SP Angel Morning View: Gold flatlines as Fed officials continue to bang the drum for higher rates for longer

Hybridan Small Cap Feast 20/10/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily production (oil and gas) on a net working interest bas

SP Angel Morning View: US approves $2.8bn in grants to boost domestic battery supply chain

Anglesey Mining (AYM LN) – Final drilling results from 2022 campaign at Parys Mountain Amaroq Minerals (AMRQ LN) – £30m fundraising Atlantic Lithium* (ALL LN) – Latest drill results continue to extend known mineralisation at Ewoyaa Centamin (CEY LN) – Strong quarterly performance at Sukari keeps production and cost guidance intact and passes 5moz of production milestone Greatland Gold (GGP LN) – Grant funding for exploration drilling in the Yilgarn, WA KEFI Gold and Copper* (KEFI LN) – Tulu

SP Angel Morning View: US$ jumps as risk appetite pulls back after Russia declares partial mobilisation

BlueRock Diamonds* (BRD LN) – FD steps down Empire Metals* (EEE LN) – AEM survey completed at Pitfield Galantas Gold* (GAL LN) – BUY – TP:54p – Positioned for growth - CLICK FOR INITIATION NOTE Savannah Resources* (SAV LN) – BUY – EIA review update Strategic Minerals* (SML LN) – Interims highlight good control on costs and progress at development projects

SP Angel Morning View: Metals pull back on US dollar gains as hotter than expected CPI

Bluejay Mining* (JAY LN) – Kangerluarsuk survey hones in on most promising zinc, lead, sliver targets for drilling BlueRock Diamonds* (BRD LN) – Victor Dingle takes over as CEO. Rob Croll becomes new non-executive Chairman Central Asia Metals (CAML LN) – Earnings climb on stronger base metal prices and depreciation in Tenge and Denar Empire Metals* (EEE LN) – Interims highlight transformative portfolio expansion KEFI Gold and Copper* (KEFI LN) – Jibal Qutman adjacent exploration licenses sec

SP Angel Morning View: Base metals bounce as sentiment improves on Russian gas supply restarts to Europe

Allkem (AKE AU) – Record production and revenues in FY22 reported amid strong demand for lithium AfriTin Mining (ATM LN) – Infill drilling results from the Uis mine Antofagasta (ANTO LN) – Revised production and cost guidance Botswana Diamonds (BOD LN) – Increased holding in Maibwe joint-venture, Botswana Centamin (CEY LN) – Q2 operational performance keeps Sukari on track to meet 2022 guidance Leo Lithium (LLL AU) – $40m debt facility agreed with Ganfeng Strategic Minerals* (SML LN) – Co

SP Angel Morning View: Nickel price jump lifts copper on new sanctions

Amur Minerals* (AMC LN) – Annual results highlight strong cash position amid continued M&A effort Arkle Resources* (ARK LN) – 2021 Results discuss Irish exploration and overseas aspirations Aura Energy* (AURA LN) – Appointment of engineers for the Tiris uranium project BeMetals* (BMET CN) – Drilling underway at Pangeni, Zambia Cornish Metals* (CUSN LN) – Valuation 48p/s – Drilling results from United Downs Goldstone Resources* (GRL LN) – Final results highlight transition from explorer and

SP Angel Morning View: Risk sentiment wanes on new lockdowns in Shanghai and ahead of US inflation data

AEX Gold (AEXG LN) – AEX joint ventures non-gold assets in Greenland with ACAM Bluejay Mining* (JAY LN) – AEX joint venture raises interest in critical materials in Greenland Pensana (PRE LN) – Pensana IP to remove radionuclides from rare earth concentrates before export from Angola Strategic Minerals* (SML LN) – Annual result show healthy magnetite sales at Cobre Sovereign Metals (SVML LN) – Graphite product analysis for Kasiya project

SP Angel Morning View: Base metals continue to rise as high energy prices disrupt production

Atlantic Lithium* (ALL LN) – Board changes for development phase of Ewoyaa Kore Potash* (KP2 LN) – Quarterly update highlights completion the Kola Optimisation Study Scotgold Resources* (SGZ LN) – BUY, 154p - Production slightly lags guidance in Q1 but starts to pick up on higher processed grades Strategic Minerals* (SML LN) – Cobre sales to help support ongoing work at Redmoor in Cornwall and Leigh Creek copper mine in Australia

Hybridan Small Cap Feast 21/04/22

What’s cooking in the IPO kitchen? 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: Financial news websites and other forms of “new media”, Investment research providers, Financial PR, IR, design and marketing agencies, Production studios and visual content prov

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: Metals remain volatile as Ukraine disrupts trade flows

Cornish Metals* (CUSN LN) – Vision Blue Commits £25m as part of £40.5m funding for South Crofty tin project Phoenix Copper* (PXC LN) – Strengthening links with its host community in Idaho PureGold (PUR LN) – 2022 operational improvements listed and ~$50m funding gap flagged Rio Tinto (RIO LN) – Guinea's ruling junta reaches deal with miners to resume Simandou mine development Strategic Minerals* (SML LN) – Continuing long-term access to Cobre secured

