LIBERUM: Restocking Indicator still says BUY: Equities lift too

LIBERUM: Restocking Indicator stays on BUY: Inventories tight, consumption robust

SP Angel Morning View: Copper climbs on better-than-expected Chinese GDP although property sector remains a drag

LIBERUM: Commodity redEYE: Industry scuttlebutt

LIBERUM: Restocking Indicator to HOLD: Pair trade opportunities

Difficult H1, but remains in a sweet-spot

Even Antofagasta has reported weak operating results. However, it is worth noting that the results were not that bad – both in absolute and relative terms. The keys reasons were more resilient copper prices vis-à-vis other base metals and the firm’s tightly-run operations – which also resulted in the full-year cost savings target being realised in the H1. With the pricing dynamics expected to remain favourable, a (production) rebound expected in H2 and intact operating virtues, Antofagasta remai

LIBERUM: Restocking Indicator stays on BUY: Finished steel inventories still tight

LIBERUM: Stay behind the crease: Upgrade sector call to HOLD

LIBERUM: Commodity priceDECK: Ebb tide

SP Angel Morning View:Gold falls as prospects for US Fed rate rise strengthens dollar

Weak 2022 results; despite all the glory, copper mining isn’t easy

Due to a combination of pricing, production and cost challenges, Antofagasta reported weak results. While the H2 was better than the H1, it was not good enough to avoid slashing returns. Moreover, with a cautious outlook (though better vs. 2022), intact capex ambitions and brewing sector-wide challenges, the attractiveness of pure-play copper proxies like Antofagasta and other LatAm-exposed (diversified) miners gets diluted. The stock should however be bought/accumulated at lower levels given it

SP Angel Morning View:

SP Angel Morning View: Copper continues to slide as majors warn on China slowdown

Aura Energy* (AURA LN) – Completion of resource-enhancement drilling at the Tiris uranium development project in Mauritania Antofagasta* (ANTO LN) – Improved water availability at Los Pelambres helps increase copper production BHP (BHP LN) – Quarterly operations review leaves production and cost guidance intact. Culpeo Minerals* (CPO AU) – Phase-2 drilling commences at Lana Corina Lepidico (LPD AU) – Pilot trials demonstrate feasibility of LiOH production Shanta Gold (SHG LN) – Potential t

SP Angel Morning View: Gold rangebound ahead of US inflation data

Atlantic Lithium* (ALL LN) – Mining License application submitted for Ewoyaa Anglo Asian Mining* (AAZ LN) - BUY – Robust production delivered in Q3/22 with Zafar startup reiterated for 2023 Antofagasta (ANTO LN) - Chilean rail operator to resume copper transport service following suspension on flurry of robberies in Antofagasta region Centamin (CEY LN) – Solar power plant cutting back on diesel requirements at Sukari Culpeo Minerals* (CPO AU) – Proposed equity raising of $2.14m Goldstone Re

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

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

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.

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

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

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.

Andrada Mining: Interim results & lithium pilot plant update - ramping up to 250tpm; customer testing underway

Andrada Mining (“ATM”) has released interim financial results to 31st Aug, revealing weaker than expected EBITDA of -£0.6m vs H&Pe +£1.8m, but a lower than forecast free cash outflow of -£8.3m vs H&Pe -£9.4m. Post period end, ATM secured a total US$30m in new funding from Orion Resource Partners and Development Bank of Namibia, giving a solid (unaudited) cash balance of £23m as of 27th Nov. We expect profitability to improve in H2 as strip ratios are expected to fall. Earlier this week, ATM anno

Strong second half trading

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.

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

Ariana Resources - Significant drilling results at Salinbas

Ariana today reports further results from the on-going drill programme at the Salinbas gold-copper project in northern Turkey, in which it has a 23.5% interest. With the Kiziltepe gold mine in operation (and satellite drill results – RNS 28.11.2023 – pointing to an extended mine life) and the Tavsan copper-gold mine under construction, Salinbas could be the third Ariana project to reach production. Ariana and its partners have been aggressively exploring Salinbas, and the adjoining Ardala and