SP Angel – Morning View – Monday 25 02 19 More Gigafactories needed to plug 2025 battery supply gap

 

SP Angel – Morning View – Monday 25 02 19

More Gigafactories needed to plug 2025 battery supply gap

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Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Dividend guided for a min 6USc in FY18 and FY19 + Maiden Gadir Resources/Reserves

Centamin (CEY LN) – 2018 results and proposed final dividend

Crusader (CAS LN) – Suspended on AIM – Directors stand down as part of financial restructuring. Beaumont Cornish resign as Nomad to Crusader.

Crusader (CAS AU) – ASX listing also suspended

MOD Resources (MOD LN) –80% uptake on entitlement offer

Phoenix Global Mining* (PGM LN) – Final drilling results from the 2018 campaign at Empire

 

New entrants needed to plug 2025 battery supply gap

• EV cost parity with conventional vehicle could be as early as 2022, driving huge requirement for battery manufacturing scale and raw materials.
• However, technological barriers, safety considerations and industry consolidation are putting the top 5 battery makers in an “increasingly formidable position” to feed growing demand from electric vehicles and power storage, according to Sanford C. Bernstein analysts.
• Broad industry consolidation across Chinese manufacturers is expected to create a supply gap as global battery demand is expected to surge 30x through to 2030, according to BloombergNEF. Contemporary Amperex Technology and BYD Co. together account for 56% of the Chinese market vs. 47% a year ago.
• Capacity is expected to rely on projects including German government plans for €1bn battery consortium which includes partners; France’s Saft, Thailand’s Energy Absolute, Turkey’s Zorlu-GSR and the UK’s Faraday battery challenge.
• There is a particular focus on Europe, as capacity lags behind other major markets with only 4% global capacity in 2017. Sweden’s Northvolt AB is a notable new entrant in the ex-China market, with involvement of ex-Tesla staff and BMW as the company began construction towards its 32 GWh/year site.

 

China’s EV battery sector facing consolidation ahead of surge demand

• Near-term consolidation and reorganisation is expected across the electric vehicle battery supply chain as the industry adapts to shifting policy on EV subsidies in China while navigating material overcapacity, including battery separators and lithium chemicals according to Wisdom Intelligence and Technology (Nanjing) Co.
• “It will happen almost in the whole industry chain,” said Hao. Some smaller companies “are just going out of business” because they are struggling with cashflow and also lack sufficient scale to produce the highest quality materials or components.
• Hao continued to highlight vehicle producers are likely to consider more vertical integration with raw material companies, helping to secure supply chains before demand dramatically advances from next year. This is a strong signal for companies including Talga Resources who are developing the world’s highest grade graphite project in Sweden to feed the growing global market with active anode products.
• China’s EV subsidy regime now favours suppliers of higher energy density batteries, sparking a bout of consolidation as the number of lithium-ion battery producers in China fell to 90 in 2018 from 135 a year earlier.
• However, the outlook remains very robust as Hao adds investors would be wrong to withhold backing for new lithium projects, based on the market’s current status. “People say they are not going to invest in anybody because there’s plenty of supply,” she said. “These projects are for 2025, they are not for 2019, and they need to realize that to get a mine up and running does take time.”

 

18-20 killed in acid spill as truck hits minibus in DRC

• An Acid truck on its way to a copper cobalt mine in the DRC is reported to have killed 18-20 in an accident where acid is said to have been spilled onto minibus passengers.
• The accident seems unusual as we struggle to understand how a tanker would rupture or spill in this way which such fatal effect?
• We can imagine a tanker killing the occupants of an overcrowded African minibus through impact though vehicles cannot generally travel fast enough on most DRC roads for much of an impact.
• Given the politics of the DRC and tensions between government and miners we wonder if all is as it may seem?

 

China bans millions from travelling due to poor ‘social credit’ scores

• Some 5.5m were barred from buying train tickets. 17.5m air tickets were refused and 128 were blocked from leaving China while some 290,000 were blocked from taking senior management jobs.
• Social credit scores are impacted by failure to pay state fines, poor public behaviour, walking a dog without a leash and quite possibly loyalty to the local Communist Party.
• We can imagine Jeremy Corbyn’s new socialist state adopting similar tactics: such as no travel for Tories or certain ethnic groups while ISIS WAGS are given free entry, free housing, free childcare and free money to bring up their children in the fundamentalist tradition that they have been born into.
• The chances of a Corbyn government appear to be reducing despite James Dyson abandoning the UK and Sir Jim Ratcliffe looking to do the same.
• Would the last successful entrepreneur leaving the country please turn the lights out.

 

Dyson to sue the European Union for £150m in damages

• James Dyson has accused the European Union of favouring German engineering rivals in its regulation of the vacuum cleaner market (The Times).
• Dyson is claiming recover legal costs, research and re-engineering expenditure, reputational damage, discrimination and loss of sales.
• Dyson won a five-year battle in the European General court which is part of the European Court of Justice relating to flawed tests for vacuum cleaners which favoured cleaners with bags.

 

Heterosexual white male win discrimination case against Cheshire Police

• In a UK and possibly a world first, a straight white male has won a case of discrimination against the Cheshire Police force.
• The force was found to have discriminated against the straight white male on the grounds of sexual orientation, race and sex.
• The man had been denied his dream job simply because he was a white, heterosexual male.
• It will be interesting to see what compensation will be awarded.

 

Dow Jones Industrials		+0.70%	at	26,032
Nikkei 225		+0.48%	at	21,528
HK Hang Seng		+0.46%	at	28,949
Shanghai Composite		+5.60%	at	2,961
FTSE 350 Mining		+0.52%	at	19,762
AIM Basic Resources		+0.31%	at	2,200

 

Economics

US – President Trump announced delay to the March 1 tariffs deadline lifts hopes for a potential trade deal.

• “The US has made substantial progress in our trade talks with China on important structural issues including intellectual property protection, technology transfer, agriculture, services, currency, and many other issues,” Trump posted on Twitter on Sunday.
• On a different note, a closely watched event this week is Fed Chairman Powell semi-annual testimony on monetary policy and the state of the economy over two days (26.02-27.02) to House and Senate committees.
• First Q4 GDP data is due this Thursday (delayed by the government shutdown) is broadly expected to disappoint on the back of weaker retail sales, industrial production, housing, factory orders and business inventories.
• Estimates are for a 2.4% reading, down from 3.4% recorded in Q3/18.
• Trump is expected to see North Korean leader at a second one-on-one meeting at some point during the Feb 27-28 summit in an effort to improve relations and denuclearise the Korean peninsula.

 

China – The Shanghai stock index rallied 5.6% marking the strongest increase since 2015 after Trump said he will delay the Brexit deadline.

• Emerging markets stocks and currencies followed suite on the back of a general risk on sentiment.

 

UK – The pound is little changed against US$ and € this morning as UK Premier May pushed back the deadline for Parliament to vote on her Brexit deal.

• On Sunday, May said the vote will not take place this week and instead would be carried on March 12, a move some lawmakers underlined that the prime minister had all but lost control of Brexit.
• Service sector optimism deteriorated at fastest pace through three months to February since financial crash in 2009, the latest CBI data showed.
• “Dimmed expectations for the year ahead mean it’s more important than ever for the UK to avoid a no-deal scenario, which would create a perfect storm of issues,” CBI commented on the data.
• “Until politicians can agree a deal that commands a majority in Parliament and is acceptable to the UK and protects our economy, sentiment will continue to deteriorate… it is essential politicians act to remove the cliff edge from a sector that provides so much of Britain’s prosperity.”

 

Italy – Fitch Ratings confirmed Italy’s sovereign bond rating at BBB with a negative outlook reflecting an extremely high level of government debt and the absence of structural fiscal adjustment.

• In a sign of relief, bonds rallied on the news with the 10y yields falling to the lowest level in almost a week.
• Moody’s and S&P updates are scheduled for March 15 and April 26 with current ratings at Baa3 (stable outlook) and BBB (negative outlook), respectively.

