SP Angel Morning View:

SP Angel Morning View: Gold holds ground near 8-month high as further Fed members call for gentler rate hikes

Atalaya Mining (ATYM LN) – Rio Tinto plant operating above capacity to deliver 2022 copper production above guidance range BlueRock Diamonds* (BRD LN) – Notice of Statutory Demand has now been served on BlueRock Diamonds by Mr Leslie First Quantum Minerals (FM CN) – Copper production rises in Q4 but fails to offset Zambian rains in Q1. Cobre Panamá situation remains uncertain. Great Western Mining (GWMO LN) – Successful completion of £800,000 equity placing to advance mill construction and fu

SP Angel Morning View: Metals pull back on Fed 0.5% rise and prospect of higher rates for longer to combat inflation

BlueRock Diamonds* (BRD LN) – BlueRock plant confirms 90,000tpm throughput is achievable as strip ratio falls to just 1:1 Horizonte Minerals (HZM LN) – Confirmation that the Araguaia ferronickel project remains on schedule and budget Kobold Metals (Private) – Kobold invests $150m into Mingomba jv with EMR Capital Pilbara Minerals Ltd (PLS AU) – Pilbara sells 5.5% spodumene concentrate shipment at US$7,552/dmt eq. $8,299/dmt for 6% SC6 Red Rock Resources (RRR LN) – US$0.5m exploration fundi

SP Angel Morning View: Metals pullback on disappointing Chinese PMI numbers

Aura Energy* (AURA LN) – September quarterly reaffirms that Tiris remains on track for initial uranium production in 2024 and to deliver an updated BlueRock Diamonds* (BRD LN) – Revised guidance predicts strong recovery through Q4 and 2023 following substantial waste removal Castillo Copper (CCZ LN) – Expanding exploration focus at the BHA project to include its REE potential Culpeo Minerals* (CPO AU) – Phase-2 drilling intersects over 250m of visible copper sulphide Oriole Resources (ORR L

SP Angel Morning View: Copper price rallies as supply fundamentals return to fore

BlueRock Diamonds* (BRD LN) – Tim Leslie steps down as negotiations over loan note repayment continue Kavango Resources (KAV LN) – Petrological results at Ditau Zijin Mining (2899HK ) – 30% stake acquired in China's largest gold mine for $554m

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

SP Angel Morning View: US$ jumps as risk appetite pulls back after Russia declares partial mobilisation

BlueRock Diamonds* (BRD LN) – FD steps down Empire Metals* (EEE LN) – AEM survey completed at Pitfield Galantas Gold* (GAL LN) – BUY – TP:54p – Positioned for growth - CLICK FOR INITIATION NOTE Savannah Resources* (SAV LN) – BUY – EIA review update Strategic Minerals* (SML LN) – Interims highlight good control on costs and progress at development projects

SP Angel Morning View: Metals pull back on US dollar gains as hotter than expected CPI

Bluejay Mining* (JAY LN) – Kangerluarsuk survey hones in on most promising zinc, lead, sliver targets for drilling BlueRock Diamonds* (BRD LN) – Victor Dingle takes over as CEO. Rob Croll becomes new non-executive Chairman Central Asia Metals (CAML LN) – Earnings climb on stronger base metal prices and depreciation in Tenge and Denar Empire Metals* (EEE LN) – Interims highlight transformative portfolio expansion KEFI Gold and Copper* (KEFI LN) – Jibal Qutman adjacent exploration licenses sec

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: Gold climbs as China fires ballistic missiles in exercises around Taiwan

BlueRock Diamonds* (BRD LN) – Two large diamonds sold in July tender for $121,716 Botswana Diamonds (BOD LN) – Additional kimberlite identified in recent drilling at Thorny River. Centamin (CEY LN) – Interim results confirm 2022 production and cost guidance Condor Gold* (CNR LN) – Metallurgical test results from La India Galantas Gold* (GAL LN) – Further positive results from Omagh underground drill programme Glencore (GLEN) – Profits take off as higher as rising metals and energy prices dr

SP Angel Morning View: Copper prices continue to fall on recession fears while China maintains Covid Zero policy

Anglo Asian Mining* (AAZ LN) – Ratification of new licenses strengthens development pipeline BlueRock Diamonds* (BRD LN) – Teichmann, T-Three Drilling and three Teichmann employees subscribe for £1.6m of stock Cora Gold (CORA LN) – Sanankoro ESIA submitted to Malian authorities Galantas Gold (GAL LN) – Production imminent with commencing of longhole drilling Savannah Resources* (SAV LN) – Change of CEO and EIA update

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: Copper posts a second monthly loss on Covid lockdowns in China

Aurania Resources (ARU CN) – Identification of 400 years-old mining site downstream of exploration area in SE Ecuador. BlueRock Diamonds* (BRD LN) – Bluerock resets production guidance following heavy rain in Kimberley, South Africa Castillo Copper (CCZ LN) – Cobalt resource estimate at Broken Hill East Leo Lithium (LLL AU) a spin out from the Firefinch Limited, raised A$100m in an IPO to progress development of the Goulamina Lithium Project in southern Mali. Power Metal Resources* (POW LN)

SP Angel Morning View: Gold at four week high as investors assess outlook for Fed rate hikes

Anglo American (AAL LN) – De Beers reports growing demand for its rough diamonds ahead of the usual slower Q2 period Amur Minerals* (AMC LN) – Sanctions update Aston Bay Holdings* (BAY CN) – Ore-sorting provides potential for direct shipping copper ore from the Storm project, Nunavut Atalaya Mining (ATYM LN) – Mineral resource estimates for San Dionisio and San Antonio deposits BeMetals (BMET CN) – Drilling commences at Kato, Japan BlueRock Diamonds* (BRD LN) – Q1 production increases desp

SP Angel Morning View: Base metals continue to rise on ongoing European disruption

Altus Strategies* (ALS LN) BUY, 111p – $1.7m in generated royalties including maiden revenue from Newcrest portfolo Atalaya Mining (ATYM LN) – Mineral resource increase at Masa Valverde BlueRock Diamonds* (BRD LN) – BlueRock sells a further four high-value diamonds in March tender Bushveld Minerals* (BMN LN) – BUY, Valuation 31p – JORC 2012 reserve and resource update demonstrates world class primary orebody Chaarat Gold (CGH LN) – Centerra and the Government of Kyrgyzstan reach an agreement

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Sylvania Platinum - Q124 production up, costs down

Sylvania Platinum is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than we estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital alloca

Arrow Exploration Corp. (AIM: AXL): CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte

• The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. • The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. • The CN-2 well is currently producing 680 bbl/d gross (340 bbl/d net) as the company has set the ESP at the minimum optimum rate to maximize recovery factor. The build-up analysis indicates the well can produce at 1,400 bbl/d gross at

Auctus on Friday - 01/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ

Successful first test at CN-1

Kenmare Resources: Q3 Preview- operations expected to stabilise after challenging H1

Kenmare Resources will release its Q3 trading update on Thursday 12th October. The key focus will be the delivery of operational improvements after a challenging first half, in our view. We estimate heavy mineral concentrate (“HMC”) production in Q3 of 378kt, delivering ilmenite end-product output of 276kt, zircon of 14kt and rutile of 2.2kt. Including solid H1 financial results (reported o 15th Aug), we revise our FY23E EBITDA upwards by 5% to US$236m. Our Dec’24E target price is unchanged at G

Neometals - Primobius process makes high purity nickel sulphate

Neometals has announced that its 50/50 Lithium-ion battery recycling joint venture, Primobius GmbH, has proven that its process can produce battery-grade nickel sulphate from German EV batteries. Nickel sulphate is the largest volume battery material produced in the Primobius process and the second most valuable product. It is a major contributor to ensuring the lithium production operating costs are in the lowest quartile.

Hurricane Energy - Resource downgrade warning

Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes wh

Arrow Exploration (AXL LN) - CN-1 initial well result

Successful initial result of CN-1 well. Arrow has announced a discovery in its CN-1 exploration well on the Carrizales Norte prospect onshore Colombia (Arrow 50%). The well has intersected a total of 148ft of net pay across the Carbonera C7 (26ft), Gacheta (64ft) and Ubaque (58ft) reservoirs.

Arrow Exploration (AXL LN) - CN-1 flow testing update, Q1 2023 results

Successful initial flow test results from Ubaque reservoir. Arrow has announced flow tests from the first of three reservoir levels in its recently drilled CN-1 well - the Ubaque reservoir - drilled on its Tapir block (Arrow 50%) onshore Colombia

Arrow Exploration (AXL LN) - CN-1 well update

Arrow has released an update on its CN-1 well on its Carrizales Norte discovery on the Tapir block in Colombia (Arrow 50%).

Arrow Exploration Corp. (AIM: AXL): Exploration success at Carrizales Norte

• The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. • This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet). Because the reservoirs encountered at CN-1 are slightly deeper than at Rio Cravo, the pressure of the reservoirs is expected

Arrow Exploration Corp. (AIM: AXL): Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d

• The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. • This is a very good result, given that no reserves are booked in the Ubaque. • There is an opportunity to mix the heavy oil from the Ubaque with the C7 light to maximize pricing. • Arrow plans to complete the t

Arrow Exploration Corp. (AIM: AXL): No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected

• The Gacheta zones proved unproductive at the CN-1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. • The Gacheta zones were located above the Ubaque that flowed at rates >1,100 bbl/d. • Arrow will put in production the C7A and C7 zones during the course of next week. These are the primary zones at Carrizales Norte. • Overall, the company’s preliminary interpretation of the CN-1 discovery sug

Arrow Exploration Corp. (AIM: AXL): CN-1 well in production at 1.1 mbbl/d from the C7 sands

• The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting. • During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During the final hour of the test water cut stood at 12%. The water cut has decreased throughout the well test. • This is one of the best initial production rates among the wells dri