SP Angel – Morning View – Tuesday 05 03 19

Copper trades higher on China fiscal stimulus plans

EV investment boost to halt fall in UK automotive production

MiFID II exempt information – see disclaimer below 

Anglo American (AAL LN) – De Beers diamond sales

Aston Bay Holdings* (BAY CN) – Aston Bay Announces Exploration Agreement for Gold Exploration Property in Virginia, USA

Condor Gold (CNR LN) – Permitting application underway for the America and Mestiza pits

Crusader (CAS LN) – Suspended on AIM – Copulos potentially rushing asset sale ahead of 249d shareholder meeting on 22nd March

Crusader (CAS AU) – ASX listing also suspended

IronRidge Resources* (IRR LN) – Cape Coast Ghana lithium intersections

KEFI Minerals* (KEFI LN) – PM expresses support for the Tulu Kapi project

Keras Resources* (KRS LN) BUY, Target price 1.04p – 10,000t bulk sample completed and stockpiled ready for shipping

Thor Mining* (THR LN) – Plan to list Enviro Copper

Tri-Star Resources* (TSTR LN) – Goynuk sale completed

 

EV factory planned to halt auto declines in the UK

  • £246m battery-focused investment is expected to grow as Britain aims to develop an industry-leading EV battery plant to accelerate and drive towards electric mobility, as an over-exposure to diesel models hurts demand and jobs.
  • A new plant would provide a much-needed boost for the British automotive industry as Brexit causes companies to review investment plans, a Chinese slowdown weighs on demand, and U.K. measures to cut pollution discourage sales of diesel models.
  • In the past two months alone, Jaguar Land Rover Automotive Plc announced it would cut 4,500 jobs, mostly in the U.K., while Honda Motor Co. said it will close its only British factory in 2021.
  • The refocusing of Honda EV production to Japan, the move suggests the UK is unattractive for investment.
  • Britain identified the development and manufacturing of electric vehicles as a central element of its so-called automotive sector deal announced last year and intended to form a key plank of U.K. industrial strategy.
  • Any boost to EV capacity in the UK will give significant support to battery metal manufacturers, with products such as Talga Resources’ industry-leading active graphite anode Talnode™ crucial for increasing the mass adoption of EVs.

 

Vale - fine potential 20% revenue or $7bn if collusion over dam safety is proven

 

Dow Jones Industrials

 

-0.79%

at

  25,820

Nikkei 225

 

-0.44%

at

  21,726

HK Hang Seng

 

+0.01%

at

  28,962

Shanghai Composite

 

+0.88%

at

   3,054

FTSE 350 Mining

 

+0.11%

at

  19,106

AIM Basic Resources

 

-0.72%

at

   2,140

 

Economics

US – The House Judiciary Committee opened a broad investigation into possible obstruction, corruption and abuse of power in Trump’s administration and business empire.

  • The Democrats led enquiry saw letters sent to 81 agencies, individuals and other entities tied to the president.

 

China – The government is expecting growth to slowdown to 6.0-6.5% this year compared to the previous year’s target of ‘around’ 6.5% and actual 6.6% recorded in 2018, PM Li Keqiang said on Tuesday.

  • Unlike in previous releases, authorities have not announced targets for retail sales and fixed asset investment targets.
  • On the stimulus side, the government pledged to increase the budget deficit target to 2.8%, up from 2.6% for the previous year, with “noticeable decrease” in tax and social security fees estimated to come in at c.2tn yuan.
  • “What we faced was profound change in our external environment and especially the China-US economic and trade frictions, had an adverse effect on the production and business operations of some companies and on market expectations,” Li spoke at the opening of China’s National People’s Congress in Beijing.
  • Bloomberg reports the slightly increased budget deficit number may be masking the size of the potential stimulus the government is prepared to provide to stabilise economic growth rates.
  • Instead, the government may increasingly rely on so-called local-government financing vehicles (LGFVs) that are not included on the balance sheets of municipal authorities.
  • China had 7.4tn yuan of such financial instruments as of the end of 2018 or around 8% of GDP with the authorities planning to sell 2.2tn yuan this year, up from 1.9tn in 2018, Li said in his work report.
  • Proceeds are expected to fund infrastructure projects with more than 80% of incremental infrastructure spending last year having been funded by special purpose bonds.
  • “Using debt to build railways and highways seems to be Beijing’s way out of recessions… after the 2008 global financial crisis, a 4tn yuan stimulus saved the economy… in 2012, the country turned to infrastructure spending again, mainly with the help of LGFV borrowing,” Bloomberg reports.
  • Local equities climbed today with the CSI 300 index extending Monday gains when the index hit a nine-month high.

 

Japan – The central bank may be discussing downward revisions to its industrial production and exports during the policy meeting next week, Bloomberg cites people familiar with the matter.

  • The news is supported by the latest series of weak economic news with exports posting the biggest drop since 2016, a marked fall in industrial production and a slowing growth outlook in China.

 

UK – Services sector growth picks up slightly in February helping to compensate for a slowdown in the manufacturing segment.

  • Despite an improvement on a two-and-a-half year low registered in January, services sector survey respondents continued to cite Brexit-related uncertainty as the most prominent factor acting as a brake on business activity growth last month.
  • Additionally, services companies recorded a reduction in new work received, although the rate of contraction eased since the start of 2019, while employment in the sector dropped at fastest pace since September 2012.
  • “The latest PMI surveys indicate that the UK economy remained close to stagnation in February, despite a flurry of activity in many sectors ahead of the UK’s scheduled departure from the EU. The data suggest the economy is on course to grow by just 0.1% in the first quarter,” Markit commented on the data.
  • Markit Services PMI: 41.3 v 50.1 in January and 49.9 forecast.
  • Markit Composite PMI: 51.5 v 50.3 in January and 50.1 forecast.

 

Zimbabwe – Alliance for the Peoples Agenda Withdraws from Insincere National Dialogue

 

South Africa – Growth slows in Q4, but not as bad as expected, while Q3 numbers have been revised upwards.

  • Weaker growth rate is attributed to a slump in business investment (-2.5%qoq, annualised) while household spending recorded a 3.2%qoq growth.
  • The currency is up 0.7% against the US$ on the news.
  • The government and central bank are expecting the economy to grow 1.5% and 1.7% this year, respectively.
  • GDP (%qoq, annualised): 1.4  v 2.6 (revised from 2.2) in Q3/18 and 1.2 forecast.

AMCU union delays strike judgement

  • Amcu delays wider mining strike until judgment Action meant to support ongoing Amcu strike at Sibanye’s gold mines.

 

Currencies

US$1.1332/eur vs 1.1351/eur yesterday  Yen 111.95/$ vs 111.91/$  SAr 14.184/$ vs 14.235/$  $1.318/gbp vs $1.324/gbp  0.708/aud vs 0.708/aud  CNY 6.702/$ vs 6.698/$

 

Commodity News

Precious metals:         

Gold US$1,285/oz vs US$1,292/oz yesterday

  • Investors are pulling cash across the world’s largest gold ETF at the fastest pace in more than a year, eroding recent growth, as easing trade tensions push buyers out of safe haven assets. The precious metal was near a five-week low with the market awaiting details of a potential US-China trade deal.
  • The $33bn SPDR Gold Shares ETF, or GLD, saw a net withdrawal of $496m on Friday, the most in a single day since February 2018. That pushed the five-day total to about $720m, marking the fourth consecutive week of outflows.
  • The strengthening dollar and a rebound in the equity market eroded demand for bullion, as US Trade Representative Robert Lighthizer told Congress a pact could be signed by President Donald Trump and his Chinese counterpart Xi Jinping as early as this month.
  • Breakthroughs in the deal appear as China lowered its goal for economic growth and announced a major tax cut. The gross domestic product growth target released Tuesday morning in Premier Li Keqiang’s annual work report to the National People’s Congress was set at a range of 6 - 6.5% for 2019.
  • ETFs tracking gold miners have also lost cash lately. Investors pulled $148m from the VanEck Vectors Gold Miners ETF and $142m from the VanEck Vectors Junior Gold Miners ETF last week.

   Gold ETFs 71.9moz vs US$72.0moz yesterday

Platinum US$838/oz vs US$853/oz yesterday

Palladium US$1,513/oz vs US$1,547/oz yesterday

Silver US$15.08/oz vs US$15.19/oz yesterday

           

Base metals:   

Copper US$ 6,454/t vs US$6,452/t yesterday

Aluminium US$ 1,876/t vs US$1,908/t yesterday

Nickel US$ 13,515/t vs US$13,325/t yesterday

Zinc US$ 2,752/t vs US$2,790/t yesterday

Lead US$ 2,105/t vs US$2,149/t yesterday - Lead batteries support power for >2m people in Europe

  • The consortium for battery innovation reports that some 2m people are using secure electricity in Europe due to lead battery capacity.
  • A 25MWh frequency power regulation project in Germany supporting the power grid using lead-carbon battery technology provided by Narada.

 

Tin US$ 21,540/t vs US$21,630/t yesterday

           

Energy:           

Oil US$65.4/bbl vs US$65.2/bbl yesterday

Natural Gas US$2.874/mmbtu vs US$2.831/mmbtu yesterday

Uranium US$28.05/lb vs US$28.05/lb yesterday

           

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$83.2/t vs US$85.9/t

Chinese steel rebar 25mm US$615.9/t vs US$616.3/t

Thermal coal (1st year forward cif ARA) US$80.7/t vs US$80.0/t

Coking coal futures Dalian Exchange US$197.1/t vs US$197.2/t

           

Other:  

Cobalt LME 3m US$33,000/t vs US$33,000/t

China NdPr Rare Earth Oxide US$45,731/t vs US$45,763/t

China Lithium carbonate 99% US$10,071/t vs US$10,078/t

China Ferro Vanadium 80% FOB US$73.0/kg vs US$72.5/kg

China Antimony Trioxide 99.5% EU US$6.9/kg vs US$6.9/kg - Antimony market hit by potential ban on flame retardants in Alaska

  • Alaska is a relatively minor state when it comes to consumer goods but a move by the municipality of Anchorage in Alaska to consider banning flame retardants may hit demand for antimony elsewhere.
  • The Anchorage Fire and Health Department and local campaign groups want o restrict fire retardants which they see as presenting risk to firemen and children.
  • Should other states follow Alaska in banning antimony and other fire retardants the market could pull back significantly.
  • The US the largest market in the world for consumer goods containing antimony oxides and any state action banning fire retardants might have significant impact to demand.

 

Tungsten APT European US$260-270/mtu unchanged from previous week

 

Battery News

Narada Power Source boosts advanced lead battery storage support

  • Leading energy storage provider, Narada Power Source, and member of the Consortium for Battery Innovation, helps provide secure renewable electricity for more than 2m people in Germany with the inauguration of a 25MWh frequency power regulation plant.
  • The Consortium for Battery Innovation works with members such as Narada to develop research and funding for innovative renewable energy storage projects.
  • With projects across China too, Narada’s innovative lead-carbon technology powers the largest global battery storage system for a consumer project in Wuxi. The company provide peak load shifting and demand response services for an industrial zone, allowing economic progress to flourish whilst combined with clean energy.
  • In Zhenjiang, Narada supports the largest containerized commercial BESS by relieving the pressure on power supply in the summer and the peak load of the grid. Narada enables this system to provide 20MW of power and an energy capacity of 160 MWh.

 

Volvo unveils driverless electric bus in Singapore

  • Nanyang Technological University in Singapore has unveiled a driverless electric bus which will soon be put through its paces at a testing track before the buses are used on public roads.
  • It uses 80% less energy than a similar sized diesel bus and is complete with sensors and navigation controls which are managed by an AI system.  

 

Elegant theory shows how water helps separate ions involved in material synthesis and manufacturing

  • The US Department of Energy have designed a simple method that explains how water can affect chemical reactions inside fuel cells, batteries, and biological systems.
  • The method shows how water moves around pairs of ions and influences whether they draw together or stay apart.
  • Ion pairing involves complex motions of networks made of water molecules, which can be an important factor in chemical reactions in fuel cells, batteries and human cells. The theory will help scientists predict, control, and tune structure, function, and dynamics of ions and related processes.

 

Company News

Anglo American (AAL LN) 2002 pence, Mkt Cap £25.87bn – De Beers diamond sales

  • Anglo American reports that that De Beers achieved provisional sales of US$490m for its 2nd diamond sale of 2019. After adjusting the provisionally reported value of the first sale to the actual US$500m achieved this brings diamond sales for the year to date to US$990m, approximately 20% lower than the equivalent position in 2017.
  • Commenting on the sales, CEO, Bruce Cleaver, said “Demand for rough diamonds remained consistent during the second sales cycle of 2019. While overall demand for lower value rough diamonds remain subdued we did see an increase in demand from India as factories begin to restock."

