Hybridan Small Cap Feast 25/10/22

Dish of the day Joiners: Guanajuato Silver Company (AQSE: GSVR) has joined the AQSE Growth Market. Leavers: Eastinco Mining and Exploration left the AQSE Growth Market and joined the Standard List of the Main Market (yesterday we incorrectly said it had joined AIM.) Lamprell has left the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca En

SP Angel Morning View: Gold holds ground as traders weigh up Fed's options before rate decision next week

Bluejay Mining* (JAY LN) – Rob Edwards takes over as Executive Chairman Bushveld Minerals* (BMN LN) – Valuation 23p – Kiln 3 drives performance through the third quarter for Bushveld Chaarat Gold (CGH LN) – Suspension on the back of a potential reverse takeover of Lydian gold assets in Armenia Empire Metals* (EEE LN) – Large magnetic anomaly identified at Pitfield Harmony Gold (HAR SJ) – Acquisition of Eva Copper project, Australia Jubilee Metals Group (JLP LN) – FY 2022 operational result

Jubilee Metals (JLP) - Audited Results for the year ended 30 June 2022

Jubilee has demonstrated its operational savvy by successfully delivering production targets and increasing revenues at the same time as undertaking a significant capitalisation and expansion programme. We will review the results reported today and update our fair value in due course.

WH Ireland: Jubilee Metals (JLP) - FY update – plenty of progress, nicely poised for continued growth

Jubilee released its operational update for H2 and FY ending June 2022 last week (10.08.2022). We view the results as positive taking into consideration the increased scope for the extended construction and ramp up of the much enlarged South African operations. Our near term forecast did not fully account for the significantly increased scope for the enlarged Jubilee flagship Inyoni PGM plant; nor fully appreciate the post-Covid delays in Zambia and we will look to update our numbers and forec

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 (

WH Ireland: Jubilee Metals (JLP) - Operations and Projects Update for the six months to 30 June 2022

Jubilee today reported its unaudited operational results for the six-month period to 30 June 2022. Performance during the period has been boosted with the delivery of significant investment programmes (totalling c. £58m) at the Inyoni Platinum Group Metals (PGM) operation in South Africa and the Roan copper concentrator in Zambia.

WH Ireland: Jubilee Metals (JLP) - Progress in Jubilee's Zambian copper strategy – an update

Jubilee has had a solid technical year (FY ending in June 2022). It has built significant chromite treatment plants in South Africa and expanded its primary profit centre at the Inyoni PGM plant also in South Africa set up to treat expanded production of chromite tailings. At the same time it has self-built the Roan copper concentrator in Zambia and put together the longer-term, and bigger-scale plans for its Northern copper refining strategy. At this time, and pending publication of FY 2022

SP Angel Morning View: Copper imports into China jump despite ongoing city lockdowns

Caledonia Mining (CMCL LN) – Blanket mine continues to break production records Diamond Fields Resources Inc (DFR VN) – Moydow acquisition cleared by the TSX-V Horizonte Minerals (HZM LN) – Key contracts awarded for the Araguaia process plant Jubilee Metals Group (JLP LN) – Cobalt refining circuit commissioning for up to 1,200tpa in Zambia KEFI Gold and Copper* (KEFI LN) – Q2 update highlights a build up in the project development momentum Power Metal Resources* (POW LN) – Canadian Lithium

WH Ireland: Jubilee Metals (JLP) - Jubilee confirms new Chairman to take them to the next stage

Jubilee today confirms the appointment of a new Chairman to take over from Colin Bird (who set up the company) and who will we believe have the experience to take them to the next stage. The stage has been set by the outgoing Chairman with Manuel Lino Silva de Sousa Oliveira (Ollie) appointed as independent non-executive director and Chairman to help realise the next moves. He brings with him a wealth of experience with senior executive positions within the Anglo-American Group and at De Beers

Hybridan Small Cap Feast 16/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa intends to join the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021. Due 18th May 2022. EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specifi

WH Ireland: Jubilee Metals (JLP) - Operational update

Jubilee today provides an operational update on the ongoing commissioning at the new Inyoni chrome and PGM plants with Jubilee building up to steady state production for nameplate capacity of 1.2Mt chrome concentrate and 44koz PGM production per year. Remember processing chrome creates the upgraded PGM tailings for Jubilee to recover the PGMs (Jubilee being paid a small margin to preconcentrate its own feed) and with the expanded Inyoni there is no need to share the PGM revenues via a JV struct

WH Ireland: Jubilee Metals (JLP) - Trading update for six months to December 2021 (H1-22E)

Jubilee announces the results of the first half of the year to June 2022 today. Perhaps the key achievement during the quarter was in South Africa and the commissioning of the OBB chrome plant close to its refurbished and expanded Inyoni PGM circuit. The OBB plant is now ready to treat 80kt/month of chrome ore and to produce 615kt/yr of chrome concentrate and, most significantly, supplying tailings, to the Inyoni (Platinum Group Metal) PGM plant which can now produce 44koz/yr of PGM in concent

Jubilee Metals (JLP) - Growth and opportunity

Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa. Growth will come from its Zambian two-refinery strategy where it is expected to produce upwards of 31kt/year of copper (in cathode and concentrate) with an, as yet, undefined contribution from cobalt. The strategy has benefited from the acquisition of the Nkana refinery from Mopani (Zambian-government owned), which provides many logistical and technical benefits to Jubilee. Jubilee remains on a growth trajecto

LIBERUM: Sylvania Platinum* - Best quarter since early 2020

LIBERUM: Pensana Plc* - Pensana’s Coola Exploration Licence continues to deliver

LIBERUM: Pensana Plc* - Initiation - Loosening China's grip on rare earths

Chariot Limited (AIM: CHAR): Electricity trading JV enhances returns on core business and opens a new revenue stream

• Chariot, the Neura Group, H1 Holdings and Meadows Energy have formed Etana Energy, a new electricity trading company in South Africa. Etana is one of the few companies granted an electricity trading licence in the country. • The licence allows Etana to sell and buy electricity on the grid, opening up access to a range of high-volume off-takers including municipal, industrial and retail customers. • Chariot, H1 Holdings and Meadows Energy hold respectively 25%, 21% and 5% of Etana and bring ex

Chariot Limited (AIM: CHAR): Adding a new renewable power project in Zimbabwe

• Chariot continues to execute on its strategy to build a 1 GW (gross) power business. Chariot and Total Eren have announced that the partners will work on a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe. • The solar project will have an initial installed capacity of 30 MW with a potential extension of up to 300 MW. • The Karo Platinum Mine is in construction and is expected to be in production in 3Q24. • The land for the pow

Initiation of Coverage

Diversified Energy (Diversified) is focused primarily on US natural gas production. Its strategy is to acquire and operate producing energy assets, which has seen it grow rapidly and create significant shareholder value. Since its 2017 IPO, the group has grown reserves 15x, increased production over 280x, raised the dividend 11 times and grown its market value 16x to £1.1bn. Diversified is currently the 2nd largest independent energy company by production, the 4th largest by market value and the

Arrow Exploration - Work programme update and Q3 2022 results

Work programme update and Q3 2022 results

WH Ireland: Pantheon Resources (PANR) - Schlumberger Reservoir Modelling Report

Pantheon Resources published the results of a static and dynamic reservoir modelling report undertaken by Schlumberger, one of the most rigorous and well known oil services companies globally. The company stated the report represents the first phase of Schlumberger's analysis and that the report and associated model represent the most comprehensive model completed on evaluating the discovered oil resource and the productive potential of the company's assets.

Wentworth Resources plc (AIM: WEN): Proposed acquisition by Maurel & Prom

• Maurel & Prom has made an offer to acquire Wentworth for 32.5 p per share in cash, valuing Wentworth at £61.7 mm. The offer price represents a 30% premium to the share price of Wentworth on the last trading day prior to the announcement (25 p per share as at 2 December). • Wentworth held US$30.2 mm (12.9 p per share) in cash as at 1 November. Deducting the cash value from the offer price suggests an offer price of 19.6 p per share for Wentworth’s non cash assets. This compares to a read throug

LIBERUM: Atlantic Lithium* - Wide, high-grade holes boost resource upgrade & expansion confidence further

Morning Note – 16 November 2022

Hybridan Small Cap Feast 16/11/22

Dish of the day Joiners: BWP REIT joins the Wholesale Segment of the International Property Securities Exchange (IPSX). BWP REIT is a newly formed single asset company and has raised £35m by issuing 35m new ordinary shares at 100 pence per share to acquire Bridgewater Place, an office-led mixed use property in central Leeds and valued at £63m. The property is one of the tallest buildings in Yorkshire, comprising 234,000 sq. ft of office space, and is close to 90% let to EY, as well as multinatio

Positive H1 update; trading in line with expectations

Hargreaves has released a positive H1 pre-close update. All business areas are trading in line with expectations and the Group is in excellent financial shape with cash of £18m at 30th November and no bank debt. We believe forecasts have been pitched prudently and, in our view, the valuation looks compelling at c.5x P/E with a very well supported 6% dividend yield (including additional dividend). Interims will be reported on 25th January ’23.

Cenkos: Chariot Ltd -- Zimbabwe Solar PV Project

Chariot and Total Eren have agreed to work together to develop, finance, construct and operate a solar photovoltaic (PV) project that will provide electricity for the Karo Platinum Project in Zimbabwe. The solar PV project is expected to have an initial installed capacity of 30MWp with a potential extension of up to 300MWp. The project further advances Chariot towards its objective of delivering a 1GW renewable energy pipeline and builds on its existing 485MW of projects in operation or under co

LIBERUM: Emmerson* - 10-year offtake MoUs over bulk of production provide support for financing