Bluejay Mining* (JAY LN) – BUY, Valuation 29.4p – Bluejay agrees jv with Rio Tinto over the Enonkoski Project in Finland
Bushveld Minerals* (BMN LN) – BUY - Valuation 37.7p – Ferro-Vanadium prices jump 11.6% in the US
Edenville Energy* (EDL LN) – Funding agreement refinanced and £900k raised
Kodal Minerals* (KOD LN) – Further progress at West African gold assets
Lucara Diamonds (LUC CN) – Karowe mine yields 341 carat diamond
Serabi Gold* (SRB LN) –Q4 production results continue modest recovery of Q3
Companies: LUC JAY BMN EDL KOD SRB
Bluejay Mining* (JAY LN) - BUY, Valuation 29.4p – Board reorganisation sees Dr. Bo Møller Stensgaard takeover as CEO with McIllree taking over as Chairman
Lucara Diamonds (LUC CN) – Karowe licence renewal
Mkango Resources* (MKA LN) – Talaxis moves to 11.3% following exercise of warrants on amended terms
Shanta Gold (SHG LN) – Appointment of exploration manager
Companies: LUC MKA JAY SHG
Berkeley Energia Ltd (BKY LN) – Permitting and licensing payments to Spanish government entities
Bluejay Mining* (JAY LN) - BUY, Valuation 29.4p – Research & Development Tax Credit
Bushveld Minerals* (BMN LN) - BUY, Valuation 37.7p – Vanadium price rise in China suggests tightening of supply chain
Katoro Gold (KAT LN) – Haneti RAB drilling underway
Power Metal Resources* (POW LN)
Keras Resources* (KRS LN) – Manganese ore prices hit 10-week high
Pure Gold Mining (PUR LN) – Gold pour at Red Lake
Companies: PGM BKY POW JAY BMN KRS KAT
Almonty Industries Inc (AII CN) – Mine opposition lobby publishes art book to fund its resistance to Spanish mine development
Bluejay Mining* (JAY LN) – BUY, Valuation 29.4p – Offtake distribution agreement rises to 340,000tpa following signing of mining license for Dundas
Hummingbird Resources (HUM LN) – Drilling programme extended after good grades encountered in new mineralised areas at Yanfolila
TMAC Resources (TMR CN) – Canadian Government rejects sale of TMAC resources to Shandong Gold
Companies: AII TMR JAY HUM
Anglo American (AAL LN) – Production across all minerals forecast to increase by 14% in 2021 | Berkeley Energia Ltd (BKY LN) – Renewal of authorisation for Salamanca uranium concentrate plant# | Bluejay Mining* (JAY LN) – Greenland government to sign Exploitation License for Dundas Ilmenite Project today | Castillo Copper (CCZ LN) – Further copper assays from latest drilling at the Big One project in Queensland | Botswana Diamonds (BOD LN) – Annual results describe exploration in Botswana, South Africa and Zimbabwe | Edenville Energy (EDL LN) – One-for-1,000 share consolidation | Tirupati Graphite (TGR LN) – Trading commenced on LSE standard list
Companies: AAL BKY JAY CCZ BOD EDL
BlueJay Mining is preparing to mine the Dundas titanium/ilmenite mineral sands on the coast of Greenland. The company also has other base metal and mineral licenses in Finland and Greenland. Rio Tinto recently took an option to form a joint venture agreement with Bluejay over the Enonkoski project and may acquire a 75% interest in Enonkoski through $20m worth of expenditure.
