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Today's Market View - Adriatic Metals, Altus Strategies, Bluebird Merchant Ventures and more...

Adriatic Metals* (LON:ADT1) – Drilling results at Kizevak and Sastavci Altus Strategies* (LON:ALS) - BUY – High gold recoveries at Tabakorole and drilling results at Lakanfla Chaarat Gold* (LON:CGH) - BUY – 65p (from 57p) – Earnings update Bluebird Merchant Ventures (LON:BMV) – Resolution of offer to Southern Gold expected soon

Chaarat Gold Holdings Ltd -

SP Angel . Morning View . Wednesday 27 01 21

Copper and tin prices rise on continuing stimulus and EV demand

 

Adriatic Metals* (LON:ADT1) – Drilling results at Kizevak and Sastavci

Altus Strategies* (LON:ALS) - BUY – High gold recoveries at Tabakorole and drilling results at Lakanfla

Chaarat Gold* (LON:CGH) - BUY – 65p (from 57p) – Earnings update

Bluebird Merchant Ventures (LON:BMV) – Resolution of offer to Southern Gold expected soon

Bluejay Mining* (LON:JAY) 10p, Mkt cap £97m – Thunderstone project closing in on gold and base metal potential in South of Greenland

Condor Gold* (LON:CNR) - Click here for Initiation note pdf – Director exercises warrants

Lucara Diamonds (CVE:LUC) – Karowe mine yields 378 carat diamond

Tertiary Minerals* (LON:TYM) – £450,000 placing

 

Metals price forecasting through 2020 - 2020 was probably the most difficult year for forecasting anything

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

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

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

2020 was probably the most difficult year for forecasting anything so we are very pleased to have ranked so well in the two key metals we cover

Please contact us directly for our updated metals price forecasts for 2021 and beyond

 

Recent Interviews:

VOX:    21/01/20 https://www.voxmarkets.co.uk/media/600a877b40dc224b8b88a983/?context=/listings/LON/SML/multimedia/

13/01/20 https://audioboom.com/posts/7770987-john-meyer-on-lithium-ironridge-res-savannah-res-kodal-mins-cornish-metals-bluerock-diamonds

IGTV:   Is 2021 the start of the new COVID-Supercycle or will Lockdowns delay the recovery? https://youtu.be/7LO0tDc-pNc

As traders continue to bid up Tesla, is the EV sector approaching a bubble? https://youtu.be/LaDWBpTZ7SQ

Copper price rise: https://youtu.be/mdPXTup15VY

iiTV:     The mining stock to own in 2021: https://www.youtube.com/watch?v=4x7SuSLQwCI&t=11s

Small Cap Mining Share tips for 2021 - https://www.youtube.com/watch?v=G_6RKAp91k4

Miners for a green industrial revolution - https://www.youtube.com/watch?v=rXlNS6JIDvg&t=3s

A Mining megatrend and three solid dividend stocks - https://www.youtube.com/watch?v=sH5r-QbTRwg

*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.

We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, one and all, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.

 

Dow Jones Industrials -0.07% at 30,937

Nikkei 225 +0.31% at 28,635

HK Hang Seng -0.16% at 29,344

Shanghai Composite +0.11% at 3,573

 

Economics

IMF growth outlook shows a long road ahead through 2021

Global GDP growth revised higher for:

2020 -3.5%

2021  5.5%

2022  4.1%

global trade is seen rising

2020  -9.6%

2021  8.1%

2022 6.3%

 

China – factories closing due to Coronavirus lockdowns

Anecdotal evidence from contacts working with factories in China tell of significant numbers of factory closures in the rag trade.

The implication is that China may not be telling the world about the depth of its new infections and the Lockdowns being implemented

 

Automaker assembly lines close amid computer chip crisis

A global shortage of semiconductor computer chips as a result of the covid-19 pandemic is affecting automakers’ supply chains around the world, with IHS Markit forecasting that the shortfall could affect around 500,000 vehicles.  

Semiconductors have become increasingly important in autos manufacturing due to their use in the safety-related systems of new cars.

A global shortage of chips has led to Ford idling its factory in Saarlouis, while VW has announced that it will make 100,000 fewer cars in Q1 2021 as a result of the shortage.

Toyota has announced that it intends to cut production of its Tundra pick up truck, while Nissan, Daimler, Renault and General Motors are also facing issues, according to Fastmarkets MB.

One of the main reasons for the shortage is that semiconductor companies diverted their production to consumer electronics in 2020 as auto sales slowed due to the pandemic while personal electronic equipment demand increased.

Automakers only account for 12% of global semiconductor demand, and now face a supply shortage as producers continue to churn out chips for consumer products at a time when that global auto industry is recovering, driven by pent-up demand and government subsidies.

The global semiconductor market is forecast to reach $730.3bn in 2026, according to Fortune Business Insights- with tin a metal expected to benefit heavily from the uptick across several industries.

Tin Solder used in computer chips currently accounts for roughly 50% of total tin demand, with the continued increase in demand for consumer products likely to offer healthy support for tin prices in what is already a tight market.

 

US - House price index rose 1% in November vs 1.5% in October. House prices rose 11% yoy

S&P Case Schiller home price rose 9.1% yoy in November vs 8% in October

Jan Richmond Fed manufacturing index slipped to 14 vs 19.0 in December.

 

South Korea - Q4 GDP fell 1.4% yoy vs -1.1% in Q3

 

Singapore - Industrial production rose 14.3% yoy in December vs 18.7% in November 

 

UK - unemployment rose slightly to 5% vs 4.9% in October

 

North Korea – testing own vaccine on humans

North Korea has accelerated its vaccine development program.

The nation is thought to have hacked data from the west for the development and manufacturing of its vaccine

This is one bit of science we hope they get right

 

Currencies US$1.2146/eur vs 1.2125eur yesterday.  Yen 103.72/$ vs 103.77/$.  SAr 15.101/$ vs 15.334/$.  $1.374/gbp vs $1.362/gbp.  0.773/aud vs 0.768/aud.  CNY 6.467/$ vs 6.476/$.

 

Commodity News

Precious metals:  

Gold US$1,847/oz vs US$1,856/oz yesterday

Gold ETFs 107.2moz vs US$107.2moz yesterday

Platinum US$1,093/oz vs US$1,090/oz yesterday

Palladium US$2,318/oz vs US$2,332/oz yesterday

Silver US$25.35/oz vs US$25.37/oz yesterday

 

Base metals:  

Copper US$ 7,973/t vs US$7,936/t yesterday

Aluminium US$ 2,017/t vs US$2,012/t yesterday

Nickel US$ 18,085/t vs US$18,155/t yesterday

Zinc US$ 2,629/t vs US$2,687/t yesterday

Lead US$ 2,057/t vs US$2,053/t yesterday

Tin US$ 22,680/t vs US$22,665/t yesterday

 

Energy:           

Oil US$56.3/bbl vs US$55.7/bbl yesterday

Oil price took another boost yesterday as the American Petroleum Institute (API) reported a draw in crude oil inventories of 5.272MMbbls for the week ending 22 January

Analysts had predicted an inventory smaller draw of 433k MMbbls for the week

In the previous week, the API reported a build in oil inventories of 2.562MMbbls, after analysts had predicted a draw of 1.167MMbbls

Oil prices were trading down yesterday ahead of the data release

China lockdowns, the IEA’s subdued outlook on oil demand, a slow global rollout of the coronavirus vaccine, and a potential delay or hiccup in the next round of stimulus payments that the new administration said would be pushed through right away is dragging on prices

US oil production has remained steady at 11MMbopd for six weeks in a row, according to the latest data provided by the EIA, with limited expectations of any rapid production increases as oil companies tread carefully

The API reported a build in gasoline inventories of 3.058MMbbls for the week ending January 22, compared to the previous week's 1.129MMbbl build

Consensus expectations were for a 1.764MMbbl build for the week

Distillate stocks saw an increase of 1.398MMbbls for the week, adding onto last week's 816,000bbl increase, while Cushing inventories fell by 3.475MMbbls

Natural Gas US$2.708/mmbtu vs US$2.676/mmbtu yesterday

Natural gas prices moved higher yesterday for a second consecutive trading day

Prices rallied 2.3% and are up more than 8% for the week

The weather outlook should not alter the trajectory

Temperatures are expected to be cooler than normal throughout most of the US west coast, and warmer than normal across most of the mid-west and east coast for the next two weeks

The supply moved lower due to lower imports from Canada in the latest week

 

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$161.8/t vs US$165.9/t

Chinese steel rebar 25mm US$666.8/t vs US$665.2/t - World crude steel production rose 5.8% YoY in December

World crude steel production rose to 160.86mt in December, according to the World Steel Association.

China produced 91.3mt, up +4.1% on the month prior while second largest producer India saw production rise 3.7% to 9.8mt over the same period.

China’s apparent demand for crude steel rose 9% last year, while steel-product demand rose 7%, according to the China Iron & Steel Association.

The Ministry of Industry and Information Technology (MIIT) have made a firm assurance that Chinese steel output will fall in 2021, as the country focuses on carbon emissions targets.

The MIIT also announced that China will aim to get 45% of its iron ore from its own sources, and is looking to create one or two overseas iron ore mines that can increase industry competitiveness.

Thermal coal (1st year forward cif ARA) US$66.5/t vs US$67.5/t

Coking coal swap Australia FOB US$153.0/t vs US$149.0/t

           

Other: 

Cobalt LME 3m US$40,390/t vs US$40,040/t

NdPr Rare Earth Oxide (China) US$69,971/t vs US$70,491/t

Lithium carbonate 99% (China) US$10,438/t vs US$10,191/t

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

Ferro-Manganese high carbon 78% Mn US$1,490/t vs US$1,430/t

Tungsten APT European US$240-245/mtu vs US$235-240/mtu

Graphite flake 94% C, -100 mesh, fob China US$530/t vs US$530/t                

Graphite spherical 99.95% C, 15 microns, fob China US$2,475/t vs US$2,475/t

Spodumene 6% Li2O min, cif (China) US$395/t vs US$380/t

 

Battery News

Chinese battery maker Eve to invest $278m in Huayou Cobalt

Eve Energy announced yesterday that the company and its controlling shareholder will invest 1.8bnyuan ($278m) in the cobalt producer via a private share placement.

Eve will invest 300m yuan via the placement, while its controlling shareholder Tibet Yiwei Holding will subscribe for a further 1.5bn yuan of shares.

Huayou have exposure to other battery metals in addition to cobalt, and the placement will help fund its nickel project in Indonesia, according to the company.

Cobalt prices have surged 25% so far this year as the Chinee continue to stockpile the material and supply worries in the DRC linger.

 

Biden to pause federal oil and gas leasing 

The Biden administration is expected to announce a temporary suspension of new oil and gas leasing on. U.S. federal lands and waters on Wednesday, and to order that nearly a third of federally run acreage is conserved over the next decade.  

Biden has vowed to ban new federal oil and gas drilling during his campaign for the White House, and his Interior Department issued a 60-day suspension of routine drilling approvals pending a review of the program in what was widely viewed as a precursor to a more permanent ban. 

Biden will also sign executive orders aimed at protecting low-income and minority communities from pollution, directing 40% of clean energy investments towards low-incomeneighbourhoods.  

 

Heavy industry and transport sectors to align on net zero climate plans 

Over 400 companies across some of the world’s biggest greenhouse gas emitting industries have agreed to work together on plans to decarbonise by 2050. 

The agreement will be announced on Wednesday at the virtual Davos World Economic Forum and includes giants like miner Arcelor Mittal, shipper Maersk, and Shell.  

The companies involved represent seven global industries – steel, cement, aluminium, shipping, aviation, and trucking – that together account for one third of the world’s greenhouse gas emissions.  

The deal commits those companies to devise “climate action agreements” by 2024 to achieve net zero emissions by 2050.   

 

Company News

Adriatic Metals* (LON:ADT1) 120.5p, Mkt cap £244m – Drilling results at Kizevak and Sastavci

Adriatic reports progress at the Kizevak and Sastavci targets in the Raska District, where 16 and 3 diamond core holes have been drilled respectively.

Mineralisation at both sites is composed of high grade carbonate-quartz-sphalerite-galena veins forming broad, low to moderate grade halos which is present from surface and remains open in all directions.

Kizevak: drilling has confirmed the down drip continuity of a high grade lens in the central-northwest part of the deposit, beneath the limit of historic drilling,  with mineralisation remaining open at depth.

