SP Angel Morning View: Base metals tick lower on US dollar strength and Covid lockdowns on China east coast

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

Cenkos: Caledonia Mining Corporation Plc - Six years later… it's a new mine

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

Cenkos:Caledonia Mining Corporation - Yield and Growth

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

SP Angel Morning View: US$ index at two year high ahead of US inflation data later today

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

SP Angel Morning View: Base metals rise as covid and sanctions disrupt market

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

SP Angel Morning View: Gold prices climb despite Fed rate hike on safe haven demand

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. Empire Metals*

SP Angel Morning View: Gold and oil jump as Putin invades Ukraine

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 Eurasia Mi

SP Angel Morning View: Russia drives global energy inflation higher as troops march into DNR/LNR

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

Hybridan Small Cap Feast 22/02/2022

Joiners: No Joiners Today. Leavers: 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

SP Angel Morning View: Oil and gold surge as Russian troops enter DNR/LNR

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

SP Angel Morning View: Metals rise as China cuts rates and extends new infrastructure

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

SP Angel Morning View: Lithium, nickel and tin prices continue to rise despite pullback in copper

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

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

IOG - Production update

Production update

Exceptional transformation… and it may be just a beginning

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

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

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.

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

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

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

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

EQTEC - Key Milestone for Southport

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.

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• 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

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

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

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

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

Vanchem Kiln 3 up and running as path mapped to longer-term consolidated target of 8,000t V pa

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

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 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

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

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