SP Angel . Morning View . Thursday 10 12 20

All eyes on ECB stimulus expansion with US fiscal aid talks continuing 


Altus Strategies* (LON:ALS) – New mineralisation area discovery at Agdz, Morocco

Arc Minerals* (LON:ARCM) – Drilling at Fwiji and Muswema show tantalising copper and cobalt grades

Arkle Resources* (LON:ARK) – Trenching starts at the Inishowen project

Empire Metals* (LON:EEE) – ​Eclipse drill results show potential for high-grade open pit

Rio Tinto (LON:RIO) – Jadar lithium maiden reserve

SolGold* (LON:SOLG) – Drilling underway at Cascabel copper-gold target

Vast Resources* (LON:VAST) – Baita Plai concentrate sales update


UK – Brits may be banned from European holidays under new COVID travel regulations

MILLIONS of Brits may be banned from European holidays from January 1 under Covid rules after Britain leaves the EU.

Pandemic safety regulations allowing free travel within the European Union will stop applying to Britain at the start of 2021..


EU ban on microplastics likely to raise metal demand


China – shortage of shipping containers frustrating Chinese manufacturers trying to export goods to the West

Logistical issues relating to the return of empty containers to China is causing local shortages (Reuters)

Western manufacturers are sitting on containers delayed due to Lockdown and other Covid restrictions

Over 60% of global goods are transported by container these days due to security and cost issues wit around 180m containers in existence world wide.

Container prices are rising with the cost to charter a 40-ft container from China to the US East coast rising 8%% since June to a record $4,928 this week.

Port of Long Beach container volumes jumped 30% to a new record in November as China continues to raise exports to the US (gCaptain.com)

Dockworkers and terminal operators moved 783,523 twenty-foot equivalent units of container cargo last month for 30.6% jump compared to November 2019.

The strong volumes could be attributed to imports which jumped a similar 30.5% to 382,677 TEUs. Exports were down 5.2% to 117,283 TEUs. Empty containers shipped overseas rose an astounding 55% to 283,563 TEUs, reflecting the significant trade imbalance and contributing to freight rates that have soared to record highs.


IGTV:   As traders continue to bid up Tesla, is the EV sector approaching a bubble? https://youtu.be/LaDWBpTZ7SQ

Copper price rise: https://youtu.be/mdPXTup15VY

VOX – 25/11/20: https://www.voxmarkets.co.uk/media/5fc0b908bc74c922485f4fb0/?context=/listings/LON/EEE/multimedia/

US Election, China growth policies Solgold*, Mkango*, Rainbow Rare Earths*: https://youtu.be/YKk5-kVpVGE

EV revolution, gold and other ideas (Interactive Investor): https://www.youtube.com/watch?v=ja0IdjszfCc

Metals Markets: Are they totally dependent on stimulus? (IG TV): https://youtu.be/TOiSwRpgfKM

*SP Angel act as nomad or broker or nomad and broker to companies mentioned in the above videos.



Dow Jones Industrials -0.35% at 30,069

Nikkei 225 -0.23% at 26,756

HK Hang Seng -0.35% at 26,411

Shanghai Composite +0.04% at 3,373



US – Democrats and Republicans continue to discuss details of the potential aid package delivering a more detailed summary of their proposal yesterday.

Unfortunately, no agreement has been signed so far.

The latest proposal was for $916bn prepared by Treasury Secretary and backed by Republican congressional leaders and President Trump.

House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer have objected to parts of the plan opting for the bipartisan group’s proposal as the basis for negotiations instead, Bloomberg reports.


The FDA will meet today to discuss results of Pfizer/BoNTech trials as part of the vaccine approval process.

Depending on results of the of the committee vote, the nation’s first doses could ship as early as Friday.


ECB – The central bank meeting is expected to yield a €500bn expansion of the emergency bond-buying programme later today.


UK – Economic growth slowed to 0.4%mom in October, down from 1.1% recorded in September while beating estimates for a stagnation.

Expectations are for the economy to post negative growth in the final quarter overall (-2.3%qoq), weighed down by the global resurgence in COVID-19 cases as well as new restrictions implemented through November/December.

While hopes are for the vaccine to help kick start growth in 2021, the economy faces threat in the form of Brexit, Bloomberg reports.

The meeting between EC President and UK PM failed to deliver a resolution to the Brexit gridlock.

