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Gil Holzman , President and Chief Executive Officer of Eco Atlantic , commented:

"The year to 31 March 2025 was highly active and saw Eco deliver progress across its existing portfolio, in addition to the Company adding new and exciting exploration assets into the fold.

In South Africa , we continue to work with our Joint Venture Partners on Block 3B/4B, in order to undertake a drilling campaign as soon as is practically possible. We are currently awaiting the final environmental permits from the South African government agencies and will update our stakeholders on the likely timings in due course. On Block 1, we have already received early, informal, interest from a number of parties and we plan to launch a formal farm out process towards the end of August 2025 . We have acquired all existing 3D and 2D seismic surveys previously shot on the block and we are busy with the initial interpretation, including the mapping of all oil and gas targets and leads. The Orange Basin has become one of the most attractive exploration destinations for global oil and gas companies, so we are excited about what the future has in store for Block 3B/4B and Block 1.

Guyana continues to be one of the most prolific hydrocarbon regions in the world, and our farm-out process for the Orinduik Block remains ongoing, including a reassessment by our team of the Jethro discovery parameters.

The remainder of 2025 and into 2026 has the potential to be a highly exciting period for Eco. We have farm-out processes underway, data analysis ongoing and a drilling campaign to plan for. All of which has the potential to deliver significant value for all of Eco's stakeholders in due course."

Hopefully positive press comment following the RNS will give us another boost tomorrow and bring some new shareholders on board.

Not a good RNS but in the grand scheme of things it is a short term production problem. I have no doubt though that the market won't like it. The high gold and silver price may mitigate the effect on the bottom line to some degree

And there it goes. Price had to be marked up and was.

1.00-1.05 but now can't get a quote to buy and market makers bidding 1.036 to seller. They obviously are short of stock and need to tempt sellers. The share price will increase again shortly I think

Just bought 80 000 at 1.038. I couldn't get a quote for a larger size

On Thursday, Berenberg analyst Richard Hatch upgraded Central Asia Metals Plc (CAML:LN) stock rating from Hold to Buy and raised the price target to GBP2.30 from GBP1.90. The upgrade follows the company’s recent move to secure its long-term revenue through a strategic acquisition.

Central Asia Metals announced on May 21 that it has agreed to purchase New World Resources for USD119 million. The acquisition of the ASX-listed company gives CAML ownership of the Antler polymetallic project in Arizona, United States. The Antler project is expected to yield about 30,000 tonnes per annum of copper equivalent based on a pre-feasibility study set for 2024. The study estimates the all-in sustaining cost for copper at USD0.51 per pound, net of by-products, with capital expenditures projected at USD298 million.

The analyst points out that the acquisition addresses the ongoing concerns about the company’s need to replace long-term revenues from its Kounrad copper asset in Kazakhstan, which is projected to last until approximately 2033. The deal is particularly significant as it can be fully funded through CAML’s existing balance sheet, which circumvents the need for shareholder equity dilution.

Hatch’s commentary suggests that the clarity provided by this acquisition could attract investors who were previously hesitant due to the uncertainty surrounding the company’s mergers and acquisitions strategy. With a clearer future pathway for the company, the analyst believes that the stock now presents a more compelling buy opportunity for both current shareholders and potential investors.

CAML raised to buy at Berenberg this morning

IQE issues coming to an end, says Deutsche Bank

The ‘litany of false starts’ at IQE (IQE) should be coming to an end after ‘right-sizing’ by boss Jutta Meier, says Deutsche Bank.

Analyst John Karidis retained his ‘buy’ recommendation and target price of 20p on the British semiconductor group, which closed down 0.9% at 10.6p on Monday and has shed 70% of its value over the past year.

Karidis said Meier had ‘right-sized IQE’s cost and asset base, earned the trust of its employees and customers, and instilled firm discipline in how IQE pursues its many opportunities to grow value materially’.

The opportunities are driven by strong demand for artificial intelligence (AI) infrastructure and applications, as well as aerospace and military needs. In parallel, the board is also working to pay down debt and earn cash to ‘best exploit its opportunities, by disposing of or partially-listing IQE Taiwan’, said Karidis.

