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Companies: BOL ALL ATYM ANTO SHG SOLG 1SN ARR BOL PXC
SP Angel
After a dismal Q2, there was some respite for Boliden in Q3. While the results were mixed compared with the market’s expectations (which triggered another sell-off), there were some positives – especially in top-line terms. Although it would be premature to expect that all the (operating) issues will soon be resolved, the ability to navigate volatile commodity markets was evident in the divisional dynamics (even when operations are far from optimal). Hence, the market’s nervousness remains a bu
Companies: Boliden Ab (BOL:STO)Boliden AB (BOL:OME)
AlphaValue
On the back of extreme endogenous and exogenous headwinds, Boliden reported dismal Q2 results. Disappointingly, the weakness in Mining was worse than Smelting – where a massive fire accident crippled operations. The situation was further complicated by a difficult macro/operating environment. While the issues may not subside anytime soon, today’s colossal sell-off and the significant share price weakness in recent months has opened up an opportunity to bank on a firm that’s capable of gradually
Based on our recent discussion with Boliden’s IR, it is clear that the recent smelter incident has dealt a major blow to operations. A key limitation would be the inability to capture the value of free metals (primarily gold), which is expected to take a toll on profitability. The good part is that the impact of this event is well-insured. Also, drawing a parallel with Norsk Hydro (faced with a similar situation a few years ago), we remain confident of the Swedish firm’s rebound.
Companies: CUSN GAL KAV ZNWD CCZ BOL BOL
2023 began on a weak note for Boliden with the Q1 results missing the street’s expectations. Volumes were a key challenge, especially in Mining. While the stock fell >7% on the day of the results release, we believe that the current level offers an attractive entry opportunity, thanks to intact underlying virtues – including well-balanced Mining and Smelting exposure, FX benefits, valuable precious metal exposure, a strong balance sheet, abating cost headwinds and a unique European metals propos
2022 ended on a mixed note. A combination of volume challenges, moderating prices and higher costs restrained the Q4 results. While the 2022 results were at record levels – which also fuelled an impressive shareholder rewards package – and Smelting outperformed Mining – something which may continue in the near future – a normalising medium-term earnings trajectory seems inevitable. Moreover, with aggressive spending plans, rewards too should normalise. But given Boliden’s unique metals propositi
Despite healthy prices, Boliden’s Q2 results missed street expectations. Besides guided maintenance shutdowns, the impact of spiralling cost inflation was evident in both divisions. Moreover, given the ferocious commodity pricing correction underway since late Q2, further operating performance normalisation in the coming quarters seems inevitable. However, by virtue of its smelting exposure, precious metal diversity and valuable SEK-driven tailwinds, Boliden seems ‘relatively’ better positioned
On the back of war-induced pricing euphoria, Boliden reported exceptional Q1 22 results, with both divisions performing well. While prices helped dwarf cost concerns in Q1, this may not be the case in the coming quarters. Moreover, with serious growth concerns in the Swedish firm’s focus markets, the sustainability of the current results looks increasingly difficult. While Boliden is an apt and well-balance proxy for Europe’s long-term metal demand, it is also risky given the brewing challenges.
After a disappointing Q3, Boliden has reported impressive Q4 results and summed up to healthy 2021 results. Broad-based price gains (and Q4 FX tailwinds) overshadowed volume disruptions and (brewing) cost challenges. Management again announced attractive shareholder rewards. However, various cost risks and pricing vulnerabilities lie ahead. While Boliden by virtue of its business model remains well-positioned to withstand market volatility, for now, the downside risks are higher and, hence, we m
Australian Vanadium (AVL AU) – Subsidiary to build VRFB at Water corporation site Boliden AB (BOL SS) – Nickel production halted at Harjavalta due to explosion Eurasia Mining* (EUA LN) – Update on hydrogen/ammonia strategy and new presentation Lynas Rare Earths (LYC AU) – Environmental approval for Malaysian disposal facility Sandfire Resources (SFR AU) - Spanish government grants Sandfire Resources approval for MATSA acquisition
Companies: AVL SFR LYC BOL EUA BOL
AEX Gold (AEXG LN) – Q3 report indicates progress de-risking Nalunaq Project Anglo American (AAL LN) – De Beers reports continuing positive sentiment in the diamond market Arkle Resources* (ARK LN) – Mine River gold exploration extends footprint of the Tombreen target Boliden AB (BOL SS) - Production halted at Tara Mine Galantas Gold (GAL LN) – Gold intersections from underground drilling at the Omagh mine Oriole Resources (ORR LN) – Resumption of drilling at the Senala project, Senegal wi
Companies: AMRQ GAL BOL ORR SOLG AAL ARK BOL
Although Boliden reported soft Q3 results – largely due to guided maintenance shutdowns and some unexpected production issues – the firm remains in a strong position to leverage favourable market dynamics. Besides the near-term disruption in (European) zinc markets, the recovery in smelting charges is a good omen. Furthermore, the firm’s strong positioning in Europe – where demand fundamentals are ‘relatively’ more stable vs. the likes of China – makes the Swedish firm a good sector bet.
On the back of healthier prices, this time Boliden reported decent Q2 operating results. Although the performance fell below expectations. Mining continued to do well, but Smelting came under some pressure. While Boliden remains an attractive European bet, the near term is likely to be restrained by market volatility, planned maintenance shutdowns and growing inflation risk(s).
Continuation of price tailwinds supported Boliden’s Q1 results, despite production challenges in mining, TC worries in smelting and FX headwinds. Both divisions managed healthy results. While eventual commodity market normalisation and guided smelter maintenance should gradually result in capped/retreating margins, Boliden’s (cash) return generation capabilities should remain intact. Hence, the Swedish miner-smelter remains attractive, but with limited upside.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Boliden AB. We currently have 99 research reports from 5 professional analysts.
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
Companies: NextSource Materials Inc
Capital Access Group
Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost
Companies: Falcon Oil & Gas Ltd.
Cavendish
Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten
Companies: Beowulf Mining PLC
Alternative Resource Capital
Companies: FOG PHC FEN BBSN ELIX
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril
Companies: SINTANA ENERGY
Auctus Advisors
Companies: Touchstone Exploration Inc
Shore Capital
Companies: Ferrexpo plc
Liberum
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
Companies: Jubilee Metals Group PLC
WHIreland
Companies: AURA OMI AAL KAV POW BMN EST SVML
Companies: CLA STM GLN FXPO KAV GWMO CEY BHP THX EEE
24th 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
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.
Companies: Adriatic Metals Plc Shs Chess Deposit Interests Repr 1 Sh
Tamesis Partners
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.
Companies: Alien Metals Ltd
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
Companies: i3 Energy Plc
Zeus Capital
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