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Today's Market View - Centamin, Jubilee Metals Group, Vast Resources and more...

Centamin (LON:CEY) – Q2 results confirm 2020 production and cost guidance remains broadly intact Jubilee Metals Group (LON:JBL)  – Interims highlight strong PGM earnings growth and maintenance of cash position Novagold (CVE:NG) – Novagold suing short-selling firm J Capital Research for defamation (Mining.com) Panther Metals (LON:PALM) – Raising £250,000

Centamin PLC - Today's Market View - Centamin, Jubilee Metals Group, Vast Resources and more...

SP Angel . Morning View . Monday 13 07 20

Copper prices climb as Yangtze flooding threatens

 

Centamin (LON:CEY) – Q2 results confirm 2020 production and cost guidance remains broadly intact

Jubilee Metals Group (LON:JBL)  – Interims highlight strong PGM earnings growth and maintenance of cash position

Novagold (CVE:NG) – Novagold suing short-selling firm J Capital Research for defamation (Mining.com)

Panther Metals (LON:PALM) – Raising £250,000

Pensana Metals (ASX:PM8) – Drilling from Longonjo – updated mineral resource estimate expected by end of September

Vast Resources* (LON:VAST) – Baita Plai development update

 

China car production and sales hit record highs

China produced and sold 2.33m and 2.30m automobiles last month, according to data from the China Association of Automobile Manufacturers. 

China vehicle sales rose 6.3% on May sales and 11.6% yoy in June vs 14.5% in May

For the first six months of 2020, car production fell 16.8% to 10.1 million units, whilst sales declined 16.9% to 10.3 million units (SMM News). 

China – steel and iron ore prices rising to meet new demand for Stimulus and for Flood Defences along the Yangtze River

Major flooding along the Yangtze will be met with massive new work on flood defences.

 

China - Yangtze river flooding close to the Three Gorges Dam as water level rises two meters about limits

The opening of the dam to allow more water through risks more flooding downstream in Wuhan and Chongqing and in many other areas.

Flooding risks further disruption of construction sites and logistics

More heavy rain is expected this week

Flooding in the Poyang county of Jiangxi raised the water level in Lake Poyang, China’s biggest freshwater lake, to >74 feet, a historical high and above the alert level of 64 feet. The military are raising banks along 6 miles of lake bank. (Reuters)

Jiangxi copper smelters process some  8% of global copper supply.

Yangtze river flood damage is so far estimated to have cost some $12bn, killed 141 people and have flattened 28,000 homes and affected some 3.53mha of farmland. (Xinhua)

‘China has blamed unusual weather conditions, including humidity carried from the South China Sea and the Indian Ocean, as the immediate cause, but it has also said long-term changes in climate patterns have made it more vulnerable.’

 

IG TV interviews on copper and gold

https://youtu.be/ItCFs7EqbWk

https://youtu.be/lszustZe7_U

VOX Markets podcast on mining

https://www.voxmarkets.co.uk/media/5f05abf49f98da001bbc4b10/?context=/listings/LON/SAV/multimedia/

 

Dow Jones Industrials +1.44% at 26,075

Nikkei 225 +2.22% at 22,785

HK Hang Seng +0.65% at 25,894

Shanghai Composite +1.77% at 3,443

 

Economics

China – GDP numbers are due this Thursday with estimates for the economy to have returned to growth (+2.2%) from a 6.8%yoy slump in Q1/20.

China - new loans hit record US$1.73tn in H1 driving recovery (Reuters).

Banks lent a record US$1.73tn in H1  2020, beating a previous peak of 9.67 trillion yuan in the first half of 2019

Chinese banks extended 1.81 trillion yuan (US$258 billion) in new yuan loans in June, up from 1.48 trillion yuan in May

 

US – Investors are gearing up for the quarterly earnings season with Citigroup and JPMorgan Chase among the first US banks to report.

Florida became the first US state to post more than 15,000 coronavirus cases in one day on Sunday equivalent to 712 cases per million compared to 595 in New York at the peak of the outbreak.

New cases in the US have been on an increasing trend with a new nationwide record hit yesterday after reporting 60,798 cases, nearly 50% more than the 42,602 recorded on Sunday a week ago and nearly 200% up on 21,373 reported on Sunday a month ago.

US PPI fell 0.2% in June vs 0.4% in May , yoy -0.8% (-0.8%) and

US core PPI fell 0.3% vs -0.1% in May, yoy 0.1% (0.3%).

 

EU – EU leaders holding a summit this Friday to discuss the €750bnn coronavirus recovery fund. Why make a decision when you can hold another summit!

 

France – The government is planning to release a new broad stimulus including tax cuts for companies at the end of August as well as announce “massive” support for youth employment this week, Finance Minister Bruno Le Maris said.

The minister reiterated a pledge to not raise taxes between now and the end of President Macron’s term in 2022.

 

UK – PM Johnson is expected to launch a campaign on Monday to urge businesses to prepare for the end of the Brexit transition period with  survey showing that only a quarter of directors suggesting their companies were fully ready, Bloomberg reports.

Michael Gove who is in charge of the UK’s Brexit preparations confirmed on Sunday that the country will be ready to leave the EU once the existing temporary arrangement ends on January 1 2021.

Ministers are planning to spend £705m on new border infrastructure.

UK - GDP to fall 10% this year and recover 7% next (Moody’s),

public debt could top 25% of ’19 GDP.

 

UK comes in second, only behind Russia, on the number of healthcare worker deaths due to COVID-19, according to Amnesty International.

At least 540 people in the healthcare and social industries in the UK lost their lives during the pandemic, compared to 545 in Russia and third-ranked US with 507.

 

Russia – Norilsk Nickel dismissed top management of the Talnakh Concentrator operation in the Polar division following an internal investigation of the discharge of recycled water from the concentrator’s technical water sump on 28 June 2020.

Director, Chief Engineer and Deputy Chief Engineer, Operations and Industrial and Environmental Safety of Hydraulic Structures, of Talnakh Concentrator have been dismissed due to gross misconduct.

The investigation has discovered two instances of unauthorised industrial water discharge from a recycled water sump into adjacent area using flexible pipes and floating pumps.

 

South Korea – The country started requiring foreigners arriving from high risk countries to show a health certificate that they tested negative for COVID-19.

The PCR (polymerase chain reaction) test certificate must be issued by approved hospitals and testing centres 48 hours or less prior to the passengers’ departure.

While helping to limit the spread of the virus, the measure will not account for people who got infected after taking the test and before arriving into the country.

 

Japan - PPI rose 0.6% in June vs -0.4% in May), yoy -1.6% (-2.7%).

 

Italy - May Italian industrial production jumped 42.1% in May vs -20.5% in April but was still 20.3% lower yoy

 

France – Industrial production rose 19.6% in May vs -20.6% in April.

 

Canada - employment rose 952k in June vs 289k in May

unemployment improved to 12.3% from 13.7%

participation rate up 63.8% (61.4%).

 

India – The Indian government reviewing major investment proposals by Chinese companies and investors.

This is upsetting the Chinese who are used to getting things their own way.

 

Brazil - Trial of SinoVac COVID-19 vaccine to start this month with 9,000 volunteers in five states

 

Philippines - will adhere without compromise to a 2016 court victory that nullified China’s claims in most of the South China Sea according to the Foreign Affairs Secretary (China News).

The statement follows concerns raised by Vietnam and the Philippines about repeated violations of maritime rules amid growing grievances with China over its territorial claims.

 

Currencies

US$1.1320/eur vs 1.1264/eur last week.  Yen 106.96/$ vs 106.85/$.  SAr 16.726/$ vs 16.914/$.  $1.263/gbp vs $1.258/gbp.  0.697/aud vs 0.693/aud.  CNY 7.001/$ vs 7.011/$.

Yuan slips to CNY7/ US dollar despite Chinese promotion of its currency abroad.

China may use US weakness to push it’s agenda for greater Yuan use as China and Russia look to break the dominance of the dollar in global trading.

The US has been able to enforce new standards on key financial centres cleaning up tax evasion and money laundering through the threat of locking states out of the dollar clearing system.

US threats to take action over China’s new security law in Hong Kong has triggered calls in Beijing to reduce US influence on the world through its potential to restrict access to US dollar clearing.  

Chinese companies hold around $1tn in offshore bonds and loans and $1.1tn in state-owned bank liabilities indicating that access to US dollars is critical for Chinese companies.  Despite China’s economic growth and scale the Yuan represents just 2% of global bank reserves (Bloomberg)

 

Commodity News

Precious metals:         

Gold US$1,807/oz vs US$1,800/oz last week – Gold holds above $1,800/oz as COVID-19 worries persist

Gold prices rose on Monday, as the road to economic recovery looks increasingly uncertain as countries in South America along with the US see virus cases continue to surge. 

