Today’s Market View – Pure Gold Mining and more…


SP Angel . Morning View . Tuesday 13 07 21

Strong China export data despite RRR stimulus and Covid cases


MiFID II exempt information – see disclaimer below

Graphene producer financing – EIS tax break approved by HMRC

The company seeks working capital to expand its graphene sales. The machinery is able to upgrade graphite to a higher grade/specifications.

Testing is underway to enhance Li-ion battery performance for electric vehicles by coating anodes with their graphite.

*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.

Arkle Resources* (AIM:ARK) – Drilling at Tombreen encounters gold in the first four holes of the current campaign

Atalaya Mining (AIM:ATYM) – Mineral reserves and resources update for Cerro Colorado and San Dionisio

Petra Diamonds (LON:PDL) – Petra sells 39.34 ct blue diamond for $40.1m

Pure Gold Mining (LON:PUR) – PureGold Mine ramps up on course for commercial production

China – PBoC cut Reserve Requirement Ratio ‘RRR’ cut indicates problems with maintaining growth levels as Southern provinces struggle to manage Covid outbreaks

China surprise 50bp cut in the banking reserve requirement ratio ‘RRR’ to 12% on Friday indicates there are issues with their economic recovery

The move should release around CNY1 trillion ($155bn) in long-term liquidity to help maintain economic growth targets in the face of coronavirus outbreaks in Southern provinces.

Observers are concerned that Chinese economic growth may slow to below target levels or that Chinese banks are under some stress.

The PBoC may struggle to maintain the Yuan rate at ~6.47 on capital outflows despite expected lower domestic consumption in the second half

Covid restrictions combined with logistics issues caused by a lack of semiconductor chips, shipping containers and available carriers are all headwinds to growth.

Some Chinese economists expect the nation to continue to ease monetary policy to maintain growth levels and may move to restimulate investment by small and medium sized enterprises which have been struggling with higher input and raw materials prices and where competition makes passing on price rises difficult.

Surprisingly strong export data today counteracted expectations for a slowdown on disruptions reported in southern China due to a resurgence in Covid-19 cases.

However, shipments are expected to slowdown in H2/21 in line with other economic measures showing a cooldown in a recovery momentum.

Exports ($US, %yoy): 32.2 v 27.9 in May and 23.0 est.

Imports (US$, %yoy): 36.7 v 51.1 in May and 29.5 est.

China may look restimulate President Xi’s Dual Circulation strategy to compensate for falling export orders which have fallen over the past two months.

Stellantis – EUR30bn electric vehicle plan

Stellantis, the newly combined Fiat-Chrysler and PSA, plans to invest over EUR30bn from now until 2025 into electrification of their current vehicle line-up and software development.

The company is targeting 70% of its European sales and 40% of its US sales to be low-emission vehicles – battery or hybrid electric – by 2030.

All 14 brands under the Stellantis umbrella will offer ‘best-in-class’ fully electrified options.

Abarth, Alfa Romeo, Chrysler, Citroen, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel/Vauxhall, Peugeot, Ram and Commercial Vehicles.

The Group has announced that an electrified option (BEV or PHEV) will be offered for 98% of its models in Europe by 2025 (96% in the US) and a battery-electric version for all models globally by 2030.

New EVs across all brands will be based on a new EV platform, with standardised battery packs for different size vehicles:

STLA Small, with a range up to 500km, designed for vehicles in segments A, B and C

STLA Medium, with a range up to 700km, designed for vehicles in segments C and D.

STLA Large, with a range up to 800km, designed for vehicles in segments D and E.

STLA Frame, with a range up to 800km, designed for large SUVs and pick-up trucks.

A battery sourcing strategy of 130GWh by 2025 and 260GWh by 2030 will be supported by 5 gigafactories across Europe and North America:

Douvrin, France and Kaiserslautern, Germany sites already under construction with production to start in 2023 and 2025, respectively.

A third gigafactory has been confirmed for the Stellantis engine facility in Termoli, Italy.

There are also plans for dual battery chemistries: a high-energy density option and a nickel cobalt-free alternative by 2024.

Copper – breakdown of a copper smelter in Shandong causes copper treatment and refining charges to rise

The Yantai Guorun smelter has capacity for 100,000tpa of copper cathode and will be out for a month.

While a one month outage should not be critical to copper stocks its impact at a time of renewed government stimulus may cause prices to rise as consumers buy replacement stock.

The smelter failure has already caused spot TC/Rc charges to jump by 4.4% in China to $47.50/t rising >55% from a low of $30.50/t in April (Asian Metal & Reuters)

Manufacturing growth fell for a fourth month in a row in June due to a Covid outbreak in Guangdong, higher raw materials prices and logistics issues.

Imports of copper concentrate rose 5% yoy to 1.67mt in June but were 14.4% lower than the 1.94mt imported in May.

Imports of unwrought copper and products fell 3.9% in June to 428,438t vs 445,725t in May and 34.7% lower yoy as the market slows for summer maintenance and holiday closures

Imports were 1.6% lower in the first half at 2.79mt

Dow Jones Industrials +0.36% at 34,996

Nikkei 225 +0.52% at 28,718

HK Hang Seng +1.60% at 27,955

Shanghai Composite +0.53% at 3,567


US – Inflation numbers due later today to be watched closely regarding potential risks of accelerating price pressures in the economy.

CPI (%yoy): 4.9 est. v 5.0 in May.

CPI (%mom): 4.0 est. v 3.8 in May.

UK – The government confirmed its plan to end last remaining restrictions in England from July 19 yesterday.

Authorities highlighted successes of the vaccination programme that helped to break the link between infections and hospitalisations.

From next Monday, people will no longer be required to wear masks or socially distance.

Britain carried one of the world’s swiftest vaccination programmes, with more than 87% of adults having received at least one dose of a Covid-19 vaccine and 66% having received two, Reuters writes.

France – The government is introducing a requirement to have a health pass to enter restaurants, cinemas, theatres as well as long-distance trains and planes from August.

Vaccine bookings jumped to twice the previous record recorded in May 11 the day after the announcement with more than 900,000 French people signing up for a jab.

Additionally, the president Macron told health workers to get vaccinated by September 15 or face consequences.

“From September 15, if you’re a carer and you’re not vaccinated, you will no longer be able to work and you won’t be paid any more,” Health Minister said.

Authorities decided to announce drastic measures amid a slowdown in vaccination rates and a sharp increase in new infections due to the spread of highly contagious Delta variant.

South Korea – The country reported 252 so called breakthrough cases of Covid-19 among fully vaccinated people.

Of the total breakthrough infections, 143 people were administered with Jannsen (Johnson&Johnson), 59 with Pfizer and 50with AstraZeneca.

On a positive note, those classified as breakthrough infection cases had mild symptoms or were asymptomatic.

The nation vaccinated 30.4% of its 52m population and aims to increase the rate to 70% by November.

Israel – The government reintroduced some Covid-19 related limitations amid a rise in infections and deaths.

Israel lifted all restrictions only four weeks ago with people allowed to take masks off and abandon social distancing.

Among restrictions reinstated is the requirement to wear a face mask and quarantine for all people arriving in Israel.

The nation aims to balance risks of higher infection rates and a potential fourth lockdown.

South Africa – President Cyril Ramaphosa pleaded for calm after days of protests and looting that saw the currency down nearly 2% since Monday.

Protests started after former President Jacob Zuma was jailed to begin serving a 15-month sentence for defying a court order to testify at a graft inquiry.

The government said the military will be deployed to help the police quell the unrest.

Japan – Machinery orders rose 7.8% in May vs 0.6% in April and 12.2% yoy in May vs 6.5% in April

PPI also rose 0.6% in June vs 0.8% in May and 5.0% yoy in June vs 5.1% in May

Australia – Building permits fell 7.1% in May vs -5.7% in April as Covid restrictions impacted more areas

Germany – Wholesale price index rose 1.5% in June vs 1.7% in May and also rose 10.7% yoy in June vs 9.7% in May

India – Industrial production yoy 29.3% in May vs 22.4% in April (MoSPI)

Manufacturing output rose 34.5% in June vs 25.8% in May

CPI 6.3% yoy in June.

