Resources

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.

Resources equity research

17 Jan 19

Small Cap Feast

Companies: ORCP IOF FOX TEG XLM TAP FST SNG ARE SRB

22 Jan 19

First Light

Sirius Minerals (SXX) – Corporate – Q4 2018 Update | Caspian Sunrise (CASP) – Corporate – Completion of A3 Best Acquisition | Sanderson Group (SND) – Corporate – AGM Update | Spectra Systems (SPSY) – Corporate – Small but meaningful contract win | Dillistone Group (DSG) – Corporate – GatedTalent to be profit and cash positive by Q419

Companies: SXX CASP SND SPSY DSG

17 Jan 19

China stimulus boosting demand

China has received a large amount of pessimistic sentiment due to the perceived weakness in the economy from a slowdown in Industrial Production and slowing GDP growth. We believe that China has gone through a planned and necessary set of reforms in 2017 and 2018 and will emerge out of this self-imposed reform chrysalis into a period of infrastructure growth focused on two key dates: 2021 and 2022; the 100th year anniversary of the founding of the Communist Party of China in 2021 and President Xi’s 10th year in office in 2022.

Companies: ARS CAML MOD SOLG NDA BOL UMI VNP

09 Jan 19

Arden Research best ideas 2019

We present our best research ideas for 2019 in this report seeking to provide investors with some value opportunities highlighting stocks that we believe warrant investor attention, regardless of near-term market direction. These stocks, in general, represent attractive and well-managed businesses or assets, with share price catalysts and where valuations or recent stock performance provide investors with a good entry point.

Companies: ANX ARS CALL HUR JHD JOG KCT MACF RBGP SOLG VNET

15 Jan 19

Share & share alike

It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to date. In Share News & Views we comment on Bloomsbury, DeepMatter*, James Fisher and Helios*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

29 Nov 18

LIBERUM: Asiamet Reosurces* - $3.3m cash injection will deliver BKM feasibility

Asiamet has announced it has raised $3.3m at 4.25p, with the funds being used to complete the feasibility study at BKM and drill targets for resource extension at BKZ and Baroi. Once feasibility work at BKM is complete the company will be in a position to fund development via a local or regional partner, which could be a major re-rating event.

Companies: ASIAMET RESOURCES

20 Sep 18

AIM MARKET UPDATE June, July, August 2018

AIM showed no signs of a summer slowdown with three strong months with regards to total funds raised (new and further issues). June, July and August averaged over £700m per month, boosted by a particularly strong June which delivered 14 IPOs (historically AIM has 5-6 new joiners per month). Through the end of August 2018, the total amount raised (new and further issues) of £4.80bn is +15% on the same period in 2017 which itself was the best year since 2007.

Companies: CDM LOOP YEW BLOE AQX SAE ANX TGP INX CBOX MIND KGH RAI TGL YCA IMMO DGOC NUC OVB TWD CNIC

10 Jan 19

Caledonia Mining - Termination of coverage

Edison Investment Research is terminating coverage on Caledonia Mining (CMCL). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Companies: Caledonia Mining Corporation Plc Com Shs Npv

04 Jan 19

LIBERUM: Sylvania Platinum* - Share price disconnect to improved profitability

Sylvania Platinum's share price has retraced 27% since peaking at the beginning of September at 23.75p. This is despite the platinum group metal (PGM) rand basket price, the key indicator of the company's profitability, continuing on to multi-year highs of R16,271/oz.

Companies: Sylvania Platinum

11 Aug 16

AIM Breakfast

Companies: VAL ASA GFM MAIS NMG PTSG LID PHD AKR

24 Oct 17

Valuation update

We have adjusted our earnings estimates to account for: $3m one-off restructuring charge in respect of “severance, termination and retrenchment costs” borne in Q3/17; cost savings guided by the management including renegotiation of legacy contracts, staff cuts, management remuneration reductions and other items which the company expects to translate into $4-5m per annum (or c.$50- 55/oz) running rate to be reached in H1/18; minor changes in capital expenditure as per management guidance regarding the Phase II of TSF2 project moving $2m one year out to 2019 with current tailings storage facilities allowing for enough capacity for now;

Companies: Shanta Gold

18 Jan 18

Q4 2017 Production and Operational Update

Beat guidance of AISC of $781/oz with an actual cost $747/oz. restated in line with the World Gold Council. Gold production was slightly below guidance at c.80koz, actual was 79,585oz.

Companies: Shanta Gold

01 Apr 18

AIM Journal

Two former AIM companies could be in the FTSE 100 index in the near future following the successful bids by Melrose Industries for GKN and GVC for Ladbrokes Coral. Melrose has been on the brink of the FTSE 100 for a while and if a constituent company of the FTSE 100 is acquired than it can be replaced by the acquirer when it is eligible. Melrose is already on the reserve list for inclusion in the FTSE 100, following the March 2018 quarterly review.

Companies: PTSG JDG TRCS TAP KETL SRB

02 Jul 18

Regular quarterly update

Sirius Minerals (SXX) – Corporate – Regular quarterly update | Avation (AVAP) – Corporate – Year-end trading update

Companies: Sirius Minerals Avation

14 Jan 19

Horizonte Minerals - Construction Licence Awarded for Araguaia Project

12 Dec 18

Alba Mineral Resources - Shareholder Evening

18 Jan 19

Kodal Minerals - Bougouni Lithium Project Update

12 Dec 18

Ariana Resources - Arzu North Exploration

14 Jan 19

Ariana Resources - Highlights from the Kiziltepe Gold and Silver Mine

10 Dec 18

SolGold - Santiago Vaca, Chief Geologist – Alapa project and surrounding communities

04 Jan 19

Highlights 2018: Ariana Resources - Virtual tour - Red Rabbit project

10 Dec 18

SolGold - Benn Whistler, Technical Services Manager – 2019 drill programme

22 Jan 19

Ariana Resources - Kizilcukur Development Update

10 Dec 18

SolGold - Jason Ward, Country Manager - Regional Projects, community engagement and the political environment in Ecuador

12 Dec 18

Horizonte Minerals - Araguaia Nickel Project, Stage 2 expansion

10 Dec 18

SolGold - Steve Garwin, Chief Technical Advisor – Alpala deposit and geological systems

27 Nov 18

Greatland Gold - Haviero, Results of New Geophysical Models

26 Nov 18

Kodal Minerals - Corporate update

18 Dec 18

Kodal Minerals - End Year Update

Latest Content

Ariana Resources

Ariana Resources - Kizilcukur Development Update

View

22 Jan 19

MOD Resources

MOD Resources - Sandfire’s bid undervalues MOD

MOD Resources has raised A$10m through an oversubscribed institutional placing at a price of A$0.30/share (17p/share), a 36% premium to the closing price on 18 January 2019. The company also intends to raise a further A$5m through a fully underwritten rights issue at A$24/share (13p/share). In addition, the company has received an unsolicited, non-binding, indicative all-share offer from Sandfire Resources (SFR:AU) at a price of A$0.38/share (21p/share). The board of MOD believes the Sandfire offer undervalues the company’s assets.

View

22 Jan 19
-
-

SXX CASP SND SPSY DSG

First Light

View

22 Jan 19
-
-

BHP Billiton Trans-Siberian Gold

SP Angel – Morning View

BHP Billiton (BLT LN) - H1 Production in line with guidance | Lithium Power International (LPI AU) – Definitive Feasibility Study confirms positive outcome for Maricunga lithium brine project | Trans-Siberian Gold (TSG LN) – Special Interim Dividend as higher grades at Ash

View

22 Jan 19
-
-

NTOG VAST FOG AFHP PLMO RBN BOOM DIS SUMO REDX

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan mediumsized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb

View

21 Jan 19
-
-

AAU CON HGM MOD VAST

SP Angel – Morning View

Ariana Resources (AAU LN) – Kizilcukur bulk sampling | Connemara Mining* (CON LN) – Drill results expected sometime soon. Appointment of SP Angel | Highland Gold (HGM LN) – Annual production in line with guidance | MOD Resources (MOD LN) – Fundraising and indicative offer from Sandfire | Vast Resources (VAST LN) – Off take pre-payment finance update

View

21 Jan 19
-
-

Kodal Minerals

Kodal Minerals - Bougouni Lithium Project Update

View

18 Jan 19

MGR ESL BONH KOD SWG CCT IRON LOOP EMAN

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan medium-sized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb

View

18 Jan 19
-
-

bmn IRON KOD RIO SHG VAST

SP Angel – Morning View

Bushveld Minerals* (BMN LN) BUY – Target Price 87p – China to better enforce vanadium compliance | Cornish Lithium (Private Company) – Completion of further funding round | Ironveld (IRON LN) – Vanadium ore bulk sample delivered to potential off-taker | Kodal Minerals* (KOD LN) – Bougouni drilling results | LSC Lithium (LSC CN) – LSC Lithium enters definitive arrangement agreement to be acquired by Pluspetrol | Rio Tinto (RIO LN) – Q4 and 2018 production results highlight copper | Shanta Gold (SHG LN) – $325k worth of convertibles bought back | Vast Resources (VAST LN) – $5.5m Mercuria Tranche B update

View

18 Jan 19
-
-

voestalpine

Second profit warning within three months

Voestalpine’s experience in the USA has been rather disappointing. Costs of the Texan direct iron ore reduction plant were considerably higher (more than €900m instead of €550m) and the ramp-up took longer than initially expected. Management now blames ramp-up difficulties at an automotive component plant in Georgia, resulting in a new profit warning. Finally, the company has been regularly raided by cartel authorities (tracks in the past and now heavy plates) in recent years and the costs are burdening profitability.