SP Angel . Morning View . Tuesday 29 06 21
Tin and REE prices rise despite China working to reduce metals prices
Graphene producer funding – EIS approved
The company wishes to fund a ramp up in graphene production to get ahead of demand and to develop markets for a number of new, graphene products
The business is also able to upgrade graphite to a higher grade/specifications using its process – rolling out this process also requires funding
Please email if you wish to invest in the company
*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.
Altus Strategies* (LON:ALS) – BUY, 118p – New targets defined at the Tabakorole Gold Project
Anglo Asian Mining* (LON:AAZ) – AGM letter lays out production growth outlook
Castillo Copper (LON:CCZ) – Drilling encouragement from the Mt Oxide project
Oriole Resources (LON:ORR) – Drilling at Bibemi supports potential for large-scale gold mineralisation
Ormonde Mining* (LON:ORM) – Requisitions for additional directors to be proposed at AGM
Strategic Minerals* (LON:SML) – 2020 results and outlook
Sunrise Resources (LON:SRES) – Drilling results from Baker’s project
Tirupati Graphite (LON:TGR) – Madagascar mining update
UK’s Green Lithium secures £1.6m in funding to build refinery
The mineral processing company has secured £1.6m in funding to build and operate a large, 50000mt/year lithium refinery in the UK.
The seed round funding attracted many investors closing more than five times higher than the initial target.
The funding will be used to fund key development activities taking place over the next 18 months to take the refinery to ready-to-build status. These include ongoing raw material laboratory test-work analysis; planning and environmental scoping and baseline surveys; ground investigation; and other activities.
The 50,000mt/year refinery is planned to produce enough lithium hydroxide to enable manufacture of more than 1 million electric vehicles per year.
By building the refinery, Green Lithium is aiming to provide the missing link in the EV supply chain, using a sustainable and low-carbon refining process to connect the UK and Europe's lithium battery and cell manufacturers with international sources of raw lithium material.
“It is estimated that growth of more than 400% in supply is needed over the next 10 years, however current and planned refining capacity will fall short in achieving this. Green Lithium intends to help meet what would otherwise be unmet demand in an underserved market,” said Richard Taylor, Founding Director of Green Lithium
Demand for nickel used in batteries expected to rise 18% YoY in 2021
The general manager of nickel sales and raw materials at the Sumitomo nickel smelter says that nickel use in batteries is rising faster than expected.
Around ~228,000t of nickel is expected to be used in batteries this year, making up 8.8% of total demand.
Global nickel surplus estimated to be 58,000t in 2021, down from Sumitomo’s February estimate of 68,000t.
China Jan-May cobalt imports rise 200% YoY
China imported 4,318t of cobalt during the period, with the average import price increasing 15% to $36/kg (Argus Media).
Australia was the largest cobalt metal exporter to China during January-May, accounting for 30% of the total, followed by 21% from Canada, 13% from Japan, 11% from Zambia and 10% from Morocco.
Dow Jones Industrials -0.44% at 34,283
Nikkei 225 -0.81% at 28,813
HK Hang Seng -0.81% at 29,031
Shanghai Composite -0.92% at 3,573
Economics
China – Operating margins fall at Chinese small and medium size enterprises as commodity price rises eat into profits
Industrial profits rose by 36.4% in May to CNY830bn £93bn vs a 57% yoy rise in April and a 83% rise for the first five months of this year (China’s National Bureau of Statistics)
US inflation hit 5% in May prompting debate amongst Fed members on when to raise interest rates causing the US dollar to rise till the Fed chair dampened the speculation.
Chinese factory gate prices rose by 9% in May vs 6.8% in April partly driven by higher input prices but also driven by strong demand and higher transport costs.
Consumer prices rose just 1.3% in May held back by lower pork prices as pig stocks were rebuilt after a major culling last year due to an outbreak of African Swine Fever.
China has been working hard to restore food production levels and hold back food inflation following major flooding of the Yangtze river last year.
The CCP see food availability and inflation as a major risk to the economy as they strive to attract millions more workers from village poverty into new urban and extra-urban clusters.
Used car prices rise 30% yoy in may hitting new record on Manheim wholesale index driving US inflation
Long lead times for new vehicles due to delays caused by semiconductor shortages and other logistical issues.
Container availability and rates is an increasing issue as port congestion slows return of containers back to the East.
Consumers are also buying used vehicles while they wait for the next generation of more reasonably priced EVs.
Buying of diesel passenger vehicles has fallen away as policymakers legislate against particulate emissions.
