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Today’s Market View – IronRidge Resources, Vulcan Energy Resources, Bushveld Minerals and more…


SP Angel . Morning View . Thursday 04 02 21


Bushveld Minerals* (LON:BMN) – Bushveld continued to grow production as it plans VRFB battery instillation to support solar grid

Conroy Gold & Natural Resources (LON:CGNR) – New gold anomaly northeast of Glenish

IronRidge Resources* (LON:IRR) – African lithium portfolio strengthened through acquisition

Vulcan Energy Resources (ASX:VUL) – A$120m equity placing for development of Li-brine project Upper Rhine Valley, Germany


Recent Interviews:

121 Africa Mining Conference panel:  Investment Leader’s Discussion: Van Eck, Qora Capital, Nedbank, SP Angel

Africa set to gain from Covid stimulus as East and West compete for metals in the new COVID-Supercycle:


IGTV:   Metals expected to continue the last-year gains into 2021

Is 2021 the start of the new COVID-Supercycle or will Lockdowns delay the recovery?

As traders continue to bid up Tesla, is the EV sector approaching a bubble?

Copper price rise:


VOX:    28/01/20



iiTV:     The mining stock to own in 2021:

Small Cap Mining Share tips for 2021 –

*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.

We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, one and all, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.


Metals price forecasting through 2020 – 2020 was probably the most difficult year for forecasting anything

No.1 in Copper:  “The winner of the 2020Fastmarkets 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

2020 was probably the most difficult year for forecasting anything so we are very pleased to have ranked so well in the two key metals we cover

Please contact us directly for our updated metals price forecasts for 2021 and beyond


Four of the top ten best performing stocks on AIM over the past year are SP Angel clients

The stocks are Novacyt*, Orosur Mining*, Power Metals Resources* and Eurasia Mining* according to Investment Week.

*SP Angel acts as Nomad and broker to these companies.


Dow Jones Industrials +0.12% at 30,724

Nikkei 225 -1.06% at 28,342

HK Hang Seng -0.66% at 29,114

Shanghai Composite -0.44% at 3,502



UK car sales collapse 40%yoy in January marking the worst start to a year in more than half a century, while new EV car registrations post strong growth and account for impressive >20% of total sales.

Nearly 90,000 vehicles were registered during January, compared to 149,000 last year.

Petrol engine sales at 44.9k, -50.6%yoy.

Diesel engine sales at 11.1k, -62.1%yoy.

EV (BEV+PHEV+HEV) sales at 19.2k, +7.9%.

Mild hybrid electric vehicle (MHEV) sales at 15.1k, +34.2%yoy.

This follows the general trend of accelerated electrification of the passenger vehicles fleet with EV sales in Europe in 2020 posting 137% increase versus a 20% drop for total local registrations and accounting for >10% sales from just above 3% in 2019.


UK Covid restrictions could last till spring 2022

Restrictions on movement, places to go and the wearing of masks may last till 2022 according to experts.

This is even with the Oxford/AstraZeneca vaccine preventing the spread of the virus.

Professor Paul Hunter, at East Anglia University reckons that even if every person in the UK is vaccinated with the Oxford vaccine that it would not bring the R-rate below 1 (The Sun).

The good part is that the Oxford vaccine appears to prevent the onset of severe disease and hopefully hospitalisation.

For people who have already had the virus the vaccine also appears to stimulate an even stronger immune response.


US – The House passed a budget Wednesday that smooths the way towards Joe Biden’s $1.9tn COVID-19 relief plant, Bloomberg reports.

US Treasury Secretary Janet Yellen met with Democratic and Republican mayors in an effort to bolster support for the proposal.

Fed officials played down the economic impact of latest stock market volatility reiterating that the current monetary policy remains appropriate.

The Fed left rates unchanged near zero last week and reiterated its pledge to continue buying bonds at a $120bn monthly rate until “substantial further progress” is made towards its goals.

Officials repeated Fed Chairman message that it was too early to start discussion over potential scaling back of its assets purchases programme.

