Author: Fiona Craig

SkinBioTherapeutics (LSE:SBTX) has appointed Anita Slater as interim Chief Financial Officer for an initial six-month period as the life sciences group looks to strengthen its financial governance and controls. Slater will work alongside the existing interim finance team to support a smooth transition and reinforce the company’s financial framework.

Anita Slater Brings Three Decades of Financial Experience

Slater is a chartered accountant with around 30 years of senior commercial and financial experience spanning start-ups, AIM-listed companies and FTSE top 10 businesses.

Her appointment comes as SkinBioTherapeutics focuses on improving its governance structure while progressing the commercial development of its skin health portfolio. Working with the interim finance team, Slater will help ensure continuity across the group’s financial operations during the leadership transition.

Further Board Appointments Under Discussion

SkinBioTherapeutics is also in advanced discussions regarding the appointment of additional non-executive directors, signalling that further changes to the board could be forthcoming.

The company expects to provide a broader business update by mid-September. The planned update, together with potential new board appointments, should provide shareholders with further information on the group’s strategic priorities and evolving leadership structure.

Profitability and Cash Flow Remain Key Challenges

SkinBioTherapeutics has delivered strong revenue growth, but its overall financial profile continues to be constrained by negative profitability and cash flow.

Technical indicators provide some support, with recent trend and momentum signals showing improvement. However, conventional valuation measures remain difficult to assess positively while the company continues to report losses, resulting in a negative price-to-earnings ratio, while no dividend yield is currently indicated.

More About SkinBioTherapeutics

SkinBioTherapeutics is an AIM-listed UK life sciences company specialising in skin health. Its operations are built around the proprietary SkinBiotix platform, which originated from research conducted at the University of Manchester.

The group follows a dual approach to skin health, developing topical products designed to work externally alongside oral supplements intended to support the skin from within. SkinBioTherapeutics also operates contract manufacturing and distribution activities serving the wider skin and healthcare products market.

BATM Advanced Communications (LSE:BVC) reported a solid first-half performance for 2026 as growth in its core networking operations accompanied further progress with the group’s strategy of disposing of non-core businesses. Adjusted revenue from continuing operations reached $41.7 million, while gross margin remained stable at 34.9% and cash stood at $22.5 million.

BATM Networks Delivers 20% Revenue Growth

BATM Networks was a key contributor during the period, with divisional revenue increasing 20% to $8 million. Growth was supported by strong demand for the company’s Carrier Ethernet products as well as its Edgility edge-computing platform.

The group’s cybersecurity operations also continued to develop new encryption products. Revenue from BATM Cyber declined slightly during the half, although the company attributed the movement primarily to the timing of customer budgets rather than a deterioration in underlying demand.

Development of advanced cybersecurity technology remains an important part of BATM’s strategy, including solutions designed to provide protection against emerging post-quantum security threats.

Non-Core Disposals Could Generate $36.6 Million

BATM made significant progress in simplifying its portfolio during the period, agreeing to dispose of three of its four remaining non-core businesses. The company also completed the sale of an analytical laboratory operation.

The proposed transactions, together with a related share sale involving one of the divested businesses, are expected to generate approximately $36.6 million in cash.

These disposals are intended to streamline BATM’s corporate structure, strengthen its balance sheet and release capital for investment in its principal networking and cybersecurity operations. The strategy is increasingly concentrating the group on higher-growth technology areas where management sees stronger long-term opportunities.

Profitability and Cash Flow Remain Key Challenges

Despite improving revenue growth and relatively low leverage, BATM’s financial outlook remains constrained by continuing losses and negative operating and free cash flow.

Technical indicators also remain subdued, with the shares trading below major moving averages, the MACD in negative territory and the RSI below 50. Valuation provides only limited support while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is currently indicated.

More About BATM Advanced Communications

BATM Advanced Communications is a global technology company specialising in advanced network infrastructure and cybersecurity solutions. Its growing areas of focus include secure managed networking, edge computing and encryption technologies designed for emerging quantum-era security requirements.

The group serves customers including governments, critical infrastructure operators and large enterprises, with its strategy increasingly centred on higher-growth and higher-margin networking and cybersecurity markets.

GEO Exploration Limited (LSE:GEO) has reported encouraging soil geochemistry results from its Gorge Project in Western Australia, including a peak assay of 7.74 grams per tonne of gold from the Gorge Mine target. Gold was detected in 99.6% of the 245 samples collected, providing further evidence of widespread mineralisation across the project area.

Results Strengthen Priority Gold Targets

The sampling programme identified strong and coherent gold-in-soil anomalies, with several samples returning grades above 1 gram per tonne of gold. The results reinforce the Gorge Mine target and the nearby 401 Prospect as priority areas for further exploration.

Both targets form part of an approximately five-kilometre mineralised corridor that GEO is evaluating for its potential to host additional gold mineralisation.

Multi-element geochemical analysis also identified pathfinder element associations consistent with intrusion-related and orogenic gold systems, providing further geological support for the company’s exploration model.

Expanded Exploration Programme Planned Ahead of Drilling

Following the latest results, GEO intends to significantly expand its exploration activities at Gorge. The next phase will include approximately 1,188 additional soil samples alongside rock-chip geochemistry and detailed geological mapping.

The programme is designed to better define the extent of the identified anomalies and allow GEO to refine and rank prospective targets before beginning its planned maiden drilling campaign.

The latest results increase the exploration potential of the Gorge Project, although drilling will ultimately be required to determine whether the surface geochemical anomalies correspond with significant high-grade mineralisation at depth.

More About GEO Exploration Limited

GEO Exploration Limited is a mineral exploration company focused on the discovery and development of gold resources, with the Gorge Project in Western Australia forming a key part of its portfolio.

The company uses techniques including multi-element soil and rock geochemistry, geological mapping and targeted drilling to identify and advance prospective gold targets along established mineralised corridors.

Blackbird plc (LSE:BIRD) has announced that Chief Operating and Financial Officer Steve White will step down from his roles and leave the company’s board on 31 August 2026. White, who has spent seven years with the cloud-native video technology business, is departing to pursue new opportunities.

Blackbird Launches Search for New Finance Chief

The company has started the process of identifying a permanent successor to White. In the meantime, Blackbird intends to appoint an interim chief financial officer who will not serve as a member of the board.

Executive Chairman Ian McDonough thanked White for his contribution to the business during his seven-year tenure. Blackbird said shareholders will receive further updates as the leadership transition progresses.

The change comes as the company continues to develop and commercialise its cloud-based video technology across professional media and content creation markets.

Financial and Technical Performance Remains Challenging

Blackbird’s outlook continues to be constrained by declining revenue, persistent losses and negative operating and free cash flow. Its relatively low level of debt provides some balance-sheet support, but this has yet to offset the challenges surrounding profitability and cash generation.

Technical indicators also remain weak, with the shares trading below important moving averages and the MACD in negative territory. Conventional valuation measures provide limited support while the company remains loss-making and does not offer an indicated dividend yield.

More About Blackbird PLC

Blackbird plc is an AIM-listed technology company specialising in patented cloud-native video editing and content creation software. Its Blackbird platform provides frame-accurate video navigation, playback, viewing and editing capabilities for professional media customers.

The company’s customer base spans broadcasters, rights holders, sports and news organisations, live event producers, post-production businesses, digital video channels and corporate users.

Blackbird also operates elevate.io, a browser-based collaborative content creation platform aimed at professional teams and the creator economy. Through its Powered by Blackbird licensing model, the company additionally provides its underlying technology to video businesses seeking to move their workflows to cloud-based infrastructure.

Tertiary Minerals (LSE:TYM) has reported the final portable X-ray fluorescence results from its Phase 4 drilling programme at the A1 target within the Mushima North Project in Zambia. The latest data support a near-surface silver-copper-zinc oxide exploration target of between 15 million and 30 million tonnes and confirm a higher-grade silver-copper core within the project’s Discovery Zone.

