SolGold: Porphyry target identified at Blanca Nieves signifies regional opportunity beyond updated PFS

SolGold (“SOLG”) announced a significant porphyry target has been identified at El Cielto Norte, within the Blanca-Nieves Project and just 8km from the Cascabel Project. Recent and historic exploration results have delineated a wider 80km2 epithermal gold and silver precious metal field, with high-grade visible gold mineralisation outcropping in several places. Within this, the El Cielito Norte target is defined by a central magnetic high anomaly, surrounded by an annular magnetic low, with the

SP Angel Morning View: Copper holds higher ground as markets look for US interest rate guidance

SP Angel Morning View: Major Chinese copper smelter supports calls for production cut

SP Angel Morning View: Gold holds record highs as traders hope for Fed pivot on weaker economic data

SP Angel Morning View: Gold soars to two-month high as traders reconsider June rate cut potential

SP Angel Morning View: Gold holds higher levels ahead of US PCE inflation date

SolGold: Phased approach in new Cascabel PFS reduces initial capex by ~US$1.2bn with post-tax NPV of US$3.2bn

SolGold (“SOLG”) released an updated Pre-Feasibility Study (“PFS”) on its flagship Cascabel Project in Ecuador. The new study considers a phased approach, cutting pre-production capex to US$1.6bn from US$2.7bn. Initial block-cave capacity was reduced to 12Mtpa of ore throughput after a two year ramp up period, before a Phase 2 expansion to 24Mtpa, vs the single-phase 25Mtpa plan in the 2022 PFS. The second phase is expected to be funded by operating cash flow, reducing the peak capital required

SP Angel Morning View: Lithium stocks rally on rumours CATL is closing a major lepidolite mine

SolGold Plc* (SOLG LN) - Revised Cascabel PFS delivers capex savings & enhanced NPV

SP Angel Morning View: China kickstarts construction with >8,200 ‘whitelisted' residential developments

SP Angel Morning View:Lithium prices hit rock bottom as miners turn off expansion

SP Angel Morning View: 22% growth in EVs in 2024 should drive strong demand for battery metals

SP Angel Morning View: Metals rise on China state bank rate cuts

SP Angel Morning View: China industrial output growth of 6.6% leading copper prices higher

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

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

I3 Energy (I3E LN) - 2024 work programme and budget

I3 has released its work programme and budget for 2024, alongside providing guidance for the year. This represents a larger programme than 2023, with the focus now shifting to greater operational activity and production gains given the additional balance sheet strength achieved in recent months.

Morning Note – 22 April 2024

Morning Note – 24 April 2024

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un

Morning Note – 25 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

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

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data