SP Angel Morning View: Iron ore rises on low inventories as gold and copper climb ahead of US inflation data

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

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

Morning Note – 16 April 2024

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

Morning Note – 15 April 2024

DEC FY23 Results Update

DEC reported FY23 results which were in line with expectations and announced the acquisition of joint venture assets from Oaktree along with an updated capital allocation framework.

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

Union Jack Oil (UJO LN) - Wressle update

Union Jack has released an update on its Wressle asset, reporting maturing production from Wressle-1, alongside progress for significant further development activities on the field going forward.

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

Union Jack Oil+ (UJO, House Stock at 23p) - Wressle update

Hunting (HTG LN) - Q1 2024 trading update

Hunting has released its Q1 trading statement, reporting a strong period for OCTG and Subsea, steady growth in Advanced Manufacturing, and a softening in Perforating Systems.

Union Jack Oil* (UJO LN) - Wressle update and dividend plans

Union Jack announced an operational update on its onshore UK Wressle field and confirmed plans to announce the payment of a cash dividend to shareholders along with the FY23 results in May. Wressle continues to deliver material revenues to the Company, generating positive cash flow and providing it with sufficient cash resources to fund shareholder returns and invest in new development projects.