Drilling Identifies Strong Copper and Silver Intersections

The latest drilling returned copper grades reaching 0.57% across several-metre intervals, alongside broader mineralised sections containing approximately 0.3% copper over more than 60 metres.

Portable XRF readings also indicated silver grades of between 115 and 144 g/t in selected intervals, broadly consistent with the company’s previous expectations. As pXRF measurements are preliminary, all selected samples have now been submitted for certified laboratory analysis.

Following receipt of the laboratory results, Tertiary plans to undertake metallurgical testing and mineral resource modelling. This work is expected to contribute towards the preparation of a maiden mineral resource estimate for Mushima North.

Exploration Potential Extends Beyond Discovery Zone

The results also point to opportunities to increase the mineralised footprint outside the existing Discovery Zone. Recent drilling identified copper mineralisation at the Western Zone, approximately 900 metres away, while several other high-priority targets across the project remain untested by drilling.

Elevated concentrations of accessory metals including bismuth, antimony and gallium have also been identified. These elements could provide additional strategic interest as Tertiary develops its understanding of the broader multi-metal mineralisation system.

The combination of the established Discovery Zone, mineralisation at the Western Zone and multiple undrilled targets gives the company several avenues for further exploration as Mushima North progresses towards the resource-definition stage.

Financial Risks Remain a Constraint

Tertiary Minerals’ outlook continues to be affected by its weak financial fundamentals, with the exploration-stage company remaining loss-making and continuing to consume cash.

Technical indicators provide some support, with the shares trading above important moving averages, although this only partially offsets the underlying financial risks. Traditional valuation measures also remain of limited relevance while the company has negative earnings and pays no dividend.

More About Tertiary Minerals

Tertiary Minerals PLC is an AIM-listed mineral exploration company focused primarily on copper, silver and associated metals. One of its principal assets is the Mushima North Project in Zambia, located within a prospective Iron-Oxide-Copper-Gold geological setting.

Mushima North is being advanced under a technical cooperation agreement with First Quantum Minerals, providing Tertiary with access to historical exploration information and additional geological expertise as it evaluates the project’s mineral potential.

Iofina plc (LSE:IOF) has completed the installation of an additional brine water source at its IO#11 facility, increasing both the production capacity and operational resilience of the iodine plant. The site can now receive brine from two separate sources, with the additional supply expected to lift annual crystalline iodine production by approximately 45 to 65 metric tonnes.

IO#11 Output Expected to Rise by Around 50%

The additional brine feed is projected to increase annual production from IO#11 by roughly 50%, providing Iofina with another source of incremental output from its existing infrastructure.

The expansion forms part of the group’s broader strategy to increase iodine production through a combination of improvements at operational facilities and the development of new IOsorb plants.

IO#12 Remains on Track for Third-Quarter Start-Up

Iofina also confirmed that construction of its new IO#12 plant continues according to schedule, with commissioning and start-up targeted by the end of the third quarter of 2026.

Once operational, IO#12 is expected to become the largest IOsorb facility in Iofina’s portfolio. The plant is forecast to produce between 170 and 220 metric tonnes of crystalline iodine annually.

The additional capacity from IO#11 and IO#12 represents further progress towards Iofina’s longer-term objective of reaching annual iodine production of 2,000 metric tonnes. Bringing IO#12 online would also provide a significant increase in group production capacity as the company seeks to expand its position in the iodine market.

Financial Strength Supports Growth Strategy

Iofina’s outlook is supported by underlying financial growth and relatively low leverage, while management’s expectations point towards a substantial increase in production during 2026 as additional capacity becomes available.

However, free cash flow conversion has been uneven, while technical indicators currently present a more cautious near-term picture. The shares are below shorter-term moving averages and the MACD remains negative. Valuation appears broadly balanced rather than indicating a clear discount at current levels.

More About Iofina plc

Iofina plc is a vertically integrated iodine producer and specialty chemicals manufacturer. Through Iofina Resources, the group operates eight IOsorb iodine extraction facilities in Oklahoma and is the second-largest iodine producer in North America.

