SP Angel . Morning View . Tuesday 24 01 23
Copper rises as Eurozone returns to marginal growth
MiFID II exempt information – see disclaimer below
Base Resources Limited (AIM:BSE, ASX:BSE) – Sales pull back on softer ilmenite prices despite positive production
Beowulf Mining PLC (AIM:BEM)* – Kallak scoping study indicates NPV8 of US$852m at current prices
Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) – ESIA submitted for the Vermelho nickel cobalt project.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* – BUY – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation
Kore Potash PLC (AIM:KP2, ASX:KP2, JSE:KP2)* – BUY, TP Under Review – Updated DX Project resources, reserves and production target
SolGold PLC (LSE:SOLG, TSX:SOLG, OTC:SLGGF)* – Progress of the Cornerstone acquisition
Copper nears seven-month high despite surging inventories as traders bet on further China recovery
- Copper has strengthened past $9,350/t, reflecting a 12% rise ytd.
- The metal has been a primary benefactor of both China’s reopening and the efforts form Beijing to stimulate the debt-ridden property sector.
- Supply concerns from southern Peru are supporting the bullish narrative, with Glencore suspending its Antapaccay mine and Las Bambas currently unable to ship concentrate.
- Trading remains thin in China on the back of Lunar New Year, markets are set to reopen next week.
- Copper’s strength this month comes despite a major jump in Shanghai copper stocks, with inventories climbing 156% this month and global inventories up 47%.
- Copper futures remain in contango – a sign that physical supply remains fairly buoyant.
- Copper inventories have climbed so rapidly on the back of downstream users halting activity early for the Lunar New Year.
- The Copper end-user PMI weakened sharply in January, down 17% vs December and 13% yoy, with SMM suggesting the entire Chinese copper industry chain shut up shop 4-6 days early vs January 2022.
- LME copper prices continue to offer a stark premium to Shanghai prices.
- Indian copper demand climbed 27% in 2022 on major power infrastructure stimulus measures
- Indian copper demand in 2022 grew 27% yoy (ICAI) on the back of growth across power infrastructure, industrial, real estate and consumer durable sectors.
- Domestic copper producers increased wire rod production by c.29% yoy.
- Modi’s government has introduced a number of stimulatory reform measures in recent years, boosting copper demand. These include efforts to increase power accessibility, driving EV utilisation and other net zero policies.
- Power infrastructure policies have seen a 75% growth in copper demand form the electricity sector.
- Whilst 2021 reflected a low base level on lockdowns across India, copper demand has surpassed pre-pandemic levels.
Gold extends gains on sustained dollar weakness as traders bet on more forgiving Fed
- Gold prices climbed past last week’s high, touching $1,941/oz this morning.
- The move tracks another leg lower in the dollar index, which has fallen 12% since September against a stronger Euro, Pound, and Japanese Yen.
- The dollar has also weakened alongside US Treasury yields, with investors taking positions in bonds in anticipation of a peak in US inflation.
- Gold ETFs started climbing for the first time in 2 weeks last week, as retail and institutional investors looked to capitalise on bullion’s recent rally.
- Indian gold prices hit record highs this morning in conjunction with stronger gold prices and a weaker Rupee. Elevated gold prices typically weigh on Indian buyer demand.
- Traders await further guidance from US economic data in advance of the Fed meeting at the end of the month.
- US manufacturing and services PMI is expected tomorrow followed by jobless claims on Thursday.
- Further signs of deterioration in the US economy following weak retail sales data last weak should provide additional support for gold prices in expectation of a more accommodating approach to rate hikes from Powell.
Coking coal prices rise as Chinese steelmaking activity ramps up
- Australian coking coal prices are up 21% ytd and 56% higher than August lows.
- Coking coal prices have rallied as steelmakers ramp up activity to satisfy demand from residential and infrastructure construction in China.
- Both sectors are enjoying a tailwind from major stimulus measures from Beijing, alongside a rushed reopening of the world’s second largest economy.
- Chinese seaborne coking coal imports jumped 10% in December mom.
- January coking coal imports are expected to hit 2.6mt vs 2.33mt in December. (Kpler)
Dow Jones Industrials +0.76% at 33,630
Nikkei 225 +1.46% at 27,299
HK Hang Seng CLOSED at 22,044
Shanghai Composite CLOSED at 3,264
Economics
US leading economic indicators index weakens for 10th straight month
- Leading Economic Index (LEI) fell 1% in December, with economists predicting 0.7% on average.
- The LEI gauges outlooks for manufacturing, home building and a variety of markets.
- The indicator, alongside the US Treasury yield curve, continues to flash warning signs of recession.
Japan - Manufacturing PMI held steady at 48.9 in January
- Japanese manufacturing PMI in Jan 48.9, unchanged from Dec.
- December had recorded the fastest fall in 26 months.
- Factory output and new orders fell for a seventh consecutive month.
- Services PMI rose to 52.4 from 51.5
- Composite PMI rose to 50.8 form 49.7
Eurozone January PMI sees return to growth amid lower energy prices
- The S&P global Composite PMI for the Eurozone: 50.2 in Jan vs 49.3 in Dec.
- The Reading is the first of growth (>50) since June. Economists had forecast 49.8.
- Employment index rose to a 3-month high.
- Services PMI hit a 6-month high of 50.7 vs expectations of 50.2.
- New business index to 49.8 vs 48.4.
- Factory activity up to 48.8 vs 47.8.
Germany - Gfk consumer sentiment for February rose 3.7 pts to -33.9
- Economic expectations improved to -0.6 from -10.3.
- Income expectations rose to -32.2. from -43.4
- Propensity to buy fell to -18.7 from -16.3.
- Lower heating oil, gasoline and diesel prices improved consumer sentiment
UK business activity weakens at fastest rate in two years
- Britain’s composite PMI fell to 47.8 in Jan vs 49 in December. (Lowest since Jan 2021)
- The UK continues to suffer from staff shortages, industrial disputes, soaring cost of living and higher interest rates.
- The BoE is expected to raise rates to 4% vs 3.5% next week as inflation remains in double digits. The market expects rates to peak at 4.5% this year.
Burkina Faso – President gives French troops one month to leave
- The Burkina Faso president claims the nation is able to combat ISIS and Al Queda without French assistance.
- We are less sure of the abilities of Burkina Faso forces to control the infiltration of Islamic millitants.
Zambia – US asks China to hurry up on debt deal with Zambia
- The US Treasury Secretary is urging China to agree to the restructuring of loans that are crippling Zambian finances (FT).
- The situation is not helped by a lack of hydropower from the Kariba hydropower station which has cut power to miners and other industrial users in the nation.
- Zambia defaulted on $17bn of debt in 2020. We believe more recent Chinese loans take preference over older Western debt.
- The former president of Zambia signed up a number of expensive Chinese infrastructure projects with more regard for his vote than for Zambia’s finances
- President HH ‘Hakainde Hichilema’ is working on putting Zambia back onto a more sustainable financial footing while rooting out the corruption which expanded under the last president.
- Zambia needs to reach agreement with China and the West to unlock a $13bn bailout from the IMF.
Currencies
US$1.0847/eur vs 1.0898/eur yesterday Yen 128.92/$ vs 129.85/$. SAr 17.252/$ vs 17.192/$. $1.236/gbp vs $1.240/gbp. 0.694/aud vs 0.699/aud. CNY 6.776/$ vs 6.776/$.
Dollar Index 102.01 vs 101.75 yesterday
Commodity News
Precious metals:
Gold US$1,938/oz vs US$1,921/oz yesterday
Gold ETFs 94.1moz vs US$93.9moz yesterday
Platinum US$1,053/oz vs US$1,052/oz yesterday
Palladium US$1,715/oz vs US$1,728/oz yesterday
Silver US$23.64/oz vs US$23.78/oz last yesterday
Rhodium US$12,250/oz vs US$12,250/oz yesterday
Base metals:
Copper US$ 9,349/t vs US$9,342/t yesterday
Aluminium US$ 2,638/t vs US$2,590/t yesterday
Nickel US$ 28,000/t vs US$28,650/t yesterday
Zinc US$ 3,392/t vs US$3,422/t yesterday
Lead US$ 2,071/t vs US$2,084/t yesterday
Tin US$ 29,660/t vs US$29,695/t yesterday
Energy:
Oil US$88.0/bbl vs US$87.5/bbl yesterday
- Crude oil prices were little changed and European energy prices fell with temperatures in northwest Europe expected to turn milder and the warmer weather anticipated to last into the start of February.