Janet Yellen is scheduled to have a meeting with US financial regulators including SEC, CFTC and Fed Board members to discuss recent volatility in financial markets later today/


UK – The pound is off slightly this morning (1.3586, -0.43%) ahead of the BOE meeting later today that analysts expect to provide a guidance on potential for the use of negative interest rates.

The case for potentially more stimulus has been driven by strict lockdown rules re-imposed in January with business activity hitting its weakest level in eight months.

Nevertheless, current market expectations for the central bank to leave rates unchanged at 0.25% and hold back from extra monetary stimulus.

It will release results of a survey of commercial banks about negative rates as well as provide updated economic projections.


Sweden/Denmark – Sweden may follow Denmark in offering a digital coronavirus passport by the summer to check whether people have had a vaccination, FT writes.

The news came a day after Denmark said it would develop a simple passport by the end of February and a digital version by the summer to assist business travel and gradual reopening of the economy.

European countries with a heavy reliance on tourism have been pushing for vaccine passport but some EU member states are more sceptical.


Italy – Mario Draghi has been given a mandate by President Sergio Mattarella to form a new government.

Draghi will now hold talks with political parties to try and put a coalition government together.

Meanwhile, lawmakers have an incentive to avoid a general election, Bloomberg reports.

Recent constitutional changes imply that the lower house will be reduced to 400 seats from 630, and the upper house will shrink to 200 from 315, after the next election, that should take place no later than May 2023.

Five Star Movement that is currently the largest party in the lower house is set to lose the most with opinion polls indicating that its representation may collapse from current 36% to 15%, while a b number of right-leaning parties is set to gather nearly 50%.

Meanwhile, economic challenges persist with latest PMI data showing business activity remaining in the contraction territory with services favouring the worst, expectedly.

Markit Services PMI: 44.7 v 39.7 in December and 39.5 est.

Markit Composite PMI: 47.2 v 43.0 in December and 42.9 est.


Spain – The government is considering debt relief for companies in an effort to extend fiscal support for the economy battling with the pandemic.

One of proposals would excuse a portion of the debt borrowed through the nation’s state-backed loan guarantee programme for businesses that stand a good chance of surviving after the pandemic, officials said.

Another option involves state guarantees to encourage banks to offer companies what are known as participatory lass, a kind of subordinated debt that is treated similar to equity and improves company’s debt ratios.

No details on the potential size of proposed measures are available at the moment.


Turkey – Sovereign wealth fund shifts focus to energy, petrochemicals and gold mining

The CEO of Turkey’s sovereign wealth fund (TWF), Zafer Sonmez, has announced that the fund will begin to focus on areas where Turkey constantly runs a deficit in foreign trade- beginning with projects that will cost $15bn over the next five years.

Since Erdogan rose to power nearly 20 years ago, consecutive governments have sold more state assets than at any time since modern turkey was established. Sonmez will report directly to Erdogan, pushing a new agenda of an “entrepreneurial state”.

The TWF will ramp up exploration for gold in 20 license areas awarded by the government, with a long term target of increasing gold production to as much as 150tpa from 42tpa currently.

The fund will announce construction tenders for a coal-fired power station in south-eastern Turkey, with seven Chinese companies reported as currently studying the project, with the bid-winner financing capital spending. The fund will also choose a “strategic foreign partner” for its petrochemicals project in Iskenderun.


World – JP Morgan services 51.6 in January vs 51.8 in December

Global composite 52.3 in January vs 52.7 in December


US – ISM 59.9 in January vs 59.4 in December

PMI Markit 58.3 in January vs 54.8 in December and 58.7 in January vs 55.3 in December

ADP private employment rose 174k in January vs -78k in December


China – Official PMI 52.4 in January vs 55.7 in December

Caixin China 52.0 in January vs 56.3 in December and 52.2 (55.8 in December


Japan – PMI 46.1 in January vs 47.7 in December and 47.1 in January vs 48.5 in December


EU – PMI 45.4 in January vs 46.4 in December and 47.8 in January vs 49.1 in December

CPI rose 0.2% in January vs 0.3% in December and 0.9% yoy in January and -0.3% yoy in December


Germany – PMI 46.7 in January vs 47.0 in December and 50.8 in January vs 52.0 in December


France – PMI 47.3 in January vs 49.1) and 47.7 in January vs 49.5 in December


Sweden – PMI 59.3 in January vs 56.9 in December


UK – PMI 39.5 in January vs 49.4) and 41.2 in January vs 50.4 in December


India – PMI 52.8 in January vs 52.3 in December and 55.8 in January vs 54.9 in December


Russia – PMI 52.7 in January vs 48.0 in December and 52.3 in January vs 48.3 in December


Brazil – PMI 47.0 in January vs 51.1 in January vs and 48.9 in January vs 53.5), bucking the trend,


Australia – Markit services PMI 55.6 in January vs 57.0) and composite PMI 55.9 in January vs 55.6 in December


South Africa – PMI 50.8 in January vs 50.2 in December


Currencies US$1.1998/eur vs 1.2037eur yesterday.  Yen 105.19/$ vs 105.02/$.  SAr 14.960/$ vs 14.954/$.  $1.359/gbp vs $1.367/gbp.  0.763/aud vs 0.762/aud.  CNY 6.463/$ vs 6.458/$.


Commodity News

Precious metals:  

Gold US$1,823/oz vs US$1,836/oz yesterday

Gold ETFs 106.9moz vs US$106.8moz yesterday

Platinum US$1,088/oz vs US$1,095/oz yesterday

Palladium US$2,262/oz vs US$2,241/oz yesterday

Silver US$26.56/oz vs US$26.75/oz yesterday


Base metals:  

Copper US$ 7,867/t vs US$7,759/t yesterday

BoA analysts reckon global copper demand will rise 6% to 24.76mt with a 10% rise in European demand to 3.1mt this year

Aluminium US$ 1,985/t vs US$1,967/t yesterday – Glencore and Century Aluminum to supply 150,000 metric tonnes of Natur‐Al™ to Hammerer Aluminium Industries

Glencore and Century Aluminium company have finalised the sale of 150,000 metric tons of Natur‐Al™ aluminium over five years to Austrian firm Hammerer Aluminium Industries (HAI).  

Natur‐Al™ aluminium products are made with energy from 100% renewable sources at Century’s Norðurál Grundartangi aluminium plant in Iceland. The aluminium will be supplied to Hammer by Glencore.  

Natur‐Al™ aluminium has direct CO2 levels below two tonnes of CO2 per tonne of aluminium – one of the lowest CO2 footprints in the world for this metal.  

To achieve this requires strict adherence to the highest standards in the sourcing of bauxite and alumina, the exclusive use of green energy from hydroelectric and geothermal sources, and seamless operation of the production process.  

Nickel US$ 17,660/t vs US$17,645/t yesterday

Zinc US$ 2,631/t vs US$2,580/t yesterday

Lead US$ 2,032/t vs US$2,012/t yesterday

Tin US$ 22,955/t vs US$22,950/t yesterday



Oil US$58.9/bbl vs US$58.0/bbl yesterday

Natural Gas US$2.761/mmbtu vs US$2.862/mmbtu yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$146.7/t vs US$144.2/t – Iron ore futures rise 5% on Vale’s worse than expected production figures

Iron ore future leapt in Asian markets on Thursday, after Brazilian producer Vale released production figures at the bottom of its guidance for the year.

Vale’s iron ore production fell 0.5% in 2020 to 300.4mt, at the bottom of the miner’s guidance of 300-305mt.

Output fell 5% QoQ as a result of higher rainfall levels and tailings disposal restrictions.

Iron ore prices on the Dalian Commodity Exchange ended daytime trading up 5.3% at 991 yuan/t, while prices rose 5.2% in Singapore to $154.5/t (Reuters).

Separate reports indicate that Vale is nearing a 37bn reais ($6.66bn) deal to settle claims over the 2019 tailings dam disaster.

Chinese steel rebar 25mm US$667.8/t vs US$668.2/t

Thermal coal (1st year forward cif ARA) US$65.5/t vs US$66.5/t – Indonesian coal exports fall 33% in 2020

Indonesian coal exports declined to 395mt last year, due to lower demand from top consumers China and India.

The fall in exports was the first contraction since 2015, although coal production amounted to 558mt- higher than the government’s target of 550mt.

Coking coal swap Australia FOB US$159.0/t vs US$160.0/t



Cobalt LME 3m US$44,500/t vs US$43,000/t

NdPr Rare Earth Oxide (China) US$70,729/t vs US$70,767/t

Lithium carbonate 99% (China) US$10,602/t vs US$10,607/t

Ferro Vanadium 80% FOB (China) US$30.5/kg vs US$30.5/kg

Ferro-Manganese high carbon 78% Mn US$1,560/t vs US$1,490/t

Tungsten APT European US$245-250/mtu vs US$240-245/mtu

Graphite flake 94% C, -100 mesh, fob China US$560/t vs US$530/t                

Graphite spherical 99.95% C, 15 microns, fob China US$2,625/t vs US$2,475/t

Spodumene 6% Li2O min, cif (China) US$455/t vs US$395/t


Battery News

Chemists create and capture einsteinium for the first time in decades

Researchers from the Lawrence Berkeley National Laboratory have created a 233-nanogram sample of pure einsteinium, the first experiment of its kind since the 1970s, which has uncovered some of the elements fundamental properties for the first time.

The element does not occur naturally on Earth and can only be produced in microscopic quantities using specialized nuclear reactors, and is extremely difficult to study due to it being very hard to separate from other elements, highly radioactive and rapidly decaying.

Einsteinium is made by bombarding a target element, in this case curium, with neutrons and protons to create heavier elements. The reaction is deigned to make californium- a commercially important element used in nuclear power plants which also produces einsteinium as a by-product.

Extracting a pure sample of einsteinium from californium is challenging because of similarities between the two elements, which means that the researchers ended up with only a tiny sample of the element.

Einsteinium-254 has a half-life of 276 days as it breaks down into berkelium-250, which emits highly damaging gamma radiation. Researchers designed a special 3D-printed sample holder to contain the element, although due to it decaying constantly you lose 7.2% of mass every month which makes it harder to study.

The main finding from the study was the measurement of the einsteinium bond length, which goes against the general trend of actinides (elements that release radioactive energy on decay). Einsteinium also luminesces very differently when exposed to light, with more studies required to determine why.


Biden administration to restart permitting for major U.S offshore wind project 

The Biden administration have said it would restart permitting for the first major U.S. offshore wind farm, reversing a Trump administration decision that cancelled the process late last year.  

The U.S. Bureau of Ocean Energy Management (BOEM) said in a statement it would resume an environmental review of the Vineyard Wind project as part of the administration’s broad plan to speed renewable energy development on federal lands and waters. 

Vinyard Wind is a joint venture between Avangrid Inc. The project is 15 miles off the coat of Massachusetts.  

Once constructed, it will provide power to more than 400,000 Massachusetts homes.  


German government lifts climate targets for transport sector 

The German government approved a draft law to set a more ambitious target for the reduction of greenhouse gas emissions in the transport sector, aiming for 2030 levels to be 22% below those in 1990.  

This compares to the current target of just over 6%.  

Energy Minister Svenja Schulze said the new target was paired with goals to raise the share of renewable energy used in transport to 28% by 2030.  

The German law implements and well exceeds the targets of an EU renewable energy directive that demands a 14% share of renewable fuels by 2030 for the bloc. 


Company News

Bushveld Minerals* (LON:BMN) 18.75p, Mkt cap £232m – Bushveld continued to grow production as it plans VRFB battery instillation to support solar grid

(Bushveld Energy has negotiated to holds 65.1% Enerox Holdings Limited (50% other investor) which holds 90% of Enerox GmbH along with 8.71% in Invinity) If no other investors participating then the €3.7m loan will be split between the Bushveld and the other investor.

Bushveld raised ferro-vanadium production last year despite the South African lockdown, social distancing and other coronavirus disruption through the year.

The company produced 24% more ferro-vanadium at 3,631mtV than in 2019 slightly lower than guidance but still showing a good effort by the Vametco and Vanchem teams.

Sales rose by 78% to 4,264mtV, including 1,255mtV of intercompany sales, yoy mainly due to the sale material produced in December 2019 being sold through 2020 as prices and demand rose.

