SP Angel Morning View: Gold soars to two-month high as traders reconsider June rate cut potential

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.

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Clean Power Hydrogen - New customers and licensees circling…

CPH2 has released FY23 results with the company completing the period with a slightly lower cash outflow from operations and a higher cash balance than forecast. Looking ahead, with a new and improved technical and engineering team, the company has committed to completing Factory Acceptance Testing of its first MW scale electrolyser, the 0.5MW MFE110, within the next three months. In our view, this will be a major milestone for the company which will demonstrate that its unique technology can be

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update