SP Angel . Morning View . Monday 28 09 20
Copper up on Chinese industrial profits and potential US stimulus deal
Arkle Resources* (LON:ARK) – H1 results highlight resumption of drilling at Stonepark and exploration potential of gold projects
Bluebird Merchant Ventures (LON:BMV) – Gold-prepayment funding for US$5-20m from South Korean investors
Central Asia Metals (LON:CAML) – Sasa TSF4 update
Kenmare Resources (LON:KMR) – Wet Concentrator Plant moved to Pilivili
Keras Resources* (LON:KRS) – Change in government in Togo
Rambler Metals and Mining* (LON:RMM) – Raising funds to establish 1350tpd and examine further expansion
Scotgold Resources* (LON:SGZ) - BUY – 141p – Exploration progress around Cononish
Serabi Gold* (LON:SRB) – Preliminary licence for Coringa approved
Dow Jones Industrials +1.34% at 27,174
Nikkei 225 +1.32% at 23,512
HK Hang Seng +0.87% at 23,437
Shanghai Composite -0.06% at 3,218
Economics
US – House Speaker Nancy Pelosi said there is a chance she and Treasury Secretary Steven Mnuchin will reach a deal for a fiscal stimulus relief package.
Donald Trumps’s tax returns show years of losses and hundreds of millions of dollars of debt coming
The report by the NY Times also shows the president is an audit battle with the IRS over the legitimacy of a $72.9m tax refund
China – economic recovery slowing as floods and uneven recovery leave services and some regions behind
Industrial profits growth posted another month of strong growth in August coming in at 19.1%, compared to 19.6% in July.
While the rate pulled back slightly, the pace continued to reflect a recovery in production, weaker factory-gate deflation and stronger exports (+9.5%yoy in August, up on 7.2% in July), Bloomberg reports. This was the fourth consecutive positive yoy reading.
Industrial profits at China’s biggest firms fell by 4.4% yoy in first eight months of the year (South China Morning Post)
Much of the recovery is due to a recovery of profits in equipment manufacturing, electrical machinery and raw material sectors.
China is experiencing a slowing in economic activity as it recovers from the impact of flooding along much of the 6,300km Yangtze river.
The devastating floods are causing the Chinese government to import substantial agricultural products and food for animals and people.
Slowing consumer sales are also having an impact as China proposes its ‘Dual Circulation’ policy where domestic consumers in key regions are expected to drive economic growth
Business confidence is also softening as reflecting in a pull back in equity stock prices highlighting the impact of private companies which receive less state support.
Substantial disruption from the flooding and also from Coronavirus regulations may also be slowing China’s recovery.
India – As the nation approaches its autumn festival and wedding season, concerns are increasing that the spread of the coronavirus might accelerate.
India recorded more than 82k new cases on Sunday placing it at the top of other countries in terms of the new infections’ rate.
More than 1,000 Indians are reported dead from the virus every day pushing the total confirmed death toll to more than 95k.
UK – Ministers are preparing to enforce a total social lockdown across most of northern England and potentially London, The Times newspaper said.
The paper wrote that all pubs, restaurants and bars would be ordered to shut down for two weeks.
UK Government allows bars in the House of Commons to remain open after 10:00pm.
The 10:00 curfew is causing drinkers to pile onto public transport just after last orders creating greater opportunity for virus spread
Armenia/Azerbaijan – A series of military clashes have been recorded between Armenia and Azerbaijan over the disputed territory of Nagorno-Karabakh area this weekend.
Various reports over casualties among military personnel and civilians have been released by both sides.
Nagorno-Karabakh had said on Sunday 16 of its servicemen had been killed and more than 100 wounded after Azerbaijan launched an air and artillery attack, according to Reuters.
Defence Ministry of Azerbaijan said Armenian forces were shelling its town of Terter.
Armenia PM Nikol Pashinyan declared martial law and ordered a general mobilization after accusing Azerbaijan of “pre-planned aggression).
Azeri President Ilham Aliyev also announced martial law and carried partial troop mobilisation blaming Armenian forces for occupying its territory.
Russia that has a mutual defence pact with Armenia along with a military base in the country and Turkey that is seen as a supporter of Azerbaijan both saw their currencies fall against the dollar this morning.
Currencies
US$1.1628/eur vs 1.1670/eur last week. Yen 105.40/$ vs 105.37/$. SAr 17.130/$ vs 16.839/$. $1.279/gbp vs $1.278/gbp. 0.705/aud vs 0.708/aud. CNY 6.823/$ vs 6.817/$.
Commodity News
Precious metals:
Gold US$1,861/oz vs US$1,871/oz last week
Gold ETFs 110.4moz vs US$110.5moz last week
Platinum US$855/oz vs US$858/oz last week
Palladium US$2,220/oz vs US$2,237/oz last week
Silver US$22.85/oz vs US$23.17/oz last week
Base metals:
Copper US$ 6,612/t vs US$6,584/t last week
Aluminium US$ 1,762/t vs US$1,753/t last week
Nickel US$ 14,415/t vs US$14,420/t last week
Zinc US$ 2,395/t vs US$2,398/t last week
Lead US$ 1,833/t vs US$1,848/t last week
Tin US$ 17,310/t vs US$17,460/t last week
Energy:
Oil US$41.5/bbl vs US$42.1/bbl last week
Oil prices ticked up in early trading today on reports that the OPEC+ coalition saw its overall compliance rate with the production cuts at around 101% in August
OPEC+ has given the laggards in compliance, such as Iraq, time until the end of September to additionally cut production on top of their share of the cuts, in order to offset the overproduction between May and July
The panel could also extend the period in which non-compliant members should compensate for their overproduction
Iraq has signalled that it could ask the OPEC+ panel to allow it to extend the period in which it should compensate for its lack of compliance through November, instead of by the end of September
Iraq could lose as much as US$50bn over the next two years because of the OPEC+ deal, according to its former Iraqi oil minister, Ibrahim Bahr Al-Ulloum
Elsewhere, Iran is estimated to have exported nearly 1.5MMbopd of crude oil and condensate so far in September, in what would be the highest level of Iranian exports in a year and a half and double the observed exports in August
Two other tanker-tracking firms have also seen an increase in Iranian oil exports so far in September
Since the US imposed sanctions on Iran’s oil industry and exports in May 2018, the Islamic Republic has been using various tactics to ship crude abroad without being detected, including by tankers switching off transponders or documents stating the oil does not originate from Iran
Iran’s Oil Minister Bijan Zanganeh said earlier last week that “America has waged a war against Iran with no blood,” referring to the sanctions on Iran’s oil
Natural Gas US$2.133/mmbtu vs US$2.217/mmbtu last week
Natural gas futures took a hit on Friday, but still managed to post a solid gain for the week
It was a volatile week in the nat gas complex with the nearby futures contract dropping 21.3 cents on Monday and the deferred December issue posting nearly a similar gain
The nearby futures contract was able to recover from the hit later in the week with both futures contracts benefiting from an anticipation of a recovery in LNG volumes and a light government storage build
In addition, the LNG gas feed is set to rise to 5.7Bcf/d on Thursday from 3.9Bcf/d on Tuesday, which was a two-week low due to Tropical storm Beta earlier this week
Expectations of cooler weather in some parts of the US next week also lent support to natural gas futures on Thursday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$113.1/t vs US$112.8/t
Chinese steel rebar 25mm US$543.6/t vs US$544.7/t
Thermal coal (1st year forward cif ARA) US$59.8/t vs US$60.0/t
Coking coal futures Dalian Exchange US$149.0/t vs US$149.0/t
Other:
Cobalt LME 3m US$34,200/t vs US$34,200/t
NdPr Rare Earth Oxide (China) US$48,072/t vs US$48,408/t
Lithium carbonate 99% (China) US$5,056/t vs US$5,032/t
Ferro Vanadium 80% FOB (China) US$30./kg vs US$30./kg
Antimony Trioxide 99.5% EU (China) US$5.2/kg vs US$5.2/kg
Tungsten APT European US$220-225/mtu vs US$220-225/mtu
Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$430/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,275/t vs US$2,275/t
Battery News
Indian Oil Corp betting on aluminium-air batteries
State-run Indian Oil Corp (IOC) hopes to launch its aluminium-air batteries reports the Financial Express. The Company announced its intention to start building aluminium-air batteries in October 2019. A date for launch has not yet been provided.
IOC acquired Israeli start-up Phinergy which develops ultra-lightweight metal air batteries for EVs in February. Shortly after this acquisition IOC announced its intention to build a factory to manufacture aluminium-air batteries.
Aluminium-air batteries use aluminium for the anode and oxygen for the cathode which significantly reduces the weight of the battery. The batteries are also capable of a much greater energy density which makes them a candidate for EVs.
It has also been suggested the batteries could increases EV range significantly, with even modest expectations suggesting 400km+ on a single charge.
Commercial production has until now been out of reach due to the production cost of the anode and inherent issues with the battery including anode corrosion, inefficient air cathodes and the reaction environment.
Another significant downside is that the aluminium air batteries can’t be recharged as the electrolyte reaction degrades the aluminium. This means the battery has to be replaced when fully discharged which may explain why IOC is looking into battery swapping.
IOC has partnered with Sun Mobility to provide battery swapping facilities in India. Any EV can pull into one of the Quick Interchange Stations and replace a fully discharged battery for a fully charged one in 1-2 mins. The pilot project will build QIS in Chandigarh, Amritsar, New Delhi, Gurugram and Bengaluru.
The move by India’s top fuel retailer into the EV space is another example of fossil fuel producers at the least diversifying their business and more likely trying to shift their business models as the clean energy revolution continues apace.
Aluminium-air batteries seem like a risk given the inherent problems with the battery and the requirement to replace batteries at the end of each charge. The majority of manufacturing facilities being built today are also for lithium-ion so any alternative technology needs to be compatible with the manufacturing facilities.
Indian government to review Federal think tank proposal to offer $4.6bn of EV incentives
An Indian Federal think tank chaired by Prime Minister Modi has proposed the country off $4.6bn of incentives by 2030 for companies manufacturing advanced batteries. This would include $122m of cash and infrastructure incentives next year.
The government will review these proposals in the coming weeks as the country seeks to reduce its dependence on oil.
India plans to retain its import tax rate of 5% for certain types of batteries including EVs until 2022, but will then increase it to 15% to support local manufacturing.
India has introduced more stringent rules on investment from Chinese companies and slowed the approval process following border clashes with China in June.
Auto industry betting on EVs to kickstart Chinese market
Global automakers are hoping EV demand will help to reverse a two-year downturn in the auto market.
Since the government back-tracked on the removal of incentives, re-introducing subsidies out to 2022 and the country has begun to emerge from the other side of the pandemic sales have begun to recover.
99,817 BEV vehicles were sold in August taking sales for the year up to 559,366. Auto sales hit 2.19m vehicles for the year, up 11.6% from the same time last year. Sales remain 9.7% down but there have been 5 consecutive months of gains for the industry.
A number of EV start-ups have raised money or gone public in recent months, with NIO, Li Auto Xpeng and WM Motors raising US$8bn between them. Many of these companies are backed by one or more automakers hoping to partner on technology or manufacturing and benefit from the demand in the space.
Strict emissions standard are pushing brands to electrify their product offering.
Company News
Arkle Resources* (LON:ARK) 0.93p, mkt cap £2.5m – H1 results highlight resumption of drilling at Stonepark and exploration potential of gold projects
Arkle Resources has reported a loss of €226,000 for the six months ending 30th June 2020 (H1 2019 loss €170,000 while highlighting progress on exploration of a number of its properties.
At its 23.44% owned Stonepark zinc project in the Limerick Basin, the company recently announced the resumption of drilling as part of a two-hole programme managed by its partner, Canadian-listed Group Eleven Resources planning to test possible extensions to the existing inferred resource of 5.1mt at an average grade of 8.7% zinc and 2.6% lead.
Stonepark is located around 1km west of the larger but lower grade Pallas Green deposit owned by Glencore where there is a published inferred resource estimate of 45.4mt at an average grade of 7% zinc and 1% lead.
The company explains that “The Irish lockdown cost us four months. It was not possible to get on the ground” and that the drilling will test “the continuity of mineralisation around the Stonepark North pod and to extend the Stonepark South pod”.
As well as the zinc exploration, Arkle Resources has recently announced the extension of areas of exploration interest in the Mine River project in south-east Ireland where geochemical soil sampling has verified previously known geochemical anomalies and identified additional areas of interest for future exploration which may include trenching and/or drilling.
In County Donegal additional geochemical exploration has identified “strong gold indicator mineral levels to the southwest on our licence, stretching outside of the sampling area. We are immediately sampling this new area to identify drill targets”.
The company reports that it has sufficient funds to cover anticipated expenditure for the next 18 months with the 30th June balance of €252,000 supplemented by “a further £600,000 … [which] … was raised in mid-2020”.
Conclusion: Financial resources for the next 18 months allow Arkle Resources to continue exploration of its Stonepark zinc project in Co. Limerick as well as the gold projects in Co Donegal and in southeast Ireland. We look forward to news of the continuing exploration programmes.
*SP Angel are Nomad and broker to Arkle Resources
Bluebird Merchant Ventures (LON:BMV) – 5.27p, Mkt cap £20.4m – Gold-prepayment funding for US$5-20m from South Korean investors
Click for our 2018 note
Bluebird Merchant Ventures reports the receipt of the first tranche of funding from its South Korean funding partners.
The partners have also accelerated the funding
The loan will be repaid out of gold production at a 20% discount to the prevailing gold price with no interest applied to the loan..
Mine refurbishment and plant construction can now start
Management do not envisage needing further funding before the start of gold production.
The new loan funding highlights how new forms of debt funding are taking over from traditional equity funding models.
Bluebird has also agreed with its 50:50 jv partner, Southern Gold to appoint an independent expert to determine the value of Southern Gold’s 50% stake in the South Korean projects.
The expert valuation could then result in the full consolidation of the properties within Bluebird in exchange for cash or equity.
Management are now targeting production of 100,000ozpa within five years of initial production.
First production is now planned to start at Kochang next year at 7,000oz due to its lower initial capital cost requirements.
Gold production is then expected to rise to 40,000oz in 2024 and then onto 100,000ozpa from 2025.
Capital costs are estimated at $28m to reopen the mines at Kochang and Gubong.
The company reported it had received key permit approval for the Gubong and Kochange mines in December last year.
Conclusion: It will be interesting to see more detail for the time line to the start of production and for the ambitious production ramp up to 100,000oz including new gold production from the larger, deeper and potentially richer, Gubong gold mine.
Central Asia Metals (LON:CAML) 158p, Mkt Cap £281m – Sasa TSF4 update
The Company completed a detailed survey on the effects of the TSF4 leak into the Kamenica River next to the Sasa polymetallic mine in North Macedonia.
A total of 8,000m3 of tailings leaked from the TSF4 following an accident on the 14 September.
Sampling along the course of the river showed lead, iron, arsenic and cadmium were all within the allowed levels of Sasa’s mining license terms while zine and manganese levels were slightly elevated, although that was also the case up-stream before the river enters the Sasa mining license area.
The Company commissioned Eco Mosaic to lead the Environmental and Social Damage Assessment and Wardell Armstrong to prepare a Remediation and Mitigation Report with the work expected to commence in early October.
Local authorities estimated a €65k fine for the environmental impact of the leak that the Company said will be settled within the week.
The Company temporarily suspended processing operations after previously granted permission to use TSF3 for tailings for a period of 10 days expired with mining operations continuing and mined material stockpiled on surface.
The physical repairs to the tailings dam are now complete and the necessary engineering improvements addressing the leak and operational sustainability have been agreed with works expected to e complete in approximately a week.
The team is working closely with local authorities to secure the required permissions to re-commence the deposition of tailings into TSF4.
2020 production guidance remains under review in the meantime.
Kenmare Resources (LON:KMR) 235p, Mkt cap £258m – Wet Concentrator Plant moved to Pilivili
Kenmare Resources reports the successful completion of its relocation of the 7,100 tonne Wet Concentrator Plant (WCP) from the previous site at Namalope to its new location at Pililili.
The move to the high-grade mining area at Pilivili is the last stage of a three-stage project to increase annual ilmenite production to 1.2mtpa and deliver lowest quartile costs of between US$125-135/tonne.
The 23km long move of the WCP is described as “the heaviest piece of mining equipment to be moved in Africa to date … the move also represents … one of the largest moves of a single piece of equipment in the world. The move was particularly unusual due to the combination of the weight of the load and the length of the distance travelled”.
The company explains that the plant and its dredge, which was moved to Pilivili earlier, “are now positioned safely on plinths in Pilivili and the next stage is to float them across the Mualadi river and into the starter pond …[where] … heavy mineral concentrate production … is expected to begin in mid-Q4 2020”.
Managing Director, Michael Carvill, said that “Moving the plant in one piece, an object weighing the equivalent of 550 double decker buses, taller than a seven-story building and wider than a football pitch, is a huge achievement for our company. This type of relocation is rare in the mining industry, but it was the correct choice for Kenmare given the economic benefits and lower risk profile it provided”.
Mr Carver went on to congratulate “the Kenmare team on site and our specialist contractors for completing this record-breaking task safely and overcoming many challenges as a result of COVID-19”.
Conclusion: The successful completion of the relocation to Pilivili was a major operational task which is expected to increase ilmenite production to 1.2mtpa and bring operating costs into the range US$125-135/tonne giving Kenmare Resources one of the lowermost quartile operating margins of global production.
Keras Resources* (LON:KRS) 0.14p, Mkt cap £7m – Change in government in Togo
(Keras also hold an 85% interest in Societé General des Mines which holds the Nayega manganese project license in Togo. Keras now holds 30% of Falcon with an option to raise its stake. Keras also holds a 51% stake in the Diamond Creek phosphate mine which is operating in Utah, USA)
Keras reports the expected change in the government and resignation of the prime minister.
‘The change in government, which has been expected since the election in February 2020, was delayed until now by the COVID-19 pandemic.’
The change in government is a procedural process and Keras does not expect it to undermine the process for the Nayéga manganese mining license
Management will remain in Togo for the rest of the week.
*SP Angel act as nomad and broker to Keras Resources
Rambler Metals and Mining* (LON:RMM) 0.9p, Mkt Cap £11.7m – Raising funds to establish 1350tpd and examine further expansion
Rambler Metals & Mining has announced a US$5m loan note financing from West Face Capital which, in conjunction with, and conditional upon, a combination of the sale of non-core assets and an equity fund raising to raise a combined minimum total of US$15m will be used to implement the company’s previously stated plan to establish stable production of 1,350tpd of ore grading around 2% copper.
The loan note runs for a three year term and carries an interest rate of 10%pa, payable bi-annually. The loan note also “carries 5 year warrants to purchase up to 10% of the equity capital of the Company, as fully diluted by the proposed equity financing ("Equity Raising") and conversion of the convertible loan notes and bridging loans set out below, at the same share price as the equity placement price anticipated by the Note Financing transaction”.
The conversion of the existing US$7m, plus accrued interest of US$0.72m at the price of the equity raising, is a condition of the loan note financing as is the conversion of bridging loans provided by Aether Real Assets (US$0.83m) and CE Mining Rambler III (US$1m).
Production at the Ming mine has been constrained through 2020 in response to the successful application of Covid19 containment measures and the company says that once re-established at the 1,350 tpd level, the company aims to evaluate further expansion of the Ming Mine beyond that production rate and advance the exploration of promising additional targets.
Shareholder approval may be sought as well as an agreed repayment schedule “for trade payables in arrears, satisfactory to West Face”.
Rambler explains that prior to the onset of the Covid19 pandemic the Ming mine “had reached a point at which its mill capacity was fully utilised at 1,350 tonnes per day (tpd) … [and that its] … focus is to regain its production profile at 1,350 metric tonnes per day at 2% Cu in the course of 2021 and evaluate expansion opportunities from that base”.
Quarterly results released so far this year show production dcopper grades of around 1.5%-1.6% and the planned increase in mill-feed grade is underpinned by the mineral resource update announced in March 2020 which reported a measured and indicated resource at the Ming mine of 11.8mt at an average grade of 2.2% copper and 0.5g/t gold as well as a number of high grade drill intersections announced during 2019 which provide indications of increasing grade with depth.
Conclusion: In common with businesses around the world, the impact of Covid19 containment measures has disrupted pre-existing business plans and Rambler Metals is now raising additional funds to advance its plans to establish 1,350tpd production rates at improved copper grades of around 2% copper and evaluate further expansion options beyond that level for its Ming copper/gold mine in Newfoundland.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Scotgold Resources* (LON:SGZ) 116.5p, Mkt cap £58m – Exploration progress around Cononish
BUY – 141p
Scotgold reports progress on its exploration effort to increase the mineral resource inventory at its Cononish gold mine where initial gold production is expected during November 2020.
Geochemical soil sampling around Cononish has identified additional gold and silver anomalies to the northeast of the mine and the sampling programme is to be extended further “to link the grids and assess the extent, dispersion and distribution of currently open-ended anomalies”.
Further sampling over the Beinn Udlaidh area to the southeast, southwest and northwest of the known geochemical anomalies “has highlighted an anomalous area where the highest Au value seen at the prospect so far was collected of 15.15 ppb (compared to previous high of 9.06ppb). The highest Ag value seen from this part of the grid was 52.4 ppb (compared to previous high of 89.9ppb). Further work is planned to the south to define this newly identified anomalous area”.
Similarly the existing geochemical exploration grid at Inverchorachan has been “extended to the south west and north east” and shown “Promising results from the south west extension … [which] … exhibit an increased number of more discrete anomalies, rather than the large more uniform anomaly previously identified in the core area”.
The company says that the sampling grid at Inverchorachan “remains open to the south west, and further sampling is planned to constrain the anomaly”.
Exploration of the wider licence area has shown encouraging stream sediment geochemical results from 10 of the 13 areas sampled “effectively identifying targets for further follow-up. Sampling is ongoing as well as follow up mapping in areas identified as anomalous”.
CEO, Richard Gray, said that “Scotgold is now at an exciting juncture, with first gold expected from the Cononish Gold and Silver Mine by 30 November this year and a growing portfolio of exploration anomalies and targets. We look forward to advancing our systematic exploration program, which holds out the promise of; increasing our Mineral Resources within reach of the Cononish Mine, identifying new orebodies at Beinn Udlaidh and Inverchorachan and of course making new discoveries over the rest of our extensive Option Area on the Dalradian belt”.
Conclusion: As Scotgold moves towards initial gold production from Cononish in November, exploration aimed at expanding the mineral resource inventory is identifying potential at a number of locations both close to the mine and more widely within the company’s exploration licence area.
*SP Angel act as Nomad and broker to Scotgold
Serabi Gold* (LON:SRB) – 100.5p, Mkt Cap £57.5m – Preliminary licence for Coringa approved
Serabi Gold reports that the State Environmental Council of Para (COEMA) has approved the Preliminary Licence for its Coringa development project.
The company explains that the Preliminary Licence (LP) “represents the first of a three-stage licencing process required for mining projects in Brazil. The second stage is the award of an installation licence (“LI”) which allows processing plant and other infrastructure to be constructed and following completion of the construction stage, the issue of the full Operating License (“LO”)”.
Serabi Gold points out that the initial LP stage is “generally considered the most critical stage as it involves input and approval from a number of interested government agencies as well as local stakeholders, communities and covers, in particular, the social, environmental and economic impacts and benefits of the project”.
CEO, Mike Hodgson, described the approval as a “very significant milestone in the development of Coringa which, when in full production, will approximately double our existing level of gold production”.
He went on to confirm that “We have already undertaken most of the preparatory work that we know will be required for the submission of the LI application, so we are in a good position to make this application promptly”.
Mr. Hodgson applauded the efforts of Serabi’s team and its advisors in achieving the LP against the challenging background of Covid19 restrictions.
Conclusion: The award of the LP for Coringa clears the way for the next two stages of the approval process for the project which is expected to double Serabi Gold’s production. Applications for the remaining two stages of the approval process are expected in the relatively near future.
*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil
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
SP Angel
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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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