Hybridan Small Cap Feast - 23 Feb 24

23rd February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

Hybridan Small Cap Feast - 22 Jan 24

22nd January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Delta deal & JV signal “all change” at Diamond Creek

Keras has signed a 5-year Joint Venture with Phosul, a specialised soil amendment organic fertilizer company based in Idaho. The JV includes the construction and commissioning of Keras’s 5tph granulator plant, funded by Phosul, to facilitate production of a premium granulated organic phosphate fertiliser product.

SP Angel Morning View: 22% growth in EVs in 2024 should drive strong demand for battery metals

SP Angel Morning View: Tin extends gains to five-month highs as buyers secure supply over Myanmar concerns

Goodbye grey sky, hello blue

Keras has now evolved into an organic phosphate fertiliser company focused solely on the Tier 1 jurisdiction of Utah in the US. This arises as a consequence of an agreement between the company and the Republic of Togo which resolves long-standing uncertainty surrounding the development of the Nayéga manganese project. The asset will be developed by the State and Keras will liquidate all interests in return for both upfront and deferred cash consideration.

SP Angel Morning View: US approves $2.8bn in grants to boost domestic battery supply chain

Anglesey Mining (AYM LN) – Final drilling results from 2022 campaign at Parys Mountain Amaroq Minerals (AMRQ LN) – £30m fundraising Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Centamin (CEY LN) – Strong quarterly performance at Sukari keeps production and cost guidance intact and passes 5moz of production milestone Greatland Gold (GGP LN) – Grant funding for exploration drilling in the Yilgarn, WA KEFI Gold and Copper* (KEFI LN) – Tulu

SP Angel Morning View: Robust US economic data adds to US$ strength weighing on gold and copper

Arkle Resources* (ARK LN) - Arkle Resources to complete additional drilling at Stonepark Botswana Diamonds (BOD LN) – Approvals for acquisition of the balance of Thorny River KEFI Gold and Copper* (KEFI LN) – Interims highlight strong growth pipeline of projects in Ethiopia and Saudi Arabia Keras Resources* (KRS LN) – Interims highlight strong progress in Utah Largo Inc. (LGO CN) – Largo Physical Vanadium announces trading on TSXV today Oriole Resources (ORR LN) – Interim report highlights

SP Angel Morning View: Base and industrial metals rise as dollar slides on US CPI expectations and Evergrande news

Arc Minerals* (ARCM LN) – Arc renews prospecting licenses in Botswana Artemis Resources (ARV LN) – Drilling identifies copper/nickel mineralisation at the Chapman prospect, WA Bushveld Minerals* (BMN LN) – Strong performance at Vametco offsets slow start to Kiln3 at Vanchem and ESKOM load shedding Keras Resources* (KRS LN) – Diamond Creek organic phosphate mine should generate >150% margin as sales rise Kore Potash (KP2 LN) – BUY, 5.0p – Interims highlight the completion of the Kola Optimis

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: Copper bounces back over $8,000/t as US traders' head off for 4th July holiday

Arc Minerals* (ARCM LN) – Arc receives first cash payments on CASA Minerals disposal Bushveld Minerals* (BMN LN) – Results highlight rising production and transition into positive EBITDA Galantas Gold (GAL LN) – Warrants exercise provides C$500k of additional funding KEFI Gold and Copper* (KEFI LN) – Signing of Tulu Kapi Financing Umbrella Agreement Keras Resources* (KRS LN) – Operating margins to rise at Diamond Creek as production ramps up into high fertilizer prices

SP Angel Morning View: Copper climbs as PBOC pledges to increase support for the economy

Altus Strategies* (ALS LN) – Drilling returns 4.9g/t over 14m at the Tabakorole Gold Project Asante Gold (ASE CN) – Acquisition of Chirano reaffirms healthy M&A in West African gold Bluejay Mining* (JAY LN) – Enonkoski exploration joint venture with Rio Tinto Bushveld Minerals* (BMN LN) – Operational update highlights production and inventory sales into recent high vanadium prices Culpeo Minerals* (CPO AU) – 400m of copper sulphide intersected – assay pending Keras Resources* (KRS LN) – K

Hybridan Small Cap Feast 26/04/22

What’s cooking in the IPO kitchen? According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include:

SP Angel Morning View: Gold at four week high as investors assess outlook for Fed rate hikes

Anglo American (AAL LN) – De Beers reports growing demand for its rough diamonds ahead of the usual slower Q2 period Amur Minerals* (AMC LN) – Sanctions update Aston Bay Holdings* (BAY CN) – Ore-sorting provides potential for direct shipping copper ore from the Storm project, Nunavut Atalaya Mining (ATYM LN) – Mineral resource estimates for San Dionisio and San Antonio deposits BeMetals (BMET CN) – Drilling commences at Kato, Japan BlueRock Diamonds* (BRD LN) – Q1 production increases desp

SP Angel Morning View: Climbing Covid cases in China weigh on growth outlook

Empire Metals* (EEE LN) – Acquisition of three highly-prospective copper-gold projects in Australia Hummingbird Resources (HUM LN) – Kouroussa development update Johnson Matthey (JMAT LN) – £400m awarded by UK government for hydrogen research Keras Resources* (KRS LN) – Keras consolidated stake to full ownership of Diamond Creek phosphate mine Savannah Resources* (SAV LN) – FY21 results: well capitalised, DIA expected over coming months

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

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

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

Morning Note – 22 April 2024

Morning Note – 24 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

LIBERUM: Ferrexpo: Production triples

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

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

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

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

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

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