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

31 Jan 19

Quarterly Research Outlook

The market has not faced quite so many conflicting challenges for a number of years, whether related to global geopolitics, trade wars, ongoing Eurozone issues or the “will they, won’t they” saga of Brexit. In our Best Ideas, we sought to highlight stocks that present investors with interesting opportunities following recent market moves. Those stocks, we believe, warrant investor attention, in many cases for uncorrelated or stockspecific reasons, regardless of the near-to-medium 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: 7DIG ABBY AMS ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KCT KGH LAM MACF MOD MKLW OXIG PCA PARK PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

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

26 Feb 19

Share & share alike

We have seen a continuation of the rally evident so far this year. The factors are familiar with greater optimism regarding US-China trade talks. At home, the path to Brexit remains unclear as D-day looms. The possibility of a delay has increased. The company reporting season continues to highlight winners and losers with the majority of results in line. We have also seen an uptick in corporate M&A. Results set the morning agenda and Brexit votes the evening one. In Share News & Views we comment on AorTech International*, APC Technology*, DeepMatter*, Golden Ocean Group and P&O Ferries/DP World.

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

12 Mar 19

Interim results for H1 2019

Successfully raised funds – US$2.0m from an equity placing in August 2018, and an equity drawdown/convertible facility signed shortly after period end for up to US$7.75m, with a fund managed by Lind Partners LLC.

Companies: Rainbow Rare Earths

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

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

11 Dec 18

Cenkos: Shearwater Group Plc - Strong organic growth

Shearwater is on track to meet our FY19E estimates. The acquisition of Brookcourt completed post the balance sheet date and so does not feature in the interim results. The integration is going well and underlying cash generation is positive. The recent sell-off in the shares leaves the stock trading at a 15% discount to the recent Placing price. Buy.

Companies: Shearwater Group

17 Jan 19

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.

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

22 Jan 19

LIBERUM: Sirius Minerals* - Modification of debt structure to derisk IPA

Following talks with prospective lenders, Sirius Minerals have modified their debt plans so to "reduce both the risk and the quantum of any IPA guaranteed bond tranche to the taxpayer". In doing so hoping to secure commitment letters from the banks as soon as possible.

Companies: Sirius Minerals

28 Jan 19

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. 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

Companies: TENG DEST KMK PCA ABC EUA NUC AVCT SBIZ RBD

30 Jan 19

Q4 Operating results report US$107m EBITDA

Bushveld Minerals holds 74% of Vametco, an integrated vanadium mining, processing and technology business. 26% of Vametco held by a BEE group. Bushveld Energy (84%) is developing vanadium redox batteries for grid use in South Africa. Lemur Holdings(100%) is developing a thermal coal mining & power project in Madagascar. AfriTin separately listed on AIM in London. Bushveld retain a minority stake in the company.

Companies: Bushveld Minerals

07 Mar 19

Excellent buying opportunity

We view the share price weakness since the interim results in November 2018 provides a good chance to buy the shares. Recent newsflow on the company’s website indicates that TFP continues to do well in green energy (fuel cells) and that it is launching next-generation non-woven composites at a trade show next week. In Paper, Cup-Cycling is gaining traction with a trial involving Leeds City Council and increasing brand interest in the trademarked product offering. We make no changes to forecasts and keep our 1500p TP and Buy rating.

Companies: James Cropper

11 Mar 19

LIBERUM: SolGold, Asiamet - The value case for greenfield copper - The Miner Details

Following a results season where the major mining companies proudly paraded their copper credentials, including Rio and BHP uncharacteristically drawing attention to early stage discoveries at Winu and the Stuart Shelf, industry attention on copper development opportunities has never been greater. Despite this, domestically listed greenfield exploration appears to have slipped largely under the radar of UK institutions.

