SP Angel . Morning View . Monday 27.10.25

MiFID II exempt information – see disclaimer below

First Tin (1SN LN) – Annual Results describe progress at Taronga, NSW and in Germany

Fulcrum Metals (FMET LN) – Exploration progress at the Big Bear project, Ontario

Greatland Gold (GGP LN) – Telfer delivers best gold recoveries since 2010

Landore (LND LN) – Management back placing to raise £1.5m

Lindian Resources (LIN AU) – Lindian confirms its Kangankunde REE project should remain unaffected by potential export restrictions in Malawi

Newmont (NEM US) – Shares slide on speculation of Nevada Gold consolidation

Perseus (PRU AU) – Steady production as CMA underground accelerates and Nyanzaga on track

Savannah Resources* (SAV LN) – Building presence in Trás-os-Montes region with healthcare MoU

Thor Energy (THR LN) – A$3.5m investment in ISR project in South Australia

Copper ($11,020/t) breaks key barrier on probable US – China trade deal and investors continue to swap dollars for hard assets

• Copper prices have extended their recent move higher, now topping $11k/t for record highs on the LME.
• Zinc has led this morning’s rally amid ongoing tight physical supply, with the metal over $3,060/t.
• Tin, nickel, lead and aluminium have all moved higher too.
• Copper is benefiting from a tightening of supply following several supply shocks over the course of the year.
• Freeport reiterated lower guidance from Grasberg as they deal with the mud rush incident.
• The ICSG, a more conservative copper market forecaster, sees deficits of 150kt in 2026, down from a 209kt surplus.
• Mine supply growth for 2025 is forecast at 1.4%, vs 2.3% previous and 2.8% actual in 2024.
• Inventories are currently well-stocked, up 120kt since January. (Reuters)
• A China-US deal over soybeans is boosting market optimism over cooling trade tensions.

Gold ($4,040/oz) continues to slide amid wider momentum unwind

• Gold prices fell again this morning, sliding back to $4,040/oz.
• The move sees a $400/oz rally through mid-October unwind, as retail investors exit the speculative trade.
• Gold has sold off despite cooling CPI data on Friday, which increased expectations of additional rate cuts.
• Thawing US-China geopolitical tensions are also supporting the weaker gold tape, with Trump’s threat of an additional 100% tariff supporting the October rally.

US and Chinese trade negotiators report agreement on a number of key issues over the past two days in Malaysia

• AI, semiconductors, Soyabeans and rare earths are major items for agreement with each side reliant on the other for materials and technology.
• So far agreement is reported to be on:.
  • tariffs,
  • shipping fees,
  • fentanyl,
  • export controls.
• Agreement on trade between the US and China is seen as beneficial for growth in both nations and across the world.

IG TV Commodity Corner: https://www.youtube.com/watch?v=u7en9LCuurE 

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

Preliminary Oct PMI data shows US to be performing well, will make Trump and Wall Street happy  

• India is showing stellar growth
• Germany and Australia have surprisingly strong growth in Services lifting their composite performance
• All the major economies shows are posting growth except for France which is suffering ‘Budget’ paralysis and the government refuses to cut costs to balance its books

US – Risk on sentiment being driven by optimism around US-China trade deal ahead of planned Trump-Xi meeting.

• The meeting is planned for Thursday in South Korea and follows trade negotiations between top aides over the last few days.
• A Chinese official said that two sides reached a preliminary consensus on debated issues including export controls, fentanyl and shipping levies.
• US Treasury Secretary Bessent said that the threat of 100% tariffs on Chinese goods is “effectively of the table”.
• Higher tariffs were set to kickstart next month.
• Two delegations agreed on a “very positive” framework for Trump and Xi, Bessent said on Sunday.
• Equity futures are trading at record high levels, safe haven assets like US Treasuries and gold are off.

Delayed set of CPI numbers released last Friday showed inflation came in softer than expected.

• Core measure hit a three month low.
• Amid government shutdown that makes it impossible to collect inflation data there will likely not be an inflation release next month for the first time in history.
• CPI (%mom, Sep/ Est): 0.3/0.4
• Core CPI (%mom, Sep/ Est): 0.2/0.3
• CPI (%yoy, Sep/ Est): 3.0/3.1
• Core CPI (%yoy, Sep/ Est): 3.0/3.1

China – Industrial profits increased the most in nearly two years amid government efforts to limit excess capacity.

• Earnings were up for the second consecutive month in September and climbed 21.6%yoy, up on 20.4% in August.
• Estimates were for a more modest 3.9% increase.
• YTD profits were up 3.2%.

China – CCP 4th Plenum is done with Xi’s closing remarks in the Peoples Daily lifting markets

• President Xi pledged to increase living standards for Chinese people while driving technological innovation, manufacturing and industrial development, self-sufficiency and green and sustainable technologies
• The speech indicates a move towards greater growth in technology and opening up of the economy supporting ‘Anti-Involution’ policies
• Xi also requires that Chinese technology, industrial production and finance have reciprocal outbound access to the markets of its trading partners.
• We will discover more on this when Trump and Xi meet in South Korea.
• Stimulus: The market is looking for a potential new stimulus package to support the drive towards modernisation and technical innovation
• GDP is back at ~5% enabling the CCP to focus on lifting the value of China’s manufacturing output while expanding exports outside the US.

Argentina – Strong endorsement for Javier Milei and his conservative economic policies as his party wins 41% of vote

• President Milei’s La Libertad Avanza party secured 40.7%against 31.7% for the Peronist opposition (98% of the vote counted, 68% turnout).
• Results give Milei’s agenda new momentum and help the administration with its reforms.
• Around half of the 257 seats in the national lower house were up for re-election.
• Miele has increased the number of deputies in parliament to 101 from 37 with the number of senators rises to 20 from 6
• Milei now has 64 lower house seats out of a total 257 and 12 senate seats out of a 72 total.
• Milei was supported by Trump who announced a $40bn bailout and continued aid conditional on a Milei victory.
• The Peronist opposition have so far secured 32% of the vote.
• Miele has slashed government spending and reduced inflation though the transition to a more sustainable economy is not without its pain with >250,000 jobs lost and ~18,000 businesses closures.
• Mining companies have increasingly moved into Argentina looking to discover and develop new lithium salars and copper porphyries in the Andes.
• While the attractiveness of Argentina for miners varies from state to state, the Miele government is seen as more reliable to deal with.

Ivory Coast – Partial election result favouring a fourth term for President Ouattara

• Long-term president Alassane Ouattara looks set to win the election in Ivory Coast.
• The 83-year old leader appears to be the favourite in the election with his RHDP ‘Rally of Houphouetistes for Democracy and Peace’ party .
• Ouattara has overseen the country’s economic reconstruction since the civil war, achieving an annual growth rate of 6% backed by a boom in cocoa (PBS).
• While the election campaign has remained peaceful, observers are concerned over a potential rerun of election violence in 2020 when ~85 were killed.

Currencies

US$1.1625/eur vs 1.1617/eur previous. Yen 152.94/$ vs 152.86/$. SAr 17.228/$ vs 17.320/$. $1.332/gbp vs $1.332/gbp. 0.654/aud vs 0.650/aud. CNY 7.111/$ vs 7.123/$.

Dollar Index 98.97 vs 98.95 previous.

Precious metals:         

Gold US$4,069/oz vs US$4,074/oz previous

Gold ETFs 98.2moz vs 98.5moz previous

Platinum US$1,612/oz vs US$1,616/oz previous

Palladium US$1,432/oz vs US$1,411/oz previous

Silver US$48.1/oz vs US$48.2/oz previous

Rhodium US$8,050/oz vs US$8,050/oz previous

Base metals:   

Copper US$11,024/t vs US$10,910/t previous

Aluminium US$2,876/t vs US$2,868/t previous

Nickel US$15,335/t vs US$15,305/t previous

Zinc US$3,042/t vs US$3,034/t previous

Lead US$2,016/t vs US$2,018/t previous

Tin US$36,000/t vs US$35,840/t previous

Energy:           

Oil US$66.0/bbl vs US$66.1/bbl previous

• The US Baker Hughes rig count rose by 2 to 550 units last week (-35 or 6% y/y), with oil rigs up 2 to 420 units (-60 y/y) and gas rigs flat at 121 units (+20 y/y), as the state of Louisiana gained 3 rigs to 40 units (+4 y/y).
• US Henry Hub natural gas prices edged lower after the EIA reported an 87bcf w/w build to 3,808bcf, with storage inventories now 0.9% above last year’s level and 4.5% above the 5-year average.
• JERA will pay $1.5bn to acquire 500mmcf/d in the South Mansfield upstream asset located in western Louisiana’s Haynesville Shale basin, which includes a future investment plan to increase total production to 1bcf/d in tandem with the recent 5.5mtpa LNG 20-year offtake agreement and 35% interest in the Blue Point low-carbon ammonia project.
• Whitecap Resources announced a flat y/y FY26 capex budget of C$2-2.1bn to keep output stable at ~370kboe/d (60% liquids) next year, as the Company prioritises share buybacks while placing less emphasis on expanding organic production in a lower pricing environment. This includes C$300m of synergies following the 2Q25 Veren combination.
• Petrofac has filed to enter administration.

Henry Hub Gas US$3.31/mmBtu vs US$3.47/mmBtu last Thursday

Natural Gas €31.8/MWh vs €32.2/MWh previous

Uranium Futures $77.4/lb vs $76.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.7/t vs US$105.2/t

Chinese steel rebar 25mm US$442.9/t vs US$443.1/t

HCC FOB Australia US$193.5/t vs US$192.3/t

Thermal coal swap Australia FOB US$107.8/t vs US$108.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$70,382/t vs US$71,039/t

Lithium carbonate 99% (China) US$10,898/t vs US$10,684/t

China Spodumene Li2O 6%min CIF US$900/t vs US$880/t

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

China Tungsten APT 88.5% FOB US$643/mtu vs US$643/mtu

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

China Graphite Flake -194 FOB US$395/t vs US$395/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$274/t vs US$273/t

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

China Rutile Concentrate 95% TiO2 US$1,104/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$350.0/t vs US$350.0/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

Trump’s pivot to petrol puts US position in EV race at risk

• Industry leaders have warned that the US is falling behind China in EV development as the Trump administration reverses support for electrification.
• EV-related investment dropped almost a third to $8.1bn in Q3 2025, with $7bn of planned projects scrapped since April.
• Analysts say the rollback of EV incentives and fuel-efficiency standards could define the industry’s direction for years.
• Volvo Cars CEO Håkan Samuelsson said the US must “be quicker to compete with China” and that weakening EV signals will slow progress.
• By 2030, full EVs are forecast to make up 18% of US car sales vs the 25% previously projected, whilst hybrids will account for 32%.
• China’s BYD and Geely are expected to widen their lead as legacy US automakers face funding shortfalls and slower development cycles.
• Consultancy firm AlixPartners echo the general sentiment that US automakers face losing out on billions as Chinese EVs expand globally with cheaper pricing and advanced tech.



Company news

First Tin (1SN LN) 7.75p, Mkt Cap £36m – Annual Results describe progress at Taronga, NSW and in Germany

·        First Tin reports a loss of £2.9m for the year to 30th June 2025 (2024 – loss of £3.9m) and a closing cash balance of ~£6.4m following the raising of ~£10.1m in two tranches during the year and the investment of ~£2.7m in exploration and evaluation assets.

