SP Angel . Morning View . Thursday 23.04.26

MiFID II exempt information – see disclaimer below

SP Angel - No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

Happy St. Georges Day today

• St. George was a 3rd-century Roman soldier and was made a patron saint by King Edward III to represent the ideals of English national identity.
• The saint was immortalized in the 14th century for allegedly slaying a dragon to save a princess highlighting his virtuous triumph of good over evil, purity and protection.
• St George fought against the persecution of Christians by Emperor Diocletian, refusing to renounce his faith and leading to his execution in 303AD.
• King Edward III established the Order of the Garter under his banner to inspire knights through the Crusades and the Hundred Year’s war.
• The saint is also revered in Georgia, Portugal, Bulgaria, and among various Christian communities in the Middle East.

Anglo Asian Mining* (AAZ LN)  – Processing plant upgrades at Gedabek and Demirli

Metals Exploration (MTL LN)  – Construction progress and exploration success as the La India project moves to first gold production in December

Mkango Resources* (MKA LN)  – HPMS recycling tech industrial validation and more customer collaborations

Perseus Mining (PRU AU) – Cash position hits $817m on steady gold production

Phoenix Copper* (PXC LN)  – NED appointment as company rebuilds following dismissal of former Chairman and CFO

Resolute Mining (RSG LN)  – Strong operational start to 2026

Teck Resources (TECK US)  – QB performance improves as Anglo merger on track

Tertiary Minerals* (TYM LN)  – BUY: 0.26p – Management presentation on Mushima North, 12:30 today

Gold ($4,700/oz) retreats as dollar rallies on escalation in Straits of Hormuz

• Gold has been trading in line with peace talks in the Middle East, rallying on easing tensions and selling off on signs of escalation.
• The metal hit recent highs of $4,888/oz last Friday but has subsequently pared gains as peace talks broke down.
• The US has been actively cracking down on Iran-linked ships in Middle East waters, marking a further escalation in the conflict.
• The dollar index has rallied, pressuring the wider metals spectrum, with silver and PGMs also selling off.
• Gold’s recovery from $4,100/oz was strong and sustained, likely supported by Chinese central bank dip buying.
• We see the long-term trends for gold remaining intact.
• A breakdown of the ‘Petrodollar’ status quo, where Gulf states buy US Treasuries and assets and settle transactions in dollars, is likely to accelerate central bank diversification from cash-rich Middle East petrostates.
• Similarly, sustained tensions between the US and China are expected to continue pushing Beijing towards gold as a source of foreign reserve diversification.
• This combines with concerns over G7 monetary policy and ballooning budget deficits, reducing the appeal of government bonds and boosting gold’s haven status.

Copper ($13,262/t) slides from recent highs as investors way impact of sulphur disruption against energy disruption

• Copper prices have jumped c.9% over the past month, touching recent highs of $13,486/t yesterday.
• The metal is being supported by concerns over sulphuric acid disruptions, which may hit SX-EW operations, accounting for c.20% of global production.
• Investors are weighing the impact of a global growth slowdown, with copper down 1.3% this morning.
• An uptick in the dollar this morning, with the index rising to 98.7, is weighing on wider metals markets.
• We are watching Freeport’s update due today, with particular focus on Grasberg timelines.
• Grasberg accounts for c. 3% of global mine production at steady state capacity, with any delays in returning to full-scale operations expected to add to deficit concerns

Tc/Rcs ‘Treatment and Refining charges’ hit new low levels in China

Chinese smelters instructed to produce maximum metal leading to increasing competition for copper concentrate

• Chinese refined copper producers output rises to 202,699t in March led by 96,259t of imported material from the DRC
• Imports of 16,006 from Chile were just ahead of 18,690t from Russia.
• China exported some 93,307t in the month
• Treatment and Refining charge index fall to -105 and -10.5.
• Implied trader’s purchases -$129/t and -12.9c/lb
• Chinese smelters produced a record 1.33mt of refined copper in March
• Restocking by traders and manufacturers seen ahead of Labour Day holiday which runs from 1st-5th May
• Iranian smelters remain shut but we suspect copper concentrates from the Sarcheshmeh and Sungun mines are being trucked to Pakistan for shipment.

Pakistan - Karachi and Gwadar ports are being used to bypass the US port blockade into Iran.

• Significant trade is now flowing through the Gabd-Rimdan border crossing into Iran from Pakistan with thousands of containers bound for Iran now handled in Karachi.
• A major new trade route connects Iran to Pakistan’s Gwadar port and Uzbekistan. 
• The Pakistani ports have handled a year’s worth of goods in the last month.
• Iran and Pakistan have agreed a target of $10bn in trade flow.

Peru – Roberto Sánchez close to runoff election in Peru

• Sánchez has pledged to overhaul the mining regime and redistribute wealth to Peru’s rural communities and phase out open-pit mining.
• He also to review tax contracts with major mining companies, redraft the country’s market-friendly constitution and hike taxes to levy windfall profits.
• Sánchez has a thin margin over the more conservative moderate Rafael Lopez Aliaga for the right run-off against Keiko Fujimori in June.
• Whoever wins will not have a congressional majority which will limit their ability to enforce radical change.
• Peru is the world’s 3rd largest copper producer exporting around 2.7mt in cathodes and concentrates last year representing ~10-12% of global output.

CATL claims six-minute charge and 1,500km in new EV battery

• At its annual Tech Day CATL announced several new battery technology developments to defend its position as global leader.
• The new third-gen Qilin Battery which has seen the charging rate upped to 10C, with a max. rate of 15C, meaning a ‘theoretical’ charge time of 6 minutes.
• The nickel-cobalt-manganese (NCM) battery has a volumetric energy density of 600Wh/L and gravimetric energy density of 280Wh/kg, both industry-leading standards.
• By comparison:
  • Tesla NCA batteries are 250-300Wh/kg.
  • NMC batteries is the EV standard run at 200-300Wh/kg
  • Solid state batteries should do 300-500Wh/kg.
  • Petrol in ICE engines run at 3,000Wh/kg
• A 125kWh Qilin Battery gives a vehicle driving range of over 1,000km and weighs just 625kg, around 255kg lighter than comparable LFP batteries.
• CATL also released its second-gen Freevoy Super Hybrid Battery, offering 500km of all-electric range to hybrid vehicles.



Currencies

US$1.1701/eur vs 1.1750/eur previous. Yen 159.67/$ vs 159.26/$. SAr 16.563/$ vs 16.449/$. $1.349/gbp vs $1.352/gbp. 0.715/aud vs 0.716/aud

CNY 6.834/$ vs 6.822/$. Dollar Index 98.65 vs 98.32 previous

Economics

US – President Trump fires US Navy Secretary John Phelan with immediate effect as the US blockade of the Strait of Hormuz continues.

• No explanation to the decision has been provided.
• FT quoting a person familiar with discussions said the Defence Secretary (Pete Hegseth) had disagreements over the shipbuilding programme as well as nominations and promotions of military officers.

Russia suspends Kazakh oil supplies using the Druzhba pipeline to the refinery producing almost all of Berlin’s petrol and heating fuel.

• The PCK refinery, located about 100km NE of Berlin, supplies 90% of the petrol, kerosene and heating fuel to the German capital, airport and surrounding areas.
• Russia’s deputy PM Alexander Novak said that the decision was related to “technical” issues.
• Commentators see the move as one to put more pressure on Germany, one of the largest arms suppliers to Kyiv, at the time of the conflict in the Middle East tightening energy supplies further.

