Today’s Market View – SolGold, PureGold Mining, Power Metal Resources and more…


SP Angel . Morning View . Tuesday 07 09 21

Strong August exports provide cause for optimism in China

MiFID II exempt information – see disclaimer below

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Empire Metals* (LON:EEE) – Experienced exploration staff appointed

Europa Metals Limited (LON:EUZ) – Drilling completed and focus shifts to updating the resources estimate at the Toral zinc, lead, silver project in Spain

Orosur Mining* (LON:OMI) – Monte Aguila assumer operatorship of Anza

Power Metal Resources* (LON:POW) – Sale of Schreiber-Hemlo Interests for GBP1m

PureGold Mining (LON:PUR) – PureGold hits daily record production in August

SolGold* (LON:SOLG) – Rationalising exploration to focus on the most promising targets

Copper – Is there a buyers strike in China with consumers refusing to pay over a certain level?

Or is Chinese demand for copper really falling when demand and prices for coal and other metals continue to rise?

Strong rises in coal and coking coal alongside a rise in steel prices and a bounce in iron ore prices suggests China is revving up economic activity again after a summer lull.

Copper imports into China in August fell to their lowest level since June 2019

Rising copper prices may have combined with Covid disruption and potential Chinese government advice not to bid up copper prices may have caused the fall in demand in August.

Copper imports to China fell 41% y-o-y in August to 394,017t, marking 5 consecutive months of decline.

Copper imports have declined 10 of the last 11 months since Oct. 2020.

LME 3M contracts fell 1.3% to $9,329.50/t on the back of the news.

China – Strong August exports provide cause for optimism in China

China’s exports in August saw considerably faster growth than was expected as global demand picked up.

China’s rapid economic recovery from the pandemic has been dampened in recent months by Covid-19 lockdowns, supply chain disruptions and high raw material prices.

However, August saw shipments rise 25.6% y-o-y, advancing from a 19.3% gain in July according to the most recent customs data.

The August data revealed a trade surplus of $58.4bn, up from forecasted figures of $51.04bn.

Reuters polled analysts had predicted 17.1% for August.

Analysts at Oxford Economics believe ‘the global economic recovery will continue to underpin China’s exports later this year and in 2022.’

The upcoming Christmas shopping season is thought to have contributed as retailers look to boost their stocks.

Factory output, however, saw slower growth whilst services contracted.

Despite the positive export data, Beijing is anticipated to lower regulatory cash reserve limits in banks to encourage growth. A July cut saw $6.47tn cash released into China’s long-term economy.

Gold (US$1,819/oz) holds firm as doubts rise over timing of central banks tapering

Gold is holding close to its 2.5 month high as the potential for the US Federal Reserve and ECB to delay an asset-purchasing taper increased.

Investors are buying gold as a hedge against stimulus inflation as well as currency volatility.

Fed Chair, Jerome Powell, recently hinted at the potential for a continuation of current stimulus measures to ensure a strong labour market.

The ECB is due to meet on Thursday with analysts expecting questions to be raised over when to reduce stimulus measures amid a recovering Eurozone recovery.

Whilst a taper is expected to be announced by both banks over the coming few months, a delay in raising interest rates is anticipated.

The continuation of record low rates has been pointed to as a factor for gold remaining buoyant despite the current hawkish shift among central bankers.

The dollar index slid 0.1%, further boosting a case for holding gold whilst rising gold imports to India may also be providing its current support.

Dow Jones Industrials –0.21% at 35,369

Nikkei 225 +0.86% at 29,916

HK Hang Seng +0.85% at 26,385

Shanghai Composite +1.53% at 3,677


US – More than 7.5m people will lose pandemic related jobless benefits this week testing the strength of the economic recovery and the jobs market, FT writes.

China – Trade surges past market estimates in August despite logistics challenges and growing number of infections.

Global demand remained strong through the month, especially from the US and Europe.

Commentators are also highlighting an increase in export orders diverted from Southeast Asian countries hit with delta virus to China.

Electronics and high tech products remained at the top of exports and imports’ list.

Exports (%yoy, US$): 25.6 v 19.3 in July and 17.3 est.

Imports (%yoy, US$): 33.1 v 28.1 in July and 26.9 est.

Japan – Consumer spending dropped for a third month in a row in July amid the pandemic and ongoing state of emergency.

