SolGold: Comfortable cash position to carry SolGold through reduced de-risking programme & Strategic Review

SolGold (“SOLG”) recently announced a Term Sheet with the Government of Ecuador (“GoE”) for an Exploitation Agreement (20th July) as well as a 25-year licence renewal (17th July) at its flagship Cascabel project. Under the leadership of Scott Caldwell, appointed permanent CEO in Mar’23, SOLG has focused on streamlining the business, whilst also advancing the project and showing underlying value. A cut in overheads, a “right sizing exercise” at Cascabel, and possible monetisation of the Company’s

SP Angel Morning View: China eyes mortgage support to bolster faltering property sector

SP Angel Morning View: Rio Tinto investment into Sovereign Metals highlights drive for more graphite and titanium

Hybridan Small Cap Feast - 17 Feb 23

17 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

SP Angel Morning View: Expectations for steeper rate hikes lift US$ and dampen risk sentiment

SP Angel Morning View:Lower US$ helps gold and copper ahead of inflation data

SP Angel Morning View: Copper rises as Eurozone returns to marginal growth

Base Resources (BSE LN) – Sales pull back on softer ilmenite prices despite positive production Beowulf Mining* (BEM LN) – Kallak scoping study indicates NPV8 of US$852m at current prices Horizonte Minerals (HZM LN) – ESIA submitted for the Vermelho nickel cobalt project. Anglo Asian Mining* (AAZ LN) – BUY – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation Kore Potash (KP2 LN) – BUY, TP Under Review – Updated DX Project resources, reserves and pro

SP Angel Morning View: Commodities surge higher on dovish Powell comments and weakening US dollar

BHP (BHP LN) – CEO Henry: "Decarbonisation, electrification doesn't happen without mining" Horizonte Minerals (HZM LN) – Port contracts agreed for the Araguaia ferronickel project SolGold* (SOLG LN) – Completion of US$50m royalty financing Tesoro Gold (TSO AU) – Drilling uncovers new discovery at El Zorro Zijin Mining (2899 HK) – Zijin estimates lithium prices could halve by 2025, despite $16bn investment into the space

SolGold: New investment from Jiangxi as strategic review continues; PFS Addendum cancelled; DFS delayed

SolGold (“SOLG”) has announced it is raising ~US$36m of new equity through the issuance of 180m new shares, including 155m to Jiangxi Copper (Hong Kong) Investment Company Limited ("Jiangxi"). Jiangxi, a Chinese state-owned enterprise and the largest copper producer in Mainland China, will have a 6.3% shareholding in SOLG upon closing of the raise, expected around 9 Dec subject to due diligence. This new cash will further bolster the balance sheet following the announcement on 7 Nov of a US$50m

SP Angel Morning View: Weak Chinese data reflects Covid and contracting property market headwinds with outlook remaining bleak

Castillo Copper (CCZ LN) – Rare earth elements potential of the BHA project Centamin (CEY LN) – Potential expansion of underground mining capacity at Sukari could support 500,000oz pa production Leo Lithium (LLL AU) – Port Services agreed for export of spodumene Rambler Metals and Mining* (RMM LN) suspended – Copper forward sale Resolute Mining (RSG LN) – Underwritten placing size increased from A$140m to A$164m SolGold* (SOLG LN) – Quarterly report describes continuing feasibility work a

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

SP Angel Morning View: Copper prices rise to two-month high as Russia withdraws from Kherson

Altona Rare Earths (ANR LN) – £150k short-term loan facility agreed Largo Resources (LGO CN) – Largo reports loss of $2.6m in Q3 as Q3 sales prices fall to $8.80/lb Phoenix Copper* (PXC LN) – First results from metallurgical drilling programme at the Empire mine, Idaho Rambler Metals and Mining* (RMM LN) – Cost containment initiatives at the Ming mine as negotiations on the financial restructuring continue Resolute Mining (RSG LN) – A$140m underwritten placing to strengthen balance sheet S

Hybridan Small Cap Feast 07-11-2022

What’s cooking in the IPO kitchen?** Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's admission to trading on AIM will be cancelled with effect from Admissio

SP Angel Morning View: Copper prices pause strong run as China officials double down on zero-Covid strategy

AfriTin Mining (ATM LN) – Completion of Phase 1 commissioning at the Uis mine Arafura Rare Earths Ltd (ARU AU) - Arafura signs rare earth supply deal with Hyundai and Kia as automakers look to diversify EV supply chain Arc Minerals* (ARCM LN) – Arc extends exclusivity agreement for Anglo American Beowulf Mining* (BEM LN) – Non-Executive Chairman appointed Caledonia Mining* (CMCL LN) – New Maligreen mineral resource Castillo Copper (CCZ LN) – Quarterly report focusses on the cobalt potential

SolGold: US$50m Osisko royalty alleviates balance sheet stress and should close Cascabel valuation gap

SolGold (“SOLG”) has announced that it has entered into a binding agreement with Osisko Gold Royalties Ltd ("Osisko") for a US$50m royalty financing for the Company's flagship Cascabel copper-gold project in northern Ecuador. In combination with the Cornerstone (“CGP”) merger announced last month, the alleviation of near-term funding stress should help to re-rate the stock and leaves value-enhancing options open to SOLG as its Strategic Review continues. Osisko will receive a 0.6% net smelter re

LIBERUM: Trident Royalties: Mexican standoff

LIBERUM: Sylvania Platinum: Record year for production

PetroTal (PTAL LN) - Paddington would be proud – initiating coverage

PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow

Independent confirmation of c.1bn barrels liquid hydrocarbons at Kodiak

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

LIBERUM: Trident Royalties: Benefitting from rising rate environment

Bushveld Minerals: Fully integrated vanadium exposure with potential for operational turnaround & share price rerating

We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and

PetroTal (PTAL LN) - Production and operations update

PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.

Bushveld Minerals: Investment agreed to strengthen balance sheet

Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent

Jersey Oil & Gas - Interims

Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).

Interim results: solid performance amid challenging macro

The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Introduction of Vanchem partner alleviates pressure