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

Q1 - Strong Start

Serabi Gold (AIM: SRB, TSX: SBI) has released its Q1 operating results today. Production of 9koz of gold was in line with our estimates. It represents a quarterly high since Q3 2021, processing was also at record levels, and RoM is at a 3 year high as well (see Fig.1). The Coringa project is moving forward at pace and we have increased our production forecast there from 11Koz to 13Koz gold for 2024.. Palito grades came off marginally QoQ to 4.72g/t whilst the company continued to mine the tricki

SP Angel Morning View: Gold prices at $2,337/oz as central bank buying continues

Exploration Update – Palito Complex

This morning Serbi have released an update on their exploration activities at the Palito Complex. The announcement rounds up their exploration activities from Phase 1 of the joint venture exploration with Vale as well as their activities undertaken at Sao Domingos since December. Sao Dominigos was a historic target drilled in 2021 where an eye opening drill hole of 7.2m @ 258 g/t was reported (see link to the announcement). In addition, soil geochemistry interpretation has significantly advanced

SP Angel Morning View: Copper pushes higher as China property collapse continues to fuel hopes of major stimulus

Coringa License Renewed for 3 years

Serabi Gold (AIM: SRB, TSX: SBI) has announced that their trial mining license at Coringa has been renewed for a further three years. This is significant update, as the growth in our group production relied on the renewal of the licence. We forecast Coringa's production for FY24 and FY25 of 10.1koz and 17.5koz (FY23 actual 8.8koz), resulting in a group production of 38.7koz and 46koz (FY23 actual 33.1koz).

SP Angel Morning View: Copper poised to rise as Chinese smelters struggle to source concentrate

Q4 Operating Update & FY24 Guidance Up 15% YoY

Serabi Gold (AIM: SRB, TSX: SBI) has released their Q4 operating and full year production results today, bringing FY23 gold production to 33.1koz, largely in line with our forecast, but just below guidance of 33.5-35koz. The fourth quarter delivered record ore mined and milled, but a lower gold production of 7.8koz, 11% below our forecast.

SP Angel Morning View: Fed casts caution on interest rate cuts as focus shifts to key inflation data

Matilda Copper Prospect – Exploration Update

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released an update on their exploration activities at the Matilda Copper Prospect, being explored as part of the Exploration Alliance with Vale SA. The results today are a follow-on from their announcement earlier this year in September. Below we highlight the key points from the announcement:

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Q3 Trading Update

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released their unaudited interim results for the three and nine-month periods ended 30 September 2023. The company has had a decent quarter. Production results were historically announced, but recovered production volumes vs 2022 has been a driving force for the improved performance this year. Total cash cost and AISC have come under control as a result. Cash Cost and AISC for the 9 period to 30 Sep 2023 were

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: 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

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