---
title: "SP Angel – Today’s Market View, Wednesday 19th August 2026"
publisher: "Share Talk"
author: "sharetalk"
published: "2026-08-19T11:15:29+00:00"
modified: "2026-08-19T11:15:29+00:00"
date: 2026-08-19
canonical: "https://www.share-talk.com/sp-angel-todays-market-view-wednesday-19th-august-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, Wednesday 19th August 2026

**Published:** August 19, 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 prices drop on rising yields and US/Iran escalation worries**

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

**Empire Metals* (EEE LN) – ****MRE update delivers**** >8bnt 4.3% TiO2**** at Pifield**

**Kenmare Resources (KMR LN) – Early H2 improvements to performance at Moma’s WCP-A in Mozambique as remedial actions start to deliver**

**Iluka (ILU AU) – 1H26 earnings dip on weaker pricing with Eneabba Refinery construction 60% complete and 2027 commissioning reiterated**

**Rockfire Resources (ROCK LN) – Assay results from drilling at Malaoi, Greece**

**Gold ($4,349/oz) – Gold falls as US bond yields rise**

- Gold -1.1% Wednesday to $4,349/oz vs $4,399/oz Tuesday.

- The fall came as a bond selloff drove 30y US Treasury yields to their highest in ~2 decades.

- There was no relief from Iran either, with Trump saying on Tuesday that no talks were under way.

- The June US-Iran memorandum has expired with no plan to extend, leaving Hormuz unresolved and lifting oil.

- The Fed publishes its July minutes today, with Warsh speaking at Jackson Hole next week.

**Copper ($13,887/t) – Copper falls as traders deliver metal to LME warehouses**

- Copper -1.7% Wednesday to $13,887/t vs $14,124/t Tuesday

- The spot to 3m premium narrowed to $248/t Tuesday vs as much as $545/t Monday.

- LME on-warrant stocks added >20,000t Tuesday, led by Trafigura.

- Stocks remain low, down 75% from a mid-April high before last Tuesday.

- Lundin cuts 2026 Caserones copper guidance to 120-130kt vs 130-140kt after Chilean storms, taking group guidance to 300-325kt vs 310-335kt.

- BHP favours build over acquire approach saying developing new capacity inhouse costs $16,000-30,000/t a year vs ~$85,000/t to buy a listed copper company, or ~5x more with a takeover premium.

**BHP calls for permitting certainty in Chile as it sees copper demand doubling (Reuters)**

- BHP expects the world to use ~50mt of copper a year by mid-century, 2x today’s level.

- Alejandro Tapia, who runs Escondida, says that only happens if miners get legal, tax and permitting certainty.

- He pointed to older deposits, deeper pits, higher costs and falling grades across the Chilean industry.

- BHP plans to spend ~$10bn at Escondida over the next 7-8 years, including a concentrator costing >$5bn.

**Iron ore – China’s steel output falls to the year’s low**

- China produced 76.93mt of steel in July, -3.6% yoy and the weakest July since 2017.

- Seven-month output 577.04mt, -3.1% yoy.

- Construction, about 30% of demand, struggles with new home prices -0.1% mom.

- Only ~30% of mills were profitable at end-July vs ~50% in June (MySteel).

- Iron ore imports still rose, 736.84mt over seven months, +6% yoy.

- Guinea sent just 2.1mt in July, with Simandou building towards 120mtpa.

**Lithium – SQM lithium sales hit a quarterly record**

- SQM sold a record >84,100t of lithium carbonate equivalent from its Chilean and Australian operations in 2Q26.

- EBITDA $1.32bn vs $308m yoy, revenue $2.47bn vs $2.23bn consensus.

- The Company expects lithium prices ‘relatively stable’ through 3Q26.

**Unitree, a China based robot manufacturer, jumped six fold in its Shanghai trading debut.**

- The Company competing with Hyundai Motor’s Boston Dynamics and Tesla is one of the world’s largest producers of humanoid and quadruped robots.

- The Company is backed by Tencent, Alibaba and DeepSeek.

- Some 10% of shares were sold in the IPO raising ~US$900m.

- The IPO pricing put Unitree at 219 times 2025 earnings and 36 times sales.

- The placing was reported to be 8,000 times oversubscribed by retail investors.

- The valuation currently stands at ~US$50bn.

