Author: Fiona Craig

Rainbow Rare Earths (LSE:RBW) has reported successful operation of its large-scale pilot plant in Johannesburg, built to support development of the Phalaborwa project. The facility has produced approximately 2kg of high-grade mixed rare earth hydroxide grading around 55% total rare earth oxides, a level that exceeds typical Chinese mixed rare earth carbonate specifications and is regarded as a saleable commercial product.

The company said the hydroxide produced is well suited as feedstock for its planned solvent extraction circuit, which is designed to generate separated neodymium–praseodymium (NdPr) oxide and a SEG+ product with purities above 99.5%. Management described the pilot plant results as a major de-risking step that validates the downstream processing strategy and supports Rainbow’s ambition to move further along the value chain as a non-Chinese supplier of high-margin rare earth products.

Demonstrating the ability of the core flowsheet to consistently deliver commercial-grade mixed rare earth material strengthens the development case for Phalaborwa. It also underpins the project’s economic assumptions and Rainbow’s plan to produce separated oxides from a single hydrometallurgical operation. The milestone is expected to draw attention from customers and stakeholders seeking diversified supply of critical rare earths used in electric vehicles, wind power and other advanced technologies.

Despite the technical progress, the company’s overall outlook remains constrained by its early-stage financial profile, with no revenue, ongoing losses and continued cash outflow. Market momentum is also soft, with the shares trading below key moving averages and a negative MACD signal. These factors are partly offset by continued project de-risking and improving economics, although valuation remains challenging on an earnings basis while losses persist.

More about Rainbow Rare Earths

Rainbow Rare Earths is a rare earth elements development company focused on building an independent and ethical supply chain for materials critical to the global energy transition. The group recovers rare earths from phosphogypsum, a by-product of phosphoric acid production, enabling potentially faster and lower-cost development than traditional hard-rock mining. Its principal assets are the Phalaborwa project in South Africa and the earlier-stage Uberaba project in Brazil, both designed to produce separated rare earth oxides from a single on-site hydrometallurgical plant targeting high-value elements such as neodymium, praseodymium, dysprosium and terbium.

Avacta Therapeutics (LSE:AVCT) has appointed Francis Wilson as Chief Scientific Officer, following the departure of Michelle Morrow, who is leaving the company to pursue another opportunity. Wilson, who has served as Vice President of Chemistry since 2022, has been closely involved in progressing Avacta’s pre|CISION® platform and in developing the sustained-release technology that underpins the FAP-Exd (AVA6103) programme, which is expected to enter clinical studies in the near term.

Wilson brings extensive experience in medicinal chemistry, with a career spanning senior roles at Roche, Xenova, Cellzome and Summit Therapeutics. His background in advancing drug candidates from early discovery through to clinical development aligns with Avacta’s current focus as it moves into a more intensive phase of preclinical work and intellectual property generation.

The appointment highlights the strategic importance of the pre|CISION® platform as Avacta seeks to strengthen its competitive position within the oncology drug development space. However, the company’s broader outlook remains constrained by ongoing financial challenges, including sustained losses and limited funding flexibility, alongside bearish technical signals in the shares. While there has been progress across the pipeline, the absence of major partnerships and negative earnings continue to weigh on valuation, with no dividend support.

More about Avacta Group plc

Avacta Group plc is a clinical-stage biopharmaceutical group focused on oncology through its Avacta Therapeutics division. The company is developing its proprietary pre|CISION® tumour-activated drug delivery platform, alongside Affimer®-based drug conjugates, with the aim of delivering highly potent cancer treatments directly to tumour microenvironments while limiting exposure to healthy tissue.

First Class Metals (LSE:FCM) has moved to accelerate its earn-in at the Zigzag Lithium Property by settling the final share-based option payment to Nuinsco Resources ahead of schedule. The company has issued 2,277,816 new shares to satisfy a C$85,000 equity obligation that was originally due in June 2026.

Once the remaining cash payments and work commitments are completed, First Class Metals will secure an 80% interest in the Zigzag project, establishing an 80:20 joint venture with Nuinsco. Following the share issue, the company’s total issued share capital will rise to 251,449,552 shares.

Management has positioned the early settlement as a strategic move to reduce execution risk around the earn-in, lock in control of the asset, and take advantage of improving lithium prices and renewed investor interest in the sector. The Zigzag project, located in Ontario’s developing battery minerals corridor, has already delivered high-grade lithium and critical metals drill results and is fully permitted. This places the company in a position to advance further technical work, including a planned beneficiation programme, while strengthening its exposure to North America’s critical minerals supply chain.

From an investment standpoint, the outlook remains challenged by the company’s pre-revenue status, ongoing losses, and sustained cash burn, alongside additional balance sheet pressure following a sharp rise in debt during 2024. Technical indicators continue to point to a downtrend, with the share price trading below key moving averages and a negative MACD signal. Valuation metrics offer limited support given negative earnings and the absence of dividend visibility.

