SP Angel . Morning View . Thursday 19.02.26

MiFID II exempt information – see disclaimer below

Cobra Resources (COBR LN) – Extended drilling programme at Manna Hill completed

B2 Gold  (BTG US) – 2026 guidance disappoints as Goose ramps up and Fekola stripping programme accelerates

First Class Metals (FCM LN)  – Drilling rig mobilised to the Sunbeam property, Ontario

First Development Resources (FDR LN)  – Exploration narrows down target areas at the Selta project NT, Australia

KEFI Gold and Copper (KEFI LN)  – BUY– Tulu Kapi groundbreaking ceremony attended by PM and Oromia State President

Jubilee Metals Group (JLP LN)  – H1 2026 operational results from Zambia

Kinross Gold (KGC US) – Strong cashflows delever balance sheet as production flatlines to 2029

Lundin Gold (LUG CN) – Fruta del Norte South drilling returns 21m at 91g/t Au

PLS (PLS AU) – Earnings climb on stronger prices with Ngungaju restarting July and P2000 FS due DecQ

Rio Tinto (RIO LN) – Iron ore underpins 2025 results and maintained annual dividend

Rome Resource (RMR LN ) – Exploration upside at Mont Agoma

Sandfire Resources (SFR AU) – Results as focus on Kalkaroo and Black Butte development projects

Wesfarmers (WES AU) – 1HFY26 results

Gold ($4,990/oz) firms below key level as focus shifts to Iran-US tensions

• Gold prices have continued to bounce around the $5,000/oz mark.
• The sustained strength comes despite the beginning of the Chinese Lunar New Year holiday, which has reduced trading volumes out of China.
• US Treasuries are weakening following a strong rally, with the 10 Year yield drifting back towards 4.1%.
• The sustained strength in gold prices has shrugged off a rebound in the dollar index, which has climbed to 97.7 from January lows of 96.
• Tensions between the US and Iran continue to mount, with the US reportedly withdrawing all forces from Syria overnight. (WSJ)

VOX video:  The most extraordinary week in commodities I've ever witnessed

• Podcast:  The Vox Markets Podcast

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

We are now in a new commodities cycle: on VOX: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel's John Meyer

Worth reading - Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1803/eur vs 1.1835/eur previous. Yen 154.81/$ vs 153.68/$. SAr 16.081/$ vs 15.979/$. $1.351/gbp vs $1.356/gbp. 0.707/aud vs 0.707/aud. CNY 6.905/$ vs 6.905/$.

Dollar Index 97.62 vs 97.29 previous.

Economics

FOMC minutes surprised with officials seen hesitant to cut rates and some suggesting a hike if inflation remains high.

• Yields climbed slightly with 10y rates at 4.10% (+2bp).

US/Iran – Brent is trading over $70/bbl having climbed >6% over the last two days on increasing chances of a US military operation in Iran.

• Tehran started reinforcing key military and nuclear-linked sites, according to satellite imagery.
• No diplomatic agreement has been reached so far following several round of talks.
• The US demands Iran completely ends uranium enrichment, stop supporting regional armed groups, and accept ballistic missile programme restrictions.

Precious metals:         

Gold US$5,020/oz vs US$4,926/oz previous

   Gold ETFs 100.1moz vs 100.1moz previous

Platinum US$2,106/oz vs US$2,047/oz previous

Palladium US$1,736/oz vs US$1,717/oz previous

Silver US$79.3/oz vs US$76.0/oz previous

   Silver ETFs 829.6moz vs 836.8moz previous

Rhodium US$10,900/oz vs US$10,700/oz previous

Base metals:   

Copper US$12,863/t vs US$12,719/t previous

Aluminium US$3,077/t vs US$3,050/t previous

Nickel US$17,330/t vs US$16,890/t previous

Zinc US$3,339/t vs US$3,295/t previous

Lead US$1,965/t vs US$1,946/t previous

Tin US$46,140/t vs US$45,685/t previous

Energy:           

