SP Angel – Morning View

Gem Diamonds (GEMD LN) – Letseng mine recovers two more large diamonds | Golden Star Resources (GSC CN) – Drilling results extend Wassa underground mineralisation | Petropavlovsk (POG) – Update on IRC debt refinancing | Scotgold Resources* (SGZ LN) BUY, Target Price 58p – Development starts today at the Cononish Gold mine in Scotland | Solgold* (SOLG LN) – Newcrest increases holding in SolGold to 15.23% from 13.83% | Talga Resources * (TLG AU) – vanadium prospect identified in Talga permits

SP Angel – Morning View

BHP (BLT LN) 1599p, mkt cap £92.8bn – Special dividend and off-market buy-back | Golden Star Resources (GSC CN) C$4.6, Mkt Cap C$505m – Wassa underground contributes to Q3 results | Ilika (IKA LN) 18p Mkt. Cap. £18m – Ilika improves Bluetooth battery performance | KEFI Minerals* (KEFI LN) 1.5p, Mkt Cap £8.0m – Saudi Arabia exploration licenses renewal | Metals Exploration (MTL LN) 1.4p, Mkt Cap £29m – Typhoon Rosita update | Randgold Resources (RRS LN) 6180p, Mkt Cap £5.84bn – Merger receives SA

SP Angel – Morning View

Beowulf Mining (BEM LN) – Kallak Iron Ore project video highlights positives for permitting | Bushveld Minerals* (BMN LN) – Vanadium prices jump higher again as buyers in Europe and China compete for available supply | Golden Star Resources (GSC CN) – Drilling extends Wassa underground resource | Savannah Resources (SAV LN) –Additional licence application in Mozambique

SP Angel – Morning View

Amur Minerals* (AMC LN) –Kun Manie drilling update | Anglo Asian Mining* (AAZ LN) – Interims: maiden dividend (3USc) and dividend policy announced | Bluebird Merchant Ventures* (BMV LN) – Completion of Gubong Feasibility report and project update | Golden Star Resources (GSC CN) – Shareholders approve La Mancha investment | Phoenix Global Mining* (PGM LN) – Interim results | Strategic Minerals* (SML LN) – Redmoor drilling results

SP Angel – Morning View

Bushveld Minerals (BMN LN) - Bushveld Energy progresses testing of new vanadium redox flow battery in South Africa | Centamin (CEY LN) –H1 results and dividend | Golden Star Resources (GSC CN) – Major investment and strategic alliance | IronRidge Resources (IRR LN) – New pegmatite discovered and drilled at Ghana lithium project

SP Angel – Morning View

Amur Minerals* (AMC LN) 4.6p, Mkt Cap £29.3m – 2018 field programme update | Atalaya Mining (ATYM LN) 219 pence, Mkt Cap £296m – Buying royalty for shares | Golden Star Resources (GSC CN) C$0.79, Mkt Cap C$301m – Adding 3.1m oz to inferred resource at Wassa underground | Mkango Resources* (MKA LN) 7.3p, mkt £7.9m – 2017 results | Serabi Gold (SRB LN) 3.8p Mkt value £37.4m – $15m Greenstone investment completed | Savannah Resources (SAV LN) 5.45p, Mkt cap £37.5m – Results and progress report

SP Angel – Morning View

Altus Strategies* (ALS LN) – TSX-V listing conditional approval | African Battery Metals* (ABM LN) – Cobalt drilling program extended | Beowulf Mining (BEM LN) – Beowulf frustrated over lengthy delays by Swedish government | Golden Star Resources (GSC CN) – Q1 2017 production update | Strategic Minerals* (SML LN) – Cobre quarterly sales

SP Angel – Morning View

Apollo Minerals (AON AU) – Aurenere sampling results and exploration plan | Bushveld Minerals* (BMN) – New Non-Executive Director appointment | European Metals (EMH LN) – Improved recovery rates in laboratory scale tests | Georgian Mining* (GEO LN) – Appointments mark progress towards mining and major project development | Golden Star Resources (GSC CN) – 2017 reserve and resource update | Petropavlovsk (POG LN) – Annual results FY17 | Phoenix Global Mining* (PGM LN) – Shares issued for Gordon L

SP Angel – Morning View

Botswana Diamonds (BOD LN) – Scoping study for the Thorny River Project | Bushveld Minerals* (BMN) – Vanadium demand set to rise further as China raises standards for steel for | vanadium in high-strength rebar for earthquake resistance | Golden Star Resources (GSC CN) – Recent drilling implies Wassa may be more extensive than currently thought | SolGold* (SOLG LN) – Half-year financial report highlights progress at Alpala, Ecuador and other copper exploration | Stratex International (STI LN) –

SP Angel – Morning View

Golden Star Resources (GSC CN) – Production guidance for 2018 | Mkango Resources* (MKA LN) – Exercise of Warrants | Ortac Resources* (OTC LN) – Name change to Arc Minerals

