SP Angel Morning View: Copper extends gains on production cut optimism as hedge funds ramp up bullish bets

SP Angel Morning View: Nickel prices rise as Indonesia accelerates supply restrictions

SP Angel Morning View: China kickstarts construction with >8,200 ‘whitelisted' residential developments

Bushveld Minerals: Vanchem site visit, Orion loan note refinanced

H&P recently visited Bushveld Minerals’ (“BMN”) Vanchem plant located to the east of Johannesburg, where BMN’s new management team has implemented several initiatives to improve operational consistency. In its full year 2023 Operational Update, BNM announcedQ4’23 production of 925tV at a cash cost of US$27.3/kg, with FY23 production of 3,714tV at a cash cost of US$26.6/kg, alongside sales of 4,051t due to inventory sell down. Group production guidance for 2024 was 4,300tV-4,500tV, however the d

SP Angel Morning View: Fed reiterates dovish outlook but not expecting first rate cut in March

Arkle Resources* (ARK LN) – Drilling results from Inishowen, Donegal Bushveld Minerals* (BMN LN) – Orion convertible loan refinancing completed Ferr-Alloy Resources (FAR LN) – Revised Balasausqandiq Vanadium Project FS timing Galileo Resources (GLR LN) – Additional targets identified in the Kalahari Copperbelt, Botswana Gem Diamonds (GEMD LN) – Production volumes hold up at Letšeng while average prices come under pressure Glencore (GLEN LN) – Stronger H2 production volumes across most commo

BUSHVELD: coverage dropped

We have dropped our coverage of Bushveld owing to internal reorganisation. Our valuation range and estimates are therefore no longer valid.

SP Angel Morning View: US Steel production rises as India takes up China surplus

SP Angel Morning View: 22% growth in EVs in 2024 should drive strong demand for battery metals

SP Angel Morning View: Metal prices rangebound as market digests impact of Red Sea attacks

SP Angel Morning View: Metals steady as focus turns to US for key inflation data and rate guidance

Bushveld Minerals: GM vote approves share issue strengthening balance sheet and laying foundation for 2024 growth

Bushveld Minerals (“BMN”) has announced the result of its General Meeting (GM) that approved the issue of shares in relation to the recently announced financing, Black Economic Empowerment (‘BEE’) restructuring, Southern Point Resources (‘SPR’) financing, and the shares to be issued to Orion in relation to the convertible restructuring. Following this series of transactions, the total number of shares issued should increase to 2.311bn of which 670,000 will be held in treasury. We view this as a

SP Angel Morning View: Fed casts caution on interest rate cuts as focus shifts to key inflation data

SP Angel Morning View: China industrial output growth of 6.6% leading copper prices higher

SP Angel Morning View: Underwhelming Chinese economic conference results weigh on metal prices

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

LIBERUM: New Energy Nuggets: Hydrogen - the future is green

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

i3 Energy - RBL Facility Refinances Trafigura Amortising Facility & Year-end Reserves Update

i3 Energy has announced that it has refinanced its Trafigura straight-line amortising facility with a traditional RBL facility provided by a Canadian chartered bank. We believe that i3 Energy's shareholders stand to benefit considerably from the restructured balance sheet because it is significantly better adapted to the company's needs, in our opinion. We believe the new RBL facility will free funds for growth and provide better long-term balance sheet stability, while significantly reducing in

Serinus Energy+ (SENX, House Stock at 3p) - FY23A results

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

Is there a “big-picture” change in the cards?

We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.