Author: Fiona Craig

Renew Holdings (LSE:RNWH) has released its Annual Report and Accounts for the year ended 30 September 2025, alongside the notice convening its Annual General Meeting, scheduled to be held in Leeds on 29 January 2026. The company said all relevant documents have been made available to shareholders and published on its website.

Responding to investor questions around a potential move from AIM to the Main Market, the board said it has no current plans to change its listing. Management highlighted the strength of the group’s operational platform and reiterated that its priority remains the execution of its growth strategy within the existing AIM framework.

From a performance perspective, Renew Holdings continues to demonstrate solid fundamentals, supported by consistent revenue growth and disciplined cash management. While technical indicators point to some near-term share price softness, the company’s valuation is considered reasonable, with the stock appearing fairly priced and offering a moderate dividend yield. The absence of new earnings call commentary or corporate events was not seen as a material factor in the overall assessment.

More about Renew Holdings plc

Renew Holdings plc is a UK engineering services group focused on the maintenance, renewal and enhancement of critical national infrastructure. Through a portfolio of independently branded subsidiaries, the company delivers essential, non-discretionary services using a directly employed workforce across regulated sectors including rail, infrastructure, energy – particularly wind and nuclear – and environmental services. The group benefits from long-term funding visibility tied to nationally significant infrastructure programmes.

Caledonia Mining (LSE:CMCL) said changes to Zimbabwe’s proposed 2026 national budget have materially reduced the potential impact of higher taxes and royalties on its gold operations. The government has revised earlier plans, easing concerns across the mining sector.

Under the updated framework, the proposed increase in the gold royalty rate to 10% will only apply if gold prices rise above US$5,000 per ounce, compared with the earlier threshold of US$2,500. In addition, proposals to restrict the upfront deductibility of capital expenditure and to introduce a 15% withholding tax on interest payments linked to offshore loans have been dropped.

These revisions are particularly relevant for Caledonia’s debt-funded Bilboes Gold Project, where the removal of the interest withholding tax improves funding certainty. With the amended measures expected to be legislated before the end of the year, the company said it does not anticipate any change to the financial outlook for its Zimbabwean assets at current gold prices. Management added that the government’s shift signals ongoing support for the mining industry and future project development.

More about Caledonia Mining

Caledonia Mining Corporation Plc is a gold producer and developer with a portfolio of assets in Zimbabwe. The group focuses on the operation and advancement of gold projects in the country, including the Bilboes Gold Project, and is listed on the NYSE American, AIM and the Victoria Falls Stock Exchange.

CleanTech Lithium PLC (LSE:CTL) said Chile’s Ministry of Mining has formally launched a new accelerated application framework for Special Lithium Operating Contracts (CEOLs), with submissions open until 30 January 2026. Under the revised process, authorities have indicated a response period of around 30 days once applications are deemed complete.

The company intends to file a CEOL application for its flagship Laguna Verde project in the near term, having already completed the required indigenous consultation process. Securing a contract would allow CleanTech Lithium to move into formal negotiations with the Chilean government early next year and could significantly shorten the regulatory timeline required to progress the project toward development and production.

Management said the introduction of the streamlined regime provides greater clarity and momentum for advancing its Chilean lithium portfolio as the country seeks to balance resource development with state oversight.

More about CleanTech Lithium PLC

CleanTech Lithium PLC is an exploration and development company focused on building a portfolio of sustainable lithium projects in Chile in support of the global energy transition. Its principal assets include the Laguna Verde and Viento Andino projects, alongside the early-stage Arenas Blancas asset located in the Salar de Atacama within the lithium triangle.

The company plans to deploy Direct Lithium Extraction technology combined with brine reinjection, an approach designed to minimise aquifer depletion and reduce development timelines compared with conventional evaporation pond methods.

Oriole Resources PLC (LSE:ORR) has disclosed share dealings by two board members, with Chief Financial Officer Robert Smeeton and Executive Director of Exploration Claire Bay completing Bed and ISA transactions on 18 December 2025. The trades involved the sale and immediate repurchase of several million shares at a price of 0.28 pence, allowing both directors to transfer part of their holdings into tax-efficient Individual Savings Accounts.

Following the transactions, Smeeton’s total beneficial interest amounts to 47,002,118 shares, representing approximately 0.99% of Oriole’s issued share capital. Bay now holds 16,298,491 shares, or around 0.34% of the company. The company said the trades reflect portfolio restructuring for tax purposes rather than any change in the directors’ underlying exposure to Oriole.

The disclosure comes as Oriole continues to advance its core gold exploration portfolio across Cameroon and Senegal, working alongside multiple strategic partners on funded development programmes.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration company focused on early-stage assets in West and Central Africa, with a particular emphasis on Cameroon. Its flagship Mbe project hosts a JORC Inferred Mineral Resource of 870,000 ounces of gold, alongside an Exploration Target at the MB01-N zone. A fully funded maiden drilling programme at MB01-N commenced in November 2025, supported by partner BCM’s US$4 million earn-in for a 50% project interest.

In addition, Oriole holds a 50% stake in the Bibemi gold project in Cameroon, which carries a reported resource of 460,000 ounces of gold and is progressing an exploitation licence application. The company also retains exposure to Senegal’s Senala project, where Managem Group subsidiary AGEM has earned an approximate 59% interest after investing US$5.8 million, as well as a portfolio of additional interests and royalty positions in East Africa and Turkey that could provide future cash flow optionality.

Applied Nutrition (LSE:APN) has entered into its first out-licensing arrangement, awarding UK supermarket group Morrisons exclusive three-year rights to develop, manufacture and retail a new line of Applied Nutrition-branded high-protein foods. Under the agreement, an initial range of 53 products is set to launch from early January 2026 across roughly 400 Morrisons stores nationwide.

The product line will span multiple everyday food categories, including ready meals, sandwiches, salads, breads and cheeses. Applied Nutrition said the range will include what is being marketed as the UK’s first supermarket-exclusive selection of GLP-1-friendly ready meals, aimed at consumers focused on weight management and metabolic health.

The capital-light partnership marks a strategic expansion beyond supplements into mainstream food, broadening Applied Nutrition’s distribution footprint and consumer reach within the fast-growing functional and high-protein food market. For Morrisons, the deal delivers a differentiated, health-led offering with private-label characteristics, targeting shoppers seeking convenient, protein-rich and wellness-orientated meal options.

More about Applied Nutrition Plc

Applied Nutrition plc (LSE:APN) is a UK-based sports nutrition, health and wellness company that formulates and largely manufactures its products in-house at its Knowsley facility in Liverpool. The group markets more than 100 products across four core brands – Applied Nutrition, ABE, BodyFuel and Endurance – and serves elite athletes, gym users and health-conscious consumers in over 85 countries. Its predominantly B2B-focused global model has supported strong, profitable and cash-generative growth within the sports nutrition and wellness sector.

Fusion Antibodies (LSE:FAB) said the US National Cancer Institute (NCI) is seeking to continue working with the company’s OptiMAL® human antibody discovery platform following the successful completion of a validation programme that began in late 2023 and ran into this year. According to the company, the NCI has submitted a proposal to broaden the existing collaboration to include screening work on a number of defined targets.

Management noted that discussions held at a recent industry conference in San Diego went beyond near-term screening requirements, also touching on the possibility of additional projects that could deliver improved ownership or commercial benefits for Fusion Antibodies. While these talks are viewed positively, the company cautioned that negotiations around any expanded programme are likely to extend into early 2026 and will be subject to extensive formal approval processes within the US National Institutes of Health.

As a result, there is no certainty that an extension will be finalised or what the final terms may look like. Nevertheless, Fusion Antibodies said the NCI’s interest provides external validation of the OptiMAL® platform and underlines the company’s positioning within the antibody discovery services market.

Separately, Fusion Antibodies acknowledged that its overall outlook remains mixed. Ongoing profitability and cash flow pressures continue to weigh on the investment case, although recent technical indicators point to strong bullish momentum in the share price. The company reported no new earnings call insights or corporate events influencing its near-term outlook.

More about Fusion Antibodies Plc

Fusion Antibodies plc is a Belfast-based contract research organisation specialising in pre-clinical antibody discovery, engineering and supply for therapeutic and diagnostic applications. Listed on AIM since 2017, the company provides a broad range of services, including antigen expression, antibody discovery through its proprietary OptiMAL® platform, antibody production and purification, sequencing and humanisation using its CDRx™ technology, and the development of stable cell lines for clinical use.

Founded in 2001 as a spin-out from Queen’s University Belfast, Fusion Antibodies has completed hundreds of antibody sequencing and humanisation projects for an international client base that includes major global pharmaceutical companies. The group focuses on leveraging advanced discovery platforms to help pharma and biotech customers accelerate drug development timelines.

Guardian Metal Resources (LSE:GMET) has lodged its first S-K 1300 Technical Summary Report alongside an updated, pit-constrained Mineral Resource Estimate for the Desert Scheelite deposit at its Pilot Mountain tungsten project in Nevada. The update points to a 16% lift in indicated resources compared with a 2018 scoping study and supports the potential for an open-pit mining operation.