The pound is trading lower at 1.0993 against the € this morning.


Ghana – President Nana Akufo-Addo wins re-election

Akufo-Addo has secured another four-year mandate to lead Africa’s biggest gold producer.

Akufo-Addo got 51.6% of valid votes, while his closest rival John Mahama won 47.4% of the vote.

Mahama’s NDC reject the vote results for both the presidential and parliamentary elections amid vote-rigging allegations.



US$1.2093/eur vs 1.2128/eur yesterday.  Yen 104.55/$ vs 104.23/$.  SAr 14.969/$ vs 14.967/$.  $1.332/gbp vs $1.341/gbp.  0.747/aud vs 0.746/aud.  CNY 6.549/$ vs 6.545/$.


Commodity News

Precious metals:         

Gold US$1,836/oz vs US$1,864/oz yesterday – Gold prices dip as US stimulus talks stall

Gold prices fell more than 2% on Wednesday, as US lawmakers could not agree on a new stimulus deal, while vaccine progress also improved the economic outlook.

The US House of Representatives approved a extension to stimulus talks, as progress has stalled in recent days as negotiations haggle over details of the package.

House Speaker Nancy Pelosi refused to give a date when asked how long it would take to reach a deal, after dismissing a proposal from the Trump administration on Tuesday.

Gold miners must switch to renewable energy

The World Gold Council has said that gold miners must switch to renewable electricity generation if the industry is to curb emissions sufficiently to align with the Paris Agreement’s 1.5 degree Celsius global warming target.

Gold emissions need to be reduced by 80% by 2050 to be below 2C.

Replacing 45% of both grid power and direct fossil fuel-generated electricity would place the industry on track for the 1.5C climate target.

Reduction will depend on companies investing in renewable electricity and phasing out fossil fuel power sources.

Gold ETFs 106.8moz vs US$106.8moz yesterday

Platinum US$1,011/oz vs US$1,030/oz yesterday

Palladium US$2,291/oz vs US$2,313/oz yesterday

Silver US$23.87/oz vs US$24.36/oz yesterday           


Base metals:  

Copper US$ 7,736/t vs US$7,766/t yesterday

Aluminium US$ 2,046/t vs US$2,014/t yesterday

Nickel US$ 16,815/t vs US$16,465/t yesterday – Chinese domestic stainless steel prices rise on nickel gains

Stainless steel prices have risen this week in China, which market participants attributed to gains in nickel futures as a result of an uptick in demand from the EV market.

Stainless steel cold-rolled 2mm in Wuxi rose 100-200 yuan/t this week to 13,300-14,200 yuan ($2,034-2,172)/t compared to a week earlier.

Three-month nickel on the LME closed at $16,519/t yesterday – up by 3.9% compared to a week earlier (Fastmarkets MB).

Zinc US$ 2,833/t vs US$2,845/t yesterday

Lead US$ 2,083/t vs US$2,110/t yesterday

Tin US$ 19,375/t vs US$19,265/t yesterday           



Oil US$49.1/bbl vs US$49.5/bbl yesterday

Natural Gas US$2.419/mmbtu vs US$2.477/mmbtu yesterday

Uranium US$29.75/lb vs US$29.75/lb yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$146.4/t vs US$144.0/t

Chinese steel rebar 25mm US$617.2/t vs US$611.6/t

Thermal coal (1st year forward cif ARA) US$63.8/t vs US$62.9/t – Chinese thermal coal prices surge to record high

Thermal coal prices have risen for the third consecutive day in China, as imports remain low amid a ban on Australian shipments.

Domestic supply concerns are also mounting, after a series of deadly accidents have led to regulators shutting all of the mines in Chongqing, on the strategic hub that is the Yangtze River.

Demand is also expected to increase as colder weather boosts power demand for home heating, with temperatures expected to drop 4-8 degrees Celsius in central and eastern parts of the country over the next four days.

Thermal coal for January delivery advanced 3.4% to 752.6 yuan ($114.94)/t on the Zhengzhou Commodity Exchange – the highest close on record (Bloomberg).

Coking coal swap Australia FOB US$120.0/t vs US$123.3/t



Cobalt LME 3m US$32,000/t vs US$32,000/t

NdPr Rare Earth Oxide (China) US$65,274/t vs US$66,848/t

Lithium carbonate 99% (China) US$6,566/t vs US$6,417/t – Portugal may be key to European domestic battery production

Portuguese lithium could provide Europe with domestic supply as it targets battery self sufficiency by 2025.

