SP Angel Morning View: Gold prices at $2,355/oz hold despite ETFs trimming holdings on profit taking, CPI today in focus

Morning Note – 10 April 2024

SP Angel Morning View: Gold prices at $2,337/oz as central bank buying continues

LIBERUM: Caledonia Mining: Expect two potentially material catalysts in coming weeks

Morning Note – 28 March 2024

Caledonia Mining Corporation - FY23 Results

Caledonia met production guidance for the year, producing 78,466 oz gold, down 3% on FY22 (FY22: 80,775oz) and reported Gross revenues of revenue of $146.3m (FY22: $142.1m). Revenue was up 3% on FY22 due to a 7.8% increase in the average realised price of gold sold. After a turbulent H1/23 and numerous production issues, the year is finally over, but costs increased to deliver guidance. High costs (overtime and electricity) and a number of one-off items have all compounded to mean that the Compa

Hybridan Small Cap Feast - 18 Mar 24

18th March 2024 @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 object

SP Angel Morning View: China IP rose 7.0% yoy in Jan/Feb with High-tech manufacturing investment in aerospace vehicle and equipment rising 33.1% yoy

Hybridan Small Cap Feast - 04 Mar 24

4th March 2024 @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 objecti

LIBERUM: Caledonia Mining: FY23 profitability hit in Q4 by costs which should be largely one-offs

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

Caledonia Mining Corporation - Production on track but not costs

Even though Caledonia met its production guidance for the year, producing 75,416oz gold at Blanket; and revenue might be on track, high costs (overtime and electricity) and a number of one-off items have all compounded to mean that the Company now expects to report an adjusted profit before tax materially below our forecast. Earlier in the year we increased our production costs given the overtime issues and increased electricity costs, but it appears that this was not enough, and costs have cont

Morning Note – 4 March 2024

SP Angel Morning View: US Steel production rises as India takes up China surplus

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

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 hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

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

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

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

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.

Almonty Industries Inc. (TSX: AII) – Building Global-Scale Tungsten Mine, Ensuring Critical Mineral Independence

Almonty Industries Inc. (TSX: AII, ASX: AII, OTC: ALMTF, FRA: ALI) (“Almonty” or the “Company”) is a multi-asset owner that develops and operates tungsten projects. Its assets include development projects and a producing mine. Sangdong, Global-Scale Tungsten Asset: The Company's key growth driver is the Sangdong Tungsten Project, one of the largest tungsten projects in the world and a formerly producing mine. The project has top-quartile projected grade and recovery rates, and a large resourc

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

Is there a “big-picture” change in the cards?

We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.

Tungsten Industry Overview

Tungsten Industry Overview