SP Angel Morning View: Gold extends gains on continued dollar and US Treasury yield weakness

Amur Minerals* (AMC LN) – Amur Minerals announces Russian Federation approval of the sale of its nickel copper sulphide project for $35m Anglo American (AAL LN) – Renewable energy partnership with EDF in S Africa Azure Minerals (AZS AU) – Positive metallurgical testing results at Ridgeline nickel deposit Bluebird Merchant Ventures (BMV LN) –Batangas licence extension Danakali (DNK AU) – Term sheet signed for divestment of Colluli interest Ormonde Mining* (ORM LN) – Ormonde completes sale o

SP Angel Morning View:

Bluebird Merchant Ventures (BMV LN) – Kochang gold mine fieldwork in South Korea Bluejay Mining* (JAY LN) – Kangerluarsuk survey to define drill targets around high-grade zinc, lead and copper samples Mkango Resources* (MKA LN) – £500,000 convertible advance Metal Tiger (MTR LN) – Drilling intersects nickel and copper sulphides at Nyanga, Gabon Ormonde Mining* (ORM LN) – New Board examining opportunities following €1.6m loss in transitional year, 2021 Rockfire Resources (ROCK LN) – Gold in

Hybridan Small Cap Feast 30/11/2021

Joiners Gelion (GELN.L) has joined AIM. UK-Australian energy-storage innovator founded in 2015 by Professor Thomas Maschmeyer as a spin-out from the University of Sydney. Capital to be raised on Admission £19.04m (£16m primary and £3m secondary). The company has also raised Capital of £6m following a conversion of loan notes. Anticipated Market Capitalisation £154.37m. Due 30 Nov. Leavers Two off AIM today. Caribbean Investment Hdgs and Silence Therapeutics. One off the Main Market (Premium), St

SP Angel Morning View: Rising energy costs likely to raise short-term inflation beyond Fed expectations

Arc Minerals* (ARCM LN) – BUY – Assay results due soon from Cheyeza discovery. Annual results comment Aura Energy* (AURA LN) – Annual results and project review Empire Metals* (EEE LN) – Exploration update at Central Menzies Eurasia Mining* (EUA LN) – Well capitalised with strong asset base to help the team deliver on development strategy Europa Metals Limited (EUZ LN) – Updated resources estimate at the Toral zinc, lead, silver project in Spain Ormonde Mining* (ORM LN) – Resignation of exe

SP Angel Morning View: Weak US labour numbers likely to delay the start of Fed tapering

AfriTin* (ATM LN) – Resources estimate for by-product lithium and tantalum at the Uis mine to be followed up with infill drilling Cora Gold (CORA LN) – DFS contractors appointed with the study targeted for H1/22 Ormonde Mining* (ORM LN) – Chairman issues letter of clarification ahead of AGM Pilbara Minerals (PLS AU) – 59% upgrade to mineral resource at Pilgangoora Tantalum-Lithium Project Rambler Metals and Mining* (RMM LN) – Conversion of loan note Tirupati Graphite (TGR LN) – Completion o

SP Angel Morning View: Tin and REE prices rise despite China working to reduce metals prices

Altus Strategies* (ALS LN) – BUY, 118p – New targets defined at the Tabakorole Gold Project Anglo Asian Mining* (AAZ LN) – AGM letter lays out production growth outlook Castillo Copper (CCZ LN) – Drilling encouragement from the Mt Oxide project Oriole Resources (ORR LN) – Drilling at Bibemi supports potential for large-scale gold mineralisation Ormonde Mining* (ORM LN) – Requisitions for additional directors to be proposed at AGM Strategic Minerals* (SML LN) – 2020 results and outlook Sunr

SP Angel Morning View: Tin and REE prices rise despite China working to reduce metals prices

Altus Strategies* (ALS LN) – BUY, 118p – New targets defined at the Tabakorole Gold Project Anglo Asian Mining* (AAZ LN) – AGM letter lays out production growth outlook Castillo Copper (CCZ LN) – Drilling encouragement from the Mt Oxide project Oriole Resources (ORR LN) – Drilling at Bibemi supports potential for large-scale gold mineralisation Ormonde Mining* (ORM LN) – Requisitions for additional directors to be proposed at AGM Sunrise Resources (SRES LN) – Drilling results from Baker's p

SP Angel Morning View: Gold prices cross $1,900/oz as central bankers continue with stimulus

Alba Mineral Resources (ALBA LN) – Preliminary bulk-samping results from Clogau Bluejay Mining* (JAY LN) – VAT reclaim up update Caledonia Mining* (CMCL LN) – Updated estimates show mineral resource and reserve replenishment at the Blanket mine Metal Tiger (MTR LN) – ASX confirm listing of Metal Tiger Ormonde Mining* (ORM LN) – 2020 results and operational update Rambler Metals and Mining* (RMM LN) – Ming mine mineral resources update Tertiary Minerals* (TYM LN) – Interim report and proje