·        Commenting on progress during the year, Chairman, C Cannon Brookes, described “a series of milestones” achieved on permitting the Taronga tin project in NSW including the submission of “the Environmental Impact Statement (EIS) in September 2025” and metallurgical work which shows improved recovery potential relative to “the levels assumed in the previous Definitive Feasibility Study (DFS)”.

·        Describing progress in Germany, he said that First Tin has “made further headway at Tellerhäuser, progressing the fast-track Life of Mine Plan submission and advancing water management studies … [while] … exploration at Gottesberg and Auersberg has highlighted the scale of the tin-indium-gallium mineral systems in this historic district”.

·        Chief Executive, Bill Scotting, highlighted tin’s role as a ‘Critical Metal’ and disruptions to the metal’s supply chain in Indonesia where exports “were down 30% year-on-year in 2024” and in Myanmar where exports to China “fell to their lowest level in December 2024” following “uncertainty around export licence approvals” following a “mining ban and subsequent earthquake in WA State”.

·        At Taronga, Mr. Scotting described a “successful trial blast … [in October 2024] … which reinforced the technical viability of the project” and confirmed “acceptable vibration and noise, demonstrating our commitment to safety and minimal community impact”.

·        He said that the “DFS identified approximately 3.6Mt of Inferred resource located within the current pit designs, not currently included in the economic analysis. A review of the block model and geology shows that some of this Inferred mineralisation relates to a poorly defined lode structure located close to the northwestern pit walls in both the north and south pits. If this lode structure can be shown to be continuous and mineralised, it could add significant additional resources that may allow the northwestern walls to be pushed back, and the pits deepened”.

·        A 10,000m drilling programme aims to “convert the in-pit Inferred resource to Indicated and Measured status, which should translate to additional ore reserves and ultimately a longer life of mine”. By 12th September 5,111m of reverse-circulation drilling had been completed in 69 holes.

·        In Germany, Mr. Scotting commented on the “successful and low-cost use of historic drilling data that enabled an increase to the Tellerhäuser Mineral Resource Estimate ("MRE") … [and said that First Tin has] … commenced a similar review of historic drilling data pertaining to the Gottesberg and Auersberg deposits”.

·        He also highlighted the “potential for additional tin deposits in our portfolio of exploration licenses in the tin triangle around the known Tellerhäuser and Gottesberg deposits”.

·        Looking ahead, First Tin is looking to receive development approval for Taronga and advance the approval process at Tellerhäuser in the coming year.

Fulcrum Metals (FMET LN) 7.38p, Mkt Cap £9m – Exploration progress at the Big Bear project, Ontario

• Fulcrum Metals, which raised ~£1m in July to progress its Teck Hughes Mine tailings project near Kirkland Lake, Ontario has provided a progress report on its exploration of its Big Bear project in the Schreiber – Hemlo area, also in Ontario.
• The company confirms that it has taken “637 samples over the Schreiber-Pyramid, Twomey and Schreiber Johnston Gap areas … [at the Big Bear prospect] … which are to be submitted to AGAT labs for multi-element assay in the next few days”.
• The soil sampling is described as “part of a wider exploration programme across the Cook Lake - Schreiber Pyramid target area” which has identified a corridor of gold mineralisation 3km long which remains “open along strike and to the north”.
• The programme has defined “Four drill ready prospects and … [identified] … five additional prospects for target development”.
• Chief Executive, Ryan Mee, described Big Bear, which is located in western Ontario, as “a highly prospective project with multiple drill and exploration targets, high grade gold in soils of up to 0.93g/t and rock samples returning up to 139g/t”.

Greatland Gold (GGP LN) 357.5p, Mkt Cap £2,507m – Telfer delivers best gold recoveries since 2010

·        Reporting results for the quarter ending 30th September, Greatland Gold announces the production of 80,890oz of gold and 3,366t of copper at an average all-in-sustaining cost of A$2,155/oz of gold.

·        The production results from the processing of 4.68mt of ore at an average head grade of 0.58g/t gold and 0.09% copper at its Telfer mine in WA.

·        Gold recovery of 88.6% is described as “Telfer's highest quarterly gold recovery since FY2010”.

·        Today’s announcement explains that the “gold recoveries were driven by an operational focus on the pyrite flotation and leaching circuit performance, where maximising the sulphur flotation recovery directly relates to increased gold recovery … [and that] … Copper recoveries continue to outperform against historical recovery model performance, having been maintained above 80% for the last three quarters”.

·        Open-pit mining contributed ~1.8mt at an average grade of 0.6g/t gold and 0.07% copper with underground mining delivering a further 283kt at an average grade of 1.89g/t gold and 0.58% copper suggesting that “stockpiles acquired as part of the Telfer acquisition at 4 December 2024” made a significant contribution to mill feed.

·        This conjecture appears to be supported by a decline in closing quarterly stockpiles from the June level of 7.0mt at an average grade of 0.57g/t gold and 0.06% copper to the September level of 4.5mt at a grade of 0.63g/t gold and 0.07% copper.

·        The company comments that “The ROM stockpile grade increase relative to the June quarter is due to an increased proportion of higher-grade underground ore in stockpile … [and confirms that a] … detailed reconciliation review is ongoing in respect of the ROM stockpiles, assessing the accuracy of the geological model, grade control model, impacts of mining dilution and the robustness of existing processes”.

·        Mining costs totalling A$65.4m during the quarter “were below plan, with the increase relative to the previous quarter largely due to a higher proportion of ore mined relative to Stage 7 waste mined” while “Processing costs of $80 million were in line with plan, with the increase relative to the previous quarter partially due to the costs of the planned maintenance program in the processing plant and power station”.

·        Managing Director, Shaun Day, described the performance as “strong … [with] … highlights of the quarter being Telfer gold recoveries and underground production”.

·        He also highlighted that “exploration and resource development drilling at Telfer has progressed well and yielded encouraging results across the West Dome Open Pit, Main Dome Underground and in particular the new West Dome Underground project where a new high grade zone has been identified”.

·        Mr. Day also confirmed that the Havieron Feasibility Study is expected “during December 2025”.

·        The company’s FY 2026 production guidance of 260-310,000oz of gold at an all-in-sustaining-cost in the range of A$2,400-2,800/oz remains intact.

Conclusion: FY 2026 production and cost guidance maintained as September quarter production results show the best quarterly gold recovery rates since 2010.

Landore (LND LN) 4.2p, Mkt Cap £14m – Management back placing to raise £1.5m

• Landore have completed a placing of 35.5m new shares at 4.125p.
• The placing will also offer subscribers a warrant exercisable at 6p/share for each new share subscribed.
• The price marks a discount of 9% to the 30 day VWAP.
• Management will subscribe for c.£55k of the placing.
• Funds will be used to advance the MRE work at BAM, alongside environmental baseline studies.
• BAM 2022 MRE:
  • 31mt at 1g/t Au for 1moz Indicated
  • 18mt at 0.8g/t Au for 0.5moz Inferred
• Landore completed 14 holes over 3,549m over the summer at BAM East and West, which demonstrated the potential to expand the resource whilst highlighting higher-grade shoots at depth and to the west.
• Landore is aiming to update the updated MRE in 4Q25.

Lindian Resources (LIN AU) A$0.29, Mkt cap A$599m – Lindian confirms its Kangankunde REE project should remain unaffected by potential export restrictions in Malawi

• Lindian management has commented on the news the Malawi government may not allow raw minerals exports.
• Under the executive order the prohibition will not apply to “minerals that have been processed, refined and value-added in Malawi”.
• The team highlights that Kangankunde will produce REE concentrate.
• That is the highest level of beneficiation that can be done within the country.
• Recent developments are reported to not affecting current activities.
• The stock was down 23% on the ASX this morning.

Newmont (NEM US) $83, Mkt Cap $92bn – Shares slide on speculation of Nevada Gold consolidation

• Newmont shares fell 6% on Friday following a Bloomberg article suggesting management is eyeing Barrick’s stake in the Nevada JV.
• Newmont currently has a 38.5% stake in the JV, which is operated by Barrick.
• The article suggests Newmont is weighing either an acquisition for Barrick’s stake, or a full takeover, followed by divestments.
• The Nevada Gold Mines JV holds 10 underground operations and 12 open pit mines, two autoclave facilities, two roasting facilities, four oxide mills, a flotation plant and five heap leach operations.
• Major mines include Cortex, Carlin, Turquoise Ridge, Phoenix and Long Canyon.
• Nevada Gold Mines produced c.2.7moz in 2024 on a 100% basis.
• Barrick holds the recently discovered Fourmile project independently, which holds the potential to produce 600-750kozpa at AISC $650-750/oz over >25 year LOM.

Perseus (PRU AU) A$4.7, Mkt Cap A$6.4bn – Steady production as CMA underground accelerates and Nyanzaga on track

• African gold producer Perseus recorded 100koz production at AISC of $1,463/oz over the quarter.
• Production down from 121koz at AISC of $1,417/oz over the prior quarter.
• Company reports ‘notional operating cashflow’ at $161m.
• Cash and bullion reported at $837m, with listed securities at $134m.
• Production lower as expected, with lower output from Yaoure and Edikan.
• Yaoure is shifting to the CMA underground operation, with the Pauline portal firing commencing.
• CMA underground first production due 3Q26, with commercial production due for 3QFY27.
• Edikan production lower in line with mine plan as AG and Fetish pits completed mining.
• Ssingue ramp up at Airport West and Fimbiasso satellites ongoing.
• Nyanzaga first gold reiterated for January 2027, with construction reported on time and on budget.
• Company retains guidance of 400-440koz at AISC of $1,460-1,620/oz over FY26.
• Renewal of share buyback programme, with A$100m committed over the next 12 months.

Savannah Resources* (SAV LN) 4.4p, Mkt Cap £102m – Building presence in Trás-os-Montes region with healthcare MoU

• Savannah, developer of the Barroso lithium project in Portugal, has signed an MoU with a local healthcare provider.
• The Agreement sees Savannah and Terra Quente Saúde group develop a strategic partnership for increased healthcare services in the region.
• Savannah has a stated aim to contribute to the ‘improvement in living conditions in areas close to the Project within the Barroso Trás-os-Montes region.’
• The MoU will lead to a defined partnership agreement aiming to strengthen access to healthcare for employees and locals.

Conclusion: Savannah continues to actively engage with local stakeholders as it advances towards FID. The MoU with Terra Quente Saúde aims to increase access to healthcare provisions for residents of the surrounding region of Trás-os-Montes.

*SP Angel acts as Nomad and Broker to Savannah Resources

Thor Energy (THR LN) 0.8p, Mkt Cap £8m – A$3.5m investment in ISR project in South Australia

• Thor Energy reports that its 24% owned private company, EnviroCopper (ECL), has secured an A$3.5m investment in its ISR (in-situ recovery) technology at the Kapunda and Alford copper projects in South Australia.
• The ‘Future Equity and Collaboration’ agreement with an international investor provides the incoming investor the opportunity to “convert the A$3.5m investment into 972,222 shares in ECL at A$3.60 per share”.
• Chairman, Alastair Clayton, welcomed “a significant investment and … a collaborative partnership with a large international company that has requested, for commercial reasons, to stay unnamed for the time being”.
• Mr. Clayton said that the “agreement gives me great optimism about the future value of our investment … at the Kapunda and Alford ISR Copper projects in South Australia”.

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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