Copper pulls back from near-record as the dollar firms
MiFID II exempt information – see disclaimer below
Great Western Mining (GWMO LN) – Completion of drilling at the Defender tungsten project in Nevada
Kavango Resources* (KAV LN) – Interims highlight ongoing rise in gold production and progress on Hillside gold projects
Orosur Mining* (OMI LN) – Plans to raise up to C$14m for exploration in Colombia
Savannah Resources* (SAV LN) – $36m equity raise to advance Barroso towards FID
Shuka Minerals (SKA LN) – Assay results from recent drilling at Kabwe, Zambia
Tungsten West (TUN LN) – Offtake agreement for Hemerdon
Copper ($14,707/t) – Copper pulls back from near record as the dollar firms
- Copper fell as much as 0.8% on the LME, ending a six-day run of gains.
- The US dollar has strengthened on expectations of more Fed rate rises, heading for its highest since July.
Strike risk returns at Escondida, the world’s largest copper mine
- Leaders of a union representing more than 1,000 staff at BHP’s Escondida are urging members to reject the final wage offer and vote to strike.
- The union represents about a quarter of the mine’s full-time workforce.
- Its leaders say the offer falls short and would make workers take on several jobs at once.
- Members vote on 28-30 September.
- BHP says the offer raises pay and benefits and comes amid lower production and cost pressures.
- Under Chilean rules, BHP can ask for five days of mediation before any strike begins.
Gold ($4,321/oz) – Gold eases as oil slides and Fed officials keep the pressure on
- The Fed raised rates to 3.75-4.00% last week and has signalled another increase before year-end.
- Richmond Fed’s Barkin warned inflation could take time to fade, while Boston Fed’s Collins says higher rates will help bring it back to target.
- US crude is down more than 10% since last Tuesday.
- Trump says US officials had a good meeting with Iranian envoys in New York, after earlier threatening to destroy the country.
- Saudi Arabia aims to restart crude exports through its East-West pipeline within days.
- Cheaper oil means less inflation, and less reason for the Fed to keep raising rates.
Nickel ($16,535/t) – India’s Lohum hunts nickel mines in Indonesia and the Philippines
- Lohum is an Indian critical minerals company that processes and recycles battery materials and is now moving upstream into mining.
- It wants to lift nickel capacity to 10,000t a year within 18 months, from 1,000t now made by recycling at its Gujarat plant.
- It is looking to buy nickel mines in Indonesia and the Philippines and says capacity could go higher if it secures a good quality mine.
- The company is seeking INR10bn of equity and INR20bn of debt over the next 12 to 18 months.
- It also plans to invest $100m in Zimbabwe, where it holds 10 lithium blocks with an estimated 30-40mt of ore.
- Lohum is building a 1,200tpa rare earth magnet plant in Uttar Pradesh and scouting for rare earths in Southeast Asia.
Tin ($54,285/t) – Indonesia lets PT Timah produce above quota in Belitung for a year
- Government lets PT Timah mine, process and sell tin above its annual quota in Belitung for one year.
- It can also buy tin from small-scale community miners under written agreements, giving them a legal route to sell.
- An independent surveyor must verify each month where the tin came from and how much was produced.
- The rule followed unrest in Belitung after PT Timah used up its 3,000t quota in about ten weeks.
- Other Indonesian mines that hit their quota must stop and wait for approval to revise it.
China launches a nationwide exploration drive to 2030
- China’s Ministry of Natural Resources has launched what deputy minister Zhou Xing calls a mineral exploration offensive, running from 2026 to 2030 (SCMP).
- It targets oil, iron, copper, and aluminium, which China lacks, as well as rare earths, which it already dominates.
- The plan includes around 300 new energy and resource bases and using AI to explore deep underground and at sea.
- China spent CNY500bn on exploration between 2021 and 2025, up 29% on the previous five years.
- It holds the world’s largest reserves of 14 minerals, including rare earths and tungsten.
Fire amoeba breaks heat survival records and flourishes at 63C in California hot springs
- Mine workers in South Africa regularly work in similar temperatures, albeit with a little cooling when it works.
