Author: Fiona Craig

Tekmar Group plc (LSE:TGP) has secured a contract valued at approximately €1 million to provide concrete cable protection and stabilisation solutions for a major offshore windfarm in Europe.

The award represents Tekmar’s first concrete protection order from an existing submarine cable contractor, expanding the scope of its relationship with the customer. Delivery of the products is scheduled to take place during 2026.

Management views the contract as an important commercial milestone for the group’s concrete solutions business and further evidence of its growing presence within the European offshore wind sector.

The order also contributes to Tekmar’s record backlog as the company progresses Project Aurora, an initiative designed to bring its asset protection technologies and offshore energy services together on a more integrated operating platform.

Through Project Aurora, Tekmar is seeking to improve manufacturing throughput and operational efficiency while offering customers a broader range of complementary products and services. The strategy is intended to strengthen the group’s proposition across international offshore wind projects as well as the oil and gas sector.

The latest contract provides additional visibility over future activity and builds on Tekmar’s established experience in protecting and stabilising critical subsea infrastructure.

The company’s wider financial position nevertheless remains challenging. Tekmar has continued to report losses, while revenue contracted significantly and the business experienced cash burn during FY2025.

Technical indicators provide a more supportive picture, with the shares trading above key moving averages and MACD remaining positive. Conventional valuation measures are less informative while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend data is available.

More about Tekmar Group plc

Tekmar Group plc is a UK-headquartered provider of asset protection technology and offshore energy services serving energy transition and marine infrastructure markets worldwide.

Operating through its Asset Protection Technology and Offshore Energy Services divisions, the group provides engineering-led products and services designed to protect and stabilise critical offshore infrastructure. Its principal markets include offshore wind, subsea interconnectors and oil and gas.

Tekmar has more than 40 years of industry experience and has supported over 120 offshore wind projects across 25 countries, representing more than 50GW of installed capacity worldwide.

The group has deployed thousands of cable protection systems and subsea stabilisation products, supported by geotechnical and analytical expertise and scalable manufacturing capabilities. Its international customer base spans Europe, Africa, the Middle East, Asia-Pacific and North America.

ATOME PLC (LSE:ATOM) is continuing to advance its flagship Villeta industrial project in Paraguay as the country reassesses elements of its electricity policy following a series of political and regulatory changes.

The power-intensive industrial developer holds a long-term power purchase agreement with state utility ANDE covering 145MW of reserved capacity. The US$665 million Villeta development is ready to build and is positioned to become the largest industrial foreign investment undertaken in Paraguay.

ATOME expects the project to generate more than US$1 billion of revenue for ANDE over its lifetime while creating thousands of jobs. The development is also intended to establish a new industrial sector connected to Paraguayan agriculture and food security, increasing the amount of value generated domestically from the country’s resources.

Recent developments in Paraguay’s energy sector have introduced additional considerations for the project. These include the revocation of previous presidential decrees, the resignation of ANDE’s former president and the creation of a new working group focused on energy policy.

The changes have prompted a reassessment of electricity tariffs and governance arrangements. However, ATOME is regarded by ANDE as an existing customer and already holds a signed power purchase agreement that, for planning purposes, extends to 2050.

The company is continuing discussions with relevant stakeholders as it seeks to preserve the commercial framework underpinning Villeta. It is also working alongside engineering, procurement and construction partner Casale S.A. to maintain progress and protect the project’s original development timetable.

ATOME intends to provide a further update on the situation by the end of August.

The company’s broader financial profile remains challenging because it is still pre-revenue and continues to report losses and negative free cash flow, leaving an ongoing requirement for funding as its projects progress.

Technical indicators provide a more supportive picture, with the shares trading above major moving averages and MACD remaining positive. However, conventional valuation measures remain constrained by negative earnings, resulting in a negative price-to-earnings ratio, while no stated dividend yield is available.

More about ATOME PLC

ATOME PLC is a power-intensive industrial developer focused on its flagship Villeta green industrial project in Paraguay.

The company has secured a long-term power purchase agreement with state-owned utility ANDE covering 145MW of reserved electricity capacity. Backed by US$665 million of international institutional investment, Villeta is positioned as Paraguay’s largest industrial foreign investment and is designed to establish a new value-added industry connected to agriculture and food security.

Blencowe Resources (LSE:BRES) has reported further progress in developing high-value applications for graphite from its Orom-Cross project in Uganda, with testing indicating potential uses in advanced defence technologies and a premium offtake arrangement moving towards commercialisation.

Work conducted with partner American Energy Technologies has demonstrated the suitability of Orom-Cross graphite for specialist anti-radar and electromagnetic interference shielding coatings. These materials could be applied to unmanned aerial vehicles and other defence platforms where reducing radar signatures and controlling electromagnetic interference are important operational requirements.

Blencowe is currently working with three European UAV manufacturers as it seeks to move these applications from technical testing towards commercial adoption. One potential offtake relationship has reached an advanced commercial stage and involves ultra-fine M635 material grading 97% total graphitic carbon.

Indicative pricing for this specialist graphite product is close to $20,000 per tonne, substantially increasing the potential value compared with conventional graphite concentrate. Orom-Cross material is already being incorporated into high-fidelity demonstration projects as part of the ongoing evaluation process.

The latest developments support Blencowe’s strategy of increasing the proportion of production directed towards specialist, higher-margin graphite markets. The company has previously undertaken testing for aerospace and rocket propulsion applications and is now seeking to convert successful technical validation into commercial demand.

Non-binding offtake commitments have already exceeded the planned 20,000 tonnes per annum of production envisaged for Phase 1 at Orom-Cross. Blencowe is continuing to pursue additional agreements as it looks towards a potential Phase 2 production target of 70,000 tonnes per annum.

Alongside its commercial discussions, the company is progressing project-level financing options intended to support the development of Orom-Cross while limiting dilution for existing shareholders. Establishing a broader portfolio of premium offtake agreements could strengthen those funding discussions and reinforce the project’s position within Western-aligned graphite supply chains.

Blencowe is targeting markets seeking alternatives to Chinese graphite supplies, particularly across defence, aerospace and advanced materials industries where supply security and specialist product characteristics can command higher prices.

The company’s broader financial profile remains challenging. Blencowe currently generates no revenue and continues to report recurring losses, while operating cash flow has deteriorated. Technical indicators are also bearish, with the shares trading below key moving averages and MACD remaining negative.

A relatively low-leverage balance sheet provides some support, although negative earnings and the absence of a dividend continue to limit the usefulness of conventional valuation measures.

More about Blencowe Resources Plc

Blencowe Resources Plc is a London-listed resources company developing the 100%-owned Orom-Cross Graphite Project in Uganda.

The company’s strategy centres on producing high-quality graphite concentrates for specialist and higher-value applications, with a particular focus on Western markets seeking non-Chinese sources of critical raw materials. Orom-Cross is being positioned to serve industries including defence, aerospace and advanced materials while helping customers diversify geopolitical and supply-chain exposure.

Predator Oil & Gas (LSE:PRD) has signed a rig contract with Star Valley Drilling for Rig 205 to drill the Snowcap-3 well in Trinidad, marking another step in the company’s planned exploration and appraisal programme across Trinidad and Morocco.

Drilling at Snowcap-3 is scheduled to begin after the MOU-6 well in Morocco has been completed. Predator has arranged the sequence to allow management to maintain effective operational oversight as drilling activity progresses across the two jurisdictions.

Snowcap-3 will primarily target the Herrera #8 Sand. Information obtained from Snowcap-2ST-1, Snowcap-1 and Rochard-1 indicates an extrapolated oil column of approximately 600 feet within the target interval.

The new well is designed to test the reservoir at a structurally higher position than previous drilling. It will also investigate the Herrera #1 Sand as a secondary objective, again at a higher structural position than previously evaluated.

Preparations for the drilling campaign are already well advanced. Predator said the required rig arrangements, environmental approvals, civil engineering works, technical programmes and service contractors are in place, positioning the company to move into an intensive period of drilling activity.

Alongside its immediate drilling plans, Predator is evaluating additional opportunities that could broaden the commercial potential of its portfolio. In Trinidad, the company is considering whether surplus wellhead gas could be converted into electricity to supply hydrogen fuel cells and data centres.

In Morocco, Predator is exploring the possibility of a technical collaboration focused on semi-conventional biogenic gas. Such a programme could provide additional development options for its gas assets while helping to reduce technical uncertainty ahead of future appraisal activity.

The company’s wider financial position remains challenging. Predator continues to record substantial losses and cash outflows despite a recent improvement in revenue generation. Technical indicators are also moderately negative, with the shares trading below important moving averages and MACD remaining negative.

Conventional valuation metrics provide limited support while Predator remains loss-making, resulting in a negative price-to-earnings ratio.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas company with exploration and hydrocarbon production interests in Trinidad and Morocco.

Its portfolio includes onshore gas assets in Morocco that could support compressed natural gas or micro-LNG developments. In Trinidad, the company is focused on onshore oil opportunities where production enhancement programmes and infill drilling could potentially be undertaken under favourable fiscal terms.

Alien Metals (LSE:UFO) has set out a 12-month exploration programme for its wholly owned Georgina Basin IOCG Project in Australia, with work designed to assess more than 90 copper-gold targets and move its most prospective opportunities closer to drilling.

The programme will focus initially on advancing three drill-ready prospects at Leichhardt East, Leichhardt West and Banks. Planned activities include detailed technical modelling, targeted gravity surveys and other geophysical work aimed at refining the company’s understanding of the project’s iron oxide copper-gold potential.

Alien will also continue engagement with Traditional Owners covering important licence areas as it progresses exploration planning across the Georgina Basin portfolio.

The company has allocated a relatively modest budget of £155,000 to the programme, which will be funded from existing cash resources. Management intends to use a disciplined approach to exploration spending while concentrating capital on targets considered to offer the greatest potential impact.

Alien also plans to pursue external exploration funding opportunities. These include potential support through BHP’s Xplor accelerator programme and grant funding available from the Northern Territory Government. Securing co-funding could reduce the amount of company capital required to advance individual targets.

The objective is to establish a broader pipeline of high-priority, drill-ready IOCG prospects by mid-2027. Management sees the programme as part of a wider strategy to prioritise potentially high-impact copper-gold assets while maintaining a diversified portfolio of metals projects.

Successful advancement of the Georgina targets could strengthen Alien’s exploration profile and provide additional opportunities for value creation while limiting the amount of capital committed during the initial assessment phase.

The company’s financial position nevertheless remains challenging. Alien currently generates no revenue and continues to record losses and sustained cash outflows. Technical indicators are also bearish, with the shares trading below key moving averages, MACD remaining negative and the relative strength index indicating particularly weak momentum.

Valuation provides a modest counterbalance through a moderate price-to-earnings ratio, although the absence of dividend-yield data offers no additional support to the investment assessment.

More about Alien Metals Ltd

Alien Metals Limited is an AIM-listed minerals exploration and development company with a diversified portfolio covering iron ore, silver, copper and platinum-group metals.

The company is increasingly concentrating on Australian copper-gold opportunities, particularly its 100%-owned Georgina Basin IOCG Project in the Northern Territory. Alien also uses joint ventures and interests in listed companies as part of its wider strategy to advance projects and potentially realise value from its portfolio.

Gulf Marine Services (LSE:GMS) has secured a 183-day contract extension for one of its Small-class vessels operating in the Gulf Cooperation Council region, further increasing the offshore support specialist’s contracted revenue visibility.

