Avesoro Resources (formerly Aureus Mining) (ASO LN) – 2017 guidance | DiamondCorp (DCP LN) Suspended – Hiccup in business rescue plan
Firestone Diamonds (FDI LN) – Liqhobong construction complete and first diamond sale expected in early February | Petropavlovsk (POG LN) Hold – Valuation under review – 2016 production and 2017 guidance | Rainbow Rare Earths Ltd – to be listed on the Standard List on Monday – Rainbow raises $8m for Gakara highgrade rare earths mine in Burundi | Stratex International (STI LN) – Exploration update on Goldstone’s Homase/Akrokerri project in Ghana
Companies: AUE DCP FDI POG ORR
ASA Resource Group* (ASA LN) – Freda Rebecca lawsuit | Avesoro Resources (formerly Aureus Mining) (ASO LN) – Update on project debt repayment schedule. | Golden Star Resources (GSC CN) – Guiding towards a 31% to 44% gold production increase in 2017 | Strategic Minerals* (SML LN) – Appointment of exploration manager | Tertiary Minerals* (TYM LN) – Evaluating acquisition opportunities | ZincOx (ZOX LN) SUSPENDED – Sale of remaining interest in the Korea Recycling Plant
Companies: ASA GSC SML TYM ZOX AUE
Avesoro Resources (formerly Aureus Mining) (ASO LN) – Update on project debt repayment schedule. | Condor Gold (CNR LN) – Exploration identifies new potential targets in the La India district | Hochschild Mining (HOC LN) – Protests lead to temporary stoppage at Pallancata | Petropavlovsk* (POG LN) – FY16 production target revised down to 415-430koz at $700/oz TCC
Companies: AUE CNR HOC POG
Asiamet Resources (ARS LN) – Raising £2m to complete BKM feasibility study | Aureus Mining (AUE LN) – Completion of US$76m fund-raising and name change. | Berkeley Energia (BKY LN) – Land acquisitions to accelerate development of the Salamanca uranium project | Golden Star Resources (GSR CN) – Wassa underground – drilling results | Hummingbird Resources (HUM LN) – US$55m debt facility for Yanfolila development | Ortac Resources* (OTC LN) – Andiamo Exploration update highlights new joint venture value | Peak Resources (PEK AU) – Peak selects site in Tees Valley, UK for Rare Earth Refinery
Companies: ARS AUE BKY GSC HUM PEK OTC
Amur Minerals* (AMC LN) – Access road update | Aureus Mining (AUE LN) – Q3 Operational update | DiamondCorp (DCP LN) Suspended – Lace Diamond mine closed as storm causes production level to flood | Caledonia Mining (CMCL LN) – Looking for a 20% increase in gold production in 2017. | Metals Exploration* (MTL LN) – Equity placement | Serabi Gold (SRB LN) – Record Q3 gold production and increased 2016 guidance | Strategic Minerals* (SML LN) – Exploration of Australian gold and nickel projects
Companies: AMC AUE DCP CAL MTL SMC SRB
We look at some recent smaller company mine start-ups. Some have been impeccably managed, with projects coming in ahead of schedule and on or under budget. Others have suffered teething problems before settling down whereas a few have fallen seriously short of expectations and have required substantial refinancing.
Companies: APF ATYM AUE BKY CAML FDI GEMD GEM HZM NCCL PAF PDL SHG WTI WLF
ANGLO AMERICAN PLC | AUREUS MINING INC | IRONRIDGE RESOURCES LIMITED | METMINCO LTD | NORICUM GOLD LIMITED
Companies: AAL AUE MNC IRR NMG
Airlander | Aureus Mining | Kefi Minerals
Companies: AUREUS MINING KEFI Gold & Copper Plc
Parkmead Group (PMG): Initiation of coverage – History repeating itself (BUY) | Utilitywise* (UTW): A year of delayed growth but improved cash flow (CORP) | Ideagen* (IDEA): A strong bond is formed (CORP) | Lok’nStore* (LOK): Growing footprint (CORP) | Sound Energy (SOU): Tendrara – first flow test achieved (BUY) | Aureus Mining (AUE): Q2 operating results (U/R)
Companies: PMG UTW IDEA LOK SOU AUE
Aureus Mining (AUE LN) | BHP Billiton (BLT LN) | Kibo Mining (KIBO LN) | Petra Diamonds (PDL LN) | Strategic Minerals (SML LN)
Companies: AUE KIBO PDL SML BHP
Aureus Mining (AUE LN) | Mkango Resources* (MKA LN) | Ormonde Mining* (ORM LN) | Scotgold Resources (SGZ LN)
Companies: AUE MKA SGZ ORM
We look at lithium – outlook, demand and supply. The metal is currently the subject of an astonishing level of hype, although massive near-term demand growth does appear to be real, driven principally by the growth in demand for electric and hybrid electric vehicles. We conclude that while demand is expected to grow rapidly, several substantial new sources of supply are scheduled to start producing in the near future with much more to follow. Currently known lithium reserves and resources are sufficient to power around nine billion cars – there is no shortage. We therefore see little need for prices to remain at present elevated levels for much longer.
