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

SP Angel Morning View: Copper prices strengthen as US market tightens again following short squeeze

SP Angel Morning View: Copper drifts as market looks for new direction following Fed outlook and weaker US CPI figures

Ariana Resources (AAU LN) – Increased MRE at the Dokwe project, Zimbabwe Bezant Resources (BZT LN) – Progress report on Namibian gold project Power Metal Resources* (POW LN) – Disposal of Australian interests Trident Royalties (TRR LN) – Recommended all cash offer at 49p from Deterra Royalties Umicore (UMI EBR) – Umicore warns of a sharp slowdown in growth of demand for EVs impacting the entire supply chain

Hybridan Small Cap Feast - 03 June 24

3rd June 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, or it is a rumour Dish of the day Admissions: The shares of Zegona Communications (ZEG.L) have been readmitted for trading on the Standard Segment of the Main Market, following the reverse takeover of 100% of Vodafone Spain for EUR5bn. Delistings: What’s baking in the oven? ** Potential**** Initial

SP Angel Morning View: Copper continues to slide as short-squeeze unravels and inventories climb

SP Angel Morning View: Copper strengthens as China continues to draw in metal and copper concentrates

SP Angel Morning View: Gold prices soar to >$2,450/oz as China debt and geopolitical fears drive prices

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

SP Angel Morning View: Lithium auctions detach from spot prices in sign market is strengthening

SP Angel Morning View: Cocoa prices overtake copper as LME increases margins on key metals

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: Gold prices push higher as yields slide on Fed rate cut hopes

Receipt of Tranche 1 Ombrina Mare monetisation