Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual lis

Small Cap Breakfast

Springfield Properties—Scottish housebuilder. Intention to float. Offer TBA “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” | Warehouse REIT - The Company will invest in a diversified portfolio of UK warehouse assets located in urban areas. The Company is targeting a dividend yield of 5.5p equivalent to a yield of 5.5 percent. for the year ending 31 March 2019. Issue price 100p. Offer TBA. Due 20 Sep

GMP FirstEnergy ― UK Energy morning research package

Global Energy Development (GED LN) (not covered): Reverse take-over by Oil Field Services company | Condor Petroleum (CPI CN)8 : BUY; C$3.50, Poyraz West 2 well is successful | OMV (OMV AG) (not covered): 4Q16 update | Independent Oil and Gas (IOG LN) (not covered): Acquisition of SNS Pipeline and Skipper Update | Aker BP (AKERBP NO) (not covered): Update

Northland Capital Morning Report

Evgen Pharma plc (EVG.L) – BUY*: Clinical trial approval | Motif Bio plc (MTFB.L) – BUY*: Commencement of Phase 3 trials | Botswana Diamonds (BOD.L) – SPECULATIVE BUY*: Exploration update | Global Energy Developments (GED.L) – CORP: FY15 results | Keras Resources (KRS.L) – CORP: Grants Patch update | Churchill Mining (CHL.L) – SPECULATIVE BUY*: Company update | DiamondCorp (DCP.L): Resource Statement

Northland Capital Morning Report

Global Energy Developments (GED.L) – CORP: Note receivable update | Premier African Minerals (PREM.L) – SPECULATIVE BUY*: Subscription

SUMMARY FORECASTS

Politics will exert considerable influence on markets in 2016 with November’s US presidential election, the UK in/out referendum expected over the summer and the escalating tensions in the Middle East. In each situation, the outcome is not assured and this is likely to drive volatility. There is also scope for other surprises. As widely expected, the US Federal Reserve increased rates in December but the Fed’s rate forecasts (a full percentage point increase p.a. to 3.25% at the end of 2018) are

Northland Capital Morning Report

Divergence looks set to dominate the final month of 2015 and set the tone for 2016. The European Central Bank is widely expected to extend its QE economic stimulus programme and could reduce its overnight deposit rate further in an attempt to boost inflation, and more stimulus could come from Japan and China. Meanwhile the Federal Reserve is now expected to lift rates from historic lows. Higher US rates will impact not only the cost of capital in the US but also emerging markets where growth rem

Northland Capital Morning Report

Global Energy Development (GED.L) – CORP: Loan made | ValiRx Plc (VAL.L) – CORP: Subscription and equity swap | Paragon Diamonds (PRG.L) – BUY*: Technical studies and funding update | Hummingbird Resources (HUM.L): Hydro-Electric plant update | Vislink (VLK.L): Interims

Northland Capital Morning Report

Amphion Innovations plc (AMP.L) DataTern Receives Favourable Ruling | Global Energy Development (GED.L) – CORP: Interims | Sunrise Resources (SRES.L) – SPECULATIVE BUY*: Bay State update

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

Morning Note – 24 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: Gold prices slide following profit taking as traders look to US data

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

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

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

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.