SP Angel . Morning View . Thursday 20.11.25

MiFID II exempt information – see disclaimer below

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Arizona Sonoran (ASCU CN) – Cactus heap leach project PFS shows 22 year LOM producing 99ktpa

Cobra Resources (COBR LN) – Metallurgical test results from the Boland rare-earths project, South Australia

Cyprium Metals (CYM AU) – Cathode restart programme approved for Nifty

DPM Metals (DPM CN) – High-grade drilling identified below Chelopech

Great Southern Copper (GSCU LN) – £2.5m fundraising to progress exploration in Chile

GreenX Metals (GRX LN) – Check assays verify historic results at Tannenberg copper project

Oriole Resources  (ORR LN) – Bibemi ESIA approved enables submission of Exploitation Licence

Power Metal Resources* (POW LN) – Perch River assay results

Gold ($4,063/oz) continues to consolidate as Russia increases trading

• Gold prices have consolidated within the $4,000-4,200/oz range following the sharp correction in October.
• The metal fell to lows of $3,930/oz but has subsequently found a new floor c.$4,000/oz.
• US macro markets have been constrained by limited data from the government shutdown, with the September jobs report not being released.
• September NFPs due today, estimating 53k additions.
• Reuters reports Russia has boosted their trading volumes in gold amid sanction pressures from the US and EU.
• Russia’s central bank has boosted operations via the sale and purchase of yuan for roubles and via the sale and purchase of gold.
• Reuters reports Russia’s National Wealth Fund has been a net seller of FX and gold through 2025 amid budget deficits and low oil prices.
• The Russian NWF’s gold holdings account for 41% of the $720bn in assets.
• This marks a continuation of the wider theme of gold being favoured by central banks amid the dedollarisation thematic.
• The sanctioning of Russian reserves following the Ukraine invasion has triggered increased allocation to gold holdings from a swathe of central banks.
• We do not see this theme slowing down amid continued geopolitical tensions.
• Whilst Russia may be forced to trim their gold holdings to fund the war effort, a rebound in oil/gas prices could see them rebuild their gold reserves following a year of net selling.

China - REE magnet exports fall overall for the year-to-date despite substantial rise into the US

• China exports of Rare Earths magnets fell 5.2% YTD to October at to 45,290t.
• Exports of rare earth magnets in the US jumped 56.1% to 656 tons representing a nine-month high.
• The figures may be skewed by pent up demand from blocked exports to the US and by an element of stockpiling
• Many manufacturers will be wary of further political disruption to REE and REE magnet exports
• China has lifted export restrictions for ‘one year’ only under a trade deal with Trump and the US.
• Ironically, one REE magnet consumer known to us is seeing better quality magnets, eg more REEs in the magnets than seen previously.
• Outbound shipments of rare earth magnets rose 15.8% yoy to 5,473t in October, but was lower than the 5,774t exported in September.
• In the meantime, explorers and metallurgists is working hard to develop alternative sources of rare earths and new techniques for the concentration of REEs and purification into metal oxides. See: New Frontier Minerals* and the testing of new FJH technology: https://metalliuminc.com/flash-joule-heating
• We have published a flash note on New Frontier Minerals, see PDF: LINK
• *SP Angel acts as broker to New Frontier Minerals

Lithium - IGO CEO called Kwinana lithium refinery project economics into question even if facility ramps up to capacity highlighting high cost base compared to competition in China.

• Comments come as a dispute with JV partner Tianqi heats up.
• Tianqi owns a 51% stake in the Kwinana refinery with IGO holding the balance.
• IGO impaired the asset completed and is pushing for the refinery that costs A$1.2bn to build mothballed.
• Tianqi that has full control over JV is inclined to keep it running as produced lithium hydroxide feeds further downstream operations.
• IGO is reported to be contractually obliged to support its share of JV costs that cost it $20m last quarter.
• “After three years it (Kwinana) is just not working,” Mr Vella said on Wednesday
• “Equally, if it was (at) nameplate (capacity) today, we still don’t believe that it would be economic… that’s a function of what it means to do downstream processing in Australia, when you look at the energy costs, when you look at the labour costs, when you look at the lack of broader clusters of capability around these assets.”
• Kwinana operated at 46% last quarter.

Lithium Americas CEO Jonathan Evans called US lawmakers to introduce temporary lithium price floors

• Evans told a US House of Representatives panel to support a “temporary minimum market price” for lithium (Bloomberg reports_.
• Price floors would help fight Chinese ability to drive lithium prices lower with an oversupply of the metal.
• “The US can level the playing field by supporting a temporary minimum market price tied to validated, market‑based production costs” Evans said.
• The Company develops the Thacker Pass Lithium Project, a lithium rich clay deposit in Nevada.
  • The project is planned to expand to 160ktpa LCE over five phases over 85y.
  • MRE 44.5mt LCE at 2,230ppm Li (M&I) with additional 21.6mt lCE at 2,070ppm Li (Inferred)
  • Reserves 14.3mt LCE at 2,540ppm Li (0.55% Li2O eq)
  • Cash costs average $8,039/LCE over 85y LOM and $6,238/LCE over first 25y.
  • After tax NPV8 and IRR estimated at US$8.7bn and ~20% at $24,000/t LCE price.
  • After tax NPV8 and IRR estimated at US$3.4bn and ~13% at $18,000/t LCE price.
  • Phase 1 (40ktpa) costs $2.9bn
  • Construction completion and maiden production planned YE27
  • Phase 1 funded through construction using $2.26bn US DOE loan, $945m GM (38% interest in Thacker Pass) total investment ($320m Tranche 1, $430m cash investment, $195m letters of credit) and $250m Orion strategic investment.

IG TV Commodity Corner (18/11/25):  https://www.youtube.com/live/_cghAS9Wnnk?si=YQpSPWrZ5_tzX0ha&t=4718 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b
• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

Chinese permanent magnet exports to the US climbed and reached the highest level since January last month.

• Shipments were 656t in October.
• YTD exports to the US are still down >20%yoy reflecting a sharp drop in mid-2025.
• Shipments in May crashed to less than 50t.
• Separately, exports to Germany are reported to have eased for a second month (~1,200t) since record in August.
• Shipments for YTD25 are flat on previous year.

China – Government is considering new measures to support its struggling property market, Bloomberg reports.

• Potential initiatives include mortgage subsidies for new home buyers and higher income tax rebates for mortgage borrowers.
• Policymakers are reported to have been discussing new measures since at least the 3Q25, although, timing on potential new policies are uncertain.

Japan – PM Sanae Takaichi is set to present a $112bn fresh stimulus (JPY 17.7tn).

• New budget is estimated to be ~27% more than what was presented by her predecessor.
• New budget includes increased spending to combat the impact from inflation, spending on strategic areas and strengthening foreign policy and defence.

Nvidia beats quarterly sales and earnings estimates offering strong outlook shrugging off market “AI bubble” anxiety.

• 3Q25 sales were up 62%yoy hitting $57bn, up on $55bn forecast.
• 4Q25 sales guidance is for $65bn, around $3bn more than market estimates.
• PAT climbed 65%yoy to $31.9bn, beating estimates for $30bn.
• “Blackwell sales are off the charts, and cloud GPUs are sold out,” CEO Jensen Huang said.
• “From our vantage point, we see something very different”, Huang commented on bubble concerns.
• Stock is trading ~6% higher after market.
• S&P and Nasdaq futures are helped by stronger risk sentiment trading 1.2% and 1.6% higher.

Ukraine/Russia – The Trump administration and Russian officials prepared a set of new proposals to end the war in Ukraine.

• The plan that includes 28 points and was presented to the Ukrainian side by Trump’s special envoy Steve Wikoff.
• Witkoff is reportedly insisted that Ukraine accepts the plan.
• According to people familiar with the plan, terms include Ukraine giving up the remainder of the eastern Donbas region and cutting its army forces in half.
• Additionally, Ukraine is asked to drop key categories of weaponry and reduce the use of US military assistance.
• Concerns are that leaves Ukraine vulnerable to a potential Russian aggression.
• Corruption scandal in Ukraine government may be used in US/Russia negotiations to pressure Kyiv into accepting terms.

Currencies

US$1.1520/eur vs 1.1577/eur previous. Yen 157.24/$ vs 155.67/$. SAr 17.227/$ vs 17.178/$. $1.307/gbp vs $1.313/gbp. 0.648/aud vs         0.648/aud. CNY 7.117/$ vs 7.110/$.

Dollar Index 100.26 vs 99.60 previous.

