SP Angel . Morning View . Monday 24.11.25

MiFID II exempt information – see disclaimer below

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Aura Energy* (AURA LN) – Expanding the Häggån licence as Sweden lifts the 2018 ban on uranium exploration and mining

Barrick Mining (B US) – Negotiations begin over Loulo-Gounkoto Complex, Mali

BHP (BHP LN) – Shelving plans to acquire Anglo American following latest rebuttal

Anglo American (AAL LN) – BHP drops idea of combining the two companies

Celsius Resources (CLA LN) – New MRE for the MCB project, Philippines

Galantas Gold* (GAL LN) – Upsized placing to C$13.5m to advance the Indiana Gold Copper Project, Chile

GreenX Metals (GRX LN) – Greenland exploration

Oriole Resources (ORR LN) – Drilling to convert MB01-N exploration target to MRE

Oscillate PLC* (SRVL LN) – Further encouraging copper assays from Omatapati, Namibia

Rainbow Rare Earths (RBW LN) – Yttrium adds to future value of Phalaborwa rare earth project in South Africa

80 Mile Plc* (80M LN) – $500,000 received from jv partner (March GL)

Zambia sees $1.4bn railway investment as China looks to boost Copperbelt infrastructure

• Bloomberg reports that Zambia has commissioned a $1.4bn upgrade of the Tazara railway.
• The railway was originally built by Mao’s government in the 1970s.
• It links the Copperbelt to a port on the Indian Ocean in Tanzania.
• The opening ceremony also marked the first visit by a Chinese premier to Zambia in c.30 years.
• The line will compete with the Lobito Corridor, currently being advanced by US and EU parties.

Lithium futures pull back as CATL eyes major mine reopening

• Carbonate and spodumene futures pulled back following a sharp rally last week.
• The move followed a Bloomberg report that CATL is aiming to reopen the Jianxiawo mine by early December.
• Jianxiawo accounts for c.3% of global mined supply when operational.
• The report suggests that the mine is yet to receive regulatory approval for reopening.
• It had been shuttered as officials looked into environmental factors associated with the large-scale operation.
• Prices remain elevated following bullish comments from Ganfeng’s chair and increased BESS demand.

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

ii TV - Macro trends, indicators, small caps.

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

Economics

US Export-Import Bank (EXIM) to invest $100bn in critical minerals, nuclear energy and LNG.

• The bank has $100bn left to deploy of the $135bn authorised by Congress.
• The first tranche of deals to include projects in Egypt ($4bn credit insurance guarantee for gas deliveries to the US), Pakistan ($1.25bn loan to the Reko Diq Project developed by Barrick) and Europe.

DOGE, a Trump’s department of government efficiency, is disbanded eight months ahead of schedule.

• Led by Elon Musk the agency was targeting to cu inefficient government spending with a goal to reduce the deficit by $1tn by September 30.
• The initiative that got traction in first months of Trump second term before Musk cut ties following a public feud with Trump over the “One Big Beautiful Bill”.

Ukraine/Russia – National security advisers from the US, Ukraine, France, Germany, the UK and the EU met in Geeva on Sunday to discuss 28 point peace deal with Russia.

• US State Secretary called discussions as “probably the most productive and meaningful meetings so far in this entire process”, although  admitting there was “still some work left to do”.
• Andry Yermak, the head of President Zelensky’s office, said they had “very good progress” and that sides “are moving forward to a just and lasting peace”.
• The Thursday deadline looks unlikely to be reached with negotiations ongoing..

Lebanon – Rumour suggests Israel may attack Hezbollah in Lebanon shortly

• The report indicates the American administration is losing patience with the Lebanese government.
• Hezbollah disruption of the Lebanese government’s disarmament process combined with Hezbollah’s weapons resupply including weaponised drones is likely to lead to further action by Israel.

Syria – Reports indicate further massacres of Alawites in Syria by regime forces

Currencies

US$1.1529/eur vs 1.1547/eur previous. Yen 156.90/$ vs 156.79/$. SAr 17.294/$ vs 17.290/$. $1.309/gbp vs $1.309/gbp. 0.645/aud vs 0.645/aud. CNY 7.106/$ vs 7.110/$.

Dollar Index 100.17 vs 100.02 previous.

