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

SP Angel Morning View: Metals dip as Fed comments drive US$ higher

Arkle Resources* (ARK LN) – Drilling at the Mine River project encounters gold in the first three holes Bluejay Mining* (JAY LN) – Greenland government approved Exploitation and Closure Plan for the Dundas ilmenite project Horizonte Minerals (HZM LN) – Progress report on financing the Araguaia ferronickel project Kodal Minerals* (KOD LN) – Kodal progress lithium mining license application in Mali alongside gold assays in the Ivory Coast Metal Tiger (MTR LN) – Significant geophysics anomalies

Small Cap Feast: 17/06/21

What’s cooking in the IPO kitchen? Poolbeg, Proposed AIM listing and demerger from Open Orphan (ORPH.L). Funds raised as part of Admission will be used primarily to fund the clinical trial costs associated with the development of the Company’s POLB 001 asset as a treatment for severe influenza and to acquire and develop new portfolio assets. Offer details and timing TBA Wise, the Fintech and payments start-up is planning to pull the trigger on a direct listing on the London Stock Exchange as s

SP Angel Morning View: Copper, nickel and tin lead metals prices despite rising inflation in China

Beowulf Mining* (BEM LN) – Response to irrelevant leaked letter from UNESCO Cornish Metals* (CUSN LN) – South Crofty updates mineral resources with increased tonnage at depth KEFI Gold and Copper* (KEFI LN) – Changes to the Executive Bonus Plan Keras Resources* (KRS LN) – Keras commissioning new plant for high-grade organic phosphate at Diamond Creek, Utah Metal Tiger (MTR LN) – Mining contract at Motteo and additional investment in Pan Global Resources

SP Angel Morning View: Gold prices cross $1,900/oz as central bankers continue with stimulus

Alba Mineral Resources (ALBA LN) – Preliminary bulk-samping results from Clogau Bluejay Mining* (JAY LN) – VAT reclaim up update Caledonia Mining* (CMCL LN) – Updated estimates show mineral resource and reserve replenishment at the Blanket mine Metal Tiger (MTR LN) – ASX confirm listing of Metal Tiger Ormonde Mining* (ORM LN) – 2020 results and operational update Rambler Metals and Mining* (RMM LN) – Ming mine mineral resources update Tertiary Minerals* (TYM LN) – Interim report and proje

SP Angel Morning View: Gold prices look set to rise following China ban on Cryptocurrencies

Alba Mineral Resources (ALBA LN) – Plans to spin out the Greenland assets Altus Strategies* (ALS LN) - BUY – New base metals licenses grow Moroccan portfolio Anglo Asian Mining* (AAZ LN) – BUY – Record turnover and ~$30m FCF delivered in FY20; 3.5c final dividend announced Castillo Copper (CCZ LN) – IP survey identifies additional targets at the Big One prospect Empire Metals* (EEE LN) – Gold asset acquisition in Australia Eurasia Mining* (EUA LN) – Eurasia places 53m new shares with US ins

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

IOG - Production update

Production update

Exceptional transformation… and it may be just a beginning

With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve

EQTEC - Key Milestone for Southport

EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• Section II of the Northern Peruvian Pipeline has been temporary re-opened. • As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time. • PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final

Vanchem Kiln 3 up and running as path mapped to longer-term consolidated target of 8,000t V pa

Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22. • The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view. • The company currently holds US$26 mm in cash and no debt. This is in line with our expectations. • TPDC continues to be current with regards to receivables. • We re-iterate our target price of £0.45 per share. Steady growth and dividend Our Core NAV for the company based on its 2P reserves only i

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h