SP Angel Morning View: Metals fall as Dollar gains on potential for further Fed rate hikes

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

SP Angel Morning View: Global commodity inventories continue to slide with nickel and copper near risk of depletion

Anglo Asian Mining* (AAZ LN) - BUY – Follow up investment in Libero Copper & Gold maintaining 20% interest Beowulf Mining* (BEM LN) – Contract awarded for Grafintec PFS Cobra Resources (COBR LN) – Maiden resource estimate for Wudinna rare earth project KEFI Gold and Copper* (KEFI LN) – 2022 drilling grows Hawiah MRE by 16% to 29mt Tianqi-led company bids A$136m for Australian lithium developer Essential Metals Sunrise Resources (SRES LN) – Pioche sepiolite project extended following trenchi

SP Angel Morning View: Copper stabilises on China covid reopening, dollar weakness and Beijing property stimulus measures

Anglo American (AAL LN) – Appointment of new Group Director-Technical Europa Metals Limited (EUZ LN) – Mineral resource increase at Toral Galantas Gold* (GAL LN) – BUY, TP:54p – Q3 results show strong cash position ahead of production restarting at Omagh Mkango Resources* (MKA LN) – Q3 results underpinned by release of DFS Metal Tiger (MTR LN) – Disposal of 49% interest in Kalahari Metals Petra Diamonds (PDL LN) – Williamson mine expected to resume production in mid-2023 Sunrise Resourc

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

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

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: Copper prices drop below $9,000/t on global demand fears

AEX Gold (AEXG LN) – Acquisition of additional exploration licences in Greenland Arc Minerals* (ARCM LN) – Agreement with Anglo American Caledonia Mining* (CMCL LN) – Record Q1 gold production from the Blanket mine, Zimbabwe KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi project Largo (LGO CN) – Stronger vanadium prices lift Q1 22 earnings Serabi Gold* (SRB LN) – Palito delivers 2022's highest monthly production in April Sunrise Resources (SRES LN) – Correction to our comm

SP Angel Morning View: Gold rangebound ahead of US CPI data

Botswana Diamonds (BOD LN) – Setback for Ghaghoo mine acquisition Gem Diamonds (GEMD LN) – Agreement on sale of the Ghaghoo diamond mine lapses Horizonte Minerals (HZM LN) – Araguaia earth-works contract SolGold* (SOLG LN) – Appointment of CFO Sunrise Resources (SRES LN) – California approves CS Pozzalan for infrastructure use

SP Angel Morning View: Base metals continue to slide on China lockdowns and weakening PMI data

Botswana Diamonds (BOD LN) – Ground geophysical anomalies at Thorny River Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret Kodal Minerals* (KOD LN) – Kodal raises £3m in oversubscribed placing to advance Bougouni Lithium Project in Mali Rambler Metals and Mining* (RMM LN) - NPV Valuation: 168p/s – Updated Ming mine resources show improved confidence levels and increased copper and gold content Sunrise Resources (SRES LN) – Progress report on the search for a new partner to

SP Angel Morning View: Risk of global stagflation rises as Ukraine war rolls on

Aura Energy* (AURA LN) – Interim results highlight corporate reorganisation and the Tiris uranium project Orosur Mining* (OMI LN) – Latest drill results underpin substantial exploration potential of project Metal Tiger (MTR LN) – Drilling commences at Armada Metals' Nyanga Ni-Cu project Rockfire Resources (ROCK LN) – Awarded Greek zinc project in an international tender Sunrise Resources (SRES LN) – Seeking a new partner to develop the CS Pozzolan Perlite project

SP Angel Morning View: Manufacturers increasingly investing in EV supply chains

Alba Mineral Resources (ALBA LN) – Plans for Clogau mine to focus on underground bulk sampling Altus Strategies* (ALS LN) – BUY, 125p – Drilling restarts at the Diba project in Mali Aura Energy* (AURA LN) – Tiris offtake agreement BlueRock Diamonds (BRD LN) – 7.1ct diamond sold for $64,826 Castillo Copper (CCZ LN) – Initial due diligence work at Litchfield Central Asia Metals (CAML LN) – Robust Q3 production results IronRidge Resources* (IRR LN) – Application for trading on the OTCQX mark

Small Cap Feast: 14/05/21

Dish of the day Bould Capital readmitted to AIM changing name to Cizzle Biotechnology Holdings (CIZ.L). Cizzle Biotechnology is in the early stages of developing a blood test for the early detection of a majority of the different forms of lung cancer. Its proof-of-concept prototype test is based on the ability to detect a stable plasma biomarker, a variant of C1Z1 known as CIZ1B. C1Z1 is a naturally occurring cell nuclear protein involved in DNA replication, and the targeted C1Z1B variant is hi

SP Angel Morning View: Gold, Tin and copper lead metals higher as Covid cases rise in US and China

Altus Strategies* (ALS LN) - BUY – Valuation under review – $34m to secure the first revenue generating royalty with more deals to follow Ariana Resources (AAU LN) – Arzu South drilling results BHP (BHP LN) - BHP to drop London listing and agrees deal to merge its oil & gas business with Woodside Petroleum in all-share deal Glencore (GLEN LN) – Glencore signs partnership with Britishvolt for its UK gigafactory Phoenix Copper* (PXC LN) – Interim results and projects update Premier African Mi

Fully funded for range of activities - operational and key third party evaluations

Initial Equity Trading Comments - 15 May 2023

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Jersey Oil and Gas (JOG LN) - Full year 2022 results

JOG has released its full year 2022 results. These report a net cash holding of £6.6m which, alongside upcoming payments under the GBA farm out deal with NEO Energy, gives JOG a very strong funding base. The statement also reiterates the company’s focus on progressing its GBA project, including approval and closure of the farm out, progression of the Buchan development plan, likely a second farm out, and then FID in H1 2024. We expect this to represent a series of catalysts over the coming month

Pantheon Resources (PANR) – Corporate – Successful $22m Placing

Pantheon Resources announced the closing of a $22m significantly oversubscribed placing and subscription priced at 17p. The use of proceeds will include: i) funding the flow testing of the Alkaid#2 well from the SMD horizon, ii) funding a competent person report to be prepared by Netherland Sewell and Associates covering the Theta West and Alkaid oil discoveries, iii) funding the preparation of dynamic models and field development models to be prepared by SLB (formerly Schlumberger) and iv) fund

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

LIBERUM: Caledonia Mining* - The worst should be behind us; onwards and upwards from here

LIBERUM: Helium One* - >60% increase in Helium resource

Hybridan Small Cap Feast - 23 Feb 23

23rd May 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 objectiv

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Anglo Asian Mining* - FY22 reflect lower gold production, FY23 guidance reiterated and 8c dividend maintained

Morning Note – 24 May 2023