The group also operates Iofina Chemical, which manufactures a range of halogen-based specialty chemicals using raw iodine and other materials. Its integrated business model combines iodine extraction with downstream chemical manufacturing.

Cora Gold (LSE:CORA) has secured the first interim renewal of its Sanankoro II exploration permit in southern Mali, marking another important permitting milestone for the company’s flagship Sanankoro Gold Project. The 84.11-square-kilometre permit, originally awarded in March 2021, is expected to form part of the proposed mining licence area as Cora moves the project closer to development.

Mali Partially Lifts Mining Permit Moratorium

The renewal follows a partial easing of Mali’s moratorium on mining permits. While the authorities continue to restrict the issuance of entirely new permits, renewals of existing exploration licences and transitions from exploration permits to mining licences are now permitted.

Cora’s attention is now turning to securing renewals for the Bokoro II and Kodiou permits. Completing these renewals would allow the company to proceed with a planned reshaping of its permit portfolio and advance its application for a proposed mining permit covering approximately 100 square kilometres at Sanankoro.

The strategy is designed to bring the infrastructure required for the future Sanankoro mine within a consolidated permit area, simplifying the project’s development framework.

Engineering and Drilling Programmes Progress

Permitting activity is running alongside front-end engineering design work at Sanankoro. Cora is also carrying out a drilling programme focused on extending known deposits and testing greenfield targets close to the proposed mining operation.

Completion of the FEED programme is expected to provide greater clarity on long-lead equipment and other development requirements. This could enable Cora to shorten the construction and delivery timetable once the necessary mining permit has been awarded.

The latest renewal also reflects the company’s continuing engagement with Mali’s mining authorities as it navigates the regulatory environment following the easing of the permit moratorium. With project funding secured, engineering advancing and permitting milestones being achieved, Cora is continuing preparations for a potential transition into mine construction.

Financial Risks Remain

Despite the progress at Sanankoro, Cora’s broader outlook remains constrained by its status as a pre-revenue developer. The company continues to report losses and consume cash while it advances the project towards production.

Technical indicators provide some support to the shares in the near term, although conventional valuation measures remain of limited use because Cora currently generates negative earnings and does not pay a dividend.

More About Cora Gold

Cora Gold Limited is a West Africa-focused gold developer with projects in Mali and Senegal across the Yanfolila and Mako gold belts. Its principal asset is the Sanankoro Gold Project in southern Mali, which is being developed as an open-pit oxide gold operation.

Sanankoro has a Probable Reserve of 531,000 ounces of gold grading 1.13 g/t. A 2025 Definitive Feasibility Study estimated a post-tax internal rate of return of 98% and a post-tax net present value of US$365 million using a gold price assumption of US$3,500 per ounce.

In April 2026, Cora secured a US$120 million gold streaming agreement which, together with existing equity funding, is intended to finance Sanankoro through to production. The financing structure also allows up to half of the stream to be replaced with senior debt.

Elsewhere in its portfolio, Cora continues to assess exploration opportunities, including the potential for large-scale gold mineralisation at the Madina Foulbé permit in eastern Senegal. The company’s immediate priority remains completing the required permitting and development work at Sanankoro so construction can progress once regulatory approvals are secured.

Marechale Capital (LSE:MAC) reported resilient results for the year ended 30 April 2026 despite challenging conditions across the SME funding market, while outlining a significant transformation of the business into a technology-enabled digital merchant bank. Full-year revenue stood at £341,000, generating gross profit of £279,000, while the company closed the period with £234,000 in cash.

Portfolio Provision Reduces Net Asset Value

Net asset value declined to £2.33 million after Marechale recorded a £731,000 fair value provision against its investment portfolio.

During the financial year, the company continued to arrange debt and equity growth financing for businesses including Wright Brothers, KBH and Chestnut Inns. Its investment portfolio also retained exposure to the energy transition through Weardale Lithium, which progressed plans to establish what is intended to become the UK’s first Direct Lithium Extraction plant.

