Arc Minerals* (ARCM LN) – Caleb Mulenga appointed as a NED to Arc Minerals board | Greatland Gold (GGP LN) – Moving towards initial resource at Havieron as step-out drilling identifies a 4th potential target | Highland Gold (HGM LN) – Production to pick up in the final quarter with FY20 guidance reiterated | KAZ Minerals (KAZ LN) – On track for full-year guidance | Panthera Resources (PAT LN) – Field exploration underway at the Bassala project | Vast Resources* (VAST LN) – Final results highlight progress in Romania and Zimbabwe | Yamana Gold (AUY LN) – Encouraging drilling results from Canadian Malartic
Companies: ARCM GGP HGM KAZ PAT VAST AUY
Cornish Lithium (private) – Results of preliminary sampling of deep geothermal waters | Empire Metals* (EEE LN) – 2.7p, Mkt cap £6.7m – Soil sampling starts at Eclipse gold project | Eurasia Mining* (EUA LN) 19.8p, Mkt Cap £545m – Board and management changes | Gemfields (GEM LN) 5.75p, Mkt Cap £67.3m – Interim results show damaging impact of Covid19 | Highland Gold (HGM LN) 298p, Mkt Cap £1,086m – FAS approves the proposed acquisition by Fortiana | Renascor Resources (RNU AU) A$0.01p, Mkt Cap A$16m –AU$3.6m to be raised to advance graphite and gold projects | Vast Resources* (VAST LN) 0.17p, Mkt Cap £21m – Baita Plai update
Companies: EEE EUA HGM RNU VAST
Adriatic Metals* (ADT1) – Updated mineral resource for Rupice Silver Deposit in Bosnia & Herzegovina | BlueRock Diamonds* (BRD LN) – 12.1 carat diamond from Kareevlei diamond mine valued at over US$100,000 | Gem Diamonds (GEMD LN) – 233 carat diamond recovered from Letšeng | Bluejay Mining* (JAY LN) – Greenland extends licenses and license obligations by a year | Kodal Minerals* (KOD LN) – BUY - MoU with Sinohydro to review engineering, development and financing at Bougouni | Hummingbird Resources (HUM LN) – Kouroussa acquisition completion | Highland Gold (HGM LN) – Annual guidance reiterated pointing to stronger H2/20 | Pan African Resources (PAF LN) – Trading Statement highlights impact of higher gold price Rio Tinto (RIO LN) – Oyu Tolgoi update | Savannah Resources* (SAV LN) – Disposal of Oman copper assets | Strategic Minerals* (SML LN) – Leigh Creek environmental submission
Companies: ADT1 BRD GEMD JAY KOD HUM PAF HGM RIO SAV SML
Glencore (GLEN LN) –- H1 report describes a strong half-year particularly from its marketing business | Highland Gold (HGM LN) – Recommended pre-conditional mandatory cash offer at 300p by Fortiana | Keras Resources* (KRS LN) (diluted) – Keras acquires 51% in near-production organic rock phosphate project in the US | Metal Tiger (MTR LN) – Drilling results from the A4 Dome in Botswana | Pensana Rare Earths (PRE LN) – Quarterly report and project update | Taseko Mines Limited (TKO LN) - North American copper producer to release Q2 results
Companies: GLEN HGM KRS TKO
Ariana Resources* (AAU LN) – Kiziltepe Q2 production | Caledonia Mining* (CMCL LN) – H1 gold production increases 12.5% | Cornish Lithium (private) - Raise £826,000 to continue exploration in Cornwall | Eurasia Mining* (EUA LN) – Trading in shares resumes | Highland Gold (HGM LN) – Quarterly operations update | IronRidge Resources* (IRR LN) – IronRidge reports high-grade gold in drilling at Zaranou, Ivory Coast | Petropavlovsk (POG LN) – Court hearing update | Tietto Minerals (TIE AU) – Metallurgical results from Abujar gold project | Tri-Star Resources* (TSTR LN) – Progress report on SPMP and financing discussions
Companies: AAU CMCL EUA HGM IRR POG TSTR
Amur Minerals* (AMC LN) – EGM notice | Highland Gold (HGM LN) – Kayen exploration license sold for $15m and 2% royalty | Keras Resources* (KRS LN) - Global manganese ore output falls 22% in April | Mkango Resources* (MKA LN) – COVID-19 medical equipment donated to main Malawi hospital | Rambler Metals* (RMM LN) – US$1m bridging loan
Companies: AMC HGM KRS MKA RMM
Antofagasta (ANTO LN) – 2020 Production expected to be at lower end of published guidance | Arkle Resources* (ARK LN) – Stonepark drilling | Central Asia Metals (CAML LN) – 2019 Sustainability report | Gemfields (GEM LN) – Suspension of all non-critical operations at Montepuez | Highland Gold (HGM LN) – 63.5koz delivered in Q1 with operations continuing uninterrupted on course for 290- 300koz FY20 target
Companies: ANTO ARK CAML HGM
Anglo Asian Mining* (AAZ LN) - BUY – 18.2koz produced in Q1/20 with 75-80koz FY19 guidance on target | Ariana Resources* (AAU LN) 345p, Mkt Cap £35.0m – Q1 Production report | Atalaya Mining (ATYM LN) 119p, Mkt Cap £154.5m –Production ramps to design capacity at Proyecto | Riotinto Bluejay Mining* (JAY LN) 3.87p, Mkt cap £36m – Exploration Licences in South Greenland offer great potential | Chaarat Gold* (CGH LN) - BUY – Proposed equity raise | Highland Gold (HGM LN) 231p, Mkt Cap £842m – Strong FY19 with a third interim dividend announced by the Board | Rainbow Rare Earths (RBW LN) 2.03p, Mkt Cap £7.7m – Export of another 100t of rare earth concentrate | Strategic Minerals* (SML LN) 0.47p, Mkt Cap £7.7m –Cobre magnetite sales | URU Metals* (URU LN) 120p, Mkt Cap £0.9m – Permitting update for the Zebediela project in South Africa
Companies: AAZ AAU ATYM JAY CGH HGM RBW SML URU
Anglo American (AAL LN) – Green Hydrogen Consortium with BHP, Fortescue and Hatch | Arc Minerals (ARCM LN) –– Sale of CASA Mining asset for US$5m loan note plus royalty agreement worth up to $45m | Ariana Resources (AAU LN) – 2020 Production guidance | Bushveld Minerals* (BMN LN) – Appointment of Eskom trouble-shooter Ms Mokgatle as an Independent Non-Executive Director | Capital Drilling (CAPD LN) – After-tax profit rises 34% in 2019 | Cora Gold* (CORA LN) – £2.9m equity raise | Gem Diamonds (GEMD LN) – Letseng small diamond tender succumbs to anti-virus precautions | Highland Gold (HGM LN) – Capital projects update
Companies: AAL ARCM AAU BMN CAPD CORA GEMD HGM
Anglo American (AAL LN) – Withdrawal of staff at Quellaveco | Atalaya Mining (ATYM LN) –Proyecto Riotinto maintaining production and guidance | Condor Gold* (CNR LN) – Exercise of warrants | Highland Gold (HGM LN) – New exploration license secured | Pensana Metals (PM8 AU) – Pensana reports a new high-grade rare earth zone at Longonjo | Vale (VALE US) - Vale says home office measures adopted globally amid coronavirus pandemic
Companies: AAL ATYM CNR HGM
Adriatic Metals* (ADT AU) – Rupice metallurgical results | BHP (BHP LN) – Half-Year Production report | BlueRock Diamonds* (BRD LN) – Achieves profitable operations during H2 2019 | Base Resources (BSE LN) – Assays indicate likely high-grade extension to Toliara project in Madagascar | Caledonia Mining (CMCL LN) – Increased holding in the Blanket gold mine | Highland Gold (HGM LN) – 300.7koz produced in FY19 v 290-300koz guided | Jangada Mines (JAN LN) – drilling starts at vanadium property | Premier African Minerals* (PREM LN) – Power supply connected at RHA | Sunstone Metals Limited (STM AU) - Bramaderos Main assays extend strike length of mineralisation to 650m
Companies: ADT1 BHP BRD BSE CMCL HGM JAN PREM
Companies: BHP BRD BSE CMCL HGM JAN PREM
Avesoro Resources (ASO LN) – Response to take-over offer | Barrick Gold – settles with Tanzania for $300m, a 16% free-carried interest in each of the Barrick-Acacia’s Tanzanian gold mines and a 50:50 profit sharing agreement | Shanta Gold – Tanzanian tax settlement may enable Revenue Authority to repay VAT owed to Shanta Gold | Bluejay Mining* (JAY LN) – Kangerluarsul zinc-lead-silver project | Chaarat Gold* (CGH LN) Target Price and Recommendation under review – Q3 operational update | Cora Gold* (CORA LN) – Final Sanankoro met test work results are in | Highland Gold (HGM LN) – Q3 update: on course for 290-300koz in FY19 | Keras Resources* (KRS LN) BUY, Valuation 1.08p – Mining permit granted by Council of Ministers of the Republic of Togo | Petra Diamonds (PDL LN) – Q1 Results and diamond market update | Phoenix Copper* - (PXC LN) – Empire mineralisation links through Red Star to White Knob showing porphyry potential
Companies: ASO ABX SHG JAY CGH CORA HGM KRS PDL
Highland Gold (HGM LN) 231p, Mkt Cap £842m – Earnings climb reflecting stronger sales in H1/19
Companies: Highland Gold Mining Limited
Arc Minerals* (ARCM LN) – STRONG BUY – Drilling indicates copper over 300 x 650m at Cheyeza East | Asiamet Resources (ARS LN) – Raising US$2.1m for further work at BKM and Beutong | Avesoro Resources (ASO LN) – Major shareholder expresses interest in acquiring the balance of the company | Beowulf Mining* (BEM LN) – Interim statement highlights Kallak permitting process | BHP (BHP LN) – Declares record final dividend of 78UScents/share | Highland Gold (HGM LN) – Death of a Director | IronRidge Resources* (IRR LN) – Cape Coast lithium metallurgical test work | Keras Resources* (KRS LN) – BUY, Valuation 1.08p – Calidus drill campaign to add value on potential Warrawoona gold resource expansion | Kodal Minerals* (KOD LN) – Positive lithium metallurgical test work results | Power Metal Resources* (POW LN) – Strategic and operational review | Premier African Minerals* (PREM LN) – Power supply plan for RHA tungsten
Companies: ARCM ARS ASO BEM BHP HGM IRR IRR KRS KOD POW PREM
Research Tree provides access to ongoing research coverage, media content and regulatory news on Highland Gold Mining Limited.
We currently have 53 research reports from 2
Parkmead’s portfolio has evolved to the point where it is now a full-cycle E&P company with a low-cost Dutch production base and a broad spectrum of high-quality UK growth opportunities, encompassing material development projects and an attractive range of risk/reward exploration. Recently, it has diversified into renewables, future proofing its equity story and opening up a new ‘investor-friendly’ avenue of growth. A core strength of this management team is its commercial acumen and portfolio-driven approach to optimising value. Parkmead has been in portfolio construction mode to date but is now well positioned to start crystallising its intrinsic value. We initiate with a risked-NAV based price target of 155p/sh. Investors would do well to get on-board with a management team that has a strong track record of delivering shareholder value.
Companies: Parkmead Group PLC
Pantheon announced that is has contracted a rig to drill the Talitha well and that drilling operations are expected to commence in January 2021. The well will target four independent reservoirs, in three separate trapping sequences, which the company estimates has the potential to contain in the region of a billion barrels of recoverable oil, although ongoing work is required to formally delineate the full potential of the targets.
Companies: Pantheon Resources plc
The Prime Minister vowed last week to “restore Britain's position as the foremost naval power in Europe” and promised an extra £16.5bn in defence spending over the next four years. Mr Johnson expects this investment to “spur a renaissance of British shipbuilding across the UK”, and specifically mentioned five locations where this would occur, including Belfast and Appledore – the location of InfraStrata's shipyards. Other supportive policy initiatives emanating from the government include Mr Johnson's pledge in October that offshore wind will power every home in the country by 2030. We believe this demonstrable support from the highest level of government vindicates InfraStrata's strategy, and demonstrates the significant opportunities available to the company as it bids on numerous shipbuilding and fabrication contracts. We reaffirm our Buy rating.