The extension was awarded by a major Middle Eastern national oil company under an existing agreement. It also includes two additional options of three months each, giving the customer scope to extend the vessel’s deployment further.

Following the award, Gulf Marine Services’ contracted backlog has risen to USD 659 million, providing the group with substantial visibility over future activity.

The vessel will continue supporting offshore maintenance operations for the customer without interruption. The extension highlights continued demand for GMS’s self-propelled, self-elevating support vessels across its core Middle Eastern markets.

Management said the contract demonstrates the customer’s continued confidence in the group’s operational performance and reliability. Maintaining the vessel’s deployment will also support fleet utilisation, which remains an important factor in delivering GMS’s strategic and financial objectives.

The company’s broader financial position has strengthened over recent years, supported by revenue growth, sustained profitability and continued deleveraging. However, these improvements are partly offset by a decline in net income during 2025 and a significant reduction in free cash flow.

Technical indicators remain broadly neutral, although the shares receive some support from trading above important moving averages. Valuation appears relatively reasonable based on the company’s price-to-earnings ratio, while the absence of dividend-yield support remains a consideration for investors.

More about Gulf Marine Services

Gulf Marine Services is a London-listed offshore energy services company founded in Abu Dhabi in 1977. The group operates a fleet of 15 self-propelled, self-elevating support vessels from bases in the UAE, Saudi Arabia and Qatar, serving customers across the Middle East, Asia, Africa, the Americas and Europe.

Its vessels support activities including offshore platform maintenance, well intervention and offshore wind projects. The fleet is divided into K-Class, S-Class and E-Class vessels, capable of operating in water depths ranging from 45 metres to 80 metres.

GMS vessels provide substantial deck space and crane capacity, with accommodation for as many as 300 personnel. Their four-legged, self-propelled configuration allows them to relocate between offshore sites without requiring tugs, potentially reducing both time and costs compared with conventional support vessels.

The fleet serves both operating expenditure-led and capital expenditure-led offshore projects, giving GMS exposure to maintenance requirements as well as new infrastructure and development activity.

Jangada Mines (LSE:JAN) has completed the first phase of drilling at its Molly Gold Project in Brazil, confirming historical exploration data at the Molly 1 deposit while extending known mineralisation both along strike and down dip.

The drilling returned multiple high-grade gold intersections alongside copper grades that exceeded expectations. Jangada also identified a previously unrecognised style of disseminated mineralisation, potentially broadening the development options available for the project.

The presence of disseminated mineralisation could be particularly significant because it may provide scope for a lower-cost, bulk-tonnage open pit operation alongside the project’s higher-grade mineralised zones. Further geological and technical work will be needed to determine the scale and economic potential of this opportunity.

Exploration has also produced notable results from the newly defined Vivi target. Rock-chip sampling returned bonanza-grade gold values accompanied by significant concentrations of silver, copper, lead and zinc, establishing Vivi as an important new target for follow-up work.

The combination of results from Molly 1 and Vivi supports Jangada’s view that the wider project could form part of a district-scale polymetallic mineralised system rather than a collection of isolated gold occurrences.

The company is continuing geological modelling alongside drone-based magnetic surveys and ground induced-polarisation surveys. These programmes are intended to improve understanding of the mineralised system, support potential resource upgrades and identify additional targets for future drilling.

Jangada said it remains well funded for the next stage of exploration, allowing it to continue evaluating opportunities for further resource growth and expand its understanding of the wider mineralised district.

The company’s financial profile nevertheless remains a constraint. Jangada currently generates no revenue and continues to record losses and cash outflows, although its relatively low leverage provides some balance-sheet support.

Technical indicators are also weak, with the shares trading below major moving averages and MACD remaining negative. Conventional valuation measures provide only limited insight while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is available.

More about Jangada Mines PLC

Jangada Mines plc is an AIM-listed natural resources company focused on mining opportunities in Brazil, with an emphasis on gold and polymetallic mineralisation.

