Ariana Resources* (AAU LN) – Renewal of Ivrindi operating licence | Jangada Mines (JAN LN) – Drilling results from the Pitomberias vanadium property | Mkango Resources* (MKA LN) – BBC highlights HyProMag investment in rare earth recycling | Scotgold Resources* (SGZ LN) – Restart of development works at Cononish
Companies: AAU JAN MKA SGZ
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion
Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m
Companies: REAT KRPZ POS FKE ZEG RBD EDR JAN MSYS SYM
Adriatic Metals* (ADT AU) – Rupice metallurgical results | BHP (BHP LN) – Half-Year Production report | BlueRock Diamonds* (BRD LN) – Achieves profitable operations during H2 2019 | Base Resources (BSE LN) – Assays indicate likely high-grade extension to Toliara project in Madagascar | Caledonia Mining (CMCL LN) – Increased holding in the Blanket gold mine | Highland Gold (HGM LN) – 300.7koz produced in FY19 v 290-300koz guided | Jangada Mines (JAN LN) – drilling starts at vanadium property | Premier African Minerals* (PREM LN) – Power supply connected at RHA | Sunstone Metals Limited (STM AU) - Bramaderos Main assays extend strike length of mineralisation to 650m
Companies: ADT1 BHP BRD BSE CMCL HGM JAN PREM
Companies: BHP BRD BSE CMCL HGM JAN PREM
Companies: THR TRX KIBO VNET ALS PGR OCI JAN KRS IHC
AfriTin Mining* (ATM LN) – 3.2p, Mkt cap £17.4m – Phase 1 Pilot plant commissioning starts | Asiamet Resources (ARS LN) 5.4p, Mkt Cap £54.3m – Strategic investor takes 8.55% for US$2m | Bluejay Mining* (JAY LN) 10.12p, Mkt Cap £86.5m – RTIT to test material from Dundas | Hummingbird Resources (HUM LN) 14.5p, Mkt Cap £51m – Annual results highlight operationally challenging
2018 | Jangada Mines (JAN LN) 1.45 pence, Mkt Cap £3.4m –Disposal of Pedra Branca | Tertiary Minerals* (TYM LN) 0.375p, Mkt Cap £1.7m – New exploration project in Nevada | Thor Mining* (THR LN) 0.8p, Mkt Cap £6.5m – New investor presentation | Vast Resources* (VAST LN) 0.14p, Mkt Cap £11m – Results of general meeting and corporate update
Companies: ATM ARS JAY HUM JAN TYM THR VAST
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Exploration programme ramps up at Ordubad | ARC Minerals* (ARCM LN) – Copper and cobalt sulphide concentrate production starts at Kalaba | Aura Energy (AURA LN) – Mauritanian gold and base metal tenements granted | Cora Gold* (CORA LN) – £1.4m equity raise | Firestone Diamonds (FDI LN) – Liqhobong mine yields 72 carat yellow diamond | Jangada Mines (JAN LN) – Pedra Branca BFS completion expected during Q2 2019 | KEFI Minerals* (KEFI LN) – Tulu Kapi funding update | Strategic Minerals* (SML LN) – Settlement date for acquisition of the balance of the Redmoor project. | Vast Resources* (VAST LN) – Proposed sale of Zimbabwean gold assets and balance sheet restructuring
Companies: AAZ ARCM AURA CORA FDI JAN KEFI SML VAST
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.
Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.
Companies: JAN WJG NKTN GROW OPG ORR NTBR MOGP CORO SCH
Europa Metals Limited (EUZ LN) 0.04 pence, Mkt Cap £2.2m – Scoping study for the Toral zinc, lead, silver project in Spain | Jangada Mines (JAN LN) 2.75 pence, Mkt Cap £6.5m – Initial drilling results from the Pitombeiras West vanadium project | Kodal Minerals* (KOD LN) 0.16p, Mkt Cap £12.0m – Fundraise to fast track Bougouni Lithium Project development | Oriole Resources (ORR LN) 0.375p, Mkt cap £2.6m – US$0.5m success fee from exploration success in Turkey | Polymetal International (POLY LN) 874p, Mkt Cap £4.1bn – Annual results | Shanta Gold (SHG LN) 5.3p, Mkt Cap £41.7m – Ilunga development ore intersected three months ahead of schedule
Companies: EUZ JAN KOD ORR POLY SHG
Jangada Mines (JAN LN) – Resource increase at Pedra Blanca | Petra Diamonds (PDL LN) – H1 Trading update
Companies: Jangada Mines Petra Diamonds
Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m.
Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD
Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission.
The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
Companies: TMG NQMI AFHP JAN NTBR TRT MXCT EML ALM
Amur Minerals* (AMC LN) – PFS due in Q1/19 | Ariana Resources (AAU LN) –Q3 operations report for Kiziltepe | Bushveld Minerals* (BMN LN) Sent: 09/11/18 BUY - Target 87p (from 37p) – Lack of Vanadium Supply Threatens Global Construction | Horizonte Minerals (HZM LN) – Quarterly results and Araguaia feasibility study | Jangada Mines (JAN LN) – Optimisation delivers 32% reduction in capex estimate
Companies: AMC AAU bmn HZM JAN
Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October
Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October.
PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018.
Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA
Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: ARIX TCN JAN DSG MXCT SLN EDEN ACC KOS
Arc Minerals* (ARCM LN) – Drill results indicate significant scale copper project at Kalaba, Zambia | Beowulf Mining* (BEM LN) – SP Angel as Nomad and Broker | Bushveld Minerals* (BMN LN) BUY - Target Price 34p – Vanadium prices continue to edge higher | Crusader (CAS LN) – Stock suspended | Jangada Mines (JAN LN) – Environmental permit for trial mining | KEFI Minerals* (KEFI LN) – ANS signs binding agreement regarding up to $38m project funding | Phoenix Global Mining* (PGM LN) – US OTC listing | URU Metals Ltd* (URU LN) – Temporary suspension of trading on AIM | Vast Resources (VAST LN) – Final results
Companies: ARCM BEM bmn CAS JAN KEFI PXC VAST URU
Bluejay Mining* (JAY LN) - STRONG BUY - Target 45p – Interims highlight cash strength and advances towards confirming | Bluejay’s position as major new strategic producer of titanium-rich concentrates | Goldstone Resources (GRL LN) – Akrokeri Mine exploration update | Jangada Mines (JAN LN) – Raises £2.1m by way of Draw Down facility and Placing | Keras Resources (KRS LN) – High-grade gold at Calidus’ Copenhagen Deposit | Ormonde Mining* (ORM LN) – Interims and operations update | Petropavlovsk (POG LN) – POX commissioning progresses well, interim results disappoint
Companies: JAY GRL JAN KRS ORM POG
Research Tree provides access to ongoing research coverage, media content and regulatory news on Jangada Mines.
We currently have 29 research reports from 3
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Park and ride – initiating coverage
Caledonia, which operates the Blanket gold mine in Zimbabwe, announces today a second dividend increase for 2020 with an increase of their dividend from 7.5c a quarter to 8.5c a quarter – an annualised 34c/yr which currently yields 2.3%. This comes on the back of a first increase in January of this year when Caledonia raised its dividend from 6.9c/quarter.
Avation is a lessor of 48 commercial aircraft to a diversified airline client base. This morning, the group has released results for the nine months to 31 March 2020, which illustrate that the business remained profitable in Q3 FY 2020.
Phoenix copper today provides the results from the initial metallurgical test work to recover precious metals from the Empire deposit. Results from leaching with non-toxic ammonium thiosulfate (ATS) resulted in high gold recoveries of nearly 98% gold, and silver recoveries of between 70% and 80%. A full metallurgical report on this new work is available on Phoenix Copper's website.