Companies: InfraStrata plc
Savannah’s acquisition of a key strategic Nigerian gas asset with strong growth potential has been ignored by the market. Its significant exploration success in Niger has also gone unrewarded. Delivery of the strong free cash flow potential these assets offer will re-rate the shares, which are materially undervalued. Management’s tenacity in getting the Seven Energy acquisition across the line alongside the impressive early progress with the acquired assets should give investors confidence. We initiate with a Buy rating and risked-NAV based price target of 49p/sh.
Companies: Savannah Energy Plc
Edison Investment Research is terminating coverage on Diversified Gas & Oil (DGOC), Vermilion Energy (VET) and Circle Property (CRC). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Companies: Diversified Gas & Oil PLC
Jersey Oil & Gas announced today that is has entered into an agreement to acquire the entire share capital of CIECO V&C (UK) Limited, which is currently owned by two international entities headquartered in Japan. The acquisition secures an additional 12% working interest in Licence P2170 (Blocks 20/5b & 21/1d), which provides Jersey Oil & Gas with 100% of the licence. The licence contains the majority of the Verbier oil discovery in addition to three drill ready prospects: Verbier Deep, Wengen and Cortina. The acquired entity has approximately £15M of tax losses which will provide value to Jersey Oil & Gas. Consideration will consist of £150k in cash and contingent payments of i) £1.5M upon field development plan approval of Verbier within P2170 (as already discovered) by the OGA ii) £1.0M upon the 1st anniversary of attainment of first oil. The acquisition is conditional on OGA approval amongst other technicalities, which we do not anticipate will be problematic. The acquired entity will be free of debts.
Companies: Jersey Oil & Gas PLC
Panoro Energy (PEN NO)c; Target price of NOK23.00: Revisiting Gabon - BW Energy provided an update on Dussafu with FY20 production guidance expectation marginally below previous guidance (14.25 mbbl/d versus 15 16 mbbl/d) due to COVID-19 restrictions and OPEC+ quotas. This results in FY20 opex expected to be US$19/bbl which is slightly above the previous guidance of US$17-18/bbl. The drilling of DTM-7H, and the tie-in of DTM-6H and -7H, has been deferred to mid-2021 with first oil expected in 3Q21 and our estimate of the timing of the field production ramp-up has been delayed by one quarter. BWE continues to expect production from the Dussafu area to reach >30 mbbl/d in 2023 and ~40 mbbl/d in 2024. The Hibiscus development is expected to offer 15% IRR at
Companies: TGL TGA 88E FEC JSE LUPE LUNE LNDNF LYV NOG GB_NTRM NSTRY 3NO PANR P3K PTHRF PTAL TETY TETY AOI ENOG PEN SDX EGY
• In an Important development, PetroTal has signed a contract with an international oil trader for a pilot shipment to export 0.12 mmbbl into the Atlantic region using the Amazon river through Brazil. The shipment will be sold FOB Bretana, priced at the forward month Brent ICE price, and paid within two weeks of loading at Bretana. There are no subsequent oil price adjustments.
• At November 19, 2020, PetroTal had cash resources of US$9.8 mm, with accounts payable and accrued liabilities of ~US$39 mm, a reduction of ~US$11 mm from the end of 2Q20. The company has been paid US$5.5 mm for delivery of 0.192 mm bbl of oil to Petroperu in October. Production is constrained to ~5,000 bbl/d pending the reopening of the export pipeline.
• We understand that the pilot should start in December. This would not only provide ~US$5 mm in cash to PetroTal but also allow production to return to recent levels (11.5 mbbl/d), effectively unlocking the fundamental value of the asset.
Balance sheet considerations
The potential financial derivative liability has been reduced from US$22.5 mm at the end of June to US$17 mm at the end of September. Of the US$39 mm current payables 46% are not due before 2021 and we note that the company still holds US$13 mm in account receivables and US$4.7 mm in inventory.
Financials on “a back to normal” scenario with flat production
We are now assuming production remains constrained at 5 mbbl/d over 4Q20 with minimum capex with cashflow and receivables being used to repay the due payables over the period.
On production of just ~11.5 mbbl/d during 2021, we estimate operating cashflow of US$85 mm at US$48/bbl Brent. This would result in free cashflow of >US$40 mm assuming capex of US$20 mm to maintain production and US$20 mm to repay the remaining payables. This compares with a current market cap of just US$75 mm, suggesting FY21 free cashflow would represent over 50% of the current market cap in a no growth scenario assuming production can be exported.
