Hybridan Small Cap Feast - 10 Nov 23

10th November 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 obj

Goldplat - Q1 2024 update

Goldplat today provides an update on its Q1 operating update for the period ending September 2023. Goldplat recovers gold and other precious metals from the wastes produced as a result of mining, operating two recovery plants: one in South Africa and one in Ghana. Today's results are strong with operating profit of £1.87m for the quarter (£1.92m in Q1 2023 and last quarter Q4 2023 of £1.19m) with £0.76m from South Africa (£0.98m / £0.75m) and £1.11m (£0.97m / £0.44m) from Ghana. Goldplat retaine

Goldplat - Operating results for the quarter ending 30 June 2023

Goldplat, the Mining Services Group with operations in South Africa and Ghana, today reports operational results for the quarter ending 30 June 2023.

Goldplat plc (GDP) – Corporate – Management and operational update

Goldplat, the gold recovery business with operations in South Africa and Ghana, today reports that Douglas Davidson, an experienced operations manager and metallurgical engineer has joined the Group management team. Further, a decision has been made to acquire diesel generators that will maintain South African operations during power outages on the national grid. In Ghana the Gold Recovery licence has been renewed and gold exports have commenced.

Hybridan Small Cap Feast - 05 May 23

5th May 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 objective

Bens Creek (BEN) – Corporate – Second Highwall miner in operation

Bens Creek today updates us on its second highwall miner (HWM) which is today in production. HWM (No. 77) arrived onsite 8 weeks ago and after assembly and modification of site infrastructure just could not be commissioned – software and electrical problems were insurmountable. So, a replacement HWM was found (No. 81), brought to site on the 1st May, assembled yesterday and will be in production today. Bens Creek will be running two HWMs and we anticipate able to make its target production aft

Goldplat plc (GDP) – Corporate – Q3 Operating results (to March 2023)

Goldplat, the gold recovery experts, announces today its Q3 update. Profit from the two operating units (one in South Africa and one in Ghana) was £1.5m in Q3, down from the same period last year at £2.3m. For the 9 months Goldplat has generated £4.8m in operating profit ($6.0m). Goldplat reported cash of £2.8m at period end.

Hybridan Small Cap Feast - 31 Mar 23

31 March 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 objectiv

Goldplat plc (GDP) – Corporate – Interim results for the period ending December 2022

Today Goldplat reports its interim statements for the period ending December 2022. Goldplat operates two gold recovery plants treating a heterogeneous mix of waste materials produced as a product of mining, one in Ghana and the other in South Africa. It reports operating profits of £2.9m (H1 - 2021: £3.3m), with the reduction due in the main to a drop in operating profits at its South African operation where electricity problems have led to unstable and erratic production; profitability in Sou

Goldplat plc (GDP) – Corporate – Update on electricity situation in South Africa

Intraday yesterday Goldplat updated the market on the electricity supply situation in South Africa. It appears that the electricity cuts have continued into Q3 with additional hours in March lost due to problems on the transmission lines to the operations. Hours lost during Q3 to date are already 43% higher than those experienced during Q2. Goldplat is engaging the municipalities and providers to reduce the impact on operations and continues to investigate ways to increase productivity during t

Hybridan Small Cap Feast - 20 Feb 23

20 February 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 objec

Goldplat - FY 22 audited figures – a growing producer focussed on gold recovery

Goldplat is a precious metal producer from the by-products of mining and plant clean-up. It today provides its final year figures for FY2022 and H2 FY2023. Nothing has changed from our last note for FY22 with eps reported at 2.3p/sh (WHIe 2.3p). We forecast an eps of 1.2p/sh in FY2023 before a return to 2.5p/sh for FY2024 after electricity issues in South Africa are resolved. FY2022 was a successful year with the share buyback of the minority shareholder in South Africa, an agreement with a

WH Ireland: Goldplat (GDP) - Q1 Update (period ending September 2022)

Goldplat, a mining services company focussing on recovery gold and other precious metals, today provides an update for the first quarter of this financial year (FY 2023) ending September 2022. Outstanding operational results from both Ghana and South Africa show the continuing momentum of the business.

WH Ireland: Goldplat (GDP) - Q4 and FY 22 operational update

Goldplat is a precious metal producer from the by-products of mining and plant clean-up. It today provides an update on its operational activities in Q4 ending June 2022 and a first indication of its yearly financials. The news does not disappoint as once again Goldplat has produced a record year. FY 2022 operational profit from its combined operations was £8.0m – up from £5.3m in FY 2021. We are looking for improved performance in FY 2023 with continued access to new materials (South America an

Hybridan Small Cap Feast 16/06/2022

*A corporate client of Hybridan LLP Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? LifeSafe Holdings, a fire safety technology business with innovative fire safety products, intends to join AIM. LifeSafe has developed what the Directors believe to be market disrupting, eco-friendly fire safety protection products to both protect (via fire extinguishers) and detect (via carbon monoxide, smoke and heat alarms) fires. At the cent

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