Author: Fiona Craig

Filtronic plc (LSE:FTC) reported continued order momentum in its 2027 financial year, supported by major satellite communications contracts, expanding defence activity and the development of higher-power radio frequency (RF) technologies.

In a trading update ahead of its Annual General Meeting, the UK-based RF technology specialist announced its first contract with a US satellite manufacturer operating geostationary Earth orbit (GEO) satellites, alongside progress in medium Earth orbit (MEO) applications.

The company also highlighted its recently secured $68.1 million (£51.3 million) contract with SpaceX and confirmed that its order book provides substantial revenue visibility for the current financial year and beyond.

SpaceX Contract Strengthens Satellite Communications Order Book

Filtronic secured its largest-ever order in early October, receiving a $68.1 million (£51.3 million) contract from SpaceX.

The agreement covers the supply of Cerus E-band gallium nitride (GaN) solid-state power amplifier units, extending the company’s existing relationship with the satellite communications operator.

Filtronic also secured two additional contracts with a US-based customer during FY2027, with a combined value of $16.0 million (£11.1 million).

These agreements involve the design, development and manufacture of prototype units intended for satellite deployment.

The contracts support Filtronic’s strategy of expanding beyond individual RF components into more sophisticated integrated systems, potentially increasing the value of its contribution to customer programmes.

New GEO Satellite Contract Follows Development of 200W Amplifier

Filtronic announced its first contract with a US satellite manufacturer operating GEO satellites in the Ka-band.

The initial agreement is valued at $0.3 million and covers development activities, with the company anticipating potential follow-on orders as the programme progresses towards production.

The contract follows completion of Filtronic’s first 200-watt solid-state power amplifier system, designed for applications in MEO and GEO satellite constellations.

The new system delivers ten times the power of the company’s Cerus 32 gallium arsenide product, representing a significant increase in output capability.

Filtronic said the development is generating commercial interest and could expand its addressable market by enabling higher-power satellite communications applications.

The company has also completed its first Digital Intermediate Frequency (Di-Fi) product.

The technology was recently demonstrated at Plugfest, an industry testing event in Silicon Valley, where it attracted interest from potential customers and industry participants.

These developments form part of Filtronic’s broader technology roadmap, which aims to increase its involvement in higher-value satellite communications systems.

Defence Contracts Add £2.1 Million in New Orders

Filtronic reported further progress in its defence business, securing three contracts with a combined value of £2.1 million.

The agreements cover next-generation technology for airborne radar systems and extend the company’s participation in existing defence programmes.

The awards follow growth in defence revenue during FY2026 and support Filtronic’s objective of diversifying its customer base beyond satellite communications.

Separately, the company secured a £2 million grant from UK Defence Innovation during the first half of FY2027.

The funding will support development of Filtronic’s chipset technology for ground-based and satellite payload systems.

The company expects these investments to strengthen its technical capabilities across both the defence and space markets.

Order Book Supports Full-Year Market Expectations

Filtronic said its contracted order book provides significant revenue coverage for FY2027, alongside improved visibility for subsequent financial years.

The combination of major satellite communications contracts, new customer relationships and defence orders is supporting the company’s commercial outlook.

Development of higher-power amplifiers and integrated RF systems is also expected to create additional opportunities across different satellite orbits and applications.

The Board reiterated its confidence in delivering financial results in line with market expectations for the current financial year.

Predator Oil & Gas Holdings Plc (LSE:PRD) has reported disappointing preliminary testing results from its MOU-6 well in Morocco, where successful perforation of the target formation failed to produce measurable gas inflow.

The Jersey-based energy company said the results suggest a combination of low rock permeability and low gas saturation at the tested location, although further technical investigations are planned.

Despite the outcome, Predator believes the additional geological and well data will support its assessment of potential unconventional gas resources across the licence area.

MOU-6 Testing Indicates Low Permeability and Gas Saturation

Predator successfully perforated a 19.8-metre gross interval of the TGB-6 Fan formation, between depths of 825.7 and 845.5 metres, using 4.5-inch tubing-conveyed perforating guns.

Formation pressure measurements recorded 1,195 pounds per square inch at a depth of 813.27 metres, although the reading had not fully stabilised.

Subsequent nitrogen-lift operations recovered only diesel and brine associated with the well completion fluids, with no formation inflow observed.

The company identified several possible explanations, including extremely low formation permeability, mechanical blockage caused by collapsed perforation tunnels, or a combination of low permeability and limited gas saturation.

Predator considers the latter explanation more likely, while severe formation damage is regarded as unlikely.

Final processed NuTech logs indicated substantially lower calculated permeability, gas saturation and porosity at MOU-6 compared with the MOU-1, MOU-3 and MOU-4 wells.

The company said these findings were consistent with the observed testing performance.

Additional Studies to Assess Unconventional Gas Potential

Predator plans to undertake laboratory and desktop studies using the newly acquired well data to investigate the reasons for the absence of gas inflow.

The results will also contribute to a planned independent assessment of prospective unconventional gas potential in the areas tested by MOU-1, MOU-3 and MOU-6.

This work will involve comparisons with producing gas regions in eastern Romania and western Ukraine.

MOU-6 has been suspended, allowing for the possibility of deepening the well to investigate the TGB-4 interval.

Shallow gas shows of up to 2.69% were also recorded, with samples collected for compositional analysis.

The company confirmed that completion of MOU-6 satisfied its remaining work programme obligations under the first extension period of the petroleum agreement.

Further Exploration Planned Across Moroccan Licence

Predator has drilled six wells across its Moroccan exploration area, identifying several prospective hydrocarbon plays, primarily within Tertiary formations.

The company intends to continue evaluating potential unconventional gas opportunities through further well interventions.

Other priorities include assessing the cost of deepening MOU-5 into the Triassic to investigate potential thermogenic gas and associated helium.

Predator also plans to examine Jurassic formations in the western part of the licence area for possible gas and oil potential.

Further drilling and two-dimensional and three-dimensional seismic surveys would be required to evaluate these opportunities.

The company is seeking a partner capable of supporting the next phase of exploration and providing additional investment.

Partner Discussions and Trinidad Drilling Become Priorities

Chief Executive Officer Paul Griffiths acknowledged that the MOU-6 results had fallen short of expectations.

“We are naturally disappointed that MOU-6 has not delivered in line with pre-drill expectations.”

However, the company believes the testing results will help improve its interpretation of geological data collected from earlier wells.

Predator said its immediate emphasis will shift towards negotiations with potential exploration partners.

Meanwhile, its operating team is preparing to transfer to Trinidad, where drilling preparations are focused on the Snowcap-3 well.

The company also confirmed completion of the first of two deferred consideration payments relating to its 2025 acquisition of the former Challenger Energy Group’s Trinidad business and assets.

RentGuarantor Holdings PLC (LSE:RGG) reported a 656% increase in revenue to £13 million for the nine months ended 30 September 2026, supported by a sharp rise in demand for its professional rent guarantee services across the UK private rental market.

The company generated £4.5 million in revenue during September alone, reflecting accelerating trading activity during the third quarter.

Adjusted EBITDA reached £5.85 million, compared with a loss of £189,000 in the corresponding period of 2025, while adjusted net profit increased to £5.93 million from a loss of £480,000.

Applications Rise 208% as Contract Volumes Increase 395%

RentGuarantor received 21,747 applications during the first nine months of 2026, representing a 208% increase from 7,066 applications a year earlier.

The number of contracts increased 395% to 11,608, compared with 2,343 in the corresponding period of 2025.

The average contract value rose 53% to £1,119 from £734, contributing to the increase in revenue.

The company said its claims ratio remained consistent with management expectations and established risk policies.

RentGuarantor ended September with approximately £12 million in cash, supported by its trading performance and proceeds from previously issued warrants.

The group received £3.56 million in total warrant proceeds associated with its November 2025 fundraising, with the final payment arriving on 12 October 2026.

The company also reported that it remained debt-free, providing capacity for further investment in technology, staffing and operational infrastructure.

New Partnerships Expand Build-to-Rent and Student Markets

During the third quarter, RentGuarantor secured agreements with two UK Build-to-Rent operators.

The company signed a 12-month agreement with Way of Life and a two-year agreement with Essential Living to provide professional guarantor services for prospective tenants.

These arrangements are intended to help tenants access rental accommodation while supporting operators in managing rental payment risks.

RentGuarantor also entered into a two-year partnership with King’s College London.

Under the agreement, the company will provide professional guarantor services to students, including international students who may otherwise face difficulties meeting rental guarantor requirements.

King’s College London has approximately 20,000 overseas students, representing a potential customer base for the service.

Bristol Technology Centre to Support Operational Expansion

RentGuarantor opened a new office in Bristol city centre during September, establishing a base for its Product Team and newly formed Tech Lab.

The research and development operation will focus on artificial intelligence, machine learning and other technologies designed to improve operational efficiency and support higher transaction volumes.

The Tech Lab is led by Professor David Cliff and Dr Jon Bird, with software developed by the team already progressing towards deployment within the company’s operating systems.

RentGuarantor also expanded its board during September, appointing Ben Thompson, Maya Klein Wassink and Simon Jackson as independent Non-Executive Directors.

Amanda Bower joined as an Executive Director and Chief People and Risk Officer, while David Cliff moved from a Non-Executive Director position to become Executive Director of Research and Innovation.

RentGuarantor Targets Continued Growth in Final Quarter

Chief Executive Officer Paul Foy highlighted the company’s financial performance and operational expansion during the period.

“Q3 2026 marked another major step forward in RentGuarantor’s growth and profitability. The combination of accelerating revenue, higher contract volumes and strong earnings demonstrated the effectiveness of the Group’s growth strategy and the operating leverage inherent in our business model.”

Following the quarter-end, RentGuarantor received several industry awards, including recognition at the Property Week Tech Innovation Awards 2026 and the ESTAS Awards 2026.

Looking ahead, the company intends to focus on converting applications into contracts, maintaining claims management standards and controlling costs as transaction volumes increase.

Investment in technology and operational capacity will remain a priority as RentGuarantor seeks to support further growth across the UK rental market.

Savannah Energy PLC (LSE:SAVE) reported a 32% increase in revenue to US$242.1 million for the nine months ended 30 September 2026, supported by progress across its Nigerian oil and gas operations and increased cash collections.

The British independent energy company generated cash collections of US$281.0 million, up 16% from US$241.6 million in the corresponding period of 2025.

Operational developments included higher oil production at Stubb Creek, a gas discovery at Uquo South and progress on renewable energy projects in Cameroon and Niger.

Stubb Creek Production Rises 34% as Uquo South Discovers Gas

Savannah reported a 34% year-on-year increase in average gross daily oil production at Stubb Creek, reaching 3,900 barrels per day during the first nine months of 2026.

Production averaged approximately 5,000 barrels per day over the most recent three months, reflecting progress under the ongoing expansion programme.

The company has completed front-end engineering and design work and expects to sign an engineering, procurement and construction contract by the end of 2026.

At Uquo South, an exploration well completed in September encountered gas in most of its targeted reservoirs.

The well targeted unrisked gross gas initially in place of 131 billion standard cubic feet. Testing and evaluation are underway to assess the discovery’s resource implications, with completion expected in November.

Group average gross daily production was 17,000 barrels of oil equivalent per day during the nine-month period, compared with 18,800 barrels per day for the full year 2025.

Following the introduction of production from Uquo 13 in August, Savannah expects output to average approximately 20,000 barrels of oil equivalent per day during the remainder of 2026.

Full-year production guidance remains between 18,000 and 20,000 barrels of oil equivalent per day, depending on customer demand and potential additional production from Uquo South.

Revenue Climbs as Cash Collections Reach $281 Million

Savannah’s unaudited revenue increased to US$242.1 million from US$184.0 million in the corresponding nine-month period.

Cash collections rose to US$281.0 million, compared with US$241.6 million a year earlier.

At 30 September, cash balances stood at US$73.1 million, up from US$42.7 million at the end of December 2025.

Net debt increased to US$700.8 million from US$658.8 million, while gross debt totalled US$773.9 million.

Of the gross debt, US$56.4 million, representing approximately 7%, was recourse to the parent company, with the remainder held by subsidiaries on a non-recourse basis.

Trade receivables declined 13% to US$442.8 million from US$508.5 million at the end of 2025.

The company said improving collections under its Nigerian gas sales agreements remains a key financial priority.

Renewable Energy Projects Advance in Cameroon and Niger

Savannah signed a Joint Development Agreement with the Government of Cameroon for the proposed 95-megawatt Bini a Warak hybrid hydroelectric and solar project.

The agreement establishes a framework for cooperation on the project’s development.

In Niger, Savannah submitted the Environmental and Social Impact Assessment for its proposed Parc Eolien de la Tarka wind farm, which could have a capacity of up to 250 megawatts.

Discussions concerning a potential power purchase agreement are continuing, alongside engagement with the US International Development Finance Corporation.

Progress on the wind project remains linked to discussions with the Government of Niger concerning Savannah’s R1234 production-sharing contract.

The company is seeking to resolve contractual and operational disputes before potentially restarting oil activities in the country.

Chad Arbitration Proceedings and Financial Reporting Remain in Focus

Savannah continues to pursue arbitration proceedings relating to the nationalisation of its interests in Chad and disputes concerning the Chad-Cameroon pipeline.

Its subsidiaries are seeking more than US$775 million, plus interest and costs, relating to nationalised rights and assets in Chad.

A separate claim concerning COTCo is valued at approximately US$330 million, excluding interest and costs.

The company expects these proceedings to conclude during the fourth quarter of 2026, although further arbitration involving the Doba fields is expected to continue into 2027.

Savannah also confirmed that its audited 2025 annual results and unaudited half-year results for 2026 are expected to be published in November.

Its shares will remain suspended from trading on AIM until the required financial statements have been released and applicable requirements satisfied.

A separate review of the company’s AIM quotation and potential alternative listing arrangements remains ongoing, with no decision announced.

Sylvania Platinum Limited (LSE:SLP) reported record platinum group metals (PGM) production for the three months ended 30 September 2026, alongside a substantial improvement in chrome output and quarterly financial performance.

The South African PGM and chrome producer recorded combined production of 25,971 4E PGM ounces from its Sylvania Dump Operations (SDO) and Thaba Joint Venture, an increase of approximately 9% from 23,868 ounces in the preceding quarter.

Net revenue increased 30% to $62.9 million, supported by higher production volumes and stronger PGM prices.

Record PGM Output and 67% Increase in Chrome Production

Sylvania’s combined operations produced 25,971 4E PGM ounces during the first quarter of its 2027 financial year, compared with 23,868 ounces in the final quarter of FY2026.

On a six-element basis, production increased to 31,825 6E ounces from 30,474 ounces.

At the Thaba Joint Venture, chrome concentrate production rose 67% to 29,799 tonnes, compared with 17,889 tonnes in the previous quarter.

The improvement reflected greater plant stability, longer operating periods and increased processing throughput.

Additional third-party ore supplies also supported production, helping offset continuing challenges with mining performance and run-of-mine ore quality at the host operation.

Both SDO and the Thaba Joint Venture completed the quarter without any lost-time injuries.

Revenue Climbs 30% as EBITDA Increases 47%

Sylvania generated net revenue of $62.9 million during the quarter, up from $48.5 million in the preceding three-month period.

Adjusted group EBITDA increased 47% to $24.7 million, compared with $16.9 million in the fourth quarter of FY2026.

The financial improvement was supported by higher PGM output and a 6% increase in the average 4E gross basket price in US dollar terms. In South African rand, the average basket price increased 4%.

Chrome sales contributed $3.6 million in revenue during the period.

The group’s cash balance increased 19% to $79.7 million at the end of September, compared with $67.2 million at the end of the previous quarter.

Thaba Joint Venture Addresses Mining and Ore Supply Challenges

Despite stronger processing performance, Sylvania reported continued difficulties with mining output and ore quality at the Thaba Joint Venture.

The company is working with its joint venture partner, Limberg Mining Company, to develop measures aimed at improving mining performance and the quality of material supplied to the processing plant.

Discussions also include potential revisions to supply arrangements to address the quantity, cost and quality of run-of-mine ore.