Spot gold was up 0.5% at $1,807/oz, whilst US gold futures rose 0.5% to $1,812/oz earlier this morning (Reuters). 

As the US continues to see an increase in COVID-19 cases, investors think that the Fed is going to end up doing more to cushion the economic impact of the coronavirus (Kitco). 

A side-effect of the huge levels of stimulus is that inflation-proof assets such as gold become more sought after. 

The dollar index fell 0.2% this morning, making gold less expensive for holders of other currencies (FX Street). 

Gold ETFs 104.3moz vs US$104.3moz last week

Platinum US$842/oz vs US$836/oz last week

Palladium US$1,993/oz vs US$1,943/oz last week

Silver US$19.06/oz vs US$18.60/oz last week

LME off warrant metal (not including LME private locations):

Aluminium - 1.004mt vs 1.626mt on warrant

Copper – 161,000t of vs 181,000t on warrant.

           

Base metals:  

Copper US$ 6,571/t vs US$6,294/t last week - Copper prices hit two-year high on supply worries

Copper prices in London and Shanghai hit two-year highs this morning, as workers at Antofagasta's Zaldivar copper mine vote in favour of strike action after rejecting a pay offer.

The most traded copper contract on the SHFE climbed 6% to 53,520 yuan ($7,649)/t earlier this morning- its highest since June 2018 (Reuters). 

Similarly, LME copper prices have continued to rally, gaining 2.1% on Friday to $6,429/t- an eighth straight weekly gain of 6.9% (SMM News). 

Major flooding concerns in China's Jiangxi province, a major copper producing region, has also raised concerns on logistics and refined copper output.

China refined copper production estimated to rise 0.6%yoy to 699,000t (Antaike)

Chile refined copper exports rose 21.3%yoy to 667,000t

Chile copper concentrate exports also rose 12% to 3.47mt as exports are diverted away from the US, Japan and South Korea attracted by smelters offering lower treatment charges.

Zambia copper production rose to 342,000t YTD vs 330kt in 2019

 

Aluminium US$ 1,689/t vs US$1,659/t last week

Nickel US$ 13,580/t vs US$13,085/t last week

Zinc US$ 2,208/t vs US$2,165/t last week - China zinc production rose 8.3% yoy to 396,000t.

Lead US$ 1,866/t vs US$1,843/t last week - China refined lead production rose 13.2% yoy in June to 418,000t (Antaike),

Tin US$ 17,360/t vs US$17,125/t last week

 

Energy:           

Oil US$42.9/bbl vs US$41.7/bbl last week

Oil prices have ticked up slightly as the market focuses on the latest news emerging from Africa’s (potentially) largest oil producer

In an unexpected move, Libya's National Oil Corporation (NOC) has lifted the force majeure on crude exports from its key terminals

The national oil company indicated that it expects a gradual revamp of production but emphasises that overall production levels will be less than 50% of its historic highs

The company indicated that significant damage to reservoirs and oil and gas infrastructure in the country, caused by the blockade that has been in place since mid-January 2020, has left a segment of its production at risk

The removal of the force majeure by NOC will come as a surprise as the security situation in the country does not appear to be improving

There has also been speculation as to whether the NOC has been able to set up a deal between the UN-supported GNA government and some parts of general Haftar’s LNA forces

Some reports suggest that significant pressure from third parties may have forced the two groups to agree to an oil deal

The North African oil producer has seen oil production collapse due to the conflict between the UN-backed GNA and the self-styled Libyan National Army of Khalifa Haftar

Natural Gas US$1.800/mmbtu vs US$1.758/mmbtu last week - Natural gas prices rebounded to close Friday in the black after hitting new lows for the week

Demand could be mixed as the reclosing of some states in the US will ease demand and this will be offset by warmer normal weather which should buoy cooling demand

The only tropical cyclone activity is tropical storm Faye which is rising the east coast but is unlikely to generate any damage to natural gas infrastructure

The number of active rigs declined by 4 last week, with natural gas account for 2 and oil accounting for a decline of 2

Uranium US$32.95/lb vs US$32.95/lb last week

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$103.6/t vs US$103.1/t

Chinese steel rebar 25mm US$535.5/t vs US$533.5/t

Thermal coal (1st year forward cif ARA) US$58.8/t vs US$57.9/t - Indian thermal coal imports decline 35% in April-June

India's thermal coal imports fell 17.7mt in the first quarter of the current fiscal year, according to the Indian Ports Association.

Over 70% of India's power generation is dependent on thermal coal, however authorities have encouraged plants to use domestic suppliers as India's coal exports were falling earlier in the year when countries locked down. 

Coking coal imports also witnessed a decline over the same period, down 28.5% to 10.69mt (Hellenic Shipping News). 

coal futures Dalian Exchange US$121.5/t vs US$121.0/t

           

Other: 

Cobalt LME 3m US$28,500/t vs US$28,500/t

NdPr Rare Earth Oxide (China) US$41,850/t vs US$41,807/t

Lithium carbonate 99% (China) US$4,856/t vs US$4,851/t

Ferro Vanadium 80% FOB (China) US$29.5/kg vs US$29.5/kg– prices continue to rise in China

Ferro-vanadium prices continue to gain in China rising 1.7% last week to $29.5-30.5/kgV as China’s economic recovery led by new construction

Vanadium pentoxide prices also rose 0.4% to 6.9-7/lbV

Stimulus for local housing construction and national rail and other projects are driving steel, iron ore and other process higher.

Serious flooding along the Yangtze river has drafted local military action to

Ferro-vanadium prices pulled back 0.4% in Western Europe to $22.5-23.5/kgV reflecting the impact of the lockdown on manufacturing, construction and business confidence.

Antimony Trioxide 99.5% EU (China) US$4.9/kg vs US$4.9/kg

Tungsten APT European US$205-215/mtu vs US$205-215/mtu

Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$460/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,275/t vs US$2,275/t

Diamonds - Almost Half of 179 retail jewellers say they have had issues finding merchandise in survey (instore)

Demand for engagement rings is thought to be building up as jewellers struggle to source stock.

The lockdown in diamond trading centres and cutting and polishing manufacturers in India along with other supply chain issues have tightened supply as consumers return to the shops.

DeBeers and Alrosa, the two largest diamond producers have slowed production and are withholding stock from the market to maintain price levels while the impact of lockdowns in South Africa and Botswana along with ongoing uncertainty over some other diamond producers is likely to impact further on supply.

We expect to see a surge in demand for diamond engagement rings post the first wave lockdown and post regional second wave restrictions.

Diamonds may also serve to make up for lost holidays as many couples choose to staycation this year.

 

Battery News

Honda takes stake in CATL

Honda Motor will take a 1% stake in CATL, working to jointly develop EV batteries. (Reuters)

Honda will launch its first EV containing a CATL battery in China in 2022 and is expected to use CATL batteries moving forward.

The partnership will jointly develop batteries for new energy vehicles and look to provide a stable supply of batteries from CATL to Honda. (Inside EVs)

The strategic alliance will also discuss recycling and reuse.

Honda has recently struck deals with GAC in China, Hitachi, and GM in the pursuit of EV vehicles.

 

Rivian raises $2.5bn in latest finding round

Electric vehicle start-up Rivian, backed by Amazon and Ford Motor has received a further $2.5bn from T Rowe Price in its latest funding round. (Industry Leaders)

The most recent investment takes total funding in the business to $6bn.

Rivian is working towards putting an EV pickup and SUV into production in 2021. Production has been delayed due to a temporary shutdown of facilities as result of the pandemic. 

Ford’s luxury brand Lincoln cancelled its project with Rivian earlier this year citing issues relating to the pandemic. Ford has invested over $500m into Rivian. 

Rivian is working on 100,000 delivery vans for Amazon as part of the latter’s commitment to the Climate Pledge to be net zero carbon by 2040.

 

Thinfilm announces successful development in solid state technology

Thin Film Electronics (Thinfilm) has announced the successful fabrication of functional batteries on stainless steel substrates at its San Jose facility.

Thinfilm develops ultrathin, flexible and safe energy storage solutions for wearable devices and connected sensors.

Initial characterization testing has demonstrated expected energy densities.

Electrical test results indicate the Company is on track to deliver differentiated batteries with superior performance characteristics.

Thinfilm will now sift focus to delivery of customer evaluation samples to prospects and partners for them to validate the key performance characteristics. 

 

Company News

Centamin (LON:CEY) 191.3p, Mkt Cap £2,172m –Q2 results confirm 2020 production and cost guidance remains broadly intact

Centamin reports that production of 130,994oz of gold during Q2 at Sukari brings H1 output to 256,084oz and keeps the company on track to achieve a tightened guidance range of between 510-525,000oz for 2020. The previous guidance was for a wider range of 510-540,000oz with a higher upper limit to the range.

