Author: Fiona Craig

AEW UK REIT plc (LSE:AEWU) reported a net asset value (NAV) of £170.50 million, equivalent to 107.45 pence per share, for the quarter ended 30 September 2026, compared with £171.05 million, or 107.80 pence per share, at the end of June.

The commercial property investment company delivered a quarterly NAV total return of 1.53%, including dividends, despite a 0.09% like-for-like decline in its property portfolio valuation.

AEW UK REIT also declared an interim dividend of 2.00 pence per share, maintaining its quarterly distribution for the 44th consecutive quarter. The dividend is consistent with the company’s annual target of 8.00 pence per share.

The company’s portfolio of 33 UK commercial properties was independently valued at £214.02 million at the quarter-end, with valuation gains in retail warehousing and high street retail offset by declines in offices and leisure properties.

Net Asset Value Declines 0.32% During Quarter

AEW UK REIT reported an unaudited NAV of 107.45 pence per share at 30 September 2026, representing a decline of 0.32% from 107.80 pence at 30 June.

Total NAV decreased by £550,000 to £170.50 million.

The quarterly movement reflected property valuation changes, income generation, operating expenses, financing costs and the payment of the previous quarterly dividend.

The company recorded £4.73 million of income during the period, alongside £2.00 million of expenses and net finance costs.

Property valuation movements reduced NAV by £850,000, while changes in the value of derivatives added approximately £420,000.

The company also recognised a £410,000 gain on the sale of investments.

An interim dividend payment of £3.17 million was reflected in the quarterly NAV calculation.

Including the dividend, the company reported a NAV total return of 1.53%, compared with 1.31% in the preceding quarter.

Quarterly Dividend Maintained at 2 Pence Per Share

AEW UK REIT declared an interim dividend of 2.00 pence per share for the three months ended 30 September 2026.

The distribution represents the company’s 44th consecutive quarterly dividend at that level.

The dividend will be paid on 4 December 2026 to shareholders on the register at 6 November 2026.

The ex-dividend date is 5 November 2026.

Shareholders participating in the company’s Dividend Reinvestment Plan must make their election by 13 November 2026.

The entire distribution will be designated as a property income distribution.

AEW UK REIT continues to target an annual dividend of 8.00 pence per share, equivalent to a dividend yield of approximately 7.8% based on the share price at 30 September 2026.

The company said future dividends will remain subject to its financial circumstances and the distribution requirements applicable to UK real estate investment trusts.

Property Portfolio Valued at £214 Million

AEW UK REIT’s 33-property portfolio was valued at £214.02 million at the end of September, according to an independent assessment by CBRE.

The portfolio recorded a like-for-like valuation decline of £190,000, equivalent to 0.09%, during the quarter.

The performance varied across property sectors.

Industrial assets, representing 37.41% of the portfolio, were valued at £80.06 million and recorded a marginal decline of 0.01%.

High street retail properties increased in value by 1.01% to £44.70 million, while retail warehouses recorded a 1.97% increase to £30.87 million.

Office properties declined by 2.93% to £22.54 million.

The remaining assets, including leisure properties, a gym and a mixed-use car park, declined by 1.48% to £35.85 million.

Over the same quarter, the CBRE UK Index recorded a capital value decline of 0.9%.

Retail Warehousing and High Street Assets Record Valuation Gains

Retail warehousing was the portfolio’s largest source of valuation growth during the quarter.

The sector recorded a £600,000 like-for-like increase, equivalent to 1.97%.

Valuation gains were reported at Arrow Retail Park in Shrewsbury and The Railway Centre in Dewsbury, reflecting changes in estimated rental values following leasing activity.

AEW UK REIT said three transactions involving these properties had progressed to the legal documentation stage and were expected to complete over subsequent quarters.

High street retail assets recorded a £450,000 valuation increase, equivalent to 1.01%.

The company reported valuation gains at Northgate House in Bath and Above Bar Street in Southampton, reflecting leasing activity and reductions in anticipated landlord capital expenditure.

At Northgate House, AEW UK REIT completed a new letting of 28 High Street to Loake Brothers Limited.

The 10-year lease carries annual rent of £65,000, compared with an estimated rental value of £50,000, and includes a tenant break option after five years.

Office Portfolio Records 2.93% Valuation Decline

AEW UK REIT’s office properties recorded a £680,000 valuation reduction during the quarter.

The decline was entirely attributable to Queen Square in Bristol.

The company said the movement reflected planned refurbishment work involving 4,589 square feet of space and the continuing development of a managed office offering operated by IWG.

The managed office space was approximately 31% occupied at the reporting date.

The portfolio manager expects occupancy to reach 80% by the third year of operation, although this remains a projection.

At that occupancy level, management anticipates annual revenue above the property’s current estimated rental value of £418,500.

Office properties represented 10.53% of the company’s total portfolio valuation at 30 September.

The sector’s net initial yield was 5.32%, while its reversionary yield was 12.15%.

Cardiff Leisure Property Sold for £1.475 Million

During the quarter, AEW UK REIT completed the sale of the Circuit nightclub property on Greyfriars Road in Cardiff.

The disposal, completed on 23 July 2026, generated proceeds of £1.475 million.

The sale price represented a premium of approximately 42% to the property’s valuation of £1.035 million at 31 March 2026.

The property had originally been acquired in February 2022 for £3.625 million.

AEW UK REIT said the disposal reflected conditions affecting the nightclub sector, including changes in consumer spending, rising operating costs and lease arrangements.

Following the transaction, the tenant served notice to terminate its lease in August 2027.

The company continues to evaluate its leisure holdings as part of its wider asset management and capital recycling strategy.

Industrial Redevelopment Plans Advance at Basildon

AEW UK REIT received planning consent in September for the redevelopment of Apollo Business Park in Basildon.

The proposal involves demolishing the existing 68,813-square-foot buildings and constructing a new warehouse extending to 58,588 square feet.

The planned development includes a 12.5-metre internal eaves height, an EPC A+ rating and a 40-metre-deep service yard.

The existing buildings are occupied by two remaining tenants whose leases expire in March 2027.

Together, the tenants currently generate annual rent of £257,720.

The portfolio manager intends to pursue a sale of the site to a developer following the planning approval.

The company has not disclosed an expected disposal price or completion timetable.

Further Asset Management Transactions Completed

AEW UK REIT reported several additional leasing and rent review transactions during the quarter.

At North Moons Industrial Estate in Redditch, the annual rent payable by Carrs Coatings increased by approximately 2.5% to £327,621 following an inflation-linked review.

At Westlands Distribution Park in Weston-super-Mare, the company completed a three-year letting of Plot 7B to North Somerset Environment Company at £25,000 per annum.

A separate lease renewal with Ford Fuels was completed at £35,000 per annum.

At London East Leisure Park in Dagenham, Hollywood Bowl’s turnover rent was confirmed at £122,720, in addition to contracted annual rent of £287,922.

These transactions form part of the company’s ongoing programme to manage occupancy, rental income and property values.

York Car Park Included in NCP Acquisition

AEW UK REIT confirmed that the Tanner Row car park in York was included in Martin Property Group’s acquisition of the NCP business and 93 sites from administration.

The acquisition took place after the reporting period.

The property remained operational during NCP’s administration, with rental payments continuing on a monthly basis.

NCP pays annual rent of £733,057 at Tanner Row, representing approximately 4.1% of AEW UK REIT’s total contracted rental income.

The property was acquired in July 2023 for £10.02 million.

AEW UK REIT said the site’s valuation remained unchanged during the September quarter.

The centrally located property occupies approximately 0.8 acres within York’s city walls and has potential for alternative uses.

Borrowing Ratio Remains at 25.42%

AEW UK REIT reported a loan-to-gross-asset-value ratio of 25.42% at 30 September 2026, compared with 25.33% at the end of June.

The company has a £60 million loan facility with AgFe, which was fully drawn at the reporting date.

The facility carries a fixed interest cost of 2.959% until July 2027.

AEW UK REIT said it remained within its borrowing covenants, including a maximum loan-to-value ratio of 60% for the secured property portfolio.

According to the company, the valuation of properties securing the loan would need to decline by approximately 52.86% before the loan-to-value covenant was breached.

Management has begun discussions with potential lenders, including AgFe, ahead of the facility’s expiry in July 2027.

Interest Rate Cap Provides Partial Refinancing Protection

AEW UK REIT has acquired an interest rate cap covering £30 million of borrowings, equivalent to half of its current debt.

The arrangement will operate from 20 July 2027 to 20 July 2030.

It limits the SONIA reference rate on the covered borrowings to a maximum of 4.064% during that period.

The company paid a one-off premium of £638,000 for the arrangement.

During the September quarter, the derivative recorded a positive fair value movement of approximately £422,500, contributing to the company’s NAV.

The interest rate cap is intended to reduce exposure to higher reference rates when the existing fixed-rate borrowing facility expires.

The company has not announced the terms of any replacement borrowing facility.

Share Price Trades at Discount to NAV

AEW UK REIT’s shares closed at 103.00 pence on 30 September 2026, compared with 104.40 pence at the end of June.

The quarter-end share price represented a 4.18% discount to NAV per share.

Including the quarterly dividend, shareholder total return was 0.57%, compared with 7.47% in the preceding quarter.

The company subsequently reported a closing share price of 104.40 pence on 27 October 2026.

At that level, the discount to the September NAV narrowed to approximately 2.84%.

The share price figures reflect the dates specified in the company’s announcement and do not represent current market quotations.

Portfolio Manager Comments on Quarterly Performance

Laura Elkin, Portfolio Manager of AEW UK REIT, said the portfolio’s valuation had declined during the quarter but remained positive over the first half of the financial year.

She noted that retail warehousing and high street retail contributed valuation gains, while the company continued to pursue asset management opportunities across its holdings.

Elkin also identified potential acquisitions as part of the company’s investment strategy.

The manager intends to pursue capital recycling, selling properties where it considers value has been realised and reinvesting proceeds into assets expected to contribute to earnings.

The company is also continuing to examine opportunities to expand its equity base where the board considers this appropriate for shareholders.

Outlook and Investment Strategy

AEW UK REIT intends to continue managing its commercial property portfolio through leasing activity, rent reviews, refurbishment projects and selective disposals.

The company is assessing potential acquisitions across several property sectors, with capital recycling expected to remain part of its investment approach.

Management is also preparing for the refinancing of its £60 million borrowing facility in July 2027.

The company continues to target an annual dividend of 8.00 pence per share, subject to financial conditions and its distribution policy.

Future portfolio returns will depend on rental income, property valuations, financing costs and the outcome of planned asset management transactions.

More About AEW UK REIT

AEW UK REIT plc is a London-listed real estate investment trust that invests in a diversified portfolio of UK commercial properties.

The company owns assets across industrial, retail warehousing, high street retail, office and other commercial property sectors.

Its investment strategy focuses on generating rental income and managing property assets to support shareholder distributions and capital returns.

The portfolio comprised 33 properties with a combined valuation of £214.02 million at 30 September 2026.

Concurrent Technologies Plc (LSE:CNC) has secured $7 million in production orders from a major US Tier 1 defence contractor for custom single board computers, increasing the total value of its programme with the customer to $13.2 million.

The orders follow an initial $5.2 million design services contract announced in September 2025, which was subsequently increased by $1 million, as disclosed in the company’s January 2026 trading update.

The latest production commitments comprise two orders worth $2.8 million and $4.2 million, with deliveries scheduled across 2026 and 2027.

The agreement represents a progression from product design into manufacturing, with Concurrent Technologies supplying hardware developed specifically for the defence customer’s requirements.

Production Orders Total $7 Million

Concurrent Technologies confirmed that the $7 million production programme consists of two separate orders.

The first, valued at $2.8 million, was placed in May 2026. The second, worth $4.2 million, has now been received.

Both orders relate to the initial manufacture of custom single board computers designed for the US defence contractor.

Deliveries are expected to take place during 2026 and 2027, although the company has not provided a detailed delivery schedule or specified how the revenue will be divided between the two financial years.

The latest contracts increase the total programme value to $13.2 million, comprising $6.2 million in design services commitments and $7 million in production orders.

Concurrent Technologies has not disclosed the number of computers covered by the orders or the identity of the customer.

Design Services Contract Leads to Manufacturing Work

The production orders follow a design services agreement announced on 19 September 2025.

The original contract was valued at $5.2 million and was subsequently expanded by $1 million, bringing its total value to $6.2 million.

Under the arrangement, Concurrent Technologies was selected to design a customised computing product for the defence contractor.

The customer had previously undertaken this type of hardware design internally but decided to transfer the work to Concurrent Technologies.

Following the design phase, the customer has begun placing orders for the manufacture of the resulting product.

The development illustrates how the company’s engineering services contracts can lead to subsequent production work, although the announcement does not specify whether further manufacturing orders are expected.

Concurrent Technologies Retains Role in Product Manufacturing

The latest contracts extend Concurrent Technologies’ involvement with the customer beyond the original engineering assignment.

The company is now responsible for supplying the custom single board computers developed through the design programme.

Single board computers integrate processing and other computing functions onto a single circuit board and are used in a range of embedded computing applications.

Concurrent Technologies designs and manufactures computing products for applications requiring specialised performance and reliability characteristics.

The company said the transition from design to production resulted from a strategic decision by both organisations to transfer responsibility for hardware development from the customer to Concurrent Technologies.

The announcement does not provide information about the financial margins associated with the production orders or any additional investment required to fulfil them.

Defence Customer Outsources Hardware Design

The US Tier 1 defence contractor selected Concurrent Technologies to undertake product design work that had historically been performed internally.

The initial design contract established the technical relationship between the two companies.

The subsequent production orders indicate that the customer is progressing its manufacturing plans using the customised product developed by Concurrent Technologies.

The arrangement also provides an example of the company’s participation in defence supply chains through both engineering services and hardware manufacturing.

Concurrent Technologies has not identified the defence programme in which the computers will be used.

The company also has not disclosed the intended operational application or the anticipated duration of the broader customer relationship.

CEO Miles Adcock Comments on Production Orders

Miles Adcock, Chief Executive Officer of Concurrent Technologies, commented on the progression from design services to production contracts.

“The joint strategic decision to transfer design from our customer to Concurrent has enabled us to secure these additional orders. Whilst the design work was valuable business in its own right, these orders demonstrate the wider benefits of that decision for both organisations. I expect defence primes to increasingly outsource their hardware design requirements over the long term, creating further opportunities for work of this nature.”

Delivery Schedule Extends into 2027

Concurrent Technologies expects to fulfil the two production orders during 2026 and 2027.

The $7 million commitment covers the initial production phase of the customised single board computers.

The company has not announced additional production phases, minimum future purchase commitments or a revised total programme forecast beyond the confirmed $13.2 million.

The timing of future orders, if any, will depend on the customer’s manufacturing requirements and subsequent purchasing decisions.

The latest announcement establishes the company’s contracted production activity with the defence customer while extending the programme’s scheduled deliveries into 2027.

More About Concurrent Technologies

Concurrent Technologies Plc is a UK-based designer and manufacturer of embedded computing products and systems for high-performance and mission-critical applications.

The company supplies single board computers and related computing solutions to original equipment manufacturers operating in specialised markets, including defence.

Its activities include hardware design, product development and manufacturing, enabling customers to source customised computing technology for their applications.

Concurrent Technologies is listed on the AIM market of the London Stock Exchange under the ticker CNC.

88 Energy Limited (LSE:88E) has entered into a binding farm-out agreement with Westlawn Americas Offshore LLC (WAO), securing up to US$10.9 million (A$15.5 million) in funding for the Augusta-1 exploration well and associated activities at its South Prudhoe Project on Alaska’s North Slope.

Under the agreement, WAO will acquire a 40% working interest in South Prudhoe, while 88 Energy will retain a 60% interest and continue as operator.

The funding arrangement includes US$9.2 million (A$13.1 million) towards drilling and evaluating Augusta-1, representing approximately 52% of the current planned well budget. WAO will contribute a further US$1.7 million (A$2.4 million) towards project-related expenditure.

Augusta-1 is scheduled to begin drilling in the first quarter of 2027 and will target estimated gross unrisked prospective resources of 133.7 million barrels of oil across multiple reservoir intervals.

Farm-Out Agreement Establishes Funding Commitments

The transaction comprises a binding Participation Agreement and Joint Operating Agreement between 88 Energy and WAO.

Under the agreed terms, WAO will acquire a 40% working interest in the South Prudhoe Project in exchange for funding commitments of up to US$10.9 million.

The principal contribution of US$9.2 million will support the drilling and evaluation of Augusta-1.

A further US$1.7 million will be allocated towards general and administrative expenditure, geological and geophysical activities, lease costs and long-lead equipment associated with a potential future flow test.

The combined funding commitment is equivalent to approximately A$15.5 million.

88 Energy will retain operatorship and a majority 60% working interest in the project.

The arrangement reduces the company’s direct funding requirement for the planned exploration programme while introducing another participant to the project.

The announcement does not specify how 88 Energy intends to fund the remaining portion of the Augusta-1 drilling budget.

Augusta-1 Drilling Scheduled for First Quarter of 2027

88 Energy plans to commence drilling the Augusta-1 exploration well during the first quarter of calendar year 2027.

The well will test conventional oil prospects within the South Prudhoe acreage.

The exploration programme targets several stacked reservoir intervals, including the Ivishak, Kuparuk and Brookian formations.

These intervals form the basis of the project’s estimated gross unrisked prospective resources of 133.7 million barrels.

The planned drilling and evaluation programme will provide additional geological and reservoir information to assess the presence and potential recoverability of hydrocarbons.

The company has not announced a precise spud date or the expected duration of drilling.

Further operational details are expected as preparations progress.

Prospective Resources Estimated at 133.7 Million Barrels

The Augusta-1 prospect has estimated gross unrisked prospective resources of 133.7 million barrels of oil on a 2U basis.

The estimate relates to potentially recoverable petroleum from accumulations that have not yet been discovered.

Prospective resources differ from reserves because commercial quantities of hydrocarbons have not been established.

The estimates remain subject to both geological discovery risk and development risk.

Further drilling, appraisal and evaluation will be required to determine whether significant quantities of recoverable hydrocarbons exist.

The 133.7 million-barrel figure represents the gross project estimate before accounting for the respective working interests of 88 Energy and WAO.

It should not be interpreted as confirmed reserves or an indication of future production.

WAO to Fund 40% of Potential Future Flow Testing

In addition to its initial funding commitments, WAO has agreed to contribute 40% of the cost of a potential future flow test programme at Augusta-1, subject to the conditions outlined in the farm-out arrangement.

Flow testing would provide information about reservoir performance and the ability of any discovered hydrocarbons to flow to the surface.

The need for a flow test will depend on the results of the initial exploration and evaluation programme.

WAO’s US$1.7 million additional contribution includes funding for long-lead items that could be required for such testing.

88 Energy has not announced a definitive flow test schedule or budget.

Any subsequent testing programme would depend on the outcome of drilling and further technical assessments.

88 Energy Retains Operatorship and Majority Interest

Following completion of the farm-out arrangements, 88 Energy will hold a 60% working interest in South Prudhoe.

WAO will hold the remaining 40%.

88 Energy will continue to manage the project’s exploration and operational activities as operator.

The company said retaining operatorship will allow it to oversee the Augusta-1 drilling programme and subsequent technical evaluation.

The transaction also introduces WAO’s technical and operational experience into the project.

WAO’s management team has previous experience with North Slope operations, including involvement with the Prudhoe Bay and Alpine fields.

The companies intend to combine their technical capabilities as they prepare for the planned exploration programme.

Potential Collaboration Across Alaska’s North Slope

The farm-out agreement also establishes a framework for potential cooperation between 88 Energy and WAO beyond South Prudhoe.

The arrangement contemplates the formation of an Area of Mutual Interest, or AMI, covering opportunities across Alaska’s North Slope.

An AMI would provide a structure through which the companies could jointly identify and evaluate potential future exploration and development opportunities.

