SP Angel . Morning View

Anglo Asian Mining* (AAZ LN) – Production maintained amid escalating state COVID-19 containment measures | Adriatic Metals* (ADT1 LN) – Gravity data reveals additional targets | Ariana Resources* (AAU LN) – Subsidiary pays Ariana £1.6m dividend | Aura Energy* (AURA LN) – Postponement of EGM | Caledonia Mining (CMCL LN) – Virus mitigation measures in place | Gem Diamonds (GEMD LN) – Letseng placed on care and maintenance | Polymet Mining* (PLM N) - Minnesota Supreme Court will hear appeal on thre

SP Angel . Morning View

PolyMet Mining (PLM N) - Polymet agrees US$30m with Glencore | Resolute Mining (RSG LN) – US$300m debt refinancing | Vast Resources* (VAST LN) – Shipments of Baita Plai equipment continue

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) BUY – TP under review – H1/19 exploration update highlight mineral resource growth potential | Armadale Capital (ACP LN) – Armdale reports high-purity graphite flake concentrate from Mahenge Liandu graphite in Tanzania | Danakali (DNK AU) – Credit approval for $200m of senior dent finance | IronRidge Resources* (IRR LN) – Agrees drilling for equity plan | PolyMet Mining* (PLM US) – DNR rejects environmental group request to reconsider Northmet mine approval | Resolut

SP Angel – Morning View

Apollo Minerals (AON AU) – Permits to reinstall mine services at Salau | Atalaya Mining (ATYM LN) – Strong performance at Proyecto Riotinto lifts 2018 results | Beowulf Mining* (BEM LN) – Kallak and Vardar mine update | Lydian International (LYD CN) – Court rules to clear the Amulsar site off trespassers and protesters | Petra Diamonds (PDL LN) – Q3 production results support maintained production guidance | PolyMet Mining* (PLM US) BUY – Target under review (was US$1.56/s) – Polymet may now con

SP Angel – Morning View

Cora Gold* (CORA LN) – Drill rig mobilization to Sanankoro | PolyMet Mining (PLM US) BUY – Target US$1.56/s – Polymet received last permit for Northmet mine from state of Minnesota

SP Angel – Morning View

PolyMet Mining (PLM US) – Polymet gets Permit for NorthMet copper-nickel mine in Minnesota

SP Angel – Morning View

Asiamet Resources (ARS LN) – Extensive copper intersection at Beutong East | KEFI Minerals* (KEFI LN) – Placing and subscription for up to £5.5m | PolyMet Mining (PLM US) – Land exchange with US Forest Service on 28th June

SP Angel – Morning View

Condor Gold (CNR LN) – Land purchase and resolution of disputed NSR | FinnAust Mining* (FAM LN) BUY Target Price 15p – Placing raises £8.5m to support program to evaluate ilmenite production | Metal Tiger (MTR LN) – MOD Resources secures a 2 year extension to its exploration licences in Botswana | PolyMet Mining* (PLM US) – Q3 results highlight expenditure of $114m on evaluation and permit application to date

SP Angel – Morning View

Kodal Minerals | Ortac Resources | PolyMet Mining | SolGold

SP Angel – Morning View

Aston Bay Holdings | Mkango Resources | Ortac Resources | PolyMet Mining | Premier African Minerals | Solgold

SP Angel Morning Report

PolyMet Mining | Wolf Minerals | Atalaya Mining | Gold Road Resources

SP Angel Morning Report

Acacia Mining | BHP Billiton | FinnAust Mining | Kefi Minerals | Ortac Resources | PolyMet | Solgold | Stratex International

SP Angel Morning Report

Metminco | Metals Exploration | Xtract Resources | PolyMet

SP Angel Morning Report

Anglo American | Anglo Pacific | Capital Drilling | Intelligent Energy | Lonmin PLC | Noricum Gold | PolyMet | Stellar Diamonds | Tri-Star Resources

SP Angel Morning Report

BlueRock Diamonds | Minera IRL | Noricum Gold | PolyMet

Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Morning Note – 16 April 2024

Robust margin and cash performance

Surface Transforms (SCE LN) - Obstacles removed for higher production

Surface has issued a brief Q1 update. Production will ramp-up this year as final new equipment is installed, and manufacturing teething problems recede.

Initial Equity Trading Comments - 19 February 2024

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

Dowlais Group - Motoring forward

Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.

Morning Note – 9 April 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

Morning Note – 4 April 2024

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Hybridan Small Cap Feast - 17 April 24

17th 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: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Nexteq - FY23 adj EBITDA +4% ahead, FY24E upgrades of +1-10%

Nexteq’s FY23 results show adjusted EBITDA +4% ahead of the +6% upgrade at the January trading update, record FY23 EFCF of $17.4m, and a confident outlook that leads us to reiterate our FY24E revenue and upgrade FY24E gross profit, adj EBITDA, and EFCF by +1-10%. The strategic focus on higher-margin products and customers reducing elevated inventory levels led FY23 group revenue -5% yoy to $114.3m, with Quixant 6% lower at $69.3m and Densitron 2% lower at $45.1m. Effective supply-chain managemen

Solid State - Anticipating record adjusted PBT in FY24

Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.