Author: Fiona Craig

Altona Rare Earths (LSE:REE) reported improved interim financial results for the six months to 31 December 2025, highlighting lower administrative expenses, reduced losses and a strengthened balance sheet. The company bolstered its financial position through warrant exercises, repayment of debt and the extension of an existing loan facility. Non-current assets increased as investment continued at the Monte Muambe project, while cash of approximately £1.1 million remained available at period end to fund near-term activities.

Operational progress centred on advancing land access and technical work at the Monte Muambe rare earths project in northwest Mozambique. The company also completed a 3,419-metre drilling campaign targeting fluorspar and gallium mineralisation, with a JORC-compliant resource estimate expected in April 2026.

Following the reporting period, Altona secured a non-dilutive grant of US$1.875 million from the U.S. Trade and Development Agency (USTDA) to support prefeasibility studies. The company also reported high-grade fluorspar assay results, completed a cross-listing on the OTCQB market to expand its reach to North American investors, refreshed its board and outlined a 2026 strategy focused on de-risking Monte Muambe, advancing gallium extraction opportunities and broadening its project portfolio.

The company’s outlook remains constrained by weak financial metrics, including the absence of revenue, ongoing losses, continued cash burn and rising leverage. However, technical indicators provide some positive signals, with the share price trading well above key moving averages and supported by a positive MACD trend. Valuation metrics offer limited guidance due to negative earnings and the lack of dividend information.

More about Altona Rare Earths

Altona Rare Earths is a London-listed explorer and developer of critical raw materials with a focus on Africa. Its flagship asset is the Monte Muambe project in northwest Mozambique, targeting rare earth elements alongside fluorspar and gallium. The company aims to build a diversified portfolio of projects that combines near-term monetisation opportunities with longer-term development assets.

GEO Exploration Limited (LSE:GEO) reported results for the half year ended 31 December 2025, outlining continued exploration activity across its Western Australian gold projects and its offshore petroleum licence in Namibia. During the period, the company completed its first drilling campaign at the Juno Project, where intersections of low-tenor gold, copper, silver and zinc confirmed the presence of a mineralised system and provided geological data to guide further drilling planned for 2026.

The company also expanded its Australian gold portfolio through an agreement to acquire the fully owned Gorge Project. Historic exploration at the site has indicated both high-grade and widespread gold mineralisation, and GEO intends to carry out modern, systematic exploration programmes to advance the project toward future drilling.

Financially, the group reported a stronger balance sheet, supported by increased cash reserves, net assets of approximately US$5.7 million and successful capital raisings during the period. At the same time, GEO continues to pursue a farm-out agreement for its Namibian petroleum licence while maintaining a disciplined capital allocation strategy aimed at maximising shareholder value.

More about GEO Exploration Limited

GEO Exploration Limited is a mineral and energy exploration company focused on building a diversified portfolio spanning Western Australian gold projects and an offshore petroleum licence in Namibia. Its key assets include the Juno and Gorge gold projects within the Capricorn Orogen, as well as a 78% operated interest in Petroleum Exploration Licence 0094 in the Walvis Basin, targeting opportunities in both precious metals and hydrocarbons.

Treatt (LSE:TET) said trading for the six months to 31 March 2026 has progressed in line with expectations, with a typically quieter first quarter followed by stronger momentum in the second quarter. The company said this pattern supports confidence in meeting full-year forecasts, with performance expected to be weighted more heavily toward the second half of the year.

Headwinds affecting the Heritage citrus category in FY25 are beginning to ease, and the group is applying its technical expertise to create more price-stable solutions, including newly developed powdered citrus extracts. Within the Premium segment, demand in the United States has softened, although this has been partly balanced by increasing volumes linked to health and wellness trends and a solid pipeline of potential opportunities.

Treatt also highlighted strong progress in its New Markets division, driven by double-digit growth in China. The expansion is supported by the company’s new Shanghai Innovation Centre and wider distribution across Asia through its partner IMCD. Management said its strategy continues to focus on higher-margin product segments and geographic growth. Despite macroeconomic, industry and geopolitical pressures, as well as ongoing recruitment for a new CEO and additional non-executive director, the company emphasised disciplined execution, closer collaboration with customers and a robust order book as key drivers of medium-term growth. Interim results are scheduled for release on 12 May 2026, replacing a separate April trading update.

The company’s outlook is somewhat constrained by the decline in profitability during FY2025 and weaker cash flow trends, even though the balance sheet remains strong with relatively low leverage. Technical indicators appear neutral to slightly negative, with the share price trading below longer-term moving averages. Valuation metrics also look somewhat elevated at roughly 25 times earnings, although this is partly offset by a dividend yield of around 3.9%.

More about Treatt plc

Treatt plc is a global, independent producer and supplier of natural extracts and ingredients used in the flavour, fragrance and consumer products industries, with a particular focus on beverages. The company employs around 350 people across Europe, North America and Asia and operates manufacturing facilities in the UK and the United States, enabling it to deliver integrated ingredient solutions to food, beverage and fragrance manufacturers worldwide.

Cohort (LSE:CHRT) said its Portuguese subsidiary EID has been awarded a €42.3 million contract to supply Integrated Communication Systems and associated networks for the Portuguese Navy’s new fleet. The agreement covers supply vessels and offshore patrol vessels, with deliveries scheduled to run through to 2029.

The contract strengthens EID’s role as a key maritime communications provider and further deepens Cohort’s relationship with the Portuguese Navy. Management noted that the agreement, together with a recent satellite communications contract secured by group company EM Solutions, reinforces Cohort’s involvement in Portugal’s naval modernisation programme and reflects evolving operational requirements in defence communications.

The new award adds meaningful support to Cohort’s order book and improves visibility over future revenues, providing greater medium-term certainty for investors and stakeholders.

The company’s outlook is supported by strong underlying financial performance, including robust revenue growth and a solid balance sheet with conservative leverage. Technical indicators remain broadly positive, with an established upward trend and favourable MACD signals, although elevated RSI and stochastic readings suggest the shares may be somewhat overextended in the near term. From a valuation perspective, the relatively high price-to-earnings ratio and modest dividend yield act as limiting factors.

More about Cohort plc

Cohort plc is an independent defence technology group headquartered in Reading, UK. The company operates seven businesses across the UK, Australia, Germany, Portugal, Canada, Italy and the Netherlands. Listed on London’s AIM market, Cohort focuses on communications, intelligence, sensors and effectors, providing advanced systems and services to defence and security customers worldwide, including naval, military and government organisations.

Kendrick Resources (LSE:KEN) has begun an expanded drilling and trenching campaign at its Kieshöhe rare earths project in southern Namibia, as the company works to establish a JORC-compliant mineral resource. The programme is intended to support development of its flagship Teufelskuppe project located about 30km away.

To accelerate exploration, the company is securing a second drill rig and carrying out sampling across more than 2,500 metres of trenches. Collected samples will undergo petrological and metallurgical testing aimed at determining optimal processing methods. The work programme is designed to provide the geological data required to advance Kieshöhe toward formal resource definition.

Results from earlier Phase I drilling and channel sampling suggest an average total rare earth element grade of roughly 1.6–2.0 wt%. High-value magnet metals neodymium and praseodymium account for about 27% of the rare earth content. Kendrick has also identified three potential open-pit targets that could serve as satellite ore sources. With relatively low uranium concentrations in the carbonatite-hosted mineralisation, the company sees Kieshöhe as a potentially strategic rare earth supply source in Namibia, particularly as global demand for rare earths grows and supply chains seek alternatives to China.

The company’s outlook remains constrained by weak financial performance, including the absence of revenue, continued operating losses, negative cash flow and a significant decline in equity and assets during 2024. Technical indicators provide some counterbalance, with the share price showing a strong upward trend relative to moving averages and a positive MACD signal, though overbought momentum indicators point to elevated short-term risk. Valuation metrics remain limited due to negative earnings and the lack of dividend support.

More about Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration, technical studies and resource development. Its board has extensive experience across southern Africa, and the company is currently progressing the Bonya rare earth project in Namibia and the Blue Fox licence in northwest Zambia, targeting critical minerals such as rare earth elements for industrial and technology markets.

Nanoco Group (LSE:NANO) has entered into a definitive settlement agreement with Shoei Chemical Inc. and Shoei Electronic Materials, bringing their ongoing patent dispute relating to quantum dot technologies to an end. Under the terms of the agreement, neither party will pay compensation and both sides will cover their own legal expenses.

The settlement includes reciprocal covenants not to sue. Nanoco has agreed not to pursue claims related to its quantum dot display patents against Shoei or its partners, while Shoei will refrain from asserting its sensing-related patents against Nanoco and its associated stakeholders. The arrangement applies to existing intellectual property as well as any new patents filed over the next three years. The agreement is expected to reduce legal uncertainty in key quantum dot markets and could provide both companies with greater operational flexibility when working with customers and suppliers in display and sensing technologies.

Nanoco’s outlook remains constrained by financial challenges, including ongoing losses, negative equity and pressure on operating cash flow. Technical indicators also point to a weak trend, with the share price trading below major moving averages. However, commentary from the company’s latest earnings call provided some positive signals, including reduced cash burn, a stable cash position and continued progress on development agreements. Valuation indicators remain limited due to negative earnings and the absence of a dividend.

More about Nanoco Group plc

Nanoco Group plc is a UK-based nanomaterials company focused on the development and production of cadmium-free quantum dots and other advanced nanomaterials. Its technology platform supports applications across display technologies and sensing systems, positioning the company within high-value electronics and photonics supply chains.

Ecora Royalties (LSE:ECOR) reported portfolio contributions of $57 million for full-year 2025, compared with $63.2 million the previous year, as strong performance from base metals helped offset a steep drop in coal-related income. The company returned to profitability with net profit after tax of $22.2 million, reversing a loss recorded a year earlier, while free cash flow increased 21% to $27.4 million.

The composition of the portfolio shifted notably, with base metals contributing around half of total income. This was supported by robust cobalt production and pricing at Voisey’s Bay, record copper royalty income from Mantos Blancos, and the addition of the Mimbula copper stream. In contrast, royalties from the Kestrel steelmaking coal operation fell by half. During the year, Ecora also divested its non-core Dugbe gold royalty for proceeds of up to $20 million as part of efforts to reduce debt and concentrate the portfolio more firmly on critical minerals.

Management highlighted progress across its development-stage assets, where operator partners are advancing key milestones at projects including Santo Domingo, Mantos Blancos Phase II, Phalaborwa and Nifty. These developments are expected to support organic growth later in the decade. Following the $50 million acquisition of the Mimbula stream, the company reduced leverage and ended 2025 with net debt of $85.5 million, below the levels recorded earlier in the year. Ecora also confirmed a total dividend of 2.0 cents per share and said increasing volumes from base metals streams should help offset the anticipated decline in Kestrel royalties as mining activity moves beyond the area covered by its private royalty, supported by favourable long-term demand for copper and other energy transition metals.

The outlook is somewhat constrained by weaker financial performance overall, reflecting declining revenue and recent losses despite stable cash generation and a solid balance sheet. Technical indicators remain positive but appear stretched, suggesting limited near-term upside. Valuation metrics are also mixed, with a negative price-to-earnings ratio and a modest dividend yield. However, commentary from the company’s most recent earnings call was seen as a positive, highlighting accelerating momentum in base metals and continued progress in reducing leverage.

More about Ecora Royalties PLC

Ecora Royalties PLC is a royalty and streaming company listed in London and Toronto that focuses on commodities linked to the global energy transition, with copper forming the core of its portfolio. The group also holds exposure to metals and materials associated with electrification, infrastructure renewal, urbanisation, digital infrastructure, robotics and energy security. Ecora seeks to build long-term shareholder value through disciplined acquisitions of high-quality, cash-generating royalties and streams in established mining jurisdictions.