Adriatic Metals* (ADT1) – Drill results at Raska Altus Strategies* (ALS LN) - BUY – £7.7m raise to fund exploration in Egypt and Mali as well as new royalty/project acquisition opportunities Caledonia Mining* (CMCL LN) – Record production year for Blanket underpins a further rise in dividend Botswana Diamonds (BOD LN) – Diamonds recovered in drilling at Thorny River Galan Lithium (GLN AU) – Testwork points to 6% Li lithium chloride concentrate production potential Kodal Minerals* (KOD LN) – Kodal raises £3.5m to advance Bougouni lithium project and other gold exploration
Companies: ALS CMCL ADT BOD KOD GLN
Arc Minerals* (ARCM LN) – Immediate appointment of Rothschild & Co as financial adviser Chaarat Gold* (CGH LN) – Fatal incident at Kapan in Armenia Kodal Minerals* (KOD LN) – Progress report on West African gold exploration Phoenix Copper* (PXC LN) – Raising £16.45m to develop the Empire mine open pit development project Trans-Siberian Gold (TSG LN) – High grade Vein 25 mining operations resume after accident investigation is completed
Companies: ARCM CGH KOD PXC TSG
Amur Minerals* (AMC LN) – Extension for TEO report submission secured Arc Minerals* (ARCM LN) – Call reveals approach by large Chinese player, work on Anglo deal and study on Cheyeza copper mine BHP (BHP LN) – Half year results dominated by iron-ore Condor Gold* (CNR LN) – £4m private placing Cornish Metals* (CUSN LN) – First day of trading on AIM Glencore (GLEN LN ) - Glencore 2020 results reflect Covid19 impact Kodal Minerals* (KOD LN) – Riverfort converts a further $169,385 worth of loan notes Metal Tiger (MTR LN) – £85,200 investment in Millennial Silver Corp Phoenix Copper* (PXC LN) – Updated economic results for Empire Rambler Metals and Mining* (RMM LN) – US$10.5m raised in oversubscribed placing Tertiary Minerals* (TYM LN) – Exploration results from the Paymaster project
Companies: CUSN AMC ARCM BHP CNR GLEN KOD PXC RMM TYM MTR
Alba Mineral Resources (ALBA LN) – Licence extension | Altus Strategies* (ALS LN) – New gold discovery at Diba NW | Chaarat Gold* (CGH LN) - BUY – 62p (from 65p) – Earnings Update | Kodal Minerals* (KOD LN) – Geochemical sampling at Dabakala
Companies: ALBA ALS CGH KOD
Alba Mineral Resources (ALBA LN) – Licence extension Altus Strategies* (ALS LN) – New gold discovery at Diba NW Chaarat Gold* (CGH LN) CLICK FOR PDF - BUY – 62p (from 65p) – Earnings Update Kodal Minerals* (KOD LN) – Geochemical sampling at Dabakala
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this Spring. Target valuation £20m raising c. £8m “to finalise the development and launch of a range of the Company's premium-quality consumer products based on biosynthetic cannabinoids, which is fully compliant under UK law.” Kanabo Group (RTO by Spinnaker Opportunities SOP.L) on the main market (standard). Raising £6m, enlarged mkt cap £23.4m. Kanabo focuses on the distribution of Cannabis-derived products for medical patients, and non-THC products for CBD consumers . Due 16 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Auction Technology Group is considering an IPO on the Main Market. The Group operates six world-leading online Marketplaces and proprietary global auction platform technology for curated online auctions . In FY20 the Group delivered pro forma revenue of £52.3 million, supported by notable underlying year-on-year growth from both Standalone ATG Group and Standalone Proxibid Group (12.4 per cent. and 40.4 per cent., respectively). For the same period, the Group delivered a strong profitability performance of £22.3 million pro forma Adjusted EBITDA representing a pro forma Adjusted EBITDA margin of 42.6 per cent. Expected March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Cordiant Digital Infrastructure to admit its shares on the Specialist Fund Segment of the Main Market of the London Stock Exchange . Targeting a £300m raise. Cordiant invests in global infrastructure and real assets, running infrastructure private equity and infrastructure private credit strategies through limited partnership funds and managed accounts. Due 16 Feb. 4basebio UK Societas is a specialist life sciences group focused on therapeutic DNA for gene therapies and DNA vaccines and providing solutions for effective and safe delivery of these DNA based products to patients. The Company has been divested from 4basebio AG , a German company listed on the Prime Standard segment of the Frankfurt Stock Exchange . No capital to be raised on Admission. Anticipated market capitalisation on AIM Admission: £14.53m. Due 17 Feb Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5m by way of private placement of new Common Shares to advance the United Downs copper-tin project. The Company expects that Admission will become effective 16 February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Raising £8.2m. £18.7m mkt cap.
Companies: OHG MDZ PEG IQE RBN WHR HMI ANIC KOD GMR
AEX Gold Inc (AEXG LN) – Initial sampling at Kangerluluk indicates positive results Castillo Copper (CCZ LN) – Appointment of key advisors for the Big One project in Queensland Empire Metals* (EEE LN) – Eclipse 4,000m drill program nears completion Jangada Mines (JAN LN) – ValOre financing & Fodere investment Kodal Minerals* (KOD LN) – Extension request from JV partner rejected as Kodal set to own 100% of West African gold concessions Scotgold Resources* (SGZ LN) – BUY, Target 177p – Earnings Updated
Companies: AEX EEE JAN KOD CCZ SGZ
Bluejay Mining* (JAY LN) – BUY, Valuation 29.4p – Bluejay agrees jv with Rio Tinto over the Enonkoski Project in Finland Bushveld Minerals* (BMN LN) – BUY - Valuation 37.7p – Ferro-Vanadium prices jump 11.6% in the US Edenville Energy* (EDL LN) – Funding agreement refinanced and £900k raised Kodal Minerals* (KOD LN) – Further progress at West African gold assets Lucara Diamonds (LUC CN) – Karowe mine yields 341 carat diamond Serabi Gold* (SRB LN) –Q4 production results continue modest recovery of Q3
Companies: LUC JAY BMN EDL KOD SRB
Anglo American (AAL LN) – De Beers reports continuing signs of recovering demand at its final sales cycle for 2020 | Caledonia Mining* (CMCL LN) – Exploration option at Connemara North | IronRidge Resources* (IRR LN) – Highly prospective gold licenses acquired in Ivory Coast | Kavango Resources (KAV LN) – Exploration progress on the Kalahari Copper Belt | Kodal Minerals* (KOD LN) – Acquisition of 350,000oz gold resource in Southern Mali | Panther Metals (PALM LN) – Merolia Gold Project acquisition completed | Rio Tinto (RIO LN) – New Chief Executive | SolGold* (SOLG LN) – Visible copper mineralisation in initial drilling at Tandayama-America | Sunrise Resources (SRES LN) – Bulk sample from CS Pozzolan-Perlite project
Companies: AAL CMCL IRR KAV KOD PALM RIO SOLG SRES
Anglo American (AAL LN) – De Beers reports continuing signs of recovering demand at its final sales cycle for 2020 Caledonia Mining* (CMCL LN) – Exploration option at Connemara North IronRidge Resources* (IRR LN) – Highly prospective gold licenses acquired in Ivory Coast Kavango Resources (KAV LN) – Exploration progress on the Kalahari Copper Belt Kodal Minerals* (KOD LN) – Acquisition of 350,000oz gold resource in Southern Mali Panther Metals (PALM LN) – Merolia Gold Project acquisition completed Rio Tinto (RIO LN) – New Chief Executive SolGold* (SOLG LN) – Visible copper mineralisation in initial drilling at Tandayama-America Sunrise Resources (SRES LN) – Bulk sample from CS Pozzolan-Perlite project
Companies: CMCL AAL KAV KOD PALM RIO SOLG IRR
Research Tree provides access to ongoing research coverage, media content and regulatory news on Kodal Minerals Plc. We currently have 129 research reports from 3 professional analysts.
