Author: Fiona Craig

Great Western Mining (LSE:GWMO) has announced encouraging assay results from machine-cut channel sampling at its Defender-Pine Crow project in Mineral County, Nevada, confirming a skarn-hosted tungsten trend extending for approximately three kilometres. The mineralised corridor links historic mining areas with the company’s M2 copper resource and returned significant tungsten trioxide (WO3) intercepts, alongside low concentrations of metallurgical penalty elements such as molybdenum and areas of silver mineralisation, highlighting the project’s multi-commodity potential.

The latest channel samples, together with infill rock chip sampling, have expanded and confirmed the near-surface tungsten corridor stretching from Dough God and Pine Crow to Widowmaker. The findings strengthen the company’s geological interpretation ahead of its fully permitted maiden reverse circulation drilling programme. Great Western Mining said the results improve confidence in drill targeting and represent an important step forward as the project advances from surface exploration towards systematic resource definition.

The programme also confirmed widespread scheelite-bearing garnet skarn mineralisation with favourable metallurgical characteristics, potentially reducing development risk and supporting future economic studies. In addition, the identification of silver mineralisation within the skarn sequence could provide valuable by-product credits if confirmed by drilling, improving the overall economics of the Defender-Pine Crow project and increasing its appeal as a strategic critical minerals asset.

The company’s outlook continues to be constrained by weak financial performance, including the absence of revenue, ongoing losses and negative free cash flow. These challenges are partly offset by a debt-free balance sheet. Technical indicators remain weak, with the shares trading below their 20-day and 50-day moving averages and momentum indicators remaining negative. Valuation also remains difficult to assess while the company is loss-making and does not currently offer a dividend.

More about Great Western Mining Corporation

Great Western Mining Corporation is a strategic minerals exploration and development company focused on its wholly owned claim groups in Mineral County, Nevada, a well-established mining jurisdiction in the United States. The company is increasingly prioritising tungsten exploration while continuing to advance its Huntoon Copper Project, which hosts a JORC-compliant resource. It also retains exposure to gold and silver through exploration, tailings reprocessing opportunities and potential joint ventures.

Its diversified portfolio of tungsten, copper and precious metals projects is designed to provide exposure to growing demand for critical minerals while balancing exploration risk across multiple commodities. The company is progressing exploration through drilling, geophysical surveys and resource evaluation as it seeks to advance projects towards potential development.

Great Western Mining is listed on AIM, Euronext Growth and OTCQB, providing access to a broad international investor base while supporting the continued development of its exploration portfolio.

Alien Metals (LSE:UFO) has conditionally agreed to acquire Knox Resources, securing full ownership of the Georgina Basin iron oxide copper-gold (IOCG) project in Australia’s Northern Territory. The acquisition covers a tenement package of approximately 2,500 square kilometres, supported by extensive historical exploration that includes drilling, geophysical surveys and the identification of more than 90 IOCG-style targets. Three of these prospects have already been classified as drill-ready following gravity and ambient noise tomography studies.

Previous exploration carried out by Greenvale Energy and Venari Minerals, representing combined expenditure of around A$4.8 million, confirmed the project’s IOCG potential and identified anomalous copper, bismuth, silver and uranium mineralisation. High-grade uranium intersections have also been recorded at several prospects. Alien Metals said the £200,000 acquisition, comprising a mixture of shares and cash, adds a highly prospective exploration asset to its portfolio while broadening its exposure to copper and uranium, two commodities expected to benefit from long-term demand linked to electrification and expanding data centre infrastructure.

The acquisition will also be accompanied by significant leadership changes. Current non-executive director Michael Carter will become non-executive chairman, while Venari executive Vincent Fayad will join the Board as an executive director once the transaction completes. The company will also strengthen its technical capabilities with the addition of a new exploration team led by Matt Healy and Paul Abbott, whose experience is expected to accelerate exploration across Alien Metals’ Australian projects.

Current executive chairman Bruce Garlick will move into a temporary non-executive position to oversee an orderly leadership transition and ensure continuity. Alien Metals believes the combination of the Georgina Basin acquisition, strengthened technical expertise and refreshed Board structure will enhance its ability to pursue IOCG discoveries and build long-term shareholder value through increased exposure to Australian copper, gold and uranium exploration.

The company’s outlook remains constrained by weak financial performance, characterised by the absence of revenue, ongoing losses and persistent negative free cash flow. Technical indicators also continue to reflect a generally weak share price trend, while valuation offers little support given the company’s negative earnings and lack of a dividend.

More about Alien Metals Ltd

Alien Metals Ltd is an AIM-listed exploration and development company focused on building a diversified portfolio of base and precious metals projects. Alongside its existing assets, the company is expanding its exposure to copper and uranium, targeting commodities expected to play an increasingly important role in electrification, artificial intelligence infrastructure and broader industrial growth.

The business is also strengthening its corporate governance and technical capabilities through Board appointments and specialist exploration expertise. Its strategy is centred on advancing highly prospective Australian exploration assets while leveraging experienced management and technical teams to accelerate project development and unlock long-term value.

Clean Power Hydrogen plc (LSE:CPH2) has resumed trading on AIM after securing gross proceeds of approximately £2.54 million through the firm placing element of a broader fundraising. The company said the initial proceeds will strengthen its working capital position and provide sufficient funding to support operations through to December 2026.

The remaining elements of the fundraising, once completed, are expected to extend Clean Power Hydrogen’s funding runway until at least June 2027 while supporting a revised capital-light business model. Under the updated strategy, the company intends to focus on strategic partnerships, manufacturing agreements and the global licensing of its proprietary hydrogen technology, reducing capital requirements while expanding its commercial reach within the green hydrogen market.

The company’s outlook remains constrained by weak financial fundamentals, including minimal revenue, widening losses, substantial cash burn and a significantly reduced equity base. Technical indicators are more encouraging, with the shares maintaining an upward trend and positive momentum, although an elevated relative strength index (RSI) suggests the potential for a short-term pullback. Valuation remains difficult to assess as the company is still loss-making and does not currently offer a dividend.

More about Clean Power Hydrogen PLC

Clean Power Hydrogen PLC is a UK-based clean energy technology company developing innovative solutions for the production of green hydrogen and oxygen. Through its subsidiary, Clean Power Hydrogen Group Limited, the business owns a portfolio of global patents focused on reducing the lifetime cost of hydrogen production for electrolysis, decentralised energy systems and wider alternative energy applications.

Listed on AIM under the ticker CPH2, the company is seeking to commercialise its proprietary technology through licensing and strategic partnerships as demand for low-carbon hydrogen solutions continues to grow.

Kendrick Resources (LSE:KEN) has announced new portable X-ray fluorescence (pXRF) drilling results from three diamond drill holes at its Teufelskuppe rare earth project in Namibia, providing further evidence of extensive, shallow and continuous mineralisation within the carbonatite complex. The latest drilling identified near-surface total rare earth oxide (TREO) intercepts averaging approximately 2% to 3% by weight, supporting confidence in both the quality and continuity of the mineralised system.

Core samples from drill holes TKDD004 to TKDD006 have now been logged and submitted for independent laboratory analysis to verify the in-house pXRF results and support the preparation of a JORC 2012-compliant mineral resource estimate. Kendrick said the grades recorded place Teufelskuppe among the higher-grade rare earth projects globally, while the growing evidence of mineralisation at depth highlights the potential for further resource growth. The company believes the project could develop into an important source of rare earth elements for industrialised markets while contributing to Namibia’s mining sector.

The company’s outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, recurring losses, negative cash flow and a balance sheet showing negative equity. However, technical indicators remain favourable, reflecting positive share price momentum. Valuation remains difficult to assess given the company’s lack of profitability and the absence of dividend payments.

More about Kendrick Resources PLC

Kendrick Resources PLC is a mineral exploration and development company focused on identifying, acquiring and advancing strategic mineral projects through exploration, technical evaluation and project development. The company’s leadership team has extensive experience across southern Africa, with rare earth interests including the Bonya Project in Namibia and the Blue Fox licence in north-west Zambia.

Kendrick’s strategy is to advance projects towards production through joint ventures, strategic partnerships or asset sales, with a focus on supplying critical rare earth minerals to global markets outside traditional supply chains. Its Teufelskuppe project in Namibia is emerging as a potentially significant source of light rare earth elements used in advanced manufacturing, clean energy technologies and defence applications.

NeoTerra Group Plc (LSE:TERA) has announced further progress at its Monte Muambe project in Africa after achieving a metallurgical milestone that supports the production of multiple critical mineral products. Test work has established a practical two-stage flotation process capable of separating silicates, oxides and carbonates to produce premium acid-grade fluorspar. The programme also demonstrated that gallium-bearing minerals respond differently during flotation, creating the opportunity to generate a pre-concentrated gallium feed while also supporting the recovery of a separate heavy rare earths concentrate.

