SP Angel . Morning View . Tuesday 16 11 21
Gold prices continue to rise on inflation expectations
BlueRock Diamonds (Bluerock Diamonds PLC (AIM:BRD)) – Section 54 notice shuts mine on health and safety concern
Caerus Mineral Resources (Caerus Mineral Resources PLC (LSE:CMRS)) – Extension to agreement with Jubilee Metals
Chaarat Gold (Chaarat Gold Holdings Ltd (AIM:CGH)) – Tulkubash drilling results and CFO resignation
Cora Gold (Cora Gold Ltd (AIM:CORA)) – MRE update yields +800koz at 1.15g/t gold inventory
Deep-South Resources (Deep-South Resources Inc (TSX-V:DSM)) – High Court of Namibia orders Ministry of Mines to file further documents no later than November
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) – New license granted at West Kytlim PGM project
KEFI Gold and Copper* (KEFI Gold and Copper plc (AIM:KEFI)) – Tulu Kapi site preparations restart
SolGold* (SolGold PLC (LSE:SOLG, TSX:SOLG, OTC:SLGGF)) – Appointment of CEO
Tietto Minerals (Tietto Minerals Ltd (ASX:TIE)) – $190m debt financing secured for Abujar gold project
VOX Markets: 10/11/21: https://audioboom.com/posts/7977163-john-meyer-on-ev-investment-china-bluerock-diamonds-kodal-minerals-rainbow-rare-earths
IGTV: Cornish Metals*, Mkango *, Kodal * - Fed to consider potential China slowdown when looking at rates https://youtu.be/FjIMHHXKzXg
*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.
Gold ($1,874/oz) heads towards $1,900/oz as traders bet on longer-term inflation ahead of retail sales data due today
Gold prices are closing in on $1,900/oz with traders watching US retail sales data for further signs of inflation
Prices continue to rise despite ongoing US dollar strength and rising 10-year US Treasury yields.
While we believe the Fed will hold off from an early rise to interest rates, many traders see strong retail sales as indicating an early rise in interest rates
Copper holds on optimism following Joe Biden’s meeting with Xi Jinping
Copper rose to $9,742/t yesterday as the US dollar fell to a 5-month low against the Yuan and despite the dollar holding near a 16-month peak vs the Euro.
Xi stated the US and China should increase cooperation and communication.
Risk off sentiment has increased in recent weeks on China’s aggressions towards Taiwan.
China - Crude steel production fell for the fifth month down 23.3% yoy in October to 71.58mt (National Bureau of Statistics)
Production of 10 nonferrous metals fell 2.6% yoy to 5.26mt in October, though this was 0.5% higher than September’s output which was hit by the power crisis.
Finished steel output fell 15% yoy
Pig iron output down 19% yoy
Production has been hit by power limitations, shrinking profits and carbon emission restrictions.
Weaker domestic steel demand on a reduction in property developments following Beijing’s crackdown.
China set renewable power subsidy at 3.87bn yuan for 2022
The Chinese finance ministry has set renewable power subsidy at 3.87bn yuan for 2022.
Within the budget, the ministry will allocate 1.55bn yuan to wind farms, 2.28bn yuan to PV and 38.24 million yuan to biomass power generators.
Dow Jones Industrials -0.04% at 36,087
Nikkei 225 +0.11% at 29,808
HK Hang Seng +1.14% at 25,681
Shanghai Composite -0.33% at 3,522
Economics
US - $1tn infrastructure bill signed into law by President Biden
The bipartisan infrastructure bill is designed to create jobs and refurbish America’s bridges, roads and broadband.
Biden described the bill as a ‘blue-collar blueprint to rebuild America’.
Focus now turns to the $2tn Build Back Better bill which has opposition from both Republicans and centrist Democrats as inflationary concerns mount.
Chinese investors look to equities as property sector loses its lustre
Chinese investment trust money in real estate fell 17% at the end of June to $329.3bn from last year.
Trusts in securities rose 35%. (China Trustee Association)
Property-related trusts’ fundraising fell 38% in Sept. vs August and 55% in October.
