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Today's Morning View - Ukraine Russia talks depress commodity prices

Published: 22:37 14 Mar 2022 AEDT

SP Angel Today's Market View

SP Angel . Morning View . Monday 14 03 22

Ukraine Russia talks depress commodity prices

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MiFID II exempt information – see disclaimer below  

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) – CFO appointed

Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* - BUY – Exploration update highlights strong Au-Cu intersections at Zafar and a discovery at Gosha

Aura Energy Ltd (ASX:AEE, AIM:AURA)* – A$8.8m committed in fund raising to progress Tiris

Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) – Drilling to recommence at Clontibret in April

Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF)* – Mkango to collaborate with REE recycling consortium

Oriole Resources PLC (AIM:ORR) – Soil sampling identifies multiple gold-in-soil anomalies in central Cameroon

Rio Tinto PLC (LSE:RIO) – US$2.7bn cash offer for Turquoise Hill

 

Asset managers request environmental data disclosures from over 10,000 companies through CDP framework

  • Some 680 financial institutions are issuing letters to the boards >10,000 companies requesting data on their environmental performance (Investment Week)
  • The letters are requesting data on climate change, deforestation, and water security.
  • Last year some 3,200 companies out of 7,176 requested disclosed their environmental information with only a third of companies developing climate transition plans.
  • ‘ESG’ Environmental Social and Governance information is being increasingly required by asset managers for acceptance into their funds.
  • Increasing funding should become available for companies which are best able to improve on their Environmental performance
  • Companies which fail to supply ESG data risk being shut out from funding by an increasing number of investment houses.

 

Gold weakens as traders look to Fed rate hike decision on Wednesday

  • Gold prices slid to $1,970/oz but remain elevated on both geopolitical and economic concerns.
  • Gold ETF inflows continue to climb, up 300,000oz since Friday and fund managers have ramped up net long positions on the COMEX by 180% over the past 5 weeks.
  • Analysts expect gold’s recent correction to be a primary result of profit taking and optimism over Russia-Ukraine peace talks.
  • Eyes turn to the Fed’s Wednesday rate hike meeting, with the impact of sanctions on Russia expected to complicate Powell’s plans for an aggressive hike schedule this year.

 

Copper prices retreat on economic pessimism on China growth and Russia-Ukraine conflict

  • Copper prices have fallen below the key $10,000/t level to $9,972/t.
  • The copper price rally has weakened as investors weigh up the impact of the Russia-Ukraine conflict on global economic growth.
  • Copper prices had climbed to all-time highs last week on Russia supply disruption, with the country producing 3.5% of global supply.
  • Analysts expect China’s falling growth levels, triggered by a Beijing-induced slump in property development, to weigh on the country’s copper demand.

 

Dow Jones Industrials - -0.69% at 32,944

Nikkei 225 - +0.58% at 25,308

HK Hang Seng - -5.24% at 19,476

Shanghai Composite - -2.60% at 3,224

  

Economics

Russia – Putin arrests key officials indicating contradictory information on the Invasion of Ukraine

  • Reports on the arrest of key officials in Putin’s intelligence network indicates the discovery of discrepancies in intelligence information.
  • Major mistakes and miscalculations over the Ukrainian resistance coupled with leaked information to US security services may have resulted in a witch hunt within the Kremlin.
  • Russia’s pariah status along with the freezing of assets, exclusion from Swift and the sanctioning of oligarchs and key officials has caused the Rouble to collapse and is causing major problems for the president.
  • Russia may well battle for Kiev and Ukraine but is losing the war on its status within the global community and will need substantial leadership change before it is reaccepted by global leaders.

 

China – Covid outbreaks in China as ‘stealth omicron’ spreads through regions

  • China has reported 1,337 locally transmitted cases of Covid-19 across multiple cities today (AP).
  • 895 cases were reported in northeaster Jilin which has shutdown movement throughout the province.
  • We reckon it is only a matter of time before the authorities are forced to capitulate on their efforts for a Zero-Covid policy.

China to cut interest rates further to stabilise the economy according to former central bank adviser (SCMP)

  • The adviser reckons the bank has sufficient policy tools to prevent severe capital outflows.
  • China has also allowed the trading band between the Yuan and the Russian rouble to widen.

