Turning the corner?

Material position within primary vanadium production market Bushveld produces a range of vanadium products at its operations in South Africa. It operates 2 of the world''s 4 operational vanadium ore processing facilities and 1 of only 3 operating vanadium mines. Vanadium is predominantly used in steel production with a small but growing portion used in utility scale battery storage systems. Considerable asset value potential, but challenges to be overcome We believe the assets have the potential

CLN refinancing eases balance sheet pressure

The proposed loan note refinancing would reduce and defer a hitherto looming near-term debt liability whilst sculpting future debt repayments on a schedule more aligned with Bushveld’s expected production growth and internal cash generation projections. Alleviating this near-term balance-sheet pressure will simplify the Bushveld investment proposition, untethering its shares for a potential upwards re-rating if the group can deliver on near-term operational targets. This in turn would provide Bu

Full-year targets remain within reach after mixed Q1

Weather-related disruptions and a decision to undertake maintenance whilst drawing down on inventories resulted in a Q-on-Q reduction in output in Q1 2023, though costs remained under control and sales rose on the inventory draws. With more reliable power supply now being realised at Vanchem and a new third-party source of low-silica ore feed expected to improve recoveries there going forward, Bushveld anticipates rising group production rates as 2023 progresses and thus remains confident of ach

SP Angel Morning View: Copper and Iron ore extend gains on improving China construction activity

Record production achieved in trying circumstances

Higher production at Vanchem coupled with another stable year at Vametco saw Bushveld deliver record annual vanadium production in 2022, though the adverse impact of electricity load shedding on the ramp up of Vanchem meant that the full-year total narrowly missed the group’s target. We still anticipate a return to positive EBITDA for 2022 and further earnings growth this year as Vanchem continues to gather pace. However, evidence of positive progress on load-shedding mitigation measures at Vanc

SP Angel Morning View:

Hybridan Small Cap Feast 01612/22

Dish of the day Joiners: No joiners today Leavers: Victoria Oil & Gas plc ord 0.5p, epic VOG has left AIM What’s cooking in the IPO kitchen?** Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploration and development company principally seeking to explore and develop potential world-class copper-gold assets in the Philippines and a cobalt asset in Namibia. Amount planning to raise and anticipated market cap TBC. Expected late December 2022. Convictio

SP Angel Morning View: Metals soften as traders digest Powell's commitment to higher rates for longer

Beowulf Mining* (BEM LN) – Vadar acquires highly prospective license in Kosovo Bushveld Minerals* (BMN LN) – Jacqueline Musiitwa stands down due to role with US Agency for International Development (USAID) Cornish Metals* (CUSN LN) – Progress report from South Crofty First Quantum Minerals (FQM CN) – Panamanian Government shuts down Cobre Panama mine after tax talks fall through Kodal Minerals* (KOD LN) – Kodal completes concept design modules for lithium mine and process plant in Mali Mete

Predator Oil & Gas Holdings PLC - Initiation of Coverage - Buy Target Price 0.25 Pence

• Up to 200MMscfd gas to industry opportunity in Morocco • Replacing more expensive and CO2 emitting LPG • 295BCF (2C) in Guercif permit onshore Morocco • Multifold upside from yet undrilled prospective in permit • Competitive advantage from capital-light phased development approach • 3-month re-rating to 15p after flow-testing discovery well, and two appraisal wells in June/July 2023 • 12-month target of 25p with first gas of 1MMscfd in May/July 2024 ramping-up rapidly to 10MMscfd • Further ups

Fully funded for range of activities - operational and key third party evaluations

Savannah Energy+ (SAVE, Suspended, Under Review) - Gas sales and purchase agreement signed with AMOCON

Andrada Mining: Lithium driving value after “numerous unsolicited approaches” to accelerate Uis development

Andrada Mining (“ATM”) has announced several unsolicited approaches from international entities to accelerate production from its lithium portfolio through a potential strategic partnership in its Uis project in Namibia. A global investment bank has been appointed to provide a structured assessment of potential partners based on financial and technical merits. After the expansion of the Phase 1 tin operation in 2022, Uis achieved record quarterly tin concentrate output for the three months to Fe

Initial Equity Trading Comments - 15 May 2023

FLASH: Completion date extended (again)... but positive drilling results indicate resource upside

Touchstone Exploration+ (TXP, House Stock at 58p) - US$7m revolving loan facility

Successful first test at CN-1

Cenkos: Diversified Energy Company Plc -- 54% Cash Margin & 37% Annualised FCF Yield

Despite the challenging commodity price environment, Diversified has announced a strong set of Q1/23 results. Cash margins and annualised free cash flow yield increased to c54% and c37% respectively, as a result of lower per-unit expenses and the Company's robust hedging portfolio. Diversified's hedging strategy continues to advantageously position the Company, with remaining 2023 average natural gas hedge floors of US$3.79/Mcf at a 35% premium to current strip pricing, and a 55% premium to the

The time has come!

In the next six months, Aminex (AEX) will embark on a development programme that will see the company become a producer and free cash flow (FCF) generator. Between drilling the new Chikumbi-1 well (CH-1), re-entering the existing two wells, processing of the new 3D seismic, signing a GSA, and reaching first gas, there will be plenty of milestones in 2023 to, in our view, gradually “guide” the market towards recognising a full value for the targeted initial 60mmscf/d gross production in late 2023

Hybridan Research: Sector Review: Critical minerals for UK - mining and battery recycling: 09-05-2023

Virgin mining: Energy security and decarbonisation are driving the race in the sourcing of critical minerals from the natural world. This has contributed to the revival of exploration activities in the US, Europe and to a lesser degree the UK. For example, the global identified lithium resources increased from 40m tonnes in 2015 (the Paris Agreement year) to 97m tonnes in 2023, at a CAGR of 12%, according to the U.S. Geological Survey data. For example, there was no identified lithium resources

Hybridan Small Cap Feast - 23 Feb 23

23rd May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Reserves at Shell: Shooting itself in the foot?

Hangover from the noughties debacle still seems to weigh Is Shell''s seeming conservatism on SEC reserves accounting effectively shooting itself in the foot? After two weeks of talking with investors, several of whom expressed concern that Shell''s lowly reserves life would require it to spend beyond guidance to sustain its hydrocarbon business, our impression is, most likely, yes. Push into the details and time and time again, all too apparent in our view is that when it comes to reserves accou

Maiden drilling at Pitfield outlines giant hydrothermal system

The maiden RC drill programme at Empire’s Pitfield project in Western Australia has confirmed the presence of a potentially giant-scale hydrothermal mineral system. Assays returned anomalous copper values but more intriguingly, the results appear to have outlined an extensive new titanium discovery.

Loony for Bougouni