Author: Fiona Craig

Rockfire Resources (LSE:ROCK) has provided an update on drilling activity at its wholly owned Molaoi zinc project in Greece, where the company is working to upgrade the deposit’s resource classification from Inferred to Indicated status. The latest drill hole, HMO-016, intersected several narrow but high-grade zones containing zinc, lead, and silver mineralisation at depth.

According to management, portable XRF readings from the latest drilling included one of the strongest zinc grades recorded at the project to date. The new results also indicate that the main mineralised structure may steepen significantly at depth, potentially transitioning into a near-vertical feeder zone associated with higher-grade mineralisation.

Rockfire said this interpretation could have important implications for future underground mining, as a steeper geometry may allow for simpler, safer, and more cost-effective extraction methods. To accelerate exploration progress, the company has also ordered its own drilling rig, reinforcing its commitment to advancing Molaoi as a strategically important base metals and critical minerals project.

The company’s outlook remains weighed down by weak financial performance, including the absence of revenue, continuing losses, and negative free cash flow. These pressures are partly offset by Rockfire’s debt-free balance sheet and signs of improving operating cash flow. Technical indicators remain supportive and contribute positively to sentiment, while valuation metrics continue to be constrained by a negative price-to-earnings ratio and the lack of dividend information.

More About Rockfire Resources PLC

Rockfire Resources is a London-listed exploration company focused on gold, base metals, and critical minerals. Its flagship asset is the high-grade zinc, lead, silver, and germanium deposit at Molaoi in Greece. The company also holds a portfolio of gold, copper, and silver projects in Queensland, Australia, including the Plateau deposit and the historic Marengo goldfield, both of which are subject to farm-in agreements with ASX-listed partners.

Victrex (LSE:VCT) reported a modest 1% increase in interim revenue to £147.1 million, supported by a 6% rise in sales volumes. However, underlying pre-tax profit declined 18% to £19 million as margins came under pressure from a weaker product mix, competitive pricing conditions, and adverse currency movements. Medical segment revenue also fell 9%, impacted by the timing of customer orders and pricing pressures.

The company posted a reported pre-tax loss of £44 million following a £60.6 million non-cash impairment charge linked to its manufacturing facility in China. Despite the weaker profitability, Victrex maintained its interim dividend at the previous level, while net debt increased slightly during the period. Management noted stronger trading conditions in the second quarter alongside resilient demand across sustainable solutions and industrial end markets.

Chief executive James Routh said the company’s profit improvement programme is progressing, including plans for an approximate 10% reduction in central function headcount, portfolio simplification measures, and the implementation of a revised operating model. Victrex expects these initiatives to generate at least £10 million in annual cost savings by FY2027, with some benefits anticipated from late 2026 onward.

The company also confirmed plans for a capital markets day in September, where management intends to present an updated strategy and refreshed leadership structure. Victrex continues to guide for full-year underlying pre-tax profit in the range of £42 million to £44 million as it works to improve profitability and strengthen execution within an increasingly competitive PEEK materials market.

Victrex’s broader outlook remains supported by a relatively stable balance sheet, characterised by strong equity levels and low leverage. Technical indicators currently suggest positive short-term momentum, while valuation metrics are aided by a comparatively high dividend yield. However, softer revenue growth, weaker profitability trends, and concerns raised during recent earnings discussions continue to weigh on sentiment.

More About Victrex

Victrex is a UK-based specialist in high-performance polymer solutions, with a focus on PEEK and PAEK materials used across industries including automotive, aerospace, electronics, energy, industrial manufacturing, and medical devices. Its advanced polymer technologies are incorporated into products ranging from smartphones and vehicles to aircraft components and medical implants, supporting a diversified and innovation-driven industrial portfolio.

Renew Holdings’ (LSE:RNWH) subsidiary Excalon Limited has acquired PWR-X Ltd, a specialist cable jointing contractor serving the power sector, for £1.1 million on a cash- and debt-free basis. The acquisition was initially financed through £0.75 million drawn from existing banking facilities and is intended to enhance Excalon’s technical capabilities within the high-voltage electricity market.

The addition of PWR-X is expected to strengthen Renew’s service offering across the UK power infrastructure sector by adding specialist expertise in cable jointing and related services. The company said the deal aligns with its broader strategy of expanding its presence in regulated and non-discretionary infrastructure markets, where long-term investment demand remains supported.

Renew also indicated that it continues to evaluate a wider pipeline of acquisition opportunities, reinforcing its consolidation-led growth strategy within the critical infrastructure engineering services sector.

The company’s outlook remains supported by strong financial performance, including consistent revenue growth and disciplined cash management, which continue to underpin investor confidence. While technical indicators suggest some short-term share price weakness, there remains potential for recovery momentum. Valuation metrics appear broadly reasonable, with the stock viewed as fairly valued and supported by a moderate dividend yield. The lack of recent earnings call or major corporate event data had little effect on the overall assessment.

