Today’s Market View – Keras Resources, Rainbow Rare Earths, GoldStone Resources and more…


SP Angel . Morning View . Friday 12 02 21

Nickel and tin prices continue to gain as EV battery production rises


Altus Strategies* (LON:ALS) – BUY – Final 10m CAY shares received

GoldStone Resources (LON:GRL) – Environmental permit enables first gold pour in two months

Keras Resources* (LON:KRS) – Construction of new organic phosphate process plant in Utah

Rainbow Rare Earths* (LON:RBW) – Phalaborwa Rare earths project confirms 0.5% grade with 0.15% NdPr

Serabi Gold* (LON:SRB) – Near-mine exploration identifies additional targets

Tietto Minerals (ASX:TIE) – PFS/DFS at Abujar remain on track with maiden reserve estimate expected by the end of the current quarter


Platinum and palladium in short supply last year – Johnson Matthey

Johnson Matthey report that both autocatalyst metals were in short supply last year, which has driven rapid price gains and resulted in platinum trading at six-year highs.

According to JM, the 7-8moz platinum market was undersupplied by 390,000oz in 2020 after a 301,000oz shortfall in 2019.

The 10moz palladium market was undersupplied by 606,000oz after a 893,000oz shortfall in 2019.

A shortfall is expected for palladium and rhodium this year as well, while platinum’s market balance depends on investor stockpiling.


EU told 1 million public EV charging stations needed by 2024 (Reuters)

he EU is being told to set a target of 1m public charging points for electric vehicles by 2024, and 3m by 2029, to give confidence to consumers to by large numbers of new electric vehicles ACEA, the European Automobile Manufacturers’ Association.

Power utilities and national grids also need to gear up to generate and feed sufficient power to the new charging points.

ACEA is telling the EU to take action according to the CEO of BMW or risk missing current targets on climate change.

VW, BMW, Audi and others are launching new models and big production runs on new EVs and are pressing the EU to make sure the charging stations and power is available for the growth in the fleet of EVs.

Reports of fist fights over EV chargers and cars running out of power on motorways have the potential to damage sales as the market ramps up.

The EU had 224,538 public charging points in 2020 up from 211,438 in 2019.

ACEA also want the EU to set a target for ~1,000 hydrogen stations by 2029.

Germany agreed a draft law for 1,000 fast charging stations on motorways by end-2023 on Wednesday this week costing €2b ($2.4bn).

EV rapid charging-points increased 37% in 2020

Figures show that the number of rapid chargers available to the public rose to 3,880 last year, with the total number of public charging devices now at 20,775.


Iron ore prices continue to reach incredible prices driven by strong demand in China

Iron ore prices for quality 62% Fe spot (cfr Tianjin) hit US$161.3/t yesterday vs US$158.6/t

The strength of these prices reflects the strength of demand from Chinese construction driven by Stimulus funds and new infrastructure developments.

It will be interesting to see how much steel is being exported out of China to feed infrastructure developments around the rest of the world

Chinese steel prices also continued to rise for steel rebar 25mm US$668.0/t yesterday vs US$670.1/t


Ilmenite – Spot prices rise in China as consumers brace for further price hikes

Ilmenite concentrates are said to have been traded recently in China up to $300/t indicating further price rises to come.

Prices are reported at $240-260/t in China having hiked higher in mid-January. (FastmarketsMB)


Recent Interviews:

IGTV:   Is this a new Supercycle for commodities:

Metals expected to continue the last-year gains into 2021

Is 2021 the start of the new COVID-Supercycle or will Lockdowns delay the recovery?

VOX:  11/02/20



121 Africa Mining Conference panel:  Investment Leader’s Discussion: Van Eck, Qora Capital, Nedbank, SP Angel

Africa set to gain from Covid stimulus as East and West compete for metals in the new COVID-Supercycle:

iiTV:     Mining stock to own 2021: Mining share tips for 2021 –

*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.


Metals price forecasting through 2020 – 2020 was probably the most difficult year for forecasting anything

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


Dow Jones Industrials -0.02% at 31,431

Nikkei 225 -0.14% at 29,520

HK Hang Seng Closed at 30,174

Shanghai Composite Closed at 3,655



US – Weekly jobless claims applications pulled back slightly last week, albeit from a revised higher levels.

