SP Angel . Morning View . Monday 21 11 22
China ministry calls on lithium battery producers to ramp up output and sign longer-term contracts
Copper weakens on renewed concerns over China covid controls as infections rise
MiFID II exempt information – see disclaimer below
121 Mining Investment Conference – London Tuesday & Wednesday this week
- SP Angel are sponsoring the 121 Mining Investment conference in London this week.
- Our team of four mining analysts will be busy presenting to investors at Table S6 and meeting companies throughout the event
- If we don’t see you in London hopefully we will meet at the 121 in Cape Town on 6-7 February 2023
Beowulf Mining PLC (AIM:BEM)* – Phase-2 drilling commences at Madjan Peak
Cora Gold Ltd (AIM:CORA) – Sanankoro Maiden Reserves, DFS and Optimised DFS
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) – 3moz gold discovery in Cote d’Ivoire
Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) – Long-term renewable power supply agreement for Araguaia
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF)* – Tulu Kapi funding to be signed off next month
Ricca Resources (PRIVATE-AU:RICCA) – Endeavour discovery brings Cote d’Ivoire into focus
Rockfire Resources PLC (LSE:ROCK) – Drilling underway at the Molaoi zinc project
Thyssenkrupp (ETR: TKA) - warns sales and profits could “nosedive” on high inflation, energy costs and European recession
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) – Drilling commences at REE-Tin target at Mount Lindsay
Beijing moves to curb price speculation, hoarding and unfair competition in lithium battery market
- China is encouraging lithium battery producers to sign longer-term contracts to stabilise supply chains. (Bloomberg)
- The Ministry of Industry and Information Technology is also calling on lithium battery producers to ramp up output and avoid ‘vicious competition.’
- Lithium battery companies will be punished for hoarding and price speculation on the lithium battery market – could lead to 5-years in a correction camp!
- The statement described the ‘supply chain of the domestic lithium battery industry experiencing a serious imbalance between supply and demand.’
- The Ministry is also looking to ‘strengthen supervision and inspection to ensure the supply of high-quality lithium battery products.’
The statement is a green light for Chinese companies to sign-up and acquire new lithium production around the world.
We recommend: Savannah Resources PLC (AIM:SAV, ETR:SAV, OTC:SAVNF)*, Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11)* and Kodal Minerals PLC (AIM:KOD)* - *SP Angel acts as Nomad and or broker
Gold eases from 4-month highs on strengthening dollar and US Treasury yields
- Gold prices have eased 1.9% from highs reached last week to $1,740/oz following a major move down in the dollar index.
- The dollar has climbed 1.25% following a series of hawkish comments from the Federal Reserve regarding the need to hold rates higher for longer.
- The Fed’s hawkishness has also seen yields tick higher.
- The 2-year yield, more vulnerable to Fed policy, has climbed 19bp to settle around 4.52%, whilst the 10-year yield has climbed 10bp to settle around 3.81%.
- The dollar and US Treasury yields are major headwinds to gold when strengthening, with investors more likely to opt for a risk free 4.5% yield than non-interest bearing gold.
- However, traders are ramping up bullish bets on gold prices, with CFTC data showing the biggest gain in net long gold positions since February 2020.
Copper settles back to $8,000/t on China covid controls as infections rise
- Copper prices have eased 5.8% since reaching a 5-month high last week on a weaker dollar and speculation of an end to China’s zero covid policy.
- China reported its first official Covid-related death for 6 months this weekend, though we suspect many more have been listed under other causes.
- Beijing recorded 951 Covid cases yesterday, pressuring officials to take decisive action following talk of a major policy shift.
- WHO estimates 24,683 cases in China in the last 24 hours
- Copper supply issues in China appear to be easing with the Yangshan copper premium, which highlights demand dynamics, falling.
- LME futures spread continues to swing further into contango, highlighting immediate supply concerns are easing.
- Global copper inventories have risen 21% over the past 10 days as higher prices attract metal to the LME for near-by sale.