- The UK’s grid operator has put coal generators on standby and asked consumers to curb demand for a second consecutive day to plug the gap left by a lack of wind generation.
Natural Gas US$3.537/mmbtu vs US$3.130/mmbtu yesterday
Uranium UXC US$48.90/lb vs US$48.80/lb yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$126.4/t vs US$122.0/t
Chinese steel rebar 25mm US$619.6/t vs US$621.0/t
Thermal coal (1st year forward cif ARA) US$178.0/t vs US$176.0/t
Thermal coal swap Australia FOB US$290.0/t vs US$317.0/t
Coking coal swap Australia FOB US$330.0/t vs US$330.0/t
Other:
Cobalt LME 3m US$49,000/t vs US$49,000/t
NdPr Rare Earth Oxide (China) US$106,364/t vs US$106,634/t
Lithium carbonate 99% (China) US$65,880/t vs US$66,047/t
China Spodumene Li2O 5%min CIF US$5,970/t vs US$5,970/t
Ferro-Manganese European Mn78% min US$1,343/t vs US$1,340/t
China Tungsten APT 88.5% FOB US$325/mtu vs US$325/mtu
China Graphite Flake -194 FOB US$885/t vs US$885/t
Europe Vanadium Pentoxide 98% 9.0/lb vs US$9.0/lb
Europe Ferro-Vanadium 80% 36.75/kg vs US$36.75/kg
China Ilmenite Concentrate TiO2 US$342/t vs US$343/t
Spot CO2 Emissions EUA Price US$89.0/t vs US$84.7/t
Brazil Potash CFR Granular Spot US$510.0/t vs US$510.0/t
Battery News
Activist fund Elliott builds stake in Japanese EV battery parts manufacturer
- Elliott Management has become one of the largest shareholders of Dai Nippon Printing, a Japanese conglomerate with a large share of the EV battery / smartphone manufacturing market.
- Elliott holds a stake of ~5% worth around $300m, the FT reports.
- Elliott has reportedly already tabled a set of demands: a more aggressive share buyback scheme, the sale of its real estate holdings and an accelerated disposal of its extensive portfolio of shares in other Japanese companies.
- DNP produces a number of niche products in the EV and tech sector, including small OLED screens and pouches to contain lithium-ion in electric vehicle batteries, where the company has 70% of the market.
Company News
Base Resources Limited (AIM:BSE, ASX:BSE) 12.98p, Mkt cap £253m – Sales pull back on softer ilmenite prices despite positive production
- Sales fell 8.8% through the December quarter on lower ilmenite prices and falling production though sales were 42% higher yoy.
- Operating costs have held remarkably steady yoy due to the simple nature of the operation though the cost of good sold has risen 22% yoy to $191m
- The increase in the revenue to cost ratio to 3.4x from 2.9x yoy is impressive given the inflationary environment we have been in.
- Shipping: Likoni bulk shipments of 84kt shipped vs 63kt in the prior quarter. Mombasa Port containerised shipments of rutile and zircon also running to plan.
- Cash costs rose to US$19.3m vs US$17.9m due to higher unit power costs and increased maintenance. This translated to US$165/t vs US$154/t
- Kwale: South Dune mined 4.5mt grading 4.02% vs 4.4mt @ 4.02% qoq quarter increasing the heavy mineral concentrate mined by 3%.
- Rutile and zircon production rose represented a higher proportion of the mineral assemblage with ilmenite production slightly lower.
- Higher recovered Rutile and Zircon grades in the HMC ‘Heavy Mineral Concentrate’ were not able to offset the fall though a 5kt build up of HMC stocks should help next quarter.
- Production of ilmenite 84.5kt, rutile 19.5kt and zircon 5.2kt were all up slightly yoy highlighting the impact of mining higher grade blocks.
- Inventory: HMC ‘Heavy mineral Concentrate’ stocks rose to 15kt from 10kt.
- Base Resources continue to extend the life of the Kwale mining operation through the development of the new Bumamani project in Kenya.
- Drilling to the North-East of Kwale should also help to give the operation further life
- Tanzania: Base will report results on the 149 holes (3,889m) drilled in the next few months.
- Toliara (Madagascar): Discussions with the government of Madagascar continue with the Toliara Project Rare Earths Concept Study on track for completion next quarter.
- Cost of goods sold fell to US$191/t from US$200/t.
- Guidance remains at:
- Ilmenite - 260,000 to 310,000t,
- Rutile - 62,000 to 73,000t,
- Zircon - 22,000 to 27,000t,
- Rutile prices rise while ilmenite and zircon fall
- “Base management expect demand for most products to stabilise and provide a steady footing for future prices.
- Despite weakness in the Chinese economy and the Chinese domestic pigment market, demand for imported ilmenite as a feedstock for Chinese TiO2 pigment producers continued to hold up.
- Chinese domestic pigment demand stabilised towards the end of the quarter after a prolonged period of weakening conditions and most Chinese pigment plants are moving back towards normal production levels.
- Major pigment producers with exposure to export markets, which typically have a high dependence on imported ilmenite as a feedstock, have generally maintained high production levels as increased offshore sales have offset a decline in domestic sales.
- Export demand for these producers is likely to be maintained, particularly as high-cost sulphate pigment production in Europe has been curtailed.
- This, combined with a potential recovery in the Chinese domestic market following the lifting of the government’s COVID-19 restrictions, is expected to provide ongoing demand strength for ilmenite imported into China.
- Softening pigment market conditions in Europe since the latter part of the September quarter added to subdued domestic conditions in Asia and growing uncertainty in North America, resulting in some western pigment producers curtailing production rates.
- This has weighed on rutile demand through the quarter and into the start of 2023. However, contracted rutile prices to the pigment sector, mostly established in mid-2022 during tighter conditions, saw further price gains through the quarter. Major western pigment producers plan to ramp up production from early 2023 with an expectation that the pigment market will improve through early 2023 and return to normal levels by mid-2023. This should result in improving demand for rutile and provide support for prices.
- Rutile demand from the smaller welding and titanium metal sectors remains strong but increased rutile inventories in Asia has placed pressure on the price premium that has been achieved in these sectors relative to the pigment sector. Overall, rutile prices are expected to decline moderately in the March quarter.
- Softer zircon conditions in Europe added to the weak environment in the Chinese zircon market through the quarter which resulted in a decline in zircon prices. Subdued zircon demand going into the March quarter is being partially offset by reduced supply from some major producers experiencing production challenges and/or re-building their own zircon inventory in order to stabilise prices. Building optimism from the lifting of the government’s COVID-19 restrictions in China may result in improved demand and pricing conditions for zircon in coming quarters.”
Conclusion: Management ran a good ship through the December quarter and through 2022 as a while. However the team are forecasting lower, more conservative production across the board through 2023.
Beowulf Mining PLC (AIM:BEM)* 4.1p, Mkt Cap £33m – Kallak scoping study indicates NPV8 of US$852m at current prices
- Beowulf has released a positive scoping study for the company’s Kallak North project in Sweden, where the company plans to begin producing high-grade iron concentrate in 2026.
- Completion of the scoping study follows the awarding of an exploitation concession for Kallak North in March 2022.
- Kallak North will be subjected to conventional open pit mining, after which the ore is beneficiated to produce a high-grade concentrate, currently estimated at 71%, with very low levels of deleterious elements.
- The study assumes 67% of concentrate produced at Kallak North will be sold to the traditional blast furnace market and 33% to the newer direct reduction market – a newer steel production process route with a lower carbon footprint.
- Economics highlights from the base case assumption, producing 2.7mtpa of concentrate:
- Capex of US$602m (inc. 20% contingency)
- TCC at average US$87.3dmt
- Post tax NPV8 of $177m
- IRR of 14.5%
- Payback period of ~4.5yrs
- Total LOM revenues of $3.7bn
- Total LOM EBITDA of $1.5bn
- The economic assessment assumes long term prices of US$109/dmt for blast furnace material and US$125/dmt for direct reduction material.
