Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.
Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: LOOK PGD TLY KRM BAGR HUW TOT ACSO STR BOOM
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Presentation at Proactive Investors | Patagonia Gold PGD LN Price & MV - Major shareholder provides US$15m loan facility
Companies: Anglo Asian Mining Patagonia Gold
United Oil & Gas (UOG.L) an oil and gas exploration and developm ent com pany brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 1 March 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. Polemos, to be renam ed Digitalbox plc, has agreed to acquire Digitalbox Publishing Holdings Lim ited for c.£10m through a share for share exchange. The acquisition constitutes a RTO. Polemos has also agreed to acquire the entire issued share capital of Mashed Productions Limited. a digital media business which owns the online satirical news website "The Daily Mash", for a maximum total consideration of up to £1.2m. Market cap on admission £12.4m, expected 28 February
Companies: ROCK VAST AVG REDD PGD IGE NTOG JAY TRS BKS
Asiamet Resources (ARS LN) – BKM resource drilling | ARC Minerals* (ARCM LN) – £2.2m funding | BHP Billiton (BHP LN) - H1 results | Patagonia Gold (PGD LN) – Closure of Lomada de Leiva and Cap Oeste | Strategic Minerals* (SML LN) – Exercise of options | Talga Resources* (TLG AU) – Further gains from Talga high energy battery anode product
Companies: ARS ARCM PGD SML TLG
Bacanora Minerals (BCN LN) – Interim Results | Bushveld Minerals (BMN LN) – Lemur Q4 operational update | Crusader (CAS LN) - General meeting to endorse or restructure the board | Patagonia Gold (PGD LN) – Drill results from Uruguay | Serabi Gold (SRB LN) – Progress report shows January gold production in line with guidance
Companies: BCN bmn CAS PGD SRB
United Oil & Gas (UOG.L) an oil and gas exploration and development company brought to the Official List (Standard Segment) in July 2017 by way of a reverse takeover of Senterra Energy plc. No capital to be raised, expected market cap of £17m and expected 28 Feb 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.
Companies: NMRP PGD KDR CER CLIN NBB MLVN RENX BAGR D4T4
Arc Minerals* (ARCM LN) – Arc further consolidates Zamsort where drilling is underway | Ariana Resources (AAU LN) – Preliminary Q2 production report for Kiziltepe | Bushveld Minerals* (BMN LN) – BUY, Target 25p – Ferrovanadium prices hit new peak - Bushveld Energy operating update | European Metals (EMH LN) – Latest test work shows improved recovery rates | Patagonia Gold (PGD LN) – Q2 Cap Oeste production and revised 2018 guidance | Rio Tinto (RIO LN) - Minerals sands operation in South Africa shut by protests
Companies: AAU bmn EMH PGD RIO
Patagonia Gold (PGD LN) – Q1 Cap Oeste production – 2018 guidance under review | Rio Tinto (RIO LN) – Exploration collaboration with China Minmetals | Strategic Minerals* (SML LN) – Amendments to Cobre sales contract
Companies: PGD RIO SML
Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June.
Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June.
Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May.
Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m. Expected 23 May 2018
Serinus Energy -international upstream oil and gas exploration and production company. Its principal assets are located in Romania (development phase) and Tunisia (production phase). Raising c.£10m at 15p. Due 18 May. Mkt cap £32.6m
Companies: AFHP AOR GTLY ARE UVEN GAN CNC TOOP PGD
Anglo Asian Mining* (AAZ LN) – Detailed 2017 exploration update | Patagonia Gold (PGD LN) - Calcatreu resource update | SolGold* (SOLG LN) – Initial drilling at Aguinaga hits mineralisation | Stratex International (STI LN) – Dalafin option approved | Vast Resources (VAST LN) – Increased resource estimates for Manaila
Companies: AAZ SOLG ORR VAST PGD
Glencore (GLEN LN) 400p, Mkt Cap £58bn – Trading and marketing drives Glencore earnings | Mkango Resources* (MKA LN) 9.3p, mkt 9.7m - Rare Earth Element prices hike higher | Patagonia Gold (PGD LN) 1.3p, mkt cap £31.3m - Proceeding with Calcatreu option | Pathfinder Minerals plc (PFP LN) £1p, mkt cap £2.4m – Mozambique | Rainbow Rare Earths Ltd (RBW LN) – 13.9p, mkt cap £24.2m – Raising £2.8m for growth plans at Gakara
Companies: GLEN MKA PFP RBW PGD
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: RRC AVO APH ITM LOGP EQT MTL PGD
Mkango Resources* (MKA LN) – TSXV grants conditional acceptance of Talaxis deal | Patagonia Gold (PGD LN) - Proceeding with Calcatreu option | Serabi Gold Price (SRB LN) – Mineral reserve/resource update | Sula Iron & Gold (SULA LN) – Acquisition of cobalt licence in DRC and name change | Strategic Minerals* (SML LN) – Redmoor phase 2 drilling results
Companies: MKA SML POW SRB PGD
Altus Strategies* (ALS LN) BUY – Target price 12.2p – Agreement to acquire Legend Gold completed | Bacanora Minerals (BCN LN) – Founder’s family estate serves legal action against Bacanora Minerals | BHP Billiton (BLT LN) - Establishing process for Samarco claims | Bushveld Minerals (BMN) - BUY – Target price maintained at 11p – First vanadium Redox battery deployed at Eskom | Ferrum Crescent (FCR LN) – Director comes aboard AIM company at reasonable salary level | Patagonia Gold (PGD LN) - Raising £7.76m to proceed with Calcatreu option | Shanta Gold (SHG LN) Hold – Target 5.2p– Valuation update
Companies: ALS BHP bmn FCR SHG BCN PGD
Kodal Minerals* (KOD LN) – Chinese lithium processor completes equity subscription | Ortac Resources* (OTC LN) – Akyanga drilling results |Patagonia Gold (PGD LN) – Cap Oeste Este resource estimate and revised 2017 production guidance | Strategic Minerals* (SML LN) – Hanns Camp drilling results |
Stratex International* (STI LN) / Crusader (CAS AU) – Stratex CEO removed from board by shareholder vote but remains as an employee as CEO
Companies: KOD OTC SML ORR PGD
Research Tree provides access to ongoing research coverage, media content and regulatory news on Patagonia Gold.
We currently have 24 research reports from 3
Anglo Asian Mining is an AIM listed precious and base metals producer running flagship Gedabek operations in western Azerbaijan which include three producing mines and processing facilities. The Company targets 75-80koz GEOs in 2020 with low cost operations providing capital for organic growth opportunities within the highly prospective +1,000km2 land package, with the potential for additional attractive targets outside Azerbaijan as well as 25% of FCF dividend programme.
Companies: Anglo Asian Mining
Falcon is uniquely placed in the current challenging commodity price environment with its strong cash position (US$11.5m at 31 March 2020), fully funded drilling programme and high quality assets. Following the farm down of a 7.5% participating interest to partner Origin Energy in return for an A$150.5m increase in the gross cap carry, we believe Falcon is fully funded through one of the greatest periods of uncertainty the oil and gas industry has ever faced. At a time when many in the industry fight for their very survival, we believe Falcon has managed to secure a fantastic deal for shareholders, which should see the Company through to the potential monetisation of its 22.5% participating interest. We maintain our price target at 40p, a 426% premium to the current share price and reiterate our BUY recommendation.
Companies: Falcon Oil & Gas
Companies: Hurricane Energy
Sylvania's share price has fallen 53% since its peaked on the 21st Feb, as the global economy hit the brakes. The short term demand outlook for PGMs is miserable, with supply chains breaking down as both luxury goods and car sales sales collapse.
Companies: Sylvania Platinum
Gold – Robust pricing, improved returns and increased interest
The robust gold price, currently sitting comfortably above $1,700/oz, has been one of the bright spots of the current COVID crisis, although the roots of the price increase were seen well before from mid-2019 on geopolitical and trade concerns. Gold mining companies have been reaping the rewards of the higher price with forecast profits and cash expected to grow significantly. The increase in gold price has been reflected by share price appreciation for most of the gold-mining sector; gold miners, those companies developing gold projects and even gold explorers have all seen an uptick in share prices. Those companies in production should see considerably higher profits and we expect the level of dividends back to shareholders to rise.
The rate of M&A in the sector might also increase, as in previous high price periods, with some companies assuming that these prices can be sustained – however, they will have to be careful as a rash of M&A in previous cycles has shown that there may be a price to pay later on and the industry can ill afford a return to eye-wateringly large write-downs on the other side of this cycle. Gold miners will also have to behave prudently as there will, of course, be a temptation for higher throughput and production, regardless of grade, to generate more cash – a decreasing profit margin perhaps, but a lengthening mine life; as in everything there is a balance to be made to ensure sensible returns.
We are most heartened by a renewed interest in the previously (seemingly) ignored junior explorers which we think is a theme that will develop and continue.
Companies: AURA CMCL CNG GDP JLP ORR
Another impressive year for Iofina, which has reporting a second consecutive year of record iodine production and EBITDA. It also launched its new CDB extraction division, reduced debt through a successful fundraise and delivered the next phase of expansion in its core iodine business with the start-up of IO#8 on time and within budget. Weak oil prices have affected brine water supplies to this plant, causing it to be idled. However, management is optimistic IO#8 will restart in H2 as oil prices recover. We are reinstating estimates that assume a gradual restart from August, and have set a new DCF-based price target of 32p/sh, down from 35p previously.
An independent resource audit by Gaffney, Cline & Associates (GCA) has significantly increased the resources at the Mako gas field following the JV's highly successful drilling campaign in Q4/19. GCA have increased the 2C gross recoverable dry gas volumes when compared to its previous resource assessment (in January 2019) by 79% to 495Bcf, slightly ahead of the internal 493Bcf assessment. In the upside case, the 3C resources have increased by 108% to 817Bcf, significantly higher than the 3C internal resource estimate of 666Bcf. Following the GCA resource upgrade, the Mako field has been proven to be one of the largest gas fields ever discovered in the West Natuna Basin and is believed to be the largest undeveloped resource in the region. Located close to existing infrastructure and well established markets, we believe Mako is an attractive proposition, which we currently value at US$18.3m or 3.2p using a US$6/mcf long term gas price.
