PANMURE: MAG Silver : Updating and consolidating, but in a good way.

PANMURE: MAG Silver : Juanicipio production guidance announced

PANMURE: MAG Silver : Q4/FY2023 Production: first reactions – cannot underestimate

PANMURE: MAG Silver : Site visit report

PANMURE: MAG Silver : Q3 FY2023 Results: Ramping up, part 2

PANMURE: MAG Silver : Q3 Production: First reactions - ramping up

PANMURE: MAG Silver : A Magnificent choice for silver exposure

Mining Monthly: June Edition

What you need to know: • The precious metals markets were down slightly in the month of June, however, we view this as a healthy consolidation period following significant price increases since November 2022. • M&A slowed in June primarily due to the new uncertainty regarding interest rates following strong economic data and the BoC raising 25bps. • Safe-haven assets like gold and silver continue to look highly attractive with inflation remaining sticky and rates likely to decline by 2024. Sent

Mining Monthly: January Edition

What you need to know: • Gold had strong start to the year rising over $100/oz to $1928/oz in January. Copper also rose dramatically, rallying 12% to $4.20/lb • We anticipate 2023 to be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly • Many central banks bought record levels of gold in January fuelling the price increase; gold takes hold as a safe-haven Sentiment Update As we anticipated from our December note, the mining se

Pantheon Resources (PANR LN) - Comprehensive Update Note

Pantheon Resources anticipates commencing drilling operations at Megrez-1 in early November, with drilling operations expected to take approximately one month to reach total depth. We believe that Megrez-1 is by far the most exciting well ever drilled by Pantheon Resources due to our high confidence that the reservoir of the targeted Ahpun East Topsets (609 million barrels of prospective recoverable best estimate resources) will be of an exceptionally high quality – success would unlock correspo

Morning Note – 7 October 2024

Gulf Marine Services (GMS LN) - Contract awards

GMS has announced several new contract awards, including a new long-term contract to support offshore wind construction in Europe, all further growing the company’s backlog.

Afentra - Off to the races

Following the successful completion of Afentra’s third acquisition in Angola, the company now holds a meaningful 30% non-operated interest in producing Block 3/05 and a 21.33% non-operated interest in development ready Block 3/05A. The result is a significant new African independent company, with c6,700bopd of production and 52mmbbls of 2P+2C reserves and resources, backed by material cash flow and a strong balance sheet. With a portfolio of both near-term, low-cost, short-cycle growth opportuni

PetroTal (PTAL LN) - Q3 operations update

PetroTal has released its Q3 operations update, reporting a strong production performance and expectation of being towards the top end of full year 2024 production guidance. Development drilling at Bretana continues, the Block 131 acquisition is nearing completion, and there is also an update on the test exports via Ecuador.

Power Metal Resources* (POW LN) – FLASH NOTE - Incubation Strategy Success Continues with Uranium JV

PetroTal Corp (AIM: PTAL): Production and cash well above expectations

• 3Q24 production was 15,160 bbl/d. This is well above expectations of 13 mbbl/d. While the river levels were at record lows, PetroTal has maximized the barge fleet capacity during the quarter. • Production during the first week of October was 10.7 mbbl/d. With the end of the dry season in sight, production is expected to return to capacity by mid-November, • As a result, FY24 production is expected to be at the top end of the 16.5-17.5 mbbl/d guidance. • Petrotal held US$133 mm in cash (US$121

Jubilee Metals (JLP LN) - Audited results for FY24 (June)

Jubilee today announces its audited results for FY24 which ended in June. Revenues rose to $205.4m from $170.9m in FY2023 (Zeus estimate was $208.8m). Group EBITDA fell to $27.7m from $29.8m (Zeus $26.6m) with eps falling from 0.58c/sh to 0.21c/sh (0.3c/sh). Capex fell to $36.9m from $65.9m with gross cash at the end of the period at $19.3m from $15.9m at the end of June 2023. Chrome is now poised to take on more of a roll in operating cash flow and profits as the Thule plants are brought on str

Oil & Gas - Cavendish sector note

Savannah Energy, Empyrean Energy, Seascape Energy Asia, Touchstone Exploration, Petrofac, Capricorn Energy, Challenger Energy, Block Energy, Enwell Energy, SDX Energy, Petro Matad, Serica Energy, TotalEnergies, Valeura Energy Source: FactSet, weekly change 30/09/2024-04/10/2024 Oil pared gains after President Joe Biden sought to discourage Israel from attacking Iran’s oil fields. West Texas Intermediate rose 0.9% to settle above $74 a barrel on Friday, after earlier surging as much as 2.5%. Crud

Ango Asian Mining* (AAZ LN) - FLASH NOTE - Gedabek is ready to restart with Demirli to upgrade growth profile

Coringa PEA

Zephyr Energy Plc (AIM: ZPHR): Paradox well to be lengthened. Potential funding by industry partner provides external validation

• Zephyr has decided to extend the State 36-2R well in the Paradox basin by drilling a 5,500 ft lateral on the well. • We are not surprised by this decision given that the acid job performed on the existing 130 ft interval was very successful with peak test production of >2,100 boe/d. • Zephyr believes that the ultimate recovery of the extended well could reach 2 mmboe, which is well above what would have been recovered from the 130 ft interval. • The 5,500 ft lateral is expected to cost ~US$7

Allenby Capital: Panthera Resources - Update

GreenX Metals (GRX:ASX/LSE) has recently announced the successful conclusion of litigation relating to an international arbitration claim against the Republic of Poland under the Australia-Poland Bilateral Investment and Energy Charter Treaties. The compensation awarded by a tribunal of £252m followed a well-established procedure under the auspices of the United Nations Commission on International Trade Law Rules (UNCITRAL) rules. The original claim brought by GreenX related to actions by the Po

SP Angel Morning View: Open season on Mining M&A as Rio Tinto takes out Arcadium

Morning Note – 30 September 2024