Hybridan Small Cap Feast 09/11/22

Dish of the day Joiners: Ithaca Energy (ITH.L) has joined the Premium Segment of the Main Market. Based on the offer price of 250 pence per ordinary share, the market capitalisation will be approximately £2.5bn. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS. The Company will target a free float of at least 10% of its issued share capital and expects to be eligible for inclusion in the FTSE UK indices. OTAQ plc, (OTAQ.L) has joined the Access Segment of the AQS

SP Angel Morning View:

Beowulf Mining* (BEM LN) – Updated corporate presentation Bushveld Minerals* (BMN LN) – Q1 report highlights continued optimisation of expansion plans for Vanchem and Vametco Berkeley Energia Ltd (BKY LN) – Amendment to draft climate-change bill in Spain Condor Gold* (CNR LN) – Q1 results and progress report on La India Horizonte Minerals (HZM LN) – Q1 results highlight £18m raised and progress with power line licence for the Araguaia ferronickel project Power Metal Resources* (POW LN) –

SP Angel Morning View:

Berkeley Energia Ltd (BKY LN) – Permitting and licensing payments to Spanish government entities Bluejay Mining* (JAY LN) - BUY, Valuation 29.4p – Research & Development Tax Credit Bushveld Minerals* (BMN LN) - BUY, Valuation 37.7p – Vanadium price rise in China suggests tightening of supply chain Katoro Gold (KAT LN) – Haneti RAB drilling underway Power Metal Resources* (POW LN) Keras Resources* (KRS LN) – Manganese ore prices hit 10-week high Pure Gold Mining (PUR LN) – Gold pour at R

SP Angel . Morning View

Anglo American (AAL LN) – Production across all minerals forecast to increase by 14% in 2021 | Berkeley Energia Ltd (BKY LN) – Renewal of authorisation for Salamanca uranium concentrate plant# | Bluejay Mining* (JAY LN) – Greenland government to sign Exploitation License for Dundas Ilmenite Project today | Castillo Copper (CCZ LN) – Further copper assays from latest drilling at the Big One project in Queensland | Botswana Diamonds (BOD LN) – Annual results describe exploration in Botswana, South

SP Angel – Morning View

Anglo American (AAL LN) – De Beers diamond sales | Amur Minerals* (AMC LN) – 2018 results | Berkeley Energia Ltd (BKY LN) – Drilling for battery metals | IronRidge Resources* (IRR LN) | Spodumene reaffirmed as Ewoyaa dominant lithium project | KEFI Minerals* (KEFI LN) – Tulu Kapi update | MOD Resources (MOD LN) – Sandfire to acquire MOD Resources | Strategic Minerals* (SML LN) – £890,000 fund raising. | Thor Mining* (THR LN) – Gold assaying at Pilot Mountain | Tri-Star Resources* (TSTR LN) – 201

SP Angel – Morning View

Berkeley Energia Ltd (BKY LN) – Quarterly report December 2018 | BlueRock Diamonds* (BRD LN) – Inferred diamond grade rises by 5.4% at Kareevlei on consultant review | Botswana Diamonds (BOD LN) – Placing to raise £370,000 | Crusader (CAS LN) – Suspended on AIM, Further A$1.4m of convertible notes issued | Element 25 (E25 AU) – Butcherbird Resource infill drilling programme assays received | Strategic Minerals* (SML LN) – Redmoor drilling results

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.

Flash Update: Regional Government Support

Following news reports on Tuesday that the Spanish government will not issue the permits to operate the Salamanca mine, Berkeley Energia (LSE/ASX/MCE: BKY) has released a statement supporting the mine development from the Government of Castilla y León, the north-west region of Spain where the project is located. The Government of Castilla y León called on the central government to limit itself to comply with the law without "demagogy" or "voluntarism" and the spokesperson for the Council of Mini

Small Cap Brunch

Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Flash Update: Cost Savings Identified

Berkeley Energia (LSE/ASX:BKY) this morning announced that following a capital cost review programme, the company has identified potential savings of up to €9 million compared with the FEED estimate released in July 2017. These savings are forecast to be achieved through right-sizing throughput capacity in line with ore availability during the ramp up of Retortillo and future Zona 7 construction. Specifically, the company is optimising plant capacities within the overall processing design, outso

Top 10 Uranium Miner Financed to Production

Berkeley Energia, listed on the main board of the London Stock Exchange, is on the runway to construction in 2019 and first production in 2020. Funding has been received for the capital to first production, licensing is up to date and the company continues to explore options to reduce the total development cost. The market can now focus on the value release from a potential top ten producer in the world delivering product into what is likely to be a rising price environment (the company has alre

Small Cap Breakfast

Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiri

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

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

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

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.