Companies: CMCL AVAP PXC
Considering the environment, this sale is positive and marks the completion of the $15bn divestment programme started after the acquisition of the shale assets from BHP in 2018. Overall, BP’s strategy in downstream is to bring stable earnings, to offset volatility in upstream. In this regard, expanding renewables activities would seem appropriate to BP. While, BP has no competitive advantage in this field, exposure to renewables will allow the oil majors to keep their oil & gas activities.
Companies: BP Plc
Oil turned around last week's setback, extending a slow but relentless rise since falling into negative territory in April.
US benchmark crude futures rose 2.3% Friday to close at the highest level since 6 March. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and Trafigura Group and exporter Saudi Aramco all talked up the strength of the demand recovery in recent days, and prices for some of the world's major oil products have begun to roar higher. OPEC+ gave reassurance on output cuts on Thursday.
Inventories in Cushing, the delivery point for West Texas Intermediate futures, have contracted every week since early May.
WTI traded above the $40 a barrel for much of the session on Friday before fresh evidence of a rise in US. coronavirus cases dampened sentiment. California, Florida and Arizona posted their biggest jumps in cases since the pandemic began, further signs the outbreak is worsening in some Sun Belt states.
A potential resurgence of the virus in China, the world's biggest crude importer, is clouding the long-term outlook. Traffic in Beijing has plunged as authorities battle a fresh outbreak.
Data from the Energy Information Administration this week showed output declined for an eleventh straight week to just above 10 million barrels a day last week. That comes as the number of rigs drilling for oil has fallen 72% over the past 14 weeks to a level not seen since before the shale-oil revolution kicked off at the beginning of the last decade.
Timespreads also showed signs of strength. WTI's front-month spread rose Friday to strongest level in a month. The July-dated contract expires Monday, which could add extra volatility early next week. Meanwhile, Brent crude's prompt spread settled in backwardation -- a bullish indicator that points to tighter supply conditions -- on Thursday for the first time since early March.
West Texas Intermediate for July delivery rose 91 cents to settle at $39.75 a barrel on the New York Mercantile Exchange.
Brent for August settlement gained 68 cents to settle at $42.19 a barrel.
Companies: FOG PVR 88E DGOC EME TRIN UOG
Petropavlovsk PLC (LSE: POG) have released their FY2019 results and Q1 trading update this morning. The company had already released production numbers for last year. Overall the numbers reflected a strong operational performance although various financial/other parameters thwarted positive changes below the EBITDA line. Conversely net cash from operations reduced by 43% due to lower cash from prepayment as part of the group’s forward sale facility with the banks, yet net debt came down to $561m. . We show the key figures in Table 1.
InfraStrata's acquisition of the iconic Harland & Wolff (H&W) shipyards in Northern Ireland has been transformational for the group, and with a carefully planned growth strategy, there is a clear route to cash breakeven in the short term. Over the medium to long term, these facilities could support a c£400m revenue business. With the company trading at a c30% discount to its H1/20A book value and c65% to its Adj NAV, we initiate with a Buy recommendation.
Entering the temporary power market
AFC Energy announced earlier this month that it had entered into a collaboration agreement with ACCIONA (BME:ANA, Market Cap €4.9bn) to field trial its H-Power™ fuel cell system with the objective of decarbonising construction sites. The announcement, for the first time, formalised AFC Energy's intention to enter the temporary power generator market, which is presently dominated by diesel gensets. Given the scale and track record of ACCIONA, we view the partnership as a strong endorsement of the potential for AFC Energy's technology. Having assessed the prospective scale of this new market for AFC, our risk-adjusted estimate of fair value for the shares now stands at 39p (previously 27p).
