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Steel Dynamics had a strong quarter, generating sales, earnings, and cash flow above market expectations. Sinton is demonstrating considerable operating improvement and has a clear path to profitability in the second quarter of 2023. Its New Millennium Building Systems platform delivered good steel fabrication earnings. Their new aluminum group is investing in flat-rolled aluminum with excellent success. Operating income from their steel business reached $3.1 billion. Despite lower average selli
Companies: STEEL DYNAMICS (STLD:NYSE)Steel Dynamics, Inc. (STLD:NAS)
Steel Dynamics delivered another strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings. Records for steel shipments and price volume in their steel fabrication sector helped boost revenues across all platforms to a record $6.2 billion. As a result of record earnings from steel manufacturing, the company's second quarter 2022 operating income of $1.6 billion increased 8% above first quarter results. As they continue to reduce their reliance on mor
Steel Dynamics is one of the biggest steel fabrication players in the world. The company has been delivering a decent set of financial results, relying on a long-term diversified value-adding growth strategy. Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations. Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron pr
Companies: Steel Dynamics, Inc. (4STLD.MIL:ETLX)Steel Dynamics, Inc. (STLD:NAS)
This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world. The company has been delivering a decent set of financial results, relying on a long-term diversified value-adding growth strategy. Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations. Their Butler Flat Roll division benefits from iron dynamics, an
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Companies: Trident Royalties Plc
• The US$2.7 mm cash position at the end of June is in line with our expectations.
• Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon.
• Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects
Companies: Chariot Limited
Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.
Companies: Diversified Energy Company PLC
We believe that the outlook for Pantheon Resources is significantly improving.
Companies: Pantheon Resources plc
Companies: Touchstone Exploration Inc
Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved
Companies: Central Asia Metals Plc
Companies: Savannah Energy Plc
Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p
Companies: Bushveld Minerals Limited
Hannam & Partners
Companies: Shanta Gold Limited
Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m
Alternative Resource Capital
The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio
Companies: Atlantic Lithium Limited.