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Tharisa released interim results this morning for FY2024. Revenues were up 10% YoY, driving by the strong chrome price and higher chrome production but offset by the weak PGM market. The co-product model showing its resilience and a distinguishing factor from Tharisa peers. EBITDA was in line with prior year, but margin was lost due to increased mining costs. Increased costs were expected due to increased waste being mined and 3rd party RoM material purchases made to maintain plant throughput. E
Companies: Tharisa Plc
Tamesis Partners
This morning, Pan African announced that it may have been in technical breach of the net asset test when it paid out dividends to shareholders in the five years from FY19–23 and also when it instigated its share buyback programme in 2022. As attested to by the fact that it took five years to be noticed, the apparent breach arises from the nexus of an arcane bit of legislation and a curious distinction between the presentation currency of the group (the US dollar) and its functional currency (the
Companies: Pan African Resources PLC
Edison
• Production from January to the end of April was 5,755 boe/d including 4,347 boe/d in Vietnam and 1,408 bbl/d in Egypt. This is in line with the company FY24 guidance of 5.2-6.5 mboe/d including 3.9-5.0 mbpoe/d in Vietnam and 1.3-1.5 mbbl/d in Egypt. • The FY24 capex guidance is unchanged. The key near term news flow remains the farm-out of an interest in Blocks 125 & 126 in Vietnam. Several interested farm-in parties are awaiting confirmation of timing of a rig slot and clarity on the well co
Companies: Pharos Energy PLC
Auctus Advisors
Companies: BMET GGP AAL BOD HUM CNR KOD CUSN BHP PXC SQM
SP Angel
Union Jack is an Aim-listed company with a portfolio of oil and gas production and appraisal assets located onshore UK and the US, which initiated cash returns to shareholders in 2022.
Companies: Union Jack Oil Plc
Companies: SRZ SRES GRL
Rockhopper has released its 2023 results, reporting ongoing development planning progress on its significant Sea Lion project, and work towards closure of its Italian arbitration award monetisation deal, which should bring in significant new cash for the company.
Companies: Rockhopper Exploration plc
Zeus Capital
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at
Companies: PEN SEI OMV ADX GALP OMV AXL JSE CEQ TXP SHELL DELT TRIN I3E ZPHR CHAR LNGE SEPL CNE BWEFF PEN GTE GALP EGY
Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric
Companies: Greatland Gold plc
Canaccord Genuity
Companies: Sylvania Platinum Ltd.
Liberum
Companies: KRM STM SLS ORR CUSN CMCL AW1 SVML GMET
Expanding resource on Duquesne West Project through 3D modeling of resource targets and successful drilling programs ◆ Duquesne West is located in the Tier 1 mining district of the Abitibi mining camp in northwest Quebec ◆ Holds option to acquire 100% of the project, year 2 + of five-year agreement completed with work commitments ahead of requirements ◆ Duquesne West hosts a historical inferred mineral resource of 727,000 ounces at 5.42 g/t gold on an underground target calculated at C$10
Companies: Emperor Metals, Inc.
Couloir Capital
Metals Exploration (“MTL”), which operates the Runruno gold mine in the Philippines, provided a Q1’24 operational update last week. Q1 gold output was 23koz, +20% vs H&Pe and 15% ahead of the rate required to hit the top of FY24 guidance. With three years left at Runruno, mined grades remain strong at 1.35g/t. Key drivers of the beat were ore throughput and recovery rates, coming in at 581kt and 90%, respectively, 14% and 4pp above H&Pe. With the mezzanine debt fully repaid, albeit at a disputed
Companies: Metals Exploration plc
Hannam & Partners
Companies: RUA BOIL TRIN CHAR PPCGF NMT
Cavendish
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