Empire Metals* (EEE LN) - Munni Munni platinum group metals project acquisition work program | Erris Resources (ERIS LN) – Resumption of Loch Tay exploration | Goldstone Resources (GRL LN) – Reduced loss in 2019 | KEFI Minerals * (KEFI LN) – Tulu Kapi project finance on track for Oct/20 closure and full construction start in Q1/21 | Power Metals Resources* (POW LN) – Interim results | Vast Resources* (VAST LN) – Carlibaba licence granted
Companies: EEE ERIS GRL KEFI POW VAST
Altus Strategies* (ALS LN) – Appointment of business development manager | Arkle Resources* (ARK LN) – Annual results | BlueRock Diamonds* (BRD LN) – Results highlight improvement in performance in second half | Goldstone Resources (GRL LN) –US$3m gold loan agreed | SolGold* (SOLG LN) – Resumption of some regional exploration in Ecuador | Vast Resources* (VAST LN) – £1.5m fundraising
Companies: ALS ARK BRD GRL SOLG VAST
Chaarat Gold* (CGH LN) - BUY– Kyzyltash development roadmap | Dark Horse Resources Ltd (DHR AU) – Scandinavian exploration projects | Ormonde Mining* (ORM LN) – Update on Spanish gold projects | Tietto Minerals (TIE AU) – Recent drilling extends footprint of Abujar Gold Project | Vast Resources* (VAST LN) – Equipment arriving at Baita Plai ahead of the Jul/20 commissioning
Companies: CGH ORM VAST
Adriatic Metals* (ADT1 LN) – Environmental approval at Veovaca | Altus Strategies* (ALS LN) – 1,600m diamond core drilling starts at Tabakorole | Ariana Resources* (AAU LN) – Q1 production on track to achieve 2020 guidance | Asiamet Resources (ARS LN) – Negotiations with Aeturnum Energy | Beowulf (BEM LN) – Parliamentary questions asked over delays to mining projects in Sweden | Bluebird Merchant Ventures (BMV LN) – Terms for South Korean debt facility funding expected shortly | Pure Gold Mining (PUR LN) – Raised C$12.3m from warrant exercise | Shanta Gold (SHG LN) – Singida mineral reserves and resources update | Vast Resources* (VAST LN) – Baita Plai equipment shipment update
Companies: ADT1 ALS AAU ARS BEM BMV PUR SHG VAST
Arkle Resources* (ARK LN) – Raising £250,000 to fund August drilling programme at Stonepark | Beowulf Resources* (BEM LN) – Testwork continues to show good results on graphite projects in Finland | Centamin (CEY LN) –2019 results confirm 2020 production and cost guidance intact | Cora Gold* (CORA LN) – FY19 results highlight progress at the flagship Sanankoro gold project | Oriole Resources (ORR LN) – £165,000 HMRC rebate | Vast Resources* (VAST LN) - £0.9m raised to accelerate Baita Plai drilling programme and metallurgical work
Companies: ARK BEM CEY CORA ORR VAST
Caledonia Mining* (CMCL LN) – Quarterly results show little impact of Covid19 and improving operating environment in Zimbabwe | Condor Gold* (CNR LN) – Quarterly results and progress report | Horizonte Minerals (HZM LN) – Quarterly results and project update.| Vast Resources* (VAST LN) 0.18p, Mkt Cap £19m – Preliminary test work demonstrates good copper recoveries at Baita Plai
Companies: CMCL CNR HZM VAST
Anglo American (AAL LN) – ACP plant ramping back up | AfriTin (ATM LN) – Signs £2.05 million Unsecured Loan Note Facility with high-net-worth investor in South Africa | Erris Resources (ERIS LN) – Raised £0.33m to advance Scottish exploration | Kazatomprom (KAP LI) – Uranium concentrate supply agreement signed with Dioxitek in Argentina | Power Metals* (POW LN) – Expansion of Australian gold exploration area | Vast Resources* (VAST LN) – Baita Plai polymetallic project update
Companies: AAL ATM ERIS POW VAST
Aura Energy* - (AURA LN) – Quarterly report highlights Tiris uranium and corporate developments | Conroy Gold & Natural Resources (CGNR LN) – Gold in outcrop at Glenish | European Metal Holdings (EMH LN) – Cinovec Preliminary Mining Permit | Glencore (GLEN LN) –- Q1 production report highlights strength of trading operations and restoration of mining | Greatland Gold (GGP LN) – Havieron project drilling results | Vast Resources* (VAST LN) – Issue of shares to Atlas
Companies: AURA CGNR EMH GLEN GGP VAST
Aura Energy* - (AURA LN) – Issue of shares | Altus Strategies* (ALS LN) – Tabakorole geophysical survey identifies new targets | Caledonia Mining* (CMCL LN) – AGM Procedures | Chaarat Gold* (CGH LN) - BUY – Completion of a $13.8m placing | Empire Metals* (EEE LN) (formerly Georgian Mining GEO LN) – Acquisition of control in Australian Palladium Deposit | Mkango Resources* (MKA LN) - COVID-19 safety measures for Malawi | Scotgold Resources* (SGZ LN) BUY – 119p – Earnings update: delivering gold at Cononish | Serabi Gold* (SRB LN) –– Appointment of non-executive director | Vast Resources* (VAST LN) – Baita Plai parts and equipment shipment update