Precious metals:         

Gold US$4,073/oz vs US$4,044/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,539/oz vs US$1,511/oz previous

Palladium US$1,387/oz vs US$1,370/oz previous

Silver US$50.4/oz vs US$49.4/oz previous

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

Base metals:   

Copper US$10,783/t vs US$10,659/t previous

Aluminium US$2,805/t vs US$2,780/t previous

Nickel US$14,570/t vs US$14,370/t previous

Zinc US$3,006/t vs US$2,973/t previous

Lead US$1,987/t vs US$1,989/t previous

Tin US$37,095/t vs US$36,850/t previous

Energy:           

Oil US$62.2/bbl vs US$62.5/bbl previous

• The US Baker Hughes rig count rose by 5 to 554 units last week (-29 or 5% y/y), with oil rigs up 2 to 419 units (-60 y/y) and gas rigs also up 2 to 127 units (+28 y/y), with the Granite Wash formation adding 2 rigs w/w to 14 units (+5 y/y).

Natural Gas €29.7/MWh vs €30.3/MWh previous

Uranium Futures $75.8/lb vs $76.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.1/t vs US$103.9/t

Chinese steel rebar 25mm US$447.0/t vs US$446.1/t

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

Thermal coal swap Australia FOB US$112.3/t vs US$114.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$77,193/t vs US$78,065/t

Lithium carbonate 99% (China) US$12,525/t vs US$12,659/t

China Spodumene Li2O 6%min CIF US$1,115/t vs US$1,135/t

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

China Tungsten APT 88.5% FOB US$738/mtu vs US$733/mtu

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

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

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.6/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$24.0/kg

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

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

China Rutile Concentrate 95% TiO2 US$1,105/t vs US$1,104/t

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

Brazil Potash CFR Granular Spot US$352.5/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

Company news

Aura Energy* (AURA LN) 8.75p, Mkt Cap £80m – Expanding the Häggån licence as Sweden lifts the 2018 ban on uranium exploration and mining

• Aura Energy reports that its Swedish operating subsidiary, Vanadis Battery Metlas, has been awarded an exploration permit “west of, and adjacent to, Vanadis's existing Häggån” licence area.
• The new permit which is valid for three years from 20th November and covers an additional 1,012 hectares located between the Möckelåsen nr 1 and Häggån nr 1 permit areas at Häggån is expected to make “exploration work more efficient and cost effective”.
• The Häggån project hosts JORC ‘Inferred’ “2.5 billion tonne polymetallic mineral resource including U3O8 grade of 155ppm at a cut-off of 100ppm U3O8, for contained U3O8 of 800 Mlbs” which was announced in August 2012.
• According to the company’s August 2012 announcement, the resource includes “all available drill hole data obtained by Aura since 2028 to estimate the resources at Häggån and Marby. The estimates at Häggån are based on 66 vertical diamond drill holes totalling 13,078 metres, and those at Marby are based on 10 vertical diamond drill holes totalling 2,249 metres. Häggån has been drilled on a nominal 400 by 400 metre grid. The Marby mineralisation has been drilled on an irregular grid”.
• Today’s announcement confirms the Swedish Government’s decision to “lift the ban on uranium exploration and exploitation in the country that has been in place since 2018 … [with effect from] … 1 January 2026”.

Conclusion: Ahead of Sweden’s lifting of its ban on uranium exploration and mining on 1st January 2026, Aura Energy has expanded its exploration licence coverage in the Häggån area.

*SP Angel acts as Nomad to Aura Energy

Barrick Mining (B US) $37, Mkt Cap $62bn – Negotiations begin over Loulo-Gounkoto Complex, Mali

• Reuters reports Barrick and Mali have reached an agreement to resolve the Loulo-Gounkoto dispute.
• The report states that no agreement has yet been signed.
• Interim CEO Mark Hill asked to reopen negotiations last week.
• Barrick is looking to renew the Loulo mining licence, which is set to expire on February 2026.
• Four Barrick employees remain in custody, whilst Mali has also seized 3t of gold.
• Mali is looking for Barrick to drop arbitration proceedings.

BHP (BHP LN) 2,023p, Mkt Cap £102bn – Shelving plans to acquire Anglo American following latest rebuttal

Anglo American (AAL LN) 2,720p, Mkt Cap £32bn – BHP drops idea of combining the two companies

• BHP, which abandoned a proposal to acquire Anglo American in 2024, has now announced that “Following preliminary discussions with the Board of Anglo American plc … BHP Group Ltd … confirms that it is no longer considering a combination of the two companies”.
• While BHP says that it believes that “a combination with Anglo American would have had strong strategic merits … [today’s announcement states that it] … is confident in the highly compelling potential of its own organic growth strategy”.
• While it outlines conditions, including a third-party offer for Anglo American or a change in the stance of Anglo American’s Board, under which it might reconsider its position BHP is currently ruling out an offer.
• In December, Anglo American and Teck shareholders will consider a proposal to merge their companies in a transaction which would create a 1.35mtpa copper producer by 2027 bringing the Chilean mines at Collahuasi and Los Bronces, the Peruvian Quellaveco and Antamina mines and Teck’s Highland Valley operation in British Columbia together.
• Anglo American has also announced plans to collaborate with Chile’s state-owned copper producer, Codelco, on the joint development of the adjacent Los Bronces and Andina copper mines.
• Since the 2024 approach from BHP, Anglo American has progressed plans to simplify its operations with the South African platinum operations now demerged and operating as Valterra Platinum, the disposal of nickel operations and some of its coal businesses and plans to divest the DeBeers diamond business.

Celsius Resources (CLA LN) 0.53p, Mkt Cap £17m – New MRE for the MCB project, Philippines

• Celsius Resources reports a revised mineral resource estimate (MRE) for its Maalinao-Caigutan-Biyog (MCB)Copper-Gold Project located on Luzon approximately 320km north of Manila, Philippines.
• The new estimate, reported at a 0.2% copper grade cut-off, totals 343mt ‘Measured Indicated & Inferred’ at an average grade of 0.46% copper and 0.12g/t gold and replaces  the December 2022 estimate of 338mt at a grade of 0.47% copper and 0.12g/t gold increasing the estimate for contained copper by around 1% to 1,592kt and of gold also by ~1% to 1,356koz.
• The majority of the new resource, ~72% (248mt at an average grade0.43% copper and 0.11g/t gold, is classed as ‘Indicated’ with ~14% in each of the ‘Measured’ (49mt averaging 0.60% copper and 0.19g/t gold) and ‘Inferred’ (45mt averaging 0.49% copper and 0.10g/t gold) categories.
• The distribution between the resource categories is similar for the 2022 estimate.
• MCB’s new MRE reflects additional drilling, primarily for metallurgical purposes, “all within the boundaries of the prior Resource”.
• The new drilling is reported to have confirmed “the continuity of copper mineralisation in key areas … [and] … refined the boundaries of the mineralised zones and provided a clearer understanding of the orientation and continuity of higher-grade domains”.
• It has also improved “the definition of shallow weathered material … [removing] … the Inferred category in weathered zones, providing more confidence in these near-surface tonnes”.
• “This revised MRE is being utilised for the delivery of the JORC mining reserve along with further increased confidence in the mine plan which will be included in the updated Feasibility Study and the front-end engineering ("FEED") due for release in December 2025”.
• Previously, 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$10,600/t) and a gold price of US$1,695/oz (currently ~US$4,000/oz).
• Technical Director, Peter Hume, said “These results, along with the recently announced recoveries, will further underpin the MCB Project's economic viability and will be the basis of the JORC mining reserve which is part of the updated Feasibility Study and FEED work program”.

Conclusion: Celsius Resources has delivered an updated MRE ahead of the new Feasibility Study, expected in December.

Galantas Gold* (GAL LN) 4.8p, Mkt Cap £6m – Upsized placing to C$13.5m to advance the Indiana Gold Copper Project, Chile

• The Company upsized equity placing directed at acquiring Indiana Gold Copper Project in Chile.
• Equity raise was expanded to C$13.5m issuing ~169m shares at C$0.0.8, up from C$7m before.
• Additionally, the Company also increased over-allotment option to ~C$2.0m, up from C$1.1m.
• Each investor is getting a one for one warrant (C$0.12 exercise price and 36m term), unchanged from previously announced deal terms.
• Proceeds to be used:
  • Fund exploration at the Indiana Gold Copper Project;
  • Fund Option Payments in respect of project acquisition;
  • General corporate and working capital purposes.
• Option Payments include a five year schedule for a total of US$15m.
• RDL Mining, owners of the option to acquire 100% in the Project and the entity being acquired by Galantas, made the first US$50k payment with further US$450k paid by Ocean Partners as an advance to Galantas.
• Remaining payments include US$1m pa in Y1-2, US$2m pa in Y3-4 and a final payment of US$8.5m in Y5.
• RDL Mining to be acquired by Galantas through an all share deal whereby each RDL shareholder (three in total) to receive 44m GAL shares each for a total 132m, equivalent to ~49.99% of total (pre new money raised).
• That would drop to ~31% if the maximum amount is raised.
• RDL shareholders are not taking part in the placing.
• Additionally, RDL shareholders to get 0.66% NSR on the Project each for a total of ~2%.
• Lawrence Roulston, an RDL shareholder, to join the Board of the Company post transaction.
• Mr Roulston has over 40y experience in the mining industry and is a co-founder and Chairman of Metalla Royalty ad Streaming (MTA CN, Mkt Cap C$845m).
• Robert Sedgemore, another RDL shareholder, to become a Senior VP, Operations, of Galantas.
• Mr Sedgemore is a process engineer with over 25y of experience in the industry including designing, constructing and commissioning mining operations globally; he has extensive regional experience in South America including Chilean mines (Escondida, Chuquicamata, Zaldivar).
• The deal is expected to be completed 4Q25.
• Trading in Galantas shares is temporarily suspended on the TSX.

*SP Angel acts as Broker to Galantas Gold

GreenX Metals (GRX LN) 37p, Mkt cap £105m – Greenland exploration

• GreenX Metals report the targeting of gold, tungsten and antimony in outcrops in exploration in Greenland.
• Eleonore North Project in East Greenland:
  • Noa prospect confirmed to show elevated gold and antimony mineralisation within a 6km wide anomaly at Eleonore North2
  • Antimony: 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries with specimens grading up to 23% Sb and up to 4g/t gold
  • 14 m long chip sample grading 7.2% Sb and 0.53g/t Au2
  • 40 m chip line with a length weighed average of 0.78g/t Au2
  • Anomalous gold mineralisation is associated with quartz veining exposed at surface over a length of up to 15 km1
  • High-grade tungsten and antimony mineralisation seen in historic estimates at the Margeries Prospects within the Eleonore North Project
  • Tungsten: 58kt of mineralised rock grading at 3.2% W at South Margeries + 32kt of mineralised rock grading at 1% W at North Margeries
• Management are also focussed on the development of a JORC copper resource at the Tannenberg kupferschiefer project in Germany where management plan to twin drill to verify the historical estimates.

Conclusion: The presence of high-grade mineralisation in Greenland is of value at a time when there is substantial US interest in the region. We look forward to further announcements on US / European investment into further exploration.

Oriole Resources (ORR LN) 0.24p, Mkt Cap £9m – Drilling to convert MB01-N exploration target to MRE

• Oriole provides an update on its Mbe project in Cameroon.
• Oriole is beginning a 2,950m DD programme at MB01-N, which lies 700m from the MB01-S deposit.
• MB01-S holds a JORC MRE of 870koz at 1.09g/t Au.
• MB01-N holds an Exploration Target of 15-20mt at 0.77-0.94g/t Au for 370-605koz.
• Drilling is intended to convert the existing Exploration Target into a JORC MRE.
• Completion is due 1Q26.

Oscillate PLC* (SRVL LN) 0.35p, Mkt Cap £1.5m – Further encouraging copper assays from Omatapati, Namibia

• Oscillate, soon to be Serval, reports drilling results from their copper projects in the Kaoko Basin, Namibia.
• RC drilling over 736m across seven holes was completed in August 2025, at the Company’s Omatapati prospect.
• Drilling was executed by the Kalahari Copper Limited, which Oscillate is currently acquiring, due for completion early 2026.
• Drilling was intended to better the Company’s understanding of mineralised horizons identified in 2024 drilling.
• The 2024 programme yielded highlights including:
  • OPR001: 4m at 1.1% Cu from 52m and 2m at 1.9% Cu from 72m
  • OPR002: 20m at 1.2% Cu from 50m
• Today the Company reports highlights from follow-up drilling of:
  • OPR012: 2m at 0.59% Cu and 30.5g/t Ag from 91m
  • OPR013: 27m at 0.59% Cu and 34.3g/t Ag from 61m
  • OPR014: 2m at 0.38% Cu and 19.5g/t Ag from 32m
• The team is looking to identify mineralisation hosted at the contact between the Otavi and Nosib groups, in search of stratiform sediment-hosted copper, cobalt and silver deposits.
• Omatapati has shown copper mineralised in both carbonates and oxides, alongside copper sulphide mineralisation in chalcocite, bornite and chalcopyrite.
• Sulphide mineralisation is noted in the Lower and Upper Omao contact areas.
• There are several stages of faulting, folding and hypogene alteration at Omatapati, and further exploration work will be conducted to better delineate drill targets.

