SP Angel Morning View: Tin extends gains to five-month highs as buyers secure supply over Myanmar concerns

Goodbye grey sky, hello blue

Keras has now evolved into an organic phosphate fertiliser company focused solely on the Tier 1 jurisdiction of Utah in the US. This arises as a consequence of an agreement between the company and the Republic of Togo which resolves long-standing uncertainty surrounding the development of the Nayéga manganese project. The asset will be developed by the State and Keras will liquidate all interests in return for both upfront and deferred cash consideration.

SP Angel Morning View: US approves $2.8bn in grants to boost domestic battery supply chain

Anglesey Mining (AYM LN) – Final drilling results from 2022 campaign at Parys Mountain Amaroq Minerals (AMRQ LN) – £30m fundraising Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Centamin (CEY LN) – Strong quarterly performance at Sukari keeps production and cost guidance intact and passes 5moz of production milestone Greatland Gold (GGP LN) – Grant funding for exploration drilling in the Yilgarn, WA KEFI Gold and Copper* (KEFI LN) – Tulu

SP Angel Morning View: Robust US economic data adds to US$ strength weighing on gold and copper

Arkle Resources* (ARK LN) - Arkle Resources to complete additional drilling at Stonepark Botswana Diamonds (BOD LN) – Approvals for acquisition of the balance of Thorny River KEFI Gold and Copper* (KEFI LN) – Interims highlight strong growth pipeline of projects in Ethiopia and Saudi Arabia Keras Resources* (KRS LN) – Interims highlight strong progress in Utah Largo Inc. (LGO CN) – Largo Physical Vanadium announces trading on TSXV today Oriole Resources (ORR LN) – Interim report highlights

SP Angel Morning View: Base and industrial metals rise as dollar slides on US CPI expectations and Evergrande news

Arc Minerals* (ARCM LN) – Arc renews prospecting licenses in Botswana Artemis Resources (ARV LN) – Drilling identifies copper/nickel mineralisation at the Chapman prospect, WA Bushveld Minerals* (BMN LN) – Strong performance at Vametco offsets slow start to Kiln3 at Vanchem and ESKOM load shedding Keras Resources* (KRS LN) – Diamond Creek organic phosphate mine should generate >150% margin as sales rise Kore Potash (KP2 LN) – BUY, 5.0p – Interims highlight the completion of the Kola Optimis

SP Angel Morning View: Gold climbs as China fires ballistic missiles in exercises around Taiwan

BlueRock Diamonds* (BRD LN) – Two large diamonds sold in July tender for $121,716 Botswana Diamonds (BOD LN) – Additional kimberlite identified in recent drilling at Thorny River. Centamin (CEY LN) – Interim results confirm 2022 production and cost guidance Condor Gold* (CNR LN) – Metallurgical test results from La India Galantas Gold* (GAL LN) – Further positive results from Omagh underground drill programme Glencore (GLEN) – Profits take off as higher as rising metals and energy prices dr

SP Angel Morning View: Copper bounces back over $8,000/t as US traders' head off for 4th July holiday

Arc Minerals* (ARCM LN) – Arc receives first cash payments on CASA Minerals disposal Bushveld Minerals* (BMN LN) – Results highlight rising production and transition into positive EBITDA Galantas Gold (GAL LN) – Warrants exercise provides C$500k of additional funding KEFI Gold and Copper* (KEFI LN) – Signing of Tulu Kapi Financing Umbrella Agreement Keras Resources* (KRS LN) – Operating margins to rise at Diamond Creek as production ramps up into high fertilizer prices

SP Angel Morning View: Copper climbs as PBOC pledges to increase support for the economy

Altus Strategies* (ALS LN) – Drilling returns 4.9g/t over 14m at the Tabakorole Gold Project Asante Gold (ASE CN) – Acquisition of Chirano reaffirms healthy M&A in West African gold Bluejay Mining* (JAY LN) – Enonkoski exploration joint venture with Rio Tinto Bushveld Minerals* (BMN LN) – Operational update highlights production and inventory sales into recent high vanadium prices Culpeo Minerals* (CPO AU) – 400m of copper sulphide intersected – assay pending Keras Resources* (KRS LN) – K

Hybridan Small Cap Feast 26/04/22

What’s cooking in the IPO kitchen? According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include:

SP Angel Morning View: Gold at four week high as investors assess outlook for Fed rate hikes

Anglo American (AAL LN) – De Beers reports growing demand for its rough diamonds ahead of the usual slower Q2 period Amur Minerals* (AMC LN) – Sanctions update Aston Bay Holdings* (BAY CN) – Ore-sorting provides potential for direct shipping copper ore from the Storm project, Nunavut Atalaya Mining (ATYM LN) – Mineral resource estimates for San Dionisio and San Antonio deposits BeMetals (BMET CN) – Drilling commences at Kato, Japan BlueRock Diamonds* (BRD LN) – Q1 production increases desp

SP Angel Morning View: Climbing Covid cases in China weigh on growth outlook

Empire Metals* (EEE LN) – Acquisition of three highly-prospective copper-gold projects in Australia Hummingbird Resources (HUM LN) – Kouroussa development update Johnson Matthey (JMAT LN) – £400m awarded by UK government for hydrogen research Keras Resources* (KRS LN) – Keras consolidated stake to full ownership of Diamond Creek phosphate mine Savannah Resources* (SAV LN) – FY21 results: well capitalised, DIA expected over coming months

SP Angel Morning View: Metals pull back on property developer default and European energy shortage

AfriTin Mining (ATM LN) – Michael Rawlinson appointed a new Non-Executive director Arc Minerals* (ARCM LN) – Arc discussions at advanced stage with major mining company Bluejay Mining* (JAY LN) – Bluejay receives VAT repayment from HMRC Empire Metals* (EEE LN) – New round of exploration drilling to start at Eclipse in Q1/22 Hummingbird Resources (HUM LN) – Yanfolila drilling results point to LOM extension potential Keras Resources* (KRS LN) – Interims highlight sales from Diamond Creek orga

SP Angel Morning View: US infrastructure bill approval and strong Chinese exports help risk sentiment

Ariana Resources (AAU LN) – Due Diligence drilling completed at Apliki Project Keras Resources* (KRS LN) – Funding issues with local partner stall Diamond Creek organic phosphate production Kodal Minerals* (KOD LN) – Mining license granted for Bougouni lithium project in Mali Thor Mining (THR LN) – Drilling commences at Molyhil Tungsten-Molybdenum Project

SP Angel Morning View: Fed dovish stance propels US dollar denominated commodities higher

Anglo American (AAL LN) – Record H1 performance as stimulus measures spur recovery BeMetals (BMET CN) – Technical report for Kato Gold project identifies multiple drill targets Caerus Mineral Resources (CMRS LN) – Disposal of Black Pine licences Keras Resources* (KRS LN) – Mining season commences at Diamond Creek Kodal Minerals* (KOD LN) – Nielle project shows intersections of wide gold mineralisation in drill results Oriole Resources (ORR LN) – Exploration progress at Senala, Senegal Rain

SP Angel Morning View: Metals prices rise as China considering monetary easing amid a slowing recovery

Arc Minerals* (ARCM LN) – Arc Minerals to let exclusivity agreement with Anglo lapse Bluejay Mining* (JAY LN) – Targets defined for Outokumpu-type copper-cobalt- gold-silver deposits In Finland BlueRock Diamonds (BRD LN) – Q2 results show significant increase in tonnes processed Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise in China Keras Resources* (KRS LN) – Commercial production commences at Diamond Creek Power Metal Resources* (POW LN) – Presentation covering Nevada p

LIBERUM: Trident Royalties: Mexican standoff

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Shanta Gold: Solid beat at interims

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading

CMD - still plenty of growth potential