SP Angel Morning View: Copper climbs as US dollar weakens on soft inflation expectations

SP Angel Morning View: PBOC cuts rates as state council looks to give support

SP Angel Morning View:Metals prices rise as US dollar weakens after Fed 25bp rise

SP Angel Morning View: Gold holds ground as market awaits Fed reaction to banking crisis

Hybridan Small Cap Feast - 09 Feb 23

09 February 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 objec

Hybridan Small Cap Feast 08/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources, intends to join AIM. Currently ASX listed, Celsius is a natural resou

SP Angel Morning View: Base metals rebound from year-to-date lows on signs Covid easing in China

Anglo Asian Mining* (AAZ LN) - BUY – Earnings slide on lower production and cost inflation; organic development pipeline increasingly pivots towards copper Atlantic Lithium* (ALL LN) – US to support battery metals projects in sub-Saharan Africa Base Resources (BSE LN) – Analyst roundtable offers encouragement Cornish Metals* (CUSN LN) - Valuation 48p/s - Stringers of cassiterite mineralisation in granite host rock highlights lode structure Corcel Plc (CRCL) – Wowo Gap nickel/cobalt resource

Hybridan Small Cap Feast 16-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Peel Hunt, a UK mid and small-cap specialist investment bank, announces its intention to seek admission of its ordinary shares to trading on AIM. Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares the Company will be conducting an intermediaries offer. Oxford Nanopore Tech—expected intention to float on the LSE (Standard). The company behind a

SP Angel Morning View: China state planner plans to release more metal to alleviate supply shortages

Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US Ariana Resources (AAU LN) – Further drilling results from Kepez North CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study Cora Gold* (CORA LN) – Interims Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week

Unearthing the secrets of the sands

Galileo is pushing ahead with an exciting exploration programme in the Kalahari Copper Belt (KCB) in Botswana. We view the KCB as one of the largest and most promising underexplored copper belts in the world, one which is starting to be unlocked by advances in geophysics. The KCB already hosts world-class copper-silver deposits and Galileo’s licences are strategically positioned in key parts of the belt along trend from major discoveries.

SP Angel . Morning View

Ariana Resources* (AAU LN) – Strong Q3 production at Kiziltepe | Bluejay Mining* (JAY LN) – Bluejay joins ERMA as interest develops in Finland licenses | Galileo Resources (GLR LN) – Initial encouragement in Kalahari Copper Belt exploration | Kodal Minerals* (KOD LN) – Interim results highlight progress at Bougouni | Vast Resources* (VAST LN) – First Commercial sale of concentrate confirmed at Baita Plai

Small Cap Feast

Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF. HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the

SP Angel . Morning View

Alien Metals (UFO LN) – Employs Canadian broker in hunt for joint venture partner for Mexican project | Altus Strategies* (ALS LN) – EIA approved at the JV ready Agdz silver/copper project, Morocco | Arc Minerals* (ARCM) – Arc reports sale of Sturec gold project in Slovakia | Empire Metals (EEE LN) – Empire signs option to acquire 75% of the Eclipse gold mining license near Kalgoorlie | Galileo Resources (GLR LN) – Starting exploration on the Kalahari Copper Belt | Horizonte Minerals (HZM LN) –

Mining Sharpener

Majors Mining News: Judgment reserved in Vedanta's application to join KCM proceedings; Juniors/Mid-market News: Avesoro operational update; Arc Minerals commencement of drilling in Zambia ; Landore Resources drilling and exploration programme commences; Altus Strategies exploration update. Ethiopia; Galileo Resources rare earths project update; Mining Regulatory News: Europe researches, miners work on social licence to operate framework; Commodity News: China kicks off national survey of rare

LIBERUM: Trident Royalties: Mexican standoff

LIBERUM: Sylvania Platinum: Record year for production

PetroTal (PTAL LN) - Paddington would be proud – initiating coverage

PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow

Independent confirmation of c.1bn barrels liquid hydrocarbons at Kodiak

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

LIBERUM: Trident Royalties: Benefitting from rising rate environment

Bushveld Minerals: Fully integrated vanadium exposure with potential for operational turnaround & share price rerating

We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and

PetroTal (PTAL LN) - Production and operations update

PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.

Bushveld Minerals: Investment agreed to strengthen balance sheet

Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent

Jersey Oil & Gas - Interims

Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).

Interim results: solid performance amid challenging macro

The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Introduction of Vanchem partner alleviates pressure