SP Angel Morning View: Metals prices slide as China construction woes persist and dollar pushes higher

SP Angel Morning View: Chinese Premier promises more stimulus

SP Angel Morning View: Copper prices power through to $9,084/t as economists look for renewed China growth

Atlantic Lithium* (ALL LN) – Final assay results received ahead of expected MRE upgrade Arkle Resources* (ARK LN) – Identification of Lithium-bearing pegmatites in Mine River Block, Ireland BeMetals* (BMET CN) – Latest drilling results from the Kato gold project, Japan continue to extend the mineralised footprint Beowulf Mining* (BEM LN) – £250k investment in Vadar Minerals Empire Metals* (EEE LN) – Exploration underway at Pitfield and Eclipse-Gindalbie Project First Quantum Minerals (FM C

Hybridan Small Cap Feast 14-11-2022

Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory

SP Angel Morning View: Chinese regulators ease property lending rules to support the sector

Arkle Resources* (ARK LN) – Successful £200,000 placing to progress Stonepark zinc drilling programme Asiamet Resources (ARS LN) – Potential cost savings identified at the BKM copper project, Kalimantan Caledonia Mining* (CMCL LN) – Start of solar power supply to the Blanket mine Condor Gold* (CNR LN) – Quarterly results highlight the open-pit mine feasibility study and continuing advances in metallurgy and mineral resources at La India and wider district scale exploration opportunities Cor

SP Angel Morning View: Commodities pull back as BOE driven relief rally fizzles away

Arc Minerals* (ARCM LN) – First half results underpinned by Anglo American JV Arkle Resources* (ARK LN) – Interims highlight strong progress on Irish zinc licenses Aston Bay Holdings (BAY CN) – Assay results from Storm Project drilling Cornish Metals* (CUSN LN) – Interim results confirm that South Crofty mine de-watering expected to start next year Kodal Minerals* (KOD LN) – Bougouni DMS scenario delivers faster to production and reduced development capex project Oriole Resources (ORR LN) –

SP Angel Morning View: Robust US economic data adds to US$ strength weighing on gold and copper

Arkle Resources* (ARK LN) - Arkle Resources to complete additional drilling at Stonepark Botswana Diamonds (BOD LN) – Approvals for acquisition of the balance of Thorny River KEFI Gold and Copper* (KEFI LN) – Interims highlight strong growth pipeline of projects in Ethiopia and Saudi Arabia Keras Resources* (KRS LN) – Interims highlight strong progress in Utah Largo Inc. (LGO CN) – Largo Physical Vanadium announces trading on TSXV today Oriole Resources (ORR LN) – Interim report highlights

SP Angel Morning View: Battery metals prices hold up as US inflation drives US monetary policy

Arkle Resources* (ARK LN) –Follow-up drilling planned on a promising structural target at Stonepark Atalaya Mining (ATYM LN) – Cost impact of Ukraine dents H1 financial performance Hochschild (HOC LN) – Environmental permit granted for Mara Rosa Project Jubilee Metals Group (JLP LN) – H2 2022 operational results highlight completion of £58m investment programme in S Africa and Zambia Power Metal Resources* (POW LN) – Phase-1 exploration underway at Athabasca Basin Uranium Project PureGold (

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

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: Benefitting from rising rate environment

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.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Lithium - Rock Developers: EMH, SAV, ALL, PLL & ZNWD are all stand outs, on post-tax bases

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading

CMD - still plenty of growth potential