Author: Fiona Craig

Afentra (LSE:AET) has received formal approval for a Risk Service Contract granting the company a 35% operated interest in the onshore KON4 block in Angola’s Kwanza Basin, alongside local Angolan partners. The award strengthens Afentra’s strategic position in the basin and expands its portfolio of operated and non-operated assets across Angola’s onshore and offshore energy sector.

The KON4 block contains several historic oil fields, including the sizeable Quenguela Norte discovery, offering both redevelopment opportunities and near-field exploration potential. Existing infrastructure and the block’s proximity to the Luanda refinery are expected to support future project economics. Afentra and its partners have already initiated technical and subsurface evaluation work focused on restarting production at Quenguela Norte while also assessing broader exploration targets across the licence area. The company views the block as an important contributor to future growth and value creation within its Angolan portfolio.

Afentra’s outlook continues to be constrained by volatile recent financial performance, including lower revenue in 2025, a return to net losses and significantly negative free cash flow, despite maintaining a relatively solid balance sheet. Technical indicators remain broadly neutral, although momentum signals have weakened slightly, including a negative MACD trend. Valuation metrics also remain challenging due to negative earnings and the absence of dividend yield support.

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Afentra plc (LSE:AET) is an upstream oil and gas company focused on acquiring and developing production and exploration assets across Africa while supporting a responsible energy transition strategy on the continent. The company holds a combination of operated and non-operated interests in both offshore and onshore Angolan assets, including producing fields in the Lower Congo Basin and redevelopment and exploration licences within the Kwanza Basin.

Steppe Cement (LSE:STCM) reported a strong recovery in 2025 as Kazakhstan’s cement market grew by more than 20% to exceed 14 million tonnes, supported by renewed momentum in residential building and infrastructure development. The company retained a 14.4% share of the domestic market while increasing sales volumes by 21% to approximately 2.07 million tonnes, helped by improved operational reliability and higher clinker production.

Group revenue increased 20% to USD 101.5 million, while gross profit reached USD 28.4 million and EBITDA improved to USD 11.8 million. Net profit more than tripled to USD 3.2 million as operational efficiencies and tighter cost controls enhanced profitability. Supported by a cash balance of USD 10.5 million, the board approved a USD 30 million expansion programme designed to increase clinker production capacity from 3,000 to 4,500 tonnes per day and raise annual cement capacity to roughly 2.5 million tonnes by summer 2027.

Operational improvements on Line 6 contributed to an 11% increase in clinker output to 1.63 million tonnes. The new capital investment programme includes upgrades to the cooler, raw mill, riser duct, cyclones and kiln systems, with the aim of reducing coal and electricity consumption per tonne produced without significantly increasing fixed operating costs. Management said the investments are expected to strengthen the company’s market position as Kazakhstan continues to benefit from population growth, urbanisation and sustained construction demand.

The group is also advancing several environmental initiatives. Steppe Cement has already closed energy-intensive wet production lines, upgraded filtration systems and improved heat recovery processes to keep energy consumption and emissions broadly aligned with international industry standards. The company is currently negotiating a framework agreement with the Kazakh government to meet Best Available Technologies standards by 2035 and has committed USD 5 million over the next two years to complete a transition to bag filters. Management expects the move to reduce its annual emissions tax bill of approximately USD 1.4 million while further improving the company’s environmental performance.

On the governance side, long-serving chief executive Javier del Ser Pérez has transitioned to the role of executive chairman, while Petr Durnev has assumed day-to-day leadership responsibilities as chief executive officer during the group’s expansion phase. Steppe Cement will hold its annual general meeting in Kuala Lumpur on 26 June 2026, with the 2025 annual report and AGM notice to be published on the company’s website ahead of the meeting.

Steppe Cement’s outlook is supported by strong cash generation, low leverage, positive corporate developments and an attractive dividend yield. However, the company’s relatively high price-to-earnings ratio and technically overbought share price conditions could present near-term risks.

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Steppe Cement (LSE:STCM) is an AIM-listed cement producer focused on the Kazakhstan construction market, supplying clinker and cement to domestic infrastructure and building projects. The company operates close to major industrial and population centres including Astana, Karaganda and Temirtau, with access to essential raw materials such as limestone, clay, coal, iron ore and slag that support its cost efficiency and competitive positioning.

Arc Minerals (LSE:ARCM) has signed a comprehensive settlement agreement that concludes all outstanding litigation matters in Zambia. The agreement, involving Arc subsidiaries and project partners alongside ZAMEX, Lunda Resources and an individual counterparty, brings an end to eight separate legal proceedings spanning multiple Zambian courts and tribunals.

