Latest News

Today’s Market View – Jangada Mines, Phoenix Copper, Scotgold Resources and more…


SP Angel . Morning View . Friday 29 01 21

Copper, gold, PGMs and tin gain despite some risk-off trade and hedge-fund deleverage on GameStop


Jangada Mines (LON:JAN) – Rhodium study at Pedra Branca

KEFI Gold and Copper* (LON:KEFI) – Drilling extends higher grade zone at Hawiah

Phoenix Copper* (LON:PXC) – Empire Mine metallurgical update & Navarre Creek sampling results

Rockfire Resources (LON:ROCK) – Plateau Gold mineral resource estimate

Scotgold Resources* (LON:SGZ) – BUY – Cononish production guidance revision

Sunstone Metals (LON:STM) – Southern Finland Gold assets divested


Peru – Mining allowed to continue as Peru heads into lockdown

Peru will permit key industries such as mining to continue as large parts of the country return to a strict lockdown from Sunday for two-weeks.

Mining as well as fishing and construction will continue during the period from January 31 to February 14, as well as essential services.


Battery shortage restricting Tesla’s van output

Tesla is experiencing a shortage of battery cells which is preventing the company from scaling up production, according to CEO Elon Musk.

Regarding electric vans, Musk commented: “The main reason we have not accelerated new products like the Tesla Semi is that we simply don’t have enough cells built. We could easily go into the production of the Semi, but we don’t have enough cells for it right now,”

The Tesla Semi is expected to use five times the number of cells that a car would use, resulting in the company focusing on producing cars at this moment in time.

Tesla is calling on its battery producers to increase battery cell production, with Musk commenting “we’ve been very clear with our cell suppliers, whether it be CATL or Panasonic or LG that we will take as many batteries as they can produce,”

Cobalt and nickel prices have rallied so far this year as battery markers have been demanding more of the vital metals in order to respond to downstream demand from EV makers and battery storage facilities.


Sila Nanotechnologies – raises $590m in funding to advance silicon anode technology

The funding sets a new scale for institutional investment in battery technology and highlights the importance of producing better battery components to support the change to EVs

Sila Technologies is now valued at $3.3bn in the US but is it any better than Talga Resources which is making fully accredited graphite anodes and is also working on new silicon anode structures as well.

We recommend investors look at Oxis Energy (Private) for its high-capacity Li-Sulfur batteries which are being tested in aircraft and is fitting out a new Merc factory in Brazil for production of its batteries.

We also recommend investors look at London’s key lithium companies: Savannah Resources*, IronRidge Resources* and Kodal Minerals*


GameStop slaughter of Hedge fund shorters by Robinhood investors offers new sport to the Bash-the-Rich Millennials

Private investors are taking their revenge out on Wall-Street professionals through the humiliation of those funds which shorted GameStop Corp.

Many younger investors have been saving to buy unaffordable houses while paying exorbitant rents and being excluded from self-certified mortgages due to their abuse by the generation before them.

Their new ‘sport’ is to club together through websites like ‘Reddit’ to string-up the hedge funds which dare short their favourite and sometimes troubled companies.

Another platform ‘Wall Street Bets’ also gained another 1m new followers on the back of the GameStop move.

GameStop which runs 5,509 retail stores selling video games was a classic name for Robinhood investors in the way that Blockbuster video was big to the older generation.

Shorting this company was an affront to the new management rescue, restructuring and the millions of gamers who loved the stores.

GameStop supporters spread the word on Reddit to extraordinary effect helped by a well-timed tweet from Elon Musk on ‘Gamestonk’ causing the shares to rise and exposing shorters in the stock to massive losses.

Hedge funds had shorted more than the 70m shares in issue a situation made worse with only 20m shares in liquid circulation and no new issue of stock in sight.

But, the situation has the potential to unravel and deleverage allot of long and short positions by hedge funds as closing out the shorts starves hedge funds of funds they use for leveraged long trades.

We expect Hedge funds to close short positions in smaller, less liquid stocks and while there will be relatively few GameStock situations, there will be stocks that rise on the move.

