Amur Minerals* (AMC LN) – 2018 Kun Manie development programme | Arc Minerals* (new ticker ARCM LN) – Soil sampling to test potential between Akyanga and Akyanga East | Strategic Minerals* (SML LN) – Leigh Creek Acquisition to be settled within five days | Stratex International (STI LN) – Preliminary results for 2017
Companies: AMC OTC SML ORR
Arc Minerals* (new ticker ARCM LN) – Casa Misisi (Akyanga) project | Anglo American (AAL LN) –De Beers diamond sales see restocking post the Christmas holiday season | Ferrum Crescent (FCR LN) – Maiden resource estimate for Toral project | Phoenix Global Mining* (PGM LN) – Initial cobalt exploration results | Wolf Minerals (WLFE LN) – Process plant improvements | Petropavlovsk (POG LN) – Q4 production update
Companies: OTC AAL FCR WLFE POG PXC
Aston Bay Holdings* (BAY CN) 0.14c/s, Mkt cap C$10.5m – Seal Zinc resource shows 1mt grading 10% zinc | BlueRock Diamonds* (BRD LN) 2p, Mkt Cap £2.8m – Encouraging results from K5 kimberlite sampling | KEFI Minerals* (KEFI LN) 3.6p, Mkt Cap £11.8m – Funding and operations update | Ortac Resources (OTC LN) 2.65p, Mkt Cap 8.8m – Continuation of high grade gold seen at Casa Misisi (Akyanga) project | Shanta Gold (SHG LN) 5.7p, Mkt Cap £44m – Q4 production climbs as underground operations ramp up to full capacity
Companies: SHG OTC HGM KOD KEFI BAY BRD
Arc Minerals* (new ticker ARC LN) 2.5p, Mkt Cap 8.3m – New momentum to drive Arc Minerals in copper, cobalt and gold | Acacia Mining (ACA LN) 199.5 pence, Mkt Cap £818.1m – Cost reductions delivered on lower gold output | Caledonia Mining (CMCL LN) 552.5p, Mkt Cap £58.5m – Record quarterly and annual gold production from the Blanket mine | Central Asia Metals (CAML LN) 329p, Mkt Cap £578m – Q4 and FY17 production update | Gem Diamonds (GEMD LN) 93p, Mkt Cap £128.9m –Largest diamond recovered from Letseng Orosur Mining (OMI LN) 11.25 pence, Mkt Cap £13.2m – Q2 and H1 Results | Polyus (PLZL LI) $37.4, Mkt Cap $10.0bn – Fosun deal terminated | Tri-Star Resources* (TSTR LN) 0.05p, mkt cap £31.9m – Odey Asset Management increases holding to 65.16%
Companies: OTC ACA ACA CAML GEMD OMI PLZL CMCL TSG
Golden Star Resources (GSC CN) – Production guidance for 2018 | Mkango Resources* (MKA LN) – Exercise of Warrants | Ortac Resources* (OTC LN) – Name change to Arc Minerals
Companies: GSC MKA OTC
Ortac Resources* (OTC LN) – Update on Acquisition of Casa Mining | Bacanora Minerals (BCN LN) – Expanding exploration area at Zinnwald | Centamin (CEY LN) – Guiding to a 6% increase in Sukari gold output in 2018
Companies: OTC CEY BCN
Amur Minerals* (AMC LN) – Assay results point to a potential significant expansion of IKEN and KUB mineral resources | Bluebird Merchant Ventures* (BMV LN) – Grab sampling results from the Gubong gold project in South Korea | Ortac Resources* (OTC LN) – Akyanga drilling results | Strategic Minerals* (SML LN) – Cobre delivers record quarterly sales
Companies: AMC BMV OTC SML
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.25m. Expected 10 Jan 2018
Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT.
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: WPHO ZIOC GEO AVAP YGEN RMM OTC ACC
Goergian Mining Corporation (GEO LN)– Corporate Update | Ortac Resources Ltd (OTC LN)– Interim Results | Petropavlovsk (POG LN)– Renova sells its stake
Companies: GEO OTC POG
Bacanora Minerals* (BCN LN) – £31m investment for 19.89% from new Chinese investor | Georgian Mining* (GEO LN) STRONG BUY – JV partner sells London listed supermarket chain | Hummingbird Resources (HUM LN) –Commissioning progress at Yanfolila Nautilus Minerals (NUS CN) – Attenborough condemns Nautilus’ sub-sea mining | Ortac Resources* (OTC LN) – Ortac to expand Misisi Gold project along parallel structure to East | Shanta Gold (SHG LN) BUY – Target price 5.5 (from Hold 5.2) – Site visit and valuation update Click for the note | Strategic Minerals* (SML LN) – Leigh Creek acquisition going ahead on improved terms
Companies: GEO HUM NUS OTC SHG SML BCN
Fusion Antibodies— Sch1 from the Belfast based contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications. Offer to raise £5.5m for the Company and £1.075m for selling shareholders at 82p with market cap of £18.1m. Due 18 Dec | Erris Resources PLC—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017 | CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Offer TBA. Due 21 Dec | Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. Offer TBC, expected 20 Dec | Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and codevelopment solutions, including initial concept and pre-production. Offer TBC. Due late Dec | Pelatro—provider of proprietary software solutions to enterprise-level customers for various aspects of precision marketing for use in B2C applications. Offer TBC, expected 19 December 2017 | Fusion Antibodies—contract research organisation providing services to biopharmaceutical and diagnostics companies that are involved in the development of antibodies for both therapeutic drug and diagnostic applications. Raising £5.5m at 82p plus £1.075mn vendor sale. £mkt cap £18.1m Due 18 Dec. | Sirius Petroleum—RTO. Becoming an operating company in the Ororo Field in Nigeria. Raising £7.2m/ Mkt Cap £35.6m. Due 19 Dec. | Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine. | Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec | Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £71m market cap. FYMar18E rev £241.5m and £7.19m PBT | Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising. 2016 rev £0.7m and £7.3m operating loss. Offer TBA. Expected 19 Dec | 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: BIRD VER OTC MPH IQG PDZ MSYS REAT BCN
Bacanora Minerals (BCN LN) – Sonora Lithium feasibility study results | Highland Gold (HGM LN) – Dividend policy announced | Kodal Minerals* (KOD LN) – Kodal secures 90% of Bougouni mineral licenses in Mali | Ortac Resources* (OTC LN) – Update on CASA Mining offer | Pallinghurst – plans to relist Gemfields assets in London | Savannah Resources (SAV LN) – Drilling report from Mina do Barroso includes discovery of new high grade zone | Stratex International (STI LN) – Thani Stratex reports maiden Mineral Resource at Anbat project in Egypt
Companies: HGM KOD OTC SAV ORR BCN
Mkango Resources* (MKA LN) – Securing nickel/cobalt exploration licence in Malawi | Ormonde Mining* (ORM LN) – Progress report from Barruecopardo | Ortac Resources* (OTC LN) – CASA Mining | SolGold* (SOLG LN) – New discoveries in Southern Ecuador highlight move into extensive new exploration | Tertiary Minerals* (TYM LN) – Securing fluorspar offtake agreements | Tri-Star Resources* (TSTR LN) – US$6m mezzanine loan to SPMP
Companies: MKA OTC SOLG TYM
Clean Invest Africa—Introduction due around 14 Nov. Vehicle established to identify investment opportunities and acquisitions in renewable and clean energy projects/companies or alternative technologies that are used in a socially and environmentally responsible way that will aid the development of the African continent. | City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due Nov. | Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to US$6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer TBA. | Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer and date TBA. | AfriTin Mining—Demerger from Bushveld Minerals (BMN.L). Offer TBA. Due 8 Nov. The Uis Tin project (Namibia) is considered the flagship tin asset within the portfolio, as this was once the largest open cast tine mine of its kind in the world. Expected 8 November 2017 | 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. | OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November. | Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA. | Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2bn. Raising c.£195m. Offer TBA. Due November. | ContourGlobal LP— contracted wholesale power generation businesses, with 69 thermal and renewable power generation assets in Europe, Latin America and Africa. In the year ended 31 December 2016 it generated $905.2m of combined revenue and $440.4m of Adjusted EBITDA. Raising c.$400m. Expected November. | M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 13 Nov. | En+, international vertically integrated aluminium and power producer with core assets located in Russia. Priced at $14 per GDR. $1.5bn offer of which $0.5bn primary to pay down debt. Dual listing in Moscow. Unconditional dealings 8 Nov. | TMF Group , which provides tax, admin and legal support services, reported to be seeking London IPO to raise c. £200m.
Companies: SAT BPM LND PURP SYS OTC VRS REDX BLV AFHP
Australian mines (AUZ AU) – raises A$20m to accelerate cobalt, nickel projects | Condor Gold (CNR LN) 41p, Mkt Cap £25.2m – Results from final six holes at Mestiza | Galileo Resources (GLR LN) 1.6 pence, Mkt Cap £4m – Star Zinc Project | Ortac Resources* (OTC LN) 2.8p, £6.4m Mkt Cap – Acquisition of CASA Mining
Companies: CNR GLR OTC
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ortac Resources.
We currently have 57 research reports from 3
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
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
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
Acquisitions and creditors update
Companies: Premier Oil
Considering the environment, this sale is positive and marks the completion of the $15bn divestment programme started after the acquisition of the shale assets from BHP in 2018. Overall, BP’s strategy in downstream is to bring stable earnings, to offset volatility in upstream. In this regard, expanding renewables activities would seem appropriate to BP. While, BP has no competitive advantage in this field, exposure to renewables will allow the oil majors to keep their oil & gas activities.
Companies: BP Plc
Enteq Upstream PLC (LON:NTQ) has released full-year (FY) results for the year-end March 2020 with commentary on the ongoing trading environment. The company reported revenues of around US$10.9mln, underlying adjusted EBITDA (earnings before tax interest depreciation and amortisation) of US$3.1mln,
Companies: Enteq Upstream
Rockfire Resources, the gold and copper exploration junior with projects in northern Queensland has recently commenced a major £0.8m drilling programme on Plateau, its most advanced project. Drilling is likely to be followed by a resource update in late 2020 and a scoping study in Q1 2021. We believe that the updated resource estimate could be commercially significant. This reflects the promising drilling results post July 2019’s resource assessment and the potential for the drilling programme to expand the resource base given the analogous Mt Wright mine geology 47 km to the NE. The new drilling programme will include diamond drilling for the first time which will enable deeper higher-grade targets to be targeted. The drilling programme has been underpinned by the recently announced £1m raise. We believe the scope for positive news flow in the coming months is excellent while the gold market backdrop should be supportive for gold exploration as well as production plays over the balance of 2020.
Companies: Rockfire Resources
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
Pure Gold (LSE/TSX: PUR/PGM) have announced a project update for its Red Lake Mine and also its financial results for YE December 2019 today. Importantly the Ontario Government has deemed exploration and mineral extraction an essential business with respect to the COVID-19 pandemic and Red Lake has no known infections at the moment. As such the Project is proceeding as planned with first production due before the end of the year.
AFC Energy is a global leader in the fuel cell sector. It has a proven fuel cell technology which it is commercialising through its H-Power™ product, an off-grid electric vehicle charging system which is run on hydrogen and produces no emissions. The company's core fuel cell technology is a liquid alkaline fuel cell called HydroX-Cell(L)™. The company is also developing a solid alkaline fuel cell called HydroX-Cell(S)™ , the critical component of which is a is a solid electrolyte which upon validation will be marketed under the AlkaMem™ trademark. We expect the AlkaMem™ product to have multiple electro-chemical applications outside of fuel cells. The purpose of this note is to compare AFC Energy's products, markets and business strategy against its listed peers Ceres Power and ITM Power. The note also assesses the state and outlook of the hydrogen market in addition to the proton exchange membrane market, which is relevant for AFC Energy's AlkaMem™ product. As a reminder, we believe AFC Energy has a fair value of 27p/sh.
Companies: AFC AFC AFC
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil price collapse are of unprecedented historical proportions and the opportunities to cut costs much more limited than in 2014, most companies (with a few exceptions) entered the crisis in much better position than six years ago, with stronger balance sheets and often already extended debt maturities. In addition, this time around, many E&Ps have already been deleveraging for 1-2 years and are not caught in the middle of large developments that cannot be halted. The previous crisis also showed that debt providers could relax debt covenants for a certain period as long as interest and principal repayment obligations were met. This implies that as long as operations are not interrupted and counterparties keep paying their bills (Kurdistan), the storm can be weathered by most for a few quarters.
With (1) Brent price of about US$50/bbl in 1Q20, (2) reduced capex programmes, (3) material hedging programmes covering a large proportion of FY20 production at higher prices and (4) limited principal repayments in 2020, we find that most companies can meet all their costs and obligations in 2020 at Brent prices below US$40/bbl and often below US$35/bbl) from April until YE20 and keep their cash intact, allowing them to remain solvent at much lower prices for some time. In particular, Maha Energy and SDX Energy are cash neutral at about US$20/bbl. When factoring the divestment of Uganda, Tullow needs only US$9/bbl to maintain its YE20 cash equal to YE19. Canacol Energy, Diversified Gas and Oil, Independent Oil & Gas, Orca Exploration, Serica Energy and Wentworth Resources are gas stories not really exposed to oil prices and Africa Oil has hedged 95% of its FY20 production at over US$65/bbl.
Companies: AKERBP AOI CNE CNE DGOC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUPE MAHAA OKEA ORC.B PEN PHAR PMO PTAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
InfraStrata's acquisition of the iconic Harland & Wolff (H&W) shipyards in Northern Ireland has been transformational for the group, and with a carefully planned growth strategy, there is a clear route to cash breakeven in the short term. Over the medium to long term, these facilities could support a c£400m revenue business. With the company trading at a c30% discount to its H1/20A book value and c65% to its Adj NAV, we initiate with a Buy recommendation.
Recent test results have confirmed the ‘tremendous’ potential of Touchstone’s Cascadura discovery, onshore Trinidad. The results point to a larger discovery than previously expected, with higher well deliverability. This drives a significant increase to our valuation, raising our risked-NAV and price target by 33% to 68p/sh. A return to exploration beckons, with the Chinook well approaching and further drilling at Cascadura and Royston planned over the next 12 months. Beyond that, a further 20 drilling locations have already been identified on the Ortoire block. While Touchstone trades at a higher multiple of NAV than peers, that is for good reason as this equity story is set to run and run.
Companies: Touchstone Exploration