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 growth at a 13-month low amid waning pent up demand and inflationary pressures

Anglo Asian Mining* (AAZ LN) - BUY – AGM statement Ariana Resources (AAU LN) – Project summaries Arkle Resources* (ARK LN) – Licences awarded in Zimbabwe Atlantic Lithium* (ALL LN) – 2022 drilling programme returns good lithium grades outside the Ewoyaa resource area Aura Energy* (AURA LN) – Tiris pilot-scale metallurgical tests confirm achievability of ore upgrading via screening Bluejay Mining* (JAY LN) – Rod McIllree resigns from Bluejay and withdraws resolution seeking his relection B

SP Angel Morning View: Metals recover despite rising interest rates and weaker equity market

Arkle Resources* (ARK LN) – Stonepark drilling locates a promising structural target Sibanye-Stillwater* (SSW JSE) – River levels falling in Montana following flooding earlier this week Vital Metals (VML AU) – Commissioning commences at Vital's Saskatoon REE extraction plant

SP Angel Morning View: EV metals hike higher despite China new year slowdown

Applied Graphene Materials (AGM LN) – Indian power transmission line producer to use AGM product for graphene-enhanced coating Arkle Resources* (ARK LN) – Drilling resumes at Stonepark Atalaya Mining (ATYM LN – Further drilling success at Masa Valverde triggers increased exploration budget Ivanhoe Mines (IVN CN) – Targeting over 300,000t of copper in its first full production year at Kamoa-Kakula Rambler Metals and Mining* (RMM LN) – £3.8m fundraising as the Ming mine aims to double copper

SP Angel Morning View: Metals rise as China cuts rates and extends new infrastructure

Altus Strategies* (ALS LN) – BUY, 111p – Marvel Gold JV update Arkle Resources* (ARK LN) – Drilling to resume at Stonepark Aura Energy* (AURA LN) – Chairman's letter to shareholders Caledonia Mining* (CMCL LN) – Board appointment for the COO Kore Potash* (KP2 LN) – Final optimisation study results due Q1/22 followed by a potential funding proposal in H1/22 Tirupati Graphite (TGR LN) – Tirupati progress pilot processing plant to commercial scale Sunstone Metals (STM AU) – gold & copper i

SP Angel Morning View: Battery metals rise despite strong US dollar on inflation and rate hike concerns

AEX Gold (AEXG LN) – Q3 report indicates progress de-risking Nalunaq Project Anglo American (AAL LN) – De Beers reports continuing positive sentiment in the diamond market Arkle Resources* (ARK LN) – Mine River gold exploration extends footprint of the Tombreen target Boliden AB (BOL SS) - Production halted at Tara Mine Galantas Gold (GAL LN) – Gold intersections from underground drilling at the Omagh mine Oriole Resources (ORR LN) – Resumption of drilling at the Senala project, Senegal wi

SP Angel Morning View: Happy day in US markets as US avoids fiscal shutdown

Amur Minerals* (AMC LN) – Interims Ariana Resources (AAU LN) – Backing Australian exploration via Panther Metals and interim results Arkle Resources* (ARK LN) – Interim results and project summaries Botswana Diamonds (BOD LN) – Exercising pre-emption rights to gain control of Thorny River Castillo Copper (CCZ LN) – Acquiring option over Australian lithium projects Empire Metals* (EEE LN) – Interims highlight progress at Eclipse and Central Menzies GoldStone Resources* (GRL LN) – Interim re

SP Angel Morning View: Copper chases nickel and aluminium prices higher

AfriTin* (ATM LN) – Uis mine in Namibia continues to exceed exceeds its planned tin concentrate output Arkle Resources* (ARK LN) – Mine River gold exploration project drilling programme to be extended to follow up latest results Caerus Mineral Resources (CMRS LN) – Pano Lefkara drilling results Ferro Alloy Resources (FAR LN) – Patent received in Kazakhstan for technology to produce ERFB electrolyte Horizonte Minerals (HZM LN) – Export Credit finance approvals for the Araguaia ferronickel pro

SP Angel Morning View: Good earnings results outweigh Delta variant concerns

Arkle Resources* (ARK LN) – Latest drilling results from the Mine River gold exploration project BHP (BHP LN) - BHP expects demand for nickel in battery demand to rise by 500% Cora Gold (CORA LN) – Drilling update at Sanankoro Kodal Minerals* (KOD LN) – Bougouni licence application advances to final stage of the approval process Power Metal Resources* (POW LN) – Phase-1 work programme complete at Tati Project Vale (VALE US) – Vale Nickel workers end two-month strike at Sudbury

SP Angel Morning View: Strong China export data despite RRR stimulus and Covid cases

Arkle Resources* (ARK LN) – Drilling at Tombreen encounters gold in the first four holes of the current campaign Atalaya Mining (ATYM LN) – Mineral reserves and resources update for Cerro Colorado and San Dionisio Petra Diamonds (PDL LN) – Petra sells 39.34 ct blue diamond for $40.1m Pure Gold Mining (PUR LN) – PureGold Mine ramps up on course for commercial production

SP Angel Morning View: Copper prices rise on Biden infrastructure deal

AEX Gold (AEXG LN) – COO departs Arc Minerals* (ARCM LN) – Delay to accounts due to additional time to complete audit due to Covid-19 restrictions Arkle Resources* (ARK LN) – Drilling at the Mine River project encounters gold in the first three holes Hummingbird Resources (HUM LN) – Dugbe Gold Project PEA results Pasofino Gold (VEIN CN) Lucara Diamonds (LUC CN) – C$38m funding for the Karowe mine Serabi Gold* (SRB LN) – Chief Executive's operational review for AGM Strategic Minerals* (SM

SP Angel Morning View: Metals dip as Fed comments drive US$ higher

Arkle Resources* (ARK LN) – Drilling at the Mine River project encounters gold in the first three holes Bluejay Mining* (JAY LN) – Greenland government approved Exploitation and Closure Plan for the Dundas ilmenite project Horizonte Minerals (HZM LN) – Progress report on financing the Araguaia ferronickel project Kodal Minerals* (KOD LN) – Kodal progress lithium mining license application in Mali alongside gold assays in the Ivory Coast Metal Tiger (MTR LN) – Significant geophysics anomalies

SP Angel Morning View: Services industry growth picks up alongside inflation driven by used car prices

Arkle Resources* (ARK LN) – Multiple gold intersections in first hole of the new campaign at Mine River project Alba Mineral Resources (ALBA LN) – Phase-2 underground drilling commences at Clogau Bacanora Lithium (BCN LN) – Sonora Lithium Project update Bluejay Mining* (JAY LN) - BUY - Valuation 37.7p – New Minister for Mineral Resources reaffirms government support for Mineral Strategy 2020-2024 BlueRock Diamonds (BRD LN) – Contractor puts £1.61m into Bluerock

SP Angel Morning View: Gold, copper and most other metals rise despite dollar strength

Anglo American (AAL LN) – Production increases for copper, iron ore and PGMs in Q1 Arkle Resources* (ARK LN) – Imminent start of drilling on the Mine River project Centamin (CEY LN) – Q1 production on track to meet 2021 guidance

Small Cap Feast

Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 38p, Under Review) – Agreement in Chad for new renewable energy projects

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

Exceptional transformation… and it may be just a beginning

With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.

IOG - Trading update

Trading update

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems

AfriTin Mining: Operational efficiencies continue to drive down unit costs in another record quarter for Phase 1

AfriTin Mining (“ATM”) has announced another record-breaking quarter from Uis Phase 1. Tin production increased 13% QoQ to 152t for the three months to May (Q1 FY’23), supported by record recoveries, which along with cost initiatives drove a 16% improvement in All-In Sustaining Costs. The strong performance continues to support growth projects including incorporation of petalite lithium and tantalum by-products, upon which AfriTin recently announced positive drilling and metallurgical test work

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

EQTEC - Key Milestone for Southport

EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• Section II of the Northern Peruvian Pipeline has been temporary re-opened. • As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time. • PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22. • The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view. • The company currently holds US$26 mm in cash and no debt. This is in line with our expectations. • TPDC continues to be current with regards to receivables. • We re-iterate our target price of £0.45 per share. Steady growth and dividend Our Core NAV for the company based on its 2P reserves only i