SP Angel . Morning View . Monday 26 07 21
Nickel to test February multi-year high amid strong demand outlook
Graphene producer funding – EIS scheme approved – last call for funding
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.
Castillo Copper (LON:CCZ) – Initial assay results from drilling at the ‘Big One’ prospect
Cornish Metals* (LON:CUSN) –– Publication of South Crofty mineral resources report on SEDAR
Cornish Tin (Private) - Exploratory digging to start at Cornish Tin’s Great Wheal Wor mine
Rambler Metals and Mining* (LON:RMM) – Building the platform for higher production levels.
Titan Minerals (LON:TTM) – Titan sells Zaruma mine and Portovelo process plant for $15m
Copper and nickel prices rise on higher Chinese EV sales and likely end to China monetary tightening despite US dollar strength
Copper and nickel prices continue to trade higher despite a stronger US dollar driven by strong US corporate earnings.
Copper prices rose to a 6-week high driven by as new Chinese regulations encouraging investors to seek alternative investment opportunities.
Flooding in China, affecting industrial hub Zhengzhou in particular, have triggered supply concerns, with copper demand increasing for infrastructure rebuilding projects.
Transport links via Zhengzou, Henan’s capital, have been ‘severely impacted’ according to the city’s state planner.
Power plants, already in a scramble for fuel as peak summer weather increases demand, are set to have further reduced access to primary sources of energy following the flooding.
Access to coal, which the majority of China’s power is generated by, is limited from mining facilities in Inner Mongolia and Shanxi.
China Development Bank is set to issue 1.86b yuan in emergency loans to local government companies in response to drainage and foundation issues exacerbating the flooding.
China – Chinese shares pull back on threat of increasing government regulation
China testing 9m in Nanjing after tests showed a cluster of positive results around Nanjing airport
Floods and increasing regulation pull back Chinese stocks
More flooding expected in Henan province causing significant disruption across China.
Local equity indices fell this morning as Beijing crackdown on education companies raised fears of more regulatory tightening.
Authorities announced reforms on Saturday that will ban firms that teach school curriculums from making profits, raising capital or going public.
The leaked report last Friday has already seen major companies in the sector posting heavy share price losses.
The CSI 300 benchmark is down 3.2% today while a sub-index of education companies fell more than 9%.
The HK listed New Oriental Education, of the leaders in the sector, dropped more than 40% on Monday taking the stock’s losses to around 65% over two sessions.
The news follows regulatory initiatives in financial and technology companies including ride-hailing app Didi Chuxing and ecommerce group Alibaba, seeing investors growing concerned that it may be part of a broader regulatory overhaul.
Chinese property management stocks also fall on indications of new regulation from Beijing.
‘Regulators published a statement on Friday afternoon, vowing to step up scrutiny on the property industry’ (Bloomberg).
‘Property management fees not being explicitly revealed, or more fees collected than originally stated, will be banned, according to the statement’.
China has also issued food platform regulations collapsing shares in Meituan .
EV – Chinese EV sales rose 160% yoy to 235,000 new vehicles registered in June
EV sales have risen to 1.1m vehicles in China this year representing 11% of the total market
Experts expect EV sales to rise to 1-2.5m vehicles for the full year.
Tesla has two of the best selling models in China ranking behind Wuling Hong Guang’s mini
Lithium miners and battery makers enjoy ‘transformational bull market’, index up 32%
Bets on the rise of the electric vehicle industry are directly translating to miners of lithium and producers of batteries for which the mineral is used.
The Solactive Global Lithium index is up 32% this year to record levels. This rise has been predominantly driven by Chinese firms Ganfeng Lithium and CATL.
With automaking giants such as Mercedes-Benz and VW pledging their dedication to electrifying their vehicles, the battery industry’s outlook is looking prosperous.
The Benchmark Mineral Intelligence has recorded lithium carbonate prices doubling since this July 2020.
The lithium market going forward is expected to be a tight one, with fears that the rapidly increasing demand for EVs could cause a supply shortage in lithium.
Supply shortages as well as the rising costs of raw materials, are expected to be reflected in the cost of new electric cars.
