Ariana Resources* (AAU LN) – Kiziltepe Q2 production | Caledonia Mining* (CMCL LN) – H1 gold production increases 12.5% | Cornish Lithium (private) - Raise £826,000 to continue exploration in Cornwall | Eurasia Mining* (EUA LN) – Trading in shares resumes | Highland Gold (HGM LN) – Quarterly operations update | IronRidge Resources* (IRR LN) – IronRidge reports high-grade gold in drilling at Zaranou, Ivory Coast | Petropavlovsk (POG LN) – Court hearing update | Tietto Minerals (TIE AU) – Metallurgical results from Abujar gold project | Tri-Star Resources* (TSTR LN) – Progress report on SPMP and financing discussions
Companies: AAU CMCL EUA HGM IRR POG TSTR
Amur Minerals* (AMC LN) – EGM notice | Highland Gold (HGM LN) – Kayen exploration license sold for $15m and 2% royalty | Keras Resources* (KRS LN) - Global manganese ore output falls 22% in April | Mkango Resources* (MKA LN) – COVID-19 medical equipment donated to main Malawi hospital | Rambler Metals* (RMM LN) – US$1m bridging loan
Companies: AMC HGM KRS MKA RMM
Antofagasta (ANTO LN) – 2020 Production expected to be at lower end of published guidance | Arkle Resources* (ARK LN) – Stonepark drilling | Central Asia Metals (CAML LN) – 2019 Sustainability report | Gemfields (GEM LN) – Suspension of all non-critical operations at Montepuez | Highland Gold (HGM LN) – 63.5koz delivered in Q1 with operations continuing uninterrupted on course for 290- 300koz FY20 target
Companies: ANTO ARK CAML GEM HGM
Anglo Asian Mining* (AAZ LN) - BUY – 18.2koz produced in Q1/20 with 75-80koz FY19 guidance on target | Ariana Resources* (AAU LN) 345p, Mkt Cap £35.0m – Q1 Production report | Atalaya Mining (ATYM LN) 119p, Mkt Cap £154.5m –Production ramps to design capacity at Proyecto | Riotinto Bluejay Mining* (JAY LN) 3.87p, Mkt cap £36m – Exploration Licences in South Greenland offer great potential | Chaarat Gold* (CGH LN) - BUY – Proposed equity raise | Highland Gold (HGM LN) 231p, Mkt Cap £842m – Strong FY19 with a third interim dividend announced by the Board | Rainbow Rare Earths (RBW LN) 2.03p, Mkt Cap £7.7m – Export of another 100t of rare earth concentrate | Strategic Minerals* (SML LN) 0.47p, Mkt Cap £7.7m –Cobre magnetite sales | URU Metals* (URU LN) 120p, Mkt Cap £0.9m – Permitting update for the Zebediela project in South Africa
Companies: AAZ AAU ATYM JAY CGH HGM RBW SML URU
Anglo American (AAL LN) – Green Hydrogen Consortium with BHP, Fortescue and Hatch | Arc Minerals (ARCM LN) –– Sale of CASA Mining asset for US$5m loan note plus royalty agreement worth up to $45m | Ariana Resources (AAU LN) – 2020 Production guidance | Bushveld Minerals* (BMN LN) – Appointment of Eskom trouble-shooter Ms Mokgatle as an Independent Non-Executive Director | Capital Drilling (CAPD LN) – After-tax profit rises 34% in 2019 | Cora Gold* (CORA LN) – £2.9m equity raise | Gem Diamonds (GEMD LN) – Letseng small diamond tender succumbs to anti-virus precautions | Highland Gold (HGM LN) – Capital projects update
Companies: AAL ARCM AAU bmn CAPD CORA GEMD HGM
Anglo American (AAL LN) – Withdrawal of staff at Quellaveco | Atalaya Mining (ATYM LN) –Proyecto Riotinto maintaining production and guidance | Condor Gold* (CNR LN) – Exercise of warrants | Highland Gold (HGM LN) – New exploration license secured | Pensana Metals (PM8 AU) – Pensana reports a new high-grade rare earth zone at Longonjo | Vale (VALE US) - Vale says home office measures adopted globally amid coronavirus pandemic
Companies: AAL ATYM CNR HGM
Adriatic Metals* (ADT AU) – Rupice metallurgical results | BHP (BHP LN) – Half-Year Production report | BlueRock Diamonds* (BRD LN) – Achieves profitable operations during H2 2019 | Base Resources (BSE LN) – Assays indicate likely high-grade extension to Toliara project in Madagascar | Caledonia Mining (CMCL LN) – Increased holding in the Blanket gold mine | Highland Gold (HGM LN) – 300.7koz produced in FY19 v 290-300koz guided | Jangada Mines (JAN LN) – drilling starts at vanadium property | Premier African Minerals* (PREM LN) – Power supply connected at RHA | Sunstone Metals Limited (STM AU) - Bramaderos Main assays extend strike length of mineralisation to 650m
Companies: ADT1 BHP BRD BSE CMCL HGM JAN PREM
Companies: BHP BRD BSE CMCL HGM JAN PREM
Avesoro Resources (ASO LN) – Response to take-over offer | Barrick Gold – settles with Tanzania for $300m, a 16% free-carried interest in each of the Barrick-Acacia’s Tanzanian gold mines and a 50:50 profit sharing agreement | Shanta Gold – Tanzanian tax settlement may enable Revenue Authority to repay VAT owed to Shanta Gold | Bluejay Mining* (JAY LN) – Kangerluarsul zinc-lead-silver project | Chaarat Gold* (CGH LN) Target Price and Recommendation under review – Q3 operational update | Cora Gold* (CORA LN) – Final Sanankoro met test work results are in | Highland Gold (HGM LN) – Q3 update: on course for 290-300koz in FY19 | Keras Resources* (KRS LN) BUY, Valuation 1.08p – Mining permit granted by Council of Ministers of the Republic of Togo | Petra Diamonds (PDL LN) – Q1 Results and diamond market update | Phoenix Copper* - (PXC LN) – Empire mineralisation links through Red Star to White Knob showing porphyry potential
Companies: ASO ABX SHG JAY CGH CORA HGM KRS PDL
Highland Gold (HGM LN) 231p, Mkt Cap £842m – Earnings climb reflecting stronger sales in H1/19
Companies: Highland Gold Mining
Arc Minerals* (ARCM LN) – STRONG BUY – Drilling indicates copper over 300 x 650m at Cheyeza East | Asiamet Resources (ARS LN) – Raising US$2.1m for further work at BKM and Beutong | Avesoro Resources (ASO LN) – Major shareholder expresses interest in acquiring the balance of the company | Beowulf Mining* (BEM LN) – Interim statement highlights Kallak permitting process | BHP (BHP LN) – Declares record final dividend of 78UScents/share | Highland Gold (HGM LN) – Death of a Director | IronRidge Resources* (IRR LN) – Cape Coast lithium metallurgical test work | Keras Resources* (KRS LN) – BUY, Valuation 1.08p – Calidus drill campaign to add value on potential Warrawoona gold resource expansion | Kodal Minerals* (KOD LN) – Positive lithium metallurgical test work results | Power Metal Resources* (POW LN) – Strategic and operational review | Premier African Minerals* (PREM LN) – Power supply plan for RHA tungsten
Companies: ARCM ARS ASO BEM BHP HGM IRR IRR KRS KOD POW PREM
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m.
Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
Companies: CORA HGM SOLG INHC MATD MTPH DPP GWI VANL PEN
BlueRock Diamonds* (BRD LN) – 12.2ct diamond sold for US$105,000 | Cora Gold* (CORA LN) – Drilling returns good grades in the sulphide mineralisation at Selin | Highland Gold (HGM LN) – Q2 production update | Solgold* (SOLG LN) – Expanding the drilling fleet to expedite the PFS
Companies: CORA HGM SOLG 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 Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with 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 approximatelyUS$200m·
IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas which have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC
Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
Companies: THR HGM PUR SOS PURP TUNG CDM BIRD AAOG CGNR
Bushveld Minerals* (BMN LN) – Vanadium rental / leasing structure to accelerate value creation. Vanadium forecasts adjusted. | Highland Gold (HGM LN) – Tax concessions secured for Kekura and Klen projects | Keras Resources* (KRS LN) – Keras to distribute more than its market capitalisation value in Calidus shares | Rainbow Rare Earths (RBW LN) – Proposed £4m fundraising | Talga Resources* (TLG AU) – Drilling results from Niska | Thor Mining* (THR LN) – Work plan for Jervois Vanadium project | Vast Resources* (VAST LN) – All focus on Baita and Heritage
Companies: bmn HGM KRS RBW TLG THR VAST
Research Tree provides access to ongoing research coverage, media content and regulatory news on Highland Gold Mining.
