Small Cap Brunch

Xpediator Plc—Sch 1 from the holding Company for an integrated freight management business operating in the supply chain logistics and fulfilment sector across the UK and Europe with a strong presence in Central and Eastern Europe. Offer details TBC, expected Admission early August 2017. GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business, headquartered in Cambridge, UK and operating across the UK, USA, Australia an

SP Angel – Morning View

Amur Minerals* (AMC LN) – Kun Manie financing update | ASA Resource Group* (ASA LN) – Asset disposal of non-core business | Caledonia Mining (CMCL LN) – Quarterly dividend maintained | Hummingbird Resources (HUM LN) –Yanfolila remains on time and budget | Savannah Resources (SAV LN) – Mapping at Portuguese lithium prospect

SP Angel – Morning View

ASA Resource Group* (ASA LN) – Q4 operational results | Champion Iron (CIA CN) Price C$0.92 , Mkt cap C$356m – Offtake agreement with Sojitz iron ore supports $40m bridge loan to restart of Bloom Lake iron ore mine | Chatham Rock Phosphate (CRP NZ) Price C$0.48, Mkt cap C$6.5m – Chatham Rock continue to push to mine phosphate on the Chatham Sound in New Zealand | Gemfields (GEM LN) – Jaipur emerald auction and offer from Pallinghurst | Kodal Minerals* (KOD LN) – Further drilling results from the

SP Angel – Morning View

Ariana Resources (AAU LN) – Increased ore resource estimate at Kiziltepe ASA Resource Group* (ASA LN) – Board changes as Yuan Hu Ching removed from office as a Non-Executive Director Avocet Mining (AVM LN) SUSPENDED – Suspension of shares Centamin (CEY LN ) – 2017 gold production guidance maintained despite decline in Q1 output Kodal Minerals* (KOD LN) – New prospects show high-grade lithium in pegmatite results Premier African Minerals (PREM LN) – tungsten mine update RedT (RED LN) – Agre

SP Angel – Morning View – Thursday 20 04 17

ASA Resource Group* (ASA LN) 1.3p, Mkt Cap £22m – Scott Morrison buys stock in company | Atalaya Mining (ATYM LN) 143 pence, Mkt Cap £167m – Q1 Results and update | Caledonia Mining (CMCL LN) 111 pence, Mkt Cap £58m – Q1 gold production increases by 18% at Blanket. | IronRidge Resources* (IRR LN) price 43p, Mkt Cap £101m – Confirms exploration partnership in Ivory Coast | Ortac Resources* (OTC LN) 4.4p, mkt cap £3.6m – Joint-venture to develop the Sturec project | (Ortac recently consolidated th

SP Angel – Morning View

Amur Minerals* (AMC LN) – Road Access Update | ASA Resource Group* (ASA LN) – Cash flow expected to be adequate for normal working capital requirements despite missing millions | Edenville Energy (EDL LN) - Coal wash plant for the Rukwa coal project | European Metals (EMH LN) – Cinovec Preliminary Feasibility Study | Stratex International (STI LN) – Stratex update on Turkey Dalafin and Egypt | Sula Iron & Gold (SULA LN) – Drill samples dispatched for assay

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) 19.5p, Mkt Cap 22m – Operations review | ASA Resource Group* (ASA LN) 0.95p, Mkt Cap £16m – Ning and Kwan terminated without notice as company continues investigation into missing millions | Bluejay Mining* (JAY LN – formerly FAM LN) 15p, Mkt Cap £110m – BlueJay steps further toward commercialisation on Pituffik project in Greenland | IronRidge Resources* (IRR LN) price 43p, Mkt Cap £101m – Expanding the exploration portfolio in Ivory Coast | Metal Tiger (MTR LN) 2.

