SP Angel . Morning View . Tuesday 18 07 20
SP Angel
SP Angel . Morning View
14:46, 18th August 2020

SP Angel . Morning View . Tuesday 18 07 20

Gold climbs above $2,000/oz with US$ index at a two year low 



MiFID II exempt information – see disclaimer below 

Altus Strategies* (ALS LN) – BUY – 100p - Royalty and project generator with 1Moz of gold in Africa


BHP (BHP LN) –– Iron ore makes up 64% of EBITDA in FY 2020 results

Eurasia Mining* (EUA LN) – Eurasia limits funding to US$10m

KAZ Minerals (KAZ LN) – Interims: production guidance reiterated, 4USc dividend declared

Pure Gold Mining (PUR LN) – Anglogold Ashanti increases its stake in the Company to 16% exercising $5m worth of warrants

Sunrise Resources (SRES LN) – Mine Reclamation and Air Quality Permit issued


Gold is trading back up >$2,000/oz with the US$ index at a two-year low and as investors weighed simmering US/China tensions with new restrictions placed on Huawei by the US Commerce Department.


Shanghai base metal prices rise on RMB700bn (US$101bn) worth of loans

  • Base metals on the Shanghai Futures Exchange were broadly higher on Tuesday morning, as the PBOC injected 700bn yuan of MLF loans into the market.
  • Shanghai base metals moved higher on overnight trading, with the exception of tin: copper +1.27%, aluminium +0.42%, zinc +2.13%, lead +0.37%, nickel +1.12%, tin -0.18% (SMM News).
  • The fresh fund injection well exceeds the two batches of MLF loans set to expire in August, and the loans are one of the PBOC’s main tools in managing longer-term liquidity in the banking system (Reuters).


Chinese iron ore imports rose 17% last week driving iron ore prices to US$117.3/t today

  • Iron ore arrivals at Chinese ports rose 2.16mt to 14.81mt compared to the week prior, and 410,000t from the same period last year.
  • Departures from Australian ports rose 1.4mt from the week prior to 16.32mt, whilst shipments departing Brazil increased by 370,000t to 7.59mt (SMM News).


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Dow Jones Industrials





Nikkei 225





HK Hang Seng





Shanghai Composite







 US dollar index falls to two-year low

  • The dollar fell for the fifth straight day in a row on Tuesday, as US Treasury yields tick lower and concerns over the recovery of the US economy intensify.
  • The dollar index fell 0.3% as the US 10-year Treasury note dropped 0.0-13% to 0.6704% in its third daily move lower (FT).


US – The US$ is pulling back for a fifth consecutive day with US Treasury yields coming down on concerns over the pace of economic recovery.

  • The Commerce Department announced further restrictions on Huawei limiting access to commercially available chips building on restrictions announced in May
  • The changes include new 38 Huawei affiliates in 21 countries added to the black list.
  • Huawei’s stockpiles of certain self-designed chips essential to telecom equipment will run out by early 2021, Bloomberg reports.
  • Senate Republicans are planning to present a scaled back stimulus bill that would include a $300 per week in extra unemployment benefits, funds for small businesses, additional US Postal Service funding and protection for employers against COVID-19 related lawsuits, Bloomberg reports.
  • The proposal represents a smaller than $1tn previously envisaged option.


UK – Brexit talks resume with seven weeks left to reach a deal.

  • Commercial leases dropped by 10 months between February and June to 27 months, according to property data group Re-Leased.
  • Concessions see property owners offer greater leeway for tenants that were hard hit by the outbreak of the pandemic.


Australia – The central bank expects economic recovery to be slower due to the “major impact” from Victoria state’s lockdown, according to August 4 meeting minutes.

  • The RBA kept both rates and its three year yield target unchanged at 0.25%.


South Korea – Authorities are considering tougher restriction measures amid accelerating growth in new cases.

  • The Korea Centres for Disease Control counted 235 new local infections on Tuesday, marking the 5thconsecutive day of new cases in triple digits, FT reports.


Panama Canal Shipping Rebounds From Pandemic Lows

  • Total transits through the canal rose to 933 in July, from 845 in June, which was the fewest since the canal opened an expanded set of locks four years ago to accommodate bigger ships (gCaptain).
  • Container shipping between the US and Asia is rising while cruise ships continue to cancel their slots.
  • More than 3% of the world’s maritime commerce passes through the Panama canal.



US$1.1901/eur vs 1.1855/eur yesterday.  Yen 105.49/$ vs 106.45/$.  SAr 17.436/$ vs 17.353/$.  $1.317/gbp vs $1.311/gbp.  0.723/aud vs 0.718/aud.  CNY 6.925/$ vs 6.939/$.

Commodity News

Precious metals:          

Gold US$2,009/oz vs US$1,954/oz yesterday – Peak Gold – The world is past peak gold production

  • Mark Bristow, CEO, Barrick Gold sees gold mining as definitely past its peak in terms of production with new metal added to miners reserves since 2000 replacing only half of the gold that they mined in that period.
  • Industry exploration fell to $4.44bn last year some 63% of the high seen in 2012 (Minex Consulting).
  • The average cost to find an ounce of gold was $62 between 2009 and 2018.
  • Average grades have fallen to around 1.46g/t in 2019 from >10g/t in the 1970s (Metals Focus).
  • In 1990, the cost of mining an average ounce of gold, calculated by looking at the total cash costs plus capital expenditure, was $253, according to Refinitiv. Last year it was $705..
  • A lack of significant new gold discoveries over the last decade looks like it will serve to limit new gold mine production even if the sector loses its new found discipline on costs and production of marginal ounces .
  • Average cash costs have risen in recent years to just over US$700/oz from around US$250/oz in the 1990s.
  • We must thank Gordon Brown for selling 395t of British gold in 17 auctions down to a price of US$175/oz from 1999-2002 raising just US$3.5bn for the UK. This much gold is worth US$25.7bn today. Well done Gordon, that cost every man woman and child in the UK US$320 each!

   Gold ETFs 108.4moz vs US$108.3moz yesterday

Platinum US$969/oz vs US$959/oz yesterday

Palladium US$2,210/oz vs US$2,171/oz yesterday

Silver US$28.24/oz vs US$26.85/oz yesterday


Base metals:   

Copper US$ 6,453/t vs US$6,420/t yesterday - LME copper inventories extends losses to lowest level since 2007

  • Copper stocks in LME approved warehouses continued to fall on Tuesday, down 2,475t or 2.3%  to 107,525 tonnes after falling by 3,200 yesterday.

Aluminium US$ 1,764/t vs US$1,761/t yesterday

Nickel US$ 14,680/t vs US$14,575/t yesterday

Zinc US$ 2,458/t vs US$2,428/t yesterday

Lead US$ 1,974/t vs US$1,963/t yesterday

Tin US$ 17,280/t vs US$17,700/t yesterday



Oil US$45.4/bbl vs US$45.1/bbl yesterday – 

  • Latest reports suggest that the OPEC+ compliance rate with the oil production cuts was 95% in July, which is a level similar to the previous month, if the additional one-month voluntary cuts from Saudi Arabia, the UAE, and Kuwait for June are excluded.
  • The volatile oil market and the highly uncertain trajectory of global demand recovery has forced the OPEC+ group to have the JTC and Joint Ministerial Monitoring Committee (JMMC) hold meetings every month until the end of 2020, instead of ahead of every full OPEC+ meeting only
  • The JTC and the JMMC are meeting this week, but they will not be discussing any revisions of the ongoing production cut pact and are not expected to make any major decisions to tweak the deal
  • At last month’s panel meetings in mid-July, the JMMC noted an improved an improved compliance with the cuts
  • The overall compliance rate for the OPEC+ group was a record-breaking 107% in June, but it was due to the additional voluntary contributions from Saudi Arabia, the United Arab Emirates, and Kuwait, which cut a total of 1MMbopd in June on top of their shares of the cuts
  • Without those three voluntary outperformers, the OPEC+ group’s compliance was 95% in June, which still was the highest since the cuts started in January 2017
  • In July, OPEC’s production rose by 980,000bopd month over month to average 23.17MMbopd
  • Of note in the group’s July production is OPEC’s secondary sources estimate that oil production in Iraq – the biggest laggard in compliance which has promised to cut much more to offset poor compliance – saw its production rise by 39,000bopd to average 3.752MMbopd

Natural Gas US$2.327/mmbtu vs US$2.379/mmbtu yesterday - Natural gas prices remain strong even as the weekly storage report showed little movement

  • Prices saw an 8.5% increase last week as the EIA’s weekly storage report a day earlier showed a small increase of 58Bcf in working gas in storage, whilst the market had anticipated a larger build
  • Also bullish for natural gas are forecasts for hot weather and reports of increased LNG exports
  • Front-month natural gas futures yesterday hit their highest since the end of last year on this data as air conditioning usage is expected to increase as people try to cope with the heat wave which will increase the demand for natural gas.
  • This will be particularly true in Texas, where demand for power in general—and consequently natural gas—is expected to hit a record high today as the heatwave sets in, according to Reuters

Uranium US$31.45/lb vs US$31.60/lb yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$117.3/t vs US$116.5/t - Chinese iron ore imports rose 17% last week

  • Iron ore arrivals at Chinese ports rose 2.16mt to 14.81mt compared to the week prior, and 410,000t from the same period last year.
  • Departures from Australian ports rose 1.4mt from the week prior to 16.32mt, whilst shipments departing Brazil increased by 370,000t to 7.59mt (SMM News).

Chinese steel rebar 25mm US$546.6/t vs US$544.6/t

Thermal coal (1st year forward cif ARA) US$55.7/t vs US$55.7/t - Russian June coal exports up 20% MoM

  • Russia’s total coal exports rose 20.4% to 19.91mt in June compared to a month prior, and rose 2.89% compared to the same period last year, according to the Federal Customs Service of Russia. 
  • Exports to China totalled 4.06mt last month, up 30.4% MoM and 20.5% YoY (China Coal). 

Coking coal futures Dalian Exchange US$118.0/t vs US$118.0/t



Cobalt LME 3m US$33,200/t vs US$33,200/t

NdPr Rare Earth Oxide (China) US$48,664/t vs US$48,062/t

Lithium carbonate 99% (China) US$5,011/t vs US$5,001/t

Ferro Vanadium 80% FOB (China) US$30.3/kg vs US$30.3/kg

Antimony Trioxide 99.5% EU (China) US$5.2/kg vs US$5.2/kg

Tungsten APT European US$205-210/mtu vs US$205-210/mtu 

Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$430/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,275/t vs US$2,275/t


Battery News

Could hydrogen provide a viable alternative to EVs?

  • Hyperion led by CEO Angelo Kafantaris is seeking to revitalize hydrogen power. Through Hyperion Motors, Aerospace and Energy Kafantaris hopes to change the narrative on hydrogen powered vehicles.
  • The Company’s first prototype car, the XP-1 can move from 0-60mph in 2.2 seconds and will have a range of 1000 miles, using a proton exchange membrane fuel cell power module.
  • The 1000km range is double the range of any electric vehicle currently available.
  • In a bid for energy security a group of UK politicians are pushing for hydrogen vehicles as the reliance on electric batteries, 70% of which come from China has become a cause for concern.
  • The UK has the opportunity to be a leader in the space with ITM Power, the world’s top producer of electrolysers, Porterbrook which has developed the first hydrogen powered train and Wrightbus which is manufacturing the first hydrogen double decker brush. (Marketplace)
  • Wales based Riversimple are working on their first model, the ‘Rasa’ which they believe will be able to compete with combustion engine vehicles on cost given their business model. They will lease their vehicles in an all-inclusive package whilst they retain ownership of the car.
  • The fees paid will cover use, repair and maintenance. The Company believes this will make the car affordable but also profitable as they expect maintenance fees to be minimal and the vehicles to have a long life.
  • Infrastructure remains a concern but there may be some movement here to. In Sydney, Australia Hyundai have partnered with local gas players to offer charging infrastructure for hydrogen powered vehicles. It’s a small start but could it be an early signal of the changing fortunes of hydrogen.


Tesla batteries installed at first solar and storage facility in Qatar

  • The Qatar General Electricity and Water Corporation (QGEWC) is making use of Tesla powerpacks in a pilot project testing storage of electrical energy using batteries.
  • The QGEWC is using Tesla powerpacks with a 1MW/4MWh capacity. The Corporation is using the batteries to help flatten peak demand.
  • Tesla powerpacks and megapacks are used in a number of large energy storage projects across the globe. A 100MW/129MWh powerpack is deployed in South Australia providing grid services.  
  • The powerpack have also been installed at a Windcharger project in Canada
  • The Tesla powerpacks have a scalable design enabling their use for anything from small commercial businesses to regional utilities.


Company News

Altus Strategies* (ALS LN) 75p, Mkt Cap £53m – Royalty and project generator with 1Moz of gold in Africa

BUY – 100p


  • In the current valuation update briefly touches on main points of the Altus Strategies investment case followed by a discussion on Diba, Tabakorole and Lakanfla gold projects that drive near term upside potential and account for the majority of the Company’s estimated net asset value.

Key points

  • A diversified portfolio of assets with 20 projects offering exposure to a suite of precious and base metals as well as bulk commodities with around 70% of assets leveraged to gold price that hit record high in Aug/20 and is up ~30% YTD.
  • Two active JVs (Graphex Mining and Resolute Mining), four signed royalty agreements (Desert Gold, Canyon Resources, Avesoro Resources and Resolute Mining), an option and a preliminary sale deals over gold and Ni-Co projects in Cote d’Ivoire as well as six JV ready projects all vindicate Altus project and royalty generation business model (see APPENDIX 1-3 for more information)
  • La Mancha £6.5m strategic investment, the group’s first direct capital commitment in the exploration space, is another endorsement of the Altus team track record and ability to deliver on its project and royalty generation strategy.
  • Interests of the management and shareholders are well aligned with Executive Directors holding ~11% in the Company (Steven Poulton, CEO – 8%; Matt Grainger – 3%) while Board members in total own 20% of outstanding shares.
  • Supportive shareholder base with La Mancha as a cornerstone that holds major interests in a number of West African gold producers like Endeavour Mining (24%) and Golden Star Resources (35%) significantly improves the Company’s capacity to source new deals as well as fund growth and development of the project pipeline.
  • Diba PEA and MRE update announced in July 20 helped to crystallise value in the asset as the team de-risks the project ahead of the monetisation phase with a number of other assets in the portfolio offering near term catalysts for rerating potential.
  • Among selected near term catalysts are new resource statements at Tabakorole (Gold, Southern Mali) where MRE size and grades expected to go up and at Lakanfla (Gold, Western Mali) where Graphex Mining are launching a 3,500m drilling programme as part of the JV earn in testing karst (Sadiola FE3 / FE4 and Yatela-mine type) targets.
  • The Board has recently been further strengthened by the appointment of Karim Nasr, the CEO of La Mancha, as its representative. Additionally, the Board includes Michael Winn (holds 5% in ALS), a founder and Chairman of EMX Royalty, a precious and base metals royalty generator with a ~US$230m market capitalisation.
  • Altus has US$10m in cash (excluding ~US$2.5m worth in CAY and DAU stock) and no debt meaning Altus is well capitalised to realise potential project and royalty generation opportunities as well as progress development work on existing assets that in turn offers busy news flow ahead.


  • Based on the sum of parts valuation of the Altus Strategies portfolio, we arrive at NAV of $91m or 100p per share target price reiterating our BUY recommendation.
  • Diba accounts for ~50% of Altus attributable NAV (for more details on PEA see the note) reflecting project NPV10% $101m (post tax) using our long term $1,800/oz gold price, applying 0.5x multiple to reflect the PEA stage of the asset and deducting 10% of the free carried interest.
  • For Tabakorole and Lakanfla, we applied $46/oz EV multiple to a combined resource at two projects where Graphex Mining is drilling and is expected to eventually deliver at least 1moz v current 0.6moz translating into a $28m contribution to Altus attributable NAV. We assumed Graphex earns in 33% interest in the project following completion of the drilling programme. Graphex trades on the ASX and has a current EV of approximately A$20M based solely on its earning in on the two Altus projects.
  • Other projects add another ~$10m with non-iron ore prospects accounting for $5m with our estimate may prove to be conservative. For example, at Tigray-Afar copper project in Ethiopia incurred exploration costs currently run at ~$4m. At the Laboum gold project in Cameroon, 100koz delineated in gold resources may potentially add $1m to NAV using $10/oz, the lowest end of EV/MII multiples among selected West African explorers (refer to APPENDIX 12 in the note). At the Daro and Zager gold/copper projects in the northern state of Tigray in Ethiopia, the Company is operating alongside Sun Peak and Newmont who also explore for VMS deposits on adjacent licenses in the prolific Arabic Nubian Shield.
  • Finally, the Company holds ~$10m in cash post a £2.4m equity raise in December and £6.5m La Mancha investment completed in February as well as ~$2.5m in marketable securities (including an additional 10m Canyon Resources shares due to be received in Feb/21).
  • Upside to our target valuation is driven by a reduction in the risk adjustment factor at Diba as project moves through Feasibility Study to development ready status, resource base growth at Malian gold projects (Diba, Tabakorole and Lakanfla MREs are targeted for later this year/beginning of 2021), exploration results at other Altus properties, new projects and royalty agreements.

