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

SP Angel Morning View: Gold climbs as China fires ballistic missiles in exercises around Taiwan

BlueRock Diamonds* (BRD LN) – Two large diamonds sold in July tender for $121,716 Botswana Diamonds (BOD LN) – Additional kimberlite identified in recent drilling at Thorny River. Centamin (CEY LN) – Interim results confirm 2022 production and cost guidance Condor Gold* (CNR LN) – Metallurgical test results from La India Galantas Gold* (GAL LN) – Further positive results from Omagh underground drill programme Glencore (GLEN) – Profits take off as higher as rising metals and energy prices dr

Condor Gold: Final metallurgical results provide confidence in recovery rates ahead of awaited Feasibility Study

Condor Gold (“CNR”) has announced final metallurgical test results as it progresses towards completion of the full La India Feasibility Study (“FS”). The results show an average recovery rate of 92.6% is achievable over the life of mine (“LoM”). Net of losses in the plant, CNR has confirmed it will apply a 91% assumed recovery rate within the upcoming FS, consistent with the 2014 PFS and Oct’21 updated PEA. This an important tick in the box as CNR advances the project towards development, with t

SP Angel Morning View: Markets start to price 75bp Fed hike rise as inflation expectations build

AEX Gold (AEXG LN) – Results from initial Nanoq exploration campaign and commencement of 2022 field program Altus Strategies* (ALS LN) - BUY – Recommended offer from Elemental Royalties in all share merger of equals Anglesey Mining (AYM LN) – Drilling results from Parys Mountain Antofagasta (ANTO LN) – Mineral resources at the Encierro and Cachorro deposits Condor Gold* (CNR LN) – Raising £3.25m to complete the La India feasibility study Lynas Rare Earths (LYC AU) – $120m Pentagon contract

SP Angel Morning View: Metals prices climb as Biden suggests a review to Trump tariffs on Chinese imports

Condor Gold* (CNR LN) – Mineralisation encountered in geotechnical drilling at the La India Project Oriole Resources (ORR LN) – Progress of Cameroon exploration Rockfire Resources (ROCK LN) – Initial JORC Resource for the Molaoi zinc project Scotgold Resources* (SGZ LN) – BUY, 154p – £1.2m drawdown from the new borrowing facility and £0.25m bridge loan repayment from >£1m in April concentrate sales proceeds Shanta Gold (SHG LN) – Infill drilling returns high grade intersections at the Isulu

LIBERUM: Sylvania Platinum* - Best quarter since early 2020

LIBERUM: Pensana Plc* - Pensana’s Coola Exploration Licence continues to deliver

Chariot Limited (AIM: CHAR): Electricity trading JV enhances returns on core business and opens a new revenue stream

• Chariot, the Neura Group, H1 Holdings and Meadows Energy have formed Etana Energy, a new electricity trading company in South Africa. Etana is one of the few companies granted an electricity trading licence in the country. • The licence allows Etana to sell and buy electricity on the grid, opening up access to a range of high-volume off-takers including municipal, industrial and retail customers. • Chariot, H1 Holdings and Meadows Energy hold respectively 25%, 21% and 5% of Etana and bring ex

LIBERUM: Pensana Plc* - Initiation - Loosening China's grip on rare earths

Initiation of Coverage

Diversified Energy (Diversified) is focused primarily on US natural gas production. Its strategy is to acquire and operate producing energy assets, which has seen it grow rapidly and create significant shareholder value. Since its 2017 IPO, the group has grown reserves 15x, increased production over 280x, raised the dividend 11 times and grown its market value 16x to £1.1bn. Diversified is currently the 2nd largest independent energy company by production, the 4th largest by market value and the

IOG - Operational update

Operational update

Jersey Oil and Gas* - Verbier licence extension

Verbier licence extension

Auctus on Friday - 25/11/2022

AUCTUS PUBLICATIONS ________________________________________ Calima Energy (CE1 AU)C; Target price of A$0.60 per share: Market cap paid back in 2 years, even after incorporating higher differentials - Four wells out of the five well 4Q22 programme have now been drilled with two wells already in production. Gemini#10 is producing in line with the type curve (IP of 120 boe/d gross and 60 boe/d net to Calima 50% WI). Gemini #11 was put into production on 24 November while Gemini#12 will be brought

Arrow Exploration - Work programme update and Q3 2022 results

Work programme update and Q3 2022 results

Bowleven - Forecast and valuation update

Forecast and valuation update

Trifast# - Tough 1HFY23, but forecasts reiterated

As indicated with the 1HFY23 trading update, Trifast posted strong revenue gains, but underlying profitability suffered, and net debt ended the period at £40.4m (IAS 17). Given strong management action, including implementation of an operational improvement programme and the establishment of a new Executive Committee we anticipate a much improved 2HFY23. We make no material changes to our forecasts and continue to expect Trifast to report FY23 adjusted profit before tax (PBT) of £14.2m. Manageme

AfriTin Mining: Lithium and Tantalum infill programme continues to show strong co-product grades

AfriTin has released assay results of a further five holes from its 50-hole programme aimed at upgrading confidence in the lithium and tantalum resource in the V1V2 pegmatite at its flagship Uis project in Namibia. The results continue to support the previous geological model and show grades roughly in-line with the Inferred Resource for lithium (0.63% Li2O) and tantalum (85ppm Ta), with some notable higher-grade areas. Highlights include 10m @ 1.35% Li2O from 211m and 38m @ 1.00% Li2O from 107m

SolGold: New investment from Jiangxi as strategic review continues; PFS Addendum cancelled; DFS delayed

SolGold (“SOLG”) has announced it is raising ~US$36m of new equity through the issuance of 180m new shares, including 155m to Jiangxi Copper (Hong Kong) Investment Company Limited ("Jiangxi"). Jiangxi, a Chinese state-owned enterprise and the largest copper producer in Mainland China, will have a 6.3% shareholding in SOLG upon closing of the raise, expected around 9 Dec subject to due diligence. This new cash will further bolster the balance sheet following the announcement on 7 Nov of a US$50m

Parkmead Group - European gas exposure drives record results

Parkmead has reported record FY results, driven by its unhedged exposure to strong European gas prices via its low-cost onshore Dutch gas business. This exposure could be increased further via an impending two-well drilling programme that has the potential to deliver significant additional volumes rapidly. Parkmead offers more than just gas price exposure though: its UK North Sea and Renewables prospects have been greatly enhanced by strong energy prices, a favourable regulatory environment and

Hybridan Small Cap Feast 23/11/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr