Gem Diamonds (GEMD LN) – Letseng mine recovers two more large diamonds | Golden Star Resources (GSC CN) – Drilling results extend Wassa underground mineralisation | Petropavlovsk (POG) – Update on IRC debt refinancing | Scotgold Resources* (SGZ LN) BUY, Target Price 58p – Development starts today at the Cononish Gold mine in
Scotland | Solgold* (SOLG LN) – Newcrest increases holding in SolGold to 15.23% from 13.83% | Talga Resources * (TLG AU) – vanadium prospect identified in Talga permits
Companies: GEMD GSC POG SGZ SOLG TLG
BHP (BLT LN) 1599p, mkt cap £92.8bn – Special dividend and off-market buy-back | Golden Star Resources (GSC CN) C$4.6, Mkt Cap C$505m – Wassa underground contributes to Q3 results | Ilika (IKA LN) 18p Mkt. Cap. £18m – Ilika improves Bluetooth battery performance | KEFI Minerals* (KEFI LN) 1.5p, Mkt Cap £8.0m – Saudi Arabia exploration licenses renewal | Metals Exploration (MTL LN) 1.4p, Mkt Cap £29m – Typhoon Rosita update | Randgold Resources (RRS LN) 6180p, Mkt Cap £5.84bn – Merger receives SA Competition Tribunal approval | Barrick Gold (ABX US) US$12.55, Mkt Cap US$14.7bn | RioZim – closes three mines in Zimbabwe due to shortage of US dollars
Companies: BHP GSC IKA KEFI MTL RRS ABX
Beowulf Mining (BEM LN) – Kallak Iron Ore project video highlights positives for permitting | Bushveld Minerals* (BMN LN) – Vanadium prices jump higher again as buyers in Europe and China compete for available supply | Golden Star Resources (GSC CN) – Drilling extends Wassa underground resource | Savannah Resources (SAV LN) –Additional licence application in Mozambique
Companies: BEM bmn GSC SAV
Amur Minerals* (AMC LN) –Kun Manie drilling update | Anglo Asian Mining* (AAZ LN) – Interims: maiden dividend (3USc) and dividend policy announced | Bluebird Merchant Ventures* (BMV LN) – Completion of Gubong Feasibility report and project update | Golden Star Resources (GSC CN) – Shareholders approve La Mancha investment | Phoenix Global Mining* (PGM LN) – Interim results | Strategic Minerals* (SML LN) – Redmoor drilling results
Companies: AMC AAZ BMV GSC SML PXC
Bushveld Minerals (BMN LN) - Bushveld Energy progresses testing of new vanadium redox flow battery in South Africa | Centamin (CEY LN) –H1 results and dividend | Golden Star Resources (GSC CN) – Major investment and strategic alliance | IronRidge Resources (IRR LN) – New pegmatite discovered and drilled at Ghana lithium project
Companies: bmn CEY GSC IRR
Amur Minerals* (AMC LN) 4.6p, Mkt Cap £29.3m – 2018 field programme update | Atalaya Mining (ATYM LN) 219 pence, Mkt Cap £296m – Buying royalty for shares | Golden Star Resources (GSC CN) C$0.79, Mkt Cap C$301m – Adding 3.1m oz to inferred resource at Wassa underground | Mkango Resources* (MKA LN) 7.3p, mkt £7.9m – 2017 results | Serabi Gold (SRB LN) 3.8p Mkt value £37.4m – $15m Greenstone investment completed | Savannah Resources (SAV LN) 5.45p, Mkt cap £37.5m – Results and progress report
Companies: AMC ATYM GSC MKA SAV SRB
Altus Strategies* (ALS LN) – TSX-V listing conditional approval | African Battery Metals* (ABM LN) – Cobalt drilling program extended | Beowulf Mining (BEM LN) – Beowulf frustrated over lengthy delays by Swedish government | Golden Star Resources (GSC CN) – Q1 2017 production update | Strategic Minerals* (SML LN) – Cobre quarterly sales
Companies: ALS BEM GSC SML POW
Apollo Minerals (AON AU) – Aurenere sampling results and exploration plan | Bushveld Minerals* (BMN) – New Non-Executive Director appointment | European Metals (EMH LN) – Improved recovery rates in laboratory scale tests | Georgian Mining* (GEO LN) – Appointments mark progress towards mining and major project development | Golden Star Resources (GSC CN) – 2017 reserve and resource update | Petropavlovsk (POG LN) – Annual results FY17 | Phoenix Global Mining* (PGM LN) – Shares issued for Gordon Lake | Savannah Resources (SAV LN) – Deferred consideration for the Portuguese lithium project | Strategic Minerals* (SML LN) – Exploration drilling planned at Mt Weld | W Resources (WRES LN) –Development grant for La Parilla
Companies: bmn EMH GEO GSC POG SAV SML WRES PXC
Botswana Diamonds (BOD LN) – Scoping study for the Thorny River Project | Bushveld Minerals* (BMN) – Vanadium demand set to rise further as China raises standards for steel for | vanadium in high-strength rebar for earthquake resistance | Golden Star Resources (GSC CN) – Recent drilling implies Wassa may be more extensive than currently thought | SolGold* (SOLG LN) – Half-year financial report highlights progress at Alpala, Ecuador and other copper
exploration | Stratex International (STI LN) – Exploration agreement for Hasancelebi and Dogala prospects in Turkey
Companies: BOD bmn GSC SOLG ORR
Golden Star Resources (GSC CN) – Production guidance for 2018 | Mkango Resources* (MKA LN) – Exercise of Warrants | Ortac Resources* (OTC LN) – Name change to Arc Minerals
Companies: GSC MKA OTC
Altus Strategies* (ALS LN) BUY – Target price 12.2p – Tigray-Afar exploration update | Asiamet Resources (ARS LN) – Metallurgical Drilling at BKM | Bushveld Minerals (BMN) BUY – Target price raised to 14.3p from 11p – Bushveld adds value as it consolidates control over Vametco | Golden Star Resources (GSC CN) – Peer recognition as Mining Company of the year in Ghana. | Kibo Mining (KIBO LN) –Acquisition of an advanced coal to power project in Botswana | SolGold* (SOLG LN) – SolGold raises £45m | Vast Resources (VAST LN) – Carlibaba drilling update
Companies: ALS ARS bmn GSC KIBO SOLG VAST
Caledonia Mining (CMCL LN) – Blanket mine resource increases 6% to 714,000oz | Golden Star Resources (GSC CN) – Q3 results report increased production and lower costs | IronRidge Resources* (IRR LN) – Results from trenching and sampling at Echbara in Chad | Randgold Resources (RRS LN) – Remains on track to achieve 2017 production guidance | SolGold (SOLG LN) - BHP wants to buy more copper | Stratex International* (STI LN) / Crusader (CAS AU) – Rebels force sacking of CEO and rejection of Crusader deal
Companies: IRR RRS SOLG ORR GSC CMCL
Anglo Asian Mining* (AAZ LN) – Earnings fall on weaker production; H2 output guided stronger as annual 64- 72koz GE forecast reiterated | Golden Star Resources (GSC CN) – Drilling demonstrates extension to the “B Shoot” at Wassa | IronRidge Resources* (IRR LN) – High-grade gold intersections in trenching at Dorothe in Chad offer multimillionounce potential | Orosur Mining (OMI LN) – Progress report on Uruguay exploration
Companies: AAZ GSC IRR OMI
BlueJay Mining (JAY LN)* – program for summer field season at Pituffik and Disko in Greenland | Capital Drilling (CAPD LN) – Reports strongest H1 revenue since 2013 | Centamin (CEY LN ) – 2017 gold production guidance maintained following Q2 output figures | Georgian Mining* (GEO LN) – Tony Frizelle resigns as non-executive Chairman | Mkango Resources* (MKA LN) – Platts highlight renewed interest in Rare Earth projects as prices recover and | Tesla launches Model 3 | Golden Star Resources (GSC CN) –High grade intersections from infill drilling at Prestea underground | Patagonia Gold (PGD LN) – Commissioning of agglomeration circuit at Cap Oeste Este underway | Savannah Resources (SAV LN) – Raising £1.3m
Companies: JAY CAPD CEY GEO MKA GSC SAV PGD
Atalaya Mining (ATYM LN) – Study on further expansion of the Proyecto RioTinto | Golden Star Resources (GSC CN) –Simplifying the balance sheet | Kodal Minerals* (KOD LN) – Update on Suay Chin financing | BlueRock Diamonds* (BRD LN) – £366,000 raised at 3p per share | Gemfields (GEM LN) – Shareholders should ‘not’ vote for Pallinghurst offer | Ormonde Mining* (ORM LN) – Barruecopardo commissioning targeted for Q3 2018 | Tethyan Resources* (TETH LN) – Chairman’s statement highlights potential of the Suva Ruda and Gokcanica copper porphyry projects
Companies: ATYM GSC KOD GEM TETH ORM BRD
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A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Robust, cash-generative production from mining waste
Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa and is constructing a zinc-lead (vanadium) plant at Kabwe in Zambia after already commissioning the copper and cobalt circuits (the ‘Sable' refinery). The company has a growth pipeline identified and significant opportunities to find new projects in Africa (or globally); more specifically, Jubilee announced that it is looking to increase its copper (cobalt) production in Zambia aggressively to make full use of the Sable Refinery. Jubilee also owns the Tjate PGM project in South Africa, which is currently on hold. The company model is to treat its own waste materials and to supplement these with third party ores and wastes where possible. This year has been nothing if not eventful for Jubilee, but further progress and material catalysts are expected over the course of 2020. Jubilee has a high-margin business with cash on hand, and we see plenty of opportunities for Jubilee to capitalise on its robust business model through the global Covid-19 crisis and beyond. We initiate with a fair value of 11.2p/sh
Companies: Jubilee Platinum
Companies: Hurricane Energy
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet.
The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries.
The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month.
Elsewhere, crude oil dipped but remained on track for a weekly gain.
Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG PMO RBD ROSE RDSA UKOG TRIN
Stable platform agreement approved by creditors
Companies: Premier Oil
Caledonia's Q2 2020 production from its 64% owned Blanket mine in Zimbabwe was 13.5koz gold. This was an increase over the same period last year of 6.2%, leaving Caledonia with a first half production of 27.7koz – well ahead of this time last year (24.7koz) and on track to meet its 2020 full year guidance of 53-56koz (WHI etc. 55.5koz).
Spectra Systems Corporation is a provider of machine-readable high-speed banknote authentication, brand protection technologies and gaming security software. The company has announced that it has executed a new contract with a major world central bank to ‘enhance existing authentication sensors to detect a unique type of counterfeit notes'.
Companies: Spectra Systems Caledonia Mining Corporation Plc Com Shs Npv
Over the last 18 months, Powerhouse has cemented its relationship with Peel Environmental, which is targeting the development of at least 30 distributed modular generation (DMG) plants across the UK. Each of these will potentially generate £0.5m in annual licence fees for Powerhouse. This roll-out is conditional on shareholders approving the proposed acquisition of former development partner Waste2Tricity (W2T) at the general meeting on 14 July
Companies: Powerhouse Energy Group
InfraStrata has raised £9m in gross proceeds via a share placing (subject to the approval of shareholders), which will be used to provide growth capital to execute on the company's pipeline. The proceeds will also be used to repay high-cost short-term debt (leaving the group with a c£4.5m net cash position). Given the significant earnings potential of H&W, along with that of the group's other infrastructure assets as they mature, we consider the company to be significantly undervalued and reaffirm our Buy recommendation.
The market should be in no doubt that Pure Gold will deliver first gold before the end of the year before ramping up to 66koz in 2021 through to 125koz in 2025 (the company is already looking at ways it can accelerate the ramp up). All critical path items are on track with long lead equipment on order, all license applications expected to be approved by Q2, and mine sequencing being planned. Management are already planning on how they might ramp up quicker, improving flexibility in the system with a new decline and tweaking metallurgical recoveries. Perhaps most importantly they are growing their knowledge of the geology with the team putting together a drill programme to start next year once in production. This will target extensions to the 1Moz, 9g/t reserve (will be the 17th highest grade mine in the world when in production) down dip, at satellite deposits and, most excitingly, at Zone 8 where there is already a 0.5Mt resource grading 21g/t.
Companies: Pure Gold Mining
Pure Gold (LSE/TSX: PUR/PGM) have announced a project update for its Red Lake Mine and also its financial results for YE December 2019 today. Importantly the Ontario Government has deemed exploration and mineral extraction an essential business with respect to the COVID-19 pandemic and Red Lake has no known infections at the moment. As such the Project is proceeding as planned with first production due before the end of the year.
AFC Energy is a global leader in the fuel cell sector. It has a proven fuel cell technology which it is commercialising through its H-Power™ product, an off-grid electric vehicle charging system which is run on hydrogen and produces no emissions. The company's core fuel cell technology is a liquid alkaline fuel cell called HydroX-Cell(L)™. The company is also developing a solid alkaline fuel cell called HydroX-Cell(S)™ , the critical component of which is a is a solid electrolyte which upon validation will be marketed under the AlkaMem™ trademark. We expect the AlkaMem™ product to have multiple electro-chemical applications outside of fuel cells. The purpose of this note is to compare AFC Energy's products, markets and business strategy against its listed peers Ceres Power and ITM Power. The note also assesses the state and outlook of the hydrogen market in addition to the proton exchange membrane market, which is relevant for AFC Energy's AlkaMem™ product. As a reminder, we believe AFC Energy has a fair value of 27p/sh.
Companies: AFC AFC AFC
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil price collapse are of unprecedented historical proportions and the opportunities to cut costs much more limited than in 2014, most companies (with a few exceptions) entered the crisis in much better position than six years ago, with stronger balance sheets and often already extended debt maturities. In addition, this time around, many E&Ps have already been deleveraging for 1-2 years and are not caught in the middle of large developments that cannot be halted. The previous crisis also showed that debt providers could relax debt covenants for a certain period as long as interest and principal repayment obligations were met. This implies that as long as operations are not interrupted and counterparties keep paying their bills (Kurdistan), the storm can be weathered by most for a few quarters.
With (1) Brent price of about US$50/bbl in 1Q20, (2) reduced capex programmes, (3) material hedging programmes covering a large proportion of FY20 production at higher prices and (4) limited principal repayments in 2020, we find that most companies can meet all their costs and obligations in 2020 at Brent prices below US$40/bbl and often below US$35/bbl) from April until YE20 and keep their cash intact, allowing them to remain solvent at much lower prices for some time. In particular, Maha Energy and SDX Energy are cash neutral at about US$20/bbl. When factoring the divestment of Uganda, Tullow needs only US$9/bbl to maintain its YE20 cash equal to YE19. Canacol Energy, Diversified Gas and Oil, Independent Oil & Gas, Orca Exploration, Serica Energy and Wentworth Resources are gas stories not really exposed to oil prices and Africa Oil has hedged 95% of its FY20 production at over US$65/bbl.
Companies: AKERBP AOI CNE CNE DGOC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUPE MAHAA OKEA ORC.B PEN PHAR PMO PTAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
Jubilee Metals (JLP) – Corporate – Large copper tailings project in Zambia – staged expansion for Sable
Market Cap £82m Share Price 3.8p
Jubilee announced yesterday that it had secured a JV with a private company - Star Tanganika – for the rights over a copper project at Ndola in Zambia. The purchase price was $5m ($0.6m in cash the rest in shares in Jubilee) which will be used to advance a further potential copper tailings project held by the owners of Tanganika. Jubilee will provide all of the operating and capital funding for the first phase project and will receive 75% of the project earnings until all capital is recovered dropping to 60% after that – Jubilee will also have first right of refusal over the copper-bearing concentrates produced on 3rd party offtake terms.
Recent test results have confirmed the ‘tremendous’ potential of Touchstone’s Cascadura discovery, onshore Trinidad. The results point to a larger discovery than previously expected, with higher well deliverability. This drives a significant increase to our valuation, raising our risked-NAV and price target by 33% to 68p/sh. A return to exploration beckons, with the Chinook well approaching and further drilling at Cascadura and Royston planned over the next 12 months. Beyond that, a further 20 drilling locations have already been identified on the Ortoire block. While Touchstone trades at a higher multiple of NAV than peers, that is for good reason as this equity story is set to run and run.
Companies: Touchstone Exploration
Caledonia, which operates the Blanket gold mine in Zimbabwe, announces today a second dividend increase for 2020 with an increase of their dividend from 7.5c a quarter to 8.5c a quarter – an annualised 34c/yr which currently yields 2.3%. This comes on the back of a first increase in January of this year when Caledonia raised its dividend from 6.9c/quarter.
Avation is a lessor of 48 commercial aircraft to a diversified airline client base. This morning, the group has released results for the nine months to 31 March 2020, which illustrate that the business remained profitable in Q3 FY 2020.
Phoenix copper today provides the results from the initial metallurgical test work to recover precious metals from the Empire deposit. Results from leaching with non-toxic ammonium thiosulfate (ATS) resulted in high gold recoveries of nearly 98% gold, and silver recoveries of between 70% and 80%. A full metallurgical report on this new work is available on Phoenix Copper's website.
Companies: CMCL AVAP PXC