The announcement does not identify specific additional projects or establish financial commitments for future acquisitions.

Any expansion of the partnership would depend on further technical and commercial evaluation and subsequent agreements.

For WAO, the South Prudhoe transaction represents its first investment on Alaska’s North Slope.

WAO Completes Technical and Commercial Due Diligence

88 Energy said WAO entered into the agreement following an extensive review of South Prudhoe’s technical and commercial characteristics.

The assessment included the project’s geological data, identified prospective resources and proximity to existing infrastructure.

WAO also evaluated 88 Energy’s technical work and operational experience in Alaska.

The companies said the review formed the basis of WAO’s decision to participate in the exploration programme.

WAO’s management team includes personnel with experience across international upstream oil and gas operations.

The company has investments in producing, development and exploration assets in the US Gulf of Mexico, Brazil, Peru and Alaska.

Its participation provides an additional source of funding and technical expertise for the Augusta-1 programme.

Managing Director Ashley Gilbert Comments on Agreement

Ashley Gilbert, Managing Director of 88 Energy, commented on the transaction and its implications for the South Prudhoe exploration programme.

“Securing a partner of WAO’s calibre is a tremendous outcome for 88 Energy shareholders and is, without a doubt, a defining milestone in the advancement of the South Prudhoe Project. We have secured a partner that adds genuine value, having extensive Alaskan experience, deep upstream expertise and a long-term investment approach that is highly complementary to our own ambitions on the North Slope.

WAO’s decision to farm-in follows a comprehensive technical and commercial evaluation of the Project and provides strong third-party validation of both the quality of the South Prudhoe opportunity and the substantial technical work undertaken by our team over the past 18 months. We believe this endorsement reinforces our confidence in the potential of Augusta-1 and the broader prospectivity we have identified across the acreage.

More importantly, it establishes a partnership capable of creating value beyond a single well.

This transaction materially reduces our funding exposure to Augusta-1 while allowing 88E to retain a 60% working interest and operatorship in what we believe is one of the most attractive remaining conventional exploration opportunities on the North Slope, with 133.7 million barrels of gross unrisked prospective resource mapped across multiple stacked reservoir intervals. This South Prudhoe-specific agreement delivers up to A$15.5 million towards the drilling and evaluation of the Augusta-1 exploration well and South Prudhoe work-programme and budget.

We are excited to be working with their team as we progress towards unlocking the full potential of South Prudhoe and beyond.”

WAO Management Outlines Alaska Investment Plans

Greg Hebertson, Founder, Co-Head and Chief Operating Officer of WAO, and George Easterly, Co-Head and Chief Financial Officer, also commented on the partnership.

“Alaska has long been an attractive region for investment for WAO and is one we’ve had our eye on for some time. Our technical and commercial review reinforced our belief that South Prudhoe represents a high-quality exploration opportunity which provides a solid foundation for our entry into Alaska’s North Slope.

We were particularly impressed by the quality of the underlying asset data, the scale of the prospectivity identified across the project area, the proximity to existing infrastructure, and the depth of technical and operational capability demonstrated by the 88 Energy team. Their experience on the North Slope and disciplined approach to project advancement give us confidence in both the opportunity and the pathway to execution.

While Augusta-1 is an exciting first step in our new partnership with 88 Energy at South Prudhoe, we view this transaction as the foundation for a broader potential strategic relationship with the 88 Energy team as well as for future growth across the North Slope. We look forward to drilling Augusta-1 together and to WAO building a meaningful long-term portfolio in Alaska.”

Preparations Continue Ahead of Augusta-1 Drilling

88 Energy’s immediate operational focus will be on preparing for the Augusta-1 exploration well, scheduled for the first quarter of 2027.

The farm-out provides funding towards drilling, evaluation and associated South Prudhoe activities.

The company will retain responsibility for operating the project, with WAO participating as a 40% working interest holder.

The planned well will evaluate multiple reservoir intervals associated with the project’s estimated 133.7 million barrels of gross unrisked prospective resources.

The outcome of drilling will determine whether additional appraisal or flow testing is warranted.

Any future development would require further technical evaluation, funding and relevant approvals.

More About 88 Energy

88 Energy Limited is an oil and gas exploration company with interests in Alaska’s North Slope.

The company’s South Prudhoe Project includes conventional oil exploration prospects targeting several geological formations.

88 Energy is progressing the Augusta-1 exploration programme through a farm-out partnership with Westlawn Americas Offshore.

Under the agreement, 88 Energy retains a 60% working interest and operatorship, while WAO will hold a 40% interest and contribute funding towards exploration and evaluation activities.

Kazera Global plc (LSE:KZG) has reported progress in preparations for mineral processing operations at Walviskop and the 2A area in South Africa, with its operating partner targeting approximately 240,000 tonnes of total heavy mineral concentrate production in 2027.

The AIM-listed investment company said South Africa AT Investment (Pty) Ltd (SAI) has deployed a seven-person technical delegation to the sites to advance mine planning, sampling, equipment selection and infrastructure preparations.

Under the production-sharing agreement between SAI and Kazera’s subsidiary Whale Head Minerals (Pty) Ltd (WHM), SAI will fund all capital expenditure and operating costs associated with the covered operations, while WHM will receive a 20% cost-free entitlement to production.

Kazera also confirmed that a US$1.75 million payment from SAI is ready to be made once the title to the 2A Mining Right has been formally registered. The company expects the registration process to conclude shortly, although completion remains outstanding.

SAI Draft Mine Plan Targets Three Processing Units in 2027

SAI’s preliminary development plan provides for the installation of three mineral processing units across Walviskop and the 2A area during 2027.

The number of processing units is expected to increase to five by 2029.

The draft plan targets approximately 240,000 tonnes of total heavy mineral concentrate production in 2027, with production volumes expected to increase over the following two years as additional processing capacity is installed.

These figures represent preliminary planning targets rather than confirmed production guidance.

Kazera said the mine plan and implementation timetable have yet to be finalised, and the proposed production schedule remains subject to further technical work and development preparations.

The company expects to provide additional information on production targets and implementation milestones once the mine plan has been completed.

SAI Technical Team Begins On-Site Development Preparations

A delegation of seven SAI representatives, including mining, machinery and geological specialists, is currently working at the South African sites.

The team is undertaking additional sampling at depth and reviewing the proposed layouts for mineral processing facilities.

Other activities include assessing equipment requirements, planning water supply arrangements and identifying supporting infrastructure needed for mining and processing.

The technical work will inform the final mine plan, including the sequence of development activities and the timetable for bringing processing units into operation.

Kazera said the on-site preparations are progressing alongside the remaining regulatory and administrative work associated with the 2A Mining Right.

No definitive construction commencement date has been announced.

WHM Retains 20% Cost-Free Production Entitlement

The production-sharing agreement establishes the financial responsibilities of SAI and WHM for the planned operations.

SAI is responsible for funding 100% of the capital expenditure, operating costs, infrastructure, equipment deployment and working capital required for the mining and processing activities covered by the agreement.

WHM retains a 20% cost-free entitlement to production.

This structure is intended to allow WHM to participate in production without directly funding the associated development and operating expenditure.

However, the value of WHM’s entitlement will depend on actual production volumes, product specifications, commercial arrangements and the prices achieved for the mineral concentrate.

Kazera has not provided a revenue forecast for WHM’s share of production or an estimate of the future financial contribution to the group.

US$1.75 Million Payment Awaiting Mining Right Registration

Kazera confirmed that SAI has indicated its US$1.75 million payment to WHM is ready for release following completion of the registration of title to the 2A Mining Right.

The payment remains conditional on final title registration.

Kazera said it anticipates completing the process shortly but did not specify an exact date.

The company is working with its advisers and South Africa’s Department of Mineral and Petroleum Resources (DMPR) to address outstanding requests for information.

These requests relate to WHM’s Black Economic Empowerment ownership arrangements and the formal documentation of community and employee interests.

Kazera intends to announce the completion of title registration and receipt of the payment once both have occurred.

Agreement With Rare Earth Minerals International Terminated

Kazera also announced that WHM has terminated its agreement with Rare Earth Minerals International (Pty) Ltd (REMI).

The agreement was originally announced on 26 May 2026.

Kazera said the termination allows SAI to proceed with its planned operating structure across Walviskop and the 2A area.

The company did not disclose any financial consideration, termination costs or other settlement arrangements associated with ending the REMI agreement.

Development planning is now progressing under the production-sharing arrangement with SAI.

Community and Employee Ownership Structures Near Completion

WHM is in the final stages of establishing two South African corporate entities to formalise ownership interests allocated to local communities and employees.

The WHM Community Development Company NPC (RF) will be established as a non-profit company to hold the 5% interest allocated to the local community.

The WHM Employee Participation Company (RF) (Pty) Ltd will hold a separate 5% interest on behalf of eligible employees.

These interests have previously been held in trust pending the establishment of the appropriate legal structures.

The arrangements form part of WHM’s Black Economic Empowerment ownership commitments.

Kazera said formalising the ownership structures is also relevant to the outstanding work required for registration of the 2A Mining Right.

Future Dividends to Fund Community and Employee Benefits

The proposed Community Company will use future dividends received from its WHM shareholding to support initiatives benefiting communities in Namaqualand and the wider Northern Cape.

Kazera identified education and healthcare as the principal areas of focus.

The Employee Company will provide a mechanism through which eligible employees can participate in the economic benefits generated by WHM’s operations.

Both entities will depend on future dividends from their respective shareholdings.

The announcement does not establish a timetable for dividend payments or specify the amounts that may become available.

Any distributions will depend on WHM’s future financial performance and its ability to declare dividends.

Kazera said the arrangements are intended to provide a formal basis for community and employee participation as the mineral processing operations develop.

Regulatory Work Continues Alongside Mobilisation

Kazera is continuing discussions with the DMPR regarding the documentation required to complete the registration of the 2A Mining Right.

The company said it is responding to requests for additional information relating to WHM’s ownership structure.

The formation of the community and employee companies is part of this process.

Meanwhile, SAI’s technical specialists are continuing their on-site preparations, including further sampling and infrastructure planning.

