Resources equity research

Explore the latest equity research and media content for companies in the Resources sector. These stocks operate in mining, industrial metals, paper mills and forestry. Mining sectors include coal, diamonds, and gemstones/precious metals.

  • 13 Jan 21
Central Asia Metals: Q4 2020 Operations Update

Central Asia Metals (CAML LN) has reported Q4 2020 production with 3,365t of copper taking full year output to 13,855 in line with our forecast of 13.9kt and at the top end of guidance. Q4 lead output was 7,442t meaning 29,741t over the full year, up 2% YoY and in line with our forecast of 30kt while zinc output of 5,848t took full year output to 23,815t again in line with our forecast of 24kt and up 2% YoY despite the disruption at Sasa which CAML has overcome rapidly as we expected.

Companies: Central Asia Metals Plc
  • 15 Jan 21
WHI Morning Comment: Jubilee Metals (JLP) - Strong FY first half performance

Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performance of commodity prices –rhodium, palladium and platinum. We see this as still only the start for Jubilee as we look forward to the first copper oxide concentrates from the Roan project in Zambia to the Sable Refinery – where the Roan plant is currently under construction. Once again we are struck by the speed at which Jubilee moves to advance its projects and, with its South African cash engine showing no signs of slowing down. Jubilee can choose to move its wider ambitions in Zambia forward from internally generated cash flow. On the back of the strong performance we put our forecasts under review.

Companies: Jubilee Metals Group PLC
  • 11 Jan 21
SP Angel Morning View: Markets await Biden stimulus proposal

Anglesey Mining (AYM LN) – Mineral resources and PEA for Parys Mountain Castillo Copper (CCZ LN) – Further assay results from drilling at the Big One project in Queensland Central Asia Metals (CAML LN) – Stable production reported in 2020 with final dividend to be announced in March IronRidge Resources* (IRR LN) – Sale of non-core gold project Keras Resources* (KRS LN) – Keras increase stake in the Daiamond Creek organic phosphate mine to 51% Power Metal Resources* (POW LN) – Molopo Farms drilling highlights nickel and PGM potential Tertiary Minerals* (TYM LN) – Progress of Nevada exploration

Companies: POW AYM CAML KRS TYM CCZ IRR

  • 13 Jan 21
SP Angel Morning View: Gold trades higher as central banks reiterate their pro stimulus stance

Arc Minerals* (ARCM LN) – Arc Minerals extends exclusivity agreement with Anglo for a further 180 days Cornish Metals* (CUSN CN) – Intention to float on AIM market Greatland Gold (GGP LN) – Newcrest approves A4146m for preparatory mining work at Havieron IronRidge Resources* (IRR LN) – Drilling defines multiple targets at Ewoyaa Lithium Project Kenmare Resources (KMR LN) – 2020 production and 2021 guidance Sunrise Resources (SRES LN) – Progress report on projects Zamare Minerals* (Private) - Zamare announce agreement with First Quantum Minerals over the Ntambu exploration license in Zambia

Companies: CUSN ARCM GGP KMR SRES IRR

  • 15 Jan 21
Venit tempus, the time has come

European Metals has recently enjoyed a long overdue share price re-rating. The shares have increased ten-fold from Covid lows in April 2020 on the back of a marked improvement in lithium sector sentiment. EMH’s market cap is now £127m. Covid has in many ways accelerated the push towards EVs and the low carbon agenda. Europe is now the battleground for Electric Vehicles (“EVs”) where material sources, security of supply and the entire value chain is coming under ever increasing scrutiny. The DFS at EMH’s Cinovec project is due for completion by the end of 2021.The time has come for EMH and over the next 12 months we should see with more clarity how Cinovec fits into Europe’s growing EV and battery industry. We see no other project better placed to dovetail into the European battery market and supply battery-grade lithium at scale.

Companies: European Metals Holdings Limited
  • 02 Dec 20
Central Asia Metals: Valuation Upgrade

Central Asia Metals (CAML LN) is our top pick for exposure to copper and following the recent operational and financial normalisation the shares have jumped, up 16% since our last note. Our copper price forecast assumptions implied that during Q4 2020 the price, at that point up 47% from March lows would pause. This has not come to pass, now up 60% to eight year highs of US$7,688/t, indicating a higher starting point in 2021F and we have upgraded our forecasts accordingly.

Companies: Central Asia Metals Plc
  • 12 Jan 21
Small Cap Feast

Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC Due mid Jan. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for more than 60 years, primarily focusing on the B2B market. Due 14 Jan. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb.

Companies: IUG CBP KAT APP RST DIS NICL BOKU CNIC HE1

  • 14 Jan 21
Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RIO, TSCO, WIZZ, SVS, BBOX, EMAN, POLR, BRK, BOO, THG

Companies: Rio Tinto plc
  • 15 Jan 21
SP Angel Morning View: Biden delivers $1.9tn stimulus with more on infrastructure and green energy to follow

Bluejay Mining* (JAY LN) – BUY, Valuation 29.4p – Bluejay agrees jv with Rio Tinto over the Enonkoski Project in Finland Bushveld Minerals* (BMN LN) – BUY - Valuation 37.7p – Ferro-Vanadium prices jump 11.6% in the US Edenville Energy* (EDL LN) – Funding agreement refinanced and £900k raised Kodal Minerals* (KOD LN) – Further progress at West African gold assets Lucara Diamonds (LUC CN) – Karowe mine yields 341 carat diamond Serabi Gold* (SRB LN) –Q4 production results continue modest recovery of Q3

Companies: LUC JAY BMN EDL KOD SRB

  • 08 Jan 21
SP Angel Morning View: Copper prices continue to rise on strong demand and outlook

Alba Mineral Resources (ALBA LN) – Resumption of drilling at the Clogau mine Capital Limited (CAPD LN) / Centamin (CEY LN) – Progress on Sukari contract Empire Metals* (EEE LN) – Phase-2 drilling commenced at Eclipse Gold Project Rambler Metals and Mining* (RMM LN) – Appointment of new CFO

Companies: ALBA CAPD CEY EEE RMM

  • 12 Jan 21
WHI Morning Comment: Savannah Resources (SAV) - Strategic investment and offtake with strong Portuguese partner

Savannah today announces a Heads of Agreement (HOA) with the major diversified Portuguese energy group Galp Energia (ENXTLS: GALP, Mkt Cap. €7.6bn), for a proposed strategic investment in the Mina do Barroso Lithium Project (subject to due diligence). For $6.4m in cash, GALP will obtain a 10% interest in the project and an exclusive negotiation for up to 100kt/yr of the proposed production from Mina do Barroso (~50% of annual production). We see this as part of a wider GALP project to diversify itself further into sustainable and green energy solutions. This is a major announcement for Savannah – a partner with a strong balance sheet, strong Portuguese connections and a vested interest in developing Portugal's raw material chain. We expect a catalyst-rich year in 2021 for Savannah as it finalises its Feasibility Study for Mina Do Barroso, concludes its offtake discussions, looks to financing and eventual construction; and all set against an improving lithium price background. We continue to see fair value in Savannah at 10p.

Companies: Savannah Resources Plc
  • 12 Jan 21
SP Angel Morning View: SP Angel . Morning View . Tuesday 12 01 21 Metal prices recover as US dollar pulls back from short term strength

Arc Minerals* (ARCM LN) – Placing raises £2m at 3.5p Ariana Resources (AAU LN) – Kiziltepe exceeds 2020 production guidance BlueRock Diamonds (BRD LN) – Kareevlei production shows significant improvement as diamond sales rise Orosur Mining* (OMI LN) – Nick von Schirnding joins board of Orosur Power Metal Resources* (POW LN) – Exploration at Haneti continues as nickel prices continue to rally

Companies: OMI POW ARCM AAU BRD

  • 14 Jan 21
Small Cap Feast

Cornish Metals (TSX-V: CUSN) intends to list on AIM. The Company is proposing to raise £5 million by way of private placement of new Common Shares (the "Fundraising") to advance the United Downs copper-tin project. The Company expects that Admission will become effective in February 2021. The Company's Common Shares will continue to be listed and trade on the TSX-V in Canada. Further media reports that Dr Martens, the British Boot brand is planning an IPO on the LSE. It is currently owned by PE group, Permira who is expected to sell down its stake at the IPO. March 2020 YE the group had revenues of £672m and EBITDA of £184m. Deal size TBC. VH Global Sustainable Energy Opportunities plc, a closed-ended investment Company focused on making sustainable energy infrastructure investments, today announces intends to launch an initial public offering of shares on the Official List (Premium) of the Main Market of the London Stock Exchange. Due by Early Feb. Moonpig, the digital greeting card company, is planning an IPO with a potential valuation of £1bln, according to multiple media reports. Further details expected to be announced over the next two weeks.

Companies: ZPHR PANR PRSM SENS CYAN G4M ITX CRCL FEN ZIN

  • 15 Jan 21
Cornish Metals* (CUSN LN) - Admission to AIM

Admission to AIM Cornish Metals* (CUSN LN) – AIM Admission – Writing the next chapter in Cornwall's long mining history Cornish Metals* (CUSN CN) – C$0.10, Mkt cap C$14m

Companies: Cornish Metals Inc.
  • 10 Nov 20
WHI Morning Comment: Jubilee Metals (JLP) - Audited annual results (year ending June 30) – real progress made

Jubilee today releases its audited annual accounts for the year ending June 30 2020. As expected, the results show the real progress made through the year. Production up, revenues up (132% to £54.8), Operating profit up (226% to £15.9m and EPS up (96% to 0.94/sh). We have seen solid progress on the expansion in the chrome and PGM projects in South Africa and consolidation of ownership of the projects against a background of Covid – which Jubilee successfully navigated. The year also saw robust plans for expansion in Zambia at the Sable Refinery in Kabwe. Security of supply has been achieved by three transactions which tie up dump resources all set to feed into the (to be) expanded Sable Refinery and making Jubilee a producer of scale in Zambia. We see fair value in Jubilee at 12p and present our first forecasts for the company (FY2021E).

Companies: Jubilee Metals Group PLC
  • 26 Nov 20
Bushveld Minerals' is back to full production, reporting a 31% increase in activity for Q3
bushveld-minerals-is-back-to-full-production-reporting-a-31-increase-in-activity-for-q3
  • 15 Jan 21
Anglesey Mining: 'British story, British jobs, British asset and British company!'
anglesey-mining-british-story-british-jobs-british-asset-and-british-company-
  • 24 Dec 20
Mining Capital's Alastair Ford explains why mining in 2020 has survived and in some cases, thrived
mining-capital-s-alastair-ford-explains-why-mining-in-2020-has-survived-and-in-some-cases-thrived
  • 15 Jan 21
Serabi Gold - Q4 2020 Operational Update
serabi-gold-q4-2020-operational-update-15-01-2021
  • 24 Dec 20
Market Report: Brexit bells set to ring this Christmas Eve
market-report-brexit-bells-set-to-ring-this-christmas-eve
  • 14 Jan 21
Ariana Resources has 'everything to play for' in 2021 as production again beats guidance
ariana-resources-has-everything-to-play-for-in-2021-as-production-again-beats-guidance
  • 09 Jan 20
Verde Agritech pushes greener potash saying farming must change
verde-agritech-pushes-greener-potash-saying-farming-must-change
  • 13 Jan 21
BlueRock Diamonds boost production and get set for new plant opening in Q1
bluerock-diamonds-boost-production-and-get-set-for-new-plant-opening-in-q1
  • 29 Dec 20
Anglo Pacific Group buy 'significant' stake in Brazilian Nickel Limited
anglo-pacific-group-buy-significant-stake-in-brazilian-nickel-limited
  • 13 Jan 21
Ariana Resources - 2020 Production Results and Update
ariana-resources-2020-production-results-and-update-13-01-2021
  • 04 Oct 17
Executive interview - Covata
executive-interview-covata-04-10-2017
  • 13 Jan 21
Vango Mining says 2021 will be the year it starts producing and potentially expands through M&A
vango-mining-says-2021-will-be-the-year-it-starts-producing-and-potentially-expands-through-m-a
  • 23 Oct 19
Highfield Resources advancing flagship potash project towards construction phase
highfield-resources-advancing-flagship-potash-project-towards-construction-phase
  • 12 Jan 21
Anglesey Mining aim to transform mining industry on North Wales island
anglesey-mining-aim-to-transform-mining-industry-on-north-wales-island
  • 17 Dec 20
Kodal Minerals says Fatou Gold Project is 'immediately compatible with existing projects'
kodal-minerals-says-fatou-gold-project-is-immediately-compatible-with-existing-projects-

