Pan African’s FY21 results were closely in line with our expectations. Mining profit for the full 12-month period was US$128.0m (cf our estimate of US$132.7m – see Exhibit 2), profit after tax US$74.7m (cf our estimate of US$75.1m) and EPS 3.87c per share (cf our estimate of 3.90c). Most striking, however, was the 28.5% increase in the proposed final dividend to ZAR402.2m, or 1.26671cps at the prevailing forex rate. This was above the company’s dividend policy guidelines, but reflected managemen
Companies: Pan African Resources PLC
Pan African (PAF) announced its operational results for the year ended 30 June 2021 on 13 July, with output for the full year 6,609oz (3.4%) higher than PAF’s own guidance of 195,000oz from as recently as May 2021 and 7,383oz (3.8%) above Edison’s forecast. All of the substantive outperformance could be attributed to operations at Evander underground, which more than made up for an early shortfall in production in H121. Otherwise, group net senior debt was reported to be very close to Edison’s p
Bacanora Lithium (BCN LN) – Bacanora grants extension to Ganfeng offer
Cora Gold (CORA LN) – £3.1m placing
Kavango Resources (KAV LN) – Copper-silver targets identified on KCB licenses
Nordgold – Expecting to list in London capitalising on strong gold price environment.
OreCorp (ORR AU) – The cabinet approves Nyanzaga SML
Premier African Minerals* (PREM LN) – £1m placing to fund Zulu feasibility study
Pan African Resources (PAF LN) – Renewal of Barberton's Mining Licence
Companies: BCN CORA KAV PAF PREM TYM ORR
Pan African Resources’ (PAF) interim results to end-December 2020 were reported in the context of already known production and were well within the range indicated by its JSE paragraph 3.4(b) announcement of 8 February. EPS and HEPS almost doubled in the period to 2.11c/share, albeit this included an (effectively) exceptional loss from the last of PAF’s hedge programme, which if excluded would have increased EPS and HEPS to (we estimate) 2.46c/share (see Exhibit 2). Moreover, this result was ach
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intend
Companies: SAR PAF PTRO NEXS TYM BOD CLX FAB ODX DUKE
Greatland Gold (GGP LN) – New CEO appointed after initial resource estimate delivered at Havieron | IronRidge Resources* (IRR LN) – Further Phase-3 drill results confirm gold mineralisation at Zaranou | Oriole Resources (ORR LN) –– Exploration in Cameroon extends known area of gold mineralisation | Pan African Resources (PAF LN) – Solar power project for Evander Mines | Power Metal Resources* (POW LN) – Ultramafic rock intercepted at Molopo Farms Complex, Botswana | Resolute Mining (RSG LN) – Bi
Companies: GGP IRR ORR PAF POW RSG TSG
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Friday's market sell off saw some violent downward moves in many stocks with little initial differentiation between sectors or the key drivers of businesses, creating significant share price drops in a number of higher quality or uncorrelated names. We take a look at some stocks we believe have either seen an unwarranted sell-off, have seen weakness go under the radar or where there is now a more attractive opportunity.
Companies: ANX IBPO CYAN SOM EQT AFM
Phoenix copper today announces an update on its deep drilling program below the proposed Empire oxide open pit resource and into the deeper sulphide zone. Phoenix is roughly 1/4 the way through a 4,500m drilling programme and has once again shown that high-grade zones of copper, zinc and lead sulphide mineralisation exist, nearly always associated with gold and/or silver and often with elevated concentrations of tungsten and molybdenum.
Companies: Phoenix Copper Ltd. (United Kingdom)
Companies: IOG PLC
GBA project update, board & management changes
Companies: Jersey Oil & Gas PLC
Jersey Oil & Gas has announced that it has recomposed its leadership team with immediate effect. Les Thomas, formerly Non-Executive Director, has assumed the role of Non-Executive Chairman. Graham Forbes has been appointed CFO. Richard Smith has been appointed Chief Commercial Officer. Les Thomas and Graham Forbes previously served, respectively, as the CEO (2013-2020) and CFO (2010-2020) for Ithaca Energy. Richard Smith spent ten years in various senior roles also at Ithaca Energy. We believe t
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What’s cooking in the IPO kitchen?
