Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
View the latest research on other companies in the sector.
Anglo Asian Mining is an AIM listed precious and base metals mining company with an established portfolio of copper/gold/silver production assets in western Azerbaijan and an exciting pipeline of organic growth development projects across its strategic +2,500sq km license area. AAZ guiding production at 28-33koz gold and 6.5-6.8kt copper in FY25. On a growth front, the team is planning to restart one brownfield (~20ktpa Cu) and commission two greenfield copper projects (>30ktpa Cu) to transition to a >50ktpa CuEq predominantly copper producer. The Board and management hold >40% of the stock making it well aligned with other shareholders.
Anglo Asian Mining PLC
American West Metals (AW1 AU) – Suspension Anglo Asian Mining* (AAZ LN) – Agitation leaching plant production resumed Barrick Gold (GOLD US) – Agreement reached with Mali government Caledonia Mining* (CMCL LN) – Solar power plant at the Blanket mine, Zimbabwe Cobra Resources (COBR LN) – Bench scale test results from Boland project, South Australia Ionic Rare Earths (IXR AU) – UK funding for REE recycling business Orosur Mining* (OMI LN) –Annual results and share placing Power Nickel (PNPN CN) – Assay results from Lion Zone Discovery Sibelco NV (SCRVP EN) – Impact of Hurricane Helene on Spruce Pine quartz mine Tribe Technology (TRYB LN) – Update on autonomous reverse-circulation rig Versarien* (VRS LN) – Agreement with Balfour Beatty to develop a range of low carbon, graphene-infused, 3D-printable mortars suitable for civil construction
AAZ VRS CMCL AW1 PNPN COBR IXR OMI ABX H8P
Anglo Asian Mining* (AAZ LN) – BUY – Tailings dam wall raise construction expected to commence shortly Atalaya Mining (ATYM LN) – Award of options rewards good management and incentivises for future growth Aura Energy* (AURA LN) – Recent drilling delivers increased mineral resources at Tiris uranium Empire Metals* (EEE LN) 11.75p, Mkt Cap £70m – Empire estimates new exploration target for focus areas at Pitfield titanium prospect in Western Australia Great Southern Copper (GSCU LN) 1.65p, Mkt Cap £6.2m – Option to expand the Especularita project area in Chile Great Western Mining* (GWMO LN) 0.04p, Mkt Cap £2.5m – Progress on permitting in Nevada Sovereign Metals* (SVML LN) 31.07p, Mkt Cap £177m – Trial mining and pilot plant update Tungsten West (TUN LN) – 5.5p, Mkt cap £8.0m – Environment Agency approves plant operating permit at Hemerdon
AAZ AURA EEE GSCU GWMO SVML TUN ATYM
Anglo Asian Mining* (AAZ LN) – Copper concentrate pre-payment agreement Critical Metals Corp (CRML US) – Binding heads of agreement to acquire Tanbreez Rare Earth Project Empire Metals* (EEE LN) – Results highlight progress towards delivery of JORC compliant ‘exploration' targets at the Cosgrove and Thomas prospects Western Australia. Golden Metal Resources (GMET LN) – Further geophysical programmes in the Walker-Lane Belt of Nevada Oriole Resources* (ORR LN) – Drilling starts at Bibemi, Cameroon as cash received from Turkish assets Vast Resources (VAST LN) – Baita Plai Update
AAZ CRML ORR EEE VAST GMET
Anglo Asian Mining* (AAZ LN) - BUY, Target 204p – Q2 delivers 12.4koz GEOs with FY23 guidance reiterated at 50-54koz Atlantic Lithium* (ALL LN) - BUY – DRA Global appointed for Stage 2 scoping study on flotation circuit for Ewoyaa lithium project
Anglo Asian Mining PLC Atlantic Lithium Limited.
Anglo Asian Mining* (AAZ LN) – BUY 204p – Gilar drilling confirms and extends higher grade deeper zone Beowulf Mining* (BEM LN) – Q1/23 financials Celsius Resources* (CLA LN) – BUY MCB project NPV@8% US$463m – MCB Project awarded Environmental Compliance Certificate Golden Metal Resources (GMET LN) – Geological encouragement from Nevada exploration at the Golconda Summit project Goldstone Resources* (GRL LN) – Q1/23 production struggled with new mobile equipment and improvements in the processing plant expected to help output higher KEFI Gold & Copper* (KEFI LN) – £6.4m equity placing to progress Tulu Kapi and Saudi Arabia portfolio of assets Kodal Minerals* (KOD LN) – Recent drilling extends mineralisation at Bougouni Savannah Resources* (SAV LN) – BUY 17.8p– Positive DIA secured Serabi Gold (SRB LN) – Q1 financial results and progress with exploration alliance Wishbone Gold* (WSBN LN) – Cottesloe drilling attracts WA Government grant support
AAZ CLA BEM GMET GRL KEFI KOD SAV SRB WSBN
AAZ is embarking on an expansion that will create a much larger mining business, extending well beyond its flagship Gedabek contract area (“Baseline Gedabek”). The company was awarded three concessions in 2022 at no cost, each containing a substantial copper deposit: Xarxar with nearly 100kt, Garadag over 300kt and Demirli estimated at 200kt. The staged development of the integrated Xarxar and Garadag project (“Copper 1”) and Demirli (“Copper 2”) will transform AAZ from a small-cap gold miner to a mid-sized copper producer with c.50kt p.a. of copper production, and significant gold and zinc by-products. We estimate an aggregate valuation for Baseline Gedabek + Copper 1 – Xarxar and Garadag + Copper 2 – Demirli of 214p per share.
Anglo Asian Mining is an AIM listed precious and base metals mining company with an established portfolio of copper/gold/silver production assets in western Azerbaijan and an exciting pipeline of organic growth development projects across its strategic +2,500sq km license area. AAZ produced 58koz AuEq in 2022 and is planning to commission two new greenfield copper projects to transition to a +35ktpa CuEq predominantly copper producer from 2028. The Company pays a dividend and the Board holds >40% of the stock making it well aligned with other shareholders.
Base Resources (BSE LN) – Sales pull back on softer ilmenite prices despite positive production Beowulf Mining* (BEM LN) – Kallak scoping study indicates NPV8 of US$852m at current prices Horizonte Minerals (HZM LN) – ESIA submitted for the Vermelho nickel cobalt project. Anglo Asian Mining* (AAZ LN) – BUY – Drilling at Gilar return wide high grade intersections extending the extent of mineralisation Kore Potash (KP2 LN) – BUY, TP Under Review – Updated DX Project resources, reserves and production target SolGold* (SOLG LN) – Progress of the Cornerstone acquisition
AAZ BEM HZM KP2 SOLG BSRUF
Anglo Asian Mining* (AAZ LN) - BUY – Underground development now underway at new Gilar copper, gold, zinc mine Jubilee Metals Group (JLP LN) – Warrant exercise raises £2m Rambler Metals and Mining* (RMM LN) - suspended – Improved mining operations deliver an increase of over 70% in 2022 saleable copper production despite working capital constraints. Savannah Resources* (SAV LN) – BUY, Target 17.9p – Positive community engagement ahead of EIA submission Shanta Gold (SHG LN) – 2022 gold production increases by 18% and just misses guidance target Tertiary Minerals* (TYM LN) – Lab results from soil sampling at Jacks, Zambia raise potential for hydrothermal copper sulphide mineralisation Thor Mining (THR LN) – Name change to Thor Energy
AAZ JLP SAV TYM THR RBMTF SAAGF
Anglo Asian Mining* (AAZ LN) - BUY – Anglo Asian to transition to mid-tier copper producer as Q4 and full year production at top end of forecast range Bluejay Mining* (JAY LN) – Enonkoski joint venture starts new drill program in Finland Culpeo Minerals* (CPO AU) – Phase-2 drill programme continues to yield positive results Petra Diamonds (PDL LN) – Reduced production guidance as operating improvements provide greater stability Power Metal Resources* (POW LN) – £900k equity raise Tertiary Minerals* (TYM LN) – Approval granted for EPB at Mushima North Copper Project, Zambia Tungsten West (TUN LN) – Updated feasibility study for Hemerdon to resume production in Q4 2023
AAZ 80M PDL POW TYM TUN CPO
Anglo Asian Mining* (AAZ LN) - BUY – Follow up investment in Libero Copper & Gold maintaining 20% interest Beowulf Mining* (BEM LN) – Contract awarded for Grafintec PFS Cobra Resources (COBR LN) – Maiden resource estimate for Wudinna rare earth project KEFI Gold and Copper* (KEFI LN) – 2022 drilling grows Hawiah MRE by 16% to 29mt Tianqi-led company bids A$136m for Australian lithium developer Essential Metals Sunrise Resources (SRES LN) – Pioche sepiolite project extended following trenching programme
AAZ BEM COBR KEFI SRES
Anglo Asian Mining* (AAZ LN) - BUY – Gilar mineral resource shows 135,000oz gold, 21,500t copper and 23,000 zinc Jubilee Metals Group (JLP LN) – Operational progress in Zambia Rio Tinto (RIO LN) – Acquisition of Turquoise Hill complete Tirupati Graphite (TGR LN) – Suni Resources acquisition update Tungsten West (TUN LN) – New mineral reserve and resource estimates for Hemerdon
AAZ JLP RIO TGR TUN
Anglo Asian Mining* (AAZ LN) – Q2 production -10% yoy on weaker grades; three new CAs ratified growing Group's copper exposure Atalaya Mining (ATYM LN) – High-cost inflation pressures reported as blending of stockpiled ore squeezes grade in Q2 Galan Lithium (GLN AU) – Initial test well results show high lithium grades, porosity and brine flow rates Goldstone Resources* (GRL LN) – Paracale converts debt to equity in show of confidence Kenmare Resources (KMR LN) – Ilmenite prices rise for seventh consecutive quarter due to low inventories Pilbara Minerals Ltd (PLS AU) – Pilbara sells 5.5% spodumene concentrate shipment at US$6,188/dmt eq. $6,841/dmt for 6% LiO Premier African Minerals (PREM LN) – Drilling results from the Zulu Lithium project SolGold* (SOLG LN) – Senior appointments
AAZ KMR PREM SOLG ATYM GLN PLS
Anglo Asian Mining* (AAZ LN) – 14koz GEO produced in Q1/22 with FY22 guidance due later in H1/22 Kenmare Resources (KMR LN) – Ilmenite prices continue to rise reflecting supply shortages Petropavlovsk (POG LN) – Debt refinancing risks flagged with restructuring options considered including potential disposal of Russian assets Tertiary Minerals* (TYM LN) – Drilling results from the North Ruth target at Pyramid the project Zinc of Ireland (ZMI AU) – Drilling commences at Rapla project
AAZ KMR POG TYM ZMI
Anglo Asian Mining* (AAZ LN) - CLICK FOR PDF BUY, target 180p – Three new properties to strengthen organic growth development pipeline Arc Minerals* (ARCM LN) – BUY – Drilling at Cheyeza shows some similarity with Ivanhoe's Kamoa discovery KEFI Gold and Copper* (KEFI LN) – Tulu Kapi start of development works paused on security concerns, Hawiah MRE update due Q4/21 PureGold Mining (PUR LN) – C$23m raised from bought deal offering Rainbow Rare Earths* (RBW LN) - CLICK FOR PDF – BUY, Valuation range 41-47p - Phalaborwa to produce Nd, Pr, Tr, Dy critical magnet metals
AAZ ARCM KEFI RBW LRTNF
AAZ is a highly cash-generative miner of gold, silver and copper from three mines in Azerbaijan, where it has a track record of close cooperation with the government. The company listed on AIM in 2005, produced its first gold in 2009, paid a maiden dividend in 2018 and produced 69,091 Gold Equivalent Ounces (GEOs) in 2020 (at budgeted metal prices). AAZ is progressing multiple projects to expand production at its flagship Gedabek and others (see below) in Azerbaijan and (potentially) Ireland. We will review our DCF valuation of 181p per share following AAZ’s production guidance update expected in March 2021.
Anglo Asian Mining* (AAZ LN) – STRONG BUY – Update on Restored Contract Areas Chaarat Gold* (CGH LN) – Kapan production beats guidance and delivers $19m EBITDA Sunstone Metals (STM AU) – Drilling results from the Espiritu gold-silver prospect in Ecuador Tertiary Minerals* (TYM LN) – Sale of data on Finnish project Versarien* (VRS LN) – Interim results W Resources (WRES LN) – La Parilla Q4 production
AAZ CGH WRES TYM VRS STM
Anglo Asian Mining* (AAZ LN) – FY20 production guidance revised to 68-72koz GEO | Bezant Resources (BZT LN) – Drilling intersects copper mineralisation at the Gorob-Vendome project, Namibia | Bushveld Minerals* (BMN LN) – New orders from Invinity indicate rising demand for VRFB Grid storage systems | Keras Resources* (KRS LN) – Nayéga Project Update Togo | Kingston Resources (KSN AU) – Misima PFS | Panthera Resources (PAT LN) – Review of historical data from Beredo | Vast Resources* (VAST LN) – Shareholders approve the acquisition of the minority stake in Baita Plai |Versarien* (VRS LN) – MOD DSTL awards £1.95 for product development
AAZ BZT KRS KSN PAT VAST VRS BSHVF
Anglo Asian Mining* (AAZ LN) – FY20 production guidance revised to 68-72koz GEO | Bezant Resources (BZT LN) – Drilling intersects copper mineralisation at the Gorob-Vendome project, Namibia | Bushveld Minerals* (BMN LN) – New orders from Invinity indicate rising demand for VRFB Grid storage systems | Keras Resources* (KRS LN) – Nayéga Project Update Togo | Kingston Resources (KSN AU) – Misima PFS | Panthera Resources (PAT LN) – Review of historical data from Beredo | Vast Resources* (VAST LN) – Shareholders approve the acquisition of the minority stake in Baita Plai | Versarien* (VRS LN) – MOD DSTL awards £1.95 for product development
AAZ BZT KRS PAT BSHVF
Anglo Asian Mining* (AAZ LN) - BUY – 200p – Vejnaly Contract Area under control of Azerbaijan | Amur Minerals* (AMC LN) – NRR shareholders invest $10m in equity | Bluejay Mining* (JAY LN) – Extension to offtake negotiations for Dundas titanium mineral sands | Condor Gold* (CNR LN) – Detailed geotechnical investigations underway at La India | Directa Plus (DCTA LN) – Directa Plus agrees to supply graphene nanoplatelets to NexTech | Empire Metals* (EEE LN) – Deal offers stake in new Mexican gold mine and cash flow while retaining interest in Georgian assets | IronRidge Resources* (IRR LN) – Final Phase-two drilling results at Zaranou Gold Project | Adriatic Metals* (ADT1) – $28m financing to progress Vareš Silver Project | Kodal Minerals* (KOD LN) – Drawdown of financing | Pure Gold Mining (PUR LN) – Drilling results from Red Lake | Sunrise Resources (SRES LN) – Progress reports on Nevada projects | Vast Resources* (VAST LN) – Mining license extended at Manaila and Carlibaba
AAZ CRTX 80M 80M DCTA EEE ALL ADT1 KOD SRES VAST LRTNF W5XA
Anglo Asian Mining is an AIM listed precious and base metals producer running flagship Gedabek operations in western Azerbaijan which include open pit and underground mining facilities and a processing complex fit for different types of ores. Production runs at ~70-80kozpa GEO (~90% gold) with low operating costs status allowing the Company to generate FCF for organic growth opportunities within the highly prospective +1,000km2 land package and potential value accretive transactions over targets outside Azerbaijan as well as offer a generous dividend yield.
Anglo Asian Mining (AAZ LN) – BUY – Dividend up ~30% on robust FCF with a potential for a special dividend in Q1/21 on expected strong H2/20 | Base Resources* (BSE LN) – Director change | Bluejay Mining* (JAY LN) – Ilmenite prices rise further as demand for feedstock lifts already tight market | European Metal Holdings (EMH LN) – German engineering firm appointed for Cinovec | Hummingbird Resources (HUM LN) – Dugbe funding update Panther Metals (PALM LN) – New exploration targets identified at Big Bear gold project | Vast Resources* (VAST LN) – Chiadzwa Community Diamond Concession update
AAZ 80M HUM PALM VAST EMH
Altus Strategies* (ALS LN) – High grade gold mineralisation intersected at Tabakorole | Anglo Asian Mining* (AAZ LN) BUY Target 209p – H1 exploration update | Chaarat Gold* (CGH LN) BUY Target raised to 58p (from 51p) – Earnings update | Glencore (GLEN LN) – Record marketing performance shores up H1 results despite Covid19 pressures | Jubilee Metals Group (JLP LN) – Additional copper tailings in Zambia | Kavango Resources (KSZ LN) – Petrology report confirms further similarities between the Kahalari Sutre Zone and the Norilsk nickel system in Russia | Vast Resources* (VAST LN) – Drilling at Baita Plai returns high grade results
AAZ CGH GLEN JLP KAV VAST ALTS
Anglo Asian Mining* (AAZ LN) – BUY, Target 209p – JV with Conroy Gold and Natural Resources | BHP (BHP LN) – FY2020 sees record iron-ore production while exploration focusses on copper | Tietto Minerals (TIE AU) – Drilling probes deeper at Abujar
Anglo Asian Mining PLC BHP Group Ltd
AAZ is a highly cash-generative gold miner from four mines in Azerbaijan, where it enjoys close ties to the government. We estimate current-year free cashflow and dividend yields of 19.3% and 6.8%, respectively. The estimated aggregate free cashflow of $248.5m in 2020-30 should comfortably exceed the current market cap. In 2020, we expect AAZ to announce resource upgrades for its Gedabek open pit, Gadir and (potentially) Ugur mines, with a maiden estimate for the Gedabek underground mine in 2021. Behind them come five fast-track production targets (including Avshancli – a “significant mineral district”) at Gedabek and the Ordubad Contract Area (AAZ’s primary asset at the 2005 listing).
Anglo Asian Mining is an AIM listed precious and base metals producer running flagship Gedabek operations in western Azerbaijan which include three producing mines and processing facilities. The Company targets 75-80koz GEOs in 2020 with low cost operations providing capital for organic growth opportunities within the highly prospective +1,000km2 land package, with the potential for additional attractive targets outside Azerbaijan as well as 25% of FCF dividend programme.
Anglo Asian Mining* (AAZ LN) – Earnings update: riding surging gold prices | Condor Gold* (CNR LN) – Raises £6.6m in oversubscribed placing | Kodal Minerals* (KOD LN) –– Kodal awaits approval to start mining | Mkango Resources* (MKA LN) –– Rare earth magnet recycling
AAZ KOD MKA W5XA
Anglo Asian Mining* (AAZ LN) - BUY – Strategy update | Aura Energy* (AURA LN) – General meeting rejects proposed new directors | Bluejay Mining plc (JAY LN) – Chairman’s statement highlights work with Rio Tinto and near-term ilmenite (titanium) production | Chaarat Gold* (CGH LN) - BUY – Quarterly production increases, costs come down, FY20 target reiterated at 55koz | Strategic Minerals* (SML LN) – Draft environmental programme submitted for Leigh Creek
AAZ AURA 80M CGH SML
Anglo Asian Mining* (AAZ LN) - BUY – Strong FY19 results with the Board announcing an increase in dividends | Ariana Resources* (AAU LN) – Completion of initial 9% earn-in to Venus Minerals | BlueRock Diamonds* (BRD LN) – Diamond sales into Antwerp could attract higher prices than local sales | Kavango (KAV LN) – Ongoing data analysis and collection to complete 3D underground geological model | Tri-Star Resources* (TSTR LN) – Shipping of first antimony by SPMP
AAZ AAU BRD KAV TSTR
Anglo Asian Mining* (AAZ LN) - BUY – 18.2koz produced in Q1/20 with 75-80koz FY19 guidance on target | Ariana Resources* (AAU LN) 345p, Mkt Cap £35.0m – Q1 Production report | Atalaya Mining (ATYM LN) 119p, Mkt Cap £154.5m –Production ramps to design capacity at Proyecto | Riotinto Bluejay Mining* (JAY LN) 3.87p, Mkt cap £36m – Exploration Licences in South Greenland offer great potential | Chaarat Gold* (CGH LN) - BUY – Proposed equity raise | Highland Gold (HGM LN) 231p, Mkt Cap £842m – Strong FY19 with a third interim dividend announced by the Board | Rainbow Rare Earths (RBW LN) 2.03p, Mkt Cap £7.7m – Export of another 100t of rare earth concentrate | Strategic Minerals* (SML LN) 0.47p, Mkt Cap £7.7m –Cobre magnetite sales | URU Metals* (URU LN) 120p, Mkt Cap £0.9m – Permitting update for the Zebediela project in South Africa
AAZ AAU ATYM 80M CGH HGM RBW SML URU
Anglo Asian Mining* (AAZ LN) – BUY – Gold dore shipments to MKS Finance | Anglo American (AAL LN) - taking Corporate humanitarianism to a new level in its support | Alba Minerals (ALBA LN) – Notice of exercise from Bergen | BlueRock Diamonds* (BRD LN) – Q1 production and carats sold rise substantially by 78% and 77% | Edenville Energy* (EDL LN) – COVID-19 and operations update | Kazatomprom (KAP LI) – Production estimates revision | Pensana Metals (PM8 AU) – Pensana reports more high-grade rare earth intersections at Longonjo | SolGold* (SOLG LN) – New mineral resource estimate for Alpala | Strongbow Exploration* (SBW CN) - High-grade copper and tin intersected in drilling at United Downes in Cornwall | Tertiary Minerals* (TYM LN) – Pyramid Gold Project drilling plans
AAZ AAL ALBA BRD SKA SOLG TYM
Anglo Asian Mining* (AAZ LN) – Production maintained amid escalating state COVID-19 containment measures | Adriatic Metals* (ADT1 LN) – Gravity data reveals additional targets | Ariana Resources* (AAU LN) – Subsidiary pays Ariana £1.6m dividend | Aura Energy* (AURA LN) – Postponement of EGM | Caledonia Mining (CMCL LN) – Virus mitigation measures in place | Gem Diamonds (GEMD LN) – Letseng placed on care and maintenance | Polymet Mining* (PLM N) - Minnesota Supreme Court will hear appeal on three PolyMet permits | Sunstone Metals Limited (STM AU) – Identification of high-grade gold-copper porphyry targets at Bramaderos | Serabi Gold* (SRB LN) –– Higher gold prices and falling Brazalian real
AAZ ADT1 AAU AURA CMCL GEMD SRB 0NW1
Anglo Asian Mining* (AAZ LN) – FY20 guidance for 75-80koz GE and >$100m in revenues | Vast Resources* (VAST LN) – Baita Plai moves towards the start of production | Greatland Gold (GGP LN) –Further drilling results from the Havieron project | SolGold* (SOLG LN) – Project update on Alpala PFS and DFS
AAZ VAST GGP SOLG
Anglo Asian Mining* (AAZ LN) – Detailed Q4 exploration update bodes well for Gedabek LoM extension and highlights greenfield discovery potential | Bluejay Mining* (JAY LN) – Social Impact Assessment confirmed compliant for public consultation | Gemfields (GEM LN) – Emerald auction results | Kodal Minerals* (KOD LN) – Progress on Bougouni mining licence application | Nano One Materials* (NNO CN) - – Nano One raises C$11m | SolGold* (SOLG LN) – Constitutional Court rejects moves to ban mining
AAZ 80M KOD 0T6N SOLG GEM
Altus Strategies* (ALS LN) – Flash note: Momentum builds as new JVs signed, strategic investment secured | Anglo Asian Mining* (AAZ LN) – Debt free status reached | Chaarat Gold* (CGH LN) – FY19 operational and financial results due next week | Mali Lithium (MLL AU) – new presentation highlights benefits of the Goulamina project | Kodal Minerals* (KOD LN) – | Mkango Resources* (MKA LN) – Sample results from Thambani | Phoenix Copper* (PXC LN) – Empire mine environmental studies | Power Metal Resources (POW LN) – Kisinka exploration programme | SolGold* (SOLG LN) – Timbara exploration results
AAZ CGH KOD MKA POW SOLG ALTS
Altus Strategies* (ALS LN) – Publication of a circular with regards to a £6.4m La Mancha equity investment | Anglo Asian Mining* (AAZ LN) – 81.4koz GEOs produced in FY19 with net cash position up at $21.1m | Orosur Mining* (OMI LN) – | Q2 results highlight Newmont’s continuing interest in Anzá | Rambler Metals & Mining* (RMM LN) – Off-take partner financing facility | Savannah Resources* (SAV LN) – Mining licence issued at Mutamba | Serabi Gold (SRB LN) – Over 40,000oz gold production for the first time in 2019 | Strategic Minerals* (SML LN) –Cobre magnetite sales
AAZ OMI SAV SRB SML ALTS RBMTF
Anglo Asian Mining* (AAZ LN) – Robust Q3 update: net cash balance +$8.5m during the period | Chaarat Gold* (CGH LN) – New drilling expands the scale of the Tulkubash gold project | Kavango Resources (KAV LN) – Drilling starts on the Kalahari Suture Zone in Botswana | Solgold* (SOLG LN) – Ecuador government reaches deal with indigenous groups to end violent protests and repeals law to end fuel subsidies | Syrah Resources (SYR AU) – AustralianSuper A$56m convertible notice issued | Talga Resources* (TLG AU) – Talga to develop a graphite-based battery anode for solid state batteries
AAZ CGH KAV SOLG SYR TLG
Anglo Asian Mining* (AAZ LN) – H1/19 results – EBITDA up 14%, 3.5c interim dividend announced and investment in exploration ramped up | Kodal Minerals* (KOD LN) – Bougouni project update
Anglo Asian Mining PLC Kodal Minerals Plc
Altus Strategies* (ALS LN) 4.8p, Mkt Cap £8.5m – Proposed JV on Lakanfla and Tabakorole in Mali | Anglo Asian Mining* (AAZ LN) 149.5p, Mkt Cap £171m – Comment regarding media article | Ariana Resources (AAU LN) 2.175p, Mkt Cap £23.0m –Salinbas drilling and licence update | Aston Bay Holdings* (BAY CN) $0.065, Mkt cap C$7.6m – Soil sampling underway at Buckingham Gold project in Virginia, USA | KEFI Minerals* (KEFI LN) 1.0p, Mkt Cap £7.0m – Appointment of NED | Rambler Metals & Mining* (RMM LN) 0.075p, mkt cap £12.3m – Lombard Odier convertible loan closes
AAZ AAU BAY KEFI ALTS RBMTF
Anglo Asian Mining* (AAZ LN) BUY – TP under review – H1/19 exploration update highlight mineral resource growth potential | Armadale Capital (ACP LN) – Armdale reports high-purity graphite flake concentrate from Mahenge Liandu graphite in Tanzania | Danakali (DNK AU) – Credit approval for $200m of senior dent finance | IronRidge Resources* (IRR LN) – Agrees drilling for equity plan | PolyMet Mining* (PLM US) – DNR rejects environmental group request to reconsider Northmet mine approval | Resolute Mining (RSG LN) – Additional gold hedging | Savannah Resources* (SAV LN) – Update on grant of permits in Oman | Vast Resources* (VAST LN) - £655k equity raise
AAZ ALL RSG SAV VAST 0NW1 M1Q1 SBMSF
Anglo Asian Mining* (AAZ LN) – Robust production and strong margins driven net cash to $15.4m in Q2/19 | Avesoro Resources (ASO LN) – Youga mining contract expected to help close funding gap | Shanta Gold (SHG LN) – Resource update extends the life of mine to 2025 | Strategic Minerals* (SML LN) – Cobre sales and update | Tertiary Minerals* (TYM LN) – new zones of zinc/silver mineralisation identified at Paymaster
AAZ ASO SML TYM SAAGF
Anglo Asian Mining* (AAZ LN) – Final dividend (4USc) payment | Base Resources (BSE LN) – Mining moves to the Kwale South Dune area | IronRidge Resources* (IRR LN) – Board changes | Orosur Mining* (OMI LN) – Anza exploration update
AAZ ALL OMI BSRUF
Anglo Asian* (AAZ LN) – Board presents to packed AGM on dividends, further expansion and new exploration success | Bushveld Minerals* (BMN LN) – Brits Vanadium Project maiden resource at 66.8mt grading 1.58% V2O5 in magnetite | Edenville Energy* (EDL LN) – 2018 annual results | KEFI Minerals* (KEFI LN) – Hawiah exporation update | Premier African Minerals* (PREM LN) – Loan Note funding | Solgold* (SOLG LN) – Ecuador court rejects proposed referendum
AAZ SKA KEFI PREM SOLG BSHVF
Anglo Asian* (AAZ LN) – AGM Statement | Arafura Resources (ARU AU) – Talaxis to take 8% stake in Arafura for its Rare Earth project | Acacia Mining (ACA LN) - North Mara gold mine claims of murder at contamination at Tanzanian gold mine | Gem Diamonds (GEMD LN) –Sale of Ghaghoo mine | IronRidge Resources* (IRR LN) – Cape Coast exploration update | Petropavlovsk (POG LN) – Oversubscribed $125m convertible bond placing | Rio Tinto (RIO LN) – Revised iron ore production guidance | Savannah Resources* (SAV LN) – Minority Interest acquisition at Mina do Barroso | Serabi Gold (SRB LN) – Coringa drilling results | Shanta Gold (SHG LN) – High grade intersections to extend the life of mine at New Luika
AAZ ARU ACA GEMD ALL POG RIO SAV SRB SAAGF
Anglo Asian Mining (AAZ) is a highly cash-generative miner of gold, silver and copper from four mines in Azerbaijan, where it has close ties to the government. In 2018, it produced 83,376 of gold equivalent ounces (GEOs), paid its first dividend and had net cash on its balance sheet. At this stage, we have made the highly conservative assumption of no production beyond 2025. Nevertheless, our DCF valuation of 156p reflects AAZ’s prodigious cash generation and gold/copper stockpiles. Indeed, we estimate that the company’s aggregate underlying free cashflow during 2019-25 will be in excess of its current market capitalisation and the annual free cash yield will average 16.2%.
Anglo Asian Mining* (AAZ LN) – New prospective targets follow aerial geophysics | Beowulf Mining* (BEM LN) – Management update | Ormonde Mining* (ORM LN) – 2018 Results and Barruecopardo progress report | Strandline Resources (STA AU) – Fungoni mineral sands project correction | W Resources (WRES LN) – Contract for crushing and haulage at Regua
AAZ BEM ORM WRES
Majors Mining News: o Codelco sweetens contract offer in bid to end mine strike o Polymetal Voro plant fully certified | Juniors/Mid-market News: o Anglo Asian Mining Aeromagnetic survey update o MC Mining HCC offtake signed o Beowulf management update o W Resources operational update o Ormonde 2018 FY Results o Landore Resources 2018 FY Results | Mining Regulatory News: o US senators, coalition escalate complaints on Canadian province mining pollution | Commodity News: o Copper price surges as supply worries return
AAZ BEM WRES ORM LND MCM POLY
Anglo Asian Mining* (AAZ LN) BUY, 127p – Exploration Report | Bluejay Mining* (JAY LN) BUY, Target price 21.3p – Focus on delivery of 5,000t, 89% ilmenite grade bulk smelter sample for Rio Tinto | Chaarat Gold* (CGH LN) BUY, 42p – Tulkubash Drilling results | Strandline Resources (STA AU) – Strandline gains US$26m credit approval for mineral sands mine in Tanzania from Nedbank CIB | Virginia Energy Resources (VUI CN) – US Supreme Court upholds Virginia State ban on Uranium | Yellow Cake (YCA LN) – Annual results
AAZ 80M CGH YCA
Anglo Asian Mining* (AAZ LN) – Research update | ARC Minerals* (ARCM LN) – New board member | Beowulf Mining* (BEM LN) – Local support in Sweden and Funding in Finland suggests good progress | Goldplat (GDP LN) – Closure of Kilimapesa gold mine | Kodal Minerals* (KOD LN) – Development and exploration activities update at Bougouni lithium | Mkango Resources* (MKA LN) – Q1 2019 results | Phoenix Global Mining* (PGM LN) – 2018 results | Tertiary Minerals* (TYM LN) – Interim results | Trans-Siberian Gold (TSG LN) – Mineral resource update and Director appointment | Savannah Resources* (SAV LN) – Significant upgrade in Mina do Barroso Mineral Resource
AAZ ARCM BEM GDP KOD MKA PXC TYM TSG SAV
Anglo Asian Mining* (AAZ LN) BUY – 126p – Earnings update | African Battery Metals* (ABM LN) – Kisinka copper-cobalt project field programme completed | BlueRock Diamonds* (BRD LN) – Funding raised to implement new mine plan | Pan African Resources (PAF LN) – Q3 results on track to meet guidance of 170,000oz of gold production
AAZ PAF POW BRD
Anglo Asian Mining (AAZ LN) – FY18 show +68% in free cash flow with the Board proposing 4USc final dividend | Anglo American (AAL LN) – BUY, 126p (from 96p) – Investing $234m in a new diamond recovery vessel | Birimian Limited (BGS LN) – Goulamina lithium project update | Kodal Minerals (KOD LN) – see Birimian comment | Bushveld Minerals* (BMN LN) – BUY, Target price 90p from 87p – South Australia moves to vanadium redox-flow storage as base technology | Fura Gems (FURA CN ) – C$30m raised for Colombia emeralds and Mozambique ruby projects | Kvango Resources (KAV LN) – Laws of probability to be rewritten after Kvango strikes mineralisation in first and second drill holes under Karoo sand in Botswana | Strategic Minerals* (SML LN) – Redmoor Scoping study indicates potential to construct new tin/tungsten mine in Cornwall | Thor Mining* (THR LN) – Drilling results from Hawkstone Mining’s Big Sandy lithium project
AAZ AAL KOD FUR KAV SML THR BSHVF
Anglo Asian Mining* (AAZ LN) – Geophysics study identifies prospective +30 targets at Gedabek, high grade polymetallic mineralisation intersected at Gosha | Base Resources (BSE LN) – Quarterly update | Edenville Energy* (EDL LN) – Equity placing | Keras Resources* (KRS LN) – Appointment of COO | Mkango Resources* (MKA LN) – US$2m earn-in agreement with MetalNRG for Thambani uranium | MOD Resources (MOD LN) – Infill drilling at the T3 copper project | Oriole Resources (ORR LN) – Receipt of VAT rebate | Thor Mining* (THR LN) – Quarterly update
AAZ SKA KRS MKA MOD ORR THR MTR BSRUF
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – GE production up 11%yoy on the back of stronger flotation plant performance | Base Resources* (BSE LN) – Kwale production guidance lowered due to move to South Dune | Bushveld Minerals* (BMN LN) – Lemur Holdings update | Metal Tiger (MTR LN) - Adding to its Botswana land position | Rio Tinto (RIO LN) - to join World Bank’s green mining program | Solgold* (SOLG LN) - Drilling update from Alpala | Talga Resources* (TLG AU) – Metallurgical testwork positively enhances Vittangi PFS options | Walkabout Resources* (WKT AU) – Second binding offtake term sheet
AAZ RIO SOLG TLG MTR BSRUF BSHVF
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Exploration programme ramps up at Ordubad | ARC Minerals* (ARCM LN) – Copper and cobalt sulphide concentrate production starts at Kalaba | Aura Energy (AURA LN) – Mauritanian gold and base metal tenements granted | Cora Gold* (CORA LN) – £1.4m equity raise | Firestone Diamonds (FDI LN) – Liqhobong mine yields 72 carat yellow diamond | Jangada Mines (JAN LN) – Pedra Branca BFS completion expected during Q2 2019 | KEFI Minerals* (KEFI LN) – Tulu Kapi funding update | Strategic Minerals* (SML LN) – Settlement date for acquisition of the balance of the Redmoor project. | Vast Resources* (VAST LN) – Proposed sale of Zimbabwean gold assets and balance sheet restructuring
AAZ ARCM AURA CORA GYF1 JAN KEFI SML VAST
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Airborne geophysics update | Bacanora Lithium (BCN LN) – Corporate update | Beowulf Mining* (BEM LN) – Subscription to raise £750,000 and further investment in Kosovan exploration | Churchill Mining (CHL LN) suspended – Intention to appoint Administrators filed | Condor Gold (CNR LN) – Metallurgical test results from La India samples | Edenville Energy* (EDL LN) – Corporate update | Orosur Mining (OMI LN) – Orosur and Newmont press ahead with exploration review around Anzá in Colombia SP Angel appointed as Nomad and broker to Orosur | Rio Tinto (RIO LN) – Cyclone Veronica hits iron ore guidance | Scotgold Resources* (SGZ LN) BUY – Target Price 57p – Exploration update | W Resources (WRES LN) – Drilling confirms wide high grade mineralisation at Regua
AAZ BCN BEM SKA OMI RIO WRES SGZ CHL W5XA
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Gedabek confirms extended mine life with brownfield development and further greenfield exploration | Avesoro Resources (ASO LN) – 2018 results show marked improvements | Gem Diamonds (GEMD LN) – Pink diamond sale sets record price per carat for Letseng mine | Horizonte Minerals (HZM LN) – Vermelho metallurgical test results | Ormonde Mining* (ORM LN) – Brookfield to buy out Oaktree in effort to rival private equity giant, Blackstone | Premier African Minerals* (PREM LN) – Restructuring subject to immediate recommissioning of mining operations
AAZ ASO GEMD HZM ORM PREM
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Presentation at Proactive Investors | Patagonia Gold PGD LN Price & MV - Major shareholder provides US$15m loan facility
Anglo Asian Mining PLC Patagonia Gold Corp
Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Dividend guided for a min 6USc in FY18 and FY19 + Maiden Gadir Resources/Reserves | Centamin (CEY LN) – 2018 results and proposed final dividend | Crusader (CAS LN) – Suspended on AIM – Directors stand down as part of financial restructuring. Beaumont Cornish resign as Nomad to Crusader. | Crusader (CAS AU) – ASX listing also suspended | MOD Resources (MOD LN) –80% uptake on entitlement offer | Phoenix Global Mining* (PGM LN) – Final drilling results from the 2018 campaign at Empire
AAZ CEY CAS MOD PXC CELTF
Anglo Asian Mining (AAZ LN) BUY – 96p (from 108p) – Earnings update | Glencore (GLEN LN) – Glencore claim record EBITDA on strong copper mine performance | Landore Resources (LND LN) – BAM Gold Preliminary Economic Assessment | Pan African Resources (PAF LN) – Earnings climb as operations refocus on profitable ounces | Transense Technologies plc (TRT LN) – 2nd mining contract announced this week for mining heavy truck tracking & tyre pressure monitoring
AAZ GLEN PAF TRT LND
Altus Strategies* (ALS LN) – Joint Venture term sheet signed on Lakanfla and Tabakorole gold projects in Mali | Anglo Asian Mining* (AAZ LN) – 2019 full year production guidance builds on record 2018 production
Anglo Asian Mining PLC Altus Strategies PLC
Anglo Asian Mining* (AAZ LN) BUY – Target Price raised to 108p from 84p – Annual production comes at the higher end of guidance | Atalaya Mining (ATYM LN) – Record Q4 production brings 2018 in at top end of revised guidance | Orosur Mining (OMI LN) – H1 and Q2 results, Newmont investment in Anzá gold project in Colombia and Uruguay developments | Rambler Metals (RMM LN) – US$1m unsecured loan from 60% shareholder | Tertiary Minerals* (TYM LN) – Intends to contest Storuman mine permit rejection | Vast Resources (VAST LN) – Chairman’s letter seeks authority to invest in the Marange Diamond fields in Zimbabwe and to start mining in Romania
AAZ ATYM OMI TYM VAST RBMTF
Anglo Asian Mining* (AAZ LN) BUY, Target 84p – Earnings update | Cora Gold* (CORA LN) – 1-2moz exploration target identified at Sanankoro Cradle Arc* (CRA LN) – Licence extensions granted at Thakadu and Makala | Galileo Resources (GLR LN) – Drilling results from Star Zinc | Orosur Mining (OMI LN) – Q1 results and Newmont investment in Anzá gold project in Colombia | Premier African Minerals (PREM LN) – Zimbabwe to decide on restructuring of RHA tungsten mine | Bacanora Lithium (BCN LN) – Final audited accounts for year ended 30 June 2018 Talga Resources* (TLG AU) – Swedish cobalt project update
AAZ CORA CRA GLR OMI PREM BCN TLG
Altus Strategies* (ALS LN) – LOI to sell the Birsok bauxite project signed | Anglo Asian Mining* (AAZ LN) – Quarterly update: on course for the upper end of production guidance | Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise on shortage of vanadium pentoxide as new rules on vanadium in steel come into force in China | Keras Resources* (KRS LN) – Manganese production in Togo | Shanta Gold (SHG LN) – Exploration update for New Luika gold mine | Vast Resources (VAST LN) – Baita Plai Association licence approval | Wolf Minerals (WLFE LN) SUSPENDED - Financial restructuring not yet achieved
AAZ KRS VAST WFMRF ALTS SAAGF BSHVF
Anglo Asian Mining* (AAZ LN) – Gedabek JORC mineral resource at 1moz | Keras Resources* (KRS LN) – Ogaro prospect identified at Nayega Lonmin | PLC (LMI LN) – SACC approval | Phoenix Global Mining* (PGM LN) – Latest drilling hits high grade feeder zone at the Empire mine | W Resources (WRES LN) – Drilling results from Regua
AAZ KRS LMI WRES PXC
The Company hosted a site visit to its flagship Gedabek gold/copper production facilities this summer outlining the amount of work completed to date to establish a robust base for sustainable operation and highlighting expansion potential within a portfolio of 1,926km2 of wholly owned highly prospective licenses in Azerbaijan.
Anglo Asian Mining* (AAZ LN) – Latest update highlights significant exploration upside potential | Cora Gold* (CORA LN) – Tekeledougou exploration update | Greatland Gold (GGP LN) – Next phase of drilling at Havieron | Petra Diamonds (PDL LN) – Annual results | Serabi Gold (SRB LN) – Extension of Sprott loan | Tri-Star Resources* (TSTR LN) – Interim Results and project update
AAZ CORA GGP PDL SRB TSTR
Anglo Asian Mining Plc* (AAZ LN) – First comprehensive review of mineralisation at Gedabek via airborne geophysical survey | Bushveld Minerals* (BMN LN) - Acquisition of SOJUTZ stake looks good for Bushveld (Bushveld Minerals now holds 75% of Vametco) | Strategic Minerals* (SML LN) – Update on the sale of gold tenements
AAZ SML BSHVF
Anglo Asian Mining* (AAZ LN) Buy – 77p – Capital reduction approval secured paving the way for maiden dividend payment | Asiamet Resources (ARS LN) – Beutong drilling intersects mineralisation beyond current resource boundary | Cradle Arc (CRA LN) – Mowana update and revised production guidance | Galantas Gold (GAL LN) – Underground channel sample on the Kearney Vein | IronRidge Resources (IRR LN) – Exploration update on lithium in Ghana and gold in Chad at Down Under conference in Perth | Mkango Resources* (MKA LN) – Mkango strengthens its Board team | Strategic Minerals* (SML LN) – Government approvals at Leigh Creek
AAZ ARS CRA ALL MKA SML GALKF
Anglo Asian Mining has recently announced the intention to set a dividend plan which reflects current strong FCF generation at Gedabek operations and also signals management confidence in the production performance outlook. We have updated our earnings and CF estimates covering why we think the Company has ample capacity to accommodate a dividend programme while offering further valuation upside when compared to peers.
Anglo Asian Mining* (AAZ LN) BUY (under review) – Maiden dividend planned by the Board amid strong FCF generation at Gedabek operations | Atalaya Mining (ATYM LN) – Interim Results for March quarter | MOD Resources (MOD AU) – Drilling results from T3 and T1 | Petra Diamonds (PDL LN) – Rights issue to raise $178m
AAZ ATYM PDL
Anglo Asian Mining* (AAZ LN) – Director loan repayment | Bacanora Lithium (BCN LN) – Update on Zinnwald lithium project | Caledonia Mining (CMCL LN) – Zimbabwe Export Credit Incentive increased | Orosur Mining (OMI LN) – Exploration drilling results from APTA project in Colombia
AAZ CMCL OMI BCN
Anglo Asian Mining* (AAZ LN) – Detailed 2017 exploration update | Patagonia Gold (PGD LN) - Calcatreu resource update | SolGold* (SOLG LN) – Initial drilling at Aguinaga hits mineralisation | Stratex International (STI LN) – Dalafin option approved | Vast Resources (VAST LN) – Increased resource estimates for Manaila
AAZ SOLG ORR VAST PGDC
SP Angel are the No. 1 broker for AIM mining stocks in London | Altus Strategies* (ALS LN) – 2.3km long Soa gold prospect identified in Mali | Anglo Asian Mining* (AAZ LN) – 2018 exploration programme | Scotgold Resources (SGZ LN) – Interims (Jun YE)
AAZ SGZ ALTS
Anglo Asian Mining* (AAZ LN) – Refinancing locks in cheaper rates and extends debt maturity | Acacia Mining (ACA LN) – 2017 results show net loss of US$707m | Bluebird Merchant Ventures* (BMV LN) – Second gold, silver mine added to portfolio in South Korea | Savannah Resources (SAV LN) – Further drilling results from Mina do Barroso | Strategic Minerals* (SML LN) – Extension of access to Cobre magnetite stockpile | Thor Mining (THR LN) – Resource estimate for Kapunda Copper Project
AAZ ACA BMV SAV SML THR
Anglo Asian Mining* (AAZ LN) – Q4 production up 31%qoq; net debt down 47% in FY17 | Phoenix Global Mining* (PGM LN) – Executive Chairman appointed | Rio Tinto (RIO LN) ––2017 production meets guidance for all major product groups | Savannah Resources (SAV LN) – Mining lease applications at Mutamba | Strategic Minerals* (SML LN) – Update on Leigh Creek Acquisition | RNC Minerals (RNX CN) – Canada’s RNC Minerals in talks to fund world’s largest nickel and cobalt project
AAZ RIO SAV SML
Anglo Asian Mining* (AAZ LN) – CEO loan update | Asiamet Resources (ARS LN) – Drilling potential feeder zone at BKZ | Kenmare Resources (KMR LN) – 2018 production guidance and update | Tri-Star Resources* (TSTR LN) – Oversubscribed open offer raises £4.42m
AAZ ARS TSG KMR
Anglo Asian Mining* (AAZ LN) – Exploration update | Bushveld Minerals (BMN) BUY – Target price 14p – Vanadium takes on new volatility as prices spike and then pull back | Mkango Resources* (MKA LN) – Phase II funding for further R&D into neodymium-iron-boron alloy powder magnets for 3D printing with Metalysis
AAZ MKA BSHVF
Anglo Asian Mining* (AAZ LN) – New Ugur mine helps to ramp up gold production in Q3. On course for 64,000 to 72,000oz of gold equivalent in FY17 | BlueJay Mining* (JAY LN) – Change of project name to Dundas and appointment of consultants to advance project to production | Goldplat (GDP LN) – Exploration at Anumso
AAZ 80M GDP
Anglo Asian Mining* (AAZ LN) – Great potential for further discovery within easy reach of Anglo Asian’s Gedabek copper, gold mine | Phoenix Global Mining* (PGM LN) – Drilling results at Empire return high grade intersections | Solgold* (SOLG LN) – Drilling results point to expansion of the copper/gold mineralisation at Cascabel
Anglo Asian Mining PLC SolGold plc
Anglo Asian* (AAZ LN) – JORC report on new mine shows 199,000oz gold and >1moz silver | Dalradian Resources (DALR LN) – Step out drilling returns high grade intersections at Curraghinalt | Avocet Mining (AVM LN) – Interims
AAZ DALR AVM
Anglo Asian Mining* (AAZ LN) – Earnings fall on weaker production; H2 output guided stronger as annual 64- 72koz GE forecast reiterated | Golden Star Resources (GSC CN) – Drilling demonstrates extension to the “B Shoot” at Wassa | IronRidge Resources* (IRR LN) – High-grade gold intersections in trenching at Dorothe in Chad offer multimillionounce potential | Orosur Mining (OMI LN) – Progress report on Uruguay exploration
AAZ ALL OMI GSC
Anglo Asian Mining* (AAZ LN) – Start of mining at Ugur ramps up production rate | Metminco* (MNC LN) – Interim results and progress report on Miraflores | Tri-Star Resources* (TSTR LN) – Interim report and update | Vast Resources (VAST LN) – Baita Plai mining licence expected shortly
AAZ MNC VAST TSG
