SP Angel Morning View: Copper prices supported by PBOC comments in support of the property sector

AfriTin Mining (ATM LN) – lower quarterly production following plant expansion, though record tin production in Nov 2022 Beowulf Mining* (BEM LN) – High-grade trenching results at Räpysjärvi graphite prospect Deep Yellow (DYL AU) – Successful completion of Omahola drilling campaign and results Ecora Resources (ECOR LN) – Report of appointment of Christine Coignard as Independent non-executive director Glencore (GLEN LN) – Canada blocks proposed coal mine in British Columbia GreenRoc Mining

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

Tesla eyeing a stake in Glencore?

There have been news reports suggesting that Tesla has tried to buy a significant minority stake in Glencore. Given the EV giant’s material green transition metal requirements, such an interest wouldn’t be surprising. Note that the Swiss trader-miner is amongst the world’s leading producers of copper, cobalt and nickel. Also, by virtue of its better-positioning to navigate the brewing macro challenges, Glencore remains our preferred sector bet and, hence, another attempt by Tesla cannot be ruled

SP Angel Morning View: Copper rallies alongside Dollar-denominated commodities as Greenback weakens

Anglo American (AAL LN) – Production guidance maintained following Q3 2022 production report Atlantic Lithium* (ALL LN) – Quarterly update underpinned by delivery of PFS Glencore (GLEN LN) – Glencore staff may face bribery charges Fortescue (FMG AU) – Record Q1 production Greatland Gold (GGP LN) – Havieron feasibility study extended to help capture growing resource expansion potential shown in recent drilling Rambler Metals and Mining* (RMM LN) suspended – Pressure mounts to resolve the fi

SP Angel Morning View: Copper heading for weekly gain as US$ pulls back on weaker US inflation numbers

Base Resources (BSE LN) – Annual resource and reserve statement Bluejay Mining* (JAY LN) – Extensive geophysical aerial surveys underway at Disko-Nuussuaq with Kobold Metals Glencore cuts ties with Chinese trader over missing $500m of copper, FT reports Sibanye-Stillwater* (SSW JSE) – US operation guidance cut following floods

An extraordinary H1 – in both result and reward terms

Glencore reported exceptional H1 22 results and rewards. Trading, as expected, again turned out to be a valued differentiator amid highly volatile times. While Industrial was, to a great extent, driven by coal market excesses, ‘relative’ resilience in metals was also encouraging. Add on top the recent settlement of regulatory investigations, the firm’s leadership has done very well since Ivan Glasenberg’s departure. Overall, Glencore remains our top sector bet, with lower downside risks vis-a-v

SP Angel Morning View: Gold climbs as China fires ballistic missiles in exercises around Taiwan

BlueRock Diamonds* (BRD LN) – Two large diamonds sold in July tender for $121,716 Botswana Diamonds (BOD LN) – Additional kimberlite identified in recent drilling at Thorny River. Centamin (CEY LN) – Interim results confirm 2022 production and cost guidance Condor Gold* (CNR LN) – Metallurgical test results from La India Galantas Gold* (GAL LN) – Further positive results from Omagh underground drill programme Glencore (GLEN) – Profits take off as higher as rising metals and energy prices dr

SP Angel Morning View: Rare Earth and lithium prices rise as base metals pull back

American West Metals (AW1 AU) – Step out drilling intersects new polymetallic mineralised zone 250m away from West Desert Glencore (GLEN LN) – Glencore to pay $1.5bn penalty amid bribery charge Ivanhoe Electric - Robert Friedland to IPO battery metal focused Ivanhoe Electric Pensana (PRE LN) – Completion of design and engineering studies for Angolan mine and UK rare-earths processing facilities. Phoenix Copper* (PXC LN) – Phoenix Copper bolsters its PR and IR team Sunstone Metals (STM AU) –

SP Angel Morning View: Metals pull back as US equities fall on stagflation fears

AVZ Minerals (AVZ AU) – Mining license awarded for Manono lithium and tin project Glencore (GLEN) – $200m invested in battery recycler Li-Cycle Lucara Diamonds (LUC CN) – Quarterly report confirms continuing diamond price recovery despite geopolitical uncertainty PolyMet Mining (PLM US) – US EPA recommends US Army Corps not to re-issue water permit

New leadership delivers strong results and rewards; attractiveness remains intact

2021 ended on a promising note. Besides healthy operating results – driven by both the Industrial and Trading divisions, the shareholders were also rewarded handsomely. While there were some one-off charges, the firm’s new leadership deserves credit for sustaining group-wide transformation momentum. Even though the risk of normalising prices and, hence, margins is a sector-wide concern, Glencore, by virtue of its unique proposition, is well-positioned to withstand these challenges. The firm rema

SP Angel Morning View: Expect volatile pricing in WOWO trade

Altus Strategies* (ALS LN) – Lakanfla drilling results Arc Minerals* (ARCM LN) – Arc agrees extension on Casa Mining transaction to allow Rackla Metals to raise >C$5m of funding on the TSX BHP (BHP AU) – 77% recovery in underlying attributable profit to US$10.7bn and record interim dividend declared Cornish Metals* (CUSN LN) – CLICK FOR PDF - Additional land secured at South Crofty Empire Metals* (EEE LN) – Flash Note - Eclipse-Gindalbie exploration represents exciting new chapter for Empir

SP Angel Morning View: Eurozone inflation hits new record as Putin cuts ammonium nitrate exports

Anglo American (AAL LN) – De Beers reports robust demand for rough diamonds as buyers replenish post-holiday inventories Bluejay Mining* (JAY LN) – Disko-Nuussuaq video podcast Glencore (GLEN) – Glencore 2021 production largely in line with guidance despite Covid19 Petra Diamonds (PDL LN) – Improved banking terms Rio Tinto (RIO LN) – Ranger Mine Rehabilitation plan Sandfire Resources (SFR AU) – Completion of US$1.86bn Spanish acquisition

SP Angel Morning View: Global markets falter on hawkish Fed minutes

Atalaya Mining (ATYM LN) – Electrochemical metal extraction process for Proyecto Riotinto Culpeo Minerals* (CPO AU) – Interest in Petacas Copper project increased to 66% Glencore (GLEN LN) – Sale of the Ernest Henry mine KEFI Gold and Copper* (KEFI LN) - Hawiah mineral resource increase Strategic Minerals* (SML LN) – Revised PEPR submission for the Leigh Creek Copper Mine

SP Angel Morning View: Gold, Tin and copper lead metals higher as Covid cases rise in US and China

Altus Strategies* (ALS LN) - BUY – Valuation under review – $34m to secure the first revenue generating royalty with more deals to follow Ariana Resources (AAU LN) – Arzu South drilling results BHP (BHP LN) - BHP to drop London listing and agrees deal to merge its oil & gas business with Woodside Petroleum in all-share deal Glencore (GLEN LN) – Glencore signs partnership with Britishvolt for its UK gigafactory Phoenix Copper* (PXC LN) – Interim results and projects update Premier African Mi

Heading for record 2023 deliveries

Top Picks for 2023 - 2022 review and outlook for 2023

On 10 January last year, we set out our ten top stock picks for 2022, in what turned out to be a very poor twelve months for global equities, due to war, accelerating inflation, political instability and recession fears. Between 7 January 2022 and 31 December 2022, the AIM All-Share Index declined 30.0%, whilst the average performance of our ten top picks was -24.7%, a modest relative outperformance. In this note we discuss the performance of our 2022 top picks, equities trends in 2022, and our

Terminating coverage

Setting up a breakthrough year - Correction

ITM Power (ITM LN) - Trading update

• ITM has released a trading update, reporting on progress of the detailed review being carried out under its new CEO. This includes a profit warning, with FY 2023 results now expected to exhibit lower revenue and a higher EBITDA loss than previous guidance (existing guidance was to be at the lower end of the range on output of 48-65MW and £23-28m revenue, and was also for EBITDA loss of £45-50m), with the difference described as “material”. This has been driven by several factors: losses on cus

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

Invinity Energy Systems - Reassuring Update And New Sale

We see Invinity’s update as reassuring and the new commercial sale adds to this especially as it is a second sale through an existing partner. Year-end cash of £5.1m and £7.5m of further potential convertible funding aligns with a strong order backlog and pipeline growth to give comfort for FY 23 and beyond in our view.

Powerhouse Energy - Progress In Poland

Powerhouse is making progress in Poland. This is potentially a major opportunity for Powerhouse, and establishing a project here using its technology could open a potentially strong market in our view.

Cautious optimism for FY23

SP Angel Spec Sits: YUG Follow-on Update - A Record-Breaking Year

YUG announced a post-year-end trading update ahead of already revised expectations. Given the Group's expected strong cash generation and growth prospects, the Board has declared its intent to pay a modest dividend this year.

LIBERUM: Kier Group - Trading in line, with better cash expected in H2