Companies: SolGold ASIAMET RESOURCES

15 Feb 19

Horizonte Minerals - Araguaia Project - Sustainability update

14 Mar 19

Avesoro Resources - Full Year Results 2018

20 Feb 19

Bushveld Minerals - Interview at 121 Mining, Cape Town

01 Mar 19

Kodal Minerals - Updated JORC Mineral Resource Estimate

15 Feb 19

121 Mining, Cape Town - W Resources - Presentation

15 Feb 19

121 Mining, Cape Town - AfriTin Mining - Presentation

05 Feb 19

Central Asia Metals - Update

15 Feb 19

121 Mining, Cape Town - Avesoro Resources - Presentation

04 Mar 19

Ariana Resources - Kizilcukur drilling update

15 Feb 19

121 Mining, Cape Town - IronRidge Resources - Presentation

12 Mar 19

Greatland Gold - US$65m Farm-In Agreement with Newcrest at Havieron

15 Feb 19

121 Mining, Cape Town - KEFI Minerals - Presentation

20 Feb 19

Bitesize briefing - Alkane Resources

15 Feb 19

121 Mining, Cape Town - Oriole Resources - Presentation

15 Feb 19

121 Mining, Cape Town - Hummingbird Resources - Presentation

Latest Content

LWRF GBP VELA ZIN GCM SYM OMG XLM PPS BPC

Small Cap Feast

Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

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15 Mar 19
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ABM BRD GCM MTL ORM

SP Angel – Morning View

African Battery Metals (ABM LN) – Investment and Option Agreement with Katoro Gold | Alara Resources (AUQ AU) – €60m investment agreement with Al Hadeetha Resources | BlueRock Diamonds* (BRD LN) – Permission for continuous operations | GCM Resources (GCM LN) – second joint venture with Power Construction Corp of China | Metals Exploration (MTL LN) – Nomad resigns | Ormonde Mining* (ORM LN) – Brookfield to buy out Oaktree in effort to rival private equity giant, Blackstone

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15 Mar 19
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Avesoro Resources

Avesoro Resources - Full Year Results 2018

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14 Mar 19

ASO EOG PPH SNG

Morning Note – 14 March 2019

Avesoro Resources (ASO): Corp FY 2018 results | Europa Oil & Gas (EOG): Corp Holmwood revisited | PPHE Hotel Group (PPH): Corp Expanding presence in a major gateway city | Synairgen (SNG): Corp Phase II milestone – positive interim safety review

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14 Mar 19
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SHH MCM SRE ASO IHC PPH IPEL GINV OCI NSCI

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

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14 Mar 19
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AAZ ASO GEMD HZM ORM PREM

SP Angel – Morning View

Anglo Asian Mining* (AAZ LN) BUY – Target Price 96p – Gedabek confirms extended mine life with brownfield development and further greenfield exploration | Avesoro Resources (ASO LN) – 2018 results show marked improvements | Gem Diamonds (GEMD LN) – Pink diamond sale sets record price per carat for Letseng mine | Horizonte Minerals (HZM LN) – Vermelho metallurgical test results | Ormonde Mining* (ORM LN) – Brookfield to buy out Oaktree in effort to rival private equity giant, Blackstone | Premier African Minerals* (PREM LN) – Restructuring subject to immediate recommissioning of mining operations

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14 Mar 19
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Bushveld Minerals

Bushveld Minerals - Vametco and Eskom VRFB Site Visit

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bushveld-minerals-vametco-and-eskom-vrfb-site-visit-13-03-2019

13 Mar 19

FRAN EVRH WALG CRU EMAN EKF STAF CTR HDD ALS

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

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13 Mar 19
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ALS BMV GEMD GGP IRR KEFI KMR ORR

SP Angel – Morning View

Altus Strategies* (ALS LN) – Indiana Resources due diligence period extended | Bluebird Merchant Ventures* (BMV LN) – Bluebird awaiting results from Kochang drilling | Birimian Limited (BGS AU) – Goulamina lithium corporate update | Gem Diamonds (GEMD LN) –Strong 2018 results | Greatland Gold (GGP LN) - Farm-in agreement with Newcrest Mining at Havieron | IronRidge Resources* (IRR LN) – Interim financial report | KEFI Minerals* (KEFI LN) – Funding update | Kenmare Resources (KMR LN) – Profits rise on higher production and ilmenite prices but operating cost rise is of concern | Oriole Resources (ORR LN) – Cuts losses in 2018

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