reports
- Hybridan Team
Hybridan Small Cap Feast: 05/06/2025
Our daily digest of news from UK Small Caps 5th June 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Delistings: G3 Exploration (G3E.L) has left the Main Market. What’s baking in the oven? Potential** Initial Public Offerings...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Slivova update - Corporate
Ariana today reports it has finalised the earn-in for 51% of the Slivova gold-silver project in Kosovo following an investment of €0.8m through its holding in Western Tethyan Resources – WTR – owned by Ariana 76%. WTR can earn up to 85% of the project following delivery of a Feasibility Study and EIA. We feel it’s time to remind investors just what Slivova is. Zeus sees it as a small, potentially profitable project – the likes of which have been very successful for Ariana in Turkey.
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Turkey - Operational update and production...
Ariana today updates on its plans for its operating units in Turkey; The Kiziltepe CIL plant (and open pits) and its new Tavsan mine and heap leach operation. In aggregate Ariana guides to ~25koz gold with high grade ore from Tavsan trucked to the Kiziltepe CIL plant for enhanced recovery, processed alongside ore from the open pits at Kiziltepe at a rate of ~300kt ore for the year. The Turkish mines are owned by the Zenit Partnership which is 23.5% owned by Ariana. A substantial stockpile has...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Increased in-pit resources at Dokwe - Corp...
Ariana reports today an updated in-pit Mineral Resource Estimate for the Dokwe Gold Project in Zimbabwe, utilising new geological and economic inputs. The In-pit Measured and Indicated MRE is reported at 19.7Mt grading 1.54g/t Au for 977koz of gold using a gold price of US$2,750 per ounce and a cut-off grade of 0.6g/t Au; the equivalent at a 0.3g/t cut-off is 44.9Mt grading 0.98g/t Au (Measured, Indicated and Inferred) for 1.42Moz of gold which is a 9% increase on that reported in July 2024. Th...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Update on Asgard Metals - Ariana's investm...
As well as its production centres in Turkey and its development projects in Eastern Europe and Zimbabwe, Ariana has also invested in earlier-stage mineral exploration around the world – though typically in Australia and Asia. This is done under the auspices of Asgard Metals which is 100% owned by Ariana and through which it both invests directly in companies and provides exploration services. Today Ariana updates on progress in its Asgard Metals portfolio. Perhaps the biggest news is that Ivanho...
Johnson Matthey: 1 director
A director at Johnson Matthey bought 75,000 shares at 1,455p and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - New assay results show potential at Dokwe ...
Ariana today provides assays details from five holes drilled at its Dokwe project in Zimbabwe. The holes were drilled in 2021 and 2022 as five geotechnical holes (sited for geomechanics information, not for mineralisation) for the Pre-Feasibility Study but all intersected the broader gold mineralised zone and have now been assayed. Substantial widths (not true width) and grades were intersected from depths of 116m to 261m downhole – e.g. 10m grading 1.6g/t gold from 160m and 36m grading 2.4g/t ...
- David Seers
Ariana Resources (AAU LN) - Newmont invests further into European Alli...
Ariana today announces that Newmont (NYSE:NEM, $48bn) has invested a further $0.9m in Ariana at a price of 2.4p/sh. This is part of Ariana’s Exploration Alliance Agreement (RNS 22.3.2022) for exploration in SE Europe. The Alliance is operated by the subsidiary Western Tethyan Resources (WTR) which is owned 76% by Ariana and the current year is the third year of the five year (initial) term of the arrangement. We view this as a positive endorsement of the strategy being employed by Ariana in its ...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - 2024 production and general operational up...
Ariana today reports its 2024 production from its Turkish operations and provides a general operational update. In the year ending December 2024, it produced 20.9koz of gold, exceeding full year guidance of 20koz, from its Zenit Mining operations in Turkey (23.5% owned by Ariana). This generated $54.7m in revenues. Mining and construction has ramped up at the new Tavsan mine with mining continuing at Kiziltepe from the Arzu South pit (Exhibit 1) with a combined production from Tavsan (Heap Leach...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - 2024 exploration update - Corporate
Ariana today provides an exploration update for it’s non-core projects in Kosovo, Cyprus and eastern Turkey. While the focus has been on Dokwe in Zimbabwe and the finalisation of construction at Tavsan in Turkey, Ariana has been quietly working away and improving its knowledge on its non-core exploration assets. We describe progress below.