**Coal mine gas explosion in China: **[https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports](https://spangel.email.streetcontxt.net/platform/al?a=13857434&ad=4767962724&h=L1cWZLx&sig=QzGm9BL91VLXwnTVxR8fR8UczvT&v=2&url=https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports)

**Guardian Metal Resources – Tungsten & Pilot Mountain mine :**** **[https://invest.investorshub.com/innovationreport/](https://spangel.email.streetcontxt.net/platform/al?a=13857434&ad=4767962724&h=-soV9kX&sig=aC1LQGQLhqPBhDVLPqOgwZCc97D&v=2&url=https://invest.investorshub.com/innovationreport/)

|   |   |   |   |   |
| --- | --- | --- | --- | --- |
| **Dow Jones Industrials** |  | **-0.22%** | **at** | **53,343** |
| **Nikkei 225** |  | **-3.16%** | **at** | **65,326** |
| **HK Hang Seng** |  | **+0.10%** | **at** | **25,497** |
| **Shanghai Composite** |  | **-2.40%** | **at** | **3,894** |
| **US 10 Year Yield (bp change)** |  | **-2.2** | **at** | **4.68** |

**Currencies**

**US$1.1593/eur vs 1.1574/eur previous. Yen 159.26/$ vs 159.70/$. SAr 16.235/$ vs 16.238/$. $1.355/gbp vs $1.353/gbp. 0.707/aud vs 0.710/aud. CNY 6.740/$ vs 6.743/$.**

**Dollar Index 99.47 vs 99.67 previous.**

**Economics**

**Iran threatened to attack US military targets in Europe should President Trump escalate the war.**

- Potential targets include US assets in Bulgaria that last month approved the use of Bezmer air base for US refuelling aircraft.

- A British airbase that was hit by a drone in March was also among potential targets.

- On Tuesday, Trump said there were “no talks or conversations going on” with Tehran.

- When asked if the US is looking to extend June’s interim agreement, Trump said the administration was not considering that.

- Iran said that the Strait of Hormuz would remain shut until the US meets its demands.

- Trump wrote on the Truth Social platform that “the Naval Blockade remains in full force and effect… The Hormuz Strait is open and operating… All water mines have been ​removed or detonated”.

- Brent ticked up higher trading at ~$92.

**UK – Inflation picked up in July, in line with expectations.**

- Headline measure came in at 2.9%, up from a 15-month low of 2.6% in June.

- The central bank expected it at 2.8%.

- The increase reflects a 13% rise in the price cap for energy bills.

- On a more positive news, services CPI fell to 3.4% form 3.6% with air fares driving the decline, albeit, the measure remains elevated on absolute levels.

- The pound is trading higher on the news.

- CPI (%mom, Jul / Jun / Est): 0.3 / 0.1 / 0.3

- CPI (%yoy, Jul / Jun / Est): 2.9 / 2.6 / 2.9

- Core CPI (%yoy, Jul / Jun / Est): 2.6 / 2.6 / 2.5

- Services CPI (%yoy, Jul / Jun / Est): 3.4 / 3.6 / 3.4

**UAE – The Persian Gulf nation cuts all economic ties with Tehran after saying Iran fired ballistic missiles at its territories.**

- The Defence Ministry said that two projectiles targeting maritime traffic fell into the sea with only one reaching UAE waters.

