SP Angel – Morning View

Acacia Mining (ACA LN) – Resumption of gold exports from North Mara | AfriTin Mining* (ATM LN) – Uis tin project drill results | OreCorp (ORR AU) - Raises A$13.5m to consolidate its ownership of the Nyanzaga gold project in Tanzania | Solgold* (SOLG LN) – Annual report published

SP Angel – Morning View

Acacia Mining (ACA LN) – Approval to resume gold shipments from North Mara | Avesoro Resources (ASO LN) – Youga operations suspended | Bluejay Mining* (JAY LN) – Bulk sample for Rio Tinto Iron & Titanium underway | Kodal Minerals* (KOD LN) – Seeking clarity on funds from SVS | Shanta Gold (SHG LN) – Interim results keep Shanta Gold on track to meet production and cost guidance | Thor Mining (THR LN) – Metallurgical drilling results from Molyhil

SP Angel – Morning View

Acacia Mining (ACA LN) – Reserve increase at Gokona underground mine | ARC Minerals* (ARCM LN) – Increased holding in Zaco Limited

SP Angel – Morning View

Anglo Asian* (AAZ LN) – AGM Statement | Arafura Resources (ARU AU) – Talaxis to take 8% stake in Arafura for its Rare Earth project | Acacia Mining (ACA LN) - North Mara gold mine claims of murder at contamination at Tanzanian gold mine | Gem Diamonds (GEMD LN) –Sale of Ghaghoo mine | IronRidge Resources* (IRR LN) – Cape Coast exploration update | Petropavlovsk (POG LN) – Oversubscribed $125m convertible bond placing | Rio Tinto (RIO LN) – Revised iron ore production guidance | Savannah Resource

SP Angel – Morning View

Acacia Mining (ACA LN) – Barrick makes progress in discussions with Tanzanian Government | Bushveld Minerals* (BMN LN) BUY – Target price 90p – Vametco ore reserve grade rises to 2.02% as reserve more than doubles to 279,100t of V2O5 in magnetite | Greatland Gold (GGP LN) – Newcrest Mining starts drilling at Havieron | IronRidge Resources* (IRR LN) – Metallurgical results yield premium lithium | URU Metals* (URU LN) – Zebediela project update

SP Angel – Morning View

Altus Strategy* (ALS LN) – Agdz returns high grade Cu/Ag/Au in rock chips – IP survey to follow | Acacia Mining (ACA LN) – Revised mine plan at North Mara delivers | Bluebird Merchant Ventures* (BMV LN) – Korea state funds confirm grant funding for drilling at Kochang mine | Lithium Australia (LIT AU) – Alliance forms with leading Chinese battery producer | Rambler Metals & Mining* (RMM LN) – Record quarterly throughput in Q1 2019 | Solgold* (SOLG LN) – New copper/gold target identified in north

SP Angel – Morning View

Acacia Mining (ACA LN) – Fourth quarter 2018 production results | Beowulf Mining* (BEM LN) – Swedish Depository Receipts | Caledonia Mining (CMCL LN) – Blanket Mine meets 2018 production guidance target | Highland Gold (HGM LN) – MNV JORC reserves/resources update | Horizonte Minerals (HZM LN) – Construction licence awarded for Araguaia | Phoenix Global Mining* (PGM LN) – Funding update | Strategic Minerals* (SML LN) – Cobre stockpile access | Tri-Star Resources* (TSTR LN) – SPMP project update

SP Angel – Morning View

Altus Strategies* (ALS LN) – High grade silver discovery at Daro, Ethiopia | Arc Minerals* (ARCM LN) 2.8p, Mkt Cap £17.4m – Higher grade copper mineralisation to north of Kalaba open pit | Acacia Mining (ACA LN) – Termination of South Hounde earn-in | Condor Gold (CNR LN) – Regional exploration update | Element 25 (E25 AU) – First high-purity electrolytic manganese metal (‘EMM’) produced from Butcherbird ore | Serabi Gold (SRB LN) – Exploration targets identified in Sao Chico corridor

SP Angel – Morning View

Acacia Mining (ACA LN) – Production remains on track to meet 2018 guidance target | Keras Resources (KRS LN) – Exploration update at the Warrawoona Gold Project | Metal Tiger (MTR LN) – Sale of interest in T3 Project

SP Angel – Morning View

Acacia Mining (ACA LN) – Production on track to meet 2018 guidance | Condor Gold (CNR LN) – Q1 Results and La India update

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) – Refinancing locks in cheaper rates and extends debt maturity | Acacia Mining (ACA LN) – 2017 results show net loss of US$707m | Bluebird Merchant Ventures* (BMV LN) – Second gold, silver mine added to portfolio in South Korea | Savannah Resources (SAV LN) – Further drilling results from Mina do Barroso | Strategic Minerals* (SML LN) – Extension of access to Cobre magnetite stockpile | Thor Mining (THR LN) – Resource estimate for Kapunda Copper Project

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

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

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

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

Morning Note – 15 April 2024

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.

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

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.

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

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

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.