Author: Fiona Craig

Capital Limited (LSE:CAPD) has agreed to acquire 100% of Australian underground reverse circulation drilling company Metres Down Under for total consideration of up to approximately US$16 million.

The acquisition provides Capital with an operating base in Western Australia and adds specialist underground reverse circulation drilling capabilities to the group’s existing mining services operations.

Metres Down Under, described in the supplied material as Australia’s largest specialist underground reverse circulation drilling company, has an 11-rig fleet and nearly three decades of experience in the sector.

The business has contracts at mining operations including Sunrise Dam and Tropicana and is expected to contribute approximately US$25 million in annual revenue.

Capital Raises 2026 Revenue Guidance

Following the acquisition, Capital increased its 2026 group revenue guidance to between US$435 million and US$455 million.

The company maintained its existing guidance for capital expenditure and MSALABS.

Metres Down Under will continue operating as a distinct business within the Capital Group. The acquired company uses remotely operated drilling technology alongside its underground reverse circulation drilling fleet.

The transaction also expands Capital’s existing relationship with AngloGold Ashanti through Metres Down Under’s activities at mining operations including Sunrise Dam and Tropicana.

Capital Limited Operations

Capital Limited is a mining services company providing drilling, mining, equipment maintenance and geochemical laboratory services to the minerals industry.

Its services cover exploration, delineation and production drilling, load and haul operations, equipment maintenance and geochemical analysis. The group operates across Africa, the Middle East, Asia-Pacific, Europe and the Americas.

East Star Resources (LSE:EST) has received the approvals required to begin drilling at its Rulikha Copper Project in Kazakhstan, with operations starting on 5 October following mobilisation of a drill rig.

The project is operated through a joint venture with local partner Nova Ltd. Under the farm-in arrangement, East Star said it is fully carried through to production and would retain a 25% to 35% interest in any mine subsequently developed at Rulikha.

Five-Hole Programme Targets Copper Mineralisation

The initial drilling programme comprises five holes totalling approximately 1,500 metres across two target areas.

The programme is designed to verify mineralisation recorded in historical exploration and provide additional data for the potential conversion of an existing exploration target into a formal mineral resource.

East Star said the joint venture structure allows exploration and development work at Rulikha to progress without additional capital contributions from the company under the terms of the farm-in arrangement.

East Star Resources Portfolio

East Star Resources is a Kazakhstan-focused exploration and development company targeting copper and gold projects.

Its portfolio includes joint ventures covering the Rulikha Copper Project and Verkhuba copper deposit, which are being advanced under arrangements that the company said require no further funding from East Star through to production.

The company also has a large-scale gold exploration partnership and additional copper and epithermal gold exploration targets in Kazakhstan.

Alien Metals (LSE:UFO) said GreenTech Metals has completed a heritage survey with Ngarluma Traditional Owners covering priority exploration areas at the Munni Munni PGE-copper-nickel project in Western Australia.

Following completion of the survey and clearance for site access, drilling is expected to begin immediately.

Alien holds a 30% free-carried interest in Munni Munni and owns approximately 10% of GreenTech Metals’ share capital.

Drilling to Target Copper Mineralisation

The planned drilling programme will target potential extensions of shallow copper mineralisation at Ferguson Reef as well as priority copper targets along the basal contact of the Munni Munni intrusion.

The programme represents the next phase of exploration at the project following completion of the heritage clearance process.

The supplied material did not provide details on the number of planned drill holes, expected drilling depths or the anticipated duration of the programme.

Alien Metals Portfolio

Alien Metals is an AIM-listed mining exploration and development company with assets focused on iron ore and base and precious metals.

Its portfolio includes a 90% interest in the Hancock Iron Ore Project in Western Australia and the Georgina Basin IOCG Project. The company also holds minority interests in the Munni Munni PGE-copper-nickel project and the Elizabeth Hill Silver Project.

Alien additionally holds equity interests in GreenTech Metals and West Coast Silver.

Norman Broadbent plc (LSE:NBB) reported net fee income of £3.5 million for the third quarter of 2026, the highest quarterly level reported by the executive search and senior interim management group.

Net fee income increased from £2.9 million in the corresponding quarter of 2025 and £3.1 million in the second quarter of 2026.

The AIM-listed company provides executive search, senior interim management and leadership advisory services across a range of sectors in the UK and internationally.

Fee-Earning Headcount Increases

Norman Broadbent said it added seven net new fee earners during the year to date as part of its strategy to expand fee-generating capacity.

