SP Angel Morning View: Gold slides to one-month low as traders optimistic over soft landing

SP Angel Morning View: China commodity production ramps up as optimism grows over economic recovery

SP Angel Morning View: China stimulus talks help risk sentiment ahead of US Fed rate decision Wednesday MiFID II exempt information – see disclaimer below Alphamin Resources (AFM CN) – Operational and financial

Hybridan Small Cap Feast 5 June 2022

5th June 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

SP Angel Morning View: Lithium demand outlook improves as China considers extending EV tax subsidies

SP Angel Morning View: Metals fall as Dollar gains on potential for further Fed rate hikes

SP Angel Morning View: Expectations for steeper rate hikes lift US$ and dampen risk sentiment

SP Angel Morning View: Global commodity inventories continue to slide with nickel and copper near risk of depletion

Anglo Asian Mining* (AAZ LN) - BUY – Follow up investment in Libero Copper & Gold maintaining 20% interest Beowulf Mining* (BEM LN) – Contract awarded for Grafintec PFS Cobra Resources (COBR LN) – Maiden resource estimate for Wudinna rare earth project KEFI Gold and Copper* (KEFI LN) – 2022 drilling grows Hawiah MRE by 16% to 29mt Tianqi-led company bids A$136m for Australian lithium developer Essential Metals Sunrise Resources (SRES LN) – Pioche sepiolite project extended following trenchi

SP Angel Morning View: Copper stabilises on China covid reopening, dollar weakness and Beijing property stimulus measures

Anglo American (AAL LN) – Appointment of new Group Director-Technical Europa Metals Limited (EUZ LN) – Mineral resource increase at Toral Galantas Gold* (GAL LN) – BUY, TP:54p – Q3 results show strong cash position ahead of production restarting at Omagh Mkango Resources* (MKA LN) – Q3 results underpinned by release of DFS Metal Tiger (MTR LN) – Disposal of 49% interest in Kalahari Metals Petra Diamonds (PDL LN) – Williamson mine expected to resume production in mid-2023 Sunrise Resourc

SP Angel Morning View: Gold holds ground as traders weigh up Fed's options before rate decision next week

Bluejay Mining* (JAY LN) – Rob Edwards takes over as Executive Chairman Bushveld Minerals* (BMN LN) – Valuation 23p – Kiln 3 drives performance through the third quarter for Bushveld Chaarat Gold (CGH LN) – Suspension on the back of a potential reverse takeover of Lydian gold assets in Armenia Empire Metals* (EEE LN) – Large magnetic anomaly identified at Pitfield Harmony Gold (HAR SJ) – Acquisition of Eva Copper project, Australia Jubilee Metals Group (JLP LN) – FY 2022 operational result

SP Angel Morning View: IMF cuts growth outlook citing ongoing issues - high rates, strong inflation and Covid

BlueRock Diamonds* (BRD LN) – Sale of 10.22ct stone for US$122,888 Caledonia Mining (CMCL LN) – Another quarterly production record at the Blanket mine, Zimbabwe Castillo Copper (CCZ LN) – Progress of the drilling campaign at the East Zone of the BHA project Condor Gold* (CNR LN) – Largest shareholder appointed Chairman East Star Resources (EST LN) – Drilling to commence immediately at the Talairyk Heavy REE Project Kavango Resources (KAV LN) – CSAMT survey flown on KCB Petra Diamonds (PDL

SP Angel Morning View: Metals rise on G7 $600bn infrastructure target and as China eases travel quarantine rules

BHP (BHP AU) – $4bn earmarked for emissions reduction by 2030 Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret encounters mineralisation KEFI Gold and Copper* (KEFI LN) – Response to press reports Keliber (private) – Environmental permits secured for lithium plants Kore Potash* (KP2 LN) - BUY – Kola Optimisation Study delivers better economics and more robust project with EPC and funding proposal targeted for H2/22 Orosur Mining* (OMI LN) – Positive soil sampling results

SP Angel Morning View: Copper prices drop below $9,000/t on global demand fears

AEX Gold (AEXG LN) – Acquisition of additional exploration licences in Greenland Arc Minerals* (ARCM LN) – Agreement with Anglo American Caledonia Mining* (CMCL LN) – Record Q1 gold production from the Blanket mine, Zimbabwe KEFI Gold and Copper* (KEFI LN) – Progress report on Tulu Kapi project Largo (LGO CN) – Stronger vanadium prices lift Q1 22 earnings Serabi Gold* (SRB LN) – Palito delivers 2022's highest monthly production in April Sunrise Resources (SRES LN) – Correction to our comm

SP Angel Morning View: Gold rangebound ahead of US CPI data

Botswana Diamonds (BOD LN) – Setback for Ghaghoo mine acquisition Gem Diamonds (GEMD LN) – Agreement on sale of the Ghaghoo diamond mine lapses Horizonte Minerals (HZM LN) – Araguaia earth-works contract SolGold* (SOLG LN) – Appointment of CFO Sunrise Resources (SRES LN) – California approves CS Pozzalan for infrastructure use

SP Angel Morning View: Base metals continue to slide on China lockdowns and weakening PMI data

Botswana Diamonds (BOD LN) – Ground geophysical anomalies at Thorny River Conroy Gold & Natural Resources (CGNR LN) – Drilling at Clontibret Kodal Minerals* (KOD LN) – Kodal raises £3m in oversubscribed placing to advance Bougouni Lithium Project in Mali Rambler Metals and Mining* (RMM LN) - NPV Valuation: 168p/s – Updated Ming mine resources show improved confidence levels and increased copper and gold content Sunrise Resources (SRES LN) – Progress report on the search for a new partner to

LIBERUM: Trident Royalties: Mexican standoff

Chariot Limited (AIM: CHAR): Imminent partner in Morocco

• The US$2.7 mm cash position at the end of June is in line with our expectations. • Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon. • Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects

LIBERUM: Trident Royalties: Benefitting from rising rate environment

LIBERUM: Trident Royalties*: Utah lithium royalty acquisition

Interim Results

Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.

Savannah Energy+ (SAVE, Suspended, Under Review) - Interim results; readmission now expected in Q4

Pantheon Resources - Positive Outlook for Pantheon Resources

We believe that the outlook for Pantheon Resources is significantly improving.

Touchstone Exploration+ (TXP, House Stock at 68p) - Cascadura production update

Touchstone Exploration+ (TXP, House Stock at 62p) - Cash generation and scale in Trinidad to the fore

Central Asia Metals: H1 2023 Interim Results

Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved

Bushveld Minerals: H1 results; progress at Vanchem post period end

Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p

LIBERUM: Shanta Gold: Solid beat at interims

Interim results

Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m

Chariot - Anchois Partnering in Final Stages

The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio

Value anomaly despite resilient trading