SP Angel Morning View: Copper prices pull back as US consumer confidence sinks to 16-month low

Ariana Resources (AAU LN) – Annual results 20 years on Asiamet Resources (ARS LN) – Completion of Phase 1 due diligence on the BKM copper project, Kalimantan Eurasia Mining* (EUA LN) – Annual report highlights strong performance at West Kyltim PGM mine in Russia Goldstone Resources* (GRL LN) – Restoration of trading Tertiary Minerals* (TYM LN) – Drilling results from the Jacks copper project, Zambia

SP Angel Morning View: Eurozone construction pulls back as inflation, logistics and uncertain outlook slow projects

Amur Minerals* (AMC LN) – Kun Manie TEO details released Atlantic Lithium* (ALL LN) – Positive metallurgical tests show potential for lower operating costs at Ewoyaa Castillo Copper (CCZ LN) – Progress report on Australian and Zambian projects Eurasia Mining* (EUA LN) – Accounts delayed due to geopolitical circumstances Karelian Diamonds (KDR LN) – Geophysics identifies kimberlites in Finland Liontown Resources (LTR AU) – Binding lithium offtake signed with Tesla

SP Angel Morning View: Lithium and rare earth prices power ahead despite hawkish Powell comments

American West Metals (AW1 AU) – Good grades reported from the shallow metallurgical drillhole at the West Desert Anglo American (AAL LN) – De Beers reports continuing strong demand for its rough diamonds Cora Gold (CORA LN) – Zone B North drilling results Cornish Metals* (CUSN LN) – Valuation 48p/s - Annual results highlight progress since the AIM debut Eurasia Mining* (EUA LN) – New director specialising in hydrogen and ammonia appointed. Trading suspension lifted Oriole Resources (ORR LN

Hybridan Small Cap Feast 02/03/22

Dish of the day Joiners: URA Holdings (URAH.L), a London based mining exploration and development company, has joined the Main Market (Standard). URA, a former AIM-listed company, is refinanced and ready for listing as an African focused mineral exploration company. The Company’s purpose is to seek unique, value-enhancing opportunities in minerals as a project generator including to prove-up early-stage exploration projects to spin out/farm out or sell. The strategy is initially focussed on Sout

SP Angel Morning View: Metals continue to rise as Oil & Gas prices jump

AfriTin Mining (ATM LN) – Surface exposures of lithium mineralisation discovered during regional exploration Anglo Asian Mining* (AAZ LN) - BUY – Discovery of higher grade vein at Gosha with first ore from Hasan and Vejnaly targeted for H2/22 Aura Energy* (AURA LN) – Appointing advisors to help communicate the merits of the Häggån uranium project to the Swedish Government and other stakeholders Bluejay Mining* (JAY LN) – ERMA support for Dundas ilmenite supply into EU as part of critical raw

SP Angel Morning View: Gold and oil jump as Putin invades Ukraine

Amur Minerals* (AMC LN) – No impact from US and European sanctions Anglo American (AAL LN) – Threefold rise in attributable profit in 2021 Bluebird Merchant Ventures (BMV LN) – Bluebird in discussions with former jv partner on progressing gold projects to production Caerus Mineral Resources (CMRS LN) – Cypriot exploration Caledonia Mining* (CMCL LN) – Hedging agreement Empire Metals* (EEE LN) – Flash Note – Tribute Agreement signed & drilling commenced at Gindalbie Gold Project Eurasia Mi

SP Angel Morning View: Gold continues to rise on Ukraine inflation expectations

Centamin (CEY LN) – Moving to owner operation underground at Sukari Empire Metals* (EEE LN) – Eclipse-Gindalbie exploration represents exciting new chapter for Empire Eurasia Mining* (EUA LN) – Reserves and Resources Update Hummingbird Resources (HUM LN) – Dugbe Gold Project update Power Metal Resources* (POW LN) – Reitenbach uranium property update Rainbow Rare Earths* (RBW LN) – K-Tech process offers added value products assuming elevated leach grades

SP Angel Morning View: Lithium carbonate breaks over US$40,400/t in China

Australian Vanadium (AVL AU) – Subsidiary to build VRFB at Water corporation site Boliden AB (BOL SS) – Nickel production halted at Harjavalta due to explosion Eurasia Mining* (EUA LN) – Update on hydrogen/ammonia strategy and new presentation Lynas Rare Earths (LYC AU) – Environmental approval for Malaysian disposal facility Sandfire Resources (SFR AU) - Spanish government grants Sandfire Resources approval for MATSA acquisition

Hybridan Small Cap Feast 21/12/2021

Joiners: All Things Considered joins AQSE Growth Market. M7 Regional E-Warehouse REIT joins the Wholesale Segment of the IPSX. Roquefort Investments joins the Main Market following a Reverse Takeover. Leavers: No leavers today. What’s cooking in the IPO kitchen? Hydrogen Utopia International PLC (HUI), to join Access Segment of the Aquis Stock Exchange. The company aims to become one of the leading new European companies specialising in turning Non-Recyclable Mixed Waste Plastic into carbon-free

SP Angel Morning View: Copper and iron ore gain on China easing and new property development

Altus Strategies* (ALS LN) - BUY – First Close of Newcrest Gold Royalty Portfolio acquisition Atalaya Mining (ATYM LN) – Acquisition of new exploration properties in Spain Beowulf Mining* (BEM LN) – Kallak update Caledonia Mining (CMCL LN) – CEO to step down mid next year Eurasia Mining* (EUA LN) – Mr. Kotaro Kosaka elected as non-executive director Jangada Mines (JAN LN) - AVOID – Jangada delays feasibility to add TiO2 evaluation into Pitombeiras feasibility following fall in iron ore pric

SP Angel Morning View: China moves to stimulate its economy as Biden's $2bn plan stalls

Cornish Metals* (CUSN LN) – Results for the nine months to end October highlight strong progress at United downs and healthy cash position Eurasia Mining* (EUA LN) – CPR updates NKT JORC resource indicating $1.16-1.67bn of project value Hummingbird Resources (HUM LN) – Kouroussa project update and infill drilling results Kodal Minerals* (KOD LN) – Interims reflect strong progress and lithium and gold assets

SP Angel Morning View: Base metals climb as China signals easing curbs on real estate

Atlantic Lithium* (ALL LN) formerly IronRidge* (IRR LN) – Scoping study update increases post-tax NPV to US$789m for Ewoyaa Bluejay Mining* (JAY LN) – Dundas bulk samples sent for customer evaluation Cornish Metals* (CUSN LN) –– Drilling at United Downs continues to intersect multiple mineralised structures Eurasia Mining* (EUA LN) – Agreement with ERDC Gemfields (GEM LN) – Record Kagem emerald auction Hummingbird Resources (HUM LN) – Pasofino raises $5.5m to deliver Dugbe FS in Q2/22 Meta

SP Angel Morning View: Gold prices continue to rise on inflation expectations

BlueRock Diamonds (BRD LN) – Section 54 notice shuts mine on health and safety concern Caerus Mineral Resources (CMRS LN) – Extension to agreement with Jubilee Metals Chaarat Gold (CGH LN) – Tulkubash drilling results and CFO resignation Cora Gold (CORA LN) – MRE update yields +800koz at 1.15g/t gold inventory Deep-South Resources (DSM CN) – High Court of Namibia orders Ministry of Mines to file further documents no later than November Eurasia Mining* (EUA LN) – New license granted at West

IOG - Forecast and valuation update

Forecast and valuation update

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 40p, Under Review) – FY21 results; completion of Chad-Cameroon entry expected in Q3

Exceptional transformation… and it may be just a beginning

With several opportunistic but timely acquisitions in 2021, coupled with the recent surge in the oil price, Zenith Energy has, in our view, completely transformed itself and its value proposition to investors. While for various reasons it has not been easy for the market to fully recognise and reward this transformation, we expect 1) doubling production, 2) further strengthening of its balance sheet and 3) becoming Free Cash Flow (FCF) generative this year, will make it difficult for the market

Pantheon Resources (PANR) - Significant Increase in Fair Value Estimate

We are increasing our fair value estimate for Pantheon Resources to 208p, from under review (previously 184p). The change reflects what we believe was an unambiguously positive winter drilling campaign. This full note details the background analysis to the change in estimate of fair value, which includes a valuation table and an assessment of the forthcoming Alkaid#2 well.

IOG - Production update

Production update

Cenkos: Chariot Ltd -- Fast-Tracking the Anchois Development

Chariot has signed a front-end engineering and design (FEED) agreement with Schlumberger and Subsea 7 (the Subsea Integration Alliance) for the Anchois gas development project. Chariot and the Subsea Integration Alliance will adopt a “one team” integrated and collaborative approach to fast-track first gas from Anchois to maximise the return on investment for all stakeholders. The scope of work covers all the development's offshore elements including well completions and subsea production systems

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

Cenkos: Trinity Exploration & Production Plc --Commencement of Drilling Programme

Trinity has announced the commencement of its highly anticipated onshore drilling campaign. The Company's fully funded, six well drilling programme will target an aggregate 450-1,100mmbbls of reserves at a cost of US$14-17m. In addition to drilling four “conventional” low angle wells, Trinity will also drill one horizontal well and one deeper appraisal well, with both the horizontal and deeper appraisal wells having the potential to deliver substantially higher production and economic returns ve

EQTEC - Key Milestone for Southport

EQTEC has reached a key milestone in its Southport energy from waste project with the appointment of Anaergia as EPC and O&M partner. This is a complex project using multiple waste treatment solutions and we see EQTEC’s inclusion as a demonstration that it’s technology can combine with these to create an optimal outcome.

Cenkos: Wentworth Resources Plc -- 7.1% Yield and Growth

Wentworth has announced a positive operational update ahead of its AGM to be held later today. Daily production year-to-date (YTD) has averaged 92.2MMscf/d, a c15% YoY increase (2021: 79.9MMscf/d) and ahead of Wentworth's 2022 guidance of 75-85MMscf/d. As noted previously, the strong performance of the Mnazi Bay asset YTD has allowed Wentworth to increase its total dividend distribution in respect of 2021 to 1.7p per share, a yield of c7.1%. Mnazi Bay continues to supply Tanzania with half of th

PetroTal Corp (AIM: PTAL): 0.72 mmbbl sales will trigger a US$60 mm payment to PetroTal earlier than expected

• Section II of the Northern Peruvian Pipeline has been temporary re-opened. • As a result, 0.72 mmbbl of PetroTal’s Bretana oil has been tendered at the Bayovar port by Petroperu for the July lifting. This oil previously entered the pipeline in late 2020 for which PetroTal was paid just ~US$45/bbl at the time. • PetroTal will receive the difference between this price and the price at which Petroperu will sell the oil in July (~US$120/bbl), generating over US$60 mm of price adjustment true-up r

Cenkos: Wentworth Resources Plc -- Tanzania's Leading Domestic Gas Producer

Wentworth has announced the acquisition of a 25% non-operated working interest in the Ruvuma PSA from Scirocco Energy for an initial consideration of US$3m plus contingent payments of up to US$13m. The consideration is structured to ensure that the majority is only paid in a success case, providing Wentworth with a low-cost entry point into a high growth opportunity. The transaction has the potential to nearly double the Company's production by 2026 and add over 190Bcf of 2P reserves on a Final

Vanchem Kiln 3 up and running as path mapped to longer-term consolidated target of 8,000t V pa

Completion of commissioning of Kiln 3 at Vanchem last month keeps Bushveld on track to end 2022 with a sustainable production run rate of 5,000-5,400t V pa, a solid platform from which to refocus on longer-term growth. Fully utilising the vast array of processing infrastructure at Vanchem to treat feed from an expanded mining and ore concentration operation at Vametco makes a lot of sense given the fixed component of costs at the former and the large mineral resource at the latter. Bushveld’s re

Wentworth Resources plc (AIM: WEN): Delivering on targets

• 2022 YTD gross production was 92 mmcf/d, ahead of our expectations of 89 mmcf/d for 1H22. • The FY22 production guidance remains unchanged at 75-85 mmcf/d. It looks very conservative in our view. • The company currently holds US$26 mm in cash and no debt. This is in line with our expectations. • TPDC continues to be current with regards to receivables. • We re-iterate our target price of £0.45 per share. Steady growth and dividend Our Core NAV for the company based on its 2P reserves only i

WH Ireland: Savannah Resources (SAV) - Locked cycle flotation tests confirms recoveries and grades

Savannah, which operates the Barroso lithium mine project in Portugal, reports today the results of its locked cycle test to determine optimal flotation reagents to confirm lithium recoveries and spodumene concentrate grades. Savannah is aiming for a 5.5%Li2O concentrate grade with a near 80% recovery. The reported work confirms that these should be possible and that in larger scale, bulk testing these parameters may improve. The work also highlights that there are still optimisations to be h