The reading fell short of expectations highlighting continuing challenges in the labour market.

More than 10m Americans are currently unemployed with only 56% of the jobs lost at the beginning of the pandemic having been returned, according to Bloomberg.

Fed Chairman reassured investors interest rates will remain low for some time for growth and jobs creation. What didn’t we know?


China – the 300 largest cities in China report an 11% rise in land sales yoy to $43bn. Land transaction values rose 36% yoy to $886/sqm or £61 per sq foot in these cities.

Heavy truck sales rose 44% yoy to 183,000 vehicles, a new record for January


Germany – The head of national central bank expects inflation to surge to more than 3% this year arguing that monetary policy might need to be tightened “if the price outlook requires it”, FT reports.

President Jens Weidmann, president of Bundesbank, is one of the most conservative “hawks” on the ECB governing council.

Wholesale price index rose 2.1% in January vs 0.6% in December


Mexico – Industrial production fell 0.1% in December vs +1.1% in November

IP rose -2.1% yoy in December vs -3.7% yoy in November


UK – The economy posted avoided a contraction in the final quarter posting a modest gain.

Q4 GDP climbed 1.0%qoq beating market estimates.

The economy was 7.8% lower compared to a year earlier highlighting the worst performance among other Group of Seven countries.

Expectations are for the quick rollout of vaccines to allow the UK to bounce back in Q2/21 (+5.0%qoq) following a negative reading in Q1/21 (-2.5%qoq) that is driven by current lockdown measures in place.

The government will set out new support measures in the March 3 budget.

The currency is little changed against the US$ this morning trading around 1.38 mark.

PM Johnson is expected to offer a roadmap on lifting the restrictions on February 22.

Among other things, discussions are currently focused on whether the UK should allow “big wave of infection” after vulnerable groups (>50yo) in society have been vaccinated

Q4 GDP (%qoq): 1.0 v 16.0 in Q3/20 and 0.5 est.

Q4 GDP (%yoy): -7.8 v -8.6 in Q3/20 and -8.1est.


Italy – Sovereign bond yields hit fresh lows of just under 0.43% on 10-year debt after the national parliament backed former ECB head Mario Draghi as PM.


Australia – Authorities announce snap lockdown for five days in Victoria barring spectators from public gatherings, including the ongoing Australian Open.


Mexico – In line with expectations, the central bank cut its policy rate by 25bp to 4% yesterday after core inflation remained stable in January.

That is the lowest level for the rate since mid-2016 and marks the 12th time the bank eased its monetary policy from 8.25% in August 2019.

The central bank kept rates at its two last meeting after 11 consecutive cuts monitoring inflation that remained below its 4% target and came in at 3.54% in January.

The economy remained in recession as of Q4/20 with the economy finishing 4.5% smaller as of YE20.


Currencies US$1.2109/eur vs 1.2119eur yesterday.  Yen 105.12/$ vs 104.68/$.  SAr 14.676/$ vs 14.697/$.  $1.379/gbp vs $1.382/gbp.  0.773/aud vs 0.774/aud.  CNY 6.458/$ vs 6.458/$.


Commodity News

Precious metals:  

Gold US$1,818/oz vs US$1,844/oz yesterday

Gold ETFs 106.2moz vs US$106.3moz yesterday

Platinum US$1,226/oz vs US$1,264/oz yesterday –

Palladium US$2,350/oz vs US$2,372/oz yesterday

Silver US$26.99/oz vs US$27.19/oz yesterday


Base metals:  

Copper US$ 8,215/t vs US$8,287/t yesterday

Aluminium US$ 2,074/t vs US$2,075/t yesterday

Nickel US$ 18,365/t vs US$18,620/t yesterday – China’s refined nickel imports fall to 6-year low in 2020

Chinese imports of refined nickel fell 32% YoY to 130,700 tonnes last year- its lowest annual total since 2014 (Reuters).

China is buying more raw material, leaving the refined market undisturbed.

Steel mills in China are buying more and more Indonesian nickel pig iron, with imports growing from 600,000t in 2018 to 2.7mt in 2020.

China’s sliding imports has resulted in LME stocks rising to around 250,000t from 156,000t at the start of 2020.

Nickel usage is currently dominated by stainless steel, although the battery sector is expected to grow and gain market share- with Roskill forecasting global nickel demand from the battery sector to increase from 92,000t in 2020 to 2.6mt in 2040.

Zinc US$ 2,799/t vs US$2,744/t yesterday – Zinc futures rise on post-holiday steel demand expectations

LME zinc prices are on course for their best weekly performance since November, on prospects of strong steel demand after the Lunar New Year.

Three-month zinc prices rose 0.3% to $2,808/t earlier this morning, up over 10% in just over a week.

Lead US$ 2,115/t vs US$2,087/t yesterday

Tin US$ 23,4000/t vs US$23,230/t yesterday



Oil US$60.5/bbl vs US$61.1/bbl yesterday – Oil prices have slipped in early trading today, halting an impressive YTD rally on a small OPEC demand downgrade

OPEC expects oil demand to rise by 5.8MMbopd this year, down by around 100,000bopd from last month’s projection due to lockdowns in major developed economies in the first half of this year

OPEC announced in its February Oil Market Report (MOMR) that extended lockdowns and the re-introduction of partial lockdowns in a number of countries has resulted in downward revisions to 1H21 projections

In the January report, OPEC expected demand to 5.9MMbopd in 2021 from an estimated average demand of 90 million bpd in 2020, leaving its 2021 demand growth forecast unchanged from December but warning that the pandemic was still skewing risks to the downside

The organization now expects healthy demand in the second half of 2021, driven by growing economies and massive stimulus programs

OPEC’s view for the latter half of this year is largely in line with most of the other forecasters and many analysts, who expect pent-up economic and fuel demand from the summer onwards

OPEC’s base assumption for global economic growth this year is that “by 2H21, COVID-19 will largely be overcome”

Economic growth could rise more than currently expected if the fiscal and monetary stimulus is large, especially in the US growth will also depend on how successful the efforts to contain COVID-19 will be, OPEC said, noting that the effectiveness of vaccines against the virus variants would also be a factor driving economic and oil demand growth.

OPEC’s crude oil production averaged 25.50MMbopd in January 2021, up by 180,000bopd from December, with output rising in top producer Saudi Arabia, as well as in Venezuela and Iran, which are exempt from the OPEC+ cuts

Natural Gas US$2.855/mmbtu vs US$2.976/mmbtu yesterday

The EIA has substantially increased its forecast for natural gas production in 2021 and 2022 amid expectations of more associated gas production in the Permian Basin, and trimmed its gas price forecasts for the current year

In the agency’s February Short-Term Energy Outlook, its raised output by 3.60Bcf/d to 98.68Bcf/d its total gas marketed production estimate for the US in the first quarter, and pushed up its Q2 forecast as well by 2.74Bcf/d to 97.95Bcf/d

Estimates for the total marketed natural gas production over the next two years also rose, by 2.42Bcf/d, to average 98.34Bcf/d in 2021, and by 1.31Bcf/d to 98.93Bcf/d on average in 2022

In the latest inventory report announced yesterday, stocks were marginally higher than anticipated

Natural gas in storage was 2,518Bcf as of 5 February according to the EIA

This represents a net decrease of 171Bcf from the previous week

Expectations were for a 183Bcf draw according to survey provider Estimize

Stocks were 9Bcf less than last year at this time and 152Bcf above the five-year average of 2,366Bcf

At 2,518Bcf, total working gas is within the five-year historical range



Iron ore 62% Fe spot (cfr Tianjin) US$161.3/t vs US$161.3/t

Chinese steel rebar 25mm US$668.0/t vs US$668.0/t

Thermal coal (1st year forward cif ARA) US$66.3/t vs US$66.8/t

Coking coal swap Australia FOB US$157.0/t vs US$157.5/t



Cobalt LME 3m US$47,000/t vs US$45,700/t

NdPr Rare Earth Oxide (China) US$72,543/t vs US$72,543/t

Lithium carbonate 99% (China) US$10,607/t vs US$10,607/t

Spodumene 6% Li2O min, cif (China) US$455/t vs US$395/t

Ferro Vanadium 80% FOB (China) US$30.5/kg vs US$30.5/kg

Ferro-Manganese high carbon 78% Mn US$1,575/t vs US$1,560/t

Tungsten APT European US$250-255/mtu vs US$244-250/mtu

Graphite flake 94% C, -100 mesh, fob China US$560/t vs US$560/t                

Graphite spherical 99.95% C, 15 microns, fob China US$2,625/t vs US$2,625/t


Battery News


Company News

Altus Strategies* (LON:ALS) 87p, Mkt Cap £61m – Final 10m CAY shares received


The Company received final 10m Canyon Resources (CAY AU) shares with a current market value of £0.6m.