Spending fell 0.9%mom and was up 0.7%yoy on depressed levels last year, underperforming estimates for a

EU – Q2 final GDP rises 2.1% on Q1 when GDP fell 0.1%

Q2 final GDP rises 13.8% yoy vs a rise of -1.2% yoy in Q1

Employment rises 0.7%

Construction PMI ticked back to 49.5 (49.8)

Germany – Construction PMI pulled back to 44.6 in August vs 47.1 in July

Factory orders rose just 3.4% in July vs a rise of 4.6% in June

Industrial production broke a three-month series of falling output and registered a 1%mom increase in July.

Although, production remained 5.5% below pre-pandemic levels in Feb/20.

Separately, the Ifo Institute survaey of German manufacturers showed that production expectations improved in August to well above the long term average.

“Companies are hoping that supply bottlenecks for intermediate products will slowly ease over the coming months,” Ifo commented on the data.

Industrial Production (%mom): 1.0 v -1.0 (revised from -1.3) in June and 0.8 est.

Industrial Production (%yoy): 5.7 v 5.4 (revised from 5.1) in June and 5.1 est.

UK – Retail sales growth fell short of expectations in August with a number of retailers reporting availability issues amid shortages of supplies.

Additionally, both shops and consumers pointed to concerns over high prices weighing on demand.

Separately, property prices hit GBP262,954 in August, the highest level on record, marking a 0.7%mom increase.

Although the growth rate pulled back to 7.1%yoy compared to 7.6%yoy in July, according to Halifax data.

The slowdown is in part attributed to the end of the stamp duty holiday that is being scaled back through to 1 October.

“Price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end later this month,” Halifax said.

Retail Sales (%yoy): 1.5 v 4.7 in Ju1ly and 3.2 est.

Logistics disruption and fiscal uncertainty impacting UK construction sector

Construction PMI softened to 55.2 in August vs 58.7 in July

The dramatic rise in price for key building materials combined with logistics issues is adding a degree of uncertainty to the construction industry.

Builders which have struggled to manage sites through Covid regulations are struggling to contain costs amid delays to key materials.

House builders which invariably work on just-in-time deliveries are thought to be battling to receive the materials they require as a lack of lorry drivers compounds other disruption.

Prime Minister will address lawmakers later today over plans to raise the National Insurance tax to fund escalating healthcare costs that are projected to double as population ages over the next two decades, Reuters reports.

PM Johnson will chair a cabinet meeting to be followed by parliament address and a news conference.

Mexico – Vehicle production fell 21.4% yoy in August vs -26.5% in July

Lower demand for diesel vehicles as consumer interest moves to Electric Vehicles alongside a shortage of semiconductors may be responsible.

Australia – The central bank announced it will reduce its weekly bond purchases to A$4bn from A$5bn as previously guided.

On the flip side, the RBA said it will extended the programme until February next year amid ongoing economic uncertainty with two of its largest cities and its capital under lockdown restrictions.

More than half of the nation’s 25m population is currently under strict stay at home restrictions with Sydney, Melbourne and Canberra in lockdown.

The A$ is trading lower around US$0.7410 this morning.

Guinea – bauxite prices rise on coup supply concerns as people celebrate Coup and detention of President Alpha Conde

The coup leader has closed land and air boarders, suspended the constitution, dissolved the government and imposed a short 24 hour curfew,

All political prisoners are to be freed with an 18-month transition towards democracy under a new National Committee for Reconciliation and Development.

Many in Guinea were unhappy over Conde change to the constitution to allow him to serve a third term.

Ministers expensive government vehicles are a sore point in many parts of Africa where many voters live in poor conditions.

Guinean bauxite prices hit an 18-month high as consumers rush to stockpile the ingredient following a military coup.

Asian Metal have reported a 1% rise in Guinean bauxite delivered to China, with prices currently up 16% this year.

Aluminium prices hit a decade high of $2,776/t on LME.

Doumbouya confirmed that ports would remain open to ‘ensure continuity of production.’

Aluminium Corp of China stated its bauxite operation in Guinea was operating as normal.

TOP International Holdings, announced that they experienced ‘minimal disruption’.

Guinea ranks well ahead of Australia at ~82mt in 2020 representing just under 50% of the traded seaborne market and around 25% of all the bauxite used in aluminium production.

We suspect exports of bauxite and alumina will be unaffected by the coup unless there is some form of counterattack by troops loyal to Alpha Conde.


US$1.1870/eur vs 1.1871/eur yesterday. Yen 109.92/$ vs 109.84/$. SAr 14.273/$ vs 14.295/$. $1.383/gbp vs $1.384/gbp. 0.742/aud vs 0.744/aud. CNY 6.457/$ vs 6.454/$.

Commodity News

Precious metals:

Gold US$1,819/oz vs US$1,827/oz yesterday

Gold ETFs 99.8moz vs US$99.8moz yesterday

Platinum (AIM:ZERO) US$1,020/oz vs US$1,027/oz yesterday

Palladium US$2,409/oz vs US$2,432/oz yesterday

Silver US$24.57/oz vs US$24.80/oz yesterday

Base metals:

Copper US$ 9,379/t vs US$9,429/t yesterday

Aluminium US$ 2,766/t vs US$2,760/t yesterday

Nickel US$ 19,475/t vs US$19,620/t yesterday

Zinc US$ 3,011/t vs US$3,010/t yesterday

Lead US$ 2,266/t vs US$2,294/t yesterday

Tin US$ 32,690/t vs US$32,995/t yesterday


Oil US$72.6/bbl vs US$71.8/bbl yesterday

Despite the COVID resurgence, OPEC+ estimates forecast that the oil market will become increasingly tight this year

This comes as the group continues to ease the production cuts into next year, the balance will tip into surplus again in 2022

Global inventories are set to fall by 825,000bopd over the next four months, according to an OPEC+ estimate

The ministers of the OPEC+ will continue to monitor market developments and possibly consider whether the planned monthly increases in production by 400,000bopd are warranted, in light of signs that global oil demand recovery could falter with the spike in the Delta variant coronavirus cases.

OPEC also sees growing demand despite the COVID resurgence, according to its latest Monthly Oil Market Report (MOMR)

Global oil demand is expected to average 96.6MMbopd this year and and exceed 100MMbopd in the second half of 2022, with the group keeping its estimates from a month ago unchanged despite the COVID resurgence in major economies, including China and the US

OPEC+ may find next year more challenging to manage the oil market because supply is forecast to exceed demand by an average of 2.5MMbopd if the group continues easing the cuts as planned and unwind all of the supply it has been holding from the market

The surplus would lead to global inventories rising by 913MMbbls in 2022, according to Bloomberg

Natural Gas US$4.692/mmbtu vs US$4.738/mmbtu yesterday


Iron ore 62% Fe spot (cfr Tianjin) US$144.3/t vs US$144.3/t – Iron ore imports to China rose in August for first time in 5 months

China imported 10.1% more iron ore in August than in July, despite restrictions on steelmaking by Beijing.

Data from the General Administration of Customs reveal imports of 97.49Mt in August to China.

It is important to note that volumes were still down 2.9% from 100.36Mt in August 2020.

China has also imported 1.7% less iron ore than the first 8 months of last year, with 746Mt.

A ramp up in supply from Brazil is pointed to as a potential reason for China’s rebounding iron ore imports.

Port inventories have increased to over 131Mt of iron ore, whilst the Dalian iron ore futures rose 1.1% as it makes a minimal recovery from 7-month lows.

SGX iron ore has risen over 4%.

China steel exports fell 10.9% to 5.05Mt in August after Beijing raised export tariffs on pig iron and ferrochrome whilst also removing rebates on export taxes for several steel products.

Analysts from Sinosteel Futures see demand for iron ore remaining steady despite steelmaking production curbs.

Chinese steel rebar 25mm US$830.4/t vs US$818.6/t

Thermal coal (1st year forward cif ARA) US$121.5/t vs US$118.8/t – Chinese coal prices hit another record high on extended positive fundamentals

Chinese coal prices soared to a fresh record on Tuesday, with prices surging this year as the world’s top user of coal experiences a strong industry-heavy recovery.

Thermal coal futures on the Zhengzhou Commodity Exchange rose as much as 3.2% to 979 yuan ($152)/t, while coking coal on the Dalian Exchange rose 4.3% to 2,896 yuan/t.

Chinese uses roughly 50% of the world’s coking coal and thermal coal, with both commodities rising 78% and 50% so far this year, respectively.

Domestic mines have come under increased scrutiny this year after a series of deadly accidents prompted an increase in government inspections and lower output.

Officials in top producing Shanxi province have threatened to shut down any mine that has flooding issues, according to state media.

Coking coal swap Australia FOB US$285.0/t vs US$285.0/t

China Ilmenite Concentrate TiO2 US$374.00/t vs US$374.2/t


Cobalt LME 3m US$50,840/t vs US$50,840/t

NdPr Rare Earth Oxide (China) US$91,989/t vs US$92,040/t

Lithium carbonate 99% (China) US$19,358/t vs US$18,904/t

China Spodumene Li2O 5%min CIF US$950/t vs US$940/t

Ferro-Manganese European Mn78% min US$1,810/t vs US$1,787/t

China Tungsten APT 88.5% FOB US$305/t vs US$305/t

China Graphite Flake -194 FOB US$535/t vs US$535/t

Europe Vanadium Pentoxide 98% 9.0/lb vs US$9.0/lb

Europe Ferro-Vanadium 80% 37.25/kg vs US$37.75/kg

Spot CO2 Emissions EUA Price US$73.7/t vs US$73.0/t

Battery News

Toyota to spend $13.5bn in battery tech and supply

Toyota have announced that it expects to spend more than $13.5bn on developing its battery technology and supply chain by 2030.

Toyota said it aims to slash the cost of its batteries by 30% or more by working on the materials used and the way the cells are structured.

The Japanese automaker are also working to reduce power consumption by 30% as it looks to deliver its first all-electric line-up in 2022.

Toyota’s Chief Technology Officer admitted the struggle with solid state technology though, stating the company is ‘still searching for the best materials to use’.

Solid-state batteries are more costly and can crack during use.

GM and Honda to share 50% parts

Honda EVs set to be sold in the US will be built using over 50% of the same parts as General Motor EVs according to a report from Nikkei.

Honda will supply information on their new EV platform so the two automakers will be building similar EVs.

Honda is currently developing its e:Architecture platform for mid-size EVs that are expected to reach North American showrooms by the late 2020s. GM will use the same platform and, in return, will share information on the development of its larger EVs.

By sharing EV platforms, Honda and GM will be able to standardise motors, batteries, inverters, and other key components. The collaboration will bring cost savings through the ordering of large quantities of the same parts.

Company News

Empire Metals* (LON:EEE) 1.8p, Mkt cap GBP5.8m – Experienced exploration staff appointed

Empire Metals reports that appointment of Ed Baltis, as Exploration Consultant, and Louisa Stokes as Exploration Geologist.

Mr. Baltis will assist Empire with exploration strategy and targeting, business development, and project evaluation, specifically looking within the Eastern Goldfields of Western Australia, as the Company moves to advance its two Australian based gold projects, at Eclipse and Central Menzies.

Ed Baltis has an extensive knowledge on the geology of the area, having managed and led exploration campaigns for a diverse range of commodities within the Archaean Yilgarn Craton and throughout Australasia, Africa and the Americas.

Amongst other positions he was previously Regional Exploration Manager for Australasia and subsequently Vice President Project Generation for Gold Fields where he was integral to the successful acquisition of Barrick Gold assets in Australia in 2013 and provided oversight of the exploration programmes that led to discovery of >2.5Moz Invincible deposit at St Ives.

Louisa Stokes is a PhD Candidate and MSc Geiology graduate from the Roual School of Mines who has ten years’ experience as an Exploration Geologist working in places such as Armenia, Liberia and Mali for gold explorers and producers.

Louisa was involved in the discovery and development of the 3.56Moz Dugbe Gold Project in southwest Liberia for Hummingbird Resources.

*SP Angel act as Nomad and Broker to Empire Metals

Europa Metals Limited (LON:EUZ) 8.75p, Mkt Cap GBP3.9m – Drilling completed and focus shifts to updating the resources estimate at the Toral zinc, lead, silver project in Spain

Europa Metals reports that it has now completed the latest phase of drilling at its Toral zinc/lead/silver project in Spain and says that it is commissioning a new independent mineral resources estimate and further metallurgical work as part of its efforts to enhance the project’s economic returns and deliver a preliminary feasibility study (PFS).

The 2021 drilling programme focused on the upper levels of the deposit with a view to infill drilling coverage above and around the indicated resources particularly between the 100-800m levels in a zone of “a siliceous style of mineralisation”.

Among the latest results highlighted today are:

A 2.7m wide intersection between 225.90m and 228.60m depth in hole TOD-032 which averaged 5.23% zinc, 4.94% lead, 0.93% copper and 70.17g/t silver; and

A 1.1m wide intersection between 251.50m and 252.60m deep in hole TOD-033 at an average grade of 2.23% zinc, 1.91% lead, 0.16% copper and 12.90g/t silver; and

A 14.85m wide intersection in hole TOD-034 averaging 3.28% zinc, 5.08% lead, 0.11% copper and 45.84g/t silver between 328.50m and 343.35m depth and including higher grade sections of 5.85m from 330.40m depth averaging 1.24% zinc, 9.15% lead, 0.23% copper and 90.88g/t silver and 4.85m from 338.50m depth which averaged 8.33% zinc, 4.11% lead, 0.03% copper and 26.84g/t silver

CEO, Laurence Read, explained that Europa Metals “has decided to conclude drilling and is assessing the potentially positive impact these intersections could have on the existing resource model and the potential future economics for the Toral project …[and that ]… we believe that further enhancements can be achieved from optimising the mining route and further determining processing systems such as ore sorting, or separate ore sorting processes for different ore types”.

He also commented that the copper potential of what is considered primarily as zinc/lead/silver mineralisation is under consideration.

Executive Chairman, Myles Campion, also explained that the drilling had provided “a significant amount of bulk sample material from this zone … that will enable us to complete an ore sorting and metallurgical testwork programme”.

Orosur Mining* (LON:OMI) 22.5p, Mkt Cap GBP37.7m – Monte Aguila assumer operatorship of Anza

(The Anza Project is subject to an Exploration Agreement with Venture Option between Orosur’s 100% subsidiary Minera Anza S.A and Minera Monte Aguila, a 50/50 joint venture between Newmont Corporation and Agnico Eagle Mines Limited. Minera Anza can earn-in up to 75% in Anza.)

Orosur reports that its has been notified by its Colombian JV partner Minera Monte Aguila that it has elected to exercise its right to assume operatorship of the Anza Project in Colombia.

Monte Aguila is a 50/50 JV between Newmont and Agnico Eagle and is the vehicle by which these two companies exercise their rights and obligations with respect to the Exploration Agreement.

The Anza Project now moves into its fourth year of Phase 1 during which time a further US$4 million is required to be spent pursuant to the Exploration Agreement.

The well-structured deal gives opportunity for project to be progressed to NI 43-101 compliant feasibility study.

The Exploration Agreement specifies a notice period of 90 days for the assumption of operatorship to become effective, however this is largely to allow sufficient time for the handover of operations, with Orosur expecting the process to take substantially less than 90 days.

While Monte Aguilla will manage the project, Minera Anza will continue to be the 100% owner of the licences until it has met its financial obligations with respect to the Exploration Agreement and elected to move to Phase 2 in September 2022.

*SP Angel act as Nomad and Broker to Orosur Mining

Power Metal Resources* (LON:POW) 1.9p, Mkt cap GBP24.2m – Sale of Schreiber-Hemlo Interests for GBP1m

Power Metals reports that it has agreed the sale of its Schreiber-Hemlo project interests in Ontario, Canada to First Class Metals Ltd, with consideration payable through the issue of 333,334 new ordinary shares at a price of GBP3 per share.

First Class is a UK private company with an existing portfolio of interests in the Schreiber-Hemlo region held through its Canadian operating subsidiary First Class Metals Inc. and is currently seeking a listing on a recognised stock exchange in London, targeted for late 2021.

Power Metal will also invest CAD$50,000 to acquire 9,588 additional First Class shares in First Class’s pre-IPO financing currently underway at GBP3 per share.

After the above Power Metal’s holding in First Class will amount to 342,922 shares or circa 39.9% based on currently issued share capital of FCM.

James Knowles, Executive-director of First Class Metals Limited commented: “The combination of our asset bases in the Hemlo Schreiber Greenbelt Belt offers great synergies in joining together two highly prospective exploration packages which are located in one of the best mining postcodes globally.”

“Of particular interest is the combination of both companies adjoining interests in North Hemlo into what we now see to be a ‘district sized’ exploration block. The North Hemlo project is in close proximity to Palladium One (TSXV:PDM) ultra high grade nickel/copper Tyko discovery on it’s Eastern flank and Panther Metals (LSE:PALM) in the West.”

*SP Angel act as Nomad and Broker to Power Metal

PureGold Mining (LON:PUR) 75.5p, Mkt Cap GBP300m – PureGold hits daily record production in August

PureGold Mining, which formally declared commercial production at its mine in Red Lake with effect from 1st August, reports that it achieved an average daily ore throughput of 703tpd during August and treated a daily record 1,037t on 31st August.

The company also reports that the mining of “high-grade stopes from both Main Ramp and the East Ramp areas for the first full calendar month in August leading to a new single day production record of 2,050 tonnes of ore brought to surface on August 17”.

The average mined stope grade during August was 6.5g/t gold while the average grade of the processed ore was 5.6g/t.

The company says that during the rest of 2021 it aims to:

Complete “mill pump upgrades in September which will further stabilize mill capacity at 1,000 tpd”; and

Increase “both head grade and ore throughput for the balance of 2021, driven by improving ore inventory and stope availability as a result of accelerated ramp and level development and increased definition drilling”; and

“Step-up of ore production rates to 1,000 tpd by the end of 2021”; and

Continue to progress “permit amendments to increase annual ore production limits from 292,000 tonnes (800 tpd) to 360,000 tonnes (1,000 tpd)”; and

Produce an updated mineral resources estimate and announce a “start date for initial underground drill program targeting 8 Zone”

President & CEO, Darin Labrenz, described the “summer months … [as] … a turning point operationally for the PureGold Mine” and said that the mine “made significant strides in August toward our goal of consistently producing 1,000 tonnes per day of high-grade ore by the end of the year”.

He also said that “we expect our total operating costs to remain relatively stable even as we step-up production to 1,000 tpd, which will drive unit costs downward over time. We also expect head grades will continue increasing steadily as we get deeper into the orebody over the coming quarters”.

SolGold* (LON:SOLG) 29.55p, Mkt Cap GBP677m – Rationalising exploration to focus on the most promising targets

Solgold reports that it is relinquishing 10 of its 72 wholly-owned exploration concessions in Ecuador in order concentrate its efforts on the most promising projects.

The company will give up rights over a total of 37,000 hectares at an overall saving to its exploration commitments of approximately US$75.6m.

Drilling is currently underway at the company’s Cascabel project, which hosts the most advanced of Solgold’s project at Alpala, as well as at Porvenir, Sharug and Rio Amarillo and is expected to start shortly at Cisne Loja.

Solgold confirms that “Field exploration activities continue to focus on Helipuerto, Cisne-Victoria and Chical. The Company also continues to seek strategic partners to advance certain projects with discussions underway with several interested parties”.

The company says that the shedding of licences will precipitate an impairment charge of US$3.1m which it describes as “immaterial compared to the asset base of the Company”.

Solgold also says that “With a cash position of approximately USD 109.6 million at 30 June 2021, the group is well funded to advance its regional work programme and able to re-allocate funds”.

Interim CEO, Keith Marshall, explained that rationalising the exploration portfolio allows “our exploration teams to focus on our best targets, while reducing expenditure commitments. Early-stage results from SolGold’s regional exploration programme are encouraging with the discovery of significant near-surface copper-gold mineralisation at the Cacharposa porphyry target at Porvenir as well as the discovery of significant geochemical and geophysical hallmarks of large porphyry systems identified at the Rio Amarillo, Cisne Loja, Sharug and Helipuerto projects”.

Executive Director – Exploration, Jason Ward, also explained that Solgold wants “to focus our attention on the exploration projects where we see the best chance to deliver additional Tier 1 discoveries”

He cited exploration success “at Alpala, Tandayama and Cacharposa” as an endorsement of Solgold’s exploration strategy and confirmed that “we retain all our high priority projects and have identified additional porphyry targets in close proximity to the Cacharposa ore body within the Porvenir project.”

In our view, a focused approach to exploration which encompasses the ability to discard individual projects after initial screening enables the team to focus on the most promising targets consistent with Solgold’s objective of Tier 1 discoveries.

Discarding projects which do not meet Solgold’s objectives does not necessarily mean that they are without merit for other explorers however and it will be interesting to see who picks up these 10 projects as Ecuador attracts increasing international exploration interest which we imagine has been boosted following the supportive Presidential decree on mining policy issued in August

Conclusion: Solgold is restructuring its exploration portfolio in Ecuador in order to focus on the targets which are considered to provide the best opportunities for Tier 1 discoveries. The company is not short of opportunities and it is currently drilling at 4 of its projects and expects to start at a fifth shortly while earlier stage exploration is underway on several other areas.

*SP Angel act as Financial Advisor to SolGold.

Recent Interviews:

IGTV: Chinese slowdown is ‘unlikely to be for long’:

Mining sector: where now as Gates & Bezos move in?:

China fearing failure in metals pricing tactic:

Evolution of Chinese construction and implications for commodity demand:

VOX Markets: 02/09/21:


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.

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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

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*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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