SP Angel – Morning View

Avocet Mining (AVM LN) – Sale of Wega Mining | Capital Drilling (CAPD LN) – Rig rates and sales recover as exploration activity grows | Phoenix Global Mining* (PGM LN) – Increasing our valuation as a result of recent nearby cobalt transaction | Premier African Minerals (PREM LN) – Placing to cancel Death spiral warrants | URU Metals (URU LN) – Platinum Group Metals seen in Nickel, copper intersections at Zebediela project

SP Angel – Morning View

Anglo Asian* (AAZ LN) – JORC report on new mine shows 199,000oz gold and >1moz silver | Dalradian Resources (DALR LN) – Step out drilling returns high grade intersections at Curraghinalt | Avocet Mining (AVM LN) – Interims

SP Angel – Morning View

Amur Minerals* (AMC LN) – IKEN/KUB drilling update and management estimates for potential resource expansion | Avocet Mining (AVM LN) – Creditor discussions continuing | Bushveld Minerals (BMN) BUY, Target price 14p – £8m convertible bonds issue | Karelian Diamonds (KDR LN) – Indicator minerals suggest a nearby kimberlite | Savannah Resources (SAV LN) – Resumption of drilling at Mina do Barroso | Sunstone Metals* (STM AU) – Bramaderos project shows significant gold intersections in Ecuador | Ste

SP Angel – Morning View

BlueJay Mining* (JAY LN) STRONG BUY - Target Price 24p – Michael Hutchinson steps up as non-exec Chairman | Acacia Mining (ACA LN) – Cutbacks at Bulyanhulu reduce production guidance by 100,000 oz of gold. | Avocet Mining (AVM LN) – Standstill agreement expires | Highland Gold (HGM LN) 161p, Mkt Cap £524m – Interims | Ncondezi Energy (NCCL LN) – Shareholder loans extended | Premier African Minerals (PREM LN) – Drilling shows continuity of mineralisation at Zulu | Tethyan Resources* (TETH LN) –

SP Angel – Morning View

Asiamet Resources (ARS LN) – Filing of updated resource report | Avocet Mining (AVM LN) – Extension of standstill agreement with Inata’s major creditors | Mkango Resources* (MKA LN) – Respected industry observer sees 50% YTD price increase in key rare earth elements in China | Tri-Star Resources* (TSTR LN) – Antimony prices continue to rise as environmental shutdowns in China cause stock levels to fall

SP Angel – Morning View

Avocet Mining (AVM LN) SUSP – Standstill agreed with Inata’s major creditors | Bezant Resources (BZT LN) – Acquisition of the Choco alluvial gold/platinum project | Dalradian Resources (DALR LN) – Additional high grade drilling intersections | Gemfields (GEM LN) – Independent committee rejects Pallinghurst’s derisory nil-premium offer | Metals Exploration (MTL LN) – $2m Shareholder loan | Solgold* (SOLG LN) – Securing new exploration concessions across Ecuador

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

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

Morning Note – 22 April 2024

Beowulf Mining (BEM LN) – Initiation Note – BUY – Supporting Scandinavia's Green Transition

Beowulf is an AIM/Spotlight-listed developer of two flagship assets; Kallak, a high-grade iron ore project in Sweden and the Grafintec Graphite Anode Materials Plant. The Company's Kallak North project has the potential to produce 2.5mtpa of high-grade, premium iron ore concentrate suitable for the growing green steel industry in Sweden. Additionally, Grafintec's Anode Material Plant Project is well positioned to serve the growing EV battery supply chain in Europe, whilst supporting EU plans

Trifast (TRI LN) - Trading conditions remain difficult but self-help initiatives coming through

Despite end market demand remaining difficult in several regions Trifast has announced that revenue and profitability will be marginally ahead of the guidance provided at the end of January. Self-help initiatives instigated during 2023 are starting to come through providing visibility on the majority of the £3.0m savings identified to come through in the current financial year (Mar FY25). Zeus estimates were in line with guidance of £230m revenue, £11.5m EBIT and £6.0m PBT. We leave forecasts un

Morning Note – 24 April 2024

I3 Energy (I3E LN) - 2024 work programme and budget

I3 has released its work programme and budget for 2024, alongside providing guidance for the year. This represents a larger programme than 2023, with the focus now shifting to greater operational activity and production gains given the additional balance sheet strength achieved in recent months.

Morning Note – 25 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

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

LIBERUM: Ferrexpo: Production triples

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