SP Angel – Morning View

ASA Resource Group* (ASA LN) – Q3 Results – moving ahead with improvements at the nickel, gold and diamond operations. | Strongbow Exploration (SBW CN) – PEA on South Crofty

SP Angel – Morning View

ASA Resource (ASA LN) – Freda Rebecca awarded Top Producer award and secured 5% in export incentives | BlueRock Diamonds* (BRD LN) – Trading update | Solgold* (SOLG LN) – Interims

Small Cap Breakfast

Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Eco (Atlantic) Oil & Gas—Schedule One Update. Now expects admission ‘early February’. Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying

SP Angel – Morning View

Antofagasta (ANTO LN) – Q4 Production | ASA Resources Group (ASA LN) BUY, Target price 2.5p - INITIATION - Renaissance underway in Zimbabwe | Aston Bay Holdings (BAY CN) – David Broughton, expert in sediment-hosted deposits, joins Aston Bay as Chief Geologist | BHP Billiton (BLT LN) – H1 production and reduced copper production guidance | FinnAust Mining* (FAM LN) – BUY Target Price 15p - Ilmenite marketing advisor | Rambler Metals (RMM LN) – 2017 production guidance | Tethyan Resources (TETH LN

Metals & Mining Note

ASA Resources, formerly known as Mwana Africa, operates Zimbabwe’s largest gold mine at Freda Rebecca, the Trojan nickel mine and Bindura nickel concentrator in Zimbabwe. Plans are well advanced to increase throughput at Freda Rebecca to around 1.6mtpa and gold output to 90,000-100,000 oz pa Progress is now well advanced to resume nickel smelting at Bindura and, in a move to expand further downstream to become Africa’s only fully integrated nickel producer, the re-opening of the nickel refinery,

SP Angel – Morning View

Anglo American (AAL LN) – Latest De Beers diamond sales. | Ariana Resources (AAU LN) – Vein system at Arzu identified during Kiziltepe drilling | ASA Resource Group* (ASA LN) – Freda Rebecca lawsuit | Rio Tinto (RIO LN) – $2.45bn sale of Coal & Allied | Strategic Minerals* (SML LN) – Increases its interest in Redmoor to 50%

SP Angel – Morning View

ASA Resource Group* (ASA LN) – Freda Rebecca lawsuit | Avesoro Resources (formerly Aureus Mining) (ASO LN) – Update on project debt repayment schedule. | Golden Star Resources (GSC CN) – Guiding towards a 31% to 44% gold production increase in 2017 | Strategic Minerals* (SML LN) – Appointment of exploration manager | Tertiary Minerals* (TYM LN) – Evaluating acquisition opportunities | ZincOx (ZOX LN) SUSPENDED – Sale of remaining interest in the Korea Recycling Plant

SP Angel – Morning View

Amur Minerals* (AMC LN) – ASL assays for the MKF point to a resource upgrade | ASA Resource Group* (ASA LN) – Mr Muganyi to become Group COO

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

SP Angel Morning View: Gold resilient as US interest rates climb on long-term inflation concerns

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

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

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

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

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.

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

Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Gulf Marine Services (GMS LN) - Contract award

GMS has announced a new contract award, at improved day rates, adding to order book and overall revenue momentum.

Challenger Energy (CEG LN) - £1.5m strategic investment in Challenger

Challenger has announced a £1.5m investment in the company from investor Charlestown Energy. This now allows Challenger to be fully funded for the foreseeable future as it works towards closure of its significant Uruguay farm out to Chevron, and the US$12.5m cash payment to be received once this is achieved.

Tethys Oil AB (SSE: TETY): Increasing further the size of the prize

• The South Lahan area on Block 58 is estimated to hold 55-523 mmbl prospective resources (P90-P10 case) with a mean case of 251.8 mmbbl prospective resources across six prospects in the Ara Carbonate. • Combined with the previously disclosed prospective resources of the Fahd area in the north-eastern part of Block 58, Tethys Oil’s unrisked recoverable prospective resources on the block are estimated to be 435.9 mmbbl (Pmean). • The geological chance of success ranges from 6% to 11% for the six

Is there a “big-picture” change in the cards?

We note that this morning’s announcement by Aminex for a significant potential resource increase in the Ruvuma basin. We believe that the recent pullback in the share price (likely due to delays in the first gas production schedule) provide a good risk/reward opportunity, especially given the future potential in next 12-24 months, highlighted by today’s announcement.

JEV: Exploring Spin-off for Hydrogen Assets

What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s

Morning Note – 4 April 2024