SolGold: Porphyry target identified at Blanca Nieves signifies regional opportunity beyond updated PFS

SolGold (“SOLG”) announced a significant porphyry target has been identified at El Cielto Norte, within the Blanca-Nieves Project and just 8km from the Cascabel Project. Recent and historic exploration results have delineated a wider 80km2 epithermal gold and silver precious metal field, with high-grade visible gold mineralisation outcropping in several places. Within this, the El Cielito Norte target is defined by a central magnetic high anomaly, surrounded by an annular magnetic low, with the

SP Angel Morning View: Copper holds higher ground as markets look for US interest rate guidance

SP Angel Morning View: Major Chinese copper smelter supports calls for production cut

SP Angel Morning View: Gold holds record highs as traders hope for Fed pivot on weaker economic data

SP Angel Morning View: Gold soars to two-month high as traders reconsider June rate cut potential

SP Angel Morning View: Gold holds higher levels ahead of US PCE inflation date

SolGold: Phased approach in new Cascabel PFS reduces initial capex by ~US$1.2bn with post-tax NPV of US$3.2bn

SolGold (“SOLG”) released an updated Pre-Feasibility Study (“PFS”) on its flagship Cascabel Project in Ecuador. The new study considers a phased approach, cutting pre-production capex to US$1.6bn from US$2.7bn. Initial block-cave capacity was reduced to 12Mtpa of ore throughput after a two year ramp up period, before a Phase 2 expansion to 24Mtpa, vs the single-phase 25Mtpa plan in the 2022 PFS. The second phase is expected to be funded by operating cash flow, reducing the peak capital required

SP Angel Morning View: Lithium stocks rally on rumours CATL is closing a major lepidolite mine

SolGold Plc* (SOLG LN) - Revised Cascabel PFS delivers capex savings & enhanced NPV

SP Angel Morning View: China kickstarts construction with >8,200 ‘whitelisted' residential developments

SP Angel Morning View:Lithium prices hit rock bottom as miners turn off expansion

SP Angel Morning View: 22% growth in EVs in 2024 should drive strong demand for battery metals

SP Angel Morning View: Metals rise on China state bank rate cuts

SP Angel Morning View: China industrial output growth of 6.6% leading copper prices higher

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update