LIBERUM: Caledonia Mining* - Model updated

Cenkos: Caledonia Mining Corporation Plc -- FY22 Results and $13m raise

Caledonia released its FY22 results with record production of 80,775oz of gold (FY21: 67,476oz) and gross revenues of $142m (FY21: $121m). On-mine cost of $735/oz were relatively flat on the year (FY21: $742), although these were on the rise in H2 with higher consumable use and inflationary pressures starting to impact. AISC of $878/oz (FY21: $856). Gross profit of $61.8m (FY21: $54.1m). EBITDA of $50.4m (FY21: $46.4m). Adjusted EPS of 219.9cps (FY21: 225.9cps). Net cash and cash equivalents wer

Hybridan Small Cap Feast - 24 Mar 23

24 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

LIBERUM: Caledonia Mining* - £8.7m raised to accelerate work at Bilboes, Motapa and Maligreen projects

SP Angel Morning View: Gold tests $2,000/oz level on credit crunch concerns

Caledonia Mining - 2022 – a record year, with Caledonia opening a new chapter for 2023.

Caledonia, which operates the Blanket gold mine in Zimbabwe, today publishes its 2022 audited accounts – which is, once again, another year of records. Gold production in 2021 was at its highest level ever at 80.8koz gold (2021 67.5koz); on mine costs kept stable despite global cost inflation at $735/oz ($742), gross profit was $61.8m ($54.1m); dividend paid at 56c/sh (yielding 3.6%), and; adjusted eps up to 220c/sh (226). 2022 was a year that saw the commissioning of the Central Shaft, the co

Hybridan Small Cap Feast - 10 Feb 23

10 February 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

LIBERUM: Caledonia Mining* - Our current valuation does not reflect Bilboes-Motapa integration synergies

Cenkos: Caledonia Mining Corporation Plc -- Blanket Resources and Reserves Update

Caledonia released its updated NI 43-101 compliant Mineral Resources and Reserves estimates at its 64% owned subsidiary, the Blanket Mine in Zimbabwe. The total Measured and Indicated Mineral Resources estimate at Blanket, inclusive of Mineral Reserves, has increased by 52% to 1,095,000oz of gold and the total Mineral Reserves estimate at Blanket has increased by 1% to 395,000oz of gold.

Caledonia Mining (CMCL) – Corporate – Blanket mine resource upgrade

Caledonia today provides a resource upgrade for its Blanket mine in Zimbabwe. The total measured and indicated mineral resources estimate (“M&I”) at Blanket, inclusive of reserves, has increased by 52% to 1.1Moz gold with the total reserve estimate increased by 1% to 0.4Moz gold. Inferred resource fell slightly (2%) and is set at 0.8Moz gold; total resource at the mine is now nearly 2Moz gold. Producing 80koz/yr, Caledonia now has 5 years of defined proven & probable reserve at Blanke

SP Angel Morning View: Gold and copper prices continue to rise as US inflation slows

Caledonia Mining* (CMCL LN) – Blanket mine delivers almost 20% production increase in 2022 First Quantum Minerals (FM CN) – Progress on Cobre Panama Griffin Mining Ltd (GFM LN) – Q4 Results and Full Year Production 2022

Caledonia Mining (CMCL) – Corporate – Record annual gold production and 2023 guidance

Caledonia announces today record gold production for 2022 from its Blanket mine in Zimbabwe at the upper end of its guidance at 80.8koz gold – a 20% increase on 2021 gold production with the Central Shaft project finally complete and commissioned. The final quarter was a record 21koz showing that the Blanket mine can operate in excess of 80koz/yr for periods which we see as confidence in new forward guidance. For 2023, Caledonia sees Blanket producing 75-80koz, with a second product

LIBERUM: Caledonia Mining* - Major milestone of 80koz hit

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Updated Alkaid #2 test results

SHORE CAPITAL - Savannah Energy+ (SAVE, Under Review, Suspended) - Chad upstream asset update

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

FY22 results update

Diversified Energy reported FY22 results that were slightly ahead of our expectations and we raise our 2023 EBITDA estimate by +3% ahead of what the group expects to be a ‘transformational' year.

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 over US$14m of cumulative net revenues from the field since mid-August 2021, from US$13m as of early February 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). These Wressle revenues continue to help underpin company financial performance, while also providing

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Union Jack Oil (UJO LN) - Interim dividend declaration

New interim dividend of 0.3p. Union Jack has announced an interim dividend of 0.3p/share. This follows the 0.8p/share paid in 2022, and is enabled by the ongoing cash flows being generated from the company's Wressle development. Union Jack's share buyback programme also continues, with 2,825k shares repurchased so far (out of a potential up to 11.3m).

Wide margins maintained despite inflation headwinds

The inherent low-cost structure of CAML’s Kounrad and Sasa operations shone through in 2022 as the group delivered a very stable financial performance in the face of significant macro-economic headwinds. Neither operation was fully immune to global inflationary pressures, but they nonetheless drove EBITDA and free cash flow (FCF) generation to an impressive $132m (a margin of 57%) and $90m respectively, only a little below 2021 levels despite the macro challenges. This enabled CAML to continue t

Morning Note – 27 March 2023

FY22 - Focus on the next 6 months' operations

Savannah Energy - Chad upstream business nationalised

The Republic of Chad has nationalised the upstream assets Savannah recently acquired from ExxonMobil. While disappointing, Savannah remains highly free cash flow generative, an attribute the approaching completion of Petronas’s South Sudan oil business is set to boost further.

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p

SHORE CAPITAL - TOUCHSTONE EXPLORATION+ (TXP, 61p, House Stock) - FY22A results exceed our forecasts; Cascadura remains on track versus prior guidance