**Precious**** ****metals****:**

**Gold US$4,349/oz vs US$4,399/oz previous**

**Gold ETFs 97.7moz vs 97.4moz previous**

**Platinum US$1,715/oz vs US$1,764/oz previous**

**Palladium US$1,289/oz vs US$1,331/oz previous**

**Silver US$63.1/oz vs US$65.3/oz previous**

**Silver ETFs 796.0moz vs 797.0moz previous**

**Rhodium US$8,800/oz vs US$8,800/oz previous**

**Base**** ****metals****:**

**Copper US$13,887/t vs US$14,124/t previous**

**Aluminium US$3,216/t vs US$3,257/t previous**

**Nickel US$16,790/t vs US$16,875/t previous**

**Zinc US$3,675/t vs US$3,733/t previous**

**Lead US$1,881/t vs US$1,886/t previous**

**Tin US$54,745/t vs US$55,695/t previous**

**Energy****:**

**Oil US$91.7/bbl vs US$91.4/bbl previous**

**Natural Gas €63.2/MWh vs €62.2/MWh previous**

**Uranium Futures $88.2/lb vs $87.8/lb previous**

**Bulk****:**

**Iron Ore 62% Fe Spot (Singapore) US$96.2/t vs US$96.3/t**

**Chinese steel rebar 25mm US$462.3/t vs US$462.5/t**

**HCC FOB Australia US$225.5/t vs US$223.8/t**

**Thermal coal swap Australia FOB US$134.3/t vs US$133.8/t****      **

**Other****:**

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

**NdPr Rare Earth Oxide (China) US$106,830/t vs US$107,069/t**

**Lithium Carbonate 99% (China) US$21,292/t vs US$21,280/t**

**China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t**

**Ferro-Manganese European Mn78% min US$1,040/t vs US$1,040/t**

**Tungsten APT (China) 88.5% FOB US$1,795/mtu vs US$1,795/mtu**

**Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu**

**China Tantalum Concentrate 30% CIF US$225/lb vs US$225/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$25.3/kg vs US$25.3/kg**

**China Ilmenite Concentrate TiO2 US$204/t vs US$204/t**

**US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,789/t**

**China Rutile Concentrate 95% TiO2 US$1,165/t vs US$1,164/t**

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

**Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/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 to open UK R&D centre in Bedfordshire, paving the way for local production**

- Chery will open a passenger car R&D centre in Bedfordshire, England, in late fall this year, marking the latest step by China’s largest vehicle exporter to deepen its UK presence, according to the Financial Times.

- Research will initially focus on calibrating vehicles for UK driving conditions, later extending into autonomous driving and AI, with the company planning to recruit local talent and create high-skilled jobs.

- Chery International UK CEO Gary Lan said the centre is *“the next step in our long-term plan for the UK,”* adding the group waited over 20 years for the right time to enter the market.

- Chery signed a non-binding MOU with Nissan in June for the Japanese carmaker to build Chery models at its Sunderland plant, using the currently idle Line One from next year, marking the first large-scale local production by a Chinese brand in the UK.

- Chery and its Omoda and Jaecoo brands took almost 8% of the UK market in July, up from about 3% a year earlier, according to SMMT data, as the group also expands elsewhere in Europe under its new Lepas brand, launched in February.

- Exports continue to drive Chery’s overall growth: the group sold about 276,820 vehicles globally in July, including 202,533 exports, up 70% yoy, making it the first Chinese automaker to export more than 200,000 vehicles in a single month.

**Company news****:**

**Empire Metals* (EEE LN) 47.36p, Mkt Cap £357m ****–**** ****MRE update delivers**** >8bnt 4.3% TiO2**** at Pifield**

- Empire Metals has released a JORC compliant mineral resource update for the Pitfield Titanium Project in Western Australia.

- The MRE covers the Thomas and Cosgrove deposits (2.5% TiO2 cut-off):

Thomas MRE:

Measured: 374mt at 5.8% TiO2 for 22mt contained

- Indicated: 732mt at 4.7% TiO2 for 35mt contained

- Inferred: 1,451mt at 4.3% TiO2 for 63mt contained

Cosgrove MRE:

- Indicated: 2,853mt at 4.2% TiO2 for 120mt contained

- Inferred: 2,749mt at 4.0% TiO2 for 110mt contained

Combined MRE:

- Total: 8,159mt at 4.3% TiO2 for 349mt contained, including 374mt (5.8%) in the Measured category and ~49% in the M&I.

This compares with the maiden MRE of 2,200mt at 5.1% TiO2 for 113mt contained in October 2025.
The in-situ weathered zone covers 4,390mt at 4.4% TiO2 for 195mt contained, running from surface to an average depth of 30-50m.
The weathered zone is enriched in anatase and rutile which is the current focus of the development plan.
Underlying fresh bedrock is enriched with titanite as well as some rutile and is open at depth.
This is the first Measured Resource declared at Pitfield, all of it at Thomas, with Cosgrove reporting 51% Indicated.
High-grade central cores extend up to 1.25km wide at Thomas and over 4km of strike at Cosgrove.
The updated MRE confirms Pitfield as the world’s largest titanium resource.
A total of 1,102 holes have been drilled since March 2023 for 67,846m, comprising 25 DD, 211 RC and 866 AC.
Empire owns 70% of Pitfield alongside Century Minerals, and runs the project as operator.
Going forward, Empire is preparing a Programme of Works focused on:
Drilling for MRE upgrade mid CY27 converting more tonnes into M&I category at Thomas and Cosgrove
Ground work, process flowsheet design and engineering studies as well as metallurgical testwork
Shaun Bunn, Managing Director, commented that the first Measured Resource, together with a substantial Indicated component, provides the platform for the economic studies that will underpin Pitfield’s development.

**Conclusion: **The upgraded MRE is a major milestone for Empire, taking Pitfield to >8bnt at 4.3% TiO2 for 349mt of contained TiO2. MRE growth is delivered through a drill bit with Cosgrove accounting for a significant share of the increase( 5.6bnt vs 0.4bnt Oct25). Importantly, higher confidence M&I category now at ~4.4bnt 4.4% along with maiden Pitfield Measured resource reported for Thomas (374mt 5.8% TiO2). Potential to expand the M&I remains substantial with the team planning more infill ahead of CY27 MRE update. 315mt 5.9% Ti2O in the Measured category along with extensive Indicated resource covers the weathered cap enriched in anatase and rutile that would be the focus of project development studies for a potential production of pigment and titanium metal feedstocks.

**SP Angel acts as Nomad and Broker to Empire Metals*

**Kenmare Resources (KMR LN) 199p, Mkt Cap £173m – Early H2 improvements to performance at Moma’s WCP-A in Mozambique as remedial actions start to deliver**

- Reporting on the six months to 30th June, which saw the production of 273kt of ilmenite product, ~19kt of primary zircon and 2.700t of rutile, Kenmare Resources announces an after-tax loss of US$34.1m (H1 2025 -US$94.2m loss).

- The company reports H1 EBITDA of US$4.4m, reversing the negative US$53.1m of H1 2025, and an increased closing net debt of ~US$176m compared to US$85.1m at the mid-point of 2025.

- H1 revenue declined 11% to US$149.1m ((H1 2025 -US$167.7m) reflecting weak market conditions which showed *“a 26% decrease in Kenmare’s average price received to $242/t (H1 2025: $326/t)* … [although] … demand for all of the Company’s products remained stable”.

- Today’s announcement explains that *“Weak market conditions for Kenmare’s products, combined with the ongoing ramp up of the WCP A project, continued to impact the Company’s financial performance in H1 2026”*.

- Managing Director, Tom Hickey, said that the subdued market conditions for Kenmare’s products *“combined with the slower than expected commissioning of Wet Concentrator Plant (WCP) A, continued to impact Kenmare’s financial performance in H1 2026. However, with a strengthening zircon market and the capital expenditure for the WCP A upgrade project now substantially complete, the outlook is slightly improved”*.

- Mr. Hickey confirmed that *“As we progress further into Q3, Kenmare remains on track to achieve its 2026 shipments guidance* … [currently ~800.000t, and to] … *achieve our annual operating and capital cost guidance”*.

- He said that *“production has improved in July and early August, due to a strong performance by WCP B and steady progress at WCP A *… [and that] … *Although the average price received for our products declined in H1, demand for Kenmare’s products remains stable, with a healthy order book for Q3”*.

- Casting a light on progress at WCP A (Wet Concentrator Plant A), today’s announcement explains that it had been expected to achieve *“nameplate capacity … during H1 2026; however, this has not been consistently delivered to date… principally to dredging performance, which resulted in WCP A’s capacity averaging 2,800 tonnes per hour (“tph”) in H1, compared to the design nameplate capacity of 3,500 tph”*.

- Remedial measures, including *“debottlenecking of the desliming circuit, … improving the lead time of spares; and altering operational techniques”* are credited with delivering the production improvements in July and August.

**Iluka (ILU AU) A$6.9, Mkt Cap A$3.1bn – 1H26 earnings dip on weaker pricing with Eneabba Refinery construction 60% complete and 2027 commissioning reiterated**

- The Company released financial results for 1H26 at its heavy minerals operations and rare earths project development in Australia.

