SP Angel Morning View: Copper hits $9,500/t on reports of traders buying up physical metal

BHP (BHP LN) – Operations review leaves production and cost guidance intact after H1 delivers record iron ore production. Centamin (CEY LN) – Sukari meets 2022 production and cost guidance and looks to increase production in 2023 Kodal Minerals* (KOD LN) - BUY – Hainan Mining agrees to fund Kodal's Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5p Kore Potash* (KP2 LN) – BUY, 5.0p Expect financing proposal to cover the full cost of building the Kola potash mine and a

SP Angel Morning View: Copper eases on China uncertainty, recession risks and strengthening Dollar

BHP (BHP LN) – BHP to face $12bn lawsuit as judge sets trial date of April 2024 CATL (SHE: 300750) – Interim report shows strong growth in energy storage systems for CATL Eurasia Mining* (EUA LN) – West Kytlim production climbs with a potential divestment discussions ongoing GreenRoc Mining (GROC LN) – Close of broker option following placing to develop Amtisoq Graphite Project Kodal Minerals* (KOD LN) – Interims highlight lower capital cost and higher value of DMS process route to producti

SP Angel Morning View: Copper prices supported by PBOC comments in support of the property sector

AfriTin Mining (ATM LN) – lower quarterly production following plant expansion, though record tin production in Nov 2022 Beowulf Mining* (BEM LN) – High-grade trenching results at Räpysjärvi graphite prospect Deep Yellow (DYL AU) – Successful completion of Omahola drilling campaign and results Ecora Resources (ECOR LN) – Report of appointment of Christine Coignard as Independent non-executive director Glencore (GLEN LN) – Canada blocks proposed coal mine in British Columbia GreenRoc Mining

SP Angel Morning View: Commodities surge higher on dovish Powell comments and weakening US dollar

BHP (BHP LN) – CEO Henry: "Decarbonisation, electrification doesn't happen without mining" Horizonte Minerals (HZM LN) – Port contracts agreed for the Araguaia ferronickel project SolGold* (SOLG LN) – Completion of US$50m royalty financing Tesoro Gold (TSO AU) – Drilling uncovers new discovery at El Zorro Zijin Mining (2899 HK) – Zijin estimates lithium prices could halve by 2025, despite $16bn investment into the space

SP Angel Morning View: Copper continues to slide as majors warn on China slowdown

Aura Energy* (AURA LN) – Completion of resource-enhancement drilling at the Tiris uranium development project in Mauritania Antofagasta* (ANTO LN) – Improved water availability at Los Pelambres helps increase copper production BHP (BHP LN) – Quarterly operations review leaves production and cost guidance intact. Culpeo Minerals* (CPO AU) – Phase-2 drilling commences at Lana Corina Lepidico (LPD AU) – Pilot trials demonstrate feasibility of LiOH production Shanta Gold (SHG LN) – Potential t

Coal-driven full-year results and extravagant returns

Unlike the AV universe iron ore miners, BHP reported strong results which were a big function of coal market excesses. As a result, impressive shareholder returns were announced. However, we remain wary regarding the sustainability of the FY22 gains/surprises as energy markets may not remain tight for very long – especially given the slowdown risks. Also, with the brewing challenges/risks in iron ore and copper, BHP lacks the diversity to withstand any further deterioration in commodity markets.

SP Angel Morning View: Metals hold steady despite collapse in NY Empire State manufacturing index

Arc Minerals* (ARCM LN) – New drill program starts as Arc grants extension to Anglo to complete due diligence BHP (BHP AU) – Record EBITDA, profit and dividend for year to 30th June BlueRock Diamonds* (BRD LN) – BlueRock posts circular for refinancing and issue of new shares Condor Gold* (CNR LN) – Detailed technical assessments for the DFS continue to de-risk La India Empire Metals* (EEE LN) – Positive results from Eclipse-Gindalbie Power Metal Resources* (POW LN) – Exploration update for

SP Angel Morning View: Strong US employment raises risk for higher rates as US looks to reduce inflation

Amur Minerals* (AMC LN) – Recommended $35m offer for the Kun Manie Project Anglo Asian Mining* (AAZ LN) – BUY – ~C$1m investment in Libero to maintain its 19.9% interest in copper explorer BeMetals* (BMET CN) – Major shareholder provides US$5m loan BHP (BHP LN) – Proposal to acquire Oz Minerals rejected by target East Star Resources (EST LN) – Additional rare-earth exploration licences in Kazakhstan Tertiary Minerals* (TYM LN) – Sale of Finnish royalties Tirupati Graphite (TGR LN) – £1.5m

SP Angel Morning View: China copper imports rise on expectations for further stimulus

Ariana Resources (AAU LN) – H1 production results confirm the 2022 guidance of 25,000oz of gold production is on track BHP (BHP LN) – Exploration spending to hit 17-yerar high at Nickel West Cornish Lithium (Private) – Cornish Lithium reports funding for its Geocubed lithium from geothermal brine pilot plant in Cornwall Kavango Resources (KAV LN) – Initial sampling at target on KCB KEFI Gold and Copper* (KEFI LN) – Jibal Qutman exploration license re-issuance is imminent with two additional

SP Angel Morning View: ECB may consider 0.5pp hike as inflation outlook worsens

Atlantic Lithium* (ALL LN) – Latest drill results continue to deliver outside Ewoyaa resource area BHP (BHP LN) – Operational review shows production guidance achieved across most commodities Cora Gold (CORA LN) – MRE update brings more ounces into the Indicated category Culpeo Minerals* (CPO AU) – Drill results at La Corina continue to show strong continuity Horizonte Minerals (HZM LN) – Community skills training agreement Kodal Minerals* (KOD LN) – Annual results highlight progress at the

