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Today's Market View - Altus Strategies, Ormonde Mining, Phoenix Copper and more...

Altus Strategies* (LON:ALS) 67p, Mkt Cap £47m – Cote d’Ivoire gold projects sale and NSR agreement signed Ferro-Alloy Resources (LON:FAR) 8.63p Mkt Cap £28m – £500,000 share issue and Astana bond issue to upgrade power supply Ormonde Mining* (LON:ORM) 0.8p, Mkt Cap £3.3m – Conducting diligence on a potential acquisition

Altus Strategies - Today's Market View -

SP Angel . Morning View . Wednesday 16 09 20

Gold prices stronger ahead of the US Fed announcement

 

Altus Strategies* (LON:ALS) 67p, Mkt Cap £47m – Cote d’Ivoire gold projects sale and NSR agreement signed

Ferro-Alloy Resources (LON:FAR) 8.63p Mkt Cap £28m – £500,000 share issue and Astana bond issue to upgrade power supply

Ormonde Mining* (LON:ORM) 0.8p, Mkt Cap £3.3m – Conducting diligence on a potential acquisition

Panther Metals (LON:PALM) 11.5p, Mkt Cap £5.7m – Multiple geophysical targets identified at Big Bear gold project

Phoenix Copper* (LON:PXC) 56.5p, Mkt Cap £33.5m – Further drilling results from the Empire open-pit site and  Red Star prospect

SolGold* (LON:SOLG) – 26.3p, Mkt cap £550.2m – Drilling underway at Porvenir

Sunrise Resources (LON:SRES) 0.3p Mkt Cap £10.1m – CS Project receives air quality operating permit

 

Dow Jones Industrials +0.01% at 27,996

Nikkei 225 +0.09% at 23,476

HK Hang Seng -0.06% at 24,717

Shanghai Composite -0.36% at 3,284

 

Economics

US – US FOMC announcement is expected later today with the central bank expected to maintain its dovish stance after indicating during the previous meeting that it will allow inflation to run over its target for longer.

Industrial production slowed down in August with capacity utilisation continuing to run more than 5pp below pre-pandemic levels.

Industrial output climbed 0.4%mom last month v an upwardly revised 3.5%mom increase in July.

Production of autos and parts was 3.7%mom following strong increases in the prior three months while mining production fell 2.5% as oil and gas output was restrained by a temporary decline amid tropical storms along the Gulf Coast.

Assuming no new lockdowns, expectations are for manufacturing to continue to grow on the back of low inventory levels, steady domestic sales and a pickup in overseas sales, Bloomberg reports.

A 50-member group of House Democrats and Republicans prepared a $1.52tn stimulus plan on Tuesday in an attempt to break a months-long deadlock.

The plan was developed over six weeks with the knowledge of the administration and leadership from both parties; although, the track record of bipartisan groupings of moderates in either the House or Senate to push through major deals has been poor in recent years, Bloomberg reports.

 

China to allow cinemas to run at 75% of their capacities with no groups larger than pairs to be seated together from September 25, FT reports.

 

Japan – Export declines slowed to the weakest reading in five months in August as trade continued to slowly improving with the virus receding in key markets and demand picking up, according to Bloomberg.

Shipments to China, a major nation first hit by the pandemic and the first to bounce back, climbed for a second straight month.

Although deliveries to Europe (-19.2%yoy) and the US (-21.3%yoy) remained weak.

Exports (%yoy): -14.8 v -19.2 in July and -16.1 est.

Imports (%yoy): -20.8 v -22.3 in July and -17.8 est.

 

UK – Inflation dropped to the weakest rate in more than four years in August led by discounted meals and lower VAT.

CPI climbed at 0.2%yoy last month, down from 1.0%yoy recorded in July.

The data comes ahead of the BOE monetary policy meeting with estimates for the central bank to stay put and keep rates and the amount of purchases unchanged.

Redrow , one of the UK’s largest housebuilders, completed 264 homes in the final quarter of the year compared to 2,345 in the same three month period in 2019.

Final results “were significantly affected by Covid-19 in a financial year that was budgeted to be disproportionately weighted to the final quarter”, according to the Company.

The group reported that its revenues in a year to June fell by more than a third while profits before tax were down more than 65%.

 

Brazil – The central bank is expected to hold rates unchanged at 2.0% today after nine consecutive rounds of monetary easing, according to Bloomberg.

While inflation expectations are still running low, a series of improving economic data was released recently including a pick up in GDP growth for a third consecutive months in July with strong retail sales performance supported by emergency aid.

 

India – Trade deficit rises to five month high as gold imports surge

India’s trade deficit rose to $6.77bn in August, as exports declined sharply and gold imports surged.

Exports contracted 12.7% YoY to $22.7bn, highlighting the weak global demand for Indian-made leather goods, machinery, jewellery and other products (FT).

India’s imports contracted 26% YoY in August, however imports of gold jumped sharply to $3.7bn, up from $1.36bn in August.

 

Peru – Economy contracts 11.7% YoY in July

Peru experienced its fifth straight month of contraction in July as a result of the coronavirus pandemic, although the contraction was shallower than previous months.

July’s contraction was vs 12.2% forecast and improved from 18% fall in June and a 32.7% drop in May.

The country’s statistics bureau said the mining and hydrocarbons sector contracted 6.2% in July vs 14.4% in June, amid lower production of gold, silver, lead, iron and copper.

Mineral production is an important indicator of the state of Peru’s economy, as mining represents 60% of total exports (Reuters).

 

Currencies

US$1.1848/eur vs 1.1886/eur yesterday.  Yen 105.36/$ vs 105.70/$.  SAr 16.390/$ vs 16.600/$.  $1.288/gbp vs $1.285/gbp.  0.731/aud vs 0.732/aud.  CNY 6.770/$ vs  6.786/$.

 

Commodity News

Precious metals:         

Gold US$1,965/oz vs US$1,964/oz yesterday - Gold investors eye FOMC meeting later today

The gold price is largely unchanged this morning ahead of the Federal Reserve’s policy meeting, which will give insight into the US central bank’s plans to balance interest rates against its inflation target.

Any indication of further stimulus to cushion the economic blow of coronavirus is likely to seed an uptick in the gold price, with the US dollar going the other way.

A key outcome from the last meeting was the accommodative approach to inflation and pledged to keep interests rates for lower- with over half of 31 analyst polled by Bloomberg believing that the Fed will hold interest rates near zero for three or more years (Kitco).

The Fed decision is due at 1800 GMT, followed by a news conference by Chairman Jerome Powell half an hour later.

Gold ETFs 109.7moz vs US$109.6moz yesterday

Platinum US$979/oz vs US$966/oz yesterday

Palladium US$2,397/oz vs US$2,334/oz yesterday

Silver US$27.29/oz vs US$27.32/oz yesterday

           

Base metals:   

Copper US$ 6,753/t vs US$6,804/t yesterday

Aluminium US$ 1,800/t vs US$1,808/t yesterday - US removes 10% tariff on certain Canadian aluminium imports

The US has removed a tariff implemented just over a month ago, after being threatened with retaliatory duties by its neighbour.

The tariff was lifted after a month after the Trump administration reimposed them on Canada, citing a surge of imports coming from the country whilst American producers were reportedly struggling.

While the US Trade Representative announced the removal of the tariff, it said it  expects shipments from Canada will be no greater than 83,000t in September and November and no greater than 70,000t in October and December.

Canada said it would drop the counter tariffs, but left the door open for future measures if the US imposed duties.

Meanwhile, the USTR said it would reimpose the 10% tariff if actual shipments exceed 105% of the expected volume for any of the months (Bloomberg).

Nickel US$ 15,205/t vs US$15,265/t yesterday- BHP nickel plant a year behind schedule

The company’s Nickel West plant was due to start producing nickel sulphate in H1 2020, although a report released yesterday suggests production is expected for H1 2021.

During its stage 1 work, BHP has set a goal of 100,000tpa of nickel sulphate.

Costs for the project have risen, as Nickel West said in 2019 it had surpassed its original US$43 million package price, although officials did not state by how much.

Nickel West slumped to a loss of $US37 million in 2019-20 as underlying EBITDA FELL BY $139m on the previous year (Australian Financial Review).

Zinc US$ 2,522/t vs US$2,522/t yesterday

Lead US$ 1,917/t vs US$1,937/t yesterday

Tin US$ 18,190/t vs US$18,130/t yesterday

           

Energy:           

Oil US$41.3/bbl vs US$39.6/bbl yesterday

Natural Gas US$2.373/mmbtu vs US$2.289/mmbtu yesterday

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$123.9/t vs US$125.7/t

Chinese steel rebar 25mm US$555.2/t vs US$555.4/t

Thermal coal (1st year forward cif ARA) US$57.7/t vs US$58.2/t

Coking coal futures Dalian Exchange US$142.5/t vs US$138.0/t

           

Other:  

Cobalt LME 3m US$33,215/t vs US$33,210/t

NdPr Rare Earth Oxide (China) US$49,555/t vs US$49,443/t

Lithium carbonate 99% (China) US$5,022/t vs US$5,011/t

Ferro Vanadium 80% FOB (China) US$30.3/kg vs US$30.5/kg

Antimony Trioxide 99.5% EU (China) US$5.2/kg vs US$5.3/kg

Tungsten APT European US$220-225/mtu vs US$212-220/mtu

Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$430/t - Graphene-enhanced face masks developed with anti-bacterial efficiency of 99.99%

A research team from the City University of Hong Kong have announced the production of graphene masks with a reported anti—bacterial efficiency of 80%, which can be enhanced to almost 100% with exposure to sunlight for around 10 minutes.

Initial tests also showed very promising results in the deactivation of two species of coronaviruses, whilst the masks are reportedly easily produced at low cost.

These masks are superior to commonly used surgical masks as conventional masks are not antibacterial, meaning they may lead to the risk of secondary transmission of bacterial infection when people touch the contaminated surfaces of the used masks or discard them improperly.

Initial laboratory tests showed that it inactivated over 90% of the virus in five minutes and almost 100% in 10 minutes under sunlight when using  two species of human coronaviruses (Graphene-info).

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

 

Battery News

 Evergrande raises $516m for EV business

China Evergrande New Energy Vehicle Group announced its intention to raise $516 (HK$4bn) yesterday.  

The Company will offer 176m shares in a private placement to a group of investors which includes Tencent, Didi Chuxing (ride hailing platform) and VC firms Sequoia Capital and YF Capital.

The shares will be priced at $22.65, a 20% discount to the closing price on Monday.

Evergrande suggest use of proceeds will be to finance their electric car business although they were light on details.

The property group entered the EV market 2yrs ago with grand plans of being a major player within 5yrs. Since, the Group has accumulated $690m (4.9bn yuan) of losses and profit warned in March 2019.

The Company has heavily invested in acquisitions, acquiring several European EV companies (National Electric Vehicle Sweden, Protean Holdings and e-Traction) and Shanghai-based EV battery supplier CENAT New Energy Co.    

The Group has also spent big on manufacturing, investing the equivalent of $23bn in the construction of 3 plants for EV vehicles and components in Guangzhou.  

The Company unveiled its first 6 models under the Hengchi brand in August with mass production slated for 2021.

 

Analog devices debuts industry first wireless battery management system

Analog Devices (ADI) has unveiled the first wireless battery management system (wBMS). The system will debut in GM’s Ultium battery. GM worked alongside Analog Devices to develop the technology.

The system eliminates the traditional wire harness reducing up to 90% of the wiring and 15% of the volume of the battery pack.

The Company suggest the system will enable auto manufacturers to scale their electric vehicle platforms across multiple vehicle classes to meet growing demand.

System features include the ability to measure and report on battery performance including early failure detection.

Analog devices is a high-performance analog technology company. The Company reported revenues of $1.46bn in Q3’20 and recently acquired Maxim Integrated Products.

 

Battery recycling projects beginning to multiply

Veolia and Solvay have partnered to develop a recycling value chain for lithium ion batteries. The partnership is actively engaging with car manufacturers and battery cell producers to optimise the value chain and reuse raw materials from EV batteries.

The partnership will be a circular economy consortium offering solutions for resources efficiency of critical metals used in lithium ion batteries for EVs.

Solvay will optimize the extraction and purification of critical metals including cobalt, nickel and lithium and transform them into high-purity raw materials.

Similarly Volvo is partnering with Batteryloop to turn old bus batteries into energy storage units. The agreement also guarantees Batteryloop will recycle the batteries safely and in an environmentally friendly manner.

Batteryloop will recycle Volvo Bus batteries.

Both partnerships are examples of the battery recycling and reuse ecosystem which is developing as the demand for EVs increase and there is a need to either reuse or dispose of lithium ion batteries in an environmentally friendly fashion.

Recycling of battery metals is important as there are concerns supply of key metals including lithium will not be able to keep up with demand at current rates of production.

 

Company News

Altus Strategies* (LON:ALS) 67p, Mkt Cap £47m – Cote d’Ivoire gold projects sale and NSR agreement signed

BUY – 100p

The Company signed a definitive Purchase & Sales and NSR royalty agreements with Stellar Africa (SPX CN, C$0.05, Mkt Cap C$3.4m) over Prikro and Zenoula gold projects in Cote d’Ivoire.

Under the agreement, Stellar to acquire 100% in two projects in exchange for a 2.5% NSR, 2.5m shares in Stellar (~C$125k worth) and 2.5m Stellar warrants exercisable over 24 months at C$0.07.

Additionally, Altus will receive milestone equity based payments in Stellar including:

US$250k in Stellar shares upon the definition of a NI 43-101 compliant resource exceeding 500koz (including at least 250koz in the Indicated category);

US$250k in Stellar shares upon the completion of a DFS on either project.

Stellar has an option to repurchase up to 1.0% of each NSR for US$0.5m for each 0.5pp.

The transactions is subject to TSX-V approval.

The Prikro project involves a single 370km2 exploration license in the eastern Ivory Coast, around 240km NE of Abidjan, and features historically reported gold occurrences, prospective geology, and the existence of artisanal workings in the surrounding areas including along strike of a major NE-SW trending shear zone which is interpreted to traverse the licence area.

The Zenoula project comprises a single 400km2 license application that is currently pending grant int eh Marahoue Departmern in central Ivory Coast around 300km north of Abidjan; Zenoula is centred within a NNE trending Birimian age granite greenstone belt, 65km along strike from the Abujar project of Tietto Minerals (TIE AU, A$0.60, Mkt Cap A$237m).

Conclusion: The deal over Prikro and Zenoula gold projects in Cote d’Ivoire comes in line with the royalty generation business model with the team de-risking properties sufficiently to sell the project to Stellar while retaining exposure to both properties through an equity stake in the acquiring company as well as projects’ NSR royalties.

*SP Angel acts as Nomad and Broker to Altus Strategies

 

Ferro-Alloy Resources (LON:FAR) 8.63p Mkt Cap £28m – £500,000 share issue and Astana bond issue to upgrade power supply

Kazakhstan-based Ferro Alloy Resources has announced that it has raised £500,000 through a share issue a at a price of 8p/share and an additional $300,114 from the issue of bonds on the Astana Stock Exchange for total proceeds of approximately £733,000.

The funds are to be used “to further build the connection to the adjacent high voltage power line, complete the installation of the equipment to convert ammonium metavanadate (AMV) to vanadium pentoxide, make several improvements to the existing process plant and complete the fit-out of the newly built on-site accommodation for senior technical staff”.

The company explains that the important high-voltage power connection will provide greater capacity and more reliable power supply which is expected to “reduce power costs by more than half“.

Major elements of the project involve the completion of a “two-kilometre spur line, the installation of the transformers and automated control, the relay protection and the high frequency communication systems.  The remaining work, which will be to install the open switchgear and the low-voltage line from there to the operations, will be completed in spring of 2021 out of operating earnings”.

CEO, Nick Bridgen, explained that “We have already completed a great deal of good work towards increasing production from existing operations but the limited and unreliable power has held us back.  The plant improvements and new converter for the AMV will yield quick benefits to production and therefore revenue, and we look forward to even better production upon the completion of the new powerline in Spring 2021”.

Mr. Bridgen also said that “The new power connection is also a step towards the planned development of the Balasausqandiq project, one of the world's largest and lowest cost vanadium mines, which will draw power from the same line”.

 

Ormonde Mining* (LON:ORM) 0.8p, Mkt Cap £3.3m – Conducting diligence on a potential acquisition

Ormonde Mining reports an after-tax profit of €1.16m for the six months ending 30th June 2020 (H1 2019 - €1.11m loss) including a €1.6m gain on the disposal of its residual 30% interest in the Barruecopardo tungsten mine which was concludes during February 2020.

Administrative expenses of €436,000 are broadly consistent with the €424,000 recorded for the six months to June 2019.

The company reports a 30th June cash balance of €5.59m following the disposal of the interest in Barruecopardo for €6m cash.