Companies: Bluejay Mining PLC
Ariana Resources (AAU LN) – Partial divestment of Turkish assets update and MRE update at the Magellan project | AfriTin* (ATM LN) –– Uis tin mine exceeds Stage 1 tin production targets | Ceres Power* (CWR LN) – Ceres and Bosch scale up for Solid Oxide Fuel Cell production | Bluejay Mining* (JAY LN) – Titanium Dioxide prices rise in China | Bushveld Minerals* (BMN LN) – Ferro-vanadium prices jumped 5.7% in the US last week to 10.65-10.85/lbV | Condor Gold* (CNR LN) – 4,000m diamond core infill drilling launched at La India higher grade start pits | Cornish Lithium (Private) – Battery-grade lithium hydroxide produced at Trelavour hard rock project | Pensana Rare Earths (PRE LN) – Humberside chosen as proposed site for REE processing facility | Pure Gold Mining (PURE LN) – Drilling extends high grade mineralisation at the PureGold project | Talga Resources* (TLG LN) – Scoping Study on graphite resources in Sweden
Companies: AAU ATM CWR JAY BMN CNR PRE PGM
Ariana Resources* (AAU LN) – Strong Q3 production at Kiziltepe | Bluejay Mining* (JAY LN) – Bluejay joins ERMA as interest develops in Finland licenses | Galileo Resources (GLR LN) – Initial encouragement in Kalahari Copper Belt exploration | Kodal Minerals* (KOD LN) – Interim results highlight progress at Bougouni | Vast Resources* (VAST LN) – First Commercial sale of concentrate confirmed at Baita Plai
Companies: AAU JAY GLR KOD VAST
Alba Mineral Resources (ALBA LN) – Exploration licence awarded at historic Gwynfynydd mine | Beowulf Mining* (BEM LN) – Subscription period in SDR rights issue begins | Bluejay Mining* (JAY LN) – Rising expectations for titanium dioxide demand to tighten market for feedstock | Bushveld Minerals* (BMN LN) – Ferro-vanadium prices continue to rise
Companies: ALBA BEM JAY BMN
Adriatic Metals* (ADT1) – Two permits received at Vares | AEX Gold Inc (AEXG LN) – Quarterly results and development progress | Atalaya Mining (ATYM LN) 191.5p, Mkt Cap £263m – Robust quarterly performance on the back of record quarterly production at Proyecto Riotinto | Bluejay Mining* (JAY LN) – Bluejay wins ability to reclaim VAT paid to HMRC | Condor Gold* (CNR LN) – CEO presents at Canadian Mining Symposium | Cornish Metals* (CUSN CN) – United Downs drill results show high-grade copper and tin | Panthera Resources (PAT LN) – Additional targets identified at Bido | Power Metal Resources* (POW LN) / Katoro Gold (KAT LN) -– Haneti mobilising RAB drilling | URU Metals* (URU LN) – URU appoints Justin Cochrane to its Advisory board | Versarien* (VRS LN) – Graphene inhibits spread of COVID-19 according to independent report
Companies: ADT AEX ATYM JAY CNR CUSN PAT POW KAT URU VRS
Bluejay Mining* (JAY LN) – BUY, Valuation 27.4p – Hammaslahti copper-zinc-gold-silver project fieldwork and drilling program starts in Finland | Botswana Diamonds (BOD LN) – Sekaka acquisition | Castillo Copper (CCZ LN) – Copper observed in first holes at the Big One project in Queensland | Endeavour Mining (EDV CN) – Endeavour acquires Teranga and seeks FTSE 100 listing | IronRidge Resources* (IRR LN) – IronRidge appoints new CFO | Panther Metals (PALM LN) – Acquiring gold project near Laverton, WA | Phoenix Copper* (PXC LN) – Structural geological study highlights Red Star potential | Rambler Metals and Mining* (RMM LN) – US$13.25m fund raising and restructuring | Sunrise Resources (SRES LN) – Project summaries | KEFI Gold and Copper (KEFI LN) – Equity raise to progress drilling at Hawiah and funding discussions at Tulu Kapi | Vast Resources (VAST LN) – First Baita Plai copper concentrate sale to be completed with week
Companies: JAY BOD CCZ EDV IRR PALM PXC RMM SRES KEFI VAST
AngloGold Ashanti (ANG SJ) – Operations in Argentina suspended due to COVID-19 | Bluejay Mining* (JAY LN) - BUY - Valuation 27.4p– Rio Tinto sign option to jv with Bluejay on the old Enonkoski nickel/copper/zinc mine in Finland | Bushveld Minerals* (BMN LN) BUY - Valuation 37.7p - Solar Mini-Grid with Vanadium Flow Battery to contribute 10% of Vametco power | Endeavour Mining (EDV CN) / Teranga Gold (TGZ CN) – A potential merger between two West African producers | Hummingbird Resources (HUM LN) – Dugbe project area extended | Lucara Diamonds (LUC CN) – Karowe yields 998 carat diamond | OXIS Energy* – OXIS Energy rolls out program to electrify maritime vessels | Thor Mining (THR LN) – Increasing its holding in EnviroCopper
