SP Angel Morning View:Metal prices pull back as Evergrande struggles with refinancing plans

SP Angel Morning View: Global EV sales exceed 1m vehicles a month despite global growth concerns

SP Angel Morning View:Gold shines as rate hike expectations pull back

SP Angel Morning View:China's 2023 growth targets disappoint base metal traders

SP Angel Morning View: Concern for rare earth miners as Tesla looks to ditch NdPr for new motor technology

SP Angel Morning View:Stellantis takes $155m stake in copper mine as automakers move upstream for EV supply chain

SP Angel Morning View: Copper prices rise as China emerges faster than anticipated from Covid

SP Angel Morning View: Risk sentiment pulls back on Chinese leadership reshuffle and weak economic data

SP Angel Morning View: Copper price rallies as supply fundamentals return to fore

BlueRock Diamonds* (BRD LN) – Tim Leslie steps down as negotiations over loan note repayment continue Kavango Resources (KAV LN) – Petrological results at Ditau Zijin Mining (2899HK ) – 30% stake acquired in China's largest gold mine for $554m

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

SP Angel Morning View: Rising yields and US$ weigh on risk sentiment

AfriTin Mining (ATM LN) – Additional Infill drilling results from the Uis mine Core Lithium (CXO AU) – Finniss Lithium Mine opens in NT, Australia GreenRoc Mining (GROC LN) – Amitsoq field campaign identifies new graphite occurrences Kavango Resources (KAV LN) – Drilling commences on KCB Kore Potash* (KP2 LN) – BUY, Target 5.0p – EPC proposal received Tungsten West (TUN LN) – Progress of the Hemerdon reopening plan

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: HLMA, HAS, SONG, ESNT, RICA, KAV, SERE, & INCE.

SP Angel Morning View: Base metals on potential LME ban on Russian supplies and government support for property sector in China

Atlantic Lithium* (ALL LN) – Annuals highlight clear path to production following PFS Eurasia Mining* (EUA LN) – Interims highlight increased production at West Kytlim with M&A discussions over a potential transaction ongoing Goldstone Resources* (GRL LN) – Interim results Great Western Mining (GWMO LN) - Interims highlight progress with Nevada drilling programme alongside waste processing JV agreement Kavango Resources (KAV LN) – Phase-1 drill programme commenced at KCB Power Metal Resourc

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: SPX, ORIT, BGO, BLTG, BOO, EMAN, & KAV.

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

LIBERUM: Restocking Indicator still says BUY: Equities lift too

Strong second half trading

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.

Morning Note – 1 December 2023