SP Angel . Morning View . Tuesday 11.11.25

MiFID II exempt information – see disclaimer below

Celsius Resources (CLA LN) – Additional metallurgical work at the MCB project, Philippines

ECR Minerals (ECR LN) – Progress on alluvial gold evaluation in Queensland

Great Southern Copper (GSCU LN) – Additional drilling capacity for the Cerro Negro project, Chile

Guardian Metal Resources (GMET LN) – NED appointment

Lithium Argentina (LAR US) – 3Q25 operational update and PPG Scoping Study

Metals Exploration (MTL LN) – Awards recognise contribution to Philippines mining

Orosur Mining* (OMI LN) –FLASH NOTE – Catalyst rich and pathway to production

Gold jumps to $4,149/oz as latest upsurge continues

HSBC gold token trading volume rises to >$1bn

• HSBC’s gold token has seen >100,000 transactions since its launch in March last year
• Each Gold Token represents partial ownership of 0.001oz of gold

Prices are lifted by the increasing likelihood of a Fed rate cut and on the advance of a bill to end the US government shutdown

• Reopening of the US government shutdown is seen as potentially allowing the Fed to cut rates depending on the jobs data which should come out shortly after the reopening
• Consumer sentiment has weakened again in the US and the economy is said to see slower growth.
• US bond yields rose yesterday indicating greater fiscal concerns and potential for the US Treasury to increase borrowing

US dollar carry trade highlights dominance of US dollar vs other global currencies

• The US Dollar Index rose to 99.65 vs 99.49 on Friday driven by ongoing confidence in the US and partly by carry trade dollar buying.
• Investors continue to borrow low-yield instruments in Japan and Switzerland while investing in higher-yielding US Treasuries.
• The danger comes when there is a significant and unforeseen move in the underlying currencies which can wipe out carry-trade gains which is why carry trades gain in more stable economic environments.
• The move is partly driven by the rise in US Treasury yields despite many investors looking for a further 0.25% cut in US Fed interest rates this year.
• Conventionally, we might expect the US side of the carry trade to start unwinding on falling interest rates but it is the Fed’s careful caution that is maintaining carry-trade flows.
• Unfortunately, for President Trump this also makes the US dollar more expensive.

Mali – Siege of Bamako as rebel groups blocks key transport routes to capital

Gold mines under threat. Mali produced 1.9mozpa of gold last year. China and Russia remain the worlds largest producers at 12mozpa and 10mozpa respectively

• The government of Mali has shut schools and universities as jihadist-rebels block fuel supplies into the capital.
• The rebels have also blocked a key trade route from Senegal-Mali setting fuel tankers ablaze.
• Rebels also executed a young female TikTok poster who they accused of filming and posting videos of rebel fighters and helping the Mali army.
• The execution is reminiscent of ISIS in Syrah.
• The French foreign ministry has advised its citizens to urgently leave the country while flights are still available.
• The African Union are hugely concerned at the rapid deterioration of the security situation where terrorist groups have imposed blockades, disrupted access to essential supplies, and severely worsened humanitarian conditions for civilian populations.
• The African Union is reported to be ready "to support Mali, as well as all Sahel countries, during this particularly challenging period".
• French military forces were withdrawn in 2022 following public opposition to the French soldiers.
• The French forces were replaced by Wagner who alongside the Allied Malian army are frequently accused of atrocities against civilians.
• A Wagner mercenary from Russia shot a Lebanese bar owner in Bamako yesterday causing further disruption

Source: https://toubaniresources.com/project/#location

IG TV Commodity Corner (4/11/1015): https://www.youtube.com/live/1dgNycx2o4U?si=7nWx4N9VXXyIe4Ap&t=6274 

ii TV - Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://youtu.be/41MBzeI8M4s?si=MY1uIg-iTZwBH5Bh
• FTSE 100 stocks, small-cap and lithium: https://youtu.be/mLPY874joJs?si=8bzipl1DPW_SSe7H

Economics

China is looking at restricting the supply of REE and other controlled materials to the US military, WSJ reports.

• The plan is to implement a “validated end-user” system that would track shipments and exclude companies with ties to the US military.
• The system would maintain strong control on REE supply to the West with many sectors using permanent magnets like EVs, aviation, robotics, healthcare etc could be also used in defence applications.

Chinese importers sign record US$83.5bn of deals at trade expo

• The value of deals the CIIE trade fair import fair rose 4.4% yoy highlighting confidence in Chinese consumer spending (SCMP).

US – Senate passes the legislation to end the shutdown with the bill now heading into the House for a vote on Wednesday.

• Equity indices closed higher recovering some previous week losses (S&P 500 +1.5% and Nasdaq +2.3%).

Separately, President Trump warned that should Supreme Court rule against US administration tariffs, the budget to potentially face a $3tn liability.

• The government may have to refund funds collected from tariffs to the businesses.
• “The ‘unwind’ in the event of a negative decision on Tariffs, would be, including investments made, to be made, and return of funds, in excess of 3 Trillion Dollars,” the president said in his post.
• Earlier, President Trump promised an “at least $2,000 a person” dividend to US citizens from tariffs.
• Trump said payments would not be offered to high-income individuals without specifying a threshold.

UK – The pound is down 0.5% this morning and is trading at 1.31 as unemployment climbed more than expected in September.

• Jobless rate hit 5% in the three months to September marking the highest level since early 2021.
• Additionally, monthly payrolls dropped 32k in October with the previous month revised for a deeper contraction.
• Markets are now pricing in more than a 80% chance of a central bank cutting in December, up from 68% on Monday.
• Wages (3M/yoy%, Sep/Aug/Est): 4.8/5.0/5.0
• Unemployment (Sep/Aug/Est): 5.0/5.8/4.9
• Payrolled Employees Change (Oct/Sep/Est): -32k/-32k (revised from -10k)/-3k

Currencies

US$1.1563/eur vs 1.1579/eur previous. Yen 154.30/$ vs 154.05/$. SAr 17.145/$ vs 17.211/$. $1.313/gbp vs $1.318/gbp. 0.652/aud vs 0.653/aud. CNY 7.121/$ vs 7.118/$.

Dollar Index 99.65 vs 99.49 previous.

Precious metals:

Gold US$4,132/oz vs US$4,081/oz previous

Gold ETFs 97.2moz vs 97.2moz previous

Platinum US$1,595/oz vs US$1,580/oz previous

Palladium US$1,435/oz vs US$1,407/oz previous

Silver US$50.7/oz vs US$50.0/oz previous

Rhodium US$8,075/oz vs US$8,075/oz previous

Base metals:   

Copper US$10,848/t vs US$10,786/t previous

Aluminium US$2,878/t vs US$2,884/t previous

Nickel US$15,075/t vs US$15,135/t previous

Zinc US$3,074/t vs US$3,087/t previous

Lead US$2,058/t vs US$2,059/t previous

Tin US$36,180/t vs US$36,095/t previous

Energy:           

Oil US$63.9/bbl vs US$64.3/bbl previous

• Shell has cancelled plans to participate in two offshore wind power projects in Scotland, which follows last week’s withdrawal from the Atlantic Shores offshore wind project in the USA, commenting that it plans to shift away from capital-intensive generation projects to assets that support the Company’s trading and retail strengths.

Natural Gas €30.9/MWh vs €31.4/MWh previous

Uranium Futures $78.4/lb vs $76.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.8/t vs US$105.8/t

Chinese steel rebar 25mm US$442.6/t vs US$442.7/t

HCC FOB Australia US$196.8/t vs US$196.5/t

Thermal coal swap Australia FOB US$112.1/t vs US$113.9/t

Other:  

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

NdPr Rare Earth Oxide (China) US$78,637/t vs US$77,694/t

Lithium carbonate 99% (China) US$11,655/t vs US$11,380/t

China Spodumene Li2O 6%min CIF US$970/t vs US$960/t

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

China Tungsten APT 88.5% FOB US$708/mtu vs US$703/mtu

China Tantalum Concentrate 30% CIF US$94/lb vs US$94/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$23.8/kg vs US$23.8/kg

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

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

China Rutile Concentrate 95% TiO2 US$1,102/t vs US$1,103/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

Altilium secures UK government funding for EV batteries made from recycled materials

• UK battery recycler Altilium has received funding from the Department for Energy Security and Net Zero and Innovate UK to scale production of EV battery materials from recycled sources.
• The company will use its EcoAnode and EcoCathode processes to recover over 95% of critical minerals like lithium, nickel, and cobalt from “black mass.”
• Recovered materials are reprocessed into new, high-nickel cathode active materials (CAM) for next-generation EV batteries.
• The milestone follows Altilium’s successful pilot production at the UK Battery Industrialisation Centre (UKBIC) earlier this year.
• Construction is underway on an at-scale recycling facility in Plymouth, Devon, which will become the UK’s only producer of domestic, battery-ready CAM from end-of-life EV batteries.
• The project aims to demonstrate commercial viability and environmental benefits of circular battery manufacturing.

Tesla sees weakest China sales in years as competition intensifies

• Tesla saw its worst month of sales in China since 2022, delivering just over 26,000 vehicles in October, down 36% yoy.
• YTD sales are down more than 40,000 units compared to 2024.
• Tesla now needs two record months in November and December to avoid its first full-year sales drop in China.
• The decline is despite the Model Y refresh and new Model YL which have failed to lift demand amid fierce local competition.
• China’s EV market continues to grow, but Tesla’s share has stalled as domestic rivals like BYD and Aito expand aggressively.



Company news

Celsius Resources (CLA LN) 0.33p, Mkt Cap £17m – Additional metallurgical work at the MCB project, Philippines

• Celsius Resources reports results from metallurgical testing confirming recovery rates averaging 95% for copper and 77% for gold over the first ten years of operations for its Maalinao-Caigutan-Biyog (MCB)Copper-Gold Project located on Luzon approximately 320km north of Manila.
• The projected recovery rates stem from tests conducted by Brisbane Met Labs “on the various ore types for the first five (5) years of mine life … [and are] … consistent with those achieved from the previous test work program”.
• Tests addressed the crushing and grinding characteristics of the mineralisation as well as “flotation recovery test work” and will aid in confirming the flowsheet “in the updated Feasibility study, which will see an updated Mineral Resource Estimate, Mining Reserve and Feasibility Study report delivered by early December”.
• The current mineral resource estimate for the MCB project is “338 million tonnes @ 0.47% copper and 0.12 g/t gold … of which 249 million tonnes @ 0.44% copper and 0.11 g/t gold is classified as Indicated, 42 million tonnes @ 0.52% copper and 0.11 g/t gold is classified as Inferred, and 47 million tonnes @ 0.59% copper and 0.19 g/t gold is classified as Measured”.
• A 2021 study on the project described an initial investment of US$253m delivering a post-tax NPV8% of US$464m and an IRR of 31%. The study was based on assumed copper price of US$4:00/lb (~US$8,800/t – currently ~US$10,500/t) and a gold price of US$1,695/oz (currently ~US$3,800/oz).
• We look forward to the forthcoming study to provide insights into the technical and economic aspects of the project under the current commodity price. capital and operating cost regime.
• Technical Director, Peter Hume, said that the metallurgical “results confirm the homogenous nature of the high-grade ore body and support consistent ore processing performance through the first decade of the mines operations”.

Conclusion: Celsius Resources’ latest metallurgical testing for the MCB project, confirming recovery rates for the first ten years of operations, is expected to contribute to a revised MRE and updated Feasibility Study due in December 2025.

