Thor Explorations: High grades returned from drill programme targeting below pit resource at Segilola

Thor Explorations (“Thor”) has released exploration results from drilling that is targeting down plunge extensions beneath the open pits at the company’s Segilola gold mine in Nigeria. This initial drilling has intersected high grade mineralisation from the first two holes of a twelve hole programme which aims to build out and upgrade the current 141koz underground resource. The main catalysts for the shares should be further results from this programme, hitting revised guidance, and the publica

SP Angel Morning View: Base metals continue to rise following China stimulus

Thor Explorations: Two new permits support expansion of Thor’s operations into Côte d’Ivoire

Thor Explorations (“Thor”) has announced its expansion into Côte d'Ivoire across two new permits. Thor has entered into a binding sale and purchase agreement (“SPA”) with Endeavour Mining Corporation to acquire the Guitry Gold Exploration Project (“Guitry”), contingent upon the completion of certain conditions. The terms of the acquisition include a US$100k cash payment at closing and a 2% Net Smelter Royalty. Additionally, Thor has secured an option agreement with Goldridge Resources SARL to ea

SP Angel Morning View: Gold resumes uptrend as job openings and Fed beige book boost recession trades

Thor Explorations: Q2 - Production guidance cut, costs also reviewed downward

Thor Explorations (“Thor”) has released its results for Q2 having already announced production of 21.7koz with All-in Sustaining Costs (“AISC”) for the period of US$802/oz from the company’s Segilola mine in Nigeria. Revenue for the period was US$53.8m, with EBITDA of US$37.6m, and NPAT of US$27.5m. This was a beat versus our expectation driven by costs with the Q2 AISC significantly below our expectation of US$1,194/oz. During the period Thor repaid U$7.9m of senior debt with an outstanding bal

SP Angel Morning View: Gold prices ($2,497/oz) recover as traders wait for Powell's comments for Fed rate cut guidance

Strong quarter but production guidance revised downwards

Thor Explorations: Q2 incrementally light, guidance maintained

Thor Explorations (“Thor”) has released an operational update for the company’s Segilola mine in Nigeria. Production for the quarter was 21.7koz (H&Pe 22.7koz), including 3.6koz released from the circuit. Thor also repaid US$7.9m of senior debt during the period, leaving a balance of US$7.9m. Guidance for the year has been maintained at 95koz-100koz. The focus for H2 should be the publication of the pre-feasibility study for the Douta project in Senegal, and exploration results from both the gol

SP Angel Morning View: Gold prices hold >$2,400/oz following fall in US inflation and prospect for Fed rate cuts

FLASH: THX 2Q24 production

Thor Explorations: Exploration update from Douta highlights potential ahead of Q4 PFS

Thor Explorations (“Thor”) has released an exploration update from the Douta project in Senegal, with high grade results announced from the Makosa East target. These will feed into an updated resource that will be incorporated into the Pre-Feasibility Study (“PFS”) for the project, which we currently value at C$65m. In our view these results highlight the potential for the project to deliver additional near surface oxide resources that should enhance Douta’s early year cashflows. The company is

Pantheon Resources (PANR LN) - Comprehensive Update Note

Pantheon Resources anticipates commencing drilling operations at Megrez-1 in early November, with drilling operations expected to take approximately one month to reach total depth. We believe that Megrez-1 is by far the most exciting well ever drilled by Pantheon Resources due to our high confidence that the reservoir of the targeted Ahpun East Topsets (609 million barrels of prospective recoverable best estimate resources) will be of an exceptionally high quality – success would unlock correspo

Morning Note – 7 October 2024

Gulf Marine Services (GMS LN) - Contract awards

GMS has announced several new contract awards, including a new long-term contract to support offshore wind construction in Europe, all further growing the company’s backlog.

Afentra - Off to the races

Following the successful completion of Afentra’s third acquisition in Angola, the company now holds a meaningful 30% non-operated interest in producing Block 3/05 and a 21.33% non-operated interest in development ready Block 3/05A. The result is a significant new African independent company, with c6,700bopd of production and 52mmbbls of 2P+2C reserves and resources, backed by material cash flow and a strong balance sheet. With a portfolio of both near-term, low-cost, short-cycle growth opportuni

PetroTal (PTAL LN) - Q3 operations update

PetroTal has released its Q3 operations update, reporting a strong production performance and expectation of being towards the top end of full year 2024 production guidance. Development drilling at Bretana continues, the Block 131 acquisition is nearing completion, and there is also an update on the test exports via Ecuador.

Power Metal Resources* (POW LN) – FLASH NOTE - Incubation Strategy Success Continues with Uranium JV

PetroTal Corp (AIM: PTAL): Production and cash well above expectations

• 3Q24 production was 15,160 bbl/d. This is well above expectations of 13 mbbl/d. While the river levels were at record lows, PetroTal has maximized the barge fleet capacity during the quarter. • Production during the first week of October was 10.7 mbbl/d. With the end of the dry season in sight, production is expected to return to capacity by mid-November, • As a result, FY24 production is expected to be at the top end of the 16.5-17.5 mbbl/d guidance. • Petrotal held US$133 mm in cash (US$121

Jubilee Metals (JLP LN) - Audited results for FY24 (June)

Jubilee today announces its audited results for FY24 which ended in June. Revenues rose to $205.4m from $170.9m in FY2023 (Zeus estimate was $208.8m). Group EBITDA fell to $27.7m from $29.8m (Zeus $26.6m) with eps falling from 0.58c/sh to 0.21c/sh (0.3c/sh). Capex fell to $36.9m from $65.9m with gross cash at the end of the period at $19.3m from $15.9m at the end of June 2023. Chrome is now poised to take on more of a roll in operating cash flow and profits as the Thule plants are brought on str

Oil & Gas - Cavendish sector note

Savannah Energy, Empyrean Energy, Seascape Energy Asia, Touchstone Exploration, Petrofac, Capricorn Energy, Challenger Energy, Block Energy, Enwell Energy, SDX Energy, Petro Matad, Serica Energy, TotalEnergies, Valeura Energy Source: FactSet, weekly change 30/09/2024-04/10/2024 Oil pared gains after President Joe Biden sought to discourage Israel from attacking Iran’s oil fields. West Texas Intermediate rose 0.9% to settle above $74 a barrel on Friday, after earlier surging as much as 2.5%. Crud

Ango Asian Mining* (AAZ LN) - FLASH NOTE - Gedabek is ready to restart with Demirli to upgrade growth profile

Coringa PEA

Zephyr Energy Plc (AIM: ZPHR): Paradox well to be lengthened. Potential funding by industry partner provides external validation

• Zephyr has decided to extend the State 36-2R well in the Paradox basin by drilling a 5,500 ft lateral on the well. • We are not surprised by this decision given that the acid job performed on the existing 130 ft interval was very successful with peak test production of >2,100 boe/d. • Zephyr believes that the ultimate recovery of the extended well could reach 2 mmboe, which is well above what would have been recovered from the 130 ft interval. • The 5,500 ft lateral is expected to cost ~US$7

Allenby Capital: Panthera Resources - Update

GreenX Metals (GRX:ASX/LSE) has recently announced the successful conclusion of litigation relating to an international arbitration claim against the Republic of Poland under the Australia-Poland Bilateral Investment and Energy Charter Treaties. The compensation awarded by a tribunal of £252m followed a well-established procedure under the auspices of the United Nations Commission on International Trade Law Rules (UNCITRAL) rules. The original claim brought by GreenX related to actions by the Po

SP Angel Morning View: Open season on Mining M&A as Rio Tinto takes out Arcadium

Morning Note – 30 September 2024