SP Angel Morning View: Nickel price jump lifts copper on new sanctions

Amur Minerals* (AMC LN) – Annual results highlight strong cash position amid continued M&A effort Arkle Resources* (ARK LN) – 2021 Results discuss Irish exploration and overseas aspirations Aura Energy* (AURA LN) – Appointment of engineers for the Tiris uranium project BeMetals* (BMET CN) – Drilling underway at Pangeni, Zambia Cornish Metals* (CUSN LN) – Valuation 48p/s – Drilling results from United Downs Goldstone Resources* (GRL LN) – Final results highlight transition from explorer and

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 continue to rise as high energy prices disrupt production

Atlantic Lithium* (ALL LN) – Board changes for development phase of Ewoyaa Kore Potash* (KP2 LN) – Quarterly update highlights completion the Kola Optimisation Study Scotgold Resources* (SGZ LN) – BUY, 154p - Production slightly lags guidance in Q1 but starts to pick up on higher processed grades Strategic Minerals* (SML LN) – Cobre sales to help support ongoing work at Redmoor in Cornwall and Leigh Creek copper mine in Australia

Hybridan Small Cap Feast 21/04/22

What’s cooking in the IPO kitchen? Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov

SP Angel Morning View: Gold rangebound as US real rates briefly turn positive

All Star Minerals* (ASMO PZ) – Blesberg lithium and Nkombwa rare earth phosphate project investments Anglo American (AAL LN) – Full-year guidance lowered due to heavy rainfall in Q1 Cornish Metals* (CUSN LN) FLASHNOTE - South Crofty's feasibility funding valuation Gem Diamonds (GEMD LN) – Quarterly sales climb on a recovering market Jangada Mines (JAN LN) - AVOID – Technical report raises questions over assumptions Strategic Minerals* (SML LN) – 10-year exploration license extension at Red

SP Angel Morning View: Metals remain volatile as Ukraine disrupts trade flows

Cornish Metals* (CUSN LN) – Vision Blue Commits £25m as part of £40.5m funding for South Crofty tin project Phoenix Copper* (PXC LN) – Strengthening links with its host community in Idaho PureGold (PUR LN) – 2022 operational improvements listed and ~$50m funding gap flagged Rio Tinto (RIO LN) – Guinea's ruling junta reaches deal with miners to resume Simandou mine development Strategic Minerals* (SML LN) – Continuing long-term access to Cobre secured

SP Angel Morning View: Metals make unexpected gains ahead of China New Year

Amur Minerals* (AMC LN) – Kun Manie potential sale discussions Bushveld Minerals* (BMN LN) – Vanchem to lead expansion in vanadium production Empire Metals* (EEE LN) – Consolidation of Mineralised Footprint Around Eclipse Project Europa Metals Limited (EUZ LN) – H1 2022 work plan for Toral project Power Metal Resources* (POW LN) – Diamond drill programme commences at Haneti Strategic Minerals* (SML LN) – Cobre magnetite sales

SP Angel Morning View: Global markets falter on hawkish Fed minutes

Atalaya Mining (ATYM LN) – Electrochemical metal extraction process for Proyecto Riotinto Culpeo Minerals* (CPO AU) – Interest in Petacas Copper project increased to 66% Glencore (GLEN LN) – Sale of the Ernest Henry mine KEFI Gold and Copper* (KEFI LN) - Hawiah mineral resource increase Strategic Minerals* (SML LN) – Revised PEPR submission for the Leigh Creek Copper Mine

SP Angel Morning View: Gold prices hold firm on rising inflation data

Evolution Mining (EVN AU) – Evolution agrees to purchase Glencore's Ernest Henry mine for A$1bn Jubilee Metals Group (JLP LN) – Progress update for Zambia and South Africa projects Rambler Metals and Mining* (RMM LN) – Ming mine infill drilling continues to intersect high copper grades Strategic Minerals* (SML LN) – Exploration results from Redmoor West and impact of current tin prices on the project economics Versarien* (VRS LN) – Collaboration agreement announced with Superdry to develop

SP Angel Morning View: Risk sentiment rises on positive corporate earnings despite China lockdown

AfriTin* (ATM LN) –– Resource expansion drilling underway at Uis Caerus Mineral Resources (CMRS LN) – Trench results from Trouli Condor Gold* (CNR LN) - Valuation 102.5p – Detailed La India PEA published on SEDAR Hochschild Mining (HOC LN) – Robust production delivered in Q3 with annual output/cost guidance reiterated IronRidge Resources* (IRR LN) – Name change to Atlantic Lithium and demerger of gold assets into private vehicle Petra Diamonds (PDL LN) – Q1 production and trading Sibanye-

SP Angel Morning View: Gold recovered to $1,800/oz as China flags new covid outbreak

Botswana Diamonds (BOD LN) – £550,000 fund-raising Castillo Copper (CCZ LN) – IP Survey identifies potential drill targets at Luanshya KEFI Gold and Copper* (KEFI LN) – Security incident resolved Kore Potash (KP2 LN) – Quarterly operations update Petropavlovsk (POG LN) – Q3 update highlights recovering production at own mines with increasing POX Hub utilisation Sibanye-Stillwater (SSW JSE) – In talks to buy Brazilian projects for $1bn Strategic Minerals* (SML LN) – £400,000 fund-raising

IOG - Forecast and valuation update

Forecast and valuation 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

IOG - Production update

Production update

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

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

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP) - House Stock at 63p – Cascadura EIA review process update

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

LIBERUM: Caledonia Mining* - Initiation - Ugly duckling becoming a golden swan in Zimbabwe

Morning Note – 6 July 2022

SolGold: Model update following PFS filing; de-risking continues with optimisations expected by year end

We have updated our valuation for SolGold (“SOLG”) following the filing of the Cascabel PFS technical report. The changes result in a US$3.6bn NPV8% and 22% IRR (immediately pre-capex) at US$8,500/t Cu and US$1,850/oz Au, driving a modest cut in our target to 85p/sh (Jun’23E) from 101p. Nonetheless, we view this as a solid base case, with tangible potential upside through: inclusion of the open-pit Tandayama-America (“TAM”) deposit 3km away; additional caves and throughput capacity to capture th

WH Ireland: Savannah Resources (SAV) - Environmental Impact Assessment (EIA) Evaluation Update

Savannah, today provides an update on the EIA process for the development of the Barroso Lithium Project in Portugal. The Agência Portuguesa do Ambiente (APA) – Portugal's environmental regulator – has contacted Savannah and both have agreed to continue the EIA evaluation process under ‘Article 16' of the law which regulates Environmental Impact Assessments in Portugal. This voluntary process will allow Savannah to work with the entities that make up APA's Evaluation Committee to amend element