Today’s Market View – Pensana Rare Earths, Metal Tiger, Eurasia Mining and more…


SP Angel . Morning View . Thursday 20 05 21

Gold prices look set to rise following China ban on Cryptocurrencies

Alba Mineral Resources (LON:ALBA) – Plans to spin out the Greenland assets

Altus Strategies* (LON:ALS) – BUY – New base metals licenses grow Moroccan portfolio

Anglo Asian Mining* (LON:AAZ) – BUY – Record turnover and ~$30m FCF delivered in FY20; 3.5c final dividend announced

Castillo Copper (LON:CCZ) – IP survey identifies additional targets at the Big One prospect

Empire Metals* (LON:EEE) – Gold asset acquisition in Australia

Eurasia Mining* (LON:EUA) – Eurasia places 53m new shares with US institution at 26.5p raising GBP14m

Metal Tiger (LON:MTR) – FY 2020 Results

Pensana Rare Earths (LON:PRE) – Site works begin at REE separation facility in Yorkshire

China’s ban trading on Cryptocurrency trading may be first of many measures to reduce threats to China’s economy

China is extremely adept at pulling levers to protect its interests, particularly where the supreme power of the state is concerned.

Other countries are likely to follow China’s lead to further weaken the influence of Bitcoin and other cryptocurrencies which could ultimately weaken the control of the state.

China has also said it will step up market management – which sounds like a veiled threat to speculators who might dare challenge the targets of the state.

China, the US, UK and some other nations normally regulate speculative trading through raising margin requirements on leverage / borrowing with outright bans as an extreme form of control.

Bitcoin is seen by some as presenting a potential systemic risk to markets while others see it as a good alternative to government-controlled currencies.

Tesla has stopped accepting Bitcoin for its cars, presumably after its accountants quantified its potential risk to Tesla’s balance sheet.

The currency has now fallen 36.3% from its peak on 14th April.

Iron ore: China has not yet regulated on the sky-high price of iron ore which we see as driving inflation in construction in China

Copper: while the Chinese are emotive about copper as a store of value and a key industrial metal we do not see copper prices as offering any great threat on their own to inflation.

It is the availability of copper that is of greater concern going forwards with even the IWCC which represents smelters seeing a supply/demand deficit this year.

Metals: The rise in price of all metals is of greater concern as rising prices give manufacturers good reason to raise output prices which will be of greater concern to the Chinese authorities.

Inflation will be driven as much by rising labour rates due to the reorientation of economic growth towards manufacturing and construction.

Wages have generally risen post pandemics with Luddites raising their pitchforks in demands for higher wages historically.

With employment rates rising as Western nations recover from the Covid-19 pandemic wages should rise helping inflation higher.

The Peoples Bank of China ‘PBOC’ China sets the value of the Yuan on a daily basis, and they may choose to raise lift currency to counteract imported price inflation.

This will almost inevitably raise the cost of Chinese exports to the West raising inflation prospects in the west.

Copper – Peru – Left wing candidate Pedro Castillo proposes tax rises on copper sales as part of this election bid

Pedro Castillo has also vowed nationalise a major gas field and to raise funds from profits on mineral sales to fight poverty.

Dow Jones Industrials -0.48% at 33,896

Nikkei 225 +0.19% at 28,098

HK Hang Seng -0.58% at 28,427

Shanghai Composite -0.11% at 3,507


Philippines – Government expected to lift open-pit mining ban this month

The Philippine Environmental Department has announced that it targets to approve rules that will lift a ban on open-pit mining.

Last month, President Rodrigo Duterte signed an order allowing government to approve new mining contracts, lifting a 2012 ban to help boost revenue.

UK – Carbon allowances commence trading with early prices suggesting polluters may face higher costs than in EU

UK carbon prices hit GBP50/t, before falling almost 10% in the first day of trading for Britain’s post-Brexit emissions scheme.

Futures contracts traded as high as GBP50.23/t before paring back to GBP45.75 after the first auction of allowances.

The contracts are designed by the government to put a cost per unit on CO2 emissions and replace UK companies’ participation in the EU carbon trading system.

Early futures prices were significantly higher than the EU price on Wednesday, and above the threshold of GBP44.74/t that the UK government had set for intervention to cool prices, should it trade above that level consistently.


US$1.2195/eur vs 1.2236/eur yesterday. Yen 109.03/$ vs 109.04/$. SAr 14.070/$ vs 13.988/$. $1.413/gbp vs $1.419/gbp. 0.776/aud vs 0.788/aud. CNY 6.439/$ vs 6.429/$.

Commodity News

Precious metals:

Gold US$1,872/oz vs US$1,871/oz yesterday

Gold ETFs 100.3moz vs US$100.5moz yesterday

Platinum US$1,207/oz vs US$1,225/oz yesterday

Palladium US$2,886/oz vs US$2,908/oz yesterday

Silver US$27.78/oz vs US$28.07/oz yesterday

Base metals:

Copper US$ 10,133/t vs US$10,265/t yesterday

Aluminium US$ 2,423/t vs US$2,450/t yesterday

Nickel US$ 17,310/t vs US$17,850/t yesterday

Zinc US$ 2,970/t vs US$3,026/t yesterday

Lead US$ 2,210/t vs US$2,219/t yesterday

Tin US$ 29,765/t vs US$30,200/t yesterday


Oil US$67.1/bbl vs US$67.9/bbl yesterday

Despite a volatile week for oil prices, the commodity continues to hold up well as COVID restrictions begin to ease

The number of global commercial flights has more than doubled since this time last year, while US traveller throughput has jumped six-fold since May 2020, suggesting that global jet fuel demand is starting to lift off

The US Transportation Security Administration (TSA) has been screening more than 1 million passengers at American airports every day since the middle of March

Most recently, 1,850,531 passengers travelled on 16 May, up from just 253,807 passengers on the same day last year

This figure is still off the 2,620,276 passengers who boarded airplanes on 16 May 2019, but numbers have been steadily rising in recent weeks

In addition, the number of commercial flights globally stood at 71,728 on 16 May, more than double the 29,843 flights on the same day in 2020, according to data from global flight tracking services

The number is still below the 2019 figure of 119,993 commercial flights, but it is much more than the worst months for air travel in the spring of last year

The recovery of global aviation fuel demand is expected to be the slowest among all fuels, and a return to pre-pandemic levels is unlikely at least until 2023

US jet fuel demand is rising along with an increase in domestic air travel, the Energy Information Administration (EIA) announced earlier this month

However, a full recovery to the pre-pandemic levels would take place when most long-haul flights return

Since long-distance flights consume more aviation fuel than shorter fights, the reopening of international travel and quarantine-free vacations abroad will be a big boost to jet fuel demand when this happens at some point later this year

Recently, signs emerged that there could be an opening for the summer holidays

In Europe, the European Commission proposes that the European Union (EU) allow entry for non-essential travel for anyone who has received the last dose of an EU-approved vaccine at least two weeks before arrival

However, Boris Johnson, confirmed yesterday that this will only apply to the small amount of ‘green list’ countries hampering UK holiday maker plans

Natural Gas US$2.964/mmbtu vs US$2.990/mmbtu yesterday


Iron ore 62% Fe spot (cfr Tianjin) US$206.3/t vs US$214.0/t

Chinese steel rebar 25mm US$841.2/t vs US$882.3/t

Thermal coal (1st year forward cif ARA) US$77.0/t vs US$77.9/t

Coking coal swap Australia FOB US$142.0/t vs US$137.0/t


Cobalt LME 3m US$43,650/t vs US$43,650/t

NdPr Rare Earth Oxide (China) US$75,715/t vs US$76,984/t

Lithium carbonate 99% (China) US$12,658/t vs US$12,675/t

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

Ferro-Manganese European Mn78% min US$1,750/t vs US$1,756/t

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

China Graphite Flake -194 FOB US$505/t vs US$505/t

Europe Vanadium Pentoxide 98% $7.8/lb vs $7.7/lb

Europe Ferro-Vanadium 80% $34.05/kg vs $33.95/kg

Battery News

UK battery start-up Britishvolt Hires EX-Ford UK Chairman

Britishvolt have hired Graham Hoare, former Chairman of Ford of Britain, as president of global operations.

Company News

Alba Mineral Resources (LON:ALBA) 0.27p, Mkt cap GBP17.8m – Plans to spin out the Greenland assets

In his review of Alba Mineral Resources’ results for the year to 30th November 2020, Executive Chairman, George Frangeskides reports plans to divest the company’s Greenland assets at Amitsoq graphite, the Thule Black Sands project, Melville Bay Iron and its Inglefield Multi-Element Projects into a separate AIM listed vehicle.

The company draws attention to the market valuation and investor interest in AIM-listed Bluejay Mining* as one of the reasons for its decision which it expects to attract increased investor attention and enhance value for shareholders.

Cautioning that Covid19 containment measures in Greenland may require adjustments to its plans, Alba says that it expects to undertake sufficient drilling at Amitsoq to define an initial mineral resource estimate and to complete the drilling required to lift the existing inferred resource at the Thule Black Sands project to an indicated resource and “to start planning in earnest to move the TBS project into the development phase, including commencing discussions with potential offtake partners”.

Elsewhere, “We intend to spend the next six months or so continuing our push to prove up sufficient new mineralised zones at Clogau-St David’s to make a compelling case for bringing the Mine back into commercial production”.

The Chairman highlights several aspects of the work at Clogau St Davids including the completion of both surface and underground drilling which has raised the possibility of a more extensive vein system than previously envisaged as well as the completion of bulk-sampling and the securing of extensions to its exploration licences until February 2025.

*SP Angel act Nomad and Broker to Bluejay Mining

Altus Strategies* (LON:ALS) 62p, Mkt Cap GBP49m – New base metals licenses grow Moroccan portfolio


The Company secured three new base metals exploration licenses as well as extensions to existing permits following a competitive tender process in Morocco.

Prospects cover 221 km2 located in the Central Moroccan Hercynian Massif, a region prospective in copper, tin, lead and zinc and hosting a number of active and historical mines.

Granted licenses include:

Amsa Tin Project (67km2) located 8.5km SW of the Achmmach tin project developed by Kasbah Resources;

Tiddas Copper-Lead Project (64km2) hosting six historically mapped lead and copper-lead occurrences;

Jafra Copper-Zinc Project (29km2) located 35km east of the historical Roc Blanc silver mine;

Zaer Copper Project (32km2 extension to the existing license);

Takzim Zinc Project (29km2 extension to the existing license).

This expands Morocco portfolio to ten projects totalling 675 km2.

Exploration programme following up on priority targets identified by satellite image interpretations is expected to start shortly.

A number of further license applications are currently pending with the team expecting to provide an update on the results of these applications in due course.

Conclusion: The company secured new base metals licenses in the region of historical and present mining expanding Altus portfolio of assets in Morocco to ten. Ground exploration works are expected to start shortly.

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

Anglo Asian Mining* (LON:AAZ) 139p, Mkt Cap GBP159m – Record turnover and ~$30m FCF delivered in FY20; 3.5c final dividend announced


Record sales totalled $102m, up 11%yoy, reflecting stronger realised gold prices of $1,777/oz (FY19: $1,410/oz).

EBITDA came in at $53m (FY19: $50m).

AISC averaged $702/oz (FY19: $591/oz) reflecting lower annual production with many costs being either fixed or semi-fixed.

FY20 production included 56.9koz gold, 2.6kt copper and 123.0koz silver (FY19: 70.1koz, 2.2kt and 159.4koz, respectively).

FCF (adjusted for ~$5m of cash in transit between FY19/FY20) totalled $29m (FY19: $26m).

PAT was $23m (FY19: $19m) with EPS up at 20.3c (FY19: 16.9c).

Plant and equipment related capital expenditures amounted to $10m (FY19: $5m) including $4m in capitalised waste stripping costs, $3m for the tailings dam wall raise, $2m in mine development costs and $1m for ore sorting equipment.

