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AfriTin Mining (ATM LN) – Funding for Uis mine ‘Continuous Improvement Project'
Atalaya Mining (ATYM LN) – Drilling results from Masa Valverde
Caledonia Mining (CMCL LN) – Quarterly dividend
Firefinch (FFX AU) Suspended – 29m shares in Leo Lithium sold for A$13m
Rio Tinto (RIO LN) – Guinea threatens to cut out Rio & partners from Simandou
Mkango Resources* (MKA LN) – Feasibility study demonstrates post-tax NPV10 of $559m for Songwe Hill
Serabi Gold* (SRB LN) – Discovery of copper/moly/gol
Companies: MKA CMCL ATM RIO SRB ATYM FFX
Caledonia Mining Corporation delivers high yield exposure to the gold sector with increasing production from the 64% owned Blanket Gold Mine in Zimbabwe. With an improving political situation, Caledonia offers the in-country experience to capitalise on production backed exploration in a significant under-explored African greenstone belt. We value Caledonia on a base case in the region of $233m or £14.80/share, on a long-term $1,750/oz gold price and assuming a 12% discount rate. With a focus on
Companies: Caledonia Mining Corporation PLC
Caledonia Mining Corporation delivers high yield exposure to the gold sector with increasing production from the 64% owned Blanket Gold Mine in Zimbabwe. With an improving political situation, Caledonia offers the in-country experience to capitalise on production backed exploration in a significant under-explored African greenstone belt. We value Caledonia on a base case in the region of $233m or £14.85/share, based on a long-term $1,750/oz gold price and assuming a 12% discount rate. With a foc
Altus Strategies* (ALS LN) – Agdz mining license secured
Caledonia Mining* (CMCL LN) – Record Q1 gold production from the Blanket mine, Zimbabwe
Goldstone Resources* (GRL LN) – Ramping up at Homase – Link to yesterday's note
Oriole Resources (ORR LN) – £403,000 HMRC rebate
Rambler Metals & Mining* (RMM LN) – Virtual presentation of Q1 operational results
URU Metals* (URU LN) – High-grade gold discovered in drilling beneath Zebediela nickel PGM project near
Companies: CMCL ALS GRL ORR RMM URU
Caledonia Mining (CMCL LN) – Quarterly dividend
Conroy Gold & Natural Resources (CGNR LN) – Additional prospecting licences awarded
Endeavour Mining (EDV LN) – Plan to add BiOx plant at Sabodala-Massawa mine
Gemfields (GEM LN) – Auction of emeralds from Kagem
Power Metal Resources* (POW LN) – Drilling confirms gold mineralisation at Tati project
Companies: GML CMCL EDV CGNR POW
Altus Strategies* (ALS LN) – BUY, 111p – Last batch of Diba and Lakanfla drilling results with MRE and PEA update planned in due course
Ariana Resources (AAU LN) – Kiziltepe production guidance
Atlantic Lithium* (ALL LN) – Drilling commences at Ewoyaa Lithium Project
Bushveld Minerals* (BMN LN) – BUY, Valuation 31p – Board changes and new NEDs
Caledonia Mining* (CMCL LN) – Turning attention to other projects in Zimbabwe following successful rejuvenation of the Blanket mine.
Companies: CMCL ALS AAU BMN EEE GEMD RBW ALL
Amur Minerals* (AMC LN) – No impact from US and European sanctions
Anglo American (AAL LN) – Threefold rise in attributable profit in 2021
Bluebird Merchant Ventures (BMV LN) – Bluebird in discussions with former jv partner on progressing gold projects to production
Caerus Mineral Resources (CMRS LN) – Cypriot exploration
Caledonia Mining* (CMCL LN) – Hedging agreement
Empire Metals* (EEE LN) – Flash Note – Tribute Agreement signed & drilling commenced at Gindalbie Gold Project
Companies: CMCL AAL AMC BMV CMRS EEE EUA TYM TLG
Bushveld Minerals* (BMN LN) – Potential sanctions against Evraz may disrupt vanadium supply as demand drives prices higher
Caledonia Mining* (CMCL LN) – Fatality at the Blanket mine
Europa Metals Limited (EUZ LN) – H1 2022 work plan for Toral project
MP Materials (MP US) – Dept. of Defense awards $35m for HREE separation facility
Rio Tinto (RIO LN) – Record 2021 financial performance fueled by global recovery and strong commodity prices
Companies: MP CMCL BMN RIO EUZ
No Joiners Today.
ASOS has left AIM to join the Main Market. Minds and Machines Group has left AIM.
What’s cooking in the IPO kitchen?
URA Holdings, a London based mining exploration and development company, intends to list on the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator
Companies: YU/ THR IGE CZA SPA BKS BRD CMCL CCS IGAS DDDD
AngloGold (ANG SJ) – Full-year profit drops on raising costs & lower output
Antofagasta (ANTO LN) – Strong 2021 reflects buoyant copper prices despite Chilean drought and Covid19
BlueRock Diamonds* (BRD LN) – Recovery of 11.95ct diamond worth >$100,000
Caledonia Mining* (CMCL LN) – Fatality at the Blanket mine
Cornish Lithium (Private) - IGAS Energy (IGAS LN)– Heads of Terms signed with Cornish Lithium to develop geothermal heat projects
Petra Diamonds (PDL LN) – Diamond price recovery hel
Companies: CMCL ANTO BRD IGAS PDL VRS TSO ANG
Altus Strategies* (ALS LN) – BUY, 111p – Marvel Gold JV update
Arkle Resources* (ARK LN) – Drilling to resume at Stonepark
Aura Energy* (AURA LN) – Chairman's letter to shareholders
Caledonia Mining* (CMCL LN) – Board appointment for the COO
Kore Potash* (KP2 LN) – Final optimisation study results due Q1/22 followed by a potential funding proposal in H1/22
Tirupati Graphite (TGR LN) – Tirupati progress pilot processing plant to commercial scale
Sunstone Metals (STM AU) – gold & copper i
Companies: AEE CMCL ALS ARK KP2 TGR STM TIE
Ariana Resources (AAU LN) – 2021 production guidance exceeded
Atlantic Lithium* (ALL LN) formerly IronRidge* (IRR LN) – High-grade infill drilling results at Ewoyaa
BlueRock Diamonds* (BRD LN) – Wet season dampens Q1 outlook as mine ramps up production to new levels
Caledonia Mining* (CMCL LN) – Blanket mine achieves record gold production in 2021 to exceed production guidance
Petra Diamonds (PDL LN) – H1 ends on positive diamond industry outlook and strong prices
Rio Tinto (RIO LN) – 2021
Companies: CMCL AAU BRD PDL RIO ALL
Research Tree provides access to ongoing research coverage, media content and regulatory news on Caledonia Mining Corporation PLC.
We currently have 200 research reports from 8
Forecast and valuation update
Companies: IOG PLC
Companies: Savannah Energy Plc
With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market
Companies: Zenith Energy Ltd.
Alternative Resource Capital
We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.
Companies: Pantheon Resources plc
Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems
Companies: Chariot Limited
RCS-1 flow testing results
Companies: Arrow Exploration Corp.
Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve
Companies: Trinity Exploration & Production Plc
EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.
Companies: EQTEC PLC
• Section II of the Northern Peruvian Pipeline has been temporary re-opened.
• As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time.
• PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r
Companies: PetroTal Corp.
Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th
Companies: Wentworth Resources PLC
Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final
Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re
Companies: Bushveld Minerals Limited
• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22.
• The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view.
• The company currently holds US$26 mm in cash and no debt. This is in line with our expectations.
• TPDC continues to be current with regards to receivables.
• We re-iterate our target price of £0.45 per share.
Steady growth and dividend
Our Core NAV for the company based on its 2P reserves only i
Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h
Companies: Savannah Resources Plc