Companies: APF ACP ATYM AUE CAML FDI GEMD GEM HZM NCCL PAF PDL SHG WTI WLF
Telecom Plus: Customer quality step change (BUY) | Aureus Mining: Refinancing, debt standstill and change of management (U/R)
Companies: Telecom Plus Plc AUREUS MINING
Aureus Mining (AUE LN) | Glencore (GLEN LN) | W Resources (WRES LN) | Trans-Siberian Gold (TSG LN)
Companies: AUE GLEN WRES TSG
Amur Minerals* (AMC LN) | Aston Bay Holdings (BAY CN) | Aureus Mining (AUE LN) | IRC LTD (HK1029) Petropavlovsk* (POG LN) | Karelian Diamonds (KDR LN)
Companies: AMC BAY AUE 1029
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Jersey Oil & Gas has announced that it has selected a greenfield four-legged platform to develop the Greater Buchan Area which will utilise existing export pipeline infrastructure. We see near-term scope to increase materially our fair value estimate from 268p. We believe that today's news is price material and that it sets the scene for a near-term catalyst rich outlook for the company. It is an opportune time, in our opinion, to gain exposure to the Jersey Oil & Gas investment opportunity.
Companies: Jersey Oil & Gas Plc
In H1, 2020 and the period directly following (Q3, 2020), EQTEC has made substantial operational progress, significantly boosting its project pipeline and strengthening its balance sheet with an over-subscribed £10m fund raising in July 2020. Revenue generation in H1, 2020, however, was constrained due to the impacts of Covid-19 and severe fires in California. We now forecast revenue of €2.4m in 2020E, compared with our previous forecast of €7.0m. Importantly, no projects have been cancelled. Delayed revenue is expected to flow into 2021E. Select new projects, having been secured in 2020, are expected to reach financial close in 2021E and 2022E, in addition to those existing projects under development in those years. As a result, we are increasing our 2021E and 2022E forecasts.
Companies: EQTEC Plc
H1 2020 results; progress on concept selection
Central Asia Metals (CAML LN) reported robust interim results in the context of the H1 2020 backdrop; solid production and the company’s fundamentally low cost base meant that CAML remained profitable despite the sharp pullback in commodity prices during the period which led to a 17% YoY decline in revenue to US$70.8m. Consequently, EBITDA was down 25% YoY to US$42.5m despite a decline in unit costs of 6% YoY at Kounrad and 9% YoY at Sasa to US$0.48/lb and US$0.43/lb respectively which cushioned the impact of the weaker the top line. With no significant one offs in the period, EPS of US$0.10/sh. was 33% lower YoY.
Companies: Central Asia Metals Plc
Talitha Shelf Margin Deltaic LKA resource report
Companies: Pantheon Resources Plc
The stock was up 12% on Friday, 25/09, sparked by the positive outcome on Vodafone’s dispute with the Indian tax authorities. This is encouraging for Cairn, but note that both cases differ. While the tax authorities simply erased Vodafone’s tax bill, they owe up to $1.4bn to Cairn, and could offer more resistance.
Companies: Cairn Energy Plc
Another set of record results from Iofina, with H1 2020 benefiting from improved iodine pricing, solid cost controls and robust operational performance. Some of the shine will be taken off by the cautionary tone over the impact of COVID-19 on current iodine demand and pricing. Nevertheless, these results on top of the recent debt refinancing again demonstrate the continued improvements Iofina is delivering both operational and financially. It now has a solid platform of diversified low cost iodine production from five plants, a range of iodine and non-iodine specialty chemicals products, an improved balance sheet and a new lending partner with which to deliver its ‘prudent growth’ ambition.
Companies: Iofina Plc
H1/20 has been a highly successful period for United Oil & Gas, during which time it has successfully transformed into a full-cycle E&P company. Key to this success has been the Abu Sennan acquisition, with net production increasing to 2,700boepd at the end of June. The significant production and reserve additions delivered as part of the 2019-20 drilling campaign emphasises the considerable upside that still remains in the block. Post period, United were granted a 100% operated working interest and an 18-month extension to the Walton-Morant licence, offshore Jamaica. At 229mmbbls, the Walton-Morant licence has the potential to have a major impact on United, which we value at US$724.3m or 76.8p/share unrisked. We update our valuation, increasing our price target to 19.1p/share, a 549% premium to the current share price and reiterate our BUY recommendation.
Companies: United Oil & Gas Plc
Adriatic Metals* (ADT1 LN) – Annual results and review of exploration | AfriTin (ATM LN) –– H1 report highlights production ramp-up at the Uis mine | Ariana Resources* (AAU LN) – US$30m partial disposal of Turkish Assets | Anglo Asian Mining* (AAZ LN) – BUY – Gedabek continue unaffected by the Nagorno-Karabakh conflict | Cornish Lithium (Private) - Cornish Lithium looking to bring the EV supply chain closer to home | IronRidge Resources* (IRR LN) – FY20 results: well positioned to continue de-risking portfolio projects with A$7.3m in the bank | Kavango Resources (KAV LN) – Resuming field exploration of the Kalahari Copper Belt, Botswana | Power Metal Resources (POW LN) – Exploration gets underway on Botswana joint-venture | Rambler Metals and Mining* (RMM LN) – Interims and refinancing of debt and planned restoration of mine production at higher copper grade | Renascor Resources (RNU AU) – Offtake agreement with Chinese anode manufacturer highlights China’s dominance of supply chain | Trans-Siberian Gold (TSG LN) – 8c interim dividend declared reflecting robust FCF and strong outlook | Versarien* (VRS LN) – New Advisory Panel brings together global leaders in graphene within Versarien
Companies: ADT1 ATM AAU AAZ IRR KAV POW RMM RNU TSG VRS
EQTEC announced (last Friday afternoon) an extension of the exclusivity period of the Billingham MOU until 22 November 2020. The extension of the MOU exclusivity period is with the aim of finishing the preparation of a legally binding option agreement with Scot Bros. which, if agreed, will grant EQTEC and its partners the right, but not the obligation, to purchase the entire issued share capital of Billingham EFW Limited (the project SPV) from Scott Bros. subject to an agreement on consideration and other terms.
West Newton B-1 drilling update
Companies: Union Jack Oil Plc
Chariot’s interims represent something of a line in the sand for the new management team, with historic oil-focussed deepwater exploration spend written-off, demonstrating its recent corporate and strategic ‘reboot’, which has ushered in a more entrepreneurial approach. Strategy has shifted away from higher-risk frontier exploration in favour of opportunities that better fit the energy transition. With the annual cash burn cut 45% to US$2.5m, no remaining work commitments and period-end cash of US$5.8m, management has a clear path ahead to deliver on its ambitions.
Companies: Chariot Oil & Gas Ltd.
Hargreaves’ FY20 results are very solid indeed. As previously reported, the only noticeable impact from COVID was in the slippage of Blindwells’ land sales, which were due to conclude during the lockdown period. Site activity has resumed and sales remain on track to conclude in the current year. A final dividend of 4.5p has been declared and the outlook statement is measured but confident. We reintroduce forecasts today, effectively reinstating our pre-COVID expectations. Hargreaves is well positioned to deliver a period of significant, renewed growth with the prospect of a double digit dividend yield from FY22 as HRMS profits are distributed.
Companies: Hargreaves Services Plc
Ready to steppe it up – initiating coverage
Companies: Enwell Energy Plc
Despite a lack of update on the Indian tax dispute (with the panel expecting to give an award after the end of the summer), the results are decent. Production averaged 22.4kboed, at the higher end of the 19-23kbpd guidance and the full-year guidance is also raised to 21-23kbpd. The sale of Senegal to Woodside has been approved by shareholders and remains subject to government approval.