NAV of Altus Strategies

Valuation method

Att US$m



Risk adjusted DCF



Tabakorole & Lakanfla

Peer group




Peer group



Other prospects

Incurred costs, peer group



Project Value




Canyon Resources shares (26m@A$0.14)

Market value



Desert Gold Ventures shares (3m@C$0.32)

Market value



Net cash (debt)




Corporate overheads




Company NAV




Exchange rate used for GBp is 1.3




Source: SPA




*SP Angel acts as Nomad and Broker to Altus Strategies


BHP (BHP LN) – 1,812p, Mkt cap £102bn – Iron ore makes up 64% of EBITDA in FY 2020 results

  • BHP report a fall of just 5% in underlying earnings to US$22.1bn
  • The results were hit by the impact of lower commodity prices from January to June but supported by the rise in iron ore
  • Underlying attributable profit fell by 1% to US$9.1bn
  • US$1.1bn of exceptional items reduced the total attributable profit to US$8.0bn
  • Dividends were cautiously reduced by 10% to US$1.2c/s.
  • The group maintains a relatively healthy margins of 53% driven by the quality of its mining assets (mainly iron ore).
  • ROCE 17%
  • Free cash flow US$8.1bn
  • Net debt US$12bn
  • BHP paid US$9.1bn in taxes, royalties and other government payments over the past 12 months with US$150m worth of social investment.
  • A US$1.1bn hit to EBITDA from lower prices was offset by Foreign exchange gains added US$1bn and US$0.6bn in IFRS 16 leases.
  • Lower volumes cost US$0.4bn while non-cash deferred items such as waste stripping and other items knocked US$1.1bn off EBITDA to bring the number down to US$22.1bn.

Conclusion: BHP has performed relatively well considering the impact of lower oil prices on its petroleum business. Iron ore represented 64% of EBITDA last year highlighting the impact of high iron ore prices. The second half is looking will be even better for BHP’s iron ore business given prices of US$117/t today, record steel production in China and production difficulties in Brazil.


Eurasia Mining* (EUA LN) 23.30p, Mkt Cap £635m – Eurasia limits funding to US$10m

  • Eurasia Mining has raised US$10m at 22.5p/s.
  • The funds are to be used to scale up production at the West Kytlim alluvial deposit.
  • Alluvial gold and pgm mining is a seasonal and relatively small-scale activity in Russia often using dredges on lakes and rivers when they defrost in the spring.
  • Eurasia formerly used contractors for their alluvial mining operation at West Kytlim.
  • Management have since decided to bring the mining in-house to gain control of 100% of the revenue from the mine.
  • This is logical considering the extraordinary rise in platinum, palladium, gold and rhodium prices.
  • DFS: the statement also refers to a ‘Definitive Feasibility Study to encompass all resources at all the sites of the production license was commissioned with GeoInvestProject (GIP) and is on track for approvals this year.’
  • This appears to relate to the West Kytlim licenses and not to the hard rock licenses at Monchetundra which was the subject of a feasibility for two open pits in 2016.
  • The DFS at West Kytlim should enable the fast track of permitting approval for more of the alluvial resources within the license area.
  • The study is due by end 2020 in advance of the 2021 mining season.
  • Monchetundra: 
  • Eurasia report the application for the Monchetundra Flanks licenses have progressed and are waiting for license issuance.
  • Some 48,000m have been drilled at NKT, a part of the Flanks application.
  • Eurasia received a production permit in November 2018 and have a EPCF ‘Engineering Procurement Construction and Finance’ agreement with Sinosteel for the turn key launch of production and providing for full financing of Monchetundra (as per the Company's announcement of 4 December 2019).
  • Eurasia is utilising its exclusive right to apply for further licenses adjacent to its mining rights within a 5km radius of its approved resource.
  • Monchetundra contains two potential ore bodies at West Nittis and Loipishnune just 2km apart.
  • The area is known to contain type examples of the majority of the layered intrusion- and contact-hosted PGM deposit types.
  • NKT, to the north and east of West Nittis stands out within the Flanks with extensive drilling from 1996 and 2001. Further work in 2015-2017 in the NKT area and areas to the east of the Loipishnune deposit resulted in pre-feasibility studies lodged with the State Cadastre of Mines in Russia at a time when PGM prices were very much lower than they are today.
  • Cash: Eurasia Mining now have cash of US$10.5m as well as access to a US$1m line of credit from a company controlled by Dmitry Suschov, a non-executive director of Eurasia.