Chief Executive Officer Jaco Prinsloo commented:

“From a financial perspective, the average 4E gross basket price increased by 6% in USD and 4% in Rand terms, while Chrome sales of $3.6 million were recorded during the Period. Consequently, net revenue increased 30% to $62.9 million and adjusted Group EBITDA increased 47% to $24.7 million, due to a combination of the 6% increase in 4E gross basket price and a 9% increase in Group 4E PGM production.”

FY2027 Production Guidance Maintained

Following the first-quarter performance, Sylvania reaffirmed its production targets for the financial year ending June 2027.

The company continues to expect annual production of between 85,000 and 95,000 4E PGM ounces, alongside 110,000 to 140,000 tonnes of attributable chrome concentrate.

Sylvania also confirmed that its previously announced on-market share buyback programme has been completed.

Operational priorities remain focused on maintaining processing performance, addressing ore supply challenges at Thaba and delivering production within the stated annual guidance ranges.

Cloudbreak Discovery PLC (LSE:CDL) reported a reduced annual loss and an improved cash position for the year ended 30 June 2026, following a strategic shift towards gold and copper exploration in Western Australia.

The natural resources company recorded a loss after tax of £1.15 million, compared with £2.71 million in the previous financial year. The improvement primarily reflected lower impairment charges and asset write-downs following the reassessment of its historical investment portfolio.

Cloudbreak also raised £2.75 million through three equity placings, supporting the acquisition and initial exploration of three projects in Western Australia.

Annual Loss Declines as Cash Position Strengthens

Cloudbreak ended June 2026 with approximately £1.2 million in cash and cash equivalents, compared with £53,000 a year earlier.

Net assets increased to approximately £1.5 million, reversing net liabilities of £353,000 at the end of June 2025.

The company’s financial performance reflected expenditure on establishing its Australian exploration portfolio, alongside ongoing administrative and corporate costs.

Although the equity fundraisings improved its financial position, Cloudbreak remains an exploration-stage business without revenue from mineral production.

The company acknowledged that further funding will be required to advance its exploration programmes and meet future commitments.

Its financial statements also disclose a material uncertainty relating to going concern, reflecting the need to secure additional financing, which is not guaranteed.

Three Western Australian Projects Form Core Exploration Portfolio

Cloudbreak’s revised strategy centres on three exploration assets: Darlot West, Crofton and Paterson.

At the Darlot West Gold Project, the company expanded its landholding and undertook geological reviews, reconnaissance and surface geochemical sampling to identify potential drilling targets.

Following the financial year-end, regulatory approval was received for a proposed aircore drilling programme. However, drilling remains subject to completion of the required heritage survey process.

At the Crofton Gold Project, Cloudbreak continued geological evaluation and surface exploration activities, including rock-chip sampling.

The Paterson Gold-Copper Project covers approximately 888 square kilometres and provides exposure to additional exploration opportunities.

Cloudbreak plans to assess existing geological information at Paterson before establishing a more detailed exploration programme.

Crofton Exploration Identifies Seven Potential Targets

Following the reporting period, Cloudbreak completed an integrated interpretation of historical geophysical and geochemical data at Crofton.

The review identified seven exploration targets, comprising four high-priority and three lower-priority areas.

Historical sampling from 2021 returned grades of up to 253 grams per tonne gold and 215 grams per tonne silver.

The project also contains historical gold workings, with reported production between 1901 and 1910 averaging approximately 150 grams per tonne gold.

These historical results do not establish current mineral resources or guarantee similar results from future exploration.

Cloudbreak has subsequently commenced geological mapping, rock-chip sampling and expanded soil geochemistry to refine the identified targets and assess their potential for future drilling.

No new drilling results were reported.

Legacy Asset Review and Future Funding Remain Priorities

Alongside its Australian exploration activities, Cloudbreak continued reviewing non-core investments.

During the financial year, the company agreed a proposed £100,000 disposal of its interests in the Masten Unit oil assets in Texas to G2 Energy Corp.

However, the transaction has not been completed under the agreed terms, and Cloudbreak is reviewing its contractual position and potential alternatives.

These could include arrangements with another operator under which Cloudbreak retains a minority economic interest or royalty participation.

Looking ahead, the company intends to progress exploration at Darlot West and Crofton while continuing technical evaluation of Paterson.

Cloudbreak will also assess funding opportunities and prioritise expenditure according to exploration results and available financial resources.

First Tin PLC (LSE:1SN) has reached a further permitting milestone at its Taronga Tin Project in New South Wales, Australia, after receiving draft conditions of consent for its Development Application from the state’s Department of Planning, Housing and Infrastructure (DPHI).

The company said receipt of the draft conditions marks the conclusion of the substantive assessment process and represents the final stage before a formal decision on development approval, which is expected in November 2026.

The milestone brings First Tin closer to advancing Taronga towards construction, although development remains subject to final approval, project financing, a final investment decision and other outstanding requirements.

Taronga Development Application Enters Final Approval Stage

First Tin’s wholly owned Australian subsidiary, Taronga Mines Pty Ltd, has received the draft conditions of consent for review alongside its advisers and relevant government agencies.

The conditions will be assessed before the DPHI makes its formal recommendation and determination on the Development Application.

Taronga is classified as a State Significant Development in New South Wales, meaning it is subject to a comprehensive assessment process covering environmental, social, heritage and economic considerations.

The company expects a formal approval decision in November, subject to completion of the remaining regulatory procedures.

If granted, development consent would allow First Tin to progress the project towards construction planning and financing arrangements, subject to the remaining conditions and requirements.

Environmental Assessment Process Nears Completion

The formal planning process began in August 2024, when First Tin submitted a Scoping Report requesting the environmental assessment requirements for Taronga.

The report outlined the proposed mine layout, infrastructure, workforce requirements and transport arrangements.

First Tin subsequently submitted its Environmental Impact Statement in September 2025, initiating the substantive assessment process involving government agencies, local communities and other stakeholders.

Following a four-week public exhibition period, the project received four objections.

As fewer than 50 objections were submitted, Taronga remained within the standard departmental assessment process rather than being referred to the Independent Planning Commission.

In May 2026, First Tin submitted its Response to Submissions report, addressing feedback on biodiversity, air quality, groundwater management and cultural heritage.

Further consultation with government agencies enabled the DPHI to complete its substantive assessment and prepare the draft conditions of consent.

Final Approval Would Support Project Financing and Construction Plans

First Tin Chief Executive Officer Bill Scotting described the development as an important step towards securing the necessary approvals for Taronga.

“The receipt of the draft conditions of consent for our development application represents a major permitting milestone for the Taronga Tin Project and brings us into the final stage of the development approval process.”

The company believes formal development consent would strengthen its position as it seeks project financing and prepares for the next stages of development.

Taronga is designed around conventional open-pit mining and mineral processing methods.

First Tin is focused on developing tin projects in Australia and Germany, targeting additional supply of a metal used in electronics, industrial manufacturing and technologies associated with electrification.

November Approval Decision Remains the Next Milestone

First Tin and its environmental consultants, RW Corkery, will now review the draft consent conditions and provide comments ahead of the expected determination.

The company’s immediate priority is securing formal development approval, after which attention can turn to financing, final investment decisions and outstanding project development requirements.

While receipt of the draft conditions represents progress through the permitting process, construction cannot proceed solely on the basis of this milestone.

Zenith Energy Ltd. (LSE:ZEN) has announced the addition of a new photovoltaic development project in southern Italy, increasing its total solar development pipeline to approximately 238 megawatts peak (MWp).

The ground-mounted solar project, located in the Province of Foggia in the Puglia region, is expected to have an installed capacity of approximately 5 MWp.

The addition brings Zenith closer to its target of establishing a 240 MWp solar development pipeline by the end of 2026.

New Solar Project Targets Ready-to-Build Status Within 10 Months

Zenith expects the project to qualify for Italy’s Simplified Authorisation Procedure, known as Procedura Abilitativa Semplificata (PAS), subject to meeting the relevant eligibility requirements.

The procedure could provide a shorter permitting process compared with standard authorisation routes.

The company estimates that the development could achieve Ready-to-Build status within approximately eight to ten months, including the completion of grid connection arrangements, final engineering design and the necessary authorisations.

Preliminary assessments indicate that the project could benefit from a relatively straightforward grid connection, with limited associated infrastructure costs compared with developments requiring longer connection routes.

The project remains at the development stage and has not yet received final authorisation.

Land Acquisition Valued at Approximately €560,000

The proposed development covers approximately eight hectares of land, with an agreed purchase price of €70,000 per hectare.

The total land acquisition consideration is estimated at €560,000.

Under the agreed terms, payment will become due only after the project achieves Ready-to-Build status.

This arrangement allows Zenith to defer the land acquisition expenditure until the necessary development approvals have been secured.

Zenith Approaches 240 MWp Solar Pipeline Target

The latest addition increases Zenith’s total solar development pipeline to approximately 238 MWp, leaving the company around 2 MWp short of its year-end target.

Zenith is already progressing construction activities at its initial solar plants in Puglia.

Chief Executive Officer Andrea Cattaneo commented:

“This new 5 MWp project strengthens our position in Puglia, where our first plants are already under construction.

With our pipeline now at approximately 238 MWp, we are within reach of our 240 MWp targets for the end of 2026. Our focus remains on projects that can move quickly towards Ready-to-Build, and negotiations on the sale of selected development assets are continuing.”

Solar Development and Asset Sales Remain in Focus

Zenith continues to prioritise photovoltaic projects that can progress through permitting and reach construction-ready status within relatively short development periods.

The company also confirmed that negotiations concerning the potential disposal of selected solar development assets remain ongoing.

Alongside its renewable energy activities in Italy, Zenith maintains energy production, exploration and development interests across North Africa, the United States and Europe.

The company is listed on the London Stock Exchange, Euronext Growth Oslo and Sweden’s Spotlight Stock Market.

Ariana Resources plc (LSE:AAU) has reported progress at its wholly owned Dokwe Gold Project in Zimbabwe during the quarter ended 30 September 2026, including high-grade drilling results and further development of its feasibility study.

The company, which has reported a 1.6 million-ounce gold resource at Dokwe with a pre-tax net present value of US$1.056 billion at a 10% discount rate, ended the quarter with cash of £17.3 million, equivalent to approximately A$32.7 million.

Ariana also completed the sale of its remaining interest in Türkiye’s Kiziltepe Sector while maintaining a 9.9% stake in the Zenit Mining Operations.

Dokwe Drilling Returns 98 Metres at 2.85 g/t Gold

Ariana completed 2,822 metres of metallurgical drilling across 15 holes at Dokwe North and Dokwe Central.

Significant results included 24 metres grading 4.71 grams per tonne gold from 172 metres in hole DPD141, including 2 metres at 46.95 g/t gold.

At Dokwe Central, hole DPD150 intersected 98 metres grading 2.85 g/t gold from 91 metres, including 1 metre at 93.72 g/t gold.

Four additional diamond drill holes totalling 1,005 metres were completed on the eastern flank of Dokwe North, identifying further potential for mineralisation. Results included 8 metres at 1.45 g/t gold from 96 metres in hole DPD154.

Approximately 11,000 metres of recent drilling will contribute to updated Mineral Resource and Ore Reserve estimates, being prepared independently by AMC Consultants and Auralia Mining Consultants.

Feasibility Study Progresses Across Key Development Areas

Ariana continued work on several components of the Dokwe feasibility programme, including metallurgical testing, water exploration and infrastructure planning.

Eight tonnes of metallurgical samples were prepared for testing in China and Australia, with Xinhai Mining Services supporting the programme.

Water exploration drilling is underway, comprising 12 priority holes totalling 2,155 metres.

Geotechnical drilling at Dokwe Central has also been completed, while Knight Piesold is assessing options for the positioning of waste rock dumps and the tailings storage facility.

Managing Director Dr. Kerim Sener commented:

“The Company has continued to make excellent progress on its 100%-owned Dokwe Gold Project in Zimbabwe towards its Feasibility Study. Metallurgical and resource-definition drilling returned very encouraging results, including 24 metres at 4.71g/t Au from Dokwe North and 98 metres at 2.85 g/t gold from Dokwe Central.”

Ariana Completes $3.7 Million Kiziltepe Disposal

During July, Ariana completed the sale of its remaining 9.9% interest in the Kiziltepe Sector in Türkiye to Proccea Construction Co. for approximately US$3.7 million in cash.

The transaction followed the conclusion of commercial operations at Kiziltepe and the earlier reduction of Ariana’s interest in Zenit during the second quarter of 2026.

Ariana retains a 9.9% interest in Zenit, including exposure to the Tavşan Gold Mine.

Tavşan produced 8,102 ounces of gold during the third quarter, with heap-leach operations running at full production capacity.

For the nine months ended 30 September, Zenit Mining Operations produced 17,940 ounces of gold, generating total revenue of US$81.4 million.

Dokwe Development and Financing Remain Priorities

Ariana said its immediate priorities include progressing the Dokwe feasibility study, completing revised resource and reserve estimates, and advancing metallurgical, water, power, infrastructure and environmental assessments.

The company also plans to continue exploration activities to investigate potential extensions to the existing gold mineralisation.

Following the appointment of Michael Atkins as Executive Chairman, Ariana is evaluating development and financing options as it works towards bringing Dokwe into production.

Airtel Africa PLC (LSE:AAF) reported a 28.2% increase in revenue to $3.82 billion for the six months ended 30 September 2026, supported by growth in mobile data and mobile money services across its African markets.

Profit after tax rose 20.5% to $452 million, compared with $376 million a year earlier, while operating profit increased 34.2% to $1.29 billion.

Revenue grew 20.8% in constant currency terms, reflecting increased customer adoption and higher demand for digital services.

Mobile Data and Money Customers Continue to Increase

Airtel Africa’s total customer base expanded 11.6% to 193.9 million, while data customers increased 15% to 89.9 million.

Mobile money customers grew 22.4% to 60.9 million, supported by the expansion of digital financial services and distribution networks.

Smartphone penetration reached 51.6%, with average monthly smartphone data consumption increasing to 13.3 GB from 10.1 GB in the corresponding period.

Higher data usage contributed to a 10.7% increase in data average revenue per user in constant currency.

Mobile services revenue grew by almost 19% in constant currency, including 28% growth in data revenue, while mobile money revenue increased 25.8%.

Annualised total processed value across the mobile money business rose 36.5% to $275 billion during the second quarter.

EBITDA Rises 32.8% as Operating Margins Improve

Underlying EBITDA increased 32.8% to $1.92 billion, compared with $1.45 billion in the previous year.

The underlying EBITDA margin improved to 50.3% from 48.5%, despite inflationary pressures associated with higher fuel costs.

In the second quarter, the margin reached 50.4%, representing an increase of 144 basis points compared with the preceding quarter.

Basic earnings per share increased 23.3% to 10.2 cents from 8.3 cents.

Profit after tax included $55 million in exceptional charges relating to an in-principle settlement involving a group subsidiary and expenses associated with the Airtel Money initial public offering.

Net cash generated from operating activities increased 26.7% to $1.76 billion, while operating free cash flow rose 12% to $1.26 billion.

Network Investment More Than Doubles to $657 Million

Airtel Africa increased capital expenditure to $657 million during the half-year, more than doubling investment compared with the previous period.

The company added approximately 4,200 network sites to improve coverage and capacity, while supporting the development of services including home broadband.

Leverage declined to 1.6 times from 2.1 times, supported by higher underlying EBITDA.

The board declared an interim dividend of 3.1 cents per share, an increase of 9.2%.

Airtel Africa also returned $108.7 million to shareholders through its share buyback programme during the period.

Airtel Money IPO and Digital Expansion Remain Priorities

Chief Executive Officer Sunil Taldar highlighted the recent Airtel Money IPO as a development for the group, which retained its shareholding following the transaction.

“The recent IPO of Airtel Money represents a significant milestone for the Group. We retained our shareholding through the IPO and remain a long-term strategic shareholder, with significant exposure to Airtel Money’s future growth and value creation.”

The company continues to invest in digital services, artificial intelligence applications and network infrastructure to support customer growth.

Airtel Africa operates telecommunications and mobile money services across 14 countries in sub-Saharan Africa.