 

Currencies

US$1.1347/eur vs 1.1345/eur last week  Yen 110.65/$ vs 110.75/$  SAr 13.909/$ vs 13.983/$  $1.308/gbp vs $1.304/gbp  0.716/aud vs 0.711/aud  CNY 6.698/$ vs 6.723/$

 

Commodity News

Precious metals:         

Gold US$1,329/oz vs US$1,327/oz last week

   Gold ETFs 72.6moz vs US$72.5moz last week

Platinum US$850/oz vs US$831/oz last week

Palladium US$1,525/oz vs US$1,483/oz last week

Silver US$15.97/oz vs US$15.91/oz last week

           

Base metals:   

Copper US$ 6,521/t vs US$6,400/t last week

• Copper trades at seven month high as US President Donald Trump says he’ll extend the deadline to raise tariffs on Chinese good beyond the March 1., easing concerns for trade tensions.
• Trump pushed back the deadline for higher U.S. tariffs on $200bn of Chinese goods citing “substantial progress” in the latest round of trade talks that wrapped up Sunday in Washington. If the sides make further headway in negotiations, Trump said he and his Chinese counterpart planned to meet at the president’s Mar-a-Lago golf club in Florida “to conclude an agreement”.
• The news soothed investor concerns that the trade spat would derail global growth, with Asian stocks and the yuan advancing. Copper, often tracked by investors as a barometer for the global economy, climbed as much as +0.7% on the London Metal Exchange.
• “We’ve seen loosening signs on the trade spat”, report Jinrui Futures Co. analysts, with rising investor sentiment drawing the metal to the best week since September to climb +4.7%.
• The metal has rallied as global supply tightens amid disruptions in India, Peru and Africa. Inventories available for delivery in warehouses tracked by the LME continued to fall the most in more than four decades to the lowest since 2005. Global stockpiles would satisfy demand for just 13 days, near a record low, Glencore Plc boss Ivan Glasenberg said last week.
• The outlook remains positive for copper, with signals Chinese demand is rebounding, which will have greater implications if China and the US reach a trade deal soon.
• Some argue the “downturn is not going away”, regardless of how positively current risks – including the US-China trade war and the UK’s impending exit from the European Union – are resolved. Daiwa Capital Markets highlights “the shape of the cycle is one where we see moderation in growth in the United States this year…we see risks of a recession in the US growing possibly as early as the middle of 2020”.

Aluminium US$ 1,923/t vs US$1,914/t last week

Nickel US$ 13,100/t vs US$13,010/t last week

Zinc US$ 2,730/t vs US$2,686/t last week

Lead US$ 2,073/t vs US$2,071/t last week

Tin US$ 21,700/t vs US$21,275/t last week

• LME tin surged +0.9% to the highest level since April 20 following a deadly mining accident at major producer Yinman Mining. The company was ordered to halt production from Feb. 24 after a vehicle transporting workers down a mine lost control on Saturday, killing 21 people, parent Inner Mongolia Xingye Mining Co. said in an exchange filing.
• Yinman Mining produced 6,000t of tin ore in contained metal in 2018, accounting for 6.9% of China’s total and 1.9% of global total, according to SMM Information & Technology Co.

           

Energy:           

Oil US$67.0/bbl vs US$67.1/bbl last week

Natural Gas US$2.775/mmbtu vs US$2.687/mmbtu last week

Uranium US$28.60/lb vs US$28.70/lb last week

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$84.5/t vs US$83.1/t

Chinese steel rebar 25mm US$607.4/t vs US$603.2/t

Thermal coal (1st year forward cif ARA) US$77.6/t vs US$79.0/t

Coking coal futures Dalian Exchange US$197.2/t vs US$196.5/t

           

Other:  

Cobalt LME 3m US$31,000/t vs US$31,000/t

China NdPr Rare Earth Oxide US$46,285/t vs US$46,110/t

China Lithium carbonate 99% US$10,228/t vs US$10,189/t

China Ferro Vanadium 80% FOB US$71.4/kg vs US$71.3/kg

China Antimony Trioxide 99.5% EU US$6.9/kg vs US$6.9/kg

Tungsten APT European US$260-270/mtu unchanged from previous week

 

Battery News

BMW and Daimler invest $1bn into on-demand electric autonomous mobility

• Two of Germany’s biggest automakers are partnering for a $1bn project to create all-electric on-demand autonomous mobility.
• Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, commented “We are pooling the strength and expertise of 14 successful brands and investing more than €1 billion to establish a new player in the fast-growing market for urban mobility…Further cooperation’s with other providers, including stakes in startups and established players, are also a possible option.”
• Harald Krüger, Management Board Chairman of BMW AG, added “The 60m customers we already have today will benefit from a seamlessly integrated, sustainable ecosystem of car-sharing, ride-hailing, parking, charging and multimodal transport services.”
• The joint-venture will focus on 5 key projects focusing on car-sharing, digital parking services, rental mobility and charging network: Reach Now, Charge Now, Park Now, Free Now and Share Now.

 

Company News

Anglo Asian Mining* (AAZ LN)FOLLOW 83p, Mkt Cap £95m – Dividend guided for a min 6USc in FY18 and FY19 + Maiden Gadir Resources/Reserves

BUY – Target Price 96p

• The Company will pay a minimum final dividend of 3USc for FY18 (on top of 3USc paid in respect of H1/FY18) and 6USc for FY19.
• Additionally, the Company announced maiden Gadir mineral resource and reserves.
• Mineral resources are estimated at 1.8mt at 2.5g/t for 145koz and 0.6mt at 1.5g/t for 27koz in the Measured/Indicated and Inferred categories, respectively (0.5g/t cut off grade).
• Mineral reserves are estimated at 0.8mt at 2.7g/t for 70koz (1.2g/t cut off grade).
• Additionally, Gadir is calculated to host 304koz of silver and 1.4kt of copper in reserves and 841koz of silver and 3.9kt in copper in total mineral resources.
• A detailed mineral resources/reserves statement in accordance with the JORC (2012) Code will be published by the end of Q1/19.
• On a separate note, the Company will be releasing audited annual results on 16 May 2019 with the final dividend for FY18 to be paid in July.

Conclusion: The Company significantly increased exploration capex during the year (FY18: $4.5m) launching an extensive exploration programme over portfolio licenses as well updating mineral resources at Gedabek earlier last year and releasing maiden mineral resources/reserves estimate on Gadir this morning. The maiden estimate of 70koz at 2.7g/t in mineral reserves is equivalent to roughly 6y LoM at the 35ktpq quarterly mining rate, but is not expected to have completely delineated the mineralisation that may subject to drilling be further proven up both laterally and down dip. We assumed higher mined grades during the next two years in our model reflecting historical recovered grades before bringing them down to mineral reserves levels from 2021 onwards.

The Company has committed to paying a minimum of 6 USc for FY18 (including 3USc paid in respect of H1/FY18) and FY19 which in turn reflects management confidence in Company cash generation capabilities and translates into an attractive 5.5% dividend yield on current 83p share price.

(Dec year end)		2014	2015	2016	2017	2018E	2019E	2020E
Gold price	US$/oz	1,267	1,161	1,253	1,261	1,271	1,313	1,350
Copper price	$/t	6,828	5,505	4,872	6,196	6,554	6,313	7,000
Gold production	koz	60.3	72.0	65.4	59.6	72.8	67.6	65.7
Copper production	kt	0.8	1.0	1.9	2.0	1.6	3.3	3.6
GE production	koz	65.0	77.0	75.2	71.6	83.8	86.3	86.9
AISC (incl PSA, reported)	US$/oz	1,050	858	616	604	612	603	594
Revenue	US$m	68.0	78.1	79.2	71.8	90.8	95.8	99.1
EBITDA	US$m	10.1	18.7	33.7	32.0	39.8	35.8	38.2
FCF	US$m	-6.9	3.4	14.6	16.3	27.6	19.8	22.0
EV/EBITDA	x	7.7	3.1	1.7	1.7	1.9	3.3	3.1
PER	x	-	-	5.5	13.9	8.9	16.0	12.0
DY	%	-	-	-	-	8.7%	5.5%	5.5%
Net Debt	US$m	52.4	49.0	34.6	18.1	-6.1	-19.1	-34.2

*SP Angel act as Nomad and broker to Anglo Asian Mining

 

Centamin (CEY LN) FOLLOW110.95p, Mkt Cap £1,305m – 2018 results and proposed final dividend

