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Today’s Market View – Adriatic Metals, Cornish Metals, Altus Strategies and more…


SP Angel . Morning View . Wednesday 28 04 21

Palladium, copper, nickel, tin and iron ore prices continue to rise


Adriatic Metals* (LON:ADT1) – Quarterly report highlights Veovaca and Rupice permits for the Vares Project

Altus Strategies* (LON:ALS) – 2020 described as a transformational year

Cornish Metals* (LON:CUSN) – Tin prices rise to $ 27,310/t on strong demand and furnace maintenance at MSC in Malaysia

Metal Tiger (LON:MTR) – Progress in the Kalahari Copper Belt, Botswana

Phoenix Copper* (LON:PXC) – A new Empire mine coming into focus

Rainbow Rare Earths* (LON:RBW) – Final Phalaborwa assay results

SolGold* (LON:SOLG) – US$74m placing to help fund exploration drilling in Ecuador


Metals prices continue to rise despite China potentially moving to slow the dramatic restoration of economic activity

Palladium prices getting ready to break through $3,000/oz rising to $2,936/oz today

Copper prices at $ 9,812/t are dangerously close to $10,000/t

Nickel has risen again to $ 17,215/t followed by Zinc at $2,914/t and Tin at $ 27,310/t

Iron ore prices continue to rise to $188.2/t 62% Fe spot (cfr Tianjin) from US$180.1/t yesterday with steel rebar rising to $802.7/t (25mm) in China indicating strong end-product demand.

China’s tolerance of such high iron ore prices puzzles us given how important steel is to the Chinese economy. Either some influential princelings are making a packet out of iron ore pricing or the government is simply not willing to tackle the mechanisms which have enabled iron ore prices to rise to these levels.

China is more likely to act against speculation on its futures exchanges before it changes plans relating to economic development.


Steel – Authorities called to act on high iron ore price levels

The China Iron and Steel Association ‘CISA’ has asked the government to play a bigger role when the market ‘malfunctions’ and to improve policies for the futures market amid sky-high iron ore prices.

China imported 1.17bt of iron ore in 2020 much of which is higher grade >62% Fe Australian product from the Pilbara in Australia

This material is not only high grade but is also relatively free of impurities and by-product vanadium and titanium.

Using higher grade iron ore reduces pollution which is critical for furnaces as the authorities crack down on emissions.


China – Tapering of stimulus a government cuts bond sales

China’s local authorities have sold, or plan to sell, Rmb222.7bn of special bonds in January to April to fund shanty town renovations, highways and other infrastructure investment (SCMP)

This is a fall from the Rmb729.6bn sold in 2019, and Rmb1.15tn sold in 2020.

China seems unlikely to raise interest rates for a while as it commits to supporting smaller private businesses.

The authorities moderately reduced the 2021 quota for local government bond sales to Rmb3.65tn from and have been slow to issue debt at the start of the new year slowing the funding available for new projects

“the central government also softened its push on investment, cutting back approvals for fixed-asset projects sharply in the first quarter compared with previous years. They also ramped up scrutiny on new rail construction.” according to

The shortfall between government revenue and expenditure fell to Rmb158.5bn in Q1 vs Rmb930bs in Q1 ’20 (Bloomberg).

The slowdown in bond issuance will likely slow growth in public-works investment this year with some impact on economic growth.

Industrial profits rose 137.3% YTD in March vs 178.9% in February.


US – DoE offers up to $8.25b in loans for electrical grid boost and clean energy production

Loans will support the modernisation of the electrical grid and help with delivering 100% clean energy by 2035.

The loans will support projects such as high-voltage systems, grid connections for offshore wind projects and upgrades to transmission lines.

The news indicated that US infrastructure spending may get going quicker than many anticipate


Dow Jones Industrials +0.01% at 33,985

Nikkei 225 +0.21% at 29,054

HK Hang Seng +0.26% at 29,016

Shanghai Composite +0.42% at 3,457



China – Labour Day holiday runs from 1-5 May

Labour Day last a week in most good Communist regimes, but it’s not much of a holiday if you are interned in a labour correction camp.