Companies: JAY BMN TGZ EDV HUM LUC THR
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 | Power Metal Resources* (POW LN) – Application for additional license at Australia gold JV | Strategic Minerals* (SML LN) – Review of Leigh Creek development plan and project economics | Sunrise Resources (SRES LN) – Completion of drill hole at the Clayton silver-gold project | Tri-Star Resources* (TSTR LN) – H1 2020 Results and restoration of trading | Vast Resources* (VAST LN) – GMs scheduled late November including the proposed consolidation of the interest in Romanian assets
Companies: BHP JAY BOD BMN ORR POW SML SRES
Anglo Asian Mining* (AAZ LN) - BUY – 200p – Vejnaly Contract Area under control of Azerbaijan | Amur Minerals* (AMC LN) – NRR shareholders invest $10m in equity | Bluejay Mining* (JAY LN) – Extension to offtake negotiations for Dundas titanium mineral sands | Condor Gold* (CNR LN) – Detailed geotechnical investigations underway at La India | Directa Plus (DCTA LN) – Directa Plus agrees to supply graphene nanoplatelets to NexTech | Empire Metals* (EEE LN) – Deal offers stake in new Mexican gold mine and cash flow while retaining interest in Georgian assets | IronRidge Resources* (IRR LN) – Final Phase-two drilling results at Zaranou Gold Project | Adriatic Metals* (ADT1) – $28m financing to progress Vareš Silver Project | Kodal Minerals* (KOD LN) – Drawdown of financing | Pure Gold Mining (PUR LN) – Drilling results from Red Lake | Sunrise Resources (SRES LN) – Progress reports on Nevada projects | Vast Resources* (VAST LN) – Mining license extended at Manaila and Carlibaba
Companies: AAZ AMC JAY CNR DCTA EEE IRR ADT KOD PGM SRES VAST
Anglo American (AAL LN) – Q3 production recovery | Bluejay Mining* (JAY LN) – Danish Maritime Authority accepts Navigational Safety for Dundas titanium sand mine | Empire Metals* (EEE LN) –– Drilling starts at Eclipse gold project in Kalgoorlie, Western Australia | KEFI Gold and Copper* (KEFI LN) – Tulu Kapi $221m funding consortium update | Hochschild Mining (HOC LN) – Guidance maintained as production rises in Q3 | Serabi Gold* (SRB LN) –– Expansion of Sao Chico exploration area | Trans-Siberian Gold (TSG LN) – 9M20 revenues hit record high on strong gold prices | Vast Resources* (VAST LN) – Baita plant up and running with first concentrate shipment due shortly
Companies: AAL JAY EEE KEFI HOC SRB TSG VAST
Research Tree provides access to ongoing research coverage, media content and regulatory news on Bluejay Mining PLC.
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Trinity has proven the sustainability and resilience of the Company's business model, increasing both production and cash despite significant challenges in 2020. FY20 average production volumes increased 7% on 2019 to 3,226bopd despite no new drilling activity in 2020. Cash at 31 December 2020 was US$20.2m, a 27% YoY increase – driven by strong operating cash flow, and achieved despite a 36% reduction in average oil price realisations versus 2019. Average production volumes in Q4/20 increased by 2% on Q3/20 to 3,206bopd, with Trinity offsetting natural production declines through its rigorous approach to production management. Post-period, the Trinidad and Tobago Government lifted the threshold for the imposition of SPT for small onshore producers from US$50/bbl to US$75/bbl in 2021 and 2022, providing a considerable boost to Trinity's cash generation potential. With a high number of growth initiatives underway across the energy spectrum, Trinity is well positioned to broaden its portfolio and create further value as it looks to further scale the business. We increase our price target to 34p (from 32p), almost 3x the current share price and reiterate our BUY recommendation.
Companies: Trinity Exploration & Production Plc
Gas composition data from the Kyalla 117 well has confirmed the presence of liquids-rich gas within the Lower Kyalla Shale, with less than 1% CO2. Analysis of the Kyalla 117 well has shown that the gas stream contains c65% methane gas, with c33% being other liquid gases such as ethane and butane. The analysis also supports the view that the Kyalla gas stream will have elevated LPG and condensate yields. Operations are scheduled to recommence at Kyalla 117 at the beginning of the dry season in Q2/21 and will initially focus on flowing back sufficient hydraulic fracture stimulation water to allow the Kyalla 117 well to flow continually without assistance.