- Further upside: Using current spot prices to calculate US$161/dmt for BF and US$177/dmt for DR, the NPV8 increases by 479% to US$852m.
- The study only considers value for Kallak North, despite Kallak South having defined Mineral Resources and an exploration target, as well as an exportation target further south. Further work completed here could provide an opportunity for LOM extension.
- Further technical work is underway evaluating the possibility of integrating Kallak North and Kallak South though this would require an updated Exploitation Concession.
- In terms of offtake, Kallak’s particularly clean magnetite concentrate should enable steel makers to reduce carbon emissions further, improve energy efficiency and reduce waste leading to cleaner and greener steel production.
- Beowulf intend to commence work on a pre-feasibility in Q2 2023 in order to evaluate the project economics and viability further and the company expects to submit the application for an environmental permit in Q4 2023.
Conclusion: The completion of the scoping study is a key milestone for Beowulf and demonstrates the economic potential of the project and positive upside potential at current spot prices. The project economics are particularly sensitive to iron ore prices and we expect Beowulf to receive a price premium for their product not only for the superior grade compared to projects globally, but also the particularly low levels of deleterious elements such as phosphorous and sulphur. Looking forward, Beowulf are evaluating the results of this study ahead of starting work on a PFS alongside work on the environmental permit. We also note the proposed capital raising of up to £8.8m reported in December 2022, with fund used to repay bridge loan financing and fund the studies mentioned above.
*SP Angel acts as Nomad and Broker to Beowulf Mining
Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) 135p, Mkt Cap £353m – ESIA submitted for the Vermelho nickel cobalt project.
- Horizonte Minerals reports that it has submitted the Environmental and Social Impact Assessment for its Vermelho nickel cobalt project to the regulatory authorities in Para State, Brazil.
- The documents, which also include the associated Relatório de Impacto Ambiental ("RIMA") are required for obtaining “a Preliminary Licence ("LP") … [which the company expects to receive] … in Mid-2024”.
- Horizonte Minerals explains that “granting of the LP is the first in a three-stage environmental licencing process to develop a mine in Brazil. Through the granting of the LP, SEMAS … [the Pará State Secretariat for Environment and Sustainability] … confirms that the Project is acceptable from an environmental and social perspective”.
- CEO, Jeremy Martin, explained that “submission and filing of the EIA/RIMA marks another key milestone along Vermelho's development pathway, as we continue to de-risk our project pipeline” and he confirmed that “we will continue to work closely with local stakeholders as Vermelho is expected to contribute significant employment opportunities for the region and deliver significant socio-economic value”.
- Mr. Martin took the opportunity to confirm that “we are pleased to be making good progress on the construction of Araguaia, which remains on budget and on schedule to produce first nickel in 1Q 2024, while simultaneously preparing for our next growth phase with Vermelho's Feasibility Study and Preliminary Licence, both expected to be finalised in 2024”.
Conclusion: Submission of the EIA for Vermelho is the initial step in a three-stage process to obtain mining approval. Meanwhile the company confirms that its flagship, Araguaia ferronickel project, located 160km from Vermelho, remains on track to deliver its first production in Q1 2024.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* 118p, Mkt Cap £135m – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation
BUY
- The Company released latest drilling results at the Gilar copper/gold deposit.
- Results are from six vertical core drill holes at the south west of the Gilar site confirming and extending the extent of the mineralisation.
- Selected results include:
- 68.4m at 2.40g/t Au, 2.89% Cu and 1.58% Zn from 320m (22GLDD127);
- 53.7m at 1.92g/t Au, 2.91% Cu and 1.14% Zn from 337m (22GLDD124);
- 62.3m at 2.24g/t Au, 2.77% Cu and 1.86% Zn from 344m (22GLDD125).
- 22GLDD127 confirmed the extension of the high grade mineralisation ~25m beyond the previously drilled most south-westward hole.