Precious metals:

Gold US$4,706/oz vs US$4,766/oz previous

   Gold ETFs 99.0moz vs 99.3moz previous

Platinum US$2,039/oz vs US$2,085/oz previous

Palladium US$1,520/oz vs US$1,573/oz previous

Silver US$75.9/oz vs US$78.5/oz previous

   Silver ETFs 798.6moz vs 799.8moz previous

Rhodium US$10,150/oz vs US$10,150/oz previous

Base metals:   

Copper US$13,269/t vs US$13,297/t previous

Aluminium US$3,599/t vs US$3,569/t previous

Nickel US$18,330/t vs US$18,380/t previous

Zinc US$3,435/t vs US$3,447/t previous

Lead US$1,953/t vs US$1,961/t previous

Tin US$50,075/t vs US$50,510/t previous

Energy:

Oil US$103.3/bbl vs US$98.0/bbl previous

Natural Gas €45.4/MWh vs €42.1/MWh previous

Uranium Futures $86.8/lb vs $86.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$106.7/t vs US$107.2/t

Chinese steel rebar 25mm US$471.5/t vs US$472.1/t

HCC FOB Australia US$230.5/t vs US$231.0/t

Thermal coal swap Australia FOB US$127.8/t vs US$120.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$120,351/t vs US$119,693/t

Lithium carbonate 99% (China) US$24,143/t vs US$24,188/t

China Spodumene Li2O 6%min CIF US$2,390/t vs US$2,390/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$213/lb vs US$218/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$28.6/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$249/t vs US$250/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,149/t vs US$1,151/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

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

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

EV & battery news

Beijjng Auto Show: Chinese automakers targeting Europe's premium market

• The annual Beijing Auto Show kicks of this week, running from 24th April to 3rd May.
• According to registration data, the show will feature 1,451 vehicles, including 181 vehicle debuts and 71 concept cars.
• The show will host global and domestic automakers including BMW, Mercedes-Benz, Audi, Volkswagen, Toyota, BYD, Geely and Chery Auto among many more.
• Chinese automakers are set to show a wide range premium models that are packed with high-end features and priced significantly lower than vehicles offered by European automakers.
• The fight for the premium market spells even more trouble for German automakers in China, with data from S&P Global Mobility showed that German automakers cumulative sales in China are down nearly 25% from 2019.
• Chinese automakers are also increasing their presence in international markets with automakers able to soak up levies whilst still offering vehicles at a cheaper price point to their European competitors.
• Chinese vehicles held a 9.3% of the European EV market in December 2025, which has seen an increase to 14% in March.
• While exports to these markets remain strong, Chinese brands are moving towards local production to further mitigate regulatory hurdles.

Company News:



Anglo Asian Mining* (AAZ LN) 248p, Mkt Cap £284m – Processing plant upgrades at Gedabek and Demirli

• The Company announced upgrades to the processing facilities at Gedabek and Demirli.
• Gedabek flotation plant upgrades cost $1.8m and are expected to be completed by the end of April.
• The team is installing nine new flotation cells to accommodate higher grade feed from Gilar.
• New equipment should are expected to deliver better gold/copper recoveries.
• Demirli saw both SAG and ball mill operating following a replacement gear box shaft at the ball mill in Q1.
• Bio heap column leaching tests at Demirli are underway demonstrating up to 78% copper recoveries.
• Additionally, the team is advancing FS for the Xarxar and Garadar Copper Projects and expects to appoint consultants in the coming weeks.

Metals Exploration (MTL LN) 13.9p, Mkt Cap £441m – Construction progress and exploration success as the La India project moves to first gold production in December