SP Angel Morning View: Copper climbs past $8,600/t as China returns post NY break

Altus Strategies* (ALS LN) – Tabakorole mineralisation extended to over 3km along strike Ariana Resources (AAU LN) – New veins identified at Arzu North Empire Metals* (EEE LN) – Drill results confirm presence of parallel veins at Eclipse Oriole Resources (ORR LN) – Remote sensing identifies 12 priority gold targets in central Cameroon Ormonde Mining* (ORM LN) – New ROC deal structure required to attract support of Ormonde's main shareholder Tirupati Graphite (TGR LN) – Stage II drilling co

SP Angel . Morning View

Amur Minerals* (AMC LN) – $165k coupon collected NRR convertible | Anglo Asian Mining* (AAZ LN) – Production at 69koz GEO and cash balance climbing to ~$40m in FY20 | Atalaya Mining (ATYM LN) – Record copper production at Proyecto Riotinto in 2020 | Condor Gold* (CNR LN) – Directors exercise options | IronRidge Resources* (IRR LN) – 12,500m drill programme commenced at Ghana Lithium Project | Ormonde Mining* (ORM LN) – Ormonde announce deal for new high-grade copper, silver and zinc projects | O

SP Angel Morning View: Biden expected to announce a $2tn stimulus programme

Amur Minerals* (AMC LN) – $165k coupon collected NRR convertible Anglo Asian Mining* (AAZ LN) – Production at 69koz GEO and cash balance climbing to ~$40m in FY20 Atalaya Mining (ATYM LN) – Record copper production at Proyecto Riotinto in 2020 Condor Gold* (CNR LN) – Directors exercise options IronRidge Resources* (IRR LN) – 12,500m drill programme commenced at Ghana Lithium Project Ormonde Mining* (ORM LN) – Ormonde announce deal for new high-grade copper, silver and zinc projects Orosur

SP Angel Morning View: Steel prices rise limit up in China

Altus Strategies* (ALS LN) – BUY, 132p – Altus hits giant intersection of gold mineralisation Arkle Resources* (ARK LN) – Trenching at the Inishowen project identifies gold-bearing veins Mkango Resources* (MKA LN) – Approval for the exercise of warrants on amended terms Ormonde Mining* (ORM LN) – Further deferral of AGM Rainbow Rare Earths* (RBW LN) – Rainbow completes acquisition of Phalaborwa tailings and REE pilot plant Power Metal Resources* (POW LN) / Kavango Resources (KAV LN) – $15

SP Angel . Morning View

Beowulf Mining* (BEM LN) – Ex Swedish Minister appointed as NEC | Ceres Power (CWR LN) – Doosan to develop ceres-based marine fuel cell system. | Invinity Energy Systems (IES LN)– EMEC use flow batteries and tidal power to produce hydrogen (Energy Global) | IronRidge Resources* (IRR LN) – Resignation of finance dire | Ormonde Mining* (ORM LN) – AGM arrangements and progress report on potential acquisition | Orosur Mining* (OMI LN) – Funds in lieu received for exploration at Anzá | Panthera Resou

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

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Morning Note – 28 November 2023

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

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.

Strong second half trading

i3 Energy - What-if analysis run at WTI $60/b and US natural gas at $2.50/mmbtu

A summary of our hypothetical “Car Crash” commodity price scenario analysis is outlined in Table 1, which provides increased confidence, we believe, in i3 Energy's capacity to fund its dividend under adverse conditions. Notably, the dividend yield is an attractive 10.3%. Effectively, our analysis reinforces our view that i3 Energy is mispriced. Details for our “Car Crash” commodity price scenario are provided in Tables 2, 3, 4 and 5. We reiterate our 20.9p fair value estimate, which is premised

Greenfield Exploration Programme Update – Palito Complex

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released an update on its Greenfield Exploration activities in its Palito Complex. The exploration activity has been undertaken as part of the Exploration JV with Vale SA. The update from the announcement today reflects the high prospectivity of the Palito complex. During the year, the company ran a programme of collecting 5,5k soil samples which have increased their first-pass surface geochemistry coverage

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

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: Nickel prices jump following stainless steel price rise in China

Tlou Energy (TLOU LN) - Lesedi-6 well first gas flows

Tlou has reported first gas to surface from its Lesedi-6 well, representing the fastest time between beginning dewatering and flowing gas for any Lesedi well to date, and helping underpin gas supply for first electricity sales in 2024.

TENNYSON Energy Research - Falcon Oil & Gas - The final countdown