SP Angel . Morning View . Monday 13.10.25

MiFID II exempt information – see disclaimer below

• Ferro-Alloy Resources (FAR LN) – Balasausqandiq vanadium feasibility study
• First Tin (1SN LN) – Reduced cut-off-grade lifts Gottesberg MRE
• KEFI * (KEFI LN) – Update on Tulu Kapi project financing
• Metals Exploration (MTL LN) – Q3 results confirm annual production guidance range following resumption of operations at Runruno
• Power Metal Resources* (POW LN) – Update on GSA Environmental
• Savannah Resources* (SAV LN) – BUY – 20.4p (from 16.7p)–Flash Note – 40% MRE increase delivers +1mt LCE resource at Barroso
• Solgold (SOLG LN)– Latest results from Tandayama América drilling extends the mineralised footprint
• Strategic Minerals* (SML LN) – First hole of Redmoor’s latest drilling campaign delivers >1% tungsten trioxide grades

Gold ($4,078/oz) presses higher amid resurgence in China-US tariff tensions

• Gold prices have climbed 1.5% this morning to record highs at $4,080/oz. 
• The metal saw a brief correction on Thursday, falling back to $3,950/oz, but has subsequently pared losses. 
• The move higher on Friday followed Trump's announcement that an additional 100% tariffs would be placed on China. 
• Trump's escalation followed increased rare earth export controls from Beijing, alongside reports of heightened port fees.
• The White House has subsequently toned down the rhetoric, with Trump stating yesterday: 'don't worry about China, it will all be fine!.'
• US Treasuries rallied on Friday amid a wider sell-off in US equities, with lower yields also supporting gold prices. 
• The 10-year yield fell to 4.05%, down 10bp. 
• Elsewhere, China has reportedly agreed with BHP to increase iron ore settlements in Renmimbi, highlighting the further trend of de-dollarisation in Chinese trade. 

US/China trade war intensified late last week as China announced new export controls on critical minerals and technology while US responded with new tariffs.

• China added a list of new minerals and materials that would need to be permitted for export.
• New items included five more rare earths (holmium, europium, ytterbium, thulium, erbium) as well as some lithium ion batteries, graphite anodes and synthetic diamonds.
• Controls will also affect some equipment for making those materials.
• Some equipment and technology for processing rare earths and making magnets will also be subject to controls.
• The US said it will be imposing additional tariffs of 100% on all Chinese imports along with new export controls on critical software by November 1.
• New tariffs would raise import charges on many Chinese goods to 130%, a little short of 145% announced earlier this year before that was brought down following a series of trade negotiations.
• China did not respond to the latest escalation while President Trump said that a potential meeting with Xi Xinping is not completely off the cards.
• The latter led markets to rebound this morning and recover some Friday losses.
• President Trump acknowledged that escalation can be potentially avoided if President Xi walks back on restrictions.
• Trump added that it was still possible that he meets Xi later this month.
• “That’s why I made it November 1st… we’ll see what happens.”
• S&P and Nasdaq closed 2.7% and 3.6% down last Friday.
• Futures are trading 1.5% and 2.0% higher this morning.

Israel/Hamas – President Trump is due to address Israeli parliament as Hamas freed the remaining 20 living hostages who were captured during October 2 2023 attack.

IGTV - The Future of Mining: Gold, Copper, Rare Earths & M&A:  https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

China – Trade numbers released this morning came in better than expected with exports with both exports and imports posting strong prints.

• Shipments to the US dropped 27%yoy with shipments.
• Exports to non US destinations more than compensated for a drop in US shipments climbing 14.8% marking the strongest growth since March 2023.
• Exports (%yoy, Sep/Aug/Est): 8.3/4.4/6.6
• Imports (%yoy, Sep/Aug/Est): 7.4/1.3/1.8

Currencies

US$1.1611/eur vs 1.1577/eur previous. Yen 152.31/$ vs 152.85/$. SAr 17.277/$ vs 17.255/$. $1.334/gbp vs $1.330/gbp. 0.652/aud vs 0.655/aud. CNY 7.132/$ vs 7.125/$.