Conclusion: We visited Oscillate/Serval’s Omatapati prospect recently and were impressed by the scale of the prospect, with anomalous copper showing over >2.9km. Drilling has enabled the team to continue to boost their understanding of the target, which has shown potential for economic copper mineralisation (20m at 1.2% Cu). Management intends to continue to delineate drill targets with mapping, geophysics and improved access to the project for more targeted drilling. We see Namibia’s Kaoko Basin as a largely untapped sedimentary copper district, with Serval set to become one of its largest licence holders with 1,106km2.

*SP Angel acts as Broker to Oscillate Plc, An SP Angel analyst recently visited the Company’s Namibia and Botswana projects

Rainbow Rare Earths (RBW LN) 19.94p, mkt Cap £129m – Yttrium adds to future value of Phalaborwa rare earth project in South Africa

• Rainbow Rare Earths notes the recent price rise in Yttrium of >3,000% will materially enhance the economics of the Phalaborwa project.
• Management recently included Yttrium into the suite of REEs to be extracted and refined at the Phalaborwa due expected shortages in Western markets on the back of Chinese export controls.
• Rainbow estimate the recovery of Yttrium could add +US$30mpa to EBITDA based on its inclusion into a high-purity and grade mixed rare REE (SEG+) carbonate concentrate with 70% payability.  
• We believe the 70% payability is conservative for this type of concentrate with 75-80% seen in the market.
• Note, the statement refers to REE concentrate and does not appear to indicate processing to a Yttrium oxide.
• SEG+ indicates a concentrate containing Samarium, Europium, and Gadolinium with the + indicating other high-value REEs like Terbium and Dysprosium.
• Yttrium pricing:
  • Argus Media see prices at US$220/kg to US$320/kg from US$6/kg for yttrium oxide 99.999% (CIF)
  • Asian Metal quote Yttrium oxide prices at US$130-132/kg for 99.999% in Rotterdam.
  • Asian Metal quote Yttrium oxide prices at US$130-132/kg for 99.999% in Rotterdam.
• “the large spread is due to differing pricing contracts”
• “This surge in pricing is due to the issues around export of the metal from China further to the imposition of export controls in April which have led to major supply chain disruption and shortages in the market.”
• The REE crisis has demonstrated how extensively used yttrium is across civilian high-tech and defence applications including aerospace, energy and the semi-conductor sector.
• Phalaborwa is expected to produce:
  • NdPr oxide ~1,817tpa of 99.5% NdPr oxide
  • SEG+ ~1,159tpa of 99.5% (samarium, europium, gadolinium)
    • MREC ‘Mixed Rare Earth Carbonate’ product containing 719 tpa TREO.
    • Note: the SEG+ product has not been converted into oxide form so the 1,159tpa is in carbonate form. The mass reduces to a 62% Rare Earth Oxide on heating eg: 719tpa.
  • Samarium (Sm2O3) 258
  • Europium (Eu2O3) 51
  • Gadolinium (Gd2O3) 241
  • Terbium (Tb4O7) 19
  • Dysprosium (Dy2O3) 50
  • Yttrium (Y2O3) 213

Conclusion:  While the pricing of Yttrium is variable and in accordance with specific contracts, the inclusion of Yttrium comes at no additional cost to the Phalaborwa project and should significantly enhance future revenues.

It would make sense for the US / West to offer a floor price for the production of Yttrium in its most useable forms.

80 Mile Plc* (80M LN) - 0.55p, Mkt cap £25m – $500,000 received from jv partner (March GL)

(80 Mile currently owns 100 percent of Nikkeli Greenland A/S, the holder of the Disko licenses)

• 80 Mile reports the receipt of $500,000 from its jv partner in its industrial gas project in Greenland, March GL.
• The company has essentially moved from a “binding heads of terms” to a final executed jv agreement and 80 Mile.
• March GL are the farm-in partner to the Jameson Land Basin (100% WI) in Greenland where a recent a third-party resource evaluation report estimated 2U prospective oil resources at 4.2bnb (Pmean).
• The competent persons report (CPR) also identified 58 prospects and leads on the licence, with further potential upside highlighted outside these already identified target areas, across the broader licence and at depth.
• Under the farm-in agreement, March GL will fund 100% of the costs associated with up to two exploration wells in the Jameson Basin to earn a 70% equity interest in the licences, which cover roughly two million acres in Eastern Greenland.
• The Company expects drilling to start mobilisation in Q2 shortly with a 3,500m-capable rig scheduled and shipping and logistics agreements already executed with leading service providers.
• For further details please see https://www.80mile.com/regulatory-news

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

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.

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