SP Angel Morning View: Copper bounces back over $8,000/t as US traders' head off for 4th July holiday

Arc Minerals* (ARCM LN) – Arc receives first cash payments on CASA Minerals disposal Bushveld Minerals* (BMN LN) – Results highlight rising production and transition into positive EBITDA Galantas Gold (GAL LN) – Warrants exercise provides C$500k of additional funding KEFI Gold and Copper* (KEFI LN) – Signing of Tulu Kapi Financing Umbrella Agreement Keras Resources* (KRS LN) – Operating margins to rise at Diamond Creek as production ramps up into high fertilizer prices

SP Angel Morning View: Copper climbs as PBOC pledges to increase support for the economy

Altus Strategies* (ALS LN) – Drilling returns 4.9g/t over 14m at the Tabakorole Gold Project Asante Gold (ASE CN) – Acquisition of Chirano reaffirms healthy M&A in West African gold Bluejay Mining* (JAY LN) – Enonkoski exploration joint venture with Rio Tinto Bushveld Minerals* (BMN LN) – Operational update highlights production and inventory sales into recent high vanadium prices Culpeo Minerals* (CPO AU) – 400m of copper sulphide intersected – assay pending Keras Resources* (KRS LN) – K

Hybridan Small Cap Feast 26/04/22

What’s cooking in the IPO kitchen? According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include:

SP Angel Morning View: Gold at four week high as investors assess outlook for Fed rate hikes

Anglo American (AAL LN) – De Beers reports growing demand for its rough diamonds ahead of the usual slower Q2 period Amur Minerals* (AMC LN) – Sanctions update Aston Bay Holdings* (BAY CN) – Ore-sorting provides potential for direct shipping copper ore from the Storm project, Nunavut Atalaya Mining (ATYM LN) – Mineral resource estimates for San Dionisio and San Antonio deposits BeMetals (BMET CN) – Drilling commences at Kato, Japan BlueRock Diamonds* (BRD LN) – Q1 production increases desp

SP Angel Morning View: Climbing Covid cases in China weigh on growth outlook

Empire Metals* (EEE LN) – Acquisition of three highly-prospective copper-gold projects in Australia Hummingbird Resources (HUM LN) – Kouroussa development update Johnson Matthey (JMAT LN) – £400m awarded by UK government for hydrogen research Keras Resources* (KRS LN) – Keras consolidated stake to full ownership of Diamond Creek phosphate mine Savannah Resources* (SAV LN) – FY21 results: well capitalised, DIA expected over coming months

SP Angel Morning View: Metals pull back on property developer default and European energy shortage

AfriTin Mining (ATM LN) – Michael Rawlinson appointed a new Non-Executive director Arc Minerals* (ARCM LN) – Arc discussions at advanced stage with major mining company Bluejay Mining* (JAY LN) – Bluejay receives VAT repayment from HMRC Empire Metals* (EEE LN) – New round of exploration drilling to start at Eclipse in Q1/22 Hummingbird Resources (HUM LN) – Yanfolila drilling results point to LOM extension potential Keras Resources* (KRS LN) – Interims highlight sales from Diamond Creek orga

SP Angel Morning View: US infrastructure bill approval and strong Chinese exports help risk sentiment

Ariana Resources (AAU LN) – Due Diligence drilling completed at Apliki Project Keras Resources* (KRS LN) – Funding issues with local partner stall Diamond Creek organic phosphate production Kodal Minerals* (KOD LN) – Mining license granted for Bougouni lithium project in Mali Thor Mining (THR LN) – Drilling commences at Molyhil Tungsten-Molybdenum Project

SP Angel Morning View: Fed dovish stance propels US dollar denominated commodities higher

Anglo American (AAL LN) – Record H1 performance as stimulus measures spur recovery BeMetals (BMET CN) – Technical report for Kato Gold project identifies multiple drill targets Caerus Mineral Resources (CMRS LN) – Disposal of Black Pine licences Keras Resources* (KRS LN) – Mining season commences at Diamond Creek Kodal Minerals* (KOD LN) – Nielle project shows intersections of wide gold mineralisation in drill results Oriole Resources (ORR LN) – Exploration progress at Senala, Senegal Rain

SP Angel Morning View: Metals prices rise as China considering monetary easing amid a slowing recovery

Arc Minerals* (ARCM LN) – Arc Minerals to let exclusivity agreement with Anglo lapse Bluejay Mining* (JAY LN) – Targets defined for Outokumpu-type copper-cobalt- gold-silver deposits In Finland BlueRock Diamonds (BRD LN) – Q2 results show significant increase in tonnes processed Bushveld Minerals* (BMN LN) – Vanadium prices continue to rise in China Keras Resources* (KRS LN) – Commercial production commences at Diamond Creek Power Metal Resources* (POW LN) – Presentation covering Nevada p

Small Cap Feast: 09/07/21

What’s cooking in the IPO kitchen? Bridgepoint Group to float on the Premium Segment of the Main Market. Bridgepoint is the leader in middle market investing, with a global reach that leverages its strong pan-European footprint and Bridgepoint's ability to deploy meaningful amounts of client capital across several well established strategies. Raising £300m. Timing TBA. HydrogenOne Capital Growth to IPO on the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London

SP Angel Morning View: China SRB sales make little impact on commodity markets

Ariana Resources (AAU LN) – Annual results timetable impacted by Turkish travel restrictions Atalaya Mining (ATYM LN) – Mineral reserves and resources update for Cerro Colorado and San Dionisio BHP (BHP LN) – plans to double exploration budget within five years Cornish Metals*+ (CUSN LN) – Quarterly update and progress report on exploration in Cornwall Keras Resources* (KRS LN) – Interim results Firefinch (FFX AU) – Raising A$47m to reinvigorate Morila

SP Angel Morning View: Copper, nickel and tin lead metals prices despite rising inflation in China

Beowulf Mining* (BEM LN) – Response to irrelevant leaked letter from UNESCO Cornish Metals* (CUSN LN) – South Crofty updates mineral resources with increased tonnage at depth KEFI Gold and Copper* (KEFI LN) – Changes to the Executive Bonus Plan Keras Resources* (KRS LN) – Keras commissioning new plant for high-grade organic phosphate at Diamond Creek, Utah Metal Tiger (MTR LN) – Mining contract at Motteo and additional investment in Pan Global Resources

Small Cap Feast: 09/06/21

What’s cooking in the IPO kitchen? Baltic Classifieds Group PLC, the leading online classifieds group in the Baltics, announced their intention to IPO and the intended publication of a registration document. Should BCG proceed with the IPO, the Company will apply for admission of its entire issued Ordinary Share Capital to the Premium Listing Segment of the LSE. The UK Residential REIT, a proposed closed-ended real estate investment trust established to invest in a diversified portfolio of aff

SP Angel Morning View: Gold rises as copper backs off after breaching key target

AfriTin* (ATM LN) – DFS on Phase 1 expansion of the Uis tin mine Arc Minerals* (ARCM LN) –– Arc refutes Zambian newspaper article revoking mining consents granted by local chief Aura Energy* - (AURA LN) – Results and project updates Gem Diamonds (GEMD LN) – Recovery of 254 carat white diamond from Letšeng Keras Resources* (KRS LN) – Fertilizer price rise lifts related stocks Kodal Minerals* (KOD LN) – Bougouni lithium project feasibility ratified subject to minor corrections Mkango Resource

SHORE CAPITAL - SAVANNAH ENERGY+ (SAVE, 38p, Under Review) – Agreement in Chad for new renewable energy projects

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

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.

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

IOG - Trading update

Trading 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

AfriTin Mining: Operational efficiencies continue to drive down unit costs in another record quarter for Phase 1

AfriTin Mining (“ATM”) has announced another record-breaking quarter from Uis Phase 1. Tin production increased 13% QoQ to 152t for the three months to May (Q1 FY’23), supported by record recoveries, which along with cost initiatives drove a 16% improvement in All-In Sustaining Costs. The strong performance continues to support growth projects including incorporation of petalite lithium and tantalum by-products, upon which AfriTin recently announced positive drilling and metallurgical test work

Arrow Exploration - RCS-1 flow testing results

RCS-1 flow testing results

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: 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

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

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