Hence the correction in global markets as hedge funds are de-risked and also helped by other investors joining in on the selling.

The tech market has built up to extraordinary levels and was vulnerable to any sort of end-of-bull-run signal. It mattered not what the signal was but GameStop was a good one.

But, we don’t think the bull run is over for 2021, not yet anyway.

There is too much money looking for interesting equity plays and the ‘electrification’ and ‘greenifying’ of transport and power generation is a revolution that offers real gains for investment in companies supplying raw materials and technology in this space.

We love the idea of Robinhood investors taking from the rich and redistributing the spoils amongst their merry band.

We love the idea of short sellers being squeezed like the Sheriff of Nottingham, as  they think nothing of shorting your favourite stocks to nothingness and making out like robber barons.

Robinhood and the NYSE restricted trading of GameStop today and were immediately hit with a Class Action lawsuit requiring the platforms to reopen to GameStop trade in true Robinhood style.

The more small traders feel they are being treated unfairly when going against the hedge funds the more the movement is likely to gain pace.

And, why shouldn’t private investors buy up shares against the short positions Hedge funds which have been free to decimate stocks through short selling for years?

Many Hedge funds are financed through the Prime Brokerage desks of the major Wall Street banks, with stock that is expensively borrowed from Long only, often pension funds.

Stock that allows hedge funds to lob sell orders into stocks when they are at their most vulnerable on low-liquidity days to manipulate shares lower.

So when Robinhood investors say they are going up against Wall Street in ‘Stopping Out’ hedge fund shorts, they really are going against Wall Street and the machine that feeds the fat cats in Prime Brokerage and Stock Lending.

And if regulators are to do anything, maybe they can STOP the practice of stock lending with stock that is sourced from ‘long only’ funds.

We often get involved in the rescue and restructuring of small businesses and we see perfectly decent underlying businesses damaged by sellers with short term outlooks and not a care for the businesses, jobs and careers which they decimate.


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


Recent Interviews:

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 –

Miners for a green industrial revolution –

A Mining megatrend and three solid dividend stocks –

*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.


Dow Jones Industrials +0.99% at 30,603

Nikkei 225 -1.89% at 27,663

HK Hang Seng -0.67% at 28,360

Shanghai Composite -0.63% at 3,483




ASDA – offering vaccinations – lends new meaning to that slogan – ‘get a little extra’

The vaccinations are being administered by trained pharmacy staff at an ASDA store in the West Midlands.

I was looking forward to jumping onto the conveyor belt for a quick jab at the checkout.


Currencies US$1.2106/eur vs 1.2107eur yesterday.  Yen 104.57/$ vs 104.28/$.  SAr 15.206/$ vs 15.316/$.  $1.368/gbp vs $1.366/gbp.  0.765/aud vs 0.763/aud.  CNY 6.460/$ vs 6.477/$.


Commodity News

Precious metals:  

Gold US$1,846/oz vs US$1,841/oz yesterday

Gold ETFs 106.9moz vs US$107.1moz yesterday

Platinum US$1,079/oz vs US$1,065/oz yesterday

Palladium US$2,335/oz vs US$2,307/oz yesterday

Silver US$26.43/oz vs US$25.13/oz yesterday


Base metals:  

Copper US$ 7,840/t vs US$7,762/t yesterday

Aluminium US$ 1,984/t vs US$1,977/t yesterday

Nickel US$ 17,580/t vs US$17,615/t yesterday

Zinc US$ 2,583/t vs US$2,565/t yesterday

Lead US$ 2,010/t vs US$2,017/t yesterday

Tin US$ 22,900/t vs US$22,720/t yesterday – Inventories monitored by the Shanghai Futures Exchange rose by 1,139t, or 22%, compared to the week prior.



