SP Angel Morning View: Gold prices extend gains as dollar slides on dovish pivot expectations

SP Angel Morning View: China EV price war sparked by BYD announcements

Mining Monthly: January Edition

What you need to know: • Gold held flat in January following a big monthly gain of 13% and reaching all-time highs in December, while mining equities lagged. • Besides gold, other precious metals, commodities, and battery metals had a mixed month, while uranium’s strong performance accelerated, up 16% in January and hitting its highest price in more than 16 years. • We attended a busy Vancouver Resource Investment Conference in January. Find our top picks from the conference here. Following a

SP Angel Morning View: Uranium spot price holds over $90/lb as production cuts meet ETF and utility buying

Mining Monthly: December Edition

What you need to know: • Gold continued to rise in December, gaining 1.3% on the month and closed out 2023 up 13% to $2,062/oz. Notably, gold hit an all-time high, reaching $2,135/oz, rising above the previous record of $2,072 in August 2020. • Besides gold, other precious metals and commodities had a mixed month, while battery metals continued to underperform. • The mining equities slightly underperformed broader markets as capital flowed into the TSX & S&P500 on the back of a more defined Fe

SP Angel Morning View:

SP Angel Morning View: Metals rise on China state bank rate cuts

Mining Monthly: November Edition

What you need to know: • Precious metal prices were up modestly in November, following strong performance in October. The mining equities outperformed the metals and broader markets as capital seems to have finally started to flow back into the sector. Other commodities also had a solid month. • Gold closed the month above $2,000/oz for the first time in its history. • The lithium price continues to struggle in the wake of a slowing in the adoption rate of electric vehicles amid high interest

SP Angel Morning View: Copper prices fall in Fed inflation focus

SP Angel Morning View: China tightens controls over Rare Earth exports

Anglo Asian Mining* (AAZ LN) – BUY – Environmental action plan agreement paves the way to resume operations Atlantic Lithium* (ALL LN) – Drilling at Ewoyaa continues to show high-grade lithium and new extensions to the Spodumene resource First Quantum Minerals (FQM CN) – Panama congress passes new Mining Act without clause which may negate Cobre Panama licence Galileo Resources (GLR LN) – Wide zone of copper – bearing mineralisation intersected in Shinganda drilling Scotgold Resources (SGZ

SP Angel Morning View: US labour numbers in spotlight as Fed keeps rates unchanged

Critical Metals plc (CRTM LN) – Results highlight transition to copper production at Molulu in the DRC First Quantum Minerals (FQM LN) – First Quantum expects to continue operations at Cobre Panama as it aims to resume negotiations over new terms. Huntsman Corp (HUN N) – Hunstman suspending its plant in Conroe UPEC ‘ultra-pure ethylene carbonate' project in the US

Mining Monthly: October Edition

What you need to know: • Precious metal prices were up substantially in October, rebounding from two months of consolidation, significantly outperforming broader markets which were down during the month. Other commodities and battery metals held in relatively flat. • The price of uranium continued to perform well over the last month and resulted in significant equity financings. • Deteriorating economic data leads us to believe we are approaching a long-awaited pivot after both the BoC and the

SP Angel Morning View: Base Metals prices pause rally as market digests China PMIs

SP Angel Morning View: Gold prices climb as dollar weakens and Treasury sell-off eases

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

Falcon Oil & Gas - Funding a Multi TCF Resource

Falcon has raised gross proceeds of US$8.9m via a placing and subscription at a price of 6p/share and the granting of overriding royalty interests. The net proceeds, together with Falcon’s existing cash resources (cUS$4.3m) will be used to fund Falcon’s net share of 2024 capex (cUS$9m) associated with the 40MMscf/d Shenandoah South Pilot Project, including the drilling, stimulation, and flow testing of two 10,000ft horizontal wells. The funds will also enable Falcon to fund its share of the cost

Initiation of Coverage - Critical raw materials for Europe’s green transition

Beowulf is advancing a portfolio of projects in Europe focussed on metals and minerals that are critical to enabling the continent’s transition to a greener economy. Awareness of Europe’s over-reliance on external supply sources for such vital raw materials is driving growing political support for ‘home-grown’ projects. Beowulf is strategically positioned to leverage this fast-evolving trend – its Kallak project in Sweden holds potential to deliver high-quality iron ore to lower the carbon-inten

Morning Note – 22 April 2024

Sintana Energy Inc. (TSX-V: SEI): Constrained test rate of 14 mboe/d at Mopane-1X. 10+ bn boe in place confirmed.

• Multiple tests over multiple zones in multiple horizons were run at the Mopane-1X exploration well. The flows achieved during the well test reached the maximum allowed limits of 14 mboe/d. The flow rate was constrained by the size of the available surface facilities. • The AVO-1 horizon encountered at Mopane-1X and Mopane-2X are in the same pressure regime, suggesting that the entire area (8 km diameter) between the two wells is connected. Overall, in the Mopane complex alone, and before dril

Touchstone Exploration+ (TXP, House Stock at 44p) - Closing of expanded bank facilities

LIBERUM: Ferrexpo: Production triples

Jubilee Metals - Operational Update Q3 FY2024

Jubilee today reports its Q3 and third quarter operational results from its expanding operations in Zambia (copper) and South Africa (chrome and PGM). South Africa is on a growth trajectory with record chrome production of 409kt in the quarter (Q2 FY2024 381kt) and a monthly record in March of 145kt and production YTD of 1.13Mt (0.94Mt). Jubilee is well underway to its annual target capacity of 2,1Mt/yr especially with the new 300kt/yr chrome plant at Thutse expected to be operational in August

SP Angel Morning View: Copper prices hit $9,700/t as China smelts concentrates for zero charge Tc/Rc

Alien Metals - Hancock Project, Mining Lease Granted

Alien today reports intraday that the Western Australian Government has granted a mining licence for the Hancock iron ore project for a 21-year term. The granting of the mining licence is the latest milestone delivered by Alien as it advances the project towards development and production.

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

I3 Energy (I3E LN) - Canada royalty assets sale

I3 has announced the sale of the majority of its royalty interests in Canada, for US$24.8m cash. This allows the company to fully repay amounts drawn on its debt facility and create a working capital surplus, giving I3 significant additional funding flexibility going forward

Transition to Mining Operator

Adriatic Metals has announced their transition from mining contractor to mining operator at Rupice. The transition is expected to continue to benefit the development and productivity rates being achieved at Rupice mine, as well as result in cost efficiencies and improved HSE standards. The company has also announced a short-term loan facility with Orion of $25m, that is drawable at the option of the company in Q3/4 this year.

Jersey Oil & Gas (JOG LN) - Share price fall creates opportunity

Since November, the JOG share price has moderated from a high of 250p to current levels of 149.5p. This is despite JOG having now made significant progress towards FID on its c.70mmboe Buchan project, with FID upcoming later this year. In our view this share price move is unjustified, with current levels further enhancing the value on offer, and making an attractive opportunity for investors.

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