Author: Fiona Craig

Invinity Energy Systems (LSE:IES) has been appointed by Switzerland’s FlexBase Group to design a large-scale vanadium flow battery system for a new AI-focused datacentre and technology campus located in Laufenburg, on the border between Switzerland and Germany. The planned installation is expected to have a capacity of up to 1.5 GWh, with the potential to expand to 2.1 GWh, making it one of the largest flow battery projects ever proposed globally.

The battery system is intended to support renewable energy integration at the site while also providing grid balancing and stabilisation services. Construction on the wider FlexBase development began in 2025 and is already underway.

The project has now entered a multi-year engineering phase scheduled to run through 2026 and 2027. During this period, Invinity is expected to earn engineering-related revenues tied to milestone achievements, with a larger follow-on order for equipment anticipated after completion of the design stage.

The agreement further strengthens Invinity’s position in the long-duration energy storage market and builds on its experience delivering large-scale vanadium flow battery systems, including the UK’s largest installation of its kind. The company said the project highlights growing demand for safe, modular and long-life storage technologies capable of supporting energy-intensive digital infrastructure and renewable power networks.

Invinity’s broader outlook remains influenced by ongoing financial challenges, including substantial losses and negative cash flow generation. Technical indicators and valuation measures also remain weak, although recent strategic developments and project wins have provided more positive momentum. Management said successful execution of its commercial pipeline and improvement in financial performance will be key factors shaping the company’s longer-term prospects.

More about Invinity Energy Systems

Invinity Energy Systems is a London-listed energy storage technology company specialising in utility-scale vanadium flow batteries. With manufacturing operations in the UK and Canada, the company develops long-duration, non-flammable energy storage systems designed for grid-scale applications, renewable energy integration and infrastructure projects where operational safety, durability and lifecycle efficiency are critical.

Ibstock (LSE:IBST) said challenging conditions in the UK residential construction market, combined with weather-related disruption, resulted in an estimated 10% decline in like-for-like revenue during the first four months of 2026. Despite the weaker backdrop, the company maintained its share of the UK brick market and reported that brick volumes increased by a high single-digit percentage in April compared with the previous year, with positive momentum continuing into May.

Management noted that higher energy and fuel costs continued to place pressure on operating expenses, although the impact was partly offset through hedging measures and disciplined management of production levels, inventory and overhead costs. The group said ongoing uncertainty surrounding the Middle East conflict and the timing of a broader market recovery remains a factor, but current trading trends still support expectations for full-year results to come in broadly in line with market forecasts.

Ibstock also expressed confidence that performance within its concrete division should strengthen later in the year as infrastructure spending programmes gather pace, despite a relatively subdued opening to 2026. Alongside this, the company continues to progress several strategic projects aimed at supporting long-term growth and improving manufacturing efficiency.

These initiatives include the commissioning of its Nostell Horizon factory and collaboration with a preferred partner on a commercial calcined clay agreement. The company said the projects align with its strategy to expand sustainable manufacturing capabilities and improve responsiveness when construction demand in the UK market recovers.

The group’s broader outlook continues to be weighed down by weaker financial performance over recent years, including declining revenues, lower profitability and negative free cash flow in 2025. Technical indicators also remain weak, with the share price trading below key moving averages and negative momentum signals persisting. However, management pointed to expectations for a second-half recovery in 2026 and lower capital expenditure as supportive factors, although margin pressure, return on capital employed and working-capital challenges remain areas of focus.

More about Ibstock

Ibstock Plc is one of the UK’s leading manufacturers of building materials and construction solutions. The business operates through its Ibstock Clay and Ibstock Concrete divisions, producing products including clay bricks, walling systems, flooring, fencing, lintels and infrastructure components. Through its Ibstock Futures division, launched in 2021, the company is also focused on sustainable construction technologies and modern building methods, supported by ESG targets that include a 40% reduction in carbon emissions by 2030 and achieving net zero by 2040.

Sabre Insurance Group (LSE:SBRE) delivered solid premium growth during the opening months of 2026, with total gross written premiums increasing more than 15% to £76.3 million over the first four months of the year. Growth was led by the motor insurance division, where premiums rose 18%, while motorcycle premiums climbed almost 48%, supported in part by the continued rollout of the company’s Sabre Direct offering. Taxi insurance premiums declined as management continued to avoid segments of the market considered commercially unattractive.

The insurer said its competitive position strengthened after it updated claims inflation assumptions toward the end of 2025, helping maintain written margins within its target range of 18% to 22%. Management added that market conditions remain competitive but are showing signs of stabilisation.

Sabre reiterated its full-year expectations, forecasting continued premium expansion and profits slightly ahead of 2025 levels. The company said its outlook is supported by disciplined pricing, a strong solvency position following dividend payments and claims inflation trends that remain in the mid-single-digit range.

The group also noted it remains prepared to adjust pricing if geopolitical developments lead to increased claims costs or wider inflationary pressures. Meanwhile, progress continues under its Ambition 2030 strategy, which includes enhancements to pricing capabilities and the expansion of Sabre Direct. Management expects the programme to begin delivering more meaningful benefits from 2027 onwards.

Sabre said its outlook continues to be supported by a strong balance sheet with minimal leverage, improved earnings momentum and attractive valuation metrics, including a low price-to-earnings ratio and supportive dividend yield. Technical indicators remain broadly constructive, although the shares’ elevated RSI level suggests some potential for near-term overbought conditions.

More about Sabre Insurance Group plc

Sabre Insurance Group plc is a UK-based motor insurance underwriter specialising in motor vehicle, motorcycle and taxi insurance products. The company focuses on disciplined underwriting and profitability within competitive personal lines markets, supported by strong capital reserves and ongoing investment in pricing sophistication through its Ambition 2030 strategy.

Haydale (LSE:HAYD) has confirmed it is engaged in discussions regarding a proposed commercial distribution agreement linked to SaveMoneyCutCarbon (SMCC), its embedded B2B go-to-market platform, following an announcement made by Sabien Technology Group. The company said Sabien’s statement reinforces confidence in SMCC’s ability to support nationwide deployment and aligns with Haydale’s wider strategy to scale decarbonisation technologies across the built environment.

Negotiations between Haydale, Sabien and additional parties remain ongoing, with no legally binding agreements finalised at this point. The group indicated that any future arrangement could help broaden the distribution footprint for its energy- and water-efficiency solutions, although the eventual financial and operational implications cannot yet be determined until detailed commercial terms are agreed and formally disclosed.

Haydale’s broader outlook continues to be shaped by weak underlying financial performance, including a sharp decline in revenue, substantial losses, continued cash outflows and a thinner equity base alongside increased leverage. Market sentiment has also been affected by negative technical indicators, with the shares remaining under pressure amid persistent downtrends and weak momentum. In addition, valuation metrics remain constrained due to negative earnings and the absence of dividend support.

More about Haydale Graphene

Haydale plc is an advanced materials and clean-technology business focused on deploying energy- and water-efficient technologies at scale. Through its proprietary HDPlas graphene platform, the company develops patented graphene-enhanced products designed to improve energy efficiency, reduce water consumption and lower carbon emissions. Its commercial activities are supported by the SaveMoneyCutCarbon platform and partnerships with UK banks and utility providers.

Metals One (LSE:MET1) has reported further progress at NovaCore Uranium Inc., the U.S.-based uranium developer in which it currently holds a 35% interest. NovaCore is focused on the Red Basin Uranium Project in New Mexico, where both historical exploration data and more recent surveys have pointed to the potential for sizeable U₃O₈ resources.

NovaCore has now launched a minimum US$1.25 million pre-IPO fundraising at US$1.00 per share, valuing the business at approximately US$6.7 million on a pre-money basis. The valuation represents a notable increase from Metals One’s original investment entry point and, following completion of the financing, the AIM-listed company is expected to retain an interest of around 29.5%.

The capital raise, which is being supported by specialist investors focused on the resource sector, will finance pre-drilling activities through 2026. Planned work includes permitting, field mapping, assay analysis and advanced radiometric surveying ahead of a proposed stock market listing targeted for the third quarter of 2026. NovaCore also intends to begin its maiden drilling campaign shortly after the anticipated listing.

Executives at both companies described the Red Basin asset as a potentially significant uranium development opportunity located within a favourable U.S. mining jurisdiction. Metals One said the investment offers shareholders exposure to the strengthening uranium market, supported by growing global nuclear energy ambitions and increasing demand for reliable low-carbon baseload electricity generation.

More about Metals One PLC

Metals One Plc is a metals exploration and project development company with a portfolio of operated assets and minority investments across several jurisdictions. The group is focused primarily on uranium projects in North America and gold opportunities in South Africa. Its shares are listed on London’s AIM market under the ticker MET1 and also trade on the U.S. OTCQB market as MTOPF.

Tharisa (LSE:THS) delivered a strong improvement in financial performance for the six months ended 31 March 2026, with revenue increasing 28% to US$359.4 million and EBITDA rising sharply to US$104.3 million. Net profit after tax more than doubled to US$46.6 million, while earnings per share advanced to 15.8 US cents. The group also generated robust operating cash flow of US$96.4 million and invested US$103.5 million in capital expenditure, including ongoing development work at the Karo Platinum project.

The mining group said its operations maintained an exemplary safety record, reporting negligible lost time injury rates across its major assets. Tharisa added that expanded underground development activities at the Tharisa Mine, alongside continued progress at Karo Platinum, reinforce its long-term growth ambitions and multi-generational mining strategy. Supported by the stronger trading backdrop and confidence in the business outlook, the board approved an increased interim dividend of 2.5 US cents per share. The company also confirmed it has until 31 December 2026 to comply with updated JSE governance requirements that disallow an executive chairperson structure.

More about Tharisa

Tharisa is a vertically integrated mining company focused on platinum group metals and chrome concentrates. Its core assets include the Tharisa Mine in South Africa and the Karo Platinum project in Zimbabwe, both of which are geared towards supplying critical minerals used in stainless steel manufacturing, emissions reduction technologies and the global energy transition.

Elon Musk’s SpaceX has officially outlined plans to float on the US stock market, giving public investors the opportunity to buy and trade shares in the aerospace giant.

The company develops rockets, operates the Starlink satellite broadband network, and also controls Musk’s controversial artificial intelligence business xAI.

Trading under the ticker symbol SPCX, the initial public offering (IPO) is expected to become the largest listing ever seen on Wall Street and could launch as early as next month.

The deal could also push Musk — already the world’s richest individual — into trillionaire territory due to the size of his stake in SpaceX.

SpaceX has placed its valuation at around $1.25tn, meaning Musk’s controlling ownership could be worth upwards of $600bn.

Last year, the Tesla chief became the first person in history to surpass a personal fortune of $500bn.

A successful public debut for SpaceX could now lift his overall wealth above the $1tn threshold.

IPO filing exposes SpaceX financial performance

The filing gives investors one of the most detailed snapshots yet of SpaceX’s finances.

In 2025, Space Exploration Technologies — the company’s formal corporate name — generated revenue of $18.6bn (£13.8bn) while recording a net loss of $4.9bn.

During the first quarter of this year, the business reported sales of $4.7bn but posted another net loss, this time totaling $4.3bn.

Company filings show total assets of $102bn, including rockets, launch systems, and equipment, alongside debt liabilities of $60.5bn.

Ruth Foxe-Blader, managing partner at US venture capital firm Citrine Venture Partners, told the BBC “it’s not shocking for a project like this to be loss making, even at the point of IPO”.

She added that the anticipated flotation remained “extremely exciting”.

“SpaceX is just an absolutely sprawling, enormous project with so many different selling points, and so many points that really point to the future.”

Legal disputes and mounting scrutiny

SpaceX disclosed that it expects to incur more than half a billion dollars in legal expenses tied to numerous active claims and lawsuits.

Among the cases are “multiple lawsuits” accusing Grok — the chatbot created by xAI — of being used to generate sexualized deepfakes involving real women and girls.

Musk has previously stated that he intends to fold xAI into SpaceX and continue his artificial intelligence ambitions under the aerospace company.

The group also owns X, the social media platform formerly known as Twitter, which Musk acquired in 2022.

