ADVFN UK Market News

Author: Fiona Craig

  • Pan African Resources Completes DFS for Soweto Tailings Retreatment Project

    Pan African Resources Completes DFS for Soweto Tailings Retreatment Project

    Pan African Resources (LSE:PAF) has completed a definitive feasibility study for its Soweto Tailings Retreatment project, located adjacent to the Mogale Tailings Retreatment complex in Gauteng, South Africa.

    The proposed project is designed to process 600,000 tonnes of tailings per month from the Soweto Cluster. Pan African expects the operation to produce between 35,000 and 40,000 ounces of gold annually over an estimated 15-year life.

    If developed, the project is expected to increase peak production from the wider Mogale Tailings Retreatment complex to approximately 100,000 ounces of gold per year.

    The feasibility study estimates capital expenditure of ZAR3.68 billion, following design changes that reduced projected capital requirements by approximately ZAR718 million.

    Using a gold price assumption of US$3,550 per ounce, the study estimates a post-tax net present value of approximately ZAR1.85 billion and an internal rate of return of 29.55%.

    Pan African said environmental approvals and permitting are progressing, with key authorisations expected during FY27. The company is targeting a final investment decision in December 2026.

    The proposed operation would integrate with existing elution, carbon regeneration, electrowinning and smelting infrastructure at the Mogale complex rather than using a fully standalone processing configuration.

    Plans also include a dedicated tailings storage facility designed to comply with the Global Industry Standard on Tailings Management. The project would involve the retreatment and subsequent rehabilitation of historical tailings areas on the West Rand.

    More about Pan African Resources

    Pan African Resources is a gold producer listed in London, Johannesburg and Australia, with mining and tailings retreatment operations in South Africa.

    The group’s activities include recovering gold from surface tailings and underground deposits. Its operations include the Mogale Tailings Retreatment complex on South Africa’s West Rand.

  • One Health Reports Trading in Line as Scunthorpe Surgical Hub Advances

    One Health Reports Trading in Line as Scunthorpe Surgical Hub Advances

    One Health Group PLC (LSE:OHGR) said trading early in the financial year ending March 2027 has been in line with expectations, supported by demand for elective care.

    Ahead of the company’s Annual General Meeting, Chairman Derek Bickerstaff said construction of One Health’s first dedicated surgical hub in Scunthorpe is progressing on schedule and within its planned £8 million to £9 million budget.

    The company is targeting an opening for the facility in spring 2027. Construction has progressed through structural and mechanical stages, according to the group.

    One Health intends to use the Scunthorpe facility to increase its capacity to provide NHS-funded elective surgical procedures in the region.

    The company currently provides treatment through a network of consultants, independent hospitals and outreach clinics under the NHS Patient Choice pathway.

    More about One Health Group PLC

    One Health Group PLC is an AIM-quoted independent provider of NHS-funded surgical procedures in England.

    The company works with approximately 140 NHS-employed surgeons and anaesthetists on a subcontracted basis and provides orthopaedics, spinal procedures, general surgery, gynaecology and urology across 14 independent hospitals and 40 outreach clinics.

    During the year ended March 2026, One Health treated nearly 19,000 new patients through more than 50,000 consultations and over 8,000 surgical procedures. Its revenue comes from 29 Integrated Care Boards and NHS trust contracts.

  • Kendrick Resources Reports 3.05% LREO Over 37.9 Metres at Teufelskuppe

    Kendrick Resources Reports 3.05% LREO Over 37.9 Metres at Teufelskuppe

    Kendrick Resources (LSE:KEN) reported certified diamond drill assay results from the Teufelskuppe carbonatite complex, including an intersection of 37.9 metres grading 3.05% light rare earth oxides (LREO) in drill hole TKDD006.

    The company also reported rare earth mineralisation from holes TKDD007, TKDD005 and TKDD009 across multiple sills at the project.

    Kendrick said the assay results indicate continuity of mineralisation and consistent grades within the TK3, TK4 and TK5 sills at Teufelskuppe.

    The drilling data will contribute to the company’s ongoing work to verify and upgrade its in-house mineral resource estimate to comply with the JORC 2012 reporting standard.

    Kendrick is also using the results to support technical work on a processing flowsheet as part of its published development plan for Teufelskuppe.

    More about Kendrick Resources PLC

    Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration, technical studies and resource development.

    The group’s portfolio also includes the Bonya Rare Earth Project in Namibia and the Blue Fox licence in northwest Zambia.

  • Petards H1 Adjusted EBITDA Rises Over 50% as Net Debt Falls

    Petards H1 Adjusted EBITDA Rises Over 50% as Net Debt Falls

    Petards (LSE:PEG) reported revenue of £7.7 million for the six months ended 30 June 2026, while adjusted EBITDA increased by more than 50% to £781,000 as the group recorded a higher gross profit margin.

    Gross profit margin increased to 52.2%, while Petards reported an operating profit of £14,000. Cash generated from operations rose to £894,000, and net debt declined to £1.16 million at the end of the period.

    The company said trading in its Rail and Defence divisions improved during the first half, alongside recurring revenues across the group. Defence activities included progress on a £2.2 million contract with Rheinmetall BAE Systems relating to the Challenger 3 programme.

    Petards said Rail order intake reached its highest level in more than five years, supported by retrofit contracts for its eyeTrain technology. The division also secured additional orders in August.

    QRO’s performance improved from the levels recorded in late 2025, while Affini reported an increase in managed services revenue despite lower project demand.

    The group’s order book stood at £9.6 million at the end of the first half, compared with £9.2 million at the end of 2025.

    Petards said it expects further cash generation and a reduction in net debt during the second half. The board also expects full-year results to show a further significant improvement compared with 2025.

    The extent of QRO’s full-year performance remains dependent on the timing of law-enforcement orders.

    More about Petards

    Petards Group plc is an AIM-quoted developer of security, communications and surveillance technologies serving the rail, traffic, defence and critical communications markets.

    Its operations include the eyeTrain and RTS rail businesses, QRO and ProVida traffic enforcement activities, defence engineering operations and Affini’s wireless and managed communications services.

    The group’s revenues include project-based equipment supply, retrofits and upgrades, as well as recurring income from maintenance, software and managed services contracts.

  • Vanquis CEO Ian McLaughlin to Step Down, John Natalizia Named Interim Successor

    Vanquis CEO Ian McLaughlin to Step Down, John Natalizia Named Interim Successor

    Vanquis Banking Group (LSE:VANQ) said Chief Executive Officer Ian McLaughlin will step down for personal reasons no later than the end of 2026.

    Deputy CEO and Snoop chief John Natalizia will become interim CEO, subject to regulatory approval. The board has started a search for a permanent successor that will consider both internal and external candidates.

    McLaughlin has led Vanquis through a period in which the group implemented operational and financial changes and returned to profitability.

    Natalizia joined Vanquis following its acquisition of Snoop in 2023 and was appointed deputy CEO in April 2026. He currently oversees the group’s product offering, technology and change delivery, including its Gateway transformation programme.

    Natalizia has more than 25 years of experience in banking and credit cards, including roles at Virgin Money and MBNA.

    The board said it believes the management team under Natalizia and Chief Financial Officer Dave Watts is positioned to continue implementing the group’s existing strategy.

    More about Vanquis Banking Group

    Vanquis Banking Group is a UK-based specialist banking group providing credit cards and other consumer finance products, with a focus on customers who may have limited access to mainstream lending.

    The group has been implementing a strategic and operational transformation covering technology, products and its Gateway programme. Its operations also include Snoop, the fintech business acquired in 2023.

  • Everplay Partner Bulkhead’s Wardogs Sells More Than One Million Copies on First Day

    Everplay Partner Bulkhead’s Wardogs Sells More Than One Million Copies on First Day

    Everplay Group (LSE:EVPL) said Wardogs, a tactical first-person shooter developed by strategic partner Bulkhead and published by Team17, sold more than one million copies on its first day in Steam Early Access.

    The 100-player title also recorded more than 340,000 concurrent players following its launch, according to the company.

    Everplay described the launch as a significant milestone for Bulkhead and Team17. Bulkhead is a strategic partner of the group.

    The announcement comes ahead of Everplay’s interim financial results, which are scheduled for 15 September 2026.

    More about Everplay Group

    Everplay Group plc, formerly Team17 Group plc, is an independent developer and publisher of video games and children’s educational entertainment applications.

    The group operates through three divisions. Team17 focuses on independent games and franchises including Hell Let Loose, Worms, Wardogs, Dredge and Overcooked!, while astragon specialises in simulation titles including Construction Simulator and Police Simulator.

    StoryToys develops educational applications for children under eight using a range of entertainment brands.

  • Harbour Energy to Buy 53 Million Shares From BASF for About $190 Million

    Harbour Energy to Buy 53 Million Shares From BASF for About $190 Million

    Harbour Energy (LSE:HBR) has agreed to purchase 53 million of its ordinary shares from BASF in an off-market transaction for £2.66 per share, representing total consideration of approximately $190 million.

    The transaction forms part of a wider offering of Harbour Energy shares by BASF to institutional investors. Harbour said the 53 million shares acquired through the off-market purchase will be cancelled.

    Approximately $40 million of the purchase price will be allocated to Harbour’s existing $250 million share buyback programme.

    Following completion of both the off-market purchase and BASF’s wider offering, BASF’s holding in Harbour Energy is expected to decline from approximately 24.3% to 16.4%.

    More about Harbour Energy

    Harbour Energy plc is an independent oil and gas company focused on exploration and production activities.

    The company manages a portfolio of upstream energy assets and undertakes capital allocation measures including share buyback programmes.

