SP Angel Morning View:

SP Angel Morning View: Copper continues to slide as majors warn on China slowdown

Aura Energy* (AURA LN) – Completion of resource-enhancement drilling at the Tiris uranium development project in Mauritania Antofagasta* (ANTO LN) – Improved water availability at Los Pelambres helps increase copper production BHP (BHP LN) – Quarterly operations review leaves production and cost guidance intact. Culpeo Minerals* (CPO AU) – Phase-2 drilling commences at Lana Corina Lepidico (LPD AU) – Pilot trials demonstrate feasibility of LiOH production Shanta Gold (SHG LN) – Potential t

SP Angel Morning View: Gold rangebound ahead of US inflation data

Atlantic Lithium* (ALL LN) – Mining License application submitted for Ewoyaa Anglo Asian Mining* (AAZ LN) - BUY – Robust production delivered in Q3/22 with Zafar startup reiterated for 2023 Antofagasta (ANTO LN) - Chilean rail operator to resume copper transport service following suspension on flurry of robberies in Antofagasta region Centamin (CEY LN) – Solar power plant cutting back on diesel requirements at Sukari Culpeo Minerals* (CPO AU) – Proposed equity raising of $2.14m Goldstone Re

SP Angel Morning View: Gold holds ground ahead of the US inflation data

___________________________________________________________________ Adriatic Metals* (ADT1) – Interims highlight Vares construction progress Antofagasta (ANTO LN) – Sea swell delays construction of coastal desalination plant for Los Palabras copper mine Beowulf Mining* (BEM LN) – Jokkmokk Iron CEO interviewed Condor Gold* (CNR LN) – La India open-pit mine feasibility study Greatland Gold (GGP LN) – A$340m funding arrangements for Havieron and expansion of Greatland Gold management Great

Weak H1; now banking on H2 rebound

Due to a combination of lower prices, much-weaker output and higher costs, Antofagasta reported weak H1 22 results. Besides the material copper price correction in recent months, the on-going tax/royalty uncertainties in Chile are an added burden. However, with an expected H2 production rebound and some indications that the operating environment (both in price and cost terms) could get better in the coming months, Antofagasta is worth a go at current levels, especially considering that the long-

SP Angel Morning View: Weaker than expected US CPI lifts market sentiment

Antofagasta (ANTO LN) 1,177p, Mkt cap £11.6bn – Drought and pipeline rupture hit first half sales Artemis Resources (ARV LN) 3.4p, Mkt Cap £41m – Drilling results from Carlow Castle Project, WA Caledonia Mining (CMCL LN) 945p, Mkt Cap £119m – H1 results highlight the recent acquisition of the Bilboes gold project and appetite for further expansion in Zimbabwe EVRAZ (EVR LN) - Suspended – Intention to sell North American assets Great Western Mining (GWM0 LN) 0.1475p, Mkt Cap £5.3m – Drill pro

SP Angel Morning View: Base metals bounce as sentiment improves on Russian gas supply restarts to Europe

Allkem (AKE AU) – Record production and revenues in FY22 reported amid strong demand for lithium AfriTin Mining (ATM LN) – Infill drilling results from the Uis mine Antofagasta (ANTO LN) – Revised production and cost guidance Botswana Diamonds (BOD LN) – Increased holding in Maibwe joint-venture, Botswana Centamin (CEY LN) – Q2 operational performance keeps Sukari on track to meet 2022 guidance Leo Lithium (LLL AU) – $40m debt facility agreed with Ganfeng Strategic Minerals* (SML LN) – Co

SP Angel Morning View: ECB call extraordinary meeting on soaring rates in more leveraged Eurozone states

Antofagasta (ANTO LN) –Los Pelambres concentrate pipeline expected to return to service by the end of June. Arc Minerals* (ARCM LN) – Maiden geochemical survey at the Virgo Project in Botswana KEFI Gold and Copper* (KEFI LN) – Tulu Kapi operations update Kodal Minerals* (KOD LN) – SU study shows substantial uplift in value on previous economic evaluation Oriole Resources (ORR LN) – Initial Phase 4 drilling results from Bibemi, Cameroon Power Metal Resources* (POW LN) – Drilling continues a

SP Angel Morning View: Markets start to price 75bp Fed hike rise as inflation expectations build

AEX Gold (AEXG LN) – Results from initial Nanoq exploration campaign and commencement of 2022 field program Altus Strategies* (ALS LN) - BUY – Recommended offer from Elemental Royalties in all share merger of equals Anglesey Mining (AYM LN) – Drilling results from Parys Mountain Antofagasta (ANTO LN) – Mineral resources at the Encierro and Cachorro deposits Condor Gold* (CNR LN) – Raising £3.25m to complete the La India feasibility study Lynas Rare Earths (LYC AU) – $120m Pentagon contract

SP Angel Morning View: Metals rise despite US dollar strength and World Bank growth cut on stagflation risk

AfriTin Mining (ATM LN) – Infill drilling results from the Uis mine American West Metals (AW1 AU) – High grade zinc-copper mineralisation intersected in the fourth hole at the West Desert Project Antofagasta (ANTO LN) – Leak in Los Pelambres concentrate pipeline not expected to change production guidance. Anglesey Mining (AYM LN) – Bill Hooley Caerus Mineral Resources (CMRS LN) – Drilling results from the Anglisides project, Cyprus Phoenix Copper* (PXC LN) – Bonds to finance the Empire open

SP Angel Morning View: Copper and tin hold despite nickel trading limit down

Anglo Asian Mining* (AAZ LN) - BUY– Zafar MRE comes down on lower tonnage and grades Atlantic Lithium* (ALL LN) – Len Kolff to be appointed to board and as interim CEO Antofagasta (ANTO LN) – Framework for Reko Diq exit Ariana Resources (AAU LN) – Venus Minerals plans for IPO Castillo Copper (CCZ LN) – Preliminary analytical results from historic core at BHA Conroy Gold & Natural Resources (CGNR LN) – JV receives Crown permits Orosur Mining* (OMI LN) – Mobilisation of field team to El Pant

Solid 2021, but ‘uncertainties + 2022 guidance’ warrant attention

Driven by impressive copper price gains, and further supported by improvement measures, Antofagasta reported strong 2021 results. As a result, shareholders were rewarded handsomely. However, moderation in H2 vs. H1 (as expected) was evident. Moreover, given a series of sector-wide challenges/risks (particularly for LatAm copper miners), weak guidance and looming price risks, our cautious stock recommendation should be maintained. However, any major sell-off should be capitalised as an entry oppo

SP Angel Morning View: Oil and gold surge as Russian troops enter DNR/LNR

AngloGold (ANG SJ) – Full-year profit drops on raising costs & lower output Antofagasta (ANTO LN) – Strong 2021 reflects buoyant copper prices despite Chilean drought and Covid19 BlueRock Diamonds* (BRD LN) – Recovery of 11.95ct diamond worth >$100,000 Caledonia Mining* (CMCL LN) – Fatality at the Blanket mine Cornish Lithium (Private) - IGAS Energy (IGAS LN)– Heads of Terms signed with Cornish Lithium to develop geothermal heat projects Petra Diamonds (PDL LN) – Diamond price recovery hel

SP Angel Morning View: China jails 47 steel executives for faking emissions data

Antofagasta (ANTO LN) – US kills Antofagasta's Twin Metals nickel project in Minnesota Aura Energy* (AURA LN) – Quarterly report highlights progress on Tiris development Greatland Gold (GGP LN) – Drilling of extensions to Eastern Breccia Zone at Havieron yields best results so far outside of the SE Crescent Zone. Phoenix Copper* (PXC LN) – Geophysical results from Navarre Creek helps provide targets for drilling later this year Serabi Gold* (SRB LN) – Serra Zone veins intersected in undergr

LIBERUM: Sylvania Platinum* - Raising guidance on strong half

Alkaid #2 test - follow-on potential project economics

Chariot Limited (AIM: CHAR): Bringing water desalination capabilities in house is important for the green hydrogen business

• Chariot is acquiring ENEO Water PTE for US$0.5-1.0 mm in Chariot shares. • ENEO utilises an efficient, modular and scalable reverse osmosis technology that can be entirely powered by solar energy to produce desalinated water. ENEO is developing a proof of concept at a windfarm on the Red Sea in Djibouti that is under construction and is intended to provide local communities with access to potable water for the next 20 years. The capex of the project is very small (a few hundred thousand US dol

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, Suspended, Under Review) - Sylvie Rucar appointed as independent NED

Cadence Minerals - Developing Amapá iron ore mine and strategic new technology metal interests

Cadence has secured a 30% stake in the Amapá iron ore mine, Brazil, for $9.3m, a project valued by Anglo American in 2012 at over $600m. With established infrastructure, Amapá is a company-making opportunity. Cadence has recently published a PFS on Amapá, which highlights the obvious value in the project. With equity interests in European Metals Holdings (Cinovec lithium-tin project in Czech Republic), Hastings Technology Metals (Yangibana REE project in Australia) and Evergreen (lithi

Union Jack Oil (UJO LN) - Wressle update

Ongoing strong production from Wressle. Union Jack has released an update on revenues from its Wressle field (Union Jack 40%). Wressle has now achieved US$13m of cumulative net revenues from the field since mid-August 2021, from US$12m as of early January 2023. The field continues to produce under natural flow and with zero water cut (most recently reported at a gross rate of 825-850bbl/d, and with current production described as being at “record” levels). These Wressle revenues continue to help

FY22 Trading Update

Diversified Energy has released a positive FY22 Trading Update and we increase our EBITDA forecasts by +3% in FY22 and 2023.

Record production achieved in trying circumstances

Higher production at Vanchem coupled with another stable year at Vametco saw Bushveld deliver record annual vanadium production in 2022, though the adverse impact of electricity load shedding on the ramp up of Vanchem meant that the full-year total narrowly missed the group’s target. We still anticipate a return to positive EBITDA for 2022 and further earnings growth this year as Vanchem continues to gather pace. However, evidence of positive progress on load-shedding mitigation measures at Vanc

Arrow Exploration Corp. (AIM: AXL): High 3Q22 production in Colombia and US$4 mm free cashflow

• 3Q23 production of 1,503 boe/d was above our expectation of 1,262 boe/d on higher production at Rio Cravo (860 bbbl/d) and Ombu (215 bbl/d). This suggests a continued strong performance of the RCE-2 well. • Corporate production in November has ranged between 1,900-2,000 boe/d with current net production of 887 bbl/d at Rio Cravo (up from 760 bbl/d on 01 November). While the RCS-1 well is still cleaning up, the newly perforated C-7A zone is already adding 165 bbl/d net (330 bbl/d gross) produc

Enhancing Ewoyaa: to extend or expand?

This Week's AIM Highlights 20th January 2023

LIBERUM: Atlantic Lithium* - Latest resources in-line; valuation upped to 57p on higher throughput

IOG (IOG LN) - Trading update

IOG has released a trading update. This reports that operations at the Southwark A2 development well continue, with new plans to isolate three of the six stimulated zones, reperforate two other zones and then flow test the well again. IOG reported last week a disappointing 4.2mmcf/d maximum gross flow rate achieved at A2, and we would hope to see a much higher number, perhaps over 20mmcf/d based on original expectations, once the remediations are in place. The experience on A2 is also being used

IOG (IOG LN) - Southwark update – flow rate not improved

Flow rates from Southwark A2 continue to be poor. IOG has released an update on activities at its Southwark A2 well. In mid-January, IOG reported initial stabilised flow test rates from its Southwark A2 well of 4.2mmcf/d gross of gas and also 1.6mbbld/d of water. This gas rate was not likely to be commercial. The company has since progressed a programme to isolate several of the producing zones, aiming to achieve higher gas flow rates and lower water cut. This programme has now been completed, a

Tungsten West: Revised plan to optimise Hemerdon for higher energy prices & other costs - amended note

Tungsten West (“TUN”) has published an updated Bankable Feasibility Study (“BFS”) post its re-optimisation of the Hemerdon project in light of higher energy prices and other key input costs. The revised plan reduces capex by ~£20m and cuts energy intensity, trading this off against slightly reduced tungsten output and lower payabilities. The completion of the BFS is a key milestone on the path to securing project financing. Site refurbishment and staff recruitment activities have continued since