Author: Fiona Craig

Playtech (LSE:PTEC) reported first-half 2026 revenue of €425.1 million, an increase of 10%, while adjusted EBITDA rose 77% to €162.5 million.

The company generated €101 million of free cash flow during the period and ended the first half with a net cash position of €39.2 million. Playtech also completed €25 million of share buybacks.

B2B revenue increased 14%, with the segment’s adjusted EBITDA margin reaching 32%. The company also reported increased investment income from its interests in Caliente and Hard Rock Digital.

Playtech said it remains on track to exceed €270 million of adjusted EBITDA for the full 2026 financial year.

Americas Revenue Increases

In the U.S. and Canada, revenue increased 161%, with Playtech citing its relationship with Hard Rock Bet and launches in additional U.S. states among the factors affecting the result.

The company expanded its regulated U.S. iGaming operations to six states during the period.

Latin American revenue increased 29% on an underlying basis. Playtech said trading in the region was also affected by activity associated with the FIFA World Cup.

Software-as-a-Service revenue increased 20% during the first half. Playtech Protect, the company’s safer gambling technology, was being used by 41 brands across 16 jurisdictions.

B2C revenue, which primarily includes Sun Bingo, declined during the period as Playtech continued to wind down the HAPPYBET business. B2C EBITDA, however, increased.

More about Playtech

Playtech plc provides software, content and services to the online gambling industry.

Its operations include B2B software and live casino services, Software-as-a-Service products and B2C activities including Sun Bingo.

The group also has investments in businesses including Caliente Interactive and Hard Rock Digital. Its operations are divided between B2B activities, investment income and B2C businesses.

Ariana Resources (LSE:AAU) has reported results from its 2026 metallurgical and exploration diamond drilling programmes at the Dokwe Gold Project in Zimbabwe as work continues on the project’s definitive feasibility study.

Drilling at Dokwe North and Dokwe Central intersected zones of gold mineralisation across a range of grades and widths. The company said the results provide additional information on the width and continuity of the mineralised zones.

Exploration drilling also tested areas on the eastern flank of the deposit, including locations northeast of the planned open pit, as well as areas being assessed for potential project infrastructure.

The programmes are being used to provide additional geological information for resource-to-reserve conversion, mine planning and sterilisation work associated with potential infrastructure locations.

Metallurgical Samples Sent for DFS Testwork

Ariana has dispatched approximately eight tonnes of metallurgical samples to China for feasibility-level testing by Hongkong Xinhai Mining Services.

Results from the metallurgical programme are expected to contribute to the technical work being undertaken as part of the definitive feasibility study for Dokwe.

The company said it is funded to complete the definitive feasibility study technical programmes currently scheduled through early 2027.

More about Ariana Resources

Ariana Resources is a mineral exploration and development company with gold project interests in Africa and Europe.

Its portfolio includes the 100%-owned Dokwe Gold Project in Zimbabwe, which has a reported gold resource of 1.6 million ounces.

Current work at Dokwe includes exploration and metallurgical drilling, feasibility-level testwork and studies aimed at converting resources to reserves and developing mine and infrastructure plans.

The company is also undertaking exploration around the existing mineralised zones as it evaluates the extent of the Dokwe deposit.

Guardian Metal Resources (LSE:GMET) has entered into a collaboration with Oritain Global to develop a scientific database of origin fingerprints for tungsten from its Tempiute and Pilot Mountain projects in Nevada.

Oritain specialises in forensic origin verification. The planned database is intended to provide provenance information that can be used to verify the origin of tungsten produced from Guardian Metal’s U.S. projects.

According to the company, the initiative is aimed at governments, industrial customers and end users seeking traceability across the tungsten supply chain.

The collaboration comes ahead of U.S. defence procurement requirements under the FY2024 National Defense Authorization Act and a recent executive order covering sourcing and traceability requirements for certain materials. The measures include restrictions relating to materials sourced from covered countries and limitations on waivers.

Guardian Metal expects the database to provide a method for verifying U.S.-origin tungsten from Tempiute and Pilot Mountain against applicable sourcing requirements.

More about Guardian Metal Resources

Guardian Metal Resources PLC is a mineral exploration company focused on tungsten projects in Nevada.

Its portfolio includes Pilot Mountain, an undeveloped tungsten project, and Tempiute, a former tungsten-producing operation.

The company is listed in the U.S. and London and also trades on the OTCQB market.

Guardian Metal has received a US$6.2 million investment from the U.S. Department of War under the Defense Production Act to support a pre-feasibility study at Pilot Mountain.

The company is advancing its Nevada projects with a focus on potential domestic U.S. tungsten production for markets including defence, technology, energy and industrial applications.

Corcel PLC (LSE:CRCL) has increased its net interest in Block KON-16 in Angola’s onshore Kwanza Basin to 71.5% following government approval for the consolidation of an additional interest and an agreement with Sintana Energy.

