Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. R

Small Cap Feast

The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer

SP Angel – Morning View

Adriatic Metals* (ADT AU) – Metallurgical results from samples at Rupice and Veovaca | Alexander Mining (AXM LN) – to become cash shell following disposal of MetaLeach subsidiary | Aura Energy Limited* (AURA LN) – Tiris water programme and project update | Europa Metals Limited (EUZ LN) – Further drilling results from Toral zinc, lead, silver project in Spain | Savannah Resources* (SAV LN) – Grandao co-product resource estimate

SP Angel – Morning View

Altus Strategies* (ALS LN) 4.5p, Mkt Cap £8.0m – JV with Resolute extended by two years | Arkle Resources* PLC (ARK LN) Formerly Connemara Mining* (CON LN) – Exploration update from the Stonepark zinc project | Avesoro Resources (ASO LN) – Youga mine reserves increased by 23% | AfriTin Mining* (ATM LN) – 3.2p, Mkt cap £17.5m – Nampower agrees power supply agreement with AfriTin | Alexander Mining (AXM LN) 0.075p, Mkt cap $1.4m – Royalty on Kapili Tepe project in Turkey draws closer | Cora Gold*

SP Angel – Morning View

Alexander Mining (AXM LN) Lithium joint venture research on lithium leaves zinnwaldite as last hope for heap leach potential | IronRidge Resources* (IRR LN) – Exploration licence granted at Zaranou gold project | Serabi Gold (SRB LN) – Coringa mineral resource report | Sirius Minerals () – Shaft sinking pictures show rapid development at Woodsmith mine in Yorkshire | Sunstone Metals (STM AU) – Bramaderos copper/gold project in Ecuador | Thor Mining* (THR LN) – Moonta Copper project | Trans-Siber

Northland Capital Partners Limited Morning Report

PREMIER AFRICAN MINERALS (PREM.L) | ALEXANDER MINING (AXM.L)

Northland Capital Partners Limited Morning Report

POLAREAN IMAGING (POLX.L) | ALEXANDER MINING (AXM.L) | PREMIER AFRICAN MINERALS (PREM.L)

Northland Capital Partners Limited Morning Report

HEMOGENYX PLC (HEMO.L) | PHOTONSTAR (PSL.L) | ALEXANDER MINING (AXM.L)

Northland Capital Partners Limited Morning Report

SAVANNAH RESOURCES (SAV.L) | SKINBIOTHERAPEUTICS (SBTX.L) | ALEXANDER MINING (AXM.L)

Northland Capital Partners Limited Morning Report

ALEXANDER MINING (AXM.L) | JAMES LATHAM (LTHM.L)

Northland Capital Partners Limited Morning Report

EVGEN PHARMA (EVG.L) | ALEXANDER MINING (AXM.L) | N4 PHARMA (N4P.L)

Northland Capital Partners Limited Morning Report

EQTEC (EQT.L) | GENEDRIVE PLC (GDR.L) | EDENVILLE ENERGY (EDL.L) | PETREL RESOURCES (PET.L) | ALEXANDER MINING (AXM.L)

Northland Capital Partners Limited Morning Report

MOTIF BIO (MTFB.L) | BILBY (BILB.L) | SKINBIOTHEARAPEUT ICS (SBTX.L) | COLLAGEN SOLUTIONS (COS.L) | ALEXANDER MINING (AXM.L)

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

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

Morning Note – 16 April 2024

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

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

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

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.

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

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.

SP Angel Morning View: Global Li-ion battery demand reaches all-time in Q1 2024

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.

Q1 - Strong Start

Serabi Gold (AIM: SRB, TSX: SBI) has released its Q1 operating results today. Production of 9koz of gold was in line with our estimates. It represents a quarterly high since Q3 2021, processing was also at record levels, and RoM is at a 3 year high as well (see Fig.1). The Coringa project is moving forward at pace and we have increased our production forecast there from 11Koz to 13Koz gold for 2024.. Palito grades came off marginally QoQ to 4.72g/t whilst the company continued to mine the tricki

Kouroussa progress moving slowly