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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
Companies: OMI BHP CGNR KEFI KP2 PXC RMM RBW SRES
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.
Companies: CMCL ALS AAU BMN EEE GEMD RBW ALL
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
Companies: CEY EEE EUA HUM POW RBW
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
Companies: ANTO JAY BMN CEY KOD RMM RBW TYM URU LKE
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
Companies: OMI ALS ARCM RBW CCZ NCM
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
Companies: EUA GEMD GGP KAV POW RBW VAST VUL
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
Companies: AEE BHL KEFI RBW VUL ANG
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
Companies: CMCL ADT AAZ RMM RBW SRB VRS ATYM
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
Companies: PGM AAZ ARCM KEFI RBW
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)
Companies: Rainbow Rare Earths Ltd.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Rainbow Rare Earths Ltd..
We currently have 83 research reports from 5
Forecast and valuation update
Companies: IOG PLC
Companies: Savannah Energy Plc
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
Companies: Zenith Energy Ltd.
Alternative Resource Capital
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.
Companies: Pantheon Resources plc
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
Companies: Chariot Limited
RCS-1 flow testing results
Companies: Arrow Exploration Corp.
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
Companies: Trinity Exploration & Production Plc
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.
Companies: EQTEC PLC
• 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
Companies: PetroTal Corp.
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
Companies: Wentworth Resources PLC
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
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
Companies: Bushveld Minerals Limited
• 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
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
Companies: Savannah Resources Plc