Production fell in Q4 by 7% to 951mtV

Sales rose by 35% in Q4 to 1,268mtV as the group pushed through unsold production from previous quarters.

Intercompany sales are applied to vanadium in processing with 833mtV of material from 2020 now sold to customers in January 2021

Bushveld doubled sales into rising prices and demand in China to 21% of total volumes vs 10% sold in 2019 driven by better compliance with hgher vanadium content regulations in structural steel (rebar) and strong production for stimulus projects and reconstruction of property damaged by severe flooding along the Yangtze river.

Prices are now seen rising in the US as North American steel producers ramp up production in anticipation of new rail and other construction projects from Biden’s US$1.9tn stimulus.

Francois Naude as its new operations director to oversee Vametco, Vanchem and the Bushveld Electrolyte Company ‘BELCO’.

BELCO completed its EPC process with procurement for the electrolyte plant starting this quarter.

Mini grid: Vametco also received permission to build a hybrid mini-grid. Enerox is supplying a1MW/4MWh vanadium redox flow battery to support 3.5MW of solar power.

Vametco, Vanchem and Bushveld Energy could use >125MW of solar power and 180MWh of battery storage in time.

Vanadium lease-finance: Bushveld are scaling up the vanadium rental model with a new contract to Pivot Power (EDF Renewables)

Cash: Bushveld had US%50.5m of cash and cash equivalents at end-December following the draw down of $65m of financing from Orion Mine Finance and ZAR125m ($8m) of revolving credit and convertible notes.

2021: Bushveld targets4,100-4,350mtV with volumes weighted to the second half.

Capex: Bushveld plan to spend around $34m this year including:

$15.7m at Vanchem,

$5.3m at Vametco and

$9.5m at Bushveld Energy to be funded by Bushveld Energy asset sales..

FOREX: The US dollar to South African rand averaged 16.5 though the year following a strengthening of the currency as gold and PGM prices rose significantly higher through the year.

The stronger currency served to pull back earnings.

Vametco and Vanchem achieved $23.4/mtV, close to the CRU RN reference vanadium price of $23.2/mtV but slightly lower than prices quoted by LMB $24.4/mtV and Asian Metals $24.6mtV.

C1 Cash costs: came in at $18.30/kgV (ZAR302/kgV) for the full year and $21.0/kgV in the fourth quarter due to lower production caused by heavy rain and grid power interruptions.

Vametco: expected to produce 2,700- 2,850mtV in 2021 at a cash cost of $20.0-21.30/kgV

Vanchem: expected to produce 1,400-1,500mtV in 2021 at cash costs of $26.20-26.70/kgV

Invinity Energy Systems: Bushveld sold $4m of stock in Invinity to recover much of its $5m investment

Power: Bushveld expect its power needs to rise to 50MW on completion of its expansion plans requiring >125MW of solar power and 180MWh of battery backup for the business to become independent of the grid and fully renewable.


Resource and reserves: Bushveld report 2% depletion of the ore reserves over the past year to 267,200 V2O5 in magnetite grading 2.02% V2O5.

Combined inferred and indicated resources run at 184.2mt grading 1.98% V2O5 with the magnetite grade running at 35% in whole rock giving 714,700 tonnes of contained vanadium.

Probable reserves run at 46.4mt grading 2.02% V2O5 in magnetite and the overall resource reduced by just 0.68% through the year with no new resource exploration carried out last year.

The statement confirms there is sufficient vanadium in the resource for Vametco to continue to run for many more than ten years at the higher target rate. The resource is also sufficient to feed Vanchem while it awaits fresh ore from the planned Mokopane vanadium mine.

Conclusion:  Bushveld continue to grow the business despite a tough year. The team are preparing to install a solar mini grid with VRFB battery at Vametco with the dual purpose of providing power and proving the VRFB battery grid. This could provide a template for industry instillations creating better power stability for consumers across South Africa.

*SP Angel acts as Nomad and broker to broker to Bushveld Minerals.


Conroy Gold & Natural Resources (LON:CGNR) 37p, Mkt Cap £11.2m – New gold anomaly northeast of Glenish

Conroy Gold reports that It has identified a new gold-in-soil anomaly over an area of approximately 500m x 400m some 2km northeast of its Glenish target area which was, itself, identified by a gold in soil geochemical anomaly located on the intersection of two major geological faults: the Orlock Bridge Fault and the Glenish Fault.

The anomalous area also contains “a new gold mineralised outcrop indicating an extension of the Glenish Gold target”.

Glenish is located some 7km southwest of Conroy Gold’s Clontibret licence area which has an indicated resource of 4.9mt at an average grade of 1.64g/t gold (260,000oz of contained gold) plus an additional inferred resource of 6.8mt averaging 1.56g/t (340,000 oz).

The new anomaly would therefore appear to be located between Clontibret and Glenish and, subject to follow-up exploration, may suggest the continuity of a mineralised trend which, according to a map available on the company’s website appears to extend from Glenish in the southwest through Clontibret to Clay Lake in the northeast.

Chairman, Professor Richard Conroy, said that “I am looking forward to accelerated progress in the coming year as part of a joint venture relationship and the Company is planning accordingly” although at this stage the company has not disclosed details of a particular exploration plan.

Conclusion: The identification of a further gold-in-soil anomaly northeast of Glenish is encouraging and we await further indications from the company on how it will adjust its exploration programme as a result.


IronRidge Resources* (LON:IRR) 22.2p, Mkt cap £94.3m – African lithium portfolio strengthened through acquisition

IronRidge reports that it has now completed the acquisition of 100% of the share capital of Joy Transporters, providing IronRidge with full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana.

The acquisition strengthens the Company’s existing portfolio in Africa, with the prospects holding high priority pegmatite targets adjacent to the Company’s Ewoyaa Lithium Project- with a JORC 2012 compliant maiden Mineral Resource Estimate of 14.5Mt at 1.31% Li2O.

IronRidge announced in January 2018 that it had entered into an earn-in arrangement with Joy transporters, under which IronRidge had earn-in rights to acquire 100% of the projects whilst maintaining a residual Net Smelter Royalty of 2.5%, of which 50% can be acquired by IronRidge for US$3m at any time.

The consideration and transfer of full ownership of Joy transporters is in return for the issues of 2,360,035 depository interests of no-par value in IronRidge, which equates to 0.56% interest in the enlarged share capital of IronRidge.

The former shareholders of Joy Transporters have all elected to a voluntary Lock In preventing the sale of the IronRidge Shares for a period of 12 months from the date of adimission.

A 12,500m resource and exploration drill programme is currently underway at the Anokyi target adjacent to the resource footprint, with visible spodumene observed within 13 holes to date. The current programme also includes exploration RC drilling of the Ndasiman and Amoanda pegmatite targets within the Saltpond license.

The two prospects benefit from many attributes at the company’s existing Ewoyaa project, including good infrastructure support and a highly supportive government in Ghana.

*SP Angel act as Nomad to IronRidge Resources


Vulcan Energy Resources (ASX:VUL) A$9, Mkt Cap A$801m – A$120m equity placing for development of Li-brine project Upper Rhine Valley, Germany

The Company secured firm commitments to raise A$120m through a placing of 18.5 shares at A$6.5 per share.

Investors include Hancock Prospective, led by Gina Rinehart, and BNP Energy Transition Fund, a European ESG-focused institution.

Funds will allow Vulcan to complete necessary technical work to arrive to final investment decision at the Zero Carbon Lithium Project, a lithium-rich geothermal brine deposit in the Upper Rhine Valley, Germany.

Proceeds will cover DFS (expected completion Q2/22), permitting related work, extensive lithium metallurgical studies and development of pilot plants in Germany among other things.



John Meyer – – 0203 470 0490

Simon Beardsmore – – 0203 470 0484

Sergey Raevskiy – – 0203 470 0474

Joe Rowbottom – – 0203 470 0486



Richard Parlons – – 0203 470 0472

Abigail Wayne – – 0203 470 0534

Rob Rees – – 0203 470 0535

Grant Barker – – 0203 470 0471



SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London



*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


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


Oil Brent


Natural Gas, Uranium, Iron Ore


Thermal Coal

Bloomberg OTC Composite

Coking Coal




Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal


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