Author: Fiona Craig

Panther Metals Plc (LSE:PALM) has appointed US-based Extrakt Process Solutions to undertake a phased metallurgical testwork programme at its Winston Tailings Project in Ontario. The work represents an important step toward obtaining a Recovery of Minerals Permit and advancing the project toward a potential cash-generating operation.

Phase 1 of the programme will focus on analysing tailings material from the historic Winston Lake Mine, producing baseline recovery data for a range of metals including gold, gallium, indium, silver, zinc, copper and cobalt. The results are expected to underpin an upcoming mineral resource estimate by SRK Consulting and help demonstrate the economic viability of reprocessing historic tailings. Management said successful reprocessing could unlock residual metal value while also contributing to environmental remediation at the site.

The Winston initiative forms part of Panther Metals’ wider growth strategy in Canada. Alongside the tailings project, the company continues to advance its Obonga volcanogenic massive sulphide and critical minerals district, as well as the Dotted Lake gold project near the Hemlo mining camp. Both assets have recently seen progress on permitting and drilling, strengthening Panther’s exploration pipeline and longer-term development potential.

Despite these operational advances, Panther Metals’ outlook remains constrained by its early-stage financial profile, with no current revenue, ongoing losses and negative cash flow. These factors are partly mitigated by a relatively low level of balance sheet leverage. Technical indicators are broadly supportive, but valuation support is limited in the absence of earnings and dividend payments.

More about Panther Metals Plc

Panther Metals Plc is a London-listed exploration company focused on gold, base metals and critical minerals in Canada, primarily within mining-friendly regions of Ontario. Its asset base includes the Winston Tailings Project, which targets metal recovery from historic mine waste, the Obonga Project in the Obonga Greenstone Belt with VMS and critical mineral potential, and the Dotted Lake gold project located near Barrick Gold’s Hemlo mine.

Henry Boot (LSE:BOOT) said its land promotion business, Hallam Land, has completed the disposal of a freehold site in Swindon to national housebuilder Vistry. The site benefits from detailed planning consent for 366 new homes and achieved an ungeared internal rate of return of 9.2%, contributing to Hallam Land exceeding its 2025 full-year sales target.

The transaction formed the second phase of the wider South Marston strategic scheme, where Hallam Land and its partners have already secured outline planning permission for up to 2,380 homes alongside extensive community infrastructure. Following the Swindon sale, 304 residential plots remain under Hallam Land’s control for future disposal. In total, the business recorded a new annual high of 3,957 residential plot sales, highlighting continued demand from housebuilders for consented land.

Management said the deal positions Henry Boot to benefit from ongoing UK planning reforms designed to speed up housing delivery, while reinforcing the group’s ability to unlock value from its strategic land portfolio. The group’s outlook is supported by a strong balance sheet and an attractive valuation, with recent corporate activity adding to confidence in its longer-term growth strategy.

These positives are tempered by weaker technical indicators, which point to limited share price momentum, as well as challenges in driving sustained revenue and profit growth. In addition, the lack of recent earnings call commentary restricts visibility into management’s near-term outlook.

More about Henry Boot

Henry Boot is a UK-based land, property development and homebuilding group operating across a number of specialist businesses, including Hallam Land, HBD, Stonebridge Homes, Banner Plant and Road Link. Listed on the London Stock Exchange since 1919, the group employs more than 400 people and focuses on residential, industrial and logistics, and urban development. Hallam Land manages one of the UK’s largest strategic land portfolios, while HBD oversees a development pipeline valued at around £1.3 billion across the country.

Phoenix Spree Deutschland Limited (LSE:PSDL) reported condominium sales of €36 million in 2025, comfortably exceeding its €30 million target. The year included a record December, with average achieved prices of €4,132 per square metre coming in above balance sheet carrying values. Management said demand has remained resilient, particularly for vacant apartments, underscoring continued buyer appetite despite a challenging market backdrop.

Following the completion of a full refinancing of its debt and the expansion of its broker network, the group plans to further build its condominium sales pipeline. It is targeting at least €55 million of notarisations in 2026 as part of this effort. From next year, Phoenix Spree Deutschland also intends to begin returning capital to shareholders through compulsory pro-rata redemptions, funded from net proceeds of asset disposals. The move represents a significant milestone in the execution of its managed wind-down and realisation strategy.

The company’s overall outlook continues to be constrained by weak historical financial performance, including several years of losses, uneven revenue trends and a balance sheet that has gradually softened. These factors are partially offset by a recent improvement in free cash flow. Share price technicals are moderately supportive, showing a mild upward trend with broadly neutral momentum, while valuation metrics remain difficult to assess due to the absence of meaningful P/E and dividend yield data.

More about Phoenix Spree Deutschland Ltd

Phoenix Spree Deutschland Limited is a Jersey-incorporated, closed-ended investment company listed on the premium segment of the Official List and the Main Market of the London Stock Exchange. The company invests in German residential property, spanning condominiums and private rented sector assets, and is currently focused on an orderly wind-down and managed realisation process aimed at returning capital to shareholders over time.

Ramsdens Holdings (LSE:RFX) said chief executive Peter Kenyon and chief financial officer Martin Clyburn will host a live online investor presentation on 15 January 2026, following the release of the group’s annual results on 14 January 2026. The presentation will be delivered via the Investor Meet Company platform and will be open to both existing and potential shareholders.

The session is intended to strengthen engagement with the investment community, giving participants the opportunity to submit questions either ahead of time or during the live event. Management said the initiative reflects Ramsdens’ commitment to open communication as it continues to grow its diversified financial services and retail business.

From an outlook perspective, Ramsdens is underpinned by robust financial performance, with solid revenue growth and disciplined cash flow management supporting confidence in the business. This is partly offset by negative technical indicators, which point to bearish share price momentum. Valuation metrics provide some balance, with the shares trading on a relatively low price-to-earnings multiple and offering a reasonable dividend yield.

More about Ramsdens Holdings

Ramsdens Holdings is a diversified UK-based financial services provider and retailer operating across four core areas: foreign currency exchange, pawnbroking, precious metals buying and selling, and the sale of both pre-owned and new jewellery. Headquartered in Middlesbrough, the fully FCA-authorised group runs around 170 stores nationwide alongside a growing online platform and does not provide unsecured high-cost short-term credit.

Great Portland Estates plc (LSE:GPE) has strengthened its West End presence through the £51 million acquisition of a 155-year leasehold interest in 10 South Crescent, WC1. The 72,605 sq ft office and retail property is located close to Tottenham Court Road’s Elizabeth line station and is currently fully let to a single occupier for a further four years at a rent well below prevailing market levels.

GPE plans to reposition the building into a high-quality, low-carbon headquarters and retail destination, with upgraded amenities and new roof terraces. The asset offers meaningful rental upside, with nearby transactions reported at rents exceeding £125 per sq ft compared with the property’s current passing rent of around £67 per sq ft. Acquired at a net yield of 6.8%, the yield is expected to rise to approximately 7.1% once the vacant retail space is leased.

The transaction aligns with GPE’s strategy of targeting value-add opportunities within its core West End market. It marks the sixth such acquisition completed since the company’s 2024 rights issue, taking the estimated total capital committed to these projects to around £440 million. Management noted that these investments have been secured at a significant discount to replacement cost, reflecting confidence in long-term demand for well-located central London offices and the potential to generate shareholder value through active asset management.

Looking ahead, Great Portland Estates’ prospects are supported by constructive guidance from recent earnings updates and ongoing strategic activity. However, this is tempered by concerns around cash flow performance and largely neutral technical indicators. While the shares appear undervalued, broader economic headwinds remain an important factor for investors to consider.

More about Great Portland Estates plc R.E.I.T.

Great Portland Estates plc (GPE) is a UK real estate investment trust focused on the ownership, management and repositioning of prime office and retail properties in central London, particularly within the West End. The group’s portfolio centres on Grade A headquarters buildings and managed workspace in amenity-rich locations, with a strong emphasis on refurbishment and decarbonisation to meet evolving occupier requirements.

Intuitive Investments Group (LSE:IIG) said its core portfolio company, Hui10, has entered into a landmark agreement with China Financial Certification Authority (CFCA), the state-backed digital certification body under China UnionPay. The partnership will see Hui10’s patented technology embedded into CFCA’s infrastructure as part of a provincial-level pilot programme for paperless lottery participation, with the project designed as a precursor to a potential nationwide rollout across China.