Acquisitions Drive Digital Merchant Bank Strategy

Following the year-end, Marechale embarked on a substantial strategic repositioning through the acquisition of Stanford Capital Partners, Blubird Global and NJC Capital in share-for-share transactions.

The company also raised £1.06 million from existing shareholders and institutional investors to support the expansion and integration of the enlarged group.

Marechale’s new model combines corporate finance, capital markets expertise, tokenisation technology and asset management capabilities. A central element of the strategy is gaining exposure to the expanding market for tokenised assets, allowing the group to operate across both conventional and digital financial markets.

Management believes the enlarged platform can broaden Marechale’s addressable market, introduce additional revenue streams and strengthen its position at the convergence of traditional finance and emerging digital asset infrastructure.

Financial Performance Remains a Challenge

Despite the strategic transformation, Marechale’s financial profile remains constrained by negative margins and persistently negative operating and free cash flow.

Technical indicators provide some support, with the shares trading above important moving averages. However, elevated RSI readings suggest potentially overbought conditions and an increased risk of near-term volatility. Valuation also remains difficult to assess positively while losses leave the company trading on a negative price-to-earnings ratio.

More About Marechale Capital

Marechale Capital is an AIM-quoted UK digital merchant banking group providing corporate finance, capital markets, tokenisation and asset management services. Its activities are focused on growth businesses across areas including consumer, leisure, clean energy and technology.

Following its strategic expansion, the group operates through businesses including Stanford Capital Partners, Blubird Global and NJC Capital, supported by the Blubird technology platform. Marechale’s strategy is designed to connect traditional capital markets expertise with the developing digital and tokenised asset economy.

Kazera Global (LSE:KZG) has published the final independent technical report for its Sea Concession 2A heavy mineral sands project in South Africa, confirming an Inferred Mineral Resource of 6.65 million tonnes grading 20.04% total heavy minerals. The resource covers a 42.86-hectare surf-zone evaluation area representing only 1.42% of the overall concession.

Evaluated Resource Carries Indicative US$369.3 Million In-Situ Value

Using second-quarter 2026 commodity prices, the identified mineralisation has an indicative in-situ value of approximately US$369.3 million. The resource contains a high proportion of potentially economic heavy minerals, including ilmenite, garnet, zircon and rutile.

The figures represent an assessment of the minerals contained within the ground rather than a declaration of recoverable economic value. No ore reserve has been established at this stage.

Remaining Concession Offers Large Exploration Target

The technical report also highlights the potential scale of the unexplored portion of Sea Concession 2A. The remaining 98.58% of the licence area has been identified as a substantial geological target that could, on a conservative conceptual basis, contain a further 265.2 million tonnes of heavy mineral sands.

However, the grade, recoverability and economic characteristics of this additional material have yet to be established. Further exploration will therefore be required before any mineral resource or reserve can be attributed to these areas.

Despite those uncertainties, the findings strengthen the geological and technical foundation for future exploration, mine planning and potential commercial development. Securing the mining right for Concession 2A remains the key regulatory milestone before the project can advance further.

Financial Risks Offset Positive Technical Momentum

Kazera’s broader outlook continues to be constrained by weak financial performance, including an absence of revenue, significant ongoing losses and persistent cash consumption. Balance-sheet support also remains relatively limited as debt levels increase.

Technical indicators offer a more positive signal, with the shares trading above major moving averages and the MACD remaining positive. However, elevated RSI and stochastic readings indicate potentially overbought conditions, creating some risk of near-term volatility.

Valuation metrics provide limited support while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is currently indicated.

More About Kazera Global plc

Kazera Global plc is an AIM-quoted investment company focused on opportunities within the natural resources sector, with heavy mineral sands representing a key area of its portfolio.

Its Sea Concession 2A project is located at Alexander Bay in South Africa’s Northern Cape. The project targets heavy minerals including ilmenite, garnet, zircon and rutile within surf-zone and mid-water deposits along the country’s Atlantic coastline.