Jangada Mines PLC developing low-capital and high-return Brazilian VTM project

Jangada Mines has recently completed a feasibility study for the Pitombeiras Vanadium Titanomagnetite (VTM) Project, in Ceará, Brazil.The feasibility study returned a post-tax net present value with an 8% discount rate (NPV8) of US$96.5 million and a post-tax internal rate of return (IRR) of 100.3%

SP Angel Morning View: Gold rangebound as US real rates briefly turn positive

All Star Minerals* (ASMO PZ) – Blesberg lithium and Nkombwa rare earth phosphate project investments Anglo American (AAL LN) – Full-year guidance lowered due to heavy rainfall in Q1 Cornish Metals* (CUSN LN) FLASHNOTE - South Crofty's feasibility funding valuation Gem Diamonds (GEMD LN) – Quarterly sales climb on a recovering market Jangada Mines (JAN LN) - AVOID – Technical report raises questions over assumptions Strategic Minerals* (SML LN) – 10-year exploration license extension at Red

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

Small Cap Feast: 16/06/21

MADE, a digitally native lifestyle brand in home has joined the Premium Segment of the LSE. MADE's mission is to make high-end designer furniture and homeware products accessible to everyone. Their gross sales, net revenue and Adjusted EBITDA were £109.5m, £82.4m and £1.8m, respectively, for the three months ended 31 March 2021 and £315m, £247m and (£5.1m), respectively, for the year ended 31 December 2020. AT 200p offer price Mkt cap is c. £775m. Total offer size £193.8m of which £100m is new m

Small Cap Feast

Caerus Mineral Resources (CMRS.L) a London based exploration and resource development company focused on developing mineral resources in Europe, recently announced the acquisition of New Cyprus Copper P.A. Ltd and today completed its IPO onto the Standard List. The NCC Acquisition provides Caerus with access to copper - gold exploration licences in the Republic of Cyprus. The company has raised circa £2.25m by way of placing and subscription. Market Cap £5m.

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IP

SP Angel Morning View: Silver hits resistance at $30 on Robinhood as futures bid higher on Sunday night

AEX Gold Inc (AEXG LN) – Initial sampling at Kangerluluk indicates positive results Castillo Copper (CCZ LN) – Appointment of key advisors for the Big One project in Queensland Empire Metals* (EEE LN) – Eclipse 4,000m drill program nears completion Jangada Mines (JAN LN) – ValOre financing & Fodere investment Kodal Minerals* (KOD LN) – Extension request from JV partner rejected as Kodal set to own 100% of West African gold concessions Scotgold Resources* (SGZ LN) – BUY, Target 177p – Earn

SP Angel Morning View: Copper, gold, PGMs and tin gain despite some risk-off trade and hedge-fund deleverage on GameStop

Jangada Mines (JAN LN) – Rhodium study at Pedra Branca KEFI Gold and Copper* (KEFI LN) – Drilling extends higher grade zone at Hawiah Phoenix Copper* (PXC LN) – Empire Mine metallurgical update & Navarre Creek sampling results Rockfire Resources (ROCK LN) – Plateau Gold mineral resource estimate Scotgold Resources* (SGZ LN) – BUY – Cononish production guidance revision Sunstone Metals (STM AU) – Southern Finland Gold assets divested

SP Angel . Morning View

Gemfields (GEM LN) – Covid19 constraints and Faberge impairment charge tip Gemfields into H1 loss | IronRidge Resources* (IRR LN) – Sale of May Queen gold project | Jangada Mines (JAN LN) – PEA commissioned for Pitombeiras | Pensana Rare Earths (PRE LN) – Mineral resources update from Longonjo | SolGold* (SOLG LN) – Completion of $100m royalty financing

SP Angel . Morning View

Cora Gold* (CORA LN) - BUY – 17.2p – Earnings update. Growing the resource and fast-tracking Sanankoro into production | Jangada Mines (JAN LN) – Progress at Fodere Titanium | Prospect Resources (PSC AU) – Metallurgical testing improves recoveries for potentially world’s lowest cost Lithium mine | Trans-Siberian Gold (TSG LN) – Production accelerates on course for the annual 38-42koz guidance | Vast Resources* (VAST LN) – Baita Plai first concentrate targeted next month

SP Angel . Morning View

Alba Minerals (ALBA LN) – Bulk sampling at Clogau St David mine | Altus Strategies* (ALS LN) – Diba PEA delivers $81m NPV10% (after tax) | Antofagasta (ANTO LN) – 2020 Maintaining production and cost guidance despite Covid19 | Bluejay Mining (JAY LN) BUY - Target 20p – Offtake agreement for up to 70% of Dundas Ilmenite production | Edenville Energy* (EDL LN) – ILTL $1m loan agreement and Rukwa update | Jangada Mines (JAN LN) – Drilling results from Goela | Kodal Minerals* (KOD LN) – Results high

SP Angel . Morning View

Condor Gold* (CNR LN) – Non-executive director’s share purchase | Jangada Mines (JAN LN) – Further drilling results from the Pitomberias vanadium property | Petropavlovsk (POG LN) – Court ruling remain pending and a new GM requisition | SolGold* (SOLG LN) – Magnetic survey confirms Rio Amarillo potential | Trans-Siberian Gold (TSG LN) – Vein 25 East Zone development is well progressed

SP Angel . Morning View

Ariana Resources* (AAU LN) – Renewal of Ivrindi operating licence | Jangada Mines (JAN LN) – Drilling results from the Pitomberias vanadium property | Mkango Resources* (MKA LN) – BBC highlights HyProMag investment in rare earth recycling | Scotgold Resources* (SGZ LN) – Restart of development works at Cononish

Small Cap Feast

FRP Advisory Group, UK professional services firm specialising in restructuring advisory. Raising £80m (£20m primary). Expected market cap £190m. Compound annual growth of 16.4 per cent. in revenue and 10.9 per cent. in operating profit since the beginning of FY17.o Strong average EBITDA margins of 51 per cent. over FY17 to FY19, and consistently strong cash conversion Inspecs, a UK designer, manufacturer and distributor of eyewear frames to global retail chains announces its intention to IPO

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