SP Angel Morning View: Gold bounces as hotter-than-expected inflation fails to cool rate cut expectations

SP Angel Morning View: Gold and copper soar as Jerome Powell indicates 75bp cut in rates next year

SP Angel Morning View:Rio Tinto forecast 945% uplift in Lithium demand over the next 10 years

SP Angel Morning View: Weak US Non-Farm Payrolls support Fed rates pause helping equities higher

SP Angel Morning View: Base metals slide as higher oil process weigh on Fed interest rate decision

SP Angel Morning View: Copper eases on China uncertainty, recession risks and strengthening Dollar

BHP (BHP LN) – BHP to face $12bn lawsuit as judge sets trial date of April 2024 CATL (SHE: 300750) – Interim report shows strong growth in energy storage systems for CATL Eurasia Mining* (EUA LN) – West Kytlim production climbs with a potential divestment discussions ongoing GreenRoc Mining (GROC LN) – Close of broker option following placing to develop Amtisoq Graphite Project Kodal Minerals* (KOD LN) – Interims highlight lower capital cost and higher value of DMS process route to producti

SP Angel Morning View: Base metals on potential LME ban on Russian supplies and government support for property sector in China

Atlantic Lithium* (ALL LN) – Annuals highlight clear path to production following PFS Eurasia Mining* (EUA LN) – Interims highlight increased production at West Kytlim with M&A discussions over a potential transaction ongoing Goldstone Resources* (GRL LN) – Interim results Great Western Mining (GWMO LN) - Interims highlight progress with Nevada drilling programme alongside waste processing JV agreement Kavango Resources (KAV LN) – Phase-1 drill programme commenced at KCB Power Metal Resourc

SP Angel Morning View: Copper prices pull back as US consumer confidence sinks to 16-month low

Ariana Resources (AAU LN) – Annual results 20 years on Asiamet Resources (ARS LN) – Completion of Phase 1 due diligence on the BKM copper project, Kalimantan Eurasia Mining* (EUA LN) – Annual report highlights strong performance at West Kyltim PGM mine in Russia Goldstone Resources* (GRL LN) – Restoration of trading Tertiary Minerals* (TYM LN) – Drilling results from the Jacks copper project, Zambia

SP Angel Morning View: Eurozone construction pulls back as inflation, logistics and uncertain outlook slow projects

Amur Minerals* (AMC LN) – Kun Manie TEO details released Atlantic Lithium* (ALL LN) – Positive metallurgical tests show potential for lower operating costs at Ewoyaa Castillo Copper (CCZ LN) – Progress report on Australian and Zambian projects Eurasia Mining* (EUA LN) – Accounts delayed due to geopolitical circumstances Karelian Diamonds (KDR LN) – Geophysics identifies kimberlites in Finland Liontown Resources (LTR AU) – Binding lithium offtake signed with Tesla

SP Angel Morning View: Lithium and rare earth prices power ahead despite hawkish Powell comments

American West Metals (AW1 AU) – Good grades reported from the shallow metallurgical drillhole at the West Desert Anglo American (AAL LN) – De Beers reports continuing strong demand for its rough diamonds Cora Gold (CORA LN) – Zone B North drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s - Annual results highlight progress since the AIM debut Eurasia Mining* (EUA LN) – New director specialising in hydrogen and ammonia appointed. Trading suspension lifted Oriole Resources (ORR LN

Hybridan Small Cap Feast 02/03/22

Dish of the day Joiners: URA Holdings (URAH.L), a London based mining exploration and development company, has joined the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage exploration projects to spin out/farm out or sell. The strategy is initially focussed on Sout

SP Angel Morning View: Metals continue to rise as Oil & Gas prices jump

AfriTin Mining (ATM LN) – Surface exposures of lithium mineralisation discovered during regional exploration Anglo Asian Mining* (AAZ LN) - BUY – Discovery of higher grade vein at Gosha with first ore from Hasan and Vejnaly targeted for H2/22 Aura Energy* (AURA LN) – Appointing advisors to help communicate the merits of the Häggån uranium project to the Swedish Government and other stakeholders Bluejay Mining* (JAY LN) – ERMA support for Dundas ilmenite supply into EU as part of critical raw

SP Angel Morning View: Gold and oil jump as Putin invades Ukraine

Amur Minerals* (AMC LN) – No impact from US and European sanctions Anglo American (AAL LN) – Threefold rise in attributable profit in 2021 Bluebird Merchant Ventures (BMV LN) – Bluebird in discussions with former jv partner on progressing gold projects to production Caerus Mineral Resources (CMRS LN) – Cypriot exploration Caledonia Mining* (CMCL LN) – Hedging agreement Empire Metals* (EEE LN) – Flash Note – Tribute Agreement signed & drilling commenced at Gindalbie Gold Project Eurasia Mi

SP Angel Morning View: Gold continues to rise on Ukraine inflation expectations

Centamin (CEY LN) – Moving to owner operation underground at Sukari Empire Metals* (EEE LN) – Eclipse-Gindalbie exploration represents exciting new chapter for Empire Eurasia Mining* (EUA LN) – Reserves and Resources Update Hummingbird Resources (HUM LN) – Dugbe Gold Project update Power Metal Resources* (POW LN) – Reitenbach uranium property update Rainbow Rare Earths* (RBW LN) – K-Tech process offers added value products assuming elevated leach grades

SP Angel Morning View: Lithium carbonate breaks over US$40,400/t in China

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

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

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

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

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

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

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.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

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

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

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.

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update