ECR Minerals (ECR LN) 0.58, Mkt Cap £18m – Progress on alluvial gold evaluation in Queensland

• Following the recent completion of its alluvial gold drilling campaign at the Blue Mountain project in Queensland, ECR Minerals confirms that its “operational focus continues to centre on establishing near-term production at its advanced-stage Queensland alluvial gold projects”.
• Assay results from the remaining holes of the 400 drilled at the Lower Patterson, Windmill and Upper Kariboe Creek areas at Blue Mountain are “expected this month”.
• Samples from subsequent drilling at the Uncle Terry prospect at Lolworth are “with the laboratory for assay”.
• Wash plant trials of bulk samples to aid in understanding “the distribution of gold particles within the alluvial gravels at Blue Mountain … [appear to show better recovery rates] … in the lower grade material areas”.
• ECR says that the results “supports … [its]… theory that there is an element of coarse gold at Blue Mountain which cannot always be reliably picked up from drill samples … Further analysis of the wash plant samples is currently being conducted”.
• ECR Minerals also confirms that its previously announced plan to acquire Raglan Resources has now reached an advanced stage of legal documentation “subject only to comments from the vendors' lawyers.  All due diligence questions have also been submitted and, to date, the information supplied has been in line with ECR's expectations”.
• “ECR anticipates completing the Proposed Acquisition this month” although it cautions that this outcome remains subject to change.
• Chairman, Nick Tulloch, confirmed that “All samples from the Queensland drilling campaigns are now in the laboratory for analysis, as are the outputs from the wash plant trials at Blue Mountain.”
• He said that the “administrative tasks of preparing to produce gold, initially at Raglan once this Proposed Acquisition has been completed and then nearby at Blue Mountain, are also well advanced”.

Great Southern Copper (GSCU LN) 2.85p, Mkt Cap £16m – Additional drilling capacity for the Cerro Negro project, Chile

• Great Southern Copper reports that it is mobilising a third drilling rig to additional its Cerro Negro project in Chile.
• The additional rig will be deployed on scout drilling “targets along the Mostaza Fault Zone ("MFZ") as well as newly identified outcropping mineralisation in the hanging wall volcanics, where recent mapping has identified oxide copper mineralisation”.
• There are already two diamond drilling rigs working at Cerro Negro “testing extensions to … [the] … high-grade Cu-Ag discovery at Mostaza mine”.
• The addition of a third, reverse-circulation, rig will initially “test a series of outcropping lenses located along the southern extension of the Mostaza Fault trend, 1-1.5km south of the historic Mostaza Mine” where “22 outcrop samples collected in the hanging wall volcanics … [delivered] …grades up to 2.56% Cu and 293 g/t Ag”.
• A total of 1.340m of diamond drilling, in ten holes, has been completed so far 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 … Assay results are pending”.
• CEO, Sam Garrett, said that the “expanded drilling capacity will enable us to rapidly test the multiple high-priority exploration targets that we have identified along the Mostaza trend through mapping, geophysics and geochemistry programmes”.
• He commented that the targets to be tested with the RC rig “have not previously been drill-tested and have the potential to significantly extend the scale of near-surface copper mineralisation in the Cerro Negro system”.

Guardian Metal Resources (GMET LN) 120.5p, Mkt Cap £201m – NED appointment

• As originally announced on 3rd November, Guardian Metal Resources now confirms the appointment of a former PotashCorp executive, Michael X. Schlumpberger, PE MBA as a non-executive director.
• He will assume the role with immediate effect and replaces “Mr. Mick Billing who is retiring from the Board, as announced previously”.
• In the earlier announcement, Executive Chairman, JT Starzecki, said that after almost 40 years in the industry Mr. Schlumpberger brings skills “in mining operations, development and management, and will be particularly well-suited to guide Guardian Metal as it advances Pilot Mountain and Tempiute through to development”.

Lithium Argentina (LAR US) US$4.3, Mkt Cap US$687m – 3Q25 operational update and PPG Scoping Study

• The Company reported 3Q25 operational results at Cauchari-Olaroz as well as released Scoping Study details for PPG in Argentina.
• Cauchari-Olaroz (100%) produced 8.3kt LCE during the quarter.
• 9M25 production ~24kt.
• Production on course to beat the low end of Fy25 guidance of 30-35kt.
• 3Q25 operating cash costs US$6,285/t.
• 9M25 operating cash costs $6,322/t.
• 3Q25 realised price $7,522/t.
• Realised prices have since recovered and currently run at ~$9,200/t.
• 3Q25 Net Loss $64.5m.
• PPG Scoping Study for an up to 150ktpa operation (Stage 1-3) included:
  • Stage 1 50ktpa LCE and 150ktpta (Full Project)
  • Opex (Stage 1) $5,344/t, Opex (Full Project) $5,027/t
  • Capex (Stage 1) $1.1bn, Capex (Full Project) $3.3bn
  • Post tax NPV10 and IRR at $5.8bn and 33% ($18,000/t LCE price).
  • PPG 67% Ganfeng / 33% LAR owned.

Metals Exploration (MTL LN) 12.6p, Mkt Cap £367m – Awards recognise contribution to Philippines mining

• Metals Exploration, the operator of the Runruno mine on Luzon Island, Philippines, has “won Philippine Government industry awards, including the Presidential Mineral Industry Environmental Award (PMIEA) in the Surface Mining Operation Category, the highest government mining award attainable in the Philippines, for the fourth year in a row”.
• In addition, “company employee, Joshua Ambojnon, won Best Safety Inspector in the Plant Category … [and] … Metals Exploration represented the Philippines at the ASEAN Mineral Awards, winning a 1st Runner up Mineral Processing Award”.
• CEO, Darren Bowden, welcomed the recognition conferred by awards and said that they show “our continued progress towards our goal of becoming the Philippines' leading mining company, setting the benchmark in sustainability, safety, and positive community relations”.
• He also congratulated “ Joshua for his well-deserved recognition for upholding the highest standards in safety”.

Orosur Mining* (OMI LN) 20p, Mkt Cap £74m –FLASH NOTE – Catalyst rich and pathway to production

CLICK FOR PDF

Initiate BUY: 30p target

Pepas underscores value with high-grade, near-term production opportunity

• Orosur reacquired the wider Colombian Anza project from the MMA JV in November 2024 and has wasted no time in returning to exploration at the licence package.
• Focus has been on Pepas, where 66 holes have now been drilled, returning highlight intercepts including: 112m at 5.3g/t Au, 59m at 10g/t Au, 62m at 12.8g/t Au, 47m at 15g/t Au.
• Orosur is aiming to deliver a maiden MRE by year-end, before progressing the asset towards economic studies.
• Whilst early, we have outlined a potential capital-light toll-treating scenario at Pepas, feeding into local processing facilities.
• Should metallurgical, permitting and other key workstreams prove the concept, Pepas could provide a source of cash-flow through which to fund a wide exploration drive across the Company’s highly prospective portfolio.

El Cedro provides scale optionality with gold-copper porphyry potential

• El Cedro lies to the south of Pepas and offers Orosur shareholders exposure to a greenfield, undrilled gold-copper porphyry system.
• Exploration work to date has identified two major porphyry targets, with soil sampling outlining a large gold-bearing system, showing multiple samples over 1g/t Au.
• Drilling is expected to begin towards the end of 1Q26.

El Pantano drilling underway in major Argentine gold belt

• El Pantano, in Argentina’s Santa Cruz province, is a 550km2 land package in the Deseado Massif gold district, with neighbours including AngloGold and Newmont.
• Orosur is aiming to boost their understanding of current drill-ready targets with a 3,000m DD programme, due for completion in January 2026.

Valuation: Pepas and APTA leave exploration upside undervalued

We take a sum-of-the-parts valuation approach to Orosur. For Pepas, we have modelled a simple, low capital intensity toll-treating operation from a conservative, pre-MRE mineral inventory. This generates a post-tax NPV5 of $204m, which yields an attributable valuation of £0.18/share to Orosur, once risked at 0.5x. For APTA, we apply current market multiples to our conceptual mineral inventory of 621koz AuEq which yields £0.04/share, risked at 0.3x. Factoring in corporate overheads and Orosur’s current healthy cash balance of £13m, we initiate Orosur with a buy, targeting £0.30/share vs current share price at £0.20/share, factoring in CAPEX dilution. As a result, our current OMI valuation ascribes no value to the highly prospective El Cedro and El Pantano exploration properties, leaving ample upside should drilling prove fruitful.

*SP Angel acts as Nomad and Broker to Orosur Mining

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

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.