Since the exit from Barruecopardo, the company has concentrated on reviewing the other assets it holds in Spain and on identifying a new project and it is encouraging to learn that “Following an extensive review of a wide range of resource projects … that the Company has recently entered into an exclusivity agreement in relation to a potential acquisition of a resource project”.

Ormonde Mining says that it is undertaking due-diligence on the project and although further detail is not disclosed at this stage and the company adds the appropriate caveat that there is “no certainty that a transaction will be concluded”, it appears that Ormonde Mining has identified an opportunity which may provide the basis of its operational future.

Chairman, Jonathon Henry, described the project as “an exceptional resource opportunity … [which] … We very much look forward to advancing … towards completion of a transaction”.

Conclusion: Ormonde Mining has identified an opportunity for the possible acquisition of a new mineral resource project following its exit from Barruecopardo earlier this year. At this stage, with due-diligence assessment underway, there are no details on the nature of this opportunity but we await further information with interest

*SP Angel acts as Broker to Ormonde Mining

 

Panther Metals (LON:PALM) 11.5p, Mkt Cap £5.7m – Multiple geophysical targets identified at Big Bear gold project

·       Panther Metals reports that its airborne geophysical survey over the Big Bear project in the Hemlo-Schreiber greenstone belt of Ontario has identified a total of 253 geophysical anomalies of which 39 have been selected as priorities for follow-up investigation.

·       CEO, Darren Hazelwood, explained that the survey, which was completed during the summer had provided “confirmation of the level of understanding we now have on this previously fragmented project area”.

·       The company confirms that “Ground truthing, mapping and sampling of geophysical anomalies is ongoing,  with the latest batches of samples from Big Bear submitted to the laboratory on Saturday, with fast-track analysis requested”.

·       Conclusion: Panther Metals’ geophysics at Big Bear has generated a large number of targets for follow-up. We imagine that the company will need to be rigorous in allocating resources to such a wide range of opportunities.

 

Phoenix Copper* (LON:PXC) 56.5p, Mkt Cap £33.5m – Further drilling results from the Empire open-pit site and  Red Star prospect

Phoenix holds 80% of the Empire mining property in Idaho

Phoenix Copper has reported additional results from its drilling at the Empire mine open-pit site and the adjacent Red Star prospect in Idaho.

At the Empire site, results from the remaining nine reverse-circulation (RC) holes and cored holes KXD20-01 and 20-02 brings the total completed drilling during 2010 to 1,550m of RC drilling in 32 holes plus 108m of core in the two holes drilled.

The company says  that these new results will be incorporated in a revised mineral resources estimate expected in early Q4 2020 and a subsequent “updated Preliminary Economic Assessment (PEA) in mid-Q4 2020”

Among the results from the Empire drilling highlighted in today’s announcement are:

An intersection of 1.5m at an average grade of 2.84g/t gold from a depth of 9.4m in hole KXD20-01; and

An intersection of 12.8m at an average grade of 4.42g/t gold from “ in the trends targeted in this year’s drilling are consistent and remarkably high-grade, and considering their relatively shallow depths, should be readily accessible by open pit mining”.

Mr. McDermott also confirmed that “the metallurgical pilot testing programme at AuRIC Laboratories in Salt Lake City, Utah is well underway and expected to provide additional reporting on ammonium thiosulfate (ATS) gold recovery in the coming weeks”.

As well as the work at Empire, Phoenix Copper has also reported results from holes RS20-07-RS20-10 at the adjacent Red Star prospect bringing the total drilling to 13 holes “with seven of the 13 showing silver intercepts of 3.76 oz/tonne to 35.3 oz/tonne and lead values from 1.17% to 20% for the same intervals”.

The company explains that these holes were “primarily drilled to give us an indication of the limits of the mineralisation, both geologically into the granite and at the limits of our patented claims to the north”.

Phoenix Copper comments that “Although all four holes encountered modest mineralisation, the geological and geochemical information gathered from these holes provides us with invaluable data for targeting our next phase of drilling the Red Star vein system”.

Although the company explains that its drilling on the Red Star trend has “provided significant promise and will continue to do so as we target the next round of drilling” today’s announcement confirms that Phoenix Copper’s “immediate focus is on the Empire Gold Zone resource update”.

Assay results are awaited from the rock chip samples taken at Navarre Creek which has previously been described by the company as showing geological similarities to the Carlin trend gold mineralisation in Nevada

Conclusion: Assay results from drilling at the Empire mine site has demonstrated continuity of higher-grade mineralisation potentially amenable to open-pit mining. The results are to be included in a new mineral resource estimate expected in early Q4 this year and a subsequent new PEA later in the same quarter. Drilling at the adjacent Red Star area is helping to establish the limits and the geological context of mineralisation and helping to inform the continuing exploration plan. Phoenix Copper confirms, however, that its principal focus is on developing the new mineral resource estimate for the Empire open-pit project. We await the new estimate with interest.

*SP Angel acts as Nomad to Phoenix Copper

 

SolGold* (LON:SOLG) – 26.3p, Mkt cap £550.2m – Drilling underway at Porvenir

Solgold reports that, following receipt of the required permits, drilling is now underway at its Porvenir project in southern Ecuador with the first hole, PDH-20-001, currently at a depth of 16.7m in the early stages of a planned 8,000m initial drilling programme.

The initial target, designated as Target 15 located at Cacharposa Creek, is described by Regional Exploration Manager, Chris Connell, as a target “of very high quality. The coincident geophysical and geochemical anomalies over an extensive surface outcrop that returned an open ended ore grade intercept of over 140m at about 0.7% CuEq, is an extraordinary target that we believe potentially represents a large exposed porphyry copper-gold deposit and a second major porphyry discovery for the Company within Ecuador”.

The first hole is following up possible depth extensions of surface mineralisation at Cacharposa Creek where rock-saw channel sampling “returned an open ended rock-saw channel result of 147.8m @ 0.69% CuEq (0.43 g/t Au, 0.37% Cu) including, 82.63m @ 1.08% CuEq (0.71 g/t Au, 0.55% Cu)”.

Surface mineralisation at Cacharposa Creek “is hosted within a dioritic to monzodioritic intrusive complex and forms part of a 1000m-wide, 1700m long northeast trending corridor.  Soil and rock geochemistry displays coincident soil copper-gold-molybdenum geochemistry, a gold : copper ratio of approximately 1:1, and a chalcopyrite : pyrite mineral ratio of >1.0. … These features are often conspicuous at many world class porphyry deposits.”

Stressing that its team was predominantly Ecuadorean, CEO, Nick Mather said that “"SolGold seized first mover advantage in copper gold porphyry exploration in Ecuador in 2014 and is now the dominant tenure holder, with the most active, well-funded, most qualified and best resourced exploration team in Ecuador”.

Conclusion: As Solgold progresses feasibility work at Alpala it is actively pursuing exploration opportunities throughout Ecuador where its largely Ecuadorean workforce and local geological and operating expertise provides it an important competitive advantage. Drilling at Porvenir is now underway and we look forward to initial results from the planned 8,000m drilling programme aimed to follow up depth extensions of a sizeable surface mineralisation footprint at Cacharposa Creek when they become available.

*SP Angel act as financial advisor and broker to SolGold

 

Sunrise Resources (LON:SRES) 0.3p Mkt Cap £10.1m – CS Project receives air quality operating permit

·       Sunrise Resources reports that the CS pozzolan-perlite project in Nevada has been granted its Air Quality Operating Permit (AQOP) by Nevada’s Division of Environmental Protection.

·       The permit is described as “the last of three key permits required to operate the CS Pozzolan-Perlite mine and start‑up mineral processing plant and follows the issue by the Federal Bureau of Land Management of the mine permit and the issue of the reclamation permit by the Nevada Bureau of Mining Regulation and Reclamation.”

·       The company reports that it is now “fully funded for the foreseeable future and is moving forward with the programmes set out in detail in its news release of 29 July 2020 which, for the CS Project, include:

o   Trial Mining, Processing & Offtake Negotiations

o   Site Engineering

o   Plant Design & Costing

o   Infill Drilling and Drill Testing of the Northeast Zone

o   Detailed Financial Planning & Project Funding Arrangements”

·       Executive Chairman, Patrick Cheetham expressed satisfaction at the award of the permit and said that “The permitting delays that we experienced late last year and earlier this year are now behind us and we are pleased to see that market interest in our potential products remains strong. We expect to be delivering test samples to a range of customers over the next few weeks for testing as part of the offtake negotiations."

 

Analysts

John Meyer – [email protected] – 0203 470 0490

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.

 

 

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, Antimony

Asian Metal

Tungsten

Metal Bulletin

 

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