SP Angel Morning View: Gold rises on risk off trade on Country Garden US$ bond default

SP Angel Morning View: Industrial metals prices follow oil lower on global demand concerns

SP Angel Morning View: Global markets fall on weak demand out of China and the West

SP Angel Morning View:Copper prices tick higher on improving fundamentals as Trafigura expects $12,000/t

WH Ireland: Future Metals (FME) - Panton ground geophysics underway with drilling set to commence shortly

Future Metals, operator of its 100% owned Panton PGM-Ni project in Western Australia, today announces the fast-tracking of its exploration for massive sulphides. Conductive targets from previous exploration at Panton are being refined by ground gravity and surface electromagnetic surveys with the aim of beginning drilling in early October. A world-expert on magmatic nickel sulphide deposits has been retained to oversee the programme. Discovery of any high-grade nickel-(copper)-PGM mineralisat

WH Ireland: Future Metals (FME) - Potential for higher-grade, thicker sulphide zones at Panton PGM project

Future reports today on the interpretation of the geology at its Panton mafic-ultramafic intrusion and a reassessment of historic assay holes to better understand the potential at Panton. Future is well down the path of enhancing the Platinum Group Metal-nickel-copper-cobalt (PGM-Ni-Cu-Co) resource in the high-grade chromitite reefs and the surrounding lower-grade dunites which form a compellingly, large mineral resource. The updated mineral resource (RNS 21.06.2022) was for a significant 6.9M

WH Ireland: Future Metals (FME) - New MRE for Panton PGM project – beginning to show the true scale of the deposit

Future today updates its Mineral Resource Estimate (MRE) for the 100% owned Panton Platinum Group Metal (PGM) project in WA. From an MRE based around narrow chromitite seams in the layered ultramafic intrusive, the resource now encompasses the bulk tonnage potential of the surrounding dunites for a new MRE of 129Mt grading 1.2g/t PGM3E*, 0.2% nickel, and 154ppm cobalt (all equal to a grade of 1.7g/t palladium equivalent**); from 14.3Mt grading 4.8g/t PGM3E (2.4Moz PGM3E). This is divided into

WH Ireland: Future Metals (FME) - Further assays for Panton PGM project

Future today provides a further set of assay results for 9 holes from the historical holes drilled at the Panton Platinum Group Metal (PGM) project in Australia; results from the final holes are expected imminently. The assays received once again prove the consistency and homogeneity of the intrusive-related mineralisation. Intercepts are in the range up to 80m with grades of 1.1-1.6g/t palladium equivalent. The significant intercepts of mineralisation demonstrate the strong continuity of the

WH Ireland: Future Metals (FME) - Further assay results underline broad PGE mineralisation at Panton

The historical assay results (11 historical drill holes) released late last week confirm Future's long-held belief that there is significant thicknesses of PGE-bearing mineralization at the Panton PGE project in Australia. A JORC resource of 14.3Mt @ 4.8g/t PGM, 0.3g/t gold and 0.3% nickel (2.4Moz PGM + gold) was based around laterally continuous thin chromitite reefs. The news shows that there is considerable PGE-rich mineralisation surrounding these higher-grade reefs – much of which is clos

WH Ireland: Future Metals (FME) - Drilling intersects wide zones of PGMs; against a background of high prices

Future Metals yesterday provided assays for two more holes from its project to determine the potential for a large open pittable resource at the Panton Platinum Group Metal (PGM) project in Western Australia. The two holes reported provide further evidence that this resource exists; assays for 47 holes remain to be received. A large open pittable resource could be transformational for the economics of the project. The PGM price basket is also continuing its resurgence since the start of the y

WH Ireland: Future Metals (FME) - Drilling confirms broad zones of PGM mineralisation at Panton

Future today confirms the presence of broad zones of Platinum Group Metal (PGM) mineralisation at its Panton project. These lies outside of its already established resource (14.3Mt @ 4.9g/t PGM6E for 2.4Moz PGM). Future provides the first set of assays from three holes it has drilled. We await the results from a further 16 holes drilled by Future and 33 historical drill holes. Today's results show several thick zones of PGM-rich rocks within the ultramafic rocks which host the chromitite ree

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

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Oil & Gas - Cavendish sector note

Oil surged the most in two weeks after Israel’s military said it was “expanding ground activity” in Gaza this evening, reviving concerns about the conflict spreading more broadly.   The announcement from the Israeli Defence Forces pushed West Texas Intermediate to settle above $85 a barrel after a volatile session that saw prices whipsawed by developments in the Middle East conflict. The drumbeat of geopolitical headlines that buffeted oil prices on Friday continued a trend that has driven oil

Diversified Energy Company - Delivering Consistent and Reliable Results

DEC’s Q3/23 trading update was in line with expectations as the company continued to deliver despite further commodity price headwinds. The Q3/23 Adjusted EBITDA margin of 52% (H1/23: 52%) reflects the quality of DEC’s asset base and its ability to efficiently manage every aspect of its operations. Average net daily production in Q3/23 was 134Mboepd (H1/23: 142Mboepd), with exit rate production of 134.4Mboepd. DEC has maintained its dividend at US$0.04375 per share. Since its IPO in 2017, DEC ha

Chariot Limited (AIM: CHAR): EIA awarded at Anchois. Imminent partner on track

• Chariot has received approval for its Environmental Impact Assessment (EIA) for the Anchois project. • The EIA covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Processing Facility and the link to the GME pipeline. This is an important step that derisks the project further. • We understand that negotiations on partnering are in the final stages. A partner could be announced very soon. • The drilling campaign at the Loukos onshore per

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

SP Angel Morning View: China Steel PMI recovering as construction sectors looks for fresh stimulus

Hybridan Small Cap Feast - 01/12/23

1st December 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

DEC Q3 Trading Update & US Listing

DEC reported strong Q3 results with production in line while 9m EBITDA of $423m is equal to 80% of DCe FY23 $528m; it has also announced a US listing.

Strong second half trading

Morning Note – 28 November 2023

88 Energy - £5.3m Fundraise

88 Energy has successfully raised £5.3m via a placing at a price of £0.0023, a c18.9% discount to the previous days’ close in London and a c22.0% discount to the 10-day VWAP. The proceeds of the placing, together with the Company’s existing cash reserves (A$10.2m at 30 September 2023) will be used to fund the flow testing of multiple zones at the Hickory-1 well in Q1/24, the initial farm-in exploration activities at the recently acquired onshore Namibia acreage (including 2D seismic acquisition)

Sound Energy* (SOU LN) - Debt project funding offer received

Sound Energy* (SOU LN) - Flash note - Debt project funding offer received