- Fresh rock temperatures reach ~55°C to 57°C in the South Deep gold mine at around 3,500m.
- The deeper levels at Kloof run at 45-50C at 3,347m.
- On the Platinum reef the temperature gradient is worse with 50-55C in fresh rock at 1,922m at Impala Platinum’s No.17 shaft.
| Dow Jones Industrials | -0.36% | at | 51,864 | |
| Nikkei 225 | +1.38% | at | 65,019 | |
| HK Hang Seng | -0.99% | at | 24,838 | |
| Shanghai Composite | -0.39% | at | 3,937 | |
| US 10 Year Yield (bp change) | -0.8 | at | 4.95 |
Currencies
US$1.1425/eur vs 1.1463/eur previous. Yen 157.84/$ vs 157.71/$. SAr 16.244/$ vs 16.278/$. $1.331/gbp vs $1.337/gbp. 0.709/aud vs 0.711/aud. CNY 6.707/$ vs 6.700/$.
Dollar Index 100.75 vs 100.46 previous.
Economics
Brent prices sub $100 as US officials held talks with Iranian counterparts at the UN General Assembly
- US envoys Witkoff and Kushner met the Iranian delegation, including foreign minister Araghchi, hours after Trump threatened at the UN to “annihilate” Iran unless it agreed to US terms.
- Further talks are expected in the near future, with Trump predicting a deal after November’s midterms
Iran and Oil
- Given our understanding of the Iranian and US regimes and their motivations we rate the risk of compliance on any ceasefire as somewhere between 0% and 1%.
- The Ayatollah, IRGC, Putin and President Xi are determined to weaken the US and make Trump look foolish.
- We believe the Ayatollah may be looking to fund dissent among the poorer workers across the Middle East to create new revolutions against their leaders.
- Iran’s Asis of Resistance includes support for the Houthi’s in Yemen has enabled the group to gain ground. Shia militias in Iraq are also a threat to regional stability.
The US administration is considering a diesel export ban in an effort to lower domestic fuel prices ahead of November midterms.
- US diesel prices are at a record high of >$6.5/gallon.
- The US exported a record 1.6mbbl pd of diesel in August, up from ~1mbbl in February, the last month before the war.
President Xi arrives in Washington later in the day on speculation an extension to the trade truce is possible.
Eurozone – Preliminary PMIs come in surprisingly stronger than expected in September
- Output growth near three-and-a-half year high despite rising inflationary pressures led by energy costs.
- Momentum is helped by increased defence spending and AI related investment.
- The data is supportive of another rate hike by the ECB before year end.
- Manufacturing PMI (Sep / Aug / Est): 52.7 / 52.7 / 52.6
- Services PMI (Sep / Aug / Est): 53.0 / 51.6 / 51.4
- Composite PMI (Sep / Aug / Est): 53.1 / 52.0 / 51.7
Germany (Sep flash)
- Manufacturing PMI (Sep / Aug / Est): 53.8 / 54.3 / 54.0
- Services PMI (Sep / Aug / Est): 52.9 / 49.7 / 49.9
- Composite PMI (Sep / Aug / Est): 53.8 / 51.8 / 51.8
France (Sep flash)
- Manufacturing PMI (Sep / Aug / Est): 50.3 / 51.1 / 51.0
- Services PMI (Sep / Aug / Est): 51.4 / 48.0 / 48.3
- Composite PMI (Sep / Aug / Est): 51.2 / 48.5 / 48.7
UK – Why is it that nearly every pedestrian in central London is looking at their phones while crossing the road?
- And half the Lime bikers are doing the same.
Conclusion: mine sites look relatively safe when compared with London’s zombie population of phone-addict commuters
Eritrea – US lifts sanctions on Eritrea
- Executive Order 14046, 17 September 2021, declared a national emergency in relation to the humanitarian and human rights crisis in Ethiopia.
- Measures under the order were applied to Eritrean parties in November 2021 in connection with the conflict in Ethiopia’s Tigray region.
- According to OFAC’s notice of 18 September 2026, the national emergency has now expired with OFAC removed from the SDN List.
