SP Angel . Morning View . Monday 16 08 21
Lithium carbonate prices close in on $15,000 in China
Copper pulls back on weaker July economic data from China
MiFID II exempt information – see disclaimer below
IGTV: Mining sector: where now as Gates & Bezos move in?: https://youtu.be/3is7kRMb7yk
VOX Markets: 11/08/21: https://www.voxmarkets.co.uk/articles/john-meyer-on-bluejay-bluerock-bushveld-alba-minerals-efe74e1
Altus Strategies* (LON:ALS) – BUY, Target 118p – Encouraging Tabakorole Gold Project drilling results
Anglo Asian Mining* (LON:AAZ) - BUY – Maiden Zafar resource underpins future long term production growth
BHP (LON:BHP) - BHP in talks to exit oil & gas industry
BlueRock Diamonds (LON:BRD) – Very large 58.6ct diamond discovered at Kareevlei Diamond Mine
Kavango Resources (LON:KAV) – Exploration progress at KSZ Hukuntsi
Mkango Resources* (LON:MKA) – Conditional approval from TSX-V for issue of shares, raising £5.5m
Oriole Resources (LON:ORR) – Exploration progress at Senala, Senegal
Premier African Minerals (LON:PREM) – Zulu Lithium Scoping Study updated to account for higher spodumene concentrate prices
China – Economic growth set to recover in autumn
Chinese growth slowed in July due to power restrictions, floods, local Covid-19 lockdowns and logistics issues.
Recent hot summer temperatures have not helped.
Recent data from China has shown a sharp slowing of factory output and retail growth.
China’s National Bureau of Statistics revealed factory output growth pulled back to 6.4%.
Retail sales increased in July by 8.5% compared to the same month last year from expectations for a 11.5% rise.
Manufacturing activity is expected to recover through the autumn and to lead demand for metals higher again.
Gold bounces back from ‘flash crash’ as US consumer sentiment dampens Fed prospects of an early tapering
Gold prices have rallied following weak US consumer sentiment and analysts’ expectations of the Fed delaying a taper of asset purchases.
The price of gold rose 1.5% on Friday, as data from the US showed consumer sentiment at its lowest level in a decade.
Analysts believe rising concerns over the Delta variant has dulled consumer sentiment in the US.
The data caused the US dollar to ease from its sustained rally over recent weeks, hitting a one-week low on Friday.
It is expected that this data will encourage the Fed to continue its programme of extreme fiscal stimulus policy.
Analysts expected an early tapering after recent key jobs and inflation data showed signs of a fast-recovering economy and more transitory inflation as consumer prices eased.
The consumer sentiment data released last week has complication the Fed’s situation, providing a boost to the arguments of dovish policymakers who seek solid evidence of the US economy’s full recovery before looking to reduce the asset-buying programme.
Eyes will be turned to the release of the Fed’s July meeting minutes on Wednesday as well as J Powell’s comments on Tuesday.
Additional data US data on monthly retail sales is also expected to move the price of gold.
A boost in physical gold demand across Asia last week also added to gold’s rise as buyers looked to take advantage of weak prices.
Dow Jones Industrials +0.04% at 35,515
Nikkei 225 -1.62% at 27,523
HK Hang Seng -1.19% at 26,078
Shanghai Composite -0.03% at 3,515
Economics
Inflation – Central bankers are banking that inflation will revert to lower levels when the world returns to normal
The problem for this assumption is that the world will probably return to a new normal and not the normal we had before.
Metical and virological experts tell us that the Covid-19 Coronavirus is not going away – there are >9,000 variants already.
A new variant of the Delta variant is also potentially more deadly for younger people indicating that we should continue to be careful.
Our ‘new normal’ is likely to come with ongoing anti-virus restrictions and higher wages and some impact on productivity with potential for ongoing local lockdowns.
All this is likely to add to an ongoing higher rate of inflation
2022 Flu season – health experts warn of a catastrophic winter flu season this year
Scientists have identified a particularly virulent ‘flu’ variant this year emanating in Asia.
2020 was a very minor flu season according to experts causing natural retained immunity levels to fall
The situation reminds us of one of the key drivers behind the industrialisation and modernising of China where the WHO identified China as a source of new viruses.
H2N2 ‘Asian Flu pandemic’ of 1957 may have started in China around 1957 despite being first reported in Singapore
H3N2 ‘Kong Kong Flu’ was detected in 1968 and is thought to have spread from mainland China according to the WHO..
H5N1 ‘Bird Flu’ was detected in geese in China in 1996 spreading to humans in 1997.
SARS-CoV was first identified in China in 2002 and spread to 26 countries causing >8,000 cases in 2003.
China’s traditional agricultural system is thought to have served as a breeding ground for the transmutation of viruses into humans.
Warnings by the WHO have served to encourage the modernisation of China which was first championed by Premier Zhou Enlai in 1964 and reintroduced by Deng Xiaoping 1975.
China continues to modernise and to move hundreds of millions of villagers into towns in part due to policies encouraged by the WHO.
US – Neel Kashkari, Minneapolis Fed President (non-voting this year), suggested that a few more strong labour reports over the coming months would warrant the start of winding down the central’s bank bond buying programme.
“If we see a few more jobs reports like the one we just got, then I would feel comfortable saying yeah, we are – maybe haven’t completely filled the hole that we’ve been in – but we’ve made a lot of progress, and now, then will be the time to start tapering our asset purchases,” Kashkari said las week.
Kashkari, since joining the Fed in 2016, has consistently been one of the central bank’s most dovish policy makers., Bloomberg writes.
China – Growth slowed down in July according to the latest set of economic data.
A fall in retail spending growth rate was most pronounced reflecting the blow from the delta variant outbreak, Bloomberg reports.
The impact on demand is likely to be even stronger in August.
Retail Sales (%yoy): 8.5 v 12.1 in June and 10.9 est.
Retail Sales (%YTD): 20.7 v 23.0 in June and 21.2 est.
Industrial Production (%yoy): 6.4 v 8.3 in June and 7.9 est.
Industrial Production (%YTD): 14.4 v 15.9 in June and 14.6 est.
FAI (%YTD): 10.3 v 12.6 in June and 11.3 est.
Japan – The economy avoided recession with GDP climbing more than forecast in Q2/21, although, the pace remained somewhat subdued amid ongoing virus-related restrictions.
Private spending was the main contributor (+0.8%qoq) along with business investment (+1.7%qoq) offsetting some destocking (-0.2%qoq) and weaker trade (-0.3%qoq).
GDP (%qoq): 0.3 v -0.9 (revised from -1.0) in Q1/21 and 0.1 est.
UK – Property prices pulled back slightly in August marking the first drop this year as demand slowed for most expensive homes.
Prices for smaller and cheaper homes hit another all time high.
“Prices only fallen in the upper-end sector, which is usually more affected by seasonal factors such as the summer holidays and has also seen the greatest withdrawal of stamp duty incentives,” Rightmove commented on the data.
Zambia – Opposition leader Hichilema secures landslide victory in presidential elections
The Electoral Commission of Zambia have announced Hichilema’s victory of incumbent president Edgar Lungu.
Hichilema obtained 2.81m votes vs 1.81m votes – the biggest margin of victory in a Zambian election in 25 years.
Annual inflation is the highest in 20 years at nearly 25%, and the economy is forecast to only narrowly avoid a deficit this year.
The president-elect will also need to reach a deal with the IMF for a bailout, and repair relations with copper miners in the country.
Hichilema has an MBA and was CEO of the Zambian offices of both PWC and Grant Thornton.
He has vowed to turn his attention to the IMF bailout, with plans to resolve $12bn worth of external debts looming over the Zambian economy.
Hichilema was seen as the more attractive candidate by investors in the country’s mining industry following Lungu’s efforts to acquire ‘strategic’ stakes in the Zambian mineral wealth.
Hichilema says he can achieve an economic growth rate of more than 10% within five years if he is elected.
Fortunately for Zambia high copper prices may serve to support Hichilema’s policies and economic growth.
Currencies
US$1.1790/eur vs 1.1731/eur last week. Yen 109.33/$ vs 110.29/$. SAr 14.769/$ vs 14.799/$. $1.385/gbp vs $1.380/gbp. 0.734/aud vs 0.734/aud. CNY 6.479/$ vs 6.479/$.
Commodity News
Precious metals:
Gold US$1,776/oz vs US$1,759/oz last week
Gold ETFs 100.3moz vs US$100.4moz last week
Platinum (AIM:ZERO) US$1,015/oz vs US$1,023/oz last week
Palladium US$2,632/oz vs US$2,628/oz last week
Silver US$23.56/oz vs US$23.41/oz last week
Base metals:
Copper US$ 9,431/t vs US$9,512/t last week
Aluminium US$ 2,595/t vs US$2,594/t last week
Nickel US$ 19,545/t vs US$19,660/t last week
Zinc US$ 3,004/t vs US$2,997/t last week
Lead US$ 2,317/t vs US$2,312/t last week
Tin US$ 35,400/t vs US$35,400/t last week
Energy:
Oil US$69.3/bbl vs US$70.9/bbl last week
Natural Gas US$3.820/mmbtu vs US$3.907/mmbtu last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$161.7/t vs US$158.7/t
Chinese steel rebar 25mm US$817.9/t vs US$817.9/t - China’s crude steel output down 8% in July as production controls take effect
Chinese crude steel output has hit its lowest level since April 2020 after authorities have begun to crack down on production.
Beijing is looking to limit output to the same levels as last year as the CCP aims to reduce emissions.
July saw producers make 85.79m t of crude steel, down 8.4% from the same month in 2020.
The government has been sending inspection teams to mills to ensure that steelmakers are limiting production. The shutting down of coal-fired blast furnaces has also commenced.
Demand for steel Chinese steel is expected to be reduced in the second half of this year as the auto manufacturing industry is restricted by a semiconductor shortage and construction activity slows.
Iron ore prices continue to fall on the back of China’s governmental intervention into steelmaking, with the country by far the largest buyer of the crucial ingredient.
Thermal coal (1st year forward cif ARA) US$103.0/t vs US$104.5/t
Coking coal swap Australia FOB US$199.0/t vs US$199.0/t
China Ilmenite Concentrate TiO2 US$358.87/t vs US$358.9/t
Other:
Cobalt LME 3m US$52,500/t vs US$52,500/t
NdPr Rare Earth Oxide (China) US$95,698/t vs US$96,697/t
Lithium carbonate 99% (China) US$14,818/t vs US$14,508/t
China Spodumene Li2O 5%min CIF US$860/t vs US$860/t
Ferro-Manganese European Mn78% min US$1,751/t vs US$1,743/t
China Tungsten APT 88.5% FOB US$305/t vs US$305/t
China Graphite Flake -194 FOB US$515/t vs US$515/t
Europe Vanadium Pentoxide 98% 9.8/lb vs US$9.8/lb
Europe Ferro-Vanadium 80% 40.25/kg vs US$40.75/kg
Spot CO2 Emissions EUA Price US$68.0/t vs US$67.7/kg
Battery News
LG sign long-term deal for battery-grade nickel and cobalt from Australian Mines Ltd (ASX:AUZ).
LG Energy Solution Ltd. (LGES) has signed a six-year agreement with Australia Mines Ltd. for a stable supply of nickel and cobalt as battery makers seek to get ahead of global demand.
LG will have access to 71,000t of nickel and 7,000t of cobalt, from 2024 to 2030.
The deal will provide enough nickel and cobalt for 1.3m high-performance EVs.
The site Australian Mines will provide from is the Sconi Project, a US$1.5bn site still under development.
The deal follows LG Energy Solution’s June announcement of a 7,000t nickel and 700t cobalt deal with Queensland Pacific Metals in June.
The agreement comes as battery makers are trying source raw materials in a more responsible way – Australia Mines Ltd. are a member of the Initiative for Responsible Mining Assurance (IRMA), which shows the company follows comprehensive standards to address environmental and social issues related to industrial-scale mines.
“Securing key raw materials and a responsible battery supply chain has become a critical element in gaining a greater control within the industry, as the demand for electric vehicles worldwide heightened in recent years," said Jong-hyun Kim, President and CEO of LG Energy Solution.
ArcelorMittal to invest $10bn over next decade to be ‘greener’
Steelmaking giant ArcelorMittal has announced plans to cut its carbon emissions by 25% by 2030 from 2018 levels with $10bn investment over the next decade to support the transition from fossil fuels to greener manufacturing technologies and clean energy.
The global steel sector is a major greenhouse gas producer and is under continuing pressure to decarbonise but shifting away from fossil fuelled blast furnaces is seen as a major and cost-intensive challenge for the industry.
ArcelorMittal said it expected the sector to undergo a major transformation in the coming years, with low carbon steelmaking technologies becoming more competitive than traditional high-carbon manufacturing over time.
The company which had announced plans to be net zero by 2050 said the $10bn investment will help them to hit climate targets, with 35% of the budget to be spent by 2025.
ArcelorMittal is aiming to turn its Sestao operation in Spain into the "world's first full-scale zero carbon-emissions steel plant" by 2025.
Company News
Altus Strategies* (LON:ALS) 58.5p, Mkt Cap £48m – Encouraging Tabakorole Gold Project drilling results
BUY – 118p
Altus reports further encouraging step-out drill results at its Tabakorole Gold Project in southern Mali, undertaken by Altus’ JV partner Marvel Gold and designed to increase the size of the Mineral Resource Estimate.
Results from five DD holes totalling 997m includes highlights (not true width of intervals):
2.6 g/t gold Au over 21m from 70m;
1.3 g/t over 9m from 8m;
1.9 g/t over 8m from 80m
Altus is also awaiting further results pending from seven DD holes (totalling 1,115m) in the north-west zone.
Altus expects results to increase the volume and grade of the resource in the central zone, with an upgraded MRE expected in September 2021.
The Tabakorole Gold Project currently hosts 23.9mt at 1.18g/t for 910koz in total mineral resource.
*SP Angel acts as nomad and broker to Altus
Anglo Asian Mining* (LON:AAZ) 138p, Mkt Cap £158m – Maiden Zafar resource underpins future long term production growth
BUY
The Company released maiden mineral resource estimate for the recently discovered Zafar copper/gold deposit at the Gedabek Contract Area, Azerbaijan.
Total mineral resource is estimated at 8.5mt at 0.60% Cu, 0.30g/t Au and 0.47% Zn comprised of:
8.2mt at 0.60% Cu and 0.31g/t Au in the Measured and Indicated category.
0.3mt at 0.68% Cu and 0.30g/t Au in the Inferred category.
The project is located only 1.5km from processing facilities allowing the team to fast track Zafar through the development stage on course for first production in 2023.
Four core drill rigs are currently in operation at site carrying infill drilling as well as collecting data for geotechnical, hydrogeological and metallurgical work.
One additional rig is working on step out drilling as well as condemnation drilling for the proposed underground decline and ramp infrastructure.
Reserve estimate is expected to be released in 2022 followed by the start of construction works.
Conclusion: The team released maiden Zafar copper/gold deposit mineral resource estimate with most of 8.5mt included in higher confidence Measured and Indicated category to be used in to be followed reserve estimate. The Company is well positioned to fast track project into production given good location close to all necessary infrastructure, team’s mining and processing skillset (AAZ runs underground operations at Gadir and Gedabek as well as flotation treatment plant) and access to development capital (no bank debt on balance sheet and ~$44m in cash and gold inventories as of 30 June). The team is likely to consider expanding flotation circuit to accommodate Zafar material contributing to future long term production growth.
*SP Angel act as Nomad and broker to Anglo Asian Mining
BHP (LON:BHP) 2,284p, Mkt cap £129bn - BHP in talks to exit oil & gas industry
BHP has begun talks over a potential merger of its petroleum division with Australia’s Woodside, one of multipe options currently being considered as part of a strategic review of its petroleum business.
BHP’s oil and gas unit is estimated to be worth ~$13bn, according to analysts at Bernstein.
The miner commented that any agreement to combine its oil and gas assets in Australia, North America and Africa with Woodside could result in a distribution of the Perth-based energy group’s shares to BHP shareholders.
BHP has also put its last remaining thermal coal mine up for sale as it looks to focus on greener commodities under chief executive Mike Henry.
BlueRock Diamonds (LON:BRD) 45p, Mkt cap £6.4m – Very large 58.6ct diamond discovered at Kareevlei Diamond Mine
BlueRock have recovered a very large 58.6ct diamond with the ability to cut ‘D’ colour diamonds from the stone.
The recovery of this very large diamond sets a new record for the mine and follows closely on from the discovery of a 21.56ct stone of exceptional quality.
The auction price of the diamond will depend on the buyers confidence in their ability to cut a number of ‘D’ colour stones while minimising wastage through the avoidance of some sulphide inclusions in the stone.
This is the largest diamond recovered to date by some margin and increases confidence in the mine’s ability to produce more larger and more valuable diamonds.
It will also be interesting to see if the recent recovery of three larger stones will raise the overall diamond grade from the 4.0-4.5cpht expected for this year..
We suspect the achieved values for diamonds to be sold in the August diamond auction will be somewhat higher than the $400-440/ct target given by management due to the addition of these larger stones.
While it is difficult for us to guess the value of this 58.6ct stone we reckon the company could receive ~$500,000 from this single sale.
When adding this to the expected sale of the recently recovered 21.56ct stone, another 9ct diamond and the rest of the run of mine material we guess Q3 sales could rise to $2.5-3m from $2.2m in Q2.
Production is expected to ramp up in October with the commissioning of a new diamond sorting plant. A new primary screen is expected to be delivered by end-September.
Management expect to produce some 24,000-28,000cts this year grading rising to 40,000-43,000cts in 2022.
Grades are expected to be in the range 4.0-4.5cpht this year and 4.0-4.3cpht for 2022.
Values: are likely to rise due to the recovery of an increasing number of larger stones with previous guidance at $400-440/ct for 2021 and $400/ct for 2022.
We now expect sales to rise beyond $11.0m this year due to the recovery larger stones. BlueRock expect sales of around $16m in 2022.
Conclusion: The recovery of this large 58.6ct stone is particularly exciting for the company and its investors. It demonstrates the kimberlite geology is capable of producing larger stones of relatively good quality. We are also tempted to speculate that as the mining team dig deeper into higher-value phases within the kimberlite that further large stone recoveries will be made.
*SP Angel act as nomad and broker to BlueRock Diamonds
Kavango Resources (LON:KAV) 4.85p, Mkt cap £22.2m – Exploration progress at KSZ Hukuntsi
Kavango reports that it has successfully completed the first geological borehole in Target area A of the Hukuntsi section of the Company's Kalahari Suture Zone ("KSZ") Project.
Hole TA2DD001 was drilled to a total depth of 578m, greater than the original target depth of 500m- however the contact with the Karoo gabbro lasted until 568m.
The company chose to drill a further 10m below this formation to allow for preparation of an immediate downhole EM survey, expected over the coming days.
Core samples were successfully extracted throughout the entire hole, with samples currently being cut, ready for shipment to lab.
The Company intends to test all gabbroic samples collected and plans to release full results on completion of the Campaign.
Kavango’s drill operator Mindea will now mobilise the drill rig to the site for Hole TA2DD002, 1,000m from its current location.
Hole TA2DD002 targets a deeper 'Norilsk-style keel' Karoo gabbro, as well as the western edge of the A2 conductor (targeted by Hole TA2DD001).
Kavango expects to drill up to 800m at Hole TA2DD002, with the goal of testing the potential contact between the Karoo and Proterozoic gabbros. Kavango believes this could represent a possible Karoo-age feeder zone.
Ben Turney, CEO of Kavango commented: “The quality of core samples is superb and provides us with exactly the raw materials we need to perform detailed rock analysis to test the KSZ's potential to host magmatic sulphide ore bodies.”
Mkango Resources* (LON:MKA) 30p, Mkt cap £41m – Conditional approval from TSX-V for issue of shares, raising £5.5m
Mkango has received conditional approval from the TSX-V to issue 23m new shares at £0.24 (~C$0.42) raising £5.52m
Derek Linfield, non-exec Chairman is subscribing £700,000 for 2.9m new shares.
Mkango is currently making progress at its now 100% owned Songwe Hill rare earths project while developing its rare-earths separation plant in Poland.
*SP Angel acts as nomad and broker to Mkango
Oriole Resources (LON:ORR) – 0.48p, Mkt cap £7.5m – Exploration progress at Senala, Senegal
(IAMGOLD has the option to spend up to US$8m to earn a 70% interest in Senala)
Oriole reports that operator IAMGOLD has completed diamond drilling at the Fare and Madina Bafe prospects, with best results of up to 70m grading 1.46g/t Au and 100m grading 1.69g/t Au.
Results for 38 holes from the RC programme at Fare have also been received and the Company is currently undertaking its usual validation checks ahead of their release.
Phase 1 drill results at Fare include:
FADD21-031-C: 70.00m grading 1.46 g/t Au from 1.00m, including 31.00m grading 2.72 g/t Au from 17.00m
FADD21-030: 2.60m grading 1.74 g/t Au from 381.40m
Oriole comments that orogenic gold system has been confirmed to continue to at least 350m below surface at Faré South and remains open at depth and along strike, as evidenced by other anomalies at the prospect.
Premier African Minerals (LON:PREM) 0.23p, Mkt Cap £42m – Zulu Lithium Scoping Study updated to account for higher spodumene concentrate prices
The Company released an updated Scoping Study on the Zulu Lithium and Tantalum Project in Zimbabwe.
Changes to the original Nov/17 study include:
An increase to the modelled spodumene concentrate price on the back of the recent rally in market prices.
A slight rise in capital and operating costs.
Other parameters including scale and different engineering and processing assumptions remained unchanged.
Updated Scoping Study includes three spodumene price scenarios including $1,000/t, $1,150/t and $1,300/t compared to $800/t used in 2017.
Operating costs are modelled at ~$525/t (spodumene concentrate) across all three scenarios, up from ~$485/t in 2017.
Capital costs increased to ~$70m across all three scenarios, up from ~$65m.
Production scale was left unchanged at 84kt spodumene and 32.5kt petalite involving milling and flotation for production of fine concentrate.
Petalite concentrate price was also left unchanged at $400/t.
Higher concentrate prices increase respective NPV10% (after tax) to ~$150m, $215m and ~$280m, respectively, up on ~$90m in 2017.
The team is progressing the drilling programme with two rigs operating on site collecting data for the ongoing Feasibility Study level work.
Current mineral resource stands at 20.1mt at 1.06% Li2O for ~525kt LCE.
Conclusion: The Scoping Study update essentially represents a sensitivity analysis of project economics to assumed stronger spodumene prices reflecting the recent run up in market prices with most of other assumptions remaining largely unchanged. The team is continuing onsite drilling works to grow the resource and prepare FS.
Recent Interviews:
IGTV: Mining sector: where now as Gates & Bezos move in?: https://youtu.be/3is7kRMb7yk
China fearing failure in metals pricing tactic: https://youtu.be/RK4HQPrs60s
Evolution of Chinese construction and implications for commodity demand: https://youtu.be/jB2nURL8uPw
VOX Markets: 11/08/21: https://www.voxmarkets.co.uk/articles/john-meyer-on-bluejay-bluerock-bushveld-alba-minerals-efe74e1
04/08/21: https://audioboom.com/posts/7918741-john-meyer-talks-about-china-cora-gold-kodal-minerals-power-metals-rambler-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.
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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
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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.