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

SP Angel Morning View: Gold prices hit >$2,010/oz as Israel conflict shows escalation potential

SP Angel Morning View: German auto manufacturer given notice by Chinese graphite supplier

SP Angel Morning View: China struggles to contain CNY outflows as Bank of Cangzhou suffers run on Evergrande rumours

SP Angel Morning View: Concern for rare earth miners as Tesla looks to ditch NdPr for new motor technology

SP Angel Morning View:Markets go Risk Off with US FOMC rate rise due this week as China returns to work

SP Angel Morning View: Gold holds ground near 8-month high as further Fed members call for gentler rate hikes

Atalaya Mining (ATYM LN) – Rio Tinto plant operating above capacity to deliver 2022 copper production above guidance range BlueRock Diamonds* (BRD LN) – Notice of Statutory Demand has now been served on BlueRock Diamonds by Mr Leslie First Quantum Minerals (FM CN) – Copper production rises in Q4 but fails to offset Zambian rains in Q1. Cobre Panamá situation remains uncertain. Great Western Mining (GWMO LN) – Successful completion of £800,000 equity placing to advance mill construction and fu

SP Angel Morning View: Metals pullback on disappointing Chinese PMI numbers

Aura Energy* (AURA LN) – September quarterly reaffirms that Tiris remains on track for initial uranium production in 2024 and to deliver an updated BlueRock Diamonds* (BRD LN) – Revised guidance predicts strong recovery through Q4 and 2023 following substantial waste removal Castillo Copper (CCZ LN) – Expanding exploration focus at the BHA project to include its REE potential Culpeo Minerals* (CPO AU) – Phase-2 drilling intersects over 250m of visible copper sulphide Oriole Resources (ORR L

Hybridan Small Cap Feast 21/10/22

Joiners: Sondrel (SND.L) has joined AIM. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily production (oil and gas) on a net workin

SP Angel Morning View: Strong dollar hits metals as market looks to higher US interest rates

Aura Energy* (AURA LN) – Investor presentation focusses on the Tiris uranium development project in Mauritania Hummingbird Resources (HUM LN) – Q3 production slips on struggles at Yanoflila mining operations Ncondezi Energy (NCCL LN) – Seeking disposal of Mozambique coal assets Orosur Mining* (OMI LN) – Encouraging intersections continue at Anza Rambler Metals and Mining* (RMM LN) – September quarter delivers the highest copper production in since 2014

SP Angel Morning View: Commodities pull back as BOE driven relief rally fizzles away

Arc Minerals* (ARCM LN) – First half results underpinned by Anglo American JV Arkle Resources* (ARK LN) – Interims highlight strong progress on Irish zinc licenses Aston Bay Holdings (BAY CN) – Assay results from Storm Project drilling Cornish Metals* (CUSN LN) – Interim results confirm that South Crofty mine de-watering expected to start next year Kodal Minerals* (KOD LN) – Bougouni DMS scenario delivers faster to production and reduced development capex project Oriole Resources (ORR LN) –

SP Angel Morning View: Metals rise as US dollar pulls back

Amaroq Minerals (AMRQ LN) – Amaroq shows 50% increase in average grade and 30% Increase in contained gold at Nalunaq gold mine, Greenland Aura Energy* (AURA LN) – Submission of application for production and export of uranium from the Tiris project Capital Limited (CAPD LN) – Expanded contract awarded at B2's Fekola Gold Mine Chaarat Gold (CGH LN) – Fatality at Kapan Mine Culpeo Minerals* (CPO AU) – Phase-1 drilling complete at Lana Corina Orosur Mining* (OMI LN) – Intersection at Pepas re

SP Angel Morning View: China cuts mortgage lending rate and extends tax exemptions on EVs

Beowulf Mining* (BEM LN) – Encouraging initial drill results at Madjan Peak Mkango Resources* (MKA LN) – Filing of NI 43-101 DFS for Songwe Hill Orosur Mining* (OMI LN) – Orosur to hold investor webinar Rainbow Rare Earths* (RBW LN) – Rainbow strike deal with OCP for Rare Earth processing of Moroccan phosphate residues

i3 Energy (I3E LN) - Canada site visit review

Last week we attended a site visit to i3’s assets in central Alberta in Canada – the company’s largest producing area. We were left with a favourable impression of the magnitude of the company’s operations in the region, of the professional operational running of these, and of the overall level of opportunity in this well-established oil and gas province.

Reabold Resources - Payment received from Shell

Good news for Reabold, which is set to receive £5.2m of the second tranche payment from Shell imminently for the Victory gas field it acquired last year. The final £4.4m payment is due once the development approval for the field is received from the NSTA in the coming months. These funds will allow RBD to progress its two onshore gas developments in the UK and Italy and consider further distributions to shareholders. Partner funding of these projects remains an issue, but RBD’s risk/reward profi

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

Tower Resources (TRP LN) - Initiation Report (SPECULATIVE BUY, 0.12p/sh TP)

Cameroon: Ready for the Rig

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

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.

Baron Oil - Chuditch PSC – Six-Month Extension

Baron has been granted a further six-month extension to the Chuditch PSC. The end of Contract Year Two will now be 18 June 2024, at which time Baron will need to make a decision on entering Year Three. In the Third and final phase of the PSC, a final investment decision (FID) will be required on an appraisal well targeting the Chuditch discovery (Chuditch-2). Baron continues to make good progress in its discussions with potential funding partners, having previously announced that it is in “advan

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

SP Angel Morning View: Ford takes 8.5% stake in Indonesian nickel project as Automakers swim upstream

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

SP Angel Morning View: China lithium stocks rally on prospects for market rebound

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.

Andrada Mining: Lab-scale Spodumene concentrate results further advance Andrada’s lithium strategy

Andrada Mining (“Andrada”; “ATM”) has produced its first laboratory scale high-grade spodumene concentrate from mineralised pegmatite at Lithium Ridge (ML133). The material was sourced from the drill core of three holes through two separate pegmatite ore bodies drilled earlier this year. The weighted average feed grade was 1.69% Li2O (15.2% Spodumene), with a 76% Li2O recovery, producing a 6.8% Li2O high-grade spodumene concentrate suitable for lithium carbonate production. A second drill progra