Site Visit Report

Last week Tamesis visited the Pure Gold Mine in Red Lake, Ontario, Canada. During the trip the company also released its Q3 results.

SP Angel Morning View: Gold holds ground ahead of the US inflation data

___________________________________________________________________ Adriatic Metals* (ADT1) – Interims highlight Vares construction progress Antofagasta (ANTO LN) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine Beowulf Mining* (BEM LN) – Jokkmokk Iron CEO interviewed Condor Gold* (CNR LN) – La India open-pit mine feasibility study Greatland Gold (GGP LN) – A$340m funding arrangements for Havieron and expansion of Greatland Gold management Great

Past the Nadir

Pure Gold Mining Inc. (TSX-V:PGM, LSE:PUR) today reaffirmed third quarter 2022 guidance and announced that gold production in August 2022 set a new monthly high driven by ore throughput and improved grades. Perhaps most importantly the company's C$6m cash balance is unchanged from the previous disclosure on August 15 and has been stable since late July. The following table shows the numbers released by the company today with our forecasts based on guidance for the rest of the year.

SP Angel Morning View: Battery metals prices hold up as US inflation drives US monetary policy

Arkle Resources* (ARK LN) –Follow-up drilling planned on a promising structural target at Stonepark Atalaya Mining (ATYM LN) – Cost impact of Ukraine dents H1 financial performance Hochschild (HOC LN) – Environmental permit granted for Mara Rosa Project Jubilee Metals Group (JLP LN) – H2 2022 operational results highlight completion of £58m investment programme in S Africa and Zambia Power Metal Resources* (POW LN) – Phase-1 exploration underway at Athabasca Basin Uranium Project PureGold (

SP Angel Morning View: US$ index rises to 22-year high depressing copper and most other metals in US dollar terms

Anglo American (AAL LN) – Quellaveco produces its first copper concentrate Bushveld Minerals* (BMN LN) – Bushveld offers good entry into development of mini-grid and batter storage markets KEFI Gold and Copper* (KEFI LN) – New licenses secured in Saudi Arabia. Petropavlovsk (POG LN) SUSPENDED – Russian gold producer files for administration Phoenix Copper* (PXC LN) – Drilling resumes at Empire Pure Gold Mining (PUR LN) – US$6m credit facility secured as the Company launches a strategic re

SP Angel Morning View: Metals remain volatile as Ukraine disrupts trade flows

Cornish Metals* (CUSN LN) – Vision Blue Commits £25m as part of £40.5m funding for South Crofty tin project Phoenix Copper* (PXC LN) – Strengthening links with its host community in Idaho PureGold (PUR LN) – 2022 operational improvements listed and ~$50m funding gap flagged Rio Tinto (RIO LN) – Guinea's ruling junta reaches deal with miners to resume Simandou mine development Strategic Minerals* (SML LN) – Continuing long-term access to Cobre secured

Definition Drilling Confirms High Grades

Pure Gold (LSE/TSX: PUR/PGM), this morning, has released results from its expanded infill drilling programme which is helping to confirm the tenor and continuity of gold mineralisation in near-term production stopes as well as potential resource expansion near existing development. Having flexibility and availability of good grade stopes is at the core of what has gone wrong in the ramp up of the mine and are areas on which new management are now intensely focused.

The End of the Beginning

2021 was not a good year for Pure Gold. “Teething” issues at the mine, whilst to be expected, have taken longer to resolve than expected and resulted in lower production and higher costs which are now going to take time to reverse. The share price fell 70% over the year. As a result, the company has changed senior management. New CEO Tory Fierro is a seasoned operator as is the new MGM Maryse Belanger who has been onsite since November. Belanger is a well-respected Red Lake based miner and the

SP Angel Morning View:

Beowulf Mining* (BEM LN) – Beowulf's Grafintec jv to site battery anode graphite production in GigaVaasa area Bluejay Mining* (JAY LN) – Mineralised zones intersected in drilling at Enonkoski Central Asia Metals (CAML LN) – Q4/21 production and CY22 guidance Katoro Gold (KAT LN) – Drill mobilisation underway at Haneti Power Metal Resources* (POW LN) Phoenix Copper* (PXC LN) – Acquisition of royalty Pure Gold (PUR LN) – Introduction of further Covid19 containment measures Talon Metals C

SP Angel Morning View: China targets higher EV uptake to meet ambitious climate goals

Ariana Resources (AAU LN) – Drilling results from Kokkinoyia Atalaya Mining (ATYM LN) – Declaration of inaugural dividend Bushveld Minerals* (BMN LN) –– Convertible loan note settlement Castillo Copper (CCZ LN) – Follow-up geological site visit to the Picasso lithium project Impala Platinum (IMP SJ) – Impala Platinum in discussions in relation to the potential acquisition of Royal Bafoeking Platinum Royal Bafokeng Platinum (RBP JSE) MP Materials (MP US) – Share price falls on activist sho

SP Angel Morning View: Rising energy prices lift inflation and monetary tightening concerns

Anglo American (AAL LN) – De Beers commissions survey of ocean floor off the coast of Greenland Ariana Resources (AAU LN) – Drilling results from Kokkinoyia Atalaya Mining (ATYM LN) – Drilling success at Masa Valverde prompts extension of drilling campaign Bushveld Minerals* (BMN LN) - BUY - Valuation 33p - Vanchem kiln 3 to lead expansion of vanadium Oriole Resources (ORR LN) – Cameroon gold targets identified Peak Resources (PEK AU) – Royalty repayment agreement completed PureGold Minin

SP Angel Morning View: M&A deals grip miners as CATL buys Millennial and Agnico Eagle buys Kirkland Lake

Anglo Asian Mining* (AAZ LN) - CLICK FOR PDF BUY, target 180p – Three new properties to strengthen organic growth development pipeline Arc Minerals* (ARCM LN) – BUY – Drilling at Cheyeza shows some similarity with Ivanhoe's Kamoa discovery KEFI Gold and Copper* (KEFI LN) – Tulu Kapi start of development works paused on security concerns, Hawiah MRE update due Q4/21 PureGold Mining (PUR LN) – C$23m raised from bought deal offering Rainbow Rare Earths* (RBW LN) - CLICK FOR PDF – BUY, Valuation

SP Angel Morning View: China reports strong trade data with markets guessing monetary policy outlook

Empire Metals* (EEE LN) – Experienced exploration staff appointed Europa Metals Limited (EUZ LN) – Drilling completed and focus shifts to updating the resources estimate at the Toral zinc, lead, silver project in Spain Orosur Mining* (OMI LN) – Monte Aguila assumer operatorship of Anza Power Metal Resources* (POW LN) – Sale of Schreiber-Hemlo Interests for £1m PureGold Mining (PUR LN) – PureGold hits daily record production in August SolGold* (SOLG LN) – Rationalising exploration to focus o

Flying Commercial

The PureGold Mine, in Red Lake, Ontario is Canada's newest gold mine that, despite the challenges of 2020, the Pure Gold team managed to successfully deliver on schedule and on budget. As at the end of Q2 2021 the company has produced c. 11.3Koz of gold as it ramps up both its mining and milling operations with commercial production levels now announced last week. We revise our modelling and set a Target Price of 85p based on $1800/oz gold price.

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

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

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.

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

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.

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

Morning Note – 1 December 2023

LIBERUM: Restocking Indicator still says BUY: Equities lift too

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.

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

Strong second half trading

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.