Author: Fiona Craig

Mkango Resources (LSE:MKA) has announced that it will change its name to Mkango Magnetic Materials Limited from the start of trading on 23 September 2026, reflecting its increasing focus on rare earth magnet manufacturing and recycling.

The company, which is listed on AIM and the TSX Venture Exchange, confirmed that its trading symbol will remain MKA on both exchanges. Existing shareholder arrangements will also remain unchanged.

The name change reflects Mkango’s strategy of expanding its downstream rare earth activities, including the production of recycled magnets, alloys and oxides, alongside its existing mining and processing projects.

Through its majority-owned subsidiary Maginito, the company is developing a rare earth magnet recycling and manufacturing business with operations in the United Kingdom, Germany and the United States.

Its portfolio includes the Remloy business in Germany and HyProMag operations in the UK and Germany. The company is also expanding its Hydrogen Processing of Magnet Scrap (HPMS) recycling technology into the US through the HyProMag USA joint venture.

These operations cover different stages of magnet recycling and manufacturing, including short-, medium- and long-loop recycling processes.

Mkango’s downstream activities focus on recovering and processing rare earth elements, including neodymium, praseodymium, dysprosium and terbium, which are used in permanent magnets for applications such as electric vehicles, wind turbines and other clean energy technologies.

The company also continues to advance its upstream rare earth interests, including the Songwe Hill project in Malawi and the proposed Pulawy rare earth separation plant in Poland.

Both projects have been designated Strategic Projects under the European Union’s Critical Raw Materials Act and have received US development funding for front-end engineering and design activities.

Mkango is also pursuing a proposed NASDAQ listing of these assets through a special purpose acquisition company (SPAC) merger involving Mkango Rare Earths Limited.

The planned name change does not alter the company’s existing exchange listings or trading symbol. It reflects the group’s strategy of developing its rare earth magnet recycling and manufacturing operations while continuing work on its mining and processing assets.

Block Energy Plc (LSE:BLOE) has reported that approximately 70% of its partner-funded 3D seismic acquisition programme at the Martkopi Terrace prospect in Georgia has been completed, with the survey targeting an independently assessed mean unrisked recoverable resource of 301.7 million barrels of oil equivalent.

The survey, located within the XIQ licence and forming part of Block Energy’s Project IV portfolio, began recording in August 2026.

The company said the programme has accumulated nearly 69,000 working hours without a lost-time incident.

The seismic acquisition follows the farm-out of the XIQ licence to Aspect Georgia, which may invest approximately US$95 million through a staged programme covering seismic acquisition and drilling.

Under the farm-out arrangements, Aspect Georgia is expected to fully fund Block Energy’s participation through seismic acquisition, exploration, appraisal and potential early production activities.

The funding structure allows Block to retain an interest in the prospect while its partner finances the agreed work programme.

The 3D seismic data is expected to provide more detailed subsurface imaging of the Martkopi Terrace prospect and inform future exploration drilling decisions.

The prospect’s independently assessed mean unrisked recoverable resources of 301.7 million barrels of oil equivalent represent an estimate of potentially recoverable hydrocarbons rather than confirmed reserves. Exploration and appraisal work will be required to establish the presence and commercial viability of any hydrocarbons.

Block Energy operates a portfolio of oil and gas production, development, appraisal and exploration assets in Georgia, alongside offshore interests in Gabon.

In Georgia, the company holds interests in seven Production Sharing Contracts covering approximately 4,256 square kilometres. Its portfolio includes producing assets and licences containing contingent and prospective gas resources.

The company’s strategy involves advancing projects at different stages of development through a combination of operating cash flow, partner funding and carried work programmes.

Its entry into Gabon has also provided exposure to historical oil discoveries and additional exploration opportunities.

At Martkopi Terrace, the immediate priority remains completing the 3D seismic acquisition programme. The resulting dataset will support further technical evaluation and help determine subsequent drilling activities under the Aspect Georgia farm-out agreement.

Mothercare plc (LSE:MTC) has been notified that a wholly owned subsidiary will receive a further cash dividend of £0.8 million from the liquidation of Mothercare UK Limited, which entered administration in 2019.

The payment will be made to the subsidiary in its capacity as secured lender to the former UK retail business, according to a notification received from the liquidators.

Mothercare said the additional cash represents a positive development for the group’s financial position but does not materially change its current business outlook or the issues previously disclosed to shareholders.

The company continues to conduct a strategic and financial review as it assesses options for the future of the business.

Management cautioned that the outcome of this review remains highly uncertain. The longer-term solvency of Mothercare plc also remains subject to significant uncertainty despite the expected cash receipt.

The £0.8 million distribution therefore does not resolve the financial issues facing the group, and the company has not indicated that the payment will alter the outcome of its ongoing review.

Mothercare has not provided a definitive timetable or announced a conclusion to the review in the latest update.

The company operates as a British brand specialising in products for parents, newborns and young children. Its current business structure follows the administration of its former UK retail subsidiary in 2019.

The anticipated liquidation dividend will provide an additional cash inflow to the group, while the outcome of its strategic and financial review and its longer-term solvency remain unresolved.

