Today’s Market View – Mkango Resources, KEFI Gold and Copper, Europa Metals Limited and more…


SP Angel . Morning View . Monday 07 06 21

Copper bounces on weaker dollar following mini shakeout on long liquidation


AEX Gold (LON:AEXG) – Exploration team arrive at site

Adriatic Metals* (LON:ADT1) – Exploration permit granted & geophysics results

Cora Gold (LON:CORA) – Sanankoro drilling update

Europa Metals Limited (LON:EUZ) – Drilling results from Europa’s Toral zinc, lead, silver project in Spain

KEFI Gold and Copper* (LON:KEFI) – FY20 results

Mkango Resources* (LON:MKA) – Mkango plans for a rare earths separation plant in Poland

Thungela Resources Ltd (LON:TGA) – Anglo American completes demerger of Thungela thermal coal unit


We are raising funds for a private Graphene producer – EIS scheme approval applied for

The company is selling a number of graphene products to industrial and retail customers.

Sales of certain products have sold out unexpectedly quickly.

The company wishes to fund a ramp up in 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

The company has also applied for EIS scheme approval from HMRC

Please let me know 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.


China – Low water levels for hydropower cause power cuts in Shandong, Yunnan, Guangxi and Guangdong 

Smelters are the first to lose power due to their high consumption.

The move highlights how dependent China is on regular rainfall as it increasingly turns to hydropower for smelting and other industrial supply.

We are surprised that hydropower dams are short of water after the flooding seen along the Yangtze River this winter.

China is forecast to have a hot summer with temperatures rising to >34o in Beijing this week. Much of China is likely to see >30o

Widespread use of air-conditioning will strain power supplies further

China may need to relax its ban on Australian thermal coal to make up for its lost hydropower.

China Imports rise at fastest rate for >10 years as China continues to raise commodity consumption


Semiconductor chips – Taiwan manufacturers struggle as Covid-19 cases rise

Chip shortage to last until at least mid-2022 according to major manufacturer

King Yuan Electronics which packages chips has been hit along with two other tech companies (Reuters)

The global chip shortage disrupting the car industry will last for at least another year, according to the world’s third biggest manufacturer, Flex.

A rapid rebound in vehicle sales combined with a boom in consumer electronics demand has left the world’s chip manufacturers overwhelmed.

Ford recently announced that it will produce 1.1m fewer cars this year, with production down 50% YoY in Q2 and forecast to be down 10% in the second half of this year.

Ford has idled production at its factories in the US, Germany and Turkey – while production lines at Audi, Honda, VW and Toyota have also been hit.

Electronic manufacturers in Asia have also recently warned that the chip shortage was beginning to spread to TVs, smartphones and home appliances, the FT reports.

Samsung and LG Electronics have both reported that they have found it harder to secure components for electronics, with the shortage exacerbated by Chinese stockpiling.


Tin – MSC Butterworth Smelter failure may take 10,000-15,000t of tin out of the market (3-5% out of the market)

The failure of MSC’s furnaces at Butterworth which have been running since 1902 is likely to exacerbate the deficit in tin production as electronics manufacturers run as fast as their semiconductor chips will let them.

The tin market recorded a 5,200t deficit last year with a further 2,700t deficit forecast for 2021 according to the International Tin Association.

Global tin production was 310,000t in 2019.

MSC is planning to move tin smelting to new facilities at Pulau Indah, Port Klang, Malaysia later this year.

Tin companies: Alphamin, AfriTin, Cornish Metals*+ (Cornish Metals is drilling its new discovery at the United Downes site in Cornwall)

*SP Angel acts as Nomad and broker to Cornish Metals.


Dow Jones Industrials +0.52% at 34,756

Nikkei 225 +0.27% at 29,019

HK Hang Seng -0.48% at 28,779

Shanghai Composite +0.19% at 3,599



G7 – meeting agrees minimum global corporate tax rate of 15%

Next stop is gaining agreement from the G20.


US – Employment data came in short of expectations on Friday seeing Treasury yields dropping and S&P500 climbing suggesting the central bank is unlikely to wind down its monetary policy support.

Amendments by the Republican party to Joe Biden $1.7tn infrastructure plan have been rejected by the White House

As vaccination programme is accelerating with more states lifting restrictions new jobs in the services sector almost doubled.

Restaurants and bars reported the largest payrolls increase, with a gain of 186k jobs.

A positive reading, although, the economy remains quite far from pre-pandemic levels in terms of employment number (~7.6m jobs short).

Restaurants and bars

The May jobs report added 559,000 jobs to the economy missing forecasts but better than April vs 278 (revised from 266) in April and 675 est.

Unemployment Rate (%): 5.8 v 6.1 in April and 5.9 est.

Labour Force Participation (%): 61.6 v 61.7 in April and 61.8 est.

Av Hourly Earnings (%yoy): 2.0 v 0.4 (revised from 0.3) in April and 1.6 est.


US dollar weakens as jobs report highlights struggle towards Fed goal of full employment

Unemployment currently stands at 5.8% though the economy appears to be making good progress in its recovery.


EU – Construction PMI rose slightly to  50.3 in May vs 50.1 in April well behind the UK construction PMI of 64.2 in May vs 61.6 in April

EU retail sales fell 3.1% in April vs 3.5% in March


Germany – Factory orders surprisingly pulled back in April with manufacturers reporting supply-chain shortages.

Factory Orders (%mom): -0.2 v 3.9 (revised from 3.0) in March and 0.5 est.


Peru – Fujimori’s lead narrows as rural votes come in (BBC)

Keiko Fujimori has a razor-thin lead over Pedro Castillo in Peru’s presidential election according to partial results

Pedro Castillo, the far left candidate has been widely tipped by the press to become president.

Castillo is looking to impose a 75% supertax on profits from mineral exports.

Peru may effectively become un-investible for Castillo’s tenure on his current rhetoric.



US$1.2148/eur vs 1.2112/eur last week.  Yen 109.56/$ vs 110.19/$.  SAr 13.463/$ vs 13.628/$.  $1.412/gbp vs $1.411/gbp.  0.773/aud vs 0.767/aud.  CNY 6.401/$ vs  6.406/$.


Commodity News

Precious metals:  

Gold US$1,883/oz vs US$1,873/oz last week

Gold ETFs 101.0moz vs US$101.0moz last week

Platinum US$1,164/oz vs US$1,159/oz last week

Palladium US$2,845/oz vs US$2,833/oz last week

Silver US$27.49/oz vs US$27.41/oz last week


Base metals:  

Copper US$ 9,895/t vs US$9,826/t last week

Aluminium US$ 2,437/t vs US$2,405/t last week

Nickel US$ 17,710/t vs US$17,945/t last week

Zinc US$ 2,971/t vs US$2,994/t last week

Lead US$ 2,118/t vs US$2,209/t last week

Tin US$ 30,620/t vs US$30,660/t last week



Oil US$71.4/bbl vs US$71.5/bbl last week

Oil prices continue to track higher despite recent data from Asia showing signs of weaker physical demand with lower cargo arrivals in May and falling refining margins as a COVID resurgence depresses fuel demand in India and other south Asian markets

Crude oil futures prices rallied to a two-year high last week after OPEC+ reaffirmed plans to unwind another 840,000bopd of its total cuts in July

Yet, provisional crude oil import data for Asia’s top markets signal that physical demand is softer than what investors forecast in the paper market

However, most analysts, forecasters, OPEC, and the IEA continue to expect strong global oil demand in the second half of this year that would offset weakness in some Asian markets this quarter

The COVID crisis in India, which peaked in early May, and the return of restrictions in several south Asian countries such as Malaysia, which is now in a third lockdown have been depressing fuel demand in many parts of Asia in recent weeks, bloating the fuel inventory glut further and hitting refining margins

In addition, some refineries, including in the world’s top importer China, have entered planned seasonal maintenance this spring and have reduced their crude intake in the second quarter

As a result of all those factors, imports into the Asian region are estimated to have dropped in May to the lowest monthly level so far this year

Asia imported 23.07MMbopd of crude oil last month, down from more than 24MMbopd in each of April and March, and from 25.2MMbopd in February, according to data from Refinitiv Oil

The Indian health crisis resulted in reduced refinery run rates, and crude oil imports likely fell to 3.9MMbopd in May, compared to 4.46MMbopd in April, Refinitiv data showed


Natural Gas US$3.098/mmbtu vs US$3.069/mmbtu last week



Iron ore 62% Fe spot (cfr Tianjin) US$201.2/t vs US$197.9/t

Chinese steel rebar 25mm US$810.9/t vs US$807.7/t

Thermal coal (1st year forward cif ARA) US$80.5/t vs US$81.6/t

Coking coal swap Australia FOB US$151.0/t vs US$152.0/t



Cobalt LME 3m US$42,535/t vs US$43,535/t

NdPr Rare Earth Oxide (China) US$74,359/t vs US$75,010/t

Lithium carbonate 99% (China) US$12,653/t vs US$12,645/t

China Spodumene Li2O 5%min CIF US$640/t vs US$640/t

Ferro-Manganese European Mn78% min US$1,927/t vs US$1,787/t

China Tungsten APT 88.5% FOB US$270/t vs US$270/t

China Graphite Flake -194 FOB US$515/t vs US$515/t

Europe Vanadium Pentoxide 98% $8.3/lb vs US$8.3/lb

Europe Ferro-Vanadium 80% $39.75/kg vs US$39.55/kg


Battery News

Energy giants Ørsted to invest $57bn into renewables

The Danish power company has made a statement with a commitment to invest $57bn into renewable energy by 2027.

The significant investment comes as renewable power is expected to triple by 2030, with the company wanting to position itself at the forefront of the wind, solar and hydrogen industries and maintain their position as global market leader in offshore wind.

In the announcement, Ørsted has outlined plans to have 50GW in installed capacity, more than four times their current capacity:

Around 2.5GW of this has been projected to come from ‘new green energy’ sources including sustainable biomass, hydrogen, and green fuels.

The investment will also help them to grow in the onshore renewables market, with CEO Mads Nipper saying, “it’s our aspiration to become one of the world’s top ten players in onshore renewables.”


Scientists develop ‘cheap and easy’ method for lithium extraction from seawater

Researchers at King Abdullah University of Science and Technology have developed what is believed to be a an economically viable system to extract high-purity lithium from seawater.

The process which involves passing seawater through an electrochemical cell which contains a ceramic membrane that allows lithium ions to pass through but blocks other metal ions.

According to researchers, the cell will need $5 of electricity to extract 1kg of lithium from the seawater and the value of hydrogen and chlorine produced during the extraction process would offset the cost of power and residual seawater could be sent to desalination plants to provide freshwater.


Company News

AEX Gold (LON:AEXG) 31p, Mkt Cap £57m – Exploration team arrive at site

AEX reports that its team of geologists and drilling engineers have arrived on site and are commencing the company’s latest exploration programme.

The campaign will focus on the area to the south west of the deposit, thought to be a parallel structure, and known as Valley Block. This area has previously demonstrated good continuity of the Main Vein through extensive drilling between 2017-2020 and returned high-grade gold intersections.

A further programme of additional exploration over the wider portfolio is also scheduled this year, focussing on nine targets, of which three are potentially large gold prospects.


Adriatic Metals* (LON:ADT1) 150p, Mkt cap £309m – Exploration permit granted & geophysics results

Adriatic reports that it has received an exploration permit for the new concession areas totalling 32km2 granted in Q3 2020.

The permit allows the company to use techniques such as drilling and channel sampling, while the area permitted for exploration has expanded by  9km2 to 41km2.

Preliminary exploration activities were conducted ahead of the application for the New Concessions Areas in 2020, consisting of soil and rock chip geochemistry and field mapping.

Adriatic also report that a geophysical survey was conducted in April this year, providing the company with increased understanding of the Vares Project’s mineralising system, as well as further supports these Existing Exploration Targets as areas of high interest that necessitate further exploration.

The survey also highlighted a number of other potential blind targets across the Expanded Concession Area, which the Company will investigate further.

Adriatic’s CEO and Managing Director, Paul Cronin, commented: “the edges of this alteration corridor are strongly correlated with previously identified mineralisation and our existing exploration targets. This has identified exciting new target areas, which we will follow up with further field work and update the market in due course.”

