SP Angel . Morning View . Tuesday 25 08 20

Copper prices continue to climb as LME stock fall to 13 year low


Amur Minerals* (LON:AMC) – £6.1m equity raise and Australian iron ore project investment

Condor Gold* (LON:CNR) – Click here for Initiation note pdf  – Director adds to his shareholding

Eurasia Mining *(LON:EUA) – Approval for licenses for Monchetundra Flanks

Petropavlovsk (LON:POG) – Resignation of Auditor

Phoenix Copper* (LON:PXC) – First results from 2020 drilling programme at Red Star

Serabi Gold* (LON:SRB) – Expansion of the Sao Chico exploration licence


LME copper prices rise on Monday as LME inventories fall to 13-year low

Copper prices rose yesterday as stocks fell below 100,000 tonnes for the first time since 2007.

Benchmark copper on the LME traded up 1.1% at $6,560/t yesterday mid-morning- near last week’s two-week high of $6,707/t (Reuters).

LME on-warrant copper stocks stood at 53,250 tonnes whilst total stocks fell to 97,900 tonnes (Fastmarkets MB).

Copper prices also rose also rose on positive market sentiment, as the WHO announced that countries have accelerated progress in the COVID-19 vaccine development (SMM News).


US Dollar falls vs Chinese Yuan following positive phone call between US and Chinese trade talk officials

The market breathed a sigh of relief on positive news relating to US China trade talks

China is quietly buying US food produce to make up a massive shortfall caused by flooding along the Yangtze river

A fourth positive German IFO business climate index report also helped the US dollar down


World crude steel production falls 2.5% YoY in July

Global crude steel output fell to 153mt in in July compared to a year earlier, although output increased 2.7% compared to the month prior.

China produced 93mt of crude steel last month, a 9.1% increase YoY and up 1.9% compared to the month prior (Bloomberg).


Ferrovanadium prices rise 5.1% in US to 9.8-10.7/kgV

Prices for ferrovanadium in Europe remain stable at 24.8-25.3/kgV having fallen by 4.4% a week ago to 22.78-23.55/kgV.

We expect prices in China and the US to rise further in the short term due to rising local demand in their local markets.



Dow Jones Industrials +1.35% at 28,308

Nikkei 225 +1.35% at 23,297

HK Hang Seng -0.14% at 25,516

Shanghai Composite -0.41% at 3,372



 US – S&P 500 closed up 1% reaching its all-time high with shares of airlines and retailers leading on the back of hopes for a vaccine.


Germany – GDP drop was less severe than initially estimated with revised numbers pointing to a 9.7%qoq contraction in Q2/20 v 10.1% reported previously.

The estimate is still the largest since the nation started such calculations in 1970, beating the previous record of a 4.7% drop in the wake of the financial crisis in Q1/09.

Consumer spending dropped 10.9%qoq while business investment was down 19.6%qoq.

Trade was off significantly with exports that account for around half of German GDP down by a record 20.3%qoq and imports off 16%qoq.

Government spending climbed 1.5%qoq reflecting stimulus measures.

Fourth rise in a row for IFO business confidence potentially point to German recovery


UK – Government urging companies to use regular workplace testing to check for COVID-19 to keep businesses open through a potential increase in infections.

Some companies will be allowed to stay open despite potential new lockdown guidelines if they conduct regular testing of their staff, FT reports.


BERXIT – talks scheduled for this week may be downgraded to a phone call with EU negotiator.

Next week the negotiating teams may upgrade their communication to Carrier Pidgeon’s and tin cans connected with string.


Australia – China exports decline 17% in July

Exports to Australia’s largest customer declined to AU$11.7bn in July, however exports increased to the UK and US.

Iron ore exports to China fell 12% to $8.12bn, whilst coal exports fell 42% $653m.

Imports from China increased 3% over the period to $7.6bn, with exports of personal equipment up 32% to $554m.

Preliminary figures from the Australian Bureau of Statistics shows the overall value of exports declined by 6% to $29.1bn (Australian Financial Review).


Nigeria – economy contracts by 6.1% in Q2


Mozambique – Total signs security pact with Mozambique government over $20bn natural gas project

Islamic insurgents sympathetic to ISIS appear to control parts of northern Mozambique which is renown for their birdlife.

Frelimo, the former Mozambique Liberation Front and now the Mozambique military appears to need specialist support in the north.

Fortunately Frelimo are working with a private security firm ‘DAG‘ Dyck Advisory Group who have Advisors based at Pemba 300km to the south.

DAG specialised in ‘ leading operations in the fields of demining including explosive hazard management, specialised security, canine services, counter poaching’ and maybe a few other things.

DAG is reported to have a green light from the government to operate in Mozambique.


China says it’s been vaccinating doctors and border workers since July

But we note it does not appear to include workers destined for the Ok Tedi mine in PNG who were vaccinated

The workers were turned away by the PNG government because the WHO has not officially recognised the vaccine.

The workers were carrying documentation stating that they may test positive for Coronavirus antibodies due to the vaccination.

The PNG government is naturally wary of anyone entering the island nation with any traces of infection.


COVID-19 – Reinfection rate incredibly rare

We view news of Coronavirus reinfection as hugely overdone.

Coronavirus reinfection is incredibly rare and appears to be from a less potent, mutated strain of the virus.

The implication is that a vaccine against the current strain of coronavirus may prove ineffective against new strains as we see with the flu.

Scientists may need to come up with a cocktail of coronavirus vaccines to give better immunity in future years

Fortunately the new strain appears to be far more mild or the patient’s immune system was better able to manage the new strain.

The reinfection was in a 33 year old IT worker who was hospitalised in March and later discharged. He tested negative in two subsequent tests but was then tested positive in a screening at Hong Kong airport on 15 August though he had no symptoms.

Genomic sequencing identified differences in the viruses, proving two separate infections, rather than a relapse (The Sun).

The Chinese authorities had previously claimed cases of reinfection.



US$1.1807/eur vs 1.1808/eur yesterday.  Yen 106.11/$ vs 105.87/$.  SAr 16.893/$ vs 17.043/$.  $1.310/gbp vs $1.310/gbp.  0.717/aud vs 0.718/aud.  CNY 6.912/$ vs 6.916/$.


Commodity News

Precious metals:         

Gold US$1,931/oz vs US$1,942/oz yesterday

Gold ETFs 108.6moz vs US$108.6moz yesterday

Platinum US$926/oz vs US$925/oz yesterday

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

Silver US$26.57/oz vs US$26.63/oz yesterday


Base metals:  

Copper US$ 6,512/t vs US$6,554/t yesterday –

Aluminium US$ 1,774/t vs US$1,781/t yesterday

Nickel US$ 14,895/t vs US$14,890/t yesterday

Zinc US$ 2,471/t vs US$2,462/t yesterday

Lead US$ 1,989/t vs US$1,988/t yesterday

Tin US$ 17,395/t vs US$17,565/t yesterday



Oil US$45.3/bbl vs US$44.7/bbl last week

Oil prices remain steady despite a slower-than-expected global oil demand recovery

Some major geopolitical events and the return of previously curtailed US shale production are set to weigh on the price of oil in the near to medium term

On top of the coronavirus-related demand concerns, the oil market has to reckon with the possibility of more oil returning to the market from Libya, Iran, and the US 

In Libya, the UN-backed government announced a ceasefire on Friday, and the east-based rival administration also called for a truce in a move that could pave the way of reopening of Libya’s oil terminals, if the ceasefire holds

According to EIA data, US oil inventories fell by 10.6MMbbls during the week ending 24 July and then dropped by 7.4MMbbls, 4.5MMbbls, and just 1.6MMbbls in the three subsequent weeks

There is therefore an increasing danger that this trend could soon flip, and inventories could start rising again – a negative development for oil prices

These inventory worries are not helped by coming at a time when OPEC+ has eased its deep production cuts

Starting this month, OPEC trimmed its historic production curbs by 2MMbopd to 7.7MMbopd

As such, rising OPEC+ production could coincide with an uneven recovery in oil demand

·         OPEC’s experiment to increase production from August could therefore backfire given the current fragility in oil demand

The overall liquids market could flip back into a mini-supply glut and a swing into deficit will not happen again until December 202, according to Rysted Energy

Natural Gas US$2.523/mmbtu vs US$2.426/mmbtu last week

Oil prices have reached new highs as tropical storm Marco and tropical storm Laura baring down on Loiusinana’s Port Author, approximately 45% of the natural gas in the Gulf of Mexico could be taken offline

Tropical Storm Laura is expected to be a Hurricane category 2, by the time it makes landfall during the middle of the week, which could create a significant impact

The weather is expected to be warmer than normal throughout west and southwest over the next two weeks which could generate additional cooling demand

Uranium US$30.85/lb vs US$30.80/lb last week



Iron ore 62% Fe spot (cfr Tianjin) US$119.9/t vs US$121.8/t

Chinese steel rebar 25mm US$545.6/t vs US$545.0/t

Thermal coal (1st year forward cif ARA) US$53.9/t vs US$53.4/t

Coking coal futures Dalian Exchange US$117.5/t vs US$117.5/t



Cobalt LME 3m US$33,200/t vs US$33,200/t – Congo grants indefinite export waiver for cobalt, copper and tin

The DRG has given mining companies an indefinite waiver to an export ban for the metals above, as well as tungsten and tantalum.

Copper and Cobalt concentrate exports were banned in 2013 to encourage miners to process and refine the ore in the country.

Insufficient smelting capacity has driven the DRC to repeatedly issue waivers, and the decision will come as a relief to miners in the country as well as smelters and refiners in Zambia (Reuters).

Elsewhere in the cobalt space, Glencore has backed a new initiative to support small-scale cobalt mining in the DRC in a move aimed at creating a responsibly sourced standard of the metal.

The ‘Fair Cobalt Alliance’ aims to eradicate child labour from mining sites and improve working conditions, and is also backed by Huayou Cobalt- China’s largest cobalt refiner.

Glencore believes the launch of the Fair Cobalt Alliance will encourage carmakers to use Congolese cobalt in their batteries rather than engineering it out (FT).

NdPr Rare Earth Oxide (China) US$50,566/t vs US$50,534/t – China July rare earth exports fall 48% YoY

Rare earth exports fell to 4,900t last month compared to a year earlier, whilst falling 19% compared to the month prior.

Exports are down 14% to 46,000t so far this year compared to the same period last year (Bloomberg).

Despite the drop in exports this year, the China Rare Earth Industry Association says the decline is due to a drop in demand as a result of the coronavirus pandemic, and not geopolitical factors (South China Morning Post).

Lithium carbonate 99% (China) US$4,919/t vs US$4,916/t

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

Antimony Trioxide 99.5% EU (China) US$5.1/kg vs US$5.1/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

Hyundai Mobis to supply outsiders to boost volumes and lower prices

Hyundai affiliate Hyundai Mobis is in talks to supply electrified parts to two global automakers according to Reuters.

The parts and services arm of Hyundai Motor until now has focused on keeping up with demand from its partner but is now looking outward, hoping to increase volumes and lower prices.

Mobis is not the first Hyundai supplier to place more focus on supplying non-Hyundai customers. Slowing sales growth at Hyundai and affiliate Kia Motors since 2016 has forced suppliers to diversify in order to survive. Hyundai and Kia Motors ranked 3rd in global EV sales in 2019 and remain behind Tesla, Renault-Nissan-Mitsubishi and VW Group in H1’20.

Senior VP of the electric powertrain business at Hyundai Ahn Byung-ki suggested that cutting EV costs is key to being able to compete with gasoline vehicles.

Hyundai Mobis is looking to sign its first electric powertrain supply deal this year, hoping to win orders from global automakers. The Company has previously supplied parts for both EV and gasoline vehicles to Fiat Chrysler and others.

Hyundai recently announced its new EV brand, building out its Ioniq number plate into a brand. Hyundai plans to launch 3 models under this brand the Ioniq 5, Ioniq 6 and Ioniq 7. The Ioniq 5 and 07 will be SUVs while the Ioniq 06 is likely to be a sedan. The Ioniq 5 will hit the market first, scheduled for delivery in 2021.


Anticipation builds ahead of Tesla’s battery day

Speculation is rife as we near the much anticipated Tesla battery day on September 22. So what should we be looking out for?

The million mile battery: Tesla (Musk) has been quoted suggesting the Company has a battery capable of a million miles. The range is reference to the lifetime of the battery not its capability on a single charge. The battery is being co-developed with CATL.

Battery with a cost per unit of less than $100: the million mile battery is also speculated to be the advancement that breaches the $100 barrier, a key milestone in competing with gasoline vehicles.

Capability to mass produce batteries with 50% greater energy density: this week Musk has suggested the US EV maker has the capability to mass produce longer life batteries with 50% more energy density in the next 3-4yrs. Musk tweeted that a 400Wh/kg high life cycle battery is not far away.

Silicon nanowire anodes: on the Tesla website the background image for the battery day announcement is a series of dots clustered in lines. This has been suggested to be a hint to silicon nanowire anodes which is a technology capable of increasing battery energy density and life. Mars 4X4 a silicon nanowire tech company recently moved to a location within walking distance of Tesla’s Freemont facility.


Company News

Amur Minerals* (LON:AMC) 1.95p, Mkt Cap £20m – £6.1m equity raise and Australian iron ore project investment

The Company raised £6.1m through an equity placing of 348.6m shares at 1.75p.

Proceeds will be used to invest $4.7m in secured convertible loan notes in Nathan River Resources that owns the Roper Bar Iron Ore Project in the Northern Territory in Australia and $3.3m to fund the continued development of the Kun Manie sulphide nickel/copper project.

The Roper Bar Project, acquired by NRR in 2017, is a close to production iron ore asset with “pit-to-port” logistics chain in place including a privately owned 171km paved road to port which involves an existing load-out facility and product stockyard.

NRR has a 2-stage restart programme with Stage 1 involving 4.0mt of DSO (direct shipping ore) and 1.0mt of DMS (dense media separation ore) production at 1.5-1.8mtpa run rates over the first three years.

Stage 2 expansion includes the installation of a silica flotation plant for the processing of 446Mt Resource with production at 4-5Mtpa.

The latest mineral reserves and resources statement includes (AMC Consultants, Jan/20):

DSO reserves of 4.0mt at 60.1% Fe;

DMS reserves of 1.5mt at 50.5% Fe (in addition to the above);

446mt at 39.9% in total resources (including 295mt in the Measured and Indicated category and 151mt in Inferred resources).

Additionally, on-site stockpiles include 46.5kt at 59% Fe of DSO material and 147.8kt at 51.2% of DMS ore.

NRR has an offtake agreement with Glencore for the marketing and distribution of the project’s iron ore.

“Key to the successful restart of the Roper Bar Project, Nathan River Resource’s management team is highly experienced in iron ore production. Further, the current near production status allows for a rapid resumption of the production and shipping of Direct Shipping Ore as substantial stockpiles of high-quality iron ore are currently ready for loading and transport to the Chinese market.  The long-term offtake agreement with Glencore, one of the world’s largest global diversified natural resource companies provides us with security by having a partner of substantial import,” Amur commented on the deal..

Convertibles loan notes include a 14%pa coupon paid quarterly and is convertible in three years to 19% of the equity of Nathan River Resources (based upon current issued share capital of NRR).

Notes will provide security over the issued share capital of NRR Group Pty Ltd and its subsidiary’s interest in the mineral leases and mineral exploration licenses owned by it in connection with the Roper Bar Project once Amur receives Foreign Investment Review Board confirmation that there is no objection to grant such security.

Convertibles also include early redemption fees and can be converted at the holder’s option at any time from issue until 15 days prior to their maturity date.

Amur and Glencore are each entitled to appoint a Director on the boards of Nathan River Resources and NRR Group.

The placing represents around 25.7% of the enlarged share capital.

