Talga’s trial graphite mining, now begun at the Vittangi project in Northern Sweden, has shown ore quality consistent with earlier drilling but also with mineralisation occurring at a much shallower depth than originally expected. The reduced overburden clearly bodes well for full development of the project as the company moves towards finalising Talnode®-C customer qualification and completing project financing.
Companies: Talga Group Ltd.
The financial year to June 2021 has seen Talga actively progress the development of the Vittangi anode project, and this is reflected in the full-year numbers published on Friday. The company is now well placed for the current year with key relationship in place and both a detailed feasibility study and a further scoping study pointing to significant expansion.
Talga Group is to undertake depth extension drilling at the Vittangi graphite project in northern Sweden and is also to commence trial mining at the Niska South deposit, part of the same project. Exploitation concession applications have also been submitted following the Niska Scoping Study expansion plans. The activity is a result of significant commercial interest in Talga’s low carbon anode material. Talga now sees annual demand from engaged customers in 2025 running at almost 275,000 tonnes
Talga Group has confirmed that its graphite battery anode product has extremely low lifecycle emissions, representing a 96% reduction on Chinese anode material. This is a major stand out for the company at a time when automotive manufactures and other battery customers are under pressure to decarbonise their supply chains. We see it as confirming Talga product as the material of choice for European producers and bodes well as the company develops its resources in Sweden.
Anglo American (AAL LN) – Record H1 performance as stimulus measures spur recovery
BeMetals (BMET CN) – Technical report for Kato Gold project identifies multiple drill targets
Caerus Mineral Resources (CMRS LN) – Disposal of Black Pine licences
Keras Resources* (KRS LN) – Mining season commences at Diamond Creek
Kodal Minerals* (KOD LN) – Nielle project shows intersections of wide gold mineralisation in drill results
Oriole Resources (ORR LN) – Exploration progress at Senala, Senegal
Companies: BMET AAL CMRS KRS KOD ORR RBW TLG
Talga has announced a major increase in its exploration target in Northern Sweden with the results of surveys increasing the target to 170Mt to 200Mt from the previous 26Mt to 46Mt. This comes at a time as plans for battery manufacturing across Europe are growing, increasing the prospect of Talga becoming a key supplier to the European battery industry in our view.
Talga’s DFS for the Vittangi Anode project is well timed, coming as the company is progressing due diligence on development with Mitsui and LKAB. Broadly the work confirms the earlier PFS and the higher capex now expected brings the output into line with the latest customer requirements as well as enabling potential expansion that could eventually increase output by five times. This is a key document in moving Talga towards commercial realisation of the project and developing its role in the Eur
Bushveld Minerals* (BMN LN) – Sir Mick Davis expects significant growth in demand for vanadium
Anglo American (AAL LN) – Sale of Cerrejon interest completes exit from thermal coal
Caerus Mineral Resources (CMRS LN) – Acquisition of Cyprus Gold Mines
Condor Gold* (CNR LN) – Drilling results from Cacao demonstrate lateral and depth extension potential
Ferro Alloy Resources (FAR LN) – Vision Blue invest a further $7m into vanadium producter
Firefinch (FFX AU) – Firefinch completes A$47m placin
Companies: FAR AAL BMN CMRS CNR GLEN GRL FFX TLG
We see extending the LoI with LKAB and Mitsui as reflecting growing interest in supplying a European battery industry. The Vittangi anode project is likely to be a key component of that industry and we view the LoI extension in that context.
Europa Metals Limited (EUZ LN) – Appointment of PFS manager for the Toral zinc, lead, silver project in Spain
Glencore (GLEN LN) - to restart Mutanda mine towards end of 2021
Kavango Resources (KAV LN) – Ben Turney appointed CEO
Talga Group* (TLG AU) – Talga signs deal with FREYR for battery anode materials
Companies: GLEN KAV EUZ TLG
Talga’s wide-ranging MOU with FREYR demonstrates the strong interest in the company’s output, not just of graphite but of advanced anode materials. The geographical proximity of the FREYR site in northern Norway makes this a logical deal for both parties in our view.
Talga has completed two feasibility studies on the potential for the development of an anode refinery in the UK for both its graphite and silicon based anodes. With growing battery production plans the move gives Talga additional opportunities for output from its Swedish operations and would benefit the UK with access to raw material with both a low cost and low embedded emission characteristics.
The International Energy Agency (IEA) published its Net Zero by 2050 roadmap. This confirms work by others showing high demand for renewable energy, storage, electric vehicles and hydrogen if we are to reach a position of global net zero emissions by 2050. Given historic criticism of the IEA for failing to recognise the role of renewable energy, we see this report as an important indicator of how far expectations are shifting in favour of clean energy.
Companies: ADN DRX GSF ITM NESF PHE SAE SIT STRLNG TLG VLS
Talga’s quarterly update shows steady progress, and the breadth of work is notable, highlighting the multiple opportunities available to the company in our view. While the graphite mining project is important, much of the value in the shares comes from the development of advanced battery anodes and other speciality products and it is reassuring to see the company moving ahead across the board.
The development of Talga’s EVA plant to meet growing demand for customer samples bodes well for the company in our view, demonstrating significant interest in the output from the 19,000t Vittangi Anode project and the 85,000t Niska Project extension. A locally sourced, ultra-low emission, source of graphite is critical for the emerging European battery industry and Talga is uniquely placed to meet this need.
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Savannah provided its interim snapshot yesterday and it is worth pointing out where it has come from and where it is going to, with a catalyst-rich future ahead of it. The Mina do Barroso project remains one of the most advanced spodumene projects in Europe and as such is very well located in terms of market (close to a main end-use market with all the freight savings – cost and carbon – that implies) and available green energy to power production. The project benefits from political support fo
Companies: Savannah Resources Plc
Phoenix copper today provides an operational update with plenty of work streams running in parallel. It continues to make progress on finalising plans for bringing the Empire oxide open pit into production after nearly completing its hydrological studies and finalising plans for a permanent mine office in Mackay – 5 miles from the proposed operation.
Companies: Phoenix Copper Ltd. (United Kingdom)
H1 2021 results
Companies: Jersey Oil & Gas PLC
Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned
Companies: Central Asia Metals Plc
Companies: Shanta Gold Limited
£8.5m equity raise at 25p for appraisal drilling
Companies: IOG PLC
No surprises in JOG’s interim results, with the market’s main focus – the company’s GBA Development farm-out process – ongoing. The resurgence of UK North Sea M&A has brought the shares back to life recently as the market is reminded of the scale of the resource and development opportunity JOG is sitting on. While JOG’s main focus remains on securing funding and a partner for its GBA Development, the company has indicated it is reviewing a number of potential acquisitions/mergers. JOG’s strong m
EQTEC have confirmed that they have signed a Share Purchase Agreement with Rotunda Energy Ltd and its subsidiary Shankley Biogas Ltd to acquire ownership of the Southport Hybrid Energy Project from Rotunda.
Companies: EQTEC PLC
While the Permian was considered as a core region for the group, we believe this transaction makes sense. Given the new strategy, there is indeed a limited interest in keeping short cycle and high cost assets in the portfolio. This might also tell that, by selling the most liquid assets, divesting remains challenging. The good news is that, by distributing most of the proceeds back to the shareholders, Shell does not depend on divestments to fund its transition.
Companies: Royal Dutch Shell Plc Class A
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Companies: Union Jack Oil Plc
The Wressle oil field, in which Union Jack (UJO) holds a 40% working interest has achieved flow rates of 964 boepd from the primary Ashover Grit reservoir. This has been attained on a restricted choke setting and no formation water has been produced as the well continues to clean up. This is very positive news for UJO given that the reported flow rate exceeds initially forecasted rates by a substantial margin and further operations to increase gas handling capacity could increase hydrocarbon
Jersey Oil & Gas announced its interim results of which we believe the key news items are as follows:
i) The company had a cash balance of £17.06m as at 30 June 2021;
ii) The company indicated its farmout process is ongoing that that the company is engaged with both industry parties and potential infrastructure funders; and
iii) Regional electrification collaboration within the Central North Sea is building momentum amongst industry parties and the GBA is ideally located to be an integral p
Calima Energy (CE1 AU)C; Target of A$0.75 per share: Good production performance – Production in August was 3,493 boe/d, up 200 boe/d compared to July as all the new wells at Brooks now contribute to production, more than offsetting natural decline. Financials for August are broadly in line with our expectations. The three new Thorsby wells drilled in August and September could be on stream for November with an individual IP rate of ~2
Companies: ALV ALV CE1 COP COP EDR IOG RDSA TETY TETY TXP
Touchstone announced its fifth consecutive discovery on the Ortoire block in Trinidad last week, with the Royston well encountering nearly 400ft of hydrocarbon pay, double pre-drill expectations. The discovery needs to be production tested to confirm its commercial viability but is thought to be the largest geological structure on the block in the Herrera formation, which could ultimately rival Shell’s 500 bcf Central block reserves. We are lowering our geological risking on Royston, which incre
Companies: Touchstone Exploration Inc