Companies: Falcon Oil & Gas Ltd.
Oil slid by the most in three weeks as a stronger dollar and weak US economic data stoked concerns over an economic rebound.
Futures in New York tumbled 2.3% on Friday after a rally in oil earlier in the week pushed the benchmark into overbought territory. The US dollar strengthened, reducing the appeal of commodities priced in the currency. US consumer sentiment cooled more than forecast in January and other economic data such as sluggish retail sales and producer prices also portray the obstacles still facing the country as it emerges from the pandemic.
Meanwhile, President-elect Joe Biden said he will ask Congress for $1.9 trillion to fund immediate relief for the US economy that has been pummelled by the pandemic. But the large price tag and inclusion of initiatives opposed by many Republicans set up the aid package for a drawn out legislative battle.
Despite the pullback in oil futures, vaccine breakthroughs and Saudi Arabia's pledge earlier this month to deepen output cuts are expected to support prices. JPMorgan Chase & Co said a “nasty deficit” could emerge in the oil market later this year.
Meanwhile, technical indicators had been flashing warnings signs all week. The 14-day Relative Strength Index for both US and global benchmark crude futures traded above 70 this week in a sign they were overbought, though both slipped under that level Friday.
West Texas Intermediate for February delivery fell $1.21 to settle at $52.36 a barrel. Futures rose less than 1% this week.
Brent for March settlement lost $1.32 to end the session at $55.10 a barrel. The contract fell 1.6% during the week.
The market's structure has also softened. Brent's prompt timespread dipped back into contango on Friday, a bearish structure where nearby prices are cheaper than later-dated ones.
This week has seen the annual commodity index rebalancing take place -- a move that was expected to see as much as $9 billion flow into the oil market. Since it began last Friday, there has been a surge in so called trading-at-settlement volumes, an instrument often used by participants with index exposure. For Brent, average volumes over the last five days have reached a record.
Other oil-market news:
Companies: FO PRP 88E DGOC EME TRIN UOG
Foresight Group , the award-winning infrastructure and private equity investment manager to IPO on the Main Market (premium). The Offer will primarily comprise a sale of shares by existing shareholders (c.80% of the Offer) with a smaller offering of new shares (c.20% of the Offer) to be issued by the Company. Details TBA. Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.
Companies: TYM W7L BEG CRPR EUZ IRR CMCL FARN KETL AUG
Panoro Energy (PEN NO)C; Target Price: NOK23.00: BW Energy (BWE NO) provides update in Gabon – BW indicated that 4Q20 gross production from the Tortue field was ~13,500 bbl/d, as an 11 day downtime took place in October for the annual maintenance program and to comply with Gabonese production allocations to meet OPEC quotas. A drilling contract for one development well (DTM-7H) and one exploration well has been recently awarded. There is also the option for another exploration well subject to the results of the drilling campaign.
Pharos Energy (PHAR LN)C; Target Price: £0.40: Raising US$11.7 mm of new equity – Pharos has raised US$11.7 mm of new equity price at 19.25 p per share. The proceeds will be invested in Egypt to arrest production decline and boost production ahead of securing a farm in partner.
IN OTHER NEWS
ExxonMobil (XOM US): Dry hole in Guyana – The Hassa wildcat on the Stabroek block was dry.
Gran Tierra Energy (GTE LN/CN): Transaction to divest shares in PetroTal terminated – Gran Tierra, has terminated the purchase agreement with Remus Horizons regarding the proposed sale of 218,012,500 common shares in the capital of PetroTal. In a separate announcement Gran Tierra reported that 109 mm shares with private purchasers for US$14.8 mm
Kosmos Energy (KOS US/LN): Discovery in the US Gulf of Mexico – The Winterfell well on the Green Canyon Block 944 encountered ~26 meters of net oil pay in two intervals in the sub-salt Upper Miocene. The well de-risks prospectivity in several neighbouring blocks held by Kosmos, with approximately 100 mmbbl of gross potential within Kosmos' acreage position.
Pantheon Resources (PANR LN): Acquisition of acreage in Alaska - Pantheon Resources is acquiring 10.8% WI in each of the 16 leases in the 44,463 acre Talitha Unit from Otto Energy. The consideration consists of 14,272,592 shares of Pantheon. Upon completion of the acquisition, Pantheon will own a 100% WI in the Talitha Unit.
Predator Oil & Gas (PRD LN): Operation update in Trinidad – The Pilot CO2 EOR results support pre-injection desktop production plateau forecasts of 243 -547 bbl/d from the Herrera #2 Sand. The CO2 sequestration potential is confirmed. At WTI oil price of US$50/bbl, projected EBITDA net-backs for the P50 and P10 pre-Pilot CO2 EOR production profiles at plateau production are estimated to be in the range US$15 – 25/bbl.
Trinity Exploration & Production (TRIN LN): Operating update in Trinidad – 4Q20 production was 3,206 bbl/d. Trinity held net cash of US$17.5 mm at YE20.
Westmount Energy (WTE LN): Acquiring further interest in Guyana explorer – Westmount has purchased 287,500 common shares in JHI for an aggregate cost of C$718,750. Westmount holds a total of 5,651,270 shares in JHI, representing ~7.7% of the issued common shares in JHI. Drilling operations at the first well in the Canje drilling campaign, Bulletwood-1, are ongoing, with completion of the well anticipated around mid to late February. Additional Canje drilling will follow-on in 1H21.
Aker BP (AKERBP NO): Trading update in Norway – Aker BP produced 223.1 mboe/d in 4Q20. FY20 capex was US$1.3 bn, exploration spend was US$246 mm and abandonment spend was US$178 mm. YE20 net debt was US$3.6 bn.
Cairn Energy (CNE LN): Trading update – FY20 net production at Catcher and Kraken was just over 21,000 bbl/d, in line with guidance. FY20 cash capex was US$160 mm. FY21 net production is estimated to be 16,000 – 19,000 bbl/d with capex of US$85 mm (including US$10 mm at Kraken and Catcher). At YE20 Cairn held US$570 mm in cash with no drawn debt. In 2021, Cairn is planning to drill an exploration well on Block 10 in Mexico and there is an optional drilling opportunity for an appraisal well of the Saasken discovery (Cairn 15% WI). In the UK, Cairn will participate in the Shell-operated Jaws exploration well on P2380 (Cairn 50% WI). In Côte d’Ivoire, Cairn has assumed Operatorship (90% WI) in blocks CI-301 and CI-302 from Tullow which has exited both licences. The JV has exited blocks CI-518, CI-519, CI-521 and CI-522 effective end December 2020.
ExxonMobil (XOM US): Progress at selling UK assets – Media reports indicated that ExxonMobil has entered exclusive discussions with HitecVision/NEO Energy with regards to the divestment of Central and Norther North Sea assets.
Repsol (REP SM): Trading update – 4Q20 production was 628 mboe/d.
Norway: Exploration licence award – Norway has awarded 61 licences to 30 companies. Equinor, Aker BP, Lundin Energy, DNO, Neptune Energy, Wintershall DEA, OKEA Energy, Var Energy and Spirit Energy were awarded interests in respectively 17, 10, 19, 10, 6, 16, 4, 10 and 3 licences.
Serica Energy (SQZ LN): Operating update in the UK North Sea – Estimated FY20 net production from Serica's interests in Bruce, Keith, Rhum (BKR) and Erskine averaged 23,800 boe/d. With regards to the R3 operations, the removal of the 2005 completion is taking longer than anticipated due largely to the unexpectedly poor condition of the equipment being recovered from the well. As a result, R3 operations are now expected to continue into March 2021.
Union Jack Oil (UJO LN): Further acquisition of interests in UK asset – Union Jack Union is acquiring a 15% interest in PEDL253, containing the Biscathorpe project from Humber Oil & Gas, increasing its interest to 45%. The consideration consists of £0.5 mm in cash plus a contingent payment of £0.5 mm.
FORMER SOVIET UNION
JKX Oil & Gas (JKX LN): Operating update in Ukraine and Russia – FY20 production was 10,238 boe/d including 5,389 boe/d in Russia and the balance in Ukraine. JKX held US$24.5 mm in cash at YE20. IG146 was completed to the Devonian in Ignativske (Ukraine) and encountered 2.6 m of net hydrocarbon bearing thickness. After initially testing of the IG146 well at an oil rate of 497 bbl/dd and a gas rate of ~200 boe/d in November the rate declined and the well is currently producing 35 boe/d.
MIDDLE EAST AND NORTH AFRICA
Apex International Energy: Discoveries in Egypt – The SEMZ-1X well discovered Bahariya oil with 17 feet of indicated pay and and tested at a rate of 100 bbl/d. The well will be fracced to maximize flow rate. The SEMZ-11X well encountered 65 feet of oil pay in the Cretaceous sandstones of the Bahariya and Abu Roash G formations. Testing of the Bahariya resulted in a peak rate of 2,100 bbl/d of oil and no water.
DNO (DNO NO): Operating update – FY20 WI production was 95,100 boe/d including 17,300 boe/d in Norwar and the balance in Kurdistan. FY20 capex was US$515 mm increasing to US$700 mm in 2021. DNO held US$475 mm in cash at YE20. The KRG has put a plan in place to make payments towards DNO’s arrears (US$259 mm) such that if Brent prices exceed US$50/bbl in any month, the incremental revenue will be shared 50 50 between the KRG and the Tawke license partners.
Energean (ENOG LN): Trading update – FY20 pro forma WI production was ~48.3 mboe/d with pro forma capital expenditure (including exploration expenditure) of US$558 mm. FY21 production is expected to be 35.0 40.0 mboe/d with capex of US$515 – 590 mm,
Genel Energy (GENL LN): Operating update in Kurdistan – Gross operated production from the Tawke licence averaged 110,300 bbl/d in 2020, about evenly split between the Tawke and Peshkabir fields. FY20 production at Taq Taq was 9,670 bbl/d with a production rate of 8 mbbl/d at YE20. Sarta produced 520 bbl/d. The Sarta-3 well has produced at an average of ~5,500 bbl/d so far in 2021. Production from Sarta-2 is now expected in February. The 2021 appraisal drilling campaign is targeting a material portion of the 250 mmbbl of existing contingent resources, and prospective resources, in Jurassic formations. The Qara Dagh 2 well is expected to be spudded in 1Q21. FY21 WI Production is expected to be slightly above FY20 (31,980 bbl/d) with capex of US$150-200 mm. Genel held US$354 mm in cash (net cash of US$10 mm) at YE20. The KRG has submitted a reconciliation model for repayment of the receivable relating to the US$159 mm in unpaid invoices, whereby for each cent above a monthly dated Brent average of US$50/bbl, 0.5 cent per working interest barrel shall be paid towards monies owed.
TransGlobe Energy (TGL LN): Operating update – Production averaged 12.4 mboe/d (including 11,178 boe/d in Egypt) in 4Q20 and 13.5 mboe/d during FY20. At YE20, TransGlobe held >US$30 mm in cash and had no net debt.
BW Energy (BWE NO): Equity raise – BWE has raised US$75 mm of new equity priced at NOK27 per share, representing a 9.5% discount to the previous day close. The net proceeds will be used for capital investments in the Dussafu licence in Gabon, development of the Maromba discovery in Brazil, new ventures and for other general corporate purposes.
Total (FP FP) and Royal Dutch Shell (RDSA/B LN): Divestments in Nigeria – Oil Mining Lease (OML) 17 in the Eastern Niger Delta, and associated infrastructure, have been sold to TNOG Oil and Gas for a consideration of US$533 mm net to Shell (30% WI) and US$180 mm net to Total (10%).
EVENTS TO WATCH NEXT WEEK
27/01/2021: Tullow Oil (TLW LN) – Trading update
28/01/2021: Lundin Energy (LUNE SS) – 4Q20 results
Companies: AKERBP CNE DNO ENOG XOM GENL GTE JKX KOS PEN TAL PHAR REP RDSA SQZ FP TGL
Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performance of commodity prices –rhodium, palladium and platinum. We see this as still only the start for Jubilee as we look forward to the first copper oxide concentrates from the Roan project in Zambia to the Sable Refinery – where the Roan plant is currently under construction. Once again we are struck by the speed at which Jubilee moves to advance its projects and, with its South African cash engine showing no signs of slowing down. Jubilee can choose to move its wider ambitions in Zambia forward from internally generated cash flow. On the back of the strong performance we put our forecasts under review.
Companies: Jubilee Metals Group PLC
Central Asia Metals (CAML LN) has reported Q4 2020 production with 3,365t of copper taking full year output to 13,855 in line with our forecast of 13.9kt and at the top end of guidance. Q4 lead output was 7,442t meaning 29,741t over the full year, up 2% YoY and in line with our forecast of 30kt while zinc output of 5,848t took full year output to 23,815t again in line with our forecast of 24kt and up 2% YoY despite the disruption at Sasa which CAML has overcome rapidly as we expected.