Companies: Empyrean Energy
April 2020 production payment
Companies: Gulf Keystone Petroleum
Petropavlovsk PLC (LSE: POG) have released their FY2019 results and Q1 trading update this morning. The company had already released production numbers for last year. Overall the numbers reflected a strong operational performance although various financial/other parameters thwarted positive changes below the EBITDA line. Conversely net cash from operations reduced by 43% due to lower cash from prepayment as part of the group’s forward sale facility with the banks, yet net debt came down to $561m. . We show the key figures in Table 1.
An independent resource audit by Gaffney, Cline & Associates (GCA) has significantly increased the resources at the Mako gas field following the JV's highly successful drilling campaign in Q4/19. GCA have increased the 2C gross recoverable dry gas volumes when compared to its previous resource assessment (in January 2019) by 79% to 495Bcf, slightly ahead of the internal 493Bcf assessment. In the upside case, the 3C resources have increased by 108% to 817Bcf, significantly higher than the 3C internal resource estimate of 666Bcf. Following the GCA resource upgrade, the Mako field has been proven to be one of the largest gas fields ever discovered in the West Natuna Basin and is believed to be the largest undeveloped resource in the region. Located close to existing infrastructure and well established markets, we believe Mako is an attractive proposition, which we conservatively value at US$18.3m (risked) or 3.2p using a US$6/mcf long term gas price, unrisked our valuation of Mako increases to US$25.2m or 4.3p per share. We value Empyrean as a whole at 19.0p per share a 280% premium to the share price and reiterate our BUY recommendation.
Valuation – We have updated our Mako model, with gas first in 2023 (previously 2022). Using a long term gas price of US$6/mcf, and a 10% discount factor we value the 42.1Bcf of net 2C resources at US$18.3m (risked) or 3.2p per share. We include a 30% risking to account for any potential commercial risks (including political and fiscal changes), cost risks (associated with potential development cost variations) and timing risks (to allow for any project delays). Unrisked our valuation increases to US$24.7m or 4.3p per share.
A key sensitivity to our valuation is the gas price, at US$8/mcf our valuation of Mako increases to US$31.0m or 5.3p per share (risked), US$44.3m or 7.6p per share (unrisked) and at US$10/mcf our valuation increases to US$40.8m or 7.0p per share (risked), US$58.4m or 10p per share (unrisked).
Combined, we value Empyrean's portfolio at 19p per share, a 280% premium to the share price.
Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with US futures on Friday rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start of the year, and demand that was crushed by the coronavirus crisis may need to show a sustained improvement for the rally to extend further.
For now, the outlook for consumption looks bleak, though it is on the mend. While virus-related lockdowns are easing, demand is not yet roaring back in the US Fuel sales that were clobbered in European nations such as Spain and Italy will take time to recover. China is a bright spot, but the rest of Asia is still struggling.
The number of rigs drilling for oil in the US fell for the eleventh week, stemming the massive glut of crude that flooded the market. Yet there is a risk that oil's advance could tempt producers to turn on their taps again.
US crude futures fluctuated Friday, as Federal Reserve Chairman Jerome Powell defended aggressive action to shield the economy as the coronavirus pandemic took hold. Prices surged at the close, with West Texas Intermediate oil settling 5.3% higher at $35.49 a barrel, after falling as much as 4% earlier in the day. Futures posted the biggest monthly jump in data going back to 1983.
Brent crude for July, which expires Friday, rose 4 cents to $35.33, closing below WTI for the first time since 2016. The global benchmark has rallied almost 40% this month. The more active August contract rose 5% to settle at $37.84.
Meanwhile, US President Donald Trump is poised to sign a measure that would punish Chinese officials for imprisoning more than one million Muslims in internment camps, as he looks to rebuke Beijing over its crackdown in Hong Kong and its response to the coronavirus. He has also discussed putting targeted sanctions and trade measures on China's financial sector.
More on the oil market:
As the fallout from crude's historic plunge continues, the Securities and Exchange Commission and the Commodity Futures Trading Commission have both opened probes into the $4.64 billion United States Oil Fund ETF.
As China's demand recovery outpaces the rest of Asia, falling fuel exports from the refining giant are providing a much-needed buffer for other processors in the region still grappling with lowered consumption and poor margins.
An early look at Saudi Arabia's crude exports for May shows that historic production cuts have done little to squelch the kingdom's flood of oil to China, which is just getting back on its feet from the coronavirus.
Companies: FOG PVR 88E DGOC EME TRIN UOG
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.
Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.
Companies: Shearwater Group
Savannah Energy is an AIM-listed E&P company with two sets of assets: (i) in-production gas and oil fields and a regional monopoly gas distributon network in South East Nigeria (well away from the risky Delta area); and (ii) licenses over 50% of a prolific oil basin in Niger.
Companies: Savannah Energy
Companies: Genel Energy