SP Angel Morning View: Tin and Rare Earths continue to lead as iron ore and steel prices pull back

Aura Energy* - (AURA LN) – Quarterly report highlights progress with Tiris uranium project Beowulf Mining* (BEM LN) – £100k investment in Vadar Caerus Mineral Resources (CMRS LN) – Option agreement with Bezant Resources Caterpillar – (CAT N) – Cost inflation hits shares despite rise in quarterly earnings CGN Mining (1164 HK) – CGN Mining signs deal to acquire 49% of Ortalyk from Kazatomprom for US$435m Power Metal Resources* (POW LN) – Significant expansion of exploration ground in the KCB

SP Angel – Morning View

MOD Resources (MOD AU) –Amended resource estimate for T3 | Metal Tiger (MTR LN) - holds a 30% joint-venture interest in the project | Shanta Gold (SHG LN) – Drilling at Bauhinia Creek update | SolGold* (SOLG LN) – Ten priority targets identified in Ecuador | Tri-Star Resources* (TSTR LN) – Repayment of Loan Notes | URU Metals (URU LN) – Geophysics and geochemistry follow-up programmes at Zebediela

SP Angel – Morning View

Anglo American (AAL LN) – De Beers diamond sales | BHP Billiton (BLT LN) – Update on conditional agreement on Samarco civil claims | Cradle Arc (CRA LN) (Formerly Alecto Minerals) – Mowana copper mine update and guidance | Kodal Minerals* (KOD LN) – Receipt of £1.2m from Suay Chin | Tri-Star Resources* (TSTR LN) – Successful completion of £13m fund-raising

Small Cap Brunch

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Sell down of £16.5m, Mkt Cap £43.2m. Mar18 FY rev £12.8m, underlying earnings £3.7m. Due 27 June. Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and b

SP Angel – Morning View

Kibo Mining (KIBO LN) – Sale of Haneti nickel project | Tri-Star Resources* (TSTR LN) – Raising £13m in accelerated bookbuild

SP Angel – Morning View

Amur Minerals* (AMC LN) – Low C1 cash costs estimates point to high margin production potential at Kun Manie | Bluejay Mining* (JAY LN) – STRONG BUY - Target Price 45p – Bluejay increases license area around Disko nickel prospect in Greenland | IronRidge Resources* (IRR LN) – Four licenses granted in the Ivory Coast covering gold and lithium exploration | Savannah Resources (SAV LN) – Savannah Resources delineates largest hard rock lithium deposit in Europe at the Grandao deposit, Mina do Barros

SP Angel – Morning View

Pathfinder Minerals plc (PFP LN) £0.55p, mkt cap £1.3m – Requisition for General Meeting to remove Nick Trew and Sir Henry Bellingham | Serabi Gold (SRB LN) 3.8p Mkt value £26.3m – 2017 results, 2018 guidance and US$8m placing | Tri-Star Resources* (TSTR LN) 0.035p, mkt cap £22.3m – SPMP draw closer to completion of Oman Antimony Roaster

SP Angel – Morning View

Avesoro Resources (ASO LN) – Infill drilling results from New Liberty | Rio Tinto (RIO LN) – Rio Tinto announces another Australian coal disposal | Tri-Star Resources* (TSTR LN) – Project and Trade Finance facility for SPMP

SP Angel – Morning View

Altus Strategies* (ALS LN) Buy – 12.2p – Gold licenses secured in Cote d’Ivoire and a proposed private placing | Kodal Minerals* (KOD LN) BUY – Further high-grade drilling results from Bougouni lithium project | Metminco (MNC LN) – Metminco rights issue, management changes and new strategy | Savannah Resources (SAV LN) – Mina do Barroso metallurgical testing | Tri-Star Resources* (TSTR LN) – Board changes assert Odey Asset Management on board

SP Angel – Morning View

Altus Strategies (ALS LN) 8.5p, Mkt Cap £9.2m – Liberia exploration update | SolGold* (SOLG LN) 25p, Mkt Cap £424.1m – New copper mineralisation discovered at Timbara | Strategic Minerals* (SML LN) 2.017p, Mkt Cap £26.7m – Exploration results from Hanns Camp | Tri-Star Resources* (TSTR LN) 0.0375p, mkt cap £23.9m – Additional investment in SPMP | Bushveld Minerals* (BMN) BUY – Target price rises to 18.28 from 14p – Vanadium price rise more than offsets SA rand strength

SP Angel – Morning View

Arc Minerals* (new ticker ARC LN) 2.5p, Mkt Cap 8.3m – New momentum to drive Arc Minerals in copper, cobalt and gold | Acacia Mining (ACA LN) 199.5 pence, Mkt Cap £818.1m – Cost reductions delivered on lower gold output | Caledonia Mining (CMCL LN) 552.5p, Mkt Cap £58.5m – Record quarterly and annual gold production from the Blanket mine | Central Asia Metals (CAML LN) 329p, Mkt Cap £578m – Q4 and FY17 production update | Gem Diamonds (GEMD LN) 93p, Mkt Cap £128.9m –Largest diamond recovered fro

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – CEO loan update | Asiamet Resources (ARS LN) – Drilling potential feeder zone at BKZ | Kenmare Resources (KMR LN) – 2018 production guidance and update | Tri-Star Resources* (TSTR LN) – Oversubscribed open offer raises £4.42m

SP Angel – Morning View

Erris Resources (ERIS LN) – Admission to AIM Tri-Star Resources* | (TSTR LN) – Deeply discounted Open Offer to raise £4.4m to re-finance Odey loan notes and cost overrun

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – Start of mining at Ugur ramps up production rate | Metminco* (MNC LN) – Interim results and progress report on Miraflores | Tri-Star Resources* (TSTR LN) – Interim report and update | Vast Resources (VAST LN) – Baita Plai mining licence expected shortly

SP Angel – Morning View

Asiamet Resources (ARS LN) – Filing of updated resource report | Avocet Mining (AVM LN) – Extension of standstill agreement with Inata’s major creditors | Mkango Resources* (MKA LN) – Respected industry observer sees 50% YTD price increase in key rare earth elements in China | Tri-Star Resources* (TSTR LN) – Antimony prices continue to rise as environmental shutdowns in China cause stock levels to fall

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.

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

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

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

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

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

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

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

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

Challenger Energy (CEG LN) - £1.5m strategic investment in Challenger

Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six

Is there a “big-picture” change in the cards?

We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.

JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s

Morning Note – 4 April 2024