New shares are issued under the terms of the JV Termination Agreement covering bauxite licenses in Cameroon.

Total of 25m shares have been received in satisfaction of the JVTA.

Under the agreement, Canyon will issue further 5m shares on the execution of a mining convention on the Minim Martap bauxite project by government authorities with Altus retaining a US$1.5/t sales royalty on the material mined at Birsok.

Divested licenses are adjacent to the major Minim Martap bauxite deposit hosting 892mt of ore at an average grade of 45.1% total Al2O3 and total 2.8% SiO2 in JORC resource.

Altus currently holds 26.1m shares in Canyon representing ~4% in the Company and valued at £1.6m at the current CAY share price (A$0.11).

Conclusion: New shares issued under the terms of the deal announced in early 2019 monetise bauxite licenses in the portfolio while allowing to retain exposure to assets through a lifetime royalty as well as shares in Canyon Resources.

*SP Angel acts as Nomad and Broker to Altus Strategies plc


GoldStone Resources (LON:GRL) 12.1p, Mkt Cap £34m – Environmental permit enables first gold pour in two months

GoldStone reports that the Ghanaian Environmental Protection Agency has granted the environmental permit for the Company’s Homase South Pit within the AKHM project.

The permit allows the company to proceed towards the construction of the project, commencing immediately with an estimated timeline for the first gold pour being within two months.

In order to commence production as soon as the permit is issued, the Company had 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, announced in December 2020.

The Environmental Permit along with the 10-year mining lease are a prerequisite for procedural operational permits which are expected to be granted on a timely basis.

GoldStone will now make an application to the EPA for the Environmental Permit to be expanded in order to cover the whole of the Company’s expanded mining lease in respect of AKHM, including the Homase North and Homase Central pits.

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.

Emma Priestley, Goldstone’s CEO, commented: “We have been eagerly awaiting receipt of this permit so that we can start construction and mining. The permitting process has taken approximately six months longer than what we initially anticipated, but we are delighted to now be in a position to commence the next stage of operations at the AKHM Project.”


Keras Resources* (LON:KRS) 0.125p, Mkt cap £6.9m – Construction of new organic phosphate process plant in Utah

(Keras also hold an 85% interest in Societé General des Mines which holds the Nayéga manganese project license in Togo. Keras also holds 51% of Falcon Isle Holdings which holds 100% of the Diamond Creek phosphate mine which is operating in Utah, USA)

Keras Resources report the construction of a new plant for the processing of Organic Phosphate in Utah, USA.

The new plant will have capacity to process Keras’ targeetted 48,000tpa in 2024.

Operating costs are expected to fall as the company moves away from current toll processing agreements.

The new plant should be operational by the end of this quarter.

Keras took control of Falcon Isle Holdings in January moving to its 51% stake through the loan of US$2.5m having helped the Falcon team to start production ahead of the winter.

The quick action by Keras accelerated cash flow helping to de-risk the business while proving production, sales and distribution processes.

The new plant will produce  50lb and 1t tote bags of -10 and -100 mesh high grade organic phosphate.

The team mined 7,620t of phosphate rock in its first few months to October last year when the mine closed for the winter selling 1,012t at US$260/t in August and September.

Sales should rise to > US$12.5mpa in 2024 assuming sales of 48,000tpa of organic phosphate at $260/t

Manganese: Management are off to Togo again to talk to the government on the mining license for the Nayéga Manganese mine.

The Nayéga mine and plant is ready to go at 6,500tpm and can increase to 25,000tpm (300,000tpa of manganese concentrate).

We estimate potential EBITDA of US$0.5m a month on sales of around $1.25m a month on the 6,500tpm plant on a manganese ore price of $5.7/t and assuming costs have not changed significantly over the past two years.

