Caracal Gold (GCAT.L) (Formerly Papillon Holdings) has been readmitted to the Main Market with contemporaneous dual listing on the Frankfurt Stock Exchange. As part of the Readmission process, the Company has raised gross proceeds of approximately £5,493,885 completed in two rounds at a placing price of £0.01 per share, implying a market capitalisation of circa £14.5m on Readmission. The Company aims to build a position as an emerging East African focused gold producer with a clear path
Companies: BHL PSYC FUM ORCP PYC KETL TRR VLS VRCI
Trident Royalties Plc (AIM: TRR) has, this morning, announced the acquisition of a Net Smelter Royalty (NSR) over the Lincoln Gold Mine, located in California, USA, for a cash payment of US$2.5 million.
The acquisition is Trident's eighth overall since inception of its royalty strategy in June 2020. Including its recently announced debt facility, we estimate that Trident retains capacity of over US$15 million for further acquisitions.
The Lincoln Gold Mine is held by private operator
Companies: Trident Royalties Plc
Trident has entered into a binding agreement to acquire an NSR royalty over production from the Lincoln gold mine in the US. The mine in California is operated by Seduli Sutter Operations Corporation (Seduli). The royalty is structured as a 1.5% NSR, stepping down to 0.75% after $3m in royalty payments have been made to Trident. Stage 1 production targeting 20kozpa+ is expected to commence in Q4 this year and Seduli is planning a Stage 2 expansion to 80kozpa+ shortly after completion of Stage 1.
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 30 June 2021. The key elements of the announcement are:
Significant progress across a number of projects over which Trident holds royalties.
Total quarterly royalty revenue of US$381,808 from two paying royalties over copper and iron ore assets.
The appointment of Mr Paul Smith as Non-Executive Chair alongside a personal investment of £1 million at 40p as well as the ad
Q2 progress very much followed the trend of Trident continuing to build the foundations of what we believe can be a leading diversified royalty company. Some exciting asset level progress which should materially bolster future royalty revenue potential and some top-notch additions to the Board. With $8m cash in the bank and the $10m Tribeca loan facility finalised and drawn-down, TRR is well placed to secure further value accretive royalty acquisitions
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Mr Peter Bacchus as Non-Executive Director with immediate effect with James Kelly stepping down to pursue other business interests. We would also like to highlight the favourable development at Thacker Pass Lithium Project, over which Trident holds a Gross Revenue Royalty (GRR), where a federal judge denied a motion from four environmental groups to stop digging at the planned lithium mine.
Trident has announced the appointment of a new Non-Executive Chairman. Paul Smith, an ex-Glencore senior executive will join the company on 21st June. Mr Smith has made an immediate £1m equity investment in Trident at a premium and retains the right to make a further £1m investment for a total proposed investment of £2m.
Trident Royalties Plc (AIM: TRR) has, this morning, announced the appointment of Paul Smith as Non-Executive Chairman. Alongside the appointment Mr Smith will invest up to £2 million into the company, of which £1 million will be an immediate subscription at 40p/ share (representing a 4% premium to the 5-day VWAP), with up to a further £1 million at the same price within 12 months. The current Chair, James Kelly, will remain on the board as a Non-Executive Director. Non-Executive Director Mark Po
Trident Royalties Plc (AIM: TRR) has, this morning, noted progress at the Mimbula Copper Project, over which Trident holds a gross revenue royalty (GRR). Mimbula's owner and operator, Moxico Resources Plc, recently completed a US$73million equity financing which will be used to develop and build a standalone SX-EW plant. We have also updated our production assumptions for the Thacker Pass Lithium Royalty based on comments by Lithium Americas Corp. (NYSE/TSX:LAC) in their Q1 2021 results last mon
Trident reports that Moxico Resources Plc has recently completed a US$73m equity financing. The proceeds will be used to fast-track development of the Mimbula copper mine in Zambia over which Trident holds a royalty. Mimbula is already producing copper and is in the ramp up stage, but the cash injection will allow Moxico to produce cathode copper onsite via the construction of a new SX-EW plant and Moxico anticipates a significant increase in copper production. As a royalty holder, Trident will
Q1 saw the biggest royalty transaction to date with Trident’s acquisition of a 60% interest in a GRR over the Thacker Pass project and a concurrent £20.7m equity placing. Trident recorded a US$451,314 inflow of royalty payments for Q1, a 55% increase over the prior quarter. The company remains cashed up and continues to evaluate new opportunities. The royalty business is a long-term game and Trident is uniquely positioned with royalties
secured on quality projects and promising commodities; iro
Trident Royalties Plc (AIM: TRR) has, this morning, provided an update on its activities undertaken during the quarter ended 31 March 2021. The key elements of the announcement are:
•Koolyanobbing iron ore royalty payment of A$100,479 for the quarter and a Mimbula copper royalty payment of US$375,000. In total these represent a 55% increase in royalty payments over Q4;
•The acquisition of a gross revenue royalty over Lithium America Corp's (NYSE/TSX: LAC) Thacker Pass Project for US$28 million
Research Tree provides access to ongoing research coverage, media content and regulatory news on Trident Royalties Plc.
We currently have 39 research reports from 6
Today's results include few surprises in terms of cash outcomes, which are in-line with our FY21E forecasts. These record results come despite the year being challenged by Covid-19, evidencing the resilience of Duke's operating model and royalty partners. Post-period, 4 new investments have been concluded, which should help drive cash results higher over FY22E, despite a further 2 exits from the portfolio. As the company approaches near full deployment by FY23E, we expect to see FCF p/s and DPS
Companies: Duke Royalty Limited
A disappointing earnings release coupled with low transparency on the Sandringham Financial Partners acquisition have led M&G’s share price to return to its pre-crisis level. While our valuation suggests a positive recommendation considering the low point, momentum remains uncertain.
Companies: M&G Plc
Litigation Capital Management has released its results for FY21, reflecting on a positive year for the group in very challenging market conditions. Although well flagged, these set of results highlight the strength of LCM's investment process as it's maturing balance sheet continues to deliver strong returns on capital as key cases settle.
Companies: Litigation Capital Management Ltd
NextEnergy Solar Fund’s investment in NextPower III ESG is delivering in terms of widening international exposure with NPIII following its recent project win in Spain with another in Poland. This is the first acquisition the vehicle has made in Poland and the project will be supported by a fifteen year CfD. We see NESF’s investment in NPIII ESG as delivering a diversified asset growth opportunity and so far this is proving to be the case.
Companies: Nextenergy Solar Fund
Gore Street continues to find good projects in the GB market and has today announced a 57MW project in Leicester. It is now more active in seeking projects beyond the UK and RoI in North America and Western Europe and we think there are significant opportunities in these geographies. The company now has a pipeline of 2.5GWh with 2GWh of that in new geographies and 160MWh of that under exclusivity. With these opportunities in mind the company has announced a placing at 107p.
Companies: Gore Street Energy Storage Fund PLC
Companies: Real Estate Investors plc
What’s new: Tatton has signed a 5 year distribution partnership with Fintel and agreed to acquire Fintel’s Verbatim Funds for £5.8m cash consideration of which £2.8m is on competition and £3.0m is subject to performance
Companies: Tatton Asset Management Plc
Tatton has acquired the Verbatim funds from Fintel for (up to) £5.8m adding £650m AuM – and pushing Tatton’s AuM through the £10bn milestone. A long term strategic partnership has also been formed allowing Tatton to market to Fintel’s significant intermediary client base. We upgrade our earnings forecasts by +4% for the part year contribution in FY22e and +11% FY23e (the first full year) – but make no assumption around the potentially material opportunity from the distribution partnership. Tatto
Bluejay Mining* (JAY LN) – Greenland agrees new economic aid with the US
Ariana Resources (AAU LN) – Further drilling results from Kepez North
CATL (CATL N) – CATL may be joining the bidding war for Millennial Lithium Corp. as Chinese firms battle for EV material supply
Condor Gold* (CNR LN) – Senior mining engineer appointed to advance La India feasibility study
Cora Gold* (CORA LN) – Interims
Galileo Resources (GLR LN) – Sale of Kalahari Copper Belt licences expected to complete next week
Companies: AAU JAY CNR CORA GLR GGP POW RRR VUL SSW
NextEnergy’s JV with storage specialist Eelpower is an important strategic development. Storage demand is set to grow if the UK is to move towards its net zero targets and the combined attributes of the JV partners make it well suited to succeed here. For NESF it opens up a new route to asset growth in our view.
NextEnergy Solar Fund (NESF), which has the ability to invest up to 10% of its gross assets in energy storage, has announced a significant step into energy storage with the establishment of a £100m joint venture partnership with one of the leading battery storage specialists, Eelpower Limited (Eelpower). The joint venture is owned 70% by NESF and 30% by Eelpower. The partnership has also announced the signing of its maiden acquisition, a 50MW standalone battery storage project, which is ready to
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Today's in-line results illustrate the financial impact from restrictions upon face-to-face Insurance sales over the past 15 months. However, they heavily mask the strategic momentum underway across the Group. Since the lifting of restrictions from June, Insurance is exhibiting a strong and accelerating rebound in demand, which should mark an inflection point for policyholder numbers and restore premium income to pre-pandemic levels over the medium-term. We expect the Group's other product lines
Companies: Personal Group Holdings Plc
Following the successful completion of the Hawthorn disposal, towards the top-end of our £180-230m range, and the transformation to a pure retail property group we update forecasts and briefly set out our investment thesis ahead of the Group’s CMD. We estimate FFO for FY22F, FY23F and FY24F of 7.2p, 8.3p and 9.4p per share respectively; a 3-year CAGR of c35% over the 3.8p generated in FY21A. Post-Hawthorn, balance sheet metrics have markedly improved, flexibility enhanced, and refinancing risk r
Companies: NewRiver REIT plc
Agronomics has announced a follow-on investment in existing portfolio company, Formo (previously LegenDairy Foods). The company has invested €3.15m in Formo's Series A funding, and now holds c5.9% of the enlarged share capital. The fundraise has generated a 7.5x uplift for Agronomics original €1m investment (Dec-19) and values Formo at c€180m (post-money) versus c€16m post-money value following the Seed round. Formo now becomes Agronomics largest holding, c9.1% and has delivered a net uplift in
Companies: Agronomics Limited