Operational Update

Zinnwald Lithium have released an operational update this morning. While the updated MRE was recently released, the company have made significant progress in their mineral processing studies. Of note, they have confirmed, at pilot scale good lithium recoveries and a mainstream front end flow sheet design. They have also confirmed the Zinnwaldite concentrate is suitable for Metso's alkaline process at bench scale, which provides a number of key advantages in recovery, efficiency and environmental

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Updated MRE – Now the second largest hard rock lithium resource in Europe

Zinnwald Lithium has announced an updated Mineral Resource Estimate for its 100% owned eponymous lithium project located in the old mining region of Saxony, eastern Germany. The MRE update incorporates 26,911 metres of new diamond core drilling across 84 drill holes and a reinterpreted and updated geological model since the previous MRE which was released in September 2018. The most important aspect of which is the focus on the lithium mineralisation hosted by the broader zone of altered albite

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Zinnwald Lithium PLC - Operational Update – Strong Progress Across the Project

Zinnwald Lithium (AIM: ZNWD) has announced an operational update this morning (as an aside Tamesis visited site last week). Overall, the company continues to move forward with various workstreams that point the way to a much larger resource base (200Mt+ vs current 40Mt) supporting a higher level of output – we believe 15-17kt LiOH p.a. vs the current PEA supported 12kt pa. As the company removes the risks attached to delivery (currently first production is due 2026) so we would expect the valuat

Zinnwald Lithium PLC - Interim Results FY23

Zinnwald Lithium, the European based lithium company developing the Zinnwald Lithium Project in Germany, has announced today their Interim Results for the period ending 30 June 2023. There is no real new news but we see the three main takeaways as 1. There is €18.75m on the balance sheet which leaves the company well funded to BFS 2. Drilling is progressing well with c.20km drilled since March and 3. The company is on track to deliver the updated MRE in Q4 and then the BFS in early 2024.

Zinnwald Lithium PLC - New Exploration License adds to Potential Upside

Zinnwald Lithium plc has announce that its 100%-owned subsidiary, Deutsche Lithium, has been granted an additional Exploration Licence (the ‘Bärenstein Licence') covering approximately 4,934 hectares in the Erzgebirge region of Saxony, Germany. The Bärenstein Licence has the potential to provide additional resource upside to the Company's Project and results in continuous license coverage from the Zinnwald Mining License to the Falkenhain Exploration license, thus complementing the Company's st

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Zinnwald Lithium PLC - Operational Update

Zinnwald Lithium (AIM: ZNWD) has announced an operational and corporate update this morning. Overall the company continues to move forward with various workstreams that point the way to a much larger resource base (200Mt+ vs current 40Mt) supporting a higher level of output – we believe 15-17kt LiOH p.a. vs the current PEA supported 12kt pa. As the company removes the risks attached to delivery (currently first production is due 2026) so we would expect the valuation of the business to move near

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Zinnwald Lithium PLC - Major Financing from Industrial at a Premium

Zinnwald Lithium (AIM: ZNWD), has announced the results of its placing conducted overnight. As a reminder the company announced yesterday afternoon that AMG Advanced Metallurgical Group N.V (“AMG”), the $1.2bn global specialty material and industrial services business, is subscribing for a 25% shareholding in Zinnwald at 10.41p per share, a 10% premium to the 20 day VWAP and 26.3% premium to yesterday's close. Existing substantial shareholders Henry Maxey (14.6%) and Mark Tindall (4.0%) will a

Zinnwald Lithium PLC - Sale of Abbeytown License

Zinnwald Lithium (AIM: ZNWD), the German-based lithium developer has this morning announced that it has signed a non-binding Heads of Terms (HOT) with Ocean Partners UK Ltd for it to acquire Erris Zinc Ltd the Company's 100% owned subsidiary that owns the Abbeytown Zinc License in Ireland.

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

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

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

Morning Note – 15 April 2024

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

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

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PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.

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