Inflation: We reckon higher used car prices might be with us through 2021 and into 2022 but will eventually fall away as the new generation of EVs come available.
We will then be persuaded through all manner of methods to buy these vehicles to support the automakers and economies that depend so much on them.
Given the slow ramp up of battery manufacturing in the UK and Europe we suspect large-scale supply of Western-manufacturing of EVs may not be with us till after 2022.
BUY: garages which will be busy repairing second-hand vehicles consumers wait for their shiny-new EVs.
Australia – nearly half of population in lockdown as Delta variant spreads
More than 12m Australians are now in lockdown as the nation’s struggles to contain outbreaks of the Delta variant.
Tuesday saw Brisbane become Australia’s fourth regional capital city to restrict movement outside of homes except for essential reasons such as shopping and exercise for at least three days.
Australian media reports that cases are leaking out of the nation’s hotels being used for quarantine, with cases also linked to mining workers and airline crew.
We understand the Diggers & Dealers mining conference is still planning on going ahead in August in Kalgoorlie, WA. While the miners might be limited to residents of WA we wonder if other FIFO workers might appear from elsewhere.
Currencies
US$1.1911/eur vs 1.1939/eur yesterday. Yen 110.65/$ vs 110.65/$. SAr 14.303$ vs 14.244/$. $1.386/gbp vs $1.393/gbp. 0.755/aud vs 0.759/aud. CNY 6.456/$ vs 6.456/$.
Commodity News
Precious metals:
Gold US$1,774/oz vs US$1,783/oz yesterday
Gold ETFs 100.9moz vs US$100.9moz yesterday
Platinum US$1,089/oz vs US$1,112/oz yesterday
Palladium US$2,674/oz vs US$2,659/oz yesterday
Silver US$26.02/oz vs US$26.15/oz yesterday
Base metals:
Copper US$ 9,296/t vs US$9,412/t yesterday
Aluminium US$ 2,516/t vs US$2,483/t yesterday
Nickel US$ 18,225/t vs US$18,380/t yesterday
Zinc US$ 2,913/t vs US$2,900/t yesterday
Lead US$ 2,247/t vs US$2,210/t yesterday
Tin US$ 31,320/t vs US$30,790/t yesterday
Energy:
Oil US$74.5/bbl vs US$76.1/bbl yesterday
Oil price were hit ahead of Thursday’s OPEC+ meeting as the market weighs up the potential ramifications of the Delta coronavirus variant
Both the WTI and Brent benchmarks were trading down more than 1.5% yesterday as health experts warned that the Delta variant of the coronavirus could cause “dense” outbreaks in US states that have relatively low vaccination rates
In Europe, Germany, Portugal, and Spain have all issued new travel restrictions to mitigate the new variant’s spread
Moscow and St. Petersburg both reported on Monday their highest death toll yet, as the Delta variant represents about 90% of all new cases
Tighter restrictions are being implemented in Moscow, such as sending a portion of non-vaccinated employees’ home and ordering restaurants to disallow anyone in who has not be vaccinated
With oil prices sharply rising over the last couple of months, OPEC could no doubt see the light at the end of the tunnel, with most analysts expecting OPEC to announce this week an easing of its production cuts in line with increased demand
Analysts were even suggesting last week that OPEC’s likely decision to ramp up by 500,000bopd might not be enough
But travel and business restrictions in parts of the world could derail OPEC’s plans
Natural Gas US$3.576/mmbtu vs US$3.536/mmbtu yesterday
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$211.5/t vs US$211.3/t
Chinese steel rebar 25mm US$757.9/t vs US$762.8/t
Thermal coal (1st year forward cif ARA) US$85.7/t vs US$85.7/t
Coking coal swap Australia FOB US$172.0/t vs US$172.0/t
Other:
Cobalt LME 3m US$45,555/t vs US$44,555/t
NdPr Rare Earth Oxide (China) US$72,955/t vs US$72,652/t
Lithium carbonate 99% (China) US$12,392/t vs US$12,393/t
China Spodumene Li2O 5%min CIF US$690/t vs US$690/t
Ferro-Manganese European Mn78% min US$1,948/t vs US$1,928/t
China Tungsten APT 88.5% FOB US$272/t vs US$272/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb
Europe Ferro-Vanadium 80% 42.25/kg vs US$42.75/kg
Battery News
Renault seals two EV battery deals
The French automaker has signed two agreements to produce EV batteries in northern France.
One of the agreements is with Chinese manufacturer Envision AESC, which will build a factory with a 9GWh capacity in 2024, with the expectation to reach 24GWh by 2030.
The second deal is with French start-up Verkor to develop high-performance batteries. As part of the agreement, Renault have obtained a 20% stake in the start-up.
President Emmanuel Macron visited the Douai site, where Envision is investing around €2b, which will become France’s second gigafactory - the project is being praised as an example of Macron’s efforts to encourage foreign firms to ‘Choose France’ for investment.
World’s largest green hydrogen project announced for Kazakhstan
German energy company, Svevind, has announced plans for a colossal green hydrogen project in Kazakhstan that will harness around 45GW of wind and solar energy to produce 3m tonnes of green hydrogen annually.
The planned project would run 30GW of electrolysers – to put the scale of the project into perspective, the biggest green hydrogen plant currently is the Air Liquide facility in Canada with 20MW of peak electrolysing capacity.
Svevind presented their plans to the Kazakh government, with the aim of combining “the outstanding natural resources of Kazakhstan and Svevind’s experience… to supply Kazakhstan and Eurasia with sustainable energy.”
Equinor to triple UK hydrogen output
The Norwegian state oil company Equinor will triple its UK hydrogen output after laying plans to build the world’s largest ‘blue hydrogen’ plant with carbon capture and storage technology near Hull.
Equinor plans to produce a further 1200MW of clean-burning ‘blue hydrogen’ to supply the SSE owned Keadby gas power plant, making it the world’s first full-scale power station to burn pure hydrogen.
Earlier this year, Equinor and SSE set out plans for a 600MW project to extract hydrogen from traditional fossil gas and capture carbon dioxide using carbon capture technology.
LG Energy Solutions sign agreement for 50000t of lithium
LGES has signed a non-binding agreement with Australian mineral firm Infinity Lithium to source lithium hydroxide.
Under the agreement, LGES gains priority access to 10,000 metric tons of lithium hydroxide each year from Infinity’s San Jose lithium project in Spain for an initial five years. LGES also has the option to offtake additional volumes for five more years through further negotiations with Infinity.
“Ten thousand tons of lithium is enough to make batteries for about 300,000 EVs,” an LGES official said.
Company News
Altus Strategies* (LON:ALS) 63p, Mkt Cap £51m – New targets defined at the Tabakorole Gold Project
BUY - 118p
Numerous additional targets identified at the Tabakorole Gold Project in Southern Mali.
Defined soil and ground magnetic anomalies match signatures at the Tabakorole deposit.
New priority targets include the area adjacent to the Tabakorole Project, a 6km long Groot Trend located in the same structural trend as Tabakorole and a 5km long Asgard Tren found to the south of the Tabakorole structural corridor.
Interestingly, historic drilling results by previous Tabakorole operators returned 9.8g/t over 14m at the Asgard target.
Identified targets will be mapped and rock chip sampled to prioritise drilling targets later this year.
Meanwhile, Marvel Gold, an ASX-listed JV partner, is in the midst of the 3,000m diamond drilling programme at Tabakorole with resuls currently pending.
The latest round of drilling for 9,000m of both RC and DD is expected to be finished in August and adds to >6,000m completed over Q4/20-Q1/21 with results to be incorporated in the MRE update scheduled for Q3/21.
Marvel Gold is in the Stage 3 of the JV earn in taking its interest to 70%, up from current 51% on spending of $3m and ~$150-200k payment to Altus.
*SP Angel acts as Nomad and Broker to Altus Strategies
Anglo Asian Mining* (LON:AAZ) 141p, Mkt Cap £161m – AGM letter lays out production growth outlook
The Company is holding an AGM today that is being held without investors attending due to Covid-19 related restrictions.
However, the team published responses to questions its has received from shareholders ahead of the AGM.
Questions mostly focused on production growth opportunities as well as plans regarding future capital allocation.
Regarding production growth outlook, the Company is planning to bring the recently discovered Zafar copper deposit into production in 2023 along with first oxide gold ore processed from Avshancli later this year or beginning of 2022.
At Zafar, the team is expecting to release maiden JORC MRE in Jul/21 followed by JORC mineral reserve statement in H1/22 with large scale underground construction starting in H2/22 ahead of first production in H1/23.
Preliminary estimates are for Zafar JORC MRE to come in at 8mt at 0.6% Cu, 0.5% Zn and 0.3g/t Au.
The team is planning to expand flotation plant circuit capacity as well as put add zinc concentrate production section.
Avshancli oxide ore is likely to be processed through an agitation leaching plant benefiting from soft nature of the weathered rock keeping processing costs down.
Additionally, the Company is working with the Government on the timing to safely access and evaluate exploration and production potential of restored three areas covering 900km2.
A short inspection visit to the Vejnaly concession in Zangilan was recently carried out and the Company is working to secure regular access to the site for development while access to other areas remains limited.
Commenting on future capital allocation, the Company highlights significant exploration and development potential at existing as well as restored license areas that may be funded internally; although, should the Board decide it is best to return surplus funds to shareholders the Company will do so.
*SP Angel acts as nomad and broker to Anglo Asian Mining
Castillo Copper (LON:CCZ) 2.03p, Mkt Cap £20.5m – Drilling encouragement from the Mt Oxide project
Castillo Copper reports that, the first three holes of its drilling campaign at the Big One deposit within its Mt Oxide project in northwest Queensland have each intersected mineralisation although assay results have not yet been received.
Geological inspection shows “intercepts ranged from 7-17.5m over the three drill-holes” and preliminary results from down-hole electromagnetic surveys “suggest the density of copper mineralisation intersected is potentially higher than initial expectations”.
The company still has to complete another 23 holes in the current drilling campaign, however, Castillo Copper says that “Based on early interpretations, the new drill results clearly extend known mineralisation though proper insights will not be forthcoming until the assays are returned and thoroughly analysed by the geology team”.
Oriole Resources (LON:ORR) – 0.7p, Mkt cap £10.7m – Drilling at Bibemi supports potential for large-scale gold mineralisation
Oriole Resources reports that its’ recently completed maiden drilling programme at the 51% owned Bibemi project in Cameroon confirmed the presence of gold mineralisation in each of the four prospects tested along an 8.3km long target zone.
The company says that the results “reported today support the potential for large-scale mineralisation at the Project” with the “widest zones of mineralisation to date (up to 12m) have been returned from the southern end of the Bakassi Zone 1 prospect … with the most robust intervals including 2.45m grading 2.96 g/t Au, 3.60m grading 1.75 g/t Au and 12.40m grading 0.71 g/t Au”.
Oriole Resources says that it is seeing “clear continuity of the mineralised structures … [which] … is interpreted that the mineralisation continues southwards along strike to Lawa West. Infill and extension drilling around these lines will be a priority focus for further drilling later in the year”.
Among the results highlighted today are:
A 3.1m long intersection averaging 1.07g/t gold from a depth of 42.3m in hole BBDD025 at Bakassi Zone 1; and
An intersections of 0.85m at an average grade of 4.59g/t from a depth of 78m depth in hole BBDD024 at Bakassi Zone 2; and
A 1m long intersection averaging 1.37g/t gold from 61m depth in hole BBDD011, also at Bakassi Zone 2; and
Intersections each of 1m averaging 2.68g/t and 2.64g/t gold respectively in holes BBDD017 and 018 at the Lawa West zone; and
An intersection of 0.8m from a depth of 69m in hole BBDD020 at Lawa East which averaged 27.9g/t gold and showed visible gold in the core; and
A 1m long intersection, also from the Lawa East zone, which averaged 1.35g/t gold from a depth of 111.20m in hole BBDD015.
The company says that it is planning further drilling “at the southwestern extent of Bakassi Zone 1… as a priority target for infill and extension drilling, ahead of infill drilling further to the north and southwest towards Lawa West …[as well as] … Follow-up programmes … for the Bakassi Zone 2 and Lawa East prospects in preparation for the next field season in Q4”.
Explaining the geological setting, Oriole Resources says that the intersections at Bakassi Zone 1 and Lawa West “are predominately associated with northeast-trending, laminated (shear-parallel) quartz-tourmaline veins that dip steeply to the southeast and their interaction with flatter-lying extensional quartz veins that are sub-horizontal to shallowly east-dipping”.
“Whilst similar vein types and orientations exist at Bakassi Zone 2 and Lawa East, the mineralisation is generally related to brecciation. As indicated by the results presented today, both prospects have the potential for high-grade, visible gold mineralisation and so their further assessment is underway”.
“The significant scale of this north-east trending shear-related system, and its potential to host multiple mineralised zones over a multi-kilometre strike length, is broadly analogous to a number of Pan African to Birimian-aged deposits world-wide, including the 3.14Moz Valentine Lake project in Newfoundland, the 1.98Moz Chirano deposit in Ghana and multiple deposits in the Kédougou-Kéniéba inlier of south-eastern Senegal / western Mali”.
Conclusion: The initial drill results from Bibemi have identified gold mineralisation in each of the four targets tested and follow up drilling is planned when the field season resume s in Q4. Oriole Resources has previously described an area of complex geology at Bakassi which will no doubt prove challenging exploration terrain but results so far confirm the company’s exploration model and we look forward to further news as the exploration proceeds.
Ormonde Mining* (LON:ORM) 0.85p, Mkt Cap £4m – Requisitions for additional directors to be proposed at AGM
Ormonde Mining reports that, in advance of its scheduled AGM on 16th July, it has received a letter from a nominee holder of 22.3% of its shares – “which the Board has been informed are held on behalf of Mr. Thomas Anderson”.
The letter asks that resolutions “relating to the appointment of Mr. Brendan McMorrow and Mr. Tom Barry as directors of the Company, be added to the agenda” for the AGM.
Ormonde Mining confirms that it, and its advisors “are currently reviewing the request and the Company will make a further announcement in due course“.
*SP Angel acts as Broker to Ormonde Mining
Strategic Minerals* (LON:SML) 0.45p, Mkt Cap £9.1m – 2020 results and outlook
Strategic Minerals reports a pre tax profit of $0.45m for the year ending 31st December 2020 (2019 – Loss of $0.845m) and a year end cash balance of $0.833m.
Among the financial highlights of the year, Strategic Minerals points to the two capital raisings which took place during the year raising a total of $2.256m. The first, in June 2020, raised £1.2m enabled the company to “extinguish the loan raised to complete the full acquisition of Cornwall Resources Limited, the holder of the Redmoor Tin and Tungsten project”.
The second, for a further £0.7m, “was completed in December 2020 with the funds being raised to fund fixed asset acquisition at Cobre and to progress both the Leigh Creek Copper Mine and Redmoor Tin and Tungsten projects”.
Operationally, the continuing ability of the Southern Minerals’ Cobre operation to trade throughout the Covid19 pandemic generated a 20% increase in sales to $ sales to $3.025m (2019 - $2.488m) while Southern Minerals access to the Cobre magnetite stockpile “was rolled over for the eighth time in 2020 and has been rolled over again in 2021”.
As recently reported, the submission of the Environmental Protection and Rehabilitation Plan (PEPR) for the Paltridge North deposit which forms a part of its Leigh Creek copper development project in S Australia is expected to receive approval “by the end of July 2021. Accordingly, the Board believes that the project, subject to raising finance of circa $2.2m (AUD $3.2m), should be operational and producing revenue in 2021”.
Strategic Minerals has also recently disclosed the impact of a rise in copper prices from US$3/lb at the time of the project acquisition and the time of its November 2020 announcement to the prevailing level of $4/lb and of the US$/A$ exchange rate movement from 0.7 to the current level of 0.79.
Applying these adjustments to the company’s internal projections increases the pre-tax NPV8% from US$9.9m at the time of acquisition and US$26.7m in November 2020 to a current US$42.9m while improving the operating margin from the 51% estimated in November 2020 to 58%. Operating costs are currently projected at US$1.42/lb
Work is progressing, including through the company’s participation in the Deep Digital Cornwall project, led by the University of Exeter's Camborne School of Mines to advance the Redmoor tin/tungsten project. “For its part in the project, CRL is to be progressively reimbursed up to £446,063 of grant funding provided it incurs a minimum, expenditure of £557,579”.
During the year, Strategic Minerals commissioned Wardell Armstrong to update the “the Redmoor project's scoping study and, in October 2020, published their findings which confirmed that changes to the proposed mining schedule can successfully bring forward high-grade production from mineralisation, as defined during CRL's most recent drill programme and mineral resource estimate.”
The revised study “reported a significant uplift in the project's economic results when compared with 2019 results. Using the 2019 metal pricing, the project's post-tax IRR increased to 29% (previously 19%) and post-tax NPV @ 8% increased to US$128m (previously US$94m). Sensitivity analysis, using more conservative metal pricing, produced a post-tax IRR of 23.4%, with post-tax NPV of US$91m”.
Outlining its future plans, Strategic Minerals confirms its focus on restarting production at Leigh Creek during 2021 as well as “securing and expanding Cobre's profitable domestic sales and developing the Redmoor Tin and Tungsten mine”.
The company also expresses optimism that it will benefit from current copper and tin price strength and that the impact of the Covid19 pandemic “is likely to dissipate over the second half of 2021”.
Conclusion: Strategic Minerals reversed the 2019 loss to report a pre-tax profit of over $0.8m. Progress at Leigh Creek is expected to deliver production before the end of the year, Cobre reported increased sales and the economics of the Redmoor project are benefitting from high tin and copper prices.
*SP Angel acts as Nomad and Broker to Strategic Minerals
Sunrise Resources (LON:SRES) 0.25p Mkt Cap £8.7m – Drilling results from Baker’s project
Sunrise Resources has reported results from its recently completed 5-holes drilling programme at the wholly-owned Baker’s gold project near Meekatharra, W Australia.
Executive Chairman, Patrick Cheetham, explained that the objective of the 589m drilling campaign “was to enhance the value of the project for sale or joint venture whilst remaining focused on the development of our CS Pozzolan-Perlite Project in Nevada” and today’s announcement highlights a 2m long intersection at an average grade of 11.4g/t gold from a depth of 54m in hole 21SBRC002 which targeted the DLR4 target zone.
The intersection includes a single metre intersection averaging 20.4g/t gold from 64m depth implying that the second metre averaged 2.6g/t and therefore suggesting that mineralisation may be relatively variable and, perhaps, relatively coarse-grained.
Mr. Cheetham explained that the intersection in hole 21SBRC002 “ was made in a three-hole traverse drilled to test beneath a surface gold-in-soil anomaly and warrants immediate follow up. The soil anomalies extend over 500m so we are hopeful that the mineralisation will have good strike extent, but further drilling will be required to determine the full potential of this high-grade mineralisation”.
The announcement also discloses that “Drill testing of the Dicky Lee pit encountered multiple narrow zones of low-grade Au mineralisation … [with a] … best intersection of 1m grading 2.2 g/t gold”.
Conclusion: The limited drilling at the Baker’s gold project has confirmed gold mineralisation underling part of a 500m-long soil anomaly near the historic mining centre of Meekatharra. The results may elicit interest from potential acquirers of the project as Sunrise Resources confirms that its’ priority remains the development of the CS Pozzolan-Perlite project in Nevada.
Tirupati Graphite (LON:TGR) 135.5p Mkt Cap £114m – Madagascar mining update
Tirupati reports progress at its Sahamamy and Vatomina projects in Madagascar, with continued developments focused on increasing capacity to 84,000 tpa by 2024 at its two projects.
Sahamamy: the first fleet of new earthmoving equipment has arrived, allowing the commencement of area grading and work for the second 18,000tpa module.
Infrastructure development at the project includes enhancing base camp capacity, strengthening internal roads and water supply and similar pre-development activities.
Construction activities are also progressing for the 100Kw hydro power plant at Sahamamy, which remains on track for completion in Q4 21.
Vatominia: the installation of plant equipment for the upscaled 9,000 tpa operations is in its final stages with commissioning and production initiation expected to commence over the next three weeks.
The current second stage exploration programmes at both Sahamamy and Vatomina continue with circa 900 metre diamond core drilling, circa 4,500 metre augur drilling and 31 test pits with 135 metres cumulative depth completed across both projects.
Current augur drilling has delineated new mineralised zones and diamond core drilling continues with a target to upgrade the existing mineral resources, while a new diamond core drilling machine has been ordered for Sahamamy to facilitate commencement of its drilling activities simultaneous with drilling at Vatomina.
Recent Interviews:
IGTV: Commodities: is China’s dominance nearing its end? https://www.youtube.com/watch?v=UNFfjLeDZ6I&ab_channel=IGUK
Copper attempts to regain ground after Chinese-led selloff: https://www.ig.com/uk/market-insight-articles/copper-attempts-to-regain-ground-after-chinese-led-selloff-210624
Stock picks in the small-cap mining space: https://youtu.be/TxtMf6B2t8Q
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 24/06/21: https://audioboom.com/posts/7892050-john-meyer-on-zinnwald-lithium-kodal-minerals-empire-metals
BBC: Catalytic converters https://www.bbc.co.uk/sounds/play/p09jl6c9
*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, 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.
No.1 in Copper: “The winner of the 2020 Fastmarkets 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
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
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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.
Sources of commodity prices
Gold, Platinum, Palladium, Silver
BGNL (Bloomberg Generic Composite rate, London)
Gold ETFs, Steel
Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt
LME
Oil Brent
ICE
Natural Gas, Uranium, Iron Ore
NYMEX
Thermal Coal
Bloomberg OTC Composite
Coking Coal
SSY
RRE
Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite
Asian Metal