SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

European Metals Holdings - Successful production of Lithium Hydroxide

European Metals Holdings (EMH) today provides an update on its metallurgical testing for the giant Cinovec lithium-tin deposit in the Czech Republic which is at final feasibility (EMH 49%). It has produced an exceptionally clean (compared with international benchmarks) lithium hydroxide product and can now produce either lithium hydroxide or lithium carbonate depending on a customers requirements. EMH recognised from the early days of investigation that final product specification was all impo

Hybridan Small Cap Feast - 27 Mar 24

27th March 2024 @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 object

SP Angel Morning View: Lithium auctions detach from spot prices in sign market is strengthening

Hybridan Small Cap Feast - 15 Mar 2024

15th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Forward Partners Group (FWD.L) has left AIM following its acquisition by Molten Ventures (GROW.L) What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you wo

Hybridan Small Cap Feast - 29 Jan 24

29th January 2024 @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 obje

SP Angel Morning View: Copper poised to rise as Chinese smelters struggle to source concentrate

European Metal Holdings - Extension of Cínovec Exploration licences and reminder of upcoming key catalysts

European Metals Holdings (EMH) today announces that it has extended its exploration licences to December 2026 (Cínovec, Cínovec II, Cínovec III and Cínovec IV), which fully cover the east, south and north-west Preliminary Mining Permits (PMP's). This is required so that EMH may conduct further metallurgical and measured resource drilling it might need to undertake.

SP Angel Morning View: Gold climbs to $2,055 ahead of key US inflation data

Hybridan Small Cap Feast - 09 Nov 23

9th November 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 obje

SP Angel Morning View: China Deflation calls for more stimulus

Anglo American (AAL LN) – Cost of Sirius Minerals, Woodsmith polyhalite mine triples to US$9bn European Metal Holdings (EMH LN) – Pilot plant tests validate LCP process flowsheet Galantas Gold* (GAL LN) – Up to US$3.0m raise in convertible loan notes Largo Inc (LGO CN) – $12m quarterly loss reported on weak production MetalNRG (MNRG LN) – Soil sampling results from Gold Ridge, Arizona Sylvania Platinum (SLP LN) – Leadership transition Wishbone Gold* (WSBN LN) – Cottesloe diamond-drilling u

European Metal Holdings - Battery grade lithium produced from Cinovec pilot plant

European Metals Holdings has today published an update on the lithium carbonate produced from its pilot plant for the Cinovec lithium-tin project in the Czech Republic. The pilot programme has confirmed the industrial viability of the LCP process flowsheet by producing an exceptionally clean battery grade lithium carbonate (>99.9%) produced via single-stage purification process. The pilot used ore which is fully-representative of the ore planned for the first seven years of mining at Cinovec (

European Metals Holdings - Strategic investment by the EBRD

European Metals Holdings announced intraday Friday (RNS 21.7.2023) a strategic investment by the European Bank for Reconstruction and Development (EBRD) of €6m. The investment is by way of a private placement of 12.3m shares to be issued at a price of £0.423 per share. The EBRD has taken a stake of 6% in EMH and has been granted rights that allow participation in future financings to maintain its pro rata equity interest in the Company. The money will be used to continue to complete the feasibil

Hybridan Small Cap Feast - 09 Jun 23

9th June 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

Renold - Strong end to FY24: EPS up 11%. Robust FY25: EPS up 27.6%

The FY24 year-end update is very upbeat signalling trading being materially ahead of expectations, with a better-than-expected profit out turn and stronger cash generation. It continues to strengthen margins through efficiencies and investment in modern equipment. The order book remains close to record levels providing a robust view of future forecasts. In FY24E we upgrade EPS by 11% and in FY25E a significant upgrade of 27.6%. It looks capable of declaring a dividend in FY25 as well as manageme

Billington Holdings - Record result boosts dividend; forecasts upgraded

FY23 results show very strong growth over FY22, driven by strong Structural Steel activity, with results slightly ahead of upgraded profit expectations, while stronger than expected cash flow resulted in an unexpectedly generous dividend of 33p (offering a FY23 yield of 7.0%). The group now has net cash of £22.1m and is debt free and is therefore in a strong position for potential M&A activity. Following the recent £90m of new orders to increase the order book to record levels we conservatively

Morning Note – 16 April 2024

Morning Note – 15 April 2024

PROGRESSIVE: Severfield: Targeted acquisition strategy aids growth path

Acquisitions have been an important element of Severfield management’s growth strategy, with the aim of adding new products, sectors and regions to what we have identified as exciting long-term organic opportunities. In this Spotlight report, we focus on the group’s targeted M&A approach, highlighting three significant deals.

Invinity Energy Systems - Update on Strategic Investment

Invinity’s update on discussions with strategic investors reveals interest from multiple parties. While this has slightly delayed finalising an agreement it increases the potential for a better outcome. Although details are unknown at this stage, we think there is enough in the statement to be comfortable that any agreements will be consistent with the company’s strategy of growing market share in core markets and using a licencing and royalty model in other markets.

FY results: strong cash flow

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Warns on brine supply costs

Clean and competitive fertiliser

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Windar Photonics - Major order, successful net £4m fund-raise, target fair value price raised

WPHO's announcement last week of a major new contract award with a North American customer represented an encouraging step forward in building the group's presence in this crucial market for wind power; and has been followed by news of the over-subscribed fund-raise which has strengthened the company's balance sheet to the tune of £4m net (£4.4m gross). The company is a pioneer in the field of wind turbine optimisation and continues to grow through innovation based on its unique IP. Following th

LIBERUM: Gattaca: Resilient contract performance, perm tough

Norcros - FY24 trading in line with expectations

FY24 trading underpins Norcros’s compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa. We believe that Norcros’s key strengths are underappreciated and that legacy issues have been resolved. Its rating is low at 5.6x FY24e P/E, which is attractive, especially when compared to its yield of 5.7% on its well-covered dividend. We retain our estimates and value the shares a

Trading report in-line with sector peers

The results for the six-months to January are robust against a backdrop of declining confidence in both clients and candidates generally. With an improvement in the contract book during early Q3 we think this highlights that the tide is starting to turn and likely to feed through to demand for permanent hires ahead of the CY24 end. With net cash accounting for over 70% of the current market capitalisation, the operating business appears undervalued. H1 results were broadly in line with expectat