SP Angel Morning View: Gold and copper prices continue to rise as US inflation slows

Caledonia Mining* (CMCL LN) – Blanket mine delivers almost 20% production increase in 2022 First Quantum Minerals (FM CN) – Progress on Cobre Panama Griffin Mining Ltd (GFM LN) – Q4 Results and Full Year Production 2022

Caledonia Mining (CMCL) – Corporate – Record annual gold production and 2023 guidance

Caledonia announces today record gold production for 2022 from its Blanket mine in Zimbabwe at the upper end of its guidance at 80.8koz gold – a 20% increase on 2021 gold production with the Central Shaft project finally complete and commissioned. The final quarter was a record 21koz showing that the Blanket mine can operate in excess of 80koz/yr for periods which we see as confidence in new forward guidance. For 2023, Caledonia sees Blanket producing 75-80koz, with a second product

LIBERUM: Caledonia Mining* - Major milestone of 80koz hit

Cenkos: Caledonia Mining Corporation Plc -- Record Production

Following a record year in 2022 with over 80,000oz produced Caledonia released its production and cost guidance for 2023. The Company is forecasting production of 90-97,000oz of gold (including Bilboes oxides), on-mine costs of US$900-1,000/oz and capital expenditure at Blanket and at the Bilboes oxides project of US$30.9m. While the blended costs look high, Blanket costs are in-line with our previous model and Bilboes oxide operation adds additional ounces for relatively low capex and will effe

LIBERUM: Caledonia Mining* - Bilboes bagged: potentially transformative acquisition completed

Caledonia Mining (CMCL) – Completion of the acquisition of the Bilboes Gold project

Caledonia announces today that is it has completed the acquisition of the Bilboes Gold project in Zimbabwe. All pre-conditions set in the Agreement announced in July 2022 (RNS 21.07.22) have been met. Subject to adjustment, the total consideration is 5,123,044 shares, approximately 28.5% of the Caledonia's fully diluted share capital, and a 1% net smelter royalty. Based on the last trading day's closing price on the New York Stock Exchange of $12.1/share, and if there is no adjustment, the appro

SP Angel Morning View: Chinese regulators ease property lending rules to support the sector

Arkle Resources* (ARK LN) – Successful £200,000 placing to progress Stonepark zinc drilling programme Asiamet Resources (ARS LN) – Potential cost savings identified at the BKM copper project, Kalimantan Caledonia Mining* (CMCL LN) – Start of solar power supply to the Blanket mine Condor Gold* (CNR LN) – Quarterly results highlight the open-pit mine feasibility study and continuing advances in metallurgy and mineral resources at La India and wider district scale exploration opportunities Cor

LIBERUM: Caledonia Mining* - Solar generation at Blanket from today; could lower on-mine costs by US$37/oz

Cenkos: Caledonia Mining Corporation Plc -- Q3/22 Results

Caledonia announced Q3/22 results with record production of 21,120oz of gold, up 11.4% on Q3/21 (18,965oz) at an AISC of $944/oz. Up 9% on Q3/21 due to inflationary pressures on key consumables with unforeseen repairs and maintenance also impacting on mine costs. Caledonia remain on-track to achieve the top end of FY22E guidance of between 73-80,000oz of gold. Q3/22 gross profit was down to $15.5m due to higher production costs and the lower realised gold price. Q3/22 adjusted EPS 60.7¢ (Q3/21:

LIBERUM: Caledonia Mining* - Q3’22 costs up, but within guidance; solar plant should help curb inflation

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: Morning Comment

LIBERUM: Sylvania Platinum* - Raising guidance on strong half

Alkaid #2 test - follow-on potential project economics

Forecast update

Diversified Energy will report a FY22 update in February and ahead of this we update our estimates for the lower gas price while also highlighting that the group's unique operating model substantially protects it from lower gas prices and higher interest rates, thereby ensuring it remains well placed to pay one of the highest dividend yields in the FTSE350.

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

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

This Week's AIM Highlights 20th January 2023

i3 Energy - Valuation Update

We are adjusting our fair value estimate for i3 Energy to align our commodity price estimates with weaker actual pricing than we had anticipated. We are lowering our 2023 WTI estimate to $84/b from $99/b and lowering our 2023 benchmark US gas price estimate to $5.50/mmbtu from $6.50/mmbtu. We have also updated our model to reflect the capex and production guidance provided by the company on 22 December 2022. Our updated 2023 cash flow from operations estimate amounts to $US109.6M, which equa

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

Q1 2023 Operational Update

Tharisa has released its production report for Q1 2023 today. The quarter has been impacted by unprecedented rainfall at the Tharisa mine. However, the company was able to minimise the impact on production through the use of their stockpiles to maintain plant throughput. PGM and Chrome concentrate production reduced by 6% and 8% QoQ respectively. Gross and net cash have increased by 49% and 29% respectively, in part due to the successful bond raise of US$31.8m and the continued strong free cash

Tungsten West: Revised plan to optimise Hemerdon for higher energy prices & other costs

Tungsten West (“TUN”) has published an updated Bankable Feasibility Study (“BFS”) post its re-optimisation of the Hemerdon project in light of higher energy prices and other key input costs. The revised plan reduces capex by ~£20m and cuts energy intensity, trading this off against slightly reduced tungsten output and lower payabilities. The completion of the BFS is a key milestone on the path to securing project financing. Site refurbishment and staff recruitment activities have continued since

Q4 Production Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer today released a production and operational update for Q4 2022 which was effectively in line with expectations. The Company did just miss its 2022 guidance set 12 months ago (68-76koz) producing 65.2koz but AISC was within the range guided at US$1,270/oz. The CEO, Eric Zurrin, commented that there are numerous initiatives underway for 2023 to optimise production including more open pit mining capacity and an extra underground producti

i3 Energy - Historical evolution of EV/CF multiples in Canadian E&P Sector + Comps

Figure 1 provides the historical EV/CF multiples for selected high-growth peers of i3 Energy operating in Canada. Table 1 provides the EV/CF multiples for our selection of the “best of the best” of Canadian junior E&P stocks, of which i3 Energy is one. We highlight that i) the outlook for the oil price has rarely been so robustly supported into the long-term and ii) the wells being drilled systematically in Canada today are some of the most economic wells being drilled by Canadian E&P companies

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

West Kenya Project Resource Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer has this morning released an update on the resource at its West Kenya Project (WKP). The total resource at WKP has increased from 1.55Moz to 1.7Moz with more ounces in the indicated category – see fig1. Within this is the Kakamega camp which has 1.3Moz grading 10.6g/t of which 722Koz are now in the indicated category.