Kazera has not indicated that the outstanding registration process has prevented these preparatory activities from progressing.

However, the US$1.75 million payment remains dependent on registration being completed.

CEO Paul Dulieu Comments on Development Progress

Paul Dulieu, Chief Executive Officer of Kazera Global, commented on the progress of the SAI partnership and the remaining regulatory requirements.

“Having SAI’s technical specialists on site is an important step towards bringing WHM into production. They’re working with our team to turn the development plans into practical preparations on the ground. This work is also helping to finalise the mine plan and implementation timetable, and we’ll share its key elements with shareholders, including production targets and implementation milestones, once it is ready.

“In parallel, we’re working with our advisers and the DMPR to progress registration of the 2A mining right, which will trigger the US$1.75 million payment from SAI.

“Establishing the community and employee companies fulfils a longstanding commitment to both groups that has remained unfulfilled for too long. We want WHM’s success through its partnership with SAI to bring lasting benefits to the people of Namaqualand and the wider Northern Cape. Through future dividends, the Community Company will support local education and health initiatives, while the Employee Company will enable employees to share in the economic benefits of the business. These arrangements are central to that ambition and to building the trust that underpins our social licence to operate.

“I’m grateful for shareholders’ patience as we put the key elements in place to exploit this large-scale, long-life resource in tandem with SAI. I know you want to see progress translate into production and financial returns, and that’s what we’re focused on delivering. Our team is working hard alongside SAI to turn WHM’s potential into a substantial revenue-generating operation that delivers lasting value for Kazera shareholders. I look forward to keeping you updated on our progress in the weeks and months ahead.”

Next Steps for South African Operations

Kazera’s immediate priorities include completing the registration of the 2A Mining Right, receiving the US$1.75 million payment from SAI and finalising WHM’s community and employee ownership structures.

At the operational level, SAI will continue technical assessments and infrastructure planning to establish the final mine development programme.

The current draft plan provides for three processing units in 2027, increasing to five by 2029, with an initial production target of approximately 240,000 tonnes of heavy mineral concentrate.

These targets remain subject to final mine planning and implementation arrangements.

Kazera said it will provide further updates when title registration is completed and the SAI payment has been received, with additional details of the development schedule expected once the mine plan is finalised.

More About Kazera Global

Kazera Global plc is an AIM-listed investment company with interests in mineral resource projects in South Africa.

Its subsidiary, Whale Head Minerals, is involved in the development of heavy mineral processing operations at Walviskop and the 2A area.

Kazera is progressing these operations through a production-sharing partnership with South Africa AT Investment, under which WHM retains a 20% cost-free production entitlement.

The company is also formalising community and employee ownership arrangements associated with its South African operations.

Rosslyn Data Technologies PLC (LSE:RDT) reported revenue of £3.0 million for the financial year ended 30 April 2026, broadly unchanged from the previous year, while increasing its gross margin and reducing its adjusted EBITDA loss.

The AIM-listed provider of cloud-based procurement analytics software recorded a gross margin of 46.8%, compared with 40.7% in 2025. Its adjusted EBITDA loss narrowed to £1.4 million from £2.0 million, reflecting lower hosting costs and changes to its operating expenses.

Annual recurring revenue remained at £2.3 million, while the company’s sales pipeline stood at £3.6 million at the financial year-end, compared with £4.1 million a year earlier.

Rosslyn also reported progress in the commercial adoption of its artificial intelligence-powered procurement tools, including its AICE classification technology, and continued discussions about expanding services with a major global technology customer.

Cash and cash equivalents declined to £0.8 million at 30 April 2026 from £1.7 million a year earlier. The company subsequently reported cash of approximately £0.4 million at 20 October 2026 and identified a material uncertainty relating to its ability to continue as a going concern.

Revenue Remains Broadly Unchanged at £3 Million

Rosslyn reported annual revenue of £2.96 million, compared with £3.01 million in the previous financial year.

Annual licence fees increased to £2.3 million from £2.2 million, accounting for approximately 77% of total revenue, compared with 73% in 2025.

Professional services revenue declined to £0.6 million from £0.8 million, representing 20% of group revenue.

Managed services revenue, which includes platform hosting for a major customer, increased to £0.1 million from approximately £0.03 million.

Annual recurring revenue remained stable at £2.3 million.

Rosslyn said it had continued to prioritise contracts offering higher margins and recurring revenue, including decisions not to renew certain lower-value agreements.

Some customers did not transition to the company’s revised pricing structure, resulting in contract churn. This was offset by new customer agreements and increased fees from existing customers.

Gross Margin Increases to 46.8%

Rosslyn reported gross profit of £1.4 million, compared with £1.2 million in the preceding year.

Gross margin increased by 6.1 percentage points to 46.8% from 40.7%.

The improvement reflected lower hosting costs and changes to the composition of the company’s revenue.

Rosslyn’s cost of sales includes platform hosting, third-party technology costs, customer support and professional services expenditure.

Management expects the gross margin to improve further in the financial year ending April 2027, reflecting a full-year contribution from the lower hosting costs.

The company did not provide a numerical gross margin target for the current financial year.

Adjusted EBITDA Loss Narrows to £1.4 Million

Rosslyn reduced its adjusted EBITDA loss to £1.45 million from £1.98 million in the previous year.

The reduction of approximately 27% reflected higher gross profit and lower operating expenses.

Total operating costs decreased to £3.8 million from £3.9 million.

Administrative expenses declined to £3.1 million from £3.3 million, primarily due to lower employee-related costs following workforce reductions.

These savings were partly offset by an increase in share-based payment expenses.

The operating loss narrowed to £2.4 million from £2.7 million.

However, the loss before tax increased to £2.9 million from £2.6 million.

Rosslyn attributed the increase in the pretax loss partly to a £0.3 million fair value loss arising from the remeasurement of its convertible loan note derivative liability, compared with a £0.3 million gain in the previous year.

Adjusted EBITDA excludes interest, taxation, depreciation, amortisation, exceptional items and share-based payments.

Monthly Cash Burn Declines to £106,000

Rosslyn reported a reduction in its average monthly cash burn to £106,000 during FY2026, compared with £160,000 in the previous year.

The company said the reduction followed cost-saving measures implemented to preserve cash.

Cash used in operations decreased to £1.5 million from £1.8 million.

However, net cash used in operating activities increased to £1.6 million from £1.4 million, reflecting working capital movements.

Net cash used in investing activities declined to £0.4 million from £0.6 million, primarily relating to software development.

Financing activities generated £1.0 million, compared with £2.9 million in 2025.

During the year, Rosslyn raised net proceeds of £0.8 million through the issue of ordinary shares and £0.3 million through convertible loan notes.

The company ended April 2026 with cash and cash equivalents of £0.8 million, compared with £1.7 million a year earlier.

Cash Balance Falls to £400,000 in October

Rosslyn reported that its cash balance had declined further following the financial year-end.

At 20 October 2026, cash and cash equivalents stood at approximately £0.4 million.

The company said it had reduced its monthly cash burn to approximately £70,000 since the end of April.

Management continues to focus on expenditure controls while pursuing new business opportunities and contract renewals.

Rosslyn said the board expects its cash position at 30 April 2027 to be in line with market expectations, based on anticipated conversions from its commercial pipeline.

However, the company acknowledged that its financial forecasts have limited headroom.

The board is considering further cost reductions and potential funding options to support operations and future growth.

Material Uncertainty Identified Over Going Concern

Rosslyn’s annual report includes a material uncertainty relating to the company’s ability to continue as a going concern.

The directors said that although the business remains operational and has opportunities to generate additional revenue, its current financial forecasts provide limited flexibility.

Management is therefore considering additional cost reductions and potential capital raising arrangements.

The company reported net liabilities of £1.0 million at 30 April 2026, compared with restated net assets of £1.0 million a year earlier.

The change reflected the reduction in cash and an increase of approximately £0.9 million in non-current liabilities, primarily associated with convertible loan notes and derivative financial instruments.

The directors concluded that preparing the financial statements on a going concern basis remained appropriate.

Nevertheless, they acknowledged that the identified uncertainty could cast significant doubt on the company’s ability to continue operating without further financial support or sufficient commercial progress.

Annual Sales Pipeline Stands at £3.6 Million

Rosslyn reported a total sales pipeline of £3.6 million at 30 April 2026, compared with £4.1 million at the previous financial year-end.

Its weighted pipeline increased to £1.7 million from £1.6 million.

The weighted pipeline reflects the company’s assessment of the probability of converting prospective contracts into revenue.

Management said the business continues to pursue opportunities with new customers while seeking to expand services provided to existing clients.

The company’s growth strategy is focused on securing additional software subscriptions, increasing adoption of its AI-powered products and developing relationships with larger enterprise customers.

Rosslyn said it remained confident of achieving current market expectations, although it did not specify the associated financial figures in its announcement.

Major Technology Customer Expands Use of Rosslyn Platform

Rosslyn reported further progress with a major global technology company secured as a customer during FY2025.

The company has completed the rollout of its procurement analytics platform within the customer’s central procurement department.

The customer has also trialled Rosslyn’s AICE artificial intelligence classification technology in its live operating environment.

Rosslyn said it is in advanced negotiations concerning commercial adoption of AICE by the customer.

Discussions are also underway with another department about extending the use of Rosslyn’s services.

In addition, the companies are undertaking joint development work involving Rosslyn’s AI technology and other potential applications.

Management identified the relationship as a principal potential contributor to near-term growth.

The customer has not been named, and Rosslyn has not disclosed the total value of potential additional contracts under discussion.

New Contracts Include Media Group and Train Operator

Rosslyn secured several customer agreements during the financial year.

The company signed a three-year contract with a global media and technology business that is expected to generate $160,000 in annual recurring revenue, alongside $60,000 in professional services fees during the first year.

The customer, which was separated from an existing Rosslyn client, selected the company’s full product suite following a competitive tender.

The agreement also includes the company’s newly developed initiative tracking and benchmarking tools.

Rosslyn separately secured a one-year agreement with a British train operating company worth £85,000.

In January 2026, it signed a one-year contract worth £95,000 with a global business specialising in process technology licensing and catalyst supply.

That agreement followed the customer’s separation from another longstanding Rosslyn client.

The company said these contracts contributed to offsetting revenue lost through its decision not to renew certain lower-margin agreements.

Customer Renewals Total $1.5 Million

Rosslyn completed two customer renewals in April 2026 with a combined contract value of $1.5 million.

A multinational medical devices and healthcare company renewed its agreement for three years, with a total contract value of $1.2 million.

The renewal includes an increase in licence fees and the customer’s first adoption of Rosslyn’s AICE technology.

A separate media and entertainment customer agreed to a one-year renewal worth $300,000.

Rosslyn also reported that it was in advanced discussions regarding renewals with two additional longstanding customers.

The company has not disclosed the expected value or completion dates of those potential agreements.

AICE Artificial Intelligence Tool Gains Additional Customers

Rosslyn reported progress in commercial adoption of AICE, its AI-powered procurement data classification technology.

Three customers have adopted the product commercially.

A further three customers, including the major global technology client, have completed trials.

Rosslyn said it was in advanced negotiations with the major customer regarding adoption of the technology.

Three additional customers are continuing to trial AICE.

The company also expects that another existing customer may incorporate the product into a future contract renewal.

AICE is designed to classify procurement data and support the organisation and analysis of large datasets.

Rosslyn said its strategy involves using the classified information to support additional analytics and decision-making applications.

New AI-Powered Procurement Tools Introduced

Rosslyn launched two additional AI-powered products during FY2026.

The first, IniTrack, enables procurement teams to plan, monitor and report on purchasing initiatives.

The software incorporates generative AI capabilities intended to identify potential outcomes and provide information to procurement managers.

It can also be used to monitor initiatives relating to supply chain risk and sustainability.

The second product, Benchmarking, enables customers to compare purchasing prices across business divisions, industry peers and publicly available price information.

Both products are offered as additional modules to Rosslyn’s existing platform.

The company said the tools are intended to extend its offering beyond data consolidation and classification into procurement analysis and operational decision support.

Further AI Product Development Underway

Rosslyn is developing additional AI-based capabilities for its procurement platform.

These include Automated Insights, intended to provide procurement teams with detailed information generated from purchasing data.

The company is also working on enhancements to its existing dashboard tools, including the use of natural language interfaces.

Another planned product, Strategic Playbooks, is intended to provide recommendations relating to supplier and category management.

Rosslyn is also developing Connect Further AI, designed to allow customers to use consolidated and classified procurement information in their own AI projects.

The company has not announced commercial launch dates or revenue expectations for these products.

CEO Paul Watts Comments on Annual Performance

Paul Watts, Chief Executive Officer of Rosslyn, commented on the company’s financial performance and product development strategy.

“During the year, we saw the benefits begin to come through of the actions we have taken to enhance the quality of our revenue as part of our focus on delivering sustainable growth. We also continued to execute on our strategy to unlock the value of procurement data through providing AI-led actionable insight as well as enhance our relationship with our Major Client, which we believe will be the primary driver of growth in the near term.

“Looking further ahead, we continue to assess the best ways to fund growth and deliver value to Rosslyn’s shareholders. Rosslyn operates in a market with enormous opportunities as procurement increasingly embraces agentic AI technologies. Having made the strategic decision several years ago to invest in the development of large language model-based AI technology, we have built a product that we believe offers the lowest total cost of ownership of building, managing, maintaining and governing large, complex procurement data lakes. That technology has been stress tested by some of the world’s largest, most complex companies. This, combined with the depth of our procurement experience and expertise, means Rosslyn is well positioned to capitalise on this market potential.”

Outlook for FY2027

Rosslyn expects its commercial development during FY2027 to be influenced by customer contract renewals, adoption of AI-powered products and potential expansion of services with its major technology client.

The company anticipates further gross margin improvement from lower hosting costs.

Management is also continuing to transition customers to its revised pricing model and expand the use of its procurement analytics tools.

However, the company’s financial position remains dependent on maintaining cost controls and securing additional revenue.

Rosslyn said it continues to assess funding options while targeting current market expectations.

The board has not provided a numerical revenue or profitability forecast in its announcement.

More About Rosslyn Data Technologies

Rosslyn Data Technologies PLC is an AIM-listed software company providing cloud-based procurement analytics and spend intelligence services.

Its Rosslyn Platform helps organisations consolidate, classify and analyse purchasing information across suppliers and business operations.

The company’s technology incorporates artificial intelligence, machine learning and automated workflows to support procurement analysis and supplier management.

Rosslyn serves enterprise customers across multiple industries and is developing additional AI-powered tools for procurement planning, benchmarking and data analysis.

Renalytix plc (LSE:RENX) reported unchanged annual revenue of $3.0 million for the 12 months ended 30 June 2026, while reducing its operating loss and underlying EBITDA loss through lower administrative expenses.

The AIM-listed kidney disease diagnostics company recorded an operating loss of $14.0 million, compared with $17.2 million in the previous year. Its underlying EBITDA loss narrowed to $12.1 million from $14.0 million, while the net loss decreased to $14.2 million from $20.4 million.

Commercial testing revenue declined to $2.2 million from $2.7 million, reflecting changes to the company’s sales organisation and the timing of healthcare system integrations. Life sciences revenue increased to $0.8 million from $0.3 million.

Following the reporting period, Renalytix entered into a multi-year national distribution agreement with Quest Diagnostics and completed a $14 million equity fundraising in September 2026. The company also converted its remaining $4.6 million of convertible debt into equity.

Renalytix is preparing for a broader US rollout of its kidneyintelX.dkd diagnostic test beginning in the first quarter of 2027.

Annual Revenue Remains at $3 Million

Renalytix reported revenue of $3.0 million for the 12 months to 30 June 2026, unchanged from the previous year.

Commercial testing services generated $2.2 million, compared with $2.7 million in the preceding period, representing a decline of approximately 18.5%.

The company attributed the reduction to its decision to reduce the size of its commercial sales team and the timing of electronic medical record integrations and clinical workflow activation.

Renalytix has been transitioning towards a commercial model based on integrating its diagnostic testing service directly into healthcare systems.

Life sciences revenue increased to $0.8 million from $0.3 million, supported by research activities and clinical study-related testing.

Cost of sales remained unchanged at $1.8 million, resulting in gross profit of $1.2 million.

Operating Loss Narrows to $14 Million

Renalytix reported an operating loss of $14.0 million, compared with $17.2 million in the previous year.

Administrative expenses declined to $15.2 million from $18.4 million, a reduction of $3.2 million.

Employee-related expenditure decreased to $8.3 million from $9.0 million, while professional fees fell to $1.3 million from $2.4 million.

Share-based payment expenses declined to $1.6 million from $3.2 million.

Research and laboratory-related expenditure increased to $1.1 million from $0.9 million, while marketing and public relations costs rose to $0.9 million from $0.4 million.

The company reported an underlying EBITDA loss of $12.1 million, compared with $14.0 million in the previous year.

The loss before tax decreased to $14.7 million from $21.8 million, while the net loss narrowed to $14.2 million from $20.4 million.

Basic and diluted losses per share were $0.03, compared with $0.07 in the preceding year.

Operating Cash Outflow Declines to $10.9 Million

Renalytix reported net cash used in operating activities of $10.9 million for the year, compared with $17.9 million in the previous period.

The reduction reflected lower operating expenditure and changes in working capital.

Cash and cash equivalents stood at $1.4 million at 30 June 2026, compared with $3.6 million a year earlier.

The company generated $8.8 million in net proceeds from share issuance during the reporting period, following a $9 million gross fundraising completed in September 2025.

Renalytix subsequently raised approximately $14 million through an institutional equity placing in September 2026, after the reporting period ended.

The company said its existing cash resources, including the subsequent fundraising, are expected to provide approximately 12 months of funding from the date of the report.

However, the directors acknowledged that future funding requirements remain dependent on the timing and scale of revenue growth.

Quest Diagnostics Agreement Supports Planned US Expansion

Renalytix entered into a multi-year national distribution agreement with Quest Diagnostics in September 2026.

The arrangement is intended to expand access to kidneyintelX.dkd testing across the United States by using Quest’s existing diagnostic infrastructure.

Under the agreement, clinicians will be able to order tests through Quest’s systems, with blood samples collected and transported through its national network.

Quest operates approximately 2,000 patient service centres and has around 6,000 in-office phlebotomists across the United States.

Samples will be transported to Renalytix’s laboratory in New York for analysis, with test results returned electronically to the ordering physician.

Renalytix said the collaboration is expected to make kidneyintelX.dkd available through systems used by approximately half of US physicians who currently use Quest services.

The arrangement is designed to reduce the need for individual healthcare system integrations and separate sample collection infrastructure.

Both companies have begun implementation work ahead of the planned national rollout in the first quarter of 2027.

Renalytix expects testing growth to accelerate during the second half of 2027, although the company has not provided a specific revenue or testing volume forecast.

KidneyIntelX Clinical Study Covers 2,470 Patients

Renalytix highlighted the publication of a two-year clinical outcomes study in June 2026 involving 2,470 patients with type 2 diabetes and early-stage chronic kidney disease.

The research was conducted across Mount Sinai Health System in New York and Wake Forest/Atrium Health in North Carolina.

The study evaluated the use of kidneyintelX.dkd in identifying patients at different levels of kidney disease risk and examined changes in clinical management following testing.

According to Renalytix, use of kidney-protective medications, including SGLT2 inhibitors and GLP-1 receptor agonists, increased by up to 70% over two years compared with baseline use.

Among higher-risk patients who underwent repeat testing after 12 months, 29% moved into a lower risk category.

The company said the findings provide additional evidence supporting the clinical application of its diagnostic technology.

Renalytix expects the published data to support discussions with commercial insurers and potential international partners.

Commercial Network Expands Through Physician Onboarding

Renalytix reported that more than 233 new physicians were onboarded during the reporting period.

The number of fully integrated medical practices using its testing service increased to 10, compared with two in the previous year.

The company also completed integrations with electronic medical record platforms including Epic Systems, athenahealth and eClinicalWorks.

These integrations are intended to allow clinicians to order kidneyintelX.dkd tests and receive results through existing medical record systems.

Renalytix said more than 15,000 patients have undergone kidneyintelX.dkd testing to date.

The test has US Food and Drug Administration authorisation and Medicare reimbursement, with an established Medicare payment rate of $950 per reportable result.

The company reported that more than 95% of submitted claims for tests billed to Medicare and Medicare Advantage plans have received payment.

Renalytix continues to develop its commercial operations around the integration of testing into routine clinical workflows.

New Laboratory Increases Testing Capacity

Renalytix completed the relocation of its New York laboratory to a facility in Long Island City during the reporting period.

The company said the new laboratory provides more than three times the capacity of its previous facility at approximately one-third of the facility cost.

The relocation included inspections by the FDA and New York State authorities.

Renalytix is also introducing additional automation into its laboratory operations.

The company is targeting annual kidneyintelX.dkd testing capacity of 200,000 tests by 2028.

Management said the new facility is intended to support increased testing volumes without requiring a proportionate expansion in operating infrastructure.

The laboratory will also process samples collected through the Quest Diagnostics distribution network.

September Fundraising Raises $14 Million

Following the end of the reporting period, Renalytix completed an institutional equity fundraising that raised approximately $14 million in September 2026.

The company said the proceeds will support implementation of its Quest Diagnostics collaboration and the planned expansion of kidneyintelX.dkd testing.

The fundraising followed a separate $9 million gross equity raise completed in September 2025.

Renalytix also completed the conversion of approximately $4.6 million of outstanding convertible debt into equity after the reporting period.

This followed an earlier conversion of approximately $4.2 million of debt in October 2025.

The company confirmed that it no longer has outstanding convertible debt.

At 30 June 2026, Renalytix had reported total liabilities of $10.9 million, compared with $13.1 million a year earlier.

The balance sheet also showed negative total equity of $6.3 million, compared with negative $7.0 million at 30 June 2025.

Cost Reduction Programme Continues

Renalytix said it reduced its cost base by approximately 17% during the reporting period.

The reduction was achieved through lower employee numbers, changes to its commercial organisation and controls over operating expenditure.

Management has been shifting resources towards healthcare system integration, laboratory operations and clinical validation activities.

The company expects its partnership-based distribution model to reduce the need for direct investment in national marketing and logistics infrastructure.

Renalytix said it will continue to manage expenditure while preparing for increased testing activity.

The company has not provided a specific date for reaching operating profitability or cash flow breakeven.

European Expansion Plans Progress

Renalytix has submitted an application for CE marking as part of its preparations to enter European markets.

The application relates to its kidneyintelX.dkd diagnostic technology.

The company has not announced a regulatory approval decision or a timetable for European commercial availability.

Renalytix said it continues to explore opportunities to expand the availability of its diagnostic testing services beyond the United States.

Its immediate commercial priority remains implementation of the Quest Diagnostics agreement and the planned US national rollout.

Accounting Reference Date Changed to December

Renalytix announced on 14 September 2026 that it had changed its accounting reference date to 31 December 2026.

As a result, the company’s next audited financial statements will cover the 18-month period ending 31 December 2026.

The audited results are scheduled to be published by 30 June 2027.

The results for the 12 months ended 30 June 2026 are unaudited.

Funding Requirements and Going Concern Assessment

Renalytix said the September 2026 equity fundraising had increased its available financial resources.

Based on management’s forecasts, the company expects its existing cash resources to provide approximately 12 months of funding from the date of the report.

However, the directors identified a material uncertainty relating to the company’s ability to continue as a going concern.

The uncertainty reflects the company’s continuing losses and its dependence on achieving forecast revenue growth or obtaining additional funding if required.

Renalytix said future financing could involve equity issuance, debt arrangements or strategic partnerships.

The directors nevertheless concluded that preparing the financial statements on a going concern basis remained appropriate.

The company said it would continue to monitor its financial resources as it implements its commercial strategy.

Outlook for 2027

Renalytix expects to begin the national rollout of kidneyintelX.dkd through Quest Diagnostics during the first quarter of 2027.

The company anticipates that the partnership will expand physician access to its testing service and reduce the logistical requirements associated with sample collection.

Management expects testing volumes to increase as the distribution arrangement is implemented, with growth anticipated to accelerate in the second half of 2027.

The company is also continuing work on electronic medical record integrations, laboratory automation and international regulatory submissions.

Renalytix has not issued a numerical revenue forecast for 2027.

Its financial outlook remains dependent on the pace of commercial adoption, reimbursement arrangements and the implementation of its distribution strategy.

More About Renalytix

Renalytix plc is an AIM-listed diagnostics company developing artificial intelligence-enabled technologies for the assessment and management of kidney disease.

Its principal product, kidneyintelX.dkd, is an FDA-authorised diagnostic test designed to assess the risk of disease progression in patients with type 2 diabetes and early-stage chronic kidney disease.

The test combines clinical information and blood-based biomarkers to provide risk assessments intended to support treatment decisions.

Renalytix operates primarily in the United States, where kidneyintelX.dkd is commercially available and eligible for Medicare reimbursement.

The company is expanding its commercial distribution network through healthcare system integrations and its partnership with Quest Diagnostics.

BRCK Group plc (LSE:BRCK) has revised its full-year adjusted EBITDA expectations to approximately £45.0 million, below the current market consensus of £50.3 million, citing continued subdued conditions in the UK housebuilding and repair, maintenance and improvement markets.

The construction products distributor and specialist services provider expects revenue of £343.1 million for the six months ended 30 September 2026, a decline of 1.1% compared with £347.0 million in the corresponding period last year.

Adjusted EBITDA for the first half of its 2027 financial year is expected to reach approximately £25.5 million, compared with £27.2 million a year earlier.

BRCK said its interim performance remained in line with the board’s expectations, supported by its Design & Install division and an initial contribution from H.S. Jackson & Son, acquired in July 2026.

However, management now anticipates that a recovery in UK construction markets will take longer than previously expected, particularly in activities linked to new housing developments.

First-Half Revenue Expected to Decline 1.1%

BRCK expects to report revenue of £343.1 million for the six months ended 30 September 2026, compared with £347.0 million in the equivalent period of 2025.

The anticipated decline of 1.1% represents a reduction of approximately £3.9 million.

The company said trading remained consistent with the board’s expectations during the period, despite subdued activity in the UK housebuilding sector.

Conditions have remained largely unchanged since the company’s annual general meeting statement in September 2026.

BRCK attributed the trading environment to continued uncertainty surrounding new housing starts and broader economic conditions.

The company operates through two divisions, Distribution and Design & Install, which serve different segments of the construction market.

Management said the group’s diversified operations helped support first-half performance.

Adjusted EBITDA Forecast at £25.5 Million

BRCK expects first-half adjusted EBITDA of approximately £25.5 million, compared with £27.2 million in the corresponding period last year.

This represents a year-on-year decline of approximately 6.3%.

Based on the reported revenue expectations, the implied adjusted EBITDA margin is approximately 7.4%, compared with 7.8% in the prior-year period.

The reduction reflects the impact of trading conditions across the group’s end markets.

Adjusted EBITDA is defined by BRCK as earnings before interest, tax, depreciation, amortisation and other items.

The company has not provided a detailed breakdown of divisional profitability in its trading update.

Further financial information is expected when BRCK publishes its interim results in November.

Full-Year EBITDA Expectations Reduced to £45 Million

BRCK has revised its adjusted EBITDA outlook for the financial year ending March 2027.

The board now expects adjusted EBITDA of approximately £45.0 million, compared with the current market consensus estimate of £50.3 million.

The revised expectation is approximately £5.3 million, or 10.5%, below consensus.

Management said the adjustment reflects a longer anticipated recovery period in the group’s principal construction markets.

The company continues to experience subdued demand from UK housebuilders and customers operating in the repair, maintenance and improvement sector.

The Distribution division is particularly sensitive to changes in housing activity and UK interest rates.

BRCK said the timing of any meaningful recovery in new housing starts remains uncertain.

The company has not provided revised full-year revenue guidance or a detailed forecast for individual divisions.

UK Housebuilding Activity Remains Subdued

BRCK said conditions in the UK housebuilding industry have remained subdued since its September 2026 AGM statement.

The group continues to experience reduced activity associated with new housing developments.

Demand for construction materials and related specialist services is influenced by the number of housing projects being started, as well as broader activity in the repair, maintenance and improvement market.

The company said macroeconomic uncertainty has made the timing of a recovery difficult to determine.

BRCK had previously anticipated an improvement in market conditions over a shorter timeframe.

However, the board now expects the recovery to take longer, affecting its financial expectations for the current year.

The trading update did not provide figures for UK housing starts or changes in the group’s order book.

Interest Rate Expectations Add to Market Uncertainty

BRCK identified UK interest rates as an important factor affecting demand across its end markets.

The company said inflationary pressures, including those associated with the ongoing conflict in the Middle East, have contributed to expectations among market commentators that interest rates could increase in the UK and elsewhere.

Higher borrowing costs can affect mortgage affordability, housing development financing and investment decisions.

BRCK’s Distribution division is particularly exposed to changes in construction activity linked to interest rates.

Management said the uncertainty surrounding future borrowing costs has contributed to its revised assessment of the market recovery timetable.

The company did not provide a specific interest rate forecast or quantify the potential effect of rate changes on revenue.

Government Housing Scheme Yet to Have a Measurable Impact

BRCK also referred to the UK Government’s proposed Your First Home scheme.

The company welcomed the proposal as a potential development for the housing market.

However, management said the full details of the scheme and its implementation arrangements have not yet been confirmed.

Consequently, BRCK considers it too early to assess the potential impact on housing demand or new development activity.

The company has not included any quantified benefit from the proposed scheme in its trading update.

The extent to which the initiative may influence the construction market will depend on its final structure, eligibility requirements and implementation.

Design & Install Division Supports First-Half Performance

BRCK reported another period of contribution from its Design & Install division.

The business provides specialist construction-related products and services, complementing the group’s distribution activities.

Management identified the division as an important contributor to the first-half performance.

The company said the division continued to perform despite subdued conditions in the broader construction market.

BRCK’s diversified business structure provides exposure to different construction activities and customer requirements.

However, the trading update did not disclose separate revenue, adjusted EBITDA or growth figures for Design & Install.

Further information on the division’s financial performance may be included in the interim results announcement.

Distribution Division Remains Exposed to Housing Market Conditions

BRCK’s Distribution division continues to operate in a market affected by lower housing development activity.

The company said demand within the division is particularly sensitive to UK interest rates and the pace of new housebuilding.

Continued subdued conditions in both housebuilding and repair, maintenance and improvement markets have affected the group’s outlook.

Management expects these factors to remain relevant during the second half of the financial year.

BRCK did not disclose divisional revenue or profitability figures in the update.

The board’s revised full-year EBITDA expectation reflects its assessment of the trading conditions affecting the group’s operations.

Jacksons Acquisition Contributes to First-Half Trading

BRCK reported a positive initial contribution from H.S. Jackson & Son following its acquisition in July 2026.

The transaction forms part of the group’s strategy to diversify its operations through the addition of specialist construction businesses.

Management said Jacksons contributed to the group’s first-half performance following completion of the acquisition.

The company also acquired associated freehold property during the period.

These transactions contributed to the increase in group net debt at the end of September.

BRCK did not disclose the amount of revenue or adjusted EBITDA generated by Jacksons during the period.

The acquisition reflects the group’s approach of expanding its activities through businesses that complement its existing operations.

Net Debt Increases to £96.4 Million Following Acquisition

BRCK expects to report net debt of £96.4 million at 30 September 2026 on a pre-IFRS basis.

This compares with £66.8 million at 30 September 2025.

The increase of £29.6 million represents a rise of approximately 44.3% year-on-year.

The company attributed the higher debt position to the acquisition of Jacksons and associated freehold property during the first half.

Management said the group continues to maintain a financial position that supports its operations and strategic objectives.

The update did not provide details of available borrowing facilities, cash balances or leverage ratios.

Further balance sheet information is expected in the interim results.

Operational Efficiency Programme to Be Accelerated

BRCK intends to increase its focus on operational efficiency measures in response to continued subdued market conditions.

The company has already begun implementing improvements across its processes, administration and information technology systems.

Management said these initiatives are intended to improve efficiency across the group.

Following the slower-than-anticipated recovery in new housing starts, the board plans to accelerate the programme.

The measures are expected to focus on internal operations rather than relying solely on an improvement in external market demand.

BRCK has not disclosed a financial savings target, implementation cost or timetable for completing the initiatives.

The company also has not quantified the contribution these measures may make to adjusted EBITDA during FY2027.

Diversification Remains Part of BRCK’s Strategy

BRCK continues to pursue a business model combining distribution activities with specialist design and installation services.

The company said this structure provides exposure to different areas of the construction industry.

Its strategy includes organic development, product diversification, geographic expansion and acquisitions.

The July 2026 acquisition of Jacksons represents the latest contribution to this approach.

BRCK said the combination of its operating divisions and specialist brands provides the capacity to respond to changes in market demand.

However, the board’s revised earnings outlook reflects the continued effect of subdued conditions across the group’s principal markets.

Management intends to maintain its diversification strategy while placing greater emphasis on operational efficiency.

CEO Frank Hanna Comments on Trading Performance

Frank Hanna, Chief Executive Officer of BRCK Group, commented on the company’s first-half performance and revised expectations for the UK construction market.

“BRCK has demonstrated true resilience in the first half of the year, driven by our diversified model, strength of our brands as well as the standout performance of our Design & Install division. While the macroeconomic environment dictates a longer road to recovery for the housebuilding sector, our proactive focus on internal efficiencies and strong financial footing ensures we are ready to take advantage when market conditions improve.”

Interim Results Scheduled for 24 November

BRCK expects to publish its results for the six months ended 30 September 2026 on 24 November 2026.

The company will hold an in-person presentation for analysts at 9:30 a.m. GMT on the day of the announcement.

The presentation will be hosted by Chief Executive Officer Frank Hanna and Chief Financial Officer Mike Gant.

It will take place at Burson Buchanan’s offices at Rose Court, 2 Southwark Bridge Road, London.

The interim results are expected to provide further details of the group’s financial performance, divisional trading and balance sheet position.

Outlook for the Remainder of FY2027

BRCK expects UK housebuilding and repair, maintenance and improvement markets to remain subdued for longer than previously anticipated.

The company has revised its full-year adjusted EBITDA expectation to approximately £45.0 million, below the current market consensus of £50.3 million.

First-half revenue is expected to decline 1.1% to £343.1 million, while adjusted EBITDA is forecast at approximately £25.5 million.

The Design & Install division continues to contribute to group performance, alongside the initial contribution from Jacksons.

Management plans to accelerate operational efficiency measures while monitoring housing market conditions and interest rate developments.

The company’s next scheduled financial update is its interim results announcement on 24 November 2026.

More About BRCK Group

BRCK Group plc is a London-listed distributor and provider of specialist products and services to the UK construction industry.

The business operates through two divisions: Distribution and Design & Install.

Founded in 1985, the group has expanded through product diversification, geographic development and acquisitions of specialist businesses.

Its operations serve customers across different areas of the construction market, including activities linked to housebuilding and repair, maintenance and improvement.

BRCK continues to develop its portfolio of specialist businesses while pursuing operational improvements and long-term growth opportunities.

Ironveld plc (LSE:IRON) has reported rare earth and phosphate mineralisation at its Layer 21 prospect in South Africa, with independent analysis identifying total rare earth oxide grades of between 858 and 1,543 parts per million.

The mining development company said neodymium and praseodymium oxides accounted for approximately 25% of the total rare earth oxides identified in the samples.

The findings follow mineralogical and geochemical analysis undertaken by Mintek, South Africa’s national mineral research organisation, and provide a basis for further evaluation of potential magnetite, ilmenite, phosphate and rare earth recovery.

Separately, Ironveld reported that throughput at its dense media separation (DMS) magnetite plant has increased to approximately 4.5 tonnes per hour, equivalent to 90% of its design capacity.

The company is progressing discussions with prospective customers, although delays to contracted deliveries and new supply agreements have affected working capital. Ironveld said it currently has sufficient working capital for approximately two months and is evaluating external funding options.

Layer 21 Exploration Identifies Rare Earth and Phosphate Mineralisation

Ironveld reported results from two boreholes previously drilled into Layer 21, a magnetite-bearing geological horizon within its mining rights in South Africa’s Bushveld Igneous Complex.

The boreholes were drilled to depths of approximately 100 metres and are located around two kilometres apart.

Mintek conducted mineralogical and geochemical analysis of the recovered core samples.

The results confirmed the presence of vanadiferous titaniferous magnetite, titanomagnetite, ilmenite and apatite.

Several samples were also analysed for rare earth elements, returning total rare earth oxide grades ranging from 858 to 1,543 parts per million.

Neodymium and praseodymium oxides represented approximately one-quarter of the total rare earth oxide content in the samples.

These elements are used in permanent magnets and other industrial applications.

The findings establish the presence of rare earth mineralisation in the sampled material, although further work is required to determine its distribution, recoverability and commercial potential.

Borehole Results Show Iron, Titanium and Phosphate Content

Geochemical analysis identified mineralised intersections in both boreholes.

Borehole HWI45 returned a 15-metre intersection beginning at a depth of 55.5 metres.

The interval contained 48.74% iron oxide (Fe2O3), 8.11% titanium dioxide (TiO2) and 6.35% phosphorus pentoxide (P2O5).

Borehole HWI46 returned a 23-metre intersection beginning at 29.5 metres.

This interval contained 45.82% iron oxide, 7.47% titanium dioxide and 5.83% phosphorus pentoxide.

Ironveld said the phosphate content was associated with the presence of apatite, a phosphate-bearing mineral.

The company also identified a correlation between phosphate and total rare earth oxide grades across the analysed samples.

This relationship suggests that the rare earth mineralisation may be associated with apatite.

Further mineralogical and metallurgical studies will be required to establish the distribution of the rare earth elements and whether they can be recovered through an economically viable processing route.

Conceptual Mineralised Tonnage Estimated at 200 Million Tonnes

Ironveld said its internal assessment indicates a conceptual mineralised tonnage target of approximately 200 million tonnes at Layer 21.

The estimate relates to the potential scale of the geological horizon across the company’s mining rights.

However, the company emphasised that the figure is conceptual and does not represent a defined Mineral Resource or Mineral Reserve.

Additional exploration will be required to establish the extent, continuity and grade of the mineralisation.

Ironveld has not yet determined whether the available geological information will support the definition of a formal Mineral Resource.

The company intends to undertake further geological assessment to establish an exploration programme and identify the work required to define an Exploration Target.

A subsequent Mineral Resource estimate would depend on the results of additional exploration and technical evaluation.

Mineralogy Supports Evaluation of Multiple Products

The Layer 21 mineralogical results indicate the potential to produce several mineral concentrates from the same mined material.

Ironveld is evaluating the recovery of DMS-grade magnetite, ilmenite and apatite.

Magnetite is used in dense media separation processes, including coal preparation, while ilmenite is a source of titanium used in pigment production and other industrial applications.

Apatite is a phosphate-bearing mineral used as a potential feedstock for fertiliser production.

The company is also examining whether rare earth elements could be recovered from an apatite concentrate through additional processing.

Ironveld said the relatively coarse grain size of the identified minerals may support their separation using established mineral processing technologies.

However, the suitability of these methods for Layer 21 remains subject to testing.

The company has not established recovery rates, commercial concentrate specifications or processing costs.

Three-Stage Mineral Processing Flowsheet Under Evaluation

Ironveld has outlined a conceptual processing flowsheet for the Layer 21 material.

The proposed first stage involves multistage milling and low-intensity magnetic separation to recover a DMS-grade magnetite product.

This stage would build on the company’s existing experience in magnetite processing.

A second stage would use wet high-intensity magnetic separation to target the recovery of an ilmenite concentrate.

The third stage would involve flotation to produce an apatite concentrate.

Ironveld said all three methods are established mineral separation technologies, but their performance on Layer 21 material must be confirmed through metallurgical testing.

Any subsequent recovery of rare earth elements from the apatite concentrate would require a separate downstream processing route.

The company intends to evaluate potential processing technologies, commercial partners and recovery options as part of the next phase of work.

Rare Earth Recovery Remains Subject to Further Testing

Ironveld identified neodymium and praseodymium as components of the Layer 21 rare earth mineralisation.

Together, their oxides represented approximately 25% of the total rare earth oxide content in the samples analysed.

The company said this composition provides an additional area for technical evaluation alongside the potential production of magnetite, ilmenite and phosphate concentrates.

However, the presence of rare earth elements does not establish that they can be recovered commercially.

Further testing will be required to assess mineral liberation, processing efficiency, recovery rates and the quality of any resulting concentrates.

Ironveld also intends to investigate downstream processing requirements and potential commercial arrangements for rare earth recovery.

No rare earth production forecast, capital expenditure estimate or development timetable has been announced.

Layer 21 Phosphate Grades Compared With Phalaborwa Deposits

Ironveld noted that the phosphate grades identified in its Layer 21 drill intersections are of a similar order of magnitude to grades reported for Foskor’s Phalaborwa deposits in its 2024 Integrated Annual Report.

The company also referred to Rainbow Rare Earths’ project to recover rare earth elements from historic phosphogypsum tailings at Phalaborwa.

These comparisons provide regional context for phosphate and rare earth mineralisation in South Africa.

However, Ironveld cautioned that differences in mineralogy, processing history and feed characteristics mean that equivalent recovery rates or project economics cannot be assumed.

The company will need to establish the technical characteristics of Layer 21 independently through additional exploration and metallurgical studies.

The results have been reviewed by Ironveld’s Technical Director and independently assessed by an external geologist with experience in rare earth mineralisation.

Layer 21 Development Could Include Multiple Mineral Concentrates

Ironveld’s preliminary development concept involves producing several saleable mineral concentrates from a common mining and processing operation.

The company is examining whether magnetite, ilmenite and apatite production could support multiple revenue streams.

Potential rare earth recovery would represent an additional processing opportunity if technically and commercially feasible.

The company said producing several mineral products from the same material could allow mining and shared processing costs to be distributed across different products.

However, the commercial viability of this approach remains unproven.

The development case will depend on resource definition, metallurgical performance, product quality, capital expenditure, operating costs and market demand.

Ironveld has not announced a development decision or completed an economic assessment of Layer 21.

DMS Plant Throughput Increases to 4.5 Tonnes Per Hour

Separately, Ironveld reported progress at its existing DMS magnetite operation.

Plant feed throughput is currently reaching approximately 4.5 tonnes per hour, compared with the 2.5 to 3.5 tonnes per hour reported in July 2026.

The latest rate represents approximately 90% of the plant’s design throughput of five tonnes per hour.

Ironveld said its immediate operational priorities include improving mill stability, achieving consistent design throughput and maintaining product quality.

The company continues to adjust processing parameters to improve the particle size distribution of its DMS-grade magnetite.

Although the plant has reached higher throughput rates, consistent operation at its design capacity has not yet been established.

Product Size Consistency Remains an Operational Priority

Ironveld said it is continuing to optimise the particle size distribution of its magnetite product.

Particle size is an important specification for magnetite used in dense media separation, particularly in coal processing.

The company is assessing changes to feed size, grinding media size and throughput to achieve the required product characteristics.

Reducing feed and grinding media sizes may improve the final particle size distribution.

Alternatively, lowering throughput may be necessary to achieve the desired specifications.

Ironveld said the particle size distribution is not yet fully consistent across production batches.

Testing is continuing to determine the appropriate balance between throughput, product quality and achievable selling prices.

The company aims to improve production uniformity while maintaining progress towards the plant’s design capacity.

Coal Producers Provide Positive Technical Feedback

Ironveld reported that samples supplied to major international coal producers met their respective particle size distribution acceptance ranges.

The company said the feedback supports the suitability of the tested material for its intended DMS applications.

However, further work is required to ensure consistent production quality and complete customer qualification procedures.

Technical acceptance of samples does not automatically result in a binding supply agreement.

Ironveld is continuing to engage with prospective customers while refining plant performance.

The company has not disclosed the identities of the coal producers providing technical feedback or the potential value of future contracts.

Discussions Progress With Three Prospective Customers

Ironveld reported that discussions with three prospective counterparties are progressing towards potential supply agreements.

The company is pursuing commercial opportunities in Southern Africa and international markets.

The discussions follow product testing and technical evaluation by prospective customers.

Ironveld said the engagements could lead to recurring sales and longer-term supply arrangements.

However, commercial terms have not yet been finalised, and the prospective agreements remain subject to negotiation and execution.

The company has not disclosed expected contract values, annual volumes or delivery schedules.

Ironveld emphasised that technical feedback, sample requests and expressions of interest do not constitute binding purchase commitments.

Prospective Customer Indicates Intention to Order 100 Tonnes

Ironveld also reported that an additional customer has confirmed its intention to place an order for 100 tonnes of magnetite for bulk testing.

The formal purchase order and payment remain outstanding.

The proposed order would allow the customer to undertake further evaluation of the product under larger-scale operating conditions.

The company has not disclosed the proposed selling price or expected delivery date.

Further sample activity is also underway with a prospective South African coal producer and a large coal producer operating in Mozambique.

These engagements form part of Ironveld’s efforts to develop a broader customer base for its DMS magnetite products.

Existing Supply Contract Deliveries Temporarily Suspended

Ironveld confirmed that deliveries under an existing supply agreement are temporarily on hold.

The interruption follows technical difficulties encountered by the customer during the commissioning of its processing plant.

The company said its plant operator is stockpiling material allocated to the customer while awaiting the resumption of deliveries.

The timing of future shipments depends on the customer’s progress in completing commissioning activities.

Ironveld has not provided a date for deliveries to resume.

The company continues to monitor the situation and expects to provide further updates as appropriate.

Working Capital Covers Approximately Two Months

Ironveld disclosed that its current working capital position has been affected by the interruption to existing contracted sales and slower-than-anticipated progress in securing new commercial supply agreements.

Although the company has accumulated a material stockpile of DMS-grade magnetite, the temporary suspension of deliveries has delayed the conversion of production into sales receipts.

The board confirmed that Ironveld has sufficient working capital to meet its operational and strategic requirements for approximately two months.

The company is evaluating several external funding solutions that it described as well advanced.

Ironveld also reported receiving indications from certain existing shareholders that additional funding may be available.

However, no completed financing agreement, committed funding amount or timetable was disclosed.

The company’s near-term financial position therefore remains dependent on securing additional funding, generating sales receipts or other measures before its current working capital is exhausted.

DMS Plant Revenue Intended to Support Layer 21 Development

Ironveld expects to finance the next stages of work at Layer 21 through revenue generated by its existing DMS magnetite operation, which is managed by Daemaneng.

The planned activities include metallurgical testing, further geological assessment and economic evaluation of potential mineral concentrates.

The company also intends to investigate downstream processing options and potential partners for rare earth recovery.

This funding approach depends on the DMS operation generating sufficient revenue to support both its existing activities and additional development expenditure.

The temporary interruption to contracted deliveries and delays in new supply agreements have affected working capital availability.

Ironveld has not provided a budget for the proposed Layer 21 work or specified when the next exploration programme will begin.

CEO Kris Andersson Comments on Discovery and Operations

Kris Andersson, Chief Executive Officer of Ironveld, commented on the Layer 21 findings and the company’s operational progress.

“The rare earths and Phosphate discovery at Layer 21 adds an important new dimension to Ironveld’s asset base. The results provide a basis to evaluate several potential products from the same mineralised horizon, with the neodymium and praseodymium content adding further interest. Our next task is to establish how effectively these minerals can be recovered and whether the opportunity can translate into a commercially attractive development.

“At our DMS operation, throughput is now reaching approximately 90% of design capacity. We still have work to do to achieve consistent performance, but the positive technical feedback from major coal producers is an encouraging endorsement of the material tested.

“Commercially, we are progressing discussions with several prospective customers towards supply agreements, alongside further order and sample activity. This creates an opportunity to build a broader base of recurring business. Our immediate priorities are to convert that interest into contracted sales, resume deliveries to our existing customer when its plant is ready and improve production consistency.

“Together, these developments strengthen Ironveld’s opportunity to grow its magnetite business while assessing the wider value of Layer 21. We look forward to reporting further progress as commercial agreements and technical work advance.

Next Steps for Layer 21 and DMS Operations

Ironveld plans to begin further technical evaluation of Layer 21 in the near term.

The programme will include metallurgical testing to assess mineral recoveries, concentrate specifications and the suitability of the proposed processing flowsheet.

Additional geological work will examine the extent and continuity of mineralisation and determine the requirements for establishing an Exploration Target and potentially a Mineral Resource.

The company will also evaluate the economics of producing magnetite, ilmenite and apatite concentrates.

Separate studies will examine potential rare earth recovery from apatite and the commercial arrangements required for downstream processing.

At the DMS operation, Ironveld intends to improve mill stability, achieve consistent throughput and refine product specifications.

Commercial priorities include converting prospective customer discussions into binding supply agreements and resuming deliveries under its existing contract.

The company is also seeking additional funding to support its near-term working capital requirements.

More About Ironveld

Ironveld plc is a London-listed mining development company focused on strategic metals and mineral processing products in South Africa.

The company’s mining rights are located within the Bushveld Igneous Complex, a geological region containing deposits of iron, titanium, vanadium and other minerals.

Ironveld operates a DMS-grade magnetite processing business and is evaluating additional mineral products from its Layer 21 prospect.

The Layer 21 programme is investigating the potential recovery of magnetite, ilmenite, phosphate-bearing apatite and rare earth elements.

The company continues to develop its magnetite production and commercial sales activities while assessing further mineral processing opportunities.