Precious metals:
Gold US$4,321/oz vs US$4,323/oz previous
Gold ETFs 100.4moz vs 100.5moz previous
Platinum US$1,796/oz vs US$1,784/oz previous
Palladium US$1,286/oz vs US$1,294/oz previous
Silver US$65.5/oz vs US$65.4/oz previous
Silver ETFs 804.9moz vs 798.4moz previous
Rhodium US$9,200/oz vs US$9,000/oz previous
Base metals:
Copper US$14,707/t vs US$14,745/t previous
Aluminium US$3,240/t vs US$3,281/t previous
Nickel US$16,535/t vs US$16,435/t previous
Zinc US$3,874/t vs US$3,924/t previous
Lead US$1,922/t vs US$1,933/t previous
Tin US$54,285/t vs US$53,825/t previous
Energy:
Oil US$99.4/bbl vs US$101.9/bbl previous
- Crude oil prices edged higher despite renewed hopes for a diplomatic resolution between the US and Iran to reopen the Strait of Hormuz to energy flows.
- The API estimated a US inventory w/w build of 1.8mb to crude oil, partially offset by a 0.4mb draw to the SPR, with further draws of 2.2mb to gasoline stocks and 2.2mb to distillate stocks on 13.94mb of domestic crude output.
- European energy sentiment continues to be dominated by the disruption of LNG supplies through the Strait of Hormuz, as France’s average nuclear generation was up 1% to 63% of the country’s 61.4GW maximum capacity.
Natural Gas €73.1/MWh vs €74.6/MWh previous
Uranium Futures $89.7/lb vs $89.8/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$96.0/t vs US$95.9/t
Chinese steel rebar 25mm US$478.1/t vs US$478.3/t
HCC FOB Australia US$277.0/t vs US$275.0/t
Thermal coal swap Australia FOB US$142.8/t vs US$142.3/t
Other:
Cobalt LME 3m US$39,640/t vs US$39,640/t
NdPr Rare Earth Oxide (China) US$109,738/t vs US$109,109/t
Lithium Carbonate 99% (China) US$19,458/t vs US$19,478/t
China Spodumene Li2O 6%min CIF US$1,920/t vs US$1,925/t
Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t
Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/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$5.3/lb
Europe Ferro-Vanadium 80% US$26.1/kg vs US$25.8/kg
China Ilmenite Concentrate TiO2 US$183/t vs US$183/t
US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t
China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,172/t
Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t
Germanium China 99.99% US$4,275.0/kg vs US$4,255.0/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:
CATL starts trial battery cell production at 100GWh Hungary plant, its largest base outside China
- CATL has begun trial battery cell production at its Debrecen, Hungary after securing all remaining permits.
- The first two cell production lines are now running trial batches to set up, optimise, and validate equipment and manufacturing processes ahead of full series production.
- The plant, announced in August 2022 and CATL’s second European battery site, is set to become the company’s largest manufacturing base outside China once fully operational, with planned capacity of 100GWh.
- The site has produced battery modules since autumn 2024, delivering 537,000 units to date, and will supply major European automakers already operating EV production in Hungary.
- A cell is the individual power-generating unit, the smallest building block of a battery, while a module is a group of cells packaged together with wiring, casing, and basic electronics; modules are then combined into a full battery pack.
Saudi startup Ceer unveils first EVs, with five more models by 2030 in bid to build regional auto powerhouse
- Saudi EV startup Ceer publicly unveiled its first two fully electric models on Monday, called Exobot, a premium sedan and SUV with “gullwing” doors and no central door pillar, relying instead on high-strength materials for structural support.
- Sales are expected to begin in Saudi Arabia in early 2027, with CEO Jim DeLuca saying “we wanted to make sure the world could see what Saudi Arabia is capable of.”
- Ceer, a joint venture between Saudi sovereign wealth fund PIF and Taiwan’s Foxconn, will launch five further mainstream models between 2028 and 2030, including plug-in hybrids and combustion vehicles alongside EVs to track shifting demand, designed to meet global regulatory standards so they can sell anywhere.
- The company plans to expand into surrounding markets from 2028, then across the wider Middle East and North Africa by 2034, taking what DeLuca called a methodical approach.
- The launch comes as Chinese automakers reshape the global car industry, with Ceer needing to overcome past failed Saudi auto efforts, including an abandoned Jaguar Land Rover factory proposal and Toyota’s 2019 rejection of a Saudi deal over high labour costs.
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 1.4% | 3.1% | Freeport-McMoRan | 3.0% | 7.2% |
| Rio Tinto | 0.8% | 0.8% | Vale | 0.3% | -1.9% |
| Glencore | -0.4% | -4.8% | Newmont Mining | 3.4% | 2.5% |
| Anglo American | 0.3% | 5.4% | Fortescue | 0.6% | 1.9% |
| Antofagasta | 0.1% | 7.0% | Teck Resources | 3.2% | 6.5% |
Great Western Mining (GWMO LN) 3.75p, Mkt Cap £18m – Completion of drilling at the Defender tungsten project in Nevada
- Great Western Mining reports the completion of its reverse-circulation (RC) drilling programme at its Defender tungsten exploration project in Nevada.
- The drilling comprised a total 2,590m (8,500ft) in “23 holes to depths ranging between 200 ft (61 m) and 600 ft (183 m), targeting skarn hosted tungsten mineralisation”.
- The drilling programme’s main “objective … was to link historic workings between the Defender and Pine Crow mines, across an approximate strike length of around 1 km”.
- Pending assay results, preliminary geological assessment of the drilling shows “that multiple drillholes intersected scheelite … [CaWO4] … bearing skarn across several wide intervals … [which support] … recent surface channel sampling … [supporting] … a consistent picture of tungsten mineralisation extending from surface to depth”.
- CEO, Ed Loye, said that intersecting “scheelite over broad intervals is very encouraging ahead of assay results”.
- Among the results highlighted in today’s announcement are:
- A 31m wide intersection of skarn hosted tungsten mineralisation at Defender Hill from a depth of 15m with “scheelite identified throughout the interval”; and
- A 38m wide intersection of scheelite mineralisation from surface at the Dough God mine; and
- A 9m wide intersection from 35m depth at the Pine Crow mine with ultra-violet fluorescence scanning showing “intense scheelite … [mineralisation] … over narrower intervals compared to the targets further east”.
- The announcement explains the geological context of “scheelite-bearing garnet skarns developed along the contact between Cretaceous granitic intrusions and limestones of the Jurassic Dunlap Formation”.
Conclusion: Drilling at the Defender tungsten project in Nevada has intersected mineralisation over around 1km of strike length with grades for mineral resource estimation to be determined by laboratory analysis
Kavango Resources* (KAV LN) 0.66p, Mkt Cap £30m – Interims highlight ongoing rise in gold production and progress on Hillside gold projects
- Kavango report interim results to end-June 2026.
- Management has had a busy year transforming the group into an exploration and production focussed company..
- The new recruitment of Jasper Musadaidzwa as CEO from a senior role with AngloGold Ashanti is a major coup for the company.
- Jasper is a highly experienced mine operator with past responsibility for multi-million ounce mines, multi-billion dollar sales and tens of thousands of people.
- Jasper’s is also a Zimbabwean national.
- Revenue rose to US$2m on rising gold sales from $0.4m yoy – mainly from treatment of ore from local artisanal miners.
- Operating loss reduced to $1.8m from $6.1m a year earlier.
- The total comprehensive loss fell to $2.0m from $4.1m yoy.
- Hillside Gold Project (Zimbabwe)
- Co-location of exploration team at Hillside to for efficiency
Bill’s Luck Gold Mine:
-
- Metallurgical test work shows 90 – 93% recoveries,
- Throughput capacity (proof-of-concept CIP plant): 50tpd (18,000tpa),
- Production capacity ~1,436oz pa in theory from the proof-of-concept plant could realise >$6m of sales,
- Preliminary JORC resource of 33,900oz of gold grading 2.68g/t,
- Mine to expand to open multiple underground faces and progress transition from local artisanal workings to more formal operation,
- Deposit consists of a series of near parallel and near vertical veins along ~450m carrying free gold and gold extractable by cyanide leaching,
- The quartz-sericite-chlorite assemblages with disseminated sulphides outcrop at surface,
- Exploration likely to lead decisions on plant expansion.
