Altus Strategies* (ALS LN) – BUY, Target 115p – 5,000m trenching programme launched at the Laboum Gold Project, Cameroon | Arc Minerals* (ARCM LN) – Annual report describes transformational year for Arc as it focusses on Zambian copper prospects | BlueRock Diamonds (BRD LN) – Third quarter figures highlight substantial improvement in volume and grade | Keras Resources* (KRS LN) – Progress in Togo and Utah | Power Metal Resources* (POW LN) – Launch of website galley | Shanta Gold (SHG LN) – West Kenya Scoping Study confirms attractive project economics | Yamana Gold (AUY LN) – Admission to London’s Official List
Companies: ALS ARCM BRD KRS POW SHG
Arkle Resources* (ARK LN) – H1 results highlight resumption of drilling at Stonepark and exploration potential of gold projects | Bluebird Merchant Ventures (BMV LN) – Gold-prepayment funding for US$5-20m from South Korean investors | Central Asia Metals (CAML LN) – Sasa TSF4 update | Kenmare Resources (KMR LN) – Wet Concentrator Plant moved to Pilivili | Keras Resources* (KRS LN) – Change in government in Togo | Rambler Metals and Mining* (RMM LN) – Raising funds to establish 1350tpd and examine further expansion | Scotgold Resources* (SGZ LN) - BUY – 141p – Exploration progress around Cononish | Serabi Gold* (SRB LN) – Preliminary licence for Coringa approved
Companies: ARK BMV CAML KMR KRS RMM SGZ SRB
Wheaton precious Metals (TSE:WPM) - Proposed secondary listing on bringing one of the world’s largest precious metal streaming companies to the London Stock Exchange. Due Q 2020
AB Ignitis grupe—leading utility and renewable energy company in the Baltic region. Admission of its Shares to the Main Trading List of Nasdaq Vilnius and admission of its GDRs to the Official List of the FCA. Offer Price Range corresponds to a market capitalisation of approximately EUR1,691.7 - EUR2,105.2 million. Due 7 Oct.
Calnex, an established provider of test and measurement solutions for the global telecommunications sector, will raise a total of £22.5 million (before expenses), comprising £6.0 million for the Company and £16.5 million for existing shareholders . Due 5 October 2020, under the ticker CLX. Based on the Placing Price, the market capitalisation of the Company will be £42.0 million on Admission.
Various Eateries to float on AIM. Admission is expected to take place end of September/early October 2020. The Company intends to raise up to £25 million by way of a placing . Established platform business operating two core brands, Coppa Club & Tavolino, both positioned to benefit from the post-Covid environment. The Directors believe site availability, acquisition opportunities, reduced competition, availability of talent and changes in consumer behaviour provide opportunities to accelerate the Group's growth .
Mode Global Holdings to join LSE (standard). Mode is a UK-based Fintech Group, building a modern financial services business to support an increasingly digitised economy and financial system, combining the best of banking, payments, investment, loyalty and digital assets. Targeting £7.5m raise.
Guild Esports a UK-based owner and developer of esports teams, has announced its intention to seek a listing of its ordinary shares to the Standard Listing segment of the London Stock Exchange this autumn. its founding shareholders include David Beckham, former football player and captain of England, and now co-owner of new MLS team Inter Miami CF.
HOME REIT intends to float to the Main Market raising up to £250m. The Company will seek to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by investing in a diversified portfolio of assets across the UK which will be dedicated to providing accommodation to the homeless. Due Mid October
Sativa Wellness Group—(Canadian Securities Exchange: STIL) renamed from Stillcanna Inc following the conditional acquisition of Sativa Group (AQSE:SATI) to list on the AQUIS Exchange. A fully integrated European seed to consumer CBD group with the pricing, products, and stability to meet the CBD market demand in the medium term. With world-class extraction and formulation experts, an agricultural team that has over 20 years’ experience farming hemp, along with laboratory testing capabilities, the group has established itself globally as a trusted source of high-grade, premium wholesale CBD brands and products.
Umuthi Healthcare Solutions Plc, the technology led healthcare business focused on the distribution of pharmaceuticals and the provision of medical facilities in remote areas, seeking admission to the Standard Listing segment of the Official List
Kibo Energy PLC, the multi-asset Africa focused energy company, is seeking admission for its 100% owned UK subsidiary Sloane Developments Ltd , which will be renamed Mast Energy Developments PLC (MED), to the Standard List of the London Stock Exchange plc . Targeted for Q4 2020. The MED business strategy is to acquire and develop a portfolio of flexible small-scale power generation assets, exploiting a growth niche market in the UK for Reserve Power generation to balance out the national grid at critical times.
Companies: MRL DBOX GDR CRC KRS BONH JSE ANIC ARK
Arkle Resources* (ARK LN) – Inishowen soil sampling results | Keras Resources* (KRS LN) – Meeting with Prime Minister of Togo to advance Nayéga Manganese Project | Peak Resources (PEK AU) – Rocky Smith, Peak’s CEO leaving Peak Resources | Predictive Discovery (PDI AU) – Results of further drilling at Bankan
Companies: ARK KRS PEK PDI
Atalaya Mining (ATYM LN) – Solar power plan for Proyecto Riotinto | Castillo Copper (CCZ LN) – Drilling planned for the Big One in Queensland | Condor Gold* (CNR LN) BUY – Valuation 102.5p – Director tops up his shareholding | Keras Resources* (KRS LN) – Tesla’s new batteries set to benefit manganese producers Oriole Resources (ORR LN) – Drilling contract awarded in Cameroon | Tietto Minerals (TIE AU) – Updated resource estimate for Abujar expected in mid-October
Companies: ATYM CNR KRS ORR TIE
Caledonia Mining* (CMCL LN) – Funding of solar power plant at the Blanket mine | Empire Metals (EEE LN) – Soil sampling starts at Eclipse gold project | Impala Platinum (IMP JSE) – Over 100% gain in pre-tax profits as palladium and rhodium prices offset COVID disruption | Keras Resources* (KRS LN) – Keras acquires 51% in near-production organic rock phosphate project in the US | Scotgold Resources* (SGZ LN) – BUY, Target 141p – Cononish on course for first gold before end of November | SolGold* (SOLG LN) – Further news on board and governance changes
Companies: EEE IPHB KRS SGZ SOLG
Glencore (GLEN LN) –- H1 report describes a strong half-year particularly from its marketing business | Highland Gold (HGM LN) – Recommended pre-conditional mandatory cash offer at 300p by Fortiana | Keras Resources* (KRS LN) (diluted) – Keras acquires 51% in near-production organic rock phosphate project in the US | Metal Tiger (MTR LN) – Drilling results from the A4 Dome in Botswana | Pensana Rare Earths (PRE LN) – Quarterly report and project update | Taseko Mines Limited (TKO LN) - North American copper producer to release Q2 results
Companies: GLEN HGM KRS TKO
Amur Minerals* (AMC LN) – TEO update | Ariana Resources* (AAU LN) – Tavsan resource update | Chaarat Gold* (CGH LN) – Laying out production growth pipeline | Greatland Gold (GGP LN) – Latest drilling results extend Havieron mineralisation 220m northwest | Keras Resources* (KRS LN) – Directors buy 11m shares at 0.14p
Companies: AMC AAU CGH GGP KRS
Keras Resources (KRS LN) – Interim results highlight value created through Calidus shares | Pure Gold Mining (PUR LN) –– Resumption of drilling at Red Lake mine | Strategic Minerals* (SML LN) – Raising £1.1m to fund purchase of balance of Cornwall Resources
Companies: KRS PUR SML
Amur Minerals* (AMC LN) – EGM notice | Highland Gold (HGM LN) – Kayen exploration license sold for $15m and 2% royalty | Keras Resources* (KRS LN) - Global manganese ore output falls 22% in April | Mkango Resources* (MKA LN) – COVID-19 medical equipment donated to main Malawi hospital | Rambler Metals* (RMM LN) – US$1m bridging loan
Companies: AMC HGM KRS MKA RMM
Caledonia Mining (CMCL LN) – 2019 results and 2020 guidance | Keras Resources* (KRS LN) – AGM adjourned despite 99% of votes in favour of resolutions | Savannah Resources* (SAV LN) – Annual results highlight progress on Portuguese lithium and Mozambique mineral sands | Petropavlovsk (POG LN) – IRC stake divestment and loan guarantees termination proposal | Vast Resources* (VAST LN) – Baita Plai equipment shipments update | Regeneron advances COVID-19 antibody program | Synairgen (SNG.L): Approval to start Phase 2 trial of SNG001 in COVID-19
Companies: CMCL KRS POG SAV VAST SNG
Edenville Energy* (EDL LN) 0.6p, Mkt Cap £3.7m – Operations update | KEFI Minerals* (KEFI LN) – Hawiah Exploration Project Update | Keras Resources* (KRS LN) – Calidus gains value on higher gold price and falling Australian dollar following Keras distribution. | Phoenix Copper* (PXC LN) – Raises US$2m to advance Red Star | Rio Tinto may sell Pacific aluminium business as it cleans up its carbon act | Tri-Star Resources* (TSTR LN) – SPMP management changes
Companies: KEFI KRS RIO TSTR EDL
FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO onto AIM raising £94m with a market cap of £138m. Admission expected 27th February. FY Dec 2018 numbers show revenue of $57m and underlying EBITDA of $11m. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC. DRI Healthcare—investment company focused on investments in healthcare Royalty Assets looking to raise $350m. Due 11 Mar. Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march. Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Incanthera—Specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive . Due 28 Feb. Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market. The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.
