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

Exploration Update – Palito Complex

This morning Serbi have released an update on their exploration activities at the Palito Complex. The announcement rounds up their exploration activities from Phase 1 of the joint venture exploration with Vale as well as their activities undertaken at Sao Domingos since December. Sao Dominigos was a historic target drilled in 2021 where an eye opening drill hole of 7.2m @ 258 g/t was reported (see link to the announcement). In addition, soil geochemistry interpretation has significantly advanced

SP Angel Morning View: Copper pushes higher as China property collapse continues to fuel hopes of major stimulus

Coringa License Renewed for 3 years

Serabi Gold (AIM: SRB, TSX: SBI) has announced that their trial mining license at Coringa has been renewed for a further three years. This is significant update, as the growth in our group production relied on the renewal of the licence. We forecast Coringa's production for FY24 and FY25 of 10.1koz and 17.5koz (FY23 actual 8.8koz), resulting in a group production of 38.7koz and 46koz (FY23 actual 33.1koz).

SP Angel Morning View: Copper poised to rise as Chinese smelters struggle to source concentrate

Q4 Operating Update & FY24 Guidance Up 15% YoY

Serabi Gold (AIM: SRB, TSX: SBI) has released their Q4 operating and full year production results today, bringing FY23 gold production to 33.1koz, largely in line with our forecast, but just below guidance of 33.5-35koz. The fourth quarter delivered record ore mined and milled, but a lower gold production of 7.8koz, 11% below our forecast.

SP Angel Morning View: Fed casts caution on interest rate cuts as focus shifts to key inflation data

Matilda Copper Prospect – Exploration Update

Serabi Gold (AIM: SRB, TSX: SBI), the Brazilian-focused gold producer and developer released an update on their exploration activities at the Matilda Copper Prospect, being explored as part of the Exploration Alliance with Vale SA. The results today are a follow-on from their announcement earlier this year in September. Below we highlight the key points from the announcement:

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

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

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

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

Morning Note – 15 April 2024

Morning Note – 16 April 2024

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

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Kouroussa progress moving slowly

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

SP Angel Morning View: Gold $2,363/oz continues to surge as hedge funds extend bullish positions

Chariot Limited (AIM: CHAR): Initiating a strategic review of the Transitional Power business to focus on gas

• The farm-out transaction with Energean has now completed. Chariot has received the US$10 mm cash upfront payment and retains 30% of in the Lixus licence (where the Anchois project is located) and 37.5% of the Rissana licence, offshore Morocco. • A rig contract has also been signed with Stena Drilling to drill the high impact Anchois-East appraisal and development well in 3Q24. • Anchois East is a very important well that could increase the size of Anchois to >1 tcf (300 bcf net to Chariot). O

PetroTal (PTAL LN) - Q1 update shows strong production

PetroTal has released its Q1 update, showing strong production on favourable river levels and new wells coming onstream. This has continued to throw off cash to support the company’s CAPEX programmes and shareholder returns.

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,

AUCTUS ON FRIDAY - 12/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A