SP Angel . Morning View . Tuesday 03.02.26

MiFID II exempt information – see disclaimer below

Aura Energy* (AURA LN)  – A$20m placement with FID guided for 3Q26

ECR Minerals (ECR LN)  – Possible offtake for Raglan alluvial gold production

Eldorado Gold (EGO US) – All-share acquisition of Foran Mining to boost copper exposure

Foran Mining (FOM CN)

Mila Resources (MILA LN)  – Early-stage drilling results from Yarrol, Queensland

New Frontier Minerals* (NFM LN)  – New OTCQB Listing to expand US investor engagement

Power Metal Resources* (POW LN)  – Promising uranium target generation in Saskatchewan

Serabi Gold (SRB LN)  – Resumption of activities following Coringa fatality

Sigma Lithium (SGML US) – Mining operations resumption

Xtract Resources (XTR LN)  – Zambian copper JV

Gold ($4,915/oz) and silver rebound amid continued volatile trading as pauses dollar rally

• Gold bounced 5.5% this morning, touching weekly highs of $4,948/oz.
• Silver ($87.8/oz) rose 13% in London trading as traders buy the dip following a severe 33% sell-off on Friday.
• The recent volatility in precious metals has highlighted the extreme levels of leverage in futures markets, particularly in China.
• The bullish trade in precious metals last week had been reversed by the nomination of more hawkish Fed member Warsh, triggering a wave of margin calls and a dollar reversal.
• The dollar index has paused its rally, as traders reevaluate its rebound against major currencies including the Yen and Euro.
• Bloomberg reports Chinese buyers have been stocking up on bullion ahead of the Lunar New Year week break, starting February 16th.
• Chinese retail investors have been a major driver of gold’s rally in recent months, following the lead of Beijing, who has been increasing gold reserves and boosting trading availability in gold.
• Xi Jinping reiterated his goal in state press to make China’s renminbi a global reserve currency, following years of devaluation.
• China is leading several BRIC countries in aiming to reduce reliance on the US dollar, after the US freezing of Russian assets following the Ukraine war raised concerns.

Copper ($13,310/t) jumps higher as Chinese end-users replenish stocks and Beijing looks to stockpile

• Copper prices rebounded this morning alongside the wider metals spectrum, touching $13,480/t before settling c.$13,300/t.
• Bloomberg reports Chinese fabricators and manufacturers are replenishing stocks ahead of the Lunar New Year.
• The move reflects buyers taking advantage of the 12% slide in prices from recent record highs of $14,532/t.
• Much of the recent move was likely speculation, despite concerns of deficits into 2026.
• However, buyers stepping in at $13,300/t suggests potential for a new price floor as markets continue to tighten.
• Copper supply took several major hits in 2025, and demand is picking up in China from a major state grid infrastructure expansion.
• China is set to spend 40% more on the state grid in the upcoming five years than the previous, driving incremental demand as property construction stagnates.
• Copper prices are also being supported by reports China is looking to expand its copper inventories within its strategic reserves.
• The China Nonferrous Metals Industry Associated reported yesterday it will work with smelters to boost inventories.
• The move follows Trump’s announcement of a $12bn investment to stockpile critical minerals yesterday.
• China is also reportedly looking to add copper concentrates to its reserves, local media reports.

Washington is to launch a strategic critical minerals stockpile with $12B funded by the EXIM Bank loans and private sector.

• Project Vault is set to include both REE and other critical minerals.
• Commodity trading firms to manage the procurement of raw materials for the stockpile include Hartree Partners, Traxys North America and Mercuria Energy Group.
• REE miners gained on the news recovering from the earlier speculation that the government might not support floor prices for long.

Project Vault Initiative will work alongside the existing DLA - the long-standing US strategic mineral reserve

• The DLA Defense Logistics Agency manages the global supply chain for the US military with commodities and around 5.2m distinct items managed and in stock.
• The DLA provides 86% of the military's spare parts and nearly 100% of fuel and troop support consumables.

DLA Strategic Materials holds:

• Critical Minerals: The DLA is targeting antimony, tantalum, scandium, germanium, bismuth, and indium.
• Precious Metals: Platinum, palladium, iridium.
• Specialty Materials: Beryllium, Germanium, beryllium copper master alloy and high-purity aluminium.
• The DLA is also looking to hold cobalt with a $500m tender for up to 7,500t of alloy-grade cobalt initiated in August 2025.
• Fuels: Diesel, kerosene, fuel oils, and jet fuel.
• Chemicals: Compressed and liquefied gases, and miscellaneous chemical specialties.
• Lubricants: Oils, greases, and hydraulic fluids.
• Explosives: and High Explosive compound TATB ‘Triamino-Trinitrobenzene’
• The NDS ‘National Defense Stockpile‘ holds other materials, inc: beryllium, chromium, ferromanganese, platinum group metals, tin, tungsten, and zinc.
• There is no evidence the US DLA holds NdPr but the US DoD ‘Department of Defense’ holds, secures, and supports the supply of NdPr through an agreement with MP Materials in California.
• Dysprosium: as of 2022, the US stockpile was estimated at <1t of dysprosium
• Terbium: the DLA is looking to acquire up to 10t terbium oxide for the NDS but is not reported to contain any meaningful stock
• The DoD is funding domestic production of terbium, inc. a $4.22m award to recycle terbium from recycled fluorescent light bulbs.

SpaceX takeover of xAI creates a super Space Tech company with the ability to potentially run orbital AI with low-cost power from space

• SpaceX is looking to raise up to $50bn on a potential $1.5tn IPO later this year.
  • SpaceX operates Starlink with 9,000 satellites and 9m customers worldwide.
  • A further 7,500 satellites have also been authorised, but will take some time to launch.
• SpaceX also operates the Falcon and Starship rocket programmes
• xAI runs Grok AI
• SpaceX is acquiring xAI, in a $1.25tn (£910bn) merger valuing SpaceX at $1tn and xAI at $250bn.
• xAI acquired Twitter (X) for shares last year and ran a $20bn Series E fundraise in January valuing the business at $230bn.
• Elon Musk reckons merging SpaceX with xAI (Grok) could help build data centres which would use low-cost power in space
• Musk reckons “In the long term, space-based AI is obviously the only way to scale.”
• Tesla also said it would invest $2bn in xAI.
• Musk also announced Tesla would end the manufacture of two of its EV models and move to production of its autonomous robots.
• Musk told Tesla investors at the time that he envisioned xAI functioning as an "orchestra conductor" for Tesla factories employing the autonomous robots.
• xAI needs funding to keep pace with other AI developers burning its way through ~$9.5bn in the first nine months of 2025.
• SpaceX runs Starlink with some 9,000 satellites, ~9m customers and authorisation for another 7,500 orbiting satellites.
• SpaceX US federal government work has an expected value of US$800bn.
• Metals:
• SpaceX uses a 30X stainless steel alloy (204L), Aluminium-Lithium Alloy, Titanium in the grid fins on the Falcon 9 and Inconel in the Raptor engines.
• 30X contains, Fe, Cr 0.80−1.10%, Mn 0.50−0.80%, Si 0.17−0.37%, Cu Max 0.30%, Ni Max 0.30%, S Max 0.035%, P Max 0.035%, C 0.24−0.32%.
• xAI’s Colossus supercomputer contains a range of rare earths, gold, silver, copper, aluminium and lithium.

VOX video:  The most extraordinary week in commodities I've ever witnessed

• Podcast:  The Vox Markets Podcast

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

We are now in a new commodities cycle: on VOX: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel's John Meyer

Worth reading - Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1816/eur vs 1.1863/eur previous. Yen 155.46/$ vs 154.90/$. SAr 15.949/$ vs 16.101/$. $1.369/gbp vs $1.370/gbp. 0.704/aud vs         0.696/aud. CNY 6.936/$ vs 6.951/$.

Dollar Index 97.47 vs   97.14 previous.

Economics

US – Trump to cut tariffs on India to 18% from 25% in a new trade deal.

• Modi is reported to have agreed to stop purchases of Russian oil and the possibility of buying more fuel from the US and Venezuela.

Australia – The central bank surprisingly hiked rates by 25bp to 3.85% making Australia the first major economy to raise rates in 2026.

• The RBA warned that the move reflects a stickier nature of inflation than initially thought.
• “Inflation is likely to remain above the targe for some time,” Governor Michele Bullokc said suggesting that further tightening is on the cards.
• The decision sent the A$ higher (+0.8%).

Iran – WH Special Envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi are expected to discuss a nuclear deal on Friday in Istanbul.

• “I don’t know that that’s going to happen ... right now we’re talking to them… We’re talking to Iran… And if we could work something out, that’d be great… And if we can’t ... probably bad things would happen…” President Trump commented on talks.
• Brent pulled back from $70/bbl level in the last couple of days as tensions subsided but remain not far off trading around $66.

Ukraine – Kyiv agreed with western partners a military response to any future violations of the ceasefire agreement.

• Under the plan, a Russian ceasefire violation would trigger a response within 24 hours beginning with a diplomatic warning.
• In case hostilities continue, a second phase would involve using forces from the so-called coalition of the willing including the EU and the UK among others.
• Should violations turn into an expanded attack, 72h after the initial breach, a co-ordinated military response involving the US military would take effect.
• Earlier Russia indicated that presence of foreign troops in Ukraine will not be acceptable under the ceasefire agreement.

PMI manufacturing

• The data shows a marked acceleration of manufacturing activity led by the ongoing electrification and transition towards renewables and electric vehicles

Precious metals:         

Gold US$4,941/oz vs US$4,618/oz previous

   Gold ETFs 100.4moz vs 100.5moz previous

Platinum US$2,277/oz vs US$2,041/oz previous

Palladium US$1,820/oz vs US$1,628/oz previous

Silver US$87.7/oz vs US$78.2/oz previous

   Silver ETFs 818.4moz vs 823.8moz previous

Rhodium US$10,550/oz vs US$11,000/oz previous

Base metals:   

Copper US$13,435/t vs US$12,780/t previous

Aluminium US$3,098/t vs US$3,068/t previous

Nickel US$17,325/t vs US$16,960/t previous

Zinc US$3,333/t vs US$3,306/t previous

Lead US$1,976/t vs US$1,977/t previous

Tin US$48,600/t vs US$47,380/t previous

Energy:           

Oil US$66.2/bbl vs US$66.2/bbl previous

·        European energy prices continue to fall from their recent highs as US weather forecasts for milder weather reduce expected heating demand and release more gas for LNG export, so easing market concerns over LNG supplies.

·        Devon Energy and Coterra plan a $58bn all-share merger (54:46 equity split) to create an entity with 1.6mboe/d output in 3Q25, including 550kb/d of oil and 4.3bcf/d of gas, which targets $1bn in annual pre-tax synergies by YE27 from an optimised capital programme, operating margin improvements, and streamlined corporate costs.

Natural Gas €32.0/MWh vs €34.6/MWh previous

Uranium Futures $94.0/lb vs $99.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$102.2/t vs US$102.8/t

Chinese steel rebar 25mm US$466.5/t vs US$465.7/t

HCC FOB Australia US$247.5/t vs US$248.0/t

Thermal coal swap Australia FOB US$116.5/t vs US$118.3/t

Other:  

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$105,605/t vs US$107,687/t

Lithium carbonate 99% (China) US$20,328/t vs US$20,861/t

China Spodumene Li2O 6%min CIF US$2,135/t vs US$2,195/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

China Tungsten APT 88.5% FOB US$1,433/mtu vs US$1,433/mtu

China Tantalum Concentrate 30% CIF US$117/lb vs US$116/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

Europe Ferro-Vanadium 80% US$24.5/kg vs US$24.5/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$261/t

US Titanium Dioxide TiO2 >98% US$2,908/t vs US$2,908/t

China Rutile Concentrate 95% TiO2 US$1,132/t vs US$1,129/t

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

Brazil Potash CFR Granular Spot US$367.5/t vs US$367.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

EU proposals set to limit EV sales from 2035 warn campaign group

• The European Commission proposed a change in legislation to a 90% cut in CO2 emissions from 2021 levels, rather than the current zero emissions target.
• The Commission said in December that its plans would support sales of EVs in the EU and save vehicle makers €2.1bn over three years, freeing up resources for innovation and new electric models.
• However, in a report published on Tuesday, environmental campaign group Transport & Environment said under the new proposal, carmakers could sell anywhere between 5% and 50% non-EVs.
• Together with an extended time period to comply with 2030 targets, the report said car CO2 emissions would be 10% higher between 2025 and 2050 than under the current tighter rules. 

Chinese scientists develop gel coating for solar panels to boost power output

• Chinese researchers developed a transparent hydrogel cooling coating for solar panels that boosts power output by around 13% versus conventional photovoltaics.
• The coating reduces temperatures of hotspots by about 16°C, cutting efficiency losses and fire risk.
• Hotspots are overheated areas on cells caused by defects, leaves and other obstructions and are the most common cause of panel failure and fire risk.
• The scientists that the hydrogel coating would offset around 50% of power generation loss due to hotspots.



Company News:

Aura Energy* (AURA LN) 10.9p, Mkt Cap £116m – A$20m placement with FID guided for 3Q26

• Aura Energy has raised A$20m in a placement to develop the Tiris Uranium Project in Mauritania.
• The placing of 97.6m shares was issued at A$0.205/share, representing a 6.2% discount to the five-day VWAP.
• Tiris Project:
  • Reserves: 63mt at 243ppm U3O8 for 33.6mlb.
  • Open pit mining operation with high-grade leach feed from wet screening.
  • Production guided at 1.8mlbpa over 25 year LOM.
  • CAPEX of $230m.
  • AISC guided at $35.7/lb
  • Post-tax NPV8 of $500m and 39% IRR at $80/lb.
• Company is advancing project funding with government bodies and strategic investors.
• Aura is developing the Häggån project in Sweden via a separate vehicle, with Aura maintaining a 78.7% investment.
• Funds will be used to reach an FID in 3Q26.

*SP Angel acts as Nomad to Aura Energy

ECR Minerals (ECR LN) 0.36p, Mkt Cap £11m – Possible offtake for Raglan alluvial gold production

• ECR Minerals has announced the identification of a potential offtaker for gold output from its Raglan alluvial project in central Queensland.
• Today’s announcement confirms that “Formal documentation and contractual agreements in respect of the Proposed Offtake Agreement are now being progressed and are expected to be finalised this month.”
• It also clarifies that members of ECR’s board have “visited the Proposed Offtake Partner's processing and refining facility, undertaken discussions regarding commercial terms and operational processes and completed site-level due diligence … [and confirms that ECR] … believes that this Proposed Offtake Agreement represents a clear and practical route to market for gold produced at the Raglan Project”.
• The announcement also explains that, following a review of its Raglan plant, for insurance purposes, the “replacement value, on a like-for-like basis, of the plant and equipment has been assessed at approximately A$1.9 million, materially exceeding the consideration paid by ECR for the Raglan Project”.
• Chairman, Nick Tulloch, described the identification of a potential offtaker as “an important step”.
• In connection with the plant, he commented that “The fact that the replacement value is close to double what we paid reinforces the value embedded in the acquisition”.
• In early January, the company reported that it expected to produce alluvial gold from Raglan before the end of January.

Eldorado Gold (EGO US) $39, Mkt Cap $7.9bn – All-share acquisition of Foran Mining to boost copper exposure

Foran Mining (FOM CN) C$6.3, Mkt Cap C$3.4bn

• Greek and Turkish gold producer Eldorado has agreed to acquire Foran Mining in an all-share transaction.
• Foran shareholders will receive 0.1128 Eldorado shares for each Foran share, implying an 8% premium to the 20-day VWAP and equity value of C$3.8bn.
• Foran shareholders will own 24% of the combined company.
• Eldorado shareholders will be required to vote with a majority approval threshold.
• Eldorado Asset Base:
  • Lamaque, Canada: 187kozpa, 8 year LOM
  • Kassandra, Greece: 60kozpa, 15 year LOM (Skouries in development)
  • Efemçukuru, Turkey: 72kozpa, 8 year LOM
  • Kışladağ, Turkey: 169kozpa, 13 year LOM
  • Combined Reserves: 12.5moz at 1.05g/t Au
• Foran’s McIlvenna Bay:
  • Underground operation in Saskatchewan with first production due 2H26
  • 39mt at 1.19% Cu, 2.18% Zn, 0.41g/t Au and 14g/t Ag indicated MRE.
  • Post-tax NPV7 of C$654 and IRR of 23% at $4.27/lb Cu, $1.21/lb Zn, $2,240/oz Au, $28/oz Ag
  • Average annual production of 19kt Cu, 20kozpa Au, 444koz Ag and 24.5ktpa Zn
  • 18 year LOM.
• Management notes ‘industry leading growth’ and ‘enhanced revenue mix with copper exposure’ as primary motivations for the acquisition.

Mila Resources (MILA LN) 1p, Mkt Cap £10m – Early stage drilling results from Yarrol, Queensland

• Mila Resources reports that its maiden exploration diamond drilling programme at the Yarrol Gold Project in Queensland “successfully demonstrated the continuity of gold-bearing structures”.
• The announcement confirms that “intercepts of ~5g/t gold traced from surface to ~230 metres depth and provided critical insight into the structural architecture of the system … [and although they] … did not deliver the grades anticipated at depth … [they] … allowed the technical team to further refine the Company's geological model for Yarrol”.
• The drilling tested and confirmed the “continuity of gold-bearing features from surface to ~300m depth, though high-grade intercepts were less consistent at depth than in shallow zones”.
• Today’s announcement explains that “While depth extensions along the Yarrol Fault corridor warrant further work over the medium term, the most compelling and capital efficient near-term opportunity lies in testing shallow targets along strike across the Yarrol, Monal and Mt Steadman licences … [and confirms that Mila Resources] … remains fully funded and on track to commence RC drilling at Yarrol in Q1 2026”.
• Managing Director, Mark Stephenson said that the “recent diamond drilling programme has given us highly valuable information regarding the continuity of our gold system at depth which will help us understand structures controlling gold mineralisation, and provide the data needed to make informed decisions about our next exploration programme”.
• Providing an insight into the exploration strategy, he said that “We've only just started to explore this licence package, and we are not reliant on a single target or orebody but a portfolio of targets at Yarrol.  We continue to systematically test a highly prospective district with proven gold endowment, and we are focussed on building a mineral resource of scale to move to development”.
• As well as the RC drilling, the company will refine its geological modelling to “better understand structural controls and gold distribution, including potential plunging high-grade shoots … [and apply] … a disciplined capital allocation framework to prioritise targets”.

New Frontier Minerals* (NFM LN) 1.00p, Mkt Cap £17m – New OTCQB Listing to expand US investor engagement

• New Frontier Minerals has started trading on the OTCQB venture market under NFMXF.
• The OTCQB listing should enhance visibility in the US and enable US investors to access the stock.
• While the company is small, we expect there to be substantial interest in the potential for future drill results at the Harts Range rare earth prospect.
• The company also has a potential for third-party treatment of ore from the ‘Big One’ copper resource in North-West Queensland.
• Big One Copper has a JORC mineral resource of 2.1mt @ 1.1% Cu plus an additional 7,000t @ 1.3% Cu of surface Indicated stockpiles.

*SP Angel acts as broker to New Frontier Minerals

Power Metal Resources* (POW LN) 16p, Mkt Cap £18m – Promising uranium target generation in Saskatchewan

• Power Metal Resources provides an exploration update from its Reitenbach uranium project in Saskatchewan.
• POW, as part of its Fermi JV, has been conducting radon and soil geochemical sampling over the property.
• This has identified three priority uranium target for pegmatite and fault-hosted uranium mineralisation.
• Reitenbach lies within the Needle Falls Shear Zone.
• POW has utilised previously successful exploration methods from Cigar Lake and Triple R to trade mineralised boulder trains to define exploration targets.
• Management suggests the correlation between radon and uranium-in-soil anomalies suggest potential for a buried bedrock source.
• Focus now will be on refining the three targets, Nuphar North, Nuphar South and Goodleap, to support a targeted drilling programme.

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

Serabi Gold (SRB LN) 287.5p, Mkt Cap £201m – Resumption of activities following Coringa fatality

• Serabi Gold has provided further information following the fatal accident last week at its Coringa underground mine in Brazil.
• Today’s announcement does not detail the circumstances of the accident but does confirm that Serabi Gold “continues to provide support to the families of those affected and staff during this time”.
• It also confirms that “mining and milling operations were at no point interrupted and continue to progress according to budget”.
• The company also reports that “an internal review of relevant procedures to ensure we continue to provide a safe and supportive workplace for everyone … is well-advanced”.

Conclusion: Serabi Gold confirms that last week’s fatal accident at Coringa did not adversely affect production,

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

Sigma Lithium (SGML US) US$10.8, Mkt Cap $1.2bn – Mining operations resumption

• The Company resumed mining operations following the restructuring launched 4Q25.
• Working capital needs during the period were helped by proceeds from the sale of lithium fines and prepayment facilities.
• The Company had 950kt of available inventories of fines as of YE valued at ~$130m using the latest $140/t last sale price.
• Expanded mining fleet is planned to support the increase in the production rate within the next 12 months.
• Expansion is driven by the resumption of Phase 2 construction.
• Phase 1 and 2 guided for 520kt at $511/t AISC (including interest costs), up from 220-270kt at $599/t AISC under Phase 1.
• 2026 guidance to be released once operations resume a “steady state” rate later in 1Q26.
• The stock is up 6% pre-market in the US.

Xtract Resources (XTR LN) 0.9p, Mkt Cap £9.5m – Zambian copper JV

• Xtract Resources reports that it has agreed a joint-venture with Oval Mining, the holder of a small-scale mining licence in the Mumbwa District, Zambia to produce copper concentrate from the Silverking licence.
• In partnership with Cooperlemon Consultancy, Xtract Resources and Oval Mining the ‘Silverking Mining Joint Venture’ will “exploit the high grade material identified in the breccia pipe and surrounding areas … within three months … and thereafter ramp up” production.
• “Xtract will acquire a 35% interest in the Silverking Mining Joint Venture for US$1,500,000 in cash payable in two instalments of US$750,000 each”.
• Today’s announcement explains that the former Siverking mine was worked “in the 1890s as a silver mine and was known as one of the first mines in Zambia, but detailed production and years of operation are not available”.
• Exploration in 2012, by a local subsidiary of Glencore, “in and around the main breccia pipe area … produced high grade copper and silver intercepts which were not pursued”.
• Executive Chairman, Colin Bird, confirmed that “The mine plan has been designed and we are about to commence initial blast work and anticipate early access to ore as we deepen the pit into the main breccia pipe area.  Within the three month period we anticipate that the operation will be producing a copper concentrate and within six months advance to steady state production”.

Conclusion: Via a local joint-venture, Xtract Resources is moving towards copper production at the small-scale Silverking licence in Zambia

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 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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