SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: Iron ore climbs to $131/t as China revives construction industry

SP Angel Morning View: Base Metals climb on reports of US$157bn construction stimulus in China

Morning Note – 14 November 2023

Caledonia Mining Corporation - Q3/23 back on track

Caledonia had a strong Q3 after a troubled first half, with Blanket firmly back on track and running as expected. Management has reiterated its FY23E gold production guidance for Blanket of between 75,000-80,000oz but at increased costs, as while costs came down from Q2/23, it is not enough to bring back down to full year numbers, while electricity and labour costs remain high. Caledonia has received an offer to buy the solar plant. Nothing is firm and no consideration was disclosed but this sho

LIBERUM: Caledonia Mining: Oct'23 production of 6.9koz is further evidence of sustainable turnaround

LIBERUM: Caledonia Mining: Q3'23 sees production record; FY23 production target achievable, we believe

Morning Note – 11 October 2023

Caledonia Mining Corporation - Blanket back on track

Caledonia has announced its highest-ever quarterly gold production from its Blanket Mine in Zimbabwe, at 21,772oz in Q3/23 (100% basis). After a fairly troubled first half, Blanket made a significant turnaround in Q3, with a 25% increase in production over Q2, and 3% increase YoY, and is firmly back on track and running as expected. Management has reiterated its FY23E gold production guidance of between 75,000-80,000oz. Gold produced in the nine months to the end of Q3 was 55,244oz. We currently

SP Angel Morning View: Risk sentiment picks up as US avoids shutdown

SP Angel Morning View: Copper climbs as US dollar weakens on soft inflation expectations

LIBERUM: Caledonia Mining: Blanket production in July was c.94koz annualised, FY23 guidance reiterated

Cenkos: Caledonia Mining Corporation Plc -- Blanket hopefully back on track

Caledonia reported another poor quarter with production of 18,512oz and gross revenues of $37.03m (Q2/22 $36.99m). Gross profit of $10.9m, was down a 39% on Q2/22 ($17.9m). Blanket contributed $13.1m, but waste-stripping at the Bilboes oxide operation, had a negative impact and will be returned to care and maintenance. The waste-stripping will be required to access the sulphide mineralisation when the sulphide project is in operation, so not a total loss. EBITDA (excluding asset impairments, dep

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

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore per

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Hybridan Small Cap Feast - 01/12/23

1st December 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 obje

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Morning Note – 28 November 2023

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received

Andrada Mining: Model update ahead of interim results as regional exploration and lithium pilot plant make solid progress

Andrada Mining (“Andrada”; “ATM”) will report interim results over the coming weeks, having reported improved tin output from Uis for the quarter to August and solid progress on the commissioning of the new lithium pilot plant. We expect this plant to prove the commercial viability of producing a lithium petalite concentrate from Uis’ existing V1/V2 open pit and should also provide flexibility to unlock the full value of ATM’s other pegmatite orebodies, both at Uis and the Company’s wider portfo