Today’s Market View – AEX Gold, Arc Minerals, Pasofino Gold and more…


SP Angel . Morning View . Friday 25 06 21

Copper prices rise as Biden secures new funding of $579bn for $1.2tn bipartisan infrastructure deal


Graphene producer funding – EIS approved

The company wishes to fund a ramp up in graphene production to get ahead of demand and to develop markets for a number of new, graphene products

The business is also able to upgrade graphite to a higher grade/specifications using its process – rolling out this process also requires funding

Please email if you wish to invest in the company

*SP Angel’s role is limited to making introductions and interested parties should be aware that investment in a private company can present certain risks not present in listed companies (e.g. limited or no liquidity and no rules compelling disclosure of information to investors). This offer is open to professional investors only and is not offered to retail investors.


AEX Gold (LON:AEXG) – COO departs

Arc Minerals* (LON:ARCM) – Delay to accounts due to additional time to complete audit due to Covid-19 restrictions

Arkle Resources* (LON:ARK) – Drilling at the Mine River project encounters gold in the first three holes

Hummingbird Resources (LON:HUM) – Dugbe Gold Project PEA results

Pasofino Gold (CVE:VEIN)

Lucara Diamonds (CVE:LUC) – C$38m funding for the Karowe mine

Serabi Gold* (LON:SRB) – Chief Executive’s operational review for AGM

Strategic Minerals* (LON:SML) – Environmental approvals expected at Leigh Creek in July and review of project funding strategy

Petropavlovsk (LON:POG) – KPMG audit identifies $157m in transactions with potentially undisclosed related parties and conflict of interest

Rainbow Rare Earths* (LON:RBW) – Rainbow issues $250,000 of stock to Bosveld Phosphates under Phalaborwa under Phalaborwa co-development agreement

Tirupati Graphite (LON:TGR) – Increased sales of products and first commercial orders of flame retardant products


President Biden is backing a $1.2tn, 8-year infrastructure plan with $579bn of new funding for roads, bridges, power grid, public transport and the internet

The $1.2tn bill is conditional on a larger $6tn spending plan to include climate change, education, paid leave and childcare benefits being drafted by Bernie Sanders.

President Biden agreed a slimmed-down infrastructure deal with senators according to the FT

The legislation is now expected to move through Congress but is not yet assured to get enough lawmaker support.

The agreement fell short of the $2.3tn infrastructure spending plan announced in March and did not address the $1.8tn in social safety-net spending that the President proposed in April, FT writes.

The proposal emphasises preparing the country’s infrastructure for the impacts of climate change, cyberattacks and extreme weather events.

Only half the funding is said to be new spending

$109bn for roads & bridges,

$66bn for railways,

$49bn for public transport

$25bn for airports,

$73bn to improve the power grid,

$65bn to expanding internet access,

$40bn investment into the IRS to improve enforcement potentially bringing in another $100bn in taxes.

The news lifted construction and steel stocks in Europe, with the Stoxx Construction & Materials Index up 0.7% vs 0.1% gain for the broader benchmark.

Copper prices continued to rebound on the news, with the deal improving the outlook for industrial metals- while the lower-than-expected sale of state reseves in China has fuelled helped fuel the rebound this week.

Copper prices rose as much as 0.9% earlier this morning in London to over $9,500/t – gaining 3.6% so far this week.


Indonesia – plans to restrict construction of nickel-pig-iron and ferronickel smelters

Indonesia is looking to optimize the use of its limited nickel ore reserves for higher-value products (Reuters)

Nickel is critical for battery and fuel cell manufacturing and we expect a growing deficit in nickel hydroxide to continue to raise nickel prices.

No other cost-effective metal works as well in these components with nickel often as the heaviest element in their construction.

Current reserves in Indonesia will last <20 years=”” based=”” on=”” existing=”” smelters=”” and=”” new=”” construction=”” li=””>

We suspect new smelters may be permitted if new ore reserves are found and defined, which given the scale of Indonesia is quite likely.

Indonesia is also keen to ensure its resources are used for added value products indicating that new smelters will need to come with production of value-added products such as batteries.


Russia – preparing to impose $2.3bn of taxes/tariffs on metal exports

Russia is looking to impose $2.3bn in export taxes for steel products, nickel, aluminium and copper (Reuters)

Moscow is looking to protect its defence and construction industries from rising international commodity prices by dissuading metal exports

Ironically, the impact of the extra taxes may be to raise international prices yet higher.


China copper smelters set Q3 treatment charge floor at $55/t

China’s top copper smelters set their floor treatment and refining charges (TCERCs) for Q3 at $55/t and 5.5c/lb.

The state-backed members of the China Smelters Purchase Team set no minimum charges in Q1, while the floor in Q1 was $53/t / 5.3c/lb.

TC/RCs are a key source of revenue for smelters, paid by miners when they sell copper concentrate to be refined into metal.

Charges fall when the concentrate market tightens, as smelters have to accept lower terms to secure feedstock – with prices near decade lows this year amid tight mine supply globally.


Dow Jones Industrials +0.95% at 34,197

Nikkei 225 +0.66% at 29,066

HK Hang Seng +1.36% at 29,275

Shanghai Composite +1.15% at 3,608



China – PBOC increases short-term cash availability for first time since March

The bank is looking to ease concerns about liquidity ahead of the end of the second quarter.


EU – Bloc hits Belarus with sanctions on potash and petroleum products

The EU has imposed a sweeping set of sanctions against Belarus in response to the forced landing of a Ryanair flight and arrest of a journalist.

The Bloc imposed sanctions on petroleum products and potash, the country’s two main sources of foreign-currency revenue, applying to contracts made after June 25th.

The EU banned import and transportation of two types of potash that accounted for around 20% of Belarusian potash sales in the EU last year.

The main product from state-owned fertilizer maker Belaruskali was omitted from restrictions.

The EU also banned imports of some complex fertilizers known as NPK, and also banned the transportation of those type of fertilizers through its territory.


UK – Consumer confidence failed to pick up in June as the government delayed relaxation of final Covid-19 related restrictions.

GfK Consumer Confidence: -9 v -9 in May and -7 est.


Mexico – The central bank unexpectedly hikes rates by 25bp to 4.25% in a split decision (3 of 5).

Higher than expected inflation through the first two weeks of June explain the decision, Bloomberg writes.

Inflation hit in excess of 6%yoy in the middle of the month versus the taregted 3% ±1% range.


Starlink to IPO when the space internet venture’s cash flow is reasonably predictable

Tesla CEO Elon Musk has plans to list Starlink. The billionaire said that the IPO would happen when the space internet venture’s cash flow is reasonably predictable.


Xpeng Inc. US$41.25, Mkt cap $33bn – Xpeng to raise ~$2bn in HK IPO

Xpeng the Chinese smart EV manufacturer is planning a second listing in HK to raise another $2bn

Xpeng shares have nearly doubled since its US IPO in August 2020.



US$1.1942/eur vs 1.1938/eur yesterday.  Yen 110.77/$ vs 110.88/$.  SAr 14.153$ vs 14.228/$.  $1.391/gbp vs $1.397/gbp.  0.759/aud vs 0.758/aud.  CNY 6.454/$ vs 6.472/$.


Commodity News

Precious metals:  

Gold US$1,782/oz vs US$1,776/oz yesterday

Gold ETFs 100.9moz vs US$101.1moz yesterday

Platinum US$1,105/oz vs US$1,079/oz yesterday

Palladium US$2,659/oz vs US$2,621/oz yesterday

Silver US$26.17/oz vs US$25.90/oz yesterday


Base metals:  

Copper US$ 9,442/t vs US$9,379/t yesterday

Aluminium US$ 2,453/t vs US$2,422/t yesterday

Nickel US$ 18,470/t vs US$18,080/t yesterday

Zinc US$ 2,902/t vs US$2,888/t yesterday

Lead US$ 2,221/t vs US$2,192/t yesterday

Tin US$ 30,6560/t vs US$30,330/t yesterday



Oil US$75.7/bbl vs US$75.5/bbl yesterday 

Oil prices rose again yesterday, with Brent climbing above US$76/bbl to its highest since late 2018, after data showed US crude inventories declined as travel picks up

US crude inventories fell by 7.6MMbbls last week to 459.1MMbbls, the US Energy Information Administration reported, a much steeper drawdown than the 3.9MMbbls that analysts had expected in a Reuters poll

Stockpiles at Cushing, Oklahoma, the delivery point for US crude futures, fell by 1.8MMbbls to the lowest since March 2020

Gasoline demand also edged higher last week

A retreat in the US dollar has also boosted the price of crude, making it less expensive for buyers holding other currencies

The inventory relief could provide another reason for the OPEC+ alliance to boost production further from August, and the coming meeting next week is expected to be material for policy and prices going forward

Brent has gained more than 45% this year, supported by supply cuts led by OPEC+ and as easing coronavirus restrictions boost demand

Many energy traders are now forecasting crude returning to US$100/bbl for the first time since 2014

OPEC+, which meets on 1 July, has been discussing a further unwinding of last year’s record output cuts from August but no decision has been made

Global demand is set to rise further in the second half of the year, though OPEC+ also faces the prospect of rising Iranian supply if talks with world powers lead to a revival of Tehran’s 2015 nuclear deal

Iran said on Wednesday the US had agreed to remove all sanctions on Iranian oil and shipping, although Germany cautioned that major issues remained at talks to revive the deal


Natural Gas US$3.423/mmbtu vs US$3.222/mmbtu yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$206.9/t vs US$209.5/t

Chinese steel rebar 25mm US$763.8/t vs US$758.7/t

Thermal coal (1st year forward cif ARA) US$85.4/t vs US$84.8/t

Coking coal swap Australia FOB US$164.0/t vs US$157.5/t



Cobalt LME 3m US$45,555/t vs US$44,555/t

NdPr Rare Earth Oxide (China) US$72,661/t vs US$72,457/t

Lithium carbonate 99% (China) US$12,394/t vs US$12,359/t

China Spodumene Li2O 5%min CIF US$690/t vs US$690/t

Ferro-Manganese European Mn78% min US$1,904/t vs US$1,880/t

China Tungsten APT 88.5% FOB US$272/t vs US$270/t

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

Europe Vanadium Pentoxide 98% 8.9/lb vs US$8.9/lb

Europe Ferro-Vanadium 80% 43.25/kg vs US$43.25/kg 


Battery News


Company News

AEX Gold (LON:AEXG) 28p, Mkt Cap £51.4m – COO departs

AEX reports that the company’s Chief Operating Officer, Martin Ménard, will depart on June 30 2021.

The company notes that it will provide an update on the composition of the operations team in due course.


Arc Minerals* (LON:ARCM) – 6.22p, Mkt cap £68m – Delay to accounts due to additional time to complete audit due to Covid-19 restrictions

(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. The Cheyeza license is 66% owned by Arc Minerals through its holding in Zamsort.)

Arc Minerals reports its auditors have requested further time to complete their audit given the impact of Covid-19 pandemic regulations.

“staffing restrictions and delays in fulfilling audit requests, which has impacted the audits of the Company’s Zambian subsidiaries.”

Having largely avoided much of the Covid-19 pandemic, Zambia is now subject to a surge in Covid-19 cases blamed on political rallies ahead of elections in August.

The swearing-in ceremony for President Museveni in Uganda may have acted as a super spreader event causing a spike in cases in the country.

Arc is taking every precaution to ensure the safety of its employees and contractors. indicates Zambia is no.150 in terms of total deaths to Covid-19 per 1m population.

Arc continues to drill at Cheyeza East to better define the copper resource.

Management are also working on a scoping study for a new process plant at Cheyeza East which is due by end June

The team are looking to develop a plan to fund further drilling and exploration work from the production of around 10,000tpa of copper in concentrate.

Arc have so far done three batches of test work on the ore at Cheyeza to design the optimum process route as part of the Scoping study.

Management’s desktop study at Cheyeza indicates the generation of $45-50m pa of sales and Free cash flow of $25m pa at around $8,500/t copper.

*SP Angel acts as Nomad and broker


Arkle Resources* (LON:ARK) 0.95p, Mkt Cap £2.9m – Drilling at the Mine River project encounters gold in the first three holes

Arkle Resources has announced a pre and post-tax loss of €1.1m for 2020 (2019- loss of €0.3m) and a year end, 31st December 2020, cash balance of €0.68m.

Chairman, John Teeling, highlights the recently reported drilling activity at the company’s Tombreen West prospect within its wholly owned Mine River project in Co. Wexford and Co. Wicklow where visible gold has been observed in drill core in the fourth hole of the programme, located in the main Tombreen area, and assay results are expected in early July.

The first 3 holes in the programme each contained “multiple zones of gold bearing veins providing a strong indication of a gold bearing system” however Mr. Teeling says that “the shallow holes at Tombreen West may not have gone deep enough to detect the high grade gold. It is likely that one or more 200 metre holes will be drilled at Tombreen West”.

Soil sampling over the company’s Donegal licence area “rediscovered what we believe to be the gold bearing veins we first found in 2016. We intend to drill Donegal when permits are obtained and after the current campaign is completed at Mine River”.

Mr. Teeling comments that at the 23.44% owned Stonepark zinc project in Co Limerick, there “is plenty of scope for growth at this project as the mineralisation has been identified in recent drilling to extend out with the current resource and is open on three sides. Our target is to increase the resource to 10 million tonnes.” The current, inferred, resource amounts to 5.1mt at an average grade of 8.7% zinc and 2.6% lead.

A recently commissioned report recommends drilling a further 10 holes as the next phase of exploration at Stonepark and the company is “lliaising with our partners, Group Eleven, to expedite this if possible”.

Conclusion: In his statement with the annual results, Chairman, John Teeling, highlights the recent drilling success at Tombreen in the Mine River project area where drilling is currently underway. He also expects drilling to move the Donegal licences when the rig becomes available after completion of the current campaign at Mine River. Arkle is also in discussion with its partner at the Stonepark zinc project for further drilling there.

*SP Angel are Nomad and broker to Arkle Resources


Hummingbird Resources (LON:HUM) 19p, Mkt Cap £74m – Dugbe Gold Project PEA results

Pasofino Gold (VEIN CN) C$0.1, Mkt Cap C$42m

Pasofino Gold, a TSX-listed explorer/developer, released a PEA on the Dugbe Gold Project in Liberia.

The Company is earning a 49% interest in the project (excluding 10% Government of Liberia free carried interest) under the agreement with Hummingbird Resources.

PEA highlights include:

5,000ktpa CIL operation for production of ~188kozpa over 14 year life of mine.

Open pit mine will provide 66,100kt at 1.34g/t at an average 4.5x waste stripping ratio (2.8x in the first four years).

The project hosts 74,400kt at 1.50g/t in total mineral resource (~65% in the Measured&Indicated category).

Development capex estimated at $390m.

AISC projected at $893/oz with earlier years coming in lower reflecting lower waste stripping costs.

At $1,600/oz gold price, NPV5% (after-tax) and IRR (after-tax) are estimated at $627m and 31%; NPV10% (after-tax) is $378m.

The team identified a number of potential opportunities to improve project economics including engaging contract miners to reduce upfront capital commitment, expand the MRE and the Dugbe LOM and increase metallurgical recoveries (88% used in the study) among other initiatives.

The Company is progressing with the step out and infill drilling at the project with updated MRE planned for July and August 2021.

The data will be used in the Feasibility Study (completion of one is a condition of the earn in process) on course for the envisaged start of construction in 2023.


Lucara Diamonds (CVE:LUC) C$0.82, Mkt Cap C$326m – C$38m funding for the Karowe mine

Lucara Diamonds has announced a C$38m fundraising for its wholly owned Karowe diamond mine in Botswana.

The funding comprises a C$22m bought deal comprising the issue of 29.4m shares at a price of C$0.75/share plus a C$16m private placement on the same terms..

The funds “will be used for working capital to support the development and ongoing operation of the Karowe diamond mine.”  In March this year, the company announced that it had secured a US$220m project finance package from a consortium of banks in order to help fund the transition to underground mining and extend the mine’s life from 2035 until “at least 2040”.

Earlier this week, Lucara Diamonds reported the recovery of an 1,174-carat diamond from Karowe.


Serabi Gold* (LON:SRB) – 66p, Mkt Cap £50m – Chief Executive’s operational review for AGM

In advance of its AGM today, which will be held with minimal attendance due to Covid19 containment measures, Serabi Gold has released “a statement prepared by, the Company’s Chief Executive, Mike Hodgson, which would have been delivered to the Meeting providing an update on current operational, development and exploration matters.”

·         Mr.Hodgson’s remarks confirm that the company’s operations “continue to recover from the measures that were necessarily implemented in 2020 to protect the business from the effects of COVID-19 and we are currently on target to meet our production guidance for the year.” Current 2021 guidance is in the range 33-36,000oz of gold production.

·         Improving rates of development at both Palito and Sao Chico position the operations “to deliver production levels of around 45,000 ounces of gold for 2022”.

·         He also highlights the company’s planned 30,000m 2021 exploration drilling programme where rigs are currently in operation at Palito, Sao Chico, and Sao Domingos where the initial focus has been on the Toucano Zone “with approximately 2,900 metres drilled” and a second programme in preparation.