More About Renew Holdings plc

Renew Holdings plc is a UK engineering services group focused on maintaining and renewing essential national infrastructure. Operating through a portfolio of independently branded subsidiaries, the company provides maintenance and renewal services across regulated sectors including rail, infrastructure, energy, environmental services, wind power, and nuclear. Its business model is supported by long-term funding visibility tied to non-discretionary infrastructure spending.

Kendrick Resources (LSE:KEN) has announced a significant development at its Teufelskuppe rare earth project in southwest Namibia, where updated volumetric modelling and a high-resolution digital elevation survey have outlined approximately 14 million tonnes of high-grade, near-surface carbonatite mineralisation.

According to the company’s internal non-JORC estimate, supported by bulk density measurements, the exposed mineralisation carries total rare earth oxide (TREO) grades ranging from 2.2% to 7.06%. Kendrick said the results position Teufelskuppe among the highest-grade rare earth projects globally, with the added advantage of clearly visible and easily accessible mineralisation that could reduce geological and development risk.

Management noted that the current estimate relates only to the exposed surface component of the mineralised system. Previous drilling has already confirmed significant mineralisation extending at depth, indicating potential for further resource expansion. The company also highlighted nearby Kieshöhe as a prospective area that may host even larger open-pittable mineralised volumes.

Kendrick is continuing diamond drilling and channel sampling programmes at Teufelskuppe with the aim of converting both surface and subsurface mineralisation into a JORC-compliant resource estimate. The company believes ongoing exploration success could strengthen its position within the global rare earths market.

Kendrick’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, recurring losses, negative cash flow, and a significantly weakened 2025 balance sheet marked by negative equity and a sharp reduction in assets. While technical indicators remain comparatively positive, with the shares trading above major moving averages and maintaining supportive momentum, these factors are outweighed by the financial and valuation risks associated with the company’s ongoing losses and negative price-to-earnings ratio.

More About Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on advancing resource projects primarily across southern Africa. The company is currently developing the Bonya rare earth project in Namibia alongside the Blue Fox licence in northwest Zambia, with a strategy centred on progressing assets toward production or value-generating transactions.

Compass Group (LSE:CPG) delivered strong first-half results for 2026, with revenue increasing 9% on a constant-currency basis to $25 billion and underlying operating profit rising 12%. The company’s underlying operating margin improved to 7.4%, supported by solid organic growth and continued operational efficiencies.

Organic revenue advanced 7.2%, driven by a client retention rate of 96% and $4.1 billion in new business wins, around half of which came from first-time outsourcing contracts. Underlying earnings per share also rose 12%, while free cash flow reached $825 million, enabling the company to raise its interim dividend by 13%.

Compass is continuing to invest heavily in expansion initiatives aimed at strengthening its competitive position. During the period, the group completed $2.3 billion in acquisitions and invested a further $0.8 billion in capital expenditure. Recent deals included the integration of Dutch premium food operator Vermaat and the acquisition of German procurement specialist Pro Care Management, moves designed to expand Compass’s presence and capabilities across Europe.

Following the strong first-half performance, management upgraded its guidance for 2026 and now expects underlying operating profit growth of more than 11%. The forecast is based on approximately 7% organic revenue growth, an additional 2% contribution from acquisitions, and ongoing margin expansion. The company said the updated outlook reflects confidence that profit growth will continue to outpace revenue growth over the medium term, despite leverage temporarily increasing to 1.7 times EBITDA.

Compass’s outlook remains supported by robust financial performance and positive management commentary highlighting strong profit momentum and operational discipline. However, technical indicators currently point to weaker share price momentum, while valuation metrics suggest the stock trades at a relatively elevated level. Investors are also weighing the company’s conservative long-term growth assumptions and the short-term increase in leverage.

More About Compass

Compass Group PLC is a global provider of outsourced food services and support solutions, serving sectors including business and industry, healthcare, education, and leisure. The company operates through a decentralised and sector-focused business model, supported by significant purchasing scale and increasing use of data, technology, and artificial intelligence. Compass is targeting long-term structural growth in the global food services industry, which it expects to expand substantially over the coming decade.

Dekel Agri-Vision (LSE:DKL) delivered a strong operational update for April from its Ayenouan palm oil project in Côte d’Ivoire, with crude palm oil production rising 43.6% year on year to one of the strongest April outputs recorded by the operation. The company processed 47% more fresh fruit bunches during the month while maintaining a healthy extraction rate of 21.3%.

Crude palm oil sales volumes increased by 28.5%, with prices remaining resilient at €947 per tonne despite slightly weaker local market conditions. Palm kernel oil continued to make a significant contribution to earnings, as sales volumes more than doubled and prices stayed elevated at €1,306 per tonne, reflecting continued strong market demand.

At the company’s Tiebissou cashew processing facility, operations continued at full capacity following the plant’s restart in March. Dekel processed close to 700 tonnes of raw cashew nuts during April, while both sales volumes and pricing remained stable, supporting positive momentum across the group’s diversified agricultural operations.

Dekel Agri-Vision’s outlook continues to be influenced by weak financial performance and softer technical indicators, highlighting ongoing operational and market-related pressures. However, recent positive corporate developments provide some encouragement regarding future progress. Valuation metrics remain challenged due to the company’s negative profitability profile.

More About Dekel Agri-Vision

Dekel Agri-Vision is a West African agricultural company focused on sustainable multi-commodity operations in Côte d’Ivoire. Its portfolio includes the fully operational Ayenouan crude palm oil mill, which sources fruit from local smallholder farmers, as well as the Tiebissou cashew processing plant, where the company is continuing efforts to scale up production capacity.

Galantas Gold Corporation (LSE:GAL) has announced a brokered private placement aiming to raise up to $85 million through the issue of as many as 154,546,000 units priced at $0.55 each. Every unit will include one common share and one-half of a warrant, with each full warrant exercisable at $0.80 over a 24-month period.

The company has also granted the placement agent an option to issue up to an additional 27,273,000 units, which could generate a further $15 million in proceeds. Completion of the financing is targeted for 28 May 2026, subject to approval from the TSX Venture Exchange and other customary closing conditions.

Galantas said the proceeds will be used to support exploration and development activities at the Indiana Gold and Copper Project and the Andacollo Gold Project in Chile, alongside broader corporate and working capital requirements. The financing will include participation from company insiders, making it a related-party transaction under Canadian securities regulations. However, the company intends to rely on available exemptions due to the transaction’s limited size relative to its market capitalisation. Management said the fundraising reflects both the capital demands tied to advancing its Chilean asset portfolio and the ongoing backing of insiders.

More About Galantas Gold

Galantas Gold Corporation is a publicly listed precious metals exploration and development company focused on gold and copper projects in established mining jurisdictions. The group is advancing the Indiana Project in Chile and has entered into a definitive agreement to acquire the Andacollo Project, pursuing a strategy centred on disciplined capital deployment and the responsible development of high-quality mineral assets.

Grainger (LSE:GRI) has agreed an extension of £540 million in core banking facilities with lenders AIB, Barclays, HSBC, and NatWest, pushing maturities out to 2033 while also securing improved lending margins. The refinancing increases the company’s weighted average facility maturity, including extension options, to 4.6 years and is expected to generate annual finance cost savings of roughly £1 million.

The revised financing arrangements form part of Grainger’s broader deleveraging strategy, under which the company plans to reduce debt levels by between £300 million and £350 million by fiscal 2029. Management is targeting a loan-to-value ratio of 30% alongside net debt to EBITDA of eight times, measures intended to strengthen balance sheet resilience and preserve financial flexibility as the group continues expanding within the UK Build to Rent market.

Grainger’s investment outlook remains mixed, supported by strong profitability but offset by declines in revenue and cash flow generation. Technical indicators currently point to bearish momentum in the shares, although the company’s relatively attractive valuation and constructive earnings outlook help balance sentiment. Investors also continue to view Grainger’s long-term growth strategy and REIT conversion positively.

More About Grainger

Grainger plc is the UK’s largest listed residential landlord and one of the leading operators in the Build to Rent sector. The company focuses on professionally managed rental housing and aims to deliver long-term, income-driven growth through large-scale ownership and operation of residential rental properties across the UK.

Hamak Strategy Limited (LSE:HAMA) has announced initial reverse circulation drilling results from the Akoko oxide gold project in southwest Ghana, with the first four drill holes returning high-grade, shallow gold mineralisation. Highlights from the programme included intersections of 29.53 g/t gold over 4 metres and 3.15 g/t gold across 6 metres.

The company said the latest assay results support its geological interpretation of a deeply weathered oxide system containing broad, near-surface gold zones. The drilling forms part of a wider 72-hole, 4,125-metre campaign designed to convert a historical near-surface resource estimate of 252,000 ounces into a compliant mineral resource under current industry reporting standards. Management believes advancing the resource base could improve the project’s economic potential and help move Akoko closer toward development.

Hamak’s outlook continues to be shaped by weak financial fundamentals, including its pre-revenue status, recurring losses, ongoing cash burn, and increased leverage during 2025, all of which contribute to elevated funding risk. Technical indicators also remain under pressure, with the shares trading below key moving averages and showing a negative MACD signal. Valuation support remains limited given the company’s loss-making position, reflected in a negative price-to-earnings ratio and the absence of a dividend yield.

More About Hamak Gold Limited

Hamak Strategy Limited is a UK-listed company focused on gold exploration activities in West Africa, particularly in Ghana, while also pursuing a digital asset treasury management strategy. The company targets near-surface oxide gold deposits considered suitable for open-pit mining, combining exposure to traditional mineral exploration with interests in digital finance initiatives.