Today’s Market View – Mkango Resources, Power Metal Resources, Rambler Metals and Mining and more…


SP Angel . Morning View . Monday 15 11 21

Metals rise on inflation concerns and on EV sale

Lithium spodumene prices rise to new highs

Copper, and battery metals continue to gain

Pre-IPO gold project financing – we are raising funds for a new gold project development in Ghana

The project offers potential to fast-track gold production using a low-cost heap leach.

Management are respected and experienced. Please contact us if you are interested in pre-IPO funding of the opportunity

Ariana Resources (Ariana Resources PLC (AIM:AAU)) – Turkish drilling programmes

Condor Gold* (Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF)) – Quarterly Report highlights infill and exploratory drilling at La India

Fortuna Silver Mines (NYSE:FSM) – Mexican environmental agency denies extensions to San Jose permits

Mkango Resources* (Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)) – HyProMag expansion into Germany

Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) – GBP1.05m raised

Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) – Increasing monthly concentrate production demonstrates the progress of the Ming mine turnaround

VOX Markets: 10/11/21:

IGTV: Cornish Metals*, Mkango *, Kodal * – Fed to consider potential China slowdown when looking at rates

*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.

Gold $1,864/OZ – prices continue to climb on China Covid and inflation concerns

Gold enjoyed its best week since May on concerns over rampant US inflation, settling c. $1,860/oz mark.

Indonesian nickel smelters under investigation by antitrust agency

Indonesia’s antitrust agency is investigating whether nickel smelters pushed down nickel ore prices from miners. (Reuters)

13 smelters operate in Indonesia – it is unclear which smelters are under investigation.

The agency is exploring claims of collusion between surveyors and smelting operations.

Dow Jones Industrials +0.50% at 36,100

Nikkei 225 +0.56% at 29,777

HK Hang Seng -0.00% at 25,327

Shanghai Composite -0.16% at 3,533


China – Better than expected economic data in October as a drag from delta outbreaks and power shortages seem to have eased, Bloomberg reports.

The data provides some relief, although, outlook remains uncertain with property market showing signs of weakness and ongoing travel virus restrictions.

Power shortages have abated helping industrial production with electricity supply up 11.1% in October.

Production of construction related commodities like steel and iron contracted declines in property investments and sales.

House prices dropped for the second consecutive month in October as major developers are battling with liquidity issues.

64/70 cities noted lived-in home prices decline. Prices for new homes across 70 of China’s largest cities dropped 0.25%mom in October.

The news follows the report showing a 24%yoy drop in residential sales in October. Centaline suggesting that new home prices have fallen up to 15% in major cities.

Transactions in Shenzhen in the primary residential market down 75% from Q1. Guangzhou transactions fell 50%. (Centaline)

Investment in new construction dropped for a fourth consecutive month, falling 7.7%yoy.

11.33mn new urban jobs created so far vs 11mn target for whole year 2021.

Retail Sales (%yoy): 4.9 v 4.4 in September and 3.7 est.

Industrial Production (%yoy): 3.5 v 3.1 in September and 3.0 est.

FAI (%yoy YTD): 6.1 v 7.3 in September and 6.2 est.

Economists suggest PBC may loosen Chinese bank reserve requirements

CBA see the potential for China’s central bank to reduce the RRR to stimulate economic activity. They estimate an injection of 1bn CNY in liquidity.

China battles Delta variant as outbreak hits major port city

Key port city Dalian hit hard by Delta variant, recording 24 new cases a day – the majority of domestically reported cases. (SCMP)

Total cases since October 17 at 1,308. China’s summer outbreak recorded 1,280 cases in total. (Official data)

People moving from Dalian to other regions are forced to quarantine at ‘centralised facilities’ for 14 days.

70% of China’s cold supply chain goods are imported through Dalian. (Seatrade)

Dalian accounts for 30% of China’s cold-chain goods storage capacity. (Global Times)

Cold chain importers are noting increasingly draconian quarantine rules.

A local source states that port operations are unaffected owing to previously implemented ‘precautions’. (GT)

US – Consumer sentiment unexpectedly pulled back in November trailing all projects in a Bloomberg survey of economists as American grew increasingly worried about rising prices, Bloomberg reports.

“An escalating inflation rate and the growing belief among consumers that no effective policies have been developed to reduce the damage from surging inflation” weighed on the sentiment, the University of Michigan consumer sentiment report said.

