Chaarat Gold (CGH LN) – Interim results highlight stronger commodity prices
Condor Gold* (CNR LN) – PEA demonstrates robust economics for La India development
Empire Metals* (EEE LN) – 2,140m RC drill programme commences at Central Menzies
Greatland Gold (GGP LN) – Havieron continues to offer resource expansion potential
Lucara Diamonds (LUC CN) – Karowe underground expansion approved and fully-financed
Companies: LUC CGH CNR EEE GGP
Companies: CGH DEST HDD
Chaarat Gold (CGH LN) – CEO change
Hummingbird Resources (HUM LN) – Komana East Underground drilling results to extend life of mine at Yanfolila
Mkango Resources* (MKA LN) – Mkango to acquire 100% of both Songwe Hill and Magnito & £5.5m raised
Power Metal Resources* (POW LN) – Drilling continues at Silver Peak project
Versarien* (VRS LN) – Results highlight progress in developing graphene applications in multiple initiatives
Companies: MKA CGH HUM POW VRS
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (AAU LN) – Kiziltepe production guidance maintained
Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect
Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
Chaarat announced a strong 1H21 as Kapan produced 25,896 gold equivalent ounces - 13,466 oz gold, 272,635oz silver, 852t of copper and 3,170t of zinc. This resulted in mine level EBITDA of US$13.5m and Kapan’s debt has been reduced to US$24m (Jun). Management has reiterated FY21 guidance of 57koz AuEq.
The main YoY changes were an increase in third-party ore processed - 70kt versus 10kt, and a gold equivalent grade improvement of 12%. Consistent supplies of third-party ore are to be expected go
Companies: Chaarat Gold Holdings Ltd.
Companies: COG CHAR MPE RBG PPC XSG XSG CGH GDR
Last week, Chaarat announced it entered a new Investment Agreement with Ciftay, one of its main engineering and mining contractors at Tulkubash. Previously, under a joint venture agreement, Ciftay earned 12.5% in both Kyrgyz gold projects, Tulkubash (near-term heap leach) and Kyzyltash (large scale underground), in return for US$31.5m of engineering and construction work (eg earthworks, haul road, ROM pad).
The new agreement replaces the JV; it sees Ciftay exchange its project level ownership
SP Angel . Morning View . Tuesday 25 05 21
Fed dovish comments lend support to risk sentiment
MiFID II exempt information – see disclaimer below
Altus Strategies (ALS LN) – 17,500m drilling programme starts at Diba eyeing MRE expansion
Atalaya Mining (ATYM LN) – Proyecto Riotinto East and Masa Valverde exploration
Beowulf Mining* (BEM LN) – MRE upgrade results in 12.5% resource increase at Kallak
Bluejay Mining* (JAY LN) – Drilling starts at Enonkoski in jv with Rio Tinto
Companies: MKA ALS BEM JAY CGH PXC RRR SHG ATYM IRR
Companies: IOF TRMR CGH
Bluejay Mining* (JAY LN) - BUY - Valuation 37.7p – 3,000m drill program scheduled for Enonkoski jv with Rio Tinto in Finland
Chaarat Gold* (CGH LN) – Q1 operational summary and Tulkubash update
Goldplat (GDP LN) – Sale of Kilimapesa gold mine completed
KAZ Minerals (KAZ LN) – Bidders win shareholder support to take miner private
Companies: JAY CGH GDP KAZ
Companies: IOG LOK TSTL AGL TXP CGH
Companies: COG IOG MMX TRCS CGH
Chaarat Gold* (CGH LN) – Endorsements from the government and investment promotion and protection agency
Kaz Minerals (KAZ LN) – Nova raises it total offer to 869p
Sundance Resources - seeks $8.76bn in damages from Congo Republic
Tertiary Minerals* (TYM LN) – Drilling results from the Lucky copper prospect
Companies: CGH KAZ TYM
Arc Minerals* (ARCM LN) – Immediate appointment of Rothschild & Co as financial adviser
Chaarat Gold* (CGH LN) – Fatal incident at Kapan in Armenia
Kodal Minerals* (KOD LN) – Progress report on West African gold exploration
Phoenix Copper* (PXC LN) – Raising £16.45m to develop the Empire mine open pit development project
Trans-Siberian Gold (TSG LN) – High grade Vein 25 mining operations resume after accident investigation is completed
Companies: ARCM CGH KOD PXC TSG
Research Tree provides access to ongoing research coverage, media content and regulatory news on Chaarat Gold Holdings Ltd..