Oil US$55.3/bbl vs US$55.5/bbl yesterday

Latest reports confirm that Aramco, the world’s largest oil company by production, plans more share offerings to the public in coming years

Details about the timing of the new share sales or on which markets those sales could take place are unsurprisingly thin at the moment but does signal the Kingdom’s intent to diversify its economy

Saudi Arabia owns just over 98% in Aramco, after selling 1.7% in the IPO in December 2019

Selling more shares in Saudi Aramco could be a challenge for the Kingdom of Saudi Arabia, considering that the listing of the oil giant more than a year ago didn’t go as initially planned and was delayed several times

The Saudis were initially aiming to list Aramco on the Saudi stock exchange, Tadawul, and on one major international market, with London, New York, Tokyo, and Hong Kong all rumoured or reported to have been in the race

But in the end, tepid investor demand and the possibility of exposing the Kingdom to lawsuits, especially with a New York listing, forced the rulers to downsize the Aramco IPO

Saudi Arabia’s state oil giant had priced its IPO at the top end of the range, 32 Saudi riyals (US$8.53), which made the share listing the largest in history, surpassing the US25bn listing of Alibaba, on the New York Stock Exchange in 2014

The IPO pricing valued the entire company at US$1.7tn, making it at the time the most valuable listed company in the world

This valuation was still US$300bn short of the coveted US$2tn that Crown Prince Mohammed bin Salman had sought for years

Natural Gas US$2.673/mmbtu vs US$2.633/mmbtu yesterday

Natural gas prices moved lower yesterday following the Department of Energy’s report on stockpiles

According to EIA estimates, natural gas in storage was 2,881Bcf

This declined represents a net decrease of 128Bcf from the previous week Expectations were for a 147Bcf draw, according to survey provider Estimize

Stocks were 78Bcf higher than last year at this time and 244Bcf above the five-year average of 2,637Bcf

At 2,881Bcf, the total working gas is within the five-year historical range

The weather is expected to be much cooler than normal through the western portion of the United States and warmer than normal across the east over the next two weeks

European models show a colder snap over the weekend

This should increase heating demand in the west of the US, and generate a divergence in natural gas prices

Since the natural gas contract is in Louisiana, it’s unlikely to feel the impact of the cold western weather

If the weather moves east into the mid-west prices will be impacted



Iron ore 62% Fe spot (cfr Tianjin) US$153.4/t vs US$159.9/t

Chinese steel rebar 25mm US$668.1/t vs US$666.2/t – China steel rebar continue to decline as inventories surge 16% this week

China’s steel rebar prices closed 1.4% lower on Friday, marking the third straight week of declines as steelmakers continue to ramp up output.

Both iron ore and coking coal prices have slumped this week, reducing high costs for steelmakers which enabled sales at lower prices while protection profit margins.

Chinese stockpiles of rebar have risen 16% this week compared to a week prior, sending total steel products inventories to 17.9mt (Mysteel).

Thermal coal (1st year forward cif ARA) US$70.0/t vs US$69.3/t

Coking coal swap Australia FOB US$160.0/t vs US$157.0/t



Cobalt LME 3m US$41,250/t vs US$41,250/t

NdPr Rare Earth Oxide (China) US$70,046/t vs US$69,859/t

Lithium carbonate 99% (China) US$10,526/t vs US$10,421/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$240-245/mtu vs US$235-240/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

General Motors to sell only zero-emissions vehicles by 2035 

On Thursday, General Motors said that it would phase out petroleum-powered cars and trucks and sell only vehicles that have zero tailpipe emissions by 2035. 

The announcement is likely to put pressure on automakers around the world to make similar commitments. It will also have huge ramifications for the oil and gas sector.  

G.M. stock jumped after this announcement and closed up 3.5%, reflecting a growing consensus among investors that electric cars represent the future. 


Major developments in fast-charging EV batteries 

Two recent developments in the world of EV batteries are seen as major steps towards electrification because they deal with range anxiety and charging speed.  

Researchers at Pennsylvania State university present a lithium-iron-phosphate battery they have developed, which has a range of 250 miles, the ability to charge in 10 minutes and a lifetime of 2 million miles.  

It also produces 40KWh hours and 300KWh of power which means an EV with it could go from 0 to 60 mph in 3 seconds.  