*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia


Cora Gold (LON:CORA) 8.5p, Mkt Cap £18m – Sanankoro drilling update

The Company released drilling results from the ongoing 35,000m programme at the flagship Sanankoro Gold Project in southern Mali.

Selected intersections include:

56m @ 3.54 g/t Au from 22m including 21m @ 8.17 g/t Au in hole SC0360

13m @ 2.40 g/t Au from 45m including 2m @ 9.91 g/t Au in hole SC0354

18m @ 1.97 g/t Au from 56m in hole SC0349

10m @ 1.90 g/t Au from 50m in hole SC0357

14m @ 1.17 g/t Au from 34m in hole SC0356

A third drilling rig has been mobilised at site.

The Company is planning to complete up to 35,000m of drilling by end of July 2021 focusing on both resource growth and infill meters to convert existing Inferred resources into Indicated category.

The team completed over 16,000m and reported over 5,000m since the start of the campaign to 2 June 2021.

Drilling rigs are reported to have just completed phase 1 drilling at Zone A and B with results for that to follow shortly.

Conclusion: Good intersections in the oxide material from infill drill holes reported at the higher grade Selin deposit improving confidence in the Sanankoro MRE.


Europa Metals Limited (LON:EUZ) 11.25p, Mkt Cap £5.4m – Drilling results from Europa’s Toral zinc, lead, silver project in Spain

(Europa holds 100% of the Toral project)

Europa Metals has reported initial results from its current pre-feasibility drilling programme designed to infill gaps in the existing drill coverage at its Toral project in Spain.

The company explains that drilling is focussed on the  “upper siliceous material zone that would potentially host the early years of future production … [and is aimed at] … gaps within the current JORC (2012) resource model to enhance understanding of the block model, retrieve geotechnical information for mine design, and identify opportunities to gather further metallurgical samples from within substantive intersections encountered”.

Results from the continuing drilling programme will be incorporated in an updated minerals resources estimate as part of the pre-feasibility study.

The current mineral resources estimate contains an indicated and inferred tonnage at an average grade of 4.1% zinc, 2.9% lead and 24g/t silver with 3.8mt classed as inferred.

Among the results released today are:

A 2.4m wide intersection averaging 6.5% zinc, 3.78% lead and 30.18g/t silver from a depth of 514.10m in hole TOD-028; and

An intersection of 20.45m averaging 1.85% zinc, 0.76% lead and 6.59g/t silver from a depth of 339.6m in hole TOD-029 which includes a higher grade section of 3.80m averaging 6.24% zinc, 2.47% lead and 18.12g/t silver from 346.95m depth

Executive Chairman, Myles Campion, explained that “The thick widths intersected in the upper siliceous zone are significant and the campaign is proving up areas that were previously considered sub-economic. Today’s results, combined with our ongoing drilling/metallurgical programme, should ultimately enable us to update the pre-existing resource estimate and further enhance the economics for Toral as we advance towards a PFS”.

He also said that “Toral typically demonstrates higher grades at depth; the high-grade intersections reported below in the upper zones exceed our internal expectations”.

Drilling is part funded by an interest free €466,801.50 partly refundable loan from the Centre for the Development of Industrial Technology (CDTI) secured with help from the University of Salamanca.

Conclusion: Drilling into previously under-explored parts of the Toral zinc project in Spain is encountering mineralisation which will eventually be incorporated in an updated mineral resources estimate . We look forward to further results from the PFS continuing study work as drilling proceeds.


KEFI Gold and Copper* (LON:KEFI) 1.8p, MKt Cap £39m – FY20 results

The Company recorded a £3.7m loss (FY19: -£5.6m) in FY20 reflecting mostly administrative costs of -£2.4m (FY19: -£2.1m).

Cash balance stood at £1.3m with no debt on the balance sheet as of Dec/20.

The team is working on finalising the financing package for the flagship Tulu Kapi Gold Project in Ethiopia.

The Company is expecting to close on $320m in funding covering project development, all exploration and corporate funding requirements as soon as possible following the AGM on 30 June 2021.

As of May, the team secured conditional indications from the Tulu Kapi project syndicate to participate to the tune of $309m.

Tulu Kapi is a significantly de-risked gold project hosting 1.0moz at 2.12g/t in mineral reserves and targeted to run at 140koz (excluding any material from underground) at $900/oz AISC.

The Company highlighted the following that needs to be completed by the end of June to proceed with earliest project finance settlement:

Final construction procurement pricing confirmation;

Project documentation approval by the relevant Government agencies, including the Ministry of Mines and the National Bank of Ethiopia;

Finalised position for local equity investors and off-taker.

Separately, the Company is proposing to senior executive remuneration and incentivisation plan involving milestone cash bonuses to executive directors Harry Anagnostaras-Adams, Executive Chairman, and John Leach, CFO.

Milestones for three tranches include:

Tranche 1: Arranging a long term project finance facility for the Tulu Kapi Project and, not later than 31 December 2021, receipt by the Company of at least the first US$20 million of project funding.

Tranche 2: Completion of the Project within the Project budget approved by the senior lenders.

Tranche 3: Upon the sale and physical delivery of 35,000 ounces of gold equivalent.

Executive Chairman will participate in Tranches 1 ($0.5m), 2 ($0.5m) and 3 ($0.5m); Finance Director will participate in Tranche 1 ($0.5m) only.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper


Mkango Resources* (LON:MKA) 29.25p, Mkt cap £38m – Mkango plans for a rare earths separation plant in Poland

(Mkango’s 75.5% subsidiary, Maginto Ltd holds a 25% stake in HyProMag which is a partner in the ‘Rare–Earth Recycling for E-Machines’ RaRE project)

Mkango Resources has announced the formation of a Polish subsidiary, Mkango Polska, to work with the EU’s second largest manufacturer of nitrogen and compound fertilizers, and a major chemicals producer, Warsaw Stock Exchange listed Grupa Azoty, on the development of a rare-earths separation plant in Poland.

Mkango and Azoty have reached an agreement to lease a site adjacent to Azoty’s plant at Pulawy in a Special Economic Zone in Poland providing “excellent infrastructure, access to reagents and utilities on site, and an attractive operating environment, resulting in a highly competitive operating cost position for the Plant, based on scoping studies to date”.

Mkango Resources explains that “the site provides excellent access to European and international markets. Production from the Plant will strengthen Europe’s security of supply for rare earths, used in electric vehicles, wind turbines and other green technology and strategic applications, and aligns with European initiatives to create more robust, diversified supply chains”.

In addition, the company reports the appointment of “a highly experienced Country Director for Poland, Dr Jarosław Pączek … together with rare earth separation experts, Carester, and a strong team of technical advisors and engineers”.

Feasibility studies for the new plant, which is targeting production of “2,000 tonnes per year of separated neodymium (Nd) / praseodymium (Pr) oxides, and 50 tonnes per year dysprosium (Dy) and terbium (Tb) oxides in a heavy rare earth enriched carbonate”are underway in conjunction with the continuing studies for the development of Mkango’s Songwe Hill rare earths project in Malawi and Mkango Resources identifies several key advantages including:

“Greater integration – plant development fully underpinned by sustainably sourced, purified mixed rare earth carbonate from Mkango’s Songwe Hill operations, with other synergies being evaluated”; and

The potential for increased flexibility in marketing to a wide range of potential customers and in the longer term “opportunities to produce and market separated heavy rare earths”; and

The plant’s potential to catalyse growth in the region and to stimulate transition to a green economy “for further downstream developments and related businesses, including renewables, creating additional jobs in the region”

CEO, William Dawes underlined the importance of rare-earths in the manufacture of magnets required in the growing green energy sector and highlighted the increasing awareness of governments, including in the US and Europe of a need to ensure security of supply. 

Mr. Dawes said that the development of the Polisjh plant “will underline Mkango’s unique positioning in the rare earths sector. Our integrated “mine, refine, recycle” strategy, … is now enhanced by the opportunity to create a rare earths separation and downstream hub in Poland, working with one of Europe’s largest chemical and fertilizer companies”.

Andrzej Skwarek of Grupa Azoty said that “As an industry leader in Poland, Grupa Azoty PULAWY welcomes this potential new development to the region and will continue to support Mkango as it progresses through the feasibility studies”.

Conclusion: Mkango Resources’ plans for a rare-earths separation plant in Poland in conjunction with an established Polish-based leader in the supply of chemicals and fertilisers in the EU is an important step towards the realisation of the company’s integrated strategy to supply rare earths products based on production from its Songwe Hill deposit in Malawi.  As the EU moves towards a greener energy sector production of refined rare-earth products from Poland should help provide a strategically secure source of supply within Europe.

*SP Angel act as Nomad and Broker to Mkango Resources


Thungela Resources Ltd (LON:TGA) – 125p, Mkt cap £170m – Anglo American completes demerger of Thungela thermal coal unit

Thungela Resources, the coal spin out from Anglo American has started trading in London and Johannesburg this morning

100% of the issued share capital of Thungela is held by Anglo American’s shareholders who each received one Thungela share for every ten Anglo American shares that they hold.

Thungela holds 90% of the thermal coal operations in South Africa, with the remaining 10% held collectively by an employee partnership plan and a community partnership plan.

The demerger will allow Anglo to focus on other commodities, separating its assets which may no longer meet the increasingly strict ESG requirements of many funds.

Anglo has provided Thungela with $170m in cash, and will continue marketing the coal for three years while committing to provide additional near-term support its benchmark prices fall below $80/t.

The FT reports that Anglo have massively underestimated the environmental liabilities associated with a South African coal business according to short seller Boatman Capital Research.

Boatman claim the clean-up costs for Thungela’s seven mines could be as much as $1.36bn, or nearly three times the amount of money it has currently set aside, because of proposed regulations. Thungela’s mines are said to have lifespans of 5-11 years, assuming no extensions making the clean up costs a pressing issue.

Many institutional investors which have been moving away from coal mining in recent years are likely to be sellers of their Thungela stock.

Many fund Investors now require their investee funds to avoid polluting assets such as coal miners making it difficult to find major investors to acquire stakes in coal miners.

Anglo and other miners have been under pressure by their supporting funds to decarbonise their portfolios with Anglo following Rio Tinto in jettisoning its coal portfolio. BHP is also committed to selling its thermal coalmines

 Thermal coal prices have risen to around US$80.5/t from US$69.0/t at the beginning of the year. (1st year forward cif ARA)

 The rise in coal prices is a reflection of economic regeneration following the covid crisis along with a lack of hydropower in China causing power cuts in Shandong, Yunnan, Guangxi and Guangdong  provincesThe point is that Anglo is selling the assets as many institutional investors are not able to invest in coal mining under their mandates

The irony is that the world still needs lots of thermal coal for power generation, particularly in China where they continue to build new coal fired capacity

China continues to raise it’s coal fired power generation with around 247GW of coal power in development and planning plus another potential 73.5GW 

Chinese provinces granted approval to 47GW of coal power projects, more than three times the capacity permitted in 2019 (Yale Environment 360).

By comparison South Africa has coal power generation capacity of 39GW.

Conclusion: The performance of Thungela shares will give us a clue as to how influential ESG is in terms of stock market investment.


Recent Interviews:

BBC:  Catalytic converters

IGTV:  Evolution of Chinese construction and implications for commodity demand:

Improved global economic forecasts from the IMF provides trading opportunities:

VW expansion driving battery metals prices:

VOX Markets:  28/04/20:


*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.

We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.


No.1 in Copper:  “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an  accuracy score of 93.8%”

No1. In Gold:  “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020



John Meyer – [email protected] – 0203 470 0490

Simon Beardsmore – [email protected] – 0203 470 0484

Sergey Raevskiy –[email protected] – 0203 470 0474

Joe Rowbottom – [email protected] – 0203 470 0486



Richard Parlons –[email protected] – 0203 470 0472

Abigail Wayne – [email protected] – 0203 470 0534

Rob Rees – [email protected] – 0203 470 0535

Grant Barker – [email protected] – 0203 470 0471



SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London



*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


Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt


Oil Brent


Natural Gas, Uranium, Iron Ore


Thermal Coal

Bloomberg OTC Composite

Coking Coal




Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite

Asian Metal



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