As part of the settlement, all parties have agreed to mutually release one another from any historic and future claims, enabling Arc Minerals to focus fully on progressing its exploration activities in Zambia and Botswana, including the company’s flagship Kabompo West copper project. The agreement also resolves uncertainties surrounding licence ownership, with Lunda giving up any interest in Handa’s Licence 19906-HQ-LEL. Arc additionally stated that Lunda’s retained Licence 41777-HQ-LEL is considered immaterial to its operations. A deferred payment of US$200,000 will only become payable if a substantial copper resource is defined before 2031.

The company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue generation, ongoing losses and negative operating and free cash flow, despite maintaining a relatively low level of debt. Technical indicators provide some support, with the share price trading above its 20-day and 50-day moving averages and showing positive MACD momentum. Valuation remains difficult to assess due to negative earnings and the lack of dividend metrics.

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ARC Minerals Ltd (LSE:ARCM) is an AIM-listed copper exploration company focused on developing projects across two of Africa’s most prospective copper-producing regions. Its flagship Kabompo West project is located within the Western Domes area of the Central African Copperbelt in Zambia, while its Virgo project in Botswana targets the MMG Zone 5 corridor of the Kalahari Copper Belt. The company is supported by a management team with experience across mining operations and capital markets.

Jangada Mines (LSE:JAN) has announced high-grade drilling results from its Molly Gold Project in Brazil, confirming the continuity of polymetallic mineralisation at the Molly 1 deposit and extending the known strike length by as much as 150 metres toward the East Pot area. Drill intercepts included gold grades exceeding 20 g/t, alongside notable silver and copper mineralisation, supporting the interpretation of a larger structurally controlled ore body that remains open both along strike and at depth. The results strengthen the case for an expanded drilling campaign at the project.

At the separate Molly 2 target, maiden drill hole 7A confirmed a new polymetallic discovery connected to the broader Molly 1 system. The hole encountered shallow high-grade mineralisation containing gold, silver, copper and lead, trending westward toward the Vivi target area. Combined, the Molly 1 East Pot and Molly 2 Vivi corridors point to the emergence of a district-scale polymetallic system with substantial resource expansion potential. Jangada said the project could see a significant increase in resources as outstanding assay results are processed and further drilling, geophysical surveys and structural analysis are completed.

The company’s outlook remains constrained by weak financial fundamentals, including its pre-revenue status, recurring losses and continued cash burn despite having no debt on the balance sheet. However, technical indicators appear more supportive, with the share price trading above key moving averages and showing moderately positive momentum. Valuation metrics remain limited by the absence of earnings and dividend support.

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Jangada Mines plc (LSE:JAN) is an AIM-listed natural resources company focused on the exploration and development of gold and polymetallic projects in Brazil. Its flagship Molly Project is located within the Tapajós Gold Belt and targets structurally controlled high-grade narrow vein systems containing gold, silver, copper, zinc and lead in a historically productive artisanal mining region.

Sovereign Metals (LSE:SVM) has confirmed that monazite sourced from four proposed pits at its Kasiya project in Malawi contains elevated concentrations of critical heavy rare earth elements, including dysprosium, terbium and yttrium. The company said the material includes zones earmarked for first-year production, with the rare earth oxide basket demonstrating DyTb and yttrium ratios approximately seven times higher than those produced by the world’s five largest rare earth suppliers. The highest concentrations were identified close to surface.

According to the company, these rare earth elements can be recovered through the existing tailings stream using the flowsheet outlined in Kasiya’s definitive feasibility study. This could establish a third revenue stream in addition to rutile and graphite production, with minimal additional mining or processing expenditure required. Independent pricing analysis indicates that Kasiya’s monazite material, due to its elevated heavy rare earth content, could command a meaningful premium to prevailing benchmark monazite prices. The development could enhance overall project economics while positioning Sovereign Metals as a potential non-Chinese supplier to Western rare earth markets, where supply security concerns continue to intensify.

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Sovereign Metals Limited (LSE:SVM) is an Australia-listed mining and development company advancing the Kasiya rutile-graphite project in Malawi. The project is primarily focused on producing titanium dioxide feedstock and graphite, while the company is increasingly exploring the commercial potential of monazite-hosted rare earths as an additional strategic by-product serving global critical minerals and defence-related supply chains.

RTC Group Plc (LSE:RTC), the AIM-listed recruitment specialist serving the infrastructure, engineering and technical sectors, said it entered 2026 with strong momentum following a record profit after tax, solid cash generation and balance sheet growth in 2025, supporting a 10% increase in the dividend. The company reported continued positive trading through the first quarter, alongside six significant contract wins and resilient demand across its core rail maintenance and infrastructure markets. Its conferencing division also performed ahead of the prior year despite increased government-related operating costs.

Management cautioned that second-quarter trading has been affected by geopolitical tensions linked to the Iran conflict, which have driven fuel prices sharply higher and increased fleet-related costs, putting pressure on margins within the Rail and Energy divisions. Elevated energy costs are also reducing activity among smaller manufacturing customers and weakening demand for temporary labour. RTC further highlighted continued weakness in the permanent recruitment market, with vacancy levels falling to their lowest point since 2021 as higher employment costs and reduced worker mobility weigh on hiring activity. The company additionally noted softer short-term demand in its Energy division as the smart metering market moves beyond the initial rollout stage.

While rail operations have improved since the beginning of the current contract period, performance remains below expectations for the CP7 cycle, reflecting wider delays to rail enhancement projects across the sector. Nevertheless, RTC stated that strong cash generation during 2025 has left the business with a solid financial position, including a debt-free balance sheet with no term borrowings. Management said this provides flexibility to navigate broader industry headwinds while maintaining focus on operating cash flow and disciplined cost management ahead of interim results scheduled for release in late July.

The company’s outlook continues to be supported by attractive valuation metrics, including a low price-to-earnings ratio and a relatively high dividend yield, alongside improved balance sheet strength and strong recent free cash flow performance. However, these positives are partly offset by risks surrounding weaker revenue growth and technically overbought trading conditions that could increase short-term share price volatility.

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RTC Group Plc (LSE:RTC) is an AIM-listed recruitment and outsourcing business providing both temporary and permanent white- and blue-collar labour across UK and international markets. Through its brands Ganymede and ATA Recruitment, the group serves industries including rail, energy and utilities, manufacturing and engineering, water, transportation, highways and construction. Its international division, GSS, supports engineering and infrastructure projects in complex global locations. The company is headquartered at the Derby Conference Centre, which also generates conferencing, rental and office accommodation income for the group.

ValiRx (LSE:VAL) has reinforced the intellectual property position of its majority-owned subsidiary Cytolytix after securing a key European patent covering nanoparticles designed for anti-cancer peptides, licensed from King’s College London. The patent strengthens Cytolytix’s underlying technology platform, improves its appeal to prospective investors, and broadens potential opportunities for licensing agreements and strategic oncology partnerships.

The group has also submitted a new patent application covering second-generation liposomal versions of its oncolytic peptide technology. The filing is supported by preclinical research demonstrating immunogenic cell death in triple negative breast cancer models. In parallel, the company continues to progress a separate core European patent while presenting the technology platform to industry participants. ValiRx said it is engaged in discussions with several prospective partners, including a major pharmaceutical company, and intends to expand use of the oncolytic platform across both human oncology and its Animal Health division.

ValiRx plc’s outlook continues to be weighed by difficult financial performance, including ongoing losses and dependence on external funding. Technical indicators point to a generally bearish trend in the shares, although there remains some potential for upward price movement. Valuation metrics remain weak, reflecting a negative price-to-earnings ratio and the absence of a dividend yield.

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ValiRx plc (LSE:VAL) is a London-listed life sciences business focused on developing early-stage cancer therapeutics and women’s health treatments. The company provides scientific, commercial and financial support frameworks aimed at advancing novel drug candidates into clinical development. Through its subsidiary structure, ValiRx develops promising preclinical assets before seeking licensing agreements or strategic partnerships for further development and commercialisation.

GNC (LSE:GNC) reported robust first-half results for the six months ended 27 March 2026, marking the first reporting period to include the recently acquired Bakkavor UK business. Pro forma UK revenue increased 3.2% to £1.32bn, while pro forma adjusted operating profit climbed 15.3% to £73.3m. Operating margins improved to 5.6% as tighter cost management and operational efficiencies helped offset softer conditions in the grocery sector.

The enlarged business remains on course to generate at least £80m in annual cost synergies within three years. However, integration expenses, acquisition-related charges and working-capital outflows contributed to negative free cash flow during the period, pushing net debt higher to £817.6m, equivalent to 2.3 times EBITDA. Management pointed to resilient trading performance, strong customer service metrics and new contract wins, while also confirming that its US operations are now classified as held for sale. The move reinforces Greencore’s focus on the UK convenience food market and could signal further portfolio adjustments ahead.

Greencore’s outlook continues to be supported by strong earnings momentum and strategic growth initiatives. The group delivered stable revenue growth alongside improving profitability, while technical indicators suggest moderate bullish momentum in the shares. Valuation metrics imply the stock is trading at broadly fair levels, and the absence of major corporate disruptions adds to the company’s stable near-term outlook.

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Greencore Group is the UK’s largest producer of fresh convenience foods, supplying major supermarkets and foodservice operators with a range of more than 4,000 products. Following the acquisition of Bakkavor’s UK operations in January 2026, the company has materially expanded its scale, operational capabilities and category presence within chilled prepared foods.