Russia – Holidays run from 1st May to 10th May (inc. Victory Day in lieu)


US – S&P Case Schiller home prices rose 11.9% yoy in February vs 11.1% yoy in January

Home sales rose 0.9% in February vs 1% in January

Home sales rose 12.2% yoy vs 12% yoy

Richmond Fed manufacturing index 17 in April vs 17 in March and -53 a year ago


EU – European parliament ratifies UK trade deal

The European Parliament has voted overwhelmingly ratify the UK-EU Brexit trade deal this morning.

MEPs backed the agreement by 660 votes in favour to five against, with the deal effectively concluding the Brexit progress.


Japan – March retail sales +5.2% YoY as consumer demand recovers

Japanese retail sales rose at the fastest pace in five months in March as consumer demand recovered vs the pandemic this time last year.

Retail sales gained more than the median forecast of +4.7%, and marked the fastest rise since +6.4% in October.

Sales rose +1.2% on the month prior on a seasonally adjusted basis.


Germany – Consumer morale drops to -8.8pts from -6.1pts in April

German consumer morale deteriorated unexpectedly heading into May amid rising Covid-19 infections leading to a re-tightening of restrictions.

Income expectations fell to 9.3pts vs 22.3pts last month.

Business cycle expectations fell to 7.3pts vs 17.7pts last month.

Willingness to buy rose to 17.3pts vs 12.3pts.


Iron ore prices surge to all-time-high amid insatiable Chinese demand

Iron ore prices surged to record highs on Tuesday afternoon as infrastructure-focused stimulus programmes in China fuel demand for steel and steelmaking ingredients.

Prices hit a record high of $193.85/t.

Last year, iron ore became the first of any Australian product to top $100bn in yearly export earnings.


UK parliament launches enquiry into Liberty Steel

A UK parliamentary committee has begun an enquiry into Libery Steel after the collapse of the company’s biggest lender, Greensill Capital, pushed the steelmaker to the brink.

Liberty was forced to ask the UK government for a £170m bailout after Greensill went into administration.

The inquiry will also examine whether Liberty Steel should be saved from collapse, with three French units of the broader group already in voluntary administration.


South Korea – Q1 advanced GPD rose 1.6% qoq and


Lotus – to upscale production to tens of thousands of electric sports cars by around 2025

Lotus will banish its reputation for ‘Lots of Trouble Usually Serious’ through the manufacturing of electric sports cars and SUVs (The Times)

The company is backed by £2.5bn from Geely, the Chinese car giant. Lotus built 1,378 cars last year.

Matt Windle, Lotus’ MD worked for Tesla from 2005 re-joining Lotus in 2017.

Lotus’, distinctive low, aerodynamic designs make the brand ideal for conversion into the electric vehicle market.


Nomura losses from Archegos rise to $10bn

Mrs Watanabe will not be pleased to see the scale of the losses which have arisen from Bill Hwang’s hedge fund.

UBS have also lost a further $87m on top of the $774m loss already booked on the collapse of the Archegos hedge fund.

The losses arose from a $20bn firesale of ViacomCBS stock after Hwang’s fund was unable to meet margin call commitments following a collapse in the share price.

The collapse of Archegos and the damage done to certain hedge funds which had shorted GameStop shares has caused a degree of deleveraging in the long and short positions of hedge funds.

In theory this should help the market return to a more steady environment albeit with less volatility, liquidity and leverage.


UK – government to bring in a pay-per-mile road-pricing system from 2023 to fill the £40bn hole from fuel taxes

Pay-per-mile pricing is likely to become compulsory by 2030 with drivers able to opt into the system from 2023 (The Times).

The duty will be based on emissions, vehicle weight, mileage and possibly traffic levels.


Argentina – Workers are demanding pay rises to keep pace with high inflation (Bloomberg)

Prices for products move on a daily basis in Argentina mainly due to depreciation in the Peso.

Most goods and salaries are effectively denominated in US dollars.



US$1.2068/eur vs 1.2052/eur yesterday. Yen 108.99/$ vs 107.89/$. SAr 14.423/$ vs 14.289/$. $1.387/gbp vs $1.389/gbp. 0.774/aud vs 0.774/aud. CNY 6.487/$ vs 6.492/$.


Commodity News

Precious metals:  

Gold US$1,769/oz vs US$1,784/oz yesterday

Gold ETFs 99.1moz vs US$99.1moz yesterday

Platinum US$1,227/oz vs US$1,213/oz yesterday

Palladium US$2,936/oz vs US$2,844/oz yesterday

Silver US$26.01/oz vs US$26.08/oz yesterday


Base metals:  

Copper US$ 9,812/t vs US$9,493/t yesterday

Aluminium US$ 2,399/t vs US$2,385/t yesterday

Nickel US$ 17,215/t vs US$16,150/t yesterday

Zinc US$ 2,914/t vs US$2,805/t yesterday

Lead US$ 2,093/t vs US$2,043/t yesterday

Tin US$ 27,310/t vs US$26,940/t yesterday



Oil US$66.5/bbl vs US$65.9/bbl yesterday

Exxon and its partner Hess have announced a new oil discovery in the Stabroek Block offshore Guyana that would add to the already announced 9Bnboe in more than a dozen discoveries in the block

The latest oil discovery was made at the Uaru-2 well, which showed high-quality oil-bearing reservoirs, including newly identified intervals below the original Uaru-1 discovery

The Uaru-1 discovery was announced in January 2020 and was the 16th discovery in the Stabroek Block.

In less than five years, Exxon and its partners in the Stabroek Block made more than a dozen quality discoveries on the block, making Guyana the latest oil producing nation in December 2019   

Exxon and Hess expect at least six projects online by 2027 and see the potential for up to 10 floating production storage and offloading vessels (FPSOs) to develop the current recoverable resources offshore Guyana

The Liza Phase 1 offshore project, Guyana’s first oil-producing project led by Exxon, has reached its full planned production capacity of 130kbopd

The Liza phase 2 project is designed to produce up to 220kbopd with a FPSO, with start-up expected in the middle of next year

Guyana is one of the top priorities in the Company’s strategy to focus on high-return and cash-generating projects that would allow it to grow its dividend through 2025


Natural Gas US$2.883/mmbtu vs US$2.759/mmbtu yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$188.2/t vs US$180.1/t

Chinese steel rebar 25mm US$802.7/t vs US$786.3/t

Thermal coal (1st year forward cif ARA) US$74.8/t vs US$74.3/t

Coking coal swap Australia FOB US$141.5/t vs US$146.5/t



Cobalt LME 3m US$46,450/t vs US$49,750/t

NdPr Rare Earth Oxide (China) US$84,406/t vs US$85,487/t

Lithium carbonate 99% (China) US$12,642/t vs US$12,631/t

China Spodumene Li2O 5%min CIF US$630/t vs US$630/t

Ferro-Manganese European Mn78% min US$1,623/t vs US$1,621/t

China Tungsten APT 88.5% FOB US$272/t vs US$272/t

China Graphite Flake -194 FOB US$505/t vs US$515/t


Battery News

Renault commits to carbon neutral targets

The automaker has committed to becoming carbon neutral in Europe by 2040 and worldwide by 2050.

Initiatives to achieve this include:

Cutting its procurement carbon footprint by 30% by 2030.

Securing responsible and sustainable supply of minerals for batteries.

Partnering with Veolia and Solvay for recycling of metals found in batteries.

Follows their commitment to vehicle electrification, with BEVs accounting for 65% of sales by 2025 and 90% by 2030.


Orsted start permit application process for wind farm project

Ørsted has launched the formal EIA consultation

The project is located in the Skåne Havsvindpark with a potential capacity of up to 1.5 GW.

Ørsted is also investigating another area, for a second 1.5 GW offshore wind farm.

The combined 3.0GW capacity of the two projects would be enough to power 1.2m Swedish homes.


Company News

Adriatic Metals* (LON:ADT1) 123p, Mkt cap £257m – Quarterly report highlights Veovaca and Rupice permits for the Vares Project

Adriatic Metals’ report for the quarter to 31st March highlights the receipt of the Veovaca Exploitation Permit and the positive ‘Record of Decision’ (RoD) for the Environmental Permit at Rupice as well as the recently reported assay results from the continuing exploration of the Raska project.

Managing Director, Paul Cronin, explained that “two important permits for the Vares Silver Project were delivered, which is a significant step forward in the development of the Project. This gives me great confidence in the timely delivery of the Main Mining Project permit this summer”.

The Exploitation Permit is valid for up to 30 years and provides “security of tenure … to both the Veovaca open pit and plant areas, as well as the Rupice underground mine area”.

The “Environmental Permit is required to be issued within 30 days from the date of the RoD, at which point Adriatic will submit an application for an Urban Planning Permit to the Federal Ministry for Spatial Planning. Following the receipt of the Urban Planning Permit, Adriatic will apply for an Exploitation Permit, in a process similar to what was recently completed for Veovaca.”

Following  up the recently released positive drilling results from Raksa, Adriatic Metals confirms that “As part of the 25,000 metres of diamond drilling planned at the Raska Project for 2021, a third drill rig will be deployed to focus on more regional exploration targets”.

The company also summarises the expenditure of approximately £5.4m during the quarter with approximately £1.8m on both capitalised and expended exploration, and £1.2m on “Payments to acquire entities” which, we surmise, is largely represented by the acquisition of Ras Metals, including the Kizevak and Sastavci licences (the Raska Project) which was acquired from Tethyan Resources in February.

The company explains that “Since the Tethyan acquisition last year, 11,000m of diamond core (“DC”) drilling has been completed on the Raska licenses. Drilling has been focussed around the area South East of the Kizevak Prospect, where under the prior ownership of Tethyan, thick intersections of high-grade mineralisation were drilled. … Adriatic has a further 25,000m of step-out DC drilling planned across the Raska Project during 2021.”

*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia


Altus Strategies* (LON:ALS) 67.5p, Mkt Cap £54m – 2020 described as a transformational year

Reporting on what the CEO, Steve Poulton, describes as a “transformational year”, Altus Strategies reports a 2020 loss of £2.1m (2019 – loss of £2.4m).

A key highlight of the year was the February 2020 completion of the strategic investment by the Egyptian-based Sawaris family vehicle, AIM and Canadian-listed La Mancha which injected £6.5m for a 35% interest in Altus Strategies.

Among the key operational developments during the year, the company identifies the exploration, by its joint-venture partner, Marvel Gold, at Lakanfla and Tabakorole in Mali which resulted in a 50% increase in the mineral resource estimate, extended the known strike length of the mineralisation and identified a potential new parallel zone of mineralisation.

“Also in Mali, we accelerated exploration at our 100% owned Diba gold project in western Mali, undertaking drilling and generating a new and larger resource, followed by a very compelling Preliminary Economic Assessment”.

In July 2020, the company estimated Diba to host 4.8mt at 1.39g/t for 217koz in the Indicated category and 5.5mt at 1.06g/t for 187koz in the Inferred resource and subsequently, in February this year announced the discovery of satellite mineralisation located approximately 1.5km NW of Diba.

In February this year, the company also announced that it had been awarded “four gold projects (comprising nine licence blocks), totalling 1,565km2 in the Eastern Desert of Egypt. The projects were carefully selected by Altus based on their high geological prospectivity and were awarded as part of a competitive international bidding process, which included a number of multinational gold mining companies. We are currently establishing our operational base in Egypt and are looking forward to commencing exploration imminently”.

“Elsewhere, Altus continued its project generation activities, completing a series of programmes that included trenching, mapping and sampling in Cameroon, Morocco and Ethiopia, primarily exploring for gold, copper and silver deposits”.

Summarising 2020, Mr. Poulton said that during the year Altus Strategies “laid strong foundations to further grow and realise value for our shareholders. In addition to expanding our portfolio of royalties and projects, most notably in Egypt, we have also welcomed a number of high calibre professionals to the team”.

The Company also outlines that 32% of its geographical exposure lies in Mali and that, in commodity terms, 63% of its exposure is directed to gold.

Looking forward, the company’s objectives for 2021 are:

“to grow the number of projects in our portfolio;

to advance the exploration work programmes across our existing portfolio of licences;

to seek and complete a number of royalty-based JV and other transactions on our existing projects; and

to identify potential project, royalty and corporate acquisition opportunities and, where possible, conclude accretive transactions on these.”

Conclusion: The transaction with La Mancha has given Altus Strategies an influential backer with significant financial resources which helps underpin the ambition to expand its exploration portfolio and has already facilitated expansion into a large scale Egyptian gold exploration project in the Eastern Desert.

*SP Angel acts as Nomad and Broker to Altus Strategies plc


Cornish Metals* (LON:CUSN) – 9.12p, Mkt cap £24m – Tin prices rise to $ 27,310/t on strong demand and furnace maintenance at MSC in Malaysia

Tin prices continue to post gains rising to $27,310/t this morning from $26,940/t yesterday.

The price is partly driven by MSC which has elected to cut tin output at its Butterworth tin complex in Malaysia as it rebricks half its tin furnaces.

MSC is struggling with Covid alongside the need to refurbish the ageing Butterworth tin smelting complex.

The rebricking of the furnaces will take around nine months to complete and we wouldn’t be surprised if the work uncovers other areas that need repair.

The news is good for tin pricing with demand seen as particularly strong.

Cornish Metals are drilling at the United Downs prospect in Cornwall which we are hopeful for more high-grade copper and tin results.

The new drilling is in an area between the historic Wheal Maid and United Downes mines and is a short haul from Cornish Metal’s permitted processing site at South Crofty mine site.

Previous drilling showed 4.04m grading 4.4% of copper and 2.06% tin at a downhole depth of 639-643m beneath the United Mine.

Drill hole GWDD-002 assayed 14.7m grading 8.45% copper and 1.19% tin at between 90.6-105.3m.

* SP Angel acts as broker and financial advisor to Cornish Metals. The analyst holds shares in Cornish Metals.


Metal Tiger (LON:MTR) 21.5p, Mkt Cap £33m – Progress in the Kalahari Copper Belt, Botswana

Metal Tiger draws attention to the announcement by Australian-listed Sandfire Resources of its quarterly report for the 3 months ending 31st March.

Metal Tiger hold approximately 3.5% of Sandfire Resources as well as a 2% NSR over Sandfire’s T3-Motheo deposit in the Kalahari Copper Belt of Botswana.

Sandfire has reported that initial site preparation work and camp construction is underway at T3-Moheo in the expectation that the T3 Mining Licence will be awarded during the current quarter.

Sandfire has also reported that it has completed its resource drilling programme on the A4 deposit in Botswana “to allow upgrading of the existing Inferred Resource to Indicated status. The upgraded Resource will underpin the completion of a Feasibility Study and maiden Ore Reserve, which are on-track for delivery in the September 2021 Quarter” and that the exploration is now moving to “other priority targets within the Motheo Expansion Project as part of a major step up in drilling of new targets commencing in the June 2021 Quarter”.

The current inferred mineral resources estimate for the A4 deposit is 6.5mt at an average grade of 1.5% copper and 24g/t silver.

These other priority exploration targets include the A1, A27, T1 and T2 East prospects which are “located within circa 30km north and north-east of T3 on private farms. Access to these targets is currently being negotiated”.

The Australian announcement also confirms that “The Government of Botswana has not notified Sandfire of its intention regarding the acquisition of an ownership stake” which can be up to 15% on a contributory basis.

Metal Tiger’s announcement includes the comment from Sandfire Resources CEO, Karl Simich, that “Regional exploration across the Kalahari Copper Belt is also moving into top gear, both within the Motheo Expansion Area and further afield, including across our licences in Namibia”.


Phoenix Copper* (LON:PXC) 37.5p, Mkt Cap £43.6m – A new Empire mine coming into focus

(Phoenix holds 80% of the Empire mining property in Idaho)


Phoenix Copper is planning to re-open the historic Empire copper mine in Mackay, Idaho.

Initial development of a shallow copper oxide operation will prepare the way for a reexamination of the underlying sulphide mineralisation as well as the exploration of the nearby Red Star and Navarre Creek properties in what has been described as an under-explored region of Idaho.

The recent fund-raising and publication of a revised economic model for the Empire Mine oxide project in Idaho provides a clear trajectory for production from Phoenix Copper.

We take the opportunity to focus on the project’s characteristics relative to other North American copper mine development projects.

The update envisages the treatment of 2.1mtpa of ore over a 10 years mine life in order to produce an average of 5,800tpa of copper and, in 1,300tpa of zinc as well as 2mozpa of silver and around 12,000ozpa of gold.

The new study envisages a two-phase development with base metal production during the first seven years and precious metals recovery from the retreatment of ore with ammonium thiosulphate starting in the fourth year of operations and continuing until year 10.

Pre-production capital expenditure for the first phase amounts to US$53m with approximately US$37m required for the precious metals recovery phase.

Our analysis of 15 other undeveloped copper projects in North America shows that although Phoenix Copper’s project is amongst the smallest in terms of overall production it is also amongst the lowest cost in both capital and operating cost terms with low capital intensity contributing to a post-tax project NPV of US$139m and an IRR of 50% based on SP Angel’s current long term commodity price assumptions.

*SP Angel act as Nomad for Phoenix Copper


Rainbow Rare Earths* (LON:RBW) 16.25p, Mkt Cap £77.2m – Final Phalaborwa assay results

(Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates. There is currently no BEE requirement as this is a retreatment processing operation)

Rainbow reports final results from the auger drilling programme at the Phalaborwa project in South Africa.

The average total rare earths oxide ‘TREO’ grade amounts to 0.45%, with grades as high as 0.61% TREO at hole PAH61.

NdPr oxide grades came in at 0.13%, representing 28.9% of the TREO reported.

Economic levels of Dysprosium and Terbium enhanced the overall rare earths basket value contained in the stacks by approximately 15%, while the level of radioactive elements present in the stacks was low.

Following the receipt of these results and prior to the publication of a JORC 2012 Mineral Resource Estimate, Rainbow expect to carry out additional drilling within the 35mt gypsum stacks to confirm bulk density as well performing an updated topography survey.

The grades are also augmented by Dysprosium and Terbium credits raising the overall value of rare earth mineral contained beyond management’s original expectations.

The overall value per tonne of gypsum is 15% higher than initially anticipated at US$111/t of gypsum based current NdPr prices and the reported assay values.

The additional DyTb credit adds a further US$36/t of gypsum enhancing the recoverable value of the rare earths to > over 92% of the total value of REE basket.


SolGold* (LON:SOLG) 26.85p, Mkt Cap £598m – US$74m placing to help fund exploration drilling in Ecuador

SolGold has confirmed a successful placing and retail offer of approximately  208m additional shares at a price of 25.5p/share to raise gross proceeds of US$73.8m (£53.1m).

Approximately 206.5m shares were issued as part of the placing with the balance of approximately 1.7m shares forming the retail offer.

The additional shares represent 9.99% of the enlarged capital of Solgold.

“Certain directors of the Company have agreed to participate via the Placing” with Messrs. Twigger, Mather and O’Kane each acquiring an additional 292,156 shares with Messrs. Clare, Marshall and Moller also participating along with Ms. Amparo Albann and Ms. Grant Goodey.

The company’s announcement explains that the additional funds “are intended to fund (i) a minimum of 40,000 meters of diamond core drilling, (ii) related technical services and staff expenses and (iii) CSR initiatives work related to the Company’s Regional Portfolio. Excess cash will be used for the DFS and related workstreams related to the Alpala Project”.

Conclusion: In addition to the flagship Alpala project, Solgold has an extensive exploration portfolio  throughout Ecuador with 13 high-priority targets identified already. The additional funding of at least 40,000m of exploration drilling should advance the geological understanding of these targets and provide Solgold with the opportunity to refine its exploration priorities and identify the most promising follow-up targets

*SP Angel act as Financial Advisor to SolGold.


Recent Interviews:

VOX Markets:  21/04/20:


IGTV:  Improved global economic forecasts from the IMF provides trading opportunities:

VW expansion driving battery metals prices:

*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.


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

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