Similarly, developers at Israel’s StoreDot are working on the first-generation of 5 minute charge batteries for EVs. They have released the first production batch of sample cells, which are being showcased to potential EV and industry partners.  


 World’s first double decker hydrogen buses launched in Aberdeen 

The world’s first fleet of double decker hydrogen buses has officially launched into service in Aberdeen.  

The fleet emits nothing more than water from its exhausts as the fuel is made just from wind and water. Furthermore, plans are in place for Aberdeen to make its own hydrogen to power the buses.  

The buses save one kilogram of CO2 with each kilometre they drive.  

The new £8.3million project has been funded by Aberdeen City Council, the Scottish Government, and the European Union (FCH JU), with an investment of about £500,000 per vehicle. 


Company News

Jangada Mines (LON:JAN) 6.75 pence, Mkt Cap £16.3m – Rhodium study at Pedra Branca

Jangada Mines draws attention to the announcement to the TSX-V yesterday by its 17.68% owned ValOre Metals on the Pedra Branca Platinum group metals project in north-east Brazil.

ValOre announced that, “Based on the encouraging initial results from 71 samples previously released in 2020”, it was starting a follow-up programme to analyse the rhodium content of historical samples from Pedra Branca “including all samples grading >2.0 g/t 2PGE+Au from historical drill core intercepts of the Esbarro and Curiu deposits”.

ValOre confirms that “The Esbarro deposit hosts a resource of 9.9 Mt at a grade of 1.23 g/t 2PGE+Au totaling 394,000 ounces, and the Curiu deposit hosts a resource of 1.6 Mt with a grade of 1.93 g/t 2PGE+Au totaling 100,000 ounces”.

At around US$19,000/oz, we observe that if rhodium is present in significant amounts at Pedra Branca it might have a positive influence on the project, however we caution that the rhodium price is currently just off its 5 year high having been below US$5,000/oz as recently as 2019.


KEFI Gold and Copper* (LON:KEFI) 1.9p, Mkt Cap £40.0m – Drilling extends higher grade zone at Hawiah

The Company completed 7,836m of the 13,000m drilling programme as at 22 January 2020 aiming to grow and upgrade the maiden Hawiah polymetallic resource.

Latest drilling extended the known mineralisation at the higher grade Camp Lode zone by 470m to the south.

Results show the mineralisation continues remains open down dip and down plunge with selected intersections including:

10.4m (7.4m ETW) at 1.6% Cu, 1.4% Zn, 0.5g/t Au and 6.3g/t Ag from 504m (HWD-074) including 2.2% Cu.

9.7m (5.2m ETW) at 1.8% Cu, 1.6% Zn, 0.5g/t Au and 11.8g/t Ag from 408m (HWD-082) including 6.5m at 2.4% Cu;

The latter higher grade drillhole is next to drillholes 083, 086 and 084 that extend the mineralisation down plunge to the south with assays due shortly.

The team is planning to complete 11,000m of wide-spaced drilling in the southern Cam Lode area before narrowing the grid to allow for an updated MRE.

The Company expects new MRE in early Q3/21 and remain focused on the work required for the completion of a PFS in 2021.

Separately, the geological team with geophysical consultants are re-modelling the Central Area incorporating latest drilling results for identification next drilling target zones.

Additionally, work continues on exploration of the surrounding area for a large stockwork zone and ‘feeder zone’ to the massive sulphide mineralisation that is a separate and potentially even larger-scale target.

Conclusion: Nearly 60% complete, new drilling programme is delivering >1.5% Cu intersections with separate intervals showing >2.0% Cu extending the higher grade zone at the Camp Lode are by nearly 500m and growing scale of the VMS type polymetallic Hawiah project. Latest results bode well for the increase and upgrade of the current maiden MRE (19.3mt at 0.9% Cu, 0.8% Zn,0.6g/t Au and 10.3g/t Ag) with the updated estimate expected in early Q3/21.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper


Phoenix Copper* (LON:PXC) 45p, Mkt Cap £27.5m – Empire Mine metallurgical update & Navarre Creek sampling results

(Phoenix holds 80% of the Empire mining property in Idaho)

Yesterday, Phoenix Copper released a progress report on its’ feasibility study work for the Empire mine open-pit project and also reported on exploration results from its Navarre Creek property located around 5km north-north-west of the Empire mine.

