SP Angel Morning View: Metal prices pull back on weaker than expected Chinese economic data

This Week's AIM Highlights 2nd June

This Week's AIM Highlights 10th March 2023

SP Angel Morning View:China's 2023 growth targets disappoint base metal traders

SP Angel Morning View: Gold flatlines as traders weigh options before key US CPI data and midterm elections

Amur Minerals* (AMC LN) – Update on AO Kun-Manie transaction with Bering Metals Cornish Metals* (CUSN LN) – Progress report from South Crofty GreenRoc Mining (GROC LN) – Testwork with ProGraphite highlights potential for future spheronisation of Amitsoq graphite material Petra Diamonds (PDL LN) – Mine tailings escape at the Williamson mine Tesoro Gold (TSO AU) – Drill assays indicate high grade extension at Ternera Tertiary Minerals* (TYM LN) – Soil sampling reveals definition of copper so

SP Angel Morning View: Gold extends gains on continued dollar and US Treasury yield weakness

Amur Minerals* (AMC LN) – Amur Minerals announces Russian Federation approval of the sale of its nickel copper sulphide project for $35m Anglo American (AAL LN) – Renewable energy partnership with EDF in S Africa Azure Minerals (AZS AU) – Positive metallurgical testing results at Ridgeline nickel deposit Bluebird Merchant Ventures (BMV LN) –Batangas licence extension Danakali (DNK AU) – Term sheet signed for divestment of Colluli interest Ormonde Mining* (ORM LN) – Ormonde completes sale o

Hybridan Small Cap Feast 09/09/22

Dish of the day Joiners: No joiners today. Leavers: ScotGems Plc has left the Main Market. What’s cooking in the IPO kitchen?** Critical Metals plc, a company established to acquire mining opportunities in the critical and strategic metals sector, is to be re-admitted onto the Main Market under the ticker “CRTM”, following the proposed acquisition of a 57% interest in Madini Occidental Limited, which holds an indirect 70% interest in the Molulu copper/cobalt project located in the Democratic Rep

SP Angel Morning View: Gold prices move higher as dollar slips ahead of US economic data

Amur Minerals* (AMC LN) – Investors vote to accept recommended offer of $35m for the Kun Manie Project Anglo Pacific (APF LN) – Interim results Great Western Mining (GWMO LN) – Progress report on Nevada projects Goldstone Resources* (GRL LN) – AGM comments Kenmare Resources (KMR LN) – Appointment of finance director Rio Tinto (RIO LN) – Increased cash offer for Turquoise Hill Rockfire Resources (ROCK LN) – Metallurgical test results from the Molaoi zinc project Savannah Resources* (SAV LN

SP Angel Morning View: Strong US employment raises risk for higher rates as US looks to reduce inflation

Amur Minerals* (AMC LN) – Recommended $35m offer for the Kun Manie Project Anglo Asian Mining* (AAZ LN) – BUY – ~C$1m investment in Libero to maintain its 19.9% interest in copper explorer BeMetals* (BMET CN) – Major shareholder provides US$5m loan BHP (BHP LN) – Proposal to acquire Oz Minerals rejected by target East Star Resources (EST LN) – Additional rare-earth exploration licences in Kazakhstan Tertiary Minerals* (TYM LN) – Sale of Finnish royalties Tirupati Graphite (TGR LN) – £1.5m

SP Angel Morning View: Nickel price jump lifts copper on new sanctions

Amur Minerals* (AMC LN) – Annual results highlight strong cash position amid continued M&A effort Arkle Resources* (ARK LN) – 2021 Results discuss Irish exploration and overseas aspirations Aura Energy* (AURA LN) – Appointment of engineers for the Tiris uranium project BeMetals* (BMET CN) – Drilling underway at Pangeni, Zambia Cornish Metals* (CUSN LN) – Valuation 48p/s – Drilling results from United Downs Goldstone Resources* (GRL LN) – Final results highlight transition from explorer and

SP Angel Morning View: Eurozone construction pulls back as inflation, logistics and uncertain outlook slow projects

Amur Minerals* (AMC LN) – Kun Manie TEO details released Atlantic Lithium* (ALL LN) – Positive metallurgical tests show potential for lower operating costs at Ewoyaa Castillo Copper (CCZ LN) – Progress report on Australian and Zambian projects Eurasia Mining* (EUA LN) – Accounts delayed due to geopolitical circumstances Karelian Diamonds (KDR LN) – Geophysics identifies kimberlites in Finland Liontown Resources (LTR AU) – Binding lithium offtake signed with Tesla

SP Angel Morning View: Metals prices pause as Li Keqiang urges officials to kick start China economy

Amur Minerals* (AMC LN) 1.1p, Mkt Cap £16m – Shareholders reject the Stanmix $105m cash offer Atlantic Lithium* (ALL LN) 51.14p, Mkt Cap £296m – Ewoyaa project set to expand as visible spodumene is observed in new drilling Beowulf Mining* (BEM LN) 5.45p, Mkt Cap £44.5m – 2021 Results reports progress in Sweden, Kosovo and Finland CEO and highlight March 2022 award of Kallak licence IRC Ltd (1029 HK) HK$0.2, Mkt Cap HK$1.6bn – Management and Board changes SolGold* (SOLG LN) 31p, Mkt Cap £700m

Hybridan Small Cap Feast 09/05/22

Joiners: No Joiners Today. Leavers: McKay Securities has left the Official List. What’s cooking in the IPO kitchen? GS Chain, a company established with the purpose of undertaking acquisitions of an interest in an operating company or business in the technology sector, intends to list on the Main Market (Standard). Timing TBC. Altona Rare Earths, the AQSE listed mining exploration company focused on the evaluation, acquisition and development of Rare Earth Elements mining projects in Africa, int

LIBERUM: Trident Royalties: Mexican standoff

LIBERUM: Sylvania Platinum: Record year for production

PetroTal (PTAL LN) - Paddington would be proud – initiating coverage

PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow

Independent confirmation of c.1bn barrels liquid hydrocarbons at Kodiak

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

LIBERUM: Trident Royalties: Benefitting from rising rate environment

Bushveld Minerals: Fully integrated vanadium exposure with potential for operational turnaround & share price rerating

We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and

PetroTal (PTAL LN) - Production and operations update

PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.

Bushveld Minerals: Investment agreed to strengthen balance sheet

Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent

Jersey Oil & Gas - Interims

Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).

Interim results: solid performance amid challenging macro

The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Introduction of Vanchem partner alleviates pressure