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Jubilee today announce the full year results for FY 2021 ending in June 21. It was a year of continued progress with revenues up 143% to £133m (from FY 2020), adjusted PBT up 324% to £52m and eps up 93% to 1.8p/sh – an extraordinary year – but still only the beginning of the progression in our view. Continued developments in South Africa have led to a fully flexible chrome and chrome tailings solution at Inyoni. Supply from a wide variety of sources (Run-Of-Mine, new tailings from own operati
Companies: Jubilee Metals Group PLC
Jubilee operates several chrome-Platinum Group Metal (PGM) operations in South Africa. Growth will come from its Zambian two-refinery strategy where it is expected to produce upwards of 31kt/year of copper (in cathode and concentrate) with an, as yet, undefined contribution from cobalt. The strategy has benefited from the acquisition of the Nkana refinery from Mopani (Zambian-government owned), which provides many logistical and technical benefits to Jubilee. Jubilee remains on a growth trajecto
Solaris Resources (“Solaris”, “SLS”) has announced its intention to place its non-core assets in Ecuador, Peru, Mexico and Chile into a separate entity, to be spun off as “Solaris Exploration Inc” in due course. Solaris Resources will continue to focus on its world-class flagship Warintza project, with a streamlined structure likely to boost its attractiveness to potential acquirers or strategic partners. Meanwhile, the newly created company will highlight other assets in the portfolio which cur
Companies: Solaris Resources Inc
Pantheon Resources announced that it has raised $41m via an oversubscribed equity placing and retail offer priced at 65p/sh. The company also indicated that is issuing $55m of convertible bonds. The funding allows the company to fully execute its 2022 programme to assess 8 targets across three wells – four targets with the re-entry of Talitha #A and two targets each at Theta West and the company's 2H development well, which the company intends to bring on as a producer.
Companies: Pantheon Resources plc
Bluejay Mining PLC (“JAY”) has announced the completion of bulk sample pilot plant processing and further, final samples being sent for incremental customer evaluation. We view this as an important step for both validating the process flow sheet and ultimately securing offtake agreements for the remaining expected output. JAY has agreed a Master Distribution Agreement with a major Asian conglomerate for up to 340ktpa of Dundas’ anticipated 440ktpa annual output. We see future technical studies a
Companies: Bluejay Mining PLC
Deeside project update
Companies: EQTEC PLC
Companies: Shanta Gold Limited
Savannah Resources is a hardrock lithium exploration and development company with a 100% interest in the Barroso Lithium Project in the Northern Portugal hosting 27mt at 1.06% Li2O for ~700kt LCE, the largest spodumene lithium resource in Western Europe. Project environmental permitting is currently in progress paving the way for the completion of the Feasibility Study and eventual project financing. The project benefits from the strategic location as Europe rapidly expands it Li-ion batteries a
Companies: Savannah Resources Plc
We initiate coverage of Tungsten West Ltd (“TUN” or “the company”) with a GBp144/sh price target. TUN is focussed on the re-opening of the Hemerdon Tungsten Mine in Devon, UK, which was previously owned and operated by Wolf Minerals (UK) Ltd (“Wolf”). Since acquiring the project in Nov’19, TUN has resolved issues encountered by Wolf and optimised the project further with new revenue streams and technology. In March 2021 TUN produced a Bankable Feasibility Study (“BFS”) for Hemerdon, validated by
Companies: Tungsten West Plc
Cornish Metals has now released the results of 10 drillholes at its continuing exploration programme at United Downs near Camborne. Including two holes drilled on the property by Cornish Lithium the drilling shows up to 5 mineralised structures with a total of twenty-two individual mineralised intercepts.
Even though the area has been mined intermittently between the early 1700s and the late 20th century, the drilling evidence bodes well for the delineation of additional mineral resources wh
Companies: Cornish Metals Inc.
i(x) Net Zero, the investing company which focusses on Energy Transition and Sustainability in the Built Environment, announces its intention to join AIM. Following Admission, the Company intends to use the net proceeds of the proposed Fundraising to provide development and expansion capital to certain of its investee companies, for future investments in companies that fall primarily within its areas of interest in Energy Transition and Sustainability in the Built Environment and to provide work
Companies: TGN AFC COIN COIN HL/ OMI
Initiating Coverage: Price Target 20p
Potential Beyond Tin
AfriTin Mining Limited (ATM) is one of only three listed tin producers in Western markets. It has a large (820km2) land package in Namibia comprising 5 prospective licenses of which the Uis mine is the most advanced and already in production. Near term growth is being delivered with an 80% increase in tin production between 2022 and 2024. However, this is only scratching the surface and there are more than conceptual plans being fo
Companies: AfriTin Mining Ltd.
Shanta Gold (AIM: SHG) has, this morning, announced a downgrade to its 2021 production guidance from 60-65Koz to 55-57Koz due to the supply by a third party vendor of an unreliable emulsion product and underground production charging units during Q4. However, now the company notes that emulsion product quality has been restored and the underground production charging units have been fixed.
Today's downgrade in guidance has not impacted our numbers much given our more conservative view on 2021
• The social protests near PetroTal’s oil loading facility have been peacefully resolved and oil loading operations on barges from Brazil have already re-commenced. This is very good news as this allows PetroTal to resume oil export to Iquitos and Brazil with the potential to grow to a combined 14.3 mbbl/d through these two routes depending on barge availability.
• Regarding Pump Station No.5, a meeting between the government and the indigenous federations has been proposed for December 10, with
Companies: PetroTal Corp.
Preparations are on-track for the spud of the Merlin-2 appraisal well in February 2022. The Merlin-2 appraisal well is targeting 652mmbbls of unrisked prospective resources, making it one of the largest onshore prospects to be drilled anywhere globally in 2022. Situated downdip of the successful Merlin-1 well, the Merlin-2 well is expected to encounter thicker reservoir sections and high permeability/porosity sands, with a 56% geological chance of success. A key objective of the Merlin-2 well is
Companies: 88 Energy Limited