SP Angel Morning View: China moves to block exports of Li-ion graphite

SP Angel Morning View: Copper, nickel and tin rise as China PBOC pledges more monetary policy support

Hybridan Small Cap Feast - 19 May 23

19th May 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 objectiv

Europa Metals - Advancing one of Europe's largest and high-grade lead-zinc mines

Today we review Europa with a view to what to expect in 2023. Europa is focused on developing Toral in north-western Spain, Toral is one of Europe's largest and highest-grade lead-zinc projects. In 2020, Europa reported an updated Preliminary Economic Assessment (PEA) for Toral with positive economics (NPV $156m and operating margin of 49%), and has since reported two resource upgrades, and has successfully demonstrated ore sorting, all of which are feeding in to the on-going Preliminary Feasib

SP Angel Morning View: Copper stabilises on China covid reopening, dollar weakness and Beijing property stimulus measures

Anglo American (AAL LN) – Appointment of new Group Director-Technical Europa Metals Limited (EUZ LN) – Mineral resource increase at Toral Galantas Gold* (GAL LN) – BUY, TP:54p – Q3 results show strong cash position ahead of production restarting at Omagh Mkango Resources* (MKA LN) – Q3 results underpinned by release of DFS Metal Tiger (MTR LN) – Disposal of 49% interest in Kalahari Metals Petra Diamonds (PDL LN) – Williamson mine expected to resume production in mid-2023 Sunrise Resourc

WH Ireland: Europa Metals (EUZ) - Significant increase in the Toral zinc-lead-silver resource

Europa today announces that following its recent drilling the resource at the Toral zinc-lead-silver deposit in Northern Spain has increased in tonnes and grade. The new total resource now stands at 20Mt grading 4.4% zinc, 2.3% lead and 23g/t silver (4% Zinc eq. cut-off), with 7Mt grading 5.0% zinc, 3.7 lead and 29g/t silver – a 19% increase in tonnes with a 39% increase in zinc tonnes, 33% increase in lead tonnes and 27% increase in silver ounces. The increase in resource has implications for

SP Angel Morning View: US$ index picks up weighing on metals on mixed US election results

Atalaya Mining (ATYM LN) – Q3 financial results hit by inflation and lower copper prices. 2022 Production guidance maintained as Riotinto plant continues to exceed its rated capacity Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Culpeo Minerals* (CPO AU) – Visible copper mineralisation intersected over 170m Europa Metals Limited (EUZ LN) – Additional drilling results from Toral Great Western Mining (GWMO LN) – Mineral resource estimate an

WH Ireland: Europa Metals (EUZ) - Highest grade drill intercept by Europa at Toral

Europa, the 100% owner of the Toral zinc-lead project in Northern Spain, today reports its highest ever assay from drillhole TOD-042 with 5.25m grading 17.9% zinc (Zn), 4.5% lead (Pb) and 56g/t silver (Ag) which is an overall grade of 23.2% zinc equivalent (ZnEq*) from 866m. Included in this was a higher-grade portion of 2.50m grading 36.8%Zn, 5.8%Pb and 101g/t Ag for 44.6% ZnEq*. This follows on from the reporting of TOD-041 in the RNS on 05.09.2022 of 3.2m grading 9.4% zinc, 5.1% lead and 48

WH Ireland: Europa Metals (EUZ) - $6m farm-in announced for the Toral zinc lead project

Europa announced yesterday, intra-day, a letter of intent with Denarius Metal Corp (TSXV:DSLV, No Rec) for a staged farm-in to acquire up to 80% of the Toral zinc-lead (Zn-Pb) project in NW Spain for $6m. Denarius is owner of the Lomero-Poyatos project in the Pyrite Belt in Southern Spain and so are already familiar with operating in Spain.

WH Ireland: Europa Metals (EUZ) - High-grade drill from Toral zinc-lead-(silver) deposit in Spain

Europa today reports on its latest drill hole deep into its 100% owned Toral zinc-lead-(silver) deposit in Spain. The drill hole reveals very high-grade intersections crucially in part of the model where these grades were expected but which lie outside of the current Indicated resource – in our opinion this bodes well for an increase in resource and we are impressed that these high-grades are still open at depth; the Toral deposit still has much to offer in our view.

WH Ireland: Europa Metals (EUZ) - Operational and metallurgical update

Europa today provides an update on its resource drilling programme and its metallurgical test work for the 100% owned Toral zinc-lead (-silver) project in Northern Spain. Toral is large (and open) and in a region of considerable infrastructure and close to one of the largest zinc smelting complexes globally at Glencore's owned San Juan de Nieva smelter.

WH Ireland: Europa Metals (EUZ) - The Toral zinc-lead project in Spain; underappreciated on all metrics

Europa Metals (Europa) is advancing the Toral zinc-lead-silver project in NW Spain. Toral is one of the largest undeveloped zinc+lead resources in Europe and has high grades compared with many of its peers. The deposit also benefits from its location in a modern democracy with access to good levels of infrastructure (road, rail and power). The location in León in Spain is also an advantage; it is a mining-friendly jurisdiction, which permits mining and has to feed a large industrial complex, inc

SP Angel Morning View: Base metals fall on factory slowdown in US and China

Anglo American (AAL LN) – Environmental permit application rejected for Los Bronces Ariana Resources (AAU LN) – Investment in copper/gold exploration in Laos Bluejay Mining* (JAY LN) – Russia invasion of Ukraine disrupts titanium supply as China lockdowns reduce demand Europa Metals Limited (EUZ LN) – Latest phase of resource drilling underway at Toral Orosur Mining* (OMI LN) – Preliminary sampling encouraging at El Pantano Rockfire Resources (ROCK LN) – Re-analysis of historic core from M

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Morning Note – 22 April 2024

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

LIBERUM: Ferrexpo: Production triples

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren