Anglo Asian Mining* (AAZ LN) - BUY – Anglo Asian extends the Gedabek contract area PSA for another five years Mkango Resources* (MKA LN) – Mkango appoints US advisory firm to help connect with US government strategy BHP (BHP LN) – Record year-to-date iron ore production from W Australia Hummingbird Resources (HUM LN) – Q1 production results Savannah Resources* (SAV LN) – Proposed placing to raise up to £10.3m Shanta Gold (SHG LN) – Quarterly production results Vast Resources (VAST LN) – Pr
Companies: MKA AAZ BHP HUM SAV SHG TGR VAST
With sizeable exposure to iron ore and copper – two of the biggest beneficiaries in the post-pandemic world, BHP reported strong H1 results. The impact was such that losses in the fossil divisions were completed overshadowed. Moreover, management increased the interim dividend by 55%. However, we believe that BHP is still vulnerable to various external factors and their impact should aggravate once pricing normalisation begins in the iron ore and copper markets.
Companies: BHP Group Plc
Amur Minerals* (AMC LN) – Extension for TEO report submission secured Arc Minerals* (ARCM LN) – Call reveals approach by large Chinese player, work on Anglo deal and study on Cheyeza copper mine BHP (BHP LN) – Half year results dominated by iron-ore Condor Gold* (CNR LN) – £4m private placing Cornish Metals* (CUSN LN) – First day of trading on AIM Glencore (GLEN LN ) - Glencore 2020 results reflect Covid19 impact Kodal Minerals* (KOD LN) – Riverfort converts a further $169,385 worth of lo
Companies: CUSN AMC ARCM BHP CNR GLEN KOD PXC RMM TYM MTR
Antofagasta (ANTO LN) – Q4 production highlights strong quarter | BHP (BHP LN) – Record iron ore production, workforce reductions in Chile for Covid and continuing focus on copper exploration | IronRidge Resources* (IRR LN) – Call notice for exercise of warrants | Shanta Gold (SHG LN) – Reserves/Resources update replaces mined ounces | SolGold* (SOLG LN) – Nick Mather steps aside to allow search for new CEO to lead Alpala block-cave financing and development
Companies: ANTO BHP IRR SHG SOLG
Antofagasta (ANTO LN) – Q4 production highlights strong quarter BHP (BHP LN) – Record iron ore production, workforce reductions in Chile for Covid and continuing focus on copper exploration IronRidge Resources* (IRR LN) – Call notice for exercise of warrants Shanta Gold (SHG LN) – Reserves/Resources update replaces mined ounces SolGold* (SOLG LN) – Nick Mather steps aside to allow search for new CEO to lead Alpala block-cave financing and development
Companies: ANTO BHP SHG SOLG IRR
BHP (BHP LN) – MOU signed with Baowu Group | Bluejay Mining* (JAY LN) – Bluejay shares list on the US OTCQB market today | Botswana Diamonds (BOD LN) – Geophysics helps identify November drilling targets at Marsfontein and Thorny River | Bushveld Minerals* (BMN LN) – BUY, Valuation 37.7p – US$35m convertible loan note with Orion Mine Finance | Oriole Resources (ORR LN) – Planned resumption of aircore drilling at Senala | Peak Resources (PEK AU) – Peak adds Tanzanian lawyer as an NED to the board
Companies: BHP JAY BOD BMN ORR POW SML SRES
BHP (BHP LN) – FY2021 production and cost guidance largely unchanged following strong September quarter | Petra Diamonds (PDL LN) – Financial restructuring agreement | Scotgold Resources* (SGZ LN) – BUY, target 182p – Earnings update | Vale (VALE US) – Q3 iron ore production rises QoQ and YoY
Companies: BHP PDL SGZ VALE3
While BHP’s full-year results seemed decent, the impact of COVID-19 was evident in H2. Iron ore and copper performed well, but material fossil vulnerabilities (again) came to the fore. Hence, the final dividend was cut significantly. Now management is (finally) considering the disposal of its (thermal) coal assets, and some oil & gas assets. However, difficult market conditions are likely to pose serious challenges. Moreover, the near-term (market) uncertainties are added concerns.
ers decision on Jansen potash mine Hochschild (HOC LN) – Interims highlight coronavirus related operational challenges with dividends remaining suspended | Hummingbird Resources (HUM LN) – Mali update | KEFI Gold and Copper* (KEFI LN) – Maiden Hawiah resource delivers 19.3mt at 1.9% CuEq Kenmare Resources (KMR LN) – Interim results | IronRidge Resources* (IRR LN) – Further drilling results at Zaranou Gold Project, Cote d’Ivoire | Polymetal International (POLY LN) – Underground electric vehicle p
Companies: BHP HOC HUM KEFI KMR IRR POLY RIO
Altus Strategies* (ALS LN) – BUY – 100p - Royalty and project generator with 1Moz of gold in Africa | BHP (BHP LN) –– Iron ore makes up 64% of EBITDA in FY 2020 results | Eurasia Mining* (EUA LN) – Eurasia limits funding to US$10m | KAZ Minerals (KAZ LN) – Interims: production guidance reiterated, 4USc dividend declared | Pure Gold Mining (PUR LN) – Anglogold Ashanti increases its stake in the Company to 16% exercising $5m worth of warrants | Sunrise Resources (SRES LN) – Mine Reclamation and Ai
Companies: ALS BHP EUA KAZ SRES
Anglo Asian Mining* (AAZ LN) – BUY, Target 209p – JV with Conroy Gold and Natural Resources | BHP (BHP LN) – FY2020 sees record iron-ore production while exploration focusses on copper | Tietto Minerals (TIE AU) – Drilling probes deeper at Abujar
Companies: Anglo Asian Mining PLC (AAZ:LON)BHP Group Plc (BHP:LON)
Altus Strategies* (ALS LN) – Positioned for growth in FY20 | BHP (BHP LN) - Pledges another A$3m to fight coronavirus | Kavango Resources (KAV LN ) - Review highlights Kalahari Suture Zone similarities with other major nickel regions | Mkango Resources* (MKA LN) – Results highlight progress towards feasibility study | Caledonia Mining* (CMCL LN) – Quarterly dividend | Condor Gold* (CNR LN) – Permit awarded for Mestiza pit | Scotgold Resources* (SGZ LN) BUY Target 119p – Loan facility terms chan
Companies: BHP KAV MKA CMCL CNR SGZ SOLG TYM ALS
Aura Energy* - (AURA LN) - EGM schedule | BHP (BHP LN) – Quarterly production report leaves guidance largely unchanged | Gem Diamonds (GEMD LN) – Q1 trading update | Power Metals* (POW LN) - Alamo gold project expansion and extension | Tertiary Minerals* TYM – Pyramid Gold project
Companies: AEE BHP GEMD POW TYM
Research Tree provides access to ongoing research coverage, media content and regulatory news on BHP Group Plc. We currently have 162 research reports from 9 professional analysts.
i3 Energy announced that it is increasing its next-twelve-month net operating income guidance to $US44M (pro forma acquisitions and associated recompletions/drilling). Net of our estimated G&A expenditure of $US8.0M (£5.7M) that equates to an adjusted cash flow from operations estimate of $US36.0M (adjusted to nullify the effects of debt). That compares to our prior estimated adjusted cash flow from operations estimate of $US29.6M. The increase reflects operational activity, namely, the drilling
Companies: i3 Energy Plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
Lancaster production approval
Companies: Hurricane Energy Plc
Bluejay Mining* (JAY LN) – Chinese ilmenite prices continue to rise Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise in China to ~$37.7/kgV Keliber – Environmental challenges rejected by Finnish Court Zinnwald Lithium (ZNWD LN) – Acquisition of additional exploration licences in Saxony
Companies: JAY BMN ZNWD
Given the stellar performance of PGM prices, it is no surprise that Sylvania have achieved another record quarter with EBITDA of $58.7m and cash balance increasing 52% to $102.1m. Annualising this past quarter, the stock trades on a ridiculously cheap EV/EBITDA of 1.5x. Production of 17.4koz was inline with expectations and guidance of 70koz for the year remains in place. We remain very comfortable on rhodium on a five-year view (see here) and expect the abnormal cashflows to continue (30% FY22
Companies: Sylvania Platinum Ltd.