Latest Content

Venit tempus, the time has come

European Metals has recently enjoyed a long overdue share price re-rating. The shares have increased ten-fold from Covid lows in April 2020 on the back of a marked improvement in lithium sector sentiment. EMH’s market cap is now £127m. Covid has in many ways accelerated the push towards EVs and the low carbon agenda. Europe is now the battleground for Electric Vehicles (“EVs”) where material sources, security of supply and the entire value chain is coming under ever increasing scrutiny. The DFS at EMH’s Cinovec project is due for completion by the end of 2021.The time has come for EMH and over the next 12 months we should see with more clarity how Cinovec fits into Europe’s growing EV and battery industry. We see no other project better placed to dovetail into the European battery market and supply battery-grade lithium at scale.

European Metals Holdings Limited

  • 15 Jan 21
  • -
SP Angel Morning View: Biden delivers $1.9tn stimulus with more on infrastructure and green energy to follow

Bluejay Mining* (JAY LN) – BUY, Valuation 29.4p – Bluejay agrees jv with Rio Tinto over the Enonkoski Project in Finland Bushveld Minerals* (BMN LN) – BUY - Valuation 37.7p – Ferro-Vanadium prices jump 11.6% in the US Edenville Energy* (EDL LN) – Funding agreement refinanced and £900k raised Kodal Minerals* (KOD LN) – Further progress at West African gold assets Lucara Diamonds (LUC CN) – Karowe mine yields 341 carat diamond Serabi Gold* (SRB LN) –Q4 production results continue modest recovery of Q3

LUC JAY BMN EDL KOD SRB

  • 15 Jan 21
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Cornish Metals* (CUSN LN) - Admission to AIM

Admission to AIM Cornish Metals* (CUSN LN) – AIM Admission – Writing the next chapter in Cornwall's long mining history Cornish Metals* (CUSN CN) – C$0.10, Mkt cap C$14m

Cornish Metals Inc.

  • 15 Jan 21
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Anglesey Mining: 'British story, British jobs, British asset and British company!'

Anglesey Mining plc

  • 15 Jan 21
WHI Morning Comment: Jubilee Metals (JLP) - Strong FY first half performance

Jubilee put out an intraday press release yesterday updating on the performance in the first half (ending Dec 2020) of the FY 2021. Once again Jubilee delivers; significantly increased revenues and profits from its chrome and PGM division in South Africa and a small, but important, contribution from Zambia. Notably this improvement isn't just from commodity price performance; rather increased production, productivity, throughput, renegotiated contracts and all set alongside the strong performance of commodity prices –rhodium, palladium and platinum. We see this as still only the start for Jubilee as we look forward to the first copper oxide concentrates from the Roan project in Zambia to the Sable Refinery – where the Roan plant is currently under construction. Once again we are struck by the speed at which Jubilee moves to advance its projects and, with its South African cash engine showing no signs of slowing down. Jubilee can choose to move its wider ambitions in Zambia forward from internally generated cash flow. On the back of the strong performance we put our forecasts under review.

Jubilee Metals Group PLC

  • 15 Jan 21
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SP Angel . Morning View

Amur Minerals* (AMC LN) – $165k coupon collected NRR convertible | Anglo Asian Mining* (AAZ LN) – Production at 69koz GEO and cash balance climbing to ~$40m in FY20 | Atalaya Mining (ATYM LN) – Record copper production at Proyecto Riotinto in 2020 | Condor Gold* (CNR LN) – Directors exercise options | IronRidge Resources* (IRR LN) – 12,500m drill programme commenced at Ghana Lithium Project | Ormonde Mining* (ORM LN) – Ormonde announce deal for new high-grade copper, silver and zinc projects | Orosur Mining* (OMI LN) – FY Q2 2021 Results | Strategic Minerals* (SML LN) – Cobre Q4 magnetite sales | URU Metals* (URU LN) – Possible disposal of Zebediela project

AMC AAZ ATYM CNR IRR ORM OMI SML URU

  • 14 Jan 21
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EXPECTED PRICE DYNAMICS FOR METAL PRODUCTS IN RUSSIA AND THE WORLD for January – March 2021

In December, high demand for rolled metal on the global market brought prices to multiyear highs. In all key markets, including in Russia, demand for rolled metal exceeded the supply. In Russia, speculators further heated up the prices of rolled metal in the warehouse market, seeking to buy out the volumes available for sale for further resale.

Magnitogorsk Iron & Steel Works PJSC

  • 14 Jan 21
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SP Angel Morning View: Biden expected to announce a $2tn stimulus programme

Amur Minerals* (AMC LN) – $165k coupon collected NRR convertible Anglo Asian Mining* (AAZ LN) – Production at 69koz GEO and cash balance climbing to ~$40m in FY20 Atalaya Mining (ATYM LN) – Record copper production at Proyecto Riotinto in 2020 Condor Gold* (CNR LN) – Directors exercise options IronRidge Resources* (IRR LN) – 12,500m drill programme commenced at Ghana Lithium Project Ormonde Mining* (ORM LN) – Ormonde announce deal for new high-grade copper, silver and zinc projects Orosur Mining* (OMI LN) – FY Q2 2021 Results Strategic Minerals* (SML LN) – Cobre Q4 magnetite sales URU Metals* (URU LN) – Possible disposal of Zebediela project

OMI ORM AMC AAZ CNR SML URU ATYM IRR

  • 14 Jan 21
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Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RIO, TSCO, WIZZ, SVS, BBOX, EMAN, POLR, BRK, BOO, THG

Rio Tinto plc

  • 14 Jan 21
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Cenkos: Landore Resources Ltd -- Gold everywhere!

Results from the 2020 soil-till sampling campaign have been reported today and are positive with widespread anomalous gold values, including the highest soil-till assay results to date, along strike to the east and west of BAM Gold for a total length of 8 kilometres. Numerous new drill targets have been identified which have the potential of being advanced into additional resources to continue the rapid growth of the BAM Gold Project. Drilling has commenced in the area to the west and has intersected similar geological lithology and mineralisation to BAM Gold. The drilling programme for 2020-21 at the BAM Gold Deposit is progressing as planned with a total of 6,518 metres of HQ diamond core, comprising 30 drill holes, completed to date. All drill holes have successfully intersected prospective mineralised zones associated with the BAM Gold Deposit. The drill core has been logged, processed, and sent to ALS Minerals of Thunder Bay for analysis to date. Assay results are pending, with increased exploration activity in Canada, the labs are full, with assays now taking 7-8 weeks. The current funded drilling programme is expected to complete in April 2021.

Landore Resources Limited

  • 14 Jan 21
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