Companies: Central Asia Metals Plc
Salt Lake Potash Lake Way Project is nearing completion with the Process Plant and NPI well advanced. The overall project, including all on-lake infrastructure, was 81% complete on 31 December 2020.
The Project remains on track for first SOP production in March 2021 and first SOP sales in April, with the project capital budget unchanged at A$264m. Funds from the first US$105m tranche of the Project Development Facility have been received enabling repayment of the US$45m Bridge Facility and completion of project construction.
The Process Plant was 88% complete on 31 December 2020 (on an earned value basis). Approximately 27kt of potassium rich kainite and schoenite salts have been harvested for commissioning plant feed from the Train 1 cells. Harvesting activities will re-commence in March ahead of plant commissioning. Process Plant commissioning is expected to commence in February with introduction of first feed salts to the plant in March.
Companies: Salt Lake Potash Limited
Companies: AAZ AAU CNR GLEN RIO TSG CCZ IRR
Results from the 2020 soil-till sampling campaign have been reported today and are positive with widespread anomalous gold values, including the highest soil-till assay results to date, along strike to the east and west of BAM Gold for a total length of 8 kilometres. Numerous new drill targets have been identified which have the potential of being advanced into additional resources to continue the rapid growth of the BAM Gold Project. Drilling has commenced in the area to the west and has intersected similar geological lithology and mineralisation to BAM Gold.
The drilling programme for 2020-21 at the BAM Gold Deposit is progressing as planned with a total of 6,518 metres of HQ diamond core, comprising 30 drill holes, completed to date. All drill holes have successfully intersected prospective mineralised zones associated with the BAM Gold Deposit. The drill core has been logged, processed, and sent to ALS Minerals of Thunder Bay for analysis to date. Assay results are pending, with increased exploration activity in Canada, the labs are full, with assays now taking 7-8 weeks. The current funded drilling programme is expected to complete in April 2021.
Companies: Landore Resources Limited
AEX Gold Inc (AEXG LN) –Operational update
Cornish Metals* (CUSN LN) – AIM Admission – Writing the next chapter in Cornwall's long mining history
Cornish Metals* (CUSN CN) – CLICK FOR PDF
Europa Metals Limited (EUZ LN) – Drilling starts at Europa's Toral zinc, lead, silver project in Spain
Caledonia Mining* (CMCL LN) – Record mine production at Blanket
GoldStone Resources (GRL LN) – Settlement of Claim by Former Director
IronRidge Resources* (IRR LN) – Further results from Zaranou gold exploration project, Cote d'Ivoire
Oriole Resources (ORR LN) – Exploration projects update
Tertiary Minerals* (TYM LN) – New copper exploration project in Nevada
Companies: CUSN CMCL AEX GRL ORR TYM EUZ IRR
Pantheon announced that it is acquiring the 10.8% of the Talitha Unit it does not already own, bringing its interest to 100% in the unit. The vendor, Otto Energy Alaska, will be provided with 14,272,592 shares in Pantheon Resources as consideration. The company continues to drill ahead with the Talitha#A well. The transaction is value accretive for Pantheon and we increase our fair value estimate to 89p from 83p. As a reminder, our fair value estimate includes 25% of our successcase valuations in respect of two of the four targets that the Talitha#A well is intended to evaluate, namely, the Talitha Brookian Shelf Margin Deltaic and the Talitha Kuparuk
Companies: Pantheon Resources plc
Anglo Asian Mining* (AAZ LN) – STRONG BUY – Update on Restored Contract Areas
Chaarat Gold* (CGH LN) – Kapan production beats guidance and delivers $19m EBITDA
Sunstone Metals (STM AU) – Drilling results from the Espiritu gold-silver prospect in Ecuador
Tertiary Minerals* (TYM LN) – Sale of data on Finnish project
Versarien* (VRS LN) – Interim results
W Resources (WRES LN) – La Parilla Q4 production
Companies: AAZ CGH WRES TYM VRS STM
Today's news & views, plus announcements from RIO, EXPN, BLND, GLEN, PFD, HMSO, WG, WJG, HOTC, KAPE, QTX, BOOM
Companies: Rio Tinto plc
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