SP Angel Morning View: Metals rise on G7 $600bn infrastructure target and as China eases travel quarantine rules

BHP (BHP AU) – $4bn earmarked for emissions reduction by 2030 Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret encounters mineralisation KEFI Gold and Copper* (KEFI LN) – Response to press reports Keliber (private) – Environmental permits secured for lithium plants Kore Potash* (KP2 LN) - BUY – Kola Optimisation Study delivers better economics and more robust project with EPC and funding proposal targeted for H2/22 Orosur Mining* (OMI LN) – Positive soil sampling results

SP Angel Morning View: Gold prices climb despite Fed rate hike on safe haven demand

Altus Strategies* (ALS LN) – BUY, 111p – Last batch of Diba and Lakanfla drilling results with MRE and PEA update planned in due course Ariana Resources (AAU LN) – Kiziltepe production guidance Atlantic Lithium* (ALL LN) – Drilling commences at Ewoyaa Lithium Project Bushveld Minerals* (BMN LN) – BUY, Valuation 31p – Board changes and new NEDs Caledonia Mining* (CMCL LN) – Turning attention to other projects in Zimbabwe following successful rejuvenation of the Blanket mine. Empire Metals*

SP Angel Morning View: Gold continues to rise on Ukraine inflation expectations

Centamin (CEY LN) – Moving to owner operation underground at Sukari Empire Metals* (EEE LN) – Eclipse-Gindalbie exploration represents exciting new chapter for Empire Eurasia Mining* (EUA LN) – Reserves and Resources Update Hummingbird Resources (HUM LN) – Dugbe Gold Project update Power Metal Resources* (POW LN) – Reitenbach uranium property update Rainbow Rare Earths* (RBW LN) – K-Tech process offers added value products assuming elevated leach grades

SP Angel Morning View: China PBoC to use monetary tool box to avoid a collapse in credit

Antofagasta (ANTO LN) – Meets 2021 production guidance despite Chilean drought and Covid19 BHP (BHP LN) – H1 operational review reports strong iron ore production from W Australia and highlights copper and nickel exploration projects Bluejay Mining* (JAY LN) – Nautical charts for safe shipping to the Dundas titanium mineral sands project Bushveld Minerals* (BMN LN) – Bushveld and Mustang agree to extend maturity date on agreement to fund VRFB-H Centamin (CEY LN) – Meets 2021 production guida

SP Angel Morning View: Chinese property market woes hit Chinese junk bonds

Altus Strategies* (ALS LN) – BUY, target 125p – New hard rock artisanal gold workings discoveries in Egypt Arc Minerals* (ARCM LN) – BUY – Zambian court rules ex-parte order restricting mineral tenements to be set aside Castillo Copper (CCZ LN) – Project summaries Newcrest Mining Ltd (NCM AU) – Offer to buy Pretium Resources for $2.8bn Orosur Mining* (OMI LN) – Monte Aguila assumer operatorship of Anza Rainbow Rare Earths* (RBW LN) BUY, Valuation raised to 46p – Investor meeting highlights

SP Angel Morning View: China allows more magnesium refining but continues to limit power to smelters

Gem Diamonds (GEMD LN) – Operational disruption prompts adjustments to production and cost guidance at Letšeng Greatland Gold (GGP LN) – Further drilling results from Havieron show potential to expand the South East Crescent zone Power Metal Resources* (POW LN) – Field exploration continues at South Ghanzi Kavango Resources (KAV LN) Rainbow Rare Earths* (RBW LN) - BUY – Valuation 43p – Results Eurasia Mining* (EUA LN) – Asset sale update Vast Resources (VAST LN) – £1.35m placing Vulcan

SP Angel Morning View: Base metals prices continue to rise on China power shortage

AngloGold Ashanti (ANG SJ) – Proposed $750m note offering Aura Energy* (AURA LN) – A$421,108 raised from options exercise Bradda Head Lithium* (BHL LN) – Proposed listing on OTC Market KEFI Gold and Copper* (KEFI LN) – Security concerns likely to delay launch of Tulu Kapi gold mine in Ethiopia Rainbow Rare Earths* (RBW LN) - BUY – Valuation 43p – Expect strong downstream support for REE product prices next year Vulcan Energy (VUL AU) – Binding offtake agreement signed with Umicore

SP Angel Morning View: Copper and Gold rise as market awaits US CPI data later today

Adriatic Metals* (ADT1) – US$244.5m funding package for Vares Silver Project Anglo Asian Mining* (AAZ LN) - BUY, 180p – Robust Q3/21 with production guidance reiterated Atalaya Mining (ATYM LN) – Strong Q3 performance triggers increased 2021 production guidance Caledonia Mining* (CMCL LN) – New record quarterly gold production at Blanket Rambler Metals and Mining* (RMM LN) – Bridging finance arrangement Serabi Gold* (SRB LN) – Q3 production shows continuing recovery after Covid affected 20

SP Angel Morning View: M&A deals grip miners as CATL buys Millennial and Agnico Eagle buys Kirkland Lake

Anglo Asian Mining* (AAZ LN) - CLICK FOR PDF BUY, target 180p – Three new properties to strengthen organic growth development pipeline Arc Minerals* (ARCM LN) – BUY – Drilling at Cheyeza shows some similarity with Ivanhoe's Kamoa discovery KEFI Gold and Copper* (KEFI LN) – Tulu Kapi start of development works paused on security concerns, Hawiah MRE update due Q4/21 PureGold Mining (PUR LN) – C$23m raised from bought deal offering Rainbow Rare Earths* (RBW LN) - CLICK FOR PDF – BUY, Valuation

Rainbow Rare Earths* (RBW LN) 15p, Mkt cap £72m – Phalaborwa to produce Nd, Pr, Tr, Dy critical magnet metals

BUY – Valuation range 41 - 47p (Rainbow hold 70% of Phalaborwa with 30% to be held by Bosveld Phosphates. There is currently no BEE requirement as this is a retreatment processing operation) (Neodymium Nd, Praesidium Pr, Terbium Tb, Dysprosium Dy. Rainbow holds 100% of the Gakara mine and associated licenses in Burundi)

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

IOG - Production update

Production update

Exceptional transformation… and it may be just a beginning

With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve

EQTEC - Key Milestone for Southport

EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• Section II of the Northern Peruvian Pipeline has been temporary re-opened. • As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time. • PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final

Vanchem Kiln 3 up and running as path mapped to longer-term consolidated target of 8,000t V pa

Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22. • The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view. • The company currently holds US$26 mm in cash and no debt. This is in line with our expectations. • TPDC continues to be current with regards to receivables. • We re-iterate our target price of £0.45 per share. Steady growth and dividend Our Core NAV for the company based on its 2P reserves only i

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h