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

Jersey Oil & Gas - Delivering zero-capex barrels

Last week, JOG successfully secured its second GBA farmout, locking in a path to delivering zero-capex barrels. The surprisingly muted share price response to the farm-out leaves JOG trading at an unjustifiably large discount to our valuation. With a material fully funded development project under its belt and a clean balance sheet, JOG presents a very low-cost way to access high quality development barrels for investors and potential acquirers alike. If the threat of M&A does not narrow JOG’s v

Plexus Holdings - FY23 final results – on the road to recovery

Plexus FY23 revenue and losses were in line with expectations. As well as the further development of its licensee relationship with SLB (Schlumberger), Plexus is focussed on its re-entry into the rental of exploration wellheads from Jack-up rigs, the sale of surface production wellheads and the provision of specialised solutions and applications to operators, particularly for Plug & Abandonment (P&A) work. Plexus won a substantial c£5m special project contract during the year, which was expanded

Arrow Exploration Corp. (AIM: AXL): FY24 drilling programme: high impact & low risk

• 3Q23 production was 2,518 boe/d, near our forecast of 2,674 boe/d. • Arrow held US$12.9 mm in cash at the end of September. This is ahead of our expectations of US$6.6 mm on lower capex and opex. • Four new wells are expected to be on stream by YE23 including RCE 7, RCE-8 and two wells at Oso Pardo. • Following interpretation of the recently shot 3D seismic at Tapir, Arrow plans to drill a total of 15 wells in 2024 including five exploration wells targeting 3 material and low risk exploration

Morning Note – 29 November 2023

Morning Note – 28 November 2023

Alien Metals - Setting the foundations for operations at the Hancock DSO project

Alien and the Iron Ore Company of Australia (IOCA), continue to lay the foundations for operations at Hancock, one of its direct shipping iron ore (DSO) projects in Western Australia. Progress made to date ensures that, should a positive investment decision be made following the conclusion of Definitive Feasibility Studies (DFS), Hancock will be in operation and generating cashflow soon after capital is invested.

Longboat Energy plc (AIM: LBE): All eyes on 2024

• With the acquisition of interests in Sygna and Statfjord Øst expected to complete in January, the process to establish a stable well-funded producing business in Norway is almost complete. FY23 production at Sygna and Statfjord Øst net to Longboat Norge is ~250 boe/d. • The acquisition of 49.9% of Longboat Norge by JAPEX in 2023 provides low cost capital and access to a strong balance sheet to develop further the Kveikje area and make acquisitions at no further dilution to Longboat plc. • With

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

LIBERUM: Trident Royalties: New $40m revolving facility: cheaper, more flexible, expandable to $60m

Morning Note – 1 December 2023

LIBERUM: Restocking Indicator still says BUY: Equities lift too

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

Clean Power Hydrogen - Revised agreement with ATOME

CPH2 and ATOME have reached a mutual agreement to cease the previous production order made by ATOME. The CPH2 Board of Directors considers it is in the Company’s best of interests to focus its engineering and installation resources in ensuring roll out Membrane Free Electrolysers with current partners Fabrum Solutions Limited, KCA Deutag and, Northern Ireland Water. As part of the agreement, Molecular Energies has requested, and CPH2 has agreed to, a non-binding framework agreement with G-Mobili

Strong second half trading

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.