Small Cap Feast

Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). Total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrien

Small Cap Feast

Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. DueOct Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to cre

GMP FirstEnergy ― UK Energy morning research package

Frontera Energy (FEC CN)1,6; Transportation contract arbitration and termination events increase 2019e cash flow | Frontera Resources (FRR LN) (not covered): Operations update in Georgia | TransGlobe Energy (TGL LN/CN)1; BUY, £3.70: Transferring coverage: A material newcomer on AIM

GMP FirstEnergy ― UK Energy morning research package

Faroe Petroleum (FPM LN)6 ; BUY, £1.80: Positive results at Folgeberg in Norway | Transaction in Norway | Panoro Energy (PEN NO) (not covered): Acquisition of DNO Tunisia & Private Placement | Transaction in Tunisia

GMP FirstEnergy ― UK Energy morning research package

Jadestone Energy (JSE CN); Speculative Buy, C$1.00: Update on new contract for Ogan Komering, Indonesia | Frontera Resources (FRR LN) (not covered): Operating update in Georgia | Nostrum Oil & Gas (NOG LN)6; BUY, £4.50: 1Q18 results & production guidance reduction | Serinus Energy (SENX LN/SEN CN)1: Speculative Buy, £0.25; Moftinu–1007 well spud in Romania | Zoltav Resources (ZOL LN) (not covered): Final results | SDX Energy (SDX LN/CN)1,6: BUY, £0.80; Kelvin-1X exploration well result, Egypt

GMP FirstEnergy ― UK Energy morning research package

Total (FP FP) (not covered): no biogenic formation in Foz de Amazonas in Brazil | Ophir Energy (OPHR LN); HOLD, £0.70: Good strategic move but limited value creation | Aker BP (AKERBP NO) (not covered): 1Q18 results | Frontera Resources Corporation (FRR LN) (not covered): Operations update in Georgia | SDX Energy (SDX LN/CN)1,6; BUY, £0.70: Drilling success in Morocco | Tethys Oil (TETY SS)6 ; BUY, SEK80.00: 1Q18 results | Kosmos Energy (KOS LN/US) (not covered): 1Q18 results

Small Cap Breakfast

Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May. Fundamentum Supported Housing REIT. Raising £150m. Focussed on UK Social Housing assets. Due 2 May Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No n

GMP FirstEnergy ― UK Energy morning research package

Columbus Energy (CERP LN) (not covered): Potential acquisition in Trinidad | Echo Energy (ECHO LN) (not covered): FY17 results | President Energy (PPC LN) (not covered): Work programme in Argentina | Trinity Exploration & Production (not covered) (TRIN LN): 1Q18 operational update in Trinidad | G3 Exploration (G3E LN) (not covered): Reserves update in China | Faroe Petroleum (FPM LN)6 ; BUY, £1.60: DNO (DNO NO) (not covered) increases stake in Faroe | Frontera Resources (FRR LN) (not covered): A

Small Cap Breakfast

Kore Potash— advanced stage mineral exploration and development company whose primary asset is its interest in the Sintoukola Project, a potash project located in the Republic of Congo. ) Measured, Indicated and Inferred Mineral Resource of 5,953Mt at an average grade of 22.0% KCl. Offer TBA. Due end March. Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC Crusader Resources,

GMP FirstEnergy ― UK Energy morning research package

Exillon Energy (EXI LN) (not covered): January production in Russia | Frontera Resources (FRR LN) (not covered): Well logging in Georgia | Gulf Keystone (GKP LN) (not covered): Payment update in Kurdistan | Chariot Oil & Gas (CHAR LN) (not covered): Equity fundraising

GMP FirstEnergy ― UK Energy morning research package

Echo Energy (ECHO LN) (not covered): 2018 work programme in Argentina | Faroe Petroleum (FPM LN)6 ; BUY, £1.30: Partial divestment of Fenja in Norway | Caspian Sunrise (CASP LN) (not covered): BNG operational update in Kazakhstan | ONGC Videsh led Indian Consortium acquires 10% in Lower Zakum Concession, Offshore Abu Dhabi | Sound Energy (SOU LN) (not covered): Award of exploration interests in Morocco | Total (FP FP) & ENI (ENI IM) (not covered): Enter Lebanon offshore | Kosmos Energy (KOS US

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