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Today's Morning View - Gold and Base metals rise as Chinese smelters lockdown

Published: 07:44 24 Mar 2022 EDT

Today's Morning View - Gold and Base metals rise as Chinese smelters lockdown

SP Angel . Morning View . Thursday 24 03 22

Gold and Base metals rise as Chinese smelters lockdown

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MiFID II exempt information – see disclaimer below     

Ariana Resources (AAU LN) – Exploration alliance with Newmont

Atalaya Mining (AIM:ATYM, TSX:AYM) (ATYM LN) – Record 2021 copper output pushes 195% rise in EBITDA to €199.1m

Atlantic Lithium* (ALL LN) – Ewoyaa MRE grows +40% with ~70% in the Indicated category

Bluejay Mining* (JAY LN) - BUY – KoBold Metals ramp up work program at Disko-Nuussuaq as Bluejay raise $7m to complete feasibility on Disco ilmenite mine

Horizonte Minerals (HZM LN) – NED appointments

KEFI Gold and Copper* (KEFI LN) – Exploration at new Al Godeyer licenses identified similar to Hawiah gold/copper mineralisation

 

Gold climbs as EU and US discuss additional Russian sanctions, ETF holdings extend rise

  • Gold climbed to $1,944/oz, having settled around $1,925/oz earlier this week.
  • The move suggests gold has shrugged off headwinds in both Powell’s comments on a more aggressive rate hike schedule and rising 10-year Treasury yields.
  • The rally was triggered by the US and EU’s plans to slash dependency on Russian oil and gas as the G7 meet in Brussels today.
  • Investors look to gold as a hedge in anticipation that additional sanctions will support oil prices, subsequently adding to inflationary pressures in the West.
  • Gold demand is visible in ETF holdings, which have risen for a 10th day in a row, up 361,288oz today and 7.7% this year. (Bloomberg)

 

Shanghai nickel jumps 17%, LME nickel up 15% as volatility continues to shake market

You have to love the LME nickel market in particular with prices trading 15% higher today to their trading limit at $37,235/t.

  • Shanghai nickel prices tracked the LME 15% jump from the previous day, closing at $36,666/t.
  • Analysts suggest Tsingshan, (the antagonist of the $100,000/t LME nickel squeeze) among others, have held significant short positions on the nickel market.
  • Volumes have significantly shrunk on both exchanges, with further volatility expected as a result of a thin trading market.
  • SHFE brokers are reporting net-long positions on nickel futures.
  • Nickel has always been a dangerous metal. It’s like a big, old, Croc which lies still, waiting for its prey and just when the wildebeest are splashing in the liquidity it gorges on anything it can snap at.

 

Ukraine -

  • At the outset of the Russian invasion / ‘Special Operation’ we thought Russia would sweep in with an element of surprise and local support. We were wrong there as was the intelligence given to Putin by his advisors.
  • We had not thought to ask the people of Ukraine what they wanted to do and didn’t want to see the development of a bloody conflict.
  • Putin’s plan may well have been to simply change the government in Kiev and take the eastern and coastal areas without too much trouble.
  • While we were not surprised to see Putin do what he had long said he would do we also suspect NATO had seen this coming.
  • We note, Ukraine was seen as corrupt and nobody wanted to risk provoking the Russian bear. Now Putin needs a way out to avert a longer-term conflict.
  • But Ukraine has fought hard and what started out as a ‘Special Military Operation’ now looks like an invasion and a full-scale war.
  • In reality, the war in Ukraine started in 2014 with the annexation of Crimea and establishment of Russia supported separatist LNR/DNR regions, it only intensified in February this year.
  • Russia appears to have underestimated the strength and the quality of Ukrainian resistance as well as united opposition from the West that ramped up military and intelligence assistance to Ukraine as well delivering strong sanctions.
  • Russian troops are being evacuated with frostbite, their tanks and soldiers are being ambushed and Russia’s ability to take Ukraine appears to be weakening by the day, but Russia may send more troops and once Mariupol falls they may then move onto Odessa and then Kiev.
  • 10,000-20,000 fatalities later:
    • can Ukraine win this war?
    • will the war become another Afghanistan?
    • does Russia still have the ability to grind Ukraine into submission?
  • Our in-house, military expert, a former tank commander, now reckons Ukraine can repel the Russians – do we dare hope for this?
  • Escalation risks further terror:
    • chemical weapons – phosphorus bombs are said to have already been used
    • conventional devastation of more Ukrainian cities
    • tactical nuclear weapons
  • Both would lead to global condemnation of Russia for decades
  • Putin’s legacy risks ranking alongside the murderous regimes of Hitler and Stalin with evidence being collected for war crimes trials.
    • intelligence,
    • communication
    • tactics
    • determination
  • These are the key elements which will win in Ukraine over brute force and bombing
  • The Russian government has alienated the Western world but might well listened to the Chinese.
  • Regime change looks increasingly likely as Putin removes more officers and generals in his latest crackdown. Anonymous is also hacking more Russian TV.
  • When the Russian people realise, they are supporting a regime guilty of so many atrocities they may well rise up and demand change

 

Dow Jones Industrials -0.98% at 34,466
Nikkei 225 +3.00% at 28,040
HK Hang Seng +1.21% at 22,154
Shanghai Composite +0.34% at 3,271

   

Economics

Asia – GDP growth forecasts downgraded as Ukraine conflict continues

  • Asia’s exposure to higher oil and gas prices is downgrading GDP growth forecasts
  • The IMF cut GDP growth forecast for Indonesia to 5.4% from 5.6% yesterday.
  • Thailand will likely miss its 3.5-4.5% target.
  • China will probably see a 0.5% hit to GDP on energy costs alone.
  • The World Bank reckons the situation risks a 1% fall in GDP for all major oil importing economies

 

China - Major metals hub Tangshan lockdown sees production output slide

  • A Covid-induced lockdown of metals hub Tangshan has seen the shutdown of major production plants.
  • Officials have blocked roads in Tangshan, halting truck deliveries. (Bloomberg)
  • A copper and aluminium fabricator has slashed production at its plant on inadequate raw materials supplies.
  • A China copper wire producer Hebei Huatong Wires has started output cuts in Tangshan amid virus controls.
  • Efforts to replenish stockpiles of coal at power plants are being disrupted by testing and movement of people to contain the spread of the virus, threatening larger mills and plants.

China port congestion hits 5-month high on Covid curbs in further threat to inflation

  • Shenzhen and Hong Kong ports are recording 5-month high congestion as Covid-19 lockdowns intensify.
  • 174 vessels are waiting off key Chinese hubs, with a delayed impact from the Typhoon Kompasu adding to the bottleneck.
  • Covid restrictions in Shenzhen are expected to see a knock-on effect in congestion to other Chinese ports, despite the tech hub lifting lockdown orders on truckers and factories.
  • Analysts expect rising cases in Shanghai to result in additional Covid measures, further exacerbating supply chain disruptions.
  • Rediverted rail container cargoes from Russian lines for western consumers are expected to add to port congestion.
  • US congestion had started to ease, with container queues 6.2% smaller than the median.

 

Commodity traders amplify warnings of liquidity crisis as margin calls hit market

  • Commodity traders are doubling down on warnings of an impending liquidity crisis in the sector as creditors ramp up demands for margin requirements.
  • Whipsawing volatility has caused liquidity providers to reduce their available liquidity to the sector.
  • Qatar slashed its stake in Glencore by $1.1bn this week.
  • Mercuria, an energy trader, secured $2bn of emergency credit this month as traders rush to finance positions in both the physical and derivative markets.
  • Trafigura secured a $2.3bn credit facility yesterday.
  • Gunvor is looking to sell an equity stake to free up liquidity.
  • Trafigura’s finance chief Salmon has warned that the liquidity crisis in the commodity trading sector will reduce access to the sector for smaller firms, causing consolidation of the sector.
  • Salmon describes the role of trading houses as ‘supply chain managers.’
  • Trading houses have warned of ‘the likelihood of market disruptions’ causing ‘stock-outs of certain products in certain regions.’