Precious metals:         

Gold US$4,054/oz vs US$4,084/oz previous

Gold ETFs 97.4moz vs 97.3moz previous

Platinum US$1,546/oz vs US$1,543/oz previous

Palladium US$1,393/oz vs US$1,408/oz previous

Silver US$50.6/oz vs US$51.3/oz previous

Rhodium US$8,000/oz vs US$7,900/oz previous

Base metals:   

Copper US$10,734/t vs US$10,733/t previous

Aluminium US$2,803/t vs US$2,789/t previous

Nickel US$14,465/t vs US$14,605/t previous

Zinc US$2,985/t vs US$2,987/t previous

Lead US$2,013/t vs US$2,018/t previous

Tin US$36,875/t vs US$37,345/t previous

Energy:           

Oil US$64.0/bbl vs US$64.3/bbl previous

• Crude oil prices stabilised as the EIA estimated a w/w US inventory draw of 3.4mb to crude, partly offset by builds of 2.3mb to gasoline and 0.2mb to distillate stocks, as utilisation rose 0.6% to 90% on record domestic output of 13.8mb/d.
• European energy prices were flat as sub-zero temperatures caused EU natural gas storage levels to decrease 1.1% w/w to 81.2% full (vs 90% 5-Yr average), with aggregate inventory at 927TWh and LNG imports climbing above 10bcf/d.

Natural Gas €31.1/MWh vs €31.1/MWh previous

Uranium Futures $76.2/lb vs $76.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$104.0/t vs US$104.5/t

Chinese steel rebar 25mm US$445.3/t vs US$445.3/t

HCC FOB Australia US$195.0/t vs US$196.0/t

Thermal coal swap Australia FOB US$114.5/t vs US$115.3/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$77,067/t vs US$76,439/t

Lithium carbonate 99% (China) US$12,786/t vs US$12,658/t

China Spodumene Li2O 6%min CIF US$1,105/t vs US$1,075/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$733/mtu vs US$733/mtu

China Tantalum Concentrate 30% CIF US$95/lb vs US$95/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.6/lb vs US$5.6/lb

Europe Ferro-Vanadium 80% US$24.0/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$271/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,103/t vs US$1,104/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$3,125.0/kg vs US$3,125.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

  China's battery exports grow to record highs

• China’s global battery exports for battery energy storage systems (BESS) rose 24% yoy for the first nine months of 2025, to about US$60bn.
• Batteries now account for roughly 37% of China’s clean-energy export revenues this year, making them the country’s most lucrative clean-tech export.
• Europe is the biggest destination accounting for 42% of China's export, followed by Asia (26%) and North America (17%)
• Within Europe, Germany is the top buyer accounting for about US$10.5bn in imports.

Company news

Arizona Sonoran (ASCU CN) C$3.5, Mkt cap C$640m – Cactus heap leach project PFS shows 22 year LOM producing 99ktpa

• Arizona Sonoran reports a PFS for their Cactus project in Arizona.
• The PFS envisages a 22 year open pit, heap leach and SXEW project over 22 years.
• Initial reserves reported at 513mt at 0.52% Cu for 2.4mt contained.
• Annual crusher throughput expected at 28mt for annual copper production of 99kt over LOM.
• Strip ratio of 3.3:1, recoveries at 75%.
• AISC expected at $1.62/lb.
• Development CAPEX of $977m and sustaining capital of $1.4bn.
• Post-tax NPV8 of $2.3bn at $4.25/lb Cu for IRR of 22.8%. ($3.3bn and 28.7% at $5/lb Cu).
• Company sees mine expansion via late mine life primary sulphides, Cactus East and other exploration targets.
• FID due 4Q26, first cathodes due 2029.
• DFS due 2H26, with project financing underway.

Cobra Resources (COBR LN) 3.8p, Mkt Cap £34m – Metallurgical test results from the Boland rare-earths project, South Australia

• Following the announcement earlier this week on the results of field testing its Boland ionic clay hosted rare earths project in South Australia, Cobra Resources reports further results from metallurgical testing aimed at flowsheet optimisation.
• Working with Australia’s Nuclear Scientific Technology Organisation (ANSTO), a series of tests show that up to 90% of the low-value component of the mineralisation, cerium, can be removed prior to the generation of a Mixed Rare Earth Carbonate (‘MREC’) product for sale to purchasers.
• The test work, using the pregnant liquor recovered from a 55kg sample in a “large scale ISR … [in-situ recovery] … column”, is described as “preliminary in nature with further testing required to achieve confidence in the viability of application … [is] … part of a research and development process aimed at optimising the Boland flowsheet”.
• The liquor is generated “using an (NH4)2SO4 "AMSUL" 0.3M lixiviant (pH3)” resulting in the removal of 90% of the cerium “with little to no loss of valuable REEs”.
• “Further tests will aim to reduce the quantity of the reagent required by adjusting flowsheet sequencing”.
• Managing Director, Rupert Verco, said that these initial results “are highly encouraging. Being able to produce a product that meets the objectives of customers is important, and to simplify their treatment process and capture more of the upside is valuable”
• The removal of the cerium upgrades the product prior to customers’ separation of the rare-earth elements into oxide metals which today’s announcement describes as “complex … [and requiring] … considerable capital, and … [involving] … multiple steps to produce individual rare earth oxides”.
• Conclusion: Early-stage testing shows potential to remove low value cerium from the Boland REE liquor early in the processing flowsheet. Although testing is still at an early stage, the potential to upgrade the product relatively early in the flowsheet should offer the potential to reduce costs as the project advances towards detailed engineering and flowsheet design.

Cyprium Metals (CYM AU) A$0.34, Mkt cap A$170m – Cathode restart programme approved for Nifty

• Cyprium Metals, who hold the Nifty Copper Complex, reports its board has approved the Cathode Project restart plan.
• The Company is aiming to report first cathode production mid-2026.
• A 2024 PFS envisaged 6ktpa of cathode production from re-leaching existing heap leach pads.
• Cyprium will then look to expand via open pit mining for additional oxide access before moving to sulphide processing via a concentrator.
• Cathode restart costs estimated at A$30m,, AISC at $2.18/lb Cu, 4.2 year LOM in reserves, recoveries at 45%.
• Cyprium’s longer term plan includes the restart of the concentrator, which envisages:
  • A$239m CAPEX, 39ktpa Cu production, AISC of $2.6/lb, 20 year LOM.

DPM Metals (DPM CN) C$34, Mkt cap C$7.6bn – High-grade drilling identified below Chelopech

• DPM Metals, formerly Dundee, reports drilling results from the Wedge Zone Deep at the Chelopech Mine.
• Reported drilling was directed 300m below the existing Mineral Reserves.
• Highlights include:
  • EX_WZD_210_01: 68m at 7.4g/t AuEq (6.9g/t Au, 0.3% Cu, 10.5g/t Ag) from 591m downhole
  • EX_WZD_210_01А: 48m at 9.4g/t AuEq (9g/t Au, 0.26% Cu, 12.2g/t Ag) from 595m downhole
  • EX_WZD_210_01B: 14m at 13.4g/t AuEq (12.6g/t Au, 0.51% Cu, 16.6g/t Ag) from 601m downhole
  • EX_WZD_165_01: 40m at 12.4g/t AuEq (11.5g/t Au, 0.53% Cu, 17.7g/t Ag) from 456m downhole
• The new zone of mineralisation has been hosted over a strike length of 110m, remaining open along strike, down and up dip.
• Mineralisation is hosted in high-sulphidation type mineralisation within an envelope of argillic alteration, hosted within diorite and phreato-magmatic breccias.
• Massive sulphides transition to hydrothermal breccia and then to sulphide stockworks.
• Mineralisation analogous to other mineralised zones on the periphery of the mine, expected to have similar metallurgical characteristics.
• Management sees the results as holding potential to ‘add high-grade Mineral Resources to the Chelopech mine… extend mine life and enhance long-term value.’
• DPM will allocate $2-3m for 10,000m of infill and delineation drilling at the target, due by end of 1Q26.

Great Southern Copper (GSCU LN) 2.7p, Mkt Cap £17m – £2.5m fundraising to progress exploration in Chile

• Great Southern Copper reports that it has raised £2.5m via the issue of ~100m new shares at a price of 2.5p/share.
• “Each share will have half a warrant, exercisable at £0.045 for a period of 24 months”.
• The new shares represent ~14.5% of the enlarged company.
• The additional funds, described as “the largest raise by the Company since its admission to listing in December 2021” will be used to progress exploration of the Cerro Negro project in Chile where Great Southern Copper is exploring “a high grade copper-silver target at Mostaza”.
• In addition, the additional financial resources will progress exploration of “a number of highly prospective targets across its concessions, including a gold porphyry target at Viuda and copper porphyry targets associated with the Colorada lithocap”.
• CEO, Sam Garrett, said that the support of new institutional and existing long term shareholders “is a real show of confidence in the direction of the company, its project's and the management team”.
• He confirmed that the “Company currently has three drill rigs in operation at the Cerro Negro prospect carrying out our Phase III exploration drilling programme”.
• Earlier this month, the company announced that it had completed a total of 1.340m of diamond drilling, in ten holes in the current campaign at Mostaza to test “mineralisation below the existing open pit as well as testing extensions to the mineralisation in the Lens 3-5 area”.

GreenX Metals (GRX LN) 41p, Mkt cap £113m – Check assays verify historic results at Tannenberg copper project

• GreenX Metals report validation on 1980s drilling on six of 47 archived drill cores at Tannenberg in Germany.
• The re-sampling of drill cores will continue into the new year with regular reporting on the results.
• Assays show:
  • Ro 23: 1.5 m at 2.7% copper and 55 g/t silver.
  • Ro 45: 2.4 m at 1.4% copper and 18 g/t silver.
  • Ro 25: 1.0 m at 2.0% copper and 41 g/t silver.
  • Ro 17: 1.3 m at 1.2% copper and 24 g/t silver.
  • Ro 15: 3.7 m at 1.2% copper and 17 g/t silver.
  • Ro 38: 1.8 m at 0.7% copper and 15 g/t silver.
• Widths of 1.0‑3.7m are broader than the maximum thickness used in the 1940 Historical Estimate.
• Results from re-sampling 1980s drill core show comparable or higher grades and thicker intercepts than original analysis from holes up to 12km apart.
• Results also confirm mineralisation extends beyond the Kupferschiefer shale horizon into the footwall and hanging wall.
• This is consistent with KGHM's Polish copper mines in the Legnica-Głogów region of southwestern Poland.
• KGHM reports 304,700t of copper in concentrates from its Polish copper mines.
• KGHM is the world’s largest silver producer, with 1,341t in 2024 most of which was from the Kupferschiefer in Poland.
• The results include a 2.7% copper intercept at Ro 23 which appears better than the original results.
• The re-assaying of 1980’s drill core involves re-logging, re-assaying, hyperspectral scanning and the collection of petrophysical measurements and includes assays for intersections 30 m above and 60 m below the Kupferschiefer shales with analysis done at SGS in Turkey.
• The assays will be digitised and combined with historic mine development and production data to provide a more of a map of the geology of the region.
• Twining of drill holes will also be done to further verify results resource estimates in accordance with the JORC Code.
• Option exercise: GreenX plans to exercise its option to acquire 90% of Group 11 Exploration GmbH which holds the Tannenberg exploration licences for A$3m to the vendors in GreenX shares (based on the higher of the 10-day VWAP or A$0.30 per Share).
• The vendors' 10% interest in Group 11 will then be free carried until the completion of a feasibility study by Group 11 or GreenX.
• Regional geology: Kupferschiefer shales are seen across some 600,000sqkm in Northern Europe stretching across the Southern Permian Basin from the UK to Belarus.
• Copper and silver are concentrated along the southern margin of the basin in Germany and Poland with mining historically focussed on high-grade, thinner shares in Germany and wider stratigraphic sedimentary units in Poland.

Conclusion:  The results are starting to verify and may potentially exceed the 1940s estimate of 728,000t contained copper grading ~2.6% copper.

The identification of thicker mineralised units is particularly significant as it suggests potential for significant resource upgrade.

*The analyst has previously visited the KGHM’s Lubin copper mine.

Oriole Resources  (ORR LN) 24p, Mkt cap £10m – Bibemi ESIA approved enables submission of Exploitation Licence

• Oriole reports it has received approval for its ESIA study for Bibemi from the Cameroon Ministry of Environment, Nature Protection and Sustainable Development.
• The ESIA approval enables the progression of the Exploitation Licence Application.
• The Exploitation Licence approval due end of 2Q26.
• Oriole aims to provide an update on the Bibemi PEA imminently.
• Bibemi holds a JORC resource of 7mt at 2.06g/t Au for 460koz.
• Initial metallurgical studies have suggested gold recoveries of 85% via flotation followed by pressure oxidation of a bulk concentrate and cyanide leaching of the pressure oxidation residue.
• The Company is advancing further metallurgical testwork to support geo-metallurgcial domaining and refinement of processing options.

Power Metal Resources* (POW LN) 12.7p, Mkt cap £15m – Perch River assay results

• Power Metal Resources reports assay results from its Perch River uranium project in the Athabasca Basin, Saskatchewan.
• The Company drilled a six-hole diamond drilling programme at the project over 1,563m over the summer.
• The drilling targeted a 650m long, east-west trending anomaly and coincident inferred fault/alteration system.
• Drilling was delineated with ANT geophysical surveys, with a 400m sub-vertical area identified.
• Drilling did not intercept elevated radioactivity via spectrometer surveying, but found ‘encouraging alteration and greatly improved the Company’s understanding of the Rapids Fault System.’
• Hole PR25-04A intersected a 100m interval of radiogenic lead isotope ratios, suggesting uranium-related alteration within the system.
• The lead isotope ratios suggest the decay of uranium, which increases the potential of a mineralised system in the vicinity.

Conclusion: POW continues to develop their understanding of the geology of their Athabasca Basin projects. Perch River drilling has intersected elevated isotope values, suggesting the potential for a mineralised uranium system which may have migrated along the Rapids Fault System. Management believes this has validated their geological model and ‘materially strengthened the case for continued exploration.’

*SP Angel acts as Nomad and Broker for Power Metal Resources

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 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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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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