SP Angel . Morning View . Tuesday 04 08 20

SP Angel . Morning View . Tuesday 04 08 20

Gold prices remain strong as US debates the size of the next fiscal package



MiFID II exempt information – see disclaimer below 


Centamin (CEY LN) – H2 profits rise 280% as company maintains 2020 production guidance

Chaarat Gold* (CGH LN) – BUY– H1/20 production in at 27koz with FY20 guidance reiterated at 55koz, Tulkubash funding closure on course for YE20

Edenville Energy* (EDL LN) – Rukwa coal operations restart

Pensana Rare Earths (PRE LN) – Final drilling results from Longonjo 

Serabi Gold* (SRB LN) – Extension to drawdown period for the convertible loan

Versarien (VRS LN) – Launch of graphene enhanced protective face mask


Dow Jones Industrials





Nikkei 225





HK Hang Seng





Shanghai Composite







UK Government commits to further £900m in public infrastructure stimulus

  • The UK government has confirmed that £900m of funding will be made available to more than 300 ‘shovel ready’ projects.
  • As part of the package, £360m will also be allocated towards delivering 26,000 new homes on brownfield sites.
  • The investment is expected to build up to 45,000 homes and create up to 85,000 jobs- and cut 65m kg of CO2 emissions (FT).


World – PMI JP Morgan global composite manufacturing index 50.3 in July vs 47.9 in June

Manufacturing PMI data shows rapid recovery from a manufacturing perspective as nations recover from Coronavirus lockdowns

  • While Manufacturing PMIs typically makes up less than 30% of GDP in most countries and 40% of GDP in China they represent just 20% in Germany and Spain and less in many more ‘advanced’ nations

US – ISM 54.2 in July vs 52.6 in June

  • Markit 50.9 in July vs 49.8 in June

China – Official PMI China 51.1 for July vs 50.9 in June

  • Caixin Manufacturing PMI: 52.8 v 51.2 in June and 51.1 est.

Mexico – Manufacturing PMI 40.4 in July vs 38.6 in June

Australia – Manufacturing PMI 53.5 in July vs 51.5 for June

Taiwan – Manufacturing PMI 50.6 in July vs 46.2 in June

South Korea – Manufacturing PMI 46.9 in July vs 43.4 in June

Japan – Manufacturing PMI: 45.2 v 42.6 in June.

Thailand – Manufacturing PMI 45.9 in July vs 43.5 in June

Philippines – Manufacturing PMI 48.4 in July vs 49.7 in June

Indonesia – Manufacturing PMI 46.9 in July vs 39.1 in June

Singapore – Manufacturing PMI 50.2 in July vs 48.0 in June

India – Manufacturing PMI 46.0 vs 47.2 in June

Russia – Manufacturing PMI 48.4 in July vs 49.4 in June

South Africa – Manufacturing PMI 51.2 in July vs 53.9 in June

Poland – Manufacturing PMI 52.8 in July vs 47.2 in June

Germany – Manufacturing PMI 51.0 in July vs 45.2 in June

France – Manufacturing PMI 52.4 in July vs 52.3 in June

EU – Manufacturing PMI 51.8 in July vs 47.4 in June

Brazil – Manufacturing PMI 58.2 in July vs 51.6 in June


US – President Trump dropped his opposition to the potential acquisition of TikTok’s US operations by Microsoft while also arguing the US should get a percentage of the sale in exchange for approving the acquisition.

  • “The US should get a very large percentage of that price, because we’re making it possible… it would come rom the sale, which nobody else would be thinking about but me, but that’s the way I think, and I think it’s very fair,” President Trump said at the press conference.
  • Trump said the deal should be completed by September 15 or the White House would ban TikTok for American users.
  • Final Markit manufacturing PMI confirmed the industry expanded last month for the first time since February driven by a stronger output and new orders.
  • New sales were driven by domestic economy with export orders dropping fractionally as foreign client demand struggled to gain momentum.
  • The drop in employment eased despite further evidence of spare capacity.
  • While business optimism picked up to a five month high, “many seee the next few months being a struggle amid the ongoing pandemic, with a more solid-looking recovery not starting in earnest towards the end of the year or even into 2021… Further infection waves could of course derail the recovery, and many firms also cited the presidential elections as a further potential for any recovery to be dampened by heightened political uncertainty”.
  • Markit Manufacturing PMI: 50.9 in July v 49.8 in June.


The ECB told its staff to continue working from home until at least the end of this year, Bloomberg reports.

  • “Having had positive experiences with remote working, the ECB will err on the cautious side when deciding on a return to office-based working… the current regime is that those who have good reasons to work from the office, can do so,” a spokesman for the central bank said.


UK – UK workers are slow to return to office following authorities’ easing of the official guidance put in place at the start of the COVID-19 crisis, FT reports.

  • In the centre of London footfall was only 2% higher on Monday compared to last week was 68% lower compared with this time last year.
  • PM Johnson encouraged businesses to partly bring back staff that is crucial to helping struggling hospitality businesses and other service companies in city centres.


Australia – The RBI left key rates unchanged at 0.25% (cash rate and 3y rate) while pledging to maintain them at those levels until progress is made towards the central bank’s employment and inflation goals.

  • The central bank is expecting an unemployment rate to hit 10% later this year (the rate reached 7% in June) before gradually coming down to around 7% over coming years.
  • Inflation is expected to remain subdued and run at 1-1.5% over the next two years.
  • The economy is forecast to contract 6% this year before climbing 5% in 2021.
  • The central bank said it will resume purchases of government bonds in the secondary market tomorrow to keep yields consistent with the target which in turn an increase in bond prices and 3y yields coming down 1.4bp to 0.255%.


State of Victoria increased the maximum fine for anyone found breaking coronavirus isolation orders to ~A$5,000 from ~A$1,700 previously after claiming that hundreds of people infected with COVID-19 were found to have left their houses when checked by authorities.

  • Out of more than 3,000 residential visits carried by Australian Defence Forces and health officials to people who had tested positive for coronavirus, more than 800 could not be found at home.


Argentina – Sovereign bonds rallied to the highest in five months as the government and some of its top creditors moved closer to a restructuring agreement over $65bn of debt, according to Bloomberg.

  • Both sides are reported to have made progress over the weekend and are considering a deal envisaging around 54.8 cents on the dollar, the midpoint of the most recent offers from creditors and Argentina.


Ecuador – The government restructured $17.4bn worth of international debt, almost a third of its total foreign obligations.

  • Under the agreement supported by 95% of bondholders, the government will exchange 10 existing notes maturing between 2022 and 2030 for three new bonds due in 2030, 2035 and 2040.
  • Interest payments will resume at the beginning of next year with the earliest principal now due in January 2026.



US$1.1794/eur vs 1.1764/eur yesterday.  Yen 105.87/$ vs 105.89/$.  SAr 17.139/$ vs 17.190/$.  $1.310/gbp vs $1.307/gbp.  0.715/aud vs 0.712/aud.  CNY 6.983/$ vs 6.977/$.


Commodity News

Precious metals:          

Gold US$1,976/oz vs US$1,973/oz yesterday – India’s gold imports fall 24% YoY

  • India’s gold imports fell to around 30 tonnes in July compared to 39.7 tonnes last year.
  • Due to the higher gold price, the value of gold imported rose to $1.78bn from $1.71bn (Reuters).

   Gold ETFs 108.2moz vs US$107.9moz yesterday

Platinum US$927/oz vs US$903/oz yesterday

Palladium US$2,102/oz vs US$2,096/oz yesterday

Silver US$24.34/oz vs US$24.30/oz yesterday


Base metals:   

Copper US$ 6,456/t vs US$6,368/t yesterday – Copper production fell in Chile by 0.6% yoy in June to 472kt

  • Zambia copper production rose 6% in H1 to 420,000t vs 397,000t H1 2019, according to the Ministry of Mines and Minerals Development.
  • LME Copper warehouse stocks continue to trend lower with 1,525t of copper flowed out of LME warehouses on today’s figures leaving stock levels at:
    • 125,150t today – The trend for LME copper stocks is clear from the month end stock levels below
    • 128125t at end July
    • 216,600t at end June
    • 261,800t at end May
    • 253,700t at end April
    • 222,225t at end March,
    • 179,800t at end February
    • 144,675t at end January.

Aluminium US$ 1,748/t vs US$1,706/t yesterday

Nickel US$ 13,965/t vs US$13,625/t yesterday

Zinc US$ 2,321/t vs US$2,290/t yesterday

Lead US$ 1,856/t vs US$1,878/t yesterday

Tin US$ 17,845/t vs US$17,900/t yesterday



Oil US$44.0/bbl vs US$43.2/bbl yesterday

Natural Gas US$2.145/mmbtu vs US$1.872/mmbtu yesterday

Uranium US$32.30/lb vs US$31.35/lb yesterday



Iron ore 62% Fe spot (cfr Tianjin) US$110.6/t vs US$105.9/t – Australian iron ore shipments fell 6.6% last week

  • Iron ore deliveries leaving Chinese ports fell 1.1mt to 15.46mt compared to the week prior, due to maintenance at Port Dampier and Port Walcott.
  • A total of 14.96mt arrived at major Chinese ports last week, down 260,000t compared to the week prior but up 2.86mt from the previous year (SMM News).
  • Shipments from Brazilian ports also declined, down 350,000t to 6.38mt.
  • Brazilian iron ore exports fell just 0.69% YoY in July, as the country shipped 33.99mt vs 34.23mt a year earlier (Fastmarkets MB).

Chinese steel rebar 25mm US$542.5/t vs US$540.2/t

Thermal coal (1st year forward cif ARA) US$59.5/t vs US$60.2/t – China’s new coal projects make up 90% of global total in H1 2020

  • China built over half of the world’s new coal-fired power plants, and accounted for 90% of new planned capacity in the first half of this year (The Straits Times).
  • Global coal-fired generation saw a net decline of 2.9GW in H1, mostly attributed to plant retirements in Europe, according to Global Energy Monitor.
  • In the meantime, China added 53.2GW of capacity to its project pipeline in H1, 90% of the global total.  
  • China also completed 11.4GW of new capacity over the period, 62% of the global total.
  • The world’s top consumer is looking to increase its use of renewable energy, and whilst coal as a share of China’s total energy consumption fell to 58% last year, the country’s overall use has continued to rise.

Coking coal swap Australia FOB US$123.0/t vs US$123.0/t – Chinese coking coal prices jump 3% to 12-month high

  • Coking coal on the Dalian Commodity Exchange rose 3% to 2,032 yuan/t on Monday, the highest since July last year (Hellenic Shipping News).
  • Coke stockpiles at Chinese steel mills rose 2% last week to a six-month high of 5mt, according to Mysteel.



Cobalt LME 3m US$30,500/t vs US$30,500/t

NdPr Rare Earth Oxide (China) US$42,891/t vs US$42,496/t

Lithium carbonate 99% (China) US$4,969/t vs US$4,973/t

Ferro Vanadium 80% FOB (China) US$30.0/kg vs US$30.0/kg

Antimony Trioxide 99.5% EU (China) US$5.1/kg vs US$5.1/kg

Tungsten APT European US$205-210/mtu vs US$205-210/mtu 

Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$430/t

Graphite spherical 99.95% C, 15 microns, fob China US$2,275/t vs US$2,275/t


Battery News

Tesla Model 3 tops vehicles sales in June

  • Tesla’s Model 3 toped vehicle sales in June maintaining a 15% market share. The Model Y and X also took spots in the top 20.
  • The Model 3 sold 35,854 units in June, 3x more than the next vehicle in the list the Renault Zoe.
  • Tesla Models 3, X and Y have sold 168,222 units YTD.
  • The Model Y, released mid-pandemic has sold 7,500 units in June and 13,415 YTD, taking 14th spot on the list.
  • After the Renault Zoe, the Nissan Leaf, VW eGolf and BYD Qin Pro occupy places 3,4 and 5, all some considerable way behind the Zoe and the Model 3 sales.


GM to provide 2,7000 fast EV chargers 

  • GM is partnering with EVgo to provide 2,700 charging connectors across cities in the US.
  • The auto maker has promised to install faster charging stations in more than 35 cities and suburban areas over the next 5yrs.
  • The partnership plans to install fast charging plugs at homes, retail outlets and in high traffic areas.
  • The charging stations will be ready for use next year.
  • EVgo already has 800 fast charging stations, each with on average 4 charging points capable of charging EV batteries in 15-30 mins.
  • The new stations will charge at 100-350kW to provide capacity for future faster EV batteries.


Ski Innovation teams up with Prof Goodenough to develop next gen batteries

  • SK Innovation and Prof John Goodenough are working together to develop a new gel-polymer electrolyte for lithium metal batteries.
  • The team will look to develop a gel-polymer electrolyte to suppress dendrite growth. The electrolyte will transport lithium ions whilst filtering out undesired ions.
  • Dendrite formation is a particular problem in lithium ion batteries, often responsible for short outs and fires as the branch like protrusions penetrate the membrane between electrodes.
  • Prof Goodenough is credited with the identification and development of the lithium ion battery.
  • SK Innovation plans to increase its battery production capacity to 100gWh by 2025, currently the Company is producing 20gWh


Company News

Centamin (CEY LN) 208.8p, Mkt Cap £2,399m – H2 profits rise 280% as company maintains 2020 production guidance

  • Centamin has reported a 280% increase in attributable profit for the six months to 30th June to US$74.8m (H1 2019 – US$19.7m) with increased gold sales and higher average gold prices aided by reduced unit costs on both a cash and all-in-sustaining basis.
  • The balance sheet remains debt free with no hedging and net cash and liquid assets of US$367 million, as at 30 June 2020, after payment of the first interim dividend of US$69 million on 15 May 2020”.
  • A second interim dividend of  6USȼ/share “equating to 68% of free cash flow generated in H1 (US$69.4 million) to be distributed to shareholders on 11 September 2020”.
  • The company reiterates that it remains on course to achieve published production and cost guidance for the full year with expected gold output in the range 510-525,000oz and costs in the range US$630-680/oz on a cash basis and all-in sustaining costs between US$870-920/oz.
  • Revenues rose by 56% to US$448.8m (H1 2019 – US$288.1m) with gold sales 21% higher at 270,529 oz (H1 2019 – 224,129oz) and received prices rising to US$1,657/oz (H1 2019 – US$1,305/oz).
  • Cash costs declined by 7% to US$642/oz (H1 2109 – US$692/oz) while AISC came in 4% lower at US$899/oz compared to the US$940/oz achiebed in H1 2019.
  • Centamin reports exploration expenditure of US$15.8m for the period (H! 2019 – US$18.4m) comprising US$5.6m on brownfield exploration at Sukari and Cleopatra (H1 2019 – US$7.9m) with a further US$10.2m spent in Cote d’Ivoire (US$8.4m) and Burkina Faso (US$1.7m).
  • Capital expenditure was under budget at US$52m as non-essential expenditure was deferred in response to Covid19 containment measures although the company says that its 2020 capital expenditure programme is unchanged at US$150-170 million. The expenditure profile is weighted towards the second half, with a minimum of US$100 million scheduled for H2, subject to further changes due to COIVD-19”.
  • Recognising the “remarkable efforts of our workforce in these unique times” CEO, Martin Horgan, said that Over the first half of 2020, Centamin has successfully navigated the challenges presented by the COVID-19 pandemic to deliver a strong operating and financial performance. This operational delivery has enabled us to benefit from the recent strength in the gold price”.
  • Mr. Horgan also confirmed that the life of asset review of the Sukari mine is underway “as we continue to strengthen our management team, [and] … assess the business with the aim of building a significant and modern gold company… while focussing on our key strengths that have delivered the strong position we are in today.”

Conclusion: Despite the challenges of the Covid19 pandemic, Centamin has benefitted from increased production and stronger gold prices while curtailing costs. As a result, profits have risen stongly and the company has declared a 2nd interim dividend of 6USȼ/share payable in September.


Chaarat Gold* (CGH LN) 33p, Mkt Cap £173m – H1/20 production in at 27koz with FY20 guidance reiterated at 55koz, Tulkubash funding closure on course for YE20

BUY – Target Price under review

  • At Kapan, H1/20 production amounted to 27.0koz GE including 0.5koz produced from third party ore (H1/19: 29.6koz).
  • GE ounces are comprised of:
    • 13.2koz gold (H1/19: 17.7koz);
    • 262koz silver (H1/19: 275koz);
    • 1.0kt copper (H1/19: 0.9kt);
    • 4.0kt zinc (H1/19: 3.2kt).
  • Mining rates improved during the period with new equipment to offer further operational efficiencies in H2/20.
  • Mined grades came off in H1/20 reflecting mining in lower grade areas with the team expecting those to pick up in H2/20 following targeted development work carried to date.
  • The plant processed 356kt at 2.89g/t of Kapan ore (H1/19: 381kt at 2.97g/t) and 10kt at 3.43g/t of third party material.
  • The Company signed two new contracts in Q2/20 that should increase the third party ore feed helping to utilise mill spare capacities.
  • AISC* climbed to $1,076/oz (H1/19: $972/oz) reflecting lower milled grades and should respectively come down in H2/20.
  • GE ounces sold totalled 20.9koz (H1/19: 28.9koz) reflecting late shipment of copper and third party concentrates that were completed post H1/20; expect normalisation in numbers through H2/20.
  • The technical team is putting together the plan to drill out and evaluate East Flank zone with an exploration target of 5-6mt at 2.25-2.75g/t based on historic database of 62 drill holes for ~22,000m; the area may potentially be developed and to start supplying ore to the mill in H2/22.
  • The Company reiterated 55koz production guidance for FY20.
  • A Tulkubash, the team is continuing with detailed engineering with equipment mobilisation remaining on hold affected by the ongoing international travel and border restrictions.
  • Financing discussions in progress with a number of parties including a couple of new banks and a team in the process of optimising the funding structure targeting closure by the end of 2020.
  • The site in Kyrgyzstan reported the first COVID-19 case in July with the outbreak reported to have been effectively managed and brough under control with minimal disruption to ongoing works or plans.
  • The Company expects first gold at Tulkubash before the end of 2022.

Conclusion: Kapan operations delivered 27.0koz GE in H1/20 at slightly higher than expected unit costs that are expected to come down in H2/20 as mining operations progress into higher grade areas with new equipment to yield further operational efficiencies. The team reiterated FY20 production guidance at 55koz. Tulkubash financing discussions are in progress with the team continuing to guide the closure of the optimal funding package before YE20 with first gold pour in late 2022.

We will release updated earnings estimates accounting for a strong increase in gold prices with a reviewed target price shortly.

*AISC is based on an oz produced and excludes smelter TC/RC charges, others that add $234/oz.

*SP Angel acts as Broker to Chaarat Gold


Edenville Energy* (EDL LN) 0.05p, MKt Cap £3.7m – Rukwa coal operations restart

  • Rukwa coal mine restarted operations on Monday with first coal shipment expected early next week.
  • Little disruption to the mine area has bee reported following the protracted rainy season with remediation to be completed within a week.
  • Minor silt and sand build up will be removed from the pit area as well as repairs to the haul road to new northern pit to be carried.
  • The Company will remain the operator before ILTL completes the mobilisation of equipment on 1 September 2020.

*SP Angel acts as Nomad to Edenville Energy


Pensana Rare Earths (PRE LN) 28.5p, Mkt Cap £50.8m – Final drilling results from Longonjo 

  • Pensana has reported assay results from the final 86 drill-holes (3,462m) of its 8,000m programme at the Longonjo NdPr (Neodymium / Praseodymium) project in Angola.
  • The drilling, which forms part of the company’s feasibility study work for Longonjo, has confirmed the continuity of the weathered zone mineralisation from surface and also outline a wide area of mineralisation in fresh rock immediately below the current pit design that could add an extra dimension to the project beyond the initial mine life”.
  • The results are expected to contribute to an updated mineral resource estimate, due in September, which will form part of the Bankable Feasibility Study expected in mid-October.
  • Among the results from the weathered zone of mineralisation highlighted in today’s announcement are:
    • An 18m wide intersection from surface at an average grade of 7.93% rare-earth oxides (REO), including 1.50% NdPr in hole LRC295; and
    • A 22m wide intersection from surface at an average grade of 6.69% REO, including 1.30% NdPr in hole LRC298; and
    • An intersection, also of 22m from surface, at an average grade of 5.61% REO, including 1.11% NdPr in hole LRC310; and
    • A 14m wide intersection from surface at an average grade of 5.37% REO, including 1.01% NdPr in hole LRC344
  • Drilling also investigated mineralisation in fresh rock below the weathered material and has established that mineralisation remains open below the 80 metre drill depth and to the north and west. The reported grades and potential size of the further mineralisation are very encouraging and whilst not currently included in the current Bankable Feasibility Studies work has commenced on including this mineralisation in the overall development of the project”.
  • Among the results highlighted from this deeper mineralisation are:
    • An 18m wide intersection from 44m depth at an average grade of 4.40% rare-earth oxides (REO), including 0.86% NdPr in hole LRC274 which also contained a deeper mineralised section of 10m at an average grade of 3.90% REO including 0.76% NdPr from 66m depth ; and
    • A 24m wide intersection from 28m depth at an average grade of 3.64% rare-earth oxides (REO), including 0.60% NdPr in hole LRC293 which also contained a deeper mineralised section of 8m at an average grade of 4.45% REO including 0.79% NdPr from 58m depth ; and
    • A 14m wide intersection from 18m depth at an average grade of 3.23% rare-earth oxides (REO), including 0.64% NdPr in hole LRC289 which also contained a deeper mineralised section of 20m at an average grade of 3.46% REO including 0.68% NdPr from 60m depth to the end of the hole.
  • The company reports that it has started metallurgical test work to establish the processing characteristics of the un-weathered mineralisation which, if successful, could add substantially to the mine life of the initial weathered zone – based project”.
  • Pensana explains that mineralisation in the north-east margin of the carbonatite intrusion displays higher ratios of the more valuable NdPr component in relation to the overall REO content with NdPr in this area being around 30% of the REO compared to the more typical levels of 21%.
  • The company summarises the results of the recent drilling as successfully demonstrating the continuity of mineralisation within the weathered zone which should upgrade previously inferred resources to the indicated level “thereby supporting an extended mine life” and also in “proving extensions to weathered zone mineralisation in some areas” as well as “identifying thick zones of primary mineralisation within fresh bedrock immediately beneath the weathered zone”.

Conclusion: The completion of the Longonjo drilling has improved confidence in the continuity of the weathered  mineralisation paving the way for upgrades in the forthcoming mineral resoyurcee estimate due in September as well as establishing the presence of deeper, un-weathered mineralisation at depth which may provide for an eventual second phase of mining beyond the weathered ores. We look forward to the forthcoming updated mineral resources estimate in September.


Serabi Gold* (SRB LN) – 89.5p, Mkt Cap £52.2m – Extension to drawdown period for the convertible loan

  • Serabi Gold has announced that it has agreed a six months extension to the period available to draw down its US$12m convertible loan facility with Greenstone Resources.
  • The newly agreed terms extend the period until 30th June 2021 and There was no consideration payable to Greenstone in respect of this variation to the terms”.
  • The company confirms that by 3rd August it had drawn US$2m of the facility and that it has “made payments of US$2.5 million to Equinox Gold Corp. (“Equinox”) in respect of the  US$12 million payment obligation (the “Outstanding Consideration”) for the Coringa gold project”and that US$9.5m due for Coringa remains outstanding.
  • Serabi Gold will continue to pay Equinox US$1m per month for Coringa “until such time as restrictions imposed as a result of the COVID-19 pandemic on travel to and within Brazil are lifted at which time any remaining balance of the Outstanding Consideration will become due within six weeks”.
  • Operationally, Serabi Gold is benefitting from the current robust gold price which assisted Q2 to become “one of our best ever quarters from a cash flow perspective” and the company says that “Despite the COVID-19 pandemic, we have continued mining operations at the Palito Complex and with the gold prices that we have benefitted from during the second quarter of this year, were able to pay down the remaining US$3.5 million of the loan with Sprott Resource Lending Partnership whilst maintaining our cash position”.

Conclusion: Serabi Gold and Greenstone Resources have agreed to extend the US$12m convertible loan facility until 30th June 2021 at no additional cost. Payments to Eqinox Gold for the Coringa project continue at US$1m/month until the Covid19 restrictions are lifted.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil


Versarien (VRS LN) 44.08p, mkt cap £75m – Launch of graphene enhanced protective face mask

  • Advanced materials group Versarien have announced the launch of its Polygrene enhanced graphene protective face mask.
  • The mask has a filtering facepiece comprised of Versarien’s graphene enhanced polymer and designed to a FFP2 rating standard, designed and manufactured alongside the company’s Chinese partner. 
  •  The mask’s antibacterial performance is certified according to GB/T 20944.2.2007 and its anti-viral performance is certified according to ISO 18184:2014 (E)- meeting guidelines issued by the WHO. 
    • This International Standard tests for enveloped viruses such as influenza and one of non-enveloped viruses like feline calicivirus, which is one of surrogates of noroviruses which are important enteric pathogens.
    • Coronaviruses are enveloped viruses and the methods to determine virus concentration are standards methods in virology.
    • Versarien has received two orders following recent prelaunch sales activity, which resulted in 100,000 masks being delivered to a British university and 20,000 ordered by a UK electrical and mechanical servicing and repairs business.
    • Versarien recently received £5m of loan funding from the UK Innovate fund. The first loan of this scale to a UK technology growth company
    • The funding is specifically for Rail signalling equipment for G SCALE ‘Graphene-Seat, Concrete, Arch, Leisure, Elastomer’ project .
    • The new arches can be 3D printed with graphene enhanced material and should enable better signalling between trains, particularly in tunnels.

Conclusion:  The rapid attainment of certification for ISO 18184:2014 is testament to the speed at which Versarien and its partners can move.

It also further verifies the positive properties of Versarien’s Polygrene material which is graphene enhanced.

Vesarien’s partners are able to roll out large-scale orders and able to bring on a larger number of products relatively quickly with its partners.

*SP Angel act as Nomad and broker to Versarien



John Meyer – John.Meyer@spangel.co.uk – 0203 470 0490 / 07943031001

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474



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


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



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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 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%


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