Lexington Gold - South African Drilling campaign expected to start in December

Today Lexington announces that it has signed a contract for a 2,000m+ drill programme to be completed at the Bothaville Project, in South Africa's Witwatersrand. Drilling is expected to commence in mid-December.

Lexington Gold - Near-term cashflow and massive resource potential

Lexington yesterday reported intraday that it has completed the acquisition of White Rivers Exploration (WRE). According to the terms of the acquisition, Lexington will issue shares for a maximum value of £6.4m to acquire 100% of WRE. Thirty-five per cent (£2.24m) of the acquisition value is to be paid in shares valued at 6.2p (30-day VWAP). The balance of the consideration will be settled in shares subject to certain milestones being achieved.

Lexington Gold - Near-term cashflow and massive resource potential

Through the acquisition of White Rivers Exploration (WRE), Lexington Gold has access to a resource inventory of over 6Moz* of gold in South Africa's prolific Witwatersrand goldfields. WRE estimates that approximately 40% is classified as Measured and Indicated (Jelani JV) and could be in production within four years. Agreements in principle are in place (with final terms to be agreed now Lexington has taken charge) to mine the Jelani resource on tribute for Harmony Gold, supplying high-grade Run

Hybridan Small Cap Feast - 04 Sep 23

4th September 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

Lexington Gold - Argo Project, gold and silver identified at surface

Today, Lexington reports assay results following a sampling and mapping programme completed at the Argo Project, USA. The Argo project is close to historical gold mine workings and is prospective for epithermal vein style mineralisation.

Hybridan Small Cap Feast 10/07/23

Joiners: No joiners today. Leavers: Xpediator Plc has left AIM. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Expected Admission 21 July 2023. Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in t

Lexington Gold (LEX) – Corporate – Overwhelming support for the acquisition of White River Exploration

Lexington Gold the exploration and development company with assets in North and South Carolina, USA, has entered into an agreement to acquire White River Exploration (Pty) Ltd (WRE). Today's news shows that there is overwhelming support from shareholders for this acquisition, especially from the largest shareholders. The acquisition was announced via RNS on the 5.06.2023 and is subject to Special General Meeting 10am on the 26.06.2023.

Hybridan Small Cap Feast: 15/05/2023

Joiners: No joiners today Leavers: Ince Group has left AIM. What’s cooking in the IPO kitchen?** The kitchen is empty. Our daily digest of news from UK listed Small and Mid caps Banquet Buffet*** Arrow Exploration 19.75p £46.6m (AXL.L) The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provides an update on the drilling of Carrizales Norte 1 (CN-1), an exploration well on the Tapir Block in the Llanos Basin of Colombia. The CN-1 well was spud on May 1, 2

Lexington Gold - Lexington Gold to acquire White River Exploration (Pty) Ltd

Lexington Gold the exploration and development company with assets in North and South Carolina, USA, has entered into an agreement to acquire White River Exploration (Pty) Ltd (WRE). WRE has five gold projects in South Africa's Witwatersrand and a comprehensive dataset of historical drill data from which significant non-compliant resources have been defined. The Witwatersrand is a truly prolific gold region; it has produced over a third of global gold production since 1886 (approximately 2bn oun

Hybridan Small Cap Feast - 05 Apr 23

5 April 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

Lexington Gold - Cost effective gold resource growth

Lexington is exploring in the Carolina Gold Belt (CGB), home to the first American gold rush and the 4.8Moz Haile gold mine (operated by OceanaGold N/R). Though highly prospective, the CGB remains relatively underexplored. Lexington has rapidly established a portfolio of projects with a history of gold mining and, leveraging local knowledge and legacy data, has quickly defined a gold resource in excess of 210k ounces at the Jones-Keystone Loflin (JKL) project. Further drilling is planned and res

WH Ireland: Lexington Gold (LEX) - Emerging resources with early-mover advantage in the Carolina Gold Belt

Lexington Gold has interests in four gold properties (and access to others) in the Carolina Gold Belt (CGB), home to the first American gold rush and the large, operating, profitable Haile gold mine (OceanaGold Corp, Mkt cap C$1.7bn), the largest gold deposit in the eastern US with a 4.8Moz resource. Applying knowledge and expertise to legacy data, Lexington has quickly defined a growing resource at the Jones-Keystone-Loflin (JKL) group of deposits and is set to grow this resource (and others) s

WH Ireland: Lexington Gold (LEX) - Maiden resource estimate for Jones-Keystone gold deposit, USA

Lexington Gold today provides a maiden JORC resource estimate for the Jones-Keystone deposit in North Carolina of 4.4Mt based on a 0.5g/t cutoff and grading 0.9g/t for 128koz of contained gold. This can be added to the resource at Loflin (2.6Mt grading 1.0g/t), only 2.5km away, for a combined total of 210koz. The resources are open at depth and along strike and we have an expectation that the resource will grow with further drilling – including the zone between Jones-Keystone and Loflin which

WH Ireland: Lexington Gold (LEX) - Jones-Keystone Project sample re-splits verify high-grade

Lexington, the explorer with interests in projects in the emerging Carolina Gold Belt today announces assay results for drill samples from the Jones-Keystone project; results are for 1m re-splits of previously reported 4m composite samples that assayed over 0.2 g/t gold. Several multi-meter intervals grading over 2 g/t gold are reported within 100m of surface, including: 9m grading 2.7 g/t, 1m grading 5.8 g/t, 16m grading 2.2 g/t, 1m grading 7.5 g/t, 6m grading 2.7 /t Au, and 1m grading 5.2 g/t

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