 

Currencies

US$1.0985/eur vs 1.0994/eur yesterday. Yen 121.52/$ vs 120.42/$. SAr 14.770/$ vs 14.903/$.  $1.318/gbp vs $1.316/gbp. 0.748/aud vs 0.740/aud. CNY 6.369/$ vs 6.359/$.

 

Commodity News

Precious metals:         

Gold US$1,944/oz vs US$1,923/oz yesterday

Gold ETFs 105.4moz vs US$105.0moz yesterday

Platinum US$1,019/oz vs US$1,023/oz yesterday

Palladium US$2,533/oz vs US$2,554/oz yesterday

Silver US$25.10/oz vs US$24.98/oz yesterday

Rhodium US$18,600/oz vs US$18,800/oz yesterday

 

Base metals:   

Copper US$10,496/t vs US$10,329/t yesterday

Aluminium US$3,695/t vs US$3,536/t yesterday

Nickel US$37,235/t vs  US$29,050/t yesterday

Zinc US$4,169/t vs US$3,943/t yesterday

Lead US$2,370/t vs US$2,298/t yesterday

Tin US$42,785/t vs US$41,730/t yesterday

 

Energy:           

Oil US$121.9/bbl vs US$116.9/bbl yesterday

  • Oil prices sustained their upward trajectory as a bullish draw in US stockpiles reinforced market concern over near-term supply issues.
  • U.S. crude stockpiles fell 2.5mmb to 413.4mmb last week, according to the EIA, in addition to the 4.2mmb release from the US Strategic Petroleum Reserves. US crude exports also surged by ~1mmb/d to 3.8mmb/d.
  • U.S. President Joe Biden meets with European leaders today in Brussels, where the market expects agreements over US gas supplies and further sanctions against Russia.
  • Natural gas prices surged higher as the market sought clarity on Russian President Vladimir Putin’s demand for rubles payments for gas supplies to “unfriendly” nations.
  • Gazprom said its Ukraine transit nomination for Wednesday was 104mcm, down from 106.5mcm yesterday.

Natural Gas US$5.212/mmbtu vs US$5.163/mmbtu yesterday

Uranium UXC US$59.20/lb vs $59.20/lb yesterday

         

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$146.3/t vs US$145.1/t

Chinese steel rebar 25mm US$779.3/t vs US$775.1/t

Thermal coal (1st year forward cif ARA) US$187.0/t vs US$187.0/t

Thermal coal swap Australia FOB US$271.0/t vs US$245.0/t

Coking coal swap Australia FOB US$549.0/t vs US$568.0/t

 

Other:  

Cobalt LME 3m US$82,000/t vs US$82,000/t

NdPr Rare Earth Oxide (China) US$155,443/t vs US$155,294/t

Lithium carbonate 99% (China) US$74,189/t vs US$74,118/t

China Spodumene Li2O 5%min CIF US$2,810/t vs US$2,810/t

Ferro-Manganese European Mn78% min US$2,214/t vs US$2,243/t

China Tungsten APT 88.5% FOB US$340/t vs  US$340/t

China Graphite Flake -194 FOB US$805/t vs US$805/t

Europe Vanadium Pentoxide 98% 12.4/lb vs US$12.4/lb

Europe Ferro-Vanadium 80% 62.75/kg vs US$62.75/kg

China Ilmenite Concentrate TiO2 US$396/t vs US$396/t

Spot CO2 Emissions EUA Price US$83.7/t vs  US$84.0/t

Brazil Potash CFR Granular Spot US$1100/t vs US$1100/t

 

Battery News

 

Company News

Ariana Resources PLC (AIM:AAU) 3.9p, Mkt Cap £40.6m – Exploration alliance with Newmont