Companies: AURA ALS CMCL CGH GEO MKA SGZ SRB VAST
Amur Minerals* (AMC LN) 1.0p, Mkt Cap £8m – £750k equity raise | Rio Tinto (RIO LN) – Guidance largely unchanged despite Covid19 | W Resources (WRES LN) – Quarterly production report Vast Resources* (VAST LN) – £600k equity raise
Companies: AMC RIO VAST WRES
Ariana Resources* (AAU LN) – Due diligence completed | Botswana Diamonds (BOD LN)* – New exploration licences in Botswana | Caledonia Mining* (CMCL LN) – Deferral of dividend | Central Asia Metals (CAML LN) – 2019 results and decision to forego a dividend distribution | Gem Diamonds (GEMD LN) – Diamond sale | Glencore (GLEN LN) defers $2.6bn dividend decision.| Greatland Gold (GGP LN) –Newcrest exploration achieves 40% interest in the Havieron project | Strategic Minerals* (SML LN) – Experiencing little impact from Covid19 | Scotgold Resources* (SGZ LN) – Interims | Vast Resources* (VAST LN) – Chiadzwa Community Diamond Project update
Companies: AAU BOD CMCL CAML GEMD GLEN GGP SML SGZ VAST
Research Tree provides access to ongoing research coverage, media content and regulatory news on Vast Resources.
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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
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
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
Acquisitions and creditors update
Companies: Premier Oil
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
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.
Implications of the gold-silver metallurgy at Empire, Idaho
Yesterday, Phoenix Copper published a metallurgical report on the leaching of its gold-bearing mineralisation from the Empire resource area in Idaho. This showed high recoveries for gold and silver using standard cyanide and non-standard Ammonium Thiosulphate leaching (comparable leach times, reagent consumption and recovery). The implications of these tests may be far ranging for Phoenix as it enables it to consider bringing forward precious metals production from the area, with the following benefits: 1) quicker permitting for a non-cyanide process; 2) cheaper reagents; 3) earlier establishment of mine site infrastructure to assist ongoing economic studies and; 4) cash flow in a robust gold price environment. More test work on the gold recovery process remains to be completed to establish the optimum leaching and recovery parameters. We still see fair value at 34p/sh (see research from 12/05/2020 for full details) but note that Phoenix management is actively seeking to bring forward value in its projects. In the meantime, we have drilling results and a (potential) resource upgrade to look forward to shortly from the Red Star lead-silver project as well as a funded resource drilling program to establish a whole resource for Empire – and not just the base metal-rich zones.
Companies: Sirius Real Estate
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
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
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
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.
Park and ride – initiating coverage
Davenport owns three perpetual mining licenses and two exploration licences covering 659km2 in the South Harz potash basin in central Germany. Davenport's experienced European-based management is now focussed on developing Europe's largest potash inventory of 5.3 billion tonnes at 10.8% K2O.
Companies: Davenport Resources Ltd
Despite the ongoing economic headwinds, 2020 has already been a significant year for United, with the 2019-20 infill-drilling campaign at Abu Sennan exceeding expectations and delivering significant reserve and production additions. Since the Abu Sennan acquisition was announced in July 2019, net production has nearly tripled from 1,100boepd to 3,100boepd, following successful wells at ASH-2 and El Salmiya-5 and the onset of gas production from the Al Jahraa field. We value United's portfolio (minus Jamaica) at US$91.3m, c4.5x its current market cap. Unrisked, we value United's entire portfolio at US$321.7m (including Jamaica) or 34.9p per share, >16x United's current market cap. We set our target price in line with our risked valuation (minus Jamaica) at 9.5p, a 280% premium to the current share price and reiterate our BUY recommendation.
Companies: United Oil & Gas