SP Angel Morning View: Stronger US dollar limits rise in copper prices

Anglo American (AAL LN) – Slow recovery in China and India's import moratorium deliver severe cut to rough diamond sales Rainbow Rare Earths (RBW LN) – US$50m option at Phalaborwa Savannah Resources* (SAV LN) – State prosecutor statement comments Versarien* (VRS LN) – Placing raises funds to extend runway ahead of potential asset sales Xtract Resources (XTR LN) – Bushranger optimisation study

SP Angel Morning View: US$ continues to strengthen ahead of Powell Jackson Hole speech MiFID II

Mkango Resources* (MKA LN) – Quarterly results describe progress at Songwe Hill Petra Diamonds (PDL LN) – August sales tender hints at improvement to demand and prices for the rest of the year Premier African Minerals (PREM LN) – Financing for the Zulu project as contractors agree to accept some payments in shares. Xtract Resources (XTR LN) – Joint venture with Cooperlemon Consultancy to explore large scale exploration licenses in NW Zambia

Hybridan Small Cap Feast 10/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more

Hybridan Small Cap Feast 06/04/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen? Financials Acquisition Corp, a special purpose acquisition company (SPAC) intends to float on the LSE. Financials Acquisition Corp has been formed for the purpose of completing an initial merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with a technology-enabled company or business operating principally in the insurance or broader financial services in

SP Angel Morning View: China power shortage hits growth and industrial metals prices

BHP (BHP LN) – Influential proxy adviser urges shareholders to vote against climate plan GreenRoc Mining (GROC LN) – Admission to AIM Rambler Metals and Mining* (RMM LN) – Covid19 disruption triggers delay in interim accounts Rockfire Resources (ROCK LN) – Drilling progresses at the Copperhead project Strategic Minerals* (SML LN) – Results from exploration west of Redmoor Xtract Resources (XTR LN) – Bushranger Phase 2 drilling

Hybridan Small Cap Feast 22-09-2021

Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordinary Shares to be sold by existing Eurowag shareholders. Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It make

Hybridan Small Cap Feast 14-09-2021

Focusrite 1715p £1bn (TUNE.L) The global music and audio products company supplying hardware and software used by professional and amateur musicians and the entertainment industry, updated the market on a positive trading year in which revenue, profits and cash flow have all grown substantially. As a result of this strong trading performance during the year, the Group now expects revenue for the financial year ending 31 August 2021 to be ahead of market expectations at approximately £173m, up f

Small Cap Feast: 17/05/21

Dish of the day Kistos (KIST.L) readmitted to AIM, following the Company's successful Equity Financing in connection with the Acquisition of Tulip Oil Netherlands. Tulip Oil has a portfolio of assets which include profitable, cash generative producing assets, plus exploration and appraisal assets. Tulip Oil has 19.5 mmboe of 2P reserves and has 102.1 mmboe contingent resources. Boanerges Limited (AQSE:BNRG), admitted onto the Aquis Stock Exchange. The Directors believe that an opportunity exis

Small Cap Feast: 05/05/21

Boanerges Limited, announces an application of admission onto the Aquis Stock Exchange. The Directors believe that an opportunity exists to acquire and consolidate holdings in SMEs operating in the technology sector, with the intention of creating value for Shareholders. Initially, the Company's focus will be searching for companies which are based in the UK or Europe where there may be a number of opportunities to acquire interests in undervalued or pre-commercialisation technologies, or curren

Small Cap Feast: 13/07/21

Joiners: Seraphine Group, has started trading on the Premium Segment on the Main Market. Seraphine, and together with its subsidiaries, is an international digitally-led maternity and nursing wear brand. Offer price 295p. £150.2m Mkt Cap. Gross proceeds of approximately £61m, equating to a total offer size of approximately £75.5m. Leavers: Immunodiagnostic Holdings has left AIM following a cash offer. What’s cooking in the IPO kitchen? South West Brands the multi-brand cannabidiol consumer go

Small Cap Feast

Media reports suggest the UK DNA sequencing technology specialist, Oxford Nanopore is preparing a London float but disclosed no further details. The Company expects that the IPO would occur in the second half of 2021. IP Group, which has a 15% stake in Oxford Nanopore, currently values Oxford Nanopore at £2.3bn but analysts also suggest a valuation above £4bn at its next funding event. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2

Small Cap Feast

Caerus Mineral Resources (CMRS.L) a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and today completed its IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. Market Cap £5m.

Small Cap Feast

Dr.Martens DOCS.L — Dr. Martens is an iconic global brand and one of the most recognised footwear brands in the world, selling in excess of 11 million pairs of footwear annually in more than 60 countries with revenues of £672m in the year ended 31 March 2020. Offer Price set at 370 pence per Share . Dr. Martens' total market capitalisation at the commencement of conditional dealings on the main market of London Stock Exchange today will be approximately £3.7 billion based on the Offer Price. Pa

Compelling combination of strong cash flow generating gold projects and quality blue-sky exploration copper-gold plays

Xtract Resources is the old Xtract Energy that Executive Chairman Colin Bird rescued back in 2013 and set on a new course. The early acquisition of a Chilean gold mine failed to meet expectations but the Manica Gold mining licence in Mozambique looks to be coming good. The company has been benefiting from a growing profit share from the alluvial gold on its licence area in a neat deal where other parties fund the necessary capex.

Small Cap Breakfast

Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

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

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

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

Cameroon: Ready for the Rig

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

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.

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

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.

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