SP Angel Morning View: Iron ore prices consolidate at new high despite warning of peak demand from Rio Tinto

Thor Energy - Key environmental approvals granted for Kapunda

Thor today announces the granting of permits that allow push-pull testing at the Kapunda in-situ copper recovery (ISR) project in South Australia. Thor has a 30% equity interest in EnviroCopper Limited, the lead partner of the Kapunda project.

Thor Energy - Alford East, Fleet Space Technologies Collaboration

Thor today announces that it has entered into a collaboration with Fleet Space Technologies (Fleet) to undertake Ambient Noise Tomography (ANT) surveys at the Alford East in-situ recovery copper project in South Australia.

SP Angel Morning View:

Thor Energy (THR) - Drilling approvals in USA received; drilling to begin in September

With the price of uranium the strongest it has been for years and the lack of domestic production in the USA, where nuclear electricity generation accounts for ~18% of all electricity generation, and global exporters of uranium are often in politically exposed countries, places a certain need for additional USA production for security of supply in our view. The Thor projects interest us as they are often close to the sites of abandoned mines, have strong uranium and thorium anomalies, have visi

Thor Energy - Targets identified at the uranium and vanadium projects, USA

Thor today reports the results of heliborne magnetic and radiometric surveys recently completed over its uranium and vanadium projects in the USA. Initial interpretations of magnetic data show an association of historical mine workings with structural trends. Radiometric data has generated a number of “uranium” anomalies, amongst these are the high priority Section 23 and Groundhog targets. Teams are already on the ground evaluating and ranking the anomalies for follow up exploration.

Thor Energy (THR) – Corporate – Heliborne surveys commence at the USA uranium projects

Today Thor reports that it has commenced high-resolution heliborne magnetic and radiometric surveys over the Wedding Bell, Radium Mountain, and Vanadium King uranium projects in the USA. The surveys, flown at a height of 30m above ground level, will total 986 line-kilometers on 50m line spacings. Processed results are expected 6-weeks after the completion of the surveys. Further details are provided in today's RNS.

Thor Energy (THR) – Corporate – Quarterly Activities and Cash Flow Report

Thor Energy recently provided an activities and cash flow report for the first quarter of 2023 (RNS 28.5.23). During and post period Thor made significant progress across its portfolio, including: i) reporting of assays confirming vanadium and uranium enrichment in the target Salt Wash horizon around historical mines at the USA uranium projects, ii) integration of historical and new data to generate targets at the Ragged Range copper-gold project in Western Australia, iii) identification of Rare

Thor Energy (THR) – Corporate – REE's identified at Alford East

Following a supplementary programme of drill core sampling, Thor today reports significant intersections of Rare Earth Elements (REE's) at its Alford East Project. Alford East is a copper oxide gold deposit in South Australia that is amenable to low-impact low-cost in-situ recovery methods.

Thor Energy (THR) – Corporate – Geophysical survey results for the Alford West project, South Australia

Today Thor reports the results of an Ambient Noise Tomography (ANT) geophysical survey completed at the Alford West copper-gold in-situ recovery (ISR) project in South Australia. The Alford west project is owned by EnviroCopper Limited, a company in which Thor has a 30% equity interest. The ANT survey has delineated a low-velocity “trough” that reflects deep weathering in the subsurface; previous drilling has shown that such structures host copper oxide mineralisation.

Thor Energy (THR) – Corporate – Half yearly operations update

Thor today reports an operation update for the 6-month period ending 31st December 2023. During what has been a busy period Thor reported i) a change in name from Thor Mining to Thor Energy; ii) lateral continuity of uranium bearing sandstones around historical uranium/vanadium mines in the USA; iii) results of an RC drill programme at Ragged Range (Kelly's prospect), including the identification of wide zones of alteration with associated copper and gold; iv) completion of baseline hydrogeologi

SP Angel Morning View: Concern for rare earth miners as Tesla looks to ditch NdPr for new motor technology

Thor Energy (THR) – Corporate – Geophysical Survey Commences, Alford West project, South Australia

Today Thor announces that EnviroCopper Limited, in which it has a 30% interest, has commenced a geophysical survey at the Alford West in-situ copper recovery (ISCR) project in South Australia.

LIBERUM: Trident Royalties: Mexican standoff

LIBERUM: Sylvania Platinum: Record year for production

PetroTal (PTAL LN) - Paddington would be proud – initiating coverage

PetroTal is a London and Toronto-listed E&P company, holding a 100% interest in the Bretana field, onshore Peru. This delivered production of 19.0mbbl/d in Q2 2023, supporting strong cash flows for the company based on its established oil export routes, onshore cost profile and fiscal terms. On the back of these cash flows and a healthy balance sheet, PetroTal has now established returns to shareholders. As such, the stock offers a strong prospective yield of over 10%, alongside production grow

Independent confirmation of c.1bn barrels liquid hydrocarbons at Kodiak

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*: 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.

LIBERUM: Trident Royalties: Benefitting from rising rate environment

Bushveld Minerals: Fully integrated vanadium exposure with potential for operational turnaround & share price rerating

We initiate coverage of Bushveld Minerals (“BMN”) with a price target of GBp9/sh, implying 339% upside to the current price. BMN is a fully integrated vanadium producer that operates mines and plants in South Africa, which we estimate will produce 3,700t of vanadium in 2023E, accounting for >3% of global supply. After operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in BMN shares, we expect a rerating to be driven by growing production and

PetroTal (PTAL LN) - Production and operations update

PetroTal has announced production numbers for July and August, maintaining full year guidance, alongside providing an operational update.

Bushveld Minerals: Investment agreed to strengthen balance sheet

Bushveld Minerals (“BMN”) has announced that it has signed a binding term sheet with a South African investment group, Southern Point Resources (“SPR”), that should provide a strengthened balance sheet and greater financial flexibility through cumulative funding of up to US$69.5m-US$77.5m. As part of the funding package, BMN will sell down 50% of its interest in the Vanchem plant and its 64% interest in the Mokopane deposit for a total consideration of US$25m. In our view, this package represent

Jersey Oil & Gas - Interims

Jersey Oil & Gas released its interim results for the period ended 30 June 2023 indicating that it had a period-end cash position of £5.6M, with no debt. The company stated that further cash receipts amounting to $9.4M will be due on completion of the FPSO acquisition agreement and $12.5M on Buchan FDP approval (from NEO Energy, pursuant to the farm-out agreement).

Interim results: solid performance amid challenging macro

The quality of CAML’s asset base came to the fore yet again in H1 2023 as the group maintained an impressively wide EBITDA margin despite the twin challenges of weaker base-metal prices and inflationary pressures on costs. The robust financial performance enabled CAML to declare a 9p interim dividend, maintaining its position amongst the top yielders in the junior mining sector. Capex requirements should reduce materially from next year as the project to transition to more flexible and sustainab

IOG (IOG LN) - Operational update

Blythe H2 well production update. IOG has released an operational update. This reports that gross production from the Blythe H2 well declined from 27.7mmcf/d to 21.2mmcf/d over the course of August, from an initial stabilised rate of 32mmcf/d in early July, with an average rate of 17.8mmcf/d gross achieved over August due to a planned one-week shutdown of the Bacton terminal.

Introduction of Vanchem partner alleviates pressure