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.

15 Jan 20

Q4 2019 Operations Update

Central Asia Metals (CAML LN) announced strong full year production numbers beating our estimates on full year copper and zinc production while lead production was in line with our estimates. Q4 2019 copper production of 3.1kt was down 7% YoY and 22% QoQ following a strong Q3 2019 resulting in full year output of 13.8kt, down 2% YoY with Kounrad now in its new operational phase. Zinc output of 5.7kt was down 2% YoY and 8% QoQ as zinc grades were modestly lower at 3.23% versus a full year average of 3.29% offsetting increased throughput. However, given a strong 9mo19 performance full year zinc output of 22.98kt was up 2% YoY and 2% ahead of our estimate at the top of the guidance range. Q4 2019 lead output of 7.48kt was up 1% YoY and 2% QoQ owing to stronger grades and recoveries resulting in full year output of 29.2kt which was in line with our forecast.

Companies: Central Asia Metals

14 Jan 20

Cenkos: Hummingbird Resources Plc -- Q4 Production Update

Hummingbird released its Q4 production numbers with 33,892ozs of gold poured (30,484 ozs in Q3/19). This brought 2019 production to 115,649oz which was within guidance of 110-125,000ozs. It was just below our 119,000oz modelled but there was still 2,900oz in inventory (2,800ozs in Q3). Alongside an increase in production was a reported decrease in unit costs with a Q4 AISC of US$839/oz (US$849/oz AISC in Q3/19). This was ahead of our expectations and hopefully should continue into 2020 and make next year a steadier period for Hummingbird.

Companies: Hummingbird Resources

13 Jan 20

WHI First Light: Caledonia Mining (CMCL) - Record production in Q4 2019, strong end to the year

Caledonia today announced its gold production in 2019 with a record Q4 production of 16.9koz gold from its Blanket gold mine in Zimbabwe, making a total for the year of 55.2koz – beating its own guidance (50-53koz) and our forecast (51.3koz). CEO Steve Curtis announced that 2020 had also started well leading to a rise in 2020 guidance to between 53-56koz (WHI forecast of 55.5koz at the upper end of guidance).

Companies: Caledonia Mining Corporation Plc Com Shs Npv

02 Sep 19

LIBERUM: Sylvania Platinum* - Results beat, Grasvally disposal but light on dividend

Sylvania has reported FY19 results (June Y/E) of $6.37/sh versus expectations of $5.95/sh due to a lighter tax expense than assumed. They have entered into a binding agreement to sell Grasvally for R115m ($7.6m at current FX), which should be settled in the next eight months.

Companies: Sylvania Platinum

09 Jan 20

Cenkos: Centamin Plc -- Production results

Centamin Q4 gold production exceeded our expectations at 148,387oz. Centamin had always said Q4 would be a strong quarter and this was a 51% improvement on the previous quarter, driven by improved feed grade, metallurgical recoveries and year-end plant drawdown of gold-in-circuit. 2019 gold production was 480,529oz, a 2% improvement on the previous year and Centamin was within 2% of the 490,000oz guidance, which we did not believe would be possible. 2020 production guidance is unchanged at 510,000-540,000oz.

Companies: Centamin

21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

10 Sep 19

More steps in the right direction

Petropavlovsk announced its H1 results this morning (a trading update was given on 23/7/2019). The company has also published its presentation to be delivered at its Capital Market Day today. Overall both the results and the messaging are strong reflecting the three critical achievements the company has delivered over the last 12 months towards full corporate recovery namely: successful start up of the POX operation, stabilization of management and board, and overhaul of the IRC exposure (including a commiserate fee for the US$240 million guarantee, amounting to US$8.9 million p.a. including services). The company now has “the luxury” of optimizing the expansion of its production base via numerous options, tightening its cost control therein, widening its exploration footprint and creating some “auction” tension in its stated target of selling its IRC stake. Meanwhile the US$1500/oz gold price environment of H2/2019 aligned with rising production and falling costs should allow material deleveraging of the balance sheet.

Companies: Petropavlovsk

21 Oct 19

Q3 Trading Update

Petropavlovsk PLC (LSE: POG) has released its Q3 trading update this morning. Overall the results show that the company remains on track to hit full year production targets of 450koz – 500koz with additional upside from processing of 3rd party concentrates. With POX operations now in full swing the company was able to deliver strong growth recording a 66% increase in total gold production to 136koz (YTD 368koz) of which 48koz were from the processing of refractory ore (18koz coming from third party sources). It is likely next quarter sales will be up again as the company continues to process higher grade third party concentrate and realise gold in circuit, on top of the existing supply (we were also impressed with the recovery rates at the POX plant which are stabilising at 95%).

Companies: Petropavlovsk

07 Jan 20

WHI Equity Research: Caledonia Mining (CMCL) 070120

Robust gold price and a rising dividend With the productive, low operating cost Blanket gold mine in Zimbabwe in the final stages of a fully funded expansion, with little debt and paying a dividend, Caledonia Mining remains a strong mid-cap gold play and the best Zimbabwe recovery story in our opinion. Expansion of production to >80koz gold per year has required the sinking of a new Central Shaft to revitalise an existing mine and to access the defined resources in the centre of the mine. The company is unfavourably valued against its gold mining peers and is awaiting the normalisation of the Zimbabwean economy – which we think is coming. The Zimbabwean government is in the post-Mugabe era and has recently allowed the local currency to find its own level. Whilst this caused immediate hardship for many, the situation appears to have become more stable and with a government operating a balanced budget and with a clear eye on dollar-earning businesses, Caledonia is in a good position to b

Companies: Caledonia Mining Corporation Plc Com Shs Npv

04 Sep 18

H2 2018

Graphite is an allotrope (a chemically similar, structural modification of carbon), exhibiting both metallic and non-metallic properties which favour a vast number of end-use markets. Further to traditional steel manufacturing, the unique qualities of graphite, including very high thermal and electrical conductivity, lend itself to innovative battery and emerging technologies.

Companies: VRS HAYD SYR TON KNL MNS NGC FMS LLG TLG

27 Mar 19

Rally seen in the first quarter stalls

Parliamentary and Brexit developments continue to hold centre stage, although the precise path forward remains as unclear as ever. The uncertainty over Brexit, worries over a possible slowdown in the US and the outlook for global economic growth generally have all contributed to the recent falls in markets. While the rally seen since the start of the year has petered out, most indices have still made progress. In Share News & Views we comment on Bloomsbury Publishing, Bonhill Group*, Braemar Shipping Services*, Burford, Clarkson, LightwaveRF*, Marshall Motor Holdings and Synectics*.

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

18 Apr 19

LIBERUM: Sylvania Platinum* - More value and more options

We recently attended a company site visit which highlighted that we have considerably undervalued the tail of Sylvania’s operations. Also, now that its host Samancor has grander ambitions, Sylvania too has possible growth opportunities.

Companies: Sylvania Platinum

17 May 19

Building major FSU based gold producer

Chaarat Gold is an AIM-listed gold mining company with the operating polymetallic Kapan mine in Armenia as well as the construction ready Tulkubash project and late exploration Kyzyltash deposit in the Kyrgyz Republic.

Companies: Chaart Gold

16 Jul 19

Small Cap Feast

Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Uniphar, a diversified healthcare services business with a workforce of over 2,000, is looking to join AIM. Raising EUR135m with market cap on admission of EUR309.6m, expected 17 July 2019. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Companies: CALL BIRD ABC KDR EMAN BST SCE ZEG SAG FUL

19 Dec 19

W Resources secures additional $5mln funding as it pushes ahead with La Parrilla production ramp-up

17 Jan 20

W Resources sells first tungsten concentrate shipment

23 Dec 19

Highlights 2019: SolGold - Investor video 2019

16 Jan 20

Scoping study released for Cora Gold

19 Dec 19

Asiamet's Tony Manini updates from Jakarta on partnering discussions and plans for 2020

16 Jan 20

"Promising project" for Cora Gold

19 Dec 19

Zanaga Iron Ore - An introduction

14 Jan 20

Serabi Gold - Highest Quarter Gold Production for 2019

17 Dec 19

Sirius Real Estate - Completion of Alzenau Acquisition

10 Jan 20

Sirius Real Estate - People Development clip 1 for social med

20 Dec 19

Mining Capital's Alastair Ford on 2019's winners and next year's hot commodities

10 Jan 20

Sirius Real Estate - People Development clip 3 for social med

18 Dec 19

Power Metal's Paul Johnson details 2020 ambitions and wider market expectations

10 Jan 20

Sirius Real Estate - People Development clip 4 for social med

13 Dec 19

Horizonte Minerals CEO details 2020 priorities at its Araguaia and Vermelho projects

Latest Content

W Resources sells first tungsten concentrate shipment

W Resources

17 Jan 20

W Resources sells first tungsten concentrate shipment

W Resources

17 Jan 20

Auriant Mining - Tardan CIL de-risks Kara-Beldyr

After a few months of delays, Auriant Mining’s Tardan CIL project has now been operating since mid-November. Production guidance for FY19 is 550kg from the Tardan heap leach operation and 150kg from the CIL operation plus c 64.2kg from alluvial operations at Solcocon (total 764.2kg, or 24,570oz). With the CIL plant at full capacity, however, this is expected to increase sharply, to c 29,272oz per year (average) at steady-state, before being supplemented by production of another c 64,041oz per year (average) from Kara-Beldyr from FY24.

AURIANT MINING

17 Jan 20
-

Auriant Mining - Tardan CIL de-risks Kara-Beldyr

AURIANT MINING

17 Jan 20
-

SP Angel . Morning View

Aura Energy* (AURA LN) – Swedish compensation claim to be handled by Chancellor of Justice in Sweden | Cora Gold* (CORA LN) – Sanankoro scoping study delivers attractive economics | Scotgold Resources* (SGZ LN) – Exploration update | Shanta Gold (SHG LN) – Robust Q4 results conclude strong FY19 year | Phoenix Copper* (PXC LN) – Ryan McDermott moves into CEO role as company heads towards production from Red Star project.

AURA CORA SGZ SHG PXC

16 Jan 20
-

SP Angel . Morning View

AURA CORA SGZ SHG PXC

16 Jan 20
-

Greatland Gold - Outlook for 2020

Greatland Gold

16 Jan 20

Greatland Gold - Outlook for 2020

Greatland Gold

16 Jan 20

Scoping study released for Cora Gold

Cora Gold

16 Jan 20

Scoping study released for Cora Gold

Cora Gold

16 Jan 20

"Promising project" for Cora Gold

Cora Gold

16 Jan 20

"Promising project" for Cora Gold

Cora Gold

16 Jan 20

Small Cap Feast

Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.

PPIX DBOX CLL EME MSYS AURA MYSL THR TEK ECR

16 Jan 20
-

Small Cap Feast

PPIX DBOX CLL EME MSYS AURA MYSL THR TEK ECR

16 Jan 20
-

Q4 2019 Operations Update

Central Asia Metals

15 Jan 20
-

Q4 2019 Operations Update

Central Asia Metals

15 Jan 20
-

Small Cap Feast

FDEV ATQT TEG ERIS FRAN IMMO AURA AMS MBH SSTY

15 Jan 20
-

Small Cap Feast

FDEV ATQT TEG ERIS FRAN IMMO AURA AMS MBH SSTY

15 Jan 20
-

SP Angel . Morning View

Amur Minerals* (AMC LN) – Kun Manie environmental assessment complete and approved | Aura Energy* (AURA LN) – A$475,000 fundraising | Endeavour Mining (EDV CN) – Withdraws from proposed Centamin offer | Resolute Mining (RSG LN) – Sale of Ravenswood | Sirius Minerals (SXX LN) - Anglo is likely to confirm its deal to buy Sirius (Reuters) | Trans-Siberian Gold (TSG LN) – Discovery of new vein extension at Asacha

AMC AURA EDV RSG SXX TSG