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

jubilee Metals - H1 FY2024 results

Jubilee today reports its H1 FY24 numbers for the period ending December 2023. Overall, the numbers show that Jubilee is hitting its target; an increase in copper in cathode-concentrate from 1.2kt (H1 FY23) to 1.7kt; South Africa Chrome 669kt to 718kt; and, in South Africa PGM ounces from 18.2 to 20.2koz. Revenues were hit by a decline in the PGM basket price to $1,021 vs a cost of $895/oz, but chrome revenues are up, as jubilee is exposed to more of the chrome price via its Thutse project, with

SP Angel Morning View: Chinese lithium carbonate capacity rises 83.3% to 1.1mt

Jubilee Metals - Converting liabilities into assets and cash

Jubilee is a unique business and a truly positive ESG story. It recovers metals from mine wastes in long-established mining regions of South Africa and Zambia. It has regional concentrators processing waste to produce chrome concentrate and copper concentrate and chrome tailings, which are sent to central hubs that produce refined metal. The story began with the Inyoni PGM and Chrome hub in SA; here, Jubilee proved its capacity to recover value from decades of mine waste produced from the Bushve

Jubilee Metals (JLP) – Zambian Project update

Jubilee continues to advance its Zambian projects. New information on the tonnages and grades at its various projects in Zambia, together with its metallurgical testing in South Africa and Zambia should provide the necessary operating, technical and economic inputs to fully assess the opportunity. We look forward to the information being available so we can derisk our understanding of the opportunity in Zambia.

SP Angel Morning View: China considering $280bn cash injection to stabilise crumbling stock market

Jubilee Metals - Operational and project updates to end Dec 2023

Jubilee today provides an operation and project update to end of Q2 FY2024 (December 2023). Results are in line with guidance leading to a H1 FY 2024 total of 718kt of chrome concentrate after a record Q2 of 381kt following the commissioning of its new Thutse chrome recovery plant. PGM production in Q2 was 10.1koz (all to Jubilee) and a half-year total of 20.2koz, with 1.7kt copper cathode produced from Sable in Zambia. Full year guidance is still for 1.45Mt chrome concentrate, 42koz of PGM a

Jubilee Metals (JLP) - Fund raise £13m successfully completed

The cash raised will give Jubilee a stable working capital base as it looks to expand into Zambia via the “waste” project (RNS 12.12.2023). This project contains 350Mt of material from over 60 years of copper mining. Grades are yet to be properly established, but there are zones from surface sampling and drilling (pers. comm. Jubilee) which suggest grades of 1.5% copper in places. With a new partner in IRH (a UAE-based company which is the preferred bidder for the Mopani complex from the Zamb

SP Angel Morning View: Copper surplus expected to narrow on lower production from key mines

Jubilee Metals - Investment into copper waste dump in Zambia

Jubilee today announces a strategic partnership in a large copper waste dump project in Zambia estimated to contain in excess of 350Mt of material. The investment is with International Resources Holding RSC Limited (IRH) – the largest listed company in the UAE who are expanding into metal resources in Africa and have just been appointed preferred bider for the Mopani Copper Mines from the Zambian Government. The waste copper project will be placed into an SPV between Jubilee and IRH and fundin

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.

Challenger Energy (CEG LN) - £1.5m strategic investment in Challenger

Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.