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Guanajuato Silver (GSVR CN /ASE) has announced an upgraded mineral resource estimate for the San Ignacio mine incorporating reinterpreted historical data and that from recent drilling by GSVR. The material increase in compliant resources is a key derisking event, in our view, as the underinvestment by previous owners lead to resource depletion resulting in historic resources which were not representative of the potential.
Companies: Guanajuato Silver Company Ltd.
Guanajuato Silver Company (GSVR CN/ ASE) recently released Q2 2023 financials having achieved a further production record of 941koz AgEq of which 51% was silver by revenue, 39% gold and the balance lead and zinc. Revenue was US$16.8m, up 174% YoY but down 1.7% QoQ due to a timing impact which meant that metal sold (901koz AgEq) was lower than produced. The company faced some macro headwinds from higher energy and labour costs as well as unfavourable FX as the Mexican Peso strengthened against th
Guanajuato Silver (GSVR CN / ASE) has announced strong Q2 2023 production figures with another quarterly record. Silver equivalent production of 941koz was up 179% YoY and 0.4% QoQ made up of 478koz silver (up 206% YoY and 4% QoQ) and 4.7koz gold (up 118% YoY and 7% QoQ). Lead production of 397t was down 3% QoQ and zinc production of 407t was down 22% as the company focused on mineralisation at Topia with higher precious metal content. The company has produced around 40% of our full year estimat
Companies: Guanajuato Silver Company Ltd. (GSVR:TSX)Guanajuato Silver Company Ltd. (GSVR:PLU)
Guanajuato Silver (GSVR CN / AQSE) has announced the start of an initiative to recover high grade mineralisation left behind by past underground mining at the Valenciana Mines Complex (VMC). Given the longevity of the operation and extensive network of underground workings using mining techniques which have evolved over time, there remains considerable mineralisation left over in what the company describes as pillars.
Guanajuato Silver Company (GSVR CN/ ASE) demonstrated continued operational gains and stable earnings performance in Q1 2023. Production of 970koz AgEq of which 49% was silver, 39% gold and the balance lead and zinc, was up 229% YoY and 13% QoQ, in line with guidance with net revenue of US$17.1m up 168% YoY and 10% QoQ. The period reflected the commissioning and transition of processing to the Cata mill and higher costs reflected the larger operating asset base leading to an operating loss of U
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Last week we attended a site visit to i3’s assets in central Alberta in Canada – the company’s largest producing area. We were left with a favourable impression of the magnitude of the company’s operations in the region, of the professional operational running of these, and of the overall level of opportunity in this well-established oil and gas province.
Companies: i3 Energy Plc
Good news for Reabold, which is set to receive £5.2m of the second tranche payment from Shell imminently for the Victory gas field it acquired last year. The final £4.4m payment is due once the development approval for the field is received from the NSTA in the coming months. These funds will allow RBD to progress its two onshore gas developments in the UK and Italy and consider further distributions to shareholders. Partner funding of these projects remains an issue, but RBD’s risk/reward profi
Companies: Reabold Resources plc
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
Companies: BOIL POS TRIN 88E
Cameroon: Ready for the Rig
Companies: Tower Resources plc
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
Companies: Pan African Resources PLC
Companies: HHR CLBS SND
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.
Companies: Trident Royalties Plc
Baron has been granted a further six-month extension to the Chuditch PSC. The end of Contract Year Two will now be 18 June 2024, at which time Baron will need to make a decision on entering Year Three. In the Third and final phase of the PSC, a final investment decision (FID) will be required on an appraisal well targeting the Chuditch discovery (Chuditch-2). Baron continues to make good progress in its discussions with potential funding partners, having previously announced that it is in “advan
Companies: Baron Oil Plc
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
Companies: Hartshead Resources NL
Companies: EVN AYM SOLG SAV CNR RBW ATM GSCU CGH
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
Companies: Southern Energy Corp.
Companies: PNRL AYM RIO THR WSBN GMET TGR
Companies: GAL RIO AAU POW BMN GEM EMPR
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.
Companies: TLOU PTAL HTG ENW ITM BLVN RKH HBR UJO GMS JOG MATD CEG GENL AXL
Andrada Mining (“Andrada”; “ATM”) has produced its first laboratory scale high-grade spodumene concentrate from mineralised pegmatite at Lithium Ridge (ML133). The material was sourced from the drill core of three holes through two separate pegmatite ore bodies drilled earlier this year. The weighted average feed grade was 1.69% Li2O (15.2% Spodumene), with a 76% Li2O recovery, producing a 6.8% Li2O high-grade spodumene concentrate suitable for lithium carbonate production. A second drill progra
Companies: Andrada Mining Limited
Hannam & Partners