Management said the expansion continued despite challenging market conditions and forms part of the group’s broader growth strategy.

The company also reported a pipeline of work in progress and growth in new project awards. Based on these factors, management said it has a positive outlook for the fourth quarter of 2026 and into 2027.

Norman Broadbent Operations

Norman Broadbent provides executive search, senior interim management and bespoke leadership advisory services. The company operates across sectors including consumer, financial services, industrials, life sciences, investor and technology, media and telecommunications.

Founded in 1979, the group operates in the UK and internationally. Its strategy includes investment in additional fee earners to increase its capacity across executive search, interim management and leadership advisory services.

Cykel AI PLC (LSE:CYKL) reported a loss after tax of £1.18 million for the six months ended 31 July 2026 as revenue from its artificial intelligence agent products remained insufficient to cover operating costs.

The company generated revenue from its Lucy, Samson and Eve AI agents during the period, although the supplied material did not provide a specific revenue figure.

Cykel AI reported negative shareholders’ equity of approximately £2.07 million at the end of the period. The company said it continues to focus on managing costs while developing its AI agent business within an evolving regulatory environment.

Credit Facility Terminated and Warrant Period Extended

During the six-month period, Cykel AI terminated its revolving credit facility with DeFi Development Corp, eliminating the associated liabilities.

The company also secured an extension to the exercise period for £2.8 million of pre-paid warrants. The exercise period now runs until mid-2028.

Cykel AI also made changes to its board and leadership structure during the period, with the management team now centred on chief executive Gerald Tritt.

The company’s strategy is focused on increasing revenue from its AI agent products while managing its available capital and operating costs.

Cykel AI Refocuses on AI Operations

Cykel AI develops and commercialises artificial intelligence agents, including Lucy, Samson and Eve, which are designed for recruitment, research and sales applications.

The company previously explored a Solana-based digital asset treasury strategy before returning its focus to its AI operations. It subsequently changed its name from Defi Development Corporation UK PLC back to Cykel AI PLC.

eEnergy Group (LSE:EAAS) has conditionally raised approximately £1.96 million through a WRAP retail offer, taking total gross proceeds from its wider fundraising to around £8.3 million.

The retail offer involved the issue of more than 652 million new shares at 0.3 pence per share. It followed an earlier placing and subscription as part of the company’s fundraising programme.

Trading in eEnergy’s shares, which was halted during the capital access process, is expected to resume following the announcement.

The new shares are expected to be admitted to trading on AIM later in October, subject to shareholders approving the required resolutions at a forthcoming general meeting.

Funding to Address Trade Creditors and Working Capital

eEnergy said it intends to use approximately £4 million of the proceeds to pay overdue trade creditors.

After fundraising costs and payments to creditors, the remaining proceeds are expected to provide additional working capital for the business.

Company directors participated in the fundraising, including chairman John Samuel. According to the supplied material, the independent board member considered the directors’ participation to be fair and reasonable.

Completion of the fundraising remains conditional on shareholder approval of the necessary resolutions. The board has recommended that shareholders vote in favour of the proposals.

eEnergy Group Operations

eEnergy is a UK-based net zero energy services provider offering energy-saving and energy-generation projects, including LED lighting, solar photovoltaic systems, battery storage and electric vehicle charging infrastructure.

The company serves customers in the UK education sector as well as healthcare, including the NHS, and commercial and industrial markets. Its model can involve third-party funding to finance customer capital expenditure on energy projects.

Andrada Mining (LSE:ATM) reported the fifth batch of diamond drilling assay results from its Lithium Ridge project in Namibia, with multiple intersections returning lithium grades above 1% Li2O.

The results showed down-dip continuity and structural thickening within lithium-bearing pegmatite swarms, according to the company. Spodumene was identified as the primary lithium-bearing mineral, while tin and tantalum mineralisation was also recorded across the pegmatites.

Several drill holes intersected lithium mineralisation in a newly identified pegmatite body outside the main Lithium Ridge trendline, extending the area in which mineralisation has been identified.

Drilling Conducted Under SQM Earn-In

The drilling programme forms part of Stage 1 of Andrada’s earn-in agreement with SQM International.

Andrada said the latest results provide additional geological information that can be used for future resource delineation at Lithium Ridge. The presence of lithium, tin and tantalum is also being assessed as the company evaluates the project’s potential as a polymetallic operation.

The supplied material did not provide individual drill-hole widths or grades beyond noting multiple intersections above 1% Li2O.

