SP Angel Morning View: Cocoa prices overtake copper as LME increases margins on key metals

Ariana Resources - Turkey – Resource and Reserve update providing for 10 years of production

Ariana today reports an up-to-date reserve and resource (JORC 2012) update for its Turkish operations in which it owns a 23.5% interest through its Zenit partnership: Kiziltepe mine (operating) and Tavsan project (in construction), defining up to 10 years of further operational life for the combined projects. Kiziltepe consists of several open pit resources around a central processing plant and totals Measured and Indicated resources of 3.3Mt grading 1.6g/t gold 32g/t silver (172kozg old and 3.3

SP Angel Morning View: Major Chinese copper smelter supports calls for production cut

Ariana Resources - High-grade drilling results at Tavsan

Ariana today reports more of the results from the final drilling programme at its Tavsan mine project – which will be its second operating mine in Turkey. The resource is based on epithermal mineralisation centred on the thrusted contact between a Jurassic-Cretaceous limestone and an overlying Cretaceous multi-lithic ophiolite sequence, with mineralisation at the contact associated with silicification and jasperoid development and also in fractures ±10m either side of this contact. The mine pr

Hybridan Small Cap Feast - 22 Feb 24

22st February 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 obj

SP Angel Morning View: China EV price war sparked by BYD announcements

SP Angel Morning View:Lithium prices hit rock bottom as miners turn off expansion

Ariana Resources - 2023 production update

Ariana today reports on its 2023 production from its Kiziltepe mine in Turkey (Ariana 23.5% as part of the Zenit partnership) which was in line with guidance. Kiziltepe produced 17.6koz in year with a further +500oz gold in carbon and in the circuit. Price received was a record $1,945/oz, in line with the record prices in year. The mine was originally brought into production on a planned output of ~100koz gold and has already produced 151koz gold (and 1,682koz silver) producing $274m in revenue.

SP Angel Morning View: Metals rise on China state bank rate cuts

Ariana Resources (AAU) - Resource drilling ahead of production at the Tavsan mine in Turkey

Ariana today reports drill results from its Tavsan mine in Turkey which is in development (owned 23.5% through its participation in the Zenit partnership). The drilling is part of a resource update and expansion program ahead of mine production at Tavsan. Nearly 9,000m have been drilled in 104 holes since November 2022 with 2/3 of the assays received back. Results are in line with expectations with thicker zones found in areas below the resource model. The resource will be updated in Q1 2024

Hybridan Small Cap Feast - 06/12/23

6th December 2023 Newly revamped “What’s baking in the oven?” and other features in Feast @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 s

SP Angel Morning View: China lithium stocks rally on prospects for market rebound

Ariana Resources (AAU) - Further significant drill results from the Hizarliyayla discovery

Ariana today reports drill assay results from its Hizarliyayla project in Turkey; identifying a potential duplicate of the Hod Maden project 8.5km to the south. The Zenit Partnership (23.5% Ariana and operator) has drilled 10 holes for 6,006m. As a reminder Hot Maden was bought for a total consideration of $175m (cash plus shares) in 2017 by a consortium from Mariana Resources (formerly listed on AIM). A feasibility study on this deposit published in late 2021 showed a 13-year mine life with

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

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Morning Note – 22 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

LIBERUM: Ferrexpo: Production triples

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

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

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

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.

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

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

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