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Somebody was dumping big time yesterday and my hunch is that was the rump of somebody's holding as it was followed by a buy of 872k reported after the market closed. All buys this morning so hopefully it will be onwards and upwards from here if a forced seller is out.

Courtesy of the Skipper on Advfn:

New broker note out from Cenkos. Can't post up the whole thing but here's the bit that most would want to know:
"The Landore BAM deposit is arguably situated in one of the most benign postcodes globally. With estimated AISCs of US$816/oz and NPV modelling being highly sensitive to prevailing gold prices, Landore still looks undervalued in the current gold market. With a 1,015,000oz Resource and a PEA giving an NPV5% of US$203m (140p per share), at US$1,500/oz, on the extended case, the upside is clear. Based on our modelling NPV5%-1650, assuming further capital is required to reach a construction decision and 0.25x NAV for the PEA stage, we maintain our BUY and value Landore at £70m (66p per share). This is a 1.9x uplift on yesterdays close with a funded drill programme underway and assays starting to come back, feeding into an updated PEA."

And if you needed a further reason to divest from tech stocks into PMs read this:hTTps://www.hl.co.uk/shares/stock-market-news/market-reports/london-open-stocks-slide-on-us-inflation-fears?cid=halDM184618&bid=701235365&e_cti=3850507&e_ct=T&utm_source=AdobeCampaign&utm_medium=email&utm_campaign=E00MR_Morning%20market%20report_Opt%20in_11.05.21&theSource=E00MR&Override=1

Won't be long before the sector is on fire again imho.

It was impossible to get a firm quote whilst the market makers were hoovering up loose stock but you can now and its currently 3 v 1 on level 2

Good enough for a low cost open pit operation, but if you read the RNS properly it is clear that much wider mineralised intervals will be following in the assay results to follow. Decent grades over wider intervals will set the market alight imo

I don't see it as neutral at all. Note the reference to 'flatter lying veins and a wider zone of mineralisation that is only 12 metres downhole' . That has low cost open pit mining written all over it imho

In this tweet:https://mobile.twitter.com/kerasplc Expect to see some more when the Ministry gets its act together

Well you wouldn’t really expect it to as it doesn’t own the Senala resource, but it will be obligated to share drilling results at some point. What stands out however is that it’s own resources are being rapidly depleted so it will have a strong incentive to continue proving up Senala and earn-in a larger share of the resource, or make ORR an offer it can’t refuse.

* than that*

Well 12 million of that was Nick Slater adding to his holding. You couldn;t get a more ringing endorsement that that!
https://mobile.twitter.com/patviera/status/1360222397094391809

https://www.tridentroyalties.com/investors/presentations

Also featured in weekend email from U.K. Investor.

Part 2:
* Positioned for the big build. Trident has secured two immediately cash generative royalty assets. With cash already flowing and low overhead costs, the company is well funded to deploy its cash and mandated debt facility to build the portfolio towards critical mass. We expect steady news flow with each new royalty acquisition providing an opportunity for a value re-rating. Already, TRR’s share price is up 100% since IPO in June 2020.

*Leveraging the “A” team or more aptly the “PE” team considering the strong mining private equity credentials and track record of Trident’s board and management. Deep industry knowledge and connections along with the ability to view deals from a PE perspective are fundamental prerequisites that give Trident the edge to source and execute on high quality and low-entry valuation transactions.

* Valuation. We initiate on Trident with a 47p/sh short-term target price backed by an all-in NAV of $54.6m. Our TP is based on a weighted blend of NAV and a forward EV/EBITDA multiple. Our valuation implies that Trident is currently trading at 1.12x NAV, whereas we see more established mid-tier royalty peers trading at 1.5x-2.0x NAV. Our NAV represents a snapshot based on Trident’s current portfolio and we see considerable potential for value accretion as the company presses ahead with building multiple layers of long-life diversified royalties. Any increase in commodity prices would also produce a material boost. If we plug in flat-forward spot metal prices in lieu of our LT forecast, our TP would be 67p/sh.

* Trident is superbly positioned to exploit the gap in the royalty/streaming space. With producing cash-generative royalties already under its belt and an active pipeline of new opportunities, Trident is firmly pursuing an aggressive yet disciplined growth trajectory. Scale will bring higher royalty income, increased diversity and lower risk, the convergence of which should help unlock premium valuation multiples. In the current volatile markets, picking individual mining equities is challenging but Trident offers ground-floor entry into what looks likely to become a major royalty player in London. We have analysed the evolution of royalty peers and investing early appears to be the key. We see TRR’s current share price and value as unchallenging versus peers given the company is already a significant revenue generator.“

Shard have put out a comprehensive research note on this stock. It runs to 34 pages but here is the summary:

“Spearing value in the diversified royalty space
Trident Royalties plc is a relatively new royalty and streaming company focused on building a diversified portfolio of royalty assets to broadly mirror the mining sector. Unlike the majority of other royalty companies which are focused on gold/silver in the Americas, Trident’s aim is to unearth value with low-cost acquisitions across multiple commodities in tier 1 and lower risk mining jurisdictions. Acquisition of the Pukaqaqa royalty marks the 6th transaction since listing on AIM in June 2020 reflecting the company’s fast-paced growth strategy.

* Reflect the sector. Trident's aim is to construct a portfolio that broadly mirrors the commodity exposure of the mining sector. This is in stark contrast to the majority of North American-listed royalty peers that are focused on Au/Ag in North and Latin America. Trident has a substantial pipeline of transaction opportunities with numerous NDAs covering base, precious, bulks, battery and industrial metals spread throughout Australia, Europe, Africa, North and Latin America. Opportunities are primarily focused on Tier 1 mining jurisdictions and lower-risk emerging markets. We calculate that c.83% of all revenue generated by royalty companies in our database last year was attributable solely to precious metals and so Trident has an unrivalled opportunity to become the go-to diversified royalty platform.

* Unearthing value. With a broader investment mandate, Trident can target attractive small to mid-sized transactions in the royalty space which are often overlooked in a sector dominated by large players, who struggle to source new deals of sufficient scale to move the needle. Trident can be fleet of foot and we see compelling opportunities for the company in Australia, Africa and Europe over a wide range of commodities.

*Disciplined growth. The royalty/streaming model has the entire mining sector to play within and as we have discovered, it’s a bit of wormhole. The upfront payment model of royalties means that how much to pay or what not to invest in, are equally important considerations. It’s about casting a wide search net, relentless DD, disciplined capital allocation and being cognizant of equity dilution. Trident’s approach is reassuringly restrained. The company’s acquisitions to date have all had low valuation entry points and careful allocation of cash or equity. This is in contrast to some of the punchy recent transactions in the royalty space.

Yes I understand that the rump of the seller’s holding was bought out by Shard Capital yesterday, so the handbrake has now been released.

Making comparisons with XTR is like comparing chalk and cheese. ARCM'S intercepts are at much shallower horizons than those reported by XTR and therefore much less expensive to mine, and that is why Anglo are now in advanced negotiations with ARCM.

And a nice 415k buy reported after the bell. That is why it kept going to negotiated trade when I was trying to buy this morning.

Agreed, but Arc remains ludicrously undervalued and this note should generate a lot more interest here.

Too many characters for lse platform. The last bit reads:

Conclusion: Anglo American’s interest in the Zaco and Zamsort licenses supports our view of their prospectivity while growing activity from other majors highlights interest in discovering new copper mines in the region. We continue to recommend the shares for their potential to offer a significant increase in value.

*SP Angel acts as Nomad and broker. Our intrepid mining analyst and co-driver drove to Arc’s license and pilot process plant at Kalaba from Lusaka and back again.

Courtesy of the Chairman Elect on Advfn:

Arc Minerals* (ARCM LN) – Strong Buy – Anglo American move to next stage in potential deal with Arc over Zambian licenses
Arc Minerals* (ARCM LN) – 4.05p, Mkt cap £40m – Anglo American move to next stage in potential deal with Arc over Zambian licenses
(Arc holds 72.5% of Zaco and 66% of Zamsort in Zambia. Zamsort has a portfolio of copper-cobalt prospects close to FQM’s new Trident mine on the Copperbelt in Zambia. The Cheyeza project is 66% owned by Arc Minerals through its holding in Zamsort.)

CLICK FOR PDF - Strong Buy

Arc Minerals report the completion of its technical review on Arc’s exploration licenses in the west of Zambia.
Anglo will now move onto working through due diligence with respect to the Zamsort and Zaco licenses and structures.

The completion of the technical review is good news for Arc as we believe Anglo is happy with the prospects from a technical perspective.

Fwiji: Drilling recently intersected significant oxide and sulphide mineralisation at the new Fwiji target.

XRF analysis gives an indication of the mineralisation while we wait for the assays to come back from the laboratory.

New interest in exploration in Zambia is causing delays in the processing and release of assays for explorers.

Drilling over a 1sqkm area confirms an ‘anticlinal’ structure hosting carbonaceous shale bearing sulphide copper mineralisation which looks analogous to First Quantum's Sentinel Deposit.

Cheyeza: Arc has previously reported impressive near-surface intersections of good copper grades in drilling at Cheyeza with potential for a high-grade core to the mineralised zone.

Mineralisation starts at just 7.5m from surface grading 0.61% copper over 68.75m. Chezeya is estimated to be some 3,000 x 800m in scale.

Recommendation: We recommend Arc Minerals due to its potential for significant discoveries on in its Zaco and Zamsort licenses. Results from Cheyeza look promising and we are confident of further good news to come from the Fwiji target.

The potential value of a significant copper discovery is likely to be a multiple of the current market capitalisation based on valuations following previous copper mine discoveries with the market recognising the value of the discovery on further drill results and resource estimation.

Discoveries in Zambia in recent years include:

Sentinel in 2014 with 1bnt grading 0.51% copper just 40km away from Kalaba (Arc Mineral, Zamsort asset) and is producing >190,000tpa of copper.

Lumwana which is 100km to the east also has a reserve of 678mt grading 0.49% copper and is producing >116,000tpa of copper.

Kanshanshi: 200km to the east hosting 1.4bnt grading 0.64% copper resource.

Conclusion: Anglo American’s interest in the Zaco and Zamsort licenses supports our view of their prospectivity while growing activity from other majors highlights interest in discovering new copper mines in the region. We continue to recommend the sha

Here’s the link to the write up on Master Investor: https://masterinvestor.co.uk/equities/small-cap-round-up-featuring-codemasters-iofina-idox-and-more/?mc_cid=700af989e2&mc_eid=53532dd7fa