Trinistar Liverpool S.a r.L announces its potential listing of a newly formed single asset company which will own the Capital Building in Liverpool on the IPSX. Upon admission the Company would become a real estate investment trust (REIT). The Capital Building occupies close to a 3.5 acre freehold site in the centre of Liverpool’s business district; the building comprises c425,000 square feet of predominantly of
Companies: ADBE ADBE SYM ARC AVCT CMCL CLIN DCTA FRAN OSI
• Current production of 11,775 bbl/d (down from ~14,200 bbl/d in early October) reflects the natural decline and potential completion flow restriction at Well-8H which had IP rate of ~7.7 mbbl/d 2 months ago).
• First oil for Well-9H has been delayed by three weeks to the first week of December due to operational issues and the need to drill a sidetrack. As a result, the 4Q21 production guidance has been reduced from 16.0 16.5 mbbl/d to 12.5-13.5 mbbl/d and the expected average production in Dec
Companies: PetroTal Corp.
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.
SolGold (“SOLG”) has published the first partial assay results from its drilling programme at the Varela target on the Rio Amarillo concession, 35km from the flagship Cascabel project. Hole 1 has been assayed to a depth of 1,052m, revealing an intercept of 72m @ 2.16 g/t Au from 639.7m, including 24m @ 5.77 g/t Au. More interestingly assay results are pending from 1,052m to 1,708.1m (EOH) where free gold and porphyry mineralisation have been identified. Intersections of porphyry style mineralisa
Companies: SolGold Plc
Harland & Wolff (H&W) has raised £8.2m gross through a placing and PrimaryBid at 20p to secure its next stage of growth. Over the past two years, H&W has acquired a series of strategically important assets across the UK, and is proceeding to convert its pipeline opportunities into contracts. The positive recent announcement that DAERA would award the full marine licence for Islandmagee represents a significant milestone in allowing H&W to monetise this asset, with management estimating that sale
Companies: Harland & Wolff Group Holdings PLC
West Newton planning update
Companies: Union Jack Oil Plc
Shanta Gold (AIM: SHG), the East Africa-focused gold producer has today announced a drilling update on its West Kenya Project (WKP) based on its Phase 2 drilling program which aims to infill 17 modelled zones across both Isulu and Bushiangala deposits up to 450-500m below surface. The Company has also reported drilling results from a regional exploration target, Ramula, where assays have been received from the first of 12 holes drilled, as part of the resource drill-out programme, totalling 451m
Companies: Shanta Gold Limited
Shanta Gold (AIM: SHG), the East Africa-focused gold producer, has today announced an update on its exploration drilling at its New Luika Gold Mine (NLGM) based on activity carried out in Q3 2021. More specifically, the drill results are from the Luika Deposit, Bauhinia Creek (BC) Main, BC East Area 1 and Porcupine South. Importantly, all of today's drill intersections are outside existing mineral reserves and will be incorporated into the next update of the mine plan as the Company continues it
Savannah Energy’s shares have been suspended since 2 June when it announced the reverse takeover of ExxonMobil’s Chad and Cameroon oil business. Investors have been frustrated by this long suspension but, nevertheless, Savannah has delivered a positive financial and operating update that demonstrates its core Nigerian gas business is performing strongly, with 2P reserves upgraded by 27% and FY21 guidance reiterated. The maximum six-month suspension of the shares comes to an end soon and we shoul
Companies: Savannah Energy Plc
European gas prices are never far away from the headlines at the moment, although Parkmead’s results to end-June did not capture this surge in prices – that is yet to come. Parkmead is well placed to benefit from the current strength in European gas prices, while the potential for another commodity super-cycle suggests there is further progress to come on its major GPA oil project. A strong net cash position also puts it in the driving seat for potential acquisitions.
Companies: Parkmead Group PLC