Site Visit Report

Last week Tamesis visited Meridian's Cabacal Cu-Au 50km VMS belt located in Brazil, a tier 1 mining jurisdiction. The Cabacal project is part of a large land holding in the Matto Gross province. Matto Grosso has a number of mining operations including EPP (Aura Minerals), Xavantina (Ero Copper) and it has been an area of interest to many of the major mining companies both diversified and precious metals focussed. It is reasonably easy to get to, requiring a commercial flight from Sao Paolo to Cu

i3 Energy - Q1 Results – Better than forecast

Broadly, our take away is that the Q1 results again provide confidence in the delivery of i3 Energy's assets and management team. We reiterate our 21p fair value estimate for i3 Energy. As a reminder, our fair value estimate is premised a 5x EV/2025 expected debt adjusted cash flow (“DACF”) multiple. We believe the company's solid operational results combined with rising commodity prices will further support the positive trajectory of i3 Energy.

Chariot Limited (AIM: CHAR): Drilling update onshore Morocco

• The main target at Gaufrette (onshore Morocco) was water wet. While the reservoirs were thicker and of better quality than expected with multiple gas shows, the trap did not work and the reservoirs are interpreted to be water bearing. • Given the presence of water in the upper reservoirs at the main target, it was decided not to deepen the well to drill the secondary deeper target. Our ReNAV for the well was £0.02 per share. • The presence of gas and good reservoir quality is a positive for fu

Restart of Corica operations at Kouroussa

TENNYSON Energy Research - i3 Energy - Out of the woods

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