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Morning Note – 16 July 2025

Companies: VNET CRDL CMCL

US Tariffs - impact on Cavendish research universe

Companies: 88E AZY LIT HHR GENI FOG TXP FNX 4BB KITW DSCV SDY ALU BILN CLBS PEB EDEN TIDE CNC GHH PEN IGP FTC EBQ IOM KIE LPA RNO MPE SOLI TRI MTC AVG PCIP RUA RBN KBT MBH NANO FEN AGY MAI TSTL SRT POS HSP VNET TAST OMIP CNSL ING SDI DOTD TND TIA BVXP AET RST IKA COST RCN HVO RBD TIME BOWL BBB KMK MRL XPF ARC TGP ASAI TRT SPR BGEO BBSN EMAN KRM VLG IXI SPA GETB PMG PULS USFP XSG HDD BRCK SEA JNEO SWG HAYD GFRD FRP ELIX QTX SAVE CARR TRC W7L JOG DEC ULTP NXR CER CRDL CREO GPM CHAR MPL NESF DUKE XLMDF EXR OPG CMCL BOOM LORD CLX HCM FADL MEX S247 ADF REVB SOM CORA POLB VINO RCFX BLZE AMCO ZAM

PANMURE LIBERUM: Caledonia Mining: Q2 record production & guidance upped

Companies: Caledonia Mining Corporation PLC

PANMURE LIBERUM: Mining equityDECK: Blue water

Companies: ALL SLP AMRQ JSE TKO ANTO RIO SQZ FXPO AAL GMS GEM FAR GLEN CMCL YCA BHP MAG TGA GEMD EDV KIST

Caledonia Mining Corporation - Making hay while gold sun shines; FY25 guidance u

Companies: Caledonia Mining Corporation PLC

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