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

SP Angel Morning View: Gold shines as expectations for interest rates pull back

SP Angel Morning View: China Deflation calls for more stimulus

Anglo American (AAL LN) – Cost of Sirius Minerals, Woodsmith polyhalite mine triples to US$9bn European Metal Holdings (EMH LN) – Pilot plant tests validate LCP process flowsheet Galantas Gold* (GAL LN) – Up to US$3.0m raise in convertible loan notes Largo Inc (LGO CN) – $12m quarterly loss reported on weak production MetalNRG (MNRG LN) – Soil sampling results from Gold Ridge, Arizona Sylvania Platinum (SLP LN) – Leadership transition Wishbone Gold* (WSBN LN) – Cottesloe diamond-drilling u

Hybridan Small Cap Feast - 16 Oct 23

16th October 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 obje

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

SP Angel Morning View: Gold holds onto gains from last week ahead of the FOMC decision

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

SP Angel Morning View: Copper climbs as US dollar weakens on soft inflation expectations

SP Angel Morning View: Chinese manufacturing PMIs and real estate data disappoint

SP Angel Morning View: Copper rally resumes as traders bet stimulus to coincide with rising seasonal demand

SP Angel Morning View: Gold prices hold higher again as market loses faith in a September rate hike

SP Angel Morning View: Gold rises on weaker dollar as inflationary pressures ease

SP Angel Morning View: China bans export of key metals in Semiconductor retaliation

SP Angel Morning View: Copper extends gains on signs of improving Chinese domestic demand

SP Angel Morning View: Global EV sales exceed 1m vehicles a month despite global growth concerns

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.