Conclusion: The Company raises £6.1m to secure funds for ongoing works at the Kun Manie copper/nickel project as well as to gain exposure to a close to production iron ore project in Australia at a time when iron ore prices trade around all time highs on supply disruptions and recovering demand. The project secured green light from local authorities with Nathan River previously guiding restart of operations in Q3/20 with “over $250m spent on infrastructure to date to open up iron ore mining and employment opportunities for Territorias and the Roper region” (Nathan River CEO Stefan Murphy). As operations move towards commissioning, convertible loan notes earn a quarterly interest while offering a potential to take an equity stake once the Roper Bar Project is substantially de-risked and launches production.

*SP Angel act as Nomad and Broker to Amur Minerals


Condor Gold* (LON:CNR) 49.5p, Mkt Cap £58.1m – Director adds to his shareholding

Click here for Initiation note pdf

Condor Gold reports that non-executive director, Jim Mellon, has added to his direct and indirect holding in the company with the purchase of an additional 75,000 shares at a price of 50.25p/share.

The purchase brings Mr. Mellon’s overall holding to approximately 18.6m shares representing around 16% of the company.

Conclusion: Although the share purchase announced today is comparatively small in relation to his overall holding it is encouraging to see Mr. Mellon’s continuing confidence in the future of Condor Gold as it moves ahead with the La India gold project in Nicaragua which is expected to produce an average of 120,000ozpa for the initial seven years of the mine’s life.

*SP Angel act as sole broker to Condor Gold


Eurasia Mining *(LON:EUA) – 27.06p, Mkt cap £723m – Approval for licenses for Monchetundra Flanks

Eurasia Mining report ‘SevZapNedra’, the regional Russian licensing body has approved Eurasia’s application for the licenses over the Monchetundra Flanks.

Eurasia recently secured the 24.5km2 Tipil exploration license covering around 17km of river course and sedimentary units hosting PGM mineralisation adjacent to the West Kytlim alluvial mine. This gives the mining team a larger area to dig in its alluvial operation.

Eurasia appointed UBS as a lead advisor to assist in a review of its strategic options and to run a formal sale process under the UK Takeover Code in order to maximise value to its shareholders.

The company also has agreements with Citic Merchant bank and VTB Capital.

Eurasia has used its exclusive right to apply for further licenses adjacent to its mining rights within a 5km radius of its approved resource.

NKT (Flanks): some 48,000m of drilling has been done NKT which is an important parts of the Flanks license application.

The license lies 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.

The area is known to contain type examples of the majority of the layered intrusion and contact-hosted PGM deposit types.


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).

Monchetundra contains two potential ore bodies at West Nittis and Loipishnune just 2km apart.

Cash: Eurasia Mining has cash of US$10.5m.

*SP Angel act as Nomad and Broker to Eurasia Mining


Petropavlovsk (LON:POG) 31.5p, Mkt Cap £1,231m – Resignation of Auditor

PwC decided not to accept its proposed appointment as the Company’s auditors.

In the letter sent to the Company, PwC touched on the reasons for its resignation as “the recent significant changes in the composition of the Board of Directors, namely the removal of the majority of both independent and executive directors, and our concerns over the governance environment and the lack of clarity as to the future direction of the Petropavlovsk group”.

The Board has launched work on identifying a new auditor and a tender process is underway.


Phoenix Copper* (LON:PXC) 41p, Mkt Cap £25.7m – First results from 2020 drilling programme at Red Star

Phoenix holds 80% of the Empire mining property in Idaho

Phoenix Copper reports the first results from its continuing 2020 drilling programme at its Red Star project adjacent to the historic Empire mine in Idaho.

The results of the first six cored holes from Red Star “confirm the orientation and continuation of the high-grade silver and lead system, both down-dip and to the south of the discovery outcrop, which was first discovered in our 2018 exploratory RC drilling programme”.

Among the results highlighted in today’s announcement are:

An intersection of 10.7m at an average grade of 117.0g/t silver, 1.17% lead, 0.51% copper and 0.80% zinc from a depth of 33.8m in hole RSD20-01 which the company equates to an average silver equivalent (AgEq) grade of 6.74oz/tonne, including 1.5m averaging 204g/t silver, 2.31% lead, 1.09% copper and 1.05% zinc (12.08 oz/tonne (AgEq) from a depth of 39.9m; and

An intersection of 7.6m at an average grade of 122.7g/t silver, 2.43% lead, 0.3% copper and 1.10%zinc  from a depth of 19.8m in hole RSD20-03 (7.65 oz/tonne AgEq), including 1.5m averaging 360.0g/t silver, 7.79% lead, 0.46% copper and 0.79% zinc (19.45 oz/tonne AgEq)from a depth of 19.8m; and

An intersection of 1.5m at an average grade of 154.0 g/t silver, 1.72% lead, 0.83% copper and 2,63% zinc from a depth of 13.4m in hole RSD20-04 (10.87 oz/tonne AgEq)

The company explains that “The Red Star area is geologically complex with a general lack of surface outcroppings and we have determined that the most successful exploration is best achieved through short drilling programmes, followed by evaluation of new data prior to additional targeted drilling”.

Evaluation of the results is underway in conjunction with the geological and mineralogical information derived from the core in order to target “the next round of drill holes which are scheduled for this autumn”.

In addition to the results from Red Star, the company has also released additional assay data from the reverse-circulation drilling programme at the nearby Empire mine including:

An intersection of 6.1m at an average grade of 2.05 g/t gold from a depth of 16.8m in hole KX20-09 which included a higher grade section of 1.5m averaging 4.11g/t gold from 18.3m depth; and

An intersection of 1.5m averaging 9.78g/t gold from 35.1m depth in hole KX20-15; and

An intersection of 1.5m averaging 2.41 g/t gold, 508g/t silver and 6.13% copper from a depth of 12.2m within a wider intersection of 36.6m averaging 0.39g/t gold, 86.62g/t silver and 1.07% copper from surface in hole KX20-18

The company explains that results from 9 reverse circulation and 2 cored holes at Empire and 4 cored holes at Red Star as well as chip sampling results from Navarre Creek are still awaited.

Commenting on the results of the drilling work at Empire, CEO, Ryan McDermott explained that the presence of copper and silver in addition to gold was of particular interest and that although not unexpected given the polymetallic nature of the mineralisation, they are “vitally important in understanding the connection between the near surface, high-grade polymetallic oxide zones and the connection with the deeper, high-grade polymetallic sulphide vein system”.

The company confirms that its team remains healthy “due in large part to the adherence to our strict COVID-19 procedures and protocols that we established in April”.

Conclusion: Assay results from drilling at the Empire mine site and adjacent Red Star area show high grade silver at Red Star and have highlighted the polymetallic character of the Empire mine mineralisation. The geological setting is complex and the systematic approach to evaluating results ahead of further drilling in the autumn should assist cost-effective exploration. Further assays from the continuing programmes at both Red Star and Empire are awaited and should ultimately be reflected in future mineral resource estimates.  We also await results from the sampling at Navarre Creek, which the company has previously described as showing geological similarities to the Carlin trend gold mineralisation in Nevada, with interest.

*SP Angel acts as Nomad to Phoenix Copper


Serabi Gold* (LON:SRB) – 94.5p, Mkt Cap £54.5m – Expansion of the Sao Chico exploration licence

Serabi Gold reports that it has acquired additional exploration tenements along strike to the north and west of its Sao Chico licences and within the zone interpreted as the structural corridor associated with the known mineralisation at Sao Chico.

The new ground, which is located approximately 4km northwest of the Sao Chico underground mine  comprises approximately 947 hectares acquired from Lara Exploration for a consideration of US$100,000 in cash plus a 2% NSR on the value of any future production from the area.

Serabi Gold has identified favourable geophysical anomalies up to the north-western boundary of its current land holding and expresses optimism that “this new tenement will host further extensions of these geophysical anomalies”.

Chief Executive, Mike Hodgson said that he was “delighted that we have secured this additional exploration holding which lies on the strike extension of the interpreted structural corridor of the Sao Chico mineralisation”.

Conclusion: The acquisition of additional exploration  land adjacent to Sao Chico and along trend from existing geophysical anomalies within a favourable structural corridor provides Serabi Gold with an opportunity to expand its exploration further along strike. We look forward to news of the continuing exploration in due course.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil



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.


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