Exploration related capitalised costs totalled $5m (FY19: $4m) with most spent at Gedabek Contract Area; the split between three contract areas of Gedabek, Gosha and Ordubad was $4m, $1m and $0.2m, respectively.

The team exercised the first of the two five-year permitted extensions of the production sharing agreement for Gedabek in April 2021.

The Board advised a 3.5c dividend in respect of FY20 taking the total dividend for the year to 9.5c including 1.5c special dividend.

This maintained total dividend at 2019 levels of 8.0c when special dividend is excluded.

The Company was bank debt free as of Dec/20 with $38.8m cash in the bank.

Operationally, the access and the decline into the orebody below the Gedabek main open pit were developed allowing to mine and feed higher grade ore into the plant.

An intensive drilling programme (four drill rigs) is currently in progress at the Zafer copper-gold discovery with a view to produce JORC resource/reserve estimate in Jun/21.

A gold discovery at Avshancli may provide low cost soft free digging feed as early as later this year or start of 2022.

The team has also started evaluating mineral potential of the recently restored contract areas that offer medium organic growth potential.

The Company is reporting that the government of Azerbaijan has already commenced building infrastructure in some of restored areas including roads, railways and airports that should improve access and help potential development works of projects.

FY21 guidance reiterated at 64-72koz GEO (FY20: 67.2koz) comprised of 48-54koz gold and 2.5-2.8kt copper which does not include contribution from the restored contract areas.

Conclusion: Strong financial results delivered in FY20 despite challenging operational environment, Covid-19 restrictions followed by a military conflict between Azerbaijan and Armenia in Sep/Nov.

Increasing gold prices and low operating costs status delivered record turnover and nearly $30m in free cash flow in FY20 with the Company ending the year with ~$39m in cash in the bank.

A 3.5c final dividend announced takes the total dividend for the year to 9.5c equivalent to 5.5% dividend yield for FY20, one of the highest among London-listed miners, while retaining sufficient capital to pursue growth opportunities both organic (existing licenses and restored areas) as well as acquisitions.

We remain buyers of AAZ highlighting strong free cash flow generating production base, good balance sheet as well as exciting exploration and development potential.

*SP Angel acts as nomad and broker to Anglo Asian Mining

Castillo Copper (LON:CCZ) 2.6p, Mkt Cap GBP24m – IP survey identifies additional targets at the Big One prospect

Castillo Copper reports that a recently completed induced polarisation (IP) geophysical survey at the Big One prospect in north west Queensland has “identified multiple new prospective anomalies along line of lode, including a significant untested bedrock conductor to the north … that is materially larger than the high-grade anomaly drilled in 2020”.

The company also says that “three more untested prospective anomalies … were discovered south of the line of lode which collectively bolster the Big One Deposit’s exploration potential”.

The survey comprised six lines of observations “ranging from 500-700m long, and spaced nominally 200m apart over the 1,200m line of lode which has been subject to three drilling campaigns over the past five decades”.

The results of this initial IP survey, in conjunction with pre-existing historical information has “enhanced the geology team’s understanding of the underlying system” and has led to modifications to the planned drilling programme, to incorporate “Initial observations … that historical drilling in the southern region has not tested areas of elevated chargeability (either too shallow or wrong location)”.

Castillo Copper’s Managing Director, Simon Paull said that “The IP survey provides compelling evidence that known mineralisation extends beyond the line of lode both to the north and to the south. This includes an untested bedrock conductor that is significantly larger than the high-grade anomaly we drilled in 2020. We now have several new high-priority structural targets for the next phase of drill testing which is set to commence shortly”.

Conclusion: The identification of additional targets as a result of the IP survey is aiding the geological understanding of the mineralisation at the Big One prospect and triggering adjustments to the forthcoming drilling programme. We await results as the work proceeds.

Empire Metals* (LON:EEE) 2.95p, Mkt cap GBP9.7m – Gold asset acquisition in Australia

Empire Metals is acquiring a further gold property in Western Australia, entering into an option agreement to control a 75% interest in four exploration licences comprising the Central Menzies Gold project.

The total cost to acquire the 9-month option is AUD$250,000 in cash, AUD$100,000 to be settled via the issue of 1,921,068 new ordinary shares in Empire at a price of 2.85p per share.

Central Menzies is located in one of the region’s major productive gold fields, is serviced by the Goldfields Highway and has access to power and water as well as being within trucking distance of a number of gold processing plants.

The Project lies within a classic granite-greenstone belt, with mineralisation hosted within the Menzies Shear Zone. Gold-bearing quartz veins occur along the contact between basalts and sediments. A series of structurally controlled high-grade gold deposits have been historically mined and display extensive exploration potential for high-grade extensions.

The locality is underexplored and is directly south along strike of the 15km-long First Hit – Yunndaga line of workings which had a total metal inventory of 1.1Moz of gold while ASX-listed Kingswest Resources’ Menzies Gold Project, surrounds the Project area, has current total mineral resources of 320,000oz @ 2.1g/t Au.

Empire has agreed to spend AUD$500,000 on exploration at Central Menzies within the 9-month option period and can exercise the Option at a cost of AUD$1.75 million in cash and AUD$1.25 million to be settled via the issue of new ordinary shares at a 10% discount to the 30-day VWAP at time of exercise.

Empire has also agreed to pay a finder’s fee of AUD$100,000 settled via the issue of 1,921,068 new ordinary shares of no-par value at a price of 2.85p. Should Empire exercise the option, a finder’s fee will be payable of AUD$500,000 to be settled via the issue of new ordinary shares of no-par value at a price to be calculated by reference to the 30-day VWAP prior to exercise.

Recent surface prospecting in the Project uncovered a suite of gold nuggets totalling approximately 20oz in a pushed-up area approximately 40 to 60cm below surface at a laterite/ calcrete interface. The area is generally underexplored, despite being positioned in close proximity to multiple current and former gold mines.

Shaun Bunn, Managing Director designate, said: “We believe that the gold mining industry in Western Australia offers tremendous opportunity and we are delighted to be able to extend our mineralised footprint in the region with this highly prospective asset, located 90km north-west from our Eclipse Gold Project.

“Central Menzies is early-stage but has a great address and offers the potential for near-surface high-grade gold mineralisation, as evidenced from the significant historical gold production along the same mineralised trend, and the results of exploration within the licence. The Project has been held for several years by Mel Dalla-Costa and we are confident that we can now add significant value with relatively simple and inexpensive exploration to define the locations, extents and grades of the mineralised structures to give a tangible sense of the resource potential of this prospect. We are in a strong financial position to move forward with initial exploration work and we look forward to providing more information in due course.”

*SP Angel act as Nomad and Broker to Empire Metals

Eurasia Mining* (LON:EUA) 26.77p, Mkt GBP743m – Eurasia places 53m new shares with US institution at 26.5p raising GBP14m

Eurasia Mining has placed 53.3m new shares at 26.5p/s plus warrants raising GBP14.126m (~$20m).

The warrants effectively give the investor an option to acquire another 53.3m new shares at an exercise price of 26.5p/s.

The total number of shares to be issued on exercise of the warrants and the issue of new shares is 106.6m representing 3.72% of the company.

This takes the total number of shares in Eurasia Mining to 2,865,315,183

The funds are to be used to finance Eurasia’s joint venture projects with Rosego.

Rosgeo is a Russian government multidisciplinary geological holding company which provides a full range of geological exploration services from regional surveys to stratigraphic drilling and subsoil monitoring.

The company has contracts and joint ventures BP plc, British Gas, Buried Hill, Amerada Hess, Chevron, ConocoPhillips, Exxon Mobil, ION, Schlumberger, Polyus, Polymetal, Rosatom/Uranium One.

Eurasia created a new joint venture with Rosgeo allowing Eurasia to take a 75% stake in the joint venture with Rosgeo holding 25%.

Management have 24 months in which to pick some or all the assets offered within the jv partnership which include some 104.6moz pf platinum equivalent resources according to the Russian State Cadastre of Mines under Russian resource standards.

The assets include four open pit deposits adjacent to Eurasia’s Monchetundra project. These have already been studied, block modelled and optimised as part of Eurasia’s due diligence process.

Eurasia has determined that ores from these deposits are suitable for toll treatment over distances of 5-8km.

The economics of these deposits should have improved markedly since the due diligence process and announcement of the Rosgeo jv on 26 March due to the rise in PGM prices.

Eurasia indicates beneficiation and mineral processing may occur at a ‘proposed plant site between the Company’s open pit deposits at Loipishnune and West Nittis.’

A further five mostly open pit palladium, platinum, copper, nickel and cobalt assets are included in the JV, where Eurasia has carried out due diligence including c.20km of exploration drilling and some 12 thousand samples taken by Eurasia..

‘In total Eurasia has already invested some US$8.3 million across the Additional Assets.’

James Nieuwenhuys, The Eurasia CEO was formerly COO at Polyus in Russia as well holding management positions at SNC-Lavalin, Bateman and XCEL Engineering.

James is going to roll out a similar EPCF structure as done at Monchetundra for the Rusgeo jv assets to strengthening Eurasia’s position in the Kola district with respect to open pit mining.

The company views this as giving it a first mover advantage at a time when underground mines are struggling with underground flooding and other environmental issues.

Conclusion: Eurasia recently elected to exit the Formal Sale Process and is not in an official offer period from a regulatory perspective.

We believe the company continues to consider a proposal from a credible party for most of the company’s assets.

*SP Angel act as Nomad and Broker to Eurasia Mining

Metal Tiger (LON:MTR) 32.25p, Mkt Cap GBP50.0m – FY 2020 Results

Metal Tiger reports its audited results for the year ended 31st of December 2020.

Net Asset Value rose to GBP31.19m in 2020 vs GBP26.94m in 2019.

Market capitalisation rose to GBP36.03m vs GBP21.44m in 2019.

Metal Tiger posted a net gain before administrative expenses of GBP7.33m vs GBP7.78m

Administration expenses were lowered to GBP2.93m vs GBP3.38m

Profit after tax came in lower at GBP3.79m vs GBP4.47m.

Highlights over the period include the investment of a further US$1.5m into Kalahari Metals Limited for a total percentage ownership of 62.2%. As part of the investment, Metal Tiger was conditionally granted a 2% net smelter royalty over all KML’s wholly owned licences, being seven licences covering, in aggregate, 6,651km2.

Metal Tiger maintained a strong level of exposure to Sandfire Resources, receiving a dividend of GBP648,000 from the company, which also discovered the A4 mineral deposit in early 2020, where subsequently, in December 2020, a maiden Mineral Resource of 6.5Mt @ 1.5% Cu was announced. The initial recognition by the Company of the uncapped 2% net smelter royalty over the A4 mineral deposit in the amount of GBP3.6m.

Post period, the Company completed the transaction with Cobre Limited in respect of the partial of the partial disposal of KML, resulting in direct interest ownership of the Company in KML of 50.01%. Metal Tiger announced it subscribed for a further 8,311,765 new shares in Cobre’s proposed fundraise, subject to Cobre’s shareholder approval, for a consideration of A$1.4million. Following completion of the fundraise the Company will hold 34,318,828 shares in Cobre representing approximately 20.72% direct ownership. This in turn will leave the Company with an economic interest in KML of approximately 60.34%.

Metal Tiger invested US$750,000 post-period into Armada Exploration Limited, which holds two exploration licences, prospective for magmatic Ni-Cu sulphide in Gabon, resulting in a 18.5% stake in the company, along with C$1 million into Camino Minerals Corporation, which has three copper projects in Peru.

Pensana Rare Earths (LON:PRE) 130p, Mkt Cap GBP265m – Site works begin at REE separation facility in Yorkshire

Pensana reports that construction has commenced at the UK’s first rare earths separation facility at the Saltend Chemicals Park.

Pensana has hired px Group, an infrastructure solutions company; and Wood Group, an engineering consultancy, to begin work on site.

The company expect the $125m facility to create over 100 jobs and supply over 5% of the world’s magnet metal oxides.

Recent Interviews:

IGTV: Are commodity markets in another Supercycle :–210513

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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