eur vs. 1202/eur previous. Yen 157.79/$ vs 156.87/$. SAr 16.691/$ vs 16.589/$. $1.332/gbp vs $1.337/gbp. 0.702/aud vs 0.704/aud. CNY 6.668/$ vs 6.670/$.**\n\n**Dollar Index 102.17 vs 101.81 previous.**\n\n**Precious metals:**\n\n**Gold US$3,994/oz vs US$4,015/oz previous**\n\n**Gold ETFs 101.0moz vs 101.1moz previous**\n\n**Platinum US$1,497/oz vs US$1,553/oz previous**\n\n**Palladium US$1,024/oz vs US$1,047/oz previous**\n\n**Silver US$52.9/oz vs US$53.9/oz previous**\n\n**Silver ETFs 807.4moz vs 805.9moz previous**\n\n**Rhodium US$9,100/oz vs US$9,150/oz previous****  **\n\n**Base metals:   **\n\n**Copper US$14,370/t vs US$14,323/t previous**\n\n**Aluminium US$3,038/t vs US$3,044/t previous**\n\n**Nickel US$15,625/t vs US$15,848/t previous**\n\n**Zinc US$3,823/t vs US$3,744/t previous**\n\n**Lead US$1,926/t vs US$1,908/t previous**\n\n**Tin US$50,930/t vs US$50,517/t previous****  **\n\n**Energy:           **\n\n**Oil US$116.5/bbl vs US$116.7/bbl previous**\n\n- Crude oil prices remain high despite reports of officials from Saudi Arabia, Pakistan, and Turkey meeting with their Iranian counterparts aiming to restart negotiations and avoid a resumption of US-led strikes against the latter.\n\n- EQT will acquire Range in an all-stock transaction to create America’s leading natural gas company with a pro forma enterprise value over $50bn with over 9bcfe/d of net production\n\n**Natural Gas €96.3/MWh vs €93.6/MWh previous**\n\n**Uranium Futures $89.9/lb vs $90.0/lb previous****     **\n\n**Bulk:   **\n\n**Iron Ore 62% Fe Spot (Singapore) US$89.6/t vs US$90.4/t**\n\n**Chinese steel rebar 25mm US$481.7/t vs US$481.9/t**\n\n**HCC FOB Australia US$266.5/t vs US$266.0/t**\n\n**Thermal coal swap Australia FOB US$150.0/t vs US$155.0/t****      **\n\n**Other:  **\n\n**Cobalt LME 3m US$34,620/t vs US$34,620/t**\n\n**NdPr Rare Earth Oxide (China) US$108,203/t vs US$108,471/t**\n\n**Lithium Carbonate 99% (China) US$14,247/t vs US$14,243/t**\n\n**China Spodumene Li2O 6%min CIF US$1,340/t vs US$1,485/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$243/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$1,177/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$4,405.0/kg vs US$4,375.0/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** | 4.3% | -2.5% | **Freeport-McMoRan** | 0.0% | -6.6% |\n| **Rio Tinto** | 2.5% | -2.9% | **Vale** | -3.2% | -8.5% |\n| **Glencore** | 0.3% | -1.9% | **Newmont Mining** | 1.4% | -6.5% |\n| **Anglo American** | 0.4% | -3.5% | **Fortescue** | -0.5% | -5.0% |\n| **Antofagasta** | 0.9% | -2.8% | **Teck Resources** | 2.0% | -5.1% |\n\n**Atlantic Lithium* (ALL LN) 16p, Mkt Cap £129m – Quarterly report highlights progress and timetable towards acquisition by Huayou**\n\n- Atlantic Lithium report progress towards their acquisition by Zhejiang Huayou Cobalt Co. for 18.8p/s. (A$0.354/s)\n\n- The Australian FIRB has approved the acquisition\n\n- Atlantic board continues to unanimously recommend the offer.\n\n- The First Court Hearing on scheme of arrangement for the takeover is on 5 November 2026.\n\n*“Huayou has agreed that the development costs conditions precedent in the Project Agreement are deemed to be satisfied or otherwise waived.*\n\n- *Accordingly, subject to and pursuant to the Project Agreement and relevant supplementary agreements, Huayou will begin sole funding the Project’s development costs up to the remainder of the sole-funding obligations under the Project Agreement.”*\n\nStaff costs A$1m – stable\nAdmin costs A$0.8m – stable.\nNet cash used by operating activities A$1.8m for the quarter to end-September.\nCash and cash equivalents A$7.7m\nTotal available funding A$45.9m\nAtlantic Lithium continue work towards de-risking the funding and development of its Ewoyaa Lithium Project in Ghana.\n\n- *Subject to and pursuant to the Project Agreement and relevant supplementary agreements, Huayou will begin sole funding the Project’s development costs up to the remainder of the US$70 million sole-funding obligations under Stage 3 of the Project Agreement. We warmly welcome Huayou as the Company’s new partner at this critical juncture of the Project’s development.*\n\n**SP Angel acts as Nomad and broker to Atlantic Lithium*\n\n**Empire Metals* (EEE LN) 31p, Mkt Cap £235m – Pilot-scale testing starts on the Empire Process, Scoping Study due Q1 2027**\n\n*(Pitfield hosts 8.16bnt at 4.3% TiO2 for 349mt of contained TiO2, the largest titanium resource reported globally)*\n\n- Empire Metals report the start of pilot-scale test work on sample material from the Pitfield project in Western Australia.\n\n- The Company will start pilot process trials at two existing Perth laboratories in November, testing the flowsheet in continuous pilot scale processes.\n\n- **Mineral separation runs at Strategic Metallurgy’s laboratory from late Nov/early Dec:**\n\nCrushing, grinding, and screening to size, then froth flotation.\n\n**Titanium recovery runs at ‘Simulus Group’s’ laboratory from early Q1 2027:**\n\n- Acid bake and water leach dissolve the titanium out of the concentrate.\n\n- Hydrolysis then drops it back out as a solid raw pigment.\n\n- Hydrolysis and calcination run as large-scale batches, as they would commercially.\n\nThe feedstock is a blend of saprolite from the Thomas deposit, soft near-surface rock weathered in-situ.\nA closed-loop test returns the spent liquor, left after the titanium is removed, to the front of the circuit.\nThe main output is a raw anatase pigment, **feeding four saleable products for further downstream processing:**\n\n- **Calcination,** heating the pigment into the rutile crystal form.\n\n- **Coating test work,** the final surface treatment, completing customer product evaluation.\n\n- **Agglomeration,** binding the fine powder into coarser feed for a chlorinator or the Kroll process.\n\n- **Molten salt electrolysis** with Murdoch University and the CMCI CRC, reducing TiO2 to metal in one step.\n\n**Key milestones:**\n\n- The Company produced rutile pigment from Pitfield ore on 24 September.\n\n- Crystal form is set by processing conditions rather than the titanium minerals in the ore.\n\n- Conventional processing has already made a high-purity product grading 99.25% TiO2.\n\nDRA Global is leading the Scoping Study, due Q1 2027\nThe ASX dual listing remains on track for H2 2026.\nShaun Bunn, Empire’s managing director, notes the work can be done at local laboratories ‘*without significant construction delays or capital investment’*.\nResults over the coming months will ‘*lay the groundwork for the pre-feasibility study work to follow*’.\n\n**Conclusion:** Pilot-scale running is the next step in de-risking the Empire Process, taking it from bench-scale batches to continuous operation.\n\nFocus is now on the pilot test work results and the Scoping Study due in Q1 2027.\n\nThe ability to potentially create four value-added products from feedstock at Pitfield gives Empire a potential extended range of titanium products for future sale.\n\n**SP Angel acts as Nomad and Broker to Empire Metals*\n\n**GreenRoc Strategic Materials (GROC LN) 3.3p, Mkt Cap £9.7m – Phase III drilling completed at Amitsoq in Greenland, purification line delivered in Denmark**\n\n- GreenRoc reports completion of Phase III drilling at Amitsoq and delivery of its purification line.\n\n- Eight holes were drilled from three platforms against ten planned, with the rest postponed to Phase IV.\n\n- The thickest true intersections, all in the Lower Graphite Layer, were:\n\nAM_DD_041: 23.70m from 115.95m\n\n- AM_DD_043: 23.66m from 137.30m\n\n- AM_DD_047: 11.42m from 182.12m\n\nAM_DD_041 is similar to the thickest intersection from the 2022 drilling.\nDrilling extended the mineralised zone 100-150m north-northwest, while AM_DD_045 encountered no graphite.\nGrades are from visual inspection of core only, with the first samples now with ALS in Ireland.\nHowever, any resource upgrade or inclusion of the northern extension remains subject to assays and signoff by the requisite ‘Competent Person’.\nGreenRoc is looking to upgrade 2.1mt of Inferred resource into the more confident Measured and Indicated resource categories.\n**PFS: **The core and geotechnical data are considered sufficient to begin the Pre-Feasibility Study in Q1 2027.\n**Processing: **The purification line has arrived in Denmark, for commissioning in January 2027 after a safety audit.\nA 20t bulk sample from Amitsoq will be processed at GTK in Finland into graphite concentrate. This will be processed in Denmark into SPG ‘spherical purified graphite’ for qualification with potential offtake customers.\nPhase IV drilling is due to start in spring or summer 2027.\n\n**Conclusion: **GreenRoc appears to have a well-defined path toward the mining and production of graphite for future processing into value-added and natural Anode Active Material in Li-ion batteries.\n\nThe replacement of Chinese synthetic graphite in Li-ion batteries with ‘natural’ graphite should be a hugely positive move from a cost and environmental perspective.\n\n**KEFI Gold and Copper* (KEFI LN) 0.67p, Mkt Cap £92m – Jibal Qutman Stage 1 gets conditional go-ahead**\n\n**BUY – 4.0p**\n\n- KEFI reports that GMCO, its Saudi JV (13/87 KEFI/ARTAR) conditionally approved the Jibal Qutman Stage 1 (JQ1) oxide gold project development.\n\n- Approval is conditional on the grant of a Mining Licence by the newly appointed Minister of Industry and Mineral Resources.\n\n- Development works are targeted to start in Q4/26.\n\n- In house DFS highlights (100% based):\n\n~7y LOM\n\n- Open pit focused on oxide part of the deposit (Stage 1)\n\n- Conventional CIL plant recovering 258koz over LOM (ie ~37kozpa)\n\n- Processing 0.5g/t with 87% recoveries (implying ~2.6mtpa throughput rate)\n\n- Development capex US$87m\n\n- Operating costs (incl D&A) US$623-777m over LOM implying estimated ~US$2,400-3,000/oz AISC at two gold price scenarios.\n\n- Post-tax NPV5 is US$141-275m and IRR 23-60% at US$3,000-5,000/oz gold price.\n\nAt least 50% of capex is planned to be equity funded (~US$44m initially), of which ~US$38m from ARTAR and ~US$6m from KEFI.\nKEFI can choose to dilute rather than contribute.\nLatest Jibal Qutman MRE is 37.0mt at 0.76g/t Au for 902koz Au, including 13.2mt at 0.75g/t Au for 318koz Au of oxide.\nJQ1 to be followed by JQ Stage 2 (sulphides), then Hawiah oxides, then Hawiah underground.\nGMCO’s portfolio totals ~4.0moz GE including Hawiah 2.9moz, Jibal Qutman 0.9moz and Al Godeyer 0.2moz.\nGMCO’s longer-term target is ~350kozpa GE, or ~45kozpa attributable to KEFI.\nAt Tulu Kapi (Ethiopia), development reset continues following the recent security incident, beginning with community priorities.\n\n**Conclusion:** Jibal Qutman conditional development approval represents a step towards maiden production at GMCO with the plan to establish a cash generating operation funding development and exploration works across other assets in the portfolio. While Tulu Kapi Gold Project (Ethiopia) remains the key value driver for the Company, a minority stake in Saudi assets may become a meaningful contributor as GMCO scales towards ~350kozpa target that is currently ascribed little value by the market and in our TP.\n\n**SP Angel act as Nomad and Broker to KEFI Gold and Copper*\n\n**Mkango Magnetic Materials* (MKA LN) 29p, Mkt Cap £104m – HyProMag USA PFS outlines incremental US$1.9-2.1bn NPV for three new plants**\n\n**BUY**\n\n- Mkango announces PFS results on HyProMag USA (40/60 MKA/CoTec) expansion beyond its first plant at Northlake, Texas.\n\n- The expansion comprises three new plants (South Carolina, Nevada and a second Texas site) plus a Central Texas Hub for finishing.\n\nCase 1 (recycled feedstock only): Post-tax NPV7 US$2,062m, IRR 36%, Capex US$623m, Payback 2.3 years, AISC $37.4/kg\n\n- Case 2 (recycled plus primary alloy): Post-tax NPV7 US$1,854m, IRR 31%, Capex US$656m, Payback 3.0 years, AISC $41.6/kg\n\nPlant commissioning in stages – 2030, 2032 and 2034.\nForecast weighted average realised price US$100.5/kg.\nThe PFS builds upon the engineering and development work completed for the Northlake Texas Facility.\nNorthlake NPV7 was cut to ~US$723m, from ~US$797m estimated previously.\nThe change reflects later timetable, higher capex of ~US$167m following phased construction and finalised equipment orders, as well as updated opex.\nNorthlake Phase 1 commissioning remains targeted for mid-2028.