Powerhouse Energy Group plc (LSE:PHE) reported revenue of £437,100 for the six months ended 30 June 2026, including its first third-party revenues, as the company progressed its waste-to-energy technology projects and expanded its international commercial activities.

According to its unaudited interim results, the company recorded gross profit of £199,900, with third-party revenues contributing £379,100. Cash stood at £1.42 million at the period-end.

Powerhouse raised £1.3 million through two fundraisings during the period to support ongoing operating costs and project activities, including work associated with National Waste 2 Energy (NW2E) and its Ballymena development.

The company secured a five-year framework agreement with National Waste 2 Energy, a newly established vehicle of National Hydrogen, covering potential projects in Australia, Italy, Switzerland and Hong Kong.

At Ballymena, Powerhouse continued developing its proposed waste-to-energy facility under a design-build-operate/sell model. The company submitted a planning application and progressed discussions concerning feedstock supply, hydrogen offtake arrangements and project financing.

Powerhouse said the project-finance approach at Ballymena represents an exception to its broader strategy of licensing its technology to third parties.

The group’s engineering consultancy division, Engsolve, reported first-half orders in line with expectations and secured additional contracts in the water and lithium processing sectors.

Meanwhile, the Feedstock Testing Unit at the Powerhouse Technology Centre began generating third-party testing revenue and commercial enquiries. The company said operational data from the unit is being used to refine its Distributed Modular Generation (DMG) technology and inform the design of future commercial installations.

Technical development during the period included optimisation of the syngas burner and feed systems. Powerhouse expects these modifications, together with operational experience from the testing unit, to improve the performance and efficiency of future commercial units.

The company also reported that it now holds 12 granted patents across key geographical markets, supporting its strategy of licensing its waste-to-energy technology internationally.

Powerhouse continues to pursue grant funding opportunities, including work under a HORIZON collaboration with Brunel University.

In management developments, chief executive Paul Emmitt stepped down at the company’s annual general meeting but will remain involved as a consultant. Interim executive chairman David Hitchcock has assumed leadership responsibilities.

Looking ahead, Powerhouse is progressing its project pipeline, with several developments approaching potential final investment decisions during the second half of 2026. The company is also pursuing international commercial enquiries and further licensing opportunities.

Powerhouse develops technology designed to convert non-recyclable waste, including plastics and end-of-life tyres, into synthesis gas that can be used to produce hydrogen, electricity and chemical feedstocks.

Its commercial strategy centres on licensing its DMG technology and generating revenue through licensing fees, royalties and engineering services, alongside selected project development activities.

B90 Holdings (LSE:B90) reported a 38% increase in revenue to €3.33 million for the six months ended 30 June 2026, alongside positive adjusted EBITDA and higher operating cash flow, according to its unaudited interim results.

Adjusted EBITDA reached €0.31 million, while operating cash flow increased to €0.50 million. Cash and cash equivalents stood at €1.47 million at the period-end, and the company reported a net loss of €0.02 million.

During the period, B90 continued expanding its international performance marketing operations and developing its network of commercial partners. The company also increased its use of artificial intelligence, machine learning and automation across campaign optimisation and customer acquisition activities.

Management is directing further investment towards technology, AI capabilities, personnel and digital assets, with the aim of improving operational efficiency and supporting the expansion of its marketing platform.

B90 is also testing its technology and marketing capabilities in additional markets and business verticals as it evaluates opportunities beyond its existing operations.

The company expects its full-year results to be broadly in line with current management expectations.

B90 said its cash position provides additional flexibility to fund planned investments, including the development of its core performance marketing business and the expansion of its digital marketing channels.

The group is also assessing how developments in generative AI and changes in online search behaviour could affect customer acquisition and digital marketing strategies.

B90 operates as a performance marketing and marketing technology company focused on the global iGaming industry. Its activities include paid customer acquisition, owned digital assets, data analytics and business-to-business partnerships.

The company generates customer leads and first-time depositing customers for gaming operators without directly assuming player or betting risk. Its digital portfolio includes Oddsen.nu and Bet90.com.

B90 intends to continue investing in its technology platform while evaluating opportunities to extend its marketing capabilities into additional markets and sectors.

Contango Holdings plc (LSE:CGO) has repaid all outstanding investor loans following receipt of a £5 million subscription in late August 2026, with the company stating that it now has sufficient working capital to fund its operational requirements through to mid-2027.

The repayment eliminates the company’s outstanding investor loan obligations and follows the receipt of funds from the subscription, which has also provided additional resources for ongoing corporate activities.

Contango said its current funding position is expected to cover operational requirements until the middle of next year, allowing it to continue implementing its corporate strategy without an immediate requirement for additional working capital.

The company also expects to receive a further royalty payment of $2 million by the end of 2026.

Following receipt of this payment, Contango anticipates being in a position to declare its maiden dividend, which would represent its first distribution to shareholders. The proposed dividend remains dependent on the anticipated royalty payment, and no dividend amount or payment date has been announced.

