SP Angel Morning View: China PBoC makes smaller rate cut to stem capital exodus

LIBERUM: Pensana Plc* - Pensana’s Coola Exploration Licence continues to deliver

LIBERUM: Pensana Plc* - Initiation - Loosening China's grip on rare earths

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ADM, AV., PRU, GLO, NEX, QLT, UKCM, ARIX, ROO, & PRE.

SP Angel Morning View: China debt problems mount as homebuyer mortgage strike crisis spreads to >80 cities

Anglo Asian Mining* (AAZ LN) – Buyback programme kicks off with a >£40k purchase yesterday Freeport-McMoRan (FCX N) – Freeport see extraordinarily favourable copper fundamentals in the medium- and long-term Pensana (PRE LN) – Pensana breaks ground at Saltend REE processing hub Yellow Cake (YCA LN) – Annual report predicts continued strong demand for uranium and increase in prices

SP Angel Morning View: Risk sentiment wanes on new lockdowns in Shanghai and ahead of US inflation data

AEX Gold (AEXG LN) – AEX joint ventures non-gold assets in Greenland with ACAM Bluejay Mining* (JAY LN) – AEX joint venture raises interest in critical materials in Greenland Pensana (PRE LN) – Pensana IP to remove radionuclides from rare earth concentrates before export from Angola Strategic Minerals* (SML LN) – Annual result show healthy magnetite sales at Cobre Sovereign Metals (SVML LN) – Graphite product analysis for Kasiya project

SP Angel Morning View: Base metals rise in thin markets despite Premier Li speech

Aura Energy* (AURA LN) – 10,000m infill program commences at Tiris Anglo Asian Mining* (AAZ LN) - BUY – Buyback programme for up to 10% of shares Bushveld Minerals* (BMN LN) – BUY, valuation 31p - David Noko appointed as new independent non-executive director Hummingbird Resources (HUM LN) – FY21 loss reported as mining operations underperformed Pensana (PRE LN) – Questions over FEED design and engineering study for Angolan mine and UK rare-earths processing facilities Sigma Lithium (SGML

SP Angel Morning View: Rare Earth and lithium prices rise as base metals pull back

American West Metals (AW1 AU) – Step out drilling intersects new polymetallic mineralised zone 250m away from West Desert Glencore (GLEN LN) – Glencore to pay $1.5bn penalty amid bribery charge Ivanhoe Electric - Robert Friedland to IPO battery metal focused Ivanhoe Electric Pensana (PRE LN) – Completion of design and engineering studies for Angolan mine and UK rare-earths processing facilities. Phoenix Copper* (PXC LN) – Phoenix Copper bolsters its PR and IR team Sunstone Metals (STM AU) –

Hot Off The Wires - The Day Ahead

Today's news and views, plus updates from: SKG, BOY, HICL, MDC, BOWL, PRE, SBRE, & MRL.

SP Angel Morning View: Metals prices take off on new demand and weakening US dollar

BlueRock Diamonds (BRD LN) – BlueRock raises $1.1m from sale of three large diamonds in Kimberley auction Beowulf Mining* (BEM LN) – Comments on Kallak submitted to Swedish Government Castillo Copper (CCZ LN) – Geophysics identifies multiple targets over 6km strike length at Luanshya Cornish Metals* (CUSN LN) – United Downs drilling extends known strike extent of the former ‘Lithium Lode' to over 200m IronRidge Resources* (IRR LN) – Binding agreement satisfied for Piedmont to fully fund Ewoy

5 Small caps to Buy - August 2021

Historically, small caps stocks have outperformed larger listed companies after economic downturns and this trend is ringing true once again, with smaller stocks offering better returns in the wake of the Covid-19 pandemic. It is currently an exciting time to be invested in smaller companies and for those with a keen eye for detail that can identify companies with financial strength and strong management teams, there is potentially lots of upside available.

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

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.

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Sylvania Platinum - Q124 production up, costs down

Sylvania Platinum is a low-risk, high-yielding South African platinum group metals (PGM) dump retreatment operation. Despite a 15% fall in the PGM basket in Q124 versus Q423, the company maintained a healthy cash position of US$126.9m at end September 2023. Production in Q124 was better than we estimated. Unit costs were down in every cost category in response to higher ounces produced, but despite this, EBITDA and net profit were sharply lower. The company is controlling capex as capital alloca

Arrow Exploration Corp. (AIM: AXL): CN-2 flows at up to 1 mbbl/d. Focusing on developping the Ubaque at Carrizales Norte

• The Carrizales Norte-2 well (CN-2) encountered 60’ of net pay in the Ubaque formation. • The well has been put on production in the Ubaque with initial flow rates of 1,012 barrels of fluid per day. The water cut stabilized at 3% and the oil gravity is 13.6 API. • The CN-2 well is currently producing 680 bbl/d gross (340 bbl/d net) as the company has set the ESP at the minimum optimum rate to maximize recovery factor. The build-up analysis indicates the well can produce at 1,400 bbl/d gross at

Auctus on Friday - 01/12/2023

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Key environmental permit received for key well – An Environmental Clearance has been received from the Department of Nature Protection of the State Government of Upper Austria to drill the Welchau-1 gas well. The Environmental Clearance is the last regulatory requirement to commence operations at the Welchau gas exploration project. The well is expected to spud in January and targ

Successful first test at CN-1

Kenmare Resources: Q3 Preview- operations expected to stabilise after challenging H1

Kenmare Resources will release its Q3 trading update on Thursday 12th October. The key focus will be the delivery of operational improvements after a challenging first half, in our view. We estimate heavy mineral concentrate (“HMC”) production in Q3 of 378kt, delivering ilmenite end-product output of 276kt, zircon of 14kt and rutile of 2.2kt. Including solid H1 financial results (reported o 15th Aug), we revise our FY23E EBITDA upwards by 5% to US$236m. Our Dec’24E target price is unchanged at G

Neometals - Primobius process makes high purity nickel sulphate

Neometals has announced that its 50/50 Lithium-ion battery recycling joint venture, Primobius GmbH, has proven that its process can produce battery-grade nickel sulphate from German EV batteries. Nickel sulphate is the largest volume battery material produced in the Primobius process and the second most valuable product. It is a major contributor to ensuring the lithium production operating costs are in the lowest quartile.

TENNYSON Morning news – Diversified Energy – New US listing plan

Hurricane Energy - Resource downgrade warning

Hurricane’s technical committee has concluded that there is a reasonable probability that the oil water contact (OWC) in the Lancaster field is shallower than the range of OWCs estimated in the 2017 competent person’s report (CPR) by RPS Energy. As a result, the company believes there is a risk that the estimated reserves for the Lancaster early production system (EPS) and the contingent resources across the West of Shetland portfolio will be materially downgraded. Given the range of outcomes wh

Arrow Exploration (AXL LN) - CN-1 initial well result

Successful initial result of CN-1 well. Arrow has announced a discovery in its CN-1 exploration well on the Carrizales Norte prospect onshore Colombia (Arrow 50%). The well has intersected a total of 148ft of net pay across the Carbonera C7 (26ft), Gacheta (64ft) and Ubaque (58ft) reservoirs.

Arrow Exploration (AXL LN) - CN-1 flow testing update, Q1 2023 results

Successful initial flow test results from Ubaque reservoir. Arrow has announced flow tests from the first of three reservoir levels in its recently drilled CN-1 well - the Ubaque reservoir - drilled on its Tapir block (Arrow 50%) onshore Colombia

Arrow Exploration (AXL LN) - CN-1 well update

Arrow has released an update on its CN-1 well on its Carrizales Norte discovery on the Tapir block in Colombia (Arrow 50%).

Arrow Exploration Corp. (AIM: AXL): 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 feet, RCE-2 80 feet, RCS-1: 55 feet). Because the reservoirs encountered at CN-1 are slightly deeper than at Rio Cravo, the pressure of the reservoirs is expected

Arrow Exploration Corp. (AIM: AXL): Zone at Carrizales Norte with no booked reserves has flowed >1 mbbl/d

• The Ubaque horizon at the Carrizales Norte-1 (CN-1) exploration well was put on three tests, the last of which tested at 1,134 bbl/d of 13.5 API oil on pump. The flow rate was stabilized with a 28.3% water cut (completion fluid). The water cut has been decreasing throughout testing. • This is a very good result, given that no reserves are booked in the Ubaque. • There is an opportunity to mix the heavy oil from the Ubaque with the C7 light to maximize pricing. • Arrow plans to complete the t