*SP Angel act as Nomad and Broker to Eurasia Mining


KAZ Minerals (KAZ LN) 579p, Mkt Cap £2.7bn – Interims: production guidance reiterated, 4USc dividend declared

  • Sales dropped 6%yoy to $991m as a 11% drop in copper prices was partly compensated by a 2% increase in copper sales volumes and a 16% increase in gold revenues.
  • Copper and gold sales totalled 146.9kt and 98.6koz, respectively, vs 153.8kt and 109.7koz produced reflecting timing of shipments.
  • Net cash costs came down 15%yoy to 68USc/lb driven by increased copper sales, strong gold by-product revenues and weaker tenge that averaged 404KZT/US$ (H1/19: 379KZT/US$).
  • EBITDA came in at $559m, representing a 56% margin (H1/19: $620m, 59%).
  • Net operating cash flow (post interest) totalled $310m (H1/19: 236m).
  • Capex amounted to $313m (H1/19: $398m) most of which was directed to growth projects ($252m) including Aktogay expansion ($154m) and FS and early stage works at Baimskaya ($74m).
  • Aktogay expansion project is on track for late 2021 startup while Baimskaya copper project Bankable Feasibility Study expected to be completed by end of 2020.
  • Net debt climbed $38m from YE19 to $2,797m with gross liquid funds at $1,101m and gross debt at $3,898m as of H1/19.
  • No material disruption to production and sales regarding COVID-19 were recorded year to date with operations on track to achieve full year guidance of 280-300kt CU and 180-200koz Au.
  • Interim dividend declared at 4.0USc (H1/19: 4.0USc).


Pure Gold Mining (PUR LN) 121p, Mkt Cap £464m – Anglogold Ashanti increases its stake in the Company to 16% exercising $5m worth of warrants

  • Anglogold Ashanti exercised 5.0m warrants with a strike price of $0.85 investing an additional $5.0m into the Company.
  • The investment increases its shareholding in Pure Gold to 16%, maintaining the position of the single largest shareholder in the Group.
  • The Company is reported to have $74m in cash and $35m available in an undrawn credit facility.
  • 95% of major equipment procurement is complete and around 64% of total capital expenditures have been committed.
  • With $72m in remaining capital expenditure, the Company in a good position to complete the construction of the mine while also running an exploration programme to grow the resource base.


Sunrise Resources (SRES LN) 0.315p Mkt Cap £10.5m – Mine Reclamation and Air Quality Permit issued

  • The Company has announced that no appeals have been lodged within the appeal period for the Mine Reclamation Permit for its CS Pozzolan-Perlite project in Nevada, USA.
  • The Mine Reclamation Permit is issued by the Nevada Bureau of Mining Regulation and Reclamation (BMRR), and is valid for the life of the project.
  • Sunrise also reports that the director of the Nevada Division of Environmental Protection has issued a notice advising of his intention to issue a Class II Air Quality Operating Permit (AQOP) for the operation of the mine and mineral processing plant based on a review of the Company's AQOP permit application. 
  • This type of permit is for facilities not considered to be major sources of pollutants and which emit less than 100tpa for any one regulated pollutant and emit less than 25tpa of total Hazardous Air Pollutants (HAPs) and emit less than 10tpa of any one HAP.


John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474



Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472

Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534

Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535


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, Antimony

Asian Metal


Metal Bulletin



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

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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