Author: Fiona Craig

Kazera Global (LSE:KZG) has reached a full and final settlement with Fujax South Africa concerning disputed prepayment arrangements associated with its Whale Head Minerals subsidiary.

Under the settlement, the liability has been reduced from approximately US$1.32 million to US$1.0 million.

The agreed consideration comprises US$500,000 to be settled through the issue of new Kazera shares and a further US$500,000 through staged cash payments.

Settlement Addresses Whale Head Minerals Liability

The agreement resolves the disputed prepayment arrangements between Kazera and Fujax South Africa.

The settlement comes as Whale Head Minerals progresses its operations following the granting of a Mining Right covering Sea Concession 2A.

No further financial terms relating to the settlement were included in the supplied information.

Board Considers Fundraising of at Least £500,000

Separately, Kazera’s board is considering an equity fundraising of at least £500,000.

The company said potential proceeds would be used to support its balance sheet and provide financial flexibility for its existing portfolio and possible new investments in critical minerals.

The size and terms of any fundraising have not yet been determined.

Trading Suspended During Capital Access Window

Kazera has entered a Capital Access Window under updated AIM rules while it assesses investor demand for the potential equity issue.

Trading in the company’s shares has been temporarily suspended during this process.

Kazera said trading is expected to resume after it announces the outcome of the potential fundraising. The fundraising remains under consideration and has not been presented as completed.

Kazera Global Operations

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

Its portfolio includes Whale Head Minerals, which is focused on heavy mineral sands, and Deep Blue Minerals, a diamond operation in the Northern Cape.

The company is also evaluating potential investments in critical mineral assets.

Strategic Minerals (LSE:SML) has agreed final terms for the sale of its Leigh Creek Copper Mine in South Australia to South Pacific Mineral Investments, which trades as Cuprum Metals.

The transaction includes a combination of cash, shares, royalties and potential earn-out payments. Completion remains subject to approval from Australia’s Foreign Investment Review Board.

Under the agreed terms, Strategic Minerals is due to receive A$750,000 in upfront cash alongside share consideration targeting a value of A$3.0 million.

Sale Includes Royalty and Earn-Out Payments

In addition to the upfront consideration, Strategic Minerals will retain a 2% net smelter royalty relating to Leigh Creek.

The agreement also provides for potential earn-out payments linked to future operating cash flows from the project. The amount ultimately received under these arrangements will therefore depend on future project performance.

The transaction will give Cuprum Metals control of Leigh Creek and responsibility for progressing its plans for recommissioning the project.

Proceeds to Be Directed to Redmoor Project

Strategic Minerals said proceeds received from the Leigh Creek transaction will be directed towards development of its Redmoor tungsten-tin-copper project in Cornwall.

The structure of the sale allows Strategic Minerals to retain potential economic exposure to Leigh Creek through the net smelter royalty and earn-out arrangements after transferring ownership of the asset.

The company described the transaction as non-dilutive for its shareholders.

Strategic Minerals Operations

Strategic Minerals plc is an AIM-quoted mineral exploration and production company with assets in the UK and US, alongside its interest in Leigh Creek in Australia pending completion of the sale.

Its portfolio includes the Redmoor tungsten-tin-copper project in Cornwall, held through Cornwall Resources Limited, and the Cobre magnetite operation in New Mexico.

Redmoor is located in Cornwall’s Tamar Valley Mining District and has a JORC-compliant inferred mineral resource of 17.40 million tonnes containing tungsten, tin, copper and silver mineralisation.

Strategic Minerals acquired the Leigh Creek Copper Mine in 2018. The proposed transfer to Cuprum Metals remains conditional on the required Australian regulatory approval.

Rockfire Resources (LSE:ROCK) has restarted diamond drilling at its 100%-owned Molaoi zinc project in Greece following a scheduled summer break.

Diamond drill hole HMO-021 is currently in progress as the company continues its exploration programme at the deposit.

Rockfire is also recruiting drillers and drilling assistants for its Greek subsidiary, Hellenic Minerals S.A. The recruitment is intended to provide additional in-house drilling capacity for work planned later in the year.

Preliminary Comminution Testing Completed

Rockfire has also reported preliminary results from comminution testing undertaken by SLR Consulting on material from Molaoi.

The tests classified the material as medium-hard and found that its energy requirement falls within the range typically encountered in mining projects, according to the company.

The results are being used as part of Rockfire’s assessment of processing options for the project.

SAG Milling Under Consideration

Based on the preliminary test results, Rockfire is considering the potential use of semi-autogenous grinding, or SAG milling, rather than conventional ball milling.

The company is evaluating this option as part of its processing flowsheet design and feasibility work for Molaoi. No final processing configuration has been confirmed in the supplied information.

Rockfire Resources Operations

Rockfire Resources is a London-listed exploration company with projects targeting gold, base metals and critical minerals.

Its portfolio includes the Molaoi zinc-lead-silver-germanium deposit in Greece, which is wholly owned by the company, as well as gold, copper and silver projects in Queensland, Australia. Some of its Australian projects are subject to farm-out arrangements with ASX-listed partners.

Gulf Marine Services (LSE:GMS) has secured a one-year contract extension for one of its Small-class self-elevating support vessels with a national oil company in the Gulf Cooperation Council region.

The extension follows the client’s exercise of an option contained within a contract originally signed in 2022. Gulf Marine Services said the existing contractual terms will remain unchanged during the additional one-year period.

Vessel to Continue Offshore Maintenance Support

Under the extended contract, the vessel will continue supporting the customer’s offshore maintenance activities.

The agreement provides for continued deployment of the Small-class vessel for the additional contract period. No financial value for the extension was provided in the supplied information.

Gulf Marine Services Operations

Gulf Marine Services PLC is an Abu Dhabi-founded offshore energy services company listed on the London Stock Exchange.

The company operates a fleet of 15 self-propelled, self-elevating support vessels across the Middle East and other international markets.

Its vessels are used for activities including offshore platform refurbishment and maintenance, well intervention and the installation and servicing of offshore wind infrastructure.

Bezant Resources (LSE:BZT) has reported progress on the development of its Hope & Gorob copper-gold project and the associated Tsoaxaub Metals Processing Plant in Namibia, with first run-of-mine ore scheduled to be processed during September 2026.

Commissioning of the upgraded processing plant is progressing in line with the company’s schedule, with the initial processing of ore expected to mark the start of concentrate production.

Mine and Processing Infrastructure Advances

Bezant said infrastructure at the Hope & Gorob mine is largely in place, including camp facilities and mining fleets.

Ore stockpiles have also been established and are above initial projections following the recovery of additional ore, according to the company.

At the Tsoaxaub Metals Processing Plant, major civil and structural work has been completed, while mechanical installation is approaching completion. Bezant said flotation cells, crushers and the assay laboratory are either ready or nearing readiness for operations.

Phase II Expansion Review Accelerated

The company has accelerated its review of a potential Phase II expansion following an increase in mineral inventory and changes in copper, gold and silver prices.

Management said a proportion of lower-grade mineralisation that had previously been considered sub-economic may now be suitable for inclusion in mine planning.

Bezant is also assessing a higher mass-pull ore-sorting approach. Under the scenario being considered, increased recoveries would be accompanied by a lower pre-concentrate grade.

The potential changes remain subject to ongoing technical, environmental and economic assessments.

Bezant Estimates Potential 35-Year Mine Life

Based on the current mineral inventory, existing JORC mineral resources and processing assumptions under consideration, Bezant said it believes the Hope deposit could support an estimated mine life of approximately 35 years.

The company said that if higher mass-pull processing scenarios are demonstrated to be feasible, additional lower-grade material could potentially be included in the mine plan. According to Bezant, this could extend the operating life and increase total copper production.

These estimates remain dependent on the processing scenarios and further assessments being evaluated by the company.

Bezant Resources Operations

Bezant Resources Plc is a copper and gold exploration and development company advancing the Hope & Gorob project in Namibia.

The company is repurposing the Tsoaxaub Metals Processing Plant to process run-of-mine material from Hope & Gorob. Its current work includes commissioning activities alongside reviews of mine planning, processing parameters and the potential inclusion of additional lower-grade mineralisation.

Tungsten West (LSE:TUN) reported audited results for the year ended 31 March 2026, with a year-end cash position of £25.5 million following equity fundraising and the conversion of convertible loan notes.

The company raised £43 million in equity during the period and recorded its first sales of tungsten concentrate from the recommissioned processing facility.

Tungsten West reported an operating loss of £7.9 million for the year. Its results also included a non-cash finance charge associated with the conversion of loan notes.

The company reported no lost-time injuries during the period and continued construction activities at its Hemerdon tungsten and tin mine in Devon, including the installation of equipment and appointments to its management team.

Tungsten and Tin Concentrate Production Begins

Following the end of the financial year, Tungsten West began producing tungsten and tin concentrates from the fines gravity circuit at Hemerdon.

The company said construction associated with the mine restart remains on schedule and within budget, with completion targeted for the first quarter of 2027.

The project is backed by funding of up to £71 million from the UK National Wealth Fund.

Tungsten West has recruited more than 150 employees as it prepares for the planned ramp-up of operations.

Hemerdon Restart Targets Q1 2027 Construction Completion

Management said tungsten market prices have increased, with Chinese export controls identified by the company as one factor affecting the market.

Tungsten West views Hemerdon as a potential Western source of tungsten and tin and said the project is funded through to production. The company continues to target completion of restart construction during the first quarter of 2027.

Tungsten West Operations

Tungsten West Plc is a UK-listed mining company focused on restarting the Hemerdon tungsten and tin mine in Devon.

The project uses existing mining and processing infrastructure and is intended to produce tungsten and tin for industrial markets. The company is currently progressing construction and commissioning activities ahead of the planned restart of operations.

Hilton Food Group (LSE:HFG) reported adjusted profit before tax from continuing operations of £32.8 million for the interim period, down 5.2% year on year but ahead of the company’s expectations.

Revenue increased 11.5% on a constant-currency basis, while volumes rose 2.1%. The group said its core meat and fresh prepared foods operations recorded growth during the period, while seafood business Foppen experienced margin pressures.

Adjusted free cash flow was positive. Statutory profit was affected by exceptional costs associated with export restrictions at Foppen and a non-cash impairment related to the agreed disposal of Hilton Food’s vegan and vegetarian business, Dalco.

Dalco Disposal Agreed as Portfolio Changes Continue

Hilton Food has agreed to sell Dalco as it focuses its operations on meat and prepared foods. The company said the removal of Dalco’s losses is one factor reflected in its revised full-year guidance.

The group has also extended retail partnerships, including its relationship with Tesco in the UK, and continued improvement measures at its UK seafood operation Seachill.

In Central Europe, Hilton Food is expanding capacity in Poland, where fresh prepared foods volumes increased 26%.

Saudi Arabia and Canada Facilities Scheduled to Open

Hilton Food is progressing two international expansion projects.

A facility operated through its Saudi Arabian joint venture is scheduled to become operational in the fourth quarter of 2026. In Canada, a new plant is expected to launch in January 2027, initially handling beef, pork and fish before subsequently adding bacon.

The company expects both operations to begin contributing to earnings during 2027.

Full-Year Adjusted PBT Guidance Raised to £66 Million–£71 Million

Management raised its full-year adjusted profit before tax guidance to between £66 million and £71 million, reflecting the removal of Dalco losses and favourable currency movements.

Hilton Food maintained its interim dividend at the prior-year level.

The group plans approximately £100 million of capital expenditure during 2026. Management expects this spending to increase net bank debt while maintaining leverage within its target range of one to two times adjusted EBITDA.

Hilton Food continues to target medium-term operating profit growth in the mid-single digits, cash conversion and returns on capital above 20%. These remain company targets rather than forecasts of achieved performance.

Hilton Food Group Operations

Hilton Food Group is a UK-based food processing and packing company operating across red meat, fresh prepared foods and seafood.

The group works with supermarket retailers across its existing markets and is expanding its international operations through projects including new facilities in Saudi Arabia and Canada, alongside additional capacity for fresh prepared foods in Central Europe.