Today’s Market View – Beowulf Mining, Cornish Metals, Anglo Asian Mining and more…


SP Angel . Morning View . Friday 26 02 21

Rare earth, vanadium and battery metals prices rise as base metals steady


Anglo Asian Mining* (LON:AAZ) – Termination of the proposed JV with Conroy

Asiamet Resources (LON:ARS) – £10m fundraising

Beowulf Mining* (LON:BEM) – 2020 results highlight progress in Kosovo and Sweden 

Cornish Metals* (LON:CUSN) – Warrants exercised

Phoenix Copper* (LON:PXC) – Exercise of warrants follows recent economic update for Empire development project

Scotgold Resources* (LON:SGZ) – Production update and management/Board changes


Commodities – inflow of copper and other metals into Shanghai to meet margin and other collateral requirements

Increased market volatility in commodities and US Technology stocks and the raising of margin requirements is steadying markets

Western banks and brokers appear to be taking a more cautious stance with a pullback available commodity trade finance recently observed

Chinese banks may also be wary of the potential for the state to impose greater margin requirements and other controls to contain investor exuberance

We hear that banks appear to be holding back from selling forward sales contracts ‘Hedging’ to miners as they reduce risk thus reducing the sale of metal into forward markets. This could present some unintended consequences.

We see the moves as a steadying hand to calm elements of overexuberance by Chinese and other investors


Vanadium prices rise as Chinese steel producer demand rises on Central Committee comments for more rural infrastructure

Ferro-vanadium prices jump 9.9% to $32.2-33.2/kgV in China FastmarketsMB

Ferro-vanadium prices also 1.3% rose in the US to $34.1-36.6/kgV

Vanadium pentoxide prices also jumped 11.3% in China to $7.36-7.6/lb


African gold SPAC raises $360m ahead of New York listing raising prospects for increased M&A in the gold sector

African Gold Acquisition Corp, a special purpose acquisition company targeting gold assets raised a more-than-expected $360m ahead of a listing in New York on Friday.

Rob Hersov, founder and chairman of the company commented: “we are the only Africa mining-focused SPAC amongst a sea of SPACs”.


China – next week National People’s Congress (NPC) meets over two sessions

Expect more indications for positive growth based on recent comments from President Xi’s meeting with the Central committee a week ago

The CPPCC ’Chinese People’s Political Consultative Conference’ China’s senior political advisory body will also meet to approve the 14th 5-year plan to 2025 and the 2035 vision initiative.

The NPC is expected to ratify a new 15-year plan for new transport development running to 2035 (SCMP)

China’s state planners are directing cities and regional authorities to put in place new and sufficient commuter and intercity transport links

State Council of the PRC is setting targets for the development of a modern, high-quality and comprehensive national transport network

The country’s transport network should be convenient, cost-effective, green, intelligent and safe, according to new Central Committee and the State Council guidelines by 2035.

Target: 700,000km of new road and rail by 2035 including:

200,000 km of rail

460,000 km of road

25,000 km of waterways

27 major coastal ports,

36 major inland ports, about

400 civil-transport airports

80 postal express-delivery hubs

State guidance:

One hour commutes to work within cities

Two hour journeys within city cluster,

Three hour Journeys between major cities eg Maglev trains in some cases

 New urban hubs/clusters at:

Beijing – Xiongan,

Yangtze River Delta,

The Big Bay area,


While the state guidance is impressive it will take time to see how well Chinese para-statal construction companies are at meeting the ambitious targets set by the Central Committee and to be approved by the NPC.


Indonesia ‘ready to fight’ EU over attempted WTO plea

Indonesia has vowed to fight against the EU’s challenge over the ban on nickel exports at the WTO, with Indonesia banning exports last year in order to develop a full nickel supply chain in the country.

The EU launched its initial complaint in November 2019 against the export restrictions on raw materials, saying that bans were illegal and unfair to EU steel producers.

In response to the complaints, the Indonesian trade minister commented: “The Indonesian government is ready to fight for and make efforts to defend against the EU lawsuit,”

The European Commission said last month the EU stainless steel industry was producing at its lowest level for 10 years, while Indonesia was set to become the second-largest global producer after China due to “unfair measures” (Reuters).


Recent Interviews:

IGTV:  Are we in a new commodity supercycle, or is one coming?

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 Markets: 24/02/20



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


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 -1.75% at 31,402

Nikkei 225 -3.99% at 28,966

HK Hang Seng -3.64% at 28,890

Shanghai Composite -2.12% at 3,509



US – Equity futures are flat this morning after major indices reported heavy losses on Thursday amid rising bond yields.

Dow, S&P 500 and Nasdaq all reported losses closing 1.75%, 2.45% and 3.52%, respectively, lower yesterday.

10y US Treasury bond yields climbed past 1.6% mark briefly on Thursday marking the highest level in a year.

Investors are growing increasingly worried that accelerating inflation could see central banks dialling back on monetary support that helped risk sentiment in the market lately, Bloomberg reports.

Q4 GDP revised to 4.1% qoq vs 4.2% previously. Was 38.4% in Q3

Durable Goods Orders (%mom): 3.4 v 1.2 in December and 1.1 est.

Durable Goods Orders Ex Transportation (%mom): 1.4 v 1.7 in December and 0.7 est.

Weekly Jobless Claims: 730k v 841k (revised from 861k) previous week and 825k est.

Kansas City Fed manufacturing index rose to 26.0 in February vs 22.0 in January and 8.0 in February 2020 

$15/h minimum US wage proposal will have to be removed from the $1.9tn stimulus package on the basis that the provision does not have sufficient fiscal impact in relation to its affect on the economy to qualify for a fast-track budget procedure, Bloomberg reports.

The proposal would have increase the federal minimum to $15 by mid-2025, from $7.25.

The rate was last adjusted in 2009.

Although, states are already applying their own rates and assuming no changes to current legislation around a third of the workforce will live in a state using $15-or-higher rate by 20206.


France – Inflation came in stronger than expected in February, although, the pace of consumer prices’ changes remains subdued.

CPI EU Harmonised (%mom): 0.0 v 0.3 in January and -0.3 est.

CPI EU Harmonised (%yoy): 0.7 v 0.8 in January and 0.5 est.



CPI EU Harmonised (%mom): -0.6 v -0.4 in January and -0.2 est.

CPI EU Harmonised (%yoy): -0.1 v 0.4 in January and 0.5 est.


Japan – Leading economic index pulled back to 95.3 in December from 96.1 November but is still higher than 90.5 seen in January last year

This highlights the strength of the recovery compared with last January before the world was hit with the spread of the Coronavirus


Taiwan – Retail sales 3.56% yoy in January vs 1.39% in December

Industrial production rose 18.8% in January vs 10.3% in December


German – GfK consumer confidence fell -12.9 in March vs -15.5 in February and compares with +8.3 in March last year


EU – Economic sentiment rose to 93.4 in February vs 91.5 in January and 103.4 in February 2020

Industrial confidence -3.3 (-6.1, Mch’20 -6.2),

Service confidence -17.1 (-17.7, Mch’20 +11.1) and

Consumer confidence -14.8 (-15.5, Mch’20 -11.5). Across the Pond,


Europe – Vaccine nationalism and slow vaccine take up in Europe looks likely to delay economic recovery

Negative press articles in German and other European newspapers have put off many Europeans from taking up the Oxford AstraZeneca vaccine

The result is an unexpectedly slow take up of vaccines which is now causing politicians and the media to backtrack on previous comments

We advise people to follow the science and not the politically-inspired rhetoric in these matters


Currencies US$1.2135/eur vs 1.2198eur yesterday.  Yen 106.20/$ vs 106.06/$.  SAr 14.914/$ vs 14.556/$.  $1.395/gbp vs $1.416/gbp.  0.783/aud vs 0.799/aud.  CNY 6.460/$ vs 6.451/$.


Commodity News

Precious metals:  

Gold US$1,765/oz vs US$1,791/oz yesterday

Gold ETFs 104.5moz vs US$104.7moz yesterday

Platinum US$1,211/oz vs US$1,259/oz yesterday

Palladium US$2,390oz vs US$2,415/oz yesterday

Silver US$26.93/oz vs US$27.81/oz yesterday


Base metals:  

Copper US$ 9,245/t vs US$9,479/t yesterday

Aluminium US$ 2,213/t vs US$2,219/t yesterday

Nickel US$ 18,890/t vs US$19,600/t yesterday

Zinc US$ 2,864/t vs US$2,875/t yesterday

Lead US$ 2,141/t vs US$2,136/t yesterday

Tin US$ 26,100/t vs US$27,095/t yesterday



Oil US$66.2/bbl vs US$67.6/bbl yesterday

OPEC+ is meeting next week to discuss the progress of its agreement in an environment of much tighter supply, and expectations are that some members may push for a production increase

The increase, however, will be moderate, at 500,000bopd, according to reports

Reports from Reuters confirm that OPEC+ will discuss the possibility of increasing its oil production levels at the next meeting

The group is set to meet on 4 March, where it will discuss raising output as much as a half a million barrels per day starting in April

OPEC+ members are currently suppressing oil production by more than 7MMbopd, but with oil prices now on the rise and the markets getting the idea that the market could be tightening, OPEC+ may consider loosening the reins

The last Joint Ministerial Monitoring Committee Meeting of OPEC+ met in February ended without many surprises.

For the month of February, another 75,000bopd was added to the quotas—65,000bopd to Russia and 10,000bopd to Kazakhstan.

For the month of March, production quotas were eased again by another 75,000bopd—again to Russia (65,000bopd) and Kazakhstan (10,000bopd).

But Saudi Arabia had announced in January that in February and March, it would voluntarily cut an additional 1MMbopd.

Saudi Arabia has not committed to cutting this additional cut beyond March, so it’s very possible that this OPEC+ meeting will end with an additional 1.5MMbopd added into the mix: an additional 500,000bopd added to the production quotas, and an additional 1MMbopd from Saudi Arabia.

The oil markets have improved in recent weeks, with crude oil inventories in the world’s most visible oil market, the US, finally returning to its five-year average resulting in the highest-level oil prices have seen in over a year


Natural Gas US$2.719/mmbtu vs US$2.840mmbtu yesterday

Natural gas prices continued fall yesterday following the Department of Energy’s inventory report

The draw was larger than expected and the draw levels are now below the 5-year average for the first time in 13-months.

According to a report from the National Oceanic Atmospheric Administration, the weather points to warmer than normal temperatures in most of the US for the next weeks

Natural gas futures are also continuing to drift as warmer weather in Texas is helping production to recover faster than previously expected from last week’s Arctic freeze that rattled the energy markets last week

Falling spot gas prices are also weighing on the futures markets as well as forecasts calling for improving weather conditions

Nonetheless, traders shouldn’t become complacent with volatility expected to return with the March contract roll-off on Wednesday



Iron ore 62% Fe spot (cfr Tianjin) US$172.1/t vs US$167.7/t

Chinese steel rebar 25mm US$721.1/t vs US$721.0/t

Thermal coal (1st year forward cif ARA) US$68.0/t vs US$68.5/t

Coking coal swap Australia FOB US$154.5/t vs US$154.5/t



Cobalt LME 3m US$51,800/t vs US$51,800/t

NdPr Rare Earth Oxide (China) US$85,913/t vs US$81,380/t

Lithium carbonate 99% (China) US$11,920/t vs US$11,781/t

Spodumene 6% Li2O min, cif (China) US$510/t vs US$455/t

Ferro Vanadium 80% FOB (China) US$33.0/kg vs US$32.5/kg

Ferro-Manganese high carbon 78% Mn US$1,625/t vs US$1,610/t

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

Huawei electric vehicles  

Huawei plans to make EVs under its own brand. 

Huawei Technologies Co Ltd is in talks with state-owned Changan Automobile and other automakers to use their car plants to make its EVs.  

The plan heralds a major shift in direction for Huawei after nearly 2 years of U.S. sanctions that have cut its access to key supply chains, forcing it to sell a part of its smartphone business to keep the brand alive.  

Huawei has started internally designing the EVs and approaching suppliers at home, with the aim to launch the project this year.  


GE to test 3D-printed blade parts 

GE Renewable Energy is to test a full-size turbine blade tip manufactured using 3D printing. It believes other parts of wind turbine blades could also be 3D printed in due course. 

The last 10m to 15m of a modern blade captures 40% of the energy that spins the turbine. 

The focus of the 25 month US$6.7M project will be a full-sized blade tip made from a low-cost thermoplastic skin reinforced with a 3F-printed, skeleton-like structure. 

The lighter blade tips could allow larger rotors on turbines to generate more power. 


Company News

Anglo Asian Mining* (LON:AAZ) 150p, Mkt Cap £172m – Termination of the proposed JV with Conroy


The Company decided not to progress discussions with Conroy Gold and Natural Resources over the proposed JV agreement announced on 21 July 2020.

The proposed JV involved the Company potentially earning 55% interest in the Longford Down Massif gold project in Ireland on completion of a series of payments/work.

The project covers over 800km2 in a major gold district in the north east of Ireland with a number of gold targets identified to date:

Clontibret hosting a refractory gold deposit with a JORC resource of 517koz at 2.0g/t (including 320koz at 2.0g/t in the Indicated category and 197koz at 2.0g/t in the Inferred) and located in County Monaghan, in the Republic of Ireland;

Clay Lake in County Armagh, a gold target extending over 2km by 1km area at the north-eastern end of the 40 mile Longford Down gold trend and located in Northern Ireland.

An additional 8.8moz in gold exploration targets in the Longford Down trend providing significant upside potential.

A Scoping Study completed on the project by Conroy Gold suggests challenging metallurgy at Clontibret with the bulk of the gold occurring as sub-microscopic inclusions within arsenopyrite and the proposed processing method including BIOX treatment.

Conclusion: The Company decided to end discussions with Conroy over the proposed JV with development capital likely to be focused on targets within existing contract areas aiming to expand the Gedabek life of mine as well as potential opportunities around Restored Contract Areas.

*SP Angel act as Nomad and broker to Anglo Asian Mining


Asiamet Resources (LON:ARS) 2.28p, Mkt Cap £33.5m – £10m fundraising

Asiamet Resources reports that it has raised approximately £10m through an oversubscribed placing of around 45.4m shares at 2.2p/share.

The new shares represent approximately 23.6% of the enlarged capital base of the company

Asiamet Resources is progressing the development of its BKM copper project in Kalimantan, Indonesia and we view the support for the company’s latest fund-raising not only as an endorsement for the project itself but also as a wider indication of continuing enthusiasm amongst investors for advanced stage copper projects offering near-term development opportunities in the current context of robust copper prices and increasing concerns of an emerging supply deficit.


Beowulf Mining* (LON:BEM) 4.15p, Mkt cap £27.2m – 2020 results highlight progress in Kosovo and Sweden 

Beowulf report a loss of (£1,294,691) in 2020, an increased loss compared to (£428,707) in the year prior.

Administrative expenses over the period amounted to £1,005,547 vs £904,667 compared to 2019. 

The cash position of the company held at period end increased to £4,329,414 vs £1,124,062 in 2019.

In August, Beowulf announced that it had secured bridge loan financing in Sweden of SEK 12 million (approximately £1.0 million) from Nordic investors, with £300,000 invested in Vardar’s geophysics programme. In November, Beowulf announced that it would conduct an Open Offer of up to 225,841,752 new Ordinary Shares to Qualifying Shareholders at 3.16 pence per Share on a pre-emptive basis to raise up to approximately £7.3m.

 Vardar (Kosovo): Beowulf made significant progress at Vadar last week, with initial exploration developing the Company’s understanding of the porphyry potential at the company’s two assets on the highly prospective Tethyan Belt.

The Mitrovica license is located immediately to the west and north west of the world class Stan Terg former lead-zinc-silver mine which represents an important source of metals in the south eastern part of Europe. The licence is showing its potential for a range of porphyry related mineralisation types, including the Majdan Peak high-sulphidation epithermal gold target, the Wolf Mountain low-sulphidation lead-zinc-silver target and the Mitrovica South base and precious metal target in the southern part of the licence area.

At Majdan Peak, an extensive gold anomaly has been identified over an area approximately 1,400 m x 700 m, with individual soil samples returning up to 0.36 g/t gold. A number of grab samples returned high grade gold results, which correlated well with gold in soils and alteration intensity and confirmed the significant scale of the anomaly, which remains open to the east.

Grab sample results at the target over 1 g/t gold include: 7.2 g/t; 4.6 g/t; 2.8 g/t; 2.0 g/t; 1.5 g/t; 1.3 g/t; 1.3 g/t; and 1.1 g/t.

The scale and size of the anomaly are comparable to significant high-sulphidation epithermal gold deposits within the region which bodes well for the Majdan Peak target and we look forward to seeing exploration progress at the asset going forward.

At Mitrovica South, a new lead-zinc-copper-gold target has been identified to the south of Majdan Peak, approximately 4km from Stan Terg.

Soil sampling results indicate the potential for a large mineralised system at Mitrovica South, with results identifying distinctive zinc, copper, lead, silver, and gold anomalies in the southern part of the licence, extending laterally from known mineralisation, suggesting that the system may be larger than indicated by initial geological mapping.

The Viti license harbours evidence of intense alteration typically associated with porphyry systems, with several copper occurrences and stream sample anomalies in proximity to, and within the project area. Orientation drilling at Viti has intersected the upper part of a copper-gold porphyry system. Two stratigraphic holes, totalling 439m identified highly altered trachyte porphyry dykes with associated copper and gold mineralisation, including down the hole intersections of 1 m at 0.5 g/t and 10 m at 0.12 g/t.  

Beowulf expect progress to move swiftly in Kosovo this year, with the company announcing in February that it has invested £200,000 to fund preparatory works, building access roads and drilling platforms, across the Mitrovica licence in northern Kosovo, lead-zinc targets at Wolf Mountain and gold targets at Majdan Peak- with drilling expected to commence in early Spring 2021.

Kallak (Sweden): Beowulf remained focused on receiving the application for an Exploitation Concession for Kallak North. While the company continued to engage with authorities, although progress stalled as a result of Covid-19.

The Constitutional Committee has been reviewing the Swedish Government’s handling of the Company’s application for an Exploitation Concession for Kallak North, and in November commented: “KU has examined the application for a processing concession for Kallak. In the Government case, no visible administrative measures were implemented for almost three years. This means a delay that is not acceptable, according to KU.”

Beowulf hopes that this will prompt the Ministry of Trade and Industry to be more forthcoming with a decision over the asset.

Beowulf announced the findings of an expert market assessment by Dr. Bo Arvidson in 2020, which investigated the market potential of future products from the Kallak North deposit, based on lab results and pilot plant testwork. 

Testwork on Kallak ore has produced an exceptionally high-grade magnetite concentrate at 71.5% Fe with minimal detrimental components – making Kallak the market leading high-grade product among known current and planned future producers. 

Kallak magnetite concentrate would reduce the carbon footprint of traditional steel manufacturing, improve energy efficiency in any downstream process and reduce waste.

Kurt Budge, Chief Executive Officer of Beowulf, commented: “Despite the challenges of 2020, Beowulf finished the year with a fully subscribed Capital Raising. Beowulf has started 2021 with focus and the cash to fund investment plans across its diversified and attractive portfolio, with growth options in all business areas.”

*SP Angel act as Nomad and Broker to Beowulf Minerals 


Cornish Metals* (LON:CUSN) – 9.13p, Mkt cap £25.47m – Warrants exercised

Cornish Metals has announced the issue of an additional 200,000 shares as a result of the exercising of warrants bringing the total number of shares in issue to approximately 268.2m shares.

The warrants were exercised at C$0.1 each bringing aggregate proceeds of C$20,000) or £11,260.

Cornish Metals made its AIM Market debut on 16th February and has previously announced that it expects to restart drilling on its United Downs property in Cornwall in late March or early April

Previous drilling, by Cornish Lithium, in the United Downs licence area included an intersection of 15m at an average grade of 8.45% copper and 1.2% tin in an area with a prolific history of historic mining which will be investigated further in the planned drilling campaign.

* SP Angel acts as broker and financial advisor to Cornish Metals


Phoenix Copper* (LON:PXC) 44.5p, Mkt Cap £28.5m – Exercise of warrants follows recent economic update for Empire development project

(Phoenix holds 80% of the Empire mining property in Idaho)

Phoenix Copper has announced that it has issued 460,213 new shares raising £106,807 as a result of warrants being exercised. The new issue brings the total shares in issue to approximately 63.6m.

Phoenix Copper has recently announced an updated economic study for the development of its Empire mine open pit copper project located close to Mackay, Idaho.

The new study describes an initial ten-year mine life involving the extraction of a total of 14.3mt of mineralised material to produce an average of 8,550tpa of copper, 1,970tpa of zinc, 17,235oz pa of gold and 680,050oz pa of silver at a life-of mine copper equivalent cash cost of US$1.83/lb or US$1,190/oz of equivalent gold.

In an enhancement of previous development plans for the mine, the company plans to use an environmentally benign reagent, ammonium thiosulphate, to recover the gold and silver as well as the copper and zinc content.

The deployment of pre-production capital investment of US$52.6m is expected to generate a pre-tax NPV7.5% of US$105m and IRR of 57% and the company’s analysis shows an after-tax NPV7.5% of US$88m and IRR of 47%.

Phoenix Copper’s analysis assumes commodity prices of US$3.60/lb for copper, US$1.20/lb for zinc, US$1,825/oz for gold and US$27/oz for silver. We comment that, particularly for the base metals, these price estimates are below both the current market prices of copper and zinc and below SP Angel’s current long-term price expectations of US$8,950/t (US$4.06/lb) for copper and US$2,850/t (US$1.29/lb) for zinc.

Conclusion: Phoenix Copper is progressing the Empire mine open-pit copper mine project in Idaho. The use of an environmentally benign processing method to recover precious metals should, in our view, facilitate the project permitting in a US State with a reputation for its encouragement and support of the mining industry.

*SP Angel act as Nomad for Phoenix Copper


Scotgold Resources* (LON:SGZ) 67p, Mkt Cap £36m – Production update and management/Board changes

BUY – Target Price Being Updated

The Company provided the ramp up progress update at the high grade Cononish gold mine as well as announced a number of management and Board changes.

The team successfully addressed previously highlighted blockages from handling of the Cononish ore in the crushing circuit as well as replaced pumps at the flotation plant.

The Company continues to work with the manufacturer and its agents to fix issues with the filter press operations.

However, slower than planned labour mobilisation and training in the light of the ongoing COVID-19 restrictions mean that the targeted 24/6 production schedule is not expected before the end of March.

The plant is expected to treat 1kt of ore in March and ramp up to full Phase I capacity of 3ktpm from April onwards.

CY21 guidance lowered to 25.7-28.5kt in throughput and 7.0-7.9koz in gold output from 28.4-31.5kt and 7.8-8.7koz, respectively.

The Company highlighted that a production target downward revision amid a longer than expected ramp up is having a negative impact on its cash position with the team considering possible short term debt financing options.

On the management and Board front, Richard Gray will be stepping down as CEO joining the Board as Non-Executive Director from 31 March.

Phillip Day will be taking over as CEO from 1 April.

Mr Day brings a wealth of experience in the mining sector having held a number of senior managerial roles during his 25 year career in the industry.

Recently, he held the position Head of Technical and Operations at Pala Investments and acted executive/non-executive positions of several Pala’s portfolio companies including COO/NED at Sierra Rutile and Nevada Copper.

Before that Mr Day worked as VP Process Engineering at AMEC Americas as well as held operation, managerial and technical roles at BHP, WMC Resources, Minara Resources and Wiluna Gold.

Mr Day holds a degree in Metallurgy and Chemistry and is a Fellow Member of the Australian Institute of Mining and Metallurgy (FAusIMM).

Separately, Chris Sangster, the founding CEO and long serving member of the Board, will be leaving the Company to pursue other business interests.

Conclusion: The Company revised CY21 production guidance lower on the back of slower than planned labour mobilisation amid COVID-19 restrictions with previously highlighted teething problems in the processing circuit being fixed and the team expecting operations running at Phase I full capacity of 3ktpm from April onwards. CY21 production was revised slightly lower to 7.0-7.9koz, from previous 7.8-8.7koz, while the team is considering possible short term debt financing options to support longer than expected ramp up of the plant. Phillip Day will be taking over from Richard Gray as new CEO from the beginning of April as Cononish is set to deliver first positive operational CFs.

*SP Angel act as Nomad and broker to Scotgold Resources. A number of SP Angel analysts have visited the Cononish gold mine.



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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