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Today's Market View - AfriTin Mining, Castillo Copper, East Star Resources, and more...

Published: 06:54 31 Aug 2022 EDT

Today's Market View - AfriTin Mining, Castillo Copper, East Star Resources, and more...

SP Angel . Morning View . Wednesday 31 08 22
Metals prices hold up despite sharp correction in oil

 

MiFID II exempt information – see disclaimer below 

AfriTin Mining Ltd (AIM:ATM, OTC:AFTTF) – Phase 1 construction completed at the Uis mine
Anglo American PLC (LSE:AAL) – De Beers reports continuing strength in rough diamond demand ahead of the Diwali holiday season
Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) – Appointment of drilling contractors for campaign at the East Zone of the BHA project
East Star Resources PLC (LSE:EST) – Early-stage exploration results from Rudny Altai, Kazakhstan
Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF)* – C$6.9m raised for exploration and development at Joshua Vein
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) – Drill target identified at KCB license
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) – Interims
Tianqi Lithium (SHE: 002466) – Lithium prices drive rise in sales and profits at Tianqi Lithium
Sandfire Resources NL (ASX:SFR) – Plan for Motheo expansion to 5.2mtpa delivers positive DFS
Serabi Gold (AIM:SRB, TSX:SBI)* – Interim results hit by increased costs
Shanta Gold Limited (AIM:SHG, OTC:SAAGF) – Singida construction 70% complete with first production reiterated for Q1/23
Tesoro Resources (ASX: TSO) – Continued positive drill results at El Zorro

 

Interest rates likely to go yet higher as Fed looks to make quick move on inflation

  • Government bond yields have jumped yet higher as investors bet on shock rate moves to scare consumers and industry into reducing inflation
  • Oil prices are falling in anticipation as consumers start to conserve cash by driving less
  • US treasury yields rose to a 15-year high as US jobs market remains strong
  • US employers continue to recruit to replace retirees and supplement covid and long-covid suffers but jobs growth will almost certainly swing to jobs cuts as higher rates hits growth.
  • We have to wonder if the Fed is overdoing the scaremongering and if US industry will pull back severely on recruitment and expansion plans.
  • Not long ago, most major investors said the Fed would not raise rates ‘much’ due to the huge cost of servicing government debt.
  • If they are right, then the Fed may be looking to deliver a, short, sharp, shock to control inflation but could then cut rates fast to restore more normal growth and save the US Treasury.

 

Dow Jones Industrials -0.96% at 31,791
Nikkei 225 -0.37% at 28,092
HK Hang Seng +0.16% at 19,981
Shanghai Composite -0.78% at 3,202

 

Economics

US - Non-farm payrolls due Friday.

Ongoing jobs growth likely to spook markets on prospect of aggressive rate hike to control inflation.

  • S&P Case Schiller house price was 18.6% higher yoy in June vs 20.5% yoy in May
  • Home price index 0.1% (1.4%), yoy 16.2% (18.3%),
  • Dallas Fed manufacturing index -12.9 in August vs -22.6 in July which marks a surprising improvement given recent Fed noises
  • The US dollar is strengthening as the market prepares for non-farm payroll numbers on Friday.
  • Anything other than a collapse in the jobs market is likely to lead to another interest rate hike with a positive jobs number leading to a more aggressive move by the Fed.
  • The strength of the US dollar is likely to cause further issues around the world as other currencies weaken.
  • We note the Chinese yuan has weakened 10% to 6.89/USD over the past six months making commodity and other imports more expensive for a nation that is obsessive about inflation control.
  • While China has good control on local inflation many other nations are struggling, with Turkey seeing 79.6% and Argentina at 71%.

 

Mexico - Unemployment rose to 3.4% in July vs 3.3% in June

 

Japan - Unemployment held at 2.6% in Japan

  • The jobs to application ratio rose to 1:1.29 ahead of expectations according to Trading Economics

 

EU - Economic sentiment 97.6 in August vs 98.9 in July

  • industrial sentiment 1.2 in August vs 3.4, Jan’22 13.4 in July
  • service sentiment 8.7 in August vs 10.4 in July
  • consumer sentiment -24.9 in August vs -27.0 in July

 

Germany – Energy drought to disrupt German industry as Europe heads into Winter recession

  • Manufacturers and particularly assembly lines to get hit hard as component manufacturing gets hit by energy crisis.
  • Automotive manufacturers are likely to have a tough winter coming their way as policymakers prioritise gas and other energy supplies for consumers.
  • And while we reckon the major players reckon their supply chains are secure, we are also fairly sure there will be simple component manufacturers which will have problems this winter if gas and energy supplies are cut.
  • Auto manufacturers will continue to focus on premium vehicles leaving lead times for smaller, cheaper models to continue to lengthen.
  • Western European gas storage facilities are reported close to the 80% capacity levels.
  • Full gas storage could last, at best for around three months with around 80-90 days of average demand in Germany according to Aurora Energy Research
  • But we wonder if that accounts for the needs of gas-intensive industries like chemicals, fertilizers, refining, glass makers etc..
  • CPI 0.3% in August vs 0.9% in July and 7.9% yoy in August and 7.3% yoy in July

 

Currencies

US$1.0018/eur vs 0.9996/eur yesterday. Yen 138.50/$ vs 138.61/$.  SAr 16.997/$ vs 16.829/$.  $1.167/gbp vs $1.171/gbp. 0.689/aud vs 0.692/aud.  CNY 6.895/$ vs 6.917/$.

US Dollar index – 108.77 / -0.01%.  Chinese Yuan falls 4.5% vs US dollar

 

Commodity News

Precious metals:         

Gold US$1,721/oz vs US$1,733/oz yesterday

Gold ETFs 100.0moz vs US$100.1moz yesterday

Platinum US$852/oz vs US$858/oz yesterday

Palladium US$2,120/oz vs US$2,149/oz yesterday

Silver US$18.40/oz vs US$18.75/oz yesterday

Rhodium US$14,100/oz vs US$14,100/oz yesterday

 

Base metals:   

Copper US$7,920/t vs US$7,934/t yesterday

Aluminium US$ 2,405/t vs US$2,432/t yesterday

Nickel US$ 21,369/t vs US$21,275/t yesterday

Zinc US$ 3,490/t vs US$3,504/t yesterday

Lead US$ 1,988/t vs US$1,987/t yesterday

Tin US$ 23,500/t vs US$24,235/t yesterday

 

Energy:

Oil US$99.8/bbl vs US$104.7/bbl yesterday

  • Crude oil prices were overwhelmed by rising fears of a global recession feeding through into slower crude demand, compounded by US API data showing a 0.6mb crude build last week (vs. 0.6mb draw expected).
  • European energy prices surged higher as Russia’s Gazprom halted flows at midnight on the Nord Stream 1 gas pipeline to Germany as it suspends gas flows for three days of unscheduled maintenance.

Natural Gas US$9.143/mmbtu vs US$9.267/mmbtu yesterday

Uranium UXC US$51.20/lb vs US$49.70/lb yesterday

 

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$98.4/t vs US$102.3/t

Chinese steel rebar 25mm US$602.5/t vs US$607.7/t

Thermal coal (1st year forward cif A RA) US$302.0/t vs US$306.0/t

Coking coal swap Australia FOB US$315.0/t vs US$315.0/t

 

Other:  

Cobalt LME 3m US$51,955/t vs US$51,955/t

NdPr Rare Earth Oxide (China) US$91,007/t vs US$91,092/t

Lithium carbonate 99% (China) US$68,962/t vs US$68,753/t

China Spodumene Li2O 5%min CIF US$4,990/t vs US$4,940/t

Ferro-Manganese European Mn78% min US$1,227/t vs US$1,225/t

China Tungsten APT 88.5% FOB US$333/t vs US$333/t

China Graphite Flake -194 FOB US$815/t vs US$815/t

Europe Vanadium Pentoxide 98% 7.3/lb vs US$7.3/lb

Europe Ferro-Vanadium 80% 31.75/kg vs US$31.75/kg Vanadium prices post healthy recovery in China

Chinese vanadium nitride prices have recovered to CNY168,500 from their 2 August low of CNY144,500.

China Ilmenite Concentrate TiO2 US$334/t vs US$336/t

Spot CO2 Emissions EUA Price US$82.9/t vs US$89.5/t

Brazil Potash CFR Granular Spot US$860.0/t vs US$900.0/t

 

Company News

AfriTin Mining Ltd (AIM:ATM, OTC:AFTTF) 5.15p, Mkt Cap £59m – Phase 1 construction completed at the Uis mine

  • Afritin reports an after-tax loss of £0.47m for the year ending 28th February 2022 (2021 – loss of £5.80m) and a year-end cash balance of £7.4m.
  • The company also reports a 155% increase in EBITDA to £2.6m reversing an EBITA loss of £4.7m,
  • Afritin highlights a 70% increase in annual tin concentrate output to 804t with the plant at the Uis mine in Namibia operating at 12% above nameplate capacity “reflecting strong operational performance”.
  • Following the publication of a definitive feasibility study for a 67% expansion of the phase 1 plant capacity, construction has commenced and is expected to “be complete by the end of September 2022”.
  • The expansion project, to 1,200tpd capacity expands the crushing and screening capacity, provides stockpile capacity for fine ore ahead of the concentrator and removes potential bottlenecks in the enlarged plant.
  • Additional expansion opportunities and the addition of lithium and tantalum production in a Phase 2 programme were released in a Preliminary Economic Assessment (PEA) released in April reporting a potential after-tax NPV8% of US$2.1bn and IRR of 75% from an initial capital investment of US$440mover a 14year mine life.
  • CEO, Anthony Viljoen, explained that “The addition of various growth initiatives, specifically the addition of lithium and tantalum production revenue streams, will further drive future value for the Company. This should transition AfriTin to a multi-commodity producing technology metals group, which is tremendously exciting”.

 

Anglo American PLC (LSE:AAL) 2,837p, Mkt Cap £37.3bn – De Beers reports continuing strength in rough diamond demand ahead of the Diwali holiday season

  • Anglo American reports that the seventh De Beers sales cycle of 2022 realised US$630m on a provisional basis and that the previously reported sales for the sixth sales cycle of 2022 have now been confirmed as US$638m.
  • The latest provisional sales figures are US$108m ahead of the US$522m reported for the equivalent seventh sales cycle of 2021 and bring sales so far in 2022 to approximately US$4.4bn.
  • De Beers Chief Executive, Bruce Cleaver, said that “rough diamond sales continued at a steady level in the seventh sales cycle of 2022. In line with normal seasonal trends, we anticipate that sales in the next few cycles will be affected by the temporary closure of polishing factories for the Diwali holidays”.

 

Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) 0.89p, Mkt Cap £10.7m – Appointment of drilling contractors for campaign at the East Zone of the BHA project

  • Castillo Copper has appointed drilling contractors for its forthcoming campaign at the BHA East Zone at Broken Hill, New South Wales.
  • The campaign which is “subject to regulatory approval from the NSW Resources Regulator” and is expected to start during Q4, is expected to consist of one diamond-cored hole and 15 reverse-circulation (RC) holes to investigate the cobalt potential of the Reefs Tank, Tors Tank and Fence Gossan prospects with a further 2 RC holes to test the copper-cobalt-gold and rare-earths potential of the Sisters prospect.
  • Managing Director, Dr. Dennis Jensen, explained that “with sentiment currently positive towards REEs, the Board is interested in boosting its understanding of the potential across The Sisters and Iron Blow Projects”.
  • The company’s geologists have previously established the presence of rare-earths mineralisation at Iron Blow and now plans “to test additional drill-core samples from the core library to determine if there are further extensions to known mineralisation”.

Conclusion: We await the start of the drilling programme at the BHA zone later this year.

 

East Star Resources PLC (LSE:EST) 5.25p, Mkt Cap £9.7m – Early-stage exploration results from Rudny Altai, Kazakhstan

  • East Star Resources reports the results of rock-chip sampling from its Rudny Altai project in eastern Kazakhstan where it is exploring the potential for volcanogenic massive sulphide (VMS) mineralisation.
  • Results include:
    • Grades of 17.5% copper, over 10% lead, 0.4% zinc, 0.37g/t gold and 121.5g/t silver “in rock chips from Talovskaya - an historic mine which operated in 1775, 1782-1783 and 1892-1896”; and
    • Grades of “4.8% Cu and 29.2 g/t Ag in rock chips from Verkhubinskoye - a deposit which reported non-compliant resources with contained metals of 136,500 t Cu, 24,810t Pb and 173,500 t Zn” and
    • 0.82% Cu, 1.35% Pb and 5.7 g/t Ag in rock chips from Rulyevskoye - an historic gold mine with quartz vein and tourmaline-quartz vein mineralisation which operated in 1938-1940”.
  • CEO, Alex Walker said that the rock-chip sampling “verify and provide additional geological context to historical data, confirming the rich nature of these targets. The Talovskaya target for example was originally mined in 1775 with the last mining taking place in 1896 and the last exploration in 1992”.
  • He confirmed that “We intend to conduct further work focussed on the highest ranked targets in September. We have ordered additional historical reports and continue to process the electromagnetic data for final targeting before drilling, expected to be in H1 2023”.
  • East Star Resources says that the “Rudny Altai region is one of the largest VMS provinces in the world, part of Central Asian Orogenic belt. According to a mineral map, published in the 1960s, the Licences contain more than 20 mineral occurrences (including Cu, Pb, Zn, Au, W) and a significant amount of soil and stream sediment anomalies”.

Conclusion: Early-stage results from rock-chip sampling confirms the VMS potential of Rudny Altai which East Star Resources plans to drill in H1 2023.

 

Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTC:GALKF)* 35p, Mkt Cap £36m – C$6.9m raised for exploration and development at Joshua Vein

  • Galantas reports that it has closed the private placement through selling 14,826,674 units of the Company at C$0.45 per unit for gross proceeds of C$6,672,003 and 506,667 Units at the Offering Price on a non-brokered private placement basis for gross proceeds of C$6.9m, including full exercise of the agents' option.
  • Each Unit was comprised of one common share and one-half of one common share purchase warrant exercisable at a price of C$0.55 until February 28, 2025.
  • Existing shareholders including Melquart, Eric Sprott and Michael Gentile all subscribed for more stock in the latest funding round.
  • Mario Stifano, subscribed for C$25k worth of stock.
  • Galantas’ strategic partner, Ocean Partners, subscribed for C$207k worth of stock.
  • The company comments that net proceeds are to be used for exploration and development at the Joshua Target as well as for working capital and general corporate purposes.
  • Highlights from the ongoing 4,000m programme includes:
    • Hole FR-DD-21-175 – 13.1m at 17.4g/t Au, 74.6g/t Ag and 1.9% lead from 71m
    • Hole FR-DD-22-UG-181 – 7m at 31.7g/t Au, 58.5g/t Ag and 2.8% Pb from 150m
    • Hole FR-DD-21-UG-174 – 2.2m at 73.6g/t Au, 93.4 g/t Ag and 8.9% Pb from 134m
  • The Joshua Target is a key focus for the company along with the Kearney Vein, with mineralisation open at depth and along strike.

*SP Angel acts as nomad for Galantas gold

 

Kavango Resources PLC (LSE:KAV, OTC:KVGOF) 1.8p, Mkt cap £8m – Drill target identified at KCB license

  • Kavango reports that following the completion of a 9,677-sample soils programme across its licenses on the Kalahari Copper Belt.
  • Sampling on the Mamuno Project showed 5km long x 3.5km wide area of anomalous copper values of over 30ppm Cu.
  • Kavango now intend to follow up with geophysics to delineate the target further, ahead of a drilling campaign.
     

Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) 17.5p, Mkt Cap £30m – Interims

  • Metal Tiger has released its unaudited six-month results to the 30th June 2022.
  • The company reported a loss of £9.8m vs £0.6m over the same period last year.
  • Cash at the end of the period was £192k.
  • Metal Tiger received a dividend income of £146k vs £288k in H1 21.
  • Operational highlights over the period include the agreement to sell 49% of Kalahari Metals Limited Limited to Cobre Limited for up to £1.5m
  • The company invested £2.2m in 7 new passive investments and also completed 7 follow-on passive investments, while fully exiting from 17 passive investments and partially exited 10 passive investments.

 

Tianqi Lithium (SHE: 002466)  CNY114/s, Mkt cap CNY184bn – Lithium prices drive rise in sales and profits at Tianqi Lithium

  • Tianqi Lithium report a rise in H1 sales of 506% to CNY14.2bn from CNY2.3bn from higher lithium prices.
  • Net profit rose to CNY10.2bn from a loss of CNY0.08bn yoy.
  • Chinese lithium carbonate prices rose 71% through the period.
  • Earnings per share rose to CNY6.93/s from CNY0.05/s
  • Production at Talison, a subsidiary of Tianqi rose to 127,100t last year representing some 38% of global production
  • Production capacity at Talison has increased to 1.62mt pa 1.34mt pa of concentrates
  • Tianqi is 100% self sufficient in terms of lithium mine and brine supply and is fully vertically integrated
  • AISC costs at Greenbushes are upwards of US$386/t of concentrate CIF China vs Greenbushes costs of US$271/t of concentrate in 2021
  • Power outages in Sichuan province due to lower hydropower caused by the drought have so far curtailed power for two weeks this month.

 

Sandfire Resources NL (ASX:SFR) A$4.62, Mkt Cap A$1.9bn – Plan for Motheo expansion to 5.2mtpa delivers positive DFS

  • Sandfire Resources reports that a Definitive Feasibility Study (DFS) for the expansion of the Motheo copper project in Botswana to 5.2mtpa compared to the 3.2mtpa development currently underway shows that the larger throughput delivers a pre-tax NPV7% of US$548m and an IRR of 29%.  After tax NPV is estimated at US$339m.
  • The study envisages a pre-production capital expenditure of US$397.4m (US$499m capital expenditure over the 10 years mine life) and is estimated using an average copper price of US$3.57/lb and a silver price of US$20.00/oz over the mine life.
  • The expanded mine will develop the A4 and T3 deposits to produce a total of 440,000t pf copper and 18.4m oz of silver in concentrate at an average all-in-sustaining cost of US$1.79/lb and life-of-mine waste:ore ratio of 6.2:1.
  • Sandfire intends to fund the development of the 5.2Mtpa expansion through a combination of cash and project debt. The Company has obtained credit approval for a US$140.0M project debt facility from a syndicate of banks”.
  • The capital cost estimate “incorporates future development costs for the A4 Open Pit and 5.2Mtpa plant expansion of US$47.9 million and the US$29.5 million increase in capital cost forecast for the 3.2Mtpa project … [and the announcement says that] … As at 31 July 2022, the Company had invested US$185.4 million (47%) of the US$397.4 million development capital.”
  • The company reports that it has placed 95% of the structural concrete required for the process plant and that 72% of the required structural steel has been erected and that “the 132kV transmission line … [is] … nearing completion.
  • Managing Director and CEO, Karl Simich, said that the “DFS has confirmed the robust economics of the expanded project and provides a clear pathway for us to move ahead with an immediate expansion of the 3.2Mtpa project”.
  • He also confirmed that “the 3.2Mtpa project is on schedule for completion in the March Quarter of FY2023, with first concentrate expected in the June Quarter of FY2023, allowing the expansion project to ramp up immediately following receipt of environmental and mining approvals”.
  • Mr. Simich also explained that the company is “continuing a major exploration campaign both in the near-mine area as well as across our extensive landholding in the Kalahari Copper Belt aimed at defining additional ore sources that can feed into our expanded processing hub at Motheo or support the development of new production centres across the region”.
  • Sandfire Resources acquired the Motheo project via it’s A$167m acquisition, in 2019, of MOD Resources for shares.

 

Serabi Gold (AIM:SRB, TSX:SBI)* 31.5p, Mkt Cap £27m –Interim results hit by increased costs

  • Serabi Gold (AIM:SRB, TSX:SBI) reports lower H1 earnings of US$2.1m (H1 2021 – US$6.3m) “reflecting US$1.3 million revenue reduction and cost increases for fuel and power and significantly enhanced underground drilling programme”.
  • The company reports a 30th June cash balance of US$9.8m “with a further US$1.9 million received shortly after the month end for a sale of copper/gold concentrate following a small delay to sailing schedules”.
  • The results reflect the H1 production of 15,480oz of gold at a cash cost of US$1,415/oz and an all-in-sustaining cost of US$1,716/oz.
  • On a quarterly basis, Q2 2022 cash costs of US$1,395/oz were US$41/oz lower than the US$1,438/oz recorded in Q1 and CFO, Clive Line, commented that the reduction reflected “improved production levels … despite cost inflation pressures that are being felt worldwide”.
  • He explained that “Compared with the same six-month period in 2021, we have incurred a 46 per cent increase in spending on underground drilling to grow the mineral resource inventory and build long term mining plans, a 48 per cent increase in power costs which includes diesel for generators and grid supplied electricity as well as increased costs of reagents and other consumables across both the mining and processing activities”.
  • Commenting on Serabi Gold’s initiatives to contain cost increases, Mr. Line said that “Headcount has been reduced since the start of 2022 by seven per cent although the costs savings associated with these reductions will only be fully realised in future periods”.

Conclusion: Serabi is facing cost pressures as a result of increasing fuel and power costs and increases in its underground drilling programme as it builds its resource base

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

 

Shanta Gold Limited (AIM:SHG, OTC:SAAGF) 9.75p, Mkt Cap £105m – Singida construction 70% complete with first production reiterated for Q1/23

  • Shanta Gold reports that construction at its Singida project in central Tanzania is now 70% complete with first gold production expected in early 2023.
  • Singida is planned to “Shanta Gold into a +100,000 oz/pa producer with a diversified resource base”.
  • Commenting on the progress of the development, the company says that the crushing circuit has now been installed and cold-commissioning is complete while cold-commissioning oif the grinding circuit is planned for December.
  • The Gold Tree pit, which hosts 49% of the current Singida resource, has been excavated to 15m with a planned total depth of 150m by year 4.
  • “The installation of clay lining cushion layer and HDPE liner at the Tailings Storage Facility ("TSF") is planned for Q4”.

Conclusion: Singida is now 70% complete and expected to start production early in 2023 moving Shanta Gold into the ranks of a >100,000pa gold producers.

 

Tesoro Resources (ASX: TSO)  A$0.043, Mkt cap A$37m – Continued positive drill results at El Zorro

  • Tesoro has received assay results for two out of seven holes for the 3,275m programme recently completed at the El Zorro Gold Project.
  • Highlights from results received so far:
    • ZDDH0297 - 434.60m @ 1.22g/t Au from 15.40m, including:
    • 218.50m @ 1.86g/t Au from 72.00m;
    • 89.95m @ 3.07g/t Au from 111.40m
    • ZDDH0298 - 563.00m @ 0.35g/t Au from 27.00m, including
    • 82.00m @ 0.72g/t Au from 27.00m
    • 21.00m @ 2.00g/t Au from 27.00m
  • Latest results continue to improve understanding of the continuity and consistency of mineralisation at the Ternera Gold Deposit, where the company currently holds a 1.1Moz resource.

Conclusion: Tesoro have been successful at intersecting broad mineralisation at Ternera, and we look forward to the release of the five other assay results due for the project.

 

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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BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

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