·         Mr. Hodgson describes the results so far from Toucano as “excellent” and explains that “Multiple narrow, high grade veins has been intersected, located within a 50 metre wide mineralised alteration zone. This alteration zone, along with the contained high grade veins have so far been traced over 400 metres strike, with surface indications for the zone to have the potential to extend for a strike length of up to 600 metres”.

·         Although exploration at Toucano is still at an early stage, “the possibility of a future open pit opportunity may exist”.

Exploration at Palito and Sao Chico is “focusing on strike and lateral extensions of the known deposits”

·         “At Palito one rig is drilling the newly developed Ipe and Mogno veins to the northeast of the deposit, and will then focus on drilling the potential southern extension of the entire Palito orebody, towards the Currutela prospect approximately two kilometres to the south, where we hope to find continuity between the two areas. At Sao Chico, we have and will continue to drill extensions of the Main Vein, as well as the Julia vein to the west, and investigate potential new parallel structures to the north and south of the Sao Chico deposit”.

·         The initial mining team for the Coringa development is being deployed in early July “to start work on the development of the mine portal for the Serra deposit. With the portal entrance completed the ramp development will be undertaken and when the ore veins are intersected some initial development drives following the veins will be started”.

·         “We anticipate that the initial portal and ramp development phase may take 6 to 8 months, during which time we will continue to progress the approval of the Installation Licence which is required for the construction of the process plant and other necessary site infrastructure. We remain confident that the Installation Licence will be approved before the end of 2021 and with a 9 to 12 month period required for the plant and site infrastructure, expect that the plant could be operational early in 2023”.

Mr. Hodgson says that indicative terms for the debt portion of the finance to develop Coringa have been received “and the Company hopes to be able to improve on these by reducing the perceived geological and mining risk through the initial underground development activity being completed this year.”

Conclusion: Despite the impact of Covid19, Serabi Gold remains on course to meet its 2020 production guidance of 33-36,000oz of gold and expects this to increase to 45,000oz in 2022. Development of initial underground infrastructure at Coringa is expected to start in early July while exploration, including a planned 30,000m drilling programme, is identifying potential extensions to mineralisation at Palito and Sao Chico as well as high grade veins within a 50m wide mineralised corridor at the Toucano prospect at Sao Domingo. We look forward to further news as the programme develops.

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


Strategic Minerals* (LON:SML) 0.48p, Mkt Cap £9.3m – Environmental approvals expected at Leigh Creek in July and review of project funding strategy

Strategic Minerals has issued a progress report on its Environmental Protection and Rehabilitation plan (PEPR) for the Paltridge North deposit which forms a part of its Leigh Creek copper development project in S Australia.

The company explains that as a result of discussions with South Australia’s Department of Energy and Mining (DEM), it understands that the Department is “currently in the latter stages of finalising their assessment and the approval process should conclude during July”.

Managing Director, John Peters, explained that “Although the Company has been anticipating an expected PEPR approval by the end of June 2021, the slight delay into July still ensures that plans continue unchanged”.

In anticipation of the approval, the company has appointed an experienced manager, with over 25 years operational experience, Mr. John Speck, as mine manager for Leigh Creek. Mr. Speck is to take up his appointment during the first week of July.

The announcement highlights the economic impact of prevailing strong copper prices and exchange rate changes in a table which shows that, since June 2020 when the copper price stood at US$2.50/lb and the A$/US$ rate was 0.65, current prices of US$4/lb copper and an exchange rate of 0.78, generate a 66% improvement in pre-tax NPV8% to US$44.5m.

In addition, Strategic Minerals confirms that for “over a year, the Company has been engaged in discussion with either potential joint venture partners or funders to develop LCCM. Progress on this has been partly hampered by the COVID-19 depressed copper price in early 2020 and the relatively small size of funding sought. With the strong rebound in copper prices…  the funding emphasis has shifted to a stronger debt focus, but also to underwrite the future development of LCCM via exploration”.

The company’s Australian advisors “identified that;

a)    the target funding level to attract appropriate engagement was likely to be above the level LCCM was seeking to solely restart production at Paltridge North; and

b)    that the project’s resource upside needed to be augmented via an additional exploration program for both copper oxide and sulphide deposits.”

Consequently, Strategic Minerals is to “mandate a funding brief for AUD $10m to include funding required to get into production at Paltridge North and conduct a new exploration program”.

The advisors have also “recommended that the Company target the potential listing of the LCCM project on the ASX within a year.”

Mr. Peters clarified the funding strategy saying that “given the current favourable market conditions for copper projects, the Board feels confident that a funding solution to recommence LCCM production and advance exploration will be secured”.

Conclusion: The welcome news that the permits for Paltridge North are likely to be forthcoming in July comes at a time when robust copper prices and favourable exchange rates are driving a 66% improvement in the pre-tax NPV compared to what the company expected in June 2020. The decision to expand exploration, if successful, could enhance the attraction of Leigh Creek to investors if the company pursues the recommendation of its Australian advisors to seek an ASX listing for Leigh Creek.

*SP Angel acts as Nomad and Broker to Strategic Minerals


Petropavlovsk (LON:POG) 25p, Mkt Cap £981m – KPMG audit identifies $157m in transactions with potentially undisclosed related parties and conflict of interest

KPMG released an interim report with regards to the forensic investigation into number of transactions carried by the Company, IRC Ltd and respective subsidiaries over the three years to Aug/20.

The report found identified a number of potential issues with transactions involving the Company with an estimated value of US$157m.

These transactions include potentially undisclosed related parties and likely conflicts of interest.

The audit carried by KPMG is ongoing with no firm conclusions ready to be drawn at this stage.

The interim report is available to shareholders at the Company’s website.


Rainbow Rare Earths* (LON:RBW) 14.4p, Mkt Cap £68m – Rainbow issues $250,000 of stock to Bosveld Phosphates under Phalaborwa under Phalaborwa co-development agreement

(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)

Rainbow Rare Earths have issued US$250,000 of stock to Bosveld Phosphates as due under the Phalaborwa co-development agreement announced on 3 November 2020. 

The company now has 476,411,434 shares in issue.

Phalaborwa has a JORC resource of 38.3mt of gypsum tailings grading 0.43% Total Rare Earth Oxides in chemical form.

The JORC resource confirms the presence of Nd/Pr Neodymium & Praseodymium at 29.1% within the rare earth content with an in-situ value of around $95/t.

Management are also looking at the potential to separate and recover Dysprosium & Terbium (Dy/Tb) which offers another $28/t of potential in-situ value.

Recovery of just the Nd, Pr, Dy, Tb brings the total in-situ value adds to $123/t.

The deposit has an unusually low level of radioactivity giving he Phalaborwa a significant cost advantage to other phosphate tailings.

Rainbow’s metallurgical team, led by Dave Dodds, are working to confirm the process flow sheet and the capital cost of separating the Nd/Pr and then the Dy/Tb.

Our modelling shows both options are value accretive though adding in the Dy/Tb circuit does add to the capital cost.

Both capital and operating costs are lower than for most if not all hard rock projects as the rare earths are contained in ‘cracked’ chemical form.

Conclusion:  Today’s news is significantly better than we have modelled indicating better value to be gained from the Phalaborwa project.

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


Tirupati Graphite (LON:TGR) 135p Mkt Cap £113m – Increased sales of products and first commercial orders of flame retardant products

Tirupati reports increased sales of trademarked expandable graphite products, CarboflameX® and GrafEN 45545™, to a number of customers in Europe following REACH certification.

The company notes that its now working with multiple consumers, supplying niche, customised products for applications in the flame retardants, sealings and thermal management markets. 

Tirupati has been allotted additional land in Patalganga, enabling the construction of a dedicated product development facility using the Company’s suite of speciality graphite materials to support clients and meet their requirements.

The company also reports progress towards constructing the first module of the 15,000 tpa downstream specialty graphite project to enhance capacity from 1,200 tpa to 16,200 tpa by H1 2022.

Shishir Poddar, CEO of Tirupati Graphite, said, “We are delighted to have received our first commercial trial orders for our trademarked flame retardant products and to see the extent of traction we have generated from buyers in EU and the UK since receiving REACH certification. This is in line with the trend for businesses and end users to increasingly support green technology engineering and research that reinforce global resilience and sustainability.”

“Tirupati is at an exciting stage in its genesis as we expedite development of this high-growth, downstream, speciality graphite division and establish markets for our forthcoming large-scale manufacturing facilities for speciality graphite.”


Recent Interviews:

 IGTV:  Stock picks in the small-cap mining space:

Evolution of Chinese construction and implications for commodity demand:

VOX Markets:  10/06/21:

BBC:  Catalytic converters

*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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SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%


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