On-site laboratory:
- An new On-site laboratory has been established including bottle roll, fire assay and Atomic Absorption to enable rapid analysis of samples
Blending
- Blending of gold ore from the Nightshift and Bill’s Luck mines achieves recoveries of >95%
Nightshift gold prospect
- Nightshift has a JORC resource of 694,000t grading 0.86g/t for 19,000oz of gold along a 400m strike with up to 12 shear zones,
- Gold-bearing quartz-sulphide veins within well-developed shear zones.
- The estimated resource is down to just 50m over the resource drill grid, with deeper intersections at 100m obtained in the scope drilling.
- Significant shallow artisanal mining has taken place and is ongoing,
- Mining is assumed to be open cast with a series of selective, shallow open pits.
Nara Gold Project
-
- 45 claims for $3.96m –formalities of completing the acquisition are ongoing
- Kalahari Copper Belt Project (Botswana)
- NI 43-101-technical report – ongoing modelling of the mineral systems in the KCB
- Lots of exploration ongoing in the region to aid geological understanding
- Kalahari Suture Zone Exploration Project (Botswana)
- Ongoing Hydro geochemistry project
- Ditau Exploration Project, Botswana
- Ongoing ultrafine soil geochemistry and auger survey.
- Cash: US$ 5.5m at end-June vs $4.6m at end December.
- Kavango raised $ 11.6m through the issue of equity over the past year.
* SP Angel acts as Broker to Kavango and an analyst has visited the Kavango mine sites and holds shares in the company.
Orosur Mining* (OMI LN) 17p, Mkt Cap £80m – Plans to raise up to C$14m for exploration in Colombia
(Minera Anzá, and Minera Monte Aguila are wholly owned subsidiaries of Orosur)
- Orosur Mining reports plans to raise up to C$14m via placing up to 43.75m units at a price of C$0.32 each.
- The units will consist of a share in the company plus half of a warrant to purchase an additional share, also at C$0.32/share, within 2 years.
- Proceeds will be used to “advance the Company’s Anzá exploration project in Colombia”.
*SP Angel acts as Nomad and Broker to Orosur Mining
Savannah Resources* (SAV LN) 5.8p, Mkt Cap £150m – $36m equity raise to advance Barroso towards FID
BUY – TP Under Review
- The Company raised US$36m (~£27m) to progress the Barroso Lithium Project (Portugal) towards FID.
- The Company is issuing up to ~490m new shares at 5.5p representing at ~8% discount to the last close.
- The raise is supported by four largest shareholders including AMG Lithium, Al Marjan, Pluris Investments and Telmory.
- Four shareholders subscribed for ~US$13m (~35% of the total) with senior management subscribing for ~$47k worth.
- Net proceeds of the raise along with US$15.5m in cash (as of 31 July) to be directed towards:
- $17.0m project development (long-lead items, groundworks, EPCM/earthworks, FEED)
- $9.0m G&A nearly doubling headcount to ~80 ahead of FID and start of construction as well as potential costs of dual listing
- $6.5m project finance completion and additional offtake agreements
- $1.7m RECAPE/permitting, bypass road design and industrial permits
- $1.5m geotech/resource drilling
- $1.0m land use rights
- $0.7m community
- $4.0m de-risking project delivery including early start of medium lead items
- Balance – working capital and contingency (six-month buffer).
- Separately, the Company launched a retail offer at the same 5.5p issue price.
- The offer is expected to close 24 September.
Conclusion: An oversubscribed placing ensures the team maintains Barroso Lithium Project development momentum ahead of a catalyst rich period including RECAPE application submission (4Q26), RECAPE decision (1Q27 / within 50 business days hard deadline post submission), FID and start of construction (2027). The team also expects to secure a second offtake partner and have conditional project funding offers before YE. With ~$50m in cash post raise, the Company is fully funded to FID as well as allowing the team to fund key workstream (long lead item orders, initial groundwork, project funding fees, key personnel hires). We will update our target price once retail offer is closed, but we would expect the effect of additional shares to deduct ~1p from our previous target price of 17.6p with a significant upside remaining. We reiterate our BUY recommendation.
*SP Angel acts as Nomad and Broker to Savannah Resources
Shuka Minerals (SKA LN) 3.7p, Mkt Cap £6.6m – Assay results from recent drilling at Kabwe, Zambia
- Shuka Minerals reports assay results from holes drilled recently in the ‘Pit 2’ area at the former Anglo American Kabwe zinc mine in central Zambia.
- Previously, the company has announced intersection of mineralised zones based on portable XRF analysis.
- Assay results from holes KBDD-001- KBDD-005 highlighted in today’s announcement include:
-
- A 21.34m wide interval, from a depth of 206.06m in hole KBDD-001, at an average grade of 13.37% zinc and 0.96% lead; and
- A 27.00m wide intersection from a depth of 251.00m in hole KBDD-002, at an average grade of 5.46% zinc and 1.06% lead; and
- 19.95m from a depth of 221.00m in hole KBDD-003, at an average grade of 29.07% zinc and 0.87% lead; and
- A 6.84m wide interval, from a depth of 106.06m in hole KBDD-004, at an average grade of 9.37% zinc and 0. 96% lead; and
- A 6.40m wide interval, from a depth of 335.60m in hole KBDD-005, at an average grade of 15.33% zinc and 0.62% lead.
- CEO, Richard Lloyd, commented that the laboratory assay results “confirm extremely high grades in the Pit 2 area and well above those grades previously reported in the historic blocks where averages were reported at 11.5% Zn and 1.7%Pb“.
- Mr. Lloyd said that the “results give the Board confidence in a significantly increased mineral resource and supports the Company’s statement that we are looking to increase the historical resource at Pit 2 by at least 50%”.
- The grades of silver, vanadium, germanium and gallium will be reported “in due course”.
Conclusion: Assay results from the first five holes in the recently completed programme at Kabwe show zinc and lead grades higher than those reported during historical mining and will feed into mineral resource estimation.
Tungsten West (TUN LN) 46.5p, Mkt Cap £602m – Offtake agreement for Hemerdon
- Tungsten West reports that it has secured a binding, 8-year, agreement to supply 100,000 metric tonne units (mtu) of tungsten trioxide in concentrate to the US-based integrated tungsten products producer, Elmet Technologies.
- Pricing will be “variable and referenced to European Ammonium Paratungstate (APT) pricing … [and] … will depend upon, amongst other things, prevailing tungsten prices, foreign exchange rates, product specifications, quantities delivered and the pricing mechanism contained within the Agreement”.
- Today’s announcement explains that at “Tungsten West’s request, Elmet will use commercially reasonable endeavours to process an additional 500 tonnes per annum of contained WO₃ to support UK Government strategic requirements and UK industry”.
- CEO, Jeffery Court, welcomed the agreement which he described as “a major step in establishing Hemerdon as a strategically important source of tungsten for the Western world”.
- He also explained that, thanks to UK Government support and the agreement with Elmet, Tungsten West is “building a mine-to-market supply chain capable of supporting the critical mineral requirements of the UK, US and their allies”.
- The company has recently alluded to starting “a project to materially increase the production capacity of the operation, including significant additional capacity in the new build programme currently underway”.
- We note that the 100,000mtu annual offtake agreement with Elmet Technologies represents around ⅓ of the average annual production of 330,000mtu described in the 2025 Feasibility Study and that if the additional supply of 50,000 mtus annually is agreed, Elmet would be taking almost half of Hemerdon’s output prior to any expansion.
Conclusion: An offtake agreement with a significant US integrated tungsten products company provides a stable supply chain for Hemerdon’s production and a secure market for a significant part of the mine’s output.
SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026
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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 – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472
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Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
Prince Frederick House
35-39 Maddox Street
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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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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