In November EU Commission VP Maros Sefcovic stated at the end of November that he expects the bloc to be able to produce enough EVs to satisfy domestic demand by 2025.  

Portugal has rich areas of lithium subsoil in Guarda, Viseu, Vila Real and Viana do Castelo. Current operations include Europe’s largest lithium mine operated by Grupo Mota, Felmica estimated to have 30yrs of production.

Portugal has an estimated 60,000 tonnes of lithium reserves in 2018, 0.4% of global deposits. There has been local opposition to exploitation of the country’s lithium resources however the government remains supportive    

The Country produced 1,200 tonnes of lithium in 2019, predominantly for the ceramics industry but with growing momentum behind EVs and a lack of domestic supply much more will be needed to satisfy the bloc’s demand.

Savannah Resources holds a 75% interest in the Mina do Barroso Lithium Project with the environmental permitting process proceeding. The Company expects public consultations to start in early 2021.

*SP Angel acts as Nomad to Savannah Resources

Ferro Vanadium 80% FOB (China) US$27.2/kg vs US$27.2/kg

Ferro-Manganese high carbon 78% Mn US$1,320/t vs US$1,265/t

Tungsten APT European US$220-225/mtu vs US$220-225/mtu

Graphite flake 94% C, -100 mesh, fob China US$510/t vs US$480/t                

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

Spodumene 6% Li2O min, cif (China) US$380/t vs US$375/t


Battery News

Global emissions reach a new high

Greenhouse gas emissions reached a new high last year, putting the world on track for a rise of 3 degrees Celsius.

Under the global climate pact, nations have committed to a goal of limiting the average temperature rise to below 2 degrees Celsius above pre-industrial efforts.

Total 2019 emissions of GtCO2 hit a record of 59.1gigatonnes. This year, there has, the drop in travel, industrial activity and electrically generation is likely to translate to only a 0.01C reduction in global warming by 2050.

Government stimulus packages could put emissions in 2030 at 44GtCO2e -within the range that gives a 66% chance of holding temperature rises to below 2C, but still insufficient to achieve the 1.5C goal.


Offshore wind powers grid ‘black start’

Transmission system operators 50Hertz and Energinet have performed a live simulation of a power grid restart using offshore wind energy.

The simulation outage in Continental Europe was performed with coal fired power plant Rostock and voltage supplied form Denmark.

This was the first time land and sea cable connection between two countries as well as offshore wind power were used in real conditions to restart a power plant.

An inaugurated interconnector between Germany and Denmark was used as the “starting aid” to fire up the power plants turbines. It is a hybrid system with a capacity of 400MW that transmits electricity between the countries.


Xpeng to raise additional US$2.48m

Chinese EV maker Xpeng announces intention to raise an additional $2.4m via 48 million ADSs at US$45.

The Company joined the Nasdaq in August, raising US$1.5bn in an IPO.

The ADS price of US$45 represents a 7.6% discount to the Tuesday close.

Last week Li Auto announced it would be issuing 47m ADSs on the New York exchange, hoping to raise as much as US$1.6bn.

Chinese EV companies have exploded in popularity this year, NIO, Li Auto Xpeng and WM Motors have raised US$8bn between them. Many of these companies are backed by one or more automakers hoping to partner on technology or manufacturing and benefit from the demand in the space.

Li Auto delivered 4,646 EVs in November, a 26% increase MoM and a 32.6% gain vs September.

The Company has delivered 26,498 units YTD.

Xpeng delivered 4,224 vehicles in November a 342% increase YoY while NIO delivered 5,291 vehicles in November, a 109% increase YoY.


Toyota Mirai hydrogen fuel cell car goes on sale

Toyota have put their Mirai hydrogen car on sales with an additional 30% range. The vehicle will cost $48,000 after subsidies.

The vehicle has struggled to gain traction, only 11,100 first generation Mirai’s sold in the 6yrs it has been available. Consumer in Japan shunning fuel cell vehicles in favour of EVs.

Japan is targeting 800,000 FCVs on its roads by 2030, aiming to reduce the price of hydrogen fuel by as much as 80% by 2050 to promote adoption.

In 2018 the government announced plans for a coordinated effort to reduce the price of hydrogen fuel to a fifth of its price

The government is also looking at legislation to increase the number of hydrogen fuels stations to 320 nationwide by 2025, up from 100 in 2018.