Oil US$71.2/bbl vs US$67.8/bbl previous

Natural Gas €33.1/MWh vs €29.6/MWh previous

Uranium Futures $88.8/lb vs $88.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.6/t vs US$95.9/t

Chinese steel rebar 25mm US$466.1/t vs US$466.1/t

HCC FOB Australia US$247.0/t vs US$247.0/t

Thermal coal swap Australia FOB US$121.0/t vs US$121.0/t

Other:  

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$123,103/t vs US$123,103/t

Lithium carbonate 99% (China) US$19,479/t vs US$19,479/t

China Spodumene Li2O 6%min CIF US$1,900/t vs US$1,900/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

China Tungsten APT 88.5% FOB US$1,648/mtu vs US$1,648/mtu

China Tantalum Concentrate 30% CIF US$131/lb vs US$131/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$26.3/kg vs US$26.3/kg

China Ilmenite Concentrate TiO2 US$261/t vs US$261/t

US Titanium Dioxide TiO2 >98% US$2,959/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,137/t vs US$1,137/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$372.5/t vs US$372.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

Company News:

Cobra Resources (COBR LN) 4.9p, Mkt Cap £45m – Extended drilling programme at Manna Hill completed

• Cobra Resources reports that its recently extended reverse-circulation drilling programme at the Blue Rose prospect in the Manna Hill project in South Australia has been completed after 18 holes totalling 3,200m.
• Earlier this month, the company announced that it was adding up to a further 5 holes to the programme to “gain further geological and geochemical detail of the greater porphyry system”.
• In August 2025, the company announced a “12-month option to acquire the Manna Hill Project”.
• The option terms include the payment of A$1m in Cobra shares to the vendor, David Clarke, who is also a Cobra Director as well as “Reimbursement of Seller's substantiated project expenditure (cash) … [and a] … 26% equity interest in any future mining SPV established to hold mining licences where the valuation is determined through two independent valuations”.
• With results expected in March, today’s announcement says that the drilling intersected “Broad zones of visible oxide and primary copper mineralisation have been intersected within 10 of 18 holes”.
• Managing Director, Rupert Verco, said that “indications are positive to deliver further scale to shallow, high-grade mineralisation. Initial observations indicate that we are vectoring towards a porphyry core”.
• He explained that results from the drilling “will be the catalyst for the board to exercise the Manna Hill Option, which we believe hosts a tier 1 copper discovery”
• The Manna Hill project “is comprised of multiple early-stage porphyry and skarn prospects”.

Conclusion: Completion of the initial drilling at the Manna Hill project in South Australia should yield assay results next month and allow a decision on whether to exercise the option to acquire the project.

B2 Gold  (BTG US) $5.4, Mkt Cap $7bn – 2026 guidance disappoints as Goose ramps up and Fekola stripping programme accelerates

• B2 Gold produced 980koz over the year, vs guidance of 940-1,045koz.
• AISC reported at $1,584/oz.
• Revenue reported at $3.1bn, with annual operating cash flow of $940m before working capital adjustments.
• Cash position reported at $380m, with debt reported at $564m.
• Company guides for 820-970koz production in 2026 at $2,400-2,580/oz AISC as Otjikoto winds down open pit production and Fekola stripping ramps up.
• Goose production expected to rise to170-230koz in 2026 at AISC of $2,670-2,970/oz from 39koz in 4Q25 having hit commercial production in October.
• Stock down 11% pre-market.

First Class Metals (FCM LN) 1.8p, Mkt Cap £4.4m – Drilling rig mobilised to the Sunbeam property, Ontario

1. First Class Metals reports that it has mobilised a drilling rig to its Sunbeam property in Ontario where it plans 1,000m of drilling (with an option for a further 500m) on the Roy structure.
2. “Drilling will seek to prove depth continuity in the area of and along strike of the 18.8g/t gold (Au) channel sample from the stripping”.
3. Marc Sale, CEO, explained that “The Roy trend represents a robust mineralised structure of district scale in a geological environment know to host significant resources” in the ‘Hemlo Camp’ of northwest Ontario.
4. He commented that “Having recently completed drilling at North Hemlo and now positioning to commence at Sunbeam, we are advancing our exploration strategy in a disciplined and systematic manner”.

Conclusion: Drilling is about to start at the Sunbeam property with a 1-1,500m programme to investigate the Roy structure.

First Development Resources (FDR LN) 2.55p, Mkt Cap £3.6m – Exploration narrows down target areas at the Selta project NT, Australia

• First Development Resources reports the outcome of a stream sediment sampling programme at over its Selta exploration project in the Northern Territory, Australia.
• Sampling over the “West Nintabrinna and Ingallan rare-earth element ("REE") target areas … [has] … significantly refined: West Nintabrinna from c.75km² to c.5km² ("Tourmaline") and Ingallan reduced from approximately 90km² to c.8.5km² ("Peake Bore"), materially improving targeting precision”.
• The announcement clarifies that the sampling programme has identified “Discrete intrusive features at West Nintabrinna and distinct 1.8km strike pale outcrop identified at Ingallan … [to help] … define clear follow-up mapping and drill-target pathways“.
• CEO, Tristan Pottas, said that the exploration work has “materially advanced our understanding of the REE potential at Selta”.
• Explaining the geological context, the announcement says that the “stream sediment results at both West Nintabrinna and Ingallan show geochemical signatures …[are]… consistent with … [rare-earth element enrichment ] … during the late stages of granite crystallisation”.
• Future exploration at Selta is expected to include detailed geological mapping and recovery of rock-chip samples as well as “additional targeted geochemical work where appropriate … [and further evaluation of] … high-resolution geophysics to assist in drill target definition”.

Conclusion: Recent geochemical stream sediment surveying at Selta has helped focus on target areas as the company works towards identifying drill targets

KEFI Gold and Copper (KEFI LN) 1.9p, Mkt Cap £205m – Tulu Kapi groundbreaking ceremony attended by PM and Oromia State President

BUY

• The Company reports a groundbreaking ceremony at the Tulu Kapi Gold Project in Ethiopia.
• The ceremony was carried at the construction site of new housing for resettled communities.
• The ceremony was attended by top government officials including PM Abiy Ahmed and President of the Oromia Regional State Shimelis Abdisa.

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

Jubilee Metals Group (JLP LN) 3.95p, Mkt cap £127m – H1 2026 operational results from Zambia

• Jubilee Metals reports the production of 1,543t of saleable copper from its Roan operations in Zambia during the six months to 31st December 2025 (H1-2025 – 1,419t).
• The company confirms that full FY 2026 production guidance “remains within the range of 4,500t to 5 100t depending on the extent of the impact on production during the rainy season (FY2025 production: 2 211t)”.
• The Roan concentrator “is on track for throughput of 40,000tpm by end of Q4 FY2026” producing a total of 1,246t of contained copper in H1 2026 “up 172.8% on the previous comparable period a year earlier”.
• Roan’s production consists of “three products, namely, Cu in oxide concentrate (238t in H1) for further refining at Sable Refinery, Cu sulphide concentrates (526t in H1) for sale directly into the market, and Cu in oxide concentrate fines (482t in H1) which are stockpiled for future refining at Sable”.
• Referencing previous power supply issues, today’s announcement confirms that “Power supply to Roan continues to be stable despite the seasonal heavy rains which is reflected in the significantly improved operational results achieved by Roan”.
• CEO, Leon Coetzer, described “Roan's operational performance … [as] … particularly pleasing reaching its operational targets on the back of stable power and significantly improved operational efficiencies”.
• He said that “Over the next quarter we expect Roan to complete the commissioning of the upgraded Cu concentrate dewatering facility leading to increased deliveries to Sable Refinery”.
• The announcement confirms that the “Molefe Mine's ramp-up profile suffered slight delays due to the heavy rains experienced causing damage to road and bridge infrastructure … [but that the] … targeted 8 500tpm of Cu ore delivered to Sable Refinery is expected to be achieved during Q4 FY2026”.
• Following completion of an “independent resource review of the near 240Mt Large Waste Project … scheduled further infill drilling of the resource to expand the resource definition is currently being updated to incorporate the results from the review and will commence once completed”.
• The review “confirmed the scale of the project and details of the results from the review will be provided … once the final report is issued, expected within Q4 FY2026”.
• The announcement confirms the completion of the sale of the company’s South African chrome and PGM operations reporting receipt of “the second cash instalment of US$10 million from the purchaser … [with] … Total cash payments received to date of US$25 million”.

Kinross Gold (KGC US) $35, Mkt Cap $42bn – Strong cashflows delever balance sheet as production flatlines to 2029

• Kinross reports FY25 results, with production of 2moz in line with guidance.
• Company reports AISC of $1,571/oz and CAPEX over the year at $1.2bn.
• 2025 attributable free cash flow reported at $2.5bn vs $1.3bn in 2024.
• 4Q25 operating cash flow reported at $1.1bn, with attributable free cash flow reported at $769m.
• EPS for Q4 reported at $0.67 and $1.84 for 2025.
• $700m in debt reduction reported, with net cash of $1bn at December 2025.
• 2moz AuEq 2025 production broken down by:
  • 503koz from Tasiast (622koz 2024)
  • 601koz from Paracatu (vs 528koz)
  • 232koz from La Coipa (vs 246koz)
  • 411koz from Fort Knox (vs 377koz)
  • 143koz from Round Mountain (vs 215koz)
  • 179koz from Bald Mountain (vs 181koz)
• Kinross guides for 2moz production in 2026, 2027, 2028, with 2026 AISC guided at $1,730/oz.
• Major development projects include Great Bear and Lobo-Marte.
• Great Bear Advanced Exploration Programme reportedly 80% complete, with detailed engineering 35% complete for the Main Project.
• Great Bear first gold production guided for late 2029, with the 2024 PEA outlining annual production over 500kozpa at AISC of $800/oz over 12 years.
• Lobo Marte (6.7moz Au at 1.3g/t Au reserves) expected to begin production in early 2030s.

Lundin Gold (LUG CN) C$107, Mkt Cap C$26bn – Fruta del Norte South drilling returns 21m at 91g/t Au

• Lundin Gold reports exploration drilling from its Fruta del Norte programme in Ecuador.
• Lundin reports further drilling results from FDNS, where it previously delivered maiden reserves of 2.5mt at 6.6g/t Au and 6.94g/t Ag for 536koz Au and 559koz Ag (M&I MRE of 766koz Au and 875koz Ag at 7.58g/t Au and 8.66g/t Ag and Inferred MRE of 1.5moz Au and 4.3moz Ag at 6.36g/t Au and 18.5g/t Ag.
• Today, FDNS conversion drilling results reportedly confirm gold mineralisation, delineating ‘wide, high grade zones within the mineral envelope,’ expected to support further Reserve expansion.
• FDNS exploration drilling intercepted previously new mineralised veins in the southern section.
• Exploration holes included highlight intercepts of:
  • UGE-S-25-384: 21m at 91.32g/t Au from 92m (inc. 2.8m at 406g/t Au)
  • UGE-S-25-395: 3.4m at 18.44g/t Au from 226m
• FDN East mineralised veins extended by 150m beyond the inaugural MRE.
• FDN East exploration highlights returned:
  • UGE-E-25-401: 7.45m at 12.8g/t Au from 480m
  • UGE-E-25-361: 2.1m at 42g/t Au from 137m (inc. 220g/t Au over 0.4m)

PLS (PLS AU) A$4.4, Mkt Cap A$14.2bn – Earnings climb on stronger prices with Ngungaju restarting July and P2000 FS due DecQ

• The Company reported 1HFY26 results at its spodumene production facilities in WA.
  • Operations treated 2.1mt at 1.2% with 77.0% recoveries producing 433kt (1H25: 2.0mt at 1.5% and 74% for 408kt)
  • Sales 446.0kt SC5.2 (+7%yoy)
  • Realised price US$965/t or US$1,105/SC6 (+40%)
  • Cash costs A$563/t FOB (-8%) and A$682/t CIF (-6%)
  • Revenues A$624m (+47%) reflecting stronger output and higher SC prices
  • Underlying EBITDA A$253 (+241%)
  • PAT A$33m (A$-69m)
  • Net cash A$234m (Jun25: A$292m)
• FY26 guidance
  • 870-820kt SC
  • A$560-600/t FOB cash cost
• FY27 guidance to be provided in July.
• P2000 FS (ie 2mtpa SC) targeted for completion DecQ26.
• Colina FS due DecQ27.
• Ngungaju processing plant (+200ktpa SC) is expected to resume operations July 2026.

Rio Tinto (RIO LN) – 7,077p, Mkt cap £93bn – Iron ore underpins 2025 results and maintained annual dividend

1. Rio Tinto reports 2025 attributable profit of US$9.97 billion (2024 – US$11.55) and a closing net debt balance of US$14.36 billion with a US$8.9bn increase compared to the 2024 closing balance attributed to the “completion of the Arcadium acquisition in March”.
2. The result reflects revenues of US$57.64 billion (2024 – US$53.66 billion) and 9% growth in underlying EBITDA to US$25.36 billion (2024 – US$23.31 billion).
3. Rio Tinto’s iron ore operations continued to dominate EBITDA contributing US$15.2 billion (2024 – US$17.0 billion) with copper operations delivering a further US$7.4 billion (2024 US$3.4 billion) and aluminium/lithium adding a further US$4.6 billion (2024 – US$3.6 billion).
4. Rio Tinto has declared a final dividend of US$2.54/share bringing the total for the year to US$4.02/share in line with 2024.
5. Events in 2025 highlighted in the announcement include:
   • The completion of underground development at the Oyu Tolgoi mine in Mongolia where the company is targeting 500ktpa of copper production by 2028; and
   • Completion of the Arcadium acquisition in March adding Canadian and Argentinian lithium projects to Rio Tinto’s portfolio; and
   • The initial iron ore shipment from Simandou in December; and
   • The opening of the “Western Range iron ore replacement mine … on time and on budget”; and
   • Construction starts “at three further Pilbara iron ore brownfield mines” at Brockman Syncline1, Hope Downs 2 and West Angelas.
6. Central exploration and evaluation expenditure remained at US$200m with “activity in 15 countries across six commodities” with withdrawal from “exploration activity in Brazil and Finland and any lithium exploration projects without remaining commitments”.
7. Commenting on the results, Chief Executive, Simon Trott, said that they “demonstrate clear progress as we embed our stronger, sharper and simpler way of working”.
8. He also explained that “structural cost improvements underway today position us for higher margins and cash flow. With a high-quality pipeline, anchored in copper, we have clear visibility to extend this growth profile well into the next decade”.
9. In a separate announcement today, Rio Tinto has updated its mineral reserve and resources.
10. Highlights include:
    • An increase in open-pit proven and probable reserves at Oyu Tolgoi to 650m tonnes at an average grade of 0.44% copper, 0.31g/t gold and 1.15g/t silver; and
    • “A significant conversion of Mineral Resources to Ore Reserves at the Rio Tinto Copper Kennecott Bingham Canyon open pit deposit in Utah, USA” with a total of 730mt (Proven & Probable) at an average grade of 0.36% copper, 0.18g/t gold, 1.96g/t silver and 0.03% molybdenum; and
    • Increased underground resources and reserves also at Bingham Canyon where proven and probable reserves are 8.6mt ) at an average grade of 2.08% copper, 1.11g/t gold, 13.86g/t silver and 0.014% molybdenum largely contained in the 6.6mt North Rim skarn.