  • Ariana Resources has announced that it is forming an alliance with Newmont to explore for gold and copper in Bosnia and Herzegovina, Bulgaria, Greece, Kosovo, North Macedonia and Serbia.
  • Newmont will invest US$2.5m to fund the exploration as well as providing “access to Newmont's Regional Database”.
  • Successful exploration leading to “a project of sufficient merit for further development by Newmont” will lead to a further US$1m investment in a dedicated mining company owned by Ariana’s 75% owned Western Tethyan Resources in order for Newmont to acquire a 60% interest.
  • “Expenditure of a further US$15 million on a pre-feasibility study, which establishes a JORC or NI43-101 resource of over two million ounces of gold, will enable Newmont to earn-in to 75%”.
  • Funding of a project development “will be on a pro-rata basis unless WTR elects not to contribute, in which case Newmont will earn-in to a maximum of 85%”.
  • Managing Director, Dr. Kerim Sener, welcomed the opportunity “to partner with Newmont on the exploration for large-scale copper-gold deposits across south-eastern Europe, via Western Tethyan Resources”
     

Atalaya Mining (AIM:ATYM, TSX:AYM) 405p, Mkt Cap £561m – Record 2021 copper output pushes 195% rise in EBITDA to €199.1m

  • Atalaya Mining reports an after-tax profit of €132.2m (2020 - €30.4m) as a result of higher copper production, prices and increased revenues offset by rises in unit costs of copper production.
  • The strength of operational and financial performance triggered an inaugural dividend of US$0.395/share.
  • Copper production of 53,390t generated an increased revenue of €405.7m (2020 - €252.8m) from rising copper prices of US$4.14/lb (2020 – US$2.70/lb).
  • Higher unit cash costs of US$2.18/lb (2020 – US$1.95/lb) were “were mainly attributable to the increase in … tonnes of waste extracted”.
  • During FY2021, the plant continued to operate above nameplate capacity of 15 Mtpa and processed 15.8 million tonnes of ore with an average copper head grade of 0.41% and a recovery rate of 85.97%. In comparison to FY2020, the increased throughput and metallurgical recoveries more than offset the lower copper grades. In Q4 2021, 3.9 million tonnes of ore were processed, reporting a consistent quarterly throughput”.
  • The company confirms its previously announced production guidance for 2022 of 54-56,000t of copper production and indicates that cash costs are expected to fall in the range US$2.25-2.80/lb with all-in sustaining costs between US$2.50-3.05/lb.
  • During 2022, Atalaya expects to invest “€11.9 million for the 50 MW solar plant, out of the total budget of ~€28 million” as well as “€15.0 million for the Phase I E-LIX plant … [as well as] … €12.5 million for expansion of the Riotinto tailings facility”.
  • The company also plans to spend €10m on further exploration of its “strategic land package in the Iberian Pyrite Belt, where numerous high-quality discoveries have been made in recent years by Atalaya and its neighbours”.
  • Exploration is expected to focus on “expanding and enhancing the resource at Proyecto Masa Valverde and testing prospective targets at Proyecto Riotinto East and Ossa Morena”.

Conclusion: Atalaya Mining is benefiiting from its ability to run its new 15mtpa plant at Riotinto at above design capacity at a time when copper prices are buoyant.  Copper output guidance indicates that current production levels are expected to be maintained.  We look forward to further exploration generating a mineral resources update for Masa Valverde and the associated deposits.

 

Atlantic Lithium Limited (AIM:ALL)* 48p, Mkt Cap £276m – Ewoyaa MRE grows +40% with ~70% in the Indicated category

  • New Ewoyaa Lithium Project yields a 42% increase in total resource and ~300% in the Indicated category following the latest drilling programme.
  • The new estimate of JORC (2012) compliant indicated and inferred resources, using a 0.5% Li2O cut-off, is 30.1mt at an average grade of 1.26% Li2O to a depth of -190m RL.
  • 20.5mt at 1.29% Li2O in the Indicated category;
  • 9.6mt at 1.19% Li2O in the Inferred category.
  • 25.2mt at 1.29% of the resource is in the coarse-grained P1 metallurgical domain that demonstrated higher recoveries (~75% vs 45-60% for finer grained type P2) of which 23.5mt at 1.30% is in the primary material.
  • This compares to the previous MRE of 21.3mt at 1.31% Li2O (COG 0.5% Li2O) and 5.2mt at 1.39% Li2O in the Indicated category.
  • The update is based on total of ~90,300m of drilling reflecting ~33,800m of extra drilling data collected since the last MRE update in Dec/21.
  • Mineralisation remains open at depth and along strike with additional untested pegmatites located next to deposit area offering good potential for further MRE expansion.
  • The team reports of one RC drill rig active on site and six auger drill rigs testing regional exploration targets.
  • Along further MRE infill and step out drilling the Company is continuing to work on the studies to be fed into the future PFS.
  • The independent estimate, which “was completed by Mining Focus Consultants Pty Ltd of Perth, Western Australia and demonstrates reasonable prospects for eventual economic extraction” is based on over 90,000m of reverse circulation (RC) and diamond-core drilling completed up to the end of December 2021, including an additional 37,500m of RC and coring.
  • Additional auger drilling is also being undertaken within the region “with six rigs active over the portfolio; detailed airborne geophysical survey awarded and soil sampling surveys underway”.
  • Interim CEO, Len Kolff, expressed confidence in Atlantic Lithium’s capacity to deliver further resource expansion and said that “We are delighted to have increased the Ewoyaa Resource by a further 42% to 30.1Mt at 1.26% Li2O and will continue to grow this robust project with ongoing drilling programs. Our goal was to increase the Resource to support a >12-year mine life and to convert >80% of the previous resource from Inferred to Indicated status. We have comfortably achieved both goals, demonstrating the robust geological fundamentals of the Project”.
  • He also commented that “With Ewoyaa being fully funded to production through our agreement with Piedmont Lithium, this upgrade highlights the exceptional potential of the project and the value that it brings to the Company.”
  • The scoping study reported an initial capital investment of US$70m delivering a “Pre-tax NPV8 of US$1.23bn” and a payback within 1 year

Conclusion: Updated Ewoyaa MRE delivers a +40% increase in tonnage at similar grades with higher confidence Indicated category now accounting for nearly 70% of the resource, up from ~25% before, that is set to extend the life of mine improving project economics. Mineralisation remains open along strike and at depth with a number of regional pegmatite targets offering good potential to further improve on the resource.

*SP Angel acts as Nomad to Atlantic Lithium

 

 

BlueJay Mining PLC (AIM:JAY, OTCQB:BLLYF)* 7.84p, Mkt cap £76m – KoBold Metals ramp up work program at Disko-Nuussuaq as Bluejay raise $7m to complete feasibility on Disco ilmenite mine

  • KoBold Metals, the expert, Artificial Intelligence led, exploration team are ramping up their work program at Disko-Nuussuaq this year to include:
    • 3,000m of diamond drilling
    • 9,500km of fixed-wing/helicopter/drone supported geophysical surveys
    • 200km of soil sampling
  • The work is focussing on a potential for economic grades in massive nickel, copper, cobalt and PGM bearing sulphides staring in early June
  • The team will establish their exploration camp from mid-May with the Bluejay team acting as the field operations manager subject to approvals from the Greenland Mineral Licensing and Safety Authority.
  • Geology:  Disko-Nuussuaq is centred in a region of extensive contaminated and metal-depleted volcanic centres with high-grade surface samples including a large boulder grading 7% Ni, 3% Cu & 2ppm PGE.
  • Kobold have identified seven large magmatic Ni-Cu-PGE conductor targets with prior exploration data providing a good platform for for KoBold to work from.
  • Norilsk comparison:
    • High Mg, olivine rich magmas (2-5+km thickness)
    • Proximity to large, crustal-scale faults & magma conduit systems
    • Sulphide/sulphur bearing country rocks
    • Prolonged episodes of assimilation of siliceous crustal rocks (contaminated lava, containing shale/sandstone)
    • Chalcophile element depletion in crustily contaminated rocks (contaminated lava has lost Ni, Cu, PGE, evidence that sulphide melt has segregated from magmas prior to eruption. Mass balance supports that 12-16 million tons of nickel are missing from the lava sequence). 
  • Placing: Bluejay has raised $7m (5.38m) through the placing of 76,857,134 shares at 7p.
  • The funds will enable Bluejay to complete its ongoing feasibility study ahead of financing and construction of the Dundas ilmenite mine in Greenland.
  • The placing enjoys continued and strong support from existing and new institutional investors alongside directors subscription for £120,000 worth of stock.
  • Feasibility study: completion of the feasibility study will enable the lending syndicate to seek authorisation for the project finance.
  • Lending syndicate: consists of government, EU and commercial banks and lending institutions .

