SP Angel Morning View: Gold prices climb as dollar weakens and Treasury sell-off eases

SP Angel Morning View: Gold extends gains on continued dollar and US Treasury yield weakness

Amur Minerals* (AMC LN) – Amur Minerals announces Russian Federation approval of the sale of its nickel copper sulphide project for $35m Anglo American (AAL LN) – Renewable energy partnership with EDF in S Africa Azure Minerals (AZS AU) – Positive metallurgical testing results at Ridgeline nickel deposit Bluebird Merchant Ventures (BMV LN) –Batangas licence extension Danakali (DNK AU) – Term sheet signed for divestment of Colluli interest Ormonde Mining* (ORM LN) – Ormonde completes sale o

SP Angel Morning View:

Bluebird Merchant Ventures (BMV LN) – Kochang gold mine fieldwork in South Korea Bluejay Mining* (JAY LN) – Kangerluarsuk survey to define drill targets around high-grade zinc, lead and copper samples Mkango Resources* (MKA LN) – £500,000 convertible advance Metal Tiger (MTR LN) – Drilling intersects nickel and copper sulphides at Nyanga, Gabon Ormonde Mining* (ORM LN) – New Board examining opportunities following €1.6m loss in transitional year, 2021 Rockfire Resources (ROCK LN) – Gold in

SP Angel Morning View: Strong Q1 GDP growth in China masks rapidly deteriorating outlook

Altus Strategies* (ALS LN) – BUY, 111p – Small scale gold mining license secured at Diba, Mali Aura Energy* (AURA LN) – Resource upgrade work at Tiris Bluebird Merchant Ventures (BMV LN) – Bluebird reports an agreed US$3.1m in staged debt/equity funding Power Metal Resources* (POW LN) – Drilling commences at Ditau targeting rare earth carbonatite intrusive Kavango Resources (KAV LN) Serabi Gold* (SRB LN) – Q1 operational results and 2022 guidance held back by supply chain constraints and

SP Angel Morning View: Gold and oil jump as Putin invades Ukraine

Amur Minerals* (AMC LN) – No impact from US and European sanctions Anglo American (AAL LN) – Threefold rise in attributable profit in 2021 Bluebird Merchant Ventures (BMV LN) – Bluebird in discussions with former jv partner on progressing gold projects to production Caerus Mineral Resources (CMRS LN) – Cypriot exploration Caledonia Mining* (CMCL LN) – Hedging agreement Empire Metals* (EEE LN) – Flash Note – Tribute Agreement signed & drilling commenced at Gindalbie Gold Project Eurasia Mi

SP Angel Morning View:

Bluebird Merchant Ventures (BMV LN) – Funding proposed through digital token linked to gold Empire Metals* (EEE LN) – Empire complete acquisition of Eclipse gold project Condor Gold* (CNR LN) – Drilling underway on the Cacao Vein Cornish Metals* (CUSN LN) – Osisko converts its note to a royalty Orosur Mining* (OMI LN) – High-grade gold intersections received at Anza Phoenix Copper* (PXC LN) – £2m debt facility to accelerate the Empire project Rambler Metals and Mining* (RMM LN) – New non-e

SP Angel Morning View: Copper and tin prices rise on continuing stimulus and EV demand

Adriatic Metals* (ADT1) – Drilling results at Kizevak and Sastavci Altus Strategies* (ALS LN) - BUY – High gold recoveries at Tabakorole and drilling results at Lakanfla Chaarat Gold* (CGH LN) - BUY – 65p (from 57p) – Earnings update Bluebird Merchant Ventures (BMV LN) – Resolution of offer to Southern Gold expected soon Bluejay Mining* (JAY LN) 10p, Mkt cap £97m – Thunderstone project closing in on gold and base metal potential in South of Greenland Condor Gold* (CNR LN) - Click here for

SP Angel . Morning View

Beowulf Mining* (BEM LN) – Swedish Constitutional Committee urge swift resolution at Kallak | Botswana Diamonds (BOD LN) – Sekaka acquisition completed | Bushveld Minerals* (BMN LN) – Conditions satisfied for US$65m financing with Orion Mine Finance | Bluebird Merchant Ventures (BMV LN) –Independent expert determined Southern Gold interest worth $11.05m | Caledonia Mining* (CMCL LN) – Central Shaft completed on time and under budget | Castillo Copper (CCZ LN) – First copper assays from latest dr

SP Angel . Morning View

Ariana Resources* (AAU LN) – 2020 guidance maintained as plant expansion considered at Kiziltepe | Bluebird Merchant Ventures (BMV LN) – Independent expert appointed for valuation to consolidate South Korean gold mines | Botswana Diamonds (BOD LN) – Geophysics to refine November drilling targets at Marsfontein and Thorny River | Jubilee Metals Group (JLP LN) – Q3 production sees operating earnings rise to £15m | Orosur Mining* (OMI LN) – Funds received for exploration at Anzá project | Panthera

SP Angel . Morning View

Arkle Resources* (ARK LN) – H1 results highlight resumption of drilling at Stonepark and exploration potential of gold projects | Bluebird Merchant Ventures (BMV LN) – Gold-prepayment funding for US$5-20m from South Korean investors | Central Asia Metals (CAML LN) – Sasa TSF4 update | Kenmare Resources (KMR LN) – Wet Concentrator Plant moved to Pilivili | Keras Resources* (KRS LN) – Change in government in Togo | Rambler Metals and Mining* (RMM LN) – Raising funds to establish 1350tpd and examin

Potentially industry leading gold producer in South Korea which is now on the cusp of a 100,000oz pa low-cost production profile

Bluebird Merchant Ventures is a South Korea-focused resources company which is bringing old gold mines back to life. It is far quicker and cheaper to rehabilitate old gold mines than fund exploration, mines where production was curtailed a couple of decades ago due to a low gold price (under US$140/oz). Recently, Bluebird gained a binding agreement for a US$5-20m gold streaming style deal to fund reopening its gold mines.

SP Angel . Morning View

Adriatic Metals* (ADT1) - Non-Executive Director appointed | Alba Minerals (ALBA LN) – £450,000 fund-raising | Bluebird Merchant Ventures (BMV LN) – Southern Gold JV stake in S Korean JV “deemed” to be offered for sale | Bluejay Mining (JAY LN) – BUY, Target 20p – Public consultation highlights strong government and local citizens | Empire Metals (EEE LN) –– Munni Munni PGM drill results indicate potentially practical mining widths | Bushveld Minerals* (BMN LN) – Bushveld renegotiates agreement

SP Angel . Morning View

Adriatic Metals* (ADT1 LN) – Environmental approval at Veovaca | Altus Strategies* (ALS LN) – 1,600m diamond core drilling starts at Tabakorole | Ariana Resources* (AAU LN) – Q1 production on track to achieve 2020 guidance | Asiamet Resources (ARS LN) – Negotiations with Aeturnum Energy | Beowulf (BEM LN) – Parliamentary questions asked over delays to mining projects in Sweden | Bluebird Merchant Ventures (BMV LN) – Terms for South Korean debt facility funding expected shortly | Pure Gold Mining

Potentially industry leading gold producer in South Korea now on the cusp of a 50,000oz pa net to Bluebird production profile

Bluebird Merchant Ventures is a South Korea-focused resources company which is bringing old gold mines back to life. It is far quicker and cheaper to rehabilitate old gold mines than fund exploration, mines where production was curtailed a couple of decades ago due to a low gold price (under US$140/oz). Recently, Bluebird gained a binding agreement for a US$5M gold streaming style deal to fund reopening its gold mines.

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.