The company is continuing additional gallium recovery studies at SGS Lakefield in Canada and COMEX in Poland to refine the processing flowsheet and maximise commercial returns. If successful, the work could enable three separate saleable product streams. At the same time, a US$1.875 million U.S. government-funded prefeasibility programme for the rare earths project is progressing towards execution, with leading engineering firms shortlisted and preparations for metallurgical sampling already under way.

NeoTerra believes changing global supply dynamics are strengthening the strategic importance of Monte Muambe. Increasing separation between Chinese and non-Chinese rare earth supply chains, together with tighter Chinese export restrictions, has driven higher prices for heavy rare earth elements. The company noted that yttrium oxide prices in Europe have risen sharply amid supply shortages, increasing the value of Monte Muambe’s yttrium-rich mineralisation contained within its fluorspar deposit and enhancing the project’s long-term economic potential.

The technical progress has also generated increased interest from critical minerals traders across Europe, North America and Asia, excluding China, as well as from a prospective strategic partner in Japan. NeoTerra believes advances in gallium recovery and support from government-backed funding programmes could help overcome financing challenges associated with developing non-Chinese sources of critical minerals, strengthening the company’s position as it works towards formal strategic partnerships.

The company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing losses, sustained cash outflows and higher leverage during 2025. Technical indicators also remain negative, with the shares trading below key moving averages and bearish momentum signals persisting. Valuation offers limited support as the company remains loss-making and does not currently pay a dividend.

More about NeoTerra Group Plc

NeoTerra Group Plc is a London Main Market-listed exploration and development company focused on critical raw materials across Africa. Its strategy centres on advancing assets with near-term commercial potential, targeting minerals such as fluorspar, heavy rare earths and gallium that are increasingly important to global industrial and technology supply chains.

The company’s flagship Monte Muambe project is being developed as a potential source of premium acid-grade fluorspar together with heavy rare earth and gallium by-products. NeoTerra aims to capitalise on rising demand for critical minerals sourced outside China by combining technical development with government-supported initiatives to accelerate project advancement.

Steppe Cement (LSE:STCM) delivered a strong first-half performance in 2026, increasing revenue by 43% year-on-year to KZT29,588 million after selling 978,950 tonnes of cement. Higher average selling prices, supported by increased sales volumes and a 7% appreciation in the Kazakh tenge, helped drive the improvement. Although Kazakhstan’s overall cement market remained broadly unchanged, the company increased its market share to 15%. Steppe Cement expects full-year sales of around 1.95 million tonnes, below 2025 levels, reflecting reduced clinker inventories.

The company continues to progress its capacity expansion project, which will increase annual production capacity to 2.5 million tonnes. Most of the required contracts have already been secured, with commissioning remaining on track for summer 2027. The project is currently being financed through internal cash flow. As a large proportion of the contracts are denominated in U.S. dollars, Steppe Cement intends to hedge its foreign exchange exposure and said it would only consider taking on debt if it decides to pursue additional expansion beyond the current development programme. The business continues to operate against a backdrop of elevated interest rates, although inflation has shown signs of easing.

The company’s outlook is supported by stronger financial performance during 2025, including a sharp recovery in revenue and improved free cash flow, alongside a balance sheet with very low levels of debt. Positive technical indicators also point to an established upward trend in the share price. However, valuation remains a consideration, with a relatively high price-to-earnings ratio partly offset by an attractive dividend yield.

More about Steppe Cement Ltd

Steppe Cement Ltd is a Kazakhstan-based producer supplying cement to the domestic construction industry. The company markets both delivered and ex-factory cement and has increasingly focused sales on regions close to its production facility to help manage rising transport and electricity costs while maintaining a strong position in the national cement market.

EnSilica (LSE:ENSI) has raised approximately £14 million through an oversubscribed placing and subscription priced at 91 pence per share. The company will issue more than 15.3 million new shares to institutional investors, alongside a smaller subscription, with the proceeds earmarked to accelerate product development, fund new customer projects and support its growing contract pipeline across key semiconductor markets.