Consumers are expecting inflation to hit 4.9% over the next year, the highest level since 2008, the report said.

That matches market expectations for surging consumer prices with 10y inflation expectations now at their highest in decades of 2.7%.

UoM Sentiment: 66.8 v 71.7 in October and 72.5 est.

Preliminary Uni of Michigan consumer sentiment fell to 66.8 in November vs 71.7 in October

Five year inflation expectation was steady at 2.9%

We think policy makers will remain cautious in backing off stimulus as the risk of stalling hard-won economic growth remains

Democrats call for unity to pass $2tn spending bill

Nancy Pelosi is on track to pass the $2tn Build Back Better bill this month as centrist Democrats commit to vote.

Key Democrat opponent Gottheimer sees the legislation being approved.

The bill will be delayed by the Senate if approved this week.

Centrists are worried that last week’s CPI data showing inflation at 30-year highs will diminish sentiment for an additional $2tn of government spending, having already passed the $1tn bi-partisan infrastructure bill.

India – Industrial output rose 3.1% yoy in September vs 11.9% in August

Manufacturing production 2.7% yoy in September vs 9.7% in August

Inflation 4.48% yoy in October vs 4.35% in September

India sees electricity crisis ease as coal supplies improve

Generators have been able to increase stocks as India’s hotter weather and air conditioning demand subsides.

Power stations’ coal stocks have increased from 8.1mt in Sept. to 13.7mt now. (They remain below 2019’s 21.2mt level)

65/135 plants’ stocks are still rated critically low. This was 116.135 in mid-October. (Reuters)

India’s daily grid frequency has neared target levels of 50 Hertz again.

UK – Rightmove reports biggest fall in UK property asking prices since February

The fall is in-fact smaller than is normally seen in November. The average fall is 1.2% in November over the past 11 years.

EU – Industrial production fell 0.2% in October vs -1.7%), yoy 5.2% (4.9%), then

Spain – Leftwing government is advocating for a housing law that will introduce rent controls to arrest rising housing costs.

Radical left Podemos party supporting the bill argued it will right the balance in a sector that was hard hit in the eurozone financial crisis over a decade ago and the arrival of institutional funds.

“Th big investment funds saw a niche here to speculate in the housing business… now we are beginning to put limits to this and say to the big landlords they can keep doing housing business, but not at any price… not at the price that there are evictions, ot that people have to pay more than 30% of their income in rent,” Podemos said.

Podemos, being a part of the coalition government, insisted on the wording of the housing bill as a condition of its support for the 2022 budget.

“In any market in which you intervene with a cap, you will disincentivise developers,” EY in Spain commented on the news.

Of a pipeline of 28,000-29,000 flats that developers were planning to build for rental, some 8,000 have been put on hold until the consequences of the law become clearer, according to EY estimates.

Turkey – Industrial production fell 1.5% in September vs 5.6%), yoy 8.9% (14.0%). In the


US$1.1449/eur vs 1.1444/eur last week. Yen 113.93/$ vs 114.08/$. SAr 15.250/$ vs 15.330/$. $1.341/gbp vs $1.338/gbp. 0.735/aud vs 0.730/aud. CNY 6.381/$ vs 6.392/$.

Commodity News

Precious metals:

Gold US$1,864/oz vs US$1,855/oz last week

Gold ETFs 98.0moz vs US$98.0moz last week

Platinum US$1,078/oz vs US$1,079/oz last week

Palladium US$2,090/oz vs US$2,041/oz last week

Silver US$25.19/oz vs US$25.10/oz last week

Base metals:

Copper US$ 9,697/t vs US$9,632/t last week

Aluminium US$ 2,673/t vs US$2,663/t last week

Nickel US$ 19,750/t vs US$19,705/t last week

Zinc US$ 3,255/t vs US$3,241/t last week

Lead US$ 2,344/t vs US$2,364/t last week

Tin US$ 37,650/t vs US$37,935/t last week


Oil US$81.8/bbl vs US$82.2/bbl last week

Oil prices slipped in early trading today on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand

Oil markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the US Strategic Petroleum Reserve to cool prices

The US rig count also continues to climb with an uptick for a third week in a row with crude prices hovering near a seven-year high, prompting some drillers to return to the wellpad

The oil and gas rig count, an early indicator of future output, rose by six to 556 in the week to 12 November, its highest level since April 2020, according to Baker Hughes

Meanwhile, OPEC cut its world oil demand forecast for the fourth quarter by 330,000bopd from last month’s forecast, as high energy prices hampered economic recovery from the COVID-19 pandemic

Europe has become the epicentre of the COVID-19 pandemic again, prompting some governments to consider re-imposing unpopular lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant

Natural Gas US$4.796/mmbtu vs US$5.071/mmbtu last week

European natural gas prices continue to be volatile as Gazprom announced that it had approved and started implementing a plan to send natural gas into five storage sites across the continent

The volumes and the transportation routes for the gas flows have been determined, concerns on the market and sending prices lower

The EIA expects Henry Hub prices will decrease after the first quarter of 2022, as production growth outpaces growth in LNG exports, and will average US$4.01/mmbtu for the year

US exports of LNG are establishing a record high this year, a new record high anticipated for next year

The EIA expects LNG exports to average 9.7Bcf/d this year (3.2Bcf/d more than the 2020 record high of 6.5Bcf/d) and to exceed annual pipeline exports of natural gas for the first time

The year-on-year increase in LNG exports coincides with slight growth in US natural gas production

US dry natural gas production is expected to average 92.6Bcf/d this year, which is 1.1Bcf/d more than in 2020 but 0.3Bcf/d less than in 2019

Uranium UXC US$47.4/lb vs $46.8/lb last week


Iron ore 62% Fe spot (cfr Tianjin) US$89.5/t vs US$90.6/t

Chinese steel rebar 25mm US$739.9/t vs US$750.4/t

Thermal coal (1st year forward cif ARA) US$105.0/t vs US$105.0/t – China coal production surges to record in October as steel output falls

China’s coal production surged to a record high in October as coal miners responded to the autumn power crisis by raising output to 357.1mt – 4% higher than last year.

Steel mills cut production in order to meet emissions and energy conservation targets, with output falling to 71.58mtg – the lowest since December 2017.

Thermal coal swap Australia FOB US$148.8/t vs US$149.0/t

Coking coal swap Australia FOB US$333.0/t vs US$333.0/t


Cobalt LME 3m US$59,500/t vs US$59,500/t

NdPr Rare Earth Oxide (China) US$124,203/t vs US$123,977/t

Lithium carbonate 99% (China) US$27,975/t vs US$27,924/t

China Spodumene Li2O 5%min CIF US$1,910/t vs US$1,870/t

Ferro-Manganese European Mn78% min US$2,112/t vs US$2,111/t

China Tungsten APT 88.5% FOB US$313/t vs US$313/t

China Graphite Flake -194 FOB US$655/t vs US$650/t

Europe Vanadium Pentoxide 98% 7.5/lb vs US$7.5/lb

Europe Ferro-Vanadium 80% 31.75/kg vs US$31.85/kg

China Ilmenite Concentrate TiO2 US$388/t vs US$387/t

Spot CO2 Emissions EUA Price US$72.9/t vs US$72.4/t

Hydrogen, wind and battery news

ITM Power announces sale of 12MW electrolyser

ITM Power, the energy storage and clean fuel company, has announced that it has signed a contract for delivery of 12MW of electrolysis equipment to be deployed in 2022.

The customer and location remain confidential due to commercial sensitivities.

The announcement comes a week after ITM confirmed they had purchased a site, in collaboration with the University of Sheffield, for the company’s second UK gigafactory – after the 1GWpa capacity at their current facility

The company plans to build a 260,000sqft on the site with a capacity of 1.5GWpa with the intention of being operational by the end of 2023.

The new factory will provide the template for the Group’s first international facility, which is expected to have a capacity of 2.5GWpa, expected to bring total Group electrolyser capacity to 5 GW per annum by the end of 2024.

The overall cost of the new Sheffield factory is expected to be in the region of GBP50-55m – in addition to the land cost of GBP13.4m, ITM will spend up to GBP16m for the construction of the shell, and a further GBP20-25m for the fit-out and power supply.

First Siemens Gamesa 14MW completed

The SG 14-222 DD prototype takes the mantle from the GE Haliade-X 14MW as the world’s largest wind turbine.

The model is expected to be commercially available in 2024, according to Siemens Gamesa.

Siemens Gamesa are already looking to enhance this model – the recently announced, SG 14-236 DD offshore wind turbine, has a 236-metre diameter rotor, a 43,500m2 swept area, and a capacity of up to 15MW. The SG 14-236 DD prototype is scheduled to be installed in 2022 and the model will also be commercially available in 2024.

Northvolt produces 1st 100% recycled battery cell

Battery maker northvolt has produced a cell with 100% recycled nickel, manganese, and cobalt.

The company’s Revolt unit is looking to commercialise battery recycling.

The technology uses low-energy hydrometallurgical treatment to recover the NMC inputs from battery waste.

Northvolt states ‘the recycling process can recover up to 95% of the metals… to a level of purity on par with fresh virgin material.’

Northvolt hopes to scale up to produce cells with 50% recycled material by 2030.

The company also hopes to build an additional 50GWh/yr Gigafactory – production estimated in 2026.

Company News

Ariana Resources (Ariana Resources PLC (AIM:AAU)) 4.8p, Mkt Cap GBP51m – Turkish drilling programmes

Ariana reports the start of a 2,300m Phase 1 drilling programme at the Salinbas project in Turkey aimed at increasing the confidence in and potentially expanding the mineral resources footprint at its 23.5% owned Salinbas project in north-eastern Turkey.

The company also plans an imminent start to a 2,000m programme of additional infill and resource drilling at the Tavsan project “prior to commencement of mining”.

At Salinbas, where previous drilling “helped to define the current JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold” the 16 holes Phase 1 programme is aimed at both improving confidence in the existing estimates and potentially expanding it through drilling on the margins of the current resource model.

“Later phases of the programme … [currently planned to increase the programme to 4,000m] … will focus on exploration targets, some of which require forestry permits, for which applications have been made. Additional holes will be added to this drilling programme as twin holes to provide material for metallurgical test work”.

The programme of 85 holes at Tavsan is expected to start by the end of the month in order to investigate resource expansion potential through “infill and resource step-out drilling, with some additional exploration holes”.

Based on drilling of 5,879m in 171 holes, Tavsan is currently estimated to host a “Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver”.

Managing Director, Dr. Kerim Sener, explained the background to the programmes saying that they had been delayed as a result of Covid19 related restrictions and that “Up until one month ago, we had expected an RC programme to commence, but even this had to be cancelled and we have now opted to undertake diamond drilling across both projects.”

He acknowledged that “A mid-winter programme presents some challenges, but as we will now be proceeding with diamond drilling this also provides some advantages” which we imagine will include the opportunity to recover metallurgical samples from Salinbas.

Condor Gold* (Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF)) 35.5p, Mkt Cap GBP52m – Quarterly Report highlights infill and exploratory drilling at La India

Click here for Initiation note pdf

In its quarterly report for the three months to 30th September, published today, which reports a year-to-date loss of GBP1.6m, Condor Gold highlights the progress of its infill and exploration drilling at the La India development project in Nicaragua.

Infill drilling totalling 3,370m on a 25m square grid pattern within the permitted starter pits is providing increased confidence in the early stage production feed to the 1.2mtpa La India plant with grades from the recent drilling including:

An intersection of 22.05m (21.6m true width) at an average grade of 6.48g/t gold from a depth of 24.75m in hole LIDC413; and

An intersection of 60.6m (54.5m true width) at an average grade of 1.98g/t gold from a depth of 4.15m in hole LIDC452; and

An intersection of 16.00m (15.7m true width) at an average grade of 5.30g/t gold from a depth of 18.35m in hole LIDC416.

Since the end of September drilling has continued with further infill drilling at the Mestiza pit

Exploratory drilling on the Cacao deposit, which is located within 4km of the La India plant site a in a downthrown block of ground to the east of the Highway Fault, has identified what is interpreted as a largely intact epithermal gold system extending over at least 1,000m of strike length open laterally in both directions with intersections including:

An intersection of 25.93m (14.9m true width) at an average grade of 3.94g/t gold from a depth of 263.82m in hole CCDC033

The company also highlights the recent Preliminary Economic Assessment (PEA) for La India which was published during September, and which describes a combined surface and underground mining operation producing around 150,000ozpa of gold during an initial 9 years of production life and generating an after tax NPV5% of US$418m and IRR of 54% from an initial capital investment of US$160m and assuming a US$1700/oz gold price.

