Author: Fiona Craig

Alien Metals (LSE:UFO) has set out a 12-month exploration programme for its wholly owned Georgina Basin IOCG Project in Australia, with work designed to assess more than 90 copper-gold targets and move its most prospective opportunities closer to drilling.

The programme will focus initially on advancing three drill-ready prospects at Leichhardt East, Leichhardt West and Banks. Planned activities include detailed technical modelling, targeted gravity surveys and other geophysical work aimed at refining the company’s understanding of the project’s iron oxide copper-gold potential.

Alien will also continue engagement with Traditional Owners covering important licence areas as it progresses exploration planning across the Georgina Basin portfolio.

The company has allocated a relatively modest budget of £155,000 to the programme, which will be funded from existing cash resources. Management intends to use a disciplined approach to exploration spending while concentrating capital on targets considered to offer the greatest potential impact.

Alien also plans to pursue external exploration funding opportunities. These include potential support through BHP’s Xplor accelerator programme and grant funding available from the Northern Territory Government. Securing co-funding could reduce the amount of company capital required to advance individual targets.

The objective is to establish a broader pipeline of high-priority, drill-ready IOCG prospects by mid-2027. Management sees the programme as part of a wider strategy to prioritise potentially high-impact copper-gold assets while maintaining a diversified portfolio of metals projects.

Successful advancement of the Georgina targets could strengthen Alien’s exploration profile and provide additional opportunities for value creation while limiting the amount of capital committed during the initial assessment phase.

The company’s financial position nevertheless remains challenging. Alien currently generates no revenue and continues to record losses and sustained cash outflows. Technical indicators are also bearish, with the shares trading below key moving averages, MACD remaining negative and the relative strength index indicating particularly weak momentum.

Valuation provides a modest counterbalance through a moderate price-to-earnings ratio, although the absence of dividend-yield data offers no additional support to the investment assessment.

More about Alien Metals Ltd

Alien Metals Limited is an AIM-listed minerals exploration and development company with a diversified portfolio covering iron ore, silver, copper and platinum-group metals.

The company is increasingly concentrating on Australian copper-gold opportunities, particularly its 100%-owned Georgina Basin IOCG Project in the Northern Territory. Alien also uses joint ventures and interests in listed companies as part of its wider strategy to advance projects and potentially realise value from its portfolio.

Gulf Marine Services (LSE:GMS) has secured a 183-day contract extension for one of its Small-class vessels operating in the Gulf Cooperation Council region, further increasing the offshore support specialist’s contracted revenue visibility.

The extension was awarded by a major Middle Eastern national oil company under an existing agreement. It also includes two additional options of three months each, giving the customer scope to extend the vessel’s deployment further.

Following the award, Gulf Marine Services’ contracted backlog has risen to USD 659 million, providing the group with substantial visibility over future activity.

The vessel will continue supporting offshore maintenance operations for the customer without interruption. The extension highlights continued demand for GMS’s self-propelled, self-elevating support vessels across its core Middle Eastern markets.

Management said the contract demonstrates the customer’s continued confidence in the group’s operational performance and reliability. Maintaining the vessel’s deployment will also support fleet utilisation, which remains an important factor in delivering GMS’s strategic and financial objectives.

The company’s broader financial position has strengthened over recent years, supported by revenue growth, sustained profitability and continued deleveraging. However, these improvements are partly offset by a decline in net income during 2025 and a significant reduction in free cash flow.

Technical indicators remain broadly neutral, although the shares receive some support from trading above important moving averages. Valuation appears relatively reasonable based on the company’s price-to-earnings ratio, while the absence of dividend-yield support remains a consideration for investors.

More about Gulf Marine Services

Gulf Marine Services is a London-listed offshore energy services company founded in Abu Dhabi in 1977. The group operates a fleet of 15 self-propelled, self-elevating support vessels from bases in the UAE, Saudi Arabia and Qatar, serving customers across the Middle East, Asia, Africa, the Americas and Europe.

Its vessels support activities including offshore platform maintenance, well intervention and offshore wind projects. The fleet is divided into K-Class, S-Class and E-Class vessels, capable of operating in water depths ranging from 45 metres to 80 metres.

GMS vessels provide substantial deck space and crane capacity, with accommodation for as many as 300 personnel. Their four-legged, self-propelled configuration allows them to relocate between offshore sites without requiring tugs, potentially reducing both time and costs compared with conventional support vessels.

The fleet serves both operating expenditure-led and capital expenditure-led offshore projects, giving GMS exposure to maintenance requirements as well as new infrastructure and development activity.

Jangada Mines (LSE:JAN) has completed the first phase of drilling at its Molly Gold Project in Brazil, confirming historical exploration data at the Molly 1 deposit while extending known mineralisation both along strike and down dip.

The drilling returned multiple high-grade gold intersections alongside copper grades that exceeded expectations. Jangada also identified a previously unrecognised style of disseminated mineralisation, potentially broadening the development options available for the project.

The presence of disseminated mineralisation could be particularly significant because it may provide scope for a lower-cost, bulk-tonnage open pit operation alongside the project’s higher-grade mineralised zones. Further geological and technical work will be needed to determine the scale and economic potential of this opportunity.

Exploration has also produced notable results from the newly defined Vivi target. Rock-chip sampling returned bonanza-grade gold values accompanied by significant concentrations of silver, copper, lead and zinc, establishing Vivi as an important new target for follow-up work.

The combination of results from Molly 1 and Vivi supports Jangada’s view that the wider project could form part of a district-scale polymetallic mineralised system rather than a collection of isolated gold occurrences.

The company is continuing geological modelling alongside drone-based magnetic surveys and ground induced-polarisation surveys. These programmes are intended to improve understanding of the mineralised system, support potential resource upgrades and identify additional targets for future drilling.

Jangada said it remains well funded for the next stage of exploration, allowing it to continue evaluating opportunities for further resource growth and expand its understanding of the wider mineralised district.

The company’s financial profile nevertheless remains a constraint. Jangada currently generates no revenue and continues to record losses and cash outflows, although its relatively low leverage provides some balance-sheet support.

Technical indicators are also weak, with the shares trading below major moving averages and MACD remaining negative. Conventional valuation measures provide only limited insight while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is available.

More about Jangada Mines PLC

Jangada Mines plc is an AIM-listed natural resources company focused on mining opportunities in Brazil, with an emphasis on gold and polymetallic mineralisation.

Its principal asset is the Molly Gold Project, where exploration is targeting a broader system containing gold, silver, copper, lead and zinc. The company is evaluating the potential for both higher-grade mineralisation and larger-scale, bulk-tonnage open pit development as it works to establish the project’s district-scale potential.

Arc Minerals (LSE:ARCM) has appointed G D E Botswana Drilling & Exploration, part of Global Drilling & Exploration Group, to undertake a diamond drilling campaign at its PL135/2017 licence within the Virgo copper project in Botswana’s Kalahari Copper Belt.

The phased exploration programme will investigate a series of high-priority targets across approximately 14 kilometres of interpreted contact between the D’kar and Ngwako Pan formations. Drilling will also focus on structurally complex areas that Arc believes could provide favourable traps for copper mineralisation.

The programme has been designed to remain adaptive as drilling progresses and is expected to exceed 6,000 metres. Arc plans to use portable X-ray fluorescence analysis alongside laboratory assays to evaluate drill core, allowing geological information to be incorporated into decisions as the campaign advances.

Management highlighted the strategic location of the Virgo project within the Zone 5 corridor, where Arc is the only junior company holding a licence. The company’s ground is situated close to MMG’s Khoemacau project, placing the exploration campaign within one of Botswana’s most prospective copper districts.

Successful drilling could provide important evidence regarding the scale and continuity of mineralisation at Virgo. Positive results could also strengthen Arc’s position as it seeks to demonstrate the project’s discovery potential and attract greater attention from prospective investors and industry partners.

Arc’s broader financial profile remains challenging. The company is pre-revenue and continues to report losses and cash outflows, while its equity and asset base contracted during 2025.

Technical indicators provide a more supportive picture, with the shares trading above important moving averages and MACD remaining positive. However, conventional valuation measures offer limited support because Arc continues to generate negative earnings and does not currently provide a dividend yield.

More about Arc Minerals

Arc Minerals is an AIM-quoted copper exploration company focused on identifying and developing potentially Tier 1 copper deposits in Africa.

Its principal interests include the Virgo Project in Botswana’s Kalahari Copper Belt, situated within MMG’s highly prospective Zone 5 corridor, and the Kabompo West Project in Zambia’s Central African Copper Belt. Both assets give Arc exposure to established, globally significant copper-producing regions.

Petards (LSE:PEG) has reported continued improvement in its financial performance during 2026, with stronger margins, lower debt and a growing order book supporting expectations for a full-year result ahead of current market forecasts.

The company said margins have improved compared with both the first half and the full year of 2025, despite revenue being slightly lower. Petards expects to report growth in EBITDA for the first half when it publishes its interim results on 11 September.

The group’s balance sheet has also strengthened, with total net debt reduced to £1.16 million. Meanwhile, its order book has increased to £9.6 million, providing greater visibility over future activity.

Chairman Raschid Abdullah said the Group has generated cash, grown gross profit margins and profitability, and strengthened its order pipeline in the first half of the year.

The progress has increased the board’s confidence in trading for the remainder of 2026. Petards now expects the business to continue performing well during the second half and anticipates delivering a full-year result ahead of current market expectations.

The improving margins, cash generation and order pipeline provide positive indicators for the company’s operational trajectory. However, Petards’ broader investment outlook remains constrained by continuing losses and negative returns, despite signs of improving profitability and cash flow during 2025.

Technical indicators are moderately supportive but remain mixed, with an elevated relative strength index suggesting the shares may be overbought in the near term. Traditional valuation measures also provide limited support because of the company’s negative price-to-earnings ratio and absence of a dividend.

More about Petards

Petards Group plc is an AIM-quoted technology company specialising in advanced security, communications and surveillance systems.

The group develops technology designed to improve safety and operational efficiency, serving customers that require sophisticated monitoring, data collection and information management capabilities.

Tertiary Minerals (LSE:TYM) has identified a new area of shallow copper mineralisation at its Mushima North project in Zambia, potentially expanding the scale of the mineralised system currently being explored at Target A1.

Scout drilling using portable X-ray fluorescence (pXRF) analysis outlined a new Western Zone, including an intersection of 25 metres grading 0.38% copper from a depth of 19 metres. This interval contained a higher-grade section of 13 metres at 0.53% copper from 29 metres.

The newly identified zone is situated approximately 900 metres west-southwest of the existing Discovery Zone. Its location indicates that copper mineralisation may extend beyond the boundaries of the project’s current Exploration Target, providing Tertiary with an additional area for follow-up exploration.

Initial interpretation of the pXRF results suggests the Western Zone contains predominantly copper-only mineralisation, although laboratory assays will be required to confirm the grades and geological characteristics.

The discovery provides further support for Tertiary’s geological model, which indicates that Target A1 could form part of a larger mineralised system than has so far been defined at Mushima North.

Exploration activity is continuing through a 39-hole Phase 4 drilling programme. Laboratory assay results and metallurgical testwork are also expected, with the resulting data set to contribute to resource modelling for the Discovery Zone and help determine the significance of the newly identified Western Zone.

Progress at Mushima North could also strengthen Tertiary’s position within Zambia’s developing copper-silver exploration district as the company works towards defining a maiden mineral resource at Target A1.

From a financial perspective, Tertiary remains constrained by persistent losses and continuing cash expenditure associated with its exploration activities. Technical indicators offer some support, with the shares trading above important moving averages, although negative earnings and the absence of a dividend mean conventional valuation measures remain limited.

More about Tertiary Minerals

Tertiary Minerals plc is an AIM-listed mineral exploration company focused on copper, silver and polymetallic opportunities. One of its principal assets is the Mushima North Copper Project in Zambia’s Iron-Oxide-Copper-Gold region.

The Target A1 prospect hosts a silver-copper-zinc mineralised system and is located close to the historic Kalengwa mine. Tertiary is advancing exploration at the prospect with the objective of defining a maiden mineral resource estimate.

Panther Metals (LSE:PALM) has announced positive results from the first phase of metallurgical testing at its Dotted Lake project in Ontario, Canada, where leaching trials achieved cumulative magnesium recoveries of approximately 38%.

The testing was carried out on serpentine-rich ultramafic drill core using Extrakt’s proprietary leaching technology. Results also confirmed that the intrusive contains magnesium-rich material alongside elevated concentrations of other critical elements, providing Panther with initial metallurgical data that can be used to refine and optimise the recovery process.

The findings represent an important step in assessing the potential of Dotted Lake beyond its geological characteristics. Management believes the results could help advance the project towards becoming a strategically relevant and potentially commercial source of magnesium, particularly as efforts intensify to establish secure North American supply chains for critical minerals.

Further work will be required before the project’s commercial potential can be established. Panther stressed that the Phase 1 findings remain preliminary, with additional metallurgical testing, reproducibility studies and techno-economic analysis still needed.

Future work is also expected to include optimisation of the reagent management system. These studies will help determine whether the process can ultimately progress towards pilot-scale testing and, potentially, the design of a commercial operation.

Panther’s wider financial position remains a consideration for investors. The company is currently pre-revenue and continues to record recurring losses and negative cash flow. Traditional valuation metrics provide limited support, with a negative price-to-earnings ratio and no dividend yield available.

Technical indicators are more supportive, with the share price trading above major moving averages and MACD remaining positive. However, an elevated relative strength index suggests the shares could be vulnerable to some near-term overheating following recent momentum.

More about Panther Metals Plc

Panther Metals Plc is a mineral exploration company focused primarily on Canadian projects targeting magnesium and other critical minerals, including nickel, cobalt, chromium and platinum group elements.

Its Dotted Lake project in Ontario covers an ultramafic magmatic intrusive situated close to established transport infrastructure and near the long-standing Hemlo gold mining district. The company is evaluating the project’s potential to host strategically important minerals that could contribute to developing more secure North American supply chains.

Optima Health PLC (LSE:OPT) delivered a stronger performance in FY26, with revenue increasing 14.8% to £120.6 million and adjusted EBITDA reaching £20.1 million, meeting expectations and exceeding the company’s previous profit guidance.

The occupational health provider maintained its adjusted EBITDA margin at 16.7% while generating more cash from operations during the year. Results also included £4.7 million of other operating income following the resolution of a procurement-related matter. However, net debt increased substantially as Optima invested in expanding the business.

A major development during the period was the £100 million acquisition of PAM Healthcare, which increased the group’s scale and broadened its capabilities while reinforcing its position in the occupational health market across the UK and Ireland.

Optima said the integration of PAM is progressing in line with plans, with initial cost synergies already being achieved. Alongside the integration, the company has developed a £33.9 million opportunity pipeline and is mobilising its significant UK Armed Forces Recruitment Service contract, which could be worth as much as £210 million over seven years.

Looking further ahead, Optima is targeting annual revenue of £200 million and adjusted EBITDA of £40 million over the medium term. Management’s ambitions reflect expectations for continued demand for occupational health and wellbeing services from employers.

The company’s broader financial picture remains mixed. Free cash flow was negative in 2025, while a price-to-earnings ratio of around 50 indicates a relatively demanding valuation despite thin margins. Profitability has nevertheless improved and leverage remains modest. From a technical perspective, momentum indicators are broadly neutral, although the shares remain below longer-term moving averages and volatility continues to weigh on confidence.

More about Optima Health PLC

Optima Health PLC is a UK provider of occupational health and wellbeing services, delivering clinically led and technology-supported solutions to corporate, public-sector and international customers.

Following the acquisition of PAM Healthcare, the enlarged group employs more than 1,250 clinicians and works with over 1,000 associate practitioners. It delivers more than one million health interventions annually across the UK and Ireland, providing services designed to support employee health, wellbeing and workplace performance.