Altus Strategies* (ALS LN) – >400koz mineral resource at Diba gold project | Beowulf Mining* (BEM LN) – Grab sampling results from Madjan Peak in Northern Kosovo | Cora Gold* (CORA LN) – H1/20 exploration update | Eramet (ERA PA) – Eramet to sell Aubert & Duval subsidiary | Hochschild Mining (HOC LN) – Immaculada mine suspends operations as Covid19 hits S American mines | Kazatomprom (KAP LN) – Extension of reduced uranium operational activity due to pandemic-related risks
Companies: ALS BEM CORA CORA HOC
Amur Minerals* (AMC LN) – Kun Manie copper concentrate production | Beowulf Mining* (BEM LN) - Madjan Peak Shows Epithermal Gold Potential in Northern Kosovo | Mkango Resources* (MKA LN) – Q1 Results highlight progress towards feasibility study | Rambler Metals* (RMM LN) – Appointment of new CEO | Savannah Resources* (SAV LN) – Mina do Barroso EIA submission | Strategic Minerals* (SML LN) – Award of US$21.9m by arbitrator
Companies: AMC BEM MKA RMM SAV SML
Beowulf Mining (BEM LN) – Quarterly report highlights | Botswana Diamonds (BOD LN) – Macrodiamonds recovered from Marsfontein | Tertiary Minerals* (TYM LN) –– Three new exploration properties in Nevada
Companies: BEM BOD TYM
Altus Strategies* (ALS LN) – Quarterly results | Amur Minerals* (AMC LN) – £0.5m raised to progress Kun Manie TEO | Beowulf Mining (BEM LN) – Earthquake at Kiruna forces mine to close till further notice | Eurasia Mining* (EUA LN) – Corporate and Board update | KEFI Minerals* (KEFI LN) – Completion of Stage 2 drilling at Hawiah paves the way for maiden mineral resource in mid-2020 | Phoenix Copper* (PXC LN) – £1.76m raised for Idaho projects | Savannah Resources* (SAV LN) – EIT InnoEnergy Agreement | Westminster Group* (WSG LN) – New contract awarded for fever Screening & Sanitiser Stations
Companies: ALS AMC BEM EUA KEFI SAV WSG
Adriatic Metals* (ADT1 LN) – Environmental approval at Veovaca | Altus Strategies* (ALS LN) – 1,600m diamond core drilling starts at Tabakorole | Ariana Resources* (AAU LN) – Q1 production on track to achieve 2020 guidance | Asiamet Resources (ARS LN) – Negotiations with Aeturnum Energy | Beowulf (BEM LN) – Parliamentary questions asked over delays to mining projects in Sweden | Bluebird Merchant Ventures (BMV LN) – Terms for South Korean debt facility funding expected shortly | Pure Gold Mining (PUR LN) – Raised C$12.3m from warrant exercise | Shanta Gold (SHG LN) – Singida mineral reserves and resources update | Vast Resources* (VAST LN) – Baita Plai equipment shipment update
Companies: ADT1 ALS AAU ARS BEM BMV PUR SHG VAST
Arkle Resources* (ARK LN) – Raising £250,000 to fund August drilling programme at Stonepark | Beowulf Resources* (BEM LN) – Testwork continues to show good results on graphite projects in Finland | Centamin (CEY LN) –2019 results confirm 2020 production and cost guidance intact | Cora Gold* (CORA LN) – FY19 results highlight progress at the flagship Sanankoro gold project | Oriole Resources (ORR LN) – £165,000 HMRC rebate | Vast Resources* (VAST LN) - £0.9m raised to accelerate Baita Plai drilling programme and metallurgical work
Companies: ARK BEM CEY CORA ORR VAST
Beowulf Mining* (BEM LN) – Co-investment with Vadar in exploration in Kosovo | Centamin (CEY LN) – No Cases of Covid19 – supply chain still operating normally | Cora Gold* (CORA LN) – COVID-19 related update | Firestone Diamonds (FDI LN) – Suspension of operations at Liqhobong | SolGold* (SOLG LN) – Implementation of virus control measures | Tertiary Minerals* (TYM LN) – Managing Director moving on | Versarien (VRS LN) - Joint venture agreement signed with Young-Graphene Technology in China | Novacyt (NCYT.L): Agreements struck with Bruker and Yourgene | Polarean Imaging (POLX.L): Change of General Meeting Venue | Silence Therapeutics (SLN.L): Strategic collaboration with AstraZeneca (AZN.L)
Companies: BEM CEY CORA FDI SOLG TYM VRS NCYT POLX SLN
Beowulf Mining* (BEM LN) – Year-end results | Cora Gold* (CORA LN) – Metallurgy testwork for production of concentrate to be processed at Yanfolila | Strategic Minerals* (SML LN) –Cobre rolls over magnetite access for 8th year
Companies: BEM CORA SML
Amur Minerals* (AMC LN) – Metallurgical testwork update | Beowulf Mining* (BEM LN) – Vardar discovers new copper-zinc target on Mitrovica license | Ormonde Mining* (ORM LN) – Completion of disposal | Versarien* (VRS LN) – Researchers observe unique way in which graphene prevents copper corrosion (Graphene-info) | Talga Resources* (TLG AU) – Graphene testing
Companies: AMC BEM ORM VRS
Altus Strategies* (ALS LN) – Start of JV funded ground magnetic survey at Tabakorole, Mali | Amur Minerals* (AMC LN) – Appointment of an Advisor to the Board | Beowulf Mining* (BEM LN) – Beowulf considers options with lawyers over licensing of its Kallak project in Sweden | Gem Diamonds (GEMD LN) – Further evidence of recovering diamond prices | SolGold* (SOLG LN) – Rio Amarillo exploration results
Companies: ALS AMC BEM GEMD SOLG
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.Ninety One –proposed demerger and public listing of Investec’s global asset management business on LSE and JSE. 30 Sep 2019 AUM £121bn. Sale of existing shares. Expected free float of >60%. Due 16 march. Cabot Square—Closed ended investment fund focussed on alternative assets and asset manager. Looking to raise £200m. Will target investment opportunities that are expected to generate an attractive risk adjusted return and that can also make a positive ESG impact by focusing on some of the biggest challenges facing societies and economies. Due 14 Feb. Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020. 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. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.Zapp Scooters, a developer and manufacturer of electric two-wheeled vehicles announced its intention to IPO on the NEX Exchange Growth Market. The Company intends to raise up to £3.5m. Admission is expected to occur on NEX in February 2020.
Companies: SECG MTW UPR ZYT HZD JAY TRX GLIF BEM K3C
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A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
U.S. futures and European stocks dropped on Friday as investors mulled a reported conflict among policy makers over a stimulus package for the single-currency region, as well as political upheaval in France.
The Stoxx 600 Index fell after Bloomberg News reported the European Central Bank is facing a potential rift over how much their emergency bond-purchase program should stay weighted toward weaker countries such as Italy. The euro fluctuated following French President Emmanuel Macron's decision to name a new prime minister after asking his government to resign. Rolls-Royce Holdings Plc slumped after the British jet-engine maker said its exploring options to raise funds to strengthen its balance sheet.
The dollar was slightly down, posting its first weekly drop in a month, while American cash equity and bond markets were shut for Independence Day. President Donald Trump will attend an early July 4 celebration at Mount Rushmore with thousands of guests who won't be required to wear masks, while his U.K. counterpart Boris Johnson urged Britons to act responsibly as pubs prepare to re-open and the government lifts quarantine rules on travel for 60 countries.
The friction at the ECB highlights the risk to markets should promised stimulus measures fall short. Investors continue to weigh policy support and upbeat economic data against relentless new outbreaks of the virus. U.S payrolls figures Thursday fuelled optimism of a V-shaped recovery in the world's biggest economy, even as Florida reported that infections and hospitalizations jumped the most yet, and Houston had a surge in intensive-care patients. Emerging-market stocks posted the biggest weekly gain in a month.
Elsewhere, crude oil dipped but remained on track for a weekly gain.
Companies: TGL JSE IAE ADME BP/ DGOC ENOG NTQ NTOG PMO RBD ROSE RDSA UKOG TRIN
Considering the environment, this sale is positive and marks the completion of the $15bn divestment programme started after the acquisition of the shale assets from BHP in 2018. Overall, BP’s strategy in downstream is to bring stable earnings, to offset volatility in upstream. In this regard, expanding renewables activities would seem appropriate to BP. While, BP has no competitive advantage in this field, exposure to renewables will allow the oil majors to keep their oil & gas activities.
Companies: BP Plc
Acquisitions and creditors update
Companies: Premier Oil
Over the last 18 months, Powerhouse has cemented its relationship with Peel Environmental, which is targeting the development of at least 30 distributed modular generation (DMG) plants across the UK. Each of these will potentially generate £0.5m in annual licence fees for Powerhouse. This roll-out is conditional on shareholders approving the proposed acquisition of former development partner Waste2Tricity (W2T) at the general meeting on 14 July
Companies: Powerhouse Energy Group
Petropavlovsk PLC (LSE: POG) have released their FY2019 results and Q1 trading update this morning. The company had already released production numbers for last year. Overall the numbers reflected a strong operational performance although various financial/other parameters thwarted positive changes below the EBITDA line. Conversely net cash from operations reduced by 43% due to lower cash from prepayment as part of the group’s forward sale facility with the banks, yet net debt came down to $561m. . We show the key figures in Table 1.
