Author: Fiona Craig

Travis Perkins (LSE:TPK) reported revenue of £4.57bn for 2025, a slight decline of 0.9%, while adjusted operating profit dropped 12.5% to £133m as softer merchanting volumes, increased promotional activity and tighter pricing put pressure on margins. Like-for-like sales across the group edged up 0.3%. Toolstation UK stood out as a stronger performer, with adjusted operating profit rising 29% to £44m. However, restructuring costs and impairments pushed the group to an operating loss of £97m and a post-tax loss of £176m.

Despite the earnings pressure, the company made notable progress strengthening its financial position. Travis Perkins moved into a small net cash position before leases for the first time in almost three decades and reduced its net debt to adjusted EBITDA ratio to 2.1x. The group also secured more than £800m in liquidity and refinanced its £250m bond with US private placement notes. Industry veteran Gavin Slark, who assumed the role of CEO on 1 January 2026, has already streamlined the management structure and outlined priorities centred on cost discipline, operational improvement and targeted capital deployment as the company navigates a challenging UK construction environment.

The outlook is supported by improved cash flow management and positive strategic developments, even as profitability and valuation remain under pressure. Technical indicators point to constructive momentum, suggesting a favourable market sentiment. Management’s focus on margin recovery and strengthening market share, combined with a more stable balance sheet, may help position the business for longer-term improvement.

More about Travis Perkins

Travis Perkins is the UK’s largest distributor of building materials, supplying professional tradespeople and construction markets through its nationwide merchanting branches and the Toolstation retail network. The group provides a broad range of building materials, tools and related services, serving both trade professionals and smaller contractors across the UK.

Wickes Group (LSE:WIX) reported a 5.9% increase in revenue for 2025 to £1.64bn, supported by solid volume growth across its Retail and Design & Installation divisions. Adjusted pre-tax profit climbed 14.4% to £49.9m, with margins also strengthening during the period. The group retained a healthy net cash position, held its full-year dividend steady, and announced a new £10m share buyback programme in addition to planned purchases under its employee share scheme.

TradePro membership expanded to 643,000 during the year, helping Wickes achieve record retail market share in key categories including timber, tiling, flooring and paint. The Design & Installation segment also recorded continued growth in both ordered and delivered sales. To support future expansion, the company is stepping up investment in technology alongside its established store refit and rollout strategy, with plans to increase its estate from 230 to 300 locations. The expansion programme is expected to create more than 2,000 jobs and strengthen Wickes’ ability to compete in the UK’s large but highly competitive home improvement sector.

The company’s outlook benefits from strong share price momentum and supportive corporate actions such as the share buyback programme. However, financial performance remains somewhat mixed due to relatively high leverage and uneven revenue growth. Valuation metrics also indicate the possibility of the shares trading at a premium, although the dividend yield provides some offset for investors.

More about Wickes Group

Wickes Group is a UK-based, digitally focused home improvement retailer serving trade professionals, DIY customers and clients undertaking larger Design & Installation projects. The business operates 230 stores across the UK, supported by online channels and dedicated apps for trade and DIY users. It targets a domestic market estimated at around £35bn, covering home improvement, kitchens, bathrooms and home energy solutions.

Hello, I’m Ricki Lee, and this is The Capital Compass. Today we’re speaking with Group Eleven Resources (TSXV:ZNG) (USOTC:GRLVF)— a company undergoing a strategic shift. Long known for its zinc exploration success in Ireland, Group Eleven is now increasingly being recognized for something else: silver.

Recent drill results have delivered one of the best silver intercepts globally to date, prompting a rebrand that reflects the scale of the opportunity.

The project is located in Ireland — a stable, mining-friendly jurisdiction — at a time when permitting and geopolitical uncertainty in places like Mexico is forcing investors to think carefully about where their silver exposure sits.

Joining me now to walk us through the evolution of the story, the current drill program, and what comes next is Bart Jaworski, CEO of Group Eleven Resources. Bart, great to have you with us.

Bart: Thanks so much Ricki. Great to be here.

Ricki: So, tell us Bart, we’ll start with the bigger picture first. Group Eleven has historically been associated with zinc, as we mentioned, especially exploration in Ireland, but the silver component of your recent discoveries has really shifted the narrative here. So can you walk us through how the company has evolved and why you’re now positioning as a silver exploration story?

Bart: Well, we’ve been getting silver all along our zinc discovery for the last three years, but I think it’s fair to say we’ve really started to hit it out of the park on the silver front, pretty much over the last year or so and really come to the fore in the last few months in that we’ve got a 50 meter intercept now of 330 grams per ton silver, which is one of the best silver intercepts in the world year to date on the Canadian, US and the Aussie exchanges. So, we’re batting way above our weight in terms of silver hits. And that is basically an indication of a deeper copper silver system that’s brewing as well underneath our discovery.

So, the silver numbers are hitting it out of the park. It’s indicative of a deeper copper silver system, which we’ve also intersected now on two drill fences, about 350 meters apart. That’s also a growing story, and we’re also finding parallel zones to the zinc mineralization. Initially it’s emerging, it’s another emerging idea, but we have very strong economic looking hits over 2.6 kilometers so far, and that’s just one part of a six kilometer long perspective trend. So there’s a lot of upside here, and the silver is certainly looking good as well as the copper hits which we’re getting up to 10.5% in some cases.

Ricki: So, you’re speaking about how great these silver results are, right? And that’s fantastic news, but what is it that really sets these drill intercepts apart from other silver projects on the market today?

Bart: Well, just the fact that it’s continuous. It’s only 300 meters deep. It seems to be coalescing in one area. It’s not poddy, some discoveries can be in multiple horizons, multiple orientations that can be folded and faulted, quite messy. In our case that’s not the case. It’s pretty much flat as a pancake along the base of a limestone unit. And underneath that pancake, if you will, is another what appears to be a fairly continuous steeply dipping copper silver system.

So, the continuity seems to be there. The depth is nice, only 300 meters deeper, so it’s hanging together. The shape of it is also conducive to mining on both fronts. So, it’s all looking pretty good. It’s not oxidized, so that could be another problem with new discoveries. This is all pristine sulfides, which lends itself to good flotation and everything else. So again, we’re expecting good things on the recovery front when we do met (metallurgical) work, hopefully in the next 12 months or so. So it’s all lining up to be a really interesting discovery.

Ricki: And one of the other great things about the project, if I’m not wrong, is that it’s located in sunny Ireland, right? So it’s a safe and established, very established mining jurisdiction maybe not so sunny today. But at a time when we’re seeing challenges in traditional silver producing regions like Mexico, for example, how important is jurisdictional stability in attracting long-term capital?

Bart: Well, it’s huge. It’s a really good question because obviously we’re seeing flare ups in other parts of the world. Not even talking about what’s going on in the Middle East right now, obviously, but in more close to home [jurisdictions] for North Americans. So it’s definitely a key consideration. I think the other key advantage of Ireland is the infrastructure. So it’s a very much a gating item for base metal projects. For precious, it’s not as important to have key infrastructure, but for base metal projects, it’s absolutely critical. You have the roads and ports here on tidewater, proximity to European smelters. We have all that in Ireland. So that’s a key consideration.

Plus, obviously it’s a safe democratic country with a first rate mining code, politics sort of down the center, very pro-business. And all those things really come together and that’s why the six discoveries that have been made in Ireland over the last 60 years have all been built into active mines in their time. So, it does have a very good legacy here in the country for producing discoveries and then actually putting them into production.

Ricki: Okay. So it looks like we are looking for a pot of silver instead. I’ll let them all know. Turning to the current drill program, you’ve completed roughly 5,000 meters, if I’m not mistaken, and still have around 20,000 remaining. Where are you in the program right now and what are you targeting with the remaining drilling?

Bart: Well, we just closed a $12 million bought deal with Cormark and Beacon, and that really triples our meters. So, we had a funded drill program about, like you say, 20,000 meters going forward, and right now it’s more like 75,000 meters if you take the overallotment. Because there was a $10.4 million deal, which went up to $12 million with the overallotment. So we actually have more meters than we have in the use of proceeds. So, it’s about 75,000 meters from 20,000. So, it’s like almost a 300% increase in the amount of funded meters that we have for the rest of this year and into 2027. So, it’s a pretty significant boost, a huge shot in the arm for us. And we can really roll up our sleeves now and get to work on Ballywire, but also on our neighboring property called Stonepark, where we’re hoping to find the next Pallas Green deposit. Now that Pallas Green deposit is one of the largest undeveloped zinc deposits and we have a geological lookalike to that just south of Pallas Green on our side of the camp. And we’re very much looking forward to being able to drill over 15,000 meters there as well over the next couple of years. So very exciting times for us.

Ricki: Very exciting indeed. So, we’ve spoken about how Ireland is great for jurisdictional safety, right? But what about the cost structure involved? How does operating in Ireland affect your drill costs and overall exploration efficiency compared to other more remote projects for example?

Bart: It’s surprising. Most people I think will be very surprised, but it’s actually low. So, it’s actually a good news story. In Ireland, you would think it’s a high cost jurisdiction, but if you think about it, we don’t need helicopters. We don’t need to build roads; we don’t need to build a camp because everybody can drive in. It’s a tiny country. Everyone can drive in from home to get to the drill site every day. And it just so happens, we’re very lucky, the lab that services all of Europe and all of Africa is just outside of where we’re working, about a 45 minute truck ride away. So we’re saving tons on air freight as well. So, it all boils down to about $150 Canadian dollars. The FX obviously is up and down here, but it’s around that $150 per meter mark, including assays and everything else. So, it’s a very efficient use of capital here, we get a lot of bang for the buck here in Ireland.

Ricki: Wow, amazing. Thank you so much for taking us through that today, Bart.

Bart: Thanks so much, Ricki, appreciate it.

Once again, that is Bart Jaworski, CEO of Group Eleven. For more information, visit groupelevenresources.com. I’m Ricki Lee and this has been the Capital Compass. Thanks again for watching and I’ll see you next time.

Part 3 of a 3-part investor series

In the first two installments of this series, we explored how U.S. Energy Corp. (NASDAQ:USEG) has evolved from a traditional E&P company into an emerging industrial gas and carbon management platform — and how its 2026 plan sets the foundation for multi‑stream, long‑duration value creation.

Part 3 zooms out. Because to understand the full scope of the U.S. Energy opportunity, you have to understand something bigger: industrial gases are becoming the critical materials of the modern world, every bit as essential as the minerals and metals that dominate commodity headlines.

This article is disseminated in partnership with U.S. Energy Corp. It is intended to inform investors and should not be taken as a recommendation or financial advice.

Silicon may have powered the information age.

But helium and CO₂ are increasingly powering the technologies shaping what comes next.

This is the era where industrial gases behave like scarce, strategic assets — the new gold of a digital, automated, space‑driven global economy.

The global helium crisis: The lifeblood of high technology

Helium is unlike any other industrial gas. It is non‑renewable, born not from manufacturing but from geological processes that take millions of years. Once vented into the atmosphere, it escapes into space. It cannot be recovered. And global production is concentrated in just a handful of regions worldwide.

At the same time, demand is rising in sectors that define the future:

Semiconductors

Helium is essential for chip fabrication — used to cool, purge, and stabilize advanced lithography systems. As AI accelerates and next‑generation chips grow more complex, helium demand becomes even more tightly linked to global computing capacity.

Medical imaging (MRI machines)

MRIs cannot function without liquid helium. Hospitals, diagnostic labs, and medical centres depend on secure, uninterrupted supply.

Aerospace and space launch

Companies like SpaceX, Blue Origin, and NASA rely on helium to pressurize rocket fuel tanks and enable safe launch operations. No helium, no modern commercial space industry.

Quantum computing

Ultra‑low‑temperature cooling environments — the core of quantum hardware — require high‑purity helium.

This creates a supply‑demand environment with a simple, profound implication: helium shortages are no longer temporary market disruptions; they’re structural.

That’s why helium reserves aren’t just valuable. They’re strategic.

And that’s why Kevin Dome — one of the few known helium resources of scale in North America — is increasingly viewed as a national‑interest asset hidden in plain sight.

CO₂: From liability to industrial powerhouse

For years, CO₂ has been framed almost exclusively as an environmental liability. But that story is incomplete.

CO₂ is also a critical industrial input — and an irreplaceable one in several large, stable sectors.

In everyday life, CO₂ keeps food cold, carbonates beverages, and preserves perishables. In advanced manufacturing, it’s indispensable in metal fabrication and welding. And in the energy sector, it plays an essential role in enhanced oil recovery (EOR), unlocking barrels that traditional methods leave behind.

What’s changed is not CO₂’s usefulness — but how society is choosing to manage it.

A molecule once viewed as a problem is now a recognized asset, enabling carbon‑neutral food systems, cleaner manufacturing, deep‑decarbonization infrastructure, and measurable climate progress.

For companies that control both CO₂ supply and sequestration pathways, this shift creates a new class of long‑duration revenue built on:

• Industrial sales
• Carbon management incentives
• EOR uplift
• Permanent geological storage

In other words, CO₂ has moved from liability to monetizable commodity.

And because Kevin Dome contains both massive CO₂ volumes and the geology required for storage, U.S. Energy sits at the centre of this new economic model.

The investment opportunity: The picks and shovels of the digital frontier

As investors increasingly chase AI, chips, quantum computing, and commercial space stocks, they often overlook the simple physics that underlie all of these industries: None of them function without helium.

And many depend on CO₂ as well.

Industrial gases aren’t competing with AI or space tech — they enable them. They are the “picks and shovels” of the technological frontier. And history has shown that betting on the infrastructure behind the boom often delivers more durable returns than betting on the boom itself.

Tech cycles fluctuate.

Industrial gas demand doesn’t.

It grows — and grows more essential.

For investors seeking exposure to the growth areas of the future, the case is increasingly clear: industrial gases represent a more stable way to participate in high‑tech mega‑trends without taking high‑tech risk.

The shift: How U.S. Energy Corp. is positioning itself to lead

Few companies have pivoted as decisively as U.S. Energy.

Once a traditional oil producer, the company is now building a closed‑loop system that monetizes both helium and CO₂ — while using its own CO₂ to enhance production at its own oil fields and permanently sequester the remainder.

This integrated model matters because it creates:

• Multiple revenue streams
• Low decline rates and long‑duration output
• Infrastructure‑driven margins
• Deep optionality for future scaling
• Alignment with global decarbonization and digital manufacturing trends

In other words, U.S. Energy is constructing a platform, not a project.

And in a world where industrial gases are becoming major assets, platforms win.

Conclusion: The era of industrial gas has arrived

Across the semiconductor fabs of Taiwan, the launch pads of Texas and Florida, the MRI wings of modern hospitals, and the data centres powering AI, helium and CO₂ are no longer background materials. They are front‑line enablers of the technologies defining our century.

Investors who understand this shift early will see industrial gases not as commodities — but as the gold of the digital age, scarce, essential, and deeply intertwined with the highest‑growth sectors of the global economy.

For U.S. Energy Corp., this is not a distant vision. It is the business they are building today.

Further reading:

• Part 1:A multi‑platform industrial gas and carbon opportunity ready for long‑term value
• Part 2: The 2026 buildout that turns a resource into a platform
• Read the investor presentation here