Companies: AFC Energy
Bushveld is an integrated vanadium mining, processing and technology businesses. The South African group owns 74% of Vametco and 100% of the Vanchem. Bushveld Energy (84%) is developing vanadium redox batteries for grid use in SA. Bushveld FY 2019 figures are dominated by the positive revaluation of the acquisition of Vanchem (100%) for US$55.8m in November 2019.
Companies: Bushveld Minerals
Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.
Companies: Shearwater Group
Companies: Hurricane Energy
AAZ is a highly cash-generative gold miner from four mines in Azerbaijan, where it enjoys close ties to the government. We estimate current-year free cashflow and dividend yields of 19.3% and 6.8%, respectively. The estimated aggregate free cashflow of $248.5m in 2020-30 should comfortably exceed the current market cap. In 2020, we expect AAZ to announce resource upgrades for its Gedabek open pit, Gadir and (potentially) Ugur mines, with a maiden estimate for the Gedabek underground mine in 2021. Behind them come five fast-track production targets (including Avshancli – a “significant mineral district”) at Gedabek and the Ordubad Contract Area (AAZ’s primary asset at the 2005 listing).
Companies: Anglo Asian Mining
Hurricane has announced the resignation of Dr Robert Trice as CEO. Beverley Smith has been appointed as interim CEO and will oversee a thorough review of all available data, which will inform the future activity programme to increase production while maintaining capital discipline. Production from the Lancaster early production system (EPS) is relying on the deliverability of the 205/21a-6 well following Hurricane’s unexpected shut-in of 205/21a-7z in May 2020. Full-year guidance has been suspended, with the 205/21a-6 well presently producing at c 12,000bod. Production from 205/21a-6 will be increased over the coming weeks and months, although the optimal rate will be heavily dependent on the ongoing response of the reservoir. Our risked valuation has decreased to 37.1p/share from 70.4p/share (-47%) as we adjust our Lancaster EPS production profile and timing and capex allocation of future developments. Our core NAV now stands at 13.6p/share (-38%).
Active Energy Group PLC (AEG) listed on the AIM Market of the London Stock Exchange is a renewable energy and forestry management company focused on the production of second-generation biomass fuels using its proprietary CoalSwitch™ technology as part of a portfolio of products. This proprietary steam explosion technology creates an efficient fuel additive that can be mixed with various waste-energy matter to create a biomass-based, pelletised fuel.
Companies: Active Energy Group
Oil posted its second weekly loss for the month, as a surge in US coronavirus cases clouds the demand outlook and casts doubts on the market's recovery.
Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly gains that lifted oil from its historic plunge below zero in April. Texas -- the centre of the American oil industry -- halted its reopening as virus infections jumped, and Houston's intensive-care wards reached capacity. Bars in Texas and Florida were ordered to shut, and Arizona reported a surge in infections.
While massive OPEC+ output cuts and a pickup in demand have helped crude climb from its April low, price gains have slowed this month. Infections continue to soar in many parts of the world, consumption is still a long way off pre-virus levels and many refiners are struggling with low margins.
Crude stockpiles in the US are at record highs, and there's a risk that US shale producers could start bringing back output. The number of rigs drilling for oil fell by 1 to 188, the lowest since June of 2009.
West Texas Intermediate for August slid 23 cents to settle at $38.49 a barrel in New York.
Brent for August fell 3 cents to close at $41.02 a barrel.
Still, the pessimism's being tempered by huge cuts to Russia's seaborne crude exports, a development that lifted oil earlier in the session. Shipments of the flagship Urals grade from its three main western ports are set to plunge by 40% next month, according to loading programmes seen by Bloomberg. The steep reductions underscore the OPEC+ alliance's commitment to eliminate the oil glut that built up earlier this year.
Other oil news:
Exxon Mobil Corp is preparing to cut jobs in the US as the oil giant focuses on a slimmed-down and more efficient organisational structure, according to people familiar with the matter.
Four automakers backing a California effort to curb tailpipe emissions will break with some big rivals in the legal battle over the Trump administration's relaxation of fuel efficiency standards.