Dow Jones Industrials +0.68% at 35,062
Nikkei 225 +1.04% at 27,833
HK Hang Seng -3.58% at 26,343
Shanghai Composite -2.40% at 3,465
US – The FOMC meeting this week is expected leave the pace of bond purchases unchanged, according to Bloomberg.
The pressure to tighten the policy eased lately amid the recent drop in bond yields as markets grew concerned that new virus variants may derail the recovery.
10 year government bond yields currently stand around 1.23% after hitting a high of 1.74% in late March.
Earlier, Chairman Powell told Congress the economy was “a way off” from the reaching the threshold to reduce monthly purchases from a current pace of $80bn in Treasuries and $40bn in mortgage-backed securities.
US real bond yields hit an all-time-low of -1.12
Inflation – Higher than expected US inflation is causing some concern in the US raising pressure to lift interest rates.
Higher oil and gas prices combined with more expensive used cars are seen as temporary inflationary factors.
However, inflation pressures from logistics, input prices and rising labour rates may keep inflation rates higher than expected by the Federal Reserve.
US – China talks in serious difficulties
The Chinese Ministry of Foreign Affairs described the talks as now in stalemate and facing serious difficulties.
China claims to still want to work with the US but on conditions that leaders change course and adhere to Chinese interests.
Democrat policies towards China are remarkably similar to Trumps’ Republican policies albeit with a more diplomatic approach to negotiations.
Joe Biden is reported to have convinced the major G-7 nations to make strong statements against China but still needs to form an alliance to counter China’s increasingly aggressive military and economic foreign policies.
China has also put forward two lists to the US alleging wrongdoings that must stop and a list of key individual cases that China is concerned about
UK to remove CGN from all British nuclear power projects .
Japan – Composite PMI dropped hitting the lowest level in six months in July on “deterioration in business conditions to persistent rises in Covid-19 cases and state of emergency measures which dampened activity and demand”, according to Markit data.
New orders dropped at the quickest rate since February.
Employment continued to grow but the rate eased to the softest in the current six months series and was only marginal.
Input costs across the private sector climbed at the fastest pace since Sep/08.
Composite PMI (prelim): 47.7 v 48.9 in June.
Singapore to reopen boarders in September if 80% of population are fully vaccinated
Hong Kong – Trade balance HKD -40.5bn in June
Hong Kong Exports rose 33.0% in June beating 25.9% estimate
Hong Kong Imports rose 31.9% in June vs 26.1% estimate
Germany – Business sentiment underperformed expectations in July on concerns that supply bottlenecks and resurgent infections might slowdown the recovery, Bloomberg writes.
Confidence measure unexpectedly dropped while a subindex measuring expectations dropped to the lowest in three months, while current conditions continued to improve.
Ifo Business Climate Index: 100.8 v 101.7 (revised from 101.8) in June and 102.5 est.
The UK government is considering options to remove Chinese state owned nuclear energy group from all future power projects in the UK, FT reports.
This relates to the new £20bn Sizewell nuclear power project in Suffolk and a new plant at Bradwell-on-Sea in Essex.
The news follows cooling relations between two countries in recent years over issues including China’s clampdown on dissent in Hong Kong, repression of the Uyghurs and other Muslim minorities and China’s handling of Wuhan virus outbreak.
Earlier, the British government forced Chinese telecoms equipment manufacturer Huawei out of its 5G network.
South Korea – Parliament passed the nation’s second largest budget bill of nearly Won35tn (US$30bn) including a Won250,000 cash handout to most people in the country, according to Bloomberg.
The extra fiscal spending is the sixth of its king since the country was hit the pandemic last year.
Separately, the country announced further tightening of Covid-19 related restrictions from Tuesday.
Under new rules, social gatherings of more than four people will be prohibited in most parts of the country as authorities grow concerned over the spread of the virus into provincial areas.
A meeting of more than two people is already banned in Seoul metropolitan area after 6pm.
US$1.1780/eur vs 1.1766/eur last week. Yen 110.27/$ vs 110.36/$. SAr 14.910/$ vs 14.758/$. $1.375/gbp vs $1.374/gbp. 0.735/aud vs 0.736/aud. CNY 6.484/$ vs 6.476/$.
