SP Angel Morning View: Metals take fright as PBOC cuts rates on pull back in economic activity

AfriTin Mining (ATM LN) – Phase 1 construction completed at the Uis mine Altus Strategies* (ALS LN) – Altus last AIM trading day as merger with Elemental draws to completion Amaroq Minerals (AMRQ LN) – Vehicle autonomy MoU signed Castillo Copper (CCZ LN) – Resource development strategy for the Australian projects East Star Resources (EST LN) – Additional licences secured in Kazakhstan Horizonte Minerals (HZM LN) – Interim results confirm the Araguaia project remains on schedule and highligh

SP Angel Morning View: Copper prices fall on rising US-China tensions

Altus Strategies* (ALS LN) – Diba & Lakanfla Project MRE expanded 67% with new PEA delivering $150m NPV Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation Castillo Copper (CCZ LN) – Broken Hill metallurgical results Power Metal Resources* (POW LN) – Exploration target estimated at Ajax Rio Tinto (RIO LN) – US$525m sale of Cortez Gold Royalty Rockfire Resources (ROCK LN) – Further exploration targets identified at the Plateau project, Queensland

SP Angel Morning View: Tin, lithium and nickel prices bounce despite equity fall on monetary tightening

AfriTin Mining (ATM LN) – Uis mine delivers record 13% quarter-on-quarter increase in Q1 tin output Altus Strategies* (ALS LN) – Share purchases by the management Ariana Resources (AAU LN) – Tavsan drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s – Indonesia insists that value must be added to tin exports as Chinese tin smelters take break for maintenance BHP (BHP AU) – Thermal coal exit scrapped as prices sit around record highs KEFI Gold and Copper* (KEFI LN) – Saudi Arabia op

Altus to merge with Elemental Royalties

Altus and Elemental Royalties Corp (TSX-V: ELE) have announced a share for share merger of equals with the entire issued share capital of Altus to be acquired by Elemental. The merger is to be implemented by a scheme of arrangement. Upon completion, the new Elemental Altus Group will be owned 52.9% and 47.1% by Elemental and Altus shareholders respectively. The rationale for the deal includes increased scale, diversification and cost synergies to create a fast growing global royalty company.

SP Angel Morning View: Markets start to price 75bp Fed hike rise as inflation expectations build

AEX Gold (AEXG LN) – Results from initial Nanoq exploration campaign and commencement of 2022 field program Altus Strategies* (ALS LN) - BUY – Recommended offer from Elemental Royalties in all share merger of equals Anglesey Mining (AYM LN) – Drilling results from Parys Mountain Antofagasta (ANTO LN) – Mineral resources at the Encierro and Cachorro deposits Condor Gold* (CNR LN) – Raising £3.25m to complete the La India feasibility study Lynas Rare Earths (LYC AU) – $120m Pentagon contract

Hybridan Small Cap Feast 09/06/2022

Dish of the day Joiners: Psych Capital PLC, (AQSE:PSY) has listed on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in the UK and Europe. Psych is developing the Blossom Database pursuant to a th

SP Angel Morning View: China exports grow as Shanghai locks down parts of city

Altus Strategies* (ALS LN) - BUY– Record quarterly Caserones royalty payment Anglo American (AAL LN) – $100m sustainability linked loan issued Atlantic Lithium* (ALL LN) – Test-work completed on a total of 1,700kg of drill core in 64 composites tested across the Ewoyaa Project Greatland Gold (GGP LN) – Drilling continues to expand the known mineralised extent of Havieron Scotgold Resources* (SGZ LN) - BUY – 154p – Record production reported in Apr/May at Cononish Rambler Metals and Mining*

SP Angel Morning View: Chinese PMI improve as lockdowns ease while Eurozone inflation hits record high

AGL Energy (AGL AU) – AGL Energy abandons plans to demerge coal generation business in Australia following rejection of takeover offer Altus Strategies* (ALS LN) - BUY – Multiple gold discoveries on new properties in the Eastern Desert of Egypt Beowulf Mining* (BEM LN) – Key license awarded as Q1 2022 summary released Gold Fields Limited (GFI SJ) - Gold Fields to acquire Yamana Gold in agreed US$6.7bn deal Mkango Resources* (MKA LN) – Q1 2022 results show DFS nearing completion URU Metals*

Multiple high-grade gold discoveries in Egypt

Reconnaissance exploration by Altus in the Eastern Desert of Egypt has discovered multiple high-grade gold prospects. The results come from further early-stage exploration across all four of the company’s projects in Egypt. Highlights include the delineation of a discontinuous 12km long gold trend, identification of over 100 artisanal gold workings, and numerous high-grade gold samples with grades up to 100 g/t Au. Two new licences have also been added, taking Altus’s landholding in Egypt to jus

Australian portfolio rebalance brings in up-front cash

Altus has entered into a Sale and Purchase Agreement (SPA) with AlphaStream Capital for the sale of a 30.1% interest in Alpha 3, the vehicle that owns the portfolio of 23 mining royalties in Australia acquired from Newcrest Mining in December. In consideration for the sale, Altus will receive US$5.3m in cash, the proceeds of which will be re-invested in royalty acquisition opportunities and generating new royalties. Alpha 3 will now be owned in a 50:50 partnership between Altus and AlphaStream.

SP Angel Morning View: China cuts lending rates to help the housing market and broader economy

Altus Strategies* (ALS LN) - BUY – 30% interest in Australian royalty portfolio sold to JV partner for $5.3m in cash Cornish Metals* (CUSN LN) – Valuation 48p/s – results of special meeting of shareholders to seek approval for £40.5m of new equity funding Power Metal Resources* (POW LN) – New options

SP Angel Morning View: Cape Town conference highlights new drive to fund next generation mines

Altus Strategies* (ALS LN) – BUY, 111p– La Mancha loan facility maturity extended to YE22 Cora Gold (CORA LN) – Annual results Chaarat Gold (CGH LN) – Fatal accident at Kapan Empire Metals* (EEE LN) – Drill results extend Eclipse known shear length to over 500m Galantas Gold (GAL LN) – Drilling results from the Omagh project Horizonte Minerals (HZM LN) – Quarterly results reported in US$ to mirror financing package and future revenue stream Rockfire Resources (ROCK LN) – Completion of the

SP Angel Morning View: Pilbara Minerals sells 5.5% spodumene for US$5,650/dmt

AEX Gold (AEXG LN) – 2021 report describes progress de-risking Nalunaq Project and additional exploration targets in Greenland Altus Strategies* (ALS LN) – BUY, 111p – Transformational 2021 described as Caserones delivers royalty Galantas Gold (GAL LN) – New exploration licence awarded Orosur Mining* (OMI LN) – Quarterly update highlights entry into new jurisdictions in South America Pilbara Minerals Ltd (PLS AU) – Pilbara sells 5.5% spodumene concentrate shipment at US$5,650/dmt eq. $6,163

SP Angel Morning View: Copper climbs as PBOC pledges to increase support for the economy

Altus Strategies* (ALS LN) – Drilling returns 4.9g/t over 14m at the Tabakorole Gold Project Asante Gold (ASE CN) – Acquisition of Chirano reaffirms healthy M&A in West African gold Bluejay Mining* (JAY LN) – Enonkoski exploration joint venture with Rio Tinto Bushveld Minerals* (BMN LN) – Operational update highlights production and inventory sales into recent high vanadium prices Culpeo Minerals* (CPO AU) – 400m of copper sulphide intersected – assay pending Keras Resources* (KRS LN) – K

Tabakorole delivers more superb intercepts

Reverse circulation (RC) drilling at the Tabakorole gold project in southern Mali has returned further highly encouraging gold intercepts. The results come from the Lone Wolf prospect located about 2.7km south-east of the 1.03Moz Tabakorole JORC resource. The wide, shallow intersections include 14m at 4.9g/t Au and 10m at 1.9g/t Au and are part of an RC drill programme funded and undertaken by Altus’s JV partner Marvel Gold Limited (ASX: MVL) to test the potential to expand the Tabakorole deposi

Oil & Gas - Cavendish sector note

88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Morning Note – 4 December 2023

Hartshead Resources - Fully Funded Solution

Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Southern Energy - 3Q Results and Comprehensive Update Note

Southern Energy delivered solid 3Q results with the focus of attention now turned towards the completion of 4 drilled uncompleted wells (“DUCs”). We see our investment thesis for Southern Energy – premised on the scale, location, quality, deliverability, low-cost nature of the company's Gwinville gas field in Mississippi, USA – very much strengthening based on our structural commodity price outlook and our growing confidence in the highly prolific Gwinville gas field, sharpening our interest in

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Thor Energy - High-Grade Uranium Intercepts at Groundhog Prospect

Thor today announces the final downhole gamma results for the reverse circulation drill programme undertaken at the Wedding Bell and Radium Mountain projects in the USA. Downhole gamma readings are a commonly used proxy for physical uranium assays.

LIBERUM: Shanta Gold: Another excellent quarter

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v