The capital raise has been structured in two stages due to the company’s existing share issuance authorities. The first tranche, worth £10.73 million, has already been conditionally arranged, while the remaining £3.27 million, together with a retail offer, is subject to shareholder approval later this month. The fundraising will also alter EnSilica’s shareholder register, increasing Esterhuyzen Limited’s holding to approximately 16.6% and slightly reducing Chief Executive Ian Lankshear’s percentage ownership. Admission of the new shares to AIM will also increase the company’s free float.

EnSilica’s investment outlook continues to be weighed down by weaker financial performance, including lower revenue, ongoing losses and declining free cash flow. While recent share price momentum has been positive, technical indicators suggest the stock may be entering overbought territory, increasing the risk of a short-term pullback. Valuation also remains challenging as the company is not yet profitable and does not currently pay a dividend.

More about EnSilica PLC

EnSilica PLC is a UK-based fabless semiconductor company specialising in the design of application-specific integrated circuits (ASICs). Its expertise spans radio frequency (RF), millimetre wave (mmWave), mixed-signal and complex digital integrated circuit design, serving customers across the space, communications, industrial and automotive sectors.

The company combines a portfolio of reusable intellectual property with silicon platform technologies to reduce development times and generate long-term supply revenues. EnSilica operates design centres in the UK, India, Brazil and Hungary, supporting customers with custom chip development for a range of advanced applications.

IXICO plc (LSE:IXI), a specialist in AI-powered neuroscience imaging and biomarker analytics, has raised its revenue expectations for the financial year ending 30 September 2026 following strong commercial performance. The company provides imaging contract research services to pharmaceutical companies, biotechnology firms, disease consortia and non-profit organisations developing treatments for neurological conditions, using its proprietary IXI platform to support global clinical trials in diseases including Alzheimer’s, Huntington’s and Parkinson’s.

The company now expects annual revenue of at least £8.0 million, exceeding previous forecasts and representing approximately 22% growth compared with FY2025. IXICO said the improved outlook reflects strong trading, new contract awards, project extensions and a broader mix of revenue streams. Management believes the performance demonstrates the success of the strategic plan launched in 2024, strengthening the company’s position in neuroscience imaging and reinforcing its role as a partner to drug developers seeking reliable imaging data and biomarker analysis for clinical research.

The investment outlook continues to be weighed down by ongoing losses and negative operating cash flow. However, these challenges are partly offset by improving commercial momentum, stronger operating leverage, high levels of contracted revenue visibility and a strengthened cash position following the company’s recent capital raise. Technical indicators remain positive, although the shares appear overbought, while valuation metrics continue to be affected by the absence of profitability and dividend payments.

More about IXICO plc

IXICO plc is a neuroscience imaging and biomarker analytics company that operates as an end-to-end Imaging Contract Research Organisation (iCRO) for global pharmaceutical and biotechnology clients. Through its proprietary AI-driven IXI platform, the company supports clinical trials targeting neurological diseases including Alzheimer’s, Huntington’s and Parkinson’s, helping improve the accuracy of biomarker measurement throughout the drug development process.

With more than two decades of experience in neurological disease research, IXICO has analysed hundreds of thousands of brain scans and established an extensive international network of specialist imaging centres. Its technology platform processes complex imaging data from multinational clinical studies, combining advanced artificial intelligence with scientific expertise to deliver reliable, reproducible insights for researchers and drug developers.

Forgent plc (LSE:FORG) has finished the first phase of drilling at its Peak Hills gold-copper project in Western Australia, marking another step forward in the evaluation of the Karalundi, Junction and Curleys prospects. The programme was designed to confirm historic exploration results, expand known mineralised zones and investigate additional targets to support a better understanding of the project’s resource potential.

The drilling campaign included 40 holes covering approximately 2,680 metres, using both aircore and reverse circulation methods to accommodate different geological conditions across the site. A total of 1,587 samples have been submitted to an independent laboratory in Perth for analysis, with assay results expected to guide the next stage of exploration and help determine the project’s future development potential.

The company’s outlook remains constrained by weak financial fundamentals, including continuing losses, leverage and negative cash flow. Technical indicators also remain unfavourable, reflecting a prolonged share price downtrend, while valuation metrics offer little support due to the absence of positive earnings and dividend data.

More about Forgent plc

Forgent plc is an AIM-listed company focused on energy transition opportunities alongside its mineral exploration activities. Its principal exploration asset is the Peak Hills gold-copper project in Western Australia, where the company currently holds a 51% interest and retains the option to increase its ownership to 99%. The project forms part of Forgent’s strategy to build exposure to metals that are expected to play an important role in the global energy transition.