SP Angel – Morning View

Avesoro Resources (ASO LN) – Youga reserve and resource update | Europa Metals Limited (EUZ LN) – Scoping Study underway on Toral zinc, lead, silver project in Spain Formerly Ferrum Crescent (FCR LN) | Ormonde Mining* (ORM LN) – 2017 results and progress report from Barruecopardo | Phoenix Global Mining* (PGM LN) – Empire Mine BFS drilling underway | Strategic Minerals* (SML LN) – Aircore drilling at Hanns Camp and Mt Weld identifies follow up targets

SP Angel – Morning View

Arc Minerals* (new ticker ARCM LN) – Casa Misisi (Akyanga) project | Anglo American (AAL LN) –De Beers diamond sales see restocking post the Christmas holiday season | Ferrum Crescent (FCR LN) – Maiden resource estimate for Toral project | Phoenix Global Mining* (PGM LN) – Initial cobalt exploration results | Wolf Minerals (WLFE LN) – Process plant improvements | Petropavlovsk (POG LN) – Q4 production update

Small Cap Breakfast

Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected late Jan 2018 Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com

SP Angel – Morning View

Altus Strategies* (ALS LN) BUY – Target price 12.2p – Agreement to acquire Legend Gold completed | Bacanora Minerals (BCN LN) – Founder’s family estate serves legal action against Bacanora Minerals | BHP Billiton (BLT LN) - Establishing process for Samarco claims | Bushveld Minerals (BMN) - BUY – Target price maintained at 11p – First vanadium Redox battery deployed at Eskom | Ferrum Crescent (FCR LN) – Director comes aboard AIM company at reasonable salary level | Patagonia Gold (PGD LN) - Rais

SP Angel – Morning View

Anglo American (AAL LN) – De Beers diamond sales reflect seasonal closures in India and Israel | Ferrum Crescent (FCR LN) – Myles Campion takes up executive director role | Petropavlovsk (POG LN) – Q3 production update | Rio Tinto (RIO LN) – Q3 production described as “strong” | Stratex International (STI LN) – Sale of stake in Goldstone Resources raises cash to continue funding costs relating to Crusader acquisition | Goldstone Resources (GRL LN) – breaks free as Stratex sells stake

Small Cap Breakfast

GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— Specialist in the provision of completion contracts to the enterta

Small Cap Breakfast

I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expe

Small Cap Breakfast

Ferrum Crescent (FCR.L) |FitbugHoldings*(FITB.L) | Tristel (TSTL.L) | EmpyreanEnergy (EME.L) | StatPro Group (SOG.L) | Global Invacom Group (GINV.L) | Monitise (MONI.L) | Koovs (KOOV.L) | IronRidge Resources (IRR.L) | BOS Global (BOS.L)

Small Cap Breakfast

ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.9m. Target date 14 Dec. Expected market cap £15m, with issue price of 167p. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m

SP Angel Morning Report

Asiamet Resources | Coal of Africa | Ferrum Crescent | Metminco | North River Resources | Nyota Minerals

SP Angel Morning Report

Ferrum Crescent | Gem Diamonds | Wolf Minerals | Sirius Minerals

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

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

I3 Energy (I3E LN) - 2024 work programme and budget

I3 has released its work programme and budget for 2024, alongside providing guidance for the year. This represents a larger programme than 2023, with the focus now shifting to greater operational activity and production gains given the additional balance sheet strength achieved in recent months.

Morning Note – 22 April 2024

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un

Morning Note – 24 April 2024

Morning Note – 25 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

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

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data