SP Angel – Morning View

Altus Strategies* (ALS LN) BUY – Target price 12.2p – Tigray-Afar exploration update | Asiamet Resources (ARS LN) – Metallurgical Drilling at BKM | Bushveld Minerals (BMN) BUY – Target price raised to 14.3p from 11p – Bushveld adds value as it consolidates control over Vametco | Golden Star Resources (GSC CN) – Peer recognition as Mining Company of the year in Ghana. | Kibo Mining (KIBO LN) –Acquisition of an advanced coal to power project in Botswana | SolGold* (SOLG LN) – SolGold raises £45m |

SP Angel – Morning View

Caledonia Mining (CMCL LN) – Blanket mine resource increases 6% to 714,000oz | Golden Star Resources (GSC CN) – Q3 results report increased production and lower costs | IronRidge Resources* (IRR LN) – Results from trenching and sampling at Echbara in Chad | Randgold Resources (RRS LN) – Remains on track to achieve 2017 production guidance | SolGold (SOLG LN) - BHP wants to buy more copper | Stratex International* (STI LN) / Crusader (CAS AU) – Rebels force sacking of CEO and rejection of Crusade

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – Earnings fall on weaker production; H2 output guided stronger as annual 64- 72koz GE forecast reiterated | Golden Star Resources (GSC CN) – Drilling demonstrates extension to the “B Shoot” at Wassa | IronRidge Resources* (IRR LN) – High-grade gold intersections in trenching at Dorothe in Chad offer multimillionounce potential | Orosur Mining (OMI LN) – Progress report on Uruguay exploration

SP Angel – Morning View

BlueJay Mining (JAY LN)* – program for summer field season at Pituffik and Disko in Greenland | Capital Drilling (CAPD LN) – Reports strongest H1 revenue since 2013 | Centamin (CEY LN ) – 2017 gold production guidance maintained following Q2 output figures | Georgian Mining* (GEO LN) – Tony Frizelle resigns as non-executive Chairman | Mkango Resources* (MKA LN) – Platts highlight renewed interest in Rare Earth projects as prices recover and | Tesla launches Model 3 | Golden Star Resources (GSC

SP Angel – Morning View

Atalaya Mining (ATYM LN) – Study on further expansion of the Proyecto RioTinto | Golden Star Resources (GSC CN) –Simplifying the balance sheet | Kodal Minerals* (KOD LN) – Update on Suay Chin financing | BlueRock Diamonds* (BRD LN) – £366,000 raised at 3p per share | Gemfields (GEM LN) – Shareholders should ‘not’ vote for Pallinghurst offer | Ormonde Mining* (ORM LN) – Barruecopardo commissioning targeted for Q3 2018 | Tethyan Resources* (TETH LN) – Chairman’s statement highlights potential of t

Audioboom Group - Q1 24 revenue growth of +11%, FY24E forecasts reiterated

Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua

Soft growth patch

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

Morning Note – 15 April 2024

Engage XR Holdings - Expanding from FY23, FY24E forecasts reiterated

ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals

FY23 results in line – and a flying start to FY24

ENGAGE XR has published its FY23 full year results, the headlines of which reflect the details provided in February’s post close trading update in terms of revenue, EBITDA loss and net cash. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

Hybridan Small Cap Feast - 15 April 24

15th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

Morning Note – 8 April 2024

Trustpilot - FY23 trading update – Another beat, £20m SBB

Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational

Sondrel Holdings - New £2m Convertible Loan and Transformation Plan

Sondrel has announced it has secured an additional £2m convertible loan note with ROX Equity Partners to fund near-term payroll and working capital needs. The terms are similar to the ones agreed for £0.9m CLN in Feb 2024 with a 15% interest rate, a three-year repayment term, and is expected to convert into ordinary shares at 10 pence each. The proposed fundraise that is open to existing shareholders has now increased from £6.5m to £8.5m (including the proceeds from the CLNs), with a subsequent

iomart - FY24 trading update

The March FY24 trading update reports revenue broadly in line, and adj EBITDA in-line, with consensus. Revenue of £127m at +10% yoy (Cav: £129mE; consensus range £128.4m- £130.7mE) delivered adj EBITDA of £37.5m (Cav: £38.7mE, cons £37.4m-£38.7mE) and adj PBT of £15.0m (Cav: £16.0m, cons £14.3m-£16.0m). £25m net debt (Cav est after excluding IFRS16) was slightly better than our £26.2mE, with typically strong cash generation a feature of the model but consensus mangled by IFRS16 inclusion/exclusi

Growth ahoy! - Initiating with BUY

HubSpot, Inc.: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

HubSpot delivered profitable growth in the quarter with revenue increasing 35% year on year in constant currency in Q4. The company delivered an all-around beat and saw an operating profit margin of 14% in the fourth quarter and 10% for the year. They also experienced uncertain macroeconomics, tighter client budgets, and longer decision-making timelines in 2022. As per the management, the company's bimodal method appears to be working. In Q4, they witnessed net customer additions of 8,400. HubSp

Salesforce, Inc.: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

Salesforce had another strong quarter and delivered an all-around beat. The company reported a top-line of $8.38 billion, up 14% from the prior year and 17% in constant currency. They made great progress with MuleSoft and Tableau. Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360. With native integration of Tableau and Data Cloud, they recently released Tableau p