SP Angel Morning View: Metals make unexpected gains ahead of China New Year

Amur Minerals* (AMC LN) – Kun Manie potential sale discussions Bushveld Minerals* (BMN LN) – Vanchem to lead expansion in vanadium production Empire Metals* (EEE LN) – Consolidation of Mineralised Footprint Around Eclipse Project Europa Metals Limited (EUZ LN) – H1 2022 work plan for Toral project Power Metal Resources* (POW LN) – Diamond drill programme commences at Haneti Strategic Minerals* (SML LN) – Cobre magnetite sales

LIBERUM: Sylvania Platinum* - 3p interim dividend & new policy

Pantheon Resources - Update to provide perspective on Pantheon Resources' recent developments

In light of Pantheon Resources' most recent operational developments we have provided some background to provide context to appreciate their progress. Where possible, we have sourced direct statements from industry leaders in Alaska in order to provide an unbiased view on certain aspects of Pantheon Resources' exploration and appraisal in that state (see page 2). We have also provided our own thoughts and commentary to provide context for interested parties to get their bearings. We retain our p

Updated Alkaid #2 test results

Loony for Bougouni

Jubilee Metals - H1 FY2023 results

Jubilee today provides its unaudited financial results for the half-year period ending December 2022. Group Revenue of £63.1m (H1 FY2022: £63m) with £58m from its chrome/PGM operations in South Africa and £5m from copper in Zambia. Headline EBITDA of £10.3m (£13.7m) with a closing cash position of £11.7m (£21.5m) after continuing its capital investment program of £24.1m (£28.4m). Production of PGM was down in the period at 18.2koz (20.3koz), but all was from its own facility at Inyoni so cap

Pantheon Resources (PANR) – Corporate – Alkaid#2 Update

Pantheon Resources announced that Alkaid #2 has produced at an IP30 rate of 505 b/d of liquids consisting of 180 b/d of oil and 325 b/d of condensate and NGLs along with 2,300 mcf/d of gas (after shrinkage). Post clean-out, flow rates were initially marginally higher than pre-clean-out rates. The company believes that despite the sand blockage, the final 1,000ft of the well was connected and already contributing to the main wellbore through fluid communication between the fractures.

Hybridan Small Cap Feast - 21 Feb 23

21 February 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 objec

Hybridan Small Cap Feast - 06 Mar 23

6 March 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 objective

LIBERUM: Atlantic Lithium* - DFS on-track for release in Q3 CY23

IOG (IOG LN) - Full year 2022 results

Numbers partly already released in January. IOG has released its full year 2022 results. In January the company announced gross average production from first gas in March to the end of 2022 of 27.4mmcf/d, end 2022 gross cash of £32.4m (including £5.7m restricted), 2022 revenue before sales deductions of £79.6m, cash OPEX of 13.9p/therm, and cash CAPEX of £61.2m.

More gold on the way at Havieron

i3 Energy Update to Fair Value Estimate

We are updating our fair value estimate to reflect more conservative oil and gas price assumptions. We have lowered our 2023 WTI oil price estimate to $74.05/b from $83.10/b, to align our estimates with market dynamics. We have lowered our US benchmark (Henry Hub) natural gas price for 2023 to $3.02/mmbtu from $3.36/mmbtu, which reflects the most recent price forecast made by US EIA Short Term Energy Outlook. As a result, we are lowering our fair value estimate for i3 Energy to 26.2p from 31.6p

PetroTal Corp (AIM: PTAL): Production back at 20 mbbl/d. Regular payments from Petroperu

• Production was constrained in January and February, with average production of ~7,600 bbl/d and 8,000 bbl/d respectively, due to restricted barging capacity over these two months. • The barging fleet schedules have now been re-established with an increased capacity of 1.5 mmbbl (1.2 mmbbl in 2022) and PetroTal’s production has been averaging 20 mbbl/d since the last week of February. • Given the constrained production rates over January and February, the company now expects 1Q23 production t

Arrow Exploration Corp. (AIM: AXL): Another good well result

• The RCE-4 well encountered 45 feet of net oil pay, including 25 feet in the Carbonera C7 and 20 feet in the Lower Gacheta. The well will initially be completed in the C7 zone, targeting to be on stream in late March. This will increase Arrow’s production and reserves. • The 25 feet encountered in the Carbonera C7 at RCE-4 compares with 19 feet in the same sand at RCE-3, 16 feet at RCE-2 and 38 feet at RCS-1 (C7A and C7B sands). • RCE-2 is currently producing ~ 500 bbl/d (net to Arrow), RCS-

LIBERUM: Atlantic Lithium* - Systematic study of value-enhancing opportunities; DFS on-track for Q2’CY23