SP Angel Morning View: Gold soars as US Treasuries rip higher off October lows on Fed pivot bet

Holes 2 and 3 provide more magic numbers

Assays have been received for the remaining two deep diamond drill holes from the three-hole programme recently completed at the company’s Pitfield project in Western Australia. Both holes returned long intervals of high-grade titanium mineralisation throughout the entire length of the hole with this batch of assays including the highest-grade results reported to date.

First diamond hole delivers the goods and more…

Assays have been received for the first of the three deep diamond drill holes recently completed at the company’s Pitfield project in Western Australia. As foreshadowed by the core logging and portable XRF, the assay data now confirms that the entire length of hole #1 is indeed titanium mineralised.

Empire Metals* (EEE LN) 5.15p, Mkt Cap £29m – Geologists see Pitfield as potentially developing into one of the world's great hydrothermal metal ‘districts'

SP Angel Morning View: Iron ore climbs to $131/t as China revives construction industry

SP Angel Morning View: China plans $140bn sovereign bond offering to support economic momentum

SP Angel Morning View:Metal prices pull back as Evergrande struggles with refinancing plans

Empire Metals* (EEE LN) 4.6p, Mkt Cap £22m – Flash Note – Dual-pronged drilling programme at Pitfield after high-grade Titanium Oxide intercepts

Dual-pronged drilling programme at Pitfield after high-grade Titanium Oxide intercepts

SP Angel Morning View: EV sales reach 1.2m units globally. China becomes world's largest auto exporter

High impact drill programme to probe Pitfield potential

The next major drill campaign is due to kick off next week at Empire’s Pitfield project in Western Australia. Exciting times for Empire with three high impact holes representing the first phase in a major exploration push to increase understanding of this globally significant titanium discovery.

Airborne gravity confirms potential for sizeable system at Pitfield

Empire has released results based on the interpretation of a recent airborne gravity survey at its Pitfield project in Western Australia. The high-resolution survey identified a large and very dense core within the existing 40km magnetic anomaly which Empire believes correlates with previously mapped iron-titanium mineralisation and associated alteration.

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

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

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