Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Firestone Diamonds. We currently have 72 research reports from 5 professional analysts.
Altus Strategies* (ALS LN) – Agreement to sell a stake in Toura Ni-Co Project, Cote d’Ivoire | Firestone Diamonds (FDI LN) – Strong Q4 production delivers 2018/19 guidance | Greatland Gold (GGP LN) – Initial results from Newcrest Mining’s drilling at Havieron | Strategic Minerals* (SML LN) – Settlement of acquisition
Companies: ALS FDI GGP SML
Beowulf Mining* (BEM LN) 6.6p, Mkt Cap £39m – CEO outlines plans for Kallak iron ore project in Sweden | BlueRock Diamonds* (BRD LN) 0.11p, Mkt Cap £1.8m – Q2 production report | Condor Gold (CNR LN) 19.5p, Mkt Cap £14.5m – £4.04m private placing | Firestone Diamonds (FDI LN) 1.325 pence, Mkt Cap £7.5m – 54 carat fancy yellow diamond recovered from Liqhobong | Horizonte Minerals (HZM LN) 1.95p, Mkt Cap £28.2m –Energy supply agreement for Araguaia | Premier African Minerals* (PREM LN) 0.047p, Mkt Cap £3.8m – Strategic loan to Namibian manganese projects
Companies: BEM CNR FDI HZM PREM BRD
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· Uniphar, a diversified healthcare services business w ith a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
Companies: OSI DXRX HDD PYC VRS IPX FDI RENX HZM BRD
Anglo American (AAL LN) – Production report shows mixed results | Bluebird Merchant Ventures* (BMV LN) – Fast progress in Kochang mining permit application. Gubong permit questions answered. | Firestone Diamonds (FDI LN) – Liqhobong mine sales benefit from large high quality diamonds | Highland Gold (HGM LN) – Q1 production +9% yoy in Q1/19 | Rambler Metals & Mining* (RMM LN) – Nomad and Broker appointment
Companies: AAL BMV FDI HGM RMM
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Exploration programme ramps up at Ordubad | ARC Minerals* (ARCM LN) – Copper and cobalt sulphide concentrate production starts at Kalaba | Aura Energy (AURA LN) – Mauritanian gold and base metal tenements granted | Cora Gold* (CORA LN) – £1.4m equity raise | Firestone Diamonds (FDI LN) – Liqhobong mine yields 72 carat yellow diamond | Jangada Mines (JAN LN) – Pedra Branca BFS completion expected during Q2 2019 | KEFI Minerals* (KEFI LN) – Tulu Kapi funding update | Strategic Minerals* (SML LN) – Settlement date for acquisition of the balance of the Redmoor project. | Vast Resources* (VAST LN) – Proposed sale of Zimbabwean gold assets and balance sheet restructuring
Companies: AAZ ARCM AURA CORA FDI JAN KEFI SML VAST
Bezant Resources (BZT LN) – Mankayan projects economics | Connemara Mining* (CON LN) – Proposal to change name | Element 25 (E25 AU) – Bulk test yields high purity 99.95% manganese metal | Exore Resources (ERX AU) – Well funded gold explorer with extensive land package in northern Cote d’Ivoire: Antoinette drilling results | Firestone Diamonds (FDI LN) – Liqhobong mine yields 70 carat white diamond | Kodal Resources* (KOD LN) – High grade lithium intersections across final assay results
Companies: BZT ARK FDI KOD
Bellzone Mining (BZM LN) SUSPENDED – Bellzone liquidation effectively forced by Chinese shareholder preventing company from raising new debt or equity | Bushveld Minerals* (BMN LN) BUY - Target Price 87p – Professional investors buying Bushveld as ferrovanadium prices pull-back to more sensible levels | Firestone Diamonds (FDI LN) 3.75 pence, Mkt Cap £20.0m – Liqhobong mine yields 46 carat diamond | Kodal Minerals* (KOD LN) 0.15p, Mkt Cap £11.1m – Interim results show important progress | MOD Resources (MOD LN) 18p, Mkt Cap £44.7m –Botswana licence renewals | Ormonde Mining* (ORM LN) 5.075p, Mkt Cap £24.0m – Barruecopardo commissioning remains on track
Companies: BZM bmn FDI KOD ORM
Cora Gold* (CORA LN) 8.8p, Mkt Cap £4.8m – Publication of the Exploration Target Report | Firestone Diamonds (FDI LN) 4.4 pence, Mkt Cap £22.9m – Q1 production | Horizonte Minerals (HZM LN) 3.5 pence, Mkt Cap £49m – Araguaia feasibility study | IronRidge Resources* (IRR LN) 22.3, Mkt Cap £62.7m – IMARC Africa focus day presentation 2018 | Kefi Minerals* (KEFI LN) 1.7p, Mkt Cap £9.1m – Resettlement programme update | SolGold* (SOLG LN) 38p, Mkt Cap £691m – Shares issued | URU Metals* (URU LN) 0.35p, Mkt Cap £2.7m – Zebediela licnese renewal
Companies: CORA FDI HZM IRR KEFI SOLG URU
Amur Minerals* (AMC LN) –Cooperation agreement signed with transport/logistics group | Firestone Diamonds (FDI LN) – Record Q4 delivers production guidance target | Galileo Resources (GLR LN) – Geophysics identifies further drilling targets at Star Zinc | Keras Resources* (KRS LN) – Bulk sampling approved at Nayega | Petra Diamonds (PDL LN) – 2018/18 production of 4.6m carats in line with guidance
Companies: AMC FDI GLR KRS PDL
Acacia Mining (ACA LN) – Hounde royalty sale completed | Firestone Diamonds (FDI LN) – Mixed Q2 results but output, quality, and demand improvements expected in H2 | Georgian Mining* (GEO LN) STRONG BUY – Michael Struthers appointed as COO to transition to mine development | IronRidge Resources* (IRR LN) – Expanding its lithium exploration area in Ghana | Lucapa Diamonds (LOM AU) – More large diamonds recovered from Lulo | Sula Iron & Gold* (SULA LN) – Sula changes name to African Battery Metals | African Battery Metals* (ABM LN) – Sula changes name to African Battery Metals | Tahoe Resources (THO CN) C$5.8, mkt cap C$1.8bn – cuts quarter of workforce in Guatemala as courts delay | mining license for Escobal silver mine
Companies: ACA FDI GEO IRR LOM THO POW
BlueRock Diamonds* (BRD LN) – BlueRock appoints new finance director | Firestone Diamonds (FDI LN) – Annual results and potential fundraising
Companies: Firestone Diamonds Bluerock Diamonds
SCISYS* (SSY): Good heavens (CORP) | Solid State* (SOLI): Half-year update signals shift in business mix (CORP) | Petra Diamonds (PDL): Q1 trading update (BUY) | ANGLE* (AGL): New application for Parsortix harvesting cells from bone marrow (CORP) | Omega Diagnostics* (ODX): Half-year trading update (CORP) | Real Good Food* (RGD): Significant reduction in guidance (CORP) | Firestone Diamonds (FDI): Q1 trading update (U/R) | Trakm8* (TRAK): H1 is on Trak (CORP)
Companies: SOLI PDL AGL ODX RGD FDI TRAK SSY
Alpha Financial Markets Consulting— Global provider of specialist consultancy services to the asset and wealth management industry. Due Oct. Revenue of £6.7 million for the year ended 31 March 2011 to £43.6 million for the year ended 31 March 2017. Offer TBA. Due 11 Oct. Cora Gold— West African focused gold exploration business, significantly enlarged by the amalgamation of the gold exploration assets in Mali and Senegal of Hummingbird Resources and Cora Gold's former parent, Kola Gold. Due 9 Oct. Offer TBA City of London Group (COLG) - Sch 1—RTO of Milton Homes Limited, an equity release provider which has a UK residential property portfolio of 586 properties with a market value of approximately £77 million as at 30 June 2017. Offer TBA. Due 5 Oct 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.” OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Companies: MTR DEMG IHC HSP RED IOG ABDP OBD FDI TSTL
Revolution Bars (RBG): FY 2017 results (HOLD) | ScS Group (SCS): FY 2017 results (BUY) | Tristel* (TSTL): EPA results (CORP) | Firestone Diamonds (FDI): Recovery of 134 carat gem-quality diamond (U/R) | Independent Oil & Gas* (IOG): Letter of Intent for SNS platforms (CORP)
Companies: RBG SCS TSTL FDI IOG
President Energy* (PPC): Interim results – building the portfolio (CORP) | Independent Oil & Gas* (IOG): Interim results – making good progress (CORP) | Savannah Resources* (SAV): Interim results (CORP) | iomart* (IOM): Interim trading update – on track (CORP) | Premaitha Health* (NIPT): FY17 results and six-month trading update (CORP) | Firestone Diamonds (FDI): Update on diamond sales (U/R)
Companies: PPC IOG SAV IOM YGEN FDI
Research Tree provides access to ongoing research coverage, media content and regulatory news on Firestone Diamonds. We currently have 72 research reports from 5 professional analysts.
|25Jul19 07:00||RNS||Q4 Operations Update and Guidance for FY2020|
|22Jul19 07:00||RNS||Board Changes|
|08Jul19 07:00||RNS||Recovery of 54 Carat Fancy Yellow Diamond|
|01Jul19 12:16||RNS||Bank and Bondholder Support for Covenant Waiver|
|30Apr19 09:01||RNS||Board Changes|
|25Apr19 07:00||RNS||Quarterly Update on Operations|
|15Apr19 11:49||RNS||Issue of Shares re: Eurobond|
Yesterday Sirius has announced the cancellation of its Stage 2 financing plans and the implementation of a strategic review after it failed to issue the $500m high yield bond required to unlock the full financing package. What matters for shareholder returns from here is the structure of any future financing solution and its likelihood of success.
Companies: Sirius Minerals
Central Asia Metals (CAML LN) reported strong interim results, maintaining the 6.5p interims dividend along with an increase in H1 2019 free cash flow of 10% to US$35.5m despite a 7%, 18% and 22% YoY decline in average copper, lead and zinc pricing in the period. Metal sales were in line with previously announced production with 6.5kt of copper, 13.7kt of lead and 9.7kt of zinc sold, up 7%, 0% and 5% YoY respectively. This resulted in a decrease in revenue of 12% YoY to US$84.7m in H1 2019. However, a 35% reduction in SG&A along with a 4% reduction in Kounrad unit costs to US$0.51/lb YoY as well as lower than expected cost inflation at Sasa of 7% YoY to US$0.47/lb meant that EBITDA declined by 12% to US$56.7m maintaining a 63% margin. Minimal FX impact then meant that net income of US$27.6m was just 3% lower YoY. The period of challenging market conditions therefore highlights clearly CAML’s investment case based on low cost and consistently cash generative assets.
Companies: Central Asia Metals
Trans-Siberian Gold has reported an impressive set of interim results, driven by substantially lower All-in Sustaining Costs (AISC). These reduced 38% to US$850/oz from US$1,370/oz a year ago. As a consequence, EBITDA was up 62% YoY to US$14.4m. And the company has doubled its interim dividend to US$2m (US$0.023/share).
Companies: Trans-Siberian Gold
A great first half for Iofina, which has restructured its balance sheet, materially reducing debt levels, and accelerated its growth plans following a successful equity raise. Construction of its next iodine plant, IO#8, is underway while the search is on for a location for IO#9 in 2020. Strong cost controls in a tightening iodine market have boosted profitability and helped to deliver record results. The shares have performed accordingly and are now trading at a 17% discount to our 35p price target, albeit this does not include anything for its CBD business. These results bear all the hallmarks of a management team executing well and delivering on multiple fronts towards its iodine growth strategy. If they can replicate this with their CBD ambitions, well…
Last week, 88 Energy successfully completed a A$6.75m placing through the issue of 540m new ordinary shares at 7p per share. The net proceeds, together with the 88 Energy's existing cash resources (which we estimate to be cA$5m) will be used to fund the ongoing evaluation of the conventional and unconventional prospectivity of the Company's existing assets, including any potential costs from the Charlie-1 well, due to spud during Q1/20, and exploit any new opportunities on the North Slope of Alaska. 88 Energy also released its interim results. For the period ended 30 June, the Company recorded a loss of A$29.3m, with the loss largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells (A$28.8m). Cash as at 30 June 2019 was A$6.7m, with 88 Energy raising A$6.75m post period, putting the Company on a much stronger footing heading into the potentially transformational Charlie well in Q1/20.
Companies: 88 Energy
The shares of Bloom Energy (BE US), Ceres SO fuel cell rival, were down sharply yesterday following a short-seller research attack from Hindenburg Research. HR claims Bloom servers are wearing out much faster than anticipated resulting in a $2bn servicing cost liability that is not recognised in the accounts and big future cash expenses.
Companies: Ceres Power
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF
Chariot has released a Competent Persons Report for the five prospects not previously audited on its Lixus licence, offshore Morocco. This results in a 20% increase in block-wide gross gas resources to 2.2 tcf. It also reinforces the extent of drilling running room across this acreage, where Chariot is seeking to bring in a strategic partner to help fund appraisal/development/exploration activity. Progress with the Lixus farm-out is said to be encouraging, with several leads being pursued across a wide range of potential partners. Success should result in a material re-rating of the shares, which continue to trade below last reported cash.
Companies: Chariot Oil & Gas
This morning Hurricane Energy announced the flow test results from its Lincoln Crestal well, the second well of a three-well drilling campaign in the Greater Warwick Area (GWA). The well tested at a maximum stable flow rate of 9,800bopd using electrical submersible pumps (ESPs). The well flowed at an average rate of 4,682bopd under natural conditions and no formation water was produced. The well will now be suspended, with the intention that it will be used for production via tie-back to Lancaster’s Aoka Mizu FPSO in 2020, subject to further work, regulatory consent and final investment decision by the joint venture. Production from the tie-back would generate reservoir data to be used in planning future phases of development of GWA. The drilling rig will now move to the location for the third and last well of the 2019 drilling programme, Warwick West. Our latest risked valuation of Hurricane Energy stands at 102.8p/share, with GWA tie-back being valued at 3.5p/share and GWA FFD at 21.6p/share. Hurricane Energy is currently trading at 49.0p/share.
Companies: Hurricane Energy
Landore raised £470,000 at 0.725p with existing holders to further fund the working capital of the Company and its exploration programme, which includes drilling to further extend the BAM Gold Deposit to the east and to test mineralisation identified by the ongoing exploration along the highly prospective area between the BAM Gold Deposit and Lamaune Gold Exploration Target.
Companies: Landore Resources
Salt Lake Potash has completed Pilot Plant test work at the Saskatchewan Research Council (SRC) on five tonnes of salt harvested from Lake Way. This confirmed production of a premium water soluble SOP product with a +53% K2O grade. Potassium Chloride (KCl), also known as MOP, was also successfully added into the process to utilise the excess of sulphate naturally present in the Lake Way brine. The addition of MOP provides an increase in the SOP output from equivalent input of Lake Way brine volumes, with no material additional capital expenditure. The process flowsheet that has been developed and confirmed as part of the Pilot Plant test work has been incorporated in the Lake Way Bankable Feasibility Study which is scheduled for completion in early October 2019. The addition of MOP to the process will increase the SOP output from an equivalent volume of Lake Way brine. This will have a positive effect on the project NPV, EBITDA and IRR. Australian Potash (APC.ASX) have completed a feasibility study on their Lake Wells project that is also planning on a similar MOP addition process. In terms of scale, the 200ktpa scoping study was for a Brine fed SOP only plant. We estimate that back hauling MOP to provide additional feed to the plant, to use the excess Lake Way brine sulphate will mean reducing SOP from brine to 180ktpa and additional MOP will produce a further 70 to 120ktpa of SOP, bringing the total SOP produced to 250-300 ktpa. This can be achieved without significant changes to the processing equipment and no material additional capital expenditure. MOP is dissolved in a mixing tank with high purity schoenite then fed into the SOP crystalliser, so very little additional CAPEX is required other than possibly for a larger crystalliser. The supply of MOP is potentially linked to SOP Sales and, while the pricing mechanism is not finalised, feed supply of MOP is readily available with a 70Mtpa global market as supply currently outweighs demand with prices ranging from US$230-360/t. To produce an additional 70ktpa SOP would require approximately 60ktpa MOP. This also means that there are both shipping and road transport synergies with backloading, as less low value MOP coming in than high value SOP going out. The SOP premium over MOP averages at US$269/t for the past five years and the floor premium is approximately US$100/t as this is the Mannheim conversion cost for MOP. MOP to SOP conversion should produce a margin even at those levels. Current SOP prices range from US$510- 585/t and have been consistent over the last few years.
Companies: Salt Lake Potash
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
JOG has announced a set of substantial new UK North Sea licence awards from the OGA, and a three-month option agreement for Equinor to take a 50% interest in these. JOG has been awarded 100% in several blocks which contain the Buchan field (82mmboe gross mean contingent resource, expected 98% oil), Buchan Andrew discovery (3mmboe gross mean contingent resource) and J2 discovery (20mmboe gross mean contingent resource). These are located next door to JOG’s existing P2170 licence in the Outer Moray Firth.
Companies: Jersey Oil And Gas
Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.
Companies: Sylvania Platinum
Cadence Minerals is at a crossroads with an extraordinary opportunity to gain a significant share in an advanced brownfield restart of an iron ore mine. The move from Investment Company to a company holding a JV in an operating mine (generating significant revenue, profits and cash flow) could be transformational for the fortunes of this AIM-listed junior. The Amapá iron ore mine was previously closed after a port failure during the last decline in iron ore prices. Before this it had been operating well, producing significant quantities of premium iron ore products and had returned profits to its owners. The new Amapá JV (Cadence option to own 27% initially) has a plan, backed by the regional judiciary and government at all levels, to sell stockpiled iron ore, reinvest the money from this into studies to restart the mine which could, in short-order, be producing upwards of over 5Mt/a of premium iron ore for the far east and China. The current Cadence share price is underpinned by its investments in lithium and REE projects and companies, but the potential for Amapá is not yet factored into what we believe could be a bright future for Cadence. Following the addition of this transformation project to its portfolio, we reinitiate on Cadence and see fair value at 44p/sh.
Companies: Cadence Minerals