Upgrading the plant to 25,000tpa should be significantly more profitable assuming

Manganese ore prices are running at around 5.64-6.18/dmtu at present (FastmarketsMB).

High carbon ferro-managanese prices have risen by 34% in the US since November indicating ore prices may have room to rise further

90% of manganese is used in steel production where the manganese helps to convert the iron into steel

Conclusion: Keras are developing their organic phosphate business in Utah while working their way through the licensing process in Togo for the Nayéga Manganese mine. Either project should realise greater value in time.

*SP Angel act as Nomad and Broker to Keras Resources


Rainbow Rare Earths* (LON:RBW) 12.14p, Mkt Cap £57m – Phalaborwa Rare earths project confirms 0.5% grade with 0.15% NdPr

Rainbow completes acquisition of Phalaborwa tailings and REE pilot plant

(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates. There is currently no BEE requirement as this is a retreatment processing operation)

Drilling at the Phalaborwa rare earths project in South Africa confirms the tailings grade 0.50% TREO ‘total rare earths oxide’.

The confirmation comes after a 1,056 auger drilling program on the gypsum tailings stacks with 178 samples received out of 708 samples taken.

The sample assays were processed by SGS laboratories in South Africa.

Critically the average grade of NdPr in the gypsum tailings stacks runs at 0.15% Neodymium and Praseodymium representing 29.7% of the rare earths in the tailings.

This is the highest weighting of NdPr of any project in the world according to the company.

Drilling shows the mineralisation to be homogeneous withing the stacks which is important from a processing perspective.

The mineralisation is said to be in a ‘cracked’ chemical form due to the extraction of phosphate using the Foscor process making it simpler to process

Significantly the tailings and contained rare earths contain unusually low levels of radioactivity making any REE product attractive to buyers.

A pilot plant at Phalaborwa Previously produced >3t of mixed rare earth carbonate with flow sheets and data from the early trials available to management.

The pilot plant was built by Sasol who were forced to give up the phosphate mine and plant as part of an Anti-competition ruling in 2011.

REE grades in the gypsum tailings run at around 10 times that seen in ionic clay deposits mined in China.

Capital costs should be significantly lower than for a normal rare earth process plant due to the higher grade and chemical state of the rare earth mineralisation.

Rainbow have a specialist metallurgical team with extensive processing expertise in South Africa who should be able to rework and optimise the existing pilot plant.

Rare earth market: .

We expect NdPr rare earth prices to rise significantly on strong demand for permanent magnets.

Offshore wind turbines mainly use permanent magnets due to their efficiency and lower maintenance.

These magnets use significant tonnages of NdPr running at around 0.5 tonnes of NdPr per offshore turbine

Permanent magnet producers have been reported to be stockpiling rare earths on expectations for supply shortages as nations announce approval for significant numbers of new offshore wind projects.

Prices for the principal rare earths have riseb by 8-20% already and are expected to rise further

“Most rare earth separation and processing plants have sold out of their production for January-February, and are also scheduled to cut or halt operations in early February because of lower winter temperatures and the lunar new year holiday.” (Argus Media)

Spot neodymium (oxide 99.5-99.9% fob China)and dysprosium (oxide min 99.5% fob China) prices have both risen by 10pc to $85.50/kg and $322.00/kg respectively, while praseodymium (oxide 99.5-99.9% fob China) prices have lagged behind slightly, rising 8pc to $60.25/kg on 14 January. (Argus Media)

According to GWEC the Global Wind Energy Council  2020 was another record year for the offshore market with an estimated 6.6 GW of new capacity added vs 6.1 GW in 2019 despite the impact of Covid19.

Significant new offshore capacity has been announced in recent months for construction over the next few years in the US, UK, China and South Korea.

GWEC reckon >205 GW of new offshore wind capacity will be added over the next decade indicating the instillation of some 20,000 new offshore wind turbines.

This is likely to further increase the expected imbalance and deficit in NdPr demand over supply

Add to this strong demand and production growth expected for electric vehicles which also consumer increasing quantities of NdPr in their drive motors and other motor driven servos and we should see significantly higher prices pulling in new mine production.