The project is underpinned by a US$6.2 million investment from the U.S. Department of War’s Defense Production Act, providing momentum for a full pre-feasibility study. Guardian Metal has assembled a broad group of specialist engineering and environmental consultants to progress the work and has mobilised a second drill rig to expand exploration across several target zones.

The company is aiming to complete the pre-feasibility study by the end of the first half of 2026, followed by accelerated permitting. Subject to approvals and development timelines, first commercial production is targeted before the end of 2028, potentially marking the first new domestic tungsten mine in the United States in over ten years.

More about Guardian Metal Resources Plc

Guardian Metal Resources plc is a strategic minerals exploration and development company focused on tungsten assets in Nevada, USA. Its portfolio includes the 100%-owned Pilot Mountain and Tempiute projects. The company’s strategy is to help establish a secure, domestic tungsten supply for the United States, aligning with government initiatives to reshore critical mineral production for defence and industrial applications while reducing dependence on overseas supply chains.

U.S. stock futures are signalling a strong start to Thursday’s session, pointing to a potential rebound after equities suffered heavy losses in the prior trading day.

Sentiment improved after the U.S. Labor Department released consumer inflation figures showing price pressures easing more than expected. The data helped calm fears that stubborn inflation could delay further interest-rate cuts by the Federal Reserve.

The report showed annual consumer price inflation slowed to 2.7% in November, down from 3.0% in September, defying expectations for an increase to 3.1%. Core inflation, which excludes food and energy, also eased to 2.6% from 3.0%, when it had been expected to remain unchanged. The Labor Department noted that October 2025 survey data was not collected due to the federal government shutdown.

The cooler inflation readings are likely to bolster confidence that the Fed will continue easing monetary policy into the new year, supporting risk assets.

Markets had a difficult session on Wednesday. After finishing Tuesday with mixed results, stocks initially moved higher early in Wednesday’s trading before sellers quickly regained control. The major indexes fell sharply from their intraday highs and ended the session near their lows.

The technology-heavy Nasdaq Composite led the decline, falling 418 points, or 1.8%, to 22,693. The S&P 500 dropped 1.2% to 6,721, while the Dow Jones Industrial Average slipped 0.5% to 47,886.

Technology stocks bore the brunt of the selloff. Oracle (NYSE:ORCL) tumbled 5.4% to a six-month closing low after a Financial Times report said its largest data centre partner, Blue Owl Capital, would not support a $10 billion project in Michigan, though the company later said the project remains on track.

Other major technology names, including Nvidia (NASDAQ:NVDA), Broadcom (NASDAQ:AVGO) and Advanced Micro Devices (NASDAQ:AMD), also posted sharp losses. Semiconductor shares were among the weakest performers, with the Philadelphia Semiconductor Index sliding 3.8%.

Selling pressure extended beyond technology, with computer hardware, networking, airline, brokerage and housing stocks also declining.

Energy shares, however, moved higher, tracking a rebound in crude oil prices from their lowest levels since early 2021. Oil prices rose after U.S. President Donald Trump ordered a blockade of sanctioned oil tankers linked to Venezuela.

In a Truth Social post, Trump labelled the government of President Nicolas Maduro a foreign terrorist organisation and said he was ordering a “total and complete blockade of all sanctioned oil tankers” entering and leaving Venezuela.

European stock markets delivered a mixed performance on Thursday as investors digested fresh policy decisions from the European Central Bank and the Bank of England.

The ECB opted to keep interest rates unchanged, while the Bank of England moved to ease monetary policy, cutting its key rate by 25 basis points. The contrasting decisions helped shape divergent moves across regional markets.

Adding to the day’s developments, sentiment among French manufacturers improved sharply in December. Data from statistics agency INSEE showed business confidence rising to its highest level in more than 18 months. The manufacturing confidence index climbed to 102.0 from 98.0 in November, exceeding expectations that it would remain unchanged.

In market trading, the UK’s FTSE100 was down around 0.2%, while France’s CAC40 advanced 0.3% and Germany’s DAX gained 0.5%.

At the company level, shares in Swiss engineering group ABB (TG:ABB) edged slightly lower after the company agreed to acquire IPEC, a UK-based technology firm with over three decades of expertise in electrical diagnostics.

Perfume retailer Douglas (TG:DOU) came under pressure after warning of increased price sensitivity among consumers and intensifying competition from promotional discounting during the 2024–25 financial year.

By contrast, electronics retailer Currys (LSE:CURY) jumped sharply after reporting that its adjusted profit before tax for the first half of the year more than doubled.