Company News

Altus Strategies* (LON:ALS) 58p, Mkt Cap £40m – New mineralisation area discovery at Agdz, Morocco

BUY – 132p

The Company reports the discovery of new copper/silver mineralisation at the 100% owned Agdz project in central Morocco.

New 450m long zone at Makarn North Prospect returned grades up to 3.50% Cu and 308g/t Ag in surface sampling.

Outcrop sampling at other prospects continued to generate encouraging results including:

3.59 % Cu and 149 g/t Ag from 1.4km long Makarn South Prospect

4.67 % Cu and 308 g/t Ag from 1.4km long Makarn North Prospect

2.45 % Cu and 2.25 % Cu from 2km long Amzwaro prospect

2.12 % Cu and 1.99 % Cu from 150m long Miniére Prospect

The team is planning a geophysical IP survey in Q1/21 to identify trenching and ultimately drilling targets.

Conclusion: The Company continues to add new prospects to a portfolio of early exploration targets in Morocco with geophysical study scheduled for Q1/21 to help identify trenching and drilling targets. Surface samples returning good copper/silver grades and the Agdz project located <20km away from the Bou Skour mine, all reflect high prospectivity of the area.

*SP Angel acts as Nomad and Broker to Altus Strategies plc


Arc Minerals* (LON:ARCM) – 4.07p, Mkt cap £40m – Drilling at Fwiji and Muswema show tantalising copper and cobalt grades

(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. Zamsort has a portfolio of copper-cobalt prospects close to FQM’s new Trident mine on the Copperbelt in Zambia. The Cheyeza project is 66% owned by Arc Minerals through its holding in Zamsort.)

CLICK FOR PDF – Strong Buy

Arc Minerals have received assays from diamond drilling on the Fwiji and Muswema Prospects in the West of Zambia.

Both prospects show Sulphide Copper mineralisation with cobalt mineralisation also intersected at Muswema

Muswema appears to offer potential for a larger mineralised system based on geophysical work and early positive drill results

A drill rig is en-route to test a number of the 14 targets identified by Vassilios Carellas the company’s principal geologist and his team

Further exploration will start at the new Muswema Prospect following these the intersection of cupper sulphide and cobalt mineralisation in two holes drilled 400m apart. 

Sulphide mineralisation is seen in down-dip extensions at Muswema underneath the oxide mineralisation.

The mineralisation appears to be related to zones of potassic alteration within the host rock indicating the potential for a larger scale mineralised system at.

Drill assay results (Muswema)

4.5m grading 0.22% copper and 0.01% cobalt in Oxide mineralisation from 34.1m

4m @ 0.42% copper and 0.04% cobalt in Sulphide from 175m

4.5m @ 0.39% copper and 0.03 cobalt in Sulphide from 215.5m

Fwiji, 10 drill holes tested an area of >1km2 confirming a plunging anticlinal feature which is now seen to be mineralised.

Soil samples collected over the target area defined an arc-shaped low order copper anomaly of >100 ppm extending for ~4km with a higher grade >200 ppm copper anomaly traced for ~2km.

Drill assay results (Fwiji):

4.00m grading 0.34% copper in oxide and sulphide mineralisation from 164m

4.50m @ 0.45% Oxide mineralisation from 42.4m

Inc. 1.00m @ 0.66 in Sulphide from 81.4m

And 1.40m @ 0.58 in Sulphide from 131m

1.50m @ 0.24% in Oxide from 15.8m

3.00m @ 0.23% in Oxide from 15.5m

2.00m @ 0.23% Sulphide from 130m

1.50m @ 0.24% Sulphide from93m

Out of the nine holes drilled at Fwiji only two have failed to hit copper mineralisation

“Many deposits in the Copperbelt are located in the vicinity of macrostructural features that would have ultimately had a bearing on deposit formation. At both Fwiji and Muswema, copper bearing fluids are proven to be have been present. Identifying and targeting of the potential structural traps will be the next steps to locating potential large-scale metal accumulations.”

Conclusion:  The majority of drill holes are intersecting mineralisation at Fwiji and Muswema indicating potential for significant resource discovery at both prospects. Further drilling is being undertaken to develop knowledge of the resources and to better direct the ongoing exploration.

Anglo American have completed their technical due diligence and have moved onto the presentation of questions on corporate due diligence ahead of further negotiations on their potential jv involvement.

We are aware of interesting activity by other major copper miners in Zambia indicating renewed interest in exploration in the region.

*SP Angel acts as Nomad and broker. Our intrepid mining analyst and co-driver drove to Arc’s license and pilot process plant at Kalaba from Lusaka and back again.


Arkle Resources* (LON:ARK) 1.2p, Mkt Cap £3.4m – Trenching starts at the Inishowen project

The Company commenced a trenching programme at their wholly owned Inishowen gold project in Donegal.

The programme will test eight targets identified from the recent soil sampling survey urrounding the Meeneragh Target in Inishowen where 5.48m at 4.8g/t gold was intercepted during early drilling.

The goal is locate new outcrops of gold.

Additionally, the Company is reporting that re-assaying of the recent trenching samples at Mine River showed an increase in sample grades from 5.5g/t to 6.4g/t.

The Company is expecting to drill both projects in early 2021.

Separately, drilling at the Stonepark zinc project are reported to have been completed with results expected in January 2021.

*SP Angel are Nomad and broker to Arkle Resources


Empire Metals* (LON:EEE) 3.22p, Mkt cap £10m – ​Eclipse drill results show potential for high-grade open pit

Empire Metals report results from recent drilling at the Eclipse Gold project north of Kalgoorlie in Western Australia.

The latest assays back from the lab show relatively high-grade gold over good intersections though we don’t know the true mineable widths as yet.

The results when examined in context with cross-section map provided indicate potential for a small, high-grade open pit to start with and potential for further underground extraction at depth and along strike depending on the true width of the veins.

14m grading 3.78 g/t gold from 22m downhole depth

Inc. 1m @ 21.4 g/t Au

and 1m @ 16.65 g/t Au This hole includes three different clusters of quartz veining mainly associated with the higher grades, confirming there is more than one mineralised structure

8m grading 2.27 g/t from 32m inc.

3m @ 5.27 g/t

5m @ 6.50 g/t from 26m,

Inc. 3m @ 9.29 g/t

3m @ 3.18 g/t gold (‘Au’) from 49m

Inc. 1m @ 6.49 g/t Au

1m @ 6.93 g/t Au at surface,

1m @ 4.50 g/t Au from 10m

14 m @ 1.70 g/t Au from 9m depth

Inc. 1m @ 7.76 g/t Au at 9m

and 4m @ 2.37 g/t Au from 19m

Previous assays at Eclipse highlight the depth potential of the mineralisation:

3m grading 21.96 g/t og gold from 45m downhole

8m grading 3.2 g/t from 133m

14m grading 2.57 g/t from 94m

8m grading 2.14 g/t from 42m 

Empire has acquired 75% of the Eclipse project through its execution of its option agreement following the recent £2m funding at 3.25p/s.

Further work will now be done to infill gaps in the drilling and to test for further extensions to the gold mineralisation.

Mineralisation is also seen to be open at depth offering good potential for a significant increase in the scale of the project from an underground mining perspective.

Management are waiting on a permit in the near term for further drilling to the north-west along the Eclipse strike. This runs close to the old workings of Jack’s Dream and Steinhobel which lie 200-300m north west of the Eclipse shaft.

The Jack’s Dream shaft produced some 197t of ore grading 23.8g/t for 150oz of gold worth some $280,705 at today’s gold price

Empire has drilled some 2,578m of Reverse Circulation drilling at the Eclipse and Houdini prospects.

2,086m were drilled at Eclipse to an average of 48.5m down-hole depth.

Drilling at Houdini appears to have missed the main structure but new geophysical data should better direct the drilling from here

New drilling will not focus on:  

Infill drilling at Eclipse

Extension drilling at Eclipse and along strike towards and beyond the other old workings

Additional target testing at Houdini and other new targets

Further Diamond drilling will also be done for geotechnical, metallurgical and structural studies.

Georgia: Empire are also waiting on their Russian partners in Georgia ‘CMG’ who have expressed an interest in taking up their first right of refusal on Empires’s 50% stake in Kvemo Bolnisi and other Georgian jv licenses.

CMG will need to at least match the deal for C$7m worth of shares in Candelaria (CAND CN)

Conclusion: Eclipse shows good potential for small-scale high-grade gold production. The scale of this could grow if depth and lateral extensions to the old Eclipse gold mine are proven. The realisation of value from Empire’s 50% stake in their Georgian assets could serve to develop value at Eclipse while bringing in other assets to work on.

*SP Angel act as Nomad and Broker for Empire Metals


Rio Tinto (LON:RIO) – 5,414p, Mkt cap £67bn – Jadar lithium maiden reserve

Is it coincidence that just when lithium prices look set to rise that Rio Tinto have just declared a maiden reserve at its giant Jadar lithium project in Serbia?

Rio Tinto have declared a maiden ore reserve of:

Reserve: 16.6mt grading 1.81% lithium oxide (Li2O) and 13.4% of borate (B2O3)

Indicated Resource: 55.2mt grading 1.68% (Li2O) and 17.9% (B2O3)

Inferred Resource: 84.1mt grading 1.84% (Li2O) and 12.6% (B2O3)

Pre-feasibility studies show the project has the potential to produce both battery grade lithium carbonate and boric acid for advanced glass and fertilizer products.

Rio Tinto calculates both products offer potential for a long life operation in the first quartile of the industry cost curve.

The proposed underground mine would be one of the larger greenfield lithium projects in development producing around 55,000t of battery grade lithium carbonate, 160,000t of boric acid and 255,000t of sodium sulfate

Jadar could become Serbia’s second largest exporter at full production.

The project has now moved into feasibility study due by end-2021 with an investment of around $200m and take four years to build.

SolGold* (LON:SOLG) 37.3p, Mkt Cap £771m – Drilling underway at Cascabel copper-gold target

SolGold has commenced drilling at the Tandayama-America porphyry copper-gold target as part of the ongoing Cascabel Feasibility Drilling Programme, with the significant target characterised by coincident Cu-Mo-Au soil geochemical highs centred upon outcropping mineralisation in the Tandayama and America creeks.

The Company intends to utilize two diamond drill rigs at the Tandayama-America target, which has remained untested previously due to the high demand of drilling rigs at the Alpala Deposit.

Previous rock-saw channel sampling at surface in Tanayama creek returned assay result of 37m @ 0.25%CuEq (0.15Cu, 0.18 Au), where B-type porphyry quartz veins hosting chalcopyrite mineralisation were discovered at surface.

The first hole at Tandayama-America, TAD-20-001, is at a current depth of 258m and has intersected visible chalcopyrite copper sulphide mineralisation from 55m depth, with additional visible molybdenite and sphalerite mineralisation occurring from 199m depth.

The second hole, TAD-20-002, is at a current depth of 104m and has intersected visible chalcopyrite mineralisation from 44m depth, including trace visible bornite from 68m depth.

The Cascabel property hosts the Alpala deposit, which occurs northern section of the prolific Andean Copper Belt, renowned as the base for nearly half of the world’s copper production.

SolGold Technical Services Manager, Benn Whistler, commented: “We have always been interested in the drill targets at Tandayama-America, however the prioritisation of the Alpala Resource and Feasibility Drilling Programs has seen this target scheduled to form part of the Cascabel Feasibility Sterilisation Drilling Program now underway.”

“The Tandayama soil copper and molybdenum anomalies are two of the largest anomalies on the project.  The rock-saw channel assay results from surface exposures in Tandayama Creek returned a moderate intercept of 37m @ 0.25%CuEq and if this exposure represents an intra-mineral intrusion there remains potential for drill testing to intersect earlier, richer intrusions. At this stage mineralisation does appear to be increasing down hole which bodes well as both drill holes enter the area of combined cu-mo-au soil anomalism.”

*SP Angel act as Financial Advisor to SolGold


Vast Resources* (LON:VAST) 0.14p, Mkt Cap £24m – Baita Plai concentrate sales update

The Company received cash for its previous concentrate shipment from Baita Plai and is expecting to complete the second commercial sale later this month.

The team is planning to outline its sales and production reporting plans for the coming year in due course.

*SP Angel acts as Broker to Vast Resources



John Meyer – [email protected] – 0203 470 0490

Simon Beardsmore – [email protected] – 0203 470 0484

Sergey Raevskiy –[email protected] – 0203 470 0474

Joe Rowbottom – [email protected] – 0203 470 0486



Richard Parlons –[email protected] – 0203 470 0472

Abigail Wayne – [email protected] – 0203 470 0534

Rob Rees – [email protected] – 0203 470 0535

Grant Barker – [email protected] – 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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