Author: Fiona Craig

discoverIE Group plc (LSE:DSCV) has upgraded its outlook after reporting a strong start to the 2026–27 financial year, driven by robust demand across its industrial electronics portfolio. The FTSE 250 company, which designs and manufactures customised electronic components for OEM customers, said continued order momentum has strengthened confidence in full-year sales and earnings performance.

Strong order intake supports improved guidance

During the first quarter, discoverIE recorded a 31% increase in organic orders and 6% organic sales growth, resulting in a book-to-bill ratio of 1.15. The company said the performance reflects sustained customer demand across its core end markets.

Including contributions from recently acquired businesses Trival and Storm, total sales increased 10% at constant exchange rates. Based on current trading, management now expects full-year earnings to exceed previous board expectations.

The group also reported a healthy order book, a growing pipeline of new design wins and an active acquisition pipeline, providing additional support for future growth.

Acquisition strategy continues to complement organic expansion

discoverIE continues to pursue its long-term strategy of combining organic growth with targeted acquisitions to expand its technology offering and market reach.

Management believes the combination of strong underlying demand, recent acquisitions and a healthy pipeline of opportunities positions the business to deliver further growth across its industrial end markets.

Financial outlook remains positive despite valuation pressures

The company’s outlook continues to be supported by improving earnings and a consistent track record of generating positive free cash flow, although higher leverage remains a factor for investors to monitor.

Technical indicators remain favourable, reflecting a strong upward share price trend. However, some momentum measures suggest the shares may be approaching overbought conditions, increasing the potential for short-term volatility. Valuation also remains relatively demanding, with a high price-to-earnings ratio and a modest dividend yield.

About discoverIE Group plc

discoverIE Group plc is a FTSE 250 international electronics group specialising in the design and manufacture of customised components for industrial applications. Through its Magnetics & Controls and Sensing & Connectivity divisions, the company supplies OEM customers operating in sectors including industrial automation, security, renewable energy, medical technology and electrified transport. discoverIE operates across 21 countries and employs approximately 4,600 people worldwide.

Scancell Holdings (LSE:SCLP) has agreed to merge with U.S.-based Neuphoria Therapeutics (NASDAQ:NEUP) in an all-share transaction that will create a combined biotechnology company operating under the Scancell name. Following completion of the deal, existing Scancell shareholders are expected to own approximately 85.5% of the enlarged group, while Neuphoria investors will hold the remaining 14.5%.

The combined business intends to secure a Nasdaq listing while retaining Scancell’s existing AIM quotation. Under the terms of the transaction, each Neuphoria share will be exchanged for American Depositary Shares (ADSs) in Scancell, with shareholders also receiving contingent value rights linked to Neuphoria’s partnered assets and potential future monetisation events.

Financing package to fund late-stage melanoma programme

Alongside the merger, Scancell is putting in place financing of up to US$89 million to support the next stage of its clinical development strategy.

The funding package includes a US$39.1 million private placement, a UK placing and retail offer targeting approximately US$15 million, and a proposed US$25 million debt facility backed by funds managed by BlackRock.

Subject to the successful completion of the merger and Nasdaq listing in the fourth quarter of 2026, the enlarged group expects to hold pro forma net cash of around US$79.1 million (£59.2 million). Management believes this will extend the company’s cash runway into 2029 and fully fund the planned global registrational Phase 3 trial of its lead melanoma immunotherapy, iSCIB1+.

Dual listing supports U.S. expansion strategy

The proposed Nasdaq listing is intended to broaden Scancell’s access to U.S. capital markets and increase its visibility among specialist life sciences investors. The merger with Neuphoria is also expected to strengthen the company’s presence in the U.S. biotechnology market while supporting the advancement of its late-stage oncology pipeline.

Management sees the transaction as an important step towards accelerating clinical development and creating a stronger platform for future growth.

Financial outlook reflects growth opportunity and investment needs

Scancell’s outlook continues to reflect the characteristics of a clinical-stage biotechnology company, with ongoing operating losses, cash burn and negative equity weighing on its financial profile. Valuation also remains constrained by the absence of positive earnings.

However, recent clinical and regulatory progress has strengthened investor sentiment, supported by a clear pathway towards Phase 3 development. Technical indicators remain positive, although elevated share price momentum suggests the stock could experience increased short-term volatility.

About Scancell Holdings

Scancell Holdings is a UK-based biotechnology company focused on developing targeted, off-the-shelf cancer immunotherapies. Its lead programme, iSCIB1+, is being developed for the treatment of advanced melanoma, while the company continues to expand its oncology pipeline. Scancell is listed on AIM and is seeking a dual listing on Nasdaq to broaden its access to U.S. institutional investors and support its long-term growth strategy.

Antofagasta (LSE:ANTO) has restarted production at its Los Pelambres copper mine in Chile after operations were temporarily suspended because of severe weather that brought heavy rainfall and intermittent power outages across several regions. The company confirmed the shutdown was carried out in an orderly manner and reported no injuries or significant damage to equipment or essential infrastructure. Full-year production guidance remains unchanged.

Mine infrastructure performs as designed during storm

The miner said the El Mauro tailings storage facility and its associated water management systems operated effectively throughout the adverse weather conditions. Surge ponds and controlled rainwater discharge systems functioned as intended, helping the site manage increased water flows during the storm.

With operations now returning to normal, Antofagasta has reaffirmed its production outlook for the year, indicating that the temporary disruption is not expected to have a material impact on planned output.

Company supports local recovery efforts

In addition to restoring mining operations, Antofagasta is assisting local authorities and communities in Chile’s Choapa Province with recovery efforts. The company is supporting activities including road clearance and other emergency response measures aimed at helping affected areas recover following the severe weather.

The response highlights Antofagasta’s ongoing involvement in the communities surrounding its mining operations while maintaining the safe resumption of production at Los Pelambres.

Financial outlook remains supported by operational strength

Antofagasta continues to benefit from strong underlying operating performance, positive technical momentum and a constructive earnings outlook supported by funded growth projects across its portfolio.

However, these strengths are balanced by a relatively high valuation, reflected in an elevated price-to-earnings ratio and modest dividend yield. Higher leverage and recent negative free cash flow during a period of elevated capital expenditure also remain factors influencing the company’s financial outlook.

About Antofagasta

Antofagasta plc is a Chile-focused mining company with a portfolio centred on copper production, including its flagship Los Pelambres operation. The group operates large-scale mining, processing and infrastructure assets that supply copper to global markets while maintaining a significant presence across Chile’s principal mining regions.

RC365 Holding plc (LSE:RCGH) has announced that its subsidiary, RCPAY, has formed a strategic partnership with Hong Kong-based Nexara Capital to provide multi-currency virtual banking accounts, API connectivity and fintech solutions designed to support Nexara’s international growth plans. The agreement marks RCPAY’s first collaboration with a securities and asset management firm licensed by Hong Kong’s Securities and Futures Commission (SFC), extending its RC3.0 virtual account platform into the wealth management sector.

Partnership broadens virtual banking and wealth management services

Under the agreement, RCPAY will deliver its virtual account infrastructure alongside standardised API integration and Wealth Management Software-as-a-Service (SaaS) solutions. The collaboration is intended to streamline financial operations while supporting Nexara’s cross-border business activities.

Both companies have also committed to maintaining rigorous compliance standards, including anti-money laundering (AML), sanctions screening and know-your-customer (KYC) procedures, ensuring the services meet regulatory requirements.

Agreement supports RC365’s regional growth strategy

The partnership strengthens RC365’s efforts to expand its B2B2C fintech ecosystem by increasing the reach of its payment and virtual banking solutions within Hong Kong’s financial services industry.

Management believes the agreement could create additional commercial opportunities as the company builds its presence across Hong Kong and the wider Asian fintech and wealth management markets, while further enhancing the capabilities of its RC3.0 platform.

Financial outlook remains under pressure

RC365 continues to face financial challenges, with declining revenue, ongoing losses, elevated leverage and negative cash flow weighing on its outlook. Market technicals also remain weak, with the share price trading below key moving averages and momentum indicators such as MACD remaining negative.

Valuation metrics provide limited support due to continued negative earnings, while the company does not currently offer a dividend.

About RC365 Holding PLC

RC365 Holding plc is a London-listed fintech and payment solutions provider operating primarily across East and Southeast Asia through its subsidiaries Regal Crown Technology and HC Capital. The group offers payment gateway services, enterprise software support, digital remittance, foreign exchange solutions and asset-linked credit card products for multinational businesses, small and medium-sized enterprises and individual customers. RC365 is also expanding into virtual banking services and pursuing growth opportunities in the UK and European markets.

Alien Metals (LSE:UFO) has highlighted significant progress at the Elizabeth Hill Silver Project in Western Australia following a strong June quarter delivered by its joint venture partner, West Coast Silver. The project has achieved its first JORC-compliant mineral resource estimate, comprising 141,000 tonnes grading 617 grams per tonne silver for a total of 2.795 million ounces. Alien continues to hold a 30% interest in the project alongside an 8.7% equity stake in West Coast Silver.

Drilling expands high-grade silver mineralisation

Recent drilling has identified a new high-grade silver zone beneath and to the south of the historic mine workings, while also extending broad zones of near-surface mineralisation to the north and west of the existing resource.

The exploration programme also intersected additional massive sulphide mineralisation, highlighting the potential for nickel, copper and palladium alongside the project’s silver resources. These results suggest further upside as exploration continues across the wider mineral system.

Funded exploration programme supports next development phase

West Coast Silver finished the quarter with approximately A$3.0 million in cash, providing funding for the next stage of exploration and development across the 180-square-kilometre project area.

The planned programme includes district-scale geophysical surveys, resource expansion drilling, mine development studies and resource conversion work, all aimed at advancing Elizabeth Hill towards future production.

For Alien Metals, continued exploration success at the project enhances its exposure to high-grade silver while also increasing the potential value of associated polymetallic discoveries within its Australian asset portfolio.

Financial profile reflects exploration-stage business

Alien Metals remains an exploration company without revenue generation, and its financial profile continues to reflect operating losses and ongoing investment in exploration activities. Market technicals also remain weak, with the share price trading below key moving averages and momentum indicators including MACD and RSI remaining negative.

Valuation provides some support through a moderate price-to-earnings multiple, although the company does not currently offer a dividend yield.

About Alien Metals Ltd

Alien Metals Ltd is an AIM-listed mining exploration and development company with interests in iron ore, silver, platinum group metals and base metals across Australia and the Northern Territory. Its principal assets include the 90%-owned Hancock Iron Ore Project in Western Australia, the Georgina Basin IOCG Project in the Northern Territory, and joint venture interests in the Munni Munni PGM project and the Elizabeth Hill Silver Project.

The company follows a diversified development strategy by advancing its core assets through exploration, technical studies and strategic partnerships. In addition to its project interests, Alien Metals also holds equity investments in companies including West Coast Silver and GreenTech Metals, providing additional exposure to future resource growth and development opportunities.

Victrex (LSE:VCT) has unveiled a series of senior management and board changes as it positions the business for its next phase of development. Chief Financial Officer Ian Melling will leave the company on 31 July 2026, with a search underway to appoint a permanent successor while interim financial leadership arrangements are put in place.

Executive and board changes reshape leadership structure

Alongside the finance transition, Victrex has strengthened its executive team with the appointments of Andrew Ng as Chief Commercial Officer and Daniel Diffenderfer as Managing Director of the Medical division. At the same time, several senior leaders responsible for sustainable solutions, legal affairs and investor relations are due to depart at the end of July.