Our target price of £0.45 per share represents 6x the current share price.
Companies: PetroTal Corp.
EQTEC has announced today that the Company and Scott Bros. Enterprises Limited have agreed to extend the exclusivity period of the Billingham MOU until 18 December 2020. The Billingham MOU has been subject to previous extensions, as announced on 23 October 2019, 23 June 2020 and 18 September 2020.
Companies: EQTEC PLC (KEU1:FRA)EQTEC PLC (EQT:LON)
Acquisition of CIECO P2170 interest
Companies: JOG JYOGF TPC1
Salt Lake Potash's AGM update reported that the Lake Way project is now 74% complete. Construction of the process plant is on-schedule with practical completion and first SOP production planned for Q1/21. Drawdown of the Senior Facility Agreement funds and repayment of the Taurus bridge loan is expected soon.
Companies: Salt Lake Potash Limited
Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand.
Futures rose 5% in New York this week for a third straight weekly gain as Pfizer Inc and BioNTech SE requested emergency authorisation of their Covid vaccine Friday. Moderna Inc also released positive interim results from a final-stage trial and said it is close to seeking emergency authorisation. Still, further gains were limited by broader market declines amid a dispute between the White House and the Federal Reserve over emergency lending programmes.
Even with vaccines on the horizon, a recovery in oil demand faces obstacles with governments under pressure to tighten restrictions and curb the spread of the virus. UK Prime Minister, Boris Johnson's officials are considering tougher pandemic rules placed on broader regions of England next month after a national lockdown is set to end and the country returns to its tiered system. Meanwhile, the shift toward working from home may have a lasting chill on gasoline demand, according to Federal Reserve Bank of Kansas City President Esther George.
The recent climb in headline prices has been accompanied by significant moves in timespreads, where traders bet on the price of oil in different months. The spread between West Texas Intermediate for December 2021 delivery and the following month moved to backwardation, while the closely watched gap between December 2021 and 2022 WTI contracts is close to also flipping.
West Texas Intermediate for December delivery, which expired Friday, rose 41 cents to settle at $42.15 a barrel.
The January contract rose 52 cents to end the session at $42.42 a barrel.
Brent for January settlement gained 76 cents to $44.96 a barrel. The contract rose 5.1% this week.
Pfizer and BioNTech's vaccine could be the first to be cleared for use, but first it must undergo a thorough vetting. The filing could enable its use by the middle to the end of December, the companies said in a statement. Yet, it could take at least three weeks for a US Food and Drug Administration decision.
Companies: FOG PVR 88E DGOC EME TRIN UOG
Hargreaves’ AGM statement confirms a positive start to FY21, building on the resilient FY20 performance. Trading is in line with expectations, the Industrial Services business has won a number of new contracts, and Hargreaves Land is said to be close to announcing the completion of its first plot sale at Blindwells. In our view, the shares are yet to reflect the earnings growth forecast for the next three years or the prospect of a 20p total dividend, which is expected to be paid first in FY22 as previously restricted HRMS profits are distributed. A further update on trading will be provided in early December, ahead of interims at the end of January.
Companies: Hargreaves Services plc
Central Asia Metals (CAML LN) following a successful ramp up at Sasa, progress in the environmental clean up and confirmation of the remedial costs in line with the previously guided US$1.5m the company has declared an interim dividend of 6p/sh. This will be paid on 11 December 2020 with a record date of 20 November 2020.
Companies: Central Asia Metals Plc
Union Jack’s latest drilling update of the West Newton B-1 well (WNB-1) outlines that the Kirkham Abbey formation is hydrocarbon bearing which supports pre-drill expectations and previous drilling results from the A-1 and A-2 wells. The secondary target (the Cadeby formation) was always deemed to be much higher risk and therefore we had not previously valued this interval, therefore today’s update has no impact on the material base case resource estimates at West Newton (146MMBbl oil, 211Bcf gas). The JV partners continue drilling activities with a side-track of WNB-1 to further appraise the Kirkham Abbey which we fully expect to yield positive results given significant de-risking achieved to date. As such, we retain our STRONG BUY stance and 0.82p/share TP.
Companies: Union Jack Oil Plc