• Metals Exploration reports Q1 production of 10,505oz of gold at an all-in-sustaining cost (AISC) of US$2,067/oz) from the Runruno mine (Q4 2025 15,156oz at US$1,584/oz) reflects “lower production levels as the mine moves towards end of life”.
• Revised production guidance envisages full year 2026 production of 40-48,000oz at an AISC between US$1,700-2,000/oz “reflecting  BIOX circuit disruption from artisanal cyanide contamination in Stages 5 and 6, a geological model downgrade following grade control drilling, and the impact of historical illegal small scale mining activity on recoverable ounces”.
• The company confirms that, following a “structured remediation programme … the BIOX circuit has since recovered and is currently operating at normal production levels”.
• At the company’s La India project in Nicaragua, “construction continues to be within the revised budget and ahead of schedule … [and is] … 40% complete”.
• The company, which recently expanded its Nicaraguan exploration land holdings reports exploration around La India including an intersection grading 4.37g/t gold over 31.18m from 181.6m depth in geotechnical drillhole LIGT-612 at La India South.
• Step-out drilling beyond the Phase 1 La India North pit encountered shallow gold intersections in 3 holes while “Exploration drilling at Cacao successfully defined a high-grade ore shoot, with two drillholes intersecting significant mineralisation at depth”;
  • A 12.7m wide intersection averaging 3.52g/t gold from a depth of 270.8m in hole CCRD-043; and
  • A 10.7m wide intersection averaging 1.92g/t gold from a depth of 233.6m in hole CCRD-044.
• Today’s announcement confirms that “Across many targets, the drilling campaign has identified several new zones of gold mineralisation, with Cacao and La India North extension demonstrating the potential to host additional high-grade resources”.
• Exploration drilling at Dupax in the Philippines “did not outline a near term production opportunity to enable re-purposing of the Runruno processing plant”.
• While today’s announcement confirms that no further work is planned at Dupax, it says that “other options to repurpose the processing plant are being considered”.
• CEO, Darren Bowden, welcomed the construction and exploration progress in Nicaragua and said that despite its challenges the Runruno mine generated gold revenues of US$52.9m during the quarter “resulting in free cash flow of US$29.4 million”.
• He explained that “We continue to extract maximum value from Runruno to fund the development of La India, which once in production, will deliver approximately double Runruno's current production rate, strengthening our status as a highly profitable gold producer”.
• Mr. Bowden confirmed “first production in December 2026” at La India.

Conclusion: Looking ahead to first gold production at La India in December as Runruno winds down with 2026 output guidance of 40-48,000oz at an AISC between US$1,700-2,000/oz.

Mkango Resources* (MKA LN) 49p, Mkt Cap £187m – HPMS recycling tech industrial validation and more customer collaborations

BUY

• The Company updates on customer collaborations and a ramp up at the Tyseley magnet processing and manufacturing facility in Birmingham, UK.
• Commercial scale HPMS tech based facility at the Tyseley Energy Park (TEP) produced 9.2t of recycling NdFeB alloy powder since commissioning in 2025.
• 7.4t was shipped to customers.
• Additionally, the team is engaging with multiple potential customers regarding testing and qualification process for produced magnets.
• Over 20 potential customers have been provided magnet samples for the use in motors, medical devices and audio products.
• Qualification and offtake discussions are expected to accelerate once the remaining magnet manufacturing equipment is installed at TEP in the coming months.
• Siemens showcased a SIMOTICS servomotor rotor at Hannover Messe 26 that used recycled NdFeB magnets produced by HyProMag this week.
• Those rotors are widely used in robotics, tooling machines and packing machines.
• Preprocessing of hard disk drives using Inserma equipment commenced with first batch of HDD sourced magnet scrap ready for HPMS processing.
• The team continues to expand the range of potential magnet product characteristics (remanence/coercivity) through blending, purification and powder processing.
• Remanence describes how strong a magnet remains after it has been magnetised.
• Coercivity describes resilience to demagnetisation or how well the magnet resists losing its magnetism when exposed to opposing magnetic fields, heat or physical shocks.
• The higher either/both generally the pricier the magnet.
• Production batch runs demonstrate strong quality consistency.
• In particular, the Company aims to speed up incorporation of grain boundary diffusion (GBD) process that should improve coercivity of produced magnets for high performance automotive applications.
• The Company is evaluating a potential FS for an expansion of TEP facilities from initial 100-350tpa NdFeB alloys and magnets to 1,000tpa.

Conclusion: An exciting operational update with a Siemens collaboration offering further third-party validation of recycled NdFeB magnets in an industrial application. More than 20 potential customers received magnet samples with the team focused on converting these engagements into offtake agreements as the facility ramps up. Installation of the remaining magnet manufacturing equipment in the coming months would help support those discussions while the team is also working on a potential expansion of scale as well as the range of produced magnets.

*SP Angel acts as nomad and broker to Mkango Resources

Perseus Mining (PRU AU) A$5.6, Mkt Cap A$7.5bn – Cash position hits $817m on steady gold production

• African gold producer Perseus reports March 2026 quarter results.
• The Company produced 109.4koz over the quarter, up from 78.6koz in the December quarter.
• AISC reported down to $1,748/oz from $1,800/oz on higher production.
• Average realised gold price over the quarter stood at $4,143/oz.
• Perseus reports net cash and bullion increased by A$62m over the quarter to $817m, with listed securities of $229m.
• Gold production breakdown:
  • Yaoure: 37.3koz, up from 28koz qoq (AISC of $2,049/oz)
  • Edikan: 45.5koz, up from 37.3koz qoq (AISC of $1,539/oz)
  • Sissingue: 26.7koz, up from 13koz qoq.  (AISC of $1,708/oz)
• Company is monitoring fuel supply availability and inventory positions to mitigate operational disruption risks, with fuel supply ‘expected to be sufficient to support operations.’
• Diesel costs account for 10% of group AISC guidance for 2026.
• Company reiterates guidance of 400-440koz Au at AISC of $1,600-1,760/oz.
• Perseus also confirms the transaction for the sale of Meyas Sands for $260m has now completed.
• Perseus has completed 26% of it’s A$100m buy-back approved in August 2026.
• Company noes Nyanzaga CAPEX now 43% complete, with $227m spent to date, remaining on track for first gold in January 2027

Phoenix Copper* (PXC LN) 1.05p, Mkt Cap £3.0m – NED appointment as company rebuilds following dismissal of former Chairman and CFO

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

• Phoenix Copper reports the appointment of the former General Manager of its Empire mine project in Idaho, David Jarvis, as a non-executive director.
• Mr. Jarvis, who is described as a “mining engineer with 35 years of extensive management and director experience in mining and mineral processing at both open pit and underground operations in the Americas and Asia” takes up the appointment “with immediate effect”.
• Welcoming the appointment the interim Chair, Catherine Evans, said that Mr. Jarvis had been “invaluable to Phoenix in his role as General Manager and the Board believes he will make an important contribution as a Director”.
• She said that his “blend of leadership and operational management is a great fit for us as we repopulate the Board with our focus aimed directly at funding, permitting and constructing the Empire Mine”.

*SP Angel acts as Nomad to Phoenix Copper

Resolute Mining (RSG LN) 74.2p, Mkt Cap £1,586m – Strong operational start to 2026

• Resolute Mining reports the production of 59,603 oz of gold at a cost (on an all-in-sustaining cost basis) of US$2,210/oz in the 3 months to 31st March (Q4 2025 -65,918 oz at US$1,877/oz).
• The company’s 2026 production and cost guidance remains intact in the range 250-275oz of production with costs between US$2,000-2,200/oz.
• The Syama mine in Mali produced a total of 43,802oz of gold at an AISC of US$2,227/oz with the Mako mine in Senegal contributing a further 15,801oz at US$1,669/oz.
• Performance from Syama during the quarter is described as “robust, with both … [oxide and sulphide] … processing plants achieving consistently high utilisation and availability, supporting total ore throughput of approximately 1.06 Mt for period”.
• Resolute Mining comments on disrupted supply chains for key materials caused by the Middle East conflict and says that it “has increased procurement activity and on‑site inventory levels for selected critical consumables as a risk mitigation measure, with the objective of supporting continuity of operations”.
• The company says that “the business has not been materially impacted by consumable shortages, and supply disruptions have been successfully managed … [so far but that it] … is experiencing elevated costs for some inputs, including fuel and key reagents, which may impact overall operating costs if these price trends persist”.
• Production and cost guidance for Syama in 2026 remains 159-210,000oz of gold production with costs between US$1,950-2,150/oz.
• Mako “remains on track for full-year production guidance of 55 - 65 koz with steady Quarterly production levels expected”.
• Resolute Mining describes efforts to extend the mine-life at Mako through the development of the satellite deposits at Tomboronkoto and Bantaco which host a combined resource of “over 800 koz of gold, with possibilities of expansion based on ongoing exploration”.
• “Based on current schedules, indicatively, the combined … [satellite operations are] … assessed as capable of supporting annual gold production of approximately 75 - 85 koz over seven years with indicative gold production from satellite sources commencing following depletion of existing stockpiles and continuing over the subsequent mine life”.
• At Doropo in Ivory Coast, progress continues “towards first gold … in H2 2028” with site preparation commenced during the quarter. During Q2 “activities are expected to focus on placing orders for major long-lead items, commencing bulk earthworks and camp construction, expanding site infrastructure, advancing HV power supply arrangements and progressing full-scale site development”.
• Also in Ivory Coast, exploration “focused on drilling programs planned to expand the Mineral Resources at the Kona deposits. Furthermore, a scoping study on the ABC Project, based on the existing MRE, was advanced during the period and is expected in Q2 2026”.
• Drilling at Kona, totalling 11,000m of RC demonstrating the continuity of mineralisation and north and southward extension potential with drilling expected to “continue throughout 2026 to build the Mineral Resource Inventory of the ABC Project”.
• CEO, Chris Eger, described “a positive start to 2026 at both our operations and at our development and exploration projects … [and expressed confidence] … in delivering against our guidance, supported by a robust balance sheet and experienced teams, that are well placed to continue performing across the business as we move into Q2”.

Conclusion: Resolute Mining remains on track to achieve 2026 production and cost guidance and to deliver the Doropo mine development in Ivory Coast by H2 2028.

Teck Resources (TECK US) $59, Mkt Cap $29bn – QB performance improves as Anglo merger on track

• Teck reports 1Q26 results.
• The Company reports C$3.9bn in revenue for Adj. EBITDA of $2.1bn, up from C$2.3bn and $0.9bn respectively 1Q25.
• Revenue breakdown:
  • QB: C$1.3bn, up from C$0.6bn
  • Highland Valley: C$0.8bn vs C$0.43bn
  • Antamina: C$0.6bn, vs C$0.3bn
  • Carmen de Andacollo: C$0.25bn vs C$0.2bn
  • Trail Operations: C$0.26bn vs C$0.1bn
  • Red Dog: $0.1bn, steady yoy
• EPS reported at C$1.75 vs $0.6 same period last year.
• Stronger results reflect record quarterly copper sales volume and higher commodity prices.
• Cash flow from operations of C$1bn, with net cash reported at C$488m.
• Company held C$5.7bn in cash as of March 31st and $5bn in debt.
• CAPEX over the period up to C$593m from C$332m same period 2025, with QB TMF development accounting for majority of increase.
• Company retains production guidance at:
  • 455-540kt Cu
  • 410-460kt Zn
  • 190-230kt refined zinc
• Teck reports a $1/bbl change in WTI impacts adj. EBITDA by C$8m.
• Teck reports the QB TMF development is progressing as planned, with sand deposition rates improving over the quarter.
• Teck also notes the Anglo American merger is progressing as planned, with both parties working with regulators to gain approvals.

Tertiary Minerals* (TYM LN) 0.08p, Mkt Cap £4.3m –  Management presentation on Mushima North, 12:30 today

BUY: 0.26p

CLICK FOR PDF

• Tertiary’s Managing Director Richard Belcher is presenting on the Mushima North Company at 12:30 today.
• Tertiary recently delivered a 15-30mt JORC Exploration Target for the Mushima North project, with grades ranging from 40-60g/t AgEq.
• We recently published an update note on Tertiary highlighting its undervalued trading multiple and the wider exploration prospectivity around the shall-lying Mushima North deposit.
• We see Mushima North as holding potential for a bulk-tonnage, low strip open pit operation in a tier one African mining jurisdiction.
• Upcoming catalysts include further drilling and metallurgical testwork as management progresses Mushima North to MRE in 4Q26
• The presentation can be watched here: LINK

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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

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.

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