Author: Fiona Craig

Mila Resources (LSE:MILA) has identified a series of prospective porphyry-style drill targets at its Monal Copper-Gold Project in Queensland following encouraging results from an induced polarisation geophysical survey.

The latest IP data, combined with rock chip sampling, has highlighted prominent targets at the Basilica and Childs prospects. Mila said the results show geological and geophysical characteristics associated with porphyry mineralisation, including chargeability anomalies, areas of low resistivity and elevated copper, gold and silver grades.

At Basilica, rock chip sampling returned grades of up to 7.10 grams per tonne gold, 5.31% copper and 73.8 grams per tonne silver. These results occur above chargeability anomalies that coincide with magnetic lows, a combination interpreted as potentially representing magnetite-destructive alteration commonly associated with porphyry systems.

The convergence of geochemical, magnetic and IP evidence has strengthened Basilica’s position as a priority drilling target, with the data indicating the potential for mineralisation to extend beneath the near-surface occurrences identified to date.

At Childs, geophysical surveying outlined a compact, ring-shaped chargeability anomaly coinciding with an area of lower resistivity. Mila said the pattern, together with zoned surface geochemistry, is consistent with the possibility of a concealed intrusive source below the prospect.

The findings support the company’s interpretation that Monal could host multiple near-surface porphyry systems rather than a single isolated mineralised target. Further exploration and drilling will be required to establish the scale, continuity and grades of any mineralisation associated with the anomalies.

The results also strengthen Monal’s potential importance within Mila’s wider Queensland portfolio. The company is targeting copper-gold systems in established mineralised districts where porphyry and related deposit styles could offer exposure to multiple commodities.

Mila’s investment outlook remains constrained, however, by its early-stage financial profile. The company currently generates no revenue and continues to record losses and negative free cash flow as it funds exploration activities.

Technical indicators are similarly subdued, with the shares trading below major moving averages and MACD remaining negative. Valuation offers limited support because the company has negative earnings and therefore no conventional positive price-to-earnings ratio, while there is no dividend yield to provide an income component.

More about Mila Resources

Mila Resources Plc is a London-listed natural resources company focused on gold and copper exploration and resource development in Australia. Its portfolio is concentrated in Queensland, where it is targeting mineralised systems with potential for copper, gold and molybdenum.

The company’s 100%-owned Monal Copper-Gold Project is located in southeastern Queensland within the Yarrol Province of the New England Orogen. The region is known for porphyry and skarn-hosted copper-gold-molybdenum mineralisation.

Monal surrounds the Glassford Complex and is situated within a broader region containing established mineral occurrences and deposits, including Mount Cannindah. Mila is using geophysics, geochemistry and subsequent drilling to evaluate the potential for multiple porphyry-style systems across the project.

Focus keyphrase: Mila Resources Monal Copper-Gold Project

Meta description: Mila Resources identifies multiple porphyry-style drill targets at its Monal Copper-Gold Project in Queensland following encouraging IP results.

NeoTerra Group Plc (LSE:TERA) has selected Valentine Enterprises to lead a US-funded pre-feasibility study at its Monte Muambe rare earths project in Mozambique, marking another step towards advancing the asset’s development.

Valentine Enterprises will work alongside SGS North America and New Dominion Consulting, creating a consortium that will provide expertise across technical project development, metallurgy and critical-minerals supply chains. The appointment remains subject to final approval from the US Trade and Development Agency (USTDA), which is funding the study.

Once USTDA approval is received, the programme is expected to begin with a formal kick-off meeting and a visit to Monte Muambe. NeoTerra also plans to undertake a targeted drilling campaign designed to obtain representative samples for further metallurgical testing.

Management said the selected consortium combines knowledge of US critical-minerals value chains with practical experience of mining projects in Africa. This expertise is expected to support NeoTerra as it progresses drilling and metallurgical work while assessing potential routes for integrating Monte Muambe into future international rare earths supply chains.

The study is being supported by a US$1.875 million USTDA grant previously secured to advance the rare earths component of Monte Muambe to the pre-feasibility stage. The funding provides NeoTerra with an opportunity to progress technical work on the project while limiting the amount of company capital required for this phase of development.

The latest appointment also supports NeoTerra’s wider strategy of generating value from a portfolio of critical raw material assets. Rare earth elements are important inputs across clean energy, advanced technology, defence and industrial applications, making the development of diversified sources an increasing priority for global supply chains.

NeoTerra’s investment outlook nevertheless remains constrained by its financial position. The exploration and development-stage company currently generates no revenue and continues to report losses and sustained cash outflows, while leverage increased substantially during 2025.

Technical indicators also remain weak, with the shares trading below their key moving averages and MACD in negative territory. Valuation provides limited support because ongoing losses result in a negative price-to-earnings ratio, while the absence of a dividend means there is no income yield to offset the risks associated with its development-stage portfolio.

More about NeoTerra Group Plc

NeoTerra Group Plc is a London Main Market-listed exploration and development company focused on critical raw materials projects in Africa. Its portfolio includes the Monte Muambe project in Mozambique and the Sesana copper-silver project in Botswana.

Monte Muambe hosts rare earths alongside fluorspar and gallium and is covered by a 25-year mining licence. The project has published JORC mineral resource estimates and secured a US$1.875 million USTDA grant to support advancement of its rare earths component towards pre-feasibility.

In Botswana, NeoTerra’s Sesana project targets copper and silver mineralisation in proximity to MMG’s Khoemacau mining operation. Through these assets and potential future acquisitions, the company is seeking exposure to commodities considered strategically important for clean energy, high-technology, defence and industrial markets.

Focus keyphrase: NeoTerra Monte Muambe rare earths project

Meta description: NeoTerra selects Valentine Enterprises to lead a USTDA-backed pre-feasibility study at its Monte Muambe rare earths project in Mozambique.

Comptoir Group (LSE:COM) reported resilient trading for the first half of 2026 as improved adjusted EBITDA and continued international franchise expansion helped offset a modest decline in revenue.

For the six months ended 28 June 2026, the restaurant operator generated revenue of £15.7 million, slightly below the comparable period last year. Adjusted EBITDA improved to £0.2 million, while the group recorded a small IFRS loss after tax of £0.2 million.

Adjusted net cash stood at £1.6 million at the end of the period, reflecting the company’s continued focus on protecting liquidity and maintaining disciplined capital expenditure amid a challenging consumer environment.

Management said trading had remained resilient despite ongoing cost-of-living pressures and geopolitical uncertainty affecting parts of the Middle East. Against this backdrop, the group continues to view its franchise model as an important route to growth, allowing the Comptoir Libanais brand to expand internationally without relying entirely on company-funded restaurant openings.

The franchise pipeline has continued to develop, with a new location opening at Rome’s Termini railway station and an agreement signed to introduce the brand into Algeria. A further site is planned for Venice, strengthening Comptoir’s presence in major international travel locations.

Performance from Middle Eastern franchises, however, remains below levels recorded before the recent regional unrest. This continues to weigh on the international business even as expansion into additional territories provides opportunities to diversify the franchise estate geographically.

Comptoir’s broader investment outlook remains constrained by its financial position. Persistent operating losses, previous revenue weakness and high leverage relative to its limited equity base continue to present risks, despite management’s emphasis on cash preservation and disciplined investment.

Technical indicators also remain subdued, with the shares in a broader downward trend and MACD in negative territory. Valuation provides little immediate support because the company remains loss-making, resulting in a negative price-to-earnings ratio, while the absence of a dividend means there is currently no income yield.

More about Comptoir Group

Comptoir Group Plc operates restaurants inspired by Lebanese, Middle Eastern and North African cuisine, led by its flagship Comptoir Libanais brand. The group has a wider estate of 27 restaurants, comprising 20 company-operated sites and seven franchised locations, with operations spanning the UK and selected international markets.

Its portfolio also includes Shawa, a counter-service shawarma concept with locations in major shopping centres and Abu Dhabi, as well as Yalla-Yalla near Oxford Circus in London.

Through international franchise partnerships, Comptoir has expanded into markets including the Netherlands, Qatar, the UAE and Italy. The group is increasingly targeting travel and hospitality locations as it seeks to grow its brands through a capital-light franchise strategy.

Focus keyphrase: Comptoir Group H1 2026 results

Meta description: Comptoir Group reports £15.7 million of H1 revenue as adjusted EBITDA improves and international franchise expansion gathers momentum.

Sunrise Resources (LSE:SRES) has reported positive Phase III evaluation results from its Pioche Sepiolite Project in Nevada, confirming that processed material can meet American Petroleum Institute specifications for use in drilling-grade saltwater fluids.

Testing of sepiolite obtained from both drill core and surface samples demonstrated that material processed using an optimised method satisfies API requirements. Sunrise said the latest processing approach also produced stronger gelling performance in both freshwater and saltwater compared with earlier testing, bringing the Pioche material into line with standards required for oil and gas drilling applications.

The results could strengthen the project’s commercial prospects because sepiolite has particular advantages in drilling fluids used in high-salinity and high-temperature environments. Unlike bentonite, its performance can be maintained under conditions encountered in certain challenging oil and gas wells, providing access to a potentially higher-value specialist market.

Phase III work has also expanded Sunrise’s understanding of the deposit. Examination of previously unsampled core from the company’s 2024 drilling programme identified additional sepiolite horizons, including thicker mineralised intervals that increase the prospective area, particularly towards the southeastern section of Pioche.

The geological findings have helped Sunrise identify the northwestern and southeastern areas of East Mesa as preferred locations for potential trial mining. This provides the company with more clearly defined targets as it considers test extraction and further commercial evaluation of the material.

The combination of an API-compliant product and identified trial-mining areas represents an important step towards demonstrating Pioche’s commercial potential. Sunrise believes the project could benefit from the limited number of sizeable sepiolite deposits worldwide, as well as environmental constraints affecting production from the other major source of the mineral in the United States.

Management is seeking a development partner for Pioche, with the project offering potential additional value alongside Sunrise’s wider portfolio of industrial minerals, precious metals and base metals assets.

Financial performance nevertheless remains a key risk for the company. Sunrise has continued to report losses, uneven revenue and ongoing cash consumption, although relatively low leverage provides some balance-sheet support.

Technical indicators also warrant caution, with the share price below important longer-term moving averages and MACD remaining negative. Valuation offers limited support because loss-making operations result in a negative price-to-earnings ratio, while the absence of a dividend means there is no income yield to compensate for the risks associated with an early-stage mineral development company.

More about Sunrise Resources

Sunrise Resources Plc is a mineral exploration and development company with interests spanning industrial minerals as well as precious and base metals. Its Nevada operations are conducted through subsidiary SR Minerals Inc., which owns the Pioche Sepiolite Project in Lincoln County.

Pioche targets what Sunrise considers one of the relatively few sizeable sepiolite clay deposits globally, with potential applications including specialist oil and gas drilling fluids and other industrial products. The project is owned by SR Minerals, with sepiolite processing specialist Tom Powell holding a 20% beneficial interest, and previously attracted interest from Spanish sepiolite producer Tolsa through an option agreement that has since expired.

While Sunrise is currently directing much of its expenditure towards its wider precious and base metals portfolio, management regards Pioche as a potentially significant source of value and is seeking a partner to help progress its development.

The project is situated on federally managed land close to the historic mining town of Pioche and has access to regional infrastructure, including rail connections through Caliente, Nevada. With constraints affecting the other major US sepiolite operation in Amargosa Valley, Pioche could potentially emerge as an alternative domestic source of the specialist industrial mineral.

Focus keyphrase: Sunrise Resources Pioche Sepiolite Project

Meta description: Sunrise Resources confirms API-grade sepiolite at its Pioche project in Nevada, supporting plans for trial mining and commercial evaluation.

Reabold Resources (LSE:RBD) has provided an update on its recommended all-share offer for Union Jack Oil as the company seeks to combine the two businesses into a larger UK-focused onshore oil and gas group.

The proposed transaction would bring together the companies’ production income, cash resources and interests across several UK projects, including Wressle, West Newton and Keddington. The respective boards believe the combination could simplify asset ownership, improve operational efficiency and provide the enlarged business with greater access to capital.

As of 19 August 2026, Reabold had received valid acceptances representing approximately 0.2% of Union Jack’s issued share capital. A further 2.14% is covered by irrevocable undertakings that had not yet been processed because of clerical delays involving nominee arrangements.

Including those commitments, Reabold said shareholders representing approximately 2.35% of Union Jack’s issued shares currently support the offer. Union Jack’s directors have unanimously recommended that shareholders accept the proposal after being advised that its terms are fair and reasonable.

Shareholders have until 25 September 2026 to accept the offer. The Union Jack board has emphasised the importance of securing sufficient funding to meet the company’s upcoming commitments, including obligations associated with its licences and development portfolio.

The boards have also said Union Jack has not identified an alternative proposal capable of providing the required funding on acceptable terms. Without completion of the transaction or another source of capital, they have warned that certain near-term licence commitments could become difficult to meet, potentially putting some assets at risk.

Reabold and Union Jack are positioning the combination as an opportunity to establish a stronger UK onshore operator with a broader portfolio and reduced duplication of public-company costs. A combined structure could also streamline investment decisions and capital allocation across assets in which the businesses already have overlapping or complementary interests.

Reabold’s wider investment outlook nevertheless remains constrained by its financial performance. Recent revenue has been limited, losses have persisted and the company continues to consume cash, although its relatively low level of debt provides some balance-sheet support.

Technical indicators are also generally weak, with the shares trading below important moving averages and MACD remaining negative, pointing to an established downward trend. An oversold reading could provide some short-term support, but valuation remains difficult to justify using conventional earnings measures because profitability is negative and there is no dividend yield.

More about Reabold Resources

Reabold Resources is a London-listed investment company focused on developing and acquiring energy assets, with particular emphasis on strategic gas and UK onshore oil and gas opportunities. Its portfolio combines producing assets with appraisal and development projects as it seeks to increase scale and diversify potential revenue sources.

Union Jack Oil is a UK-focused onshore oil and gas company with interests spanning producing, development and exploration assets. Its portfolio includes Wressle alongside projects such as West Newton and Keddington, with the company requiring funding to advance its strategy and satisfy upcoming licence commitments.

Focus keyphrase: Reabold Resources Union Jack Oil offer

Meta description: Reabold Resources reports early acceptances for its recommended all-share Union Jack Oil offer as both boards back the proposed combination.

Hydrogen Utopia International PLC (LSE:HUI) has appointed London-based io consulting to provide engineering and strategic advisory services as the company looks to accelerate its UK Sustainable Aviation Fuel and waste plastic-to-hydrogen projects.

Under a newly signed Master Services Agreement, io consulting will support Hydrogen Utopia across project development, applying its capital value process from initial feasibility work through to project definition. The aim is to establish the technical and commercial foundations required to move projects towards financing and eventual development.

Io consulting is a joint venture between McDermott and Baker Hughes, bringing engineering and energy-sector expertise to the partnership. Its work with HUI is expected to focus particularly on the company’s UK Sustainable Aviation Fuel opportunity, including potential funding pathways and engagement with relevant stakeholders.

The agreement comes as the UK develops its domestic SAF industry through measures including the government’s Sustainable Aviation Fuel mandate and the Low Carbon Fuels Fund. Hydrogen Utopia intends to use this policy environment to explore public and private financing opportunities for its low-carbon fuel projects.

The collaboration follows HUI’s recent licensing of InEnTec’s Plasma Enhanced Melter, or PEM, gasification technology for the production of SAF in the UK. By combining access to the technology with io consulting’s project development expertise, the company is seeking to strengthen its ability to advance its pipeline and establish a position in the emerging British SAF market.

More about Hydrogen Utopia International PLC

Hydrogen Utopia International PLC is a UK-listed clean energy company developing technology-led projects designed to convert non-recyclable mixed waste plastics into hydrogen, Sustainable Aviation Fuel and other advanced low-carbon fuels.

Its proposed facilities process waste plastic into syngas, which can subsequently be converted into fuels or used to generate power and heat. The business model also offers the potential for revenue from waste-processing gate fees alongside the sale of energy and fuel products.

HUI focuses on jurisdictions where its projects could benefit from supportive decarbonisation policies and access to government grants, loans or private investment. Through its waste-to-fuels strategy, the company is seeking to participate in the circular economy while addressing demand for lower-carbon energy solutions in sectors including aviation.

IG Design Group (LSE:IGR) has appointed Ari Bensoussan as its new Chief Financial Officer as part of a planned change to the company’s senior leadership team.

Bensoussan will take up the CFO position and join the board as an executive director on 1 September 2026. He replaces Rohan Cummings, who will step down from the board on 31 August but remain with the business until the end of the year to help ensure a smooth handover.

The incoming finance chief brings almost three decades of experience spanning finance, strategy and mergers and acquisitions, with much of his career spent at international consumer businesses. His previous roles include senior positions at Thai Union and Nestlé, giving him extensive exposure to global operations and commercial strategy.

IG Design Group’s board highlighted Cummings’ contribution to the recent restructuring and simplification of the business. During his tenure, the group completed the disposal of DG Americas and renegotiated its banking arrangements, helping strengthen its balance sheet and create a more focused operating structure.

Chair Stewart Gilliland said Bensoussan’s international financial and commercial expertise would be valuable as the company seeks to expand its customer reach and strengthen its commercial capabilities while retaining financial discipline. The appointment indicates that improving operational resilience and pursuing sustainable growth will remain central priorities following the group’s recent restructuring.

IG Design Group’s investment outlook nevertheless continues to face pressure from uneven financial performance. Revenue declined sharply in 2026, profitability has been inconsistent and free cash flow was negative across 2025 and 2026, although the strengthened balance sheet provides some financial resilience.

The technical picture is more positive, with the shares trading comfortably above their major moving averages and indicating strong underlying price momentum. Valuation remains a less supportive factor, however, given the negative price-to-earnings ratio and the absence of dividend yield data.

More about IG Design Group

IG Design Group plc is a global designer, innovator and manufacturer of products including gift packaging, greeting cards, stationery, creative play ranges and other celebration-related goods. Its vertically integrated operations include manufacturing facilities in Wales, the Netherlands and Poland, with the company supplying more than 550 million units annually across approximately 70 countries.

The group has operations spanning the UK, Europe and Australia and supplies major retailers and supermarkets including Tesco, Costco and Aldi, alongside discount chains, e-commerce platforms and independent retailers. Its heritage Tom Smith brand holds a Royal Warrant for Christmas crackers and wrapping paper, while IG Design Group is listed on the AIM market of the London Stock Exchange.

Focus keyphrase: IG Design Group CFO appointment

Meta description: IG Design Group appoints Ari Bensoussan as CFO from September as Rohan Cummings prepares to leave following the group’s restructuring.

Rome Resources (LSE:RMR) has highlighted further exploration potential at its Kalayi tin deposit in the Democratic Republic of Congo after independent modelling identified two previously unrecognised mineralised zones.

Modelling carried out by MSA Group outlined the new MINZ8 and MINZ9 zones, as well as a substantial undrilled extension of a high-grade tin trend towards the southeast. While additional drilling will be needed to establish the continuity of these areas, the targets could provide scope for future resource expansion.

The newly identified zones will not form part of the upcoming Kalayi Mineral Resource Estimate, which Rome Resources is currently finalising with MSA. Instead, they have been earmarked as priority areas for subsequent drilling and potential additions to the resource base.

Exploration is also continuing across the wider Bisie North Project, where the company is progressing an airborne geophysical survey. Data from the programme is being interpreted by Southern Geoscience as Rome Resources looks to identify further prospective targets across the project area.

Outside the DRC, the company is advancing its tin-tungsten-indium project in New Brunswick, Canada. Initial grab sampling has returned encouraging results, prompting follow-up trenching as Rome evaluates the project’s mineralisation potential. The Canadian work forms part of the group’s broader strategy of developing a portfolio of critical mineral assets across multiple jurisdictions.

Financial considerations remain a key risk for the exploration-stage company. Rome Resources currently has no established revenue stream and continues to record net losses and cash outflows, leaving it exposed to future funding requirements and project execution risks. This is partly offset by low debt levels and its existing equity base.

From a technical perspective, the shares also face some near-term pressure, with weak price momentum reflected in a negative MACD reading and an RSI below 50. Conventional valuation measures offer limited support because ongoing losses result in a negative price-to-earnings ratio, while the absence of a dividend means there is currently no income component to the investment case.

More about Rome Resources plc

Rome Resources plc is an AIM-listed mineral exploration company focused primarily on critical metals. Its principal interests include the Kalayi tin deposit and the broader Bisie North Project in the Democratic Republic of Congo, alongside an optioned tin-tungsten-indium project in New Brunswick, Canada. The company is targeting the discovery and development of metals considered increasingly important to global industrial and strategic supply chains.

Focus keyphrase: Rome Resources Kalayi tin deposit

Meta description: Rome Resources identifies two new mineralised zones and an undrilled high-grade tin trend at Kalayi as it prepares an updated resource estimate.

U.S. stock futures moved higher on Wednesday, putting Wall Street on course to recover part of its recent decline as investors welcomed a reversal in crude oil prices and a sharp retreat in Treasury yields.

Crude provided some relief after three consecutive sessions of gains. U.S. oil futures turned negative after earlier rising as much as 1.3% to their highest level in almost three weeks.

Treasury Buyback Plans Ease Pressure on Bonds

The improvement in equity futures was accompanied by falling Treasury yields after the U.S. Treasury Department announced a significant expansion of its longer-dated debt buyback programme.

From September 9, liquidity-support buybacks involving longer-term nominal coupon securities will increase by at least twofold.

Lower yields can ease pressure on equity valuations, although investors may remain cautious ahead of the Federal Reserve’s latest meeting minutes, which could provide further insight into policymakers’ thinking on inflation and interest rates.

Tech Sell-Off Weighs on Major Indices

Wednesday’s stronger futures follow a difficult Tuesday session in which all three major U.S. benchmarks finished lower, extending Wall Street’s recent losing streak.

The Nasdaq suffered the largest decline, dropping 355.20 points, or 1.3%, to 26,289.71 as technology shares came under heavy selling pressure.

The S&P 500 lost 53.30 points, or 0.7%, to finish at 7,691.76, while the Dow declined 116.38 points, or 0.2%, to 53,343.40.

The rise in longer-term borrowing costs had become an increasingly important concern for equities, with the 30-year Treasury yield briefly reaching its highest level in nearly 20 years before retreating.

Middle East Conflict Keeps Inflation Risks Elevated

Bond markets have remained sensitive to inflation risks associated with the continuing conflict in the Middle East, particularly as higher energy prices threaten to add to price pressures.

Oil had extended its recent rally after President Donald Trump said there were no current or scheduled talks between Washington and Tehran.

Trump also said on Truth Social that the Strait of Hormuz is “open and operating” and “all water mines have been removed or detonated,” although reports suggested shipping activity through the crucial energy corridor remained constrained.

Daniela Hathorn, Senior Market Analyst at Capital.com, said Treasury yields had risen “despite softer recent economic data reducing expectations for an imminent Fed hike.”

“Instead, the long end is responding to persistent inflation risks, heavy government borrowing and growing competition for capital—including debt issuance associated with the AI investment boom,” Hathorn said.

She added, “That creates an uncomfortable environment for equities because financial conditions can tighten even without the Fed raising rates.”

Industrial Production Falls Short of Forecasts

The latest U.S. economic figures provided another reason for investors to question how aggressively the Federal Reserve may need to approach interest rates.

Industrial production increased 0.2% in July, according to the Fed, falling slightly short of economists’ forecast for 0.3% growth.

June’s increase was revised higher to 0.3% from the previously reported 0.1%.

Chip Stocks Lead Market Decline

Semiconductors were at the centre of Tuesday’s technology sell-off, with the Philadelphia Semiconductor Index plunging 5%.

Computer hardware and networking stocks also suffered substantial declines, adding to pressure on the technology-heavy Nasdaq.

Gold-related shares weakened as bullion prices declined, sending the NYSE Arca Gold Bugs Index down 2.9%. Airlines, housing and steel stocks were also among the weaker areas of the market.

Pharmaceutical, healthcare and energy shares provided some resistance to the broader decline, posting notable gains.

With oil and Treasury yields now retreating, Wall Street has an opportunity to regain some ground, although the Federal Reserve minutes remain a key potential catalyst for the next move in markets.