We currently have 91 research reports from 5
Higher metal prices saw CAML achieve a 52% and 131% increase in EBITDA and FCF respectively in the first half of 2021, facilitating an attractive 8p interim dividend declaration (up 2p on H1 2020). The H1 results are tracking our full-year estimates, which if achieved would put CAML on an undemanding EV/EBITDA multiple of just 4x and see the shares yield over 8% at current market price. Given average copper, zinc and lead prices across H2 to date are around 10% higher than our pricing assumption
Companies: Central Asia Metals Plc
Today's raise is a testament to support for Jubilee's copper strategy in Zambia and once again showcases Jubilee's keen eye for value enhancing deals. The increase in ownership in the Tailings projects to produce the raw material for the Sable and Leopard refineries will allow Jubilee to benefit more from the profits generated and also to make choices on development speed and product output to closely match the requirements of the Integrated refineries. Today consolidates Jubilee's position in
Companies: Jubilee Metals Group PLC
EQTEC have confirmed that they have completed acquisition of a 1.2MW gasification plant. The plant is expected to be operational by Q4 2022.
Companies: EQTEC PLC
Central Asia Metals (CAML LN) reported strong interim results as copper, lead and zinc prices extended their gains up 21%, 11% and 12% YTD. H1 2021 revenue of US$101m was up 42% YoY, EBITDA of US$64m was up 52% YoY and the EBITDA margin increased 5pp to 61%. With no significant other charges, net income was up 69% YoY to US$42m. Having marked to market our commodity price assumptions, our estimates are broadly unchanged meaning CAML remains well on track for a record year of earnings underpinned
EQTEC and KIBO Plc have confirmed a strategic partnership in the 25MW Billingham Plant. Kibo are investing £3m to acquire 54.54% of the Project SPV, with the remaining 45.46% owned by EQTEC.
Production and cash holding update
Companies: Hurricane Energy Plc
Companies: Shanta Gold Limited
• The latest horizontal well (BN-8H) has achieved a ten day initial oil production rate of ~7.6 mbbl/d. This is materially above our expectations of ~5 mbbl/d.
• As a result, current oil production is ~ 15.4 mbbl/d, also above our expectations of >13 mbbl/d. This is a very good result and with another development well due to be spudded shortly, the company is well on track to meet its production target of ~16 mbbl/d in 4Q21.
• The results of the BN-8H well could also have positive implications f
Companies: PetroTal Corp.
Oil declined amid Russia's plans to boost upcoming overseas oil sales and as the dollar rallied.
Futures in New York ended the session nearly 1% lower on Friday. Russia will increase its oil exports 3% in the fourth quarter, according to Interfax. Meanwhile, gains in the US dollar reduced investor interest in commodities priced in the currency.
Despite weaker prices on Friday, US benchmark crude futures gained more than 3% this week due to tightening supplies. In the US, crude inventories
Companies: FO 88E DEC EME GTC TRIN UOG WEN
Bluejay Mining* (JAY LN) – BUY, Valuation 37.7p – Analyst call
Central Asia Metals (CAML LN) – H1 performance and strong commodity prices deliver increased interim dividend and early repayment of debt
Eurasia Mining* (EUA LN) – Monchetundra detailed mining plan
Jubilee Metals Group (JLP LN) – Conditional placing to progress Zambian expansion
Empire Metals* (EEE LN) – Strategic technical review commenced at Eclipse project
Renascor Resources (RNU AU) – Major project status awarded by Austr
Companies: JAY CAML EEE EUA WRES JLP RNU
Companies: Union Jack Oil Plc
Despite the significant ongoing challenges posed to the business as a result of the COVID-19 pandemic and the sudden passing of founder and Executive Chairman, Bruce Dingwall, Trinity has released a strong set of interim results, with the Company's resilient production and strong balance sheet providing a solid foundation from which it can meaningfully scale the business. Higher oil price realisations during H1/21 more than offset an 8% natural decline in production, leading to a 69% increase in
Companies: Trinity Exploration & Production Plc
• Pharos is farming out 55% WI in El Fayum and North Beni Suef to IPR Energy. In return IPR will fund US$38.425 mm of Pharos’ retained share of the costs of future activities, equating to funding a ~US$85 mm gross programme (opex + capex). In addition, IPR will pay US$5 mm in cash on closing and a contingent consideration of US$0.175 mm for each US$1 over US$62/bbl (with a cap of US$92/bbl) each year from 2022 to 2025. This represents a potential additional consideration of U$20 mm (US$5 mm x 4
Companies: Pharos Energy PLC
We are publishing new forecasts and refreshing our view based on the company's recent results including their latest five year plan. Shanta's promising project pipeline means that >100Kozpa gold production is within sight (+62% vs 2021) by 2023 along with >200Kozpa production levels from 2025. AISC falls accordingly from $1371/oz to $568/oz. Assuming a flat $1800/oz gold price over the next two years we are forecasting a 2.5x uplift in EBITDA and near fourfold increase in net earnings. Net cash
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW