SP Angel – Morning View

Amur Minerals* (AMC LN) – Drilling at KUB points to a potential resource expansion | Gem Diamonds (GEMD LN) – Demand for Letseng quality diamonds remains strong | Metminco* (MNC LN) – Miraflores underground exploration approved | SolGold* (SOLG LN) – Annual results and operational update | Tethyan Resources* (TETH LN) – Drilling results from the Rudnitza prospect

SP Angel – Morning View

Alexander Mining (AXM LN) – Vanadium research and development project | BHP Billiton (BLT LN) – US bond tenders | Eramet - 2020 Start for Eramet Argentina Lithium | Stratex International (STI LN) – Request for a General Meeting | Petra Diamonds (PDL LN) – Tanzania orders review of Petra’s diamond exports | Tethyan Resources* (TETH LN) – Proposed delisting

SP Angel – Morning View

BlueJay Mining* (JAY LN) STRONG BUY - Target Price 24p – Michael Hutchinson steps up as non-exec Chairman | Acacia Mining (ACA LN) – Cutbacks at Bulyanhulu reduce production guidance by 100,000 oz of gold. | Avocet Mining (AVM LN) – Standstill agreement expires | Highland Gold (HGM LN) 161p, Mkt Cap £524m – Interims | Ncondezi Energy (NCCL LN) – Shareholder loans extended | Premier African Minerals (PREM LN) – Drilling shows continuity of mineralisation at Zulu | Tethyan Resources* (TETH LN) –

SP Angel – Morning View

Kenmare Resources (KMR LN) – Trading update shows higher ilmenite prices and production leading to expected higher margins | Tethyan Resources* (TETH LN) – TSX listing update

SP Angel – Morning View

Altona Mining | Auroch Minerals | Gabriel Resources | IronRidge Resources | Paladin Energy Limited (PDN AU) | Premier African Minerals | Stellar Diamonds | Tethyan Resources | Top End Minerals

SP Angel – Morning View

Amur Minerals* (AMC LN) – IKEN drilling results show 500m extension at >1% NiEq; mineralization remains open in both the dip and strike directions | Gemfields (GEM LN) – Pallinghurst declares its offer unconditional in all respects | Kodal Minerals* (KOD LN) – Promising initial metallurgical results from the Bougouni lithium project in Mali | Metminco* (MNC LN) – Disposal of balance of Los Calatos for A$6.7m | Pilbara Minerals - Australian government to invest $15m into Pilbara’s Pilgangoora lit

SP Angel – Morning View

Acacia Mining (ACA LN) – Company publishes facts relating to Tanzanian gold, copper concentrate export ban | Hummingbird Resources (HUM LN) – Increasing its interest in Yanfolila to 80% | Metal Tiger (MTR LN) – Geotechnical drilling by MOD Resources confirms initial pit design | Shanta Gold (SHG LN) – BUY – FY16 financial results earnings hit by depreciation charges. Free cash flow to turn positive in second half | Tethyan Resources* (TETH LN) – Progress report from Suva Ruda

SP Angel – Morning View

Atalaya Mining (ATYM LN) – Study on further expansion of the Proyecto RioTinto | Golden Star Resources (GSC CN) –Simplifying the balance sheet | Kodal Minerals* (KOD LN) – Update on Suay Chin financing | BlueRock Diamonds* (BRD LN) – £366,000 raised at 3p per share | Gemfields (GEM LN) – Shareholders should ‘not’ vote for Pallinghurst offer | Ormonde Mining* (ORM LN) – Barruecopardo commissioning targeted for Q3 2018 | Tethyan Resources* (TETH LN) – Chairman’s statement highlights potential of t

SP Angel – Morning View

Highland Gold (HGM LN) – 2016 earnings beat market estimates | Hummingbird Resources (HUM LN) - $60m loan agreement signed with local lender | Kodal Minerals* (KOD LN) – Bougouni lithium project update and due diligence | Solgold* (SOLG LN) – Hole 22 shows Alpala Central high grade core extends around 200m closer to surface | Tethyan Resources* (TYM LN) – Drilling starts at Rudnitza copper porphyry project in Serbia

SP Angel – Morning View

Bushveld Minerals* (BMN LN) – Deed of Settlement and Undertaking signed with Gingko and Oakleaf 115 | IronRidge (IRR LN) – Joint venture with Major Star identifies new exploration target areas in Ivory Coast | Premier African Minerals (PREM LN) – Additional comments | Regency Mines (RGM LN) – Alabama coal mine washes 6,000t of coal at Rosa plant | Sirius Minerals () – Sirius Woodsmith Polyhalite Mine update | Tanfield Group Plc (TAN LN) – Takeover potential - we note stake building by Denmark-ba

SP Angel – Morning View

Birimian Limited (BGS AU) – new mineralised zone at Goulamina, Bougouni lithium project in Mali | DiamondCorp (DCP LN) Suspended – Update on restructuring discussions with the IDC and AMCU | Medusa Mining (MML AU) – Infrastructure development causes interim sales to fall at Co-O mine in Philippines | Tethyan Resources (TETH LN) – Tethyan makes first milestone payment to secure Suva Ruda copper discovery | Strategic Minerals* (SML LN) – Cobalt mineralisation discovered at Hanns Camp in Australia

SP Angel – Morning View

Antofagasta (ANTO LN) – Q4 Production | ASA Resources Group (ASA LN) BUY, Target price 2.5p - INITIATION - Renaissance underway in Zimbabwe | Aston Bay Holdings (BAY CN) – David Broughton, expert in sediment-hosted deposits, joins Aston Bay as Chief Geologist | BHP Billiton (BLT LN) – H1 production and reduced copper production guidance | FinnAust Mining* (FAM LN) – BUY Target Price 15p - Ilmenite marketing advisor | Rambler Metals (RMM LN) – 2017 production guidance | Tethyan Resources (TETH LN

SP Angel – Morning View

European Metals (EMH LN) – Completion of drilling programme at Cinovec | FinnAust Mining* (FAM LN) BUY Target Price 15p – Very pure ilmenite (titanium) concentrate purity produced in test work | Kibo Mining (KIBO LN) – Scoping study approval for Mbeya Coal to Power Project | Medusa Mining (MML AU) – Medusa mine development | Orosur Mining (OMI LN) – Q2 results | Tethyan Resources (TETH LN) – Results of first hole at Rudnitza prospect in Serbia

SP Angel – Morning View

Kibo Mining (KIBO LN) 7.1 pence, Mkt Cap £25.3m – Agreement signed with GE on Mbeya Coal to Power Project | Tethyan Resources (TETH LN) 2.5 pence, Mkt Cap £2.3m – Raising £353,000

AIM Breakfast

Directa Plus (DCTA.L) | Clinigen Group (CLIN.L) | Accesso Technology (ACSO.L) | Digital Barriers (DGB.L) | Orogen Gold (ORE.L) | Tethyan Resources (TETH.L) | Botswana Diamonds (BOD.L) | 88 Energy (88E.L) | Hardide (HDD.L) | Marshall Motor Hldgs (MMH.L)

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

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

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

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.