Dow Jones Industrials +0.59% at 33,746
Nikkei 225 +0.16% at 27,945
HK Hang Seng-1.87% at 17,656
Shanghai Composite -0.39% at 3,085
Economics
China – Dynamic zero-Covid policy failing against Omicron as economic activity data paints weak fiscal picture as Covid resurfaces
- China subway usage is currently 34% below pre-pandemic averages.
- Internet searches for ‘employment’ have jumped 37% higher than the pre-Covid average. (Bloomberg)
- Home sales in 50 major cities down 33% yoy as of November.
- Chinese Exports to the US fell 12.6% yoy in October to $47bn. Exports of mobile phones, toys, furniture and clothing all fell despite a traditionally strong seasonal buying period.
- China is continuing to face youth labour shortages, with Reuters reporting 80% of Chinese manufacturers experiencing labour shortages this year. 18% of China’s youth are unemployed.
- China’s Ministry of Education is forecasting a shortage of c.30m manufacturing workers by 2025.
- Reports indicate China is increasing numbers of hospital beds in preparation for a surge in cases
- Will Chinese vaccines and boosters work as well at protecting the population as seen in the West?
- 16-point property rescue plan is more of a series of in-principal wishes than concrete action. .
China buys $60bn worth of Russian energy since Putin’s invasion of Ukraine, metals imports mixed
- Chinese imports of Russian gas, coal and crude have almost doubled this year.
- Oil imports from Russia to China in October jumped 16%.
- China’s coal imports jumped 26%, 3 times the amount bought in 2021 from Russia.
- China’s imports of refined copper and nickel from Russia fell 75% and 40% respectively.
- Aluminium imports up 7x and gold imports to China from Russia doubled in October yoy.
- Refined copper production rose 10.9% yoy to 953,000t in October (National Bureau of Statistics)
US - Regional Fed governor of St Louis hinted Fed Funds could reach 5-7% vs market expectations of 5/5.25% and current range 3.75-4% rate
- The next FOMC meeting is on 14/15Dec just after the November CPI data is released on 13th December
- US Kansas City manufacturing index recovered to -10 in October vs -22 in September
- We suspect the Fed’s terminal interest rate is closer to 5% than 7% due to the impact of quantitative tightening and the impact of rate guidance.
- Rate rises to 7% are only likely in extreme circumstances and would cause severe pain in equity and bond markets..
Japan - CPI rose 3.7% yoy in October vs 3.0% in September - a 40-year high
UK – Government is talking of a Swiss-style free-trade agreement with the EU
- The UK government is looking to ease and cut the cost of trading with the EU which is impacting both the EU and UK
- The UK will need to maintain EU product standards, which we believe the UK continues to do.
- The UK will need to allow more Eu citizens to work in the UK, which is short staffed across many services.
- Question is, will the EU allow the UK to enjoy such luxury given EU political animosity towards the UK?
- The Swiss pays into the EU for the privilege of free trade and we suspect a money-hungry EU may be swayed by cash
- The other sticking point is the ability of the UK parliament and UK courts to set UK rules, laws and standards which we suspect is a hard red line for Brexit MPs.
- GfK consumer confidence -41.9 into November vs -42.8 in October
Indonesia – Earthquake measuring 5.6 hits offshore West Java
- The earthquake caused the evacuation of some offices in Jakarta but is just one of 10 recorded last week.
Baltic dry index falls 12% to 2-month low last week as iron ore and coal demand cools
- The Baltic dry index, which records demand for dry bulkers carrying iron ore and coal, fell for its 5th week, down 12.3% last week.
- The capesize index, saw a weekly fall of 27%.
- The panamax index fell 3.4% to a 10-week low. Panamax carry coal and grain cargoes at half the tonnage of capesize vessels.
FTX - FTX meltdown highlights dangers of cryptocurrency exchanges but Bitcoin price holds US$15,993/coin
- High global power prices appear to have slowed or even stopped power-intensive Bitcoin mining
- Gold is likely to benefit from a loss of confidence in cryptocurrency markets
Mining entrepreneur rescues rare reptiles after oil spill in Mauritius
- The Jean Boulle Group alongside Conservationists from Durrell Wildlife Conservation Trust, Mauritian Wildlife Foundation (MWF), BirdLife International, National Parks reports the emergency rescue of three species of rare reptiles following the Wakashio oil spill in Mauritius in 2020
- The species were facing extinction and have now been transferred of the reptiles to Jersey.
Currencies
US$1.0269/eur vs 1.0363/eur last week. Yen 141.02/$ vs 140.01/$. SAr 17.383/$ vs 17.378/$. $1.184/gbp vs $1.190/gbp. 0.664/aud vs 0.670/aud. CNY 7.164/$ vs 7.127/$.
Dollar Index: 107.57 /+0.83% on week
Commodity News
Precious metals:
Gold US$1,743/oz vs US$1,764/oz last week
Gold ETFs 94.1moz vs US$94.2moz last week
Platinum US$974/oz vs US$985/oz last week
Palladium US$1,925/oz vs US$1,990/oz last week
Silver US$20.84/oz vs US$21.16/oz last week
Rhodium US$13,400/oz vs US$13,550/oz last week
Base metals:
Copper US$ 8,007/t vs US$8,120/t last week
Aluminium US$ 2,401/t vs US$2,397/t last week
Nickel US$ 25,165/t vs US$25,315/t last week
Zinc US$ 2,972/t vs US$3,024/t last week
Lead US$ 2,145/t vs US$2,171/t last week
Tin US$ 21,830/t vs US$22,365/t last week
Energy:
Oil US$87.0/bbl vs US$89.8/bbl last week
- Crude oil prices fell as the US prompt-spread flipped into contango on Friday, a structure that signals near-term oversupply, for the first time since 2021.
- The US Baker Hughes rig count rose by 3 to 782 rigs last week, with oil rigs up 1 at 623 rigs and gas rigs up 2 at 157 rigs, though there are growing reports that frac spreads are already running at near capacity.
Natural Gas US$6.278/mmbtu vs US$6.189/mmbtu last week
Uranium UXC US$50.70/lb vs US$50.70/lb last week
Bulk:
Iron ore 62% Fe spot (cfr Tianjin) US$97.2/t vs US$97.5/t
Chinese steel rebar 25mm US$542.9/t vs US$548.4/t
Thermal coal (1st year forward cif ARA) US$200.0/t vs US$200.0/t
Thermal coal swap Australia FOB US$341.0/t vs US$320.0/t
Coking coal swap Australia FOB US$261.0/t vs US$267.0/t
Other:
Cobalt LME 3m US$51,955/t vs US$51,955/t
NdPr Rare Earth Oxide (China) US$90,733/t vs US$91,190/t
Lithium carbonate 99% (China) US$80,473/t vs US$80,878/t
China Spodumene Li2O 5%min CIF US$6,110/t vs US$6,110/t
Ferro-Manganese European Mn78% min US$1,268/t vs US$1,280/t
China Tungsten APT 88.5% FOB US$31.7/kg vs US$31.7/kg
China Graphite Flake -194 FOB US$880/t vs US$880/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$313/t vs US$315/t
Spot CO2 Emissions EUA Price US$73.8/t vs US$75.8/t
Brazil Potash CFR Granular Spot US$552.5/t vs US$570.0/t
Battery News
Company News
Beowulf Mining PLC (AIM:BEM)* 4.2p, Mkt Cap £35m – Phase-2 drilling commences at Madjan Peak
- Beowulf reports it has commenced drilling at its recently discovered polymetallic targets at Madjan Peak, part of the company’s Mitrovica licence in Kosovo.
- The Company expect to drill five holes, followed by another round of drilling in Spring 2023 for a total 3,500m.
- Three holes will target high-sulphidation polymetallic targets, investigating potential feeder structures to mineralisation intersected in previous drillhole MP006, that returned 10.8m at 0.48g/t Au, 0.1% Cu and 18g/t Ag.
- Two holes will be drilled at Madjan South, which have been designed to test for higher grade extensions to the gold and silver-lead-zinc-copper mineralisation intersected in holes MP001 and MP003.
- One hole will target anomalous gold in rocks samples of up to 7.2g/t which is also the location of an IP anomaly at the Gold Ridge.
*SP Angel acts as nomad and broker to Beowulf Mining
Cora Gold Ltd (AIM:CORA) 4.4p, Mkt Cap £13m – Sanankoro Maiden Reserves, DFS and Optimised DFS
- The Company released maiden DFS and Mineral Reserve Estimate for the Sanankoro Gold Project in southern Mali.
- Maiden Mineral Reserve is estimated at 10.1mt at 1.30g/t for 422koz including:
- 9.6mt at 1.24g/t for 382koz hosted within oxide material and;
- 0.5mt at 2.37g/t for 40koz estimated within the transitional zone.
- DFS economics envisage:
- Free dig contract mining open pit operation suppling a 1.5mtpa conventional CIL processing plant;
- Average waste stripping ratio is assumed at 4.6x with average processed grades of 1.30g/t and gold recoveries of ~90%;
- LOM is for 6.8years running at 56kozpa (380kozpa over LOM) at $1,033/oz AISC using $1,750/oz gold price;
- Development capital is estimated at $108m;
- NPV8% (post tax) and IRR (post tax) estimated at $73m and 37% at $1,750/oz gold price ($53m and 30% IRR at $1,650/oz).
- The Company highlighted a series of optimisation initiatives run in parallel to DFS by independent technical consultants that are expected to improve Sanankoro headline economics.
- In the announcement following the DFS release, the Company provided updated economics for the project reflecting significant capital cost savings.
- Major improvements include lower pricing for the TSF and project management contracts provided by independent engineering firms.
- Updated development capex is estimated at $90m.
- NPV8% (post tax) and IRR (post tax) estimated at $95m and 52% at $1,750/oz gold price ($75m and 44% IRR at $1,650/oz).
- Separately, the team confirmed that it remains in constructive talks with Lionhead regarding a potential up to $30m funding package and commenced discussions with a number of potential lenders regarding the balance of the project funding.
- Updates on funding discussions are expected to be provided in due course.
Conclusion: Maiden DFS delivers a 56kozpa CIL operation at an average AISC of $1,033/oz reflecting softer nature of the oxide material accounting for 95% of the feed helping mining and processing costs. Capital cost is estimated at the lower end for a comparable size operation helped by the use of contract miners. Although, the team estimates there is further scope to reduce development capex with optimisation study reported to having identified ~$19m of cost savings that flow directly into improved project NPV and IRR. The latter should assist the Company with its funding negotiations.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) 1,673p Mkt Cap £4.04bn – 3moz gold discovery in Cote d’Ivoire
- Endeavour Mining has announced the discovery of a maiden, greenfield gold resource at its Tanda-Iguela project in Cote d’Ivoire where it has outlined an indicated resource of 14.9mt at an average grade of 2.33g/t gold containing 1.1moz and an additional inferred resource of 32.9mt averaging 1.8g/t containing a further 1.9moz of gold.
- The company says that since “Tanda-Iguela … became a stronger strategic focus in 2022 … [the maiden resource has been] … outlined in under 15 months” which we see as demonstrating both the benefits of focussed, well-funded exploration and of the continuing and emerging geological potential available in Cote d’Ivoire.
- The resource, at the Assafou deposit, which is based on 58,000m of drilling and uses a 0.5g/t gold cut-off, is one of at least “10 additional highly prospective targets … [which] … have been identified on the … [395km2] … Tanda … [298km2 and]… Iguela properties” and the company says that an “aggressive 70,000 m drill programme is planned for 2023 to both delineate further resources at Assafou and test new targets”.
- Endeavour Mining says that 50,000m of the drilling is planned for “the Assafou deposit … [which] … is open along strike in both directions and at depth … [and that the] … delineated Indicated resource encompasses only 20% of the identified mineralised system which covers an area three kilometres long by 350 metres wide”.
- The remaining 20,000m of drilling “is planned to test the additional nearby targets identified to date. These efforts are expected to yield an updated resource estimate in 2023 and increase the overall geological understanding of the area”.
- Describing the discovery as “one of the most significant discoveries made in West Africa over the last decade”, President and CEO, Sébastien de Montessus, said that it “builds on our recent success discovering the Lafigué project, where construction was recently launched … [and that it] … showcases West Africa’s geological potential”.
- Patrick Bouisset, Executive Vice President Exploration and Growth said that “Significant exploration potential exists on the Tanda-Iguela property with the Assafou deposit located over a structural trend extending over 15 kilometres and remaining open in all directions with at least 10 additional exploration targets identified nearby”.
- Mr. Bouisset said that the company’s “initial analysis of the ore characteristics and orebody shape … [indicate that it] … should be amenable to open pit mining as mineralisation starts at surface, whilst preliminary metallurgical test work done to date suggests the potential for very high gold recovery rates”.
- “The geological context, coupled with the occurrence of greater than 30-metre thick high grade intercepts at depth, also suggests the possibility for future underground mining potential.”
- The project is located in eastern Cote d’Ivoire approximately 400km northeast of Abidjan and within 30km of the Ghana border and is hosted within the prolific Boundounkou Birimian greenstone belt.
- Mineralisation “occurs both within a network of quartz veins and breccia crosscutting the sandstones, and as disseminated occurrences within pervasively altered sandstones”.
Conclusion: The discovery of a 3moz gold deposit with expansion potential at Tanda-Iguela in eastern Cote d’Ivoire after only 15 months of focussed exploration reflects credit on Endeavour Mining’s technical teams and is likely to propel the exploration potential of Cote d’Ivoire higher up the priority lists of other explorers
Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) 100p, Mkt Cap £260m – Long-term renewable power supply agreement for Araguaia
- Horizonte Minerals has agreed renewable power supply for the first ten years of operations at its Araguaia ferronickel project in Brazil.
- The agreement, with Casa dos Ventos Comercializadora de Energia (CDV) provides for a fixed price of US$28.4/MWh over the first five years and US$29.6.MWh for the second five years although transmission costs are not included.
- These costs are, however, around 30% lower than those estimated for the project feasibility study and Horizonte Minerals explains that they represent “an estimated cost of approx. US$1,400/t Ni when transmission costs and charges are included compared to approx. US$2,000/t Ni used as the basis for the Feasibility Study, representing a cost reduction of around 30%”.
- The agreement covers the project’s full electricity requirement for the first five years and “over 60% of the expected power demand for the following five years” during which time a second rotary kiln furnace is expected to be installed doubling the phase 1 production to 29,000tpa of contained nickel.
- CDV is described as “a Brazilian energy company that develops, builds and operates renewable energy projects. The company is one of the leading providers of energy solutions to support consumers in their energy transition and holds the largest portfolio of wind and solar projects under development in the country, with approximately 20 GW”.
- Drawing attention to the financial and environmental benefits of the agreement, CEO, Jeremy Martin, explained that “electrical power will represent roughly a third of Araguaia's operational cost” and that using “the abundant hydropower available in Brazil, we are able to not only differentiate ourselves against global peers from a cost perspective, but also from an environmental standpoint”.
- Mr. Martin commented that power supply costs 30% below those used for the feasibility study ensures “that our operational costs will be in the lowest quartile globally”.
- The Araguaia project is currently under construction with initial metal production expected in early 2024.
KEFI Gold and Copper* (KEFI LN) 0.9p, Mkt Cap £35m – Tulu Kapi funding to be signed off next month
- The Company completed costings and finance plan for the updated $320m Tulu Kapi Project capex with all interested parties including contractors, investors and lenders.
- Final reviews of the proposed funding plan is being reviewed by the investment syndicate and definitive documentation is expected to be signed next month.
- Meanwhile, initial project development activities have started including camp upgrades for construction, local recruitment, community resettlement, plant procurement engineering along with other work programmes required to meet standard conditions precedent for finance drawdowns.
