Author: Fiona Craig

Atalaya Mining (LSE:ATYM) has issued a follow-up statement addressing shareholder feedback from its June 2025 annual general meeting, where all resolutions were approved but four items linked to governance and executive pay attracted less than 80% support. The board said it had carefully considered the concerns raised by investors.

The company acknowledged questions around the historic meeting attendance of director Jesús Fernández and said he has committed to improving participation going forward. The board also recognised shareholder unease relating to legacy long-term incentive arrangements and a one-off transitional share award made to the chief executive.

Since the AGM, Atalaya said it has updated its remuneration framework and received strong support for a new Directors’ Remuneration Policy. Management expects this to translate into improved voting outcomes on future remuneration resolutions. The company added that no major shareholders have requested further engagement on the matter, indicating that the issues are largely resolved for the time being.

From a broader perspective, Atalaya Mining’s outlook continues to be underpinned by a solid financial recovery, supportive technical indicators and positive corporate developments. These factors strengthen its positioning within a constructive copper price environment, although historical share price volatility and relatively modest valuation metrics suggest a balanced, cautiously optimistic outlook.

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Atalaya Mining Copper, S.A. is a European copper producer that owns and operates the Proyecto Riotinto mining complex in southwest Spain. The group’s assets include the Cerro Colorado open-pit mine and a 15 million tonne-per-year processing plant, which serves as a central hub for ore from surrounding projects.

The company is listed on the Main Market of the London Stock Exchange and is a constituent of the FTSE 250. In addition to Proyecto Riotinto, Atalaya holds interests in Proyecto Masa Valverde, Proyecto Riotinto East, a phased earn-in to Proyecto Touro in northwest Spain, and a 99.9% stake in Proyecto Ossa Morena.

Plexus Holdings (LSE:POS) reported revenue of £4.48 million for the year ended 30 June 2025 and a pre-tax loss of £3.3 million, reflecting the absence of a one-off licence transaction recorded in the prior year and a planned investment phase to rebuild its rental wellhead fleet. The company said the period was also affected by softer market conditions and project delays in the UK North Sea, driven in part by ongoing uncertainty around the Energy Profits Levy.

Despite the challenging backdrop, Plexus completed a £9 million North Sea project and a £1.9 million plug-and-abandonment phase in the Dutch sector. During the year, the group raised £3.5 million in equity to expand its Exact rental fleet, finished the period with cash of £2.5 million and strengthened its balance sheet, supported by a new £2 million loan facility to enhance financial flexibility.

Operationally, the group is increasingly focused on overseas growth. A US$1 million Middle East gas exploration contract and a North American rental agreement are both expected to commence in the first quarter of 2026. Plexus has also established a business development presence in the UAE and secured a two-year framework agreement with a North Sea operator.

Management said these steps, alongside continued investment in research and development, retention of API Q1 accreditation and the ongoing strategic value of its POS-GRIP intellectual property and collaboration with SLB, are intended to underpin future rental-led revenue growth across offshore oil and gas, carbon capture and storage and geothermal markets.

From an investment standpoint, Plexus is seen to benefit from positive corporate developments and signs of financial recovery. However, the absence of dividends and a negative earnings multiple weigh on valuation, while revenue and cash flow volatility remain key factors to watch, despite technical indicators supporting a cautiously optimistic outlook.

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Plexus Holdings PLC is an AIM-listed wellhead services provider focused on offshore oil and gas markets. The company supplies jack-up and subsea wellhead equipment and rental services for exploration, intervention and plug-and-abandonment activities. Its proprietary POS-GRIP and Exact technologies support a range of production, subsea and decommissioning solutions across the North Sea, Middle East, North America and other international regions.

Costain Group (LSE:COST) has set out its reporting timetable for the year ended 31 December 2025. The company said it will publish a trading update on 26 January 2026, followed by the release of its full-year results on 10 March 2026.

The announcement provides clarity for investors as Costain continues to execute its strategy focused on delivering sustainable and resilient infrastructure solutions across key UK markets. Management said the schedule reflects its commitment to timely and transparent communication on financial performance.

From an outlook perspective, Costain benefits from a solid financial base, supportive technical indicators and positive corporate developments, including recent contract awards. These strengths are balanced against relatively modest margins and some pressure on cash flow efficiency. Overall, the shares appear fairly valued, with a constructive technical backdrop supporting a broadly positive assessment.

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Costain Group is a UK infrastructure solutions provider offering construction, consultancy, engineering and digital services across sectors including transport, water, energy and defence. The company focuses on developing connected and sustainable infrastructure that supports a more resilient and lower-carbon UK, working in partnership with customers and suppliers to address critical national requirements.

Arc Minerals (LSE:ARCM) has named existing non-executive director Rémy Welschinger as its new Chief Executive Officer, with the appointment set to take effect on 2 January 2026. As part of the change, Welschinger will move into an executive director position, while current Executive Chairman Nick von Schirnding will step into a non-executive chairman role on the same date.

The board reshuffle follows Arc’s recent actions to reassert control over what it describes as some of Africa’s most attractive copper exploration licences. The company said the leadership transition marks a strategic reset and reflects its intention to strengthen execution as it advances its copper-focused portfolio across the continent.

With a background in finance and commodities, Welschinger is expected to bring relevant experience to the role as Arc Minerals seeks to unlock value from its repositioned African copper assets.

More about Arc Minerals

Arc Minerals Ltd (LSE:ARCM) is a mineral exploration company focused primarily on copper projects in Africa. The group is working to advance a portfolio of exploration licences that it considers to be among the most prospective copper opportunities in the region.

Georgina Energy plc (LSE:GEX) has agreed a 24-month extension to its offtake memorandum of understanding with Halo Capital Investments Ltd, widening the scope of the arrangement to include all existing and future projects. The expanded coverage also takes in recently announced Central Petroleum acquisitions, including Mt Kitty, Dukas and Mahler, subject to completion.

Under the extended, non-exclusive MOU, Halo retains an option over 100% of helium, hydrogen and natural gas production. Halo would be responsible for funding and operating processing, storage, transportation and export infrastructure at its own cost, while also potentially providing prepayment and development finance. This structure allows Georgina to sell gas at the wellhead and limits its exposure to capital-intensive infrastructure requirements.

Alongside the offtake discussions, Georgina Energy said funding efforts are continuing for its priority Hussar and Mt Winter projects. Management said the extended agreement supports the company’s strategy to build scale across its helium and hydrogen portfolio and progress toward becoming a meaningful producer in these markets.

From an investment perspective, Georgina Energy continues to face material financial challenges, including ongoing losses and negative cash flow. While technical indicators point to broadly neutral momentum and recent strategic steps suggest longer-term growth potential, the company’s current financial position underpins a high-risk profile that warrants caution.

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Georgina Energy plc is an Australia-focused helium, hydrogen and natural resources development company seeking to establish itself as a leading global producer in these critical energy segments. Through its wholly owned subsidiary Westmarket Oil & Gas, the group holds onshore interests including the Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory, positioning it to benefit from tightening supply-demand dynamics in global hydrogen and helium markets.

Quantum Helium Limited (LSE:QHE) said it has received an independent resource assessment from Sproule ERCE confirming a 2U (best estimate) gross recoverable helium resource of 0.97 billion cubic feet (BCF) at its wholly owned Coyote Wash project in Colorado. When added to the previously certified 0.134 BCF at the nearby Sagebrush project, the company’s total independently verified 2U gross helium resources in Colorado now stand at 1.104 BCF.

The certification places Quantum Helium among the London market’s largest holders of independently assessed helium resources and implies a potential gross in-ground value of approximately US$331 million. In addition to helium, Sproule ERCE identified prospective recoverable oil volumes of up to 750,000 barrels associated with an Ismay formation target on the Coyote Wash acreage and highlighted three potential well locations.

Operationally, the company said 3D seismic acquisition at Sagebrush has been completed, while regulatory approvals are progressing for an extended flow test at the Sagebrush 1 discovery well. These developments underpin an active work programme planned for 2026 and mark a transition toward resource maturation and potential value creation.

From an outlook perspective, Quantum Helium’s positioning is supported by its growing independently certified resource base and strategic focus on industrial gases. However, financial constraints, ongoing cash flow pressures and weak valuation metrics continue to weigh on sentiment, despite some positive corporate developments and modest technical momentum.

More about Quantum Helium Limited

Quantum Helium Limited is a helium, hydrogen and hydrocarbon exploration, development and production company with assets in the United States and Australia. The group is focused on building a portfolio of cash-generative projects with development upside while continuing targeted exploration. Alongside its US projects, the company also holds royalty interests in Australia, positioning it within the specialist industrial gases and energy sector on the London market.

Seraphim Space Investment Trust (LSE:SSIT) said its largest portfolio company, synthetic aperture radar satellite operator ICEYE, has won a €1.7 billion contract through its joint venture with German defence group Rheinmetall. The agreement will see the partners deliver a dedicated SAR satellite constellation and associated services to the German Armed Forces.

The five-year contract covers satellite constellation operations, ground segment management and AI-enabled image analysis. Seraphim said the scale and strategic importance of the deal is expected to materially strengthen ICEYE’s commercial standing, reinforce its position as a key supplier of sovereign space-based intelligence capabilities, and support the trust’s long-term investment case.

The trust added that the contract win could lead to a reassessment of ICEYE’s valuation approach at year-end, potentially supporting a move back toward a higher valuation methodology.

From a broader perspective, Seraphim Space Investment Trust continues to report a solid balance sheet and improving profitability metrics. These positives are partly offset by ongoing negative cash flows and weaker technical indicators in the share price. While the valuation appears reasonable, the lack of a dividend yield may temper near-term investor appeal, despite the trust’s strategic positioning within the expanding SpaceTech sector.

More about Seraphim Space Investment Trust Plc

Seraphim Space Investment Trust plc is the world’s first publicly listed investment vehicle focused exclusively on SpaceTech. The trust invests primarily in growth-stage, privately funded space technology companies targeting leadership positions across areas such as climate monitoring, communications, mobility and cyber security. It is listed on the Main Market of the London Stock Exchange and is managed by Seraphim Space Manager LLP.

Games Workshop (LSE:GAW) has announced the appointment of Nilufer Kheraj OBE as a Non-Executive Director, with the role taking effect from 1 January 2026. Kheraj brings more than three decades of corporate and commercial legal experience, having spent 31 years at Slaughter and May, including 27 years as a partner. She also currently serves as a Non-Executive Director at Legal & General Group.

Alongside the appointment, the company confirmed that Kate Marsh, a long-standing Non-Executive Director and Chair of the Remuneration Committee, will step down from the board at the end of December 2025. Randal Casson will assume the role of Chair of the Remuneration Committee from 1 January 2026.

Games Workshop said it has also begun the process of recruiting an additional Non-Executive Director, in line with UK corporate governance guidelines. The board changes form part of a broader focus on succession planning, governance strength and board renewal as the group continues to expand.

From a market perspective, the company’s outlook continues to be supported by strong financial performance and positive corporate developments. Technical indicators point to robust share price momentum, although some measures suggest the stock may be approaching overbought levels. A relatively high valuation slightly tempers the otherwise positive view.

More about Games Workshop

Games Workshop Group PLC is a UK-based designer, manufacturer and retailer of fantasy and science-fiction tabletop gaming products. The group is best known for its Warhammer franchises and sells miniatures, rulebooks and related merchandise through a global network of company-owned stores, online platforms and independent retailers.

Mirriad Advertising (LSE:MIRI) said it expects revenue of around £200,000 in the second half of 2025, taking full-year turnover to approximately £400,000, according to a recent trading update. The company noted that the majority of its latest revenues have been generated from markets outside the United States.

At the end of November, Mirriad reported a cash balance of roughly £1 million and said it anticipates receiving a tax credit of about £350,000. Management also pointed to the group’s substantially streamlined operating structure, with monthly costs now running at around £220,000, reflecting ongoing efforts to tightly manage expenditure.

The company said the reduced cost base is intended to preserve cash while it works toward a more comprehensive trading update scheduled for January.

More about Mirriad Advertising

Mirriad Advertising is a UK-based specialist in virtual product placement and in-content advertising. The company operates a multi-patented technology platform that enables brands and products to be digitally embedded into television programming, streaming content (SVOD and AVOD), music and influencer media.

Its technology is designed to create incremental revenue opportunities for content owners while improving advertising effectiveness and viewer engagement. Mirriad operates across EMEA, has a US presence through a joint venture with Rembrand, and also conducts business in India.

Fletcher King (LSE:FLK) reported interim revenue of £1.63 million for the six months ended 31 October 2025, broadly unchanged from the prior year, while earnings before tax eased to break-even. The result reflects around £100,000 of additional investment in staff across the group’s facilities management and valuation teams.

The company said trading conditions remain challenging, with commercial property transaction volumes and rating appeal activity still subdued, particularly outside London. These pressures weighed on transactional income, although Fletcher King partially offset the impact by expanding non-transactional revenue streams. During the period, the group also brought its facilities management operations in-house, a move expected to contribute approximately £270,000 of annualised revenue going forward.

Given the mixed operating backdrop, the board adopted a cautious approach and did not declare an interim dividend. However, management highlighted the strength of the balance sheet, a solid cash position and signs of improvement in the transaction pipeline, which it expects could translate into higher activity in the second half of the financial year.

From an outlook perspective, Fletcher King’s robust financial position and dividend appeal are balanced against softer profitability and mixed technical indicators. While the recent dividend-related corporate update provides some positive sentiment, ongoing challenges around revenue momentum and operational efficiency remain key considerations.

More about Fletcher King plc

Fletcher King plc is a UK-based commercial property consultancy offering a range of services including property transactions, valuations, facilities management and advisory work. The group has particular exposure to the London office market and the wider UK commercial real estate sector. Fletcher King is increasingly focused on building recurring, non-transactional income streams alongside its traditional transaction-led activities as it navigates a still-muted property investment environment.