The company has also announced changes at board level. Peter Kiernan will assume the role of Chair of the Audit Committee, while Maria Antoniou has joined the board as a non-executive director and is expected to become Chair of the Remuneration Committee. These appointments support the planned retirement of several long-serving directors at the company’s 2027 Annual General Meeting.

Strategy update expected at September Capital Markets Event

Chief Executive James Routh said the refreshed leadership structure is intended to support Victrex’s next chapter of growth. Investors are expected to receive further details on the company’s long-term strategic priorities during its Capital Markets Event in September 2026, following the recent third-quarter trading update.

The leadership changes form part of the company’s broader efforts to strengthen its organisation as it pursues future growth opportunities across its core markets.

Financial outlook supported by balance sheet strength

Victrex continues to benefit from a robust balance sheet with relatively low leverage, providing financial flexibility despite softer recent operating performance and weaker cash flow trends. Technical indicators remain broadly neutral, while valuation presents a mixed picture, with an attractive dividend yield offset by a negative price-to-earnings ratio.

About Victrex

Victrex is a global manufacturer of high-performance polymer solutions serving industries including automotive, aerospace, energy, industrial, electronics and medical technology. In addition to its advanced polymer materials, the company is expanding into semi-finished and finished products designed to improve customer performance, support sustainability objectives and create long-term shareholder value.

Arc Minerals (LSE:ARCM) has announced encouraging geophysical results from its Virgo Project in Botswana’s Kalahari Copper Belt, extending the interpreted D’Kar Formation (DKF) and Ngwako Pan Formation (NPF) contact across licence PL135/2017 to approximately 18 kilometres. The latest induced polarisation (IP) and ground magnetic surveys have also identified structurally complex areas that are considered favourable for copper mineralisation, close to MMG’s Mawana Fold and Zone 9 discoveries.

Geophysical surveys identify multiple high-priority drill targets

The exploration programme has outlined several significant IP chargeability and resistivity anomalies that will form the focus of the next phase of work. Arc Minerals is now completing the appointment of a drilling contractor, with drilling expected to begin in early August.

The company believes the newly identified targets enhance the exploration potential of the Virgo Project and provide a strong foundation for testing prospective mineralised structures through drilling.

Investor update planned as exploration enters new phase

As the project transitions from geophysical surveying to active drilling, Arc Minerals will host an investor presentation on 30 July to outline the latest exploration findings and discuss the upcoming drilling campaign.

Management views the recent survey results as an important milestone in advancing the Virgo Project, with drilling expected to provide the first direct test of the newly identified exploration targets.

Financial profile reflects exploration-stage business

Arc Minerals remains a pre-revenue exploration company, with its financial profile continuing to reflect ongoing investment in exploration activities, operating losses and cash utilisation. The business also recorded a reduction in equity and assets during 2025.

From a market perspective, technical indicators remain moderately positive, with the share price trading above key moving averages and momentum supported by a positive MACD reading. However, valuation metrics remain constrained by negative earnings and the absence of a dividend.

About Arc Minerals

Arc Minerals is an AIM-listed copper exploration company focused on discovering Tier 1 copper deposits across Africa. Its flagship Virgo Project is located within Botswana’s Kalahari Copper Belt, in MMG’s prospective Zone 5 corridor, while the Kabompo West Project in Zambia lies within the Western Domes region of the Central African Copper Belt, home to several world-class copper deposits.

AOTI (LSE:AOTI), a specialist in advanced wound care technologies, could be set for a significant expansion in the United States after the Centers for Medicare & Medicaid Services (CMS) proposed nationwide coverage for topical oxygen therapy in the treatment of diabetic foot ulcers. The decision relates to patients whose wounds have not healed after four weeks of optimised care and, if finalised, would make Medicare reimbursement available for the company’s proprietary TWO2 therapy.

Proposed CMS decision could expand reimbursement opportunities

According to AOTI, the proposed coverage determination would substantially increase access to its TWO2 topical oxygen therapy across the U.S. healthcare system. The company believes the policy would not only support Medicare reimbursement but also encourage broader adoption by Medicaid programmes and commercial insurers.

Management expects the expanded reimbursement framework to significantly increase the addressable market for its wound care platform while leveraging its existing commercial infrastructure, allowing the business to pursue growth without requiring substantial additional investment.

Market leadership supports long-term growth ambitions

AOTI estimates it currently accounts for approximately 75% of the topical oxygen therapy market. The company says TWO2 is the only intermittent topical oxygen wound therapy available and highlights its differentiated clinical performance, citing improved long-term healing outcomes compared with continuous oxygen therapies and other advanced wound care treatments.

Existing reimbursement through healthcare providers including the U.S. Veterans Affairs system and New York Medicaid already represents a revenue opportunity of around US$400 million over the near to medium term. With nationwide CMS coverage and broader payer adoption, AOTI believes its long-term serviceable addressable market could expand to approximately US$26 billion.

Financial outlook balanced by profitability challenges

While AOTI continues to deliver strong revenue growth and improving margins, its financial outlook remains constrained by ongoing losses and limited cash flow sustainability. Technical indicators remain broadly supportive, although recent momentum suggests the shares may be approaching stretched levels. Valuation also continues to be weighed down by negative earnings and the absence of a dividend.

About AOTI, Inc.

AOTI, Inc. is a medical technology company founded in 2006 with operations in Oceanside, California, and Galway, Ireland. The group develops non-invasive treatments for severe and chronic wounds, with its patented Topical Wound Oxygen (TWO2) therapy approved for use in the United States, Europe, the United Kingdom, Canada, China, Australia and Saudi Arabia. Designed for home treatment, the therapy has demonstrated positive clinical outcomes in reducing diabetic foot ulcer recurrence, hospital admissions and amputations.

Neo Energy Metals (LSE:NEO) has entered into a site access and contractorship agreement with Sibanye Gold, enabling its 70%-owned subsidiary to commence a fully funded implementation assessment at the New Beisa Node. The agreement allows work to begin while the transfer of the Beatrix 4 Shaft mining right continues through the regulatory approval process.

Under the arrangement, Neo will act as the exclusive independent contractor for a defined package of pre-development activities. Sibanye will retain ownership of the mining right along with all statutory obligations, while providing site access, operational information and technical support at no cost to Neo.

Three-stage assessment programme underway

The implementation assessment will focus on three key areas designed to prepare the project for future production. These include the refurbishment of the existing gold processing plant, a comprehensive metallurgical study for a proposed uranium processing circuit, and a full review of the site’s infrastructure.

The programme is expected to run for eight months and carries an estimated budget of approximately £3.15 million. The work is fully funded and is intended to reduce technical and development risks ahead of the project’s next phase.

Early gold production strategy targets stronger project economics

Neo plans to prioritise restarting gold production to generate early cash flow before bringing the uranium circuit into operation. Management believes this phased development strategy will reduce capital risk while improving the overall economics of the New Beisa project.

The company continues to target first gold production by December 2027 and views the agreement as an important step in strengthening its strategic partnership with Sibanye-Stillwater while advancing one of South Africa’s significant brownfield uranium and gold projects.

About Neo Energy Metals

Neo Energy Metals is a uranium and gold development company listed on the London Stock Exchange and A2X, with a planned Johannesburg listing in 2026. Its portfolio includes the New Beisa project in South Africa’s Free State Goldfields and the Henkries uranium project in the Northern Cape, representing combined mineral resources of 31.5 million pounds of uranium and 1.2 million ounces of gold under JORC and SAMREC reporting standards.

New Beisa is a brownfield uranium and gold development located on the former Beatrix 4 Shaft property, supported by more than US$500 million of historical investment and substantial existing infrastructure. The project is designed to produce approximately 810,000 pounds of uranium and 52,000 ounces of gold annually over a projected 17-year mine life. Henkries is a near-surface uranium project with a completed feasibility study and planned annual production of around 260,000 pounds of uranium.