SP Angel Morning View: Metals prices rise on expectations for lower Fed interest rates

SP Angel Morning View: China plans $140bn sovereign bond offering to support economic momentum

SolGold: Comfortable cash position to carry SolGold through reduced de-risking programme & Strategic Review

SolGold (“SOLG”) recently announced a Term Sheet with the Government of Ecuador (“GoE”) for an Exploitation Agreement (20th July) as well as a 25-year licence renewal (17th July) at its flagship Cascabel project. Under the leadership of Scott Caldwell, appointed permanent CEO in Mar’23, SOLG has focused on streamlining the business, whilst also advancing the project and showing underlying value. A cut in overheads, a “right sizing exercise” at Cascabel, and possible monetisation of the Company’s

SP Angel Morning View: China eyes mortgage support to bolster faltering property sector

SP Angel Morning View: Rio Tinto investment into Sovereign Metals highlights drive for more graphite and titanium

Hybridan Small Cap Feast - 17 Feb 23

17 February 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 objec

SP Angel Morning View: Expectations for steeper rate hikes lift US$ and dampen risk sentiment

SP Angel Morning View:Lower US$ helps gold and copper ahead of inflation data

SP Angel Morning View: Copper rises as Eurozone returns to marginal growth

Base Resources (BSE LN) – Sales pull back on softer ilmenite prices despite positive production Beowulf Mining* (BEM LN) – Kallak scoping study indicates NPV8 of US$852m at current prices Horizonte Minerals (HZM LN) – ESIA submitted for the Vermelho nickel cobalt project. Anglo Asian Mining* (AAZ LN) – BUY – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation Kore Potash (KP2 LN) – BUY, TP Under Review – Updated DX Project resources, reserves and pro

SP Angel Morning View: Commodities surge higher on dovish Powell comments and weakening US dollar

BHP (BHP LN) – CEO Henry: "Decarbonisation, electrification doesn't happen without mining" Horizonte Minerals (HZM LN) – Port contracts agreed for the Araguaia ferronickel project SolGold* (SOLG LN) – Completion of US$50m royalty financing Tesoro Gold (TSO AU) – Drilling uncovers new discovery at El Zorro Zijin Mining (2899 HK) – Zijin estimates lithium prices could halve by 2025, despite $16bn investment into the space

SolGold: New investment from Jiangxi as strategic review continues; PFS Addendum cancelled; DFS delayed

SolGold (“SOLG”) has announced it is raising ~US$36m of new equity through the issuance of 180m new shares, including 155m to Jiangxi Copper (Hong Kong) Investment Company Limited ("Jiangxi"). Jiangxi, a Chinese state-owned enterprise and the largest copper producer in Mainland China, will have a 6.3% shareholding in SOLG upon closing of the raise, expected around 9 Dec subject to due diligence. This new cash will further bolster the balance sheet following the announcement on 7 Nov of a US$50m

SP Angel Morning View: Weak Chinese data reflects Covid and contracting property market headwinds with outlook remaining bleak

Castillo Copper (CCZ LN) – Rare earth elements potential of the BHA project Centamin (CEY LN) – Potential expansion of underground mining capacity at Sukari could support 500,000oz pa production Leo Lithium (LLL AU) – Port Services agreed for export of spodumene Rambler Metals and Mining* (RMM LN) suspended – Copper forward sale Resolute Mining (RSG LN) – Underwritten placing size increased from A$140m to A$164m SolGold* (SOLG LN) – Quarterly report describes continuing feasibility work a

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

SP Angel Morning View: Copper prices rise to two-month high as Russia withdraws from Kherson

Altona Rare Earths (ANR LN) – £150k short-term loan facility agreed Largo Resources (LGO CN) – Largo reports loss of $2.6m in Q3 as Q3 sales prices fall to $8.80/lb Phoenix Copper* (PXC LN) – First results from metallurgical drilling programme at the Empire mine, Idaho Rambler Metals and Mining* (RMM LN) – Cost containment initiatives at the Ming mine as negotiations on the financial restructuring continue Resolute Mining (RSG LN) – A$140m underwritten placing to strengthen balance sheet S

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.