SP Angel . Morning View . Wednesday 22.04.26

MiFID II exempt information – see disclaimer below

Arctic Metals (ARCT SK) – £3m raise to support Hennes Bay drilling programme

BHP (BHP LN) – Strong copper production positions BHP to achieve the upper end of the increased production guidance range

Celsius Resources (CLA LN)  – Request for ASX Trading Halt

First Development Resources (FDR LN)  – Completion of geophysical exploration at the Selta project NT, Australia

Hochschild Mining (HOC LN)  – Robust 1Q26 with FY26 reiterated

Kenmare Resources (KMR LN)  – WCP A debottlenecking progressing as CAPEX slows going forward, TIO2 markets remain oversupplied

Meteoric Resources (MEI AU) – A$40m raise to advance Caldeira IAC Project

Neo Energy Metals (NEO LN) – Appointment of Neal Froneman as Chairman

South32 Ltd (S32 LN)  – Returning cash to shareholders as Hermosa development continues

URU Metals* (URU LN)  – Extension of Convertible Loan Maturity Date

Gold ($4,760/oz) Gold steady as IRGC hit ships in Strait of Hormuz

• Gold fell sharply yesterday, down 2% and giving up recent gains to $4,880/oz.
• The metal touched recent lows of $4,673/oz in late trading before rebounding overnight.
• We suspect Chinese buyers may have bought the dip overnight, a major theme through the 2025 bull run.
• Gold weakened on news that Iran is withdrawing from peace negotiations in Islamabad, with the metal increasingly priced on potential peace in the Middle East.
• The dollar bounced yesterday but subsequently weakened as traders attempt to make sense of the stalling negotiations

Nickel – Indonesian HPAL nickel processing may suffer from lack of sulphur from Saudi Arabia

• Indonesian nickel production uses around 10t of sulphur to make 25-30t of sulphuric acid to produce 1t of MHP ‘Mixed Hydroxide Precipicate’.
• Sulphuric acid prices have risen to >US$4,376/t in Indonesia (IndexBox) similar to the ~$4,400/t in 2024. Sulphuric acid prices hit a peak of $5,548/t in 2022
• The MHP payable price remains at a high of 84–86% of the LME nickel price eg $15,439-15.738/t. MHP payable prices were typically 34-55% on the nickel price.
• MHP is increasingly preferred over traditional nickel matte as a feedstock for nickel sulphate for batteries.

Conclusion: Pressure from the Indonesian government along with rising input costs may cut Indonesian Nickel MHP production going forward

Argentina - Judge orders a 30-day suspension of activities and blocks access to Vicuña copper project in Argentina’s in La Rioja province

(Vicuña Corp is a 50:50 jv between Lundin and BHP and brings together the BHP’s Josemaria and Lundin’s Filo del Sol deposits)

• La Rioja is known in mining circles to be a difficult province to work with
• Fortunately for Vicuña, the project is in San Juan province where the judgement from La Rioja has no jurisdiction.
• Vicuña management say they have not been formally notified and continue access the project via San Juan.
• Capex is $5-$15bn
• Production 395,000–400,000tpa with commissioning set for 2030
• The combined development looks set to become a top-five global copper-gold-silver producer.
• The La Rioja judge has cited environmental concerns and the absence of a full impact assessment submitted locally.



Currencies

US$1.1750/eur vs 1.1763/eur previous. Yen 159.26/$ vs 158.88/$. SAr 16.449/$ vs 16.387/$. $1.352/gbp vs $1.351/gbp. 0.716/aud vs 0.715/aud.

CNY 6.822/$ vs 6.819/$. Dollar Index 98.32 vs 98.20 previous

Economics

US – President Trump extended the 22 April ceasefire deadline indefinitely unable to get Iran to agree to the US conditions of the peace deal.

• Trump mentioned the decision was based on the request of Pakistan, a mediator of peace talks, and saying that Iran’s government was “seriously fractured”.
• Tehran earlier warned the US that the continuing blockade of the strait as violations of the ceasefire that was in place.
• No talks are currently planned following failed attempts to organise a new round of negotiations on yesterday.
• Iran called Washington demands “excessive” while messages exchanged between two sides made “no meaningful progress”, according to the Tasnim news agency that is close to IRGC.
• Kevin Warsh presenting to the US Senate highlighted the importance of the Fed independence and said that he made no promises to President Trump about cutting rates.
• During conversations with Trump about the job, “the president never asked me to commit to interest rate cuts… he did not demand it… the president never asked me to commit to any such thing nor would I do so,” Warsh said.
• President Trump on the other hand previously repeatedly expressed his confidence that the Fed Chair nominee would deliver lower rates if appointed.
• Approval will be delayed as Republican Senator argued that President Trump needs to drop an ongoing criminal probe of current Fed Chair Jerome Powell over a renovation of Fed headquarters first.

Iran - IRGC fires on second ship in Strait of Hormuz 8nm off west of Iran

• No damage reported on second ship and high levels of activity in the Strait of Hormuz area. (UKMTO)
• Attack on a Greek container ship 15nm northeast of Oman by IRGC gun boat caused heavy damage to the bridge.
• An IRGC "gun boat" approached the vessel, there was "no VHF challenge", meaning there was no radio warning or hail, and then the gun boat "fired upon the vessel", causing "heavy damage to the bridge" according to the Royal Navy.
• Reports indicate the ship’s master had been told the vessel had permission to transit the strait according to UKTMO and Vanguard.
• Mahdi Mohammadi an adviser to the Iranian parliament speaker says the continuation of Trump's "siege" is "no different from bombardment" and must be "met with a military response". "The time for Iran to take the initiative has come." According to a post on X (BBC).
• The US continues to blockade Iranian ports. This seems to be upsetting the Iranians more than anything.

Mediators waiting for response from Mojtaba Khamenei, the current Iranian Supreme Leader

• Khamenei is expected to give his response today with Iranian negotiators waiting for approval from the Supreme Leader (Axios).

US Treasury Department announced new sanctions against Iran

• Tehran publicly links future negotiations to the lifting of the blockade on its ports.
• Iranian Foreign Minister Abbas Araghchi said:
  • “Blockading Iranian ports is an act of war and thus a violation of the ceasefire.”
  • “Striking a commercial vessel and taking its crew hostage is an even greater violation.”
  • “Iran knows how to neutralize restrictions, how to defend its interests, and how to resist bullying." “
• Iran's UN Envoy said: "We have made it clear that breaking the siege is a fundamental condition, and only then will the next round of negotiations be held."
• JD Vance has definitively cancelled his planned trip to Pakistan.
• Trump said the ceasefire with Iran is being extended at the request of Pakistan’s leadership, citing divisions within the Iranian government
  • “the blockade will remain in place while the U.S. military stays ready for action.”
• The extension of the ceasefire was announced unilaterally and not agreed to by Iran. From Tehran’s perspective, its commitment to the ceasefire is set to end tonight at 3:00.
• Iran has not yet issued an official public response (Tasnim)
• Iranian state television reported that Tehran does not recognize the extension of the ceasefire and may or may not adhere to it, depending on its national interests.

Conclusion:  IRGC leadership have long been committed to war with Israel and their Sunni neighbours and are busy digging out buried missile launchers for further attacks

Shia hostility is primarily driven by Iranian political ideology fuelled by an interpretation of Shia eschatology where destroying Israel is seen as a necessary precursor to the return of the Mahdi.

The war is far from over but it is possible there may be an uneasy peace for a time.

UK – Inflation accelerated to 3.3% in March driven by higher petrol prices, up on 3.0% in the previous month.

• Rising food costs also contributed to a pickup.
• Core CPI came in at 3.1%.
• Earlier, the BOE said inflation could reach 3.5% in 3Q26 if the energy shock is prolonged.

China - lowering petrol and diesel prices (NDRC)

• The authorities had previously raised retail fuel prices.

Lebanon - "We do not seek a confrontation with Hezbollah, but we will not allow it to intimidate us” Nawaf Salam

• The Lebanese Prime Minister also said “we cannot have a sovereign state if we have more than one army” indicating they wish to get rid of Hezbollah forces.
• Mr Salam also wants all IDF troops removed from Lebanese territory, the return of all war prisoners and around €500m in humanitarian aid for Lebanon.
• Hezbollah says it launched a rocket barrage and attack drones at an Israeli artillery position is response to claims of Israeli ceasefire violations in Lebanon.
• Lebanon is important to the Iranian peace process due to its community of Sunni Muslims and Hezbollah’s close links to the regime in Iran

Precious metals:

Gold US$4,757/oz vs US$4,783/oz previous

   Gold ETFs 99.3moz vs 99.3moz previous

Platinum US$2,085/oz vs US$2,076/oz previous

Palladium US$1,573/oz vs US$1,559/oz previous

Silver US$78.5/oz vs US$79.0/oz previous

   Silver ETFs 799.8moz vs 800.9moz previous

Rhodium US$10,150/oz vs US$10,150/oz previous

Base metals:   

Copper US$13,297/t vs US$13,270/t previous

Aluminium US$3,569/t vs US$3,529/t previous

Nickel US$18,380/t vs US$18,215/t previous

Zinc US$3,447/t vs US$3,415/t previous

Lead US$1,961/t vs US$1,981/t previous

Tin US$50,510/t vs US$50,600/t previous

Energy:

Oil US$98.0/bbl vs US$95.2/bbl previous

Oil traders making a mint as disruption to oil markets opens opportunities

• Vitol say they made ~$2bn in Q1
• Trafigura have had two of their best-ever quarters
• Gunvor Group reports Q1 earnings are higher than for 2025
• Mercuria Energy ceo says they should make 25-50% RoE indicating profits of $2.3-3.2bn vs $3bn in 2022.
• One trader says they have been making extraordinary profits of $20-30/bbl on some oil trades.

Natural Gas €42.1/MWh vs €39.4/MWh previous

Uranium Futures $86.7/lb vs $86.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$107.2/t vs US$107.0/t

Chinese steel rebar 25mm US$472.1/t vs US$472.2/t

HCC FOB Australia US$231.0/t vs US$231.5/t

Thermal coal swap Australia FOB US$120.8/t vs US$120.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$119,693/t vs US$117,745/t

Lithium carbonate 99% (China) US$24,188/t vs US$24,209/t

China Spodumene Li2O 6%min CIF US$2,390/t vs US$2,325/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$218/lb vs US$218/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$28.8/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$250/t vs US$250/t

US Titanium Dioxide TiO2 >98% US$2,799/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,151/t vs US$1,152/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

Germanium China 99.99% US$3,125.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$395.0/kg vs US$400.0/kg

EV & battery news

Company News:

Arctic Metals (ARCT SK) SEK5.21, Mkt Cap SEK276m – £3m raise to support Hennes Bay drilling programme

• Arctic Metals has raised an upsized SEK40m (£3.2m) via the issue of 7.6m new shares at SEK5.25/share.
• The funds will be used to advance the Hennes Bay Copper-Silver project in southwest Sweden.
• Hennes Bay holds a JORC MRE of 55.4mt at 1% CuEq for 447kt Cu and 37moz Ag.
• Management is working towards a PEA for the project following a conceptual underground mining study.
• New drill targets have been identified from recent geophysics surveys over 30% of the 402km2 tenement package.
• Funds will support drilling at Hennes Bay, alongside additional drilling and strengthening working capital

BHP (BHP LN) 2,962p, Mkt Cap £148bn – Strong copper production positions BHP to achieve the upper end of the increased production guidance range

• Reporting on operations for the 3 and 9 months to 31st March BHP describes a strong quarter for its copper business with the company signalling its expectation of achieving production in “the upper half of FY26 Group copper guidance” which was uprated after six months to 1.9-2.0mt for the year compared to the previous range of 1.8-2.0mt.
• The strength of the copper operations, which delivered 1.46mt over the FT to date (FY 2025 – 1.50mt), reflects the performance of the Escondida and Antamina operations.
• Year to date production at Escondida of 801kt (2025 – 849kt) declined “primarily due to planned lower concentrator feed grade of 0.91% (FY25 YTD: 1.05%) … partially offset by strong operational performance, with record material mined and … concentrator throughput, as well as improved recoveries driven by operational enhancements”.
• Antamina’s production over the 9 months increased to 116kt (2025 – 98kt) “as a result of planned higher feed grades and improved operational performance” while the mine’s zinc output also increased, to 81kt (2025 – 68kt), “as a result of planned higher feed grades”.
• South Australian copper operations at Olympic Dam and Carrapateena produced ~70kt of copper, in line with 2025 output, with Q3 delivering “strong underlying operational performance … [as operations recovered from] … the weather-related power outage in the prior period”.
• The WA iron-ore operations delivered 198mt YTD (2025 – 188mt) keeping the 251-262mt annual production guidance intact.
• During Q3 the operations “achieved record production” from the South Flank and Mining Area C mines, known as the ‘Central Pilbara Hub’ with “South Flank exceeding annualised nameplate capacity”.
• Samarco’s South American iron ore operations delivered “stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries … [with] … Production guidance for FY26 … unchanged at between 7 and 7.5 Mt … [and] … now expected to be at the top end of the range”.
• Production of steelmaking coal of ~13mt YTD is broadly in line with 2025’s 12.9mt remains on course to achieve existing guidance of 18-20mt.
• Quarterly production “increased with strong operational performance at the open cut operations, supported by the highest YTD stripping volumes in five years … partially offset by lower yield driven by mine sequencing in response to significant wet weather (the highest rainfall recorded in 15 years), ongoing geotechnical challenges at Broadmeadow, and Saraji South being placed into care and maintenance”.
• The deferred longwall move at the Broadmeadow mine “commenced in February and was completed in early April”.
• The New South Wales Energy Coal (NSWEC) operations remain on course to achieve the current 14-16mt annual production guidance “with production expected to be in the upper half of the range” following YTD output of 12.2mt (2025 – 11.0mt).
• “Minerals exploration and evaluation expenditure was US$275 m for YTD March FY26 (YTD March FY25: US$279 m)”.
• BHP confirms that the US$8.4bn Stage 1 development of the Jansen potash project in Canada is now 78% complete with initial production expected in mid-2027 (calendar year).
• Assessment of a 2nd phase development at Jansen including “Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa is underway and expected in Q4 2026”.
• Chief Executive, Mike Henry, who will pass the role to Brandon Craig on 1st July, said that BHP is in “a strong position with reliable operations and a significant pipeline of copper and potash growth projects, to deliver long term value through the cycle”.

Conclusion: BHP is aiming to deliver full year copper production in the upper half of the increased guidance range following strong performance at Escondida and Antamina.

Celsius Resources (CLA LN) 0.68p, Mkt Cap £27m – Request for ASX Trading Halt

• Celsius Resources has requested an ASX trading halt “pending the release of an announcement in relation to developments associated with an alternative conflict resolution process and governance of its Philippine affiliate company, Makilala Mining Company (MMCI)”.
• The trading halt is requested to “continue until the earlier of the Company releasing an announcement, or the commencement of trading on Friday 24 April 2026”..
• Celsius Resources’ announcement explains that “MMCI has received correspondence from Sodor, Inc in relation to the alternative conflict resolution process and the governance of MMCI. The Company will announce further developments following legal review and advice”.
• In February this year, Celsius Resources announced that, following the failure of Sodor Inc, which held 60% of MMCI the company’s operating company for the MCB copper/gold project in the Philippines (MMCI), to “satisfy its funding commitments and complete the agreed documentation… [it had] … exercised its contractual rights to require Sodor to relinquish the 60% shareholding in MMCI”.”

First Development Resources (FDR LN) 2.15p, Mkt Cap £3.0m – Completion of geophysical exploration at the Selta project NT, Australia

• First Development Resources reports the completion of its gradient array induced polarisation (GAIP) geophysical work at the Lander West gold target in its Selta exploration project in the Northern Territory, Australia.
• The survey was restarted earlier this month following a temporary suspension in response to unseasonally severe rain in the area.
• GAIP is described as “an advanced geophysical technique used to measure variations in subsurface chargeability and resistivity … [which] … can indicate the presence of disseminated sulphide minerals, which are commonly associated with gold mineralisation systems”.
• In conjunction with other data including “previously completed aeromagnetic ("AMAG") and radiometric ("RAD") surveys” the GAIP work will help to target “high-priority reverse circulation ("RC") drill targets along the prospective Stafford Gold Trend”.
• The Lander West survey aimed “to enhance understanding of subsurface geology and structural architecture along the Stafford Gold Trend, where earlier geophysical datasets had already identified prospective features”.
• Today’s announcement also confirms that the company has applied for “potential non-dilutive co-funding for drilling” under the Northern Territory Government’s Geophysics and Drilling Collaborations scheme.

Conclusion: The delayed geophysical work at Lander West should help identify drilling targets.

Hochschild Mining (HOC LN) 664p, Mkt Cap £3.4bn – Robust 1Q26 with FY26 reiterated

• 1Q26 production:
  • 55.3kozgold
  • 1.6moz silver
  • 75.6koz GE (att)
• Inmaculada (Peru) performed in line with the budget with an increasing contribution from the Mara Rosa (Brazil).
• Slightly lower than expected contribution from San Jose (Argentina), although, remains on track for annual target.
• Inmaculada 48.3koz GE
• San Jose 13.8koz GE (att 51%)
• Mara Rosa 13.6koz GE
• Monto do Carmo Project (0.9moz at 1.66g/t PP, 1.1moz at 1.73g/t MRE Brazil) FID targeted 3Q26 followed by construction start.
• 2026 production guidance reiterated at 300-328koz GE (2025: 312koz GE)
• 2026 guided AISC $2,157-2,320/oz GE (2025: $2,138/oz)
• Net cash position $95m (Dec25: ~$23m net debt) including $412m in cash/investments (Dec25: $317m)

Kenmare Resources (KMR LN) 229p, Mkt Cap £204m – WCP A debottlenecking progressing as CAPEX slows going forward, TIO2 markets remain oversupplied

• Kenmare report 1Q26 production results.
• Excavated ore production fell 14%yoy to 8mt, with grade processed fell to 3.26% for 4.22%.
• Ilmenite production dow 38%yoy to 126kt, with zircon production down 36% to 8.9kt.
• Shipments down 10% to 278kt.
• Lower production results reflect ongoing debottlenecking at WCP A.
• Company notes ‘encouraging progress’ with the debottlenecking efforts, with WCP A due to hit nameplate ‘in the near-term.’
• WCP A CAPEX has reportedly decreased ‘substantially’ in 1Q26.
• TiO2 feedstock market seeing sustained weakness, however management notes production curtailments are tightening the market, with a strong order book expected in Q2.
• Chinese concentrate products continue to oversupply global markets, however ilmenite demand is improving on increased chloride pigment production in China, alongside stronger titanium metal demand.
• Kenmare agreeing higher zircon prices for Q2 as markets recover.’
• Management also notes ‘constructive dialogue’ with the Government of Mozambique over the Moma Implementation Agreement and its fiscal terms.

Meteoric Resources (MEI AU) A$0.19, Mkt Cap A$516m – A$40m raise to advance Caldeira IAC Project

• The Company raises A$40m to progress development of the Caldeira Ionic Adsorption Clay Rare Earth Project, Brazil.
• The raise is done at A$0.17, representing no discount to the last close.
• Proceeds to be used to advance the project towards FID in 2026.
• Main workstreams include DFS completion, environmental licensing, ongoing Pilot Plant operation and infill drilling.
• The Company will have ~A$58m in cash post raise.