Drill holes intercepted thick mineralisation down dip from the previous hole KZDD-014, indicating continuous mineralisation. Highlights from the latest round of drilling at Kizevak include:

Hole KZDD-030 38m at 2.7% Zn, 2.2% Pb, 30g/t Ag and 0.6g/t Au including 5m at 6.2% Zn, 3.3% Pb, 66 g/t Ag and 1.1 g/t Au.

Hole KZDD-025 29m at 2.6% Zn, 1.2% Pb, 15g/t Ag including 15m at 4.3% Zn, 1.9% Pb, 24 g/t Ag.

Hole KZDD-037 17m at 2.6% Zn, 1.1% Pb, 11/t Ag from 94m including 8m at 3.4% Zn, 1.8% Pb, 19 g/t Ag.

Sastavci: five holes have now been drilled at the target, confirming mineralisation at the base of the historic open pit, with drilling also indicating that the mineralisation is hosted in much broader zones than historically reported.

High grade mineralisation has been proven at Sastavci, with highlights including:

Hole SSDD-003 27.7m at 3.1% Zn, 1.3% Pb, 22 g/t Ag and 0.5 g/t Au from 13m including 12m at 5.3% Zn, 2.6% Pb, 43 g/t Ag and 1.0 g/t Au.

Hole SSDD-004 45m at 3.3% Zn, 1.0% Pb, 17 g/t Ag and 0.2 g/t Au from 17m including 18m at 5.5% Zn, 1.9% Pb, 30 g/t Ag and 0.3 g/t Au.

Paul Cronin, CEO of Adriatic commented: "Kizevak continues to grow with multiple exploration targets and near surface resource potential. The elevated gold at depth is an encouraging sign and shows there is still a lot to learn about this deposit. In addition, Sastavci has demonstrated excellent polymetallic grades from surface in a much wider zone of mineralisation than historically reported. This first phase of confirmation drilling at Sastavci has given us the confidence to explore the full extents of this well mineralised system in the coming months".

*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia

 

Altus Strategies* (LON:ALS) 87p, Mkt Cap £63m – High gold recoveries at Tabakorole and drilling results at Lakanfla

BUY

The Company released two announcements on projects under its JV with Marvel Gold in Mali including good metallurgical testwork results at Tabakorole and drilling results at the Lakanfla gold property.

At Tabakorole in southern Mali, initial metallurgical assays on fresh rock samples returned 93%-97% gold recoveries for milling sizes of 150-75µm.

Bottle roll results point to straightforward, clean and non-refractory ore with low reagent consumption.

Future metallurgical testwork is expected to include potential optimisations of grind size and residence times.

The project hosts 910koz at 1.18g/t in mineral resources with 43% of ounces found close to surface (within 100m) lending itself for a potential open pit operation.

Marvel earned a 51% in the project, paid Altus $200,000 in cash and is now carrying a 6,300m RC drilling programme as part of the Phase 3 earn in to 70% interest process.

The programme is expected to be completed by the end of January with results to follow shortly testing extensions to the 2.9km FT Prospect along strike in both directions and down dip as well as increase confidence of ounces in the MRE.

At Lakanfla in western Mali, Marvel Gold reported results of the recently completed 3,800 RC drilling programme.

Results confirmed significant karst-style system along 6km margin of granite intrusion, although, drilling so far did not return significantly mineralised intercepts.

The team is planning to refine the model using latest results to guide follow up drilling to better target the granite margin zone (‘shoulders’) that may host a supergene blanket of enriched gold mineralisation.

Concurrently with the drilling programme, a total of 623 soil samples were collected helping to identify encouraging targets with selected samples returning peak values of 39.1g/t and 4.2g/t in soil.

The higher grade sample was located in a new area in the north of the license, around 4km of the historic karst-style open pits of the Sadiola mining complex, with no evidence of artisanal workings on site and, thus, representing a new target.

Marvel earned a 33% in the Project and commenced Stage 2 earn in to 51% interest process (~9,000m of drilling).

Conclusion: The team is continuing to de-risk its portfolio of gold properties in Mali with Marvel Gold earning into projects funding capital intensive drilling programmes. Tabakorole metallurgical results point to high recoveries offering potential for a straightforward agitation leaching treatment plant and an open pit operation with nearly half of ounces found within 100m from surface. The JV partner is now in the middle of a 6,300m RC drilling programme aiming to grow the scale of the project with the mineralisation envelope remaining open both along strike and at depth. At Lakanfla, the team is planning to review the latest drilling results to refine the karst model for follow up work as well as continue with regional exploration to delineate further prospective targets.

*SP Angel acts as Nomad and Broker to Altus Strategies plc

 

Chaarat Gold* (LON:CGH) 30p, MKt Cap £159m – Earnings update

BUY – 65p (from 57p)

CLICK FOR PDF

The Company released FY20 production results last week (CLICK FOR PDF) with Kapan operations in Armenia delivering 58.2koz GE (2019: 56.5koz) beating 55.0koz annual guidance and generating $19m in segment EBITDA (2019: $13m).

FY21 guidance is for 57koz GE including treatment of ~50kt of third party material (2019: 68kt at 5.86g/t or 10% total plant throughput). The team expects a slight pull back in production in Q1/21 as underground development recovers from a slowdown recorded in Q4/20 on the back of staff military conscription amid the Armenia/Azerbaijan conflict with running rates picking up as year progresses.

On our estimates, FY21 production split is expected at ~30koz/580koz/2.0kt/7.7kt of Au/Ag/Cu/Zn, broadly in line with FY20, and in terms of gross production value exposure – 52%/13%/16%/20%, - using our forecast price deck (see below).

Kapan is well positioned to benefit from stable production and strong commodity prices with gold/silver/copper/zinc currently trading ~5%/25%/30%/20% up on respective averages for 2020 reflecting a series of factors ranging from an aggressive expansionary monetary and fiscal policy globally, strong recovery in China and COVID-19 related mine supply and logistics disruptions, to name a few. $35m and ~$26m in Kapan EBITDA and post tax FCF in FY21 should allow the Group to service/reduce Kapan acquisition loan that stood at $28m as of Dec/20.

At Tulkubash, BFS and ESIA updates are expected in Q1/21 that in turn should help close project funding with potential lenders in H1/21. First production target remains for Q4/22 adding 110kozpa to Group production. Equity part of the project funding will comprise Ciftay contribution along with another funding alternative that the Company is exploring. Given Tulkubash capex of $110m (incl 10% contingency), Ciftay $31.5m capital commitment and ~$100m EBITDA ($1,925/oz gold price) potential, we are not expecting alternative funding source to lead to significant dilution.

We reiterate our BUY recommendation with an updated target price of 65p (up from 57p) reflecting higher precious and base metals prices and highlighting a diversified portfolio of assets (~10moz GE resource) with a strong growth profile.

 

Bluebird Merchant Ventures (LON:BMV) – 3.9p, Mkt cap £16.7m – Resolution of offer to Southern Gold expected soon

Click for our 2018 note

Bluebird Merchant ventures reports that it is optimistic that it will receive a speedy resolution of its offer to acquire Southern Gold’s 50% interest in the Gubong and Kochang gold properties in South Korea.

On 30th November 2020, the company announced that an independent expert had valued the projects at US$11.05m of which Bluebird has agreed to pay 90% or US$9.945m.

The earlier announcement indicated that it expected settlement to be made by 26th January and that it might include both equity and royalty components.

Today’s announcement says that it “believes that it is only by bringing about gold production in South Korea that value can be both realized and substantially increased and therefore it is in both Company's interest to advance the process of construction”.

Bluebird Merchant Ventures also confirms that it “has remained in dialogue with its South Korean funding partners whom also recently provided a second tranche of funding and remain committed to the non-dilutive funding process to bring about production in South Korea”.

Conclusion: Bluebird remains optimistic that its offer to acquire Southern Gold’s interest in the South Korean gold projects will be accepted shortly and that with its South Korean funding partners still committed the company be able to restore gold production when it resolves its discussions with Southern Gold.

 

Bluejay Mining* (LON:JAY) 10p, Mkt cap £97m – Thunderstone project closing in on gold and base metal potential in South of Greenland

BUY - Valuation 37.7p

Bluejay Mining report encouraging gold and base metal potential from recent geochemical work on the Thunderstone Project in South Greenland.

Sampling of rock and scree chips along with stream sediments indicates the presence of gold and base metals further inland in a previously unexplored area.

Results also suggest a potential southern extension to the Nanortalik gold belt which hosts AEX Gold’s high-grade Nalunaq gold project nearby.

The team are narrowing down the scale of the exploration area and the size of their exploration licences to focus in on new target generation.

Results show gold anomalies of up to 172 ppb gold at Stordalen's Havn validating Nunaoil's historic gold anomalies and expanding he anomalous gold area to 3.25sqkm.

“41% of the rock samples collected at Stordalen's Havn returned anomalous gold values (>10 ppb gold).”

Copper grading 0.33% has been discovered in the Qinnguadalen valley in semi-massive to massive sulphides

A second gossan 4 km north in the Qinnguadalen valley, also shows a similar multi-element, Cu-Au-Ag-Mo-Zn, signature in scree sediments with up to 559 ppm copper.

Thunderstone remains a true greenfield region that has largely evaded exploration until now  according to exploration manager, Joshua Hughes, despite being in arguably one of the most easily accessible areas of Greenland,.“

Conclusion: Bluejay are making good progress on their further exploration within Greenland.  The team have shown the Nanortalik Gold Belt extends further south than has previously been recognised and should develop new targets for more focussed exploration.

We are waiting on news of the further optimisation and financing of the Dundas ilmenite project. We believe the high-grade and relatively pure ilmenite concentrate from Dundas will sell well into both chloride and sulphate markets. We see the project as being largely financed through a combination of offtake, multi-lateral development and project finance.

*SP Angel act Nomad and broker to Bluejay. The analyst has previously visited the Enonkoski mine site in Finland

 

Condor Gold* (LON:CNR) 51p, Mkt Cap £59.6m – Director exercises warrants

Click here for Initiation note pdf

Condor Gold reports that non-executive director, Jim Mellon, has exercised warrants covering approximately 1.56m shares at a subscription price of 0.31p/share for a total of £484,375.

The increased shareholding leaves Mr. Mellon with an overall, direct and indirect holding in the company of approximately 20.3m shares representing around 16.8% of the company.

Conclusion: Mr. Mellon has increased his holding in Condor Gold to approximately 16.8%.  it is encouraging to see Mr. Mellon’s continuing confidence in the future of Condor Gold as it moves ahead with the La India gold project in Nicaragua which is expected to produce an average of 120,000ozpa for the initial seven years of the mine’s life.

*SP Angel act as sole broker to Condor Gold

 

Lucara Diamonds (CVE:LUC) C$0.77, Mkt Cap C$305m – Karowe mine yields 378 carat diamond

Lucara Diamonds reports that an unbroken Type IIa 378 carat white diamond has been recovered from its wholly owned Karowe diamond mine in Botswana.

The news follows an announcement earlier this month of the recovery of a 341 carat white diamond at Karowe.

As with the stone recovered earlier in January, the latest recovery is from the South Lobe M/PK(S) unit of the mine which seems to be proving a particularly fruitful geological environment for these large and valuable stones.

Based on the announcement of 14th January, this latest large diamond would be the 55th stone larger than 200 carats to be recovered from Karowe since 2015 and is the latest in a sequence of stones which include the 549 carat Sethunya, a 998 carat diamond recovered in November 2020, the 1,758 carat Sewelô, the 1109 carat Lesedi La Rona and the 342 carat Queen of the Kalahari diamond.

Lucara Diamonds CEO, Eira Thomas, said that the “consistent recovery of large diamonds, such as the 378 carat and 341 carat stones, comes at a critical time and provides continued strength and additional foundation to the opportunity to finance and build the underground expansion at Karowe that will see mining continue for at least another 13 years after the open pit ceases operations in 2026”.

 

Tertiary Minerals* (LON:TYM) – 0.34p, Mkt cap £2.8m – £450,000 placing

Yesterday afternoon, Tertiary Minerals announced that it had placed an additional 173m shares at a price of 0.26p/share to raise gtoss proceeds of £450,000 in order to progress the ftured exploration and development of its projects.

The new shares represent approximately 16.5% of the enlarged capital of the company.

Executive Chairman, Patrick Cheetham, said that “We are very pleased to take this opportunity to boost our Treasury as we continue to build and explore our portfolio of mineral projects in Nevada and Europe”.

Conclusion: Tertiary Minerals has topped up its cash resources in order to further its N American and European projects

*SP Angel act as Nomad and Broker to Tertiary Minerals

 

 

Analysts

John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474

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

 

Sales

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

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

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

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

 

 

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

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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