We currently have 49 research reports from 2
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Central Asia Metals (CAML LN) announced robust Q2 2020 operating statistics which highlight that there were no COVID-19 related interruptions, in part due to stringent measures put in place by the company. Q2 2020 copper output of 3.4kt was down 6% YoY, up 6% QoQ, however, H1 2020 total production was flat at 6.6kt indicating the company is on track for our 13.4kt 2020F target. Q2 Lead and zinc production of 7.5kt and 6.1kt were up 3% and 5% YoY although both were down 1% QoQ respectively. For H1 2020 12.2kt of zinc and 15.1kt of lead were up 5% and 6% which was primarily due to higher throughput.
Companies: Central Asia Metals
Robust, cash-generative production from mining waste
Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa and is constructing a zinc-lead (vanadium) plant at Kabwe in Zambia after already commissioning the copper and cobalt circuits (the ‘Sable' refinery). The company has a growth pipeline identified and significant opportunities to find new projects in Africa (or globally); more specifically, Jubilee announced that it is looking to increase its copper (cobalt) production in Zambia aggressively to make full use of the Sable Refinery. Jubilee also owns the Tjate PGM project in South Africa, which is currently on hold. The company model is to treat its own waste materials and to supplement these with third party ores and wastes where possible. This year has been nothing if not eventful for Jubilee, but further progress and material catalysts are expected over the course of 2020. Jubilee has a high-margin business with cash on hand, and we see plenty of opportunities for Jubilee to capitalise on its robust business model through the global Covid-19 crisis and beyond. We initiate with a fair value of 11.2p/sh
Companies: Jubilee Platinum
Companies: Hurricane Energy
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet.
The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries.
The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month.
Elsewhere, crude oil dipped but remained on track for a weekly gain.
Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG PMO RBD ROSE RDSA UKOG TRIN
Caledonia's Q2 2020 production from its 64% owned Blanket mine in Zimbabwe was 13.5koz gold. This was an increase over the same period last year of 6.2%, leaving Caledonia with a first half production of 27.7koz – well ahead of this time last year (24.7koz) and on track to meet its 2020 full year guidance of 53-56koz (WHI etc. 55.5koz).
Spectra Systems Corporation is a provider of machine-readable high-speed banknote authentication, brand protection technologies and gaming security software. The company has announced that it has executed a new contract with a major world central bank to ‘enhance existing authentication sensors to detect a unique type of counterfeit notes'.
Companies: Spectra Systems Caledonia Mining Corporation Plc Com Shs Npv
Stable platform agreement approved by creditors
Companies: Premier Oil
Jubilee today takes us through its H1 2020 numbers, which, importantly, cover the critical COVID-19 initial lockdown period in South Africa. The numbers continue to show growth and progress, with headline H1 2020 operational earnings up 54% to GBP 12.8 million – the sixth consecutive, six-monthly period of double-digit growth. The cash position increased to £10.8m despite settling the final payment of £1.4m for the acquisition of additional PGM and chrome rights as well as settling historical debt of £2.5m, all while commissioning the Zambian Sable Refinery.
Following the appointment two months ago of new CEO Rob Richards, VDTK's newsflow has been encouraging in recent weeks, and we view this morning's announcement as a further affirmation of the company's renewable energy solution. Today's RNS highlighting a contract to supply ultra lightweight, flexible solar panels to Black Tulip Minerals SA, of Peru, is, at over €200,000, the latest in a string of recent positive announcements, while also taking the company into a completely new sector which it had announced as a target area.
Image Scan is a specialist in the field of X-ray imaging for the security and industrial inspection markets. The company has announced, as part of its organic growth strategy, a new partnership agreement with a major security technology company that will lead to the launch of a new range of security X-ray screening systems for the international market. Competitively priced, and leveraging Image Scan's IP and direct and indirect international channel partners, the new system will be a high performance, competitive conveyor X-ray machine, suitable for security checkpoints in government and commercial buildings around the world. Importantly, these systems will also allow the company to increase its recurring service and support revenue.
Companies: IGE JLP VDTK
Over the last 18 months, Powerhouse has cemented its relationship with Peel Environmental, which is targeting the development of at least 30 distributed modular generation (DMG) plants across the UK. Each of these will potentially generate £0.5m in annual licence fees for Powerhouse. This roll-out is conditional on shareholders approving the proposed acquisition of former development partner Waste2Tricity (W2T) at the general meeting on 14 July
Companies: Powerhouse Energy Group
InfraStrata has raised £9m in gross proceeds via a share placing (subject to the approval of shareholders), which will be used to provide growth capital to execute on the company's pipeline. The proceeds will also be used to repay high-cost short-term debt (leaving the group with a c£4.5m net cash position). Given the significant earnings potential of H&W, along with that of the group's other infrastructure assets as they mature, we consider the company to be significantly undervalued and reaffirm our Buy recommendation.
PetroTal (PTAL LN/TAL CN)C; Target price £0.45: 1Q20 results/Bretaña expected to restart in July – 1Q20 financials are in line with expectations and 1Q20 production had been reported previously. At the end of 1Q20, current trade and other payables had been reduced to ~US$45 mm compared to ~US$55 mm at YE19. Most importantly. PetroTal continues to expect the Bretaña field to be re-opened this month. The contingent liability with Petroperu is estimated at US$25 mm at the current oil price and the company has entered into a financial swap for 0.46 mmbbl of oil with an ICE Brent reference price of US $40.58/bbl to cover the upcoming sale by Petroperu at the Bayovar port. This is a recovery story that we continue to like. It offers a combination of value, production and cash flow growth and reserves upside. We anticipate that the imminent reopening of the field with be an important catalyst to the share price.
i3 Energy (I3E LN): Reveals takeover target in Canada | Maha Energy (MAHA-A SS): Production update | Aker BB (AKERBP NO): 2Q20 update in Norway | Energy (RRE LN): Recommended offer by Viaro Energy | Spirit Energy: Dry hole in Norway | Enwell Energy (ENW LN): Ukraine update | JKX Oil & Gas (JKX LN): 2Q20 update in Ukraine and Russia | Pharos Energy (PHAR LN): Operating update in Egypt and Vietnam | Sound Energy (SOU LN)C: Terms of Moroccan licence renegotiated | Tethys Oil (TETY SS): June production in Oman | Victoria Oil & Gas (VOG LN): Gas sales contract with ENEO in Cameroon terminated
EVENTS TO WATCH NEXT WEEK
14/07/2020: Aker BP (AKERBP NO) – 2Q20 results
15/07/2020: Premier Oil (PMO LN) – 1H20 update
13-17/07/2020: GeoPark (GPRK US) – 2Q20 update
Companies: I3E MAHAA JKX PHAR EQNR AKERBP ENI HUR PTAL REP RRE SOU TPL VOG OMV
• 1Q20 financials are in line with expectations and 1Q20 production had been reported previously.
• At the end of 1Q20, current trade and other payables had been reduced to ~US$45 mm compared to ~US$55 mm at YE19.
• Most importantly, PetroTal continues to expect the Bretaña field to be re-opened this month.
• The contingent liability with Petroperu is estimated at US$25 mm at the current oil price and the company has entered into a financial swap for 0.46 mmbbl of oil with an ICE Brent reference price of US $40.58/bbl to cover the upcoming sale by Petroperu at the Bayovar port.