Work on the Empire pit has focussed on metallurgical testing “using sodium cyanide and ammonium thiosulfate” to treat the precious metals content of the ore and the test-work has shown that “ATS, the environmentally friendly alternative to cyanide, was shown to be as effective as cyanide, with laboratory gold recoveries as high as 97.8%. As it is our intention to produce the full range of metals reported in the mineral resource, we are targeting precious metals recovery using ATS and SX-EW to recover copper and zinc”.

Commenting on the testing, Chief Executive, Ryan McDermott, confirmed that “We believe these continued evaluations will be beneficial to our overall project, and we expect the initial results of this optimisation process to be published shortly, as we advance towards a Preliminary Feasibility Study as quickly as possible”.

In addition to the metallurgical work, Phoenix Copper has been optimising the open-pit to assess the appropriate scale of operations and the impacts of cut-off grades as well as assessing the recovery of cathode copper and production of zinc from either heap or agitation leach processing.

Exploration at Navarre Creek during 2020 included the collection of 90 rock-chip and grab samples of hydrothermally altered volcanic tocks have shown, on analysis, “a strong correlation between elevated gold values and elevated antimony values, which is a known marker in Carlin-type gold systems”.

Mr. McDermott explained that the Navarre Creek claims were “acquired in 2019 and attracted our attention as the geology appeared to be similar to volcanic hosted gold deposits on the Carlin Trend in Nevada, home to several multimillion ounce gold deposits” and we observe that the early stage sampling results would appear to justify this initial interpretation.

Mr. McDermott confirmed that “the gold grades in these initial geochemical Navarre Creek samples are anomalously high and indicative of higher-grade values in less weathered rocks below the surface oxidised zone”. He confirmed that “Follow up sampling, geophysics, and drilling are scheduled for 2021”.

Conclusion: Initial early stage work at Navarre Creek confirms the expected geological similarities to Nevada’s prolific Carlin Trend. Although much work will be needed to identify and follow-up specific targets, the results so far vindicate the original decision to explore Navarre Creek. Meanwhile, recent test work demonstrates that the environmentally benign ATS process generates similar gold recovery rates as the more widely-used cyanidation approach and we look forward to more detailed information on the results in the near future. The capacity to recover precious metals as well as base metals from the Empire open-pit should add additional revenues and benefit the project’s overall economics.  

*SP Angel act as Nomad for Phoenix Copper


Rockfire Resources (LON:ROCK) 1.48p, Mkt Cap £8.6m – Plateau Gold mineral resource estimate

Rockfire Resources reports an updated Indicated and Inferred mineral resource estimate for its wholly owned Palateau gold deposit in Queensland. At a 0.2g/t cut-off, the overall resource amounts to 11.4mt at an average grade of 0.57g/t gold (208,000oz), of which around 37% (3.4mt at a grade of 0.71g/t) is classed as indicated.

The company points out that the new resource represents a more than 5-fold increase in the previous resource estimate and that the resource “remains open along strike and at depth, leaving scope for significant, further Resource increases” and that further shallow drilling is planned to infill and extend drill coverage within the 100m below surface.

At a cut-off grade of 0.5g/t, mineralisation withing this upper 100m of 1.4mt at an average grade of 1.2g/t gold and 8.8g/t silver (53,000 oz of contained gold and 390,000oz of silver) “could conceivably form a low cost, early, open cut mining operation and Rockfire is working vigorously to pursue such opportunity. Any future production could benefit from Plateau being in proximity (within 50 km) of several operating gold processing plants by minimising capital costs for mine development”.

CEO, David Price, commented that “I am particularly pleased that we have delineated near-surface gold, at an average grade of 1.2 g/t Au. This represents real potential for Rockfire to achieve its ambition of near-term, open cut gold production whilst the deposit continues to be expanded through further exploration”.

Describing the longer-term potential of Plateau, Mr. Price explained that “he depth potential of Plateau remains wide open for a significant discovery. Rockfire has only drilled two holes at depth and both have intersected good gold grades. BPL041 hit 9.2 g/t Au at 409 m below surface and hole BPL040, hit 2.5 g/t Au at 639.25 m depth. These intercepts are 175 m apart and are considered by Rockfire geologists to be an outstanding success and bodes very well for a significant gold discovery”.

Conclusion: Defining a shallow gold resource at Plateau may offer a pathway to early production while the wider lateral and depth potential is explored further. We await further news.


Scotgold Resources* (LON:SGZ) 84p, Mkt Cap £45.2m – Cononish production guidance revision

BUY – Target Price Being Updated

The Company updates on the progress of the Cononish high grade gold project ramp up and exploration programme across its option areas over the Dalradian belt.

Plant throughput has been constrained by a number of materials handling issues that are expected to be resolved by the end of February.

In the crushing circuit, the team is working on resolving blockages that are resulting from the breakage of Cononish ore into thin flat ‘slabs’ that accumulate in ‘pinch points’ of the circuit.

Flotation circuit pumps are being replaced with higher capacity ones.

Filter press automated control systems had issues during the commissioning stage that have now largely been resolved by the suppliers and their agents.

Other processing plant components are reported to have been operating at or above design capacity that should help the team to ramp up to planned 3ktpm rates shortly.

Separately, labour mobilisation has been slower than expected on the back of the holiday season and state imposed new COVID-19 restrictions.

As a result of the above factors, the Company pulled back its FY19 guidance from 9.9koz to the 7.8-8.7koz range with plant throughput estimated at 28.4-31.5kt.

On exploration front, the team continued with the soil sampling over Cononish and the Beinn Udlaidh and Inverchorachan prospects, located within the Glen Orchy Central and Inverliever East option areas.

The prospective areas, next to the Cononish Mine, have been identified as high priority target areas and data modelling is in progress to establish the best sites to test these targets in any potential future exploration drill programmes.

Conclusion: As much as news about operational challenges are unwelcome, they are common during the operations ramp up process with the team expecting identified issues to be addressed by the end of February. We would expect production to accelerate as the year progresses with high grade nature of the deposit and strong gold price environment continuing to support the Scotgold investment case. Meanwhile, ground exploration work is focused on identifying new targets and increasing the mineral resources around the Cononish mine area.

*SP Angel act as Nomad and broker to Scotgold Resources. A number of SP Angel analysts have visited the Cononish gold mine.


Sunstone Metals (ASX:STM) A$0.14, Mkt cap A$30.9m – Southern Finland Gold assets divested

Sunstone has entered into two separate agreements to divest its Southern Finland Gold assets with a total immediate value of A$475k and a potential resource-linked milestone payment of A$1.5m.

The first agreement is to sell the Exploration Permit application ML2018:0082 (which surrounds the Jokisivu gold mine) to Hong Kong listed Dragon Mining for A$150,000; while the second is a Share Sale Agreement whereby Sunstone will sell its Finnish subsidiary, Kultatie Holding Oy, the holder of the Southern Finland Gold Project, to ASX listed NewPeak Metals (NPM).

The terms of the Share Sale Agreement are: NPM to pay Sunstone A$75k cash, NPM to issue A$250,000 worth of NPM shares on closing, and a milestone payment of A$1.5m (cash, shares or combination at NPMs election) payable upon delivery of at least 500,000oz of gold equivalent in Measured and Indicated Resources from the acquired permits.

The sale allows Sunstone focused on its Ecuadorian portfolio of copper-gold and silver-gold porphyry and epithermal targets, with drilling ongoing at the Espiritu silver-gold discovery.




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


Metal Bulletin



This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

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 If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (

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%

Click this link to unsubscribe



Click this link to unsubscribe.


Next Fifteen raises guidance again, its third hike in the current financial year

Previous article

FTSE 100 ends deep in the red; FCA issues GameStop warning

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News