SP Angel Morning View: Gold prices rise to $2,373/oz as Fed lines up rate cut and US dollar starts to slide

Morning Note – 10 July 2024

PANMURE LIBERUM: Caledonia Mining: H1'24 production exceeds Caledonia's expectations; FY24 guidance reiterated

PANMURE LIBERUM: Commodity snapSHOT: Gold’s rate sensitivity, re-emerges

SP Angel Morning View: Copper demand to rise significantly with shift to cleaner energy sources in India

Anglo American (AAL LN) – Operations suspended at Grosvenor mine, Queenland Ariana Resources (AAU LN) – Completion of merger with Rockover Holdings Bluejay Mining* (JAY LN) – Potential for hydrogen and helium by the Geological Survey of Finland on Outokumpu licenses Bushveld Minerals* (BMN LN) – Orion agrees to provide up to $10m buying Company more time to close on Vanchem disposal and FY23 accounts Caledonia Mining (CMCL LN) – Quarterly dividend maintained Eurasia Mining* (EUA LN) – Tempo

LIBERUM: African Golds: Summer lull = sector HOLD + buy Endeavour and Caledonia

SP Angel Morning View: Copper continues to slide as short-squeeze unravels and inventories climb

Morning Note – 3 June 2024

Caledonia Mining Corporation - Bilboes PEA 152,000oz pa

Caledonia filed a preliminary economic assessment for its chosen route to develop the Bilboes sulphide gold mine project. The PEA is for a single phase, 152,000oz pa production with an unleveraged Post Tax NPV10 of $309m and IRR of 34% at a $1,884/oz gold price. The Bilboes sulphide project is modelled to produce 1.5Moz of gold over an initial 10-year life of mine with a Peak funding requirement of $309m, a 1.9-year payback period at an All-In Sustaining Cost of $968/oz. Bilboes has a NI 43-101

LIBERUM: Caledonia Mining: Bilboes: single-phase build = superior returns + lower cost of capital

SP Angel Morning View: Iron ore prices strengthen to $121/t as China property sentiment improves

LIBERUM: Caledonia Mining: Blanket life to 2034 on reserves; >2040 if Inferred resources incl. at past ratios

Morning Note – 15 May 2024

Tlou Energy (TLOU) - Q4 update

Tlou has released its Q4 update, reporting ongoing progress during recent months on its Lesedi CBM gas-to-power project in Botswana, with first electricity sales continuing to be targeted for 2024.

Chariot Limited (AIM: CHAR): Like-minded farm-in partner to unlock Anchois

• Chariot is farming-out up to 55% in Anchois (Lixus licence) and 37.5% of the Rissana exploration licence to Energean for (1) up to US$75 mm in cash equivalents, including a US$50 mm loan convertible into Energean shares at a price of £20/sh or 3 mm Energean shares at Chariot’s option, (2) up to US$850 mm gross carry (US$170 mm net to Chariot based on US$850 mm x 20%) and (3) a 7% royalty on Energean’s share of revenue above a hurdle for gas price (we have assumed US$10/mcf). • The transaction

Morning Note – 26 July 2024

AUCTUS ON FRIDAY - 26/07/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere

Allenby Capital: Panthera Resources - Update

We see Panthera Resources plc (PAT.L) as among the most interesting of the gold juniors. This reflects two factors. First, the announcement in late August that Panthera had secured US$13.6m of non-recourse financing for litigation involving India’s alleged de facto expropriation of PAT’s world class Bhukia gold project. Panthera claims that India has breached its obligations under the Australia India Bilateral Investment Treaty (ABIT). If so, Panthera would be entitled to ‘fair and equitable com

AUCTUS ON FRIDAY - 19/07/2024

Condor Energies (CDR CN)C: Signing first LNG framework agreement in Kazakhstan – Condor has signed a first LNG Framework Agreement for the utilization of LNG to fuel Kazakhstan’s rail locomotives. The agreement was also signed by Kazakhstan Temir Zholy (KTZ), the national railway operator of Kazakhstan and Wabtec Corporation, a U.S. based locomotive manufacturer with existing facilities in Kazakhstan. KTZ and Wabtec previously signed a memorandum of understanding which includes modernization wor

Juggernaut Exploration Ltd. (TSXV: JUGR) Making tracks with discoveries in the Golden Triangle

◆ Juggernaut Exploration Ltd. (TSXV: JUGR) owns three highly prospective projects within, and close to, the Golden Triangle in NW BC, a Tier 1 region known for significant discoveries and developments. ◆ Each project is known to host high-grade gold-rich polymetallic discoveries that deserve additional exploration and resource assessment. ◆ The Company is supported by a well-respected fund group Crescat Capital that holds just under 20% of the share capital. ◆ The Company raised C$4.8 million

Morning Note – 2 May 2024

Termination of coverage

Edison Investment Research is terminating coverage on Cadence Minerals (KDNC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

i3 Energy* (I3E LN): Initiation - A solid platform for E&P growth in Canada

i3 Energy is an AIM and TSX-listed oil and gas company with a diversified 20kboe/d production base onshore Canada, which offers UK investors attractive exposure to North American E&P themes. The Company's production growth strategy is sensibly hedged to pivot between acquiring producing assets when commodity prices are low and to invest in its low-risk drilling inventory when prices are high.

Hybridan Small Cap Feast 07/07/23

Joiners: No joiners today. Leavers: Medica Group plc has left the Premium Segment of the Main Market. What’s cooking in the IPO kitchen?** Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in the medical cannabis market by creating products that provide fast onset of action and accurate dosing, intends to join intends to join the Access Segment of the AQSE Growth Market. Expected Admission 20 July 2023. Metals One Plc, a company focusing on acquiring natural resou

i3 Energy - 2024 Guidance: Consolidation for Growth

i3 Energy announced that its 2024 guidance consists of expectations to drill 10.5 net wells (7.6 net wells in Central Alberta, 1.9 net wells in Simonette and 1.0 net wells in the Clearwater play) with 85% of capex allocated to the second half of the year. Total capex expenditure for the year is guided at $US 50.9m. The company indicated that it intends to commence pad drilling of its Montney acreage in Q1 2025 and we perceive the company is bulking up for that significant growth opportunity for

i3 Energy (I3E LN) - Sweet as maple syrup

I3E is a UK and Canada listed E&P company, with a significant producing asset position onshore Canada in Alberta.

Allenby Capital: Panthera Resources Update

Panthera Resources (PAT.L) recently (25/08/23) made an important announcement that could potentially unlock the value of its world-class Bhukia gold project in Rajasthan, north-west India. Non-recourse litigation financing of US$13.6m has been secured from LCM Funding SG Pty Ltd, a subsidiary of Litigation Capital Management Ltd (LITL: AIM), a leading global disputes funder, to pursue a claim against the Republic of India for a breach of treaty obligations under the 1999 Agreement between Austra

Panoro Energy ASA (OSE: PEN): Northern flank at Hibiscus estimated to hold 8 12 mmbbl reserves

• The northern flank at Hibiscus, appraised by the DHIBM-7P pilot vertical well, is estimated to hold 8-12 mmbbl gross reserves (Panoro WI: 17.5%). • This is above our early estimate of 8 mmbbl. • The well was drilled from the pilot hole of the recently drilled Hibiscus South well that had already encountered 5-6 mmbbl recoverable resources in a north-east extension of the field. • Overall, 13-18 mmbbl reserves have been encountered so far this year at Dussafu, suggesting a very high reserve r