Author: Fiona Craig

Jubilee Metals Group (LSE:JLP) has convened a general meeting to seek renewed shareholder authority to issue new shares and disapply pre-emption rights over up to 7.5% of its existing issued share capital. The proposed resolutions are intended to provide the board with additional flexibility to support the company’s ongoing copper expansion strategy in Zambia.

Alongside the shareholder request, Jubilee has secured a US$1.5 million unsecured convertible loan note from an investor with extensive experience in the copper sector. The funding is expected to support accelerated development activities within the greater Molefe region and help the company utilise available capacity at its nearby Sable refinery to bring additional copper production online more rapidly.

Management believes the financing and proposed share issuance authority will strengthen its ability to execute growth initiatives across its Zambian operations, including regional exploration programmes and the advancement of copper processing infrastructure. Documentation relating to the general meeting and voting timetable has now been published, with shareholder approval required before the additional authorities can be implemented.

The company continues to focus on expanding its integrated copper production platform in Zambia, leveraging its mining, concentrating and refining assets to increase output and improve operational efficiency. The latest funding measures form part of a broader strategy aimed at accelerating production growth and unlocking value from its regional resource base.

Jubilee’s outlook remains influenced by weaker recent financial performance, including significant declines in revenue and profitability and the impact of negative free cash flow. While management has highlighted progress in operational improvements and portfolio optimisation efforts, uncertainties surrounding future performance, project execution and financing requirements continue to weigh on sentiment. Technical indicators remain mixed, with momentum signals subdued and valuation metrics constrained by the group’s loss-making position.

More about Jubilee Metals Group

Jubilee Metals Group is a metals processing and resource development company listed on AIM in London and the Altx of the Johannesburg Stock Exchange. The group is focused on building an integrated copper production business in Zambia while also applying its processing expertise to recover value from existing mineral resources.

Its operations include the Roan concentrator, the Sable refinery and a growing portfolio of mining and exploration assets. Through a combination of exploration, mining, beneficiation and refining, Jubilee aims to achieve annual copper production of 25,000 tonnes while promoting resource efficiency, environmental responsibility and circular economy principles within the mining sector.

Tooru plc (LSE:TOO) has terminated plans to acquire Dutch health and wellness company Mylky B.V. after concluding that the proposed transaction would expose the group to an unacceptable level of financial and operational risk under current market conditions.

The board determined that completing the acquisition would require a significant increase in debt financing at a time of heightened geopolitical uncertainty and challenging capital market conditions. Management also ruled out raising equity to fund the deal, citing concerns that such an approach would be excessively dilutive to existing shareholders given Tooru’s current market valuation and the relative size of the proposed acquisition.

In addition to financing considerations, further due diligence identified regulatory risks associated with expanding into a European legislative environment where the company has less experience. Tooru noted that its expertise is largely concentrated within the UK regulatory framework, and the acquisition would have substantially increased its exposure to compliance requirements across multiple European jurisdictions.

Following the decision to abandon the transaction, the company said it will concentrate on developing its existing operations, which it believes offer more attractive and lower-risk growth opportunities in the near term. Management also confirmed that it remains open to pursuing future acquisitions, although any potential targets are expected to be smaller in scale, strategically aligned with the group’s existing activities and capable of being completed without materially increasing leverage.

The decision reflects a cautious approach to capital allocation as the company seeks to balance growth ambitions with financial discipline and risk management in an uncertain economic environment.

More about Tooru plc

Tooru plc is an AIM-listed health and wellness company focused primarily on consumer-facing brands in the UK market. The group operates within the branded health and wellness sector and seeks to grow through a combination of organic development and carefully selected acquisitions.

The company’s strategy emphasises sustainable expansion, disciplined capital management and opportunities that complement its existing expertise, with a particular focus on businesses operating within regulatory environments it understands well.

Serabi Gold (LSE:SRB) delivered a strong start to 2026, reporting significant growth in production, revenue and profitability during the first quarter as higher ore grades and record gold prices boosted financial performance.

Gold production increased by 20% year-on-year to 12,043 ounces, supported by improved feed grades at both the Palito and Coringa operations. Output also benefited from the commencement of mining activities in the Meio zone at Coringa, which contributed to the overall increase in production volumes. During the quarter, the company sold 10,323 ounces of gold and achieved an average realised gold price of $4,926 per ounce, substantially higher than the $2,908 per ounce recorded in the corresponding period of 2025.

The stronger operational performance translated into a sharp improvement in financial results. Revenue rose to $50.6 million from $27.6 million a year earlier, while EBITDA increased to $29.2 million. Post-tax profit reached $21.0 million, more than double the level achieved in the first quarter of 2025.

Robust cash generation further strengthened the balance sheet, with cash holdings rising to $64.4 million as of 31 March 2026. During the period, Serabi repaid its outstanding $5.3 million loan with Banco Santander, leaving the company debt-free. This was achieved despite increases in cash costs and all-in sustaining costs associated with the continued ramp-up of the Coringa operation.

Management also pointed to encouraging exploration results generated throughout 2025 and into early 2026. The findings indicate continuity of mineralisation across key target areas and highlight the potential for additional resource growth within the company’s extensive Brazilian licence portfolio. The combination of rising production, stronger margins driven by elevated gold prices and a debt-free balance sheet is expected to provide greater financial flexibility as Serabi continues to expand its operations.

The company’s outlook is supported by strong revenue and earnings growth, low financial leverage and improving cash generation. Valuation metrics also remain attractive, with the shares trading on a relatively low earnings multiple. Positive technical indicators suggest continued market momentum, although fluctuations in earnings and cash flow remain potential risks for investors.

More about Serabi Gold

Serabi Gold is a gold mining and development company focused exclusively on Brazil. Its principal producing assets are the Palito and Coringa mines, where it operates high-grade underground mining operations supplying gold to international markets.

The company is pursuing a strategy of increasing production and expanding resources through ongoing exploration and development across its licence areas. With a growing asset base and continued investment in exploration, Serabi aims to strengthen its position as a leading mid-tier gold producer in Brazil.

Borders & Southern Petroleum (LSE:BOR) reported audited results for 2025, posting an operating loss of $1.4 million, slightly higher than the previous year as administrative expenses increased to $1.5 million. Despite the wider loss, the company strengthened its financial position through a $2.8 million fundraising, ending the year with cash reserves of $2.5 million and net assets approaching $298 million.

The explorer highlighted growing industry interest in its Falkland Islands assets following the final investment decision by Navitas Petroleum and Rockhopper Exploration to proceed with development of the Sea Lion field. Scheduled to begin production in 2028, Sea Lion is expected to become the first producing oil project in the Falkland Islands and is viewed as a significant milestone for the basin’s development.

According to the company, the decision has renewed interest in its Darwin gas condensate discovery and broader exploration portfolio. Several parties are currently reviewing data relating to the assets, with Borders & Southern actively pursuing a farm-out agreement that could provide funding, technical support and a pathway toward further appraisal and development activities.

Management believes the increasing attention from potential partners could enhance the value of the company’s portfolio and strengthen its position within the region as industry confidence in the Falkland Islands grows. The company continues to focus on securing a partnership structure that maximises value for shareholders while advancing its long-term development objectives.

More about Borders & Southern Petroleum

Borders & Southern Petroleum is a London-based oil and gas exploration company focused on the South Falkland Basin. The company operates and holds a 100% interest in three offshore production licences covering almost 10,000 square kilometres and has invested extensively in seismic data acquisition and exploration activities across the region.

Listed on AIM under the ticker BOR, the company is targeting frontier hydrocarbon opportunities in the Falkland Islands, including its Darwin gas condensate discovery. Its portfolio is positioned to benefit from renewed exploration and development activity in the basin as energy companies seek new resource opportunities and greater geographic diversification in response to evolving global energy security priorities.

Ferrexpo (LSE:FXPO) has issued the notice and proxy documentation for its 2026 annual general meeting, which is set to take place on 29 June, but several customary resolutions have been postponed pending completion of the company’s 2025 financial statements.

The AGM agenda will focus on routine matters, including the re-election of directors and the renewal of authorities relating to share buybacks and the calling of general meetings on shorter notice. Resolutions typically associated with the annual report, auditor appointments and directors’ remuneration will not be considered at this meeting due to delays linked to a planned fundraising process and the finalisation of the group’s 2025 accounts.

Ferrexpo said it intends to convene a separate shareholder meeting once the outstanding financial statements have been completed and published, allowing investors to vote on the deferred resolutions at a later date. The company also confirmed that long-serving board member Vitalii Lisovenko will step down from his role at the conclusion of the upcoming AGM.

The group’s outlook continues to be shaped by pressure on its financial performance, with declining revenues and profitability remaining key concerns. However, technical indicators have been more encouraging, suggesting stronger market momentum despite the operational and financial challenges facing the business. Valuation metrics remain constrained by negative earnings, while recent corporate developments reflect both the difficulties encountered by the company and its ongoing efforts to maintain operational resilience and responsible business practices.

More about Ferrexpo

Ferrexpo is a Switzerland-based iron ore producer with its principal mining operations located in Ukraine. The company is listed on the London Stock Exchange and is a constituent of both the FTSE All-Share and FTSE4Good indices.

The group specialises in the production of premium iron ore pellets and concentrates supplied to steel manufacturers around the world. Its products are designed to improve steelmaking efficiency while supporting efforts to reduce carbon emissions across the global steel industry.

Great Western Mining (LSE:GWMO) reported a reduced loss of €1.08 million for 2025 as the company intensified its focus on tungsten exploration, identifying the Defender-Pine Crow corridor as a priority development area following encouraging fieldwork results and recommendations from an independent technical review.

During the year, the company expanded its land holdings across Nevada and continued exploration activities targeting copper and gold at its Huntoon and Olympic projects. Great Western also completed construction of the Western Milling gravity processing plant, while highlighting the growing strategic significance of its portfolio amid favourable market conditions for critical and precious metals.

Since the year-end, the group has strengthened its financial position through a fundraising of approximately £3.5 million. It has also appointed exploration geologist Ed Loye as chief executive officer and accelerated work programmes at Defender-Pine Crow, including detailed geological mapping, gravity surveys and preparations for future drilling campaigns aimed at advancing the tungsten opportunity.

The company also retains exposure to potential future value creation through an option agreement involving KGHM at the Eastside copper porphyry project. The arrangement provides Great Western with the possibility of long-term royalty income while limiting future financial commitments. In addition, management is pursuing a US cross-trading initiative designed to increase visibility among North American investors and broaden access to potential sources of capital.

Despite operational progress, the company’s outlook remains constrained by its financial profile, with no reported revenue, ongoing losses and continued cash outflows. However, technical indicators have been more supportive, with the shares trading above key moving averages and displaying moderately positive momentum. Valuation metrics remain limited by negative earnings and the absence of a dividend.

More about Great Western Mining

Great Western Mining Corporation is a mineral exploration and development company focused on the Walker Lane mineral belt in Nevada, one of the most prospective mining regions in the United States. The company is targeting a range of critical and precious metals, including tungsten, copper, gold and silver, through a portfolio that includes the Defender-Pine Crow tungsten corridor, the Huntoon copper project, the Eastside copper porphyry prospect and the Olympic Gold Project.

Its strategy centres on advancing strategically important mineral assets while capitalising on growing demand for critical raw materials used across industrial, energy transition and technology markets.

Dianomi (LSE:DNM) delivered largely stable financial results for 2025, reporting revenue of £27.4 million compared with £28.0 million the previous year, despite ongoing challenges in the digital advertising market and changing online consumption patterns influenced by artificial intelligence. The company improved its gross margin to 27.1% and limited its adjusted EBITDA loss to £0.3 million while continuing to invest in sales capabilities, product innovation and AI-related initiatives.

The group finished the year with £5.8 million in cash and no debt, providing a strong financial foundation as it continues to develop its platform and pursue growth opportunities. Management highlighted the resilience of the business despite a softer market backdrop and lower publisher traffic levels linked to the growing use of AI-powered content discovery tools.

Operational performance improved significantly during the second half of the year, with Dianomi returning to both growth and profitability. The company strengthened relationships with major media organisations, including CNN and Associated Press, while maintaining publisher churn at a low 2.9%, reflecting the durability of its long-standing partnerships.

Dianomi also continued to diversify its advertising offering beyond its traditional native advertising roots, expanding into multiple ad formats and increasing its programmatic advertising revenues. New product launches, including Dianomi Insights and Audiences, were introduced during the year, while a strategic partnership with Dappier was established to enhance the company’s capabilities in AI-powered advertising. These developments are intended to position Dianomi to benefit from evolving trends in premium digital publishing and data-driven marketing.

The company’s outlook is supported by its debt-free balance sheet and solid liquidity position, alongside signs of operational improvement. However, growth prospects remain tempered by uneven revenue trends, relatively narrow profit margins and weaker technical indicators, with the share price continuing to trade below key longer-term moving averages.

More about Dianomi Plc

Dianomi plc is a digital advertising technology company headquartered in London, with additional operations in New York and Sydney. The business specialises in delivering targeted advertising solutions for premium business, financial and lifestyle brands through a network of more than 300 leading publishers.

Its platform distributes contextually relevant native and multi-format advertising across websites and mobile properties, reaching hundreds of millions of devices each month through partnerships with major media organisations including Reuters, CNN Business, The Times and The Wall Street Journal. Dianomi’s client base includes global financial institutions and corporate brands seeking access to affluent and highly engaged audiences in brand-safe digital environments.

Pulsar Helium Inc. (LSE:PLSR) has strengthened its position at the Topaz helium project in Minnesota after acquiring approximately 1,360 acres of surface land for US$2.48 million in cash. The purchase includes the site of the Jetstream #7 well and provides the company with direct ownership of land covering an area where it already controls the underlying mineral rights through existing leases.

The acquisition enhances Pulsar’s ability to manage future development at the 100%-owned project by securing greater control over infrastructure placement, operational planning and potential expansion opportunities. The move is expected to support the company’s efforts to advance Topaz towards commercial production while improving long-term flexibility and scalability.

The transaction comes at a favourable time for the project, following the introduction of Minnesota’s helium-specific regulatory framework and streamlined permitting measures for gas resource developments. It also follows the successful completion of the Jetstream exploration and appraisal programme, during which all wells encountered high-pressure gas, providing further confidence in the project’s resource potential.

Pulsar’s progress at Topaz coincides with tightening global helium supply conditions driven by disruptions affecting major producing regions, including Qatar, geopolitical uncertainty around the Strait of Hormuz and restrictions on Russian exports. Against this backdrop, the company believes Topaz could become an important source of domestically produced helium for the United States market.

Looking ahead, Pulsar is seeking proposals for the drilling of up to four additional production wells to complement two wells already considered production ready. The company is also advancing plans for an integrated helium liquefaction and carbon dioxide capture facility under a Letter of Intent with Chart Industries. As helium users in the United States continue to face allocation measures and additional supply-related costs, Pulsar’s efforts to accelerate development at Topaz may strengthen its position as a potential supplier of primary helium independent of hydrocarbon production.

More about Pulsar Helium, Inc.

Pulsar Helium Inc. is a helium exploration and development company listed on AIM in London, the TSX Venture Exchange in Canada and the OTCQB market in the United States. Its portfolio includes the flagship Topaz project in Minnesota, the Falcon project in Michigan and the Tunu project in Greenland.

The company focuses on the development of primary helium resources that are not associated with hydrocarbon production, targeting growing demand from industrial, medical and technology sectors seeking secure and reliable helium supply. Topaz, located near Babbitt in northern Minnesota, represents one of the most significant primary helium discoveries in the United States and forms the cornerstone of Pulsar’s long-term growth strategy.

Buccaneer Energy (LSE:BUCE) reported its audited results for 2025, outlining progress across its East Texas operations and highlighting opportunities to expand production and profitability despite a period of significant volatility in global oil prices. The company noted that after weakening during the latter part of 2025, WTI crude prices rebounded sharply to above $100 per barrel in early 2026, a development it believes could support stronger margins given its relatively stable operating cost base. Management also maintains that the company’s current market valuation does not fully reflect the value of its underlying assets.

Operational activity during the year was focused on revitalising existing production and advancing key development projects. A major workover programme on previously idle wells increased field output to a peak of 186 barrels of oil per day, compared with around 50 barrels per day when the current management team assumed control. While adverse weather conditions temporarily disrupted production, the company reported continued progress across its asset base.

At the Fouke project, Buccaneer drilled the Allar #1 well and expanded its position through the acquisition of the Turner acreage, which is expected to play a role in future waterflood operations. The subsequent purchase of the Carlisle-1 well is anticipated to increase the company’s working interest in the planned Fouke waterflood project to more than 50%, positioning Buccaneer as the operator.

The company also continued development work at the Pine Mills field, where efforts have included well workovers, waterflood planning and an Organic Oil Recovery pilot programme. According to the company, the pilot delivered encouraging results, doubling oil production within the treated area while significantly reducing water production at several wells. Buccaneer remains active in evaluating additional acquisition opportunities both within its core operating region and further afield, focusing on projects capable of delivering meaningful increases in reserves and production.

Financially, the group improved its funding position by securing a three-year extension to its credit facility with WAFD on favourable terms. The company also benefited from lower US interest rates and reported a 6% increase in independently assessed reserves compared with mid-2025 levels. During the year, the business rebranded from Nostra Terra Oil & Gas Company plc to Buccaneer Energy plc and appointed a new joint broker, moves intended to better reflect its strategic direction and enhance investor recognition of the company’s growth potential.

The outlook remains challenged by weak financial metrics, including ongoing losses, negative shareholder equity and negative operating and free cash flow. Technical indicators also remain subdued, with the shares trading below key moving averages and exhibiting negative momentum signals. While oversold conditions may provide some support, valuation metrics remain constrained by the absence of earnings and a stated dividend.

More about Buccaneer Energy Plc

Buccaneer Energy Plc is an oil and gas exploration and production company focused on conventional development assets in East Texas, United States. Its core operations include the Pine Mills and Fouke fields, where the company seeks to increase production and reserves through low-cost development strategies, enhanced recovery methods such as waterflooding and Organic Oil Recovery, and targeted acquisitions that complement its existing portfolio.