Hybridan Small Cap Feast - 24 May 23

24th 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

SP Angel Morning View: Global markets fall on weak demand out of China and the West

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

Big year ahead as Songwe MDA nears and recycling gathers pace

Mkango’s recent £3.5m equity raise allows momentum to be maintained as the group finalises the mine development agreement for its Songwe rare earths project in Malawi and scales up rare-earth magnet recycling initiatives in the UK and Germany via its tech subsidiary’s interests. In our view, the many years of technical appraisal (including extensive metallurgical piloting) of Songwe, and the group’s exposure to innovative short-loop recycling technology, puts Mkango well ahead of many of its rar

SP Angel Morning View:Gold weakens as US inflation data continues to surprise to the upside

SP Angel Morning View:Lower US$ helps gold and copper ahead of inflation data

Hybridan Small Cap Feast - 13 Feb 23

13 February 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 objec

SP Angel Morning View: Gold whipsaws in volatile trade as investors wait for direction from US CPI data tomorrow

SP Angel Morning View:

SP Angel Morning View:Copper prices hold near 7-month high as South American supply remains in focus

ALB BEM CMRS LGO MKA SHG

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

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