Recovery, value and cashflow
PetroTal is a recovery story that we continue to like. It offers a combination of value, production and cash flow growth and reserves upside. PetroTal’s shares continue to trade at around one quarter of our Core NAV of £0.47 per share and at less than half of the company’s value based on its 2P reserves only (2P NAV of £0.28 per share). This reflects Brent price assumptions in line with what BP, Shell and ENI are using. This is important because the commodity prices assumptions of the Majors have often been more conservative than those used by smaller companies that could see PetroTal as an acquisition target. On flat production, PetroTal’s share price implies EV/DACF multiples of 1.0x in 2021 turning negative in 2022. In 2021, we forecast PetroTal generates ~US$90 mm cash flow with ~US$35 mm cash capex (incl. servicing the payables). Our target price of £0.45 per share (~our Core NAV) represents 4.5x the current share price.
Looking beyond the restart of the field
We anticipate that the imminent reopening of the field will be an important catalyst to the share price with 4Q20 production expected to be over 12 mbbl/d. This is however just a first step and there are multiple areas of additional value creation. (1) The story would strongly benefit from a further increase in oil prices. At US$50/bbl for Brent, the Petroperu US$25 mm contingent liability would be reduced to
Oil rebounded as a new virus treatment showed promising results, but rising Covid-19 cases continued to weigh on the market.
Oil gained 2.4% in New York on Friday but is still down for the week. The market followed stocks higher after Gilead Sciences Inc said its remdesivir treatment cut Covid-19 mortality risk by 62%. Still, the coronavirus pandemic is far from easing around the world and the International Energy Agency said a jump in cases could derail the market recovery.
Crude has struggled to extend a recent rally as traders weigh fresh outbreaks of the virus. California, Texas and Florida have recorded some of their biggest daily gains in cases and deaths this week. There is a growing risk that a resurgence will impede efforts to reopen the economy.
While the IEA said demand should rebound sharply over the next three months as economic activity resumes, the agency also warned a flare-up of the virus, which is raging across several US states and re-emerging in Asia, is “casting a shadow over the outlook”.
West Texas Intermediate for August delivery rose 93 cents to $40.55 a barrel in New York.
Brent for September settlement gained 89 cents to $43.24 a barrel.
Heavy Louisiana Sweet crude rose 30 cents to $2 a barrel above Nymex. That is the highest premium since May.
Supply could also become more abundant as Libya's National Oil Corp announced it would lift force majeure on all exports following months of near-zero shipments. The Kriti Bastion tanker has started loading 730,000 barrels of crude at Es Sider, with the cargo heading to Italy, according to port operator Waha Oil Co. Rigzone.
Companies: FOG PVR 88E DGOC EME TRIN UOG
The market should be in no doubt that Pure Gold will deliver first gold before the end of the year before ramping up to 66koz in 2021 through to 125koz in 2025 (the company is already looking at ways it can accelerate the ramp up). All critical path items are on track with long lead equipment on order, all license applications expected to be approved by Q2, and mine sequencing being planned. Management are already planning on how they might ramp up quicker, improving flexibility in the system with a new decline and tweaking metallurgical recoveries. Perhaps most importantly they are growing their knowledge of the geology with the team putting together a drill programme to start next year once in production. This will target extensions to the 1Moz, 9g/t reserve (will be the 17th highest grade mine in the world when in production) down dip, at satellite deposits and, most excitingly, at Zone 8 where there is already a 0.5Mt resource grading 21g/t.
Companies: Pure Gold Mining
Jubilee Metals (JLP) – Corporate – Large copper tailings project in Zambia – staged expansion for Sable
Market Cap £82m Share Price 3.8p
Jubilee announced yesterday that it had secured a JV with a private company - Star Tanganika – for the rights over a copper project at Ndola in Zambia. The purchase price was $5m ($0.6m in cash the rest in shares in Jubilee) which will be used to advance a further potential copper tailings project held by the owners of Tanganika. Jubilee will provide all of the operating and capital funding for the first phase project and will receive 75% of the project earnings until all capital is recovered dropping to 60% after that – Jubilee will also have first right of refusal over the copper-bearing concentrates produced on 3rd party offtake terms.