SP Angel Morning View:

Anglo Asian Mining* (AAZ LN) – PSA amendments Aston Bay Holdings (BAY CN) - Drilling underway on Storm copper project, Somerset Island American West Metals (AW1 AU) - Drilling underway on Storm copper project, Somerset Island Arkle Resources* (ARK LN) – Drilling at Stonepark, Co Limerick First Class Metals (FCM LN) – Progress report on Ontario exploration First Quantum Minerals (FM CN) – Government to order an environmental audit of Cobre Panama Sovereign Metals* (SVML LN) – Rio Tinto rais

SP Angel Morning View: Expect metals to run as Fed indicates lower rates on lower inflation

SP Angel Morning View: China struggles to contain CNY outflows as Bank of Cangzhou suffers run on Evergrande rumours

SP Angel Morning View: SP Angel . Morning View . Wednesday 23 08 23 Copper prices climb alongside base metals in anticipation of China restocking MiFID II exempt information – see disclaimer below Atlantic Lithium* (ALL LN) – Minerals Commission comment

SP Angel Morning View: China cuts rates to fuel growth. Fed expected to support at least another hike this summer

Chariot Limited (AIM: CHAR): Anchois-3 disappoints. All eyes on South Africa power, Morocco onshore & Namibia.

• The North Flank prospect at Anchois-3 is water wet (ReNAV: £0.03/sh), This has a negative impact on Anchois South (ReNAV: £0.07/sh). • The B sands that were the main appraisal targets were thinner than expected and the deeper C & M sands were water wet, however these were drilled down-dip from the Anchois-2 well where the sands were found gas-bearing. The B sands will not be tested and the main hole will be plugged an abandoned. This has a negative impact on the size of the contingent resource

Jersey Oil & Gas (JOG LN) - H1 2024 results

JOG has released its H1 2024 results, re-confirming the company’s significant cash holding, alongside providing an operational update reporting the progress made in 2024 on Buchan engineering work.

Morning Note – 16 September 2024

Cadence Minerals (KDNC LN) - Licensing update for the Amapá iron ore project, Brazil

Cadence today provides an update on its licencing and project test work for the plan to produce a single 67% iron product from the Amapá iron ore brownfield restart in Brazil. Licences are all underway following an agreement with the local environment agency to expedite the process as Amapá is a former operating mine; Amapá needs a Mine Extraction and Processing Permit for which it needs an Installation License to begin construction and, when constructed, an Operational License. It also requires

Morning Note – 19 September 2024

Strong 1H cash flow, soft services

Union Jack Oil (UJO LN) - Wressle planning permission received for planned programme

Union Jack has announced that it has received planning permission for the next phase of its Wressle development project in the UK. This is the key consent for this work programme, and should allow the company to add important new production volumes from this existing producing asset going forward.

Union Jack Oil+ (UJO, House Stock at 16p) - Planning consent for Wressle expansion

Morning Note – 18 September 2024

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Oil & Gas - Cavendish sector note

Chariot, Hartshead Resources, Sunda Energy, Afentra, Energean, Serica Energy, Petro Matad, Cadogan Energy Solutions, Bowleven Source: FactSet, weekly change 09/09/2024-13/09/2024 Oil slipped as producers started reviving output after Storm Francine passed, though futures still posted their first weekly gain in a month as the disruptions and risk-on sentiment in wider markets helped ease a previously oversold crude market. West Texas Intermediate slid about 0.5% to settle below $69 a barrel, givi

PANMURE LIBERUM: Commodity snapSHOT: Russia's latest threats, quantified

Sound Energy (SOU LN) - H1 2024 results

Sound has announced its H1 2024 results, alongside providing an operational update on its ongoing Tendrara development project in Morocco. The company recently announced a farm out of Tendrara, which should close in the coming weeks and which we expect to leave Sound fully funded for Tendrara Phase 1 and 2 development.

Pharos Energy Plc (LSE: PHAR): Very strong financials. Busy drilling programme in 2H24. Dividend up by 10%

• 1H24 production of 5,851 boe/d had been reported previously. • Pharos has re-iterated its FY24 production guidance of 5.2-6.5 mboe/d. The company expects to spend US$26 mm (net) capex in 2024 (US$27 mm previously). • The highlight of this announcement is the strong financials. While the net cash of US$17.5 mm at the end of June is in line with what had been reported previously, the 1H24 operating cashflow had been negatively impacted by an inventory build of ~US$12 mm. This implies that the ne

88 Energy - Multi Hundred Million Barrel Oil Resource Confirmed

Assessments carried out by two independent reserve and resource auditors have confirmed a multi-reservoir discovered resource at Project Phoenix, with combined gross 2C resources of 378mmboe (including 251mmbbls of marketable liquids). The result provides 88E with 159mmbbls of net oil and NGL resources, strategically located next to the Trans Alaska Pipeline System (TAPS), with significant development potential. Upside potential comes from 247mmbbls of gross 2U unrisked prospective resources, br