This is the second successive time that the CPI data has come over the Reserve Bank of India’s (RBI) upper margin of 6%

The government has asked the central bank to maintain retail inflation at 4% per cent with a margin of 2 per cent on either side for a five-year period ending March 2026. (Indian Express)

EU – China-EU trade rose 26.7% yoy to CNY 2.52tn ($390bn) in H1 2021 ranking the EU as China second largest trading bloc.

UK – Global business outlook rising with 37% of companies forecasting profits to rise this year.


US$1.1862/eur vs 1.1878/eur yesterday. Yen 110.38/$ vs 110.06/$. SAr 14.442$ vs 14.324/$. $1.388/gbp vs $1.388/gbp. 0.749/aud vs 0.747/aud. CNY 6.464/$ vs 6.473/$.

Commodity News

Precious metals:

Gold US$1,811/oz vs US$1,804/oz yesterday

Gold ETFs 100.5moz vs US$100.5moz yesterday

Platinum US$1,123/oz vs US$1,098/oz yesterday

Palladium US$2,852/oz vs US$2,810/oz yesterday

Silver US$26.31/oz vs US$26.03/oz yesterday

Base metals:

Copper US$ 9,466/t vs US$9,440/t yesterday

Aluminium US$ 2,508/t vs US$2,480/t yesterday

Nickel US$ 18,845/t vs US$18,580/t yesterday

Zinc US$ 2,946/t vs US$2,952/t yesterday

Lead US$ 2,317/t vs US$2,318/t yesterday

Tin US$ 32,265/t vs US$31,815/t yesterday


Oil US$75.5/bbl vs US$74.9/bbl yesterday

Oil prices pulled back slightly during the course of the trading session yesterday from the US$75/bbl level

This is a market that continues to be threatened by a two key issues, not the least of which will be the uncertainty around OPEC+ and all of the noise with that situation as far as coming together with some type of output quota

Furthermore, at the same time we have to worry about the global economy slowing down due to the Delta variant and threats of lockdowns in various economies yet again

The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday

The world’s top oil exporter Saudi Arabia met full contractual demand for crude oil from five buyers in August, but turned down at least two requests for additional volumes

Front-month WTI crude futures posted their sixth weekly gain last week after a bullish report from the US Energy Information Administration showed US crude and gasoline stocks fell while gasoline demand reached its highest since 2019

In response to higher oil prices, US energy firms added oil and natural gas rigs for a second week in a row, data from Baker Hughes confirmed

The market appears to be looking beyond the oil supply deficit in August and expecting the OPEC+ agreement to fall apart well before April 2022 when the agreement expires as other member countries will ask for further concessions to secure more market share

The group is maintaining nearly 6MMbopd of output cuts and was expected to add to supply, but three days of meetings failed to close divisions between the Saudis and the UAE

Russia is trying to mediate between Saudi Arabia and the UAE to help strike a deal to raise oil output

However, prices found some support from a large drop in oil inventories in the US

US inventories fell by 8MMbbls for the week ended 2 July according to the API

This compares to an estimate of a 4MMbbl draw

US oil production declines this year are expected to lessen with the EIA reporting yesterday that output will be 11.10MMbopd in 2021, down by 210,000bopd from 2020, versus its previous forecast for a drop of 230,000bopd

Natural Gas US$3.738/mmbtu vs US$3.643/mmbtu yesterday


Iron ore 62% Fe spot (cfr Tianjin) US$208.5/t vs US$207.1/t – China iron ore imports hit 13-month low

China’s iron ore imports fell to their lowest in 13 months in June, as shipments fell 0.4% from May.

The world’s top iron ore consumer imported 89.42mt last month, down 12.1% compared to the same period last year.

In the first half of 2021, China imported 560.7mt of iron ore, 2.6% higher than the same period a year earlier

The value of imported iron ore surged 71.7% on an annual basis during the January-June period.

Chinese steel rebar 25mm US$801.0/t vs US$803.8/t

Thermal coal (1st year forward cif ARA) US$88.8/t vs US$88.2/t – China lifts coal imports in June to counter internal shortage

Chinese coal imports rose 35% in June to 28.4mt compared to the month prior, according to official customs data.

China allowed foreign coal to fill a power shortfall that has threatened economic growth, with purchases in June their highest this year.

Rising temperatures and robust economic activity have caused one of the worst power shortages since 2011, according to Bloomberg Intelligence.

Guangdong province, according for more than 10% of China’s output, has been forced to ration electricity for more than a month.

Coking coal swap Australia FOB US$204.0/t vs US$204.0/t

China Ilmenite Concentrate TiO2 46% US$376.7/t vs US$376.2


Cobalt LME 3m US$50,500/t vs US$50,500/t – Congo to begin purchasing artisanal cobalt within eight weeks

The DRC is expected to start buying cobalt from artisanal miners within eight weeks as it aims to become the only legal buyer from miners in the informal sector (Reuters)

The government is looking to benefit of high prices for the battery EV, while trying to minimise illegal exports and also aiming to end unsafe working practices and child labour.

The state buyer, Entreprise Generale du Cobalt (ECG) launched in March and announced a responsible souring standard, such as banning tunnelling and ensuing pits do not exceed 10m in depth.

Supporting the EGC is non-governmental organisation Pact, with a brief to ensure safety, human rights and traceability of the cobalt produced by miners at artisanal sites.

The EGC will be buying artisanal cobalt in four to eight weeks based on “current knowledge and situation”, according to a deputy director at Pact.

The DRC produced around 100,000t of cobalt last year, accounting for 71% of the global total, and Congolese artisanal miners are the second largest source of cobalt worldwide.

NdPr Rare Earth Oxide (China) US$80,829/t vs US$82,262/t

Lithium carbonate 99% (China) US$12,376/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$1,963/t vs US$1,954/t

China Tungsten APT 88.5% FOB US$287/t vs US$285/t

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

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

Europe Ferro-Vanadium 80% US$39.75/kg vs US$39.75/kg

Spot CO2 Emissions EUA $57.8/t vs $57.9/t

Battery News

China – Carbon trading to start in China this week

Nio outline battery swap plans at first “Power Day”

Chinese electric car manufacturer unveiled its Nio Power 2025 plan to deploy approx. 4000 battery swap stations by 2025, including 1000 outside of China.

Nio offers a ‘Battery as a Service’ (BaaS) subscription option for many of its models; Nio car owners can keep up with new battery technology – without being burdened with ownership of older batteries – but also allows them to swap out depleted batteries for fully charged ones, avoiding any recharge delays.

The company has so far built across 301 Bio Power Swap stations, another 204 Power Charger stations, and a further 382 destination charging stations across China.

By the end of 2021, Nio has the targeting having over 700 battery swap stations installed, and between 2022 and 2025, Nio has committed to installing 600 new battery swap stations in China per year.

Perhaps the biggest announcement at the event was that the Nio charging and swapping system as well as its BaaS options will be available to all EV makers.

Plans to build world’s biggest renewable energy hub in Western Australia

An international consortium, comprised of InterContinental Energy, CWP Global and Mirning Green Energy Limited have announced plans for a renewable energy hub with an enormous 50GW capacity to convert wind and solar to green fuels like hydrogen.

The group has identified a 15,000sqkm area in Western Australia to build around 30GW of wind capacity and 20GW of solar capacity as well as an offshore facility to transfer fuel to ships for export.

The hub would be larger than the 45GW project announced by Svevind Energy planned for Kazkhstan earlier this year.

Last month, Australia’s environment minister Sussan Ley rejected a plan for a 26GW hub in the north of WA for “clearly unacceptable” impacts on threatened migratory species and internationally recognised wetlands.

It is believed the consortium has secured a licence WA’s government to complete site surveys and research to pursue a business case for the project.

Company News

Arkle Resources* (AIM:ARK) 0.9p, Mkt Cap GBP3.2m – Drilling at Tombreen encounters gold in the first four holes of the current campaign

Arkle Resources has released preliminary results from the fourth hole of its current drilling campaign on its Mine River gold exploration project in Co. Wexford and Co. Wicklow.

Hole 21-TB-08 located 50m north of “the original high-grade hole drilled at Tombreen in 2017” was completed at a depth of 200m and, as previously reported, encountered visible gold.

Preliminary assay results now available report intersections of:

1m at an average grade of 0.24g/t gold from a depth of 112.30m; and

0.5m at an average grade of 1.49g/t gold from 127.90m; and

A further intersection of 0.5m at an average grade of 0.89g/t from 130.90m depth; and

A 5m long intersection averaging 0.23g/t from 138.40m depth; and

A 4m long intersection, from 145.40m depth at an average grade of 2.03g/t gold, including a higher grade portion of 1m from a depth of 146.90m which averaged 5.18g/t and itself included 0.5m at an average grade of 9.11g/t gold from 147.40m depth.

The company explains in some detail that, as a result of coarse gold particle in the assay samples, the initial analysis may not be fully representative and “may give an over or under estimation of the overall gold grade”.

In order to address this so-called ‘nugget effect’ “further analysis currently underway is carried out on a milled portion of 1 kg of each sample. This portion is sieved through a 100 micron sieve. Oversize fraction, that typically weighs from a few grams and up to about 100g, and which contains coarser nuggets, is analysed in full using its entire weight, making a few fusions of 50g each. The under-size fraction is analysed using two replicate 50g portions. The process is also more lengthy but it is hoped that results will be available by the end of the month”.

The fifth hole of the campaign “a 200 metre drill hole, which is 220 metres west along strike … [has been completed and] … Early observations have noted further blue quartz veining and sulphide, though no visible gold. The core has been sent for analysis and results are expected next month”.

Chairman, John Teeling, comments that “The preliminary results show extensive gold mineralisation over 4 metres in Hole 4. The reported grades may not reflect the visible gold seen in the core due to the so called “nugget effect”. Further analysis is underway to clarify this.”

Mr. Teeling also confirmed the completion of the fifth hole of the programme and said that the “rig has now moved back to drill a step out hole 50 metres from Hole 4.”

Conclusion: Completion of the 4th hole of the current campaign at Tombreen confirms the presence of coarse gold in preliminary assay results and work is continuing in order to refine the analysis to mitigate the ‘nugget effect’. A fifth hole located along strike 220m towards the west encountered favourable geology and initial assay results are expected next month. Drilling is now underway to follow-up the mineralisation in the hole reported today with a 50m step out. With gold now confirmed in the first four holes of the current campaign at Tombreen, we await the continuing results with interest.

*SP Angel are Nomad and broker to Arkle Resources

Atalaya Mining (AIM:ATYM) 296p, Mkt Cap GBP395m – Mineral reserves and resources update for Cerro Colorado and San Dionisio

Atalaya Mining reports the production of 14,353t of copper during the 3 months to 30th June 2121 as a result of increased throughput and improved recovery rates.

The improved copper production results from the processing of 4mt of ore at an average grade 0.42% copper and represents an improvement of 2.7% compared to the 13,635t produced in Q1 2021 and of 5.3% in comparison to Q2 2020 production.

The company says that “cash operating costs for the Period are expected to be below full year 2021 cost guidance” largely as a result of exchange rate variations compared to its budgeted EUR1.22/US$ “together with higher copper production and better recoveries. Further details on costs will be provided with the Q2 Financial Statements due to be reported in August.”

Atalaya Mining says that following its previously reported revised mineral reserve estimate for the Cerro Colorado open pit and the identification of additional resources at San Dionisio, “studies have advanced around the addition of further resources at Proyecto Riotinto”.

The company is maintaining its 2021 production guidance of 52-54,000t of copper production “but now expects to be towards the high end of production guidance and the lower end of costs guidance”.

Exploration work is now underway at nearby Masa Valverde “with ground geophysics and two rigs currently drilling around the new Majadales and the historic Masa Valverde deposits” and “NI 43-101 compliant resource estimates have been started for these two properties”.

Tenders have been requested to undertake airborne electromagnetic surveys over the “Cerro Negro and Penas Blancas investigation permits at Riotinto Este” where “the Company now has access to two of the three investigation permits at Riotinto Este, Cerro Negro and Los Herreros. The third investigation permit, Penas Blancas, is expected to be granted in the coming months”.

CEO, Alberto Lavandeira explained that “Our mining operations continue to perform strongly with higher production levels compared with previous quarters. Adding to this continued robust performance, our team continues to focus on delivering new efficiencies and growth projects, which includes cost reduction initiatives at Proyecto Riotinto and additional exploration across prospective landholdings”.

We observe that, with 4mt of ore treated during the quarter and 7.6mt over H1, it appears that the 15mtpa plant at Proyecto Riotinto, which was completed year the new plant appears to be operating smoothly with recovery rates coming in towards the upper end of the company’s 82-84% guidance and head grades also in line with the 0.42% copper guidance.

The company confirms that its plans to install a 50MW solar power plant at Proyecto Riotinto are being advanced ad that “final construction permits are expected imminently”.

At the Proyecto Touro in Galicia, a “new project for Touro includes a new design to address and resolve all the concerns previously raised by stakeholders during the Environmental Impact Evaluation Assessment”. The company says that it is confident that its revised plan which “is in line with international best practice and includes fully plastic lined tailings with zero discharge which will satisfy the most stringent environmental conditions” is likely to address previous concerns.

Conclusion: Quarterly production numbers suggest that the new plant at Proyecto Riotinto is operating smoothly and the company confirms that it remains on course to achieve its 2021 production guidance and to achieve the lower end of its cost guidance range. Following the recent mineral reserve upgrade at Cerro Colorado and the definition of resources at San Dionisio, additional exploration is underway around Riotinto and the company also expresses confidence that its new plans for the Touro project in northern Spain will address previously expressed concerns.

Petra Diamonds (AIM:PDL) 1.54p, Mkt Cap GBP149.5m – Petra sells 39.34 ct blue diamond for $40.1m

Petra has recovered an exceptional Type IIb blue diamond at its Cullinan mine on April 1, which has been sold to a partnership between diamond miners De Beers and Diacore for more than $40.1m.

CEO Richard Duffy said the sale of the diamond: “sets a new milestone for Petra in achieving its highest price for a single diamond and follows the sale of the 299 ct Type IIa white diamond in March this year and the five blue diamonds comprising the Letlapa Tala Collection in November 2020, purchased by the same De Beers-Diacore partnership”

Pure Gold Mining (LON:PUR) 79p, Mkt Cap GBP324m – PureGold Mine ramps up on course for commercial production

PureGold Mine continued to ramp up during the quarter with production up 46%qoq at 6.3koz in Q2/21.

Average processed grade climbed to 4.2g/t (Q1/21: 2.8g/t) reflecting increasing share of high grade stope and development ore material accounting for 63% of the total (Q1/21: 46%).

Average plant throughput came in at 509tpd (Q1/21) with higher processing rates recorded towards the end of the quarter (577tpd in June).

Ramp development accelerated to 5.2m and 4.5m per day at the Main and East Ramps, respectively, marking a new quarterly record and a 53%qoq increase.

Ramp development contract was awarded to accelerate the main Ramp works to 6.0m per day for the balance of 2021.

Drilling successfully confirmed stopes planned for mining in H2/21 and identified new areas close to existing development and outside of current reserves.

The Company reports good grade reconciliation between mined stopes and Mineral Reserves.

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 – Bloomberg

Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt – LME

Oil Brent – ICE

Natural Gas, Uranium, Iron Ore – NYMEX

Thermal Coal – Bloomberg OTC Composite

Coking Coal – SSY

RRE – Steelhome

Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite – Asian Metal


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