Other legal matters outlined in the IPO filing include patent infringement allegations, accusations related to noncompliance with European Union content moderation rules, music copyright claims, and lawsuits tied to data breaches.

AI expansion and OpenAI rivalry

The filing also disclosed financial details surrounding a newly signed partnership between SpaceX and AI rival Anthropic, the developer behind Claude.

Under the agreement, Anthropic will pay $15bn annually for access to data centres located in the southern United States that support Musk’s xAI operations, which were recently brought under SpaceX ownership.

Despite controversy surrounding Musk’s AI ventures, SpaceX’s launch operations and Starlink business continue to dominate their sectors, maintaining a sizable advantage over rivals.

The IPO filing was released just days after Musk lost a closely watched legal fight against OpenAI and chief executive Sam Altman.

Musk had alleged that Altman breached a non-profit agreement by turning the ChatGPT creator into a commercial business after Musk had contributed millions of dollars in funding.

Jurors unanimously rejected the claims, ruling that Musk waited too long to file his 2024 lawsuit and that the legal deadline had expired.

During the proceedings, Musk acknowledged that xAI remained much smaller than OpenAI, which is also widely expected to pursue a public listing in the near future.

Political backlash and safety concerns

SpaceX is preparing for another launch of its Starship mega rocket later this week, although the company has also faced criticism over worker safety conditions at several sites.

Musk himself has attracted criticism for his right-wing political views and his close ties to US President Donald Trump, whom he accompanied on a visit to China last week.

The testing programme was designed to determine the most effective processing approach for a planned 50tpd carbon-in-leach gold plant, while also evaluating options for future expansion.

Kavango Resources (LSE:KAV) has completed a metallurgical testing programme on ore samples taken from the Hillside Gold Project in Zimbabwe, delivering encouraging results for the proposed processing operation.

The programme focused on identifying optimal processing parameters and plant design specifications for a 50-tonnes-per-day carbon-in-leach (CIL) gold plant currently under development, with additional consideration given to potential future upgrades in capacity.

Testing across different blends of Nightshift and Bill’s Luck ore produced strong metallurgical recovery rates, with laboratory recoveries exceeding 95% and expected operational recoveries estimated at between 90% and 93%.

Results showed that gold from the Nightshift deposit was entirely non-refractory, while ore from Bill’s Luck contained 91% free-milling gold.

Further analysis identified very limited coarse gold content and low concentrations of elements such as native carbon minerals, copper and zinc, which can negatively impact gold recovery as “gold robbers”.

The programme also included gravity recovery testing using centrifugal concentrators, with recoveries ranging from 50% to 90%.

Gold concentrates were found to be suitable for standard intensive leach processing technologies, delivering recoveries of up to 98% after 24 hours.

According to the company, reagent usage and energy consumption remained within standard operating ranges throughout the testwork.

Kavango carried out the programme alongside Solo Resources and Maelgwyn Mineral Services, while SGS South Africa completed mineralogical analysis and assessments under ISO and South African National Accreditation System-accredited standards.

Eight composite ore blends were prepared to reflect the anticipated feed material for both the 50tpd processing plant currently under construction and a proposed future upgrade to 250tpd capacity.

Among the samples tested, composites C and D achieved laboratory recovery rates of 97% and 96%, respectively.

Gravity recoverable gold testing using three-stage and five-stage processes determined that an optimal grind size of 75 microns delivered the best performance.

The company also completed intensive leach reactor testing in preparation for the possible addition of an elution circuit, with results demonstrating strong leaching efficiency.

Kavango Resources interim CEO Peter Wynter Bee said: “The team is extremely encouraged by these excellent metallurgical testwork results. All processing parameters are considered to be within a normal range, with no excess grinding or reagent consumption requirements.

“This gives us the confidence to continue building the resource base at our Hillside projects, with the goal of increasing gold production via future increases in processing capacity.”

More about Kavango Resources

Kavango Resources is a mining exploration and development company focused on projects in Zimbabwe and Botswana. The company is advancing gold exploration and production initiatives at the Hillside Gold Project while also pursuing opportunities in base and precious metals across southern Africa.