Author: Fiona Craig

Genel Energy (LSE:GENL) has confirmed that drilling activity has resumed and oil production has restarted at the Tawke and Peshkabir fields in the Kurdistan Region of Iraq, marking a return to operations following the recent shutdown.

The DNO-operated Tawke field resumed production on 28 June, followed by Peshkabir on 11 July. DNO expects output across the Tawke licence to stabilise at approximately the levels achieved before the shutdown, provided there is no further deterioration in the regional security environment.

The restart restores an important source of production and cash generation for Genel, which holds an interest in the Tawke production sharing contract.

DNO and Genel Target Export Market Access

DNO is currently selling its entitlement oil from the licence at prices in the mid-to-upper $30s per barrel. However, the operator is seeking either direct access to export markets or pricing linked to international export benchmarks, which could materially improve the economics of production.

Genel is pursuing the same objective for its share of Tawke production. The company estimates that securing export access would more than double the free cash flow generated from the asset, highlighting the financial significance of restoring broader market access.

The difference between current domestic pricing and potential export-linked pricing means progress on market access could become a major catalyst for cash generation from the licence.

Security and Export Uncertainty Remain Key Risks

While the restart at Tawke and Peshkabir provides operational momentum, Genel’s near-term outlook remains closely tied to security conditions, payment reliability and developments surrounding oil exports from the Kurdistan Region.

The company’s wider financial performance has been characterised by volatile profitability, declining revenue and a sharp reduction in free cash flow during 2025. These pressures are partly offset by a comparatively supported balance sheet and available liquidity.

Technical indicators are more constructive, with Genel shares trading above major moving averages. However, signs that the stock may be overbought could increase the risk of shorter-term volatility.

The proposed Capricorn transaction provides additional strategic upside and has contributed to a more supportive longer-term outlook. Nevertheless, execution of the deal, regional security and uncertainty surrounding exports and payments remain important risks.

More About Genel Energy

Genel Energy is an upstream oil producer listed on the main market of the London Stock Exchange. Its portfolio includes interests in producing oil assets in the Kurdistan Region of Iraq.

The company’s key production exposure includes the Tawke and Peshkabir fields, where Genel receives entitlement oil through its participation in production sharing contracts. Cash generation from these assets is influenced by production levels, realised oil prices, payment arrangements and access to domestic and international markets.

NeoTerra Group (LSE:TERA) has reported positive initial metallurgical results from its Monte Muambe gallium programme in Mozambique, providing early indications of a potential processing route for recovering gallium from the project.

Ore-sorting trials using X-ray transmission technology successfully identified gallium-bearing feldspar, demonstrating the potential to pre-concentrate mineralised material before further processing. Separate hydrometallurgical testing conducted by SGS achieved approximately 85% gallium extraction using an acid leaching process.

The leaching tests also demonstrated good selectivity against silica, an important consideration in developing an efficient processing method. Together, the results provide NeoTerra with an initial technical foundation for further optimisation of a potential gallium recovery flowsheet.

Further Metallurgical Testing Planned

NeoTerra will now expand its ore-sorting programme using X-ray transmission, short-wave infrared and potentially X-ray fluorescence sensor technologies. The objective is to determine the most effective approach for separating and concentrating gallium-bearing material.

Additional hydrometallurgical trials are also planned to refine leaching conditions and evaluate alternative recovery options. This work will be used to develop and optimise a complete processing flowsheet for the Monte Muambe gallium mineralisation.

Establishing a reliable recovery process represents an important step before the company commits to a larger resource expansion programme.

NeoTerra Targets Major Expansion of Gallium Resource

Once NeoTerra has sufficient confidence in the proposed recovery process, the company intends to undertake further drilling at Monte Muambe.

The planned campaign will target an expansion of the project’s existing gallium resource from 11.73 million tonnes to at least 50 million tonnes. Achieving that objective would significantly increase the potential scale of the gallium opportunity and could strengthen Monte Muambe’s strategic position within the critical minerals sector.

Development work on the project’s rare earth and fluorspar potential is continuing alongside the gallium programme, giving NeoTerra exposure to several strategically important commodities within the same mining licence.

Financial Position Remains a Significant Risk

Despite the encouraging technical progress at Monte Muambe, NeoTerra’s wider outlook remains constrained by weak financial fundamentals. The company currently generates no revenue, remains loss-making and continues to consume cash as it funds exploration and development activities.

Leverage also increased significantly during 2025, adding to the financial risks associated with advancing its portfolio. Technical indicators provide little support, with the shares trading below key moving averages and MACD remaining negative.

Traditional valuation measures are similarly limited while earnings remain negative, resulting in a negative price-to-earnings ratio, while the absence of a dividend provides no income-based valuation support. Continued technical progress and the company’s ability to fund future development work will therefore remain important factors for investors.

More About NeoTerra Group

NeoTerra Group is a London Main Market-listed exploration and development company focused on critical raw materials projects across Africa. Its strategy combines opportunities for near-term commercialisation with the development of larger-scale mineral assets.

The company’s flagship Monte Muambe Project in northwest Mozambique contains rare earths, fluorspar and gallium and is covered by a 25-year mining licence. Development of the rare earth component is also supported by a U.S. government grant aimed at advancing the project towards the prefeasibility stage.

NeoTerra additionally owns the Sesana Copper-Silver Project in Botswana, situated near MMG’s Khoemacau Zone 5 mine. Its portfolio provides exposure to commodities used across clean energy, advanced technology, defence and industrial applications, while management continues to assess additional projects that fit the group’s development strategy.

Alien Metals (LSE:UFO) has reported further drilling progress at the Elizabeth Hill Silver Project in Western Australia, where joint venture partner West Coast Silver has intersected broad zones of near-surface silver mineralisation extending beyond the boundaries of the existing mineral resource model.

New diamond drilling at Elizabeth Hill North has both infilled and expanded areas of low to moderate-grade silver mineralisation surrounding the project’s established high-grade system. The results indicate potential to increase the overall mineral resource volume and contained silver as exploration continues.

Drilling is also providing additional information on a recently identified deeper high-grade zone, with further work required to establish its boundaries, continuity and potential contribution to the wider Elizabeth Hill resource.

Resource Update and Scoping Study Planned

Alien Metals holds a 30% interest in Elizabeth Hill as well as a significant equity position in West Coast Silver, giving the company exposure to further exploration and development progress at the project.

Final assays from the latest drill core are expected later in August and will contribute to an updated JORC 2012 mineral resource estimate. The partners also intend to begin a scoping study during the fourth quarter of 2026, representing another step towards evaluating the project’s potential development options.

Further step-out and infill drilling is planned during the second half of the year. This programme will target additional extensions to the mineralised system while seeking to improve confidence in the existing resource base.

Further Drilling Targets Resource Conversion

One objective of the upcoming programme is to convert a greater proportion of the project’s Inferred resources into the higher-confidence Indicated category. Drilling will also continue to define the deeper high-grade mineralised zone and assess its relationship with the broader silver system.

Successful resource expansion and conversion could strengthen the economics considered in future technical studies and improve Elizabeth Hill’s development prospects. For Alien Metals, progress at the project provides additional exposure to potential future silver production alongside its broader Australian mining portfolio.

Financial and Technical Indicators Remain Weak

Alien Metals’ wider outlook continues to face pressure from its financial position. The company currently generates no revenue and remains loss-making, while continued exploration and development expenditure contributes to ongoing cash consumption.

Technical indicators are also bearish, with the shares trading below key moving averages alongside a negative MACD reading and particularly weak relative strength. Valuation provides a modest counterbalance through a moderate price-to-earnings multiple, although the absence of dividend yield data limits additional support from income-based measures.

Upcoming assays, the revised mineral resource estimate and progress towards the planned scoping study therefore represent important potential catalysts for Elizabeth Hill and Alien Metals’ interest in the project.

More About Alien Metals Ltd

Alien Metals Ltd is a mining exploration and development company listed on London’s AIM market, with interests spanning iron ore, silver, iron oxide copper-gold and platinum group metals assets in Australia and the Northern Territory.

Its principal asset is the 90%-owned Hancock Iron Ore Project in Western Australia. Alien also maintains minority interests and equity exposure to other advanced mineral projects, including the Elizabeth Hill Silver Project and the Munni Munni PGM deposit, providing the company with exposure to several commodities and development opportunities.

Ethernity Networks (LSE:ENET) has appointed an intellectual property monetisation brokerage to assess potential licensing opportunities for selected patents within its technology portfolio, as the company looks for new sources of revenue to support its financial position.

The initiative is focused on intellectual property relevant to technologies deployed across artificial intelligence infrastructure and telecommunications equipment. Initial feedback from the process indicates that several vendors operating in these expanding markets may be using technologies relevant to patents held by Ethernity, potentially creating opportunities to extract commercial value from the portfolio.

Patent Portfolio Could Generate Licensing Revenue

Ethernity’s board believes a successful intellectual property monetisation agreement could provide a significant upfront licensing payment, potentially accompanied by additional revenue over a longer period.

However, the company has cautioned that there is currently no certainty that a transaction will be completed, nor can it provide assurances regarding the timing or financial terms of any potential agreement.

The decision to pursue patent licensing reflects the company’s efforts to generate value from technology developed for networking, telecommunications and related infrastructure applications without relying solely on traditional product sales.

Growing investment in AI infrastructure and advanced communications equipment could increase the relevance of Ethernity’s intellectual property if the brokerage process establishes that its patented technologies are being used across these markets.

Financial Position Makes New Revenue Critical

Potential proceeds from patent monetisation could be particularly important given Ethernity’s constrained financial position. Management has indicated that additional funding or new revenue streams are necessary to strengthen liquidity and support the company’s ability to continue as a going concern.

The wider financial picture remains challenging, with declining revenue, substantial recurring losses and persistent cash consumption. Negative equity reported in 2025 further increases the company’s financial risk and leaves successful commercialisation or alternative funding initiatives central to its future options.

Conventional valuation measures offer limited insight because Ethernity remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is available. The technical position is also difficult to assess because sufficient indicator data is unavailable.

More About Ethernity Networks Ltd.

Ethernity Networks Ltd. is a technology company listed on AIM and the OTC markets that develops data-processing semiconductor technology alongside programmable networking and security solutions for telecommunications and cloud infrastructure.

Its portfolio includes patented wireless access and fibre media controller technologies designed to improve network performance, accelerate product deployment and support 5G connectivity across wireless and fibre networks.

The company targets telecommunications operators, equipment manufacturers and cloud infrastructure providers seeking greater network capacity and performance as demand grows across AI infrastructure and advanced communications markets.

Oxford BioDynamics (LSE:OBD) has entered the Gulf market for its EpiSwitch PSE prostate cancer blood test through a new commercial partnership with The Dubai London Clinics & Hospitals Group in the United Arab Emirates.

Under the agreement, EpiSwitch PSE will be made available through the healthcare provider’s network of facilities across the UAE. Patient blood samples will be collected locally before being sent to Oxford BioDynamics’ laboratory in the UK for processing and analysis.

The two organisations have already validated the complete clinical workflow, establishing the procedures required to move samples from collection in the UAE through to testing and reporting from the UK laboratory.

Partnership Expands EpiSwitch PSE Into Gulf Region

The agreement represents Oxford BioDynamics’ first commercial partnership for EpiSwitch PSE in the Gulf, extending the company’s international presence in prostate cancer diagnostics.

Oxford BioDynamics and Dubai London Clinics & Hospitals will work together on clinician engagement and development of the local market. The companies aim to increase awareness of the test among healthcare professionals and build testing volumes as adoption develops.

The partnership could also broaden patient access to a more targeted approach to prostate cancer assessment in the UAE, while providing Oxford BioDynamics with an entry point into a potentially significant regional healthcare market.

Successful adoption through the Dubai London Clinics & Hospitals network could provide further commercial validation for EpiSwitch PSE and support the company’s wider strategy of expanding the test into international markets.

Financial Challenges Continue to Weigh on Outlook

Despite progress in commercialising its diagnostic technology, Oxford BioDynamics continues to face financial pressures. The company remains loss-making, while elevated leverage and constrained cash flow contribute to its overall risk profile.

Technical indicators are also generally weak. Although the shares are trading above their 20-day moving average, they remain below longer-term moving averages, suggesting that the broader technical trend remains under pressure.

Valuation metrics offer limited support while earnings remain negative, resulting in a negative price-to-earnings ratio, while no dividend yield is available. Growth in commercial testing volumes and additional partnerships are therefore likely to remain important factors in the company’s longer-term outlook.

More About Oxford BioDynamics

Oxford BioDynamics is an international biotechnology company specialising in precision clinical diagnostics and personalised healthcare.

Its portfolio includes the EpiSwitch PSE blood test for prostate cancer, alongside the EpiSwitch Orion cloud-based 3D genomics platform used by pharmaceutical and biotechnology companies. The business is focused on expanding the application of its EpiSwitch technology across cancer diagnostics and other areas of precision medicine while developing its presence in international healthcare markets.

First Tin (LSE:1SN) has increased the mineral reserve estimate for its wholly owned Taronga Tin Project in New South Wales, strengthening the project’s development profile and extending its currently defined operating life.

Updated Proved and Probable Ore Reserves have risen 13% to 45 million tonnes grading 0.12% tin. Importantly, the additional reserves are contained entirely within the project’s existing permitted pit boundaries, meaning the increase has been achieved without expanding the current pit envelope.

The revised estimate was prepared by Australian Mine Design and Development and includes a 19% increase in Proved reserves. The updated mine plan also reduces the strip ratio to 0.79:1 and adds approximately one year to Taronga’s existing mine life.

Optimisation Studies Point to Further Production Upside

Beyond the updated reserve estimate, preliminary pit optimisation work using the expanded mineral resource model has highlighted the potential for a substantially longer operating period.

An optimised scenario based exclusively on Measured and Indicated Resources indicates that approximately 20 million tonnes of additional material could potentially be processed through the mill. This could translate into roughly four additional years of production beyond the currently defined mine plan.

First Tin has also identified further potential if Inferred Resources are incorporated into future development scenarios. However, these estimates remain conceptual and cannot currently be classified as mineral reserves.

Additional mine design, production scheduling, geotechnical assessment and permitting work will be required before any of this material can potentially be converted into reserves and incorporated into a formal mine plan.

Taronga Remains Central to Development Strategy

The reserve increase and preliminary optimisation results reinforce Taronga’s importance within First Tin’s development portfolio. Extending the mine life while remaining within existing permitted pit boundaries could improve the project’s longer-term economics and provide greater exposure to anticipated structural demand for tin.

Nevertheless, First Tin remains a pre-revenue development company, leaving its outlook heavily dependent on project execution and access to funding. Widening losses and increasing cash consumption create financial risks as the company advances its assets towards production.

These pressures are partly mitigated by relatively low leverage and a sizeable equity base. Technical indicators are mixed, with a stronger longer-term trend offset by a negative MACD reading and the shares trading below their 50-day moving average. Traditional valuation metrics provide limited guidance while earnings remain negative and no dividend is paid.

More About First Tin Plc

First Tin PLC is a tin development company focused on advancing projects in Australia and Germany. Its strategy centres on developing relatively low-capital-intensity assets capable of supplying responsibly sourced tin from jurisdictions with comparatively low political and conflict risk.

The company is positioning its projects to benefit from anticipated long-term constraints in global tin supply and increasing consumption associated with electrification, decarbonisation and advanced technologies. Taronga in New South Wales represents a key component of this development strategy.

Shuka Minerals (LSE:SKA) has identified a new near-surface mineralised orebody containing zinc, lead, copper and vanadium at its Kabwe Zinc Mine in Zambia, potentially expanding the project’s known resource footprint.

The discovery lies south of the historic Speaks and Mine Club zones and was identified through drill hole KBDD09, the first of three holes targeting the newly recognised mineralisation. Initial results revealed several thick, high-grade zinc intersections accompanied by lead and vanadium, with reported zinc grades reaching approximately 65% alongside notable copper and vanadium values.

Drilling Points to Larger Kabwe Mineralised System

The results indicate that mineralisation at Kabwe could be more extensive and geologically zoned than previously recognised. If confirmed, the newly discovered orebody could supplement the resources already reported across the Speaks and Mine Club areas.

Shuka said the preliminary findings will be subject to independent laboratory analysis in accordance with JORC and NI 43-101 standards, providing further confirmation of the grades and mineral composition identified during drilling.

The presence of multiple metals is particularly significant for the company’s understanding of the broader Kabwe mineralised system, potentially strengthening the project’s multi-commodity characteristics beyond its principal zinc and lead exposure.

Shuka Expands Initial Drilling Programme

Encouraged by the early results, Shuka and its technical consultants have extended the first phase of drilling to 2,500 metres. A second drilling phase is also planned for later in the year as the company works to establish the scale and continuity of the newly identified mineralisation.

Further drilling and independent assay results will be important in determining whether the discovery can ultimately contribute to an expanded mineral resource estimate at Kabwe.

The decision to increase drilling activity reflects growing confidence in the project’s exploration potential and could strengthen Shuka’s position within Zambia’s base and critical metals sector if subsequent results confirm the initial findings.

Financial Performance Remains a Headwind

Shuka’s broader investment outlook continues to be constrained by weak financial fundamentals, including persistent losses, negative gross profit and continuing cash consumption alongside volatile revenue.

Technical indicators provide only limited support. Although the shares have demonstrated some shorter-term strength, negative MACD readings and a share price below the 200-day moving average point to a more cautious longer-term technical picture.

Traditional valuation measures also offer little support while the company remains loss-making, resulting in a negative price-to-earnings ratio, while no dividend yield is available. Continued exploration progress at Kabwe therefore remains an important potential catalyst for the company.

More About Shuka Minerals Plc

Shuka Minerals Plc is an Africa-focused mining operator and developer with a primary listing on London’s AIM market and a secondary listing on the JSE’s AltX.

The company is advancing the Kabwe Zinc Mine in Zambia, where its exploration and development strategy is focused primarily on zinc- and lead-rich mineralisation. The project also contains copper, silver and vanadium, giving Shuka the potential to develop a broader multi-commodity resource base as exploration progresses.

CRISM Therapeutics (LSE:CRTX) has completed the Site Initiation Visit at its lead NHS clinical trial centre in the UK, removing an important operational hurdle ahead of patient recruitment for its Phase II glioblastoma study. Recruitment is expected to begin in the coming weeks.

The study will evaluate irinotecan ChemoSeed, CRISM’s proprietary implantable drug-delivery technology. The device is designed to release chemotherapy directly into the tumour margin following surgery for glioblastoma, potentially allowing higher concentrations of the treatment to reach residual cancer cells while reducing reliance on systemic delivery.

Phase II Study Moves Into Clinical Execution

Completion of the Site Initiation Visit represents an important transition for CRISM’s lead development programme, moving the study from preparatory work towards active clinical execution.

The Phase II trial will provide further evidence on the potential of the company’s localised chemotherapy delivery platform in glioblastoma, an aggressive form of brain cancer with significant unmet treatment needs.

Positive recruitment progress and encouraging clinical results could provide further validation for the ChemoSeed platform. Successful development could also support future regulatory discussions and potentially increase interest from pharmaceutical partners and investors seeking new approaches to oncology drug delivery.

Financial Position Remains Challenging

CRISM’s investment outlook remains constrained by its early-stage financial profile. The company generates minimal revenue, continues to report losses and is consuming cash as it funds clinical development activities.

Technical indicators also remain weak, with the shares trading below important moving averages alongside negative MACD readings and subdued momentum. One supportive factor is the absence of debt, although conventional valuation measures remain difficult to apply while earnings are negative and no dividend yield is available.

Progress with the Phase II programme is therefore likely to remain an important factor in determining investor sentiment and the longer-term prospects for the company’s technology.

More About CRISM Therapeutics Corporation

CRISM Therapeutics Corporation is a UK-based clinical-stage drug-delivery company listed on AIM. It is developing technologies intended to improve the treatment of solid tumours through sustained and localised delivery of chemotherapy.

Its lead technology, ChemoSeed, is an implantable platform designed to release chemotherapy directly into tumours or surgical resection margins. In glioblastoma, the approach is intended to address challenges including the blood-brain barrier, which can limit the ability of systemically administered treatments to reach cancer cells effectively.

By positioning ChemoSeed implants during or following tumour-removal surgery, CRISM aims to deliver therapeutic concentrations of medicines such as irinotecan directly to areas where residual cancer cells may remain. The strategy is designed to complement surgery and existing cancer treatments while potentially improving drug exposure in difficult-to-treat tumours.