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May, musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: KIBO MTW GWI MTR DUKE ITM GDR MSMN CMCL PTRO
Pantheon has announced that it has concluded operations at the Talitha #A Well. Although, the parameters and estimates in respect of the horizons penetrated by the Talitha #A well can be expected to change materially as the well results are interpreted, for now we are comfortable with our 88.9p/sh pre-drill fair value estimate. We believe that positive volumetric analysis of the Talitha #A well in respect of the Basin Floor Fan and the Shelf Margin Deltaic will be determinant for near-term changes to our fair value estimate.
Companies: Pantheon Resources plc
Hargreaves has released an unscheduled and very positive update. The performance of the German JV has improved materially, prompting a 45% upgrade to FY21 EPS forecasts. Meanwhile, the Services and Land businesses in the UK are trading in line with expectations, whilst driving significant outperformance on cash. This has created a £26m positive swing versus previous FY21 cashflow forecasts, albeit with catch up investment to follow in FY22. In our view, the Hargreaves story has genuine momentum and today’s update reinforces our confidence in the progress being made across the Group.
Companies: Hargreaves Services plc
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are familiar. The belief that the roll-out of the vaccine and some relaxation of lockdown limitations will lead to a significant economic recovery, compared to the collapse seen in the first half of 2020, due to lockdowns. Indeed, the recent economic picture is becoming more optimistic than previous expectations. According to the ONS, the economy grew a little more than initially estimated in Q4 last year. This means GDP for 2020 as a whole contracted by 9.8%, revised up marginally but still the worst contraction on record. Markets, in general, have focused upon the potential scope and extent of the recovery. The sectors and stocks that have outperformed have been seen as ‘recovery’ plays with a rotation from stocks seen as ‘lockdown’ winners into those set to benefit from the ‘unlocking of society’ and/or exposed to the consumer. We expect 2021 will continue to be a “stock-picker’s” market. The sharp increase in the household savings ratio in Q4 highlights the scope for a recovery driven by expenditure. As further lockdown limitations are lifted, evidence of this growth will help to underpin the more optimistic outlook for Q2 and beyond.
Companies: AMYT ARBB BPC BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
Following a general meeting of shareholders on 14 April 2021, Jersey Oil & Gas closed a placing and open offer raising £16.6M (pursuant to the results of the placing announced 17 March 2021). We believe the capital raise materially strengthens Jersey's outlook by i) securing the near-term funding to “keep the foot on the gas” into 2022 in relation to its engineering work in line with the objective of realising first oil from the Greater Buchan Area (“GBA”) project in late 2025, ii) strengthening its balance sheet ahead of farm-out negotiations and iii) displaying that it has strong equity capital market support. We are increasing our fair value estimate to 622p from 526p to reflect the equity capital raise and a corresponding change to our risking factor from 12.5% to 20%. We believe that Jersey Oil & Gas has an exceptionally compelling outlook into 2021 and 2022.
Companies: Jersey Oil & Gas PLC
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced an exploration drilling and resource update. The results are from 3,590m of drilling conducted in February and March 2021 and is new information since the last exploration update released on 16th March 2021. They relate to Luika which is part of the NLGM operations in Tanzania and the high-grade development project in WKP. Both are positive.
Companies: Shanta Gold Limited
Companies: BOKU RBGP MUL WATR GFIN MKA TIDE MNO INX TUNE
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: GAL AXS IDH GWMO AGL YEW INFA HE1 PPC CASP
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Dispersion Holdings PLC, an investor in the high growth FinTech sector within the UK, the USA and Canada, has announced its intention to IPO on the Access Segment of the Aquis Stock Exchange Growth Market. The Board intends to deploy the majority of the Company’s cash resources in the acquisition of minority interests in a number of different, yet to be identified, companies in the broad FinTech sector, and to apply expertise to the business operations and strategic plans of these companies. Target Admission Date of 30 April. Darktrace plc. Intends to float on the main market of the London Stock Exchange (premium). Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Due early May. musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.
Companies: ADME RTC SAV DFCH HUW TEG ANIC KOO MIRI SPSY
Q1 production update
Companies: Hurricane Energy Plc
INITIATION OF COVERAGE - Transforming Morocco's energy mix
Companies: Sound Energy plc
We are updating our estimates to incorporate the result of the open offer portion of JOG’s recent fundraise and new FX assumptions. The open offer raised another £1.61m and brought the total funds from the placing, subscription and open offer to £16.61m. These proceeds will help JOG maintain the strong momentum behind its major Greater Buchan Area (GBA) Development in the UK North Sea and strengthen its negotiating hand in the ongoing farm-out process. Our risked-NAV and price target fall 5% to 542p/sh as a result, but still offers major upside potential as the GBA Development is further de-risked.
Trinity has released a Q1/21 update ahead of its 2020 full year results in May 2021. Having proven its low cost, low risk production model during the past 12-months, which has seen one of the worst downturns in the history of the industry, Trinity's focus is now on scaling with the backdrop of a much improved oil price outlook. Production during Q1/21 was resilient having reduced by a modest 3% QoQ to 3,107bopd, in spite of Trinity not drilling any new wells since 2019. Net average production guidance for 2021 is expected to be 2,900-3,100bopd (before the potential drilling of new wells and/or acquisitions). Tight cost controls reduced operational costs YoY, with only a modest increase on a per unit basis. Given the improved oil outlook, recently implemented SPT reform, the continued integration of the Company's recently acquired 3D seismic data and the finalising of the ten-year LOA extensions, Trinity hopes to recommence drilling in H2/21. The potential benefits of the 3D seismic onshore could be transformative and with the news that Trinity and its partner have been short listed for the next stage of the potential high impact NWD Onshore exploration play of particular note from today's update. We increase our target price to 31p (from 30p), c2.2x the current share price and reiterate our BUY recommendation.
Companies: Trinity Exploration & Production Plc
Anglo Asian Mining* (AAZ LN) - BUY – Anglo Asian extends the Gedabek contract area PSA for another five years Mkango Resources* (MKA LN) – Mkango appoints US advisory firm to help connect with US government strategy BHP (BHP LN) – Record year-to-date iron ore production from W Australia Hummingbird Resources (HUM LN) – Q1 production results Savannah Resources* (SAV LN) – Proposed placing to raise up to £10.3m Shanta Gold (SHG LN) – Quarterly production results Vast Resources (VAST LN) – Proposed share consolidation & director purchase Tirupati Graphite (TGR LN) – Vatomina Mine opens
Companies: MKA AAZ BHP HUM SAV SHG TGR VAST
Bushveld Minerals* (BMN LN) – Union urges return to work as unofficial stoppage at Vametco Caledonia Mining* (CMCL LN) – Blanket mine Q1 gold production Empire Metals* (EEE LN) – Results highlight progress at Eclipse gold project and nearing of completion on sale of Bolnisi copper project Gemfields (GEM LN) – Kagem emerald auction Greatland Gold (GGP LN) – Initial drilling at Scallywag Petropavlovsk (POG LN) – NED appointment Power Metal Resources* (POW LN) – Option extension at Australian copper-gold project Savannah Resources* (SAV LN) – APA declares conformity of EIA Shanta Gold (SHG LN) – Drilling grows MRE at Luika and returns high grade intersections at West Kenya
Companies: GML CMCL BMN EEE GGP POG POW SAV SHG