Power Metals Resources* (POW LN) – Test-pit results from Kisinka | Rio Tinto (RIO LN) – Oyu Tolgoi project update | Tertiary Minerals* (TYM LN) – Issue of shares to Precious Metal Capital Group
Companies: POW RIO TYM
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
Atalaya Mining (ATYM LN) – Copper price weakness blunts Q1 results | Aura Energy* - (AURA LN) – Further issue of shares | KEFI Minerals* (KEFI LN) – Finalisation of the Tulu Kapi funding due in Oct/20 and Hawiah maiden resource in mid-20 | Tertiary Minerals* TYM –– Pyramid project drilling results
Companies: ATYM AURA KEFI TYM
Altus Strategies* (ALS LN) – Positioned for growth in FY20 | BHP (BHP LN) - Pledges another A$3m to fight coronavirus | Kavango Resources (KAV LN ) - Review highlights Kalahari Suture Zone similarities with other major nickel regions | Mkango Resources* (MKA LN) – Results highlight progress towards feasibility study | Caledonia Mining* (CMCL LN) – Quarterly dividend | Condor Gold* (CNR LN) – Permit awarded for Mestiza pit | Scotgold Resources* (SGZ LN) BUY Target 119p – Loan facility terms changes | SolGold* (SOLG LN) – Phase 2 metallurgical testing shows enhanced gold recoveries and improved concentrate quality | Tertiary Minerals* TYM –– Issue of shares to Precious Metal Capital Group
Companies: ALS BHP KAV MKA CMCL CNR SGZ SOLG TYM
Aura Energy* - (AURA LN) - EGM schedule | BHP (BHP LN) – Quarterly production report leaves guidance largely unchanged | Gem Diamonds (GEMD LN) – Q1 trading update | Power Metals* (POW LN) - Alamo gold project expansion and extension | Tertiary Minerals* TYM – Pyramid Gold project
Companies: AURA BHP GEMD POW TYM
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
Companies: AAZ AAL ALBA BRD EDL SOLG TYM
Ariana Resources* (AAU LN) 3p, Mkt Cap £31.3m – Sample results from Kepez North | Bushveld Minerals* (BMN LN) 9.3p, Mkt cap £107m – Invinity (redT/Avalon) raises a further £7.9m to roll out VRFB developments | Tertiary Minerals* (TYM LN) 0.2p, Mkt Cap £1.3m – American institution invests £600,000 | SP Angel Healthcare - Smith and Nephew to build OxVent ventilators | Avacta (AVCT.L) Trading update and £2m subscription
Companies: AAU bmn TYM
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
Glencore (GLEN LN) – Glencore report 2019 loss as marketing department serves to rescue customers as Wuhan virus disrupts commodity supply chains. | Medusa Mining (MML AU) – Co-O L8 Shaft operations restarted | Pan African Resources (PAF LN) – Positive interim result on strong production and gold prices | Sirius Minerals (SXX LN) – Private investor opposition | Tertiary Minerals* (TYM LN) – Pyramid Gold project Nevada
Companies: GLEN MML PAF SXX TYM
Base Resources (BSE LN) – Toliara, Ranobe ore reserve shows high-grade ilmenite, rutile, leucoxene and zircon | Rambler Metals & Mining* (RMM LN) – Latest high-grade results from the Ming Mine drilling | Rio Tinto to spend US$4bn on new iron ore projects in Australia (Bloomberg) | Strategic Minerals* (SML LN) –Tax rebate for Cornwall Resources’ Redmoor exploration | Tertiary Minerals* (TYM LN) – Issue of convertible
Companies: BSE RMM SML TYM
Centamin (CEY LN) – Q2 Production and exploration update | Edenville Energy* (EDL LN) – Start of mining operations at the Northern Area to drive coal run rates up | Peak Resources (PEK AU) – Rare earth market update | Rio Tinto (RIO LN) – Oyu Tolgoi schedule delayed for additional technical studies | Shanta Gold (SHG LN) – Q2 Production keeps Shanta on track to achieve 2019 production guidance | Tertiary Minerals* (TYM LN) – Sale of shares in Sunrise Resources
Companies: CEY EDL PEK RIO SHG TYM
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
Companies: AAZ ASO SHG SML TYM
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
Companies: AAZ ARCM BEM GDP KOD MKA PXC TYM TSG SAV
AfriTin Mining* (ATM LN) – 3.2p, Mkt cap £17.4m – Phase 1 Pilot plant commissioning starts | Asiamet Resources (ARS LN) 5.4p, Mkt Cap £54.3m – Strategic investor takes 8.55% for US$2m | Bluejay Mining* (JAY LN) 10.12p, Mkt Cap £86.5m – RTIT to test material from Dundas | Hummingbird Resources (HUM LN) 14.5p, Mkt Cap £51m – Annual results highlight operationally challenging
2018 | Jangada Mines (JAN LN) 1.45 pence, Mkt Cap £3.4m –Disposal of Pedra Branca | Tertiary Minerals* (TYM LN) 0.375p, Mkt Cap £1.7m – New exploration project in Nevada | Thor Mining* (THR LN) 0.8p, Mkt Cap £6.5m – New investor presentation | Vast Resources* (VAST LN) 0.14p, Mkt Cap £11m – Results of general meeting and corporate update
Companies: ATM ARS JAY HUM JAN TYM THR VAST
Greatland Gold (GGP LN) – Strategic and operational update | Orosur Mining (OMI LN) – Death of Non-Executive Chairman, John Walmsley | Oriole Resources (ORR LN) – 8km gold anomaly in Cameroon may indicate new gold province | Altus Strategies* (ALS LN) - Laboum project lies within a similar geology to that at Wapouzé in Cameroon | Tertiary Minerals* (TYM LN) – Fluorspar mine accident kills 22, leads to closure of mines in Inner Mongolia | Tietto Minerals (TIE AU) – High-grade gold intersections confirm Ivory Coast Abujar deposit extensions
Companies: GGP OMI ORR ALS TYM
Research Tree provides access to ongoing research coverage, media content and regulatory news on Tertiary Minerals.
We currently have 47 research reports from 3
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
Caledonia, which operates the Blanket gold mine in Zimbabwe, announces today a second dividend increase for 2020 with an increase of their dividend from 7.5c a quarter to 8.5c a quarter – an annualised 34c/yr which currently yields 2.3%. This comes on the back of a first increase in January of this year when Caledonia raised its dividend from 6.9c/quarter.
Avation is a lessor of 48 commercial aircraft to a diversified airline client base. This morning, the group has released results for the nine months to 31 March 2020, which illustrate that the business remained profitable in Q3 FY 2020.
Phoenix copper today provides the results from the initial metallurgical test work to recover precious metals from the Empire deposit. Results from leaching with non-toxic ammonium thiosulfate (ATS) resulted in high gold recoveries of nearly 98% gold, and silver recoveries of between 70% and 80%. A full metallurgical report on this new work is available on Phoenix Copper's website.
Companies: CMCL AVAP PXC
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
AFC Energy is a global leader in the fuel cell sector. It has a proven fuel cell technology which it is commercialising through its H-Power™ product, an off-grid electric vehicle charging system which is run on hydrogen and produces no emissions. The company's core fuel cell technology is a liquid alkaline fuel cell called HydroX-Cell(L)™. The company is also developing a solid alkaline fuel cell called HydroX-Cell(S)™ , the critical component of which is a is a solid electrolyte which upon validation will be marketed under the AlkaMem™ trademark. We expect the AlkaMem™ product to have multiple electro-chemical applications outside of fuel cells. The purpose of this note is to compare AFC Energy's products, markets and business strategy against its listed peers Ceres Power and ITM Power. The note also assesses the state and outlook of the hydrogen market in addition to the proton exchange membrane market, which is relevant for AFC Energy's AlkaMem™ product. As a reminder, we believe AFC Energy has a fair value of 27p/sh.
Companies: AFC AFC AFC
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
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.
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.
Oil posted its second weekly loss for the month, as a surge in US coronavirus cases clouds the demand outlook and casts doubts on the market's recovery.
Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly gains that lifted oil from its historic plunge below zero in April. Texas -- the centre of the American oil industry -- halted its reopening as virus infections jumped, and Houston's intensive-care wards reached capacity. Bars in Texas and Florida were ordered to shut, and Arizona reported a surge in infections.
While massive OPEC+ output cuts and a pickup in demand have helped crude climb from its April low, price gains have slowed this month. Infections continue to soar in many parts of the world, consumption is still a long way off pre-virus levels and many refiners are struggling with low margins.
Crude stockpiles in the US are at record highs, and there's a risk that US shale producers could start bringing back output. The number of rigs drilling for oil fell by 1 to 188, the lowest since June of 2009.
West Texas Intermediate for August slid 23 cents to settle at $38.49 a barrel in New York.
Brent for August fell 3 cents to close at $41.02 a barrel.
Still, the pessimism's being tempered by huge cuts to Russia's seaborne crude exports, a development that lifted oil earlier in the session. Shipments of the flagship Urals grade from its three main western ports are set to plunge by 40% next month, according to loading programmes seen by Bloomberg. The steep reductions underscore the OPEC+ alliance's commitment to eliminate the oil glut that built up earlier this year.
Other oil news:
Exxon Mobil Corp is preparing to cut jobs in the US as the oil giant focuses on a slimmed-down and more efficient organisational structure, according to people familiar with the matter.
Four automakers backing a California effort to curb tailpipe emissions will break with some big rivals in the legal battle over the Trump administration's relaxation of fuel efficiency standards.
Companies: FOG PVR 88E DGOC EME TRIN UOG
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
Solid State is a manufacturer of computing, power and communications products, and value added distributor of electronic components. This morning, the group has provided a further update on trading in light of the present COVID-19 backdrop, ahead of full year results to 31 March 2020 due to be released on 30 June.
Cadence today provides and update on the Amapá iron ore project in Brazil. The Amapá JV (EV Mineração S.A.), in which Cadence can earn an initial 20% of the project, is understood to be on track to begin shipping stockpiled iron ore from late Q2 / early Q3 2020. Finalisation of the negotiation with the secured creditors still needs to be reached, but the Amapá JV partners are engaging constructively. In preparation for shipping, a trucking contractor has been hired to move key equipment to site and a shipping manager and shipping broker have been engaged.
This morning's update from CSSG confirms the positive direction of travel highlighted when the company published H1 results in March. With comparators still challenging (because of one-off work in the prior year), and “light” Covid-19 impacts in recent months, the expected £1.6m EBITDA flagged by the company seems a creditable number, still within touching distance of historical performance in both EBITDA and PBTA terms. Net cash, moreover, even after three months of the Covid-19 crisis, is reported to still be higher than the £2.4m which the company reports it had at the start (which in turn represents an increase on the £2.3m as at 31 December 2019). Not surprisingly, having suspended payment of the dividend a couple of months ago, the Board is now proposing to have another look at this question, at least in relation to the half year dividend.
PTY's announcement this morning flags a change in the CFO role with the new appointee benefiting from extensive experience in developing digital businesses to their full potential, both in overall and in financial leadership positions. His arrival follows on from highly proactive action led by the previous finance director, delivering a platform for growth once the current uncertain circumstances have abated.
Companies: KDNC CSSG PTY SOLI
Park and ride – initiating coverage
PetroTal (PTAL LN/TAL CN)C; Target: £0.45: Initiating coverage – PetroTal is a production and reserve growth story in Peru with a market cap of ~£90 mm. Management’s experience of operating in the jungle and their deep in country relationships are key. Project execution has been excellent. The Bretaña field (48 mmbbl 2P reserves) was acquired from Gran Tierra in late 2017 with production of 1 mbbl/d achieved in 3Q18. By YE19 that figure had grown to >13 mbbl/d. While COVID-19 forced a shut down of the export infrastructure and Brent prices collapsed to ~US$20/bbl, PetroTal has managed to negotiate with Petroperu a reduction in transport fees and a rephasing of a contingent payment. With the recent US$18 mm equity raise strengthening the balance sheet and production expected to restart in July, PetroTal is returning to growth. Bretaña could produce 20 mbbl/d. PetroTal’s shares trade at ~ one quarter of our Core NAV of £0.46 per share and at one third of the company’s value based on its 2P reserves only (2P NAV of £0.28 per share). On flat production, the share price implies EV/DACF multiples of 1.0x in 2021 turning negative in 2022. Importantly PetroTal’s only material liabilities consist of (1) an oil linked contingent payment over three years to Petroperu on very flexible terms and (2) trade payables of US$49 mm with attractive payment terms. We forecast ~US$45 mm of capex (incl. servicing the payables) in 2H20. This is covered by (1) US$28 mm in cash from a recent equity raise plus collecting pending invoices from oil sales, (2) >US$10 mm of VAT receivables and (3) ~US$25 mm operating cash flow (US$11-12/bbl net backs) in 2H20 at US$38/bbl. At ~US$45/bbl and 12 mbbl/d in 2021, we forecast PetroTal generates ~US$90 mm cash flow with ~US$35 mm cash capex (incl. servicing the payables). Our target price of £0.45 per share (~our Core NAV) represents 4.5x the current share price.
i3 Energy (I3E LN): Corporate update | Parex Resources (PXT CN): Trading update in Colombia | Phoenix Global Resources (PGR LN): FY19 results | Royal Dutch Shell (RDSA/B LN): Dry hole in Brazil | IGas Energy (IGAS LN): Trading update | Serinus Energy (SEN LN): Deferred EBRD debt repayment | Union Jack (UJO LN): Additional interest in UK asset | SDX Energy (SDX LN): Update in Egypt and Morocco| ShaMaran Petroleum (SNM CN): Payment from KRG and debt restructuring | United Oil & Gas (UOG LN): Reserves and production update in Egypt | FAR (FAR AU): Not paying cash call in Senegal | Lekoil (LEK LN): Update in Nigeria | San Leon Energy (SLE LN): FY19 results | Savannah Energy (SAVE LN): Trading update | Victoria Oil & Gas (VOG LN): Trading update in Cameroon
Companies: SEN SDX PTAL PGR VOG PXT SAVE RDSA FAR