- An official project launch is planned for early 2023.
Conclusion: The Company is nearing a sign off on the Tulu Kapi Gold Project funding amid an improving security situation after the government signed a ceasefire with the TPLF.
*SP Angel act as Nomad to KEFI Gold and Copper
Ricca Resources (PRIVATE-AU:RICCA) – Endeavour discovery brings Cote d’Ivoire into focus
- We note news from Endeavour Mining this morning, on discovery of a maiden, greenfield gold resource at its Tanda-Iguela project in Cote d’Ivoire where it has outlined an indicated resource of 14.9mt at an average grade of 2.33g/t gold containing 1.1moz and an additional inferred resource of 32.9mt averaging 1.8g/t containing a further 1.9moz of gold.
- Ricca Resources holds licenses over key structural trends in the region, having been spun out of Atlantic Lithium through a demerger in December 2021.
- Ricca has a 3,928km² gold portfolio in the Ivory Coast, many of which is underlain by Birimian Greenstone Belts that host several multi-million ounce deposits.
- Approximately 87,000m of drilling has been completed at the company’s Zaranou Project, with highlights including:
- 24m @ 13.59g/t from 136m
- 6m @ 15.11g/t from 26m
- 22m @ 3.39g/t from 8m
- 6m @ 6.44g/t from 132m
- Ricca is currently targeting a maiden MRE for Zaranou ahead of a market listing.
Rockfire Resources PLC (LSE:ROCK) 0.15p, Mkt Cap £2.1m – Drilling underway at the Molaoi zinc project
- Rockfire Resources reports that it has started an initial 4-hole drilling programme totaling 840m at its Molaoi zinc project in Greece where 173 historical drill holes have outlined a JORC compliant inferred resource of 2.3mt at an average grade of 9.4% zinc, 1.7% lead and 47g/t silver (reported as 11% Zinc equivalent grade).
- The new drilling is intended to provide geotechnical information as well as providing confirmation of the historical assay information and additional material for crushing and grinding tests.
- Commending the local operating team in Greece for the progress achieved since the project was acquired in March, CEO, David Price, said that the company is “optimistic for our maiden drilling campaign and continue to forge ahead towards early production. As part of the process to reach commercial extraction, the geotechnical tests for which this core will be used, form a critical stepping-stone on the path to feasibility”.
- He explained that “Drilling is expected to be continuous, with further drilling already being planned for the new year”.
Conclusion: We await results from the Molaoi drilling campaign with interest.
Thyssenkrupp (ETR: TKA) €5.35, Mkt cap €3.3bn - warns sales and profits could “nosedive” on high inflation, energy costs and European recession
- Management are battening down the hatches in preparation for a worst-case-scenario
- The CFO expects sales to fall by <10% in 2023 which appeared to backtrack on his ‘nosefive’ comment (euronews)
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) – 0.0025c, Mkt cap A$39m – Drilling commences at REE-Tin target at Mount Lindsay
- Venture Minerals reports that it has commenced drilling at the new target that is located 1.3km west of the of the recent shallow clay hosted Reward REE discovery.
- The new target, Cruncher, consists of a 1.2km soil anomaly defined mainly by REEs Lanthanum and Cerium in a broader Boron soil anomaly, both of which are open to the north.
- Other targets at Mount Lindasy are characterised by Boron in soil anomalies, making Boron a strong indicator for Tin in skarn mineralisation.
- Venture also note that the soil anomaly at Cruncher also contains elevated values of Praseodymium and Neodymium.
- Recently reported high-grade surface mineralisation at the Vulcan prospect includes:
- AJYE018 - 12.5% TREO including 0.55% Praseodymium Oxide and 1.46% Neodymium Oxide
- AMGG010A – 6.6% TREO including 0.12% Pr and 0.80% Nd.
- AMGG011A – 0.17% TREO including 0.13% Nd
- AMGG011E – 0.17% TREO including 0.21% Nd
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.
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
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