Conclusion: Diamond sales appear to have made a relatively slow start to 2019 although de Beers reports increasing demand from India.

 

Aston Bay Holdings* (BAY CN) $0.05, Mkt cap C$6.5m – Aston Bay Announces Exploration Agreement for Gold Exploration Property in Virginia, USA

  • Aston Bay has signed an Exploration and Option to Lease agreement with an independent land and timber company in Buckingham County, Virginia through subsidiary Blue Ridge Mining Inc.
  • The parcel contains a recent gold discovery located adjacent to historical mine production.
  • Associated gold-in-soil anomalies extend over 900m with values up to 0.4g/t gold in soil.
  • Select rock chip au grab sampling yielded up to 701g/t gold 20.4oz/t in vein quartz.
  • Three holes drilled in 2016 reported significant gold mineralization including 15.57 g/t Au over 4.1 m from 40m depth.
  • The deal gives the timber company a 3% NSR royalty on any metal production.
  • The property os adjacent to Aston Bay’s Blue Ridge Project which is located within a copper-lead-zinc-gold-silver mineralized belt, prospective for sedimentary and Broken Hill  type base metal deposits.

*SP Angel act as broker to Aston Bay

 

Condor Gold (CNR LN) 23p, Mkt Cap £17.1m – Permitting application underway for the America and Mestiza pits

  • Condor Gold reports that, following the announcement in January of an updated mineral resource estimate for its La India project in Nicaragua it has initiated permit applications for the America and Mestiza pits “which are located approximately 2km and 4km respectively from the location of the processing plant for the permitted La India open pit.”
  • The January estimate showed some 36,000oz of gold at a grade of 12.1g/t within the proposed Mestiza pit and around 30,000oz at a grade of 8.1g/t at the America site.
  • Exploitation of these relatively small but high grade resources “has the potential to increase annual production from open pit material by 50% to 120,000oz gold p.a. for a seven year life of mine”.
  • Commenting on the significance of the applications for permitting America and Mestiza, CEO, Mark Child, explained that supplementing feed from the main La India open pit mineral reserve of 6.9mt at an average grade of 3.0g/t gold (675,000oz) with these higher grade ore sources has “the potential to materially enhance the Project economics”.
  • As part of the application process, on “1st March 2019, the Company received the Terms of Reference from MARENA [Ministry of Environment and Natural Resources]. The Terms of Reference is an integral part of the permitting process in Nicaragua and lists the technical, environmental and social studies required by MARENA in an EIA”.
  • The company’s January 2019 presentation, available on its website indicates that, following the granting of permits in August 2018 it expected to spend a further 12-18 months of additional technical studies followed by an 18-24 month construction period to develop La India, implying that initial production might be expected during 2021 or early 2022.

Conclusion: The addition of two relatively small high grade pits to supplement mill feed from the main, already permitted, La India pit should augment the economics of the overall project. The timetable for permitting at America and Mestiza is not entirely clear but we recognise the merits of this approach and do not see why it should impinge on the timing of the main La India development.

 

Crusader (CAS LN) – Suspended on AIM – Copulos potentially rushing asset sale ahead of 249d shareholder meeting on 22nd March

Crusader (CAS AU) – ASX listing also suspended

  • Crusader Resources is said to be manoeuvring to sell assets and restructure the business ahead of a shareholder challenge on 22nd March
  • Shareholders has requested the meeting on the 22nd to remove key directors Engelbrecht and Vickerman who have agreed to resign in an RNS on 1st March.
  • The shareholders are keen to appoint Brett Clark, David Sanders and Carl Luttig.
  • The Copulos convertible is seen as a ‘debt bomb’ designed to pay out high overheads and exorbitant advisory fees.
  • http://www.crusaderresources.com/

 

IronRidge Resources* (IRR LN) 19.8p, Mkt Cap £61.1m – Cape Coast Ghana lithium intersections

  • Assay results from the 44-hole 4,684m second Reverse Circulation programme at the Company’s Ewoyaa and Abonko yielded additional high-grade pegmatite with visual dominant spodumene,
  • Drilling was designed to test mineralisation continuity within the known Ewoyaa deposit footprint for resource estimation, also testing strike extensions at Ewoyaa where mineralisation was/is still open and to test newly defined targets at Abonko and peripheral to Ewoyaa where mapping and pitting had defined pegmatite targets.
  • Infill drilling sections within the central zone demonstrates good continuity of broad mineralised pegmatites, with intersections including:
    • GRC0081: 80m @ 1.52% Li2O from surface, including 22m @ 1.76% Li2O from 52m
    • GRC0082: 68m @ 1.31% Li2O from 45m, including 10m @ 1.8% Li2O from 64m & 6m @ 1.81% Li2O from 85m
  • Step-out extensional drilling at the Ewoyaa North zone increased mineralised strike 250m, with additional extensions as the resource remains open in a north-east and south-west direction. Multiple spodumene dominant pegmatite intersections include:
    • GRC0100: 32m @ 1.04% Li2O from 51m, including 20m @ 1.22% Li2O from 61m
    • GRC0079: 25m @ 1.31% Li2O from 46m, including 5m @ 2.44% Li2O from 51m
  • Targeting peripheral pitting potential to the Ewoyaa deposit, exploration drilling returned mixed results with new weathered and spodumene pegmatites only in 40% of holes. Exploration drilling yielded intersections:
    • GRC0091: 13m @ 0.97% Li2O from 59m, including 5m @ 1.25% Li2O from 59m
    • GRC0090: 15m @ 0.79% Li2O from 69m
  • Importantly, new spodumene pegmatite trends demonstrate the potential for further resource upside in addition to the Abonko target. Intervals at Abonko are associated with narrower, higher-grade and visually coarser spodumene in general, forming a potential high-grade satellite deposits to the primary Ewoyaa deposit. Drilling includes:
    • GRC0061: 25m @ 1.15% Li2O from 90m, including 8m @ 1.92% Li2O from 98m and 4m @ 1.56% Li2O from 110m
    • GRC0066: 14m @ 1.93% Li2O from 16m
    • GRC0065: 13m @ 2% Li2O from 45m
  • Regional exploration pitting has continued alongside the latest drill campaign, with three high-priority pegmatite footprints discovered 200 - 500m west of Ewoyaa with the highest priority pegmatite target covering a 500m x 100m area.
  • Concurrent Group Penetrating Radar has been trialled to assess its application to explore through weathered cover to defined new pegmatite targets and better define known dipping pegmatites. The trial has proved successful in that GPR can be used to map depth of weathering over the Ewoyaa deposit to assist in geological modelling, as well as defining direct geophysical 'reflector' targets which may represent pegmatites to depths up to 30m below surface in some instances.
  • Metallurgical sampling has also yielded 427kg diamond drill core, which is currently being air freighted to Nagrom laboratory in Perth, Western Australia for preliminary metallurgical test-work.

Conclusion: Exploration work is advancing at a rapid pace, with multiple geological and geophysical tools yielding robust lithium results while defining expanding pegmatite targets. We look forward to understanding the scale of pegmatite swarm at the Cape Coast project, with the current work programme feeding into the Maiden Mineral Resource statement and supporting technical studies expected later this year.

*SP Angel act as nomad and broker to IronRidge Resources

 

KEFI Minerals* (KEFI LN) 1.8p, Mkt Cap £12m – PM expresses support for the Tulu Kapi project

  • The Company held a meeting with the nation’s PM Dr Abiy Ahmed late last week who offered full support and issued relevant instructions to all relevant government agencies to enable start of development works “forthwith”.
  • Additionally, infrastructure spend on the project including roads and power connection agreed to be provided by government agencies is reported to have been included in this year’s 2018-19 budget as approved by the Federal Council of Ministers.
  • The team is presenting at the African Mining segment of the PDAC mining conference in Toronto.

*SP Angel act as Nomad and Broker to KEFI Minerals

 

Keras Resources* (KRS LN) 0.35p, Mkt Cap £8.5m – 10,000t bulk sample completed and stockpiled ready for shipping

BUY, Target price 1.04p

Click for our last full note on Keras

  • Keras Resources report the production, transport and stockpiling of 10,000t of manganese ore close to the port of Lomé, Togo.
  • Shipment is expected in mid-March by the offtaker, a manganese alloy producer.
  • Export authorisation has been granted for the shipment .
  • The sample has been paid for by the offtaker including costs for equipment, operating and logistics costs and management fees.
  • The result is that Keras now has installed mine capacity for around 6,500t per month, though we assume just 6,000t per month for 11 months of the year.
  • We also assume a grade of 35% manganese which is somewhat lower than the 41.15% average grade seen in samples taken from the 10,000t stockpile.
  • The impact of the higher grade should be to add significant value to the manganese ore though it is difficult to know if grades will remain at these elevated levels or if the 10,000t bulk sample has been taken from a surface enriched higher grade area.
  • Re: Calidus Resources, where Keras holds a 32.3% stake. Calidus recently appointed GR Engineering to do a PFS on the 1.25moz Warrawoona Gold Project, Pilbara, Western Australia. The PFS is due for completion in Q3 2019 and will unlock the allotment to Keras of an additional 256m performance shares in Calidus.
  • The Warrawoona JORC resource is 21.2Mt at 1.83 g/t gold M&I for 1.25Moz including a high-grade portion of 14.6Mt @ 2.37g/t Au for 1.1Moz.
  • We value Keras’s stake in Calidus at around A$14.8m.

Conclusion:  Keras is derisking its manganese project in Togo. Now that the bulk sample has been produced we assume the next stage is for the offtaker to confirm the consistency, grade and purity of the ore through its actual use. We expect Keras to then move to regular and full production once the offtaker has confirmed its intention to take take the ore.

*SP Angel act as Nomad and broker to Keras Resources

 

Thor Mining* (THR LN) 1.1p, Mkt Cap £8.2m – Plan to list Enviro Copper

  • Thor Mining announces that it intends to vend its interest in the Kapunda in-situ copper leach project in South Australia into a proposed new listing to be called Enviro Copper. At this stage, it appears that the location of the future listing remains undecided.
  • Enviro Copper will hold a 75% right in Kapunda as well as in the Moonta Copper project  and “A key strategic target will be the timely development of the Kapunda Copper Project into production, demonstrating the operational viability of ISR. This experience will then be applied at the larger scale Moonta Copper Project and to additional new project opportunities acquired by Enviro Copper”
  • Thor Mining will “hold up to 30% equity in Enviro Copper prior to any listing activities”.
  • Commenting on the copper strategy, Thor Mining’s Executive Chairman, Mick Billing, underlined the “non-invasive” nature of the technology which suited it to co-exist with agricultural land uses and explained that “While Kapunda is comparatively more advanced, the Moonta project, albeit at an earlier stage, provides potential for a much larger, and longer-term copper production entity”.

Conclusion: The potential listing of Enviro Copper may accelerate development of both Kapunda and, in the longer term the larger Moonta project and also help investors in Thor Mining to identify the specific value of the copper assets.

 

Tri-Star Resources* (TSTR LN) 39.75p, Mkt Cap £37.4m – Goynuk sale completed

(Tri-Star holds 40% of jv company SPMP alongside The Oman Investment Fund and Dutco Natural Resources)

(Odey Asset Management, holds a 72.06% interest in TriStar Resources)

  • TriStar Resources reports that its previously announced disposal of its Turkish antimony project at Goynuk has been completed and that it has received the second payment of US$200,000 due under the agreement with the purchaser.
  • The third and final payment of US$100,000 to complete the US$500,000 sale “falls due on the first sale of material from the mine. The Purchaser has previously indicated plans to bring the mine back into production before the end of 2019”.
  • Previous reports from TriStar Resources indicated that it was seeking to establish an offtake agreement with the purchaser in order to secure material from Goynuk for the SPMP treatment facility in Oman where commissioning is underway but apparently proving somewhat troublesome.

*SP Angel acts as Nomad to Tri-Star Resources

 

 

Analysts

John Meyer – 0203 470 0490

Simon Beardsmore – 0203 470 0484

Sergey Raevskiy – 0203 470 0474

Phil Smith (Technology) – 0203 470 0475

Zac Phillips (Oil & Gas) – 0203 470 0481

 

Sales

Richard Parlons – 0203 470 0472

Jonathan Williams – 0203 470 0471

 

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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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