SP Angel Morning View: SP Angel . Morning View . Monday 26 09 22 Gold trades lower as dollar soars amid FX volatility and spiking yields

Beowulf Mining* (BEM LN) – Grafintec Signs new MoU for establishing anode materials European hub Horizonte Minerals (HZM LN) – Brazilian Government designates the Araguaia project as strategic Savannah Resources* (SAV LN) – Interim results highlight progress on environmental work and flowsheet design improvements Serabi Gold* (SRB LN) – Underground drilling results from the Zonta Vein at extend the mineralised envelope at Palito Versarien* (VRS LN) – BiaBrazil to utilise Graphene-Wear Techn

SP Angel Morning View: Gold holds ground ahead of the US inflation data

___________________________________________________________________ Adriatic Metals* (ADT1) – Interims highlight Vares construction progress Antofagasta (ANTO LN) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine Beowulf Mining* (BEM LN) – Jokkmokk Iron CEO interviewed Condor Gold* (CNR LN) – La India open-pit mine feasibility study Greatland Gold (GGP LN) – A$340m funding arrangements for Havieron and expansion of Greatland Gold management Great

SP Angel Morning View: Metals prices rise in thin trading as drought hits energy supplies for smelters

Aston Bay Holdings (BAY CN) $0.05, Mkt cap C$8.9m – Additional near-surface copper mineralisation encountered at Storm Project • Aston Bay reports initial positive visual results from three more diamond drill holes at the Storm Project. • Drilling at the high-grade 2750N Zone continues to expand near surface mineralisation, including highlights: o ST22-07 has intersected 43.5m of mineralization including 15.5m of breccia and massive copper sulfides over multiple intervals o ST22-08 has inter

SP Angel Morning View: China cuts mortgage lending rate and extends tax exemptions on EVs

Beowulf Mining* (BEM LN) – Encouraging initial drill results at Madjan Peak Mkango Resources* (MKA LN) – Filing of NI 43-101 DFS for Songwe Hill Orosur Mining* (OMI LN) – Orosur to hold investor webinar Rainbow Rare Earths* (RBW LN) – Rainbow strike deal with OCP for Rare Earth processing of Moroccan phosphate residues

Hybridan Small Cap Feast 19/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Hybridan Small Cap Feast 04/07/2022

Joiners: Re-admission of 888 Holdings to the Main Market following the reverse takeover of William Hill. Leavers: Umuthi Healthcare Solutions has left the Main Market. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide custo

SP Angel Morning View: Copper trades below $8,000/t as speculators push metal lower in thin trade

Anglo Pacific (APF LN) – Initial production from Piaui, Brazil Beowulf Mining* (BEM LN) – ~£1.76m loan financing agreed BlueRock Diamonds* (BRD LN) – 2021 results show increased mineral resource at Kareevlei and completion of plant expansion delivering improving quality and value of production Tesoro Resources (TSO AU) – Encouraging sampling at El Zorro gold project

SP Angel Morning View: Stronger US dollar and risk off sentiment drags metals lower on US inflation

Beowulf Mining* (BEM LN) – CEO appointed for Jokkmokk Iron Bluejay Mining* (JAY LN) – Demerger of Disko Exploration assets in Greenland proposed Empire Metals* (EEE LN) – NED steps down Gem Diamonds (GEMD LN) – Three large diamonds recovered from Letšeng over the last three weeks Goldstone Resources* (GRL LN) – Trading suspended Premier African Minerals (PREM LN) – Progress report on the Zulu Lithium project Serabi Gold* (SRB LN) – Palito delivers 2022's highest gold production in May Sha

SP Angel Morning View: Chinese PMI improve as lockdowns ease while Eurozone inflation hits record high

AGL Energy (AGL AU) – AGL Energy abandons plans to demerge coal generation business in Australia following rejection of takeover offer Altus Strategies* (ALS LN) - BUY – Multiple gold discoveries on new properties in the Eastern Desert of Egypt Beowulf Mining* (BEM LN) – Key license awarded as Q1 2022 summary released Gold Fields Limited (GFI SJ) - Gold Fields to acquire Yamana Gold in agreed US$6.7bn deal Mkango Resources* (MKA LN) – Q1 2022 results show DFS nearing completion URU Metals*

Hybridan Small Cap Feast 26/05/22

Dish of the day Joiners: No Joiners Today. Leavers: W Resources has left AIM. Lombard Capital has left the Aquis Stock exchange. What’s cooking in the IPO kitchen? According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barc

SP Angel Morning View: Metals prices pause as Li Keqiang urges officials to kick start China economy

Amur Minerals* (AMC LN) 1.1p, Mkt Cap £16m – Shareholders reject the Stanmix $105m cash offer Atlantic Lithium* (ALL LN) 51.14p, Mkt Cap £296m – Ewoyaa project set to expand as visible spodumene is observed in new drilling Beowulf Mining* (BEM LN) 5.45p, Mkt Cap £44.5m – 2021 Results reports progress in Sweden, Kosovo and Finland CEO and highlight March 2022 award of Kallak licence IRC Ltd (1029 HK) HK$0.2, Mkt Cap HK$1.6bn – Management and Board changes SolGold* (SOLG LN) 31p, Mkt Cap £700m

SP Angel Morning View: New credit sharply drops in China raising calls for more stimulus

Beowulf Mining* (BEM LN) – CEO Budge progressing Kallak project Condor Gold* (CNR LN) – La India Project Q1/22 update highlights progress on the FS with completion guided for Q3/22 SolGold* (SOLG LN) – Quarterly update highlights progress to release of PFS

Hybridan Small Cap Feast 27/04/22

According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other f

LIBERUM: Sylvania Platinum* - FY22 annual dividend is 33% higher than our estimate

Union Jack Oil# - West Newton update

West Newton update

IOG - H1 2022 Results

H1 2022 Results

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 25.4p – Strong interim results; Chad-Cameroon deal completion anticipated in Q4

Impressive H1 sees record interim dividend

A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar

Union Jack Oil# - West Newton CPR assessment

West Newton CPR assessment

IOG - Production update

Production update

Jersey Oil and Gas* - H1 2022 results and farm out update

H1 2022 results and farm out update

Central Asia Metals: Interim Results

Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling

Cenkos: Chariot Ltd -- Enabling the Energy Transition

Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren

Auctus on Friday - 30/09/2022

AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN): Discontinuing coverage - We are discontinuing coverage on Challenger Energy Group. Longboat Energy (LBE LN)C; Target price of £1.50 per share: 3-5 well programme in 2023. Increased resources estimate at Kveikje – There were no surprises in the 1H22 financials. The gross contingent resources estimates at Kveikje have been increased from 28-48 mmboe to 35-60 mmboe (2C-3C) based on a new CPR following post wel

Cenkos: Falcon Oil & Gas Ltd -- Origin Divests Beetaloo Interest

Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio

SHORE CAPITAL - Union Jack Oil+ (UJO, 31p, House Stock) – Lifting of UK fraccing moratorium confirmed

Year-exit target rate in sight despite Kiln 3 challenges

H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p

Kistos PLC - Lionel Therond

We believe that an investment in Kistos PLC (Kistos) is an opportunity to invest alongside a proven and highly incentivised management team, into an acquisition vehicle with an established North Sea gas production footprint of sufficient size to leverage the current commodity price cycle and use its stock currency to drive further consolidation in the basin. We see further upside from current levels (+110%) based on our assessment of intrinsic value. The value creation credentials of Kistos'