Gold US$1,808/oz vs US$1,806/oz last week
Gold ETFs 100.2moz vs US$100.2moz last week
Palladium US$2,661/oz vs US$2,727/oz last week
Silver US$25.31/oz vs US$25.36/oz last week
Copper US$ 9,617/t vs US$9,472/t last week
Aluminium US$ 2,503/t vs US$2,479/t last week
Nickel US$ 19,515/t vs US$19,170/t last week
Zinc US$ 2,975/t vs US$2,944/t last week
Lead US$ 2,360/t vs US$2,386/t last week
Tin US$ 34,200/t vs US$34,490/t last week
Oil US$73.2/bbl vs US$73.6/bbl last week
Natural Gas US$4.035/mmbtu vs US$4.021/mmbtu last week
Iron ore 62% Fe spot (cfr Tianjin) US$196.5/t vs US$197.7/t
Chinese steel rebar 25mm US$832.9/t vs US$817.8/t - Questions remain over US-EU steel deal
A dispute between the EU and the Trump administration over steel and aluminium tariffs looks unlikely to be resolved soon, according to EU trade chief.
Valdis Dombrovskis, EU executive vice-president in charge of trade policy, has suggested that ‘other possible solutions’ may be required after difficulties have arisen over the ‘ideal solution’ of mutually suspending tariffs.
Trump imposed considerable duties on U.S. imports of European steel and aluminium in 2018, aiming to protect US industry.
Biden has been encouraged to lift Trump’s section 232 tariffs, which will be a politically controversial decision in mill states such as Indiana, Ohio and Pennsylvania which proved so pivotal in the 2020 election.
The Biden administration is expected to continue support of its domestic steel industry, encouraging EU trade chiefs to explore alternative avenues to lifting steel tariffs completely.
Dombrovskis has failed to outline what such alternative ‘solutions’ entail. However, it is predicted that the EU may propose a bespoke licensing or monitoring arrangement allowing EU exporters controlled access to the American market.
December 2021 has been given as a final date for a decision on the matter. The U.S. and EU will also look to tackle concerns over the oversupply of steel stemming from China’s ramping up of production.
Chinese steel margins send iron ore futures soaring
Following a five-day slump, Singapore and Dalian iron ore futures rebounded well on Monday.
The combination of decreasing iron ore costs and rising steel prices have triggered a recovery in steel margins.
Shanghai stainless steel has extended its record-setting rally, touching 19,755y/t.
Stainless steel production outside of China was up 12% in the first quarter of this year, with China’s stainless steel output up 37% in the first 3 months of 2021.
Production continues to climb despite Chinese steel producers across 7 provinces receiving requests from officials to limit their output as the CCP aims to curb carbon emissions.
The typhoon affecting parts of major steel producing provinces Jiangsu and Zhejiang has not affected their 6 stainless steel plants as of yet, with both regions maintaining normal production.
Thermal coal (1st year forward cif ARA) US$93.4/t vs US$94.3/t - Alliance trust to remove stock with significant exposure to thermal coal.
The £3.7bn fund manager can not invest in companies with significant exposure to thermal coal or tar sands.
The move ranks thermal coal and tar sands producers alongside controversial weapons excluded from their funds.
Coking coal swap Australia FOB US$209.5/t vs US$208.0/t
China Illmenite Concentrate TiO2 US$361.65/kg vs US$366.2/t
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$90,219/t vs US$90,119/t
A ruling from a U.S. federal judge has accepted Lithium Americas’ Thacker Pass project proposal, allowing excavation work on the site.
The ruling is a blow to environmentalists who have warned against the potential harm the site could pose to wildlife including sage grouse.
The news offers optimism to American based mining projects, who have been experiencing increasing pressure from environmental activists in federal courts.
Trump’s administration approved the project in January. However, there remain questions over the historical importance of the site to Native Americans.
Company representatives have failed to comment whether or not they plan to start digging on the proposed 29 July date.
Chief Judge Miranda Du stated that the environmentalists ‘failed to meet their burden to show they will be irreparably harmed’.
Environmentalists plan to arrange a court hearing to argue their case for cancelling the project.
China Spodumene Li2O 5%min CIF US$720/t vs US$710/t
Ferro-Manganese European Mn78% min US$1,844/t vs US$1,865/t
China Tungsten APT 88.5% FOB US$295/t vs US$293/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 9.5/lb vs US$9.3/lb
Europe Ferro-Vanadium 80% 40.25/kg vs US$39.75/kg
Spot CO2 Emissions EUA Price US$57.4/t vs US$57.0/kg
Mercedes-Benz plans to invest €40bn in hope to go all electric by 2030
Mercedes-Benz have announced they intend to have battery electric vehicles in all the company’s departments by 2022.
The auto-manufacturer has made the decision that all newly launched vehicle architectures will be electric-only. Customers will be offered the decision to choose an all-electric alternative for each model in production.
The plan is reinforced by total investments of €40bn, set to be allocated into battery electric vehicles between 2022 and 2030.
The company is well positioned to execute the plan, with its MO360 production system already enabling mass produced BEVs.
Production capacity will be further boosted by an agreement with battery producer GROB. All Mercedes-Benz passenger car and battery assembly sites will switch to carbon neutral production by 2022.
Mercedes’ investments into combustion and plug-in hybrid tech will fall by 80% by 2026.
World’s largest floating solar farm proposed for Indonesia
Singaporean solar energy developer, Sunseap Group, has said that it intends to spend $2bn to build the world’s largest floating solar farm and energy storage system in Batam, Indonesia.
The PV system will be built on the Duriangkang Reservoir, spanning 1600 hectares, and is expected to have a capacity of 2.2GW.
Sunseap and the Batam Indonesia authority have signed a MoU on the project which would see Sunseap’s current power generation capacity doubled.
Construction of the project is due to begin in 2022 and is planned for completion in 2024, the company said.
Iron-air batteries commercialisation could be breakthrough for energy storage industry
Boston startup, Form Energy, has secured US$200m Series D funding for the development of their iron-air battery technology which could be a breakthrough for renewable energy storage.
The company said its iron-air batteries can deliver renewables-sourced electricity for 100 hours at system costs competitive with conventional power plants. At full-scale production, Form Energy said the modules would deliver electricity at tenth the cost of current lithium-ion batteries.
The batteries will be used for a 1MW project with Great River Energy in Minnesota. Form Energy expect to have a 300MW energy storage facility active by 2023.
Mateo Jaramillo, CEO and Co-founder of Form Energy, said, “[We] have reinvented the iron-air battery to optimise it for multi-day energy storage for the electric grid. With this technology, we are tackling the biggest barrier to deep decarbonisation: making renewable energy available when and where it’s needed, even during multiple days of extreme weather or grid outages.”
Castillo Copper (LON:CCZ) 2.23p, Mkt Cap £24.9m – Initial assay results from drilling at the ‘Big One’ prospect
Castillo Copper has released assay results from hole BO_315-317RC at its ‘Big One’ prospect within the Mt Isa district of northwest Queensland.
The initial assays are said to verify “extensions to known mineralisation at the Big One Deposit” and visual inspection of results from more recent, as yet un-assayed, drilling “shows new drill-holes have potentially intersected copper mineralisation up to 26m”.
The best results reported today from hole BO_315-317RC are:
A 3m wide intersection from a depth of 65m at an average grade of 1.22% copper; and
An intersection of 9m averaging 1.42% copper from a depth of 88m and including 4m averaging 3.06% copper; and
An intersection of 5m averaging 1.06% copper from a depth of 141m.
The company also reports as yet un-assayed intersections from other holes with encouraging visual signs of mineralisation hosted in dacite including:
A 16.5m wide intersection from a depth of 57m in hole BO_322RC; and
A 15m wide intersection from a depth of 82m in hole BO_323RC; and
A 12m wide intersection from a depth of 41m in hole BO_324RC; and
A 26m wide intersection from a depth of 134m in hole BO_326RC; and
An 8m wide intersection from a depth of 60m in hole BO_327RC which also included another 8m wide intersection from a depth of 81m and a 9m wide intersection from 90m depth hosted in quartzite.
Castillo Copper says that it is expecting results from “priority drill-holes BO_318RC1 & BO_326RC, which exhibited visual copper intercepts up to 34m & 26m respectively … shortly as the laboratory is fast-tracking the analysis”..
Managing Director, Simon Paull said that “the progress of the drilling campaign is taking shape, especially verification the underlying copper system at the Big One Deposit is likely to be larger than our geology team's initial expectations”.
Cornish Metals* (LON:CUSN) – 13.85p, Mkt cap £37.4m – Publication of South Crofty mineral resources report on SEDAR
CLICK FOR PDF
Cornish Metals reports that it has now filed the technical report detailing the mineral resources update for its S Crofty tin project in Cornwall on Canada’s SEDAR system.
The resources update, which was originally announced in summary on 9th June, highlighted a 10.2% increase in the contained tin within the Lower Mine’s indicated resource and a 129.8% increase in inferred resources compared with the previous, 2016, estimate.
The new resource estimate, which incorporates results from the 2020 drilling programme shows an NI-43-101 compliant indicated resource of 2.08mt at an average grade of 1.59% tin in the Lower Mine area with a further 1.94mt classed as inferred at an average grade of 1.67% tin. The resource is contained within a total of nine individually identified lode structures
Within the Upper Mine, indicated resources of 277,000t at an average grade of 0.67% tin, 0.78% copper and 0.57% zinc (1.01% tin equivalent) are supplemented by inferred resources of 493,000t at an average grade of 0.64% tin, 0.63% copper and 0.63% zinc (0.93% tin equivalent) contained within nine lodes.
The latest estimates are reported at a cut-off grade of 0.6% tin equivalent calculated using a tin price of US$24,000/t, US$9,000/t for copper and US$2,800/t for zinc.
In addition to South Crofty, recent drilling at United Downs, reported earlier this month, have announced the identification of previously undiscovered mineralised structures as well as the extension of the Lithium Lode to “a vertical extent of at least 180m”.
Conclusion: The publication of the technical detail supporting the previously announced resources increase within the Lower Mine area at the historic South Crofty mine will provide an insight into the potential for further resource growth. We also look forward to further news on the exploration progress at United Downs where drilling results announced earlier in July pointed to the identification of previously unknown mineralised structures.
* SP Angel acts as broker and financial advisor to Cornish Metals.
Cornish Tin (Private) - Exploratory digging to start at Cornish Tin’s Great Wheal Wor mine
Cornish Tin has been granted permission to ‘open up for exploration one of the most important mining areas in Europe’.
Cornwall Council’s Mineral Planning Authority granted consent to the project following five years of ‘painstaking geological research, work on environmental protection and securing mineral rights’ according to the company’s CEO, Sally Norcross-Webb.
Concerns from residents in the area have been answered with confirmation of no pneumatic or percussive drilling being planned, as well as no blasting.
The accepted proposal involves a 6-month drilling programme of 33 diamond drill holes from 26 drill sites.
Rambler Metals and Mining* (LON:RMM) 27.25p, Mkt Cap £30.6m – Building the platform for higher production levels.
(Rambler owns 100% of the Ming Copper-Gold Mine)
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In its production report for Q2 and H1 2021, issued last Thursday afternoon, Rambler Metals & Mining describes early progress on the implementation of its plan for the redevelopment and long-term future of its Ming copper mine in Newfoundland.
Describing work completed prior to the recent financial restructuring the company reports the production of 2,052t of copper concentrate containing 673t of saleable copper and 585oz of gold during the quarter which brings concentrate output for the year so far to 5,825t containing 1,549t of copper and 1147oz of gold.
A total of 51,514t of ore were treated during the quarter (Q2 2020 – 63,127t) at an average grade of 1.44% copper and 0.61g/t gold (Q2 2020 – 1.54% copper and 0.61g/t gold).
Toby Bradbury, President & CEO, said that although “there was significant progress on the path to redevelopment of the Ming Mine through the quarter, it was not without its challenges”.
He confirms, however, that “We remain confident that by year-end, we will have a mine capable of sustainably utilising the Nugget Pond Mill capacity which will serve as a platform for further optimisation and growth”.
As previously announced, the company is working towards a long term and sustainable restoration of the mine’s 1,350tpd processing rate and as a part of this initiative is addressing the limitations of only having a single production area available through much of 2021 to-date and increasing development rates to provide “access to multiple stoping locations by the end of 2021”.
We note, therefore, that the 659m of development achieved during Q2 brings the total for H1 to 1,435m, slightly ahead of the 1,413m indicated in the company’s 30th June announcement which indicated that development rates were expected to more than double to 2,897m during the second half of 2021 and continue at a similar rate with approximately 5,300m in 2022.
Among the operational activities during the quarter which help establish the framework for the planned production increases were:
Improvements to the mine’s power distribution network and transformer upgrades as well as upgrades to the ventilation system which will be necessary to support increased production tonnages sourced from multiple operating areas; and
The receipts of additional company and contractor’s operating equipment and increased workforce numbers to sustain the planned production build up: and
Improved plant maintenance in “preparation for a steady increase in plant throughput throughout the remainder of the year”, including repairs to the flotation cells, rebuilding of the filter-press, and upgrades to the compressed air supply and water reclaim system; and
The establishment of on-site accommodation capacity for contractors and other specialised personnel not available locally.
Delineation drilling rates to better determine the mineral resource more than doubled to 4,094m during Q2 (Q1 – 1,991m) with further increases, to 7,000m expected during H2 and the company is planning to start exploration drilling during Q3 with 10 holes totalling 2,115m planned during the balance of 2021. The company expects 5 exploration holes to be completed in each of the Lower Footwall Zone and the Ming Massive Sulphide Zone.
In addition, Rambler reports results from its continuing programme of testing ore-sorting using bulk sample material. The results show that 18% of the material can be rejected before being transported to the mill freeing up both transport and tailings storage capacity. The tests also show that ore-sorting can upgrade ore feed to 2.07% copper.
The company says that, although the full results for gold and silver are still awaited, “copper results confirm the viability of this project. The results are encouraging and show upgrade factors for copper to be 24% for the LFZ and 36% for the MMS material, with a combined upgrade factor of 29%”.
The company describes that the ‘middlings’ fraction, representing around a further 8% of the mass at a grade of around 0.5% copper, from the ore sorter could either be processed along with the product or combined with the waste reject material. A “potential third option … [is] … to stockpile this material until a new mill has been built at the mine site”. Rambler will determine the appropriate decision based on an “economic determination”.
In a subsequent conference call with interested parties, held on Friday afternoon, the company emphasised the turnaround aspects and long-life nature of the Ming mine where down-dip and down-plunge potential extension offer opportunities to further expand the mineral resources.
Conclusion: Rambler Metals & Mining reports progress in underground development to restore a sustainable, long-term 1,350tpd processing rate and, following the recent financing, appears well-positioned for the planned acceleration during the second half of 2021 and into 2022. Additional progress to mine and plant infrastructure also prepares the way for the treatment of rising ore volumes while the continuing work on ore-sorting shows grade enhancements to over 2% copper. The recent financial support should allow an acceleration of activity during H2, including exploration drilling and additional delineation drilling.
*SP Angel act as Nomad and broker to Rambler Metals & Mining
Titan Minerals (LON:TTM) 0.12p, Mkt Cap £137m – Titan sells Zaruma mine and Portovelo process plant for $15m
Titan Minerals has sold the Zaruma mine and Portovelo process plant in Ecuador for $15m to Pelorus Minerals in a series of staged payments.
The company also retains a 2% NSR.
The sale allows Titan to restructure its balance sheet, pay down debt and focus on its Dynasty gold project in the south of Ecuador.
IGTV: Stock picks in the small-cap mining space:
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 10/06/21: https://audioboom.com/posts/7884446-john-meyer-talks-about-cornish-metals-empire-metals-anglo-american-ncondezi-energy-mkango-r
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.
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The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020
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