Its principal asset is the Molly Gold Project, where exploration is targeting a broader system containing gold, silver, copper, lead and zinc. The company is evaluating the potential for both higher-grade mineralisation and larger-scale, bulk-tonnage open pit development as it works to establish the project’s district-scale potential.

Arc Minerals (LSE:ARCM) has appointed G D E Botswana Drilling & Exploration, part of Global Drilling & Exploration Group, to undertake a diamond drilling campaign at its PL135/2017 licence within the Virgo copper project in Botswana’s Kalahari Copper Belt.

The phased exploration programme will investigate a series of high-priority targets across approximately 14 kilometres of interpreted contact between the D’kar and Ngwako Pan formations. Drilling will also focus on structurally complex areas that Arc believes could provide favourable traps for copper mineralisation.

The programme has been designed to remain adaptive as drilling progresses and is expected to exceed 6,000 metres. Arc plans to use portable X-ray fluorescence analysis alongside laboratory assays to evaluate drill core, allowing geological information to be incorporated into decisions as the campaign advances.

Management highlighted the strategic location of the Virgo project within the Zone 5 corridor, where Arc is the only junior company holding a licence. The company’s ground is situated close to MMG’s Khoemacau project, placing the exploration campaign within one of Botswana’s most prospective copper districts.

Successful drilling could provide important evidence regarding the scale and continuity of mineralisation at Virgo. Positive results could also strengthen Arc’s position as it seeks to demonstrate the project’s discovery potential and attract greater attention from prospective investors and industry partners.

Arc’s broader financial profile remains challenging. The company is pre-revenue and continues to report losses and cash outflows, while its equity and asset base contracted during 2025.

Technical indicators provide a more supportive picture, with the shares trading above important moving averages and MACD remaining positive. However, conventional valuation measures offer limited support because Arc continues to generate negative earnings and does not currently provide a dividend yield.

More about Arc Minerals

Arc Minerals is an AIM-quoted copper exploration company focused on identifying and developing potentially Tier 1 copper deposits in Africa.

Its principal interests include the Virgo Project in Botswana’s Kalahari Copper Belt, situated within MMG’s highly prospective Zone 5 corridor, and the Kabompo West Project in Zambia’s Central African Copper Belt. Both assets give Arc exposure to established, globally significant copper-producing regions.

Petards (LSE:PEG) has reported continued improvement in its financial performance during 2026, with stronger margins, lower debt and a growing order book supporting expectations for a full-year result ahead of current market forecasts.

The company said margins have improved compared with both the first half and the full year of 2025, despite revenue being slightly lower. Petards expects to report growth in EBITDA for the first half when it publishes its interim results on 11 September.

The group’s balance sheet has also strengthened, with total net debt reduced to £1.16 million. Meanwhile, its order book has increased to £9.6 million, providing greater visibility over future activity.

Chairman Raschid Abdullah said the Group has generated cash, grown gross profit margins and profitability, and strengthened its order pipeline in the first half of the year.

The progress has increased the board’s confidence in trading for the remainder of 2026. Petards now expects the business to continue performing well during the second half and anticipates delivering a full-year result ahead of current market expectations.

The improving margins, cash generation and order pipeline provide positive indicators for the company’s operational trajectory. However, Petards’ broader investment outlook remains constrained by continuing losses and negative returns, despite signs of improving profitability and cash flow during 2025.

Technical indicators are moderately supportive but remain mixed, with an elevated relative strength index suggesting the shares may be overbought in the near term. Traditional valuation measures also provide limited support because of the company’s negative price-to-earnings ratio and absence of a dividend.

More about Petards

Petards Group plc is an AIM-quoted technology company specialising in advanced security, communications and surveillance systems.

The group develops technology designed to improve safety and operational efficiency, serving customers that require sophisticated monitoring, data collection and information management capabilities.