Conclusion: Rainbow look well placed to raise production to meet higher NdPr prices and demand through the future development of the Phalaborwa rare earths project in South Africa and further expansion of the Gakara rare earths mine in Burundi.

*SP Angel act as broker and financial advisor to Rainbow Rare Earths


Serabi Gold* (LON:SRB) – 93.5p, Mkt Cap £51.9m – Near-mine exploration identifies additional targets

Serabi Gold has issued a progress report on its exploration of near-mine targets close to its Palito and Sao Chico operations in Brazil.

Coming at the start of what Chief Executive, Mike Hodgson, describes as a year which will see “the most substantial exploration effort seen by Serabi to date”, the company is reporting the identification of “significant gold-in-soil” geochemical anomalies over a 2km x 2km area, originally identified by “the interpretation of an airborne electromagnetic survey completed in 2018” close to the Palito mine.

The area includes multiple targets including the Calico, Forquila and Juca prospects. At the Calico area, grid sampling of soils has “defined a broadly arcuate shaped” 2km by 2km  gold in soil anomaly which suggests “an intrusion related mineralising system (porphyry or intrusion related gold system)”.

The anomaly defined at Calico is supported by a coincident induced polarisation geophysical anomaly and Serabi Gold confirms that ir will conduct “first pass drill testing of these targets in the coming months”.

In addition to the results from the Palito mine area, “Multi-element soil anomalies confirm strike extension of known gold occurrences at the Fofoca prospect on the Sao Chico/ Sao Domingos trend.”

Mr. Hodgson said that the results from the Calico prospect, which is located only 5km from Palito, and is still at an early stage “lead us to start drawing positive comparisons with the Palito orebody” and that the trend of the anomalies is “consistent with … [the]… broader regional structural fabric and the trend of the veins at Palito”.

He also confirmed that the geochemical sampling survey at the Fofoca area in the Sao Domingo licence close to Sao Chico is still underway but that “the initial results have defined a number of new geochemical anomalies … [and that] … the survey will continue with a follow-up drill programme to be undertaken once this is completed”.

Conclusion: Early stage geochemical exploration close to Serabi Gold’s existing operations is identifying promising new targets for drilling at the start of what the company characterises as a year which will see its most substantial exploration effort to date.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil


Tietto Minerals (ASX:TIE) A$0.405, Mkt Cap A$179.7m –PFS/DFS at Abujar remain on track with maiden reserve estimate expected by the end of the current quarter

In an announcement in Australia, Tietto Minerals confirms that, with drilling continuing it continues to expect to deliver a PFS and maiden reserve estimate for the Abujar deposit in Cote d’Ivoire by the end of the current quarter.

Among the results from the recent drilling reported today the company highlights:

A 6m wide intersection at an average grade of 6.27g/t gold from a depth of 389m within a wider 14m zone averaging 2.94g/t in hole ZDD410; and

An intersection of 7m at an average grade of 3.68g/t gold from a depth of 63m in hole ZDD413 which includes 5m averaging 4.88g/t gold

Managing Dorector, Dr. Caigen Wang confirmed that the results from hole ZDD410 correlate “well with the drilling above and below”

The company says that it is currently operating six rigs at Abujar and that it has currently received results from 7 holes of the 28 drilled in the current programme with further results pending.

The company also confirms that its 28,000m infill drilling programme aimed at increasing the confidence level of resources is progressing well and expected to be completed by the end of May while the geotechnical drilling to assist in pit-design is also moving ahead with 6 holes and 1,267.5m of the planned 2,500m now completed.

The current mineral resources estimate at Abujar comprises:

2.3moz contained in 49.6mt at an average grade of 1.5g/t gold in the AG (Abujar Gludehi) deposit; and

0.7m oz in 31mt at an average grade of 0.7g/t withing the APG (Abujar, Pischon Golikro) deposits; and

0.02moz in the SG (South Gamina) deposit of 0.5mt at an average grade of 1.4g/t gold

Tietto Minerals describes the high grade mineralisation as remaining “open along strike and at depth”.

The company confirms that it is also on course to complete the DFS on the project in Q3 2021

Conclusion: Drilling at Abujar continues to intersect high grades as the project moves towards a maiden reserve estimate later this quarter, a PFS and DFS later in the year.



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, Antimony

Asian Metal


Metal Bulletin


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