Costs during the quarter of US$625/oz on a cash basis and US$900/oz on an all-in-sustaining basis (AISC) bring H1 cash costs to US$642/oz and AISC to US$901/oz reported to be ʺahead of schedule and reflecting increased production volumes … [and] … cost guidance is unchanged, with cash costs forecasted between US$630-680 per ounce produced and AISC forecasted between US$870-920per ounce soldʺ.

The company reports a 30th June cash balance of US$367m ʺafter payment of the first interim dividend of $69million on 15 May 2020ʺ.

The results reflect the processing of a total of 2.99mt of ore during the quarter (Q1 3.07mt) at an average grade of 1.52g/t gold (Q1 – 1.5g/t) at a recovery of 88% (Q1 – 87.5%).

Alluding to the challenges of the Covid19 pandemic, CEO, Martin Horgan, said that ʺWhilst we continue to actively manage the potential future impacts of COVID-19, we remain confident we are on track to meet guidance and have narrowed the production range to 510,000 to 525,000 ounces and kept cost guidance unchangedʺ.

Underground ore production increased by 9% during the quarter to 168kt while the grade of the underground production increased by 20% to 5.99g/t as production concentrated on the Ptah zone. The company explains that year-on-year, underground ore production has fallen by 46% offset by a 24 increase in grades assisted by improved dilution control and improved operational mine-planning.

Open-pit production tonnage rose by 14% year-on-year with grades improving by 40% ʺpredominantly driven by mining in the higher-grade Stage 4 North and West areas of the open pit.ʺ

Q2 exploration activity at Sukari included 9936m of underground drilling aimed at ʺgrade control to support mine planning, resource conversion and step out exploration drillingʺ to investigate strike and depth extensions to the Sukari orebody.

Centamin explains that the Egyptian Government’s exploration bid round, for blocks in the Eastern Desert, has been extended until 15th September to accommodate the impact of the Covid19 pandemic but the company expresses the view that it ʺbelieves there is significant untapped gold resources within the Nubian Shield and [that it] is currently evaluating the opportunities presented by the current round.ʺ

In West Africa, Q2 exploration focused on the Doropo project in Cote d’Ivoire where approximately 28,000m of step-out and RC drilling has been completed over the 10km long Kilosegui structure.

Conclusion: Centamin remains financially robust and debt free and is currently maintaining its production and cost guidance for 2020 although the company has slightly reduced the upper range level of it production expectation which now stands at 510-525,000oz, implying marginally increased production during H2.

 

Jubilee Metals Group (LON:JBL) - 4p, Mkt cap £83m - Interims highlight strong PGM earnings growth and maintenance of cash position

Jubilee reports strong earnings from platinum group metals with earning rising 54% to £12.5m

PGM project sales rose 31% on H2 2019 to £21m

Chrome earnings also rose 32% on H2 2019 to £0.2m

Group sales rose 18% on H2 2019.to £29.4m

Group operational earnings rose 54% H2 2019 to £12.8m on the

Jubilee paid £1.4m for the acquisition of additional PGM and chrome rights

Management also settled historical debt of £2.5m.

Jubilee secured the right to process 150mt of copper tailings held under licence by Star Tanganika in Luanshya, Zambia in June.

The deal was struck with Horizon Corp with the intention to refine th tailings at the Sable refinery in a profit sharing agreement. The deal cost $0.6m in cash and $4.4m worth of Jubilee shares issuing 95m new shares at 3.73p representing 4.5% of Jubilees enlarged share capital.

Jubilee’s local subsidiary, Braemore will have the right to 75% of all earnings from the project till 1.5x if its invested capital has been repaid and will earn 60% from the project thereafter.

Jubilee aims to increase copper production on to 25,000tpa based on feed sources and projects under review.

Jubilee has around £9.2m of cash after settlement of PGM and chrome rights payments in 2019 and the settlement of £2.03m of historical debt.

*An SP Angel mining analyst has visited Jubilee Metals Group assets in Zambia in 2018

 

Novagold (CVE:NG) US$8.82, Mkt cap US$2.9bn – Novagold is suing short-selling firm J Capital Research for defamation (Mining.com)

Novagold said a US law firm potential attempt to launch a class suit against the company on alleged securities fraud would be based on “malicious and false information”.

J Capital Research ‘JCAP’ claims Novagold’s Donlin Gold project will never be built and is a stock promote and not a mining plan. JCAP normally targets overvalued technology and Media companies.

The Donlin Gold project has a 39moz Measured and Indicated gold resource grading 2.24g/t. The project is in a 50:50 jv with Barrick Gold.