Neo Energy Metals (NEO LN) 1p, Mkt Cap £21m – Appointment of Neal Froneman as Chairman

• Uranium and gold developer Neo Energy Metals reports the appointment of Neal Froneman as Chairman.
• Neal Froneman formerly served as CEO of Sibanye Stillwater.
• Neo Energy Metals holds the Beisa North and Beisa South Uranium-Gold projects in South Africa.
• Beisa Project:
  • Beisa Reef Inferred MRE: 53.6mt at 780ppm U3O8 for 89.2mlb and 1.51g/t Au for 2.6moz. (SAMREC)
  • Beatrix Reef: Inferred MRE: 15.2mt at 30ppm U308 for 1mlb and 3.13g/t Au for 1.54moz
  • Located in the Welkom Goldfield in the Witwatersrand Basin
  • Expected to be accessible via nearby mine shaft
• NEO is currently in discussions with Sibanye-Stillwater to secure access to the New Beisa Complex.

South32 Ltd (S32 LN) 235p, Mkt Cap £10.4bn – Returning cash to shareholders as Hermosa development continues

• South32 report March quarter results.
• Production results:
  • Worlsely alumina production fell to 886kt from 959kt prior quarter.
  • Brazil alumina steady at 351kt with aluminium steady at 33kt, tracking ahead of guidance.
  • Hillside aluminium steady at 176kt.
  • Mozal aluminium fell to 65kt from 90kt as operations shutter.
  • Sierra Gorda CuEq production reported at 20.2kt, maintaining guidance despite wet weather impacts.
  • Cannington ZnEq reported at 44.8kt, down from 54.5kt.
  • Australian manganese down to 589kt from 806kt with FY26 guidance lowered to 3,000kt, down 6% on elevated seasonal rainfall.
  • South African manganese steady at 500kwmt, guidance retained at 2,000kwmt for FY26.
• Company reports net cash increased by $121m to $96m over the quarter, with $158m CAPEX invested at Hermosa.
• $35m returned to shareholders via the buy-back over the past nine months at an average share price of A$3.08/share.
• 1H26 dividend of $172m paid.
• South32 has invested $500m in Hermosa CAPEX for the nine months to March 2026, with lateral development and shaft station construction completed during the quarter at Taylor.
• Ambler Metals JV is expected to see $35m invested in exploration and development work in CY26.

URU Metals* (URU LN) 6p, Mkt cap £6m – Extension of Convertible Loan Maturity Date

(URU Metals holds a 73.81% interest in Zeb Nickel Corp. URU Metals acts as a technical advisor to the project)

• URU Metals reports the extension of the repayment date on the convertible loan from Boothbay Absolute Return Strategies LP to 30 September 2026.
• The fund has also agreed that it will not convert sums due under the convertible loan note into ordinary shares of the Company before end-September.
• Boothbay Absolute Return Strategies LP has so far advanced US$500,000 to URU Metals.
• URU Metals has the option to repay Boothbay or incur conversion at or before the Maturity Date according to the following conditions:

1. at a price that is a 35 per cent. discount to the Volume Weighted Average Price ("VWAP") per share in the 5 trading days prior to the noteholder serving a conversion notice;
2. on completion of an equity fundraising by the Company, at a price that is a 35 per cent. discount to the price per share paid by investors on such equity fundraising;
3. on a share sale (meaning a sale of Ordinary Shares giving control of the Company, whether for cash and/or by way of exchange for shares in another company and/or for other consideration, and whether or not control of the Company changes as a result of such transaction), a 35 per cent. discount to the price per share paid on such a share sale; or
4. if there is no conversion notice served, equity fundraising or share sale prior to the Maturity Date, at a 35 percent. discount to the VWAP per share in the 5 trading days prior to the maturity date.

• If Boothbay is issued with any new shares in relation to loan note conversion it will be issued with a warrant per share with an exercise period of 18 months from the date of grant and exercisable at 85p/s.

Conclusion: We look forward to further news on compilation and analysis of recent FDEM ‘frequency-domain electromagnetics’ alongside previous airborne geophysics.

The new resolution and will hopefully indicate potential for a magmatic conduit system linking the Uitloop ultramafic bodies. This will hopefully be of interest to one of the nearby majors operating in the area.

*SP Angel acts as Nomad and Broker to URU Metals

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

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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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