reports
Hybridan Small Cap Feast - 12 August 2024
12th August 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: None Delistings: Gunsynd plc (AQSE: GUN) has delisted from the AQSE Growth Market. What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email with “unsubscribe me”. Hybridan Chefs Banq...
Hybridan Small Cap Feast - 18 Mar 24
18th March 2024 @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 object...
Hybridan Small Cap Feast - 04 Mar 24
4th March 2024 @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 objecti...
Hybridan Small Cap Feast - 12 Jan 24
12th January 2024 @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 obje...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Caledonia Mining* - The worst should be behind us; onwards an...
Q1’23 revenues and profits were significantly down on Q1’22, unsurprising given earlier reporting of below-expectation production at the 64%-owned Blanket mine and a disappointing start to oxide production at Bilboes. However, there are indications that the worst is behind us, e.g. Blanket has since been producing at an annualised rate of 80koz (100% basis), allowing FY23 guidance for the mine of 75-80koz to be reiterated. We expect to see improving results over the course of 2023. Having update...
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Caledonia Mining* - FY23 production guidance: Blanket reitera...
Q1’23 production at the 64%-owned Blanket gold mine in Zimbabwe was down at 16koz (100% basis) on breakdowns and logistical issues. Encouragingly, early April has been “better than expected”, and Caledonia reiterated FY23 guidance for Blanket of 75-80koz. However, guidance for Bilboes’ oxide operation has been withdrawn following operational challenges. We conservatively remove oxide production from our valuation, which sees our Target Price falling to 1102p (from 1255p). We also update our rati...
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: African Golds - Harmony in progress at Papua after Wafi-Golpu...
We quizzed Harmony Gold (JSE: HAR) about the Morobe provincial government’s change of stance to being supportive of the Wafi-Golpu Joint Venture (JV) in Papua New Guinea (PNG). Apparently, previous opposition stemmed from dissatisfaction with the split of revenues accruing to the province, which issue has been resolved. If Newmont’s blockbuster takeover of JV partner Newcrest goes ahead, Harmony would have first right to acquire Newcrest’s 50% interest, should this be put up for sale.
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: African Golds - Caledonia and Shanta still our favourites for...
Consolidation in the gold space is a hot topic at the moment, particularly given Newmont’s approach to Newcrest. We believe Caledonia and Shanta to be potential targets; Centamin could look to merge with a Tier II/III peer; and Endeavour is unlikely to be a buyer for now. For 2023, we have advocated selected smaller African Gold producers which feature material upcoming catalysts to outperform – a strategy which has worked well so far, with the exception of Centamin (which we now rate SELL on ab...
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Caledonia Mining* - Model updated
We have revised our model for the FY22 results, a recently published technical report on Blanket and last week’s placing. Our Blanket valuation takes a significant hit from lower grades, higher opex and capex. Offsetting this somewhat is a preliminary valuation of Motapa (which we believe will be able to contribute to oxide production relatively rapidly), simplistically derived by applying a 50% risk ‘haircut’ to our Bilboes valuation. Our updated Target Price is 1,255p (prior to temporary suspe...
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Caledonia Mining* - £8.7m raised to accelerate work at Bilboe...
Caledonia this morning raised c.US$10.6m (c.£8.7m) at 1,115p/share. The proceeds will be used to accelerate planned work at the recently acquired Bilboes, Motapa and Maligreen projects. FY22 financials were also reported (gross profit was in-line with our forecast, but an impairment resulted in a slightly lower bottom line vs. FY21); and FY23 production guidance was reiterated. We temporarily suspend our rating and target price while we update our model for the placing and FY22 financials, plus ...
- Liberum Research Team
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