Hybridan Small Cap Feast 30 Nov 23

30th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Ariana Resources - Significant drilling results at Salinbas

Ariana today reports further results from the on-going drill programme at the Salinbas gold-copper project in northern Turkey, in which it has a 23.5% interest. With the Kiziltepe gold mine in operation (and satellite drill results – RNS 28.11.2023 – pointing to an extended mine life) and the Tavsan copper-gold mine under construction, Salinbas could be the third Ariana project to reach production. Ariana and its partners have been aggressively exploring Salinbas, and the adjoining Ardala and

Hybridan Small Cap Feast - 28/11/2023

28th November 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj

SP Angel Morning View: Nickel prices jump following stainless steel price rise in China

Ariana Resources - Dokwe drilling in Zimbabwe commences

Ariana announces that drilling has commenced at the Dokwe gold project in Zimbabwe as part of its 1.3% earn-in to Rockover Holdings (PRIV) via Ariana's 100% owned Asgard fund. A $0.25m drill programme (5 holes diamond drilling) is planned for due diligence, to understand better the structural controls on mineralisation and to gain further confidence in the ore resource – currently at 1.3Moz (JORC). Ariana sees the opportunity to add further resources to the project and extend potential mine lif

SP Angel Morning View: Lithium prices continue to slide as refiners boost output

Ariana Resources - Interims to 30 June 2023

Ariana today reports its interim results to June 2023. Corporate highlights include its share of profits from the Kiziltepe gold mine in Turkey at £0.7m (£2.5m in the corresponding period in FY 2022) – down as the Zenit JV which owns and operates the Kiziltepe mine, in which Ariana owns a 23.5% interest, used funds to develop a second operation at Tavsan – a PBT of £0.3m and cash at the end of the period at £6.3m. Ariana continued exploration in Turkey identifying additional targets close to K

Ariana Resources - Positive PEA for the Slivova gold project, Kosovo

Ariana announces today its first PEA on the Slivova gold project in Kosovo. It is earning a 85% stake in the project by spending €1.8m, through its private subsidiary (owned 75%), Western Tethyan Resources, with the remaining 25% held by Avrupa Mineral (TSX:AVU). The PEA follows on from the updated resource model (RNS 17.07.2023). The highlights are for a seven-year mine life producing 13koz gold/yr with a capex of $33.4m and an NPV8 of $27m and with an IRR of 29%. We view this positively an

SP Angel Morning View: China trusts miss more payments intensifying liquidity crisis

Ariana Resources (AAU) - 2023 half-year production results

Kiziltepe continues to deliver; H1 production figures are in line with expectations and full-year guidance remains on track, we believe that the ore stockpile provides further comfort that guidance will be met. Exploration for additional ounces continues around Kiziltepe that could expand the life of mine and boost our forecasts. As was recently reported (RNS 19.07.23), construction at Tavsan has recommenced and is progressing well with a number of key components delivered to site. With Tavsan i

Hybridan Small Cap Feast 15/08/2023

Andrada Mining 7p £107.7m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an update on the previously proposed Funding Package with funds managed by Orion Resource Partners announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25m funding package with Orion. The financing agreement is as follows: US$2.5m (c£2.0m) equity at 6.39p and US$10m (c£7.9m) Converti

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

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

Morning Note – 28 November 2023