In a significant update, Sound has announced that it has entered into an SPA with Schlumberger to acquire its full 27.5% working interest in Eastern Morocco. On completion, the transaction significantly increases Sound's discovered and undiscovered resource position in the region, ahead of ramping up its transformational phased development strategy at Tendrara. Upon securing the funds following the signing of a previously announced deal with Afriquia Gaz, the Company will remain fully funded for
Companies: Sound Energy plc
AUCTUS PUBLICATIONS ________________________________________ Challenger Energy (CEG LN)C; Target of 12p per share: Drilling update in Trinidad - The Saffron well penetrated various Middle Cruse zones including hydrocarbons zones as prognosed pre-drill, and with drilling rates and impact on surrounding clays and mobile shales improved significantly from Saffron-1 owing to the use of synthetic-based muds and a solid foundation for drilling design in any future field development. Initial petrophysi
Companies: VOG LUPE TLW WEN SOU AKRBP AKERBP REP REP I3E HUR EQNR EQNR ENI ENI
Oil posted its third straight weekly rise on improving demand, with the International Energy Agency warning the market will need extra supply next year. Futures in New York rose 1.9% this week, extending its rally to the highest settle since October 2018. The IEA said that OPEC and its allies will need to lift output to keep the market adequately supplied, though the agency predicted demand will not reach pre-virus levels until late 2022. Meanwhile, road traffic in the US and much of Euro
Companies: FO 88E DEC EME GTC TRIN UOG
Scirocco Energy (AIM: SCIR), the AIM investing company targeting production and development opportunities within the European energy market, announced a proposed investment into Energy Acquisitions Group Ltd ("EAG"), a specialist acquisition and operating vehicle in the sustainable energy sector. The company indicated its investment of £1.2 million will be funded from current cash resources. The investment represents the first investment as part of the Company's revised strategy that targets opp
Companies: Scirocco Energy PLC
• Gas demand in Tanzania continues to be very high with YTD production averaging 80.3 mmcf/d, well above last year (58.1 mmcf/d). While gas demand is normally low during 2Q (because of hydro), we estimate 2Q21 production at ~75 mmcf/d. • As a result, Wentworth is increasing its production guidance for 2021 from 65-75 mmcf/d to 75-80 mmcf/d. • At the end of May, Wentworth held US$21.5 mm in cash and no debt. This is close to our expectations of US$21.4 mm at the end of June. This also implies th
Companies: Wentworth Resources PLC
Operational updates
• Initial petrophysical analysis of logs from the secondary reservoir targets of the Upper and Middle Cruse sections of the Saffron-2 well indicate approximately 165 ft of net-oil bearing reservoir sands. This includes 145 ft in the hole section from the Upper Cruse down to the Upper Middle Cruse and 20 ft in the hole section from the remaining section of the Upper Middle Cruse into the Lower Middle Cruse. • The reservoir characteristics are consistent with the Saffron-1 well, but importantly, n
Companies: Challenger Energy Group PLC
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target of A$0.035 per share: Increasing investment and production outlook - Production at the end of May was 3,100 boe/d with a further eight wells expected on stream by YE21. This level of production is above forecast and reflects the strong performance of the drilling at Brooks. Calima is increasing its capex programme from C$17 mm to C$20 mm with two new wells being added to the FY21 drilling programme (exc
Companies: XOM XOM SQZ PTR MAHAA JSE FEC EQNR EQNR CNE CNE CE1 88E PEN PEN GPRK GPRK
Castings reported FY21 results largely inline with our forecasts and, despite truck customer disruption due to global semiconductor shortages, volumes are likely to increase in the second half of FY22. Castings is maintaining full production through FY22 with increasing back stock which bodes well for margin performance with potential further EPS upgrades on the horizon considering the level of customer activity. Reiterate buy rating.
Companies: Castings PLC