The Angolan government approved the consolidation of a 30% interest in KON-16 held by Intank into Corcel’s APEX subsidiary.

Corcel also entered into a US$2.5 million agreement with Sintana Energy covering an indirect 5% interest in the block. Following the transactions, Corcel’s net interest increased from 49.5% to 71.5%, while APEX’s operated position stands at 85%.

The Sintana transaction includes a structured net profit interest. Corcel described the agreement as providing additional non-dilutive funding.

The company is also issuing new shares to settle transaction-related fees and has updated its total voting rights following the issuance.

Corcel Advances KON-16 Drilling Preparations

Alongside the ownership changes, Corcel has continued technical work ahead of a planned exploration drilling campaign at KON-16 in 2027.

The company has received final pre-stack time migration, or PSTM, seismic data and completed a geomechanical programme for the block.

Corcel has also appointed NRG Well Management to undertake detailed well engineering and drilling design. Road access scouting is under way, while the company continues efforts to secure farm-down arrangements.

The work is focused on prospects including Sirius and Canopus as Corcel progresses from subsurface evaluation towards planning for exploration drilling.

The company is targeting a drilling campaign during 2027, subject to approvals, funding and rig availability.

More about Corcel

Corcel PLC is an AIM-listed energy exploration company focused on assets in Africa and Latin America.

Its current portfolio includes Block KON-16 in Angola’s onshore Kwanza Basin, where the company is undertaking seismic analysis, geomechanical studies and well engineering in preparation for potential exploration drilling.

Corcel uses transactions, partnerships and share issuances as part of its approach to funding and progressing its exploration portfolio.

Griffin Mining (LSE:GFM) reported unaudited first-half revenue of $77.3 million, up 21% year on year, while operating profit more than doubled to $28.2 million.

The results were recorded while the Caijiaying Mine in China operated at approximately 50% of its annual capacity of 1.5 million tonnes, with throughput currently restricted to 750,000 tonnes per year.

The company reported higher realised prices for zinc, gold, silver and lead, improved grades for most metals and lower smelter treatment charges. Cost of sales declined during the period, while basic earnings per share increased to 11.89 cents.

Griffin also bought back and cancelled more than 3.3 million shares during the first half.

Production volumes for zinc and gold declined as a result of lower throughput. However, higher grades and metal prices affected the group’s revenue mix, with lead and precious metals accounting for more than half of gross revenue before royalties.

Operating cash flow declined to $22.4 million, with the reduction occurring as the company lowered amounts owed to creditors. Griffin continued spending on mine development and equipment during the period and returned $14.2 million to shareholders through share buybacks.

Caijiaying Throughput Remains at 750,000 Tonnes

Throughput at Caijiaying remains restricted to an annualised rate of 750,000 tonnes following tighter mine safety oversight in China after a fatal coal mine explosion.

An increase in production is dependent in part on provincial approval to recommission Tailings Safety Facility 4, or TSF4.

Griffin expects reduced throughput to continue for the remainder of 2026 and into early 2027. The company said its current use of paste-fill for tailings cannot support the higher planned production volumes without TSF4, meaning production levels are expected to remain variable until additional tailings capacity and the required permits are available.

Infrastructure and mine workings for Zone II at Caijiaying have been completed. Griffin expects to receive a Safety Permit from the Environmental and Rescue Bureau during the fourth quarter of 2026.

Following receipt of the required approval, the company intends to increase production towards its previous annual rate of 1.5 million tonnes as soon as practicable.

More about Griffin Mining

Griffin Mining Limited operates the Caijiaying mine in China, which produces zinc, gold, silver and lead.

The mine comprises multiple operating zones and uses paste fill and tailings storage facilities for waste management. Its production capacity is therefore affected by the availability of tailings infrastructure and associated regulatory approvals.

Griffin operates in China through Hebei Hua Ao Mining Industry Company Limited. The company has continued investing in mine development and equipment while also returning capital to shareholders through share buybacks.

Its financial results are affected by factors including commodity prices, ore grades, production volumes and smelter treatment charges.

Kendrick Resources (LSE:KEN) has reported mineralogical and metallurgical results from the Teufelskuppe carbonatite complex, known as the TK project, in Namibia.

The company said analysis confirmed that rare earth elements at the project are hosted primarily in fluorocarbonate minerals including bastnäsite and parisite.

According to Kendrick, more than 95% of the rare earth content identified is contained within minerals that are amenable to established processing methods.

Certified assay results also showed relatively low concentrations of thorium and uranium. Kendrick said the levels rank within the lowest quartile when compared with other hard-rock rare earth projects globally.

The company expects the lower levels of radioactive elements to have implications for the design of the project’s processing flowsheet and potentially for capital expenditure, operating costs, environmental management and permitting. These remain company expectations rather than established project outcomes.

