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

FEED Study – Curzon Offtake Restructuring

Aura Energy has announced a restructuring of their Curzon offtake agreement. The restructuring has significantly improved the contract terms for the Tiris project with both an increase in the price of the offtake and a reduction in the amount of material committed has reduced. Updating the company's FEED economics with the new offtake pricing results in a significant increase in revenue of $41M and increases the NPV8 to $388M from $366M. The IRR also increases by 2% to 36%. However, Curzon will

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

SP Angel Morning View: Gold prices at $2,355/oz hold despite ETFs trimming holdings on profit taking, CPI today in focus

Hybridan Small Cap Feast - 9 April 2024

9th 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: Helix Exploration (HEX.L) a helium exploration company with operations in Montana, USA announces admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. An Oversubscribed placing with book of demand over £22m to raise gross proceeds of

Hybridan Small Cap Feast - 18 Mar 24

18th March 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 object

SP Angel Morning View: China IP rose 7.0% yoy in Jan/Feb with High-tech manufacturing investment in aerospace vehicle and equipment rising 33.1% yoy

FEED Study – Further De-risks the Near Term, Low Cost project with Clear Scalability

FEED confirms Low Cost, Near term, High Value Project tailored for Scalability Last week Aura Energy announced the completion of the Front End engineering Design (“FEED”) for the Tiris Uranium Project in Mauritania. The FEED builds on the EFS released in Feb 2023, updating both technical and financial parameters. The results confirm the production rate of 2mlbs of U3O8, and delivers a base case post-tax NPV8 of $366m at U3O8 pricing of $80/lbs, which equates to 36pps. At spot pricing last week,

SP Angel Morning View: Gold holds higher levels ahead of US PCE inflation date

Hybridan Small Cap Feast - 26 Feb 24

26th 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

SP Angel Morning View: Chinese lithium carbonate capacity rises 83.3% to 1.1mt

A 10x Style Investment in the Current U3O8 Price Environment

As the uranium price settles around the $100/lb level (still with seemingly upward pressure) we revisit the Aura investment case. The company has released a couple of announcements so far this year. The first was on an Option Funding Agreement through which they have secured A$4.3m in cash. This will be used to finalise the FEED plan for flagship project Tiris in Mauritania – see fig.1 .The second was that CEO David Woodall had resigned and been replaced by Andrew Grove who is highly experienced

SP Angel Morning View: US Steel production rises as India takes up China surplus

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

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

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

Morning Note – 24 April 2024

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 – 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: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc