Hybridan Small Cap Feast - 17 Feb 23

17 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

SP Angel Morning View: Expectations for steeper rate hikes lift US$ and dampen risk sentiment

SP Angel Morning View:Lower US$ helps gold and copper ahead of inflation data

SP Angel Morning View: Copper rises as Eurozone returns to marginal growth

Base Resources (BSE LN) – Sales pull back on softer ilmenite prices despite positive production Beowulf Mining* (BEM LN) – Kallak scoping study indicates NPV8 of US$852m at current prices Horizonte Minerals (HZM LN) – ESIA submitted for the Vermelho nickel cobalt project. Anglo Asian Mining* (AAZ LN) – BUY – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation Kore Potash (KP2 LN) – BUY, TP Under Review – Updated DX Project resources, reserves and pro

SP Angel Morning View: Commodities surge higher on dovish Powell comments and weakening US dollar

BHP (BHP LN) – CEO Henry: "Decarbonisation, electrification doesn't happen without mining" Horizonte Minerals (HZM LN) – Port contracts agreed for the Araguaia ferronickel project SolGold* (SOLG LN) – Completion of US$50m royalty financing Tesoro Gold (TSO AU) – Drilling uncovers new discovery at El Zorro Zijin Mining (2899 HK) – Zijin estimates lithium prices could halve by 2025, despite $16bn investment into the space

SolGold: New investment from Jiangxi as strategic review continues; PFS Addendum cancelled; DFS delayed

SolGold (“SOLG”) has announced it is raising ~US$36m of new equity through the issuance of 180m new shares, including 155m to Jiangxi Copper (Hong Kong) Investment Company Limited ("Jiangxi"). Jiangxi, a Chinese state-owned enterprise and the largest copper producer in Mainland China, will have a 6.3% shareholding in SOLG upon closing of the raise, expected around 9 Dec subject to due diligence. This new cash will further bolster the balance sheet following the announcement on 7 Nov of a US$50m

SP Angel Morning View: Weak Chinese data reflects Covid and contracting property market headwinds with outlook remaining bleak

Castillo Copper (CCZ LN) – Rare earth elements potential of the BHA project Centamin (CEY LN) – Potential expansion of underground mining capacity at Sukari could support 500,000oz pa production Leo Lithium (LLL AU) – Port Services agreed for export of spodumene Rambler Metals and Mining* (RMM LN) suspended – Copper forward sale Resolute Mining (RSG LN) – Underwritten placing size increased from A$140m to A$164m SolGold* (SOLG LN) – Quarterly report describes continuing feasibility work a

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

SP Angel Morning View: Copper prices rise to two-month high as Russia withdraws from Kherson

Altona Rare Earths (ANR LN) – £150k short-term loan facility agreed Largo Resources (LGO CN) – Largo reports loss of $2.6m in Q3 as Q3 sales prices fall to $8.80/lb Phoenix Copper* (PXC LN) – First results from metallurgical drilling programme at the Empire mine, Idaho Rambler Metals and Mining* (RMM LN) – Cost containment initiatives at the Ming mine as negotiations on the financial restructuring continue Resolute Mining (RSG LN) – A$140m underwritten placing to strengthen balance sheet S

Hybridan Small Cap Feast 07-11-2022

What’s cooking in the IPO kitchen?** Life Sciences REIT plc (LABS.L), the AIM listed real estate investment trust focused on UK life science properties, announces that, in accordance with the intention expressed at the time of the Company's initial public offering on AIM, the board has determined to apply for the Company's existing ordinary shares to be admitted to listing on Premium Segment of the Main Market. The Company's admission to trading on AIM will be cancelled with effect from Admissio

SP Angel Morning View: Copper prices pause strong run as China officials double down on zero-Covid strategy

AfriTin Mining (ATM LN) – Completion of Phase 1 commissioning at the Uis mine Arafura Rare Earths Ltd (ARU AU) - Arafura signs rare earth supply deal with Hyundai and Kia as automakers look to diversify EV supply chain Arc Minerals* (ARCM LN) – Arc extends exclusivity agreement for Anglo American Beowulf Mining* (BEM LN) – Non-Executive Chairman appointed Caledonia Mining* (CMCL LN) – New Maligreen mineral resource Castillo Copper (CCZ LN) – Quarterly report focusses on the cobalt potential

SolGold: US$50m Osisko royalty alleviates balance sheet stress and should close Cascabel valuation gap

SolGold (“SOLG”) has announced that it has entered into a binding agreement with Osisko Gold Royalties Ltd ("Osisko") for a US$50m royalty financing for the Company's flagship Cascabel copper-gold project in northern Ecuador. In combination with the Cornerstone (“CGP”) merger announced last month, the alleviation of near-term funding stress should help to re-rate the stock and leaves value-enhancing options open to SOLG as its Strategic Review continues. Osisko will receive a 0.6% net smelter re

SP Angel Morning View: Gold holds ground as traders weigh up Fed's options before rate decision next week

Bluejay Mining* (JAY LN) – Rob Edwards takes over as Executive Chairman Bushveld Minerals* (BMN LN) – Valuation 23p – Kiln 3 drives performance through the third quarter for Bushveld Chaarat Gold (CGH LN) – Suspension on the back of a potential reverse takeover of Lydian gold assets in Armenia Empire Metals* (EEE LN) – Large magnetic anomaly identified at Pitfield Harmony Gold (HAR SJ) – Acquisition of Eva Copper project, Australia Jubilee Metals Group (JLP LN) – FY 2022 operational result

SolGold: SolGold and Cornerstone announce merger, consolidating 100% ownership of Cascabel

SolGold (“SOLG”) and Cornerstone Capital Resources Inc. (“CGP”), which holds a 20% indirect interest in SOLG’s flagship Alpala copper project on the Cascabel licence in Ecuador, have announced a friendly merger by which SolGold will acquire all issued and outstanding shares. This will either be done at a ratio of 15 SolGold shares for each Cornerstone share, or as a cash offer for up to 20% of the consideration, if SolGold elect to do so. Assuming no cash is used (given Alpala’s ongoing funding

Hybridan Small Cap Feast 07/10/22

What’s cooking in the IPO kitchen?** Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end 'application specific integrated circuits' (ASICs) and 'system on chips' (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 21 October 2022. TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. ED

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Updated Alkaid #2 test results

SHORE CAPITAL - Savannah Energy+ (SAVE, Under Review, Suspended) - Chad upstream asset update

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

FY22 results update

Diversified Energy reported FY22 results that were slightly ahead of our expectations and we raise our 2023 EBITDA estimate by +3% ahead of what the group expects to be a ‘transformational' year.

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved over US$14m of cumulative net revenues from the field since mid-August 2021, from US$13m as of early February 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d). These Wressle revenues continue to help underpin company financial performance, while also providing

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Union Jack Oil (UJO LN) - Interim dividend declaration

New interim dividend of 0.3p. Union Jack has announced an interim dividend of 0.3p/share. This follows the 0.8p/share paid in 2022, and is enabled by the ongoing cash flows being generated from the company's Wressle development. Union Jack's share buyback programme also continues, with 2,825k shares repurchased so far (out of a potential up to 11.3m).

Wide margins maintained despite inflation headwinds

The inherent low-cost structure of CAML’s Kounrad and Sasa operations shone through in 2022 as the group delivered a very stable financial performance in the face of significant macro-economic headwinds. Neither operation was fully immune to global inflationary pressures, but they nonetheless drove EBITDA and free cash flow (FCF) generation to an impressive $132m (a margin of 57%) and $90m respectively, only a little below 2021 levels despite the macro challenges. This enabled CAML to continue t

LIBERUM: Caledonia Mining* - Model updated

Morning Note – 27 March 2023

FY22 - Focus on the next 6 months' operations

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP, 61p, House Stock) - FY22A results exceed our forecasts; Cascadura remains on track versus prior guidance