SP Angel Morning View: EV sales reach 1.2m units globally. China becomes world's largest auto exporter

SP Angel Morning View: Metals soften as US dollar strength limits Chinese buying capacity

Hybridan Small Cap Feast 21 07 2023

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: Star Phoenix Group (STA.L) has left AIM. What’s cooking in the IPO kitchen?** Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segm

SP Angel Morning View: Copper rises on China stimulus speculation and lower western inflation

SP Angel Morning View:Gold shines as rate hike expectations pull back

SP Angel Morning View: China unrest hits copper as fire kills 10 sparking protests over Zero-Covid policies

Atlantic Lithium* (ALL LN) – Appointment of alternative director Adriatic Metals* (ADT1 LN) – Vares construction remains on schedule with first production expected Q3 23 Bushveld Minerals* (BMN LN) – VRFB Holdings sale to Mustang Energy and terms of Mustang convertible Mustang Energy (MUST LN) Condor Gold* (CNR LN) – £4.2m fundraising Shanta Gold (SHG LN) – Drilling at the Ramula Camp offer potential to expand the resource KEFI Gold and Copper* (KEFI LN) – Investor Presentation 1 and 2

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

This Week's AIM Highlights 28th October 2022

SP Angel Morning View: Copper prices climb towards monthly highs on weaker dollar

Adriatic Metals* (ADT1 LN) – Positive step-out drilling results at Rupice Bushveld Minerals* (BMN LN) – Management call reiterates positive margins at current price levels Condor Gold* (CNR LN) – Publication of the La India open-pit mine feasibility study First Quantum Minerals (FM CN) – $1.25bn Kansanshi expansion approved Shanta Gold (SHG LN) – FY22 production/cost guidance maintained with Singida on time/budget for first production Mar/23 Sovereign Metals (SVML LN) – Aircore drilling hi

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

Condor Gold: Feasibility Study provides solid base despite cost pressure; further upsides still to be factored in

Condor Gold (“CNR”) has announced completion of the La India Open Pit Feasibility Study (“FS”), an important milestone as CNR advances the project towards development. The headline results show a post-tax IRR of 23% and NPV of US$87m using a gold price of US$1,600/oz and 5% WACC. Initial capital expenditure is estimated at US$105m and all-in sustaining costs of US$1,039/oz for annual average output of 82kozpa gold for the first 6 years of an 8.4 year mine life. The FS provides a solid base again

SP Angel Morning View: Gold holds ground ahead of the US inflation data

___________________________________________________________________ Adriatic Metals* (ADT1) – Interims highlight Vares construction progress Antofagasta (ANTO LN) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine Beowulf Mining* (BEM LN) – Jokkmokk Iron CEO interviewed Condor Gold* (CNR LN) – La India open-pit mine feasibility study Greatland Gold (GGP LN) – A$340m funding arrangements for Havieron and expansion of Greatland Gold management Great

SP Angel Morning View: Lithium prices climb on reports for production rationing amid drought and heatwave in China

Culpeo Minerals* (CPO AU) – Phase-1 drill programme complete at Lana Corina Condor Gold* (CNR LN) – Revised mineral resources estimate for La India Gem Diamonds (GEMD LN) – Russian sanctions squeeze rough diamond supply Kenmare Resources (KMR LN) – Interim results highlight record prices through first half raising dividend despite challenging start to year Rockfire Resources (ROCK LN) – Exploration of the Molaoi zinc project Serabi Gold* (SRB LN) – Palito production recovers in Q2 as Coring

SP Angel Morning View: Metals hold steady despite collapse in NY Empire State manufacturing index

Arc Minerals* (ARCM LN) – New drill program starts as Arc grants extension to Anglo to complete due diligence BHP (BHP AU) – Record EBITDA, profit and dividend for year to 30th June BlueRock Diamonds* (BRD LN) – BlueRock posts circular for refinancing and issue of new shares Condor Gold* (CNR LN) – Detailed technical assessments for the DFS continue to de-risk La India Empire Metals* (EEE LN) – Positive results from Eclipse-Gindalbie Power Metal Resources* (POW LN) – Exploration update for

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

Sylvania Platinum - Q124 production up, costs down

Sylvania Platinum is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than we estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital alloca

Arrow Exploration Corp. (AIM: AXL): CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte

• The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. • The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. • The CN-2 well is currently producing 680 bbl/d gross (340 bbl/d net) as the company has set the ESP at the minimum optimum rate to maximize recovery factor. The build-up analysis indicates the well can produce at 1,400 bbl/d gross at

Auctus on Friday - 01/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ

Successful first test at CN-1

Kenmare Resources: Q3 Preview- operations expected to stabilise after challenging H1

Kenmare Resources will release its Q3 trading update on Thursday 12th October. The key focus will be the delivery of operational improvements after a challenging first half, in our view. We estimate heavy mineral concentrate (“HMC”) production in Q3 of 378kt, delivering ilmenite end-product output of 276kt, zircon of 14kt and rutile of 2.2kt. Including solid H1 financial results (reported o 15th Aug), we revise our FY23E EBITDA upwards by 5% to US$236m. Our Dec’24E target price is unchanged at G

Neometals - Primobius process makes high purity nickel sulphate

Neometals has announced that its 50/50 Lithium-ion battery recycling joint venture, Primobius GmbH, has proven that its process can produce battery-grade nickel sulphate from German EV batteries. Nickel sulphate is the largest volume battery material produced in the Primobius process and the second most valuable product. It is a major contributor to ensuring the lithium production operating costs are in the lowest quartile.

Hurricane Energy - Resource downgrade warning

Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes wh

Arrow Exploration (AXL LN) - CN-1 initial well result

Successful initial result of CN-1 well. Arrow has announced a discovery in its CN-1 exploration well on the Carrizales Norte prospect onshore Colombia (Arrow 50%). The well has intersected a total of 148ft of net pay across the Carbonera C7 (26ft), Gacheta (64ft) and Ubaque (58ft) reservoirs.

Arrow Exploration (AXL LN) - CN-1 flow testing update, Q1 2023 results

Successful initial flow test results from Ubaque reservoir. Arrow has announced flow tests from the first of three reservoir levels in its recently drilled CN-1 well - the Ubaque reservoir - drilled on its Tapir block (Arrow 50%) onshore Colombia

Arrow Exploration (AXL LN) - CN-1 well update

Arrow has released an update on its CN-1 well on its Carrizales Norte discovery on the Tapir block in Colombia (Arrow 50%).

Arrow Exploration Corp. (AIM: AXL): Exploration success at Carrizales Norte

• The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. • This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58 feet, RCE-2 80 feet, RCS-1: 55 feet). Because the reservoirs encountered at CN-1 are slightly deeper than at Rio Cravo, the pressure of the reservoirs is expected

Arrow Exploration Corp. (AIM: AXL): Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d

• The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. • This is a very good result, given that no reserves are booked in the Ubaque. • There is an opportunity to mix the heavy oil from the Ubaque with the C7 light to maximize pricing. • Arrow plans to complete the t

Arrow Exploration Corp. (AIM: AXL): No flow from the Gacheta but overall reserves addition from CN-1 larger than initially expected

• The Gacheta zones proved unproductive at the CN-1 well location. Management is investigating potential reasons for the lack of productivity and plans to re-evaluate these Gacheta zones in future wells. • The Gacheta zones were located above the Ubaque that flowed at rates >1,100 bbl/d. • Arrow will put in production the C7A and C7 zones during the course of next week. These are the primary zones at Carrizales Norte. • Overall, the company’s preliminary interpretation of the CN-1 discovery sug

Arrow Exploration Corp. (AIM: AXL): CN-1 well in production at 1.1 mbbl/d from the C7 sands

• The C7 formation (~26 feet of net oil pay) in the Carrizales Norte-1 well (CN-1) is now in production at a rate of 1.1 mbbl/d (550 bbl/d net to Arrow). The well produced very light oil (33.5 deg API) and is on pump set at the lowest setting. • During the flow test, the sands flowed at a peak rate of 1,272 bbl/d. During the final hour of the test water cut stood at 12%. The water cut has decreased throughout the well test. • This is one of the best initial production rates among the wells dri