Dundas mine schedule (SP Angel estimate)

  • Geotechnical and civil works for the port and facility and building foundations occurring in Greenland this year.
    • Revised feasibility study – End 2022
    • Financing – Q1 2023
    • Engineering Design – Q1 2023
    • Ordering of materials long lead time items – Q1/Q2 2023
    • Shipping of materials to Greenland & construction of larger jetty for unloading Q2/Q3 2023
    • Pouring concrete in Greenland – Q2/Q3 2023
    • Shipping of process plant and mining equipment to Greenland Q3 2023
    • Shipping of all the things they forgot or couldn’t make the boat Q2 2024
    • Instillation and theoretical commissioning of full-scale process plant Q3 2024 

Conclusion:  We are hugely excited over the potential for discovery at Disko-Nuussuaq. The Kobold team, led by Kurt House has some of the world’s best geologists including Dr. Peter Lightfoot, who was in the Falconbridge discovery team working on Disko-Nuussuaq in the late 1990s. This is unfinished business for Peter Lightfoot and his focus on areas of metal accumulation utilising Kobold technology is expected to yield tangible results.

*SP Angel act Nomad and broker to Bluejay. The analyst holds shares in Bluejay Mining.

 

Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) 6.85p, Mkt Cap £260m – NED appointments

  • Horizonte Minerals has announced the appointment of two new non-executive directors, Gillian Davidson and Vincent Benoit.
  • Ms Davidon is described as “an industry leader in sustainability … [with] … over 25 years of experience in the extractives and natural resources sectors” and a former Head of Mining & Metals at the World Economic Forum.
  • Mr. Benoit “has over 30 years of corporate finance, business development and M&A experience in the mining, telecom, and energy sectors” and is a previous “CFO and EVP Corporate Development at Endeavour where he reshaped the strategy, improved the mine portfolio quality, and enhanced the balance sheet to fund the organic growth”.
  • Commenting on the appointments, CEO, Jeremy Martin, welcomed the appointments and said that they “bring new expertise to the Horizonte senior team, particularly in the areas of sustainability, corporate finance and project oversight. Their experience will be invaluable in helping the Company achieve its objective of becoming the next major, low-cost, sustainable nickel producer, through the development of Araguaia and Vermelho”.

 

KEFI Gold and Copper* (KEFI LN) 0.80p, Mkt Cap £24m – Exploration at new Al Godeyer licenses identified similar to Hawiah gold/copper mineralisation

  • The Company announced good initial exploration results at the recently secured Al Godeyer copper/gold licenses in Saudi Arabia.
  • Early works included geophysics and mapping of trenches identifying gold and copper gossans over a continuous 1.3km in strike anomaly and a second, shorter anomaly,located to the southeast.
  • Geophysics responses were very similar in intensity to gossan/sulphide geophysics signature recorded at Hawiah.
  • Rock chips from the mapping phase returned grades of up to 7.2g/t and 1.8%.
  • The Company mobilised an RC drilling rig at site ahead of schedule with oxide and transition sulphides to a vertical depth of 35m recorded in the first six holes.
  • The area is contingent to the Hawiah license and is ~12km from the MRE at Hawiah.

Conclusion: Positive early exploration work at Al Godeyer, licenses secured in Dec/21, confirm >1km strike of similar to Hawiah gold/copper mineralisation with the team having launched a drilling programme ahead of schedule to follow up on exciting first results.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

 

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

 

Analysts

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

Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486

 

Sales

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

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

 

 

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

 

*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 - Bloomberg
Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME
Oil Brent - ICE
Natural Gas, Uranium, Iron Ore - NYMEX
Thermal Coal - Bloomberg OTC Composite
Coking Coal - SSY
RRE - Steelhome
Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal

 

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