Today’s Market View – Rambler Metals and Mining, Mkango Resources, IronRidge Resources and more…

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SP Angel . Morning View . Thursday 03 12 20

Copper rises on Chinese PMIs as Chile earthquake shakes market

Eurasia Mining* (LON:EUA) – West Kytlim Definitive Feasibility Study update

GoldStone Resources (LON:GRL) – Mining lease expanded at AHKM as Board prepare to commence production

IronRidge Resources* (LON:IRR) – Phase-3 drilling extend area of gold mineralisation at Zaranou

Mkango Resources* (LON:MKA) – Mineral sands exploration at Mchinji

Rambler Metals and Mining* (LON:RMM) – CLICK FOR PDF – Restructuring timetable

SolGold* (LON:SOLG) – Further assay results as Porvenir drilling effort expands

Strategic Minerals* (LON:SML) – GBP700,000 fund-raising

Chile – 6.8 magnitude earthquake in Antofagasta region

An earthquake in the Antofagasta region of Chile has not impacted any mining operations, Reuters reports.

The quake struck at a depth of 145km, and its epicentre was about 62km South-west of San Pedro de Atacama.

The earthquake does not appear to have affected copper production in the region but it does highlight the potential vulnerability of copper supply to seismic shocks in the area.

IGTV: Copper price rise:

VOX – 25/11/20:

US Election, China growth policies Solgold*, Mkango*, Rainbow Rare Earths*:

EV revolution, gold and other ideas (Interactive Investor):

Metals Markets: Are they totally dependent on stimulus? (IG TV):

*SP Angel act as nomad or broker or nomad and broker to companies mentioned in the above videos.

Dow Jones Industrials +0.20% at 29,884

Nikkei 225 +0.03% at 26,809

HK Hang Seng +0.74% at 26,729

Shanghai Composite -0.21% at 3,442


US – Joe Biden has endorsed a bipartisan proposal for US$908bn of fiscal stimulus.

House Speaker Nancy Pelosi and Senate Democratic leader Chuck Shumer scaled back their relief programme demands and supported a $908bn proposal from a bipartisan group of lawmakers.

That paves the way for a possible compromise deal before year end.

Los Angeles orders people to stay at home with all businesses in the city that need people to work on location to stop operations.

Walking, driving, usage of public transport, bikes, motorcycles and scooters are prohibited, other than for those undertaking essential activities.

China – Services sector growth continued to accelerate in November on stronger customer demand driving the nation’s recovery further.

Caixin Services PMI tracking private businesses increased to 57.8 last month from 56.8 in October.

New orders expanded at the fastest pace since April 2010 and business confidence was at its highest in nine and a half years.

This took Composite PMI up to 57.5 in November from 55.7 in October in the steepest increase in total Chinese output since March 2010.

Dual-circulation and housing stimulus policies drives massive increase in demand for white goods in China

Chinese production of home appliances rose from April to September with a pullback in October

“Since China ended its lockdown in May, China’s output of fridges jumped by 25% from the same period last year and freezer output soared nearly 80%, according to National Bureau of Statistics data. Washing machine, TV and vehicle output also increased.

Exports have leaped since June, with shipments of refrigerators up 40.5% and microwaves 22.1% from a year earlier, according to the General Administration of Customs. (Graphic: China home appliances exports, )” (Reuters)

UK – Brexit talks at make or break moment according to EU’s Michel Barnier

Boris Johnson is reported to have lowered his demands to claw back just 60% of the fish that EU boats currently catch in UK territorial waters.

Japan – The central bank may consider extending its special funding programme to support virus-hit companies past the March deadline at a policy meeting this month, Bloomberg cites people familiar with the mattere.

If approved, that would mark a second extension after the one completed in September.

The programme involves increased purchases of commercial paper and corporate bonds with a ceiling on total holding of around 20tn yen ($191bn) and funding operations up to around 120tn yen for banks to lend to companies, according to Bloomberg.

The meeting will be held days after the ECB meeting that is expected to see a ramp up in stimulus (December 10) and the Fed meeting that could lead to a change in its guidance on bond buying (December 16).