- 1H26 highlights:

Sales 282kt (+1.3%yoy) including

228kt Zircon/Rutile/Synthetic Rutile (-8.6%yoy)

- 55kt Ilmenite (+84.5%yoy)

Production 160kt (-66%yoy) including 106kt Z/R/SR and 54kt ilmenite
Mineral Sands Revenue A$433m (-22.4%yoy) on lower realised prices and stronger A$.
Revenue per tonne Z/R/SR sold A$1,699 (-18.9%yoy)
Unit cash costs of production Z/R/SR A$1,236 (+9%yoy)
Mineral Sands FCF A$200m (1H25: -A$192m) reflecting selling down available inventories as well as idling of Cataby and Capel operations.
Additionally, FCF benefited from a A$53m income tax refund received in respect of the 2025 tax year (1H25: -A$71m).
Group Revenue A$456m (-21.1%)
Underlying Group EBITDA A$53m (-77.3%yoy)
PAT -A$24m (1H25: A$92m)
Interim dividend of 3c declared (1H25: 2c)
Group net debt A$1,150m (Dec25: A$1,057m) including A$877m (Dec25: A$584m) related to Rare Earths division.

Eneabba Rare Earths Refinery (Australia, WA) construction is 60% complete.
Budget reiterated at A$1.7-1.8bn with A$1.1bn spent to 1H26.
Commissioning targeted for 2027.
The Company has feedstock offtakes with VHM Limited, Northern Minerals and Lindian Resources.
Balranald, a rutile rich underground operation in NSW, was commissioned and ramp up ongoing.
Commenting on market conditions
Zircon – China demand was subdued; Europe was broadly stable; and others relatively resilient. Customers remained cautious and continued to manage inventories closely.
Titanium dioxide (Rutile and Ilmenite) – Feedstock purchasing activity remains cautious and demand conditions in key end-use sectors, including housing and construction, continue to be mixed. Although pigment price increases were recorded on the back of rising input costs, particularly for Chinese sulphate process operations.

**Rockfire Resources (ROCK LN) 0.11p, Mkt Cap £9.2m – Assay results from drilling at Malaoi, Greece**

- Rockfire Resources reports recent assay results from its resource upgrade drilling at the Malaoi zinc project in Greece.

- Laboratory assay results from Hole HMO-020 include:

A 2.34m wide intersection at an average grade of 6.2% zinc,20.2g/t silver, 0.3% lead and 15.1g/t germanium from 215.60m depth; and

- A 2.86m wide intersection at an average grade of 4.1% zinc, 24.5g/t silver, 1.2% lead and 9.3g/t germanium at 240.04m depth; and

- A 2.23m wide intersection at an average grade of 5.2% zinc, 24.4g/t silver, 0.7% lead and 4.1g/t germanium from 248.12m depth.

·         A map included in today’s announcement shows Hole HMO-020 located towards the northern part of the exploration area and CEO, David Price, explained that it aims to test *“**the same section as**” Hole HMO-015”* which reported results in May, including:

-

A 0.82m interval at an average grade of 8.7% zinc, 28.5g/t silver and 27.4g/t germanium from 350m depth; and

- 11.9m at an average grade of 8.8% zinc, 49.0g/t silver and 25.2g/t germanium from 354.90m depth; and

- 3.02m at an average grade of 7.5% zinc, 40.9g/t silver, 19.0g/t germanium and 1.3% lead from 386.28m depth.

The company confirms that Hole HMO-021, which aims to probe the same area is currently *“in progress, though temporarily suspended during the summer vacation period”*.
The drilling forms part of Rockfire Resources’ programme to upgrade the current ‘Inferred’ resource of 15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag.
Crushing and grinding tests *“**are in progress to determine the appropriate equipment for use at Molaoi**”* as well as geotechnical tests *“to determine the ability of the ground to withstand compressive forces once a void is created during underground mining”*.

**Conclusion**: The latest resource upgrade drilling at Malaoi has continued to intersect multiple mineralised horizons containing zinc, silver, lead and germanium. Drilling is temporarily suspended to accommodate *“**the summer vacation period”*.

|   |   |   |   |   |   |
| --- | --- | --- | --- | --- | --- |
|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |
| **BHP** | -0.2% | 0.4% | **Freeport-McMoRan** | -3.0% | -3.7% |
| **Rio Tinto** | 1.5% | -5.3% | **Vale** | -0.5% | -4.5% |
| **Glencore** | 0.9% | -2.9% | **Newmont Mining** | -3.6% | -1.0% |
| **Anglo American** | 1.0% | -4.7% | **Fortescue** | 2.1% | 0.6% |
| **Antofagasta** | 0.8% | -11.1% | **Teck Resources** | -1.2% | -3.5% |

**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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This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=13857434&ad=4767962724&h=HIB4kp7&sig=71zxRDS4EmKFoOik3LEcKsOyMNb&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

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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