SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

SP Angel Morning View: Gold prices at $2,337/oz as central bank buying continues

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BARC, IHG, ANTO, BHP, PLUS, PDL, AAZ, & MPE.

H1 Results – Turning the Corner?

Petra Diamonds (LSE: PDL) has just released its interim financial results for six months ending 31 December 2023. The company has already published its operational and debt figures for the period, and therefore the key focus is on costs, profits and future guidance. Generally the figures have come in well ahead of our forecast in percentage terms (see Fig 1) a reflection of the increasing efforts management is bringing to bear on the cost base. They are battling an average group diamond price

SP Angel Morning View: Metal prices rangebound as market digests impact of Red Sea attacks

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: RIO, OCDO, VOD, EXPN, SPT, PDL, THG, CARD, WISE, & Panmure Liberum Merger.

H1FY24 Operational Update

Petra has released its H1 FY24 operational update this morning. They had previously announced much of today's news and, as such, was in line with our expectations. There was no change to full year guidance either. Operations are clearly going pretty well. Williamson is back up and running hard whilst Finsch and Cullinan are broadly delivering. The company's last tender suggested some price stabilization is at last coming to the market if not recovery and the market is picking up on it with the s

SP Angel Morning View: Gold and copper soar as Jerome Powell indicates 75bp cut in rates next year

T3 and Increased RCF

Petra has released an update this morning for the initial results of their third Tender (T3) of FY 2024 as well as the approval with Absa bank to increase their revolving credit facility by ZAR750m (c.$40m). For their T3 results, 462.8kcts were sold for a total of $58.7 million, representing a c. 20% increase in like-for-like prices compared to T2. We note, that price increases tender on tender, have increased across the product mix. Smaller than 2ct increased 20% whilst the 2ct+ saw increase

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: WEIR, GSK, AML, WG., PDL, ASC, TKO, ARIX, VNET, UOG, & ANIC.

Caution Taken – Capex Deferrals & Opex Reductions for FY2024

Petra has released an update this morning for the deferral of capital expenditures for the remainder of FY2024 of up to $68-70m (development capex: $65m, sustaining capex $3-5m) and further cost savings in mining operations of ~$5m for a total cash savings of up to $75m till June 2024. This update comes in response to management taken prudent steps to ensure financial flexibility should diamond prices remain weaker-for-longer, and we note that if prices do recover (which they expect), then they

SP Angel Morning View: Weaponisation of EV battery anode graphite has begun

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BNZL, PHP, SCT, PLUS, CABP, BAG, AWE, PDL, SCS, & VLX.

Q1 Trading Update

Petra has released their Q1 operating update this morning. Overall, group production which was largely in line with our forecast, with carats and tonnage 3% below and 12% above respectively. We note that a key contributor to this quarters strong q-o-q growth has been Williamson's production coming back online, with tonnage and production up 47% and 12% respectively. Revenue was announced in the last tender results, and our revenue reflects those updates. It was pleasing to see, as illustrated

SP Angel Morning View: Gold prices muted as US earnings season pace picks up

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

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

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

Morning Note – 15 April 2024

Morning Note – 16 April 2024

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

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,

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Kouroussa progress moving slowly

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

SP Angel Morning View: Gold $2,363/oz continues to surge as hedge funds extend bullish positions

Chariot Limited (AIM: CHAR): Initiating a strategic review of the Transitional Power business to focus on gas

• The farm-out transaction with Energean has now completed. Chariot has received the US$10 mm cash upfront payment and retains 30% of in the Lixus licence (where the Anchois project is located) and 37.5% of the Rissana licence, offshore Morocco. • A rig contract has also been signed with Stena Drilling to drill the high impact Anchois-East appraisal and development well in 3Q24. • Anchois East is a very important well that could increase the size of Anchois to >1 tcf (300 bcf net to Chariot). O

PetroTal (PTAL LN) - Q1 update shows strong production

PetroTal has released its Q1 update, showing strong production on favourable river levels and new wells coming onstream. This has continued to throw off cash to support the company’s CAPEX programmes and shareholder returns.

AUCTUS ON FRIDAY - 12/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Restarting production at Anshof – The Permanent Production Facility (PPF), with a capacity of 3,000 bbl/d of liquids, has been commissioned and the Anshof-3 well has recommenced production at a rate of 134 bbl/d with no water. The operation has been undertaken in line with expectations and within budget. The oil production rate at Anshof-3 is 16% above the rate prior to shut-in. A