SP Angel Morning View: Gold prices hold firm as China moves to strengthen CNY after Friday fall

SP Angel Morning View: Lithium, spodumene prices rise as consumers restock following closure of lepidolite production

SP Angel Morning View: Potential PBoC reserve ratio cut to boost metals demand outlook

SP Angel Morning View: Base metals slide as higher oil process weigh on Fed interest rate decision

Boland prospect moves front and centre

Metallurgical testwork on samples from Cobra’s Boland prospect confirm that mineralisation is the much sought after ionic adsorption style of rare earth clay. Furthermore, the samples have proven to be easily leachable in a short space of time under ambient temperatures and a weakly acidic lixiviant. The result is high recoveries of the higher value MREOs (magnet rare earths) and HREOs (heavy rare earths) but with low acid consumption.

SP Angel Morning View: Copper prices rise as PBoC rescues Yuan from collapse

Double win! Gold and rare earth resources both upgraded

Cobra has reported upgrades to both the gold and rare earth element (REE) Mineral Resource Estimates (MRE) at its Wudinna multi-mineral project located in South Australia’s Gawler Craton. Cobra moves another step closer to demonstrating the commercial opportunity of this unique multi-mineral occurrence in a Tier 1 jurisdiction.

Drill results indicate major breakthrough in REE strategy

Major new discovery at the Boland prospect

Hybridan Small Cap Feast - 20 Jun 23

20th June 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 objecti

Drill results foreshadow significant REE resource expansion at Wudinna

Cobra has reported further results from both reverse circulation (RC) and Aircore (AC) drilling at its Wudinna multi-mineral project located in South Australia’s Gawler Craton. Gold assays were reported last month and now it’s time for the rare earth element (REE) results to start flowing. The new results have revealed long intersections of high-grade REE mineralisation extending in multiple directions outside of the current REE resource envelope. This suggests that a major upward revision of th

Morning Note – 24 April 2024

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

Trinity Exploration and Production - 2024 Guidance

Trinity has set 2024 sales guidance at 2,600-2,700bopd, a modest c5% YoY decrease at the midpoint, as Trinity continues to offset an estimated c7-10% annual natural production decline. Capex in 2024 is expected to be US$7-8m to fund a programme of recompletions and production related expenditure, minor sustaining capex and growth projects. Following recent Supplemental Petroleum Tax (SPT) reforms we forecast Trinity paying no SPT in 2024, enabling the Company to generate cUS$11.6m in operating c

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

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

SP Angel Morning View: China likely to trump BHP offer for Anglo American

Orcadian Energy (ORCA LN) - Piloting it home – initiating coverage

Orcadian is a UK E&P company pursuing development of the 79mmbbl Pilot oil field in the North Sea. The company recently closed an important farm out, paving the way for Pilot FID, with various new assets to also provide further news flow

Wynnstay Group+ (WYN, House Stock, 370p) - AGM – FY24F unchanged

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

Cascadura completed - Q1 operational update

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

Morning Note – 25 April 2024

SP Angel Morning View: Cocoa prices overtake copper as LME increases margins on key metals

Challenger Energy (CEG LN) - £1.5m strategic investment in Challenger

Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.

Morning Note – 15 April 2024