SP Angel Morning View: Iron ore rises to $135/t as steel inventories fall

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, ANTO, BHP, QLT, BOY, LIO, WTB, HOC, TRR, & SRC.

SP Angel Morning View: Hawkish Fed statement lifts the US dollar weighing on commodities

Empire Metals* (EEE LN) – Geochemical evaluation of historical data at Pitfield Power Metal Resources* (POW LN) – Encouraging initial drill results adjacent to historic mine Hochschild Mining (HOC LN) – Immaculada update Lucara Diamonds (LUC CN) – Quarterly results maintain full year guidance expectations as sinking of the main shaft at Karowe gets underway Newcrest (NCM AU) - Newcrest to boost copper output to cater for long-term demand outlook

SP Angel Morning View: Battery metals prices hold up as US inflation drives US monetary policy

Arkle Resources* (ARK LN) –Follow-up drilling planned on a promising structural target at Stonepark Atalaya Mining (ATYM LN) – Cost impact of Ukraine dents H1 financial performance Hochschild (HOC LN) – Environmental permit granted for Mara Rosa Project Jubilee Metals Group (JLP LN) – H2 2022 operational results highlight completion of £58m investment programme in S Africa and Zambia Power Metal Resources* (POW LN) – Phase-1 exploration underway at Athabasca Basin Uranium Project PureGold (

SP Angel Morning View: Chinchilla's hold up Gold Fields mine expansion in Chile

Gold Fields Limited (GFI SJ) - Gold Fields expansion plan at Salares in Chile held back by 20 Chinchillas GreenRoc Mining (GROC LN) – High-grade graphite intercepts at Amitsoq Kore Potash (KP2 LN) - US imposes sanctions on Belarus potash supplier Hochschild (HOC LN) – C$276m valuation targeted for Aclara IPO Savannah Resources* (SAV LN) – BUY, Target price 17.9p FLASH NOTE - 20% in Mutamba disposed of in a $9.5m cash deal

SP Angel Morning View: China PMI recovers on power supply boost

Beowulf Mining* (BEM LN) – SSAB board member to become Minister of Trade and Industry Condor Gold* (CNR LN) – Geotechnical drilling at La India Galan Lithium (GLN AU) – Candelas PEA highlights the potential for a 14ktpa LCE over 25y brine operation GoldStone Resources* (GRL LN) - BUY – Maiden gold pour at the Homase mine Hochschild Mining (HOC LN) – C$135m acquisition of Posse gold project in Brazil Mkango Resources* (MKA LN) – Q3 update shows strong progress of mine, refine, recycle strate

SP Angel Morning View: Nickel prices climb as LME stocks drop to a two-month low

Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects Cornish Lithium (Private) – $18m funding package secured from TechMet Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa Phoenix Copper* (PXC LN) – Deep drilli

SP Angel Morning View: Powell nomination prompts gold sell off as battery metals rise

AEX Gold (AEXG LN) – Geophysical programme completed at Tartoq license BlueRock Diamonds* (BRD LN) – Mining restarts at Kareevlei diamond mine following repeal of section 54 notice Hochschild (HOC LN) – Company vows to fight ‘illegal' plans to close mines over environmental impact Kavango Resources (KAV LN) – Survey identifies distinctly magnetised 30km target Power Metal Resources* (POW LN) – Test pitting commences at Alamo project SolGold* (SOLG LN) – Progress of the Cascabel PFS and Inv

SP Angel Morning View: Copper and nickel lead gains as oil prices pull back on Covid in Europe

Altus Strategies* (ALS LN) – Portfolio of Moroccan exploration assets vended into Eastinco Atlantic Lithium* (ALL LN) / IronRidge Resources* (IRR LN) – Change of name to Atlantic Lithium Aura Energy* (AURA LN) – Realignment of the board in preparation for development of the of Tiris uranium project BlueRock Diamonds* (BRD LN) – BlueRock lifts diamond sorting pans into new process plant Castillo Copper (CCZ LN) – Progress report on the Picasso lithium project Hochschild (HOC LN) – Shares fal

SP Angel Morning View: Lithium spodumene prices continue to rise on strong EV battery demand

AfriTin (ATM LN) – Afritin to add tantalum concentrate circuit to Uis tin mine Hochschild (HOC LN) – Proposed listing of REE project on TSX Lithium Americas (LAC CAN) - Millennial Lithium bought by Lithium Americas for $400mn, CATL loses out Rambler Metals and Mining* (RMM LN) – Well attended investor conference call highlights strength of higher grades and new mine plan Tertiary Minerals* (TYM LN) – Strategic update on exploration

SP Angel Morning View: Risk sentiment rises on positive corporate earnings despite China lockdown

AfriTin* (ATM LN) –– Resource expansion drilling underway at Uis Caerus Mineral Resources (CMRS LN) – Trench results from Trouli Condor Gold* (CNR LN) - Valuation 102.5p – Detailed La India PEA published on SEDAR Hochschild Mining (HOC LN) – Robust production delivered in Q3 with annual output/cost guidance reiterated IronRidge Resources* (IRR LN) – Name change to Atlantic Lithium and demerger of gold assets into private vehicle Petra Diamonds (PDL LN) – Q1 production and trading Sibanye-

SP Angel Morning View: Cash Copper breaks $11,000/t as Manganese hits record high of >$9,000/t

Anglo Asian Mining* (AAZ LN) - BUY – 180p – 4.5c special dividend BeMetals (BMET CN) –– Drilling commences at South Mountain, Idaho Condor Gold* (CNR LN) – BUY, valuation 102.5p – Progress of the La India feasibility study Hochschild (HOC LN) - Hochschild to spin off rare earth assets Rambler Metals and Mining* (RMM LN) – BUY, fair value 10.7p - Ming mine underground drilling programme demonstrates grade and width improvements at depth SolGold* (SOLG LN) – Tandayama-America initial resour

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

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

Morning Note – 28 November 2023