Conclusion: Iron ore continued to drive Rio Tinto’s 2025 financial performance aided by improved performance of the copper operations and aluminium and lithium. 2026 production guidance suggests similar overall output levels across most commodities with Oyu Tolgoi remaining on track to deliver 500ktpa of copper production by 2028.

Rome Resource (RMR LN) 0.29p, Mkt Cap £20m – Exploration upside at Mont Agoma

• Rome Resources reports the identification of additional exploration targets at its Mont Agoma prospect in its Bisie North project in the DRC.
• Geological analysis has identified “consistent geological marker horizons that act as a guide to structure and mineralisation across the deposit and has separated the sequence into five zones … [which] … shows that most tin and copper mineralisation occurs above this Top Zone 3 marker horizon, significantly improving the Company's ability to predict where additional mineralisation may be found”.
• The work shows a largely undrilled “zone of elevated tin prospectivity extending to the southeast of the existing deposit” at Mont Agoma which hosts 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver in the October 2025 initial mineral resource estimate (MRE).
• Today’s announcement summarises “that mineralisation at Mont Agoma is geologically predictable and remains open in multiple directions”.
• CEO, Paul Barrett, said that “While our current drilling remains focused on the highly successful Kalayi programme, Mont Agoma is increasingly demonstrating the characteristics of a large polymetallic copper-tin-zinc system with significant exploration upside”.

Conclusion: Improved geological insights are uncovering additional resource targets at Mont Agoma.

Sandfire Resources (SFR AU) A$19, Mkt Cap A$8.8bn – Results as focus on Kalkaroo and Black Butte development projects

• Sandfire sold 48kt at $10,365/t over 1HFY26.
• Zinc sales at 40.1kt and silver sales at 1,746koz.
• Group CuEq production of 72kt reported for the period,
• Total group revenue reported at $672m over the half year.
• EBITDA reported at $304m, up 19%yoy.
• Cash flow from operating activities reported at $267m, up from $239m same period last year.
• Cash fell to $137m at the end of period, with net cash of $13m.
• Company is reviewing their 87% stake in Sanire America, which holds the Black Butte project, which is considered ‘one of the few near shovel ready copper projects in the United States.’
• Sandfire is earning into the Havilah Resources, which holds the Kalkaroo Copper-Gold Project in South Australia.
• Kalkaroo holds 90.2mt in reserves at 0.48% Cu, 0.44g/t Au.
• Sandfire is funding a new PFS for Kalkaroo with Havilah.
• FY26 copper equivalent guidance of 149-165kt.

Wesfarmers (WES AU) A$84, Mkt Cap A$96bn – 1HFY26 results

• Wesfarmers, an Australian conglomerate, released 1HFY26 results.
  • Revenue A$24.2bn (+3.1%yoy)
  • PAT A$1.6bn (+9.3%)
  • FCF A$2.7bn (+35.6%)
  • Dividend A$1.02 (+7.4%)
  • Net debt A$4.9bn
  • Debt to EBITDA 1.9x
• On Kwinana Lithium Refinery that was commissioned FY25 under the 50/50 Covalent JV with SQM, the facility is in a ramp up stage.
• Ramp up was affected by intermittent odour issues with engineering works to address issues underway.
• Works expected to be completed mid CY26.
• In the meantime, the Company may sell lithium in the concentrate form in volumes in excess of refinery requirements.
• Earlier, Covalent reported production of first BG LHM in July in Kwinana, WA, with ramp up planned over 18m to targeted 50ktpa LHM.
• The refinery sources concentrate from the Mt Holland hardrock operation.

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

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

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

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

George Krokos - george.krokos@spangel.co.uk – 0203 470 0486

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London, W1S 2PP

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