Chairman and Chief Executive, Mark Child, explained that during the quarter, Conder Gold had continued to de-risk the La India project through its infill drilling work and the PEA which “reveals the exceptional potential of the Project under two scenarios, one open pit mining scenario incorporating four open pits and another scenario that layers in the underground resources beneath the open pits”.

Mr. Child also commented on the post-quarter end successful raising of GBP4.1m which provides “the necessary capital to continue advancing the Project towards production”.

The 30th September balance sheet reports a cash balance of GBP0.55m pre the fund-raising.

Conclusion: Condor Gold is continuing to address and contain the potential start up risks for La India with infill drilling to ensure that initial ore-feed to the mill is well understood. Further drilling of the Cacao deposit has, as previously announced, identified an apparently intact epithermal gold system which remains open laterally and provides further longer term mineral resources upside while the recently completed GBP4.1m financing ensures that Condor Gold can maintain progress towards production at La India and complete the La India Feasibility Study, expected in Q1 2022

*SP Angel act as a broker to Condor Gold

Fortuna Silver Mines (NYSE:FSM) US$3.9, Mkt Cap US$1.1bn – Mexican environmental agency denies extensions to San Jose permits

The Company reported that the Mexican Ministry of Environment SEMARNAT on November 10 denied its request for a 10-year extension of the environment permit of the San Jose mine in Mexico.

Shares lost >20% following the announcement on Friday costing the Company $250m in valuation.

The federal agency cited two reasons for the decision including that it did not receive requested information from the Company as well as citing open evaluation for the regularization of onsite ancillary facilities that were not declared in the original 2009 Environmental Impact Statement.

The written notification of the decision comes after the original 2009 12 year license expired and the Company’s application for a 10 year extension made in May 2021 expired on October 23 2021.

The Company argued that it has already provided proof that the Company has been submitting all requested information and complying with the terms of the permit.

The Company is reviewing the reasons for the denial with its advisors, but believes that it is fundamentally in compliance with all material aspects of the San Jose EIA and is entitled to an extension.

The Company iscurrently operating the mine under the protection of the Mexican courts that allow for the continued operation of San Jose mine beyond the expiry date of the EIA.

The team is planning to appeal the decision of SEMARNAT and have scheduled meetings with high ranking SEMARNAT officials trying to resolve the issue.

San Jose is a wholly owned underground silver/gold operation in Oaxaca, Mexcio, that accounted for ~27% of revenues of the group in Q3/21.

The mine was commissioned in July 2011 and produced 6.2moz silver and 38koz gold in 2020.

San Jose hosts 23.0moz silver and 155koz gold in mineral reserves (~0.5moz GE).

Fortuna acquired Roxgold for $850m in April this year adding producing Yaramoko gold mine in Burkina Faso and development Seguela gold project in Cote d’Ivore to its portfolio.

Mkango Resources* (Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)) 37.5p, Mkt Cap GBP57m – HyProMag expansion into Germany

(Mkango’s wholly owned subsidiary, Maginito Limited, holds a 42% equity interest in HyProMag, with an option to increase its interest up to 49%.)

Mkango reports that HyProMag has established an 80% owned German subsidiary, HyProMag GmbH, with 20% held by professor Carlo Burkhardt of Pforzheim University in Germany, who has also been appointed to the board of Directors of HyProMag GmbH.

HyProMag has the patent license for Hydrogen Processing of Magnet Scrap (HPMS), developed in the Magnetic Materials Group (MMG) at the University of Birmingham.

HPMS is a hydrogen-based process which is used to extract NdFeB magnets from electrical products such as hard disk drives.

Germany is a major producer and market for rare earth magnets in Europe, and the establishment of HyProMag GmbH provides a strong platform to grow the business in the region.

Germany has no domestic source of primary rare earths, and HPMS provides the opportunity to diversify and strengthen development of a more resilient rare earths supply chain in Europe.

In June 2021, Mkango announced the formation of a Polish subsidiary, Mkango Polska, to work with the EU’s second largest manufacturer of nitrogen and compound fertilizers, and a major chemicals producer, Grupa Azoty, on the development of a rare-earths separation plant in Poland.

Feasibility studies for the new plant, which is targeting production of “2,000 tonnes per year of separated neodymium (Nd) / praseodymium (Pr) oxides, and 50 tonnes per year dysprosium (Dy) and terbium (Tb) oxides in a heavy rare earth enriched carbonate” are underway in conjunction with the continuing studies for the development of Mkango’s Songwe Hill rare earths project in Malawi.

The adjacent Azoty plant, which has available land for possible future expansion, is able to provide acid reagents required for the rare earth purification process and is also able to utilise the waste products from the process minimising both the cost of the process and its output of non-productive waste materials.

David Kennedy, Director of HyProMag stated: “HyProMag, as the exclusive licensee, is pleased to establish a new company in the EU for the purpose of rolling out the short loop recycling of Rare Earth Permanent Magnet materials, which are expected to have a low environmental impact.”

*SP Angel act as Nomad and Broker to Mkango Resources

Power Metal Resources* (Power Metal Resources PLC (AIM:POW)) 1.75p, Mkt Cap GBP23.5m – GBP1.05m raised

Power Metal reports that it has raised GBP1.05 million at the closing market mid-price of 1.75p on the 12th November 2021.

Each Placing Share will have an attaching warrant to subscribe for a further new ordinary share at an exercise price of 3.5p each with a two year term from the admission of the Placing Shares.

The company comments that funds raised to enable acceleration of business operations including strategic exploration activities and corporate opportunities.

Power Metal’s working capital and listed investments have increased to c.GBP3m following the fundraise.

*SP Angel acts as Nomad and Broker to Power Metal Resources

Rambler Metals and Mining* (Rambler Metals and Mining PLC (AIM:RMM, TSX-V:RAB)) 38.38p, Mkt Cap GBP46m – Increasing monthly concentrate production demonstrates the progress of the Ming mine turnaround

(Rambler owns 100% of the Ming Copper-Gold Mine)

Rambler Metals and Mining has published monthly production figures for Ming mine covering the four months between June and October which show increased mine development, throughput, grade, concentrate production and saleable metal output.

Identifying the recent completion of Rambler’s debt financing as an important milestone President and CEO, Toby Bradbury, explained that even with the financial and Covid19 related constraints, the monthly performance figures show that “even before closing the financing, we have been steadily improving our operations … [and that the mine’s operational challenges] … are being progressively overcome with the benefit of the NewGen financing”.

Milled tonnages have improved by 76%, from 14,161t during June to 24,974t in October in line with a similar percentage rise in development metreage from 233m in June to 411m in October.

In addition to the increased tonnages, a 43% improvement in copper head grades from 1.55% to 2.22% and a 55% rise in recovery rates, to 97.5%, lifted monthly copper concentrate output by 150% from 775t in June to 1,938t in October with concentrate grades also rising by 6% to 27.9%.

The overall impact of the improvements has been a 164% rise in saleable copper metal output from 197t in June to 521t in October.

In our view, the recent improvements are underpinned by the rise in underground mine development which increased from 233m in June rising steadily to 411m in October and led to the intersection of “first ore… in both the Upper Footwall Zone (“UFZ”) and Lower Footwall (“LFZ”) zones” and helped deliver the grade improvements “largely due to high grade development ore mined in the UFZ, where development rounds have ranged from 2% to greater than 12% copper”.

The company also comments that “Typically, gold grades in the UFZ are also elevated compared to the LFZ. First stoping from both the LFZ and UFZ is expected to begin in December 2021”.

Commenting on the improvements Toby Bradbury explained that “The mine produced these improved results whilst remaining in development mode to deliver multiple stopes by the end of 2021 which underpins our goal of sustainably achieving 1350 tonnes per day mill feed at an average head grade of 2% copper”.

Rambler Metals makes clear that in future it “intends to revert to reporting operational results to the market on a quarterly basis” but the monthly data reported today helps to establish that key operational parameters including development, mill grade and throughput and crucially, concentrate production are now becoming established on an improving trajectory.

Conclusion: Rambler Metals has published monthly operational data showing that, even before the full benefits of the recently concluded debt financing are harnessed, key operating parameters at the Ming mine including increased mine development, mill throughput and grade, concentrate production and saleable metal output are improving month-on-month with overall monthly copper production more than doubling over 4 months.

*SP Angel act as Nomad and broker to Rambler Metals & Mining

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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