Hybridan Small Cap Feast - 16/04/2024

16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

Morning Note – 16 April 2024

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

SP Angel Morning View: Gold prices soar over $2,200/oz as Fed Chair Powell reiterates rate cuts this year

Cornish Metals: Full year results released with solid cash balance ahead of Q2’24 PEA and further catalysts

Cornish Metals (“Cornish”) has released its annual audited financial statements and MD&A, with a cash spend slightly below H&Pe for a December year end cash balance of C$26m. We update our model to account for this and the new December year end (previously January). As we look back on the past 12 months, Cornish achieved several important milestones in the advancement of its South Crofty Tin Project in Cornwall, UK. These include the full commissioning of the Water Treatment Plant in November, i

Morning Note – 21 March 2024

Cornish Metals - Tin in 26

Cornish Metals offers exposure to a permitted tin-copper development project at South Crofty, UK, with a Feasibility Study being conducted, infrastructure – including shaft – in place, and dewatering and refurbishment underway. Exploration activities have proved successful and have the potential to drive growth and extend the life of mine going forward. The reopening of South Crofty would bring tin concentrate production back to the UK, offering security of supply and environmental & socio-econo

Cornish Metals: Richard Williams departs and Ken Armstrong steps in as interim CEO ahead of next stage of development

Cornish Metals (“Cornish”) has announced a change of management with Richard Williams departing as of 31st March. Mr Williams was integral to the advancement of Cornish and South Crofty, including the acquisition of the project and securing of the Vision Blue Resources investment in 2022. Mr Williams will remain available to the company on a consulting basis with Ken Armstrong stepping in as interim CEO whilst a search for a permanent CEO is underway. Mr Armstrong is a Non-Executive Director and

Hybridan Small Cap Feast - 15 Mar 2024

15th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Forward Partners Group (FWD.L) has left AIM following its acquisition by Molten Ventures (GROW.L) What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you wo

SP Angel Morning View: Tin prices climb as supply remains constrained from Indonesia and Myanmar

Cornish Metals: Cornish re-jigs timeline to production with NCK shaft refurbishment brought forwards

Cornish Metals (“Cornish”) has announced a reordering in the timeline to first production at the South Crofty tin project in Cornwall, UK. The change surrounds the refurbishment of the New Cooks Kitchen (“NCK”) shaft which was originally scheduled for post-dewatering. Overall, we see this rescheduling as a sensible decision with marginal impact to the beginning of operations. Cornish also announced their updated Preliminary Economic Assessment (“PEA”) remains on schedule for publication in H1’24

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: HLMA, AV., ITRK, HICL, SNR, TET, CRW, CUSN, & SRC.

SP Angel Morning View: Gold soars to two-month high as traders reconsider June rate cut potential

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Morning Note – 22 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren