• Cypress Development Corp. (TSX-V: CYP) (“CYP”, or “Company”) has seen impressive gains in its share price since our initiating report and has leveraged this into a recent equity financing with a bought deal raise. The company raised gross proceeds of almost $20 million, and with a significantly stronger balance sheet, the company is advancing key strategic objectives that could advance its Clayton Valley Project further. • Building Out Pilot Plant Operations: The company's main objective is to complete its pilot plant and begin small-scale, preliminary lithium production. The pilot plant is expected to test key assumptions from the Prefeasibility Study (“PFS”), and eventually advance the project to a Feasibility Study (“FS”). • Testing Chloride Leaching for Lithium Extraction: Leveraging positive metallurgical results in late 2020, CYP is looking to test the feasibility of chloride leaching as a viable alternative to the sulfuric leaching assumed in the PFS. This could significantl

ALB ALB CYP

• 13 Apr 21
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Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in sports and corporate deal making (Keith Harris, former Chairman of The Football League), technology and electronic gaming (Nolan Bushnell, founder of the pioneering company, Atari), esports and game tech (Kevin Soltani and Jassem Osseiran) and as FD Max Deeley. Target Admission Date of 26 April. Darktrace plc. Announcement of Intention to Publish a Registration Document and Potential IPO on the main market of the London Stock Exchange. Darktrace was founded in 2013 with a mission to fundamentally transform the ability of organisations to defend their most critical assets in the face of rising cyber threats. Darktrace is a world-leading provider of AI for the enterprise, with the first at-scale in-the-enterprise deployment of AI in cyber security Timing TBA musicMagpie is a leader in re-commerce in the UK and US in the circular economy of consumer technology (including smartphones, tablets, consoles and personal computers), books and disc media (including CDs, DVDs and video games). Expected 28 April. Offer details TBA Wickes to demerge from Travis Perkins and list on the Main Market. Expected 28 April. Advance Energy to complete an RTO on AIM indirectly acquiring up to 50% of Carnarvon Petroleum Timor which holds a 100 per cent. working interest and is the contractor under the Buffalo PSC, offshore Timor-Leste. Carnarvon Petroleum Timor is a subsidiary of ASX listed company, Carnarvon Petroleum Limited. The net proceeds of the Placing of approximately £20.01m (approximately US$27.51m) will be used to fund the Acquisition. Due 19 April. NFT Investments plc is an investment company that specialises in non-fungible tokens (NFT). Has applied for admission to the Access segment of the AQSE Growth Market. No funds being raised. Due 16 April. Thor Explorations (TSXV:THX) seeking a secondary listing on AIM. The Company is targeting Admission during Q2 21. Segun Lawson, President & CEO, stated: “Thor Explorations has advanced significantly, in both project development and capitalisation since the acquisition of Segilola in 2016. This year, the Company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt.” MAST Energy Developments (MED) is to IPO on the Standard List on 14th April under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Segment of the Main Market of LSE. The online pension provider had approximately 130,000 Active Customers and £1.5bn of assets under administration as at 28 February 2021. The Offer will comprise new Shares raising gross proceeds of approximately £55m and existing Shares to be sold by certain existing small minority shareholders of up to £5m. None of the founders, directors or members of senior management of PensionBee are selling any existing Shares. Expected in April. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equity positions and royalties in a variety of projects in the natural resources sector across multiple jurisdictions, primarily in the Americas and Africa. The Company is proposing to raise up to £1.5m by way of placing of new Ordinary Shares to support further prospect acquisitions. Current Mkt cap £4.7m Expected April. Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoing project development work. Due 27 April.

VASTN RMM ARK SEEN CRC GFM CORO ALBA TUNG BOOM

• 13 Apr 21
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Alba Mineral Resources (ALBA LN) – Waste dump sampling at the Clogau St David's mine Arkle Resources* (ARK LN) – Denial of rumours concerning a reverse takeover Castillo Copper (CCZ LN) – Historical data review highlights potential at Arya IronRidge Resources* (IRR LN) – Multiple high grade lithium intersections point to Eqoyaa resource growth potential KEFI Gold and Copper* (KEFI LN) – Phase 3 step out drilling extends Hawiah along strike and down dip Rambler Metals and Mining* (RMM LN) – Asset sales completed Vast Resources (VAST LN) – Baita Processing Manager appointment

ALBA ARK KEFI RMM VAST CCZ IRR

• 13 Apr 21
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CAML’s Q1 2021 production rates of copper, zinc and lead were down slightly versus Q1 2020, but we believe output of all three metals remains on course to meet group guidance for 2021. The latter is in-line with production levels over recent years, which if achieved we believe would result in material earnings (and potentially dividend) growth this year given the rally in base metals prices over recent months relative to 2020 average levels. Our 2021 forecasts would put CAML on an EV/EBITDA multiple of under 5x and a compelling dividend yield of over 6%, the latter conservatively assuming a free cash flow pay-out ratio below that used to set the 2020 dividend. Given our estimates assume zinc and lead prices broadly in-line with current pricing levels and a copper price assumption that is some way below current spot, we believe the risks to our 2021 estimates lie to the upside.

Central Asia Metals Plc

• 13 Apr 21
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Ares Strategic Mining (ARS CN) has announced early success from its geophysics surveys. The signatures of known fluorspar mineralisation have been repeated elsewhere demonstrating new potential discoveries confirming the prospectivity of Spor Mountain for fluorspar mineralisation and the high likelihood that the Lost Sheep Mine will be a long life operation. Central Asia Metals (CAML LN) has announced Q1 production results which indicate that the company is on track for our estimates which are within the company’s guidance range across the three metals produced. Q1 copper production of 2,880t was impacted by seasonal effects of cold weather meaning a 10% YoY and 14% QoQ decline. Such variation in percentage is typical while Q1 2020 was the strongest first quarter in three years.

Ares Strategic Mining Inc (ARS:TSX)Central Asia Metals Plc (CAML:LON)

• 13 Apr 21
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The victory of Guillermo Lasso in the Ecuador elections derisks the SolGold investment case and materially increases the likelihood of a takeover bid in our view. Not only was Lasso the pro foreign direct investment candidate, which should get potential investors off the fence, but the clear win allows for a smooth transition. Combined with encouraging progress on the PFS re-scoping and exploration at Porvenir, we are lowering the discount to 20% from 30% on our valuation. This raises the price target to 44p or just 2.6 weeks of BHP’s spot FCF generation.

SolGold Plc

• 13 Apr 21
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Consolidated Zinc Ltd (CZL.ASX) is a junior mining and exploration company, listing on the ASX in June 2006, holding a 100% interest in Plomosas Zn-Pb-Ag mine in Chihuahua, Mexico, where commercial zinc production was re-established in December 2018. The company is set to realise greater economic returns from its Plomosas mine through 2021 by delivering improved commercial outcomes and profitability from increased metal recoveries, more optimal mining and cost reductions resulting from greater direct operational control. With global economic growth expected to be strong in a post-COVID world, the outlook for industrial metals remains robust although this remains a critical risk to the short-medium term outlook. Whilst CZL is a ‘one-asset play’ at the moment, its tenement holdings around Plomosas are highly prospective with a high probability of delivering project extensions and new deposits subject to successful regional exploration and evaluation.

Consolidated Zinc Limited

• 13 Apr 21
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Report Highlights • In this report, we look at the gold royalty industry in relation to traditional gold mining companies and the commodity itself. As specialty financiers, royalty companies provide project financing to miners via various contracts, purchase third-party royalties, and even accumulate properties or property options of their own (with the intention of selling or optioning them to miners in the future for profit and/ or royalty agreements). • Outperformance vs. Gold Miners: In terms of share price performance and valuation multiples, the major gold royalty companies have largely outperformed the major precious metals miners. We believe that this is in large part due to differences in operating models and the relative strengths of the royalty model that minimize operating cost and CAPEX intensity, as well as risk and operating complexity. • Valuation Multiples Expansion and Returns to Scale: A phenomenon that has been well recognized in the mining royalty industry is the positive value accretion with scale. As royalty companies accumulate royalties and other holdings, they benefit from organic asset growth on royalties that comes at no additional cost, combined with de-risking benefits related to portfolio diversification. As a result, we have seen major royalty companies exhibit higher multiples as they grow their portfolios. • Small-Scale Gold Royalty Companies Poised for Growth: Due to the aforementioned effect, smaller royalty companies with the right equation and catalyst to drive royalty portfolio growth can see dramatic increases to their valuations. In this report, we will be examining Ely Gold Royalties Inc. (TSXV: ELY) as a benchmark example of this.

Wheaton Precious Metals Corp

• 12 Apr 21
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• Maple Gold Mines Ltd. (TSX-V: MGM) (“MGM”, or “Company”) is a junior mining company with a focus on precious metals, specifically gold. The Company owns a large-scale property package comprising two gold-prospective projects located in Quebec, Canada. • Partnership with Agnico Eagle Mines: The company has a Joint Venture (“JV”) agreement in place with major gold miner Agnico Eagle Mines Limited (TSX: AEM). The JV agreement is structured to provide AEM ownership interest in return for shouldering exploration and development costs, giving MGM the potential to realize significant asset valuation growth at low near-term cost. In addition, AEM is contributing its past-producing, high-grade Joutel Gold Project to the JV which adjoins MGM's Douay Gold Project. • Existing Gold Resource with Significant Expansion Potential: the Douay Gold Project is favourably positioned in the world-class Abitibi greenstone belt, and MGM has explored the property since 2010. The company completed a resourc

Agnico Eagle Mines Limited (AEM:NYS)Maple Gold Mines Ltd (MGM:TSX)

• 12 Apr 21
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AfriTin* (ATM LN) – By-product potential at the Uis tin mine Alba Mineral Resources (ALBA LN) – Phase 2 drilling underway at the Clogau St David's mine ITM Power (ITM LN) - First Green Hydrogen for Glasgow Project planned capacity doubled to 20MW

ATM ALBA ITM

• 12 Apr 21
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