Germany – The government extends the nation’s partial lockdown for three more weeks to January 10 as the nation struggles to contain the spread of the virus.

Authorities will reconvene with regional leaders on January 4 to reassess the restrictions.

Italy – A strong contraction in the services sector see the Composite PMI dropping to 42.7 in November, from 49.2 in the previous month.

Services sector PMI slid down to 39.4.

Spain – Services sector PMI dropped to 39.5 in November setting a fresh six-moth low highlighting effects of another COVID-19 related lockdown.

Although, the downturn was less severe compared to a drop recorded in spring.


US$1.2123/eur vs 1.2005/eur yesterday. Yen 104.32/$ vs 104.57/$. SAr 15.319/$ vs 15.307/$. $1.340/gbp vs $1.336/gbp. 0.743/aud vs 0.738/aud. CNY 6.558/$ vs 6.567/$.

Commodity News

Precious metals:

Gold US$1,841/oz vs US$1,824/oz yesterday

Prices continued to climb on the back of rising inflation expectations driven by vaccine news and accommodative monetary and fiscal policy.

US 10y breakeven rate reflecting inflation sentiment is hovering around 1.87%, its highest since mid-June last year.

Gold ETFs 107.1moz vs US$107.4moz yesterday

Platinum US$1,028/oz vs US$1,004/oz yesterday

Palladium US$2,418/oz vs US$2,429/oz yesterday

Silver US$24.13/oz vs US$24.21/oz yesterday

Base metals:

Copper US$ 7,675/t vs US$7,665/t yesterday

Copper held on to its gains amid further positive economic data coming out of China suggesting strong growth momentum continues.

Aluminium US$ 2,036/t vs US$2,065/t yesterday

Nickel US$ 15,990/t vs US$16,045/t yesterday

Zinc US$ 2,760/t vs US$2,772/t yesterday

Lead US$ 2,047/t vs US$2,056/t yesterday

Tin US$ 18,765/t vs US$18,860/t yesterday


Oil US$48.4/bbl vs US$47.5/bbl yesterday

Brent Crude rose 1.75% to a high of US$48.25/bbl during trading yesterday, while WTI rose 1.64% to US$45.28/bbl

Prices were boosted by the UK’s approval of the Pfizer vaccine with the roll out to commence in the coming weeks

The UK is the first Western Nation to approve a COVID-19 vaccine, the country will begin the roll out of Pfizer’s vaccine in earnest

The news is positive for the demand outlook as it accelerates a return to normal life and perhaps normalised oil demand

OPEC+ discussions are scheduled to take place today having been pushed from Tuesday which has created some nervousness in the market

Expectations remain that the group will delay a previous scheduled January production increase

The Group imposed production cuts of 7.7MMbopd earlier this year and is expected to roll over these cuts into the new year

There have been dissenting voices with the UAE suggesting it will struggle to keep the output reductions into 2021

No extension would represent a 5% downside to current spot levels (Reuters)

A Reuters poll of 40 economists/analysts forecast Brent average prices of US$49.35/bbl next year as participants suggest prices will struggle to maintain upward movement next year as winter lockdowns endure and impact the demand outlook

US Crude inventories fell 679,000 barrels last week according to the EIA, US production rose 100,000 barrels, the highest level since May according to the same report

Natural Gas US$2.709/mmbtu vs US$2.867/mmbtu yesterday

Natural gas prices moved lower in early trading today, reversing strong gains from last week, ahead of today’s inventory report

Expectations are for a 23Bcf draw in stockpiles according to survey provider Estimize

US natural gas consumption is expected to decline as expected this year according to the EIA

The weather is expected to be warmer than normal throughout most of the US for the next two weeks according to NOAA


Iron ore 62% Fe spot (cfr Tianjin) US$131.2/t vs US$127.5/t – Australia iron ore export value hits A$11bn in October

The value of Australia’s iron ore exports surged to another record in October, surpassing the previous record set in September and June.

Iron ore prices have surged nearly 50% this year on insatiable Chinese demand and currently hover around seven-year highs.

Iron ore export value rose +4.1% MoM to A$11bn, coal +3% MoM to A$3.4bn, natural gas +21.9% to A$2.2bn (Bloomberg).

Chinese steel rebar 25mm US$613.1/t vs US$614.3/t – Specialist steels selling at premium prices in China highlighting strong demand for white goods and related consumer products

Prices have rose from more-normal discount levels in August to high levels in September and have broadly maintained this level.

Thermal coal (1st year forward cif ARA) US$61.7/t vs US$60.8/t

Coking coal swap Australia FOB US$136.0/t vs US$132.0/t


Cobalt LME 3m US$32,390/t vs US$32,390/t

NdPr Rare Earth Oxide (China) US$65,566/t vs US$64,719/t

Lithium carbonate 99% (China) US$6,252/t vs US$6,244/t

Ferro Vanadium 80% FOB (China) US$27.0/kg vs US$27.0/kg

Ferro-Manganese high carbon 78% Mn US$1,265/t vs US$1,265/t

Tungsten APT European US$220-225/mtu vs US$220-225/mtu

Graphite flake 94% C, -100 mesh, fob China US$480/t vs US$445/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,475/t vs US$2,275/t

Spodumene 6% Li2O min, cif (China) US$380/t vs US$375/t

Battery News

Battery price reductions could moderate as raw material prices rise

Automakers expect battery costs to continue their downward trajectory from $110KWh today towards $60-70KWh but are not accounting for rising raw input costs according to Benchmark minerals.

The report notes price volatility is introduced in the mineral extraction phase where conventional factors of supply, demand, inventory and costs affect the price of the raw materials.

If prices were to stay at their November 2020 levels NCM811 batteries prices could fall to $87.2/KWh while at decade price highs the cost could be $119/KWh.

An increase in supply could mitigate this and benchmark does expect lithium to supply to double over the next decade. More supply is coming online including:

Posco Group has today announced its Argentinian salt lake contains 13.5 million cubic tons of lithium, 6x more than initial estimates of 2.2 million cubic tons. The new estimate is enough to produce 370m EVs.

Tesla recently bought into the lithium business, securing the rights to 10,000 acres in Nevada known to have reserves of Libitum not currently being exploited. The Company claims to have been developing its own lithium extraction methods.

Volvo CEO expects to be 100% EV by 2030

Volvo CEO Hakan Samuelsson has said he wants the Company’s vehicle range to be 100% EV by 2030.

The last vehicle produced by the Company with an internal combustion engine is expected to be the XC90.

This year 20% of Volvo’s global sales have been electric vehicles, one of its targets, the other include 50% of sales from EVs by 2025 and the 100% EV by 2030 pledge.

The deadline is in line with those being set by government across Europe. Norway will ban sales of new ICE vehicles in 2025 followed by the UK, the Netherlands and Germany in 2030.

California recently set a target date of 2025 for banning the sales of ICE vehicles. Many of these targets like India’s remain just targets and are not in legislation.

Bans written into legislation would likely foster a more expedited transition to clean energy vehicles, noted by the Volvo CEO “The way forward would be to have clear rules on when we need to exit the combustion engine”.

Germany abolishes renewable fee on green hydrogen

The German government has lifted a charge levied on power prices to support renewable energy for producers of green hydrogen.

Germany wants to close the gap between conventional hydrogen and green hydrogen in the next 10-15 years, helped by a 9bn euro national strategy it passed this year to meet long term climate goals and transform its industries.

The govt. estimated that between 230-290 projects would apply for the waivers up to 2030.

The EEG surcharge was introduced to support the expansion of carbon free green power from wind and solar plants.

EU looking for deal on new climate target for 40% cut in emissions December 10th-11th summit

The EU is offering assurances on funding for poorer members and countries’ ability to choose their own energy mix, as it strives for a deal on a tougher target to cut greenhouse gas emissions.

To get on track for net zero emissions by 2050, the EU must cut its net emissions by. At least 55% by 2030, from 1990 levels.

Company News

Eurasia Mining* (LON:EUA) 42.5p, Mkt Cap GBP1,180m – West Kytlim Definitive Feasibility Study update

Eurasia Mining report the approval of the West Kytlim DFS update by the Russian State Committee on Reserves.

The revised DFS allows for production of PGMs from several open pits and for the moving of equipment between mine sites for consistent production.

Production should increase through mining at multiple locations on an all-year basis with pre-stripping, earthmoving and stockpiling through the frozen winter months.

Eurasia produced 1,525oz of platinum through the summer despite a delay in the issuance of the 2020 mining permit

West Kytlim produced 2,122oz in 2019 and 5,132oz in 2018.

Management are preparing early for the 2021 mining permit for West Kytlim due to the time taken for permission from the forestry authorities.

Eurasia is using GeoInvestProject to prepare technical documentation following their preparation and approval of the DFS.

Management are also acquiring additional equipment to raise production through the mining of multiple open pits at West Kytlim.

Early stripping, earth moving and stockpiling activities for 2021 production have already started with the recently delivery of a Komatsu D155 bulldozer to site.

*SP Angel act as Nomad and Broker to Eurasia Mining

GoldStone Resources (LON:GRL) 8.6p, Mkt Cap GBP20.4m – Mining lease expanded at AHKM as Board prepare to commence production

The Ghanaian Ministry of Lands and Natural Resources (MLNR) has approved the recommendation for the grant of the expanded mining lease at GoldStone’s Akrokeri-Homase Gold Project in the Ashanti region of Ghana.

The lease now accommodates the proposed Homase North and Central pits in addition to the Homase South pit, which has been extended.

The lease has been granted for an initial period of 10 years to coincide with the date of the award of the original mining lease, announced on the 14th of February 2020. Upon receipt of the Environmental Permit for the Homase South Pit, a corresponding application to the Ghanaian Environmental Protection Agency (EPA) will be submitted for the Lease.

The Company continues to liaise with EPA regarding the Environmental permit and with the Ghanaian Minerals Commission on the operational permits for the Homase South Pit, the issue of which has been delayed due to the Covid-19 pandemic.

GoldStone remain in a position to immediately commence operations upon receipt of the permits, with an estimated timeline for the first gold pour being within two months of such grant.

In order to commence production as soon as the permit is issued, the Company has taken delivery of the majority of the processing plant required at Homase South, including the pad HDPE lining system along with crushing, screening, agglomeration and conveying and stacking equipment, which has all been fully assembled and cold commissioned.

The Company has also received delivery of pumps, carbon in column (“CIC”) columns, electrical control panels and 4 x 500 kVA diesel generators at site, ensuring that operations at site will be protected from the risk of unstable electricity supply.

At Homase South, Goldstone recently increased the mineable resource by 86,900oz of gold at depth, representing a 257% increase on the previous estimate of 33,800oz, within the existing JORC resource and is in the process of updating the Definitive Economic Plan.

Conclusion: The GoldStone team have significantly increased the area encompassed by the Company’s mining lease which will allow the company to undertake future exploration funded by cash flow from Homase South. With regards to the environmental permit, the short lead time between receipt of relevant permitting and the predicted gold pour shows how GoldStone have taken full advantage of the time waiting for approval from the relevant authorities.

IronRidge Resources* (LON:IRR) 13p, Mkt cap GBP56m – Phase-3 drilling extend area of gold mineralisation at Zaranou

IronRidge’s latest drill results at its Zaranou Project, Cote d’Ivoire has produced initial high-grade and broad low-grade drilling results from the Ehuasso and Ebilassokro targets.

The Phase-3 programme consists of 50,000m combined AC and RC drilling at Zaranou, with three drill rigs currently active and drilling likely to continue into Q1 2021.

Initial RC and AC drilling results for 4m composites over the two targets include highlights reported at a 0.1g/t cut-off and a maximum 4m of internal dilution:

ZARC0046: 12m at 6.15g/t from 108m including 4m at 3.5g/t and 4m at 14.5g/t

ZARC0029: 36m at 1.43g/t from 36m including 4m at 1.1g/t and 4m at 7.4g/t and 4m at 2.7g/t

ZARC0027: 28m at 1.47g/t from 48m including 4m at 8.4g/t

ZARC0032: 64m at 0.38g/t from 0m

ZARC0045: 60m at 0.4g/t from 44m

ZARC0033: 40m at 0.47g/t from 48m

ZAAC0572: 24m at 0.74g/t from 20m including 4m at 2.5g/t and 4m at 1g/t

ZARC0047: 52m at 0.32g/t from 40m

ZARC0051: 12m at 1.3g/t from 96m including 4m at 1.3g/t and 4m at 2.4g/t

Drilling results to date from Phase-1 and Phase-2 programmes have defined the 1.7km x 70m (apparent thickness) Ehuasso Main target within roughly 160m spaced AC-RC traverses. New results reported have infilled the target to 80m spacing over approximately 550m of strike with drilling ongoing.

Vincent Mascolo, CEO of IronRidge, commented: “Initial results from the third phase RC infill drilling programme continue to confirm continuity along strike and at depth.” “Our early ounces strategy continues to target weathered oxide mineralisation, with initial observations suggesting it continues to average depths of 50m and up to 90m, indicative of simple mining and processing at low operational and capital costs.”

“With only 12km of the 47km of identified strike having been drill tested to date, an additional 8km strike of hard-rock artisanal workings and 27km of soil anomalies remain untested with the potential to deliver a pipeline of further discoveries.”

*SP Angel acts as Nomad for IronRidge Resources

Mkango Resources* (LON:MKA) 12.75p, Mkt cap GBP17.3m – Mineral sands exploration at Mchinji

(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 completion of a programme of soil sampling and hand-auger work on its Mchinji 689km2 minerals sands project in Malawi.

Sample preparation is now underway at a laboratory in South Africa and results are awaited.

The programme which included a total of 581 samples from 75 auger holes plus 446 soil-samples taken on a regular 500m spaced grid and an additional “21 soil samples collected from other points of interest” aims to identify occurrences of the titanium dioxide bearing rutile sand within the licence area.

The auger drilling “centred around hole A6, drilled in June 2020 to 8.9m depth, which produced nine consecutive samples that contain between 4.10% and 9.01% total heavy minerals (specific gravity greater than 2.95) and grade between 3.17% and 4.09% titanium dioxide”.

Mkango Resources points to the current robust fundamentals of the rutile markets and explains that “current and forecast pricing” remains strong.

Conclusion: Mkango Resources has completed an extensive and systematic sampling programme for rutile bearing minerals sands at Mchinji. The programme involved four exploration teams and once the sampling results become available they should provide a solid framework for future exploration in the area. We await the results with interest.

*SP Angel act as Nomad and Broker to Mkango Resources

Rambler Metals and Mining* (RMM LN) 0.25p, Mkt Cap GBP3.2m – Restructuring timetable

(Rambler owns 100% of the Ming Copper-Gold Mine)

Rambler Metals and Mining has announced minor adjustments to the timing of its previously announced financial restructuring which involves the issuing of GBP6.25m of new equity, conversion of and a US$5m loan note financing.

The transaction had been scheduled to complete today (3rd December) however, “The proposed note financing of US$5 million is awaiting final documentation which is reasonably expected in the next 24 hours”.

The financial restructuring establishes the framework for Rambler Metals to bring its Ming mine in Canada up to its 1,350tpd capacity initially and to establish a solid platform for increases to 2,000tpd through the introduction of ore sorting technology from 2022 onwards and lift copper production to “in excess of 11,500 tonnes per annum from 2022 onward and average 13,265 tonnes for the life of mine”.

Longer term, Rambler Metals has reached agreement, in principle, to acquire the Duck Pond mill from Teck Resources, which will be relocated to the Ming mine site and underpin a further production increase to 2,400tpd treating copper ore grading around 2% while eliminating the current haulage of ore to the Nugget Pond mill.

Ramblers’ “Directors remain confident that that the note financing is capable of being satisfied and must be satisfied by not later than 18 December 2020 in any event”.

Conclusion: Rambler Metals expects to complete the previously announced financial restructuring in the next 24 hours.

*SP Angel act as Nomad and broker to Rambler Metals & Mining

SolGold* (LON:SOLG) 38.3p, Mkt Cap GBP787m – Further assay results as Porvenir drilling effort expands

Solgold reports assay results for the first 758m of its first drill-hole at its wholly-owned Porvenir Project in southern Ecuador (Hole PDH-20-001) showing an intersection totalling 748m at an average grade of 0.43% copper and and 0.22g.t gold (0.59% copper equivalent – CuEq) from a depth of 10m.

The intersection includes 644m at an average grade of 0.47% copper and 0.24g/t gold (0.65% CuEq) between 10m and 654m depth).

The company had previously reported results from PDH-20-001 to a depth of 580m showing an average grade of 0.49% copper and 0.27g/t gold (0.69% copper equivalent -CuEq) between of depths of 10-580m.

The hole was completed, in mineralisation, at a depth of 909m and assay results from the lower part of it are still awaited.

Solgold also reports results from the upper 500m of its second hole at Porvenir (PDH-20-002) showing an average grade of 0.36% copper and 0.21g/t gold (0.51% CuEq) from surface, including a 260m long interval between 2m and 262m depth with an average grade of 0.47% copper and 0.32g/t gold (0.71% CuEq).

Drilling of hole PDH-20-003 is currently at a depth of 457m drilling at a shallower angle of 350 in order to test “near surface potential of mineralisation”. An additional 2 rigs have been deployed with hole PDH-20-004 located 230m west-north-west of the site of hole PDH-20-001 currently at a depth of 56m while the second of the new rigs is currently setting up on a site approximately 200m south of PDH-20-001.

“A fourth drill machine is planned for arrival at the project as soon as COVID-19 related restrictions allow”.

Chief Executive, Nick Mather, commented that “Encouragingly, the results continue to demonstrate the size and complexity of the Cacharposa system and further drilling will increasingly define the geometry and dimensions of the Cacharposa system”.

Mr. Mather also praised the exploration team which he explained “is performing a very high quality and focussed program endorsing SolGold’s strategy of a multi-directional and coincident exploration effort on 14 wholly owned targets throughout Ecuador”.

Conclusion: Solgold is building up its exploration efforts rapidly at Porvenir with three rigs now on site and a fourth expected as soon as Covid19 restrictions permit. Results released so far from the first two holes of the programme show long intersections of copper/gold mineralisation from at or very close to surface. The initial efforts are directed at establishing the scale and shape of the mineralisation with the grades being reported so far also underlining why Solgold has elected to pursue an aggressive drilling strategy.

*SP Angel act as financial advisor and broker to SolGold

Strategic Minerals* (LON:SML) 0.4p, Mkt Cap GBP7.9m – GBP700,000 fund-raising

Strategic Minerals reports that it has raised issued GBP700,000 of new equity as an additional 175m shares at a price of 0.4p/share.

The fund-raising generated GBP651,100 in cash from the issue of 162.775m shares with the additional GBP48,900 in the form of 12.225m shares issued in lieu of salary to “certain directors and employees” including 8.2m shares issued to Managing Director, John Peters and 3.025m shares issued to non-executive Chairman, Alan Broome.

Executive Director, Peter Wale has subscribed for 18.75m of the new shares or approximately 10.7% of the issue.

The new shares represent approximately 9% of Strategic Minerals enlarged capital of approximately 1,909m shares.

Each of the new shares also includes an attached warrant entitling the holder to subscribe for an additional share priced at 1p. The warrants expire on 30th December 2022.

John Peters explained that “The need to update and renew equipment at the Company’s cashflow generating Cobre project has precipitated this placing, which also allowed most directors, management and some employees to invest at this time”.

Mr. Peters also confirmed that “The Board is very encouraged at the current prospects for LCCM, …[Leigh Creek Copper Mines] … particularly given the extended move in the copper price which now sits substantially above our feasibility study assumptions. Meanwhile, the CRL … [Cornwall Resources] … team continue to actively work together with NRG Capital to advance this project [the Redmoor tin tungsten project].

Conclusion: The fundraising has been supported by Strategic Minerals’ management team and positions the company to sustain its cash-generating Cobre magnetite operation as it progresses the Leigh Creek Copper Mine development and its Redmoor tin/tungsten project in Cornwall.

*SP Angel acts as Nomad and Broker to Strategic Minerals


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.

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