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

Zinnwald Lithium PLC - Operational Update – Strong Progress Across the Project

Zinnwald Lithium (AIM: ZNWD) has announced an operational update this morning (as an aside Tamesis visited site last week). Overall, the company continues to move forward with various workstreams that point the way to a much larger resource base (200Mt+ vs current 40Mt) supporting a higher level of output – we believe 15-17kt LiOH p.a. vs the current PEA supported 12kt pa. As the company removes the risks attached to delivery (currently first production is due 2026) so we would expect the valuat

Zinnwald Lithium PLC - Interim Results FY23

Zinnwald Lithium, the European based lithium company developing the Zinnwald Lithium Project in Germany, has announced today their Interim Results for the period ending 30 June 2023. There is no real new news but we see the three main takeaways as 1. There is €18.75m on the balance sheet which leaves the company well funded to BFS 2. Drilling is progressing well with c.20km drilled since March and 3. The company is on track to deliver the updated MRE in Q4 and then the BFS in early 2024.

Zinnwald Lithium PLC - New Exploration License adds to Potential Upside

Zinnwald Lithium plc has announce that its 100%-owned subsidiary, Deutsche Lithium, has been granted an additional Exploration Licence (the ‘Bärenstein Licence') covering approximately 4,934 hectares in the Erzgebirge region of Saxony, Germany. The Bärenstein Licence has the potential to provide additional resource upside to the Company's Project and results in continuous license coverage from the Zinnwald Mining License to the Falkenhain Exploration license, thus complementing the Company's st

SP Angel Morning View: Global EV sales exceed 1m vehicles a month despite global growth concerns

Zinnwald Lithium PLC - Operational Update

Zinnwald Lithium (AIM: ZNWD) has announced an operational and corporate update this morning. Overall the company continues to move forward with various workstreams that point the way to a much larger resource base (200Mt+ vs current 40Mt) supporting a higher level of output – we believe 15-17kt LiOH p.a. vs the current PEA supported 12kt pa. As the company removes the risks attached to delivery (currently first production is due 2026) so we would expect the valuation of the business to move near

SP Angel Morning View:Metals prices rise as US dollar weakens after Fed 25bp rise

Zinnwald Lithium PLC - Major Financing from Industrial at a Premium

Zinnwald Lithium (AIM: ZNWD), has announced the results of its placing conducted overnight. As a reminder the company announced yesterday afternoon that AMG Advanced Metallurgical Group N.V (“AMG”), the $1.2bn global specialty material and industrial services business, is subscribing for a 25% shareholding in Zinnwald at 10.41p per share, a 10% premium to the 20 day VWAP and 26.3% premium to yesterday's close. Existing substantial shareholders Henry Maxey (14.6%) and Mark Tindall (4.0%) will a

Zinnwald Lithium PLC - Sale of Abbeytown License

Zinnwald Lithium (AIM: ZNWD), the German-based lithium developer has this morning announced that it has signed a non-binding Heads of Terms (HOT) with Ocean Partners UK Ltd for it to acquire Erris Zinc Ltd the Company's 100% owned subsidiary that owns the Abbeytown Zinc License in Ireland.

Initiating Coverage - Zinnwald Lithium PLC

Zinnwald Lithium PLC is developing the eponymous Zinnwald hard rock Lithium mine in the old mining region of Saxony on the German/Czech border 150km from the nearest planned German Gigafactory. The company has produced a comprehensive PEA for essentially a brownfield project which is due to produce 12ktpa of LiOH starting in 2026 at a cash cost of $6,120/t. So far the project has clearly been below the radar for the market with the shares trading on a P/NPV of just 0.02x. That is all about to ch

SP Angel Morning View: Xi Jinping calls for consolidation of key commodity supply

Altus Strategies* (ALS LN) – Acquisition of revenue generating gold royalties from Newcrest and a $26m fundraise Kodal Minerals* (KOD LN) – Kodal advances Bougoumi Lithium mine planning ahead of potential development Mkango Resources* (MKA LN) – Final stage of hydrometallurgy piloting for Songwe Hill commences Trident Royalties (TRR LN) – Trident raises £30.2m at 36p Zinnwald Lithium (ZNWD LN) – Placing of £5.8m at 15.5p

Small Cap Feast: 28/06/21

Joiners: Silverbullet (SBDS.L) is a provider of digital transformation services and products which assist brand owners and advertisers to optimise their digital marketing investment, with a particular focus on unlocking the potential of first party data and contextual intelligence. The Company has joined AIM. Raised £9.5m. Market cap c£34.5m. Itim Group (ITIM.L) is a software technology company, established in 1993. Itim adds value by helping multi-channel retailers optimise their business and

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

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.

Morning Note – 28 November 2023

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

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

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.

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.

Strong second half trading

i3 Energy - What-if analysis run at WTI $60/b and US natural gas at $2.50/mmbtu

A summary of our hypothetical “Car Crash” commodity price scenario analysis is outlined in Table 1, which provides increased confidence, we believe, in i3 Energy's capacity to fund its dividend under adverse conditions. Notably, the dividend yield is an attractive 10.3%. Effectively, our analysis reinforces our view that i3 Energy is mispriced. Details for our “Car Crash” commodity price scenario are provided in Tables 2, 3, 4 and 5. We reiterate our 20.9p fair value estimate, which is premised

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

SP Angel Morning View: Iron ore rises to $135/t as steel inventories fall

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

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

Tlou Energy (TLOU LN) - Lesedi-6 well first gas flows

Tlou has reported first gas to surface from its Lesedi-6 well, representing the fastest time between beginning dewatering and flowing gas for any Lesedi well to date, and helping underpin gas supply for first electricity sales in 2024.

TENNYSON Energy Research - Falcon Oil & Gas - The final countdown