‘IQE prefers a full disposal as this will raise more cash, faster… IQE reported good progress on this front: we think the company is talking to several interested parties on a range of possibilities, and that the process is nearing its end stage,’ he said.

Correction: Post above From 'Simply' Wall Street

From Wall Street today for what it's worth.

Hochschild Mining – Overview

Location: South America

Production (2025):

Gold: 250,000 oz

Silver: 8 million oz (excluding Pallancata C&M)

AISC (Break-even):

Gold: ~$1,850/oz

Silver: ~$24/oz

Cash Flow Margin at $4,000 gold / $100 silver: Strong

Debt: $350M

$100M due in 2024

$89M cash on hand

$200M additional credit available

New & Future Projects

Mara Rosa (Brazil):

80,000 oz/year (low cost)

Started in 2024

Royropata (Peru):

100,000 oz AUEQ (3M oz silver/year)

Starts in 2028

Monte Do Carmo (Brazil):

90,000 oz gold

Permitting stage – expected 2028

Volcan (Chile):

9 million oz gold (.7 gpt)

Potential 330K oz/year

AISC: ~$1,000

Capex: $900M

Production could begin 2028–2030

Not included in cash flow estimate (optional upside or sale)

Ownership

50% owned by one family

Dividends are a priority

Unlikely to sell – growth focus

Valuation at $4,000 Gold / $100 Silver Assume production from 2028 with 400K oz gold & 10M oz silver:

Gold FCF: 400,000 oz × ($4,000 – $1,850) = $860M

Silver FCF: 10,000,000 oz × ($100 – $24) = $760M

Total Annual FCF ≈ $1.62B

Valuation at 10x FCF = $16.2B

Conclusion If Hochschild Mining executes on new projects and gold reaches $4,000/oz, silver hits $100/oz, the company could be worth over $16 billion. However, high debt, permitting risks, and political red flags (Argentina, Peru, Chile) may keep valuation multiples conservative. Still, multi-bagger potential from current levels.

If Hochschild Mining reaches a market cap of $16.2 billion, the estimated stock price would be approximately $31.46 per share, assuming 515 million shares outstanding. ​​

Thank you for the link Mick. Good presentation bringing us up to date. Lots going on this year.

Good to see the shares up 14% and some significant buying today. Let's see if it continues.

"As always with results there is nothing new in today’s report and the announcements in the quarter have been very important and make eco a really exciting prospect. With Block 3B/4B looking like it might see imminent action any news here would be great for market sentiment but the company has a number of other exciting opportunities in Namibia, South Africa and in Guyana. In the Bucket List for a good reason, the upside has huge potential. "

British semiconductor group IQE (IQE) has shaken off its balance sheet concerns with a raise, says Deutsche Bank.

Analyst John Karidis reiterated his ‘buy’ recommendation and target price of 20p on the stock, which was trading down 0.5%, or 0.08p, at 15p. The stock has rallied 40% this year alone but it is still down 35% over one year.

The company has succeeded in raising £18m through the issue of convertible loan notes, with a conversion price of 15p per ordinary share.

‘As a result, IQE now has ample time to repair its balance sheet through its strategic review, and then get on with pursuing likely material market opportunities that are available to its core operations,’ said Karidis.

He added that IQE is believed to have scaled back shareholder demand for its convertible loan notes, and directors and executives at the group also participated in the raise.

The Taiwan IPO is going to cost millions but will yield many times it's cost. If Lombard Odier are prepared to lend millions at zero interest rate and only stand to get back their loan amount then they must be extremely confident that their loan will generate a very significant return in terms of share price. That does not sound desperate to me, that sounds like good business and good business is good for us ordinary shareholders too.

There is lots of good news in the RNS and the bad news is historic so hopefully the market will be forward looking. I particularly like the Aussie prospects. This diversification away from Geo political risks in Africa has to be good news, especially with the lower AISC promised there. News that the dividend policy will be re-visited should also be viewed as a big positive

The provision of this loan by the major shareholder should be good news as they have a zero coupon, ie no interest payable as I understand it, and it does not dilute other shareholders.

"Loan notes can be attractive ways of raising capital for companies as they do not dilute ownership. Investors are attracted by the opportunity to target an income yield (through interest payments) as well as the return of their capital at a fixed date."

Correction: Berenberg price target 650p

Goldman Price target 650p