Andrada’s Namibia Portfolio

Andrada Mining is a Namibia-focused tin producer with mining and exploration assets targeting critical minerals including lithium and tantalum.

The company is advancing Lithium Ridge in partnership with SQM International under a staged earn-in agreement. Andrada’s broader portfolio focuses on polymetallic pegmatite deposits containing tin, lithium and tantalum.

The company’s shares are listed on AIM and the OTCQB.

Gelion (LSE:GELN) has signed a Material Transfer Agreement with a top 15 global automotive manufacturer to evaluate its Nano-Encapsulated Sulfur (NES™) cathode material in next-generation electric vehicle battery configurations.

Under the agreement, the automotive manufacturer will test Gelion’s sulfur-based cathode platform in both liquid and solid electrolyte cells. The testing will include configurations using lithium metal and graphitic anode systems intended for luxury and mass-market electric vehicle applications.

The manufacturer was not identified in the supplied material.

Agreement Expands Testing of NES™ Technology

The agreement provides for further automotive testing of Gelion’s lithium-sulfur battery technology as the company works towards commercialising its NES™ cathode material.

Gelion’s NES™ technology uses sulfur as the cathode material and is being developed as an alternative to cathodes that rely on critical minerals. According to the company, the material is designed to increase energy density while remaining compatible with existing battery manufacturing processes.

Management said its commercialisation strategy includes funded development programmes, licensing agreements and royalty arrangements with industrial and battery manufacturers.

Gelion Partnerships

Gelion is an advanced battery materials company developing cathode technologies for lithium-ion and lithium-sulfur batteries, with potential applications across automotive, defence and high-performance devices.

The company said its existing collaborations include TDK, Mitsui Kinzoku, QinetiQ, Nissan UK, the National Laboratory of the Rockies and Germany’s Max Planck Institute of Colloids and Interfaces, alongside the unnamed top 15 global automotive manufacturer.

Mercantile Ports & Logistics Limited (LSE:MPL) has completed final oral rejoinder submissions before India’s National Company Law Tribunal in proceedings concerning the debt resolution process involving its Karanja Port subsidiary.

The tribunal has directed all parties to file written submissions by 8 October 2026. A judgment on MPL’s challenge to the rejection of its debt-resolution proposal is expected following those submissions.

The proceedings relate to MPL’s efforts to settle outstanding debt associated with Karanja Port and retain control of the asset.

MPL Raises Claims Over Debt Resolution Process

During the proceedings, counsel for MPL argued that the company had not been given a genuine opportunity to repay its outstanding debt and retain the port that it financed and developed.

MPL also alleged collusive conduct between Prudent ARC and lenders that it said obstructed its proposed One-Time Settlement. These claims represent the company’s position in the ongoing proceedings and have not been presented in the supplied material as findings by the tribunal.

The company maintains that the process undermined the integrity of the debt-resolution framework and resulted in a prolonged legal dispute. MPL said it is seeking a mechanism that would allow it to repay lenders in full.

The tribunal’s forthcoming judgment could determine whether MPL is able to retain Karanja Port under its proposed debt-resolution arrangements.

Karanja Port Operations

Mercantile Ports & Logistics operates in the ports and logistics sector through its Karanja Port subsidiary in India.

The company has financed and developed port infrastructure intended to serve regional trade and logistics requirements. Its shares are traded on London’s AIM market.

Poolbeg Pharma (LSE:POLB) has secured a patent in South Korea covering POLB 001, its p38 MAP kinase inhibitor being developed for the prevention of Cytokine Release Syndrome associated with cancer immunotherapies.

The patent provides protection for POLB 001 and the use of any p38 MAP kinase inhibitor for this indication until 2044, according to the company.

The South Korean patent adds to existing protection in Europe, Canada and Australia, extending Poolbeg’s intellectual property portfolio covering POLB 001 and its potential use in cancer immunotherapy-related Cytokine Release Syndrome.

Poolbeg said the additional patent protection is intended to support the programme’s commercial position and its strategy of seeking prospective pharmaceutical partners for the asset.

POLB 001 Development

POLB 001 is a potent and selective p38 MAP kinase inhibitor being developed by Poolbeg to prevent Cytokine Release Syndrome associated with cancer immunotherapy.

The company is developing the treatment with the aim of reducing the risk of Cytokine Release Syndrome and potentially allowing cancer immunotherapies to be administered more widely outside specialist treatment centres.

Poolbeg is a clinical-stage biopharmaceutical company focused on cancer immunotherapy. Alongside POLB 001, the company is developing an oral GLP-1 therapy for obesity.