The agreement formalises Hui10’s collaboration with a Ministry of Finance–approved institution to jointly develop secure digital standards covering lottery ticket issuance, prize redemption and automated tax settlement. These processes will be enabled through UnionPay-certified point-of-sale terminals, further integrating Hui10’s platform into China’s core payments and financial systems and strengthening its role in the ongoing modernisation of the country’s lottery sector.

In parallel, the deal activates the first £5 million equity tranche under Hui10’s existing Helikon Investment Agreement, which values the business at £200 million. Intuitive Investments expects to raise up to an additional £15 million on identical terms. Management has indicated that completion of this funding, together with potential future Helikon commitments, should be sufficient to support Hui10’s growth strategy without the need for further capital injections.

From a market perspective, Intuitive Investments’ outlook continues to be weighed down by weak financial metrics, including ongoing losses, negative cash flow and valuation indicators such as a negative price-to-earnings ratio. These pressures are partially offset by constructive technical signals, with the share price trading above key moving averages and a positive MACD, alongside supportive corporate developments linked to Hui10’s financing and strategic partnerships.

More about Intuitive Investments Group Plc

Intuitive Investments Group plc (IIG) is an investment company providing shareholders with exposure to a portfolio of high-growth businesses across the UK, Europe, the US and the Asia-Pacific region. Its principal investment, Hui10 Inc., is a technology company focused on digitising China’s lottery market. Hui10 integrates its platform with UnionPay’s national payments network to broaden lottery participation and deliver omnichannel retail and anti-counterfeiting solutions to around 200,000 lottery-only outlets through its Lucky World and Lottery HongBao products.

Airbus SE (EU:AIR) delivered a total of 793 aircraft in 2025, according to multiple media reports, meeting the manufacturer’s revised full-year delivery objective.

The European planemaker had trimmed its target last month to “around 790” jets from an earlier goal of roughly 820 aircraft after encountering production disruptions linked to fuselage panel issues at a Spanish supplier.

The final tally indicates Airbus was able to work through those supply chain constraints that forced the downgrade in expectations.

Toward the end of the year, Airbus stepped up its delivery pace. Reports from December suggested the company had handed over about 90 commercial aircraft in the early part of the month, with a further 35 deliveries planned before the close of the year.

That end-of-year push marked an unusually intense effort, with December deliveries nearly doubling November’s total to ensure Airbus reached its adjusted annual target.

Bitcoin (COIN:BTCUSD) advanced on Monday, moving in step with a broader rebound in technology stocks, though upside remained constrained as markets assessed the fallout from the U.S. military action in Venezuela.

Investors are also looking ahead to a busy week of economic data, with U.S. nonfarm payrolls for December in sharp focus. By 01:33 ET, Bitcoin was trading 1.1% higher at $92,264.5.

The world’s largest cryptocurrency drew support from strength in tech shares, which it often mirrors, as optimism around artificial intelligence continued to underpin sentiment. Other digital assets also edged higher. Even so, Bitcoin is still clawing back losses after ending 2025 down 6.4%, as enthusiasm for the sector faded in the second half of the year amid mounting questions about its longer-term outlook.

Venezuela fallout in focus after U.S. captures Maduro

Gains across Bitcoin and the wider crypto market were tempered by caution surrounding the aftermath of the U.S. strike on Venezuela, which resulted in the capture of President Nicolas Maduro. Footage showed Maduro being held in New York, where he is expected to face legal proceedings in a U.S. court.

U.S. President Donald Trump said Washington would “run” Venezuela until a new leader is elected, and added that the country’s oil industry would be opened to foreign participation.

International reaction has been mixed. Several Latin American nations criticised the move, alongside Russia and China. Adding to the uncertainty, Trump warned of possible similar action against Colombia and Cuba, and also raised the prospect of steps involving Iran.

The operation in Venezuela increased demand for traditional safe havens, with both gold and the U.S. dollar seeing strong buying interest.

Bitcoin works through 2025 losses

Bitcoin’s early-2026 recovery has been partly driven by bargain hunting following its 6.4% decline in 2025.

Although the cryptocurrency notched multiple record highs last year amid expectations of a more supportive regulatory backdrop under the Trump administration, momentum faded toward year-end. Sentiment weakened as concerns grew over the long-term viability of Bitcoin-focused treasury firms such as Strategy, particularly after the company was excluded from a major U.S. equity index.

Investor confidence was also shaken by a sharp flash crash in October, while institutional inflows into crypto funds appeared to slow in the final months of the year.

Crypto prices today: altcoins edge higher

Elsewhere in the crypto market, prices posted modest gains in line with Bitcoin.

Ether, the second-largest cryptocurrency, was little changed at $3,144.41, while XRP climbed 2.1%. BNB rose 1%, and both Solana and Cardano gained less than 1%.

Among meme tokens, Dogecoin slipped 0.4%, while $TRUMP added 0.6%.

Gold and silver prices pushed sharply higher as investors returned to safe-haven assets following the U.S. operation that led to the detention of Venezuelan President Nicolás Maduro over the weekend, intensifying geopolitical uncertainty.

Spot gold rose more than 2% to $4,431 an ounce, while February futures advanced to $4,442, their highest level since December 29. The rally extends gold’s strong momentum into 2026 after a gain of over 60% in 2025, a year in which the metal set a record high of $4,549.71 an ounce—its strongest annual performance since 1979—despite heavy profit-taking late in the year.

Silver posted even stronger gains, with spot prices jumping 4% to $75.83 an ounce and futures touching $75.96. The metal significantly outperformed gold in 2025, surging more than 130% after starting the year near $24 an ounce.

U.S. President Donald Trump said the United States plans to “govern” Venezuela following Maduro’s removal, leaving uncertainty over the country’s political direction. Trump added that Washington is seeking “total access” to the country, including its oil reserves.

Nicky Shiels, head of metals research and strategy at MKS Pamp, said investors are likely to favour assets viewed as lower risk in the current climate. She noted that “the ouster of the Venezuelan president is likely to accelerate demand for gold from non-Western central banks.”

Shiels also questioned the fate of around 31 tonnes of Venezuelan gold stored in the Bank of England’s vaults. British courts have previously rejected Maduro’s requests for the release of the gold after the UK deemed his presidency illegitimate.

The developments “have reinforced an environment of geopolitical uncertainty,” said Christopher Wong, an analyst at Oversea-Chinese Banking Corp. in Singapore. However, he added that near-term risks appear limited, as “developments in Venezuela point to a relatively rapid closure, rather than a protracted military conflict.”

Oil prices edged lower on Monday as the global market’s ample supply helped cushion concerns stemming from political turmoil in Venezuela, despite the U.S. detention of President Nicolas Maduro in the country with the world’s largest proven crude reserves.

Brent crude futures were down 23 cents, or 0.4%, at $60.52 a barrel by 09:40 GMT, while U.S. West Texas Intermediate crude fell 21 cents, also 0.4%, to $57.11 a barrel.

Trading was volatile in early Asian hours as investors digested developments in Venezuela—an OPEC member whose oil exports have been constrained by U.S. sanctions—and weighed the potential consequences for global supply.

U.S. President Donald Trump said Washington would assume control of the country and confirmed that the embargo on Venezuelan oil would remain in place after Maduro was detained and transferred to a New York jail on Sunday.

Analysts noted that, in a market already well supplied, any additional disruption to Venezuelan exports is unlikely to have a meaningful short-term impact on prices. Venezuela’s oil production has steadily declined over the past two decades due to mismanagement and a lack of foreign investment following the nationalisation of the industry in the early 2000s. Output averaged about 1.1 million barrels per day last year, representing roughly 1% of global supply.

Kazuhiko Fuji, a consulting fellow at Japan’s Research Institute of Economy, Trade and Industry, also pointed out that U.S. strikes had not damaged Venezuela’s oil infrastructure. “Even if Venezuelan exports are temporarily disrupted, over 80% are destined for China, which has built up ample reserves,” Fuji said.

Venezuela’s acting president said on Sunday that the country was willing to work with the United States. “This reduces the risk for an extended embargo on Venezuelan oil exports with oil potentially flowing freely out of Venezuela in not too long,” SEB analysts said.

Trump also raised the prospect of further U.S. intervention, suggesting Colombia and Mexico could face military action if they fail to curb illicit drug flows. Separately, analysts are monitoring Iran’s response after Trump threatened on Friday to intervene in a crackdown on protests in the OPEC producer.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies agreed over the weekend to keep output levels unchanged, reinforcing expectations of a well-supplied oil market.