Russian officials asking China for military equipment as invasion highlights poor state of Russian army and depletes weaponry

  • US officials have warned China of consequences if they supply Russia with weapons (AP Associated Press).
  • China has refused to endorse Russia’s invasion of the Ukraine at the UN preferring to abstain from voting on the matter.
  • The US is also warning China not to help Russia evade global sanctions – though we suspect China will turn a blind eye to the activities of its traders.
  • Russia’s request for weapons from China highlights Russia’s new vulnerability to incursions on its other borders with so much of its military dedicated to the Ukraine.
  • The situation leaves Russia vulnerable to potential uprisings in the occupied territories in Georgia, Chechnya and Kuril Islands along with potential for regime change of pro-Russian leaders elsewhere in the FSU.

 

HK – Covid lockdown with gatherings of more than two people banned

  • Hospitals are overflowing, most venues are shut including schools and mask wearing is compulsory.
  • HK as registered the most deaths per million people globally in the week to 10th March

 

India’s Stock Exchange plans new spot gold exchange

  • The NSE is looking to establish a domestic spot gold exchange alongside India Bullion and the Jewellers Association. (Reuters)
  • The exchange is aimed at improving bullion pricing efficiency and transparency.
  • It will be a similar style exchange to China’s domestic bourse which is used to trade domestically produced and imported gold.
  • India bought $46.1bn worth of gold in 2021. (WGC)

 

Brazil launches plan to cut reliance on imported fertilizer on spiking prices as Ukraine bans fertilizer exports

  • Brazil has launched a plan to reduce Brazilian fertilizer imports from 85% to 45% by 2050.
  • Brazil potash prices have jumped 34% this month.
  • The scheme provides support to the private sector to boost local production.
  • Potash comprises 38% of fertilizers consumed by Brazilian farmers, 33% phosphorus and 29% nitrogen.
  • Ukraine banned exports of fertilizer on Saturday. (Agriculture Ministry)
  • The ban hopes to ‘maintain balance in the domestic market’ of nitrogen, phosphorus, po

 

Gold miners may see reduced production as major European cyanide maker suspends production on soaring energy costs

  • Czech group Draslovka, the world’s largest producer of sodium cyanide, has suspended production in Europe.
  • Sodium cyanide is primarily used for the extraction of precious metals from ores.
  • Production costs have soared alongside energy prices, with gas prices in Europe up 7x in 12 months and key raw materials ammonia and caustic soda up 270% over the same period.
  • Draslovka’s European production plants account for 15% of its production capacity.
  • The company supplies miners in Turkey, Latin America, and Africa.
  • Its US cyanide plants remain in operation.

 

Scrap volumes on the LME soar alongside climbing prices

  • LME scrap metal contract volumes hit a 2-year high last week as prices continue to climb.
  • Futures prices have shifted from contango to backwardation, suggesting physical scrap prices are expected to stay at elevated levels going forward.
  • Traders have reported extreme volatility in the scrap market.

 

Currencies

US$1.0942/eur vs 1.0974/eur last week. Yen 117.72/$ vs 116.79/$. SAr 15.061/$ vs 15.079/$. $1.305/gbp vs $1.307/gbp. 0.725/aud vs 0.734/aud. CNY 6.361/$ vs 6.322/$.

 

Commodity News

Precious metals:         

Gold US$1,968/oz vs US$1,989/oz last week

Gold ETFs 103.4moz vs US$103.1moz last week

Platinum US$1,053/oz vs US$1,073/oz last week

Palladium US$2,597/oz vs US$2,964/oz last week

Silver US$25.55/oz vs US$25.84/oz last week

Rhodium US$18,500/oz vs US$19,000/oz last week

 

Base metals:   

Copper US$ 9,972/t vs US$10,284/t last week

Aluminium US$ 3,411/t vs US$3,475/t last week

Nickel US$ 48,033/t vs US$48,033/t last week All LME contracts SUSPENDED and 50% of SHFE contracts SUSPENDED

Zinc US$ 3,813/t vs US$3,843/t last week

Lead US$ 2,288/t vs US$2,384/t last week

Tin US$ 43,175/t vs US$44,500/t last week

 

Energy:           

Oil US$108.8/bbl vs US$111.8/bbl last week

Natural Gas US$4.624/mmbtu vs US$4.666/mmbtu last week

Uranium UXC US$60.00/lb vs $60.40/lb last week

         

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$157.2/t vs US$162.8/t

Chinese steel rebar 25mm US$770.8/t vs US$779.7/t

Thermal coal (1st year forward cif ARA) US$251.0/t vs US$251.0/t

Thermal coal swap Australia FOB US$365.0/t vs US$409.0/t

Coking coal swap Australia FOB US$630.7/t vs US$635.0/t

 

Other:  

Cobalt LME 3m US$82,000/t vs US$82,000/t

NdPr Rare Earth Oxide (China) US$165,849/t vs US$170,044/t

Lithium carbonate 99% (China) US$73,492/t vs US$73,949/t

China Spodumene Li2O 5%min CIF US$2,740/t vs US$2,730/t

Ferro-Manganese European Mn78% min US$2,259/t vs US$2,233/t

China Tungsten APT 88.5% FOB US$340/t vs US$340/t

China Graphite Flake -194 FOB US$805/t vs US$805/t

Europe Vanadium Pentoxide 98% 12.2/lb vs US$12.2/lb

Europe Ferro-Vanadium 80% 58.75/kg vs US$57.25/kg

China Ilmenite Concentrate TiO2 US$397/t vs US$399/t

Spot CO2 Emissions EUA Price US$80.9/t vs  US$79.5/t

Brazil Potash CFR Granular Spot US$1100/t vs US$820/t

 

Battery News

Korean automakers could be pressured to accelerate EV transition

  • Domestic carmakers are expected to face greater pressure to accelerate their EV transition under the incoming Yoon Suk-yeol administration.
  • The President-elect has pledged to ban new registration of ICE vehicles starting in 2035 – this marks the first pledge for full transition to 100% EVs based on new car sales in South Korea.
  • If the policy is selected it could prove difficult for local carmakers to adapt – Hyudai would have to revise its medium- to long-term electrification strategy.
  • Hyundai Motor set a goal to sell 290,000 EVs in Korea by 2030, accounting for 36% of total local new car sales – the company also planned to achieve 100% electrification in the European market in 2035 and then follow suit in other major markets such as the U.S. and Korea by 2040.
  • Although the proportion of new EVs is increasing each year, it is unrealistic to target a 100% transition by 2035.

 

Ford and SK On to build high nickel battery joint venture

  • Ford and SK On will build a JV battery plant near Ankara, Turkey, to produce high nickel batteries for commercial vehicles.
  • The JV in Turkey underlines a strategy by SK On and Ford to expand their cooperation beyond North America to Europe.
  • The two companies have established a battery joint venture called "BlueOval SK" to produce about 60GWh annually in traction battery cells and array modules with the potential to expand capacity.
  • The NCM9 battery that SK supply for Ford’s F-150 Lightning contains 90% nickel.
  • The South Korean company aims to expand its battery production capacity at plants in South Korea, China, Hungary and the United States from 40GWh per year to 500GWh by 2030.

 

Company News

Adriatic Metals PLC (LSE:ADT1, ASX:ADT, OTCQX:ADMLF) 124p, Mkt cap £330m – CFO appointed

  • Adriatic reports that Mike Norris has been appointed as the Company’s CFO with immediate effect.
  • Mr. Norris is a qualified Chartered Accountant with over 30 years of commercial and operational experience in the mining industry.
  • Mr. Norris was most recently CFO at ASX-listed Highfield Resources, and prior to this was Finance Director for Avocet Mining (AIM:AVM).
  • He has also held the positions of Head of Business Performance at Anglo American and CFO of Kennecott Greens Creek Mining Co.

*An SP Angel mining analyst has visited Adriatic Metals operations in Bosnia

 

Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF)* 105p, Mkt Cap £120m – Exploration update highlights strong Au-Cu intersections at Zafar and a discovery at Gosha

BUY

  • At the Gedabek CA exploration work included ~33,100m of core drilling and ~7,300m of RC drilling along with outcrop sampling, trenching and geological mapping.
  • Drilling at Gedabek Open Pit, Gedabek Underground and Gadir Underground deposits focused on mine extensions and infill drilling with ~2,000m completed in RC from surface and ~2,400m in core drillholes from underground.
  • Zafar accounted for most of drilling during the period with ~20,100m in 40 core drill holes completed during the period.
  • Among notable intersections are:
    • 133mm at 0.58g/t Au and 0.85% Cu (and 1.35% Zn) from 288m including 21m at 0.99g/t Au and 2.05% Cu from 312m (21GED59);
    • 8m at 0.97g/t Au and 3.48% Cu (and 3.46% Zn) from 269m (21GED54);
    • 5m at 3.67g/t Au and 11.56% Cu from 283m (21GED52).
  • The Company put out Zafar Maiden MRE in Aug/21 estimated at 8.5mt at 0.3g/t Au and 0.60% Cu.
  • The team completed ~36,400m of planned 40,000m drilling at Zafar aiming to update mineral resource estimate and prepare maiden mineral reserves report ahead of first production currently guided for 2023.
  • At Gilar, the team completed ~9,900 in core drilling from surface testing previously discovered gold mineralisation in quartz and gold-copper hydrothermal mineralisaition located ~250m below surface.
  • Drilling extended the mineralisation to the south-west with the team continuing to assess the economic feasibility of tunnelling for more cost efficient drilling from the underground.
  • Drilling returned a series of narrow high grade intersections including:
    • 3.1m at 8.22g/t Au, 210.7g/t Ag and 0.23% Cu from 214m (21GLDD48);
    • 3.1m at 7.87g/t, 224.3g/t Ag and 2.41% Cu from 222m (21GLDD48);
    • 1.9m at 10.33g/t Au, 130.5g/t Ag and 2.97% Cu from 227m (21GLDD50);
    • 1.6m at 7.49g/t Au, 58.0g/t Ag and 1.43% Cu from 230m (21GLDD50);
    • 3.7m at 4.75g/t Au, 133.3g/t Ag and 2.49% Cu from 221m (21GLDD55);
    • 3.8m at 6.91g/t Au and 2.10% Cu from 175m (21GLDD62);
    • 1.6m at 4.03g/t Au, 128.4g/t Ag and 1.14% Cu from 153m (21GLDD65).
  • At Avshancli, ~2,200m of RC drilling was completed at Avshnacli-1 and 9 areas with a further ~1,000m completed at Avshancli-2.
  • The data collected at Avshancli-1 showed the mineralisation was discontinuous along strike and gold grades dropping off from the surface as structures narrowed with depth.
  • Preliminary estimates suggested that potential ore volumes from the area would be small (~15,000m at an average grade of 1.6g/t for ~1-2koz in-situ) and require more densely spaced drilling to better understand the distribution of the grade which in turn is unlikely to be economic.
  • Exploration is unlikely to continue at Avshancli-1 for now.
  • In terms of planned H1/22 work at Gedabek CA, exploration will focus on:
    • Drilling will continue at Zafar for mineral resource growth, geotechnical and hydrogeological modelling (~17,500m);
    • ~7,000m of core drilling at Gedabek OP, Gedabek UG and Gadir UG
    • ~3,000m of core drilling at Gilar and ~4,000m planned for other Gedabek CA targets.
  • At the Gosha CA, geological exploration restarted in H2/21 following a pause in H1/21 amid the military Armenia/Azerbaijan conflict and focused on core drilling from surface testing targets identified previously from surface mapping.
  • ~4,600m of core drilling was completed in H2/21 and resulted in a discovery of the high grade Hasan subvertical gold vein located immediately south of zone 5 intersecting it at one point.
  • The Hasan vein intersection included 10m at 23.24g/t au from 61.0m including 0.5m at 229.5g/t Au from 66.8m (21GODDH01).
  • The vein can be accessed via a short tunnel from the existing underground infrastructure at Gosha boding well for accelerated exploration and potential development of the discovery.

Conclusion: Semi-annual exploration update includes a detailed description of both infill and expansion drilling at operating Gedabek and Gadir open pit and underground mines as well as ongoing exploration work at recently discovered Zafar, Gilar, Avshancli and Gosha deposits and mineralised areas. Most of core drilling was focused on Zafar with results returning strong gold/copper intersections with the team aiming to update the MRE and prepare maiden mineral reserve statement ahead of first production targeted for 2023. Further economic potential is being assessed at Gilar where drilling returned high grade gold intersections at ~250m depth. Drilling at Gosha yielded a new high grade gold vein discovery (Hasan vein) located next to the existing underground infrastructure that will help with future exploration work.

*SP Angel act as Nomad and broker to Anglo Asian Mining

 

Aura Energy Ltd (ASX:AEE, AIM:AURA)* 14.75p, Mkt Cap £64.7m – A$8.8m committed in fund raising to progress Tiris

  • Aura Energy has announced that it has received firm commitments for A$8.8m of funding to aid development of its flagship, Tiris uranium, project in Mauritania.
  • The Placement, which was oversubscribed, “will comprise the issue of approximately 35.2 million new shares … at an issue price of A$0.25 per New Share and represents a 20% discount to the Company's 5-day volume weighted average price (VWAP) of existing ordinary shares”.
  • The new funds will be used to progress the project “towards a decision to proceed in Q4 2022” and will include the “completion of the planned Resource Enhancement Program and commencement of engineering”. 
  • The company says that A$7.6m of the new funds will be deployed to Tiris, with a further A$0.5m used for “Corporate costs (including capital raising cost)” and the balance for working capital.
  • Acting CEO, Dr. Will Goddall, said that the placement had generated “very strong support from existing shareholders and a strengthening of key institutions on our register, in both Australia, the United Kingdom and Canada”.
  • Outlining plans for the balance of 2022, Dr. Goodall said that “We plan to enhance and expand the Tiris resource, finalise regulatory discussions with the Mauritanian government, progress marketing and financing conversations and take engineering to a point where we can move into procurement and construction through 2023”.

Conclusion: The additional funds are being used to advance the Tiris uranium project towards a development decision and we look forward to the results of the more detailed resource and engineering work as the year progresses

*SP Angel acts as Nomad and Broker to Aura Energy

Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) 23.25p, Mkt Cap £8.6m – Drilling to recommence at Clontibret in April

  • Conroy Gold reports that it expects to start a programme of 8 drill-holes (3,000m) during late April.
  • The main purpose of the new drilling is “to extend both the lode and the stockwork gold mineralisation, with the majority of the drilling focused on the stockwork. Both the stockwork and lode gold mineralisation are open for extension in all directions and to depth” and is expected to improve the geological understanding “of the whole Clontibret target”.
  • The drilling is part of Conroy-Gold’s joint-venture with Demir Export which was finalised in January.

 

Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) 26p, Mkt Cap £55.8m – Mkango to collaborate with REE recycling consortium

(Mkango's wholly owned subsidiary, Maginito Limited, holds a 42% equity interest in HyProMag, with an option to increase its interest up to 49%.)

  • Mkango reports that it will collaborate in a new grant-funded project to recycle electronic waste, electric motors and wind turbines for the UK Rare-earth supply chain.
  • Mkango will collaborate with HyProMag, Bowers & Wilkins, European Metal Recycling, Jaguar Land Rover and University of Birmingham in the project named “Secure Critical Rare Earth Magnets for UK" – or SCREAM.
  • The objective of the SCREAM project is to establish a recycled source of permanent magnets in the UK that will provide greater security in the supply of these materials to the UK.
  • The £3.4m project will be 71% funded by Driving the Electric Revolution, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation (UKRI).
  • Mkango’s role in the project is to establish a pilot programme in the UK to chemically process recycled HPMS NdFeB powder and magnet swarf.
  • HyProMag will work with UoB to develop a new semi continuous version of the HPMS process and to produce short loop recycled sintered magnets at multiple grades to match the requirements for a range of applications
  • NdFeB magnets will be recovered from end of life automotive, robotic, separator and loudspeaker scrap streams using an automated sorting line and HPMS.
  • The extracted HPMS powders will be processed directly from the alloys into sintered magnets on a newly installed production line at the Tyseley Energy Park in Birmingham or converted into strip cast alloys for blending or chemical processing by Mkango UK. 
  • William Dawes, Chief Executive of Mkango commented:  "This Project further cements Mkango's and HyProMag's early mover advantage in the rare earth magnet recycling sector, highlighting its competitive position and strong network of industry and academic partners . "

*SP Angel act as Nomad and Broker to Mkango Resources

 

Oriole Resources PLC (AIM:ORR) – 0.32p, Mkt cap £6.1m – Soil sampling identifies multiple gold-in-soil anomalies in central Cameroon

  • Oriole Resources reports that a programme of geochemical soil-sampling over its Mbe licence area in central Cameroon has identified multiple anomalies, including one, at Mbe, which extends for 11.5km.
  • The company says that the in-situ “Mbe anomaly appears to be related to the same northeast-trending structure as a currently untested topographic high immediately to the southwest and so the sampling programme will be expanded to cover this potential extension”.
  • The soil sampling programme followed-up earlier stream-sediment sampling which “confirmed gold in a number of drainage basins covering more than 50km strike length of the Tcholliré-Banyo Shear Zone corridor”.
  • Oriole Resources says that the geochemical anomaly at Mbe “appears to be related to a topographic high immediately to the southwest … [and that it plans further sampling] … to test the likely westward continuation of the Mbe anomaly”.
  • CEO, Tim Livesey, said that “These results are hugely significant as they are confirming proof of concept for the Central Licence Package. We are seeing multiple areas of gold mineralisation in a brand-new gold district where there has been no historical exploration”.

Conclusion: The identification of extensive gold-in-soil anomalies in a previously unexplored area of central Cameroon offers an attractive target for further investigation and we look forward to further news as the programme continues.

 

Rio Tinto PLC (LSE:RIO) – 5,341p, Mkt cap £69.5bn – US$2.7bn cash offer for Turquoise Hill

  • Rio Tinto has announced an all-cash offer to acquire the 49% share of Turquoise Hill which it does not already own in a move to simplify ownership of the Oyu Tolgoi project in Mongolia.
  • Rio Tinto is offering C$34/share to holders of Turquoise Hill, representing a 32% premium which values the “minority share capital at approximately US$2.7 billion”.
  • Turquoise Hill owns 66% of the project and at a price US$2.7bn for 49% of Turquoise Hill, Rio Tinto’s offer implies a value of approximately US$8.3bn for the entire Oyu Tolgoi project.
  • Chief Executive Jakob Stausholm said "Rio Tinto strongly believes in the long-term success of Oyu Tolgoi and Mongolia, and delivering for all stakeholders over the long-term. That is why we want to increase our interest in Oyu Tolgoi, simplify the ownership structure, and further strengthen Rio Tinto's copper portfolio. We believe the terms of proposal are compelling for Turquoise Hill shareholders”.
  • The offer follows the announcement follows the agreement, announced in January, of agreement between Rio Tinto, Turquoise Hill and the Government of Mongolia to proceed with the US$6.9bn development of the underground mine in a move which is expected to make Oyu Tolgoi the world’s 4th largest copper mine by 2030 with lowest quartile cash operating costs.
  • Mr. Stausholm explained that “The Proposed Transaction would enable Rio Tinto to work directly with the Government of Mongolia to move the Oyu Tolgoi project forward with a simpler and more efficient ownership and governance structure. With our relationship reset and the underground operations commenced, this transaction demonstrates our clear and unequivocal long-term commitment to Mongolia”.
  • Although warning that it cannot guarantee the success of its offer, Rio Tinto explains that “If the Proposed Transaction is successful Rio Tinto will hold a 66% interest in Oyu Tolgoi with the remaining 34% owned by Mongolia”.

 

No.1 in Copper:  “The winner of the 2020 Fastmarkets Apex contest for copper was the team at SP Angel comprising John Meyer, Sergey Raevskiy and Simon Beardsmore, with an accuracy score of 93.8%”

No1. In Gold:  “SP Angel’s trio took the top spot for the gold price prediction throughout the year, with an accuracy score of 97.59%”

The SP Angel team also ranked 1st in Palladium, 3rd in Tin and 5th in Silver in the fourth quarter of 2020

 

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

Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486

 

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

 

 

SP Angel                                                            

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.

 

Sources of commodity prices

 

Gold, Platinum, Palladium, Silver - BGNL (Bloomberg Generic Composite rate, London)

Gold ETFs, Steel - Bloomberg

Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt - LME

Oil Brent - ICE

Natural Gas, Uranium, Iron Ore - NYMEX

Thermal Coal - Bloomberg OTC Composite

Coking Coal - SSY

RRE - Steelhome

Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite - Asian Metal

 

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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II - Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return of less than 15%

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

9 hours, 18 minutes ago