Small Cap Feast

Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. D

VSA Morning Miner

Altyn (ALTN LN) has announced that it has successfully applied for a loan of US$17m from the Kazakh Bank JSC “Bank Center Credit” (BCC). This is a major step forward for the company which will enable it to execute its muchanticipated growth strategy targeting over 100kozpa at AISC of less than US$500/oz. The loan has a seven year term with interest of 6%pa.

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

VSA Morning Miner

Altyn (ALTN LN) | Shefa Yamim (SEFA LN)

VSA Morning Miner

This Morning’s News Altyn (ALTN LN)

Small Cap Breakfast

VR Education Holdings—a virtual reality software and technology company. Raising £6m, mkt cap c €22m. Due 12 March SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Stirling Industries—Acquisition vehicle focusing on industrials. Offer TBA. D

VSA Morning Miner

This Morning’s News Altyn (ALTN LN)

VSA Morning Miner

Altyn (ALTN LN) has announced robust production results of 16.7koz for 2017, up 52% YoY beating our estimates of 16.1koz. Production in H2 2017 of 9.4koz was up 28% versus the immediate prior period.

VSA Morning Miner

This Morning’s News Altyn (ALTN LN)

Underground Transition

Altyn (ALTN LN) has reported interim results for H1 2017. ALTN has successfully reached its underground mining rate of 30kt per month, however, due to maintenance work and delayed access to higher grade ore zones, production in Q2 2017 was negatively impacted. Therefore, while H1 2017 production of 7.3koz was up 98% YoY this was weighted to Q1 in which 4.2koz were produced, compared to 3koz in Q2 2017.

VSA Morning Miner

This Morning’s News Altyn (ALTN LN) Sula Iron & Gold (SULA LN)

Going Underground

The closure in 2016 of the open pit at Sekisovskoye in Kazakhstan marks the beginning of Altyn’s (ALTN LN) transition towards 100kozpa of gold at cash costs of below US$550/oz. The transition requires around US$48m, largely to expand ore handling capabilities and underground development, and ALTN raised US$12m in 2016. The current plant requires just 150ktpa expansion to reach design capacity of 1mnpta, significantly reducing capex requirements. The end of open pit production and start of underg

A vessel for volatile seas?

The last twelve months have been good for Altin AG (Altin). Its NAV has grown 5.0%, providing confirmation that it offers a lower volatility solution with distinctly different sources of return, and its discount has narrowed, boosting share-price returns (11.4%). Despite this, a major shareholder (32% holding) is requesting a dividend equivalent to 28.2% of Altin’s net assets (to the disadvantage of most other investors) and the replacement of three of its four-strong board. We think that these

A vessel for volatile seas?

The last twelve months appear to have been good for Altin. Its NAV has grown 5.0%, providing support for its stance that it offers a lower volatility solution with distinctly different sources of return, and its discount has narrowed, boosting share price returns (11.7%). Despite this, a major shareholder (32% holding) is requesting a dividend equivalent to 28.2% of Altin’s net assets (which could have tax implications for some investors) and the replacement of three of its four directors. The b

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

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

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.

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

Morning Note – 1 December 2023

LIBERUM: Restocking Indicator still says BUY: Equities lift too

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.

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

Strong second half trading

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.