SP Angel Morning View: Metals rise on G7 $600bn infrastructure target and as China eases travel quarantine rules

BHP (BHP AU) – $4bn earmarked for emissions reduction by 2030 Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret encounters mineralisation KEFI Gold and Copper* (KEFI LN) – Response to press reports Keliber (private) – Environmental permits secured for lithium plants Kore Potash* (KP2 LN) - BUY – Kola Optimisation Study delivers better economics and more robust project with EPC and funding proposal targeted for H2/22 Orosur Mining* (OMI LN) – Positive soil sampling results

SP Angel Morning View: Tin, lithium and nickel prices bounce despite equity fall on monetary tightening

AfriTin Mining (ATM LN) – Uis mine delivers record 13% quarter-on-quarter increase in Q1 tin output Altus Strategies* (ALS LN) – Share purchases by the management Ariana Resources (AAU LN) – Tavsan drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s – Indonesia insists that value must be added to tin exports as Chinese tin smelters take break for maintenance BHP (BHP AU) – Thermal coal exit scrapped as prices sit around record highs KEFI Gold and Copper* (KEFI LN) – Saudi Arabia op

Impressive results and dividends, but be prepared for reversing euphoria

On the back of strong broad-based price tailwinds, BHP Group reported healthy H1 operating results, which also resulted in attractive shareholder rewards. However, there was (some) sequential moderation and, given the brewing market dynamics, i.e. risk of pricing correction/volatility and cost challenges, margins are set to normalise in the medium term. While the firm has a strong balance sheet, it is not being used optimally to diversify as a preparation for looming normalisation risks.

SP Angel Morning View: Expect volatile pricing in WOWO trade

Altus Strategies* (ALS LN) – Lakanfla drilling results Arc Minerals* (ARCM LN) – Arc agrees extension on Casa Mining transaction to allow Rackla Metals to raise >C$5m of funding on the TSX BHP (BHP AU) – 77% recovery in underlying attributable profit to US$10.7bn and record interim dividend declared Cornish Metals* (CUSN LN) – CLICK FOR PDF - Additional land secured at South Crofty Empire Metals* (EEE LN) – Flash Note - Eclipse-Gindalbie exploration represents exciting new chapter for Empir

SP Angel Morning View: Risk sentiment pulls back on growth outlook concerns

Anglo American (AAL LN) – De Beers reports continuing strength in rough diamond demand driven by appetite for polished diamonds in China and the US BHP (BHP LN) – BHP signs exploration deal with KoBold Metals Bluejay Mining* (JAY LN) – BHP joins with KoBold Metals to jointly fund exploration using KoBolds AI and data processing technology Cora Gold (CORA LN) – Updated $25m Sanankoro project funding term sheet

LIBERUM: Sylvania Platinum* - Raising guidance on strong half

Alkaid #2 test - follow-on potential project economics

Chariot Limited (AIM: CHAR): Bringing water desalination capabilities in house is important for the green hydrogen business

• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares. • ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, Suspended, Under Review) - Sylvie Rucar appointed as independent NED

Cadence Minerals - Developing Amapá iron ore mine and strategic new technology metal interests

Cadence has secured a 30% stake in the Amapá iron ore mine, Brazil, for $9.3m, a project valued by Anglo American in 2012 at over $600m. With established infrastructure, Amapá is a company-making opportunity. Cadence has recently published a PFS on Amapá, which highlights the obvious value in the project. With equity interests in European Metals Holdings (Cinovec lithium-tin project in Czech Republic), Hastings Technology Metals (Yangibana REE project in Australia) and Evergreen (lithi

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved US$13m of cumulative net revenues from the field since mid-August 2021, from US$12m as of early January 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d, and with current production described as being at “record” levels). These Wressle revenues continue to help

FY22 Trading Update

Diversified Energy has released a positive FY22 Trading Update and we increase our EBITDA forecasts by +3% in FY22 and 2023.

Record production achieved in trying circumstances

Higher production at Vanchem coupled with another stable year at Vametco saw Bushveld deliver record annual vanadium production in 2022, though the adverse impact of electricity load shedding on the ramp up of Vanchem meant that the full-year total narrowly missed the group’s target. We still anticipate a return to positive EBITDA for 2022 and further earnings growth this year as Vanchem continues to gather pace. However, evidence of positive progress on load-shedding mitigation measures at Vanc

Arrow Exploration Corp. (AIM: AXL): High 3Q22 production in Colombia and US$4 mm free cashflow

• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well. • Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc

Enhancing Ewoyaa: to extend or expand?

This Week's AIM Highlights 20th January 2023

LIBERUM: Atlantic Lithium* - Latest resources in-line; valuation upped to 57p on higher throughput

IOG (IOG LN) - Trading update

IOG has released a trading update. This reports that operations at the Southwark A2 development well continue, with new plans to isolate three of the six stimulated zones, reperforate two other zones and then flow test the well again. IOG reported last week a disappointing 4.2mmcf/d maximum gross flow rate achieved at A2, and we would hope to see a much higher number, perhaps over 20mmcf/d based on original expectations, once the remediations are in place. The experience on A2 is also being used

IOG (IOG LN) - Southwark update – flow rate not improved

Flow rates from Southwark A2 continue to be poor. IOG has released an update on activities at its Southwark A2 well. In mid-January, IOG reported initial stabilised flow test rates from its Southwark A2 well of 4.2mmcf/d gross of gas and also 1.6mbbld/d of water. This gas rate was not likely to be commercial. The company has since progressed a programme to isolate several of the producing zones, aiming to achieve higher gas flow rates and lower water cut. This programme has now been completed, a

Royston appraisal drilling operations start