Small Cap Feast: 03/09/21

Joiners CML Microsystems has joined AIM from the Main Market. Leavers No leavers today. What’s cooking in the IPO kitchen? GreenRoc Mining to join AIM. Established in March 2021 as a UK public limited company for the purpose of acquiring all of the Greenlandic mining assets of Alba Mineral Resources plc and progressing the exploration and development of those assets. The assets in question are the Thule Black Sands Ilmenite Project, the Amitsoq Graphite Project, the Melville Bay Iron Projec

Morning Note – 26 September 2019

Armadale Capital (ACP): Corp Mahenge Liandu project update | Circassia (CIR): Corp Initiation report: interims clarify misperceptions | eve Sleep (EVE): Corp Inline H1; KPIs show good progress, with much still to do | Hardide (HDD): Corp Encouraging year-end trading update | Independent Oil & Gas (IOG): Corp Herculean interims | Pelatro (PTRO): Corp Focus on recurring revenue intensifies H2 weighting | Savannah Resources (SAV): Corp Interim results | Surface Transforms (SCE): Corp Breaking into

Morning Note – 11 September 2019

Armadale Capital (ACP): Corp Mahenge Liandu project update Armadale | Best of the Best (BOTB): Corp Reassuring AGM update on all fronts | Independent Oil & Gas (IOG): Corp Harvey appraisal well update

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

SP Angel – Morning View

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 | Resolut

Small Cap Feast

Freyherr International Group PLC the Medicinal Cannabis holding company established in 2016, is planning to list on the NEX exchange on the 13 August.

Morning Note – 16 July 2019

Armadale Capital (ACP): Corp Mahenge Liandu project update | Frenkel Topping (FEN): Corp Improved rate degrades present value, but insignificant | Gateley (GLTY): Corp Strong momentum and investment for growth | LiDCO (LID): Corp China approval | President Energy (PPC): Corp Frac on | Surface Transforms (SCE): Corp SCE lands breakthrough contract with OEM 5

Morning Note – 25 June 2019

Armadale Capital (ACP): Corp Mahenge Liandu project update | D4T4 Solutions (D4T4): Corp FY 2019 beats forecast as earnings quality grows | Kingswood Holdings (KWG): Corp Lining up opportunities, getting ready to execute | Morses Club (MCL): Corp AGM statement | Pelatro (PTRO): Corp AGM statement confirms 2019 is on track | Redcentric (RCN): Corp Prelims – cash is king | Tri-Star Resources (TSTR): Corp Annual results 2018

Small Cap Feast

IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Armadale Capital - 2018 Annual Results

Armadale Capital has released results for the year ending December 2018. The main activity during the year was the continuing evaluation of the Mahenge graphite project in southern Tanzania. A Scoping Study was completed during the year, based on a 400,000 tonnes per year open pit mining operation, producing 49,000 tonnes per year of high quality graphite. The study delivered a robust economic return including an unrisked post-tax IRR of 89% and an unrisked post-tax NPV of US$239m. This is an ex

Morning Note – 15 May 2019

Armadale Capital (ACP): Corp Mahenge Liandu project update | Avesoro Resources (ASO): Corp Q1 financial results | Savannah Resources (SAV): Corp Significant new high grade lithium drilling results | Scientific Digital Imaging (SDI): Corp FY trading update

Small Cap Feast

Techniplas – global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £83.3m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Afri

Morning Note – 26 April 2019

ANGLE (AGL): Corp Further breakthrough in CTC cluster research | Armadale Capital (ACP): Corp Mahenge Liandu project update

SP Angel – Morning View

Armadale Capital (ACP LN) – Mahenge Liandu graphite project DFS update | Glencore (GLEN LN) – Commodities Futures Trading Commission investigation | Ferrexpo (FXPO LN) – Deloitte resigns as auditor | Lonmin (LMI LN) – Sibanye-Stillwater increases all share offer to 1:1 | Lucara Diamonds (LUC CN) – 1758 carat diamond recovered at Karowe

SP Angel – Morning View

Ariana Resources (AAU LN) 1.9p, Mkt Cap £20.1m – Q1 2019 preliminary production results | Armadale Capital (ACP LN) 1.3p, Mkt Cap £5.0m – Mahenge Liandu graphite project update | Asiamet Resources (ARS LN) 6.8p, Mkt Cap £68.2m – BKM drilling results | Beowulf Mining* (BEM LN) 6.1p, Mkt Cap £35.5m – Subscription to raise £500,000 | Caledonia Mining (CMCL LN) 421p, Mkt Cap £45.3m – Central Shaft remains on track | Hummingbird Resources (HUM LN) 18.4p, Mkt Cap £65m – Q1 production update | KEFI Min

Trinity Exploration and Production - Reserves Reduction but Solid Core Business

Trinity has announced a c28% reduction to its 2P reserves following a YE23 review. Despite the decrease in the Company’s 2P reserves, Trinity’s core business remains robust, with a reserves/production ratio of >12.5 years at YE23. Whilst there is significant potential for growth within the current portfolio, this will be difficult to unlock from the current balance sheet and we believe further financing will be required. We update our target price to 76p (from 202p), a c85% premium to the curren

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

• The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession. These reservoirs are believed to be recurring across the Nong Yao D area. • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further a

Morning Note – 16 April 2024

Morning Note – 15 April 2024

Oil & Gas - Cavendish sector note

Chariot, Energean, Touchstone Exploration, Longboat Energy, Hartshead Resources, BP, Helix Exploration, PetroTal, Pantheon Resources, Caspian Sunrise, Petrofac, DNO ASA, Valeura Energy, Aker BP, Var Energi Source: FactSet, weekly change 08/04/24-12/04/24 Oil rose as Israel braced for a possible attack from Iran, a development that would threaten major disruptions in a region that accounts for a third of the world’s crude output. An assault is expected to come as soon as the next 48 hours, which

SP Angel . Morning View . Copper prices hold higher as China processing fees fall below $0/t amid low feedstock availability

PROGRESSIVE: Pharos Energy: Delivering on operations and balance sheet

Pharos Energy reported FY23 results on 27 March. Group net production of 6,508 boepd (FY22: 7,166 boepd) was in line with guidance, assisted by successful development drilling in Vietnam and exploration successes in Egypt. Pharos’s strong cash generation resulted in a stronger balance sheet, with net debt reduced to US$6.6m (from US$28.9m at the end of 2022) and cash balances totalling US$32.6m. This left the group free to return more cash to shareholders, including a 10% increase in dividends,

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

Kouroussa progress moving slowly

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

SP Angel Morning View: Lithium carbonate prices rise in China as refiner sentiment improves

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

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

On Track in Stronger Markets

Tharisa has released its Q2 and interim production report for FY2024. Generally the production numbers were flat for both PGMs and Chrome and slightly below our forecast. In the case of PGMs this was due to lower recoveries due to ore type and in Chrome the company executed a routine maintenance programme on the plant. The company has maintained guidance for the full year however so we expect a robust second half followed by low risk growth in output as we head into FY25. Meanwhile Chrome pric

Steppe Gold: Boroo merger and Tres Cruces disposal terms announced

Steppe Gold (“Steppe”) has announced the terms for both the proposed merger with Boroo gold and for the disposal of the Tres Cruces project in Peru. Boroo, which will add ~60koz/year to the group’s production profile, is to be acquired for 138.15m Steppe shares – implying a value of C$95m/US$71m - with Boroo shareholders holding 55.9% of the expanded group. On a per ounce of 2023 production basis, this equates to US$1,061/oz for Boroo compared to US$1,990/oz for Steppe and the average for the <5

Hybridan Small Cap Feast - 15 April 24

15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio