SP Angel Morning View: Copper rallies alongside base metals as China stockpiles ahead of potential Yuan devaluation

Morning Note – 29 May 2024

Hybridan Small Cap Feast - 20 May 24

20th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange

Hybridan Small Cap Feast - 08 April 2024

* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: European Green Transition (EGT.L) a developer of green economy assets in Europe which aims to capitalise on the opportunity created by the green energy transition has joined AIM with a successful placing and subscription at a price of 10p per share. The Company has raised approx. £6.46

SP Angel Morning View: Gold prices at $2,337/oz as central bank buying continues

Hybridan Small Cap Feast - 13 Mar 2024

13th March 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs

SP Angel Morning View: Nickel shows signs of life as Indonesian exports slide on permit approval delays

Morning Note – 27 February 2024

SP Angel Morning View: Lithium, spodumene prices rise as consumers restock following closure of lepidolite production

Cora Gold - Sanankoro ready to go

Cora Gold offers exposure to a gold exploration and development business with a lead project at Sanankoro in Southern Mali that should be ready for construction as soon as remaining project financing and permitting have been put in place. We see a number of catalysts in the valuation, including the issue of a mining permit once the moratorium is lifted by the Government in Mali followed by project financing and cash flows once production starts with additional upside potential through the possib

Morning Note – 29 June 2023

Hybridan Small Cap Feast - 22 May 23

22nd 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

SP Angel Morning View: Precious metals tick higher despite US dollar gains

Cora Gold - Low-cost gold in West Africa

Cora Gold offers exposure to a significant gold exploration and development business with a lead project at Sanankoro in western Mali that should be ready for construction as soon as remaining project financing and permitting have been put in place. We see considerable near-term upside, driven by the expected strong cashflows once production starts and the potential to add to the Mineable Reserve of low-cost oxidised ore. We refresh coverage with a 19p price target.

Hybridan Small Cap Feast - 24 Feb 23

24 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

Morning Note – 24 June 2024

Jubilee Metals - Zambia copper update

Project Roan – the large plant capable of feeding Jubilee's Sable cathode – concentrate plant has been bult and is now being commissioned with full utilisation expected in July 2024. Although delayed this is a perfect test bed for the roll out of similar plants as part of the LG project with Abu Dhabi based IRH – Jubilee's partner in this project.

Sound Energy (SOU LN) - Managem announced as Moroccan partner

Sound Energy (SOU LN) - NAV Update - Managem announced as Moroccan partner

Chariot Limited (AIM: CHAR): Key step towards developing future gas to industry business onshore Morocco

• Chariot has signed Heads of Terms with Vivo Energy for the future offtake from the Loukos onshore licence where natural gas has been encountered at Dartois. • Up to 3 mmcf/d would be initially sold to the CNG midstream business under a long-term gas sales agreement. • Vivo intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources to existing and new industrial customers in Morocco. Chariot will have the option

Serica Energy Plc (AIM: SQZ): Initiating Coverage

Serica Energy is a ~US800 mm market cap company with >40 mboe/d production and 140 mmboe of 2P reserves in the UK North Sea. The investment case is about value and generous shareholder distributions. The strategy is to maximize the value of two key producing hubs, depending on the UK’s tax policy, to develop a third one at Buchan Horst and to grow via M&A. Over the last 2 years, the share price has been negatively impacted by the reduction in UK gas prices and fiscal uncertainty. Serica’s divide

NextSource Materials - Initiation

NextSource is uniquely positioned to build a leading vertically integrated position, ex China, in the supply of Lithium-ion battery anode material which is essential for the Energy Transition. The company is commissioning phase 1 of its world-class Molo graphite mine in Madagascar and is in the final permitting process for its first Battery Anode Facility (BAF) to be located in Mauritius. The company is backed by Vision Blue, established by Sir Mick Davis, former CEO of Xstrata. On our calculat

SP Angel Morning View: Iron ore prices hold despite weak China property construction data

NextSource Materials - Conditional $91m IFC funding for Molo expansion

NextSource has signed a Mandate Letter with the International Finance Corporation (IFC) for a senior debt facility totalling US$91m. This facility should fund approximately 50% of the cost of the expansion of the Molo graphite mine in Madagascar to an annual capacity of 150kt pa of SuperFlake® graphite concentrate from the current 17kt pa of Phase 1. This funding is in line with our expectations as published in our recent initiation. We expect public confirmation of support from the IFC will pr

Sound Energy (SOU LN) - Initiation: The sound of progress

Sound Energy is a UK-listed E&P with gas assets onshore Morocco. The company has made material progress in development of its Tendrara asset, with Phase 1 development underway, and the larger Phase 2 advancing towards FID. There is an ever clearer route to material, sustained cash flows, with regular catalysts from development progress updates and new high-impact E&A drilling.

SP Angel Morning View: Chinese traders hold back metal buying as Yuan slides against strong US dollar

i3 Energy (I3E LN) - Sweet as maple syrup

I3E is a UK and Canada listed E&P company, with a significant producing asset position onshore Canada in Alberta.

Oil & Gas - Cavendish sector note

Longboat Energy, Baron Oil, Falcon Oil & Gas, Tamboran Resources, Energean, Arrow Exploration, Enwell Energy, Gulf Keystone Petroleum, UK Oil & Gas. Source: FactSet, weekly change 17/06/2024-21/06/2024 Oil fell after futures crossed into overbought territory, although crude still notched a weekly gain amid shrinking US stockpiles and signs of rising fuel demand. West Texas Intermediate dropped about 1% to slip below $81 a barrel on Friday. Crude had edged into overbought territory on Thursday af

Petro Matad (MATD LN) - Equity raise for Block XX drilling

Petro Matad has raised US$8.9m through an issue of 350m shares at 2.0p. The company is currently preparing to bring onstream the existing Heron-1 well on its field in Mongolia, and the raise is planned to fund the subsequent drilling of the Heron-2 development well. The raise is also planned to fund drilling of the high impact Gobi Bear-1 exploration well, on the same Block XX as Heron. All this activity is expected in 2024.

SP Angel Morning View: Chinese lithium producers rally sharply on reports major mine has gone on maintenance

SP Angel Morning View: Gold prices push higher as yields slide on Fed rate cut hopes