Implications of the gold-silver metallurgy at Empire, Idaho
Yesterday, Phoenix Copper published a metallurgical report on the leaching of its gold-bearing mineralisation from the Empire resource area in Idaho. This showed high recoveries for gold and silver using standard cyanide and non-standard Ammonium Thiosulphate leaching (comparable leach times, reagent consumption and recovery). The implications of these tests may be far ranging for Phoenix as it enables it to consider bringing forward precious metals production from the area, with the following benefits: 1) quicker permitting for a non-cyanide process; 2) cheaper reagents; 3) earlier establishment of mine site infrastructure to assist ongoing economic studies and; 4) cash flow in a robust gold price environment. More test work on the gold recovery process remains to be completed to establish the optimum leaching and recovery parameters. We still see fair value at 34p/sh (see research from 12/05/2020 for full details) but note that Phoenix management is actively seeking to bring forward value in its projects. In the meantime, we have drilling results and a (potential) resource upgrade to look forward to shortly from the Red Star lead-silver project as well as a funded resource drilling program to establish a whole resource for Empire – and not just the base metal-rich zones.
Companies: Sirius Real Estate
Enteq Upstream PLC (LON:NTQ) has released full-year (FY) results for the year-end March 2020 with commentary on the ongoing trading environment. The company reported revenues of around US$10.9mln, underlying adjusted EBITDA (earnings before tax interest depreciation and amortisation) of US$3.1mln,
Companies: Enteq Upstream
Rockfire Resources, the gold and copper exploration junior with projects in northern Queensland has recently commenced a major £0.8m drilling programme on Plateau, its most advanced project. Drilling is likely to be followed by a resource update in late 2020 and a scoping study in Q1 2021. We believe that the updated resource estimate could be commercially significant. This reflects the promising drilling results post July 2019’s resource assessment and the potential for the drilling programme to expand the resource base given the analogous Mt Wright mine geology 47 km to the NE. The new drilling programme will include diamond drilling for the first time which will enable deeper higher-grade targets to be targeted. The drilling programme has been underpinned by the recently announced £1m raise. We believe the scope for positive news flow in the coming months is excellent while the gold market backdrop should be supportive for gold exploration as well as production plays over the balance of 2020.
Companies: Rockfire Resources
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.
Companies: Shearwater Group
In this note, we analyze the indebtedness of 35 international E&Ps publicly listed in the UK, Canada, Norway, Sweden and the USA. For each company, we look at (1) cash position, (2) level and nature of debt (including covenants), (3) debt service and principal repayment framework and (4) Brent price required from April to YE20 to meet all the obligations and keep cash positions intact. We also estimate YE20 cash if Brent were to average US$20/bbl from April to YE20. While the oil demand and oil price collapse are of unprecedented historical proportions and the opportunities to cut costs much more limited than in 2014, most companies (with a few exceptions) entered the crisis in much better position than six years ago, with stronger balance sheets and often already extended debt maturities. In addition, this time around, many E&Ps have already been deleveraging for 1-2 years and are not caught in the middle of large developments that cannot be halted. The previous crisis also showed that debt providers could relax debt covenants for a certain period as long as interest and principal repayment obligations were met. This implies that as long as operations are not interrupted and counterparties keep paying their bills (Kurdistan), the storm can be weathered by most for a few quarters.
With (1) Brent price of about US$50/bbl in 1Q20, (2) reduced capex programmes, (3) material hedging programmes covering a large proportion of FY20 production at higher prices and (4) limited principal repayments in 2020, we find that most companies can meet all their costs and obligations in 2020 at Brent prices below US$40/bbl and often below US$35/bbl) from April until YE20 and keep their cash intact, allowing them to remain solvent at much lower prices for some time. In particular, Maha Energy and SDX Energy are cash neutral at about US$20/bbl. When factoring the divestment of Uganda, Tullow needs only US$9/bbl to maintain its YE20 cash equal to YE19. Canacol Energy, Diversified Gas and Oil, Independent Oil & Gas, Orca Exploration, Serica Energy and Wentworth Resources are gas stories not really exposed to oil prices and Africa Oil has hedged 95% of its FY20 production at over US$65/bbl.
Companies: AKERBP AOI CNE CNE DGOC EGY ENOG ENQ GENL GKP GPRK GTE HUR IOG JSE KOS LUPE MAHAA OKEA ORC.B PEN PHAR PMO PTAL PXT RRE SDX SEPL TETY TGL TLW TXP WRL
InfraStrata's acquisition of the iconic Harland & Wolff (H&W) shipyards in Northern Ireland has been transformational for the group, and with a carefully planned growth strategy, there is a clear route to cash breakeven in the short term. Over the medium to long term, these facilities could support a c£400m revenue business. With the company trading at a c30% discount to its H1/20A book value and c65% to its Adj NAV, we initiate with a Buy recommendation.
Park and ride – initiating coverage
Empire Metals* (EEE LN) - Munni Munni platinum group metals project acquisition work program | Erris Resources (ERIS LN) – Resumption of Loch Tay exploration | Goldstone Resources (GRL LN) – Reduced loss in 2019 | KEFI Minerals * (KEFI LN) – Tulu Kapi project finance on track for Oct/20 closure and full construction start in Q1/21 | Power Metals Resources* (POW LN) – Interim results | Vast Resources* (VAST LN) – Carlibaba licence granted
Companies: EEE ERIS GRL KEFI POW VAST