SP Angel Morning View: Copper stabilises on China covid reopening, dollar weakness and Beijing property stimulus measures

Anglo American (AAL LN) – Appointment of new Group Director-Technical Europa Metals Limited (EUZ LN) – Mineral resource increase at Toral Galantas Gold* (GAL LN) – BUY, TP:54p – Q3 results show strong cash position ahead of production restarting at Omagh Mkango Resources* (MKA LN) – Q3 results underpinned by release of DFS Metal Tiger (MTR LN) – Disposal of 49% interest in Kalahari Metals Petra Diamonds (PDL LN) – Williamson mine expected to resume production in mid-2023 Sunrise Resourc

SP Angel Morning View: Metals prices hold up despite sharp correction in oil

AfriTin Mining (ATM LN) – Phase 1 construction completed at the Uis mine Anglo American (AAL LN) – De Beers reports continuing strength in rough diamond demand ahead of the Diwali holiday season Castillo Copper (CCZ LN) – Appointment of drilling contractors for campaign at the East Zone of the BHA project East Star Resources (EST LN) – Early-stage exploration results from Rudny Altai, Kazakhstan Galantas Gold* (GAL LN) – C$6.9m raised for exploration and development at Joshua Vein Kavango

SP Angel Morning View:

Bluebird Merchant Ventures (BMV LN) – Kochang gold mine fieldwork in South Korea Bluejay Mining* (JAY LN) – Kangerluarsuk survey to define drill targets around high-grade zinc, lead and copper samples Mkango Resources* (MKA LN) – £500,000 convertible advance Metal Tiger (MTR LN) – Drilling intersects nickel and copper sulphides at Nyanga, Gabon Ormonde Mining* (ORM LN) – New Board examining opportunities following €1.6m loss in transitional year, 2021 Rockfire Resources (ROCK LN) – Gold in

SP Angel Morning View: Risk of global stagflation rises as Ukraine war rolls on

Aura Energy* (AURA LN) – Interim results highlight corporate reorganisation and the Tiris uranium project Orosur Mining* (OMI LN) – Latest drill results underpin substantial exploration potential of project Metal Tiger (MTR LN) – Drilling commences at Armada Metals' Nyanga Ni-Cu project Rockfire Resources (ROCK LN) – Awarded Greek zinc project in an international tender Sunrise Resources (SRES LN) – Seeking a new partner to develop the CS Pozzolan Perlite project

SP Angel Morning View: Inflation expectations rise as conflict escalates

Adriatic Metals (ADT1) – Comprehensive update shows Vares Project on track for completion Q2 23 Beowulf Mining* (BEM LN) – Annual results show progress on three fronts Diamond Fields Resources Inc (DFR VN) – John McGloin steps down from Caledonia to focus on CEO role at Diamond Fields Resources Castillo Copper (CCZ LN) – Initial resource estimate for the ‘Big One' Conroy Gold & Natural Resources (CGNR LN) – Drilling results from Clontibret Filo Mining Corp (FIL CN) - Filo Mining Corp announ

SP Angel Morning View: Base metals climb as China signals easing curbs on real estate

Atlantic Lithium* (ALL LN) formerly IronRidge* (IRR LN) – Scoping study update increases post-tax NPV to US$789m for Ewoyaa Bluejay Mining* (JAY LN) – Dundas bulk samples sent for customer evaluation Cornish Metals* (CUSN LN) –– Drilling at United Downs continues to intersect multiple mineralised structures Eurasia Mining* (EUA LN) – Agreement with ERDC Gemfields (GEM LN) – Record Kagem emerald auction Hummingbird Resources (HUM LN) – Pasofino raises $5.5m to deliver Dugbe FS in Q2/22 Meta

SP Angel Morning View: Metals rally as optimism increases over Evergrande crisis

Alba Mineral Resources (ALBA LN) – Plans for Clogau Arc Minerals* (ARCM LN) – BUY - Massive sulphide copper mineralisation intersected in drilling at Cheyeza East. Copper sulphide mineralised quartz veins at Fwiji Aura Energy* (AURA LN) – Resumption of trading on ASX Caerus Mineral Resources (CMRS LN) – Drilling underway at Trouli Ferro Alloy Resources (FAR LN) – Ferro-molybdenum and Vanadium pentoxide production starts Kodal Minerals* (KOD LN) – AGM presentation Metal Tiger (MTR LN) –

Small Cap Feast: 12/05/21

What’s cooking in the IPO kitchen? Pioneer Media Holdings Inc to join the Access segment AQSE Growth market. The Company is an investment company focused on the eSports and mobile gaming industries, and all business sectors related thereto. No funds being raised. Due 25 May. Pharma C Investments to list as a SPAC on the Access segment of the AQSE Growth Market. It is specifically seeking to take advantage of the dynamic regulatory environment surrounding legal Medicinal Cannabis. Due 26 May. N

Metal Tiger* - A4 Upgrade increases contained copper by 34%

Metal Tiger has raised A$5m (£2.7m) at a price of $0.37/share (0.20p). Sandfire Resources (SFR.ASX), a company that Metal Tiger holds a 3.4% interest in, has upgrade its JORC 2012 compliant mineral resource estimate for the A4 Copper-Silver Deposit, located in the Kalahari Copper Belt of Botswana. Metal Tiger also owns a 2% net smelter royalty over c. 8,000km2 of Sandfire's licence holdings in the Kalahari Copper Belt, which contain the A4 Deposit.

Small Cap Feast: 26/07/21

What’s cooking in the IPO kitchen? Northcoders, an independent provider of training programmes for software coding, to join AIM. It offers a range of training and software development solutions to individual and corporate customers. The Company's offering includes 'bootcamp' training courses, government funded apprenticeships and bespoke training courses and software development solutions. The Company operates a hybrid delivery model by providing its services in person at one of Northcoders' re

SP Angel Morning View: Base metals pull back on OPEC disagreement and potential for slower Europe

Ariana Resources (AAU LN) – Copper and gold confirmed in recent drilling at Kokkinoyia, Cyprus Cornish Metals*+ (CUSN) – Pictures of drill core at United Downs highlight native copper in hole 7 around 200m east of hole1 Cora Gold (CORA LN) – Sanankoro assays indicate erratic gold distribution, more complex resource estimation and little influence on overall grade Metal Tiger (MTR LN) – Motheo mining licence granted Orosur Mining* (OMI LN) – LOI signed for Brazilian tin project Phoenix Coppe

LIBERUM: Sylvania Platinum* - Raising guidance on strong half

Alkaid #2 test - follow-on potential project economics

Forecast update

Diversified Energy will report a FY22 update in February and ahead of this we update our estimates for the lower gas price while also highlighting that the group's unique operating model substantially protects it from lower gas prices and higher interest rates, thereby ensuring it remains well placed to pay one of the highest dividend yields in the FTSE350.

Chariot Limited (AIM: CHAR): Bringing water desalination capabilities in house is important for the green hydrogen business

• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares. • ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol

Arrow Exploration Corp. (AIM: AXL): High 3Q22 production in Colombia and US$4 mm free cashflow

• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well. • Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc

This Week's AIM Highlights 20th January 2023

i3 Energy - Valuation Update

We are adjusting our fair value estimate for i3 Energy to align our commodity price estimates with weaker actual pricing than we had anticipated. We are lowering our 2023 WTI estimate to $84/b from $99/b and lowering our 2023 benchmark US gas price estimate to $5.50/mmbtu from $6.50/mmbtu. We have also updated our model to reflect the capex and production guidance provided by the company on 22 December 2022. Our updated 2023 cash flow from operations estimate amounts to $US109.6M, which equa

IOG (IOG LN) - Trading update

IOG has released a trading update. This reports that operations at the Southwark A2 development well continue, with new plans to isolate three of the six stimulated zones, reperforate two other zones and then flow test the well again. IOG reported last week a disappointing 4.2mmcf/d maximum gross flow rate achieved at A2, and we would hope to see a much higher number, perhaps over 20mmcf/d based on original expectations, once the remediations are in place. The experience on A2 is also being used

Q1 2023 Operational Update

Tharisa has released its production report for Q1 2023 today. The quarter has been impacted by unprecedented rainfall at the Tharisa mine. However, the company was able to minimise the impact on production through the use of their stockpiles to maintain plant throughput. PGM and Chrome concentrate production reduced by 6% and 8% QoQ respectively. Gross and net cash have increased by 49% and 29% respectively, in part due to the successful bond raise of US$31.8m and the continued strong free cash

Tungsten West: Revised plan to optimise Hemerdon for higher energy prices & other costs

Tungsten West (“TUN”) has published an updated Bankable Feasibility Study (“BFS”) post its re-optimisation of the Hemerdon project in light of higher energy prices and other key input costs. The revised plan reduces capex by ~£20m and cuts energy intensity, trading this off against slightly reduced tungsten output and lower payabilities. The completion of the BFS is a key milestone on the path to securing project financing. Site refurbishment and staff recruitment activities have continued since

Q4 Production Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer today released a production and operational update for Q4 2022 which was effectively in line with expectations. The Company did just miss its 2022 guidance set 12 months ago (68-76koz) producing 65.2koz but AISC was within the range guided at US$1,270/oz. The CEO, Eric Zurrin, commented that there are numerous initiatives underway for 2023 to optimise production including more open pit mining capacity and an extra underground producti

i3 Energy - Historical evolution of EV/CF multiples in Canadian E&P Sector + Comps

Figure 1 provides the historical EV/CF multiples for selected high-growth peers of i3 Energy operating in Canada. Table 1 provides the EV/CF multiples for our selection of the “best of the best” of Canadian junior E&P stocks, of which i3 Energy is one. We highlight that i) the outlook for the oil price has rarely been so robustly supported into the long-term and ii) the wells being drilled systematically in Canada today are some of the most economic wells being drilled by Canadian E&P companies

Hybridan Small Cap Feast - 25 Jan 23

25 January 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

Hybridan Small Cap Feast - 17 Jan 23

17 January 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

West Kenya Project Resource Update

Shanta Gold (AIM: SHG), the East Africa-focused gold producer has this morning released an update on the resource at its West Kenya Project (WKP). The total resource at WKP has increased from 1.55Moz to 1.7Moz with more ounces in the indicated category – see fig1. Within this is the Kakamega camp which has 1.3Moz grading 10.6g/t of which 722Koz are now in the indicated category.