reports
Hybridan Small Cap Feast - 22 Jan 24
22nd 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...
Hybridan Small Cap Feast - 02 Nov 2023
2nd November 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 obje...
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Ciaran Donnelly
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Shanta Gold* - Singida's text book start
Commercial production has been declared at Singida, now that it has achieved 30 consecutive days of mill throughput exceeding 95% of its nominal 1ktpd nameplate capacity, overall plant utilisation and gold recovery exceeding 95% and plant availability above 90%. All key permits, personnel and equipment are in place and first shipment was successfully completed in May. Exploration at site planned for Q3 and five-year guidance expected in June.
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Shanta Gold* - CEO to depart, guidance maintained
After six years at the helm, Eric Zurrin is stepping down. He will remain as CEO throughout Q3 to ensure a smooth transition whilst a replacement is found. He has led during a transformative period for Shanta, bringing Singida on-line and adding huge production growth potential with West Kenya. Q1 production of 15.3koz was slightly light, but it remains on track to hit guidance of 66-72koz (45%:55% H1:H2 split) from New Luika. Singida guidance is to be given in Q2’23.
- 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: Shanta Gold* - Singida has arrived
Major milestone for Shanta, with the first gold pour at its new Singida mine. Site construction there started just over two years ago; delivered on time and on budget and avoiding the worst of the global inflation shock. Ramp up to commercial output is Singida’s next challenge, though operations have been de-risked with the ROM pad and plant being well supplied. The company will be able to provide five-year guidance in the coming quarter.
- Liberum Research Team
- Liberum Research Team
Hybridan Small Cap Feast - 29 Mar 23
29 March 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...
- Liberum Research Team
- Liberum Research Team
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