Traders Cafe with Zak Mir: I3E, TERN, KMK, SLP, ATM, MSMN, CMRS & ANGS via Vox Markets

i3 Energy (I3E) delivered a Q3 operational and financial update, interestingly after being a firm market yesterday. The key here was being able to raise guidance at the independent oil and gas company.

By Zak Mir

Q3 2021 average production of approximately 13,740 boepd was based on net field sales estimates, with September averaging approximately 18,985 boepd. Full-year 2021 net operating income is now forecast to be approximately $65.7m, and $119.1m. The company said the increased guidance is due to lower-than-expected base declines, the results of its reactivation programme and strong commodity prices.

Bear target Tern (TERN), which is yet to convince some maniacal bears of its fundamental credentials, said that it has managed to achieve significant business momentum, and this has continued across all of its principal portfolio companies in recent months. In addition to new customer wins and repeat orders, Device Authority has recently entered into further distribution partnerships, while Wyld Networks has continued to make further significant progress following its IPO on the NASDAQ First North Growth Market in Stockholm in July.

Winning a contract which is a significant proportion of the market cap is always a significant event for a small cap company, and this is what we have been treated to at Kromek (KMK). The worldwide supplier of detection technology said that it has been awarded a seven-year supply agreement by a US based, sector-leading industrial OEM with a global customer base. The agreement for Kromek’s first-generation contaminant detection solution, has a value of up to $17m over the life of the contract and is expected to commence in the current financial year.

Sylvania (SLP) announced results for the quarter ended 30 September 2021, with a record PGM performance by Tweefontein contributing towards Sylvania Dump Operations achieving 15,771 4E PGM ounces in Q1 (Q4 FY2021: 16,289 ounces) despite the temporary production suspension at Lesedi. SDO recorded $29.8m net revenue for the quarter (Q4 FY2021: $48.4m) impacted by 29% decrease in the gross PGM basket price. Group EBITDA hit $13.6m (Q4 FY2021: $28.7m). The cash balance rose to $132.7m (Q4 FY2021: $106.1m).

AfriTin Mining (ATM) announced that it has commenced exploration programmes designed to expand the size of the current JORC-compliant resource at Uis Mine beyond the current V1 and V2 pegmatites and to evaluate several highly prospective exploration targets. The tech-metals mining company said the commencement of a drilling programme should potentially increase the current lithium and tantalum inferred resource and confidence level for potentially significant by-product elements. An expansion of the initial confirmatory drilling programme is set to potentially expand the historical resource and reserve estimates at Uis.

Mosman Oil and Gas Limited ( MSMN) the oil exploration, development and production company, announces that the Stanley-5 well in Polk County, East Texas has now been spudded. Stanley-5 is a development well targeting the Yegua formation, at approximately 5,000 feet. Mosman’s interest in this well is c36.5% and will fund its share of the $350,000 drilling costs from existing cash resources.

Caerus Mineral Resources (CMRS) updated on its flagship Troulli Project trenching and sampling programme focused on residual metals in surface materials, and the subject of a prospective Joint Venture involving Jubilee Metals Group (JLP) and Bezant Resources (BZT). Trenching over Run of Mine Stockpiles has revealed very high-grade visible copper mineralisation persistent across the defined Mineral Resource target area, with Copper grades based on semi-quantitative XRF analysis said to be highly significant. The extent of ROM ore also exceeds previous expectations and will be reflected in the final Mineral Resource tonnage estimate.

Angus Energy (ANGS) revealed an updated Competent Persons Report for the Saltfleetby Gas Field, which reflects the higher revenues expected from the field. The CPR gives the net present value of the cash flows from the SGF, including the impact from the revised capex, the loan facility debt service costs, the associated royalties and the mandatory hedging. Oilfield International Limited has used a conservative discount rate of 10%. A conservative case, or P90, NPV10 of £25.4m (previously £16.7m). A mid-case, or P50, NPV10 of £38.5m (previously £25.2m)

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.


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