PYX Resources - PYX announces first export of ilmenite

PYX, the producer of premium zircon via its Mandiri mine in Indonesia, today reports its' first shipment of ilmenite concentrate (1,040t grading 45% TiO2) to a customer in China. Further exports are anticipated.

PYX Resources - Full Year Results for the year ending 31 December 2023

PYX is a producer of premium-quality zircon (ZrSiO4) from mineral sands in Indonesia. Today PYX provides its results for the year ending 31 December 2023. As previously announced (RNS 29.01.2024) production and sales metrics were all improved: Production of the principal revenue generating high-grade zircon was up 31% to 11.8kt (FY 2022 9.1kt), only slightly lower than our forecast of 13kt, with sales volume up 24% yoy to 11.4kt (9.1kt) which offset the 19% decline in the zircon sales price to $

SP Angel Morning View: Copper poised to rise as Chinese smelters struggle to source concentrate

PYX Resources - Operational Update – FY2023 production

PYX today provided its production update for 2023. Production of the principal revenue generating high-grade zircon was up 31% to 11.8kt (FY 2022 9.1kt), only slightly lower than our forecast of 13kt, with sales volumeup 24% yoy to 11.4kt (9.1kt) which offset the 19% decline in the zircon sales price.

SP Angel Morning View: Gold heads for weekly fall as Treasuries weaken on fading rate cut optimism

PYX Resources - Growing production, increasing margins

PYX Resources (PYX) is an established and growing producer of premium zircon and now, titanium dioxide sands (rutile and ilmenite), which it supplies to expanding global markets. As a volume-driven business, when production grows, costs are reduced, and margins boosted. With production at Mandiri slated to double in the short term and the optionality to introduce production from Tisma, we forecast improved profits and cash generation, which we expect to fund further brownfield expansions. Debt-f

SP Angel Morning View: Gold climbs as Fed hints at potential end to interest rate tightening cycle

PYX Resources - Q3 2023 Operational Update

PYX, the premium zircon producer in Indonesia, today provides an operational update for its Mandiri operation covering the third quarter of 2023.

PYX Resources - Continued progress for PYX and its zircon production in Indonesia

PYX has today published its interims for the period ending June 2023. PYX is a producer of high-grade zircon and is readying itself to export its stockpiled ilmenite and rutile (titanium oxide mineral sands), from its Mandiri operation in Indonesia. The numbers show increasing production and an ongoing improvement in underlying profits despite a slight reduction in the zircon price received. With increasing production (we expect 13kt zircon by the end of the year rising to 18kt next year befo

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

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

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

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

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.

Morning Note – 15 April 2024

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.

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

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,

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

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.