Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Hybridan Small Cap Feast - 27 Apr 23

27th April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

SP Angel Morning View:Gold falls as prospects for US Fed rate rise strengthens dollar

Loony for Bougouni

SP Angel Morning View:

This Week's AIM Highlights 20th January 2023

SP Angel Morning View: Copper strengthens on Peru disruption, China optimism and weak dollar

Atlantic Lithium* (ALL LN) – OTCQX ‘Best 50' top performing company Ariana Resources (AAU LN) – Guidance hit at Kiziltepe GreenRoc Mining (GROC LN) – Purification Test at Amitsoq records 99.97% purity and successful meetings with local stakeholders Kodal Minerals* (KOD LN) – BUY – Terms on joint venture show how keen Chinese processors are for raw materials Liontown Resources (LTR AU) – Kathleen Valley project update highlighting capex upward revision and a potential fundraise

SP Angel Morning View: Copper hits $9,500/t on reports of traders buying up physical metal

BHP (BHP LN) – Operations review leaves production and cost guidance intact after H1 delivers record iron ore production. Centamin (CEY LN) – Sukari meets 2022 production and cost guidance and looks to increase production in 2023 Kodal Minerals* (KOD LN) - BUY – Hainan Mining agrees to fund Kodal's Bougouni lithium project for $100m + $17.75m subscription in shares at 0.5p Kore Potash* (KP2 LN) – BUY, 5.0p Expect financing proposal to cover the full cost of building the Kola potash mine and a

SP Angel Morning View: Copper eases on China uncertainty, recession risks and strengthening Dollar

BHP (BHP LN) – BHP to face $12bn lawsuit as judge sets trial date of April 2024 CATL (SHE: 300750) – Interim report shows strong growth in energy storage systems for CATL Eurasia Mining* (EUA LN) – West Kytlim production climbs with a potential divestment discussions ongoing GreenRoc Mining (GROC LN) – Close of broker option following placing to develop Amtisoq Graphite Project Kodal Minerals* (KOD LN) – Interims highlight lower capital cost and higher value of DMS process route to producti

SP Angel Morning View: Metals soften as traders digest Powell's commitment to higher rates for longer

Beowulf Mining* (BEM LN) – Vadar acquires highly prospective license in Kosovo Bushveld Minerals* (BMN LN) – Jacqueline Musiitwa stands down due to role with US Agency for International Development (USAID) Cornish Metals* (CUSN LN) – Progress report from South Crofty First Quantum Minerals (FQM CN) – Panamanian Government shuts down Cobre Panama mine after tax talks fall through Kodal Minerals* (KOD LN) – Kodal completes concept design modules for lithium mine and process plant in Mali Mete

SP Angel Morning View: Commodities pull back as BOE driven relief rally fizzles away

Arc Minerals* (ARCM LN) – First half results underpinned by Anglo American JV Arkle Resources* (ARK LN) – Interims highlight strong progress on Irish zinc licenses Aston Bay Holdings (BAY CN) – Assay results from Storm Project drilling Cornish Metals* (CUSN LN) – Interim results confirm that South Crofty mine de-watering expected to start next year Kodal Minerals* (KOD LN) – Bougouni DMS scenario delivers faster to production and reduced development capex project Oriole Resources (ORR LN) –

SP Angel Morning View: Metals prices soften ahead of expected Fed rate rise today

Anglo American (AAL LN) – De Beers reports continuation of H1 strength in diamond demand BeMetals* (BMET CN) – Drilling capacity strengthened following encouraging initial drilling results from Kato, Japan Galantas Gold* (GAL LN) – US$530k loan secured to bring Omagh project into production Gemfields (GEM LN) – Reports record breaking auction revenues in H1 2022 Kodal Minerals* (KOD LN) – Steven Zaninovich Appointed as Operations Director Newmont Mining (NEM US) – AISC jumps 16% YoY in Q2

SP Angel Morning View: ECB may consider 0.5pp hike as inflation outlook worsens

Atlantic Lithium* (ALL LN) – Latest drill results continue to deliver outside Ewoyaa resource area BHP (BHP LN) – Operational review shows production guidance achieved across most commodities Cora Gold (CORA LN) – MRE update brings more ounces into the Indicated category Culpeo Minerals* (CPO AU) – Drill results at La Corina continue to show strong continuity Horizonte Minerals (HZM LN) – Community skills training agreement Kodal Minerals* (KOD LN) – Annual results highlight progress at the

Fully funded for range of activities - operational and key third party evaluations

Initial Equity Trading Comments - 15 May 2023

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Jersey Oil and Gas (JOG LN) - Full year 2022 results

JOG has released its full year 2022 results. These report a net cash holding of £6.6m which, alongside upcoming payments under the GBA farm out deal with NEO Energy, gives JOG a very strong funding base. The statement also reiterates the company’s focus on progressing its GBA project, including approval and closure of the farm out, progression of the Buchan development plan, likely a second farm out, and then FID in H1 2024. We expect this to represent a series of catalysts over the coming month

Pantheon Resources (PANR) – Corporate – Successful $22m Placing

Pantheon Resources announced the closing of a $22m significantly oversubscribed placing and subscription priced at 17p. The use of proceeds will include: i) funding the flow testing of the Alkaid#2 well from the SMD horizon, ii) funding a competent person report to be prepared by Netherland Sewell and Associates covering the Theta West and Alkaid oil discoveries, iii) funding the preparation of dynamic models and field development models to be prepared by SLB (formerly Schlumberger) and iv) fund

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

LIBERUM: Caledonia Mining* - The worst should be behind us; onwards and upwards from here

LIBERUM: Helium One* - >60% increase in Helium resource

Hybridan Small Cap Feast - 23 Feb 23

23rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Anglo Asian Mining* - FY22 reflect lower gold production, FY23 guidance reiterated and 8c dividend maintained

Morning Note – 24 May 2023

Auctus on Friday - 19/05/2023

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; target price of £0.50 per share: Exploration success at Carrizales Norte –The Carrizales Norte-1 (CN-1) exploration well encountered a total of 148 feet of net oil pay measured depth (128 feet TVD) across three very high quality sands. We understand that this well above pre-drill expectations. This is the largest net oil pay encountered by a well so far on Tapir (RCE-5: 90 feet, RCE-4: 45 feet, RCE-3: 58