• Largely as a result of the previously announced 13% decline in gold production to 472,418oz and consequent 13% rise in unit cash costs to $624/oz, Centamin has reported a 26% decline in pre-tax profit during 2018 to $152.7m(2017 – US$207.4m).
• Free cash flow declined to US$63.4m during the year (2017 – US$145.5m), however, the company remains debt free and unhedged allowing it to benefit in full from the recent strength of the gold price.
• The company is proposing a final dividend for 2018 of 3.5US¢ per share bringing the total for the year to 5.5US¢/share or a total of US$63.5m which the company points out “is equivalent to returning approximately 100% of free cash flow generated to shareholders.”
• Centamin has also taken the opportunity to issue guidance for its operational performance in 2019. The company expects to produce between 490-520,000oz of gold with cash costs in the range US$675-725/oz and all-in-sustaining costs between US$890-950/oz. Capital costs are expected to be US$118m, excluding any budget for the solar farm and tailings storage facility which remain subject to Board approval.
• The company cautions that “The Sukari mine plan production is weighted towards the second half of the year, with approximately 55% of ounces produced across Q3 and Q4 2019. The main factor being the open pit, as Stage 4 grade improves with depth, balanced with increased stripping following the challenges with the transitional zone last year and stripping of Stage 5. Q1 is scheduled to be the weakest quarter, budgeting for 105-115koz.”
• Group mineral resources are reported at a total of 462m tonnes of measured and indicated resources at an average grade of 1.07g/t gold for a total of 15.7moz, with an additional 94mt of inferred resources at an average grade of 1.14g/t adding an additional 3.4moz of gold resources.
• Total resources at the measured and indicated level are dominated by the 11moz of gold at the Sukari mine with the recently announced Doropo project in Cote d’Ivoire contributing a further 2.1moz while the ABC (also in Cote d’Ivoire) and Batie West (Burkina Faso) projects contribute a further 0.65moz and 1.9moz respectively.
• Despite the reduced earnings, Centamin increased its exploration expenditure in 2018 by around US$3.7m to 34.6m, including US$15.8m in Cote d’Ivoire, and US$5.2m in Burkina Faso plus an additional US$6.0m of brownfield exploration within the Sukari tenement and US$7.6m on the Cleopatra which. “consists of a set of three stacked WNW dipping mineralised zones, located at the north of the Sukari porphyry, named from surface as Cleopatra, Antoni and Julius.  Exploration and development is systematically to focussed on the Upper Cleopatra zone collating increasing detailed geological information, progressing decline development and establishing drill platforms.”

Conclusion: Centamin remains financially robust and is indicating that it expects gold output to increase by between 4% and 10% during 2019 with a relatively weak first quarter and the production increases skewed towards the second half of the year. Mineral resources, including inferred, total 19.1moz, of which around 62% are located at the flagship Sukari mine in Egypt with the balance in west Africa.

 

Crusader (CAS LN) FOLLOW– Suspended on AIM – Directors stand down as part of financial restructuring. Beaumont Cornish resign as Nomad to Crusader.

Crusader (CAS AU) – ASX listing also suspended

• Crusader made two announcements on Friday.
• http://www.crusaderresources.com/
• First the company reported the resignation of Cenkos as it’s Nomad. We have to wonder why it took so long?
• Second, MD, Marcus Engelbrecht and Chairman Andrew Vickerman have agree to step down from the board from 28 February.
• http://www.crusaderresources.com/wp-content/uploads/2019/02/220219-Execution-of-Underwriting-Agreement-FINAL.pdf
• Stephen Copulos who has rescued the group, albeit at a significant discount will be non-executive chairman and Andrew Richards is to be appointed as a director.
• It will be interesting to see the severance packages for Engelbrecht and Vickerman though Copulos only has himself to blame as he brought Engelbrecht into the company after Englebrecht had lent money out of Stratex to Crusader on bizarre terms. Fortunately these funds appear to have been repaid to Stratex.
• Refinancing; Crusader is offering eligible shareholders the chance to buy shares at A$0.01/s including a free-option at A$0.02/s to cap a certain amount of upside.
• Copulos Group is underwriting the offer for A$2.5m.
• Requisitioned Shareholder Meeting; while all the above is going on a meeting is to be held to approval for the appointment of Mr Brett Clark, Mr David Sanders and Mr Carl Luttig (together, Nominee Directors) as Directors of the Company and the removal of Mr Marcus Engelbrecht and Mr Andrew Vickerman as Directors of the Company.
• “The Company notes that the conditions to the Underwriting Agreement will not be satisfied if the Nominee Directors are appointed.” This statement feels like a form of blackmail for shareholders who want to see more significant management change.

Conclusion: The Crusader situation represents the very worst of corporate manipulation by Perth-based financiers in our view.

 

MOD Resources (MOD LN) FOLLOW18.0p, Mkt Cap £54.8m –80% uptake on entitlement offer

• MOD Resources reports that approximately 17.2m of the shares offered in the non-renounceable pro-rata entitlement offer at A$0.24/share, which it announced in January have been taken up by shareholders leaving the balance of approximately 4.1m share or A$987,404 with the underwriters, Ashanti Capital Pty and its sub-underwriter.
• “In accordance with the Underwriting Agreement disclosed in the Entitlement Offer document, the Underwriter and Australian Super entered into a sub-underwriting agreement pursuant to which Australian Super has agreed to subscribe for 100% of the Shortfall Shares.”
• Welcoming the support given by shareholders, Executive Chairman, Mark Clements, confirmed that the Feasibility Study for the company’s T3 copper project in Botswana “remains on track for release at the end of this quarter. The T3 Copper Project has demonstrated strong economics and the team is working diligently towards a common goal of progressing this project towards production in time to take advantage of an expected strengthening in copper demand and stronger spot prices to coincide with the forecast copper supply deficit in 2020.”

 

Phoenix Global Mining* (PGM LN)FOLLOW 19p, Mkt Cap £7.3m – Final drilling results from the 2018 campaign at Empire

• Phoenix Global Mining has reported the results of the final seven holes of its 2018 drilling campaign at the historic Empire mine site in Idaho where the company has now completed a total of 6,328m of reverse circulation and 2,276m of diamond-core drilling.
• The results, which include both infill and step-out drilling located in the north-western portion of the property, will contribute to the update of the November 2017 mineral resource estimate which is currently underway. For reference, the current estimate amounts to approximately 11.5mt classed as measured and indicated at an average grade of 0.52% copper, 0.14% zinc, 10g/t silver and 0.2g/t gold plus an additional 9.9mt classed as inferred at an average grade of 0.41% copper, 0.13% zinc, 9g/t silver and 0.3g/t gold.
• Among the results highlighted today are:
  • A 6.1m wide intersection from 126.5m depth in hole KX18-62 which averaged 0.54% copper, 0.13% zinc, 2.63g/t silver and 0.06g/t gold and a deeper intersection, also of 6.1m from a depth of 126.5m which averaged 2.07% copper, 0.26% zinc, 23.03g/t silver and 1.79g/t gold and included, from 129.5m depth, a 1.5m long higher grade portion averaging 7.14% copper, 0.81% zinc, 76.70g/t silver and 5.94g/t gold; and
  • A 4.6m wide intersection from 41.4m depth in hole KX18-59 which averaged 0.66% copper, 0.30% zinc, 22.40g/t silver and 0.06g/t gold and included a higher grade portion of 1.5m averaging  1.09% copper, 0.38% zinc, 36.70g/t silver and 0.10g/t gold from 42m depth; and
  • A 1.5m wide intersection from 32m depth in hole KX18-62 which averaged 1.40% copper, 0.40% zinc, 39.60g/t silver and 0.04g/t gold and a deeper intersection, also of 1.5m, from a depth of 42.7m which averaged 0.82% copper, 0.19% zinc, 15.00g/t silver and 0.19g/t gold.
• Other holes reported today include holes KX61 and 63 which also intersected mineralisation over widths up to 4.6m while holes KX18-60 and 64 were lost in fractured ground and returned no samples for assay.
• Commenting on the results, Chief Executive, Dennis Thomas, particularly highlighted the results from hole KX18-62 which “aligns with a nearby historically drilled intercept of similar sulphides grade and adds credence to the larger, high-grade sulphides picture that is beginning to develop”, Mr. Thomas also pointed out that, “the KX18-62 sulphide intercept is open to the west and at depth”.

Conclusion: The 2018 drilling includes strongly mineralised intercepts located beyond the margins of the current pit shell suggesting that the forthcoming mineral resource update has scope for an expansion of the current resource tonnage. The intersection of high grade sulphide mineralisation in the drilling begins to show the potential of the deeper level primary mineralisation beneath the planned oxide pit. We look forward to the resource update when it becomes available to help clarify the emerging scale of the Empire opportunity.

*SP Angel acts as Nomad and broker to Phoenix Global Mining

 

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

Phil Smith (Technology) – 0203 470 0475

Zac Phillips (Oil & Gas) – 0203 470 0481

 

Sales

Richard Parlons – 0203 470 0472

Jonathan Williams – 0203 470 0471

 

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⁺SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

 

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