SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Q3 Trading Update

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released their unaudited interim results for the three and nine-month periods ended 30 September 2023. The company has had a decent quarter. Production results were historically announced, but recovered production volumes vs 2022 has been a driving force for the improved performance this year. Total cash cost and AISC have come under control as a result. Cash Cost and AISC for the 9 period to 30 Sep 2023 were

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

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

Palito Complex – 3x Reserves Uplift

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released updated Mineral Reserve estimates for its Palito Complex (the Palito deposit and the Sao Chico satellite deposit), and the publication of a new Technical Report prepared in accordance with the standard of CIM and Canadian National Instrument 43-101. Total Reserves have increased to 206koz at the grade of 7.78g/t, representing a 3x increase from the previously disclosed Reserves with a grade improveme

Coringa Ore Sorter & Community Relations Award

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released two announcements this morning: the purchase a new ore sorter for Coringa and they have won the Community Relations award at the recent Brazilian Gold Symposium (by an overwhelming vote in favour of 73%!). As announced, the company are purchasing an ore sorter from the Comex Group. The machine has an estimated cost of ~€0.9m, with an immediate cash outlay of €0.63m, and a further €0.25m to €0.3m for the

Hybridan Small Cap Feast 19-10-2023

19th October 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 obje

SP Angel Morning View: Risk sentiment pulls back on geopolitical tensions and concerns over Chinese property market

SP Angel Morning View: Gold prices muted as US earnings season pace picks up

FY23 Q3 Results – Continued Operational Improvement

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer has released its operational results for the third quarter of 2023 and has also provided a review of its development and exploration activities. The results this morning are good with the company maintaining its trend of positive news flow as of late. Q3 operational results show continued improvements across the board (as illustrated below in fig 1). Key attribution of the continued improvement is being drive

SP Angel Morning View: Copper prices bounce from May lows as China volumes remain muted on holidays

Significant Uplift in the Palito Complex Resource Estimate

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer has released an updated Mineral Resource estimate this morning for its Palito Complex (being the Palito deposit and the Sao Chico satellite deposit). Overall, M&I grade and oz have increased by 99% and 43% respectively. This takes total Measured and Indicated Resource to 339koz and 10.4g/t as illustrated in Fig 1 below. This has been the result of an aggressive drilling campaign over the last 18 months which has

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.