Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Presentation at Proactive Investors | Patagonia Gold PGD LN Price & MV - Major shareholder provides US$15m loan facility

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and developm ent com pany brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Polemos, to be ren

SP Angel – Morning View

Asiamet Resources (ARS LN) – BKM resource drilling | ARC Minerals* (ARCM LN) – £2.2m funding | BHP Billiton (BHP LN) - H1 results | Patagonia Gold (PGD LN) – Closure of Lomada de Leiva and Cap Oeste | Strategic Minerals* (SML LN) – Exercise of options | Talga Resources* (TLG AU) – Further gains from Talga high energy battery anode product

SP Angel – Morning View

Bacanora Minerals (BCN LN) – Interim Results | Bushveld Minerals (BMN LN) – Lemur Q4 operational update | Crusader (CAS LN) - General meeting to endorse or restructure the board | Patagonia Gold (PGD LN) – Drill results from Uruguay | Serabi Gold (SRB LN) – Progress report shows January gold production in line with guidance

Small Cap Feast

United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

SP Angel – Morning View

Arc Minerals* (ARCM LN) – Arc further consolidates Zamsort where drilling is underway | Ariana Resources (AAU LN) – Preliminary Q2 production report for Kiziltepe | Bushveld Minerals* (BMN LN) – BUY, Target 25p – Ferrovanadium prices hit new peak - Bushveld Energy operating update | European Metals (EMH LN) – Latest test work shows improved recovery rates | Patagonia Gold (PGD LN) – Q2 Cap Oeste production and revised 2018 guidance | Rio Tinto (RIO LN) - Minerals sands operation in South Africa

SP Angel – Morning View

Patagonia Gold (PGD LN) – Q1 Cap Oeste production – 2018 guidance under review | Rio Tinto (RIO LN) – Exploration collaboration with China Minmetals | Strategic Minerals* (SML LN) – Amendments to Cobre sales contract

Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne,

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – Detailed 2017 exploration update | Patagonia Gold (PGD LN) - Calcatreu resource update | SolGold* (SOLG LN) – Initial drilling at Aguinaga hits mineralisation | Stratex International (STI LN) – Dalafin option approved | Vast Resources (VAST LN) – Increased resource estimates for Manaila

SP Angel – Morning View

Glencore (GLEN LN) 400p, Mkt Cap £58bn – Trading and marketing drives Glencore earnings | Mkango Resources* (MKA LN) 9.3p, mkt 9.7m - Rare Earth Element prices hike higher | Patagonia Gold (PGD LN) 1.3p, mkt cap £31.3m - Proceeding with Calcatreu option | Pathfinder Minerals plc (PFP LN) £1p, mkt cap £2.4m – Mozambique | Rainbow Rare Earths Ltd (RBW LN) – 13.9p, mkt cap £24.2m – Raising £2.8m for growth plans at Gakara

Small Cap Breakfast

Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.25m. Expected 10 Jan 2018 Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com po

SP Angel – Morning View

Mkango Resources* (MKA LN) – TSXV grants conditional acceptance of Talaxis deal | Patagonia Gold (PGD LN) - Proceeding with Calcatreu option | Serabi Gold Price (SRB LN) – Mineral reserve/resource update | Sula Iron & Gold (SULA LN) – Acquisition of cobalt licence in DRC and name change | Strategic Minerals* (SML LN) – Redmoor phase 2 drilling results

SP Angel – Morning View

Altus Strategies* (ALS LN) BUY – Target price 12.2p – Agreement to acquire Legend Gold completed | Bacanora Minerals (BCN LN) – Founder’s family estate serves legal action against Bacanora Minerals | BHP Billiton (BLT LN) - Establishing process for Samarco claims | Bushveld Minerals (BMN) - BUY – Target price maintained at 11p – First vanadium Redox battery deployed at Eskom | Ferrum Crescent (FCR LN) – Director comes aboard AIM company at reasonable salary level | Patagonia Gold (PGD LN) - Rais

SP Angel – Morning View

Kodal Minerals* (KOD LN) – Chinese lithium processor completes equity subscription | Ortac Resources* (OTC LN) – Akyanga drilling results |Patagonia Gold (PGD LN) – Cap Oeste Este resource estimate and revised 2017 production guidance | Strategic Minerals* (SML LN) – Hanns Camp drilling results | Stratex International* (STI LN) / Crusader (CAS AU) – Stratex CEO removed from board by shareholder vote but remains as an employee as CEO

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

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.

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.

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

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be