Capital Metals (CMET) - Low-capex, high-margin mineral sands project in Sri Lanka primed for development

Capital Metals has advanced its high-grade Eastern Minerals Project in Sri Lanka to a point where it is ready, subject to funding, for construction. With minimal construction capital ($48m WHIe), the project would be generating cashflow within 12 months, and cashflow-positive 12 months hence. Amid growing demand and restricted supplies of zircon, titanium dioxide, and garnet, we believe the high-margin Eastern Minerals Project is eminently fundable and will generate high returns for shareholders

WH Ireland: Capital Metals (CMET) - Ongoing developments despite the difficult backdrop

It is obviously a difficult time for Sri Lankans in general, but also for those companies who operate and who wish to operate in country. We point to the export revenues for the country in hard currency, the jobs on site and the economic magnification of any operation in the wider local (and regional) economy that the project will bring as compelling reasons why there should not be any further delays in permitting the Eastern Minerals project. It is a high-grade project (one of the highest gra

WH Ireland: Capital Metals (CMET) - Final batch of assays, consistent high grade

Capital today reports on the receipt of the second batch of auger assays results from the drilling in the south of its mineral sands licence in eastern Sri Lanka. The results from Komari and Urani North once again confirm the presence of high-grades which are above the reported resource grade of 17.6% THM (Total Heavy Minerals), mostly ilmenite, which is already one of the highest resource grades in the world.

WH Ireland: Capital Metals (CMET) - Updated development study for Eastern Minerals Project, Sri Lanka

Capital Metals today updates the market on the economics for the development of the Eastern Minerals Project in Sri Lanka – one of the world's highest grade mineral sands projects. The low capital cost of $37m to positive cashflow and $81m in total (which includes a 20% contingency) is to be spread over 4 years as Capital Metals brings the project into full production in four stages; from delivering a Heavy Mineral Concentrate (HMC) to expansion and mineral separation to sell separate mineral s

WH Ireland: Capital Metals (CMET) - High-grade assays, resource extension likely

Capital Metals today reports on the receipt of the first batch of auger assays results from the drilling in the south of its mineral sands licence in eastern Sri Lanka. The results from Komari and Ureni confirm the presence of high-grades which are in-line, to higher than the reported resource grade of 17.6% THM (Total Heavy Minerals), mostly ilmenite, which is already one of the highest resource grades in the world.

WH Ireland: Capital Metals (CMET) - Update: New exploration licence and update on the current state of play

Capital Metals today provide an update on the grant of a new exploration licence at the Eastern Minerals Project in Sri Lanka where a further 12km of strike length has been added which incorporates the Oluvil port; Capital intends to drill in this new licence later this year. Today's news follows the RNS last week (23.3.2022) where Capital provided an update on progress at the whole project which we view as high-grade, low capital and high-impact. Capital is currently expecting the following k

Capital Metals (CMET) - High-grade mineral sands in Sri Lanka close to development

Capital Metals (Capital) is developing the high-grade Eastern Minerals Project in Sri Lanka, producing ilmenite, rutile, zircon and garnet for sale. On nearly every measure, the project has superior resource metrics; we see it as fundable and generating high returns for shareholders. We also expect the resource to grow and give Capital options on expansion or mine life extension. The key catalyst, for us, was the acceptance of the Environmental Impact Assessment (EIA) on 23.11.2021, following wh

Small Cap Feast

Sky News reports that a surge in pandemic-fuelled activity by homebound traders is propelling AvaTrade towards a London stock market listing that could value it at up to £700m. Established in 2006, AvaTrade is one of a number of platforms - including CMC Markets, Plus500 and IG Group - which enable their customers to trade contracts for difference. PensionBee, the online pensions provider, with a mission to make pensions simple, so that everyone can look forward to a happy retirement, conside

Small Cap Feast

Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. ActiveOps, a UK-based leader in Man

The Tropical Tree Crop Sector of Sub-Saharan Africa

Sub-Saharan Africa has suitable conditions for the cultivation of the most important tropical ‘tree crops’ including Oil Palm, Natural Rubber, Coconuts, Cocoa and Bananas. Yet, with the exception of cocoa production, African production of these big tropical ‘tree crops’ is small relative to the output of the Asian producer nations: Indonesia & Malaysia in the case of palm oil, Thailand and Indonesia in respect of natural rubber, Indonesia and Philippines in respect of coconuts, and India, China

AIM Breakfast

COMPTOIR GROUP PLC (COM LN) | EQUATORIAL PALM OIL PLC (PAL LN) | FARON PHARMACEUTICALS OY (FARN LN) | FINNAUST MINING PLC (FAM LN) | FLOWGROUP PLC (FLOW LN) | PANTHEON RESOURCES PLC (PANR LN) | STATPRO GROUP PLC (SOG LN) | VIPERA PLC (VIP LN)

SHORE CAPITAL - Wynnstay Group+ (WYN, House Stock at 474p)

Morning Note – 21 March 2023

M.P. Evans - Another strong year

MP Evans has delivered another strong year driven by an excellent crop and production performance and the continuing strength of the CPO price. However, profits are a tad below our top-of-range forecasts due to higher-than-expected cost pressures, namely fertiliser and the cost of buying in fresh fruit bunches (FFB), but cashflow and the dividend is better than forecast. Current trading is encouraging with production performance and the CPO price ahead of our assumptions. FY22 cashflow performan

Sparkling growth

Chapel Down is a market leader, which is asset backed and offers multiple years of high growth. This is evidenced by FY22 finals with adj. PBT +22% to £1.7m. A generational shift to the growing popularity of English sparkling wine and premiumisation trends make for an attractive investment case. We forecast PBT to more than double by FY26 from the current asset base. Thereafter, our illustrative analysis shows deployment of new capital towards attaining 5% of the addressable market by FY32 (vs 2

Hybridan Small Cap Feast - 30 Jan 23

30 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

SHORE CAPITAL - Cranswick+ (CWK, House Stock, 3014p) - A robust end to FY23 expected; well set for FY24

Hybridan Small Cap Feast - 01 Feb 23

01 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

Carr's Group - Details of FY22 performance

Carr’s Group has released its audited results for FY22, having previously issued a detailed trading update in February giving preliminary financial metrics on FY22 performance. The shares were suspended from trading in January because of delays in publishing these results. The company has applied for them to be restored to trading.

SHORE CAPITAL - Cake Box Holdings+ (CBOX) - House Stock at 117p - Appointment of Chief Financial Officer

SHORE CAPITAL - Cake Box Holdings+ (CBOX, House Stock at 109p)

Steady progress in line with expectations

LIBERUM: Cake Box* - A tough period in H1 but the outlook is much improved

N+1 Singer - Anpario - Strong H2; in line FY results

Anpario’s full year results are in line with expectations, following a strong and improved H2. The group is still in a transition phase, building strong commercial relationships with end users and appointing regional teams, and we believe the group will continue to grow as a result. Anpario currently trades on a 2017 EV/EBITDA of 11.7x, going to 10.8x in 2018. We feel this is an undeserved discount to its peer group (c.17.8x 2017 EV/EBITDA). We remain at Buy.

Modest forecast changes; remain at Hold

Anpario’s full year results highlighted a period of strong growth with momentum reportedly continuing into 2018. The group remains focused on building strong commercial relationships with end users and we expect the initiatives to help the group deliver our 11% sales growth estimate in 2018. We make modest adjustments to our forecasts this morning and increase our Target Price by 2p to 434p. We remain at Hold.

A Midsummer Day’s Dream…..