  • Sage to Redeem EUR500 Million Notes and Cancel London Listing

    Sage to Redeem EUR500 Million Notes and Cancel London Listing

    Sage Group plc (LSE:SGE) has notified holders of its EUR500 million 3.820% notes due February 2028 that it will exercise its issuer call option to redeem all outstanding notes.

    The redemption is scheduled for 28 September 2026 and will be made at the make-whole optional redemption amount, together with accrued interest.

    A determination agent will calculate the final redemption amount on 23 September, with Sage expected to issue a further notice providing the amount payable.

    Following redemption, the company intends to apply for cancellation of the notes from the FCA’s official list and their admission to trading on the London Stock Exchange’s Main Market.

    Repayment will be processed through the applicable clearing systems.

    More about Sage Group plc

    Sage Group plc is a provider of finance, human resources and payroll software for small and mid-sized businesses.

    The company’s technology connects financial and workforce management functions and is used by businesses, accountants and other partners to manage areas including finance, payroll and related business processes.

  • Tharisa Prices US$300 Million Bond to Fund Karo Platinum Project

    Tharisa Prices US$300 Million Bond to Fund Karo Platinum Project

    Tharisa (LSE:THS) has priced a US$300 million five-year senior secured Nordic bond through its wholly owned subsidiary Arxo Finance plc, with proceeds primarily intended to fund completion of the Karo Platinum Project in Zimbabwe.

    The bond was priced at 98% of principal and carries an 11% coupon payable semi-annually. Tharisa said the offering was oversubscribed, with participation from international institutional investors.

    Proceeds will initially be held in escrow and released once specified conditions have been satisfied. The majority of the funds are earmarked for completing Karo, while any remaining proceeds will be available for general corporate purposes.

    Tharisa expects the Karo project to more than double the group’s platinum group metals production and provide it with a second operating asset alongside the Tharisa Mine in South Africa.

    Settlement of the bond is targeted for 24 September 2026. The company intends to apply for admission of the bonds to ABM Fast Entry within 60 days of issuance and subsequently to Euronext Oslo Børs, or another regulated exchange, within 12 months.

    DNB Carnegie and HSBC acted as joint bookrunners for the transaction.

    Management indicated that funding costs could potentially be reduced as Karo moves through commissioning and its development progresses. This remains dependent on future developments.

    More about Tharisa

    Tharisa plc is an integrated mining and metals group focused on platinum group metals and chrome concentrates.

    Its operations cover exploration, mining, processing, beneficiation, marketing, sales and logistics. The group operates the Tharisa Mine in South Africa and is developing the Karo Platinum Project in Zimbabwe.

    Tharisa also has activities in downstream alloy production and long-duration energy storage technology.

  • Cobra Resources Advances Drilling and Technical Work at Wudinna and Manna Hill

    Cobra Resources Advances Drilling and Technical Work at Wudinna and Manna Hill

    Cobra Resources (LSE:COBR) reported progress on drilling, metallurgical and resource-definition programmes at its Wudinna rare earths and Manna Hill copper projects in South Australia during the first half of 2026.

    The company also made changes to its board during the period, with founding chair Greg Hancock retiring and Andrew Michelmore appointed as non-executive chairman.

    At the Manna Hill Copper Project, reverse circulation drilling at the Blue Rose discovery returned shallow copper-gold sulphide intersections. Cobra subsequently began diamond drilling to investigate potential extensions at depth and the broader porphyry system and formally exercised its option to acquire the project.

    The company said diamond drilling completed after the reporting period extended sulphide mineralisation and identified geological characteristics it considers indicative of a potentially fertile porphyry system. Assay results from the drilling remain pending.

    At Wudinna, Cobra completed the acquisition of additional exploration licences, increasing its landholding to more than 3,200 square kilometres and expanding the area covered by its ionic rare earths exploration interests.

    Sonic core drilling at the Boland and Head prospects generated additional geological data for a planned maiden mineral resource estimate. The company also continued metallurgical and permeability testing as it assesses the potential use of controlled-aquifer in situ recovery, or ISR, at the project.

    Cobra has appointed ERM to prepare the maiden mineral resource estimate for Wudinna. Permitting and engineering work is also under way for a small-scale ISR production demonstration that the company is targeting for 2027.

    Additional metallurgical programmes are being conducted with ANSTO, while Cobra has made senior appointments across its finance, technical and exploration functions.

    More about Cobra Resources Plc

    Cobra Resources plc is a South Australian mineral exploration and development company focused primarily on the Wudinna ionic rare earths project and the Manna Hill Copper Project.

    At Wudinna, the company is evaluating the potential development of an in situ recovery operation targeting rare earths contained within palaeochannel sediments. At Manna Hill, Cobra is exploring shallow skarn and deeper porphyry-style copper-gold mineralisation in the Nackara Arc.

    The company also retains exposure to gold through a shareholding in Barton Gold.