SP Angel Morning Report

International Ferro Metals* (IFL LN) Suspended – A revised Business Rescue Plan released | Minera IRL (MIRL LN) Suspended – Corporate and operational update.

SP Angel Morning Report

Acacia Mining | Bellzone Mining | Clogau Mine | FinnAust Mining | International Ferro Metals | IronRidge Resources | Polymetal | W Resources | Weatherly International | Xtract Resources

SP Angel Morning Report

Anglo American | Aureus Mining | International Ferro Metals | Lucara Diamonds | Metminco | Rio Tinto

SP Angel Morning Report

Condor Gold | International Ferro Metals | Kaz Minerals | Metals Exploration | Petra Diamonds

SP Angel Morning Report

Asiamet Resources | Central Rand Gold | Condor Gold | Gem Diamonds | Glencore | International Ferro Metals | Metal Tiger plc | North River Resources | Petropavlovsk | Premier African Minerals | Teck Resources Ltd

SP Angel Morning Report

International Ferro Metals | Lonmin | Petropavlovsk | Stratex International plc

SP Angel Morning Report

Asiamet Resources (formerly Kalimantan Gold) | Herencia Resources | International Ferro Metals

SP Angel Morning Report

Anglo American | Avocet Mining | BHP Billiton | Minera IRL | SolGold | Stellar Diamonds | Tri-Star Resources

IFL shows value through stress tests

Following the Q3/FY15 operations update which highlighted challenging quarterly results on the back of subdued FeCr pricing as well as escalating production costs, we run a series of stress tests on forecast earnings to determine net operating cash breakeven costs and weigh IFL’s chances in meeting the R480-490m net borrowings target in H2/FY15. We also examine the proposed 10% power surcharge effect on FY16 earnings.

Production and cost control to deliver value

Construction of a new direct current (DC) furnace may potentially increase annual FeCr capacity by c.40% (110ktpa) at 12% lower operating costs allowing the Company to exercise economies of scale and minimize the effect disruption of a single unit can have. A bankable feasibility study for a 60MW DC furnace was completed in Q1/CY15 and the Board is currently considering funding options. The unit could produce low carbon premium FeCr used in specialist industries, further expanding the product an

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

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Morning Note – 22 April 2024

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

LIBERUM: Ferrexpo: Production triples

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

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

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

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