SP Angel Morning View: Gold holds on Powell's confidence in disinflation over his commitment to further rate hikes

SP Angel Morning View:

SP Angel Morning View: Copper eases on China uncertainty, recession risks and strengthening Dollar

BHP (BHP LN) – BHP to face $12bn lawsuit as judge sets trial date of April 2024 CATL (SHE: 300750) – Interim report shows strong growth in energy storage systems for CATL Eurasia Mining* (EUA LN) – West Kytlim production climbs with a potential divestment discussions ongoing GreenRoc Mining (GROC LN) – Close of broker option following placing to develop Amtisoq Graphite Project Kodal Minerals* (KOD LN) – Interims highlight lower capital cost and higher value of DMS process route to producti

SP Angel Morning View: US approves $2.8bn in grants to boost domestic battery supply chain

Anglesey Mining (AYM LN) – Final drilling results from 2022 campaign at Parys Mountain Amaroq Minerals (AMRQ LN) – £30m fundraising Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Centamin (CEY LN) – Strong quarterly performance at Sukari keeps production and cost guidance intact and passes 5moz of production milestone Greatland Gold (GGP LN) – Grant funding for exploration drilling in the Yilgarn, WA KEFI Gold and Copper* (KEFI LN) – Tulu

SP Angel Morning View: Lithium prices extend gains as supply concerns regain market focus

Alara Resources (AUQ AU) – Al Washi-hi Majaza mine construction progress Anglo Asian Mining* (AAZ LN ) – 50k share bought back in the market AngloGold (ANG SJ) – Agreement to acquire Nevada properties for $150m cash Aura Energy* (AURA LN) – CEO appointed Gemfields Group (GEM LN) – September auction yields $33m in sales Griffin Mining Ltd (GFM LN) – Production shutdown on cessation of explosives access in lead-up to CCP's 20th Party Congress Renascor Resources* (RNU AU) – Renascor executes

SP Angel Morning View: Chinese PMI improve as lockdowns ease while Eurozone inflation hits record high

AGL Energy (AGL AU) – AGL Energy abandons plans to demerge coal generation business in Australia following rejection of takeover offer Altus Strategies* (ALS LN) - BUY – Multiple gold discoveries on new properties in the Eastern Desert of Egypt Beowulf Mining* (BEM LN) – Key license awarded as Q1 2022 summary released Gold Fields Limited (GFI SJ) - Gold Fields to acquire Yamana Gold in agreed US$6.7bn deal Mkango Resources* (MKA LN) – Q1 2022 results show DFS nearing completion URU Metals*

SP Angel Morning View: US$ index at two year high ahead of US inflation data later today

Altus Strategies* (ALS LN) – Agdz mining license secured Caledonia Mining* (CMCL LN) – Record Q1 gold production from the Blanket mine, Zimbabwe Goldstone Resources* (GRL LN) – Ramping up at Homase – Link to yesterday's note Oriole Resources (ORR LN) – £403,000 HMRC rebate Rambler Metals & Mining* (RMM LN) – Virtual presentation of Q1 operational results URU Metals* (URU LN) – High-grade gold discovered in drilling beneath Zebediela nickel PGM project near

SP Angel Morning View: Covid Lockdowns in China outweigh positive economic data

Altus Strategies* (ALS LN) – BUY, Target 111p – Toura Ni-Co royalty secured Beowulf Mining* (BEM LN) – Letter to Swedish Minister of Enterprise and Innovation Sovereign Metals (SOV LN) – Drilling extends the known mineralised footprint in Malawi URU Metals* (URU LN) – BUY - Compelling nickel and PGM grades reported in Zebediela project

SP Angel Morning View: China PBoC to use monetary tool box to avoid a collapse in credit

Antofagasta (ANTO LN) – Meets 2021 production guidance despite Chilean drought and Covid19 BHP (BHP LN) – H1 operational review reports strong iron ore production from W Australia and highlights copper and nickel exploration projects Bluejay Mining* (JAY LN) – Nautical charts for safe shipping to the Dundas titanium mineral sands project Bushveld Minerals* (BMN LN) – Bushveld and Mustang agree to extend maturity date on agreement to fund VRFB-H Centamin (CEY LN) – Meets 2021 production guida

SP Angel Morning View: Lithium prices continue to rise as gigafactories fight for material

Griffin Mining (GFM LN) – Chinese New Year and winter Olympics cause Griffin's zinc mine to shutdown till 14 of March Keliber (private) – €7m grant from Business Finland for lithium plant Kore Potash (KP2 LN) – SP Angel appointed as Nomad and broker to Kore Potash Phoenix Copper* (PXC LN) – NED/CTO steps down URU Metals* (URU LN) – Interim results

SP Angel Morning View: China PMI recovers on power supply boost

Beowulf Mining* (BEM LN) – SSAB board member to become Minister of Trade and Industry Condor Gold* (CNR LN) – Geotechnical drilling at La India Galan Lithium (GLN AU) – Candelas PEA highlights the potential for a 14ktpa LCE over 25y brine operation GoldStone Resources* (GRL LN) - BUY – Maiden gold pour at the Homase mine Hochschild Mining (HOC LN) – C$135m acquisition of Posse gold project in Brazil Mkango Resources* (MKA LN) – Q3 update shows strong progress of mine, refine, recycle strate

SP Angel Morning View: Rising energy costs likely to raise short-term inflation beyond Fed expectations

Arc Minerals* (ARCM LN) – BUY – Assay results due soon from Cheyeza discovery. Annual results comment Aura Energy* (AURA LN) – Annual results and project review Empire Metals* (EEE LN) – Exploration update at Central Menzies Eurasia Mining* (EUA LN) – Well capitalised with strong asset base to help the team deliver on development strategy Europa Metals Limited (EUZ LN) – Updated resources estimate at the Toral zinc, lead, silver project in Spain Ormonde Mining* (ORM LN) – Resignation of exe

SP Angel Morning View: Energy and Evergrande elevate market risk depressing commodities

Alba Mineral Resources (ALBA LN) – Expansion of mineral licences in North Wales Aura Energy* (AURA LN) – Exploration activities at the Tiris Uranium and Tasiast South Projects BlueRock Diamonds (BRD LN) – Interims highlight progress towards 1mtpa throughput target Caerus Mineral Resources (CMRS LN) – Copper and gold confirmed in the Kalavasos dumps Eurasia Mining (EUA LN) – $15m equity raise to progress Rosgeo JV Rainbow Rare Earths* (RBW LN) BUY, Valuation range 39-60p – K-Tech processing

SP Angel Morning View: Lithium prices rise to 3-year high on EV sales boom

AEX Gold (AEXG LN) – Further management changes at AEX to drive development of new plan Altus Strategies* (ALS LN) – Valuation 125p – First Caserones NSR royalty payment in respect of Q2/21 expected this month Beowulf Mining* (BEM LN) – CEO letter to Minister Baylan regarding Kallak Bluejay Mining* (JAY LN) – Valuation 37.7p – Interims highlight activity towards development of the Dundas ilmenite mine and other exploration Caerus Mineral Resources (CMRS LN) – Progress report on prospective j

SP Angel Morning View: Copper chases nickel and aluminium prices higher

AfriTin* (ATM LN) – Uis mine in Namibia continues to exceed exceeds its planned tin concentrate output Arkle Resources* (ARK LN) – Mine River gold exploration project drilling programme to be extended to follow up latest results Caerus Mineral Resources (CMRS LN) – Pano Lefkara drilling results Ferro Alloy Resources (FAR LN) – Patent received in Kazakhstan for technology to produce ERFB electrolyte Horizonte Minerals (HZM LN) – Export Credit finance approvals for the Araguaia ferronickel pro

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

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

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

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