- Two further inclined drill holes in the south west of Gilar are now complete with results expected in due course.
- The Company recently launched development of the underground access at Gilar that would help with further exploration and metallurgical samples collection ahead of the mine development.
Conclusion: Drilling returns wide high grade intersections at Gilar as the team is developing underground access to expedite exploration and potential mine development. New drill results are expected to increase previously announced MRE with the deposit benefiting from close proximity to the existing processing complex allowing for accelerated development schedule.
*SP Angel acts as nomad and broker to Anglo Asian Mining
Kore Potash PLC (AIM:KP2, ASX:KP2, JSE:KP2)* 0.7p, Mkt Cap £25m – Updated DX Project resources, reserves and production target
BUY – TP Under Review
- The Company released an updated mineral resource and reserve estimates along with a new production target at the D Potash Project in the Sintoukola Basin located in the Republic of Congo.
- New resource includes the most recent drilling results and interpretation of the geophysical data.
- New Resource includes:
- 28mt at 29.9% KCl for 8mt KCl contained in the Measured and Indicated category (down from 79mt at 39.1% KCl for 31mt KCl previously);
- 101mt at 23.5% KCl for 24mt KCl contained in the Inferred category (up from 66mt at 40.4% KCl for 27mt KCl).
- New Reserves are estimated at:
- 9mt at 35.7% KCl for 3mt KCl contained (down from 18mt at 41.7% KCl for 7mt previously).
- New life of mine production schedule includes:
- 4.8mt MOP produced over 12 year life of mine (down from 12.1mt over 30y in the Nov/20 PFS).
- Planned annual production rate remains unchanged at 400ktpa using selective solution mining of high grade sylvinite seams.
- Opex and capex numbers revised slightly higher to $90.5/MOP FOB Pointe Noire and $316m, respectively ($86.6/MOP and $286m before).
- Updated study uses flat $450/MOP price reflecting higher spot prices ($422/MOP average previously).
- Largely reflecting shorter life of mine, NPV10% (post-tax) dropped to $275m, down from $412m (on 90% attributable basis).
Conclusion: New mineral resources and reserves using latest drilling and geophysical data see a 45% reduction in the mineral resource including a 73% drop in the Measured and Indicated category. The latter in turn translated into a 55% decline in estimated reserves. An updated mineral reserve provides a more robust and conservative estimate at a cost of lower project economics The life of mine was reduced to 12y from previously estimated at 30y which in turn saw a drop in project NPV10% (post tax) to $275m from $412m. We will adjust our DX Project NPV estimates for an updated price target. Previously, the DX project accounted for ~12% of the Kore NPV in our estimates with most of the value driven by the flagship Kola Project The team remains focused on finalising EPC contractual terms for the construction of the flagship Kola project paving the way for project funding completion.
*SP Angel acts as Nomad and Broker to Kore Potash
SolGold PLC (LSE:SOLG, TSX:SOLG, OTC:SLGGF)* 16.94p, Mkt Cap £403m – Progress of the Cornerstone acquisition
- Solgold reports that, following court approval of the planned arrangement to acquire outstanding shares in Cornerstone Capital Resources, it expects to publish the prospectus and complete the transaction shortly.
- The transaction will consolidate ownership of the Cascabel licence area in Ecuador which includes the 2.6bt Alpala deposit where a pre-feasibility study, published in April, envisages a 25mtpa underground block-caving operation producing an average of 132,000tpa of copper, 358,000ozpa of gold and 1mozpa of silver over an initial 26 years mine life.
- Although previous announcements indicated that Solgold might offer a cash component of up to 20% for the acquisition of the Cornerstone shares, today’s announcement confirms that it “has elected not to pay any cash consideration. As such, consideration under the Arrangement will be paid entirely using SolGold shares with Cornerstone Shareholders receiving 15 SolGold shares for each Cornerstone share”.
Conclusion: Court approval of the arrangements for the acquisition of Cornerstone Capital Resources clears the way for consolidation of ownership and the future development of the Alpala deposit in Ecuador where a pre-feasibility study was released in April last year and more detailed definitive feasibility work is underway.
*SP Angel acts as Financial Advisor to SolGold
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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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