Kendrick is continuing technical and exploration work at Teufelskuppe, including diamond and reverse circulation drilling aimed at defining the depth and extent of the carbonatite mineralisation.

The company also plans to upgrade the project’s mineral resource estimate to JORC (2012) standards.

More about Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration and technical studies.

Its strategy includes progressing projects towards production through joint ventures, other arrangements or asset sales. Its current portfolio includes the Bonya Rare Earth Project in Namibia and the Blue Fox licence in northwest Zambia.

At Teufelskuppe, the company is exploring carbonatite mineralisation containing light rare earth elements, including neodymium and praseodymium.

Ilika plc (LSE:IKA) has completed its PRIMED programme, funded through the UK Government’s DRIVE35 initiative, aimed at improving the performance of its 10Ah Goliath solid-state battery prototypes.

The company focused the programme on optimising the 10Ah format rather than immediately scaling the technology to 50Ah cells.

As part of the project, performance data for the 10Ah cells was independently verified using About:Energy’s The Voltt platform. Ilika said this is intended to make performance information more accessible to battery pack designers evaluating the technology.

The programme resulted in improvements across several technical measures, including gravimetric energy density, capacity retention at higher cycling rates, charging speed, peak power, cycle life and thermal stability.

Ilika also reported feedback from a UK defence agency following an assessment of the cells’ resilience for battlefield applications. The company did not provide further details of the agency or the assessment results in the supplied information.

Separately, Ilika has started a joint development programme with Brompton focused on the potential use of the technology in foldable electric bicycles.

The company is also working with HSSMI and using UKBIC facilities as part of its preparations for potential future industrialisation of Goliath technology at gigafactory scale.

More about Ilika plc

Ilika plc is a UK-based developer of solid-state battery technology for applications including electric vehicles, defence, medical devices and consumer products.

Its portfolio includes Stereax miniature solid-state batteries, designed for applications including medical implants, industrial sensors and Internet of Things devices, and its larger-format Goliath technology for applications including electric vehicles, defence and cordless appliances.

Ilika operates a licensing-led business model under which its intellectual property can be supplied to original equipment manufacturers and manufacturing partners in return for licence fees and potential future royalties.

Inspecs Group plc (LSE:SPEC) reported first-half 2026 revenue of £99.1 million, alongside a 13.1% increase in underlying EBITDA as gross margin improved and operating expenses declined.

Diluted underlying earnings per share increased by 46% during the period. The eyewear group also reduced net working capital, while net debt excluding leases fell to £18.7 million.

Inspecs said it remained within its banking covenants at the end of the period.

During the first half, the company completed a £7.4 million strategic investment from Qualcomm and continued cost-reduction and integration measures across its European and UK operations.

The group also substantially wound down its Norville business. Manufacturing revenue increased by approximately one-third during the period.

Inspecs reported challenging trading conditions in the US frames market and the German low vision market. The company also cited growth in Eschenbach eyewear, improvements in manufacturing and cost savings among factors affecting its operations.

The group maintained its medium-term objectives of delivering organic revenue growth above its markets, achieving double-digit EBITDA margins and reducing leverage.

More about Inspecs Group plc

Inspecs Group plc designs, manufactures and distributes eyewear, including optical frames, sunglasses, safety eyewear and low vision products.

The company operates manufacturing facilities in Asia and Europe and supplies branded and original equipment manufacturer products to customers in more than 80 countries and approximately 75,000 points of sale.

Its stated strategy includes expanding its proprietary brands and distribution network, developing new eyewear products through research and development, and improving manufacturing capacity and operating efficiency across its UK, European, US and Asian businesses.

Pan African Resources (LSE:PAF) said it expects earnings per share to increase by between 141% and 151% for the year ended 30 June 2026 compared with the previous financial year.

Headline earnings per share are expected to rise by approximately 195% to 205% year on year.

The company reported an average gold price received of US$4,235 per ounce for the period, an increase of 54.8% from 2025. Gold sales increased by 38.3% to 272,373 ounces.

Pan African Resources said it remains on track to meet its full-year all-in sustaining cost guidance of US$1,870 per ounce.

The company also reported an exceptional US$40 million increase in share-based payment liabilities associated with the increase in its share price.

For the 2027 financial year, Pan African Resources expects gold production of between 280,000 and 302,000 ounces, representing an increase from the volume sold during FY2026. The company said the projected increase is expected to be driven largely by production from Tennant Mines.

More about Pan African Resources

Pan African Resources is a precious metals producer with operations in South Africa and Australia, primarily focused on gold mining and sales.

The group is listed in London, Johannesburg and on the ASX. It reports its financial results in US dollars, while its mining operations incur costs in rand and Australian dollars, resulting in exposure to movements in those currencies.

Its portfolio includes Tennant Mines, which the company expects to contribute to its projected increase in production during the 2027 financial year.