Companies: TSTL BOKU EQT KRS CALL CRV JAY TWD PHC ALBA
Adriatic Metals* (ADT LN) – Permitting update | Anglo American (AAL LN) – De Beers diamond sales | Atalaya Mining (ATYM LN) – Permitting update for Proyecto Touro | Altus Strategies* (ALS LN) 7.3p, Mkt Cap £16m – Start of drilling at Tabakorole Gold Project | Georgian Mining Corporation (GEO LN) – Georgian Mining receives confirmation of tenure from the Georgian National Agency of Mines | Keras Resources* (KRS LN) – Keras to place order for larger 25,000tpm plant at Nayega | Sovereign Metals (SOV AU) - Raising A$2m | Shanta Gold (SHG LN) – Higher resource at Singida to yield better project economics | Trans-Siberian Gold (TSG LN) – FY20 production guided at 38-42koz and dividend policy reiterated
Companies: ADT1 AAL ATYM KRS SMA GEO SHG TSG
Sirius Minerals (SXX LN) / Anglo American (AAL LN) - Anglo American agrees to buy Sirius Minerals for 5.5/s (£404m) | Chaarat Gold* (CGH LN) 36p, Mkt Cap £169m – Issue of shares | Keras Resources* (KRS LN) – Keras hires local team for Q1 start of production
Companies: AAL SXX CGH KRS
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Hargreaves’ AGM statement confirms a positive start to FY21, building on the resilient FY20 performance. Trading is in line with expectations, the Industrial Services business has won a number of new contracts, and Hargreaves Land is said to be close to announcing the completion of its first plot sale at Blindwells. In our view, the shares are yet to reflect the earnings growth forecast for the next three years or the prospect of a 20p total dividend, which is expected to be paid first in FY22 as previously restricted HRMS profits are distributed. A further update on trading will be provided in early December, ahead of interims at the end of January.
Companies: Hargreaves Services plc
DGO has reported another strong set of quarterly results despite the extremely challenging operating environment. When many in the industry have been forced to decrease, suspend or eliminate their distributions, DGO has increased its dividend for the second consecutive quarter to 4¢ per share (an 11.5% dividend yield). The Q3/20 dividend represents a 7% increase on Q2/20 and a 14.3% increase in 2020. Production during Q3/20 increased 17% YoY to 107kboepd, following a full quarter of production from the Carbon Energy and EQT acquisitions. DGO's Smarter Asset Management programme continues to generate value, maintaining legacy production flat for the ninth consecutive quarter. The Company's robust hedging strategy continues to deliver results, with Q3/20 Adjusted EBITDA increasing 10% QoQ to US$75m and a Q3/20 EBITDA margin of 52%. We maintain our BUY recommendation and our price target at 138p, a 29% premium to the current share price.
Companies: Diversified Gas & Oil PLC
Since the group is in the middle of a major reorganization, the strong cash generation will help generate interest in the strategy update scheduled for 2021. The CFO stood at $10.4bn, vs $2.5bn in Q2, thanks to the oil price rebound, positive working capital movements and Shell cashing in on trading derivatives. Net debt was down by $4bn, enabling the group to announce a 4% increase in the quarterly dividend to $16.65cts.
Companies: Royal Dutch Shell Plc Class A
H1 2020 saw extreme commodity price weakness, but was still a productive period for President, especially for its balance sheet, with debt more than halving to US$15m following a placing, strategic subscription and debt-to-equity conversion. This leaves President on a sound financial footing, well positioned to ride out sustained lower prices if necessary while delivering the growth potential within its core Argentine business, further evidence of which was provided with today’s positive drilling update. We are cutting our price target by 10% to 3.5p due to lower near-term production forecasts, but this is still more than double the current share price with further operational catalysts on the near-term horizon.
Companies: President Energy PLC
Phoenix today updates its resource for the Empire deposit in Idaho after the summer's drilling (32 additional holes). The new Measured and Indicated (M&I) Resources stands at 22.9Mt grading 0.4% copper, 0.2% zinc, 10.3g/t silver and 0.32g/t gold (up from 19.3Mt grading 0.4%, 0.2%, 11g/t and 0.35g/t respectively from the last calculated resource in May 2020) plus a further 10Mt in the Inferred category at similar grades. M&I resources now stand at 173kt copper equivalent (current metal prices) against the previous M&I resource estimation at 155kt copper equivalent.
Companies: Phoenix Copper Ltd. (United Kingdom)
Savannah Resources today releases its results for the period ending June 2020. Although for a mining company in development phase Interims are not so critical they do provide a useful line in the sand to assess progress. Savannah's key focus is the Mina do Barroso project in Portugal and here, despite the global pandemic, progress has been made. Firstly, The Environmental Impact Assessment (EIA) and Mine Plan have been submitted to the authorities as part of the project approval process and these updates will be incorporated into the Definitive Feasibility Study (DFS); Secondly, metallurgical test work was carried out which aids the offtake negotiations which remain ongoing; Finally, the production of the DFS remains on track for 2021. In addition to all of the project specific work Savannah has been proactive with the communities in Portugal in demonstrating the benefits a mining project will bring to the country at a local and national level as well as an agreement at a regional level with EIT InnoEnergy; this EU-linked group will help to secure commercial partners and finance for Mina do Barroso as part of the European Commission's battery initiative.
Companies: Savannah Resources Plc
Q3 trading statement
Companies: HNTIF 0YT HTG
After laying out the new strategy, the focus has shifted back to current operations. The group managed to reduce its net debt by $500m (to $40.4bn) with Brent averaging $43/bbl and particularly weak refining margins. This demonstrates the group’s ability to reach the cash balance point target of $40/bbl and hints at a buyback programme in 2022.
Companies: BP p.l.c.
Savannah has published interim results to June. The main takeaways include a 30 September cash position of £3.2m, divestment of its Oman copper assets (announced September), and the news that Savannah is working on responses to the regulator, following the latter’s initial review of the Barroso EIA (submitted in May).
The chairman’s statement is also of interest, making the point that there’s been a major change in ‘sentiment towards electric vehicles, the lithium ion industry and most recently the battery raw material supply sector’.
We would add to this statement that the debate over whether spodumene projects (hard rock lithium like Barroso) are more or less strategic than brine projects is somewhat redundant. The upcoming shortage of lithium plus the battery industry’s capital commitment to both hydroxide and carbonate means both will be required and both are at risk of shortage. We continue to recognise Barroso’s strategic importance to the European lithium battery supply chain and reiterate our 10.2p target price.
Shanta Gold (AIM: SHG) has announced this morning its production and operational results for the quarter ended 30th September 2020 – see Fig 1. Overall this was a robust performance (from one of the most consistent operators in the sector) in the face of the pandemic and a very busy quarter for the company at corporate level. QoQ production fell to 19,973 oz and AISC rose to $883/oz – both caused by a temporary drop in grade – but the ongoing strength in the gold price resulted in a 16% and 46% increase in EBITDA QoQ and YTD respectively. There was an increase in net debt to $5.1m which can be explained by the $7.1m cash outlay for the West Kenya projects as well as the reduction in the hedge book (they also have $5.9m of gold dore in the gold room). The company remains on track to hit its full year guidance of 80-85koz of production at an AISC of $830-880/oz which would make it the third year in a row they have hit their unaltered guidance for the year. This would be a remarkable achievement for a major gold miner operating in a developed market let alone one operating in the South West corner of Tanzania. Likewise the fact the company has recorded zero lost time injuries makes it nearly three years in a row with no LTIs. With the greenlight for Singida and a scoping study completed for the West Kenya Project during the quarter, the company can look forward to leveraging this operational expertise across a larger and longer life production base (c.220Koz of annualised production). We continue to believe the market is still to wake up to this given a market cap of US$219m, next to no debt and EBITDA annualising at $90m.
Companies: Shanta Gold Limited
Oil retreated as a further increase in Libyan output threatens to return more supply to a market that is already grappling with a pandemic-induced slump in demand.
Crude futures fell 1.9% in New York on Friday and posted their first weekly decline in three. Libya lifted force majeure on its Ras Lanuf and Es Sider ports and oil output will surpass 1 million barrels a day in four weeks, according to the state-run National Oil Corp. The announcement came as prospects for more Libyan output increased following the signing of a permanent cease-fire agreement.
Prices were already on the decline as talks appeared to stall on a US stimulus deal before the election, with House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin trading blame for the impasse. A deal would have injected a sorely needed boost to demand, with positive catalysts for prices harder to come by heading into the end of the year.
US benchmark crude futures declined 2.5% over the week as a resurgence of coronavirus infections spurred governments around the world to renew tighter lockdown restrictions. While comments from Russian President Vladimir Putin signalling openness to delaying a planned OPEC+ output hike helped bolster prices, the continued return of Libyan production complicates the group's tapering strategy.
West Texas Intermediate for December delivery declined 79 cents to settle at $39.85 a barrel.
Brent for the same month declined 69 cents to end the session at $41.77 a barrel. The contract fell 2.7% over the week.
Despite the prospect of more Libyan supply returning to the market, Brent's structure remained firm. The spread between the global benchmark's nearest contracts strengthened on Friday to its narrowest contango since late July
Meanwhile, traders' attention is shifting toward the outcome of the US election in November, which could have varying implications for US supply. Presidential candidate Joe Biden said fossil fuels need to be phased out over time, a comment seized on by Donald Trump as a threat to the industry. But there is debate over how much such a policy would impact oil prices in the near future.
Other oil-market news:
Venezuelan crude inventories have surged 84% over the past three weeks as the threat of US sanctions ward away buyers of the nation's most important commodity. That raises the risk that state-run PDVSA will have to start shutting in production again, and is the latest sign that Venezuela's oil industry is on the verge of collapse.
Oil and gas output in Norway, western Europe's biggest producer, could rise to a record by the middle of the decade as new fields come on stream, according to consultants Rystad Energy AS.
Companies: FOG PVR 88E DGOC EME TRIN UOG
Central Asia Metals (CAML LN) reported strong copper results for Q3 2020, up 14% QoQ to 3.9kt enabling a 3.7% increase in our 2020F production forecast to 13.9kt, in line with new guidance of 13.5-14kt. YTD copper production of 10.5kt was broadly flat YoY. This does imply a marginal YoY increase overall for 2020F, however, as well as realised grades being ahead of expectation, we expect CAML to push hard at Kounrad to offset Sasa disruption as much as possible. Kounrad has been out of focus recently, however, with copper prices up 10% YTD and with a strong fundamental outlook, the asset’s low cost base continues to underpin the CAML investment case.
Companies: Central Asia Metals Plc
September production payment received
Companies: GKP GUKYF GVP1
Bluebird Merchant Ventures is a South Korea-focused resources company which is bringing old gold mines back to life. It is far quicker and cheaper to rehabilitate old gold mines than fund exploration, mines where production was curtailed a couple of decades ago due to a low gold price (under US$140/oz). Recently, Bluebird gained a binding agreement for a US$5-20m gold streaming style deal to fund reopening its gold mines.
Companies: Bluebird Merchant Ventures Ltd.
Lithium in London with a focus on European projects
This corporate sector note on lithium will comment on the European lithium raw material sector and how the advanced projects being developed by Savannah Resources, European Metals Holdings and European lithium fit into the European-regional picture. Lithium production from these projects, once commissioned, will go some way to creating a domestic supply of this critical metal within Europe.
• Savannah Resources – Developing the Mina Do Barroso project in Portugal as a producer of spodumene concentrate. The project is in Feasibility.
• European Metals Holdings – Developing the Cinovec project in the Czech Republic as an integrated producer of lithium hydroxide / carbonate. The project is in Feasibility.
• European Lithium – Developing the Wolfsburg project in Austria as an integrated producer of lithium hydroxide. The project is in Feasibility.
Companies: KDNC EMH SAV