Separately, Contango plans to publish its audited financial statements for the 12 months ended 31 May 2026 by the end of September.

The forthcoming accounts will provide updated financial information covering the company’s most recent financial year.

Contango is a UK-listed company focused on resource-based assets, with its activities supported by investor subscriptions and royalty income. The repayment of its investor loans, expected royalty receipt and planned publication of audited accounts represent the company’s latest financial and corporate developments.

Guardian Metal Resources (LSE:GMET) has reported further drilling results from its Tempiute tungsten project in Nevada, including an intersection of 92.0 metres grading 0.34% tungsten trioxide (WO3), as the company prepares to accelerate underground rehabilitation work.

Phase I regional drilling identified multiple tungsten-bearing zones beyond the footprint of the historical mine. According to the company, the results indicate a more extensive tungsten-skarn system associated with key intrusive bodies and have identified several targets for further exploration.

The regional programme also returned a high proportion of mineralised intersections, providing additional information on the distribution of tungsten mineralisation across the project area.

Phase II resource drilling has focused on the historic South Thumb and Schofield zones, where results included broad tungsten intersections, notably 92.0 metres at 0.34% WO3.

Following these results, Guardian Metal has accelerated plans to rehabilitate the existing underground workings at Tempiute to provide access for underground drilling.

The company has engaged a contractor to begin rehabilitation activities in October 2026. The planned work is intended to enable further drilling of the mineralised zones and support the definition of an initial Mineral Resource.

Guardian Metal is also evaluating permitting requirements for a near-surface lode as part of its assessment of potential development options at the project.

The company aims to establish an initial Mineral Resource and determine a development pathway for Tempiute, with the longer-term objective of returning the historical tungsten operation to production and contributing to the US tungsten supply chain.

Guardian Metal Resources is focused on the exploration and development of tungsten assets in Nevada. Its work at Tempiute combines drilling around historically producing areas with regional exploration targeting additional tungsten-skarn mineralisation.

Reabold Resources (LSE:RBD) has declared its all-share takeover offer for Union Jack Oil plc final, maintaining that the proposed combination would create a larger, more diversified energy group with access to additional funding opportunities.

The company said its board disagrees with Union Jack’s assessment of the proposal, arguing that the target’s new board has placed excessive emphasis on short-term share price movements and funding assumptions rather than the longer-term implications of combining the businesses.

Reabold maintains that the transaction would provide benefits to shareholders of both companies through a larger asset portfolio, increased financial resources and the consolidation of their energy interests.

Addressing questions about its financial position, Reabold highlighted its recent £4.16 million fundraising and its access to capital markets as evidence of its ability to secure funding.

The company also questioned Union Jack’s capacity to raise additional capital, citing its limited cash resources and the rejection of shareholder resolutions required for a capital increase. These concerns form part of Reabold’s response to Union Jack’s opposition to the takeover proposal.

Reabold further disputed Union Jack’s assessment of the West Newton project, an onshore conventional gas and condensate discovery in the United Kingdom. The company reiterated its view of the project’s scale and development potential, which it considers relevant to the proposed combination.

The Reabold board has urged shareholders to consider the longer-term implications of the transaction, including access to funding, asset development and the potential benefits of consolidation.

It also maintained that governance disagreements at Union Jack and the current level of acceptances for the offer should not determine shareholders’ assessment of the proposed transaction.

Reabold is a UK-listed energy investment and development company with interests in oil and gas assets at various stages of production, appraisal and development. Its portfolio includes the West Newton project, which remains a focus of its development strategy.

The all-share offer has been declared final, while the two companies continue to hold differing positions on the proposed transaction.

Hamak Strategy Limited (LSE:HAMA) has sold 8 Bitcoin for gross proceeds of £482,516, with the funds allocated to advancing its Akoko Gold Project in Ghana, reducing short-term debt and supporting working capital.

The company said the sale followed recent Bitcoin price appreciation and represents a tactical use of its cryptocurrency reserves. Hamak intends to maintain its combined gold exploration and Bitcoin treasury strategy.

Proceeds from the transaction will support work on the Preliminary Economic Assessment (PEA) for Akoko, where the company is evaluating the potential development of an open-pit, heap-leach gold operation.

The assessment is progressing following a recent site visit by consultants Snowden Optiro. Current activities include open-pit designs focused on the project’s 124,000-ounce oxide gold resource, detailed drone topographical surveys and additional metallurgical testing.

Previous metallurgical work indicated gold recoveries of between 85% and 95%. Further testing will contribute to the ongoing economic assessment of the project.

Following the sale, Hamak retains 18 Bitcoin, valued at approximately £1.075 million. The remaining holdings form part of the company’s treasury strategy, which combines cryptocurrency assets with its gold exploration activities.

Hamak said it remains committed to using its Bitcoin treasury to support project development and balance-sheet management while acknowledging the risks associated with cryptocurrency holdings.

The company is focused on gold exploration in Africa, with Akoko serving as its principal mining project. Its strategy combines the evaluation of the Ghanaian gold resource with Bitcoin treasury management, providing exposure to both gold project development and cryptocurrency price movements.