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Los Andes Copper (“LA”) has signed a US$20m royalty agreement with Ecora Resources (“Ecora”) on the Vizcachitas project in Chile. The royalty terms are divided into a 0.25% net smelter return (“NSR”) on all open pit (“OP”) revenue and a 0.125% NSR on all future underground (“UG”) operations. As it stands, the latest PFS study on Vizcachitas is a purely open pit design, but we believe there is potential for an UG story to develop upon further drilling. The C$26.5m (US$20m) payment from Ecora give
Companies: Los Andes Copper Ltd.
Hannam & Partners
Los Andes Copper (“LA”) has announced that it is now authorised to restart drilling at Vizcachitas, having fulfilled the conditions laid out in the Environmental Court’s July 2022 ruling. While not unexpected, this is a symbolically important milestone after a 15-month drilling hiatus. Although the lack of drilling meant some potential upsides could not be captured within the Feb’23 PFS, approval from Chile’s politically independent court system provides a solid legal basis for ongoing explorati
Los Andes Copper (“LA”) has announced that Resource Capital Fund VI L.P. (“RCF”), has exercised 1.34m warrants at a price of C$5/sh, resulting in a C$6.7m boost to the Company’s cash balance. In addition to a C$10m bought deal financing completed in Jan’23, we see the Company as well-funded to continue advancing Vizcachitas. Earlier this year, LA passed an important de-risking milestone with the release of positive results from the Vizcachitas Pre-feasibility Study (“PFS”). The study showed a so
Los Andes Copper (“LA”) has passed an important de-risking milestone with the release of positive results from the Vizcachitas Pre-feasibility Study (“PFS”). The study showed a solid NPV8% of US$2.77bn and IRR of 24% using a copper price of US$3.68/lb, with output averaging 153ktpa over a 26-year life. While the initial capex budget increased to US$2.44bn from US$1.87bn in the 2019 PEA, we see the project as considerably more robust in terms of permitting and execution risks with the introductio
Los Andes Copper (“LA”) has signed a letter of intent to work on a project option incorporating desalinated seawater into the project. This provides welcome further clarity on potential sources of water, a contentious topic in Chile, and reaffirms LA’s sustainable approach to development of Vizcachitas. LA’s teams are finalising the updated resource model to incorporate the strong results seen within the 2022 drilling programme ahead of the PFS, showingpotential for both above average grade and
Los Andes Copper (“LA”) has announced that Chile’s Environmental Court has lifted the temporary suspension of its drilling permit at Vizcachitas after the company successfully evidenced the negligible impact of sub-surface drilling on local fauna. Although there are conditions to be met, this decision allows LA to restart a restricted drilling plan at the project to further define extensions to the known mineralisation which remains open in several directions. The Company continues to target com
Los Andes Copper (“LA”) has released assays from three holes at Vizcachitas, two of which showed strong mineralisation in previously undrilled zones. The results demonstrate that the limits of the deposit have yet to be defined, with potential to grow the Resource to the west, east and south. LA is on track to deliver a PFS in Q4 this year despite a hiatus in drilling as the Company evidences the negligible impact of sub-surface drilling on local fauna ahead of a filing to Chile’s Environmental
Los Andes Copper (“LA”) has announced results from its drilling programme at its flagship Vizcachitas project in Chile. The company is seeking to expand the existing Measured Resource of 254.4Mt @ 0.44% Cu and Indicated Resource of ~1.03Bt @ 0.39% Cu and explore the deposit around and below the boundaries of the PEA open pit design. Initial results from hole CMV-001B returned 732m 0.51% Cu and 160ppm Mo (0.51% CuEq with silver results pending) from 64m - 820m down hole (24m lost from 156 – 180m)
Los Andes Copper (“LA”) has provided an update on its current activities at its flagship Vizcachitas copper-molybdenum-silver porphyry in Chile, alongside audited financial statements for the year to Sep’21. LA continues to anticipate its ongoing drilling programme will bring significant volumes of near surface material that was previously considered waste into the mine plan ahead of the pre-feasibility study, which is now scheduled for publication in Q2’22. With R. Michael Jones newly appointed
Against the positive backdrop for copper, Los Andes' Vizcachitas project in Chile stands out as one of the largest open-pittable copper projects globally not held by a major mining company.
Vizcachitas has a Measured & Indicated Resource of 1.3Bt @ 0.39%Cu / 0.45%CuEq for 5.8Mt CuEq with a further Inferred Resource of 789Mt @ 0.34%Cu / 0.39% Cu Eq (3Mt CuEq) for a total Resource of 8.8Mt CuEq.
The company published a PEA in 2019 which delivered a post-tax NPV8 of US$2.75bn and 26.7% IRR (at
Los Andes Copper (“LA”) has announced the appointment of R. Michael Jones as its new CEO with immediate effect. We view this as a positive step and an important milestone in the evolution LA as it progresses its flagship Vizcachitas project towards financing and development. Mr Jones has an impressive trackrecord of taking projects from discovery through the permitting, financing and development phases, including as founder of MAG Silver (now valued at >C$2bn) and most recently as CEO of Platinu
We initiate coverage of Los Andes Copper Ltd (“Los Andes” or “LA”) with a price target of C$31/sh, implying 319% upside from the current share price. Los Andes holds 100% interest in the Vizcachitas copper-molybdenum-silver porphyry in Chile. LA’s 2019 PEA delivered a US$2.7bn NPV8% and 26.7% IRR at US$3.5/lb copper. Despsite hosting a 2Bt resource, containing ~8.8Mt of copper equivalents, the project remains open in several directions and at depth, with extensions to the north potentially offer
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On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit
Companies: Pan African Resources PLC
We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.
Companies: Trident Royalties Plc
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Companies: TRIN LBE JOG
88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)
Companies: 88 Energy Limited
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A summary of our hypothetical “Car Crash” commodity price scenario analysis is outlined in Table 1, which provides increased confidence, we believe, in i3 Energy's capacity to fund its dividend under adverse conditions. Notably, the dividend yield is an attractive 10.3%. Effectively, our analysis reinforces our view that i3 Energy is mispriced. Details for our “Car Crash” commodity price scenario are provided in Tables 2, 3, 4 and 5. We reiterate our 20.9p fair value estimate, which is premised
Companies: i3 Energy Plc
DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.
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Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v
Companies: Jersey Oil & Gas PLC
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Historically, small caps stocks have outperformed larger listed companies after economic downturns and this trend is ringing true once again, with smaller stocks offering better returns in the wake of the Covid-19 pandemic. It is currently an exciting time to be invested in smaller companies and for those with a keen eye for detail that can identify companies with financial strength and strong management teams, there is potentially lots of upside available.
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Clear Capital Markets