Today's Market View - Anglo Asian Mining, Power Metal Resources, Tungsten West, and more...

SP Angel . Morning View . Monday 16 01 23

Copper and gold prices show strong start to year as traders await renewed Chinese buying

MiFID II exempt information – see disclaimer below

Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* – BUY – Anglo Asian to transition to mid-tier copper producer as Q4 and full year production at top end of forecast range

BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF)* – Enonkoski joint venture starts new drill program in Finland

Culpeo Minerals Ltd (ASX:CPO, OTCQB:CPORF)* – Phase-2 drill programme continues to yield positive results

Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) – Reduced production guidance as operating improvements provide greater stability

Power Metal Resources PLC (AIM:POW)* – £900k equity raise

Tertiary Minerals PLC (AIM:TYM)* – Approval granted for EPB at Mushima North Copper Project, Zambia

Tungsten West PLC (AIM:TUN) – Updated feasibility study for Hemerdon to resume production in Q4 2023

US Dept. of Energy lends Ioneer $700m to build Rhyolite Ridge lithium project

• The US government are set to lend Ioneer up to $700m for development of the Rhyolite Ridge Lithium-Boron Project in Esmeralda County in Nevada.
• This is the first loan by Washington to a U.S. mining project for lithium, reflecting government concerns on supply.
• A Feasibility Study completed in 2020 estimated the project’s capex at $785m, though this is to be revised given recent inflation.
• The mining operations will consist of a conventional drill-and-blast followed by vat leaching, evaporation and production of lithium carbonate.
• The company intend to install a lithium hydroxide circuit in year 3.
• Ioneer estimate that the mine will produce enough lithium for 370,000 EVs per annum, with Ford and Toyota already signed up for offtake.
• The Energy Department said the loan is contingent on Ioneer completing the environmental review process, with the Fish and Wildlife Service declaring that Tiehm's buckwheat, a rare flower, is present at the site.

Gold cools from 9-month high as dollar recoups small losses

• Gold prices hit a 9-month high of $1,933/oz before sliding slightly to $1,916/oz as the dollar index climbed 20bp.
• The dollar and US Treasury yields have both seen major weakness going into the New Year, with 10-year yields falling below 3.5%, having climbed past 4.4% in November.
• Lower risk-free yields provide more incentive to hold non-interest-bearing Bullion.
• The dollar’s weakness has also supported gold prices, with the index falling close to May lows.
• Both asset classes have deteriorated on hopes the Fed will ease up on rate hikes as headline inflation cools in the US.
• Wage growth, the Fed’s primary concern now amid concerns over a stickier inflation regime, has also shown signs of weakening, boosting bets on lower rates going forward.
• Silver is also currently catching a bid, alongside gold, as investors turn to cheaper alternatives to bullion with potentially more leverage.
• Gold ETFs have moved very little over the course of the spot price rally, with the SPDR Gold Trust seeing no inflows since Friday.

Chinese steel giant looks to raise steel prices as demand rises and inventories remain low

• China Steel Corp is eyeing a price hike in hot-rolled plate steel and cold-rolled coils for next month’s domestic deliveries.
• The move was partly expected given the recent rally in iron ore prices, up 50% from last year’s lows.
• This marks the second straight month of steel price hikes by the firm.
• The World Steel Association is forecasting a 1% increase in steel demand this year.
• Analysts expect a crude steel output drop of 1.5% this year on shuttered European steelmakers following energy price rises, down 40% in 2022.

Dow Jones Industrials +0.33% at 34,302

Nikkei 225 -1.14% at 25,822

HK Hang Seng -0.01% at 21,737

Shanghai Composite +1.01% at 3,227

Economics

China - Official GDP forecast due from the 1st Plenary Session of the 14th National People’s Congress in early March.

• Reuters poll sees GDP at 2.8% this year vs 4.9% target and inflation at 2.3%
• Dec trade surplus was US$78 bill (Nov US$69.2bill), as exports fell 9.9%yoy (-8.9%) and imports off 7.5% (-10.6%)
• Unwrought copper imports fell 12.7% to 514kt, vs a rise of 6.2% yoy in 2022 to 5.87mt
• Chinese copper consumption is forecast to rise 4.4% to 14.81mt by Fitch Solutions
• Aluminium exports hit 6.6mt hitting a ten-year high in 2022
• Oil imports were just 0.9% lower than 2021 at 508.28mbbls or 10.17mbbls per day

Base metal inventories remain low as concerns over deficits mount on China’s return to the fore

• LME inventories held less than 50% of total metal tonnage at the turn of 2022 vs same period 2021.
• Inventories at year-end recorded their lowest over the past 23 years, with 45% of this awaiting physical loadoat. (Reuters)
• Shanghai Exchange warehouse stocks are at their lowest since 2007.
• Tin was the only metal to see a yoy rise, adding a meagre 950t to a total of 2995t (2 days of global consumption) on LME warehouses.
• Nickel stocks on LME fell 45% yoy, Aluminium down 52% and lead and zinc by 54% and 85% respectively.
• Shanghai inventories are currently witnessing substantial rebuilding efforts in the lead up to New Year, a traditionally seasonal occurrence.

Copper - MMG halts mining at Las Bambas on safety concerns over unrest at neighbouring mine site

• MMG ordered workers to halt operations at Las Bambas on Friday as violence on road blockades continue.
• Tensions have remained high in Southern Peru following Castillo’s ousting in December.
• Copper concentrate shipments were halted following Glencore’s Antapaccay mine suffering an attack and the burning of two vehicles.

Russian fertiliser export revenue rose 70% in 2022

• Russian fertiliser exports rose 70% to $16.7bn in the first 10 months of 2022, according to UN data.
• Sales volumes only fell 10% over the period.
• The sharp rise in gas prices after the Russian invasion led to plant closures in Europe which drove up fertilizer prices in 2022.
• Food and fertiliser exports from Russia are exempt from western sanctions in order to support food security, with exports increasing to India, turkey and Vietnam.
• It is possible that export volumes fell due to some buyers “self-sanctioning” and avoiding buying products from Russia.

Currencies

US$1.0819/eur vs 1.0848/eur last week. Yen 128.38/$ vs 128.31/$. SAr 16.996/$ vs 16.772/$. $1.221/gbp vs $1.222/gbp. 0.672/aud vs 0.689/aud. CNY 6.711/$ vs 6.711/$.

Dollar Index 102.33 vs 102.07 last week

Commodity News

Precious metals:

Gold US$1,916/oz vs US$1,907/oz last week

Gold ETFs 94.0moz vs US$94.0moz last week

Platinum US$1,064/oz vs US$1,081/oz last week

Palladium US$1,754/oz vs US$1,796/oz last week

Silver US$24.30/oz vs US$23.97/oz last week

Rhodium US$12,200/oz vs US$12,200/oz last week

Base metals:

Copper US$ 9,240/t vs US$9,178/t last week

Aluminium US$ 2,600/t vs US$2,563/t last week

Nickel US$ 26,472/t vs US$27,282/t last week

Zinc US$ 3,334/t vs US$3,297/t last week

Lead US$ 2,251/t vs US$2,192/t last week

Tin US$ 28,756/t vs US$26,913/t last week

Energy:

Oil US$84.1/bbl vs US$84.2/bbl last week

• European energy prices fell again over the weekend and are now priced at c.$90/boe, only marginally above Brent, having topped out at $600/boe during the Summer.
• The US Baker Hughes rig count rose by three to 775 rigs last week, with oil rigs up 5 to 618 rigs and gas rigs down 2 to 150 rigs, reflecting the continued weakness in US natural gas prices.

Natural Gas US$3.649/mmbtu vs US$3.677/mmbtu last week

Uranium UXC US$50.35/lb vs US$50.35/lb last week

Bulk:

Iron ore 62% Fe spot (cfr Tianjin) US$123.3/t vs US$121.4

Chinese steel rebar 25mm US$620.4/t vs US$620.4/t

Thermal coal (1st year forward cif ARA) US$171.0/t vs US$171.0/t

Thermal coal swap Australia FOB US$334.0/t vs US$334.0/t

Coking coal swap Australia FOB US$306.0/t vs US$298.0/t

Other:

Cobalt LME 3m US$49,000/t vs US$49,000/t

NdPr Rare Earth Oxide (China) US$106,953/t vs US$106,462/t

Lithium carbonate 99% (China) US$66,540/t vs US$66,372/t

China Spodumene Li2O 5%min CIF US$5,970/t vs US$5,970/t

Ferro-Manganese European Mn78% min US$1,328/t vs US$1,327/t

China Tungsten APT 88.5% FOB US$322/mtu vs US$322/mtu

China Graphite Flake -194 FOB US$885/t vs US$885/t

Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb

Europe Ferro-Vanadium 80% 36.75/kg vs US$36.75/kg

China Ilmenite Concentrate TiO2 US$343/t vs US$342/t

Spot CO2 Emissions EUA Price US$82.4/t vs US$84.2/t

Brazil Potash CFR Granular Spot US$505.0/t vs US$505.0/t

Company News

Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* 103p, Mkt Cap £117m – Anglo Asian to transition to mid-tier copper producer as Q4 and full year production at top end of forecast range

BUY

• Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) report their Q4 and FY 2022 production and operations review
• Cash: The company cash balance increased to $20.3m at the year-end vs $15.3 m a year ago.
• Dividends: The board declared a dividend of $4.6m at the interim
• Share buyback: program is ongoing
• Sales: Q4 2022 gold bullion sales rose to 13,645 ounces at $1,727/oz vs 13,153oz a year ago.
• Q4 2022 copper concentrate shipments totalled 4,606dmt worth $7.5 m vs 4,132 dmt with a sales value of $8.9m (excluding Government of Azerbaijan profit share)
• Inventory: Gold and copper inventory value $3.6m at the year-end
• FY 2022 production: Gold production hit 57,618oz eq at the top end of company’s guidance for 54,000-58,000oz eq but lower than 64,610oz for FY 2021.
• Gold: 43,114oz vs 48,680oz in FY 2021
• Copper: 2,516t vs 2,649t FY 2021
• Silver: 182,046 oz silver vs 154,515oz for 2021
• Q4 gold production was 14,532oz eq. vs 15,949 yoy
• Q4 Copper: 624t for FY 2022 vs 743 t in Q4 2021
• Q4 Silver 37,378oz silver vs 38,673oz yoy.
• Strategy:
• Anglo Asian is aiming to become a mid-tier copper focussed mining company through the development of a number of new mines.
• The team plan near-term expansion from three new mines at Zafar, Gilar and XarXar.
• The existing flotation plant is being expanded to double copper processing capacity and for more operational flexibility.
• Zinc floatation line being added for recovery of zinc concentrate.
• Investment into Libero Copper: third investment of C$390,000 (US$289,000) maintains Anglo Asian’s 19.8% stake in the company
• Mine development:
• Zafar: (Development capex est. $15m) Production due this year.
• Portal construction
• Mine design almost finalised
• Underground mining fleet and ancillary equipment ordered - $0.5m initial payment for Zafar underground mining fleet
• Flotation plant expansion underway, which will double the processing capacity of the existing flotation plant and provide additional operational flexibility
• Equipment ordered for an additional flotation line to produce a zinc concentrate
• This expansion forms part of the Company’s increase in throughput capacity in the short and medium term
• Gilar: Mine development at Gilar is well underway
• Preliminary mineral resource published, yielding very encouraging results
• Construction of an exploration / development decline into the ore body has started. Drilling from surface drilling continues.
• The team will conduct further resource drilling from the underground tunnel and we suspect this will run concurrent with the new Gilar mine development in due time.
• The tunnel will be directed into the lower mineralised zone for access and eventual production.
• Resources:
• Anglo Asian reports non-JORC estimate mineral resources according to JORC guidelines by an independent consultant using results from the stage one drilling.
• Gilar: 3.90mt grading 1.08g/t gold, 0.55% copper and 0.6% zinc.
• Class 1+2 resources contain: 2.41mt grading 1.22g/t gold, 0.62% copper and 0.66% zinc
• Class 3 resources contain: 1.49mt grading 0.86g/t gold, 0.45% copper and 0.52% zinc
• Applied cut-off grades: 0.5 Au eq / Au eq = Au g/t + (Cu% x 1.49) + (Zn x 0.46) + (Ag x 0.01) + (Pb x 0.37)
• Recent assay results show:
• 67.0m at 2.02g/t Au, 1.6% Cu, 1.6% Zn from 327m (22GLDD118) including higher grade interval 17.8m at 4.31g/t Au, 3.1% Cu and 2.3% Zn from 336m;
• 13.9m at 3.04g/t Au, 2.7% Cu, 1.1% Zn from 198m (22GLDD103);
• 50.4m at 2.54g/t au, 1.4% Cu, 0.8% Zn from 342m (22GLDD112);
• 57.5m at 2.24g/t Au, 1.2% Cu, 1.0% Zn from 346m (22GLDD116).
• Zafar: Total resource is estimated at 6.8mt at 0.5% Cu and 0.4g/t Au for 28kt copper and 73koz gold including:
• 5.5mt at 0.5% Cu and 0.4g/t Au in the Measured and Indicated category:
• 1.3mt at 0.2% Cu and 0.2g/t Au in the Inferred category.
• XarXar:
• Exploration activity is increasing
• Tunnelling into the mineral zone continues
• Surface drilling continues

Conclusion: Anglo Asian is reorientating its business to become a mid-tier copper producer with ongoing gold production. New higher-grade copper resources at Gilar should enable the company to move towards this goal in the near term helped by the ongoing expansion and doubling of capacity of the copper flotation plant. The acquisition of three new contract areas last year at Garadagh, Xarxar and Demirli should help the strategy to move into the mid-tier copper space.

*SP Angel acts as nomad and broker to Anglo Asian Mining

BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF)* 5.26p, Mkt cap £55m – Enonkoski joint venture starts new drill program in Finland

• BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF) report the start of the first drill programme on the joint venture between Bluejay and Rio Tinto.
• The team plan to drill 1,000-1,500m at Laukunlampi, around 2km south-east of the historic Laukunkangas nickel-copper-cobalt mine to test a number of targets.
• Laukunlampi is geologically complex but recent drilling shows the mafic intrusion has a much larger volume at depth than previously estimated and its sulphides are of high nickel and copper tenor.
• “Nickel and copper sulphide droplets and sulphide dissemination have previously been intercepted in pyroxenitic and noritic rocks close to the southern and northern contacts of the Laukunlampi intrusion.
• The objective of the ongoing diamond drilling is to demonstrate the presence of strong metal enrichment of economic nickel-copper-cobalt grades and tenors within the Laukunlampi intrusion.
• The drilling will be followed by downhole electromagnetic surveys ('DHEM’) of the new drill holes.”
• “The main objective with the ongoing drilling is to confirm the extension of the metal enriched pyroxenite and demonstrate the presence of a significant nickel-copper mineralisation associated with the Laukunlampi intrusion.”
• The joint venture have also completed a ground gravity survey at the Hälvälä-Makkola target giving detailed gravity data modelling for new drill targets.
• Hälvälä-Makkola gravity and pXRF data is being assimilated for modelling around the old Hälvälä mine.
• Makkola: modelling suggests nickel-copper mineralisation continues along strike based on preliminary geological modelling.
• Bluejay are managing the work programme with input from Rio Tinto.
• Conclusion: The Bluejay / Rio Tinto joint venture is bringing together a number of new data sets and perspectives over the geology around these historic mines.
• The race is on to discover and define a meaningful tonnage of mineable metal in these known metalliferous systems.
• We also look forward to further news on the plans and targets for drilling on the Disko joint venture with Kobold Metals in Greenland
• Management are also working to update the BFS on the Dundas titanium mineral sands project in the north of Greenland.
• New Chairman, Rob Edwards is breathing new life into Bluejay while overseeing and accelerating the ongoing work programs.

*SP Angel acts as nomad and broker to Bluejay Mining. The analyst holds shares in Bluejay Mining

Culpeo Minerals Ltd (ASX:CPO, OTCQB:CPORF)* A$0.12, Mkt cap A$7m – Phase-2 drill programme continues to yield positive results

• Culpeo has released the results of two drill holes as part of its programme at the Lana Corina Project, with significant copper and molybdenum intersections.
• Hole CMLCD013 intersected 72m @ 0.91% CuEq from 352m, including a high-grade molybdenum zone:
• 35m @ 1,704ppm Mo (0.84% CuEq) from 570m
• Hole CMLCD011 intersected 100m @ 0.38% CuEq from 334m and confirmed mineralisation extends 100m to the south.
• Highlights from the Phase-1 programme include:
• 104m @ 0.74% Cu & 73ppm Mo in CMLCD001 from 155m
• 257m @ 0.95% Cu & 81ppm Mo in CMLCD002 from 170m
• 173m @ 1.05% Cu & 50ppm Mo in CMLCD003 from 313m
• 89m @ 1.06% Cu & 145ppm Mo in CMLCD005 from 302m
• 113m @ 0.60%Cu & 122ppm Mo in CMLCD009 from 331m
• Culpeo comments that the latest results have expanded the ‘mineralised corridor’ to over 3km long, with mapping and surveys confirming continuity of mineralisation to the north-east.

*An analyst at SP Angel holds shares in Culpeo Minerals

Petra Diamonds Limited (LSE:PDL, OTC:PDLMF) 96p, Mkt Cap £198m – Reduced production guidance as operating improvements provide greater stability

• Petra Diamonds reports that, despite ‘some challenges’ during the six months to 31st December 2022, operational measures implemented during the first half of its financial year have provided greater operational stability and equipment tunnel availability and equipment utilisation rates at its Finsch mine while the Cullinan mine is delivering its tonnage targets although the mine is subject to ‘grade challenges’.
• The company advises that “lower grades at the Cullinan Mine are now expected to continue through FY 2024” but that “the re-opening of Tunnels 36 and 41 and the completion of development of two new tunnels, Tunnels 46 and 50, are expected to start contributing to production in FY 2025 and more than offset the impact of lower grades this financial year and next”.
• The suspension of operations at the Williamson mine in Tanzania after the tailings leak at in November last year results in “no further production expected for FY 2023” although Petra Diamonds provides reassurance that “On-mine activities are focused on remedial steps and critical maintenance to allow for a smooth start-up once the TSF has been recommissioned”.
• “Production at Koffiefontein will remain halted while we continue to engage with our key stakeholders to determine the optimal way forward in moving towards placing the mine on care and maintenance as part of finalising a responsible process towards mine closure”.
• In recognition of these operational factors, Petra Diamonds is reducing its “production guidance for this financial year to circa 2.8 Mcts and 3.0 to 3.3 Mcts for FY 2024” from the previously issued guidance range of 3.3-3.6m carats for each of these years. “Guidance in FY 2025 remains unchanged” which has previously been set in the range 3.6-3.9m carats.
• Commenting on the wider diamond market, Petra Diamonds says that “structural changes to the supply and demand fundamentals in the diamond market remains unchanged and we anticipate it to remain supportive going forward. We are cautiously optimistic that the resilience seen in the luxury goods market, together with the easing of lockdown restrictions in China, will lead to a stabilisation of prices in the early part of CY 2023”.

Conclusion: Petra Diamonds faces a challenging period as it readjusts its operations although encouraging results are emerging from Finsch and operations at Cullinan are delivering the expected tonnages allowing focus to turn to around 40cpht by the end of FY 2024. Operations at the Williamson mine remain suspended following the tailings discharge in November and are unlikely to resume during the current financial year.

Power Metal Resources PLC (AIM:POW)* 1.4p, Mkt Cap £23m – £900k equity raise

• Power Metal reports it has raised £900k to progress exploration and for general working capital purposes.
• The raise was completed at the closing bid price of 1.4p on the 13th of January 2023 – 1.4 pence.
• The company expects to complete an exploration programme at the Tati Gold Project in Botswana.
• Exploration plans at Tati include soil geochemistry, geophysics, mechanised trenching, reverse circulation and diamond drilling – aiming to target near surface mineralisation across a large part of the license area.
• Previous drill programmes at Tati have intersected gold mineralisation, with a recent programme completed in Nov/22 returning results as high as 2m @ 23.17 g/t Au from 25m, including 1m @ 40.63 g/t Au from 26m.
• Work will also continue at a number of its Athabasca uranium properties during the upcoming spring and summer, following up on high-grade uranium rock sample results achieved by the Company during the 2022 campaign.
• Drilling has recommenced at the Molopo Farms Complex project in Botswana, targeting nickel sulphides and PGMs.

*SP Angel acts as nomad and broker to Power Metal

Tertiary Minerals PLC (AIM:TYM)* 0.17p, Mkt cap £2.7m – Approval granted for EPB at Mushima North Copper Project, Zambia

• Tertiary Minerals announces that Mwashia Resources, its local partner in Zambia holding the licence for Mushima North, has received approval of the Environmental Project Brief (EPB).
• An EPB is required in Zambia for approval before any form of field exploration programmes can proceed.
• Tertiary is currently earning up to a 90% interest in the Mushima North Copper Project.
• The Mushima North project has a data sharing agreement with First Quantum Minerals (TSX:FQM), alongside the Mukai Project, also in Zambia.
• Tertiary notes that the approval process for the EPB for the Mukai Copper Project is in the final stages of the approval process.
• The Company’s CEO, Patrick Cheetham, comments on a recent trip to Mushima North by the Exploration Manager, who ‘recovered sulphide mineralised drill core from a drill hole completed in the 1960s’, which ‘tested an extensive copper-in-soil anomaly and intersected wide zones of low-grade copper mineralisation.’

*SP Angel act as Nomad and Broker to Tertiary Minerals

Tungsten West PLC (AIM:TUN) – 16.5p, Mkt cap £24.8m – Updated feasibility study for Hemerdon to resume production in Q4 2023

• Tungsten West has announced summary results from its updated feasibility study for the reopening of the Hemerdon tungsten mine in Devon.
• The study, which envisages a price of US$340/metric tonne unit (mtu) for the benchmark ammonium paratungstate price, describes the expenditure of a further US$31.1m, in addition to the sunk capital of over US$200m, delivering an after tax NPV5% of US$297m and IRR of 25% from the production of an average 2,900tpa of tungsten trioxide in concentrate and 310tpa of tin in concentrate over a 27 years mine life.
• The study indicates a life-of-mine average cash cost of US$135/mtu of tungsten trioxide. [Note an mtu is a widely used industry measure equivalent to 10kg].
• Tungsten West says that at the expected level of production the project to reopen the Hemerdon mine “positions Tungsten West to become the largest tungsten producer in the Western World”.
• The new study incorporates several operational changes to the development undertaken by the previous operator, including:
• A redesigned crushing circuit which reduces the necessary capital required;
• An optimisation of the X-Ray sorting which is expected to reduce operating costs and “allows the re-purposing of Dense Media Separation ("DMS") circuits and the removal of the refinery kiln from the circuit reducing diesel consumption by 1.3 million litres per annum”;
• As well as the incorporation of opportunities “to optimise recoveries post operational restart”.
• Tungsten West also reiterates its expectation that it is expecting the receipt of the remaining envirionmental and operating permits for the reopening during the current quarter.
• Welcomng the feasibility study, Executive Vice Chairman, Mark Thompson, explained that “Tungsten is on both the EU and US lists of critical metals and due to geopolitical tensions and security of supply issues the market remains strong. With Hemerdon in production, we will provide an alternative source of tungsten to Western consumers in markets which are otherwise dominated by China. China currently accounts for circa 90% of global tungsten reserves and 80% of mine production, and Chinese APT production share is between 85% and 90% of world supply”.
• Mr. Thompson confirmed the intention to “bring Hemerdon back into production in the fourth quarter of 2023”.

Conclusion: Tungsten West expects to resume production at Hemerdon, which, at the planned production rate, it describes as the western world’s largest tungsten tungsten producer, during Q4 this year.

No.1 in Copper: “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”

No1. In Gold: “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020

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

Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472

Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534

Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

SP Angel

Prince Frederick House

35-39 Maddox Street London

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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.

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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 - Asian Metal

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