Novagold plans to spend $31m on the project this year with $134m in the bank at end May and a further $175m due to come in from the sale of Galore Creek depending on construction approval.

Conclusion: Most mining projects are vulnerable to technical and financial challenges on the journey of their definition. Good management are very often able to overcome these challenges but also need to be careful to ensure their claims are well founded and supported as the threats of legal claims and short selling appear to be gaining momentum.

 

Panther Metals (LON:PALM) 6.75p, Mkt Cap £3.2m – Raising £250,000

Panther Metals reports that it has placed approximately 3.85m shares at a price of 6.5p/share to raise £250,000.

The issue represents approximately 7.6% of the enlarged capital of the company.

The additional funds are to be used to progress the exploration of the company’s wholly owned gold projects at Big Bear in Canada  and at Marrakai and Annaburroo in the Northern Territory of Australia.

 

Pensana Metals (ASX:PM8)  A$0.335, Mkt Cap A$62m – Drilling from Longonjo – updated mineral resource estimate expected by end of September

Pensana Metals has reported the results of an additional 34 holes from its 8,000m drilling programme at its Longonjo Neodymium/Praseodymium (NdPr) rare-earths project in Angola where the company is preparing a Bankable Feasibility Study.

Today’s results are ʺthe first systematic drill testing of the potential immediately below the weathered zoneʺ and the company says that the drilling ʺhas returned wide intersections of 2.5% to 3% REOʺ (rare-earths oxides).

The company describes the results as ʺvery encouragingʺ and says that they ʺadd a second dimension to the Longonjo Project beyond the initial 15-20 year mine Life. The mineralisation remains open below the 80 metre drill depthʺ.

Pensana Metals also says that the drilling ʺhas identified zones of high grade mineralisation from surface that is expected to increase average grades in this area [along the southern margin] of the proposed open pit.ʺ

The company expects to provide an updated mineral resource estimate ʺin the current quarter once all remaining assay results have been receivedʺ.

Among the results reported today are:

A 12m wide intersection from surface at an average grade of 5.74% REO, including 1.14% NdPr in hole LRC254 which also contained a deeper intersection of 20m from adepth of 16m which averaged 5.76% REO including 1.06% NdPr; and

A 10m wide intersection from surface at an average grade of 5.60% REO, including 1.10% NdPr in hole LRC263; and

A 16m wide intersection from surface at an average grade of 6.03% REO, including 1.25% NdPr in hole LRC265; and

A 16m wide intersection from surface at an average grade of 6.08% REO, including 1.16% NdPr in hole LRC267; and

An 18m wide intersection from surface at an average grade of 6.25% REO, including 1.18% NdPr in hole LRC276

Looking forward to the results from the remaining 86 drill-holes and 3457m of drilling COO, Dave Hammond, confirmed that the company expected a revised mineral resource estimate before the end of September and said that ʺThese latest intersections from surface prove the continuity of the high grade weathered mineralisation in the area that mill be the focus of mining in the early years. We expect these drilling results will allow us to upgrade the current Indicated mineral resource to Measured.ʺ

Mr. Hammond also said that ʺThe thick mineralised intersections returned from the fresh rock beneath the weathered zone, many of which remain open with depth, are very encouraging and support the potential to expand the project further on the successful completion of metallurgical testwork.ʺ

Conclusion: The continuation of mineralisation at depth into un-weathered material is encouraging for an eventual second phase of mining beyond the weathered ores and we look forward to the forthcoming updated mineral resources estimate in September.

 

Vast Resources* (LON:VAST) 0.25p, Mkt Cap £29m – Baita Plai development update

Shipments of equipment continue as planned with the fourth delivery to the Port of Cosntanta completed this morning.

The remaining containers are expected to arrive during the course of this week.

*SP Angel acts as Broker to Vast Resources

 

Analysts

John Meyer – [email protected] – 0203 470 0490 / 07943031001

Simon Beardsmore – [email protected] – 0203 470 0484

Sergey Raevskiy –[email protected] - 0203 470 0474

 

Sales

Richard Parlons –[email protected] - 0203 470 0472

Abigail Wayne – [email protected] - 0203 470 0534

Rob Rees – [email protected] - 0203 470 0535

 

SP Angel                                                            

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.

 

 

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LME

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ICE

Natural Gas, Uranium, Iron Ore

NYMEX

Thermal Coal

Bloomberg OTC Composite

Coking Coal

SSY

RRE

Steelhome

Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal

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