Hybridan Small Cap Feast - 08 Sep23

8th September 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 obj

Jangada Mines PLC developing low-capital and high-return Brazilian VTM project

Jangada Mines has recently completed a feasibility study for the Pitombeiras Vanadium Titanomagnetite (VTM) Project, in Ceará, Brazil.The feasibility study returned a post-tax net present value with an 8% discount rate (NPV8) of US$96.5 million and a post-tax internal rate of return (IRR) of 100.3%

SP Angel Morning View: Gold rangebound as US real rates briefly turn positive

All Star Minerals* (ASMO PZ) – Blesberg lithium and Nkombwa rare earth phosphate project investments Anglo American (AAL LN) – Full-year guidance lowered due to heavy rainfall in Q1 Cornish Metals* (CUSN LN) FLASHNOTE - South Crofty's feasibility funding valuation Gem Diamonds (GEMD LN) – Quarterly sales climb on a recovering market Jangada Mines (JAN LN) - AVOID – Technical report raises questions over assumptions Strategic Minerals* (SML LN) – 10-year exploration license extension at Red

SP Angel Morning View: Copper and iron ore gain on China easing and new property development

Altus Strategies* (ALS LN) - BUY – First Close of Newcrest Gold Royalty Portfolio acquisition Atalaya Mining (ATYM LN) – Acquisition of new exploration properties in Spain Beowulf Mining* (BEM LN) – Kallak update Caledonia Mining (CMCL LN) – CEO to step down mid next year Eurasia Mining* (EUA LN) – Mr. Kotaro Kosaka elected as non-executive director Jangada Mines (JAN LN) - AVOID – Jangada delays feasibility to add TiO2 evaluation into Pitombeiras feasibility following fall in iron ore pric

Small Cap Feast: 16/06/21

MADE, a digitally native lifestyle brand in home has joined the Premium Segment of the LSE. MADE's mission is to make high-end designer furniture and homeware products accessible to everyone. Their gross sales, net revenue and Adjusted EBITDA were £109.5m, £82.4m and £1.8m, respectively, for the three months ended 31 March 2021 and £315m, £247m and (£5.1m), respectively, for the year ended 31 December 2020. AT 200p offer price Mkt cap is c. £775m. Total offer size £193.8m of which £100m is new m

Small Cap Feast

Caerus Mineral Resources (CMRS.L) a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and today completed its IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. Market Cap £5m.

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP

SP Angel Morning View: Silver hits resistance at $30 on Robinhood as futures bid higher on Sunday night

AEX Gold Inc (AEXG LN) – Initial sampling at Kangerluluk indicates positive results Castillo Copper (CCZ LN) – Appointment of key advisors for the Big One project in Queensland Empire Metals* (EEE LN) – Eclipse 4,000m drill program nears completion Jangada Mines (JAN LN) – ValOre financing & Fodere investment Kodal Minerals* (KOD LN) – Extension request from JV partner rejected as Kodal set to own 100% of West African gold concessions Scotgold Resources* (SGZ LN) – BUY, Target 177p – Earn

SP Angel Morning View: Copper, gold, PGMs and tin gain despite some risk-off trade and hedge-fund deleverage on GameStop

Jangada Mines (JAN LN) – Rhodium study at Pedra Branca KEFI Gold and Copper* (KEFI LN) – Drilling extends higher grade zone at Hawiah Phoenix Copper* (PXC LN) – Empire Mine metallurgical update & Navarre Creek sampling results Rockfire Resources (ROCK LN) – Plateau Gold mineral resource estimate Scotgold Resources* (SGZ LN) – BUY – Cononish production guidance revision Sunstone Metals (STM AU) – Southern Finland Gold assets divested

SP Angel . Morning View

Gemfields (GEM LN) – Covid19 constraints and Faberge impairment charge tip Gemfields into H1 loss | IronRidge Resources* (IRR LN) – Sale of May Queen gold project | Jangada Mines (JAN LN) – PEA commissioned for Pitombeiras | Pensana Rare Earths (PRE LN) – Mineral resources update from Longonjo | SolGold* (SOLG LN) – Completion of $100m royalty financing

SP Angel . Morning View

Cora Gold* (CORA LN) - BUY – 17.2p – Earnings update. Growing the resource and fast-tracking Sanankoro into production | Jangada Mines (JAN LN) – Progress at Fodere Titanium | Prospect Resources (PSC AU) – Metallurgical testing improves recoveries for potentially world’s lowest cost Lithium mine | Trans-Siberian Gold (TSG LN) – Production accelerates on course for the annual 38-42koz guidance | Vast Resources* (VAST LN) – Baita Plai first concentrate targeted next month

SP Angel . Morning View

Alba Minerals (ALBA LN) – Bulk sampling at Clogau St David mine | Altus Strategies* (ALS LN) – Diba PEA delivers $81m NPV10% (after tax) | Antofagasta (ANTO LN) – 2020 Maintaining production and cost guidance despite Covid19 | Bluejay Mining (JAY LN) BUY - Target 20p – Offtake agreement for up to 70% of Dundas Ilmenite production | Edenville Energy* (EDL LN) – ILTL $1m loan agreement and Rukwa update | Jangada Mines (JAN LN) – Drilling results from Goela | Kodal Minerals* (KOD LN) – Results high

SP Angel . Morning View

Condor Gold* (CNR LN) – Non-executive director’s share purchase | Jangada Mines (JAN LN) – Further drilling results from the Pitomberias vanadium property | Petropavlovsk (POG LN) – Court ruling remain pending and a new GM requisition | SolGold* (SOLG LN) – Magnetic survey confirms Rio Amarillo potential | Trans-Siberian Gold (TSG LN) – Vein 25 East Zone development is well progressed

SP Angel . Morning View

Ariana Resources* (AAU LN) – Renewal of Ivrindi operating licence | Jangada Mines (JAN LN) – Drilling results from the Pitomberias vanadium property | Mkango Resources* (MKA LN) – BBC highlights HyProMag investment in rare earth recycling | Scotgold Resources* (SGZ LN) – Restart of development works at Cononish

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.

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

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

LIBERUM: Ferrexpo: Production triples

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

Hybridan Small Cap Feast - 22 April 2024

22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi