VSA Morning Miner 11/04/22 (Caracal Gold)

Caracal Gold (GCAT LN) has announced first production from the new heap leach plant. This is the first 5,000t installation in what is expected to be expandable in a modular fashion helping the company to achieve its target of exceeding 24kozpa production in the medium term. The company has 15,000tpm of capacity currently and has near term plans to increase this to 20,000tpm given the initial success of the first pad.

VSA Morning Miner 22/03/22 (Caracal)

Caracal Gold (GCAT LN) has provided a progress update on the heap leach plant where installed capacity is now 5ktpm or 60ktpa; from this production can commence while the broader increase to 20ktpm is achieved in a modular fashion alongside the existing capacity.

VSA Morning Miner 09/02/21

Caracal Gold (GCAT LN) has provided a quarterly update summarising the rapid development progress of the company to create a company with production, development optionality and exploration upside. An accelerated ramp up is planned to sustainably achieve the near term targets of 1koz per month and subsequently double that.

VSA Capital Morning Miner 030222

Caracal Gold (GCAT LN) has provided a detailed update on the next phase of development aimed at fulfilling the medium term target of 50kozpa of production and 2-3mnoz of resources; the latter significantly advanced in December by the acquisition of assets in Tanzania.

Mid-tier gold producer in the making with a very compelling organic and acquisitive growth strategy in highly prospective East Africa

Caracal Gold is the old Papillon Holdings which joined the LSE in 2016 as a shell. After a couple of false dawns, the Kilimapesa Gold Mine in Kenya has been reversed into it together with a highly experienced management team equipped with the necessary funds to recommence production and really get things moving. Caracal was readmitted to the LSE in August 2021 with big plans to rapidly increase gold production and build a substantial JORC compliant resource base in short order by taking advantag

VSA Morning Miner 13/01/22 (Prime, Caracal Gold)

Prime Mining (PRYM CN) has announced the outstanding assay results from Phase 1 Noche Buena drilling; 13 holes of the 24 have been reported today with the other 11 previously published. Caracal Gold (GCAT LN) has announced the appointment of a new General Manager and a CFO strengthening its senior management team with experienced outside hires.

VSA Morning Miner 22/12/21 (G Silver, Caracal Gold)

Caracal Gold (GCAT LN) has provided an operational update primarily in relation to the assets in Kenya where the ramp up at Kilimapesa is ongoing and exploration work on the wider exploration licenses has begun. Guanajuato Silver (GSVR CN) has announced strong drilling results from both El Cubo and El Pinguico which we believe provide a clear demonstration of the investment case and opportunity which management identified when they moved to restart production earlier this year.

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

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

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

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

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

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.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

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

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

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.

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update