Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AZN, HSBA, HOC, RWI & HZM.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BATS, HOC, BBY, IPO, MTO, SUPR, ANIC, KWS, POW, & CAU.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AHT, GSK, ITRK, HSX, HOC, GRG, SPT, & AVCT.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: RIO, QLT, HOC, EZJ, ABDN, JDW, & MEN.

SP Angel Morning View: Iron ore rises to $135/t as steel inventories fall

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BDEV, ANTO, BHP, QLT, BOY, LIO, WTB, HOC, TRR, & SRC.

SP Angel Morning View: Hawkish Fed statement lifts the US dollar weighing on commodities

Empire Metals* (EEE LN) – Geochemical evaluation of historical data at Pitfield Power Metal Resources* (POW LN) – Encouraging initial drill results adjacent to historic mine Hochschild Mining (HOC LN) – Immaculada update Lucara Diamonds (LUC CN) – Quarterly results maintain full year guidance expectations as sinking of the main shaft at Karowe gets underway Newcrest (NCM AU) - Newcrest to boost copper output to cater for long-term demand outlook

SP Angel Morning View: Battery metals prices hold up as US inflation drives US monetary policy

Arkle Resources* (ARK LN) –Follow-up drilling planned on a promising structural target at Stonepark Atalaya Mining (ATYM LN) – Cost impact of Ukraine dents H1 financial performance Hochschild (HOC LN) – Environmental permit granted for Mara Rosa Project Jubilee Metals Group (JLP LN) – H2 2022 operational results highlight completion of £58m investment programme in S Africa and Zambia Power Metal Resources* (POW LN) – Phase-1 exploration underway at Athabasca Basin Uranium Project PureGold (

SP Angel Morning View: Chinchilla's hold up Gold Fields mine expansion in Chile

Gold Fields Limited (GFI SJ) - Gold Fields expansion plan at Salares in Chile held back by 20 Chinchillas GreenRoc Mining (GROC LN) – High-grade graphite intercepts at Amitsoq Kore Potash (KP2 LN) - US imposes sanctions on Belarus potash supplier Hochschild (HOC LN) – C$276m valuation targeted for Aclara IPO Savannah Resources* (SAV LN) – BUY, Target price 17.9p FLASH NOTE - 20% in Mutamba disposed of in a $9.5m cash deal

SP Angel Morning View: China PMI recovers on power supply boost

Beowulf Mining* (BEM LN) – SSAB board member to become Minister of Trade and Industry Condor Gold* (CNR LN) – Geotechnical drilling at La India Galan Lithium (GLN AU) – Candelas PEA highlights the potential for a 14ktpa LCE over 25y brine operation GoldStone Resources* (GRL LN) - BUY – Maiden gold pour at the Homase mine Hochschild Mining (HOC LN) – C$135m acquisition of Posse gold project in Brazil Mkango Resources* (MKA LN) – Q3 update shows strong progress of mine, refine, recycle strate

SP Angel Morning View: Nickel prices climb as LME stocks drop to a two-month low

Atlantic Lithium* (ALL LN) – Shareholders approve demerger of gold assets Castillo Copper (CCZ LN) – Extension of options to acquire the Litchfield and Picasso lithium projects Cornish Lithium (Private) – $18m funding package secured from TechMet Hochschild (HOC LN) – Shares rise as government appears to back away from closure plans Hummingbird Resources (HUM LN) – Updated mineral reserves extend Yanoflila LOM and delivers maiden estimate at Kouroussa Phoenix Copper* (PXC LN) – Deep drilli

SP Angel Morning View: Powell nomination prompts gold sell off as battery metals rise

AEX Gold (AEXG LN) – Geophysical programme completed at Tartoq license BlueRock Diamonds* (BRD LN) – Mining restarts at Kareevlei diamond mine following repeal of section 54 notice Hochschild (HOC LN) – Company vows to fight ‘illegal' plans to close mines over environmental impact Kavango Resources (KAV LN) – Survey identifies distinctly magnetised 30km target Power Metal Resources* (POW LN) – Test pitting commences at Alamo project SolGold* (SOLG LN) – Progress of the Cascabel PFS and Inv

SP Angel Morning View: Copper and nickel lead gains as oil prices pull back on Covid in Europe

Altus Strategies* (ALS LN) – Portfolio of Moroccan exploration assets vended into Eastinco Atlantic Lithium* (ALL LN) / IronRidge Resources* (IRR LN) – Change of name to Atlantic Lithium Aura Energy* (AURA LN) – Realignment of the board in preparation for development of the of Tiris uranium project BlueRock Diamonds* (BRD LN) – BlueRock lifts diamond sorting pans into new process plant Castillo Copper (CCZ LN) – Progress report on the Picasso lithium project Hochschild (HOC LN) – Shares fal

SP Angel Morning View: Lithium spodumene prices continue to rise on strong EV battery demand

AfriTin (ATM LN) – Afritin to add tantalum concentrate circuit to Uis tin mine Hochschild (HOC LN) – Proposed listing of REE project on TSX Lithium Americas (LAC CAN) - Millennial Lithium bought by Lithium Americas for $400mn, CATL loses out Rambler Metals and Mining* (RMM LN) – Well attended investor conference call highlights strength of higher grades and new mine plan Tertiary Minerals* (TYM LN) – Strategic update on exploration

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

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

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

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

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

Morning Note – 15 April 2024

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

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

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.