Anglo Asian Mining* (AAZ LN) – Ugur maiden JORC resources/reserves | Caledonia Mining (CMCL LN) – On track for 2017 production guidance | Savannah Resources (SAV LN) – Pilot plant construction underway at Mutamba | Serabi Gold Price (SRB LN) – interim results and production update
AAZ SAV CMCL SRB
Anglo Asian Mining* (AAZ LN) – Ugur may potentially deliver 190koz in-situ gold; JORC statement due in Q3/17 | Bluebird Merchant Ventures* (BMV LN, Standard List) – Update on investigation of the Gubong gold mine | Gem Diamonds (GEMD LN) – Trading update for H1 2017 | Georgian Mining* (GEO LN) – Exploration update | Kodal Minerals* (KOD LN) – Results from Ngoualana drilling |Strategic Minerals* (SML LN) – Permits secured for exploration programme at CARE
AAZ BMV GEMD GEO KOD SML
Anglo Asian Mining* (AAZ LN) – New corporate presentation for ProActive Investor presentation tonight highlights development of new mine at Ugur Asiamet Resources (ARS LN) – Asiamet sells Jelai project for US$0.8m Medusa Mining (MML AU) A$0.355, mkt cap A$73m – Revised production guidance
AAZ ARS URU MQG0
Anglo Asian Mining* (AAZ LN) – Ugur development in progress with latest drilling returning good wide intersections | Dalradian Resources (DALR LN) – Positive reconciliation from test mining at Curraghinalt | Kodal Minerals* (KOD LN) – Suay Chin investment agreement finalised | Metminco* (MNC LN) – In Specie distribution of stake in Los Calatos delayed
AAZ DALR KOD MNC
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) 2.8 pence, Mkt Cap £22m – Metal Tiger placing falls short of expectations | Vast Resources (VAST LN) 0.5 pence, Mkt Cap £23m – Vast Resources warrants from offering to become tradeable on JP Jenkins
AAZ ASA ALL VAST MTR
Anglo Asian Mining* (AAZ LN) Hold – 22p, Q4 Operations Update | Alecto Minerals (ALO LN) Suspended – Alecto agrees to pay 20% rate on convertible loan notes plus additional fees | Asiamet Resources (ARS LN) – Drilling shows good high-grade copper intersections close to surface | Strategic Minerals* (SML LN) – Sales rise by 24%
AAZ ARS SML 0J2R
Anglo Asian Mining* (AAZ LN) – Gedabek mine linked to grid power | Bushveld Minerals (BMN LN) – South African competition commission approves acquisition | Kodal Minerals* (KOD LN) – Drilling starts at Bougouni lithium project | Metminco* (MNC LN) –Miraflores feasibility study underway | Nyota Minerals (NYO LN) – Going for a new type of gold mine | Petropavlovsk (POG LN) – Mine stability problems at Andreevskaya and refinancing | Strategic Minerals* (SML LN) – Presentation by Cornwall Resources | Trans-Siberian Gold (TSG LN) – Announcement of special dividend
AAZ KOD MNC POG SML TSG NYO BSHVF
Anglo Asian Mining | Atlas African Industries | Sable Mining Africa | SolGold | Wolf Minerals
AAZ AAI SOLG WFMRF
Anglo Asian Mining | Kibo Mining | SolGold
AAZ KIBO SOLG
Anglo Asian Mining* (AAZ LN) | Botswana Diamonds (BOD LN) | Firestone Diamonds (FDI LN) | Hummingbird Resources (HUM LN) | Savannah Resources (SAV LN) | Tri-Star Resources* (TSTR LN) | Strongbow Exploration* (SBW CN) | SolGold* (SOLG LN)
AAZ GYF1 HUM SOLG TSG
Annual gold production (doré plus gold in concentrate) to hit record levels at the Gedabek processing complex this year (2016e/15: 74.0koz/72.0koz). Ongoing ramp up in copper production from newly commissioned flotation plant combined with an onsite SART facility to contribute 2.2kt copper contained and $13.3m in by-product revenues (net of 13% PSA). Stronger production, weaker currency and operational optimisation savings to drive total cash costs (TCC) lower improving FCF generation and allowing the business to accelerate deleveraging of the balance sheet. On our estimates, AAZ is forecast to comfortably meet its repayment commitments with ATB through maturity of the facility expiring in H1/18. Gold rich Gedabek and Gadir ores to feed agitation leaching circuit while a switch from tailings reprocessing to direct flotation of sulphide copper rich material with a potential capacity expansion of the circuit to benefit future copper concentrate production. Despite a relatively complex orebody, we see the Company as well positioned to take advantage of the available and planned processing infrastructure and monetise the polymetallic nature of the operation. We re-rate AAZ to BUY (from HOLD) with NAV calculated at $43.3m or 24p/share, implying a 29% upside to the current share price.
Anglo Asian Mining | Asiamet Resources | Aurasian Minerals | Eurasia Mining | Graphene NanoChem | Rambler Metals
AAZ ARS EUA GRPEF RBMTF
Anglo Asian Mining* (AAZ LN) – Q1/16 operations update | Alecto Minerals (ALO LN) – Matala Feasibility Study and Vendor Financing | Xtract Resources (XTR LN) – Deferral of Chepica Option Payment
AAZ XTR 0J2R
Anglo Asian Mining | Coal of Africa | Dominion Diamonds | Keras Ressources | Orosur Mining | Rio Tinto
AAZ CZA DDC KRS OMI RIO
Anglo Asian Mining | Stratex Internationa | Tri-Star Resources | West African Minerals
AAZ ORR WAFM TSG
Anglo Asian Mining | Amara Mining | Medusa Mining | Minera IRL | Premier African Minerals | SolGold | Stellar Diamonds
AAZ AMA MIRL PREM SOLG STEL MQG0
Flotation plant commissioned in Q3/15, constructed in under a year and at a c.US$5m cost to add a copper concentrate revenue stream from the polymetallic Gedabek mine.: Flotation circuit is in a ramp up stage towards 90tph capacity which is estimated to potentially yield 5kt Cu, 16koz Au and 130koz Au in concentrate per annum.: Concentrate revenues to account for c.80% of total group revenues once the available agitation leaching (AL) treatable ore is depleted in 2018.: AL tailings to provide low cost feed for the flotation plant benefiting unit operating costs, improving overall metal recoveries, raising FCF generation and helping in deleveraging of the business.: Current P/BV at 14% reflects business’ cash generation and debt service concerns.: ATB debt amortization is manageable (US$2.5m per quarter through H2/18) assuming flotation plant performs in line with expectations; although, a share of planned debt repayments due in 2016 to local lenders may need to be rolled over.
Anglo Asian Mining | Kefi Minerals | Ormonde Mining | Savannah Resources | Shanta Gold
AAZ SAV KEFI ORM SAAGF
Anglo Asian Mining* (AAZ LN) | Elemental Minerals (ELM AU) | Hummingbird Resources (HUM LN) | North River Resources (NRRP LN) | Polymetal (POLY LN) | ZincOx Resources (ZOX LN)
AAZ HUM ZOX NRRP ELM POLY
