25 Mar 20
LIBERUM: Sylvania Platinum* - Best placed miner to weather the storm
Sylvania's share price has fallen 53% since its peaked on the 21st Feb, as the global economy hit the brakes. The short term demand outlook for PGMs is miserable, with supply chains breaking down as both luxury goods and car sales sales collapse.
Companies: Sylvania Platinum
02 Apr 20
Cenkos: Shearwater Group Plc -- Resilient cyber performance
Shearwater sells resilience and today's trading update shows us how resilient demand has been for its products and services. The Group has swung to EBITDA profitability and cash flow is well ahead of expectations. The macro themes of cyber security and remote working are supportive of robust demand levels going forward. We are maintaining our forecasts. Buy.
Companies: Shearwater Group
01 Apr 20
WHI First Light: Caledonia Mining (CMCL) & Touchstar (TST)
Caledonia today announces that it has taken the prudent decision to defer its approval for the payment of the second quarterly dividend (7.5c/sh - $0.9m - 7% of declared Caledonia cash). The Blanket mine in Zimbabwe remains in operation (at a slightly reduced capacity to secure Covid-19 social distancing) and the mine site remains well-stocked with supplies, so despite the current difficulties getting supplies from South Africa production at the mine can continue for some time to come; 2-3 months in our opinion, if the supply chain from South Africa ceased altogether. Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning, the group has released an update in light of COVID-19. The Board reports that it has taken swift action to re-engineer processes to adhere to government guidelines, whilst maintaining client service levels. Q1 2020 trading is reported to have been ‘broadly' in line, with revenue growth of 40% from continuing operations and outstanding orders to ship to customers in the coming months. Q1 was cash neutral, which follows on from the RNS on 5 February, of a net cash position of £849k as at 31 December 2019.
Companies: Caledonia Mining Corporation Plc Com Shs Npv Touchstar
02 Mar 20
THE MONTHLY March 2020
Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.
Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA
30 Mar 20
WHI First Light: Caledonia Mining (CMCL)
Caledonia today provides an update on its Blanket mine in Zimbabwe in the light of the full lockdown other than “for essential services” from today as ordered by President Mnangagwa. The mine is still operating as the authorities will grant exemptions for businesses which demonstrate they can operate in a manner that contributes to the management of the spread of Covid-19 infections. Caledonia has applied for this exemption.
Companies: Caledonia Mining Corporation Plc Com Shs Npv
30 Mar 20
Strategic financing from IIG
Ironveld has signed a range of conditional financing agreements with Inclusive Investment Group (IIG) that mark a step change in its ability to advance its iron, vanadium and titanium project in the prolific Bushveld Complex of South Africa. The agreements will see IIG provide Ironveld with $3.2m in both debt and equity with IIG to take a stake of up to 46.8% in the company subject to certain shareholder approvals. This locks IIG in as a meaningful strategic partner and should allow Ironveld to progress Phase I of its project while it seeks the broader financing required to bring it in to development
28 Jan 16
Strong operationally, but cash still declining
Sylvania's Q2 production and cost performance was impressive, but its cash balance continues to decline, falling by $1.7m in the quarter to $5.7m. The spot basket price in is now 8% lower in USD terms than it was in Q4 but 7% higher in ZAR terms, which should allow margins to be preserved, at least in ZAR terms. If the past quarter's operational performance can be maintained Sylvania should be cash generative going forward and in a position to take advantage of any upswing in platinum prices.
Companies: Sylvania Platinum
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 SRE 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
18 Feb 20
LIBERUM: Sylvania Platinum* - Dislocation from record prices
Sylvania Platinum is trading at extremely cheap levels, just 0.9x adjusted EV/EBITDA on spot. The market clearly feels nervous about the rapid rise in the underlying commodities, palladium and rhodium.
Companies: Sylvania Platinum
26 Mar 20
WHI Morning Comment: Jubilee Metals ( JLP)
Interims highlight the robust business model Jubilee, which specialises in creating value from African mine tailings, today provides its interims for the half year ending December 2019. As previously announced this has been a transformational period for Jubilee – everything increased relative to the prior period, with revenues rising to £25.4m (+205%), attributable Group earnings to £9.8m (+778%), cash from operations to £4.9m (+574%) and an EPS of 0.35p (0.06p). Growth came from Windsor (PGM and chrome production in South Africa), with several intra-period transactions that will enable the growth profile to continue at Inyoni (South Africa) and Kabwe (Zambia). Covid-19 has had an obvious impact (on prices received and on the operating environment – especially in South Africa where there is a 3-week shut-down) but we see a robust, cash-rich company, operating a high-margin business that is poised to restart production and capitalise on the progress made to date. WHI View: We continue to see a robust investment case for Jubilee. The company has a growth pipeline identified and significant opportunities to find new projects in Africa or globally. The ‘Jubilee Way' combines an experienced, technical management team with innovative processing techniques to generate cash from (mainly) the waste material produced as part of the mining cycle. The company model is to treat its own waste materials and to supplement with third party ores and wastes where possible. It has three chrome/PGM operations in South Africa and a copper-zinc-lead-vanadium project in Zambia (copper circuit already commissioned). This is a high-margin business and we see plenty of opportunities for Jubilee to capitalise on its robust business model when the current global crisis is over.
Companies: Jubilee Platinum
26 Jul 17
Advanced Materials – the building blocks of Tomorrow’s World
Whether we know it or not, advanced materials are a core component in the everyday life of the everyday person. They are the key material in items we often disregard, such as printer inks and lotions, to objects which defy the laws of gravity like the Airbus A380 and London’s Shard. Furthermore, these materials are not only essential to many objects and structures, but, due to their superior qualities, are the key to the advancement of many industries. One such example is the use of carbon fibre which offers five to ten times more rigidness, stiffness, and strength than its aluminium counterpart. As a result of these impressive qualities, motorsport and athletics have improved ten-fold since their mainstream use and new records are broken every year.
Companies: AGM AUTG BIOM BOY CAR CKT EMH EXO GRPH HAYD IKA ITX CRPR MGAM NANO OXIG SYN SCE SYM VCT ZEN HDD
16 Jul 19
High-grade vanadium in South Africa
Ironveld offers exposure to one of the world’s highest-grade undeveloped vanadium resources. Ironveld was initially conceived to focus on developing an iron project using electric arc smelting technology, based on a substantial resource of vanadium and titanium bearing magnetite (VTM) within South Africa’s Bushveld Complex. However, the market for iron has entered a soft period and with the present electrical power issues in South Africa, other business models have become more attractive. The project includes a shallow mineralised resource of 56.4 million tonnes of ore grading 1.12% V2O5; this is approximately twice the grade of other vanadium resources that are currently being mined and processed within the Bushveld Complex.
01 Oct 19
“A rare species for the UK gold investor”
Pure Gold is a Canadian domiciled gold development company which has had a secondary listing in the UK since May 2019. It is in the construction phase of the very high grade (9g/t) Madsen gold mine in the globally renowned Red Lake gold district in Ontario, Canada. First pour is in Q4/2020. Production should then grow to up to 124koz p.a and the life of mine extend to 14 years. This is likely to be just the start for Pure Gold which owns a 47km2 license area in one of the most prolific gold belts in the world and has three other satellite deposits “under the drill”. We believe it has a number of unique characteristics that should be highly attractive to the UK investor and set a PT of C$0.91/share or 54pps.
Companies: Pure Gold Mining
10 Oct 19
The investment case of Rio Tinto
Even though iron ore prices have weakened materially since July 2019, Rio Tinto remains well-positioned to generate healthy cash flows and maintain its shareholder reward attractiveness.
Companies: Rio Tinto
24 Oct 19
Vast Resources secures $15mln facility to bring Baita Plai and its diamonds into production
03 Apr 20
Asiamet Resources chairman talks new strategic investment and development partner
11 Feb 20
Bull, Bears & Brokers: Shaw and Partners Davide Bosio talks gold with Northern Star's earnings and De Grey's price leap
03 Apr 20
Power Metal Resources 'getting on with its knitting' despite disruption
04 Oct 17
Executive interview - Covata
01 Apr 20
Greatland Gold - Newcrest Progress at Havieron
16 Jan 20
Greatland Gold - Outlook for 2020
01 Apr 20
Legend Mining's Mark Wilson updates after hitting multiple massive sulphide intersections at Mawson
31 Jan 20
Blackham Resources - Corporate Video
01 Apr 20
Ncondezi Energy's Hanno Pengilly updates on submission of formal power tariff
28 Jan 20
Jubilee Metals 'continuing to grow very strongly' with significant earnings boost
31 Mar 20
Caledonia Mining's Steve Curtis talks application to continue Blanket operations
10 Jan 20
Expected higher margins for Kenmare Resources
31 Mar 20
Chaarat Gold reports 'minimal disruption' from outbreak as product demand remains strong
25 Nov 19