SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

SP Angel Morning View: Gold prices at $2,355/oz hold despite ETFs trimming holdings on profit taking, CPI today in focus

SP Angel Morning View: Gold climbs as weak economic data signal recession and easier Fed stance

First Quantum Minerals (FQM CN) – FQM and Panamanian officials' dispute over Cobre Panama intensifies as lawmakers summon ministers Nexa Resources (NEXA US) - Nexa Resources suspends production at Peruvian zinc mine following protests Phoenix Copper* (PXC LN) – Latest results from metallurgical drilling programme at the Empire mine, Idaho Piedmont Lithium (PLL US) – Amended offtake with Tesla

SP Angel Morning View: US approves $2.8bn in grants to boost domestic battery supply chain

Anglesey Mining (AYM LN) – Final drilling results from 2022 campaign at Parys Mountain Amaroq Minerals (AMRQ LN) – £30m fundraising Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Centamin (CEY LN) – Strong quarterly performance at Sukari keeps production and cost guidance intact and passes 5moz of production milestone Greatland Gold (GGP LN) – Grant funding for exploration drilling in the Yilgarn, WA KEFI Gold and Copper* (KEFI LN) – Tulu

SP Angel Morning View: US labour numbers in focus with strong US$ weighing on metals

Capital Limited (CAPD LN) – CEO appointed Piedmont Lithium (PLL US) – Site selected for 30ktpa lithium hydroxide processing facility Atlantic Lithium* (ALL LN) Power Metal Resources* (POW LN) – 58km2 area staked in Athabasca Basin

SP Angel Morning View: Nickel hits $28,500/t intraday on supply concerns

BlueRock Diamonds* (BRD LN) – Large stones lift BlueRock Diamonds auction to new high Griffin Mining (GFM LN) – Mining at Caijiaying scheduled to recommence 15th March Kinross Gold Corp (KGC US) – Kinross Gold suspends Russia operations over sanctions and legal concerns Power Metal Resources* (POW LN) – Full-year results demonstrate strong progress across suite of exploration projects Piedmont Lithium (PLL AU) / Sayona Mining (SYA AU) – Quebec lithium resource base doubles to 119mt @ 1.05% L

SP Angel Morning View: Commodities pull back after strong US NFPs last week

Aura Energy* - (AURA LN) – Completion of gravity survey at Tasiast South expected to allow reinstatement of ASX trading Bluejay Mining* (JAY LN) – BUY, Valuation 37.7p – KoBold Metals signs US$14.5m deal to earn into Disko nickel project in Greenland Caerus Mineral Resources (CMRS LN) – Completion of Cypriot gold project acquisition China Molybdenum (603993 CN) - China Moly to double production of copper and cobalt at Congo mine with $2.5bn investment Core Lithium (CXO AU) – Up to A$140m equ

SP Angel Morning View: Rare Earths continue to rise as other metals pull back on Delta concerns

Altus Strategies* (ALS LN) – BUY, Target 118p – New addition to the team to manage Egyptian portfolio of assets BHP (BHP LN) – Main workers union at Escondida rejects company offer Newcrest Mining Ltd (NCM AU) – Additional targets close to Havieron Piedmont Lithium (PLL AU) – Delays predicted supply timeline for Tesla deal PureGold Mining (PUR LN) – PureGold reaches commercial production URU Metals* (URU LN) – Zebediela project sale completed

SP Angel Morning View: Sentiment continues to improve supported by positive corporate results

AfriTin* (ATM LN) –Uis mine in Namibia aiming towards doubling monthly concentrate output Alba Mineral Resources (ALBA LN) – Identification of new gold target close to Gwynfynydd Altus Strategies* (ALS LN) – New silver/copper licenses secured in Morocco Cornish Lithium (PRIVATE) – DLE technology provider selected for the Pilot Plant Greatland Gold (GGP LN) – Additional drilling results from Havieron Piedmont Lithium (PLL US) – A presentation delivered to Gaston County officials Serabi Gold

SP Angel Morning View: Shanghai steel futures hit new high on policy-driven production curbs

AEX Gold (AEXG LN) – New exploration license application in Greenland Altus Strategies* (ALS LN) – BUY, 118p – High grade copper and silver results in Morocco Castillo Copper (CCZ LN) – Geophysical survey to start shortly in Zambia Cornish Metals*+ (CUSN LN) – Restructuring of deferred consideration IronRidge Resources* (IRR LN) – Full funding agreed for development of Ewoyaa Lithium project in Ghana Kodal Minerals* (KOD LN) – CEO meeting with new Minister of Mines in Mali on Bougouni lithi

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Morning Note – 16 April 2024

Q1 Operating Results

Another Good Year of Diversified Growth with More to Come in 2024 CCapital have released their Q1 operating results. Overall, revenue has come in slightly lower than expected at $80.2m vs TamE of $85.9m but is largely tracking in line with our FY24 annual estimate and we note the company has maintained guidance. Drilling revenue for this quarter was impacted by a fall in utilisaztion rates as well as general remobilisation geographically but we expect a strong recovery throughout the year as k

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Plant Health Care - China distribution with AMVAC

Plant Health Care announced it has signed a distribution agreement with AMVAC, an American Vanguard Company, to support commercialisation of novel fertiliser products incorporating Plant Health Care's Harpinαβ in China starting in 2024. The novel product combines Harpinαβ technology with an AMVAC fertiliser and is expected to help growers improve crop quality and yield as part of an integrated and environmentally responsible crop production programme. AMVAC continues to evaluate Plant Health Car

Morning Note – 15 April 2024

discoverIE - Back to organic growth

discoverIE’s March year-end update confirms a strong operational performance in challenging markets. Following two years when sales increased by +48%, FY 2024 Group sales were +1% ahead of 2023 at CER (reported -3%) driven by a +2% contribution from acquisitions and organic -1%. As expected, organic growth returned in the later part of the year (Q4 +2%, +11% sequentially) and the order book has reverted to normalised levels of c.4.5 months’ sales, which – combined with a continuing strong pipeli

Severfield - Multiple positives should excite investors

Severfield’s trading update indicates that FY23 results are expected to slightly exceed market expectations and the company ends the year with a record UK and Europe order book. Furthermore, with a positive trading outlook and net debt coming in lower than expected, Severfield has announced a £10m share buyback, highlighting the cash-generative nature of the company and management’s confidence in its position. The stock trades on an FY25 P/E of less than 6x and yields 7%, which we believe appear

Warns on brine supply costs

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

PROGRESSIVE: Severfield: Step change in European and Indian outlook

Severfield’s full-year results to March will be ‘slightly above’ the Board’s expectations, according to today’s trading update, with net debt significantly better. We maintain our PBT estimates for both forecast years, which are ahead of consensus, but reduce our net debt for FY24E. Record orders were boosted by the steel specialist’s European operations, after last year’s Voortman acquisition, while the Indian JV has seen ‘another step up in profitability’. The group has also launched its first

Clean and competitive fertiliser

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no