Chinese quant private funds have grown 10x in size vs 2017. (Reuters)
The data suggests that Beijing’s intervention in real estate speculation has caused the end of a multi-decade bull run in the property sector.
China takes aim at crypto mining and calls the process “extremely harmful”
Chinese authorities are ramping up efforts to crackdown on crypto mining in the country, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.
The National Development and Reform Commission spokesperson Meng Wei said the process “consumes lots of energy” and “produces lots of carbon emissions”
Meng said that the NDRC will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.
The NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining.
China accounts for more than 75% of global bitcoin mining, according to peer-reviewed journal Nature Communications
Bitcoin prices fell more than 7% following the remarks, while Ethereum fell 8%.
China state planner assures coal supply but warns of ‘tight’ gas supplies
Peak winter demand is set to pressure tight gas supplies in various Chinese regions, state planner.
LNG prices in Northeast Asia up 116% to $31.5mmBtu past 12 months.
Chinese nat gas supply up 10% vs Nov. last year.
Underground gas storage was tapped into last week as gold weather kicked in.
Domestic gas fields being urged to maximise production by the NDRC.
Trafigura’s CEO has also warned of the potential for ‘rolling blackouts in Europe’ this winter owing to a lack of natural gas supplies. (FT)
Currencies
US$1.1373/eur vs 1.1449/eur last week. Yen 114.26/$ vs 113.93/$. SAr 15.263/$ vs 15.250/$. $1.346/gbp vs $1.341/gbp. 0.734/aud vs 0.735/aud. CNY 6.379/$ vs 6.381/$.
Commodity News
Precious metals:
Gold US$1,865/oz vs US$1,862/oz yesterday
Gold ETFs 98.0moz vs US$98.0moz yesterday
Platinum US$1,093/oz vs US$1,078/oz yesterday
Palladium US$2,153/oz vs US$2,090/oz yesterday
Silver US$25.08/oz vs US$25.19/oz yesterday
Rhodium US$14,350/oz vs US$14,350/oz yesterday
Base metals:
Copper US$ 9,651/t vs US$9,697/t yesterday
Aluminium US$ 2,620/t vs US$2,673/t yesterday
Nickel US$ 19,595/t vs US$19,750/t yesterday
Zinc US$ 3,194/t vs US$3,255/t yesterday
Lead US$ 2,322/t vs US$2,344/t yesterday
Tin US$ 37,600/t vs US$37,650/t yesterday
Energy:
Oil US$82.7/bbl vs US$81.8/bbl yesterday
Oil prices have tracked higher in early trading today on worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe
Global oil markets remain very tight and heavily backwardated as demand returns to pre-pandemic levels
Russian crude grades sold in Asia were sold for the highest spot premiums in 22 months for cargoes loading in January, extending gains for a fourth straight month as robust demand and firm refining margins support prices
Nevertheless, worries about demand destruction due to the pandemic weighed
Europe has again become the epicentre of the pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant
OPEC cut its world oil demand forecast for the fourth quarter by 330,000bopd from last month's forecast, as high energy prices hampered economic recovery from COVID-19
Fears of declining demand come as supplies are expected to rise
US shale production in December is expected to reach pre-pandemic levels of 8.68MMbopd, according to Rystad Energy
Natural Gas US$5.110/mmbtu vs US$4.796/mmbtu yesterday
After heavy selling last week, natural gas futures gained back some ground in early trading today
Bespoke Weather Services said forecasts as of early Monday were only slightly changed from Friday’s expectations despite some “serious volatility” in model runs over the weekend
European natural gas prices continue to be volatile as Gazprom announced that it had approved and started implementing a plan to send natural gas into five storage sites across the continent
The volumes and the transportation routes for the gas flows have been determined, concerns on the market and sending prices lower
The EIA expects Henry Hub prices will decrease after the first quarter of 2022, as production growth outpaces growth in LNG exports, and will average US$4.01/mmbtu for the year
US exports of LNG are establishing a record high this year, a new record high anticipated for next year
The EIA expects LNG exports to average 9.7Bcf/d this year (3.2Bcf/d more than the 2020 record high of 6.5Bcf/d) and to exceed annual pipeline exports of natural gas for the first time
The year-on-year increase in LNG exports coincides with slight growth in US natural gas production
US dry natural gas production is expected to average 92.6Bcf/d this year, which is 1.1Bcf/d more than in 2020 but 0.3Bcf/d less than in 2019
Uranium UXC US$48.15/lb vs $46.8/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$88.2/t vs US$89.5/t – Stock levels at Chinese ports close to three-year high
Chinese steel rebar 25mm US$734.3/t vs US$739.9/t
Thermal coal (1st year forward cif ARA) US$104.5/t vs US$105.0/t
Thermal coal swap Australia FOB US$145.5/t vs US$148.8/t
Coking coal swap Australia FOB US$333.0/t vs US$333.0/t
Other:
Cobalt LME 3m US$59,500/t vs US$59,500/t
NdPr Rare Earth Oxide (China) US$123,448/t vs US$124,203/t
Lithium carbonate 99% (China) US$27,982/t vs US$27,975/t
China Spodumene Li2O 5%min CIF US$1,960/t vs US$1,910/t
Ferro-Manganese European Mn78% min US$2,098/t vs US$2,112/t
China Tungsten APT 88.5% FOB US$313/t vs US$313/t
China Graphite Flake -194 FOB US$655/t vs US$655/t
Europe Vanadium Pentoxide 98% 7.5/lb vs US$7.5/lb
Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg
China Ilmenite Concentrate TiO2 US$388/t vs US$388/t
Spot CO2 Emissions EUA Price US$72.6/t vs US$72.9/t
Hydrogen, wind and battery news
ThyssenKrupp pursues $5.7bn IPO of hydrogen unit
ThyssenKrupp is pushing ahead with plans for an IPO of a unit that helps build hydrogen plants (Bloomberg)
The company is looking to list Uhde Chlorine Engineers as soon as Q1 2022, with the engineering group hoping to secure a €5bn ($5.7bn) valuation.
Uhde constructs plants that generate hydrogen gas from renewable energy sources such as solar and wind.
Hydrogen is seen as key to cutting emissions from carbon-heavy industrial processes such as chemical production and steelmaking.
RWE (ETR:RWE) to triple offshore wind capacity by 2030
RWE will invest €50bn in offshore wind and other renewables, including hydrogen and batteries, by 2030, to double its portfolio to 50GW from the planned 25GW.
The company intends to triple its offshore wind capacity from 2.4GW to 8GW, in the same time frame, with activities focused in Europe as well as North America and Asia.
Under a new strategy, RWE will invest an average of €5bn each year in projects in the three geographical regions.
Previously, the company aimed to increase its total capacity by an average of 1.5GW per year – the new strategy puts this figure to an average of 2.5GW per year.
100MW electrolyser planned for UK by 2025
The consortium behind the ‘Gigastack’ offshore wind-to-hydrogen project plans to have a 100MW electrolyser system operation in the UK by 2025.
ITM Power, Ørsted, Phillips 66 (NYSE:PSX), and Element Energy, the companies behind the project have published a report, highlighting the progress made on the project to date and the pathway to commercial operation in 2025, subject to a supportive policy environment.
In the plans a 100MW electrolyser system would utilise renewable power from Hornsea 2, the 1.4GW offshore wind farm under construction in the North Sea.
The Gigastack project is expected to lay the groundwork for future expansion in the region and catalyse the renewable hydrogen sector by providing a blueprint for scalable electrolyser technology in the UK.
The consortium work with UK Government over the next 12 months to secure revenue support and agree specific deployment targets for renewable hydrogen to ensure the Gigastack deployment target of 2025 is achieved.
Company News
BlueRock Diamonds (Bluerock Diamonds PLC (AIM:BRD)) – 41.00p, Mkt cap £6.2m – Section 54 notice shuts mine on health and safety concern
BlueRock diamonds report operations at the Kareevlei mine have been stopped under notice from the Department of Mineral Resources and Energy DMRE.
The Section 54 notice follows a visit by the DMRE on 9th November and was received on the evening of 11th November.
The DMRE has made regular visits during the expansion of the mine and processing plant and the notice appears to be a precautionary matter as we have not been notified of any injuries at the mine or plant.
Management hope to resolve the issue and restart ore processing in the near future.
Management still expect diamond production to be within the guidance range of 22,000-26,000cts.
*SP Angel act as nomad and broker to BlueRock Diamonds
Caerus Mineral Resources (Caerus Mineral Resources PLC (LSE:CMRS)) 18.75p, Mkt Cap £12.3m – Extension to agreement with Jubilee Metals
Caerus Minerals reports that it has agreed an 18 months extension of its option agreement with Jubilee Metals to allow adequate time for the testing of the Trouli-Kokkinapetra project in Cyprus and additional mineralogical and metallurgical testing of the company’s other projects.
Operational costs are being borne by Jubilee Metals and if the option leads to a Joint-Venture is concluded “Jubilee will design, finance and execute construction of any processing plant and become its operator”.
Caerus clarifies that the “ultimate objective is to identify and define projects within the Caerus portfolio that can be 'scaled-up' and prioritised into one or more Joint Ventures targeting profitable production using modern designs and waste processing technologies guided and financed by Jubilee”.
The company also explains that the extension of the option agreement “enables Caerus and Jubilee to expand the previously agreed Work Programme to investigate and assess the multiple waste stockpiles bearing residual copper and gold from the 16 mines that operated historically on Caerus' concessions and, sulphide resources occurring either as residual ore left by previous operators or newly discovered mineralisation where Caerus is currently undertaking exploration and resource drilling and conversion to Mineral Resources”.
CEO, Martyn Churchouse, described “very good progress” on the assaying and testing of samples from Trouli and explained that the “extension of the Option period provides Caerus with the ability to complete more detailed reconnaissance on the enlarged suite of licences including the collection of samples from the recent major trenching exercise and ongoing drilling
Conclusion: The extension of the option with Jubilee Metals suggests a positive relationship between the two companies and provides adequate time for a thorough project investigation without the added pressures of an overly onerous timetable.
Chaarat Gold (Chaarat Gold Holdings Ltd (AIM:CGH)) 21p, Mkt Cap £142m – Tulkubash drilling results and CFO resignation
The Company reported completion of the Tulkubash 2021 drilling programme including ~4,800m in 33 holes.
The programme mostly focused on infill drilling to convert Inferred resource into higher confidence category
12 of 14 infill drill holes, drilled at Tulkubash Central Pit confirm grade and consistency of expected gold mineralisation based on previous drilling
7 of 10 infill drill holes in the Tulkubash east oxide gold area also confirm expected mineralisation
Additionally, the Company trenched and drill tested Karator and Ishakuldy gold zones.
At Karator located 2km NE of the Tulkubash East and is reported to have 800m strike, 30-50 true width and extending 150m deep.
All 5 drill holes intersected gold, confirming the trenching results including 60m of 1.32g/t with a 6m at 5.06g/t subinterval.
At Ishakuldy, a 1,500m in strike and ~100m wide gold anomaly, trenching returned 10-30m intervals at 2.4-5.1g/t with drilling showing 12.3m at 3.18g/t.
The Company is planning to follow up both gold zones in future exploration programmes.
Infill drilling at Tulkubash will be included in the updated MRE that is planned for early 2022 and expected to increase Indicated Resource category.
Tulkubash currently hosts 571koz at 0.85g/t in reserves and 1,177koz at 0.73g/t in total resources (including 388koz at 0.56g/t in the Inferred category).
Previously, the Company announced that Chris Eger, CFO, will be leaving the business on 30 November 2021.
The Company started the search for a successor.
"I would like to thank Chris for his work and dedication to Chaarat over the past three years and the Board wishes him well in his future endeavours,” Martin Andersson, Executive Chairman and Interim CEO, commented on the announcement.
Cora Gold (Cora Gold Ltd (AIM:CORA)) 12p, Mkt Cap £30m – MRE update yields +800koz at 1.15g/t gold inventory
The Company released an updated Sanankoro MRE this morning following the recently completed 43,000m of drilling.
+200% increase in total ounces from maiden MRE in December 2019 and significant upgrade to Indicated category using a 0.4g/t cut off and a US$1,800/oz optimised pit shell.
New MRE includes:
12.6mt at 1.33g/t for 541koz in the Indicated category (~77% oxide);
9.2mt at 0.90g/t for 269koz in the Inferred category (~76% oxide);
21.9mt at 1.15g/t for 809koz in total resource (~77% oxide; 0.4g/t COG, roughly same to previous Dec/19 MRE).
New estimates represent an upgrade on the previous MRE (Dec/19) for 5.0mt at 1.65g/t for 265koz (all Inferred).
The MRE is based on 7.5km surface expression of the total 3km strike of the potential mineralised corridor identified in the 2018 Exploration Target to host up to 2moz within 100m weather horizon.
The MRE comprises 5 deposits including maiden estimate for Zone C (1.2mt at 1.27g/t for 48koz) with all deposits remaining open in all directions.
Updated MRE will be used in the DFS that is currently targeted for H1/22.
Conclusion: The team has done well at growing the resource at the Sanankoro project with higher confidence Indicated category accounting for 2/3s of the total resource, albeit, at lower average grades. The Company is working on the Sanankoro DFS targeted for H1/22 with the current MRE likely to deliver the minimum required ~350koz in reserves for the $25m Lionhead Term Sheet conditions of 8y LOM at 40kozpa. Although, the Company lately suggested the DFS is likely to be based on the standard CIL processing option delivering better gold recoveries but also likely to involve significantly higher capital cost than heap leaching operation. The planned DFS will provide more details on that front including production schedule, opex and capex. At this point, Cora is trading at a EV/MI&I multiple of $40-45/oz, close an average of ~$50/oz for its peers, suggesting the Company is fairly valued at this point.
Deep-South Resources (Deep-South Resources Inc (TSX-V:DSM)) C$0.06, Mkt cap C$8.8m – High Court of Namibia orders Ministry of Mines to file further documents no later than November
Deep-South Resources reports the High Court in Namibia has ordered the Ministry of Mines and Energy of Namibia to submit further documents in relation to the ministry’s refusal to renew the Haib Copper licence as reported on 16th June.
The Ministry claimed it was withholding the license due to the Company’s inability to advance the EPL to Pre-Feasibility and complete the proposed drilling program as planned.
Deep-South claims the Ministry was kept well apprised with no objection of a proposed change from the Pre-Feasibility study to an upgraded Preliminary Economic Assessment (PEA) and commencement of a full feasibility study which had been started at the time of the refusal. Moreover
The Ministry has also issued permits required for the drilling program and should have been well aware that Deep-South has completed the drilling program.
As a result of the Minister’s refusal to renew the Licence, the Company stopped all work at the Habib site.
Conclusion: Disputes between ministries and companies are always a concern for investors and companies while the ability of courts to apply a fair ruling is also judged internationally by investors and companies looking to business in the jurisdiction.
While we do not have sufficient information to decide either way in this case we are concerned the situation has the potential to damage the good reputation of Namibia as a mining destination.
Eurasia Mining* (Eurasia Mining PLC (AIM:EUA)) 29.75p, Mkt Cap £849m – New license granted at West Kytlim PGM project
Eurasia Mining report a new license has been granted at the West Kyltim Platinum Group Metals ‘PGM’ project.
The license, known as the ‘Flanks License’ and is adjacent to the current mining license and was applied for in 2019.
Eurasia has previously explored the Flanks license area through exploration work done within their former joint venture with Anglo American Platinum (Amplats).
Access to the Flanks license area should add significant additional resources to potentially increase the mine life.
Expanding the West Kyltim resource should enable the company to scale up production to use electric draglines and to reduce the company’s use of diesel.
