SP Angel Morning View: Base Metals prices pause rally as market digests China PMIs

SP Angel Morning View: Gold slides to one-month low as traders optimistic over soft landing

SP Angel Morning View: China commodity production ramps up as optimism grows over economic recovery

SP Angel Morning View: China stimulus talks help risk sentiment ahead of US Fed rate decision Wednesday MiFID II exempt information – see disclaimer below Alphamin Resources (AFM CN) – Operational and financial

Hybridan Small Cap Feast 5 June 2022

5th June 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

SP Angel Morning View: Lithium demand outlook improves as China considers extending EV tax subsidies

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

i3 Energy (I3E LN) - Canada site visit review

Last week we attended a site visit to i3’s assets in central Alberta in Canada – the company’s largest producing area. We were left with a favourable impression of the magnitude of the company’s operations in the region, of the professional operational running of these, and of the overall level of opportunity in this well-established oil and gas province.

Reabold Resources - Payment received from Shell

Good news for Reabold, which is set to receive £5.2m of the second tranche payment from Shell imminently for the Victory gas field it acquired last year. The final £4.4m payment is due once the development approval for the field is received from the NSTA in the coming months. These funds will allow RBD to progress its two onshore gas developments in the UK and Italy and consider further distributions to shareholders. Partner funding of these projects remains an issue, but RBD’s risk/reward profi

Oil & Gas - Cavendish sector note

88 Energy, Falcon Oil & Gas, Trinity Exploration & Production, Plexus Holdings, Baron Oil, Harbour Energy, EnQuest, Capricorn Energy, Arrow Exploration, Southern Energy, Serinus Energy, SDX Energy, Panoro Energy, Eco (Atlantic) Oil & Gas, OKEA ASA, Equinor Source: FactSet, weekly change 27/11/23-1/12/23 Oil extended declines, closing out a sixth straight weekly drop, as the OPEC+ output cuts announced Thursday failed to dispel the market’s gloom over swelling global supplies. West Texas Intermed

Tower Resources (TRP LN) - Initiation Report (SPECULATIVE BUY, 0.12p/sh TP)

Cameroon: Ready for the Rig

Pan African Resources - Valuation up 22.2% with new gold price forecasts

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit

Morning Note – 4 December 2023

New Debt Facility – Lowering TRR Cost of Capital

We have been roadshowing Trident Royalties all week during which time the company released an announcement that they have entered into a commitment letter with BMO and CIBC for a new $40m revolving credit facility (RCF), with the potential to increase the facility to $60m via an accordion feature. The proceeds from the $40m are going to be used to repay the existing secured debt facility of $40m with Macquire in Q1 next year.

Hartshead Resources - Fully Funded Solution

Hartshead has secured a funding solution with partner Rockrose Energy to fund 100% of the Phase I development costs. Under the agreement, Hartshead has the option to exchange an additional 20% licence interest for an uncapped free carry, thereby covering the total cost of the Phase I development project (financing backstop). Importantly, Hartshead maintains at its election the option not to proceed with the RockRose financing solution, and introduce other financing solutions (eg project debt, pr

SP Angel Morning View: Ford takes 8.5% stake in Indonesian nickel project as Automakers swim upstream

Baron Oil - Chuditch PSC – Six-Month Extension

Baron has been granted a further six-month extension to the Chuditch PSC. The end of Contract Year Two will now be 18 June 2024, at which time Baron will need to make a decision on entering Year Three. In the Third and final phase of the PSC, a final investment decision (FID) will be required on an appraisal well targeting the Chuditch discovery (Chuditch-2). Baron continues to make good progress in its discussions with potential funding partners, having previously announced that it is in “advan

SP Angel Morning View: Gold powers through $2,100/oz on outlook for Fed rate cuts

Southern Energy - 3Q Results and Comprehensive Update Note

Southern Energy delivered solid 3Q results with the focus of attention now turned towards the completion of 4 drilled uncompleted wells (“DUCs”). We see our investment thesis for Southern Energy – premised on the scale, location, quality, deliverability, low-cost nature of the company's Gwinville gas field in Mississippi, USA – very much strengthening based on our structural commodity price outlook and our growing confidence in the highly prolific Gwinville gas field, sharpening our interest in

UK-Listed Energy Sector: Review of the UK oil and gas landscape – why the country needs it, current policy and tax

The front of this note takes a look at the UK oil and gas sector, why domestic production is advantageous, what the main political parties think, and what could happen going forward. The latter part contains a review of the companies in our coverage – some that are UK centric, which give exposure to the note’s wider theme, and others that are focused elsewhere.

SP Angel Morning View: China lithium stocks rally on prospects for market rebound

Oil & Gas - Cavendish sector note

Jersey Oil & Gas, Serica Energy, Trinity Exploration & Production, Longboat Energy, Ithaca Energy, Neptune Energy, Pantheon Resources, Nostrum Oil & Gas, Kufpec, ORLEN.