\nTotal saleable output is targeted at ~6,000tpa by 2034: 4,192tpa of magnets (Northlake ~1,048tpa), 1,305tpa of NdFeB alloy powder and 503tpa of other material.\nCombined platform NPV7 ~US$2.6-2.8bn.\nThe Central Texas Hub adds VIM/strip-casting and grain boundary diffusion, lifting higher grade magnet production share to ~20% from ~10%.\nCustomer qualification is underway with potential US offtakers, supported by the UK and German operations.\nProgression to a feasibility study is expected “at the appropriate time”.\nSeparately, MKAR filed a further amended Form F-4 with the SEC on 26 October for its SPAC merger with Crown PropTech (CPTK).\nRevised Songwe Hill technical reports were filed alongside, with resources, reserves and economics unchanged.\n\n**Conclusion:** The HyProMag USA expansion PFS outlines a pathway to ~4x growth in saleable output to ~6,000tpa, including ~4,200tpa of NdFeB magnets. The staged plan helps manage execution risk. Near-term focus remains on Northlake, the first US-based HPMS operation, with Phase 1 commissioning planned for mid-2028. Northlake will draw on commissioning experience in the UK and Germany, where HyProMag is ramping up plants with ~100tpa initial capacity each, scaling to ~350tpa. The PFS adds US$1.9-2.1bn of NPV to the platform, underlining the value of Mkango’s magnet recycling interests.\n\n**SP Angel acts as Nomad and Broker to Mkango Resources*\n\n**New Frontier Minerals* (NFM LN) 0.275p, Mkt Cap £3.66m – Quarterly report**\n\n- New Frontier Minerals reports progress on their mineral projects in Australia and Canada.\n\n- **NWQ Copper Project (Australia):**\n\nMt Storm copper values for pit and dump samples ranged from 0.49% to 6.88% Cu, with the higher-grade samples also associated with minor anomalous silver, cobalt, nickel and zinc. The highest-grade sample, MTS_GS003 (6.88% Cu total), reported 6.83% Cu in the sulphuric acid-soluble fraction\n\n**Harts Range Heavy Rare Earths Project (Australia)**\n\n- Geophysics show an untested bedrock conductor at ~240m depth interpreted as prospective for copper-nickel mineralisation.\n\n**Pomme REE-Nb Project (Canada)**\n\n- Mineralisation being tested with Metallium’s FJH ‘Flash Joule Heating’ technology to target a pathway to produce higher-grade REE concentrates.\n\nCash – A$0.94m at 30 September.\nASX-listed shares ~$0.28m at 30 September.\nR&D Tax Incentive refund of approximately A$303,000 expected in November 2026.\n\n**SP Angel acts as broker to New Frontier Minerals*\n\n**Yellow Cake PLC (YCA LN) 524.5, Mkt cap £1.32bn – Uranium prices rise on restocking and new reactor projects**\n\n- Yellow Cake physical uranium (U₃O₈) fund reports reported contracting activity remains below replacement levels.\n\n- Nuclear utilities are buying in uranium due to future supply and potential logistic disruption issues.\n\n- The Yellow Cake fund bought from 1,160,766 lb of U₃O₈ from Kazatomprom on 11 August 2026 raising its stock to to 24,374,996 lb of U₃O₈ at US$86.15/lb.\n\n- The total consideration was US$100.0m.\n\n- Yellow Cake also bought back US$10m of its shares at 544.41p/s.\n\n- The value of Yellow Cake’s uranium holdings rose 10.8% over the Quarter to US$2,181.6m as at 30 September reflecting the additional 1,160,766 lb of U₃O₈ and the increase in uranium price to US$89.50/lb. from US$84.85/lb.\n\n- The estimated NAV/s rose 5.0% on the quarter to £6.66/s at 30 September.\n\n- Spot uranium prices continue to rise to $89.9/lb from US$89.50/lb at end- September.\n\n**Conclusion:** Uranium prices continue to climb as restocking, restarts and new reactor projects raise demand along with future energy demand for AI datacentres.\n\nUnderinvestment in uranium mining since before the Fukushima disaster means the world runs the risk of running short of primary uranium supply.\n\nBuyers relied in recent years on reprocessed material from disarmament programs and stock that was not required by suspended Japanese reactors.\n\nJapan has since restarted many of its nuclear reactors due to LNG supply from the closure of the Strait of Hormuz issues raising uranium consumption.\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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