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.

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

Falcon Oil & Gas - Funding a Multi TCF Resource

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

Initiation of Coverage - Critical raw materials for Europe’s green transition

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

Morning Note – 22 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• 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

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

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

Transition to Mining Operator

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.

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.

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

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

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