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

Small Cap Feast: 09/07/21

What’s cooking in the IPO kitchen? Bridgepoint Group to float on the Premium Segment of the Main Market. Bridgepoint is the leader in middle market investing, with a global reach that leverages its strong pan-European footprint and Bridgepoint's ability to deploy meaningful amounts of client capital across several well established strategies. Raising £300m. Timing TBA. HydrogenOne Capital Growth to IPO on the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London

SP Angel Morning View: China SRB sales make little impact on commodity markets

Ariana Resources (AAU LN) – Annual results timetable impacted by Turkish travel restrictions Atalaya Mining (ATYM LN) – Mineral reserves and resources update for Cerro Colorado and San Dionisio BHP (BHP LN) – plans to double exploration budget within five years Cornish Metals*+ (CUSN LN) – Quarterly update and progress report on exploration in Cornwall Keras Resources* (KRS LN) – Interim results Firefinch (FFX AU) – Raising A$47m to reinvigorate Morila

LIBERUM: Sylvania Platinum* - FY22 annual dividend is 33% higher than our estimate

Union Jack Oil# - West Newton update

West Newton update

IOG - H1 2022 Results

H1 2022 Results

Impressive H1 sees record interim dividend

A typically strong operational performance at Kounrad and materially higher realised zinc prices at Sasa versus the year-ago period helped CAML overcome industry-common cost inflation pressure to post a 16% increase in EBITDA and widen its margin to an impressive 63%. This in turn has given the group confidence to declare a record interim dividend of 10p, which annualised puts CAML on a compelling yield of 9%. Despite increasing metals markets volatility and the potential for further inflationar

Union Jack Oil# - West Newton CPR assessment

West Newton CPR assessment

Jersey Oil and Gas* - H1 2022 results and farm out update

H1 2022 results and farm out update

Central Asia Metals: Interim Results

Central Asia Metals (CAML LN) reported record H1 results on the back of robust production and higher commodity prices. H1 2022 net revenue of US$114m was up 13% YoY, EBITDA of US$75m was up 16% YoY and the EBITDA margin increased 2pp to 63%. An FX gain of US$7m, combined with the reductions in interest payments from debt reduction and higher profits meant net income was up 72% YoY to US$53m. With capex this year weighted to H2, the company’s free cash flow metric was up 7% YoY to US$52m enabling

Cenkos: Chariot Ltd -- Enabling the Energy Transition

Chariot has announced a partnership with Total Eren to jointly develop the Nour Project, a large-scale green hydrogen project to be located in Mauritania. The consortium will benefit from the dedicated expertise of Total Eren's team, holding a wide range of experience and knowledge in solar, wind, hybrid and green hydrogen projects globally. The involvement of Total Eren adds balance sheet strength and credibility to the project, whilst strengthening the existing relationship between Total Eren

Cenkos: Falcon Oil & Gas Ltd -- Origin Divests Beetaloo Interest

Falcon's Beetaloo JV partner, Origin Energy has announced its intention to exit all of its upstream exploration permits as part of a strategic decision to focus on cleaner energy and customer solutions. As part of this strategy, Origin has agreed to divest 100% of its interest in the Beetaloo Basin to a JV of Tamboran Resources and Bryan Sheffield for an upfront consideration of A$60m and a 5.5% royalty on future production from Origin's 77.5% working interest. At US$60m the upfront consideratio

SHORE CAPITAL - Union Jack Oil+ (UJO, 31p, House Stock) – Lifting of UK fraccing moratorium confirmed

Year-exit target rate in sight despite Kiln 3 challenges

H1 was a mixed half for Bushveld, the continuing strong performance of Vametco offset by unexpected challenges associated with the commissioning and subsequent ramp up of Kiln 3 at Vanchem. The latter has prompted the group to reduce full-year group production guidance (with unit cost expectations increased somewhat), though we still expect positive EBITDA for the full-year and H2 capex and debt repayment obligations look adequately covered. The year-exit production rate target of 5,000-5,400t p

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE) - BUY at 25.4p – Strong interim results; Chad-Cameroon deal completion anticipated in Q4

WH Ireland: Pantheon resources (PANR) - Completion of Frack at Alkaid, Preparing to Test

Pantheon Resources announced that it has completed 30 frack stimulations in a 5,000 foot lateral section of the Alkaid #2 well. The company stated it now intends to mobilise a work-over rig and install testing equipment to production test the well. The company stated that, if successful, a production test will occur later in October.

Condor Gold: Feasibility Study provides solid base despite cost pressure; further upsides still to be factored in

Condor Gold (“CNR”) has announced completion of the La India Open Pit Feasibility Study (“FS”), an important milestone as CNR advances the project towards development. The headline results show a post-tax IRR of 23% and NPV of US$87m using a gold price of US$1,600/oz and 5% WACC. Initial capital expenditure is estimated at US$105m and all-in sustaining costs of US$1,039/oz for annual average output of 82kozpa gold for the first 6 years of an 8.4 year mine life. The FS provides a solid base again

Kistos PLC - Lionel Therond

We believe that an investment in Kistos PLC (Kistos) is an opportunity to invest alongside a proven and highly incentivised management team, into an acquisition vehicle with an established North Sea gas production footprint of sufficient size to leverage the current commodity price cycle and use its stock currency to drive further consolidation in the basin. We see further upside from current levels (+110%) based on our assessment of intrinsic value. The value creation credentials of Kistos'