Two additional mining plants have been commissioned this year in the West Kyltim license area this year in addition to the single alluvial mining plant run in previous years.
The potential to operate electric draglines running off grid power could significantly raise production, cut operating costs and reduce Eurasia’s carbon footprint.
West Kyltim is the world’s largest soft rock, alluvial, PGM project.
Conclusion: Confirmation of the receipt of the granting of the Flanks license at West Kyltim is good news as it should enable the company to press ahead with plans to potentially install electric draglines in the areas to significantly increase PGM production, lower costs and improve the operation’s carbon footprint.
*SP Angel act as Nomad and Broker to Eurasia Mining
KEFI Gold and Copper* (KEFI Gold and Copper plc (AIM:KEFI)) 0.98p, Mkt Cap £21m – Tulu Kapi site preparations restart
The Company is reporting a restart to suite preparations for the Tulu Kapi launch following permission from the security authorities.
This includes inspections by assessors for the financing syndicate and consultations with the community.
The Company notes progress in addressing political and military crisis between government and TPLF supporters with an African Union-appointed mediator having been accepted by both sides.
The mediator started discussions with both parties during the past week.
The team remains focused to start mining and commissioning the project in late 2023.
The Ministry of Mines recently confirmed the Tulu Kapi mining license highlighting the Company will need to procure project funding by 31 January 2022.
*SP Angel act as Nomad and Broker to KEFI Gold and Copper
SolGold* (SolGold PLC (LSE:SOLG, TSX:SOLG, OTC:SLGGF)) 26.25p, Mkt Cap £599m – Appointment of CEO
Solgold has appointed a former long-serving BHP executive, Darryl Cuzzubbo as its new CEO replacing the interim holder of the post, Keith Marshall, who assumed the role following the decision of Nick Mather to relinquish the CEO position earlier this year.
Mr. Cuzzobbo spent 24 years with BHP “where he held senior positions including three years as President of Olympic Dam with responsibility for operations, expansion projects and organisation wide transformational change programmes” and has broad international experience including “running operations across over 30 countries and has the ability to understand and work across diverse cultures to deliver results”.
More recently, he served as “Chief Manufacturing and Supply Officer as well as Group Executive and President of Auspac Asia while at Orica Pty Ltd”.
Welcoming the appointment, Chairman, Liam Twigger, expressed confidence that “Darryl with his deep commercial, operations and project delivery experience is the best person to lead this organization forward in order to realise the best potential of SolGold”.
Mr Twigger also expressed his appreciation to the interim CEO, Keith Marshall, who “agreed to step in as acting CEO as we progressed the critically important pre-feasibility phase at Cascabel”.
The incoming CEO said that the identification of “such an extraordinary deposit at Cascabel and be currently making numerous exciting additional discoveries throughout Ecuador is a tribute to the organisation's exploration team and past leadership”.
The company has previously indicated that it expects to deliver the pre-feasibility study for the 2.6bn tonne Alpala deposit at Cascabel towards the end of 2021.
Conclusion: The new CEO joins Solgold at a pivotal time with the PFS for Alpala well advanced and significant progress on a number of the company’s exploration projects throughout Ecuador, including the recent delivery of an initial mineral resources estimate for the Tandayama-America deposit within the Cascabel licence area and encouraging drilling results from Porvenir, Sharug and Rio Amarillo.
Tietto Minerals (Tietto Minerals Ltd (ASX:TIE)) A$0.46, Mkt Cap A$213m – $190m debt financing secured for Abujar gold project
Tietto has secured up to US$140m in debt funding for the development of the Abujar gold project in Ivory Coast – underwritten by Taurus Mining Finance.
The company reports that it had various funding offers following the release of its DFS last month.
Tietto’s DFS for Abujar is based on open pit probable ore reserves of 34.4mt at 1.3g/t Au gold for 1.45Moz.
Capex is estimated in the region of US$200m top generate LOM revenue of US$2.87bn, producing post-tax cash flow of US$970m.
While the terms of the financing have not been disclosed, Tietto MD Dr Caigen Wang has commented that repayments will commence in June 2023.
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
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
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