Hybridan Small Cap Feast - 26 November 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Caledonian Trust (CNN.L) has delisted from AIM. What’s baking in the oven? Transferring markets: 8 November: Zentra Group plc (ZNT.L)* will delist from the E...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Compelling new targets, Dokwe gold project...
Ariana has for a while been alluding to the potential it sees in its Dokwe Project in Zimbabwe. Today it highlights the Maboe prospect at Dokwe South originally identified as an area of interest in the first Dokwe soil sampling programme. It also reports on the potential it sees at the Siduli Pan prospect. Today’s news shows that there are likely additional gold-bearing structures in the Dokwe licence area, potentially close to the surface. If further resources can be defined then the econom...
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Zenit – Turkish operations update - Corpor...
Ariana today provides a general update on its Turkish operations. These are operated by Zenit Madencilik which is 23.5% owned by Ariana. The key highlights are that the construction / commissioning of its second operating mine at Tavsan is progressing well with major works expected to be completed by the end of the year and first gold expected from the heap leach in early 2025. In the meantime, open pit ore is both being stockpiled and higher-grade ore trucked to the Kiziltepe plant for gold rec...
- David Seers
Ariana Resources (AAU LN) - Strategic financing secured - Corporate
Ariana announces today that it has secured a financing agreement with an Institutional Investor for up to $5m, of which an initial $2m has been advanced to Ariana. Funding will be used to progress the Dokwe gold project in Zimbabwe through Feasibility Studies.
- David Seers
- Paul Smith
Ariana Resources (AAU LN) - Ariana highlights prospectivity at Dokwe
Ariana has completed a review of all of its exploration data for the Dokwe gold project in Zimbabwe. It has highlighted several zones of potential extensions to mineralisation in and around its defined mineral resources. These consist of open plunging high-grade ore shoots (Dokwe North), repeated stratigraphy (northwest flank of Dokwe North) and open resources (Dokwe Central). In addition, the whole of the Dokwe project area has not been tested with drilling and with several interesting gold-...
Hybridan Small Cap Feast 14/08/23
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 4 August: Tan Delta Systems plc, a Sheffield based Company intends to IPO on AIM. Tan Delta has developed an innovative and differentiated monitoring solution based on real time oil analysis and analytics that offers equipment operators enhanced insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footpr...
- Sacha Morris
Hybridan Small Cap Feast 30-June-2023
30th June 2023 Today’s Small Cap Feast is dedicated to the life of Brian Winterflood The founder of Winterflood Securities and who was integral to the formation of AIM He will be greatly missed by the City and we express our deepest condolences to his family RIP Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ora Technology plc, a software company developing a digital carbon trading platform, offering users the ability to buy, sell and r...
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Commodity snapSHOT - China's seasonality, illustrated
‘Sell in May and go away’. Is there a fundamental basis for this old trade expression in Commodity World? We think so, at least for China’s 1Bnt/yr steel & iron ore trades. For many years now, we’ve been flagging China-related upside risk in steel/ore trade flows and prices, in the early months of every calendar. It’s that country’s post-northern winter competitive restock, to secure its 80%-share of seaborne ore supply. This seasonal kick almost always reports across China’s trade/conversion/de...
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Restocking Indicator stays on SELL - Demand deteoriates sharp...
The Restocking Indicator is having a bearish year. The signal has reported a SELL, or very close to it, since late January. This month saw the sharpest new orders contraction since last July. Mills remain firmly in destock mode; China’s reopening trade continues to disappoint; confidence in real estate is weak. We still expect market signals to define floors in H2, with upside risk building later in the year – most likely on 2024’s industrial restock.
- Ben Davis
- Tom Price
- Yuen Low
LIBERUM: Commodity redEYE - Cold War's critical commodities
Has a new Cold War begun? Based solely on the evolving commodity supply strategies of major economic powers, we think so. Key players of the last Cold War – the US, EU & Japan – have already identified commodities which they regard as ‘critical’ inputs for stable economic growth. Now, they’re moving to secure the supply chains of these inputs, mainly by activating old trade alliances. Here, we explain the catalyst for policy change + offer one definition for ‘critical’ + flag S/D/price risks for...
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