Dollar Index 99.05 vs   99.34 previous.

Precious metals:

Gold US$4,071/oz vs US$3,972/oz previous

Gold ETFs 97.5moz vs 97.4moz previous

Platinum US$1,649/oz vs US$1,610/oz previous

Palladium US$1,467/oz vs US$1,413/oz previous

Silver US$51.7/oz vs US$50.5/oz previous

Rhodium US$7,250/oz vs US$7,225/oz previous

Base metals:   

Copper US$10,607/t vs US$10,759/t previous

Aluminium US$2,754/t vs US$2,778/t previous

Nickel US$15,240/t vs US$15,350/t previous

Zinc US$3,016/t vs US$3,008/t previous

Lead US$2,009/t vs US$2,028/t previous

Tin US$35,710/t vs US$36,630/t previous

Energy:           

Oil US$63.7/bbl vs US$64.9/bbl previous

• WTI prices closed below $60/bbl after US President Trump threatened massive tariffs on China and as the Israeli-Hamas ceasefire deal progressed positively over the weekend.
• The US Baker Hughes rig count fell by 2 to 549 units last week (-39 or 7% y/y), with oil rigs down 4 to 418 units (-63 y/y) and gas rigs up 2 to 120 units (+19 y/y), as Texas lost 6 rigs to 238 units (-47 y/y).
• The IEA’s Renewables 2025 report forecasts global renewable power capacity growth of 4,600GW by 2030, with solar PV accounting for ~80% of this build-out driven by low costs and faster permitting timeframes. The latest data estimates that 730m people worldwide lacked access to electricity in 2024, with 80% located in sub-Saharan Africa.

Natural Gas €31.8/MWh vs €32.1/MWh previous

Uranium Futures $79.1/lb vs $77.7/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$107.0/t vs US$105.7/t

Chinese steel rebar 25mm US$447.8/t vs US$448.6/t

HCC FOB Australia US$193.0/t vs US$190.3/t

Thermal coal swap Australia FOB US$106.5/t vs US$106.5/t

Other:  

Cobalt LME 3m US$42,725/t vs US$41,865/t

NdPr Rare Earth Oxide (China) US$78,170/t vs US$79,088/t

Lithium carbonate 99% (China) US$9,773/t vs US$10,007/t

China Spodumene Li2O 6%min CIF US$825/t vs US$830/t

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

China Tungsten APT 88.5% FOB US$593/mtu vs US$593/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

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

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$273/t vs US$273/t

US Titanium Dioxide TiO2 >98% US$2,979/t vs US$2,979/t

China Rutile Concentrate 95% TiO2 US$1,101/t vs US$1,102/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

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

EV & battery news

CATL denies 2,000km solid-state battery rumours

• CATL has denied online claims it will mass-produce a 2,000km solid-state battery in 2027.
• The company said commercialisation of solid-state batteries is still years away, although small-scale production could begin in 2027, with mass rollout expected around 2030.
• The company has never claimed it will produce a battery with 2,000km range.
• CATL confirmed continued R&D investment in solid-state technology and said most scientific barriers have been solved, but engineering challenges remain.
• CATL continues to expand its battery lineup, including the 758km Shenxing Pro for Europe, 1000kWh Tectrans truck battery, and Naxtra sodium-ion cell offering up to 500km range, due in 2026.



Company news

Ferro-Alloy Resources (FAR LN) 9.4p, Mkt cap £76m – Balasausqandiq vanadium feasibility study

• Ferro-Alloy report feasibility study results from their Balasausqandiq vanadium project in Kazakhstan. 
• The study is based off reserves of:
  • 31mt at 0.59% V2O5 0.014% Mo, 0.0049% U, 8.35% C for 182kt V2O5, 4,421t Mo, 1,520t Uranium and 2.5mt carbon.
  • The reserves use a cut-off grade of 0.29% V2O5 Eq
• The open pit operation sees 30.9mt of ore from 168mt material mined over a 20 year LOM.
• Annual production guided at 8.5kt V2O5 and 247kt carbon black substitute. 
• The project will be developed in two phases, with Phase 1 processing 1.65mtpa. 
• Pre-production CAPEX guided at US$520m.
• Cash costs guided at US$4.35/lb V2O5 equivalent, and US$0.36/lb net of by-products.
• Post-tax NPV8 of US$748m at 22% IRR using US$8.67/lb V2O5 price, increasing to US$10.59/lb from 2037.
• Discussions with potential CBS customers ongoing. 
• Company notes it has received expressions of interest from 'potential debt and equity providers interested in financing the project.'

First Tin (1SN LN) 7.25p, Mkt Cap £33m – Reduced cut-off-grade lifts Gottesberg MRE

·        First Tin reports that its German subsidiary, SAXORE Bergbau has released an updated, JORC 2012 compliant, Mineral Resources Estimate for its Gottesberg project in Germany.

·        The new estimate reports a total ‘Indicated & Inferred’ resource of 37.0mt at an average grade of 0.25% tin representing 90,900t of contained metal.

·        Approximately 16% of the resource (6.1mt at an average grade of 0.23% tin) is reported as ‘Indicated’ with the balance (31.1mt at an average grade of 0.25% tin) classed as ‘Inferred’.

·        The previous estimate reported a contained tin content of 33,000t of metal and today’s announcement comments that the upgrade reflects “revised economic considerations, including the increased tin price, and an improved geological understanding of the mineralisation that suggests the mineralisation is more robust at lower cut-off grades” which resulted in a reduction in the cut-off grade from 0.49% tin to 0.25% in the estimate announced today.

·        Commenting on the increased estimate, CEO, Bill Scotting, said that “Combined with our Tellerhäuser project, First Tin's German resource is now 229,500 tonnes of contained tin, which, with the considerable potential for other critically important minerals”.

KEFI Gold and Copper* (KEFI LN) 1.4p, Mkt Cap £130m – Update on Tulu Kapi project financing

• KEFI, who hold the Tulu Kapi gold project in Ethiopia, provide an update on project financing. 
• The Company expects the signing of the US$240m debt capital offering to be completed this week. 
• KEFI also announces 'Project equity capital arrangements advancing.'
• Kefi expects to provide 'a further update in the near term.'

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

Metals Exploration (MTL LN) 13.6p, Mkt Cap £407m – Q3 results confirm annual production guidance range following resumption of operations at Runruno

• In a quarter impacted by a temporary suspension of operations at its Runruno mine to resolve cyanide contamination of its bio-oxidation (BIOX) processing circuit from illegal mining activity close to the operations Metals Exploration reports production of 9,145oz of gold during the three months to 30th September (Q2 2025 – 19,993oz).
• All-in-sustaining (AISC) costs for the quarter of US$1,923/oz of production compare with US$1,098/oz for the preceding quarter.
• Production results from the processing of 324,000t of ore at an average grade of 1.06g/t (Q2 2025 – 504,000t at a grade of 1.40g/t).
• As previously announced, the company has confirmed that operations have restarted and that “Production for FY2025 is expected to be at the lower end of guidance” of between 70-75,000oz of gold production.
• Despite the setbacks at Runruno, the quarter delivered “positive pre-tax free cash flow of US$4.5 million (Q2 2025: US$47.2 million) … with gold revenues of US$25.5 million (Q2 2025: US$70.5 million”.
• CEO, Darren Bowden, described the quarter as “challenging” and confirmed that in other operations “the development of La India … [in Nicaragua] … is progressing well. Construction is currently slightly ahead of schedule, and on budget”.
• Mr. Bowden also confirmed that “Following issuance of the … [Philippines] … Dupax exploration licence in August 2025, we conducted an IP ground geophysics survey. The results of this survey were interpreted and resulted in the amendment of targets for the follow-up 2,500 metre drill programme which is underway”.

Conclusion: Production from the Runruno mine has returned to normal following cyanide contamination from local illegal mining and current 2025 production guidance remains intact at the lower end of the 70-75,000oz range.

Power Metal Resources* (POW LN) 14p, Mkt cap £16m – Update on GSA Environmental

• Project incubator Power Metals provides an update on its 75% owned GSA Environmental. 
• GSAe is reportedly in advanced discussions with various parties to licence their metal extraction technologies.
• Focus is on remediating waste volumes from Saudi Arabian industrial operations to extract critical metals.
• FEED studies underway following the completion of a PFS by GSAe in 2024. 
• The subsidiary has recently completed an initial commission from a global titanium dioxide producer to treat metal rich waste streams.
• GSAe is also advancing JV discussions with a European recycling company for remediating toxic industrial wastes.
• Elsewhere, GSAe is applying for a €2.5m EU grant to support the development of a multi-feed metals demonstration plant applicable to uses in English industrial facilities. 

Conclusion: Power Metals is building a diversified business across exploration, mine finance and recycling. GSAe provides POW investors with exposure to potentially economic extraction of waste residue in Saudi Arabia, the UK and the EU. The     JV is making strong progress in advancing discussions with several major industrial players and we look forward to further updates soon.

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

Savannah Resources* (SAV LN) 4.4p, Mkt Cap £102m –Flash Note – 40% MRE increase delivers +1mt LCE resource at Barroso

BUY – 20.4p (from 16.7p)

• The Company released an updated MRE (Mineral Resource Estimate) and Exploration Target for the Barroso Lithium Project, Portugal, in September.
• MRE increased ~40% delivering a +1mt LCE project, pointing to a LOM extension. New MRE now at 39mt at 1.05% Li2O (M&I account for ~68%).
• Along with the updated MRE, a revised Exploration Target was released pointing to the potential ~100mt MRE at Barroso. New Exploration Target estimated at 35-62mt at 0.9-1.2% on top of current 39mt in MRE.
• The team has successfully managed to grow the resource through the drill bit with good potential to expand the MRE (as indicated by the Exploration Target) subject to more exploration work.
• Barroso is the only pure conventional spodumene lithium resource of scale in the EU making it a prime candidate for potential EC/government support as the West wakes up to security of supply risks in critical metals (eg DOD/MP, DOE/LAC, DOW/TMQ deals).
• Alternatively, given the fairly limited number of additional sources of spodumene in the region, Barroso is a go to project for future regional lithium refinery capacities and a primary M&A target for downstream processors.
• Barroso was granted “strategic” status by the EC in March in a major validation of the project, key to EU CRM 2023 targets (lithium designated as critical mineral, domestic mining ≥10% of annual EU demand by 2030, processing ≥40%, imports ≤65% from a single country).
• Strong lithium demand projections remain the case with robust passenger EV sales (+26%yoy YTD Sep), helped by increasing uptake of commercial EVs (from <10% battery demand FY24 to ~20% by FY30, ~38% CAGR in units terms and ~45% in GWh given larger battery sizes) and BESSs (from ~300GWh to ~1,400GWh, ~27% of BESS and EV demand combined, ~30% CAGR).
• Detailed timeline to be provided once a necessary temporary land access order required for the last bit of FS related geotechnical drilling is secured (est 4Q/25). Preliminary schedule includes FS and RECAPE (1H26), FID/Funding/Start of Construction (2026) and Maiden Production (2028).
• £12.4m in cash and no bank debt as of Jun25. The Company raised £4.8m post reporting date with top shareholders taking part. AMG, a specialty metals Group with a hardrock spodumene mine in Brazil and LHM Refinery in Germany, owns a ~16% interest and a Heads of Terms offtake agreement up to 90ktpa over 10y. Two local investors have been accumulating interest in SAV and currently hold 10% each.

Valuation: ~US$630m NAV and 20.4p Target Price (from ~US$500m and 16.7p). We updated our valuation extending Barroso LOM to ~18y from ~14y and added $30m in nominal value for Exploration Target reflecting drill bit upside. We reiterate our BUY recommendation highlighting scarcity premium for the largest European spodumene resource, conventional processing flowsheet, good infrastructure, strategic location (EU 2nd largest EV market), MRE expansion potential, AMG partnership and clear catalysts ahead

*SP Angel acts as Nomad and Broker to Savannah Resources

SolGold (SOLG LN) 15.8p, Mkt Cap £457m – Latest results from Tandayama América drilling extends the mineralised footprint

• SolGold latest drilling results from the Tandayama América project, located in the Cascabel Licence around 3km north of the deeper Alpala deposit extend the known near surface mineralisation along strike.
• Results from holes TAD25-066 and TAD25-070 released today “confirm broad, continuous mineralisation from surface, extending the mineralized zones near surface and along strike” and include:
• A 125.5m wide intersection from a depth of 16.5m in hole TAD25-066 at an average grade of 0.21% copper and 0.30g/t gold (reported as a 0.47% copper equivalent grade), including 80m at an average grade of 0.29% copper and 0.40g/t gold from 40m depth; and
• A 158.2m wide intersection from a depth of 7.8m in hole TAD25-070 at an average grade of 0.33% copper and 0.36g/t gold (0.64% CuEQ) including 50.2m at an average grade of 0.42% copper and 0.32g/t gold from the top of the mineralisation at 7.8m depth and 56m at an average grade of 0.39% copper and 0.55g/t gold from 86m depth.
• The announcement says that these results “further strengthen SolGold's staged open-pit-to underground development strategy at Cascabel” with open-pit mining at Tandayama América delivering “a phased development pathway, beginning with low-capex, near-surface production with the potential to provide early mill feed to Alpala's planned processing facilities and accelerate cash flow generation with reduced preproduction capital investment”.
• Today’s announcement confirms that holes 71-74 of the campaign are currently in progress “with encouraging mineralisation visible in holes 72, 73, and 74”.
• Explaining that the continuing drilling “increases our understanding regarding the open pit potential at Tandayama … [CEO, Dan Vujcic said that]… These intercepts highlight the type of shallow, economically attractive material that can support an accelerated, capex-lite start-up strategy while significantly de-risking the overall project plan”.
• The company confirms previously reported shallow results from the drilling at Tandayama América, including 164.4m averaging 0.70% CuEq from a depth of 22m in hole TAD-25-052, 140m at an average grade of 0.92% CuEq from 8m in hole Tad-25-058 and 166m averaging 0.44% CuEq from 20m in hole TAD-25-065.
• Solgold says that it expects further assays from the drilling “between mid-October and mid-November 2025 … [and that the data will be included in] … pit optimisation and mine-design studies”.
• The current open-pit mineral resource (November 2023) at Tandayama América hosts an ‘Indicated’ resource of 492mt at an average grade of 0.22% copper and 0.20g/t gold plus an additional ‘Inferred’ resource of 45mt at an average grade of 0.18% copper and 0.18g/t gold.

Conclusion: Recent drilling at Tandayama América continues to identify additional, near surface, mineralisation which offers an opportunity for early production at Cascabel as Solgold works to develop the nearby underground Alpala deposit.

Strategic Minerals* (SML LN) 0.65p, Mkt Cap £11.2m – First hole of Redmoor’s latest drilling campaign delivers >1% tungsten trioxide grades

• Strategic Minerals has released assay results from the first hole of its new drilling campaign at the Redmooor project in Cornwall.
• The results from hole CRD-033 which was drilled at an angle of 65⁰ towards the SSE (azimuth 161⁰) “confirm multiple zones of high-grade tungsten mineralisation throughout the full 90 m thickness of the Redmoor Sheeted Vein System ("SVS") deposit” with highlights including:
  • 3.05m at an average grade of 1.43% tungsten trioxide (WO3) and 0.54% copper from a downhole depth of 439.70, including 1.30m in the upper part of the intersection, from 439.70m, which averaged 2.37% WO3 and 0.44% copper and a deeper intersection from 442.00m at a grade of 1.54% WO3 and 0.68% copper; and
  • 6.07m averaging 1.17% WO3 and 0.24% copper from 447m depth including 2.00m at an average grade of 3.86% WO3 and 0.54% copper; and
  • 9.35m at an average grade of 0.51% WO3 and 0.48% copper from 468.65m depth including a single metre interval of at a grade of 1.42% copper, 0.06% WO3 and 38.2g/t silver at 465.68m depth and 1.33m at a grade of 3.02% WO3 and 0.67% copper from 476.67m depth; and
  • 3.40m at an average grade of 1.24% WO3 and 0.12% copper from 493.00m depth including a single metre at grade of 4.18% WO3 and 0.19% copper from 495.40mdepth; and
  • 10.20m at an average grade of 0.72% copper and 0.05%WO3 from 531.80m depth including copper grades of 1.09% over 2.50m from 531.80m depth and of 1.24% over 3.00m from 539.00m; and
  • A single metre at a grade of 2.33% WO3 and 0.43% copper from 562.00m.
• The announcement states that “Tin assay results are being reviewed and are not included in this release”.
• Strategic Minerals says that the “results from CRD033 confirm the continuity of numerous high-grade zones, as previously identified during the 2017-2018 diamond drilling programmes at Redmoor, along with the identification of additional mineralised structures outside of the current Mineral Resource estimate (MRE). Results from CRD033 illustrate the presence of 12 high-grade zones where minerals are concentrated within discrete structures within the wider, 90 m thick, Redmoor SVS”.
• The presence of silver at ~466m depth in the first hole of the new campaign underlines previously undetected silver mineralisation which Strategic Minerals reported in June as part of its reassessment of historic drill core
• Today’s announcement also highlights that “Additional mineralised zones were also identified within CRD033 outside of the SVS and were logged as different mineralisation styles to those within the SVS … [including] … "lode-style" copper mineralisation, with intersections reporting 1.30 m @ 0.50% Cu from 370.30 m, and 0.50 m @ 0.50% Cu from 367.60 m … [and] … "skarn-style" mineralisation … with chalcopyrite and visible cassiterite …with 4.25 m @ 0.18% Cu from 589.75 m”.
• Hole CRD-033 was “drilled as a twin to the 1982 SWM hole RM82-22” in order to help verify the historic drilling and help qualify the previous work for inclusion within “the forthcoming Mineral Resource estimate update”.
• Our examination of historic results shows that hole RM82-22 intersected 6.00m at an average grade of 0.35% copper, 0.17% tin and 0.01% WO3 from 500m depth.  We also not that much of the historic drilling from the 1980s and in the 2017-2018 campaign intersected the mineralisation at oblique angles with true widths somewhat narrower that the down-hole intersections.  With 12 mineralised zones identified within the SVS, interpretation of Redmoor’s structural complexity will be an important aspect of the forthcoming MRE update.
• Commenting on the results, which he acknowledged are only from a single hole, Dennis Rowland, Managing Director of Strategic Minerals’ Cornwall Resources said that the results “demonstrate multiple, stacked zones of high-grade intersections within the Redmoor SVS deposit that correlate well with existing modelled high-grade zones and reinforce the strong grade continuity within the deposit”
• He said that the results “from CRD033 further identify new zones of potentially economic mineralisation within the Redmoor Deposit, which could contribute to the forthcoming mineral resource estimate update”.
• Confirming that the drilling at Redmoor is “progressing very well” Strategic Minerals Chairman, Charles Manners expressed the Board’s view that “Redmoor's value has gone unrecognised, and our intention is to further progress the project and highlight its merits within a global context”.

Conclusion: Results from the first hole of the current campaign at Redmoor indicate that its tungsten, and also perhaps silver, significance may be more prolific than previously thought.  It is also encouraging that mineralisation has been identified beyond the SVS which underpins the current resource estimate.

*SP Angel acts as Nomad and broker to Strategic Minerals. An SP Angel analyst recently visited the Redmoor site.

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

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