SP Angel – Morning View

Anglo American (AAL LN) 1874.8 pence, Mkt Cap £24.23bn – De Beers diamond sales | African Battery Metals (ABM LN) suspended – Refinancing, business strategy and resumption of trading update | Arc Minerals* (ARCM LN) 2.8p, Mkt Cap £17.4m – ARC readies Pilot plant for first copper / cobalt production | Aura Energy (AURA LN) 1.1p, Mkt Cap £12.0m – Uranium offtake agreement for Tiris project | Condor Gold (CNR LN) 26p, Mkt Cap £17.5m – Mineral resource update for La India | Crusader (CAS LN) – Suspe

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listi

Northland Capital Partners Limited Morning Report

MANAGEMENT RESOURCE SOLUTIONS (MRS.L)

SP Angel – Morning View

Avesoro Resources (ASO LN) 169p, Mkt Cap £137.9m – Initial drilling results from the Ndablama deposit | Management Resource Solutions plc (MRS LN) 5.1p, mkt cap £8m – Interim trading update and guidance | Serabi Gold (SRB LN) 37.5p Mkt value £22.0m – Record Q4 gold production and 2019 guidance | Shanta Gold (SHG LN) 5.5p, Mkt Cap £42.9m – Strong Q4 helps to hit 80koz guidance | Talga Resources (TLG AU) A$0.36, Mkt Cap A$77.5m – LOI signed with Schunk over graphene product cooperation

Northland Capital Partners Limited Morning Report

W RESOURCES (WRES.L) | SALVARX GROUP (SALV.L) | MANAGEMENT RESOURCE SOLUTIONS (MRS.L) | EDENVILLE ENERGY (EDL.L)

Small Cap Feast

Kropz, an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana, is looking to join AIM. Offer TBC, expected late Nov Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seek

Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over t

Small Cap Breakfast

Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late

£4 million fundraising to support working capital puts the company on a solid footing to recommence operational growth after AIM re-list

Management Resource Solutions (MRS) is an Australia based mining services business. Via its two subsidiaries, Bachmann Plant Hire and MRS Services Group, it provides services including plant hire, equipment repair, refurbishment and fabrication, mine rehabilitation, earthmoving, road construction and other support services to a range of private and public sector clients in Australia.

SP Angel – Morning View

Amur Minerals* (AMC LN) – Commencement of drilling at Kun Manie | Dalradian Resources (DALR LN) – Q1 results and Curraghinalt update | Highland Gold (HGM LN) – Updated MNV reserves extend life of mine | Management Resource Solutions plc (MRS LN) – lifted from suspension following investigation into funding of creditors in subsidiaries that are no longer in operation | Patagonia Gold (PGD LN) – Cap Oeste guidance maintained at 68,500oz gold for this year | Strategic Minerals* (SML LN) – Taking c

Management Resource Solutions - Initiation of Coverage

Founded in 2007, Management Resource Solutions (MRS) is an Australia based human capital resource consultancy and project management service provider. The company listed on AIM in December 2014 with a remit to expand the business via targeted strategic acquisitions.

Northland Capital Partners Morning Report

Mediazest (MDZ.L) – CORP: Final Results Mar-16 | Edenville Energy (EDL.L) – CORP: Share Capital Reorganisation | Management Resource Solutions (MRS.L) – CORP: Proposed acquisition

Northland Capital Partners Morning Report

Management Resource Solutions (MRS.L) – CORP: Trading update | W Resources (WRES.L) – BUY*: New licence | Mariana Resources (MARL.L) – BUY*: TSX-V listing

Northland Capital Partners Morning Report

Management Resource Solutions (MRS.L) – CORP: Contract & Trading | Edenville Energy (EDL.L) – CORP: Power Project update | Clontarf Energy (CLON.L) – CORP: FY15 results | Keras Resources (KRS.L) – CORP: First payment received | W Resources (WRES.L) – BUY*: FY15 results

Northland Capital Partners Morning Report

Keras Resources (KRS.L) – CORP: Pre-payment Agreement | QUARTO GROUP (QTR.L*) – CORPORATE | Management Resource Solutions (MRS.L) – CORP: Funding

Supreme (SUP LN) - Record performance, EBITDA ~doubled

Supreme’s FY24 trading update confirms a record performance in the 12 months to 31 March 2024. Organic revenue and profit growth across all four divisions has driven Group revenue +45% YOY to £225m, with FY24 adj. EBITDA almost doubling to ‘at least £38m’, driving record levels of cash generation. Supreme is actively exploring complementary M&A, supported by a debt free balance sheet. Trading on an undemanding FY25 PE of just 6.7x, with a 3.4% yield, we believe downside risks are more than price

Morning Note – 22 April 2024

Supreme+ (SUP, House Stock at 125p) - Supreme, Supreme!

SP Angel Spec Sits: FY Trading Update (LTHM)

Headlam Group - Strategy for growth in tougher market

Headlam Group has laid out an ambitious long-term revenue target of between £900m and £1bn, as it seeks to grow its share of the UK floor coverings distributor market. Despite a challenging backdrop due to the low level of residential housing transactions, management is seeking to expand each of its sales channels: Trade Counters, Larger Customers, Regional Distribution and Europe & Other. The FY23 results reflected the more challenging environment and the group trades at a discount to its long-

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

LIBERUM: Ilika: CMD confirms operational progression

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: Gattaca: Resilient contract performance, perm tough

LIBERUM: Severfield: Erratum: Better EPS and cashflow, and buyback

LIBERUM: CEO Video: Matt Wragg, Gattaca plc:

LIBERUM: Capex Cycle: Miners' spending continues to lift

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

VSA Morning Flow Test 19/04/24 (Quadrise)

Quadrise (QED LN) has provided an update on its Utah project with Valkor. Valkor’s partner (Heavy Sweet Oil LLC) has received funding and approval to commence drilling enabling production of 20-40bopd of heavy sweet oil providing QED with samples for production of test scale quantities of MSAR and bioMSAR; the company’s key fuel decarbonising emulsion fuel products. This should derisk the commercial scale ramp up. QED management has highlighted that Valkor has not yet raised the minimum of US$