More about First Class Metals Plc

First Class Metals Plc is a UK-listed exploration company with a portfolio of critical and precious metal assets in Ontario, Canada. Its focus spans the Hemlo gold camp and the wider battery metals corridor, with interests in multiple gold projects alongside base and critical metals opportunities. The group also participates in joint ventures such as the ultra-high-grade West Pickle Lake nickel-copper project, with flagship holdings including the North Hemlo and Sunbeam gold projects.

Altona Rare Earths (LSE:REE) has received in-principle backing from the U.S. Trade and Development Agency for its Monte Muambe rare earths project in Mozambique, highlighting the project’s strategic relevance to global critical minerals supply chains. The support, expected to be formalised through a grant agreement, is intended to help define both the technical and financial framework required to advance production of rare earth elements used in permanent magnets, defence applications, and energy transition technologies.

The USTDA’s involvement aligns with broader U.S. efforts to diversify and secure critical minerals supply, positioning Altona as a potential alternative source of rare earths and fluorspar outside established markets. In parallel, the company is awaiting assay results from a recent drilling programme targeting fluorspar and gallium at Monte Muambe. Altona believes the results could underpin a standalone, commercially meaningful fluorspar development, further enhancing the project’s strategic and industrial appeal.

Despite the strategic progress, the company’s overall outlook remains constrained by its early-stage financial profile, characterised by a lack of revenue, continued losses, ongoing cash burn, and rising leverage alongside declining equity. Technical indicators offer limited support, with some short-term strength above the 20- and 50-day moving averages offset by a weaker longer-term trend below the 100- and 200-day levels and a slightly negative MACD. Valuation metrics provide little downside protection given negative earnings and the absence of dividend visibility.

More about Altona Rare Earths

Altona Rare Earths is a London Main Market-listed exploration and development company focused on critical raw materials across Africa, including rare earths, fluorspar, gallium, copper, and silver. Its flagship Monte Muambe project in Mozambique hosts multi-commodity mineralisation under a 25-year mining licence, while the company also advances the Sesana copper-silver project in Botswana. At Monte Muambe, Altona has defined a maiden JORC resource for rare earths, is progressing scoping-level development studies, and is evaluating opportunities to fast-track acid-grade fluorspar production and potential gallium recovery from tailings.

Porvair (LSE:PRV) has reported record results for the year ended 30 November 2025, with revenue increasing 1% to £194m and adjusted operating profit rising 7%. The improvement drove operating margins up to 13.5%, while cash generation remained robust, with closing cash climbing to £22.9m despite elevated capital expenditure. Reflecting the performance, the board proposed a higher full-year dividend and indicated that a capital markets event is planned for later in 2026.

Performance varied across end markets during the year. Strong demand from the aerospace sector in the second half, together with steady activity in laboratory and environmental applications, helped offset softer conditions in petrochemical and certain industrial markets. Management reiterated confidence in the group’s long-term growth drivers, pointing to the completion of a strategic review, the formation of an executive committee, and the establishment of a dedicated M&A capability.

Since the year end, Porvair has continued to build momentum with the acquisition of Drache Umwelttechnik and investment in additional aluminium filtration capacity, supporting both organic expansion and bolt-on growth opportunities.

Overall, the company’s outlook is underpinned by solid financial delivery and supportive technical indicators, with recent governance and strategic initiatives adding further strength. This is balanced by a valuation that appears only moderately compelling and limited recent earnings call disclosure, which restricts visibility on near-term management guidance.

More about Porvair

Porvair plc is a specialist filtration, laboratory, and environmental technology group serving aerospace, industrial, petrochemical, aluminium, superalloy, laboratory, and environmental markets worldwide. Its engineered, regulation-driven products are typically designed into long-life systems, providing recurring revenue streams and exposure to long-term structural trends such as environmental regulation, growth in analytical science, clean water demand, and more carbon-efficient transportation.

Phoenix Copper (LSE:PXC) has placed its Executive Chairman, Marcus Edwards-Jones, and Chief Financial Officer and Company Secretary, Richard Wilkins, on immediate suspension while the board investigates allegations linked to their recent conduct and historic payments made to former corporate finance adviser Lloyd Edwards-Jones S.A.S. In response, the company has put interim financial controls in place, outsourced the company secretary function, and delegated oversight to the audit chair, chief executive, and the wider board to ensure business continuity during the investigation.

At the same time, the miner flagged a tightening liquidity position, warning that current cash resources are expected to fund operations only into early Q2 2026 unless additional financing is secured. Phoenix Copper is reviewing both short- and medium-term funding options and remains in discussions with Riverfort regarding a potential short-term loan facility. As a result, investor attention is split between the outcome of the internal probe and the company’s ability to raise capital in time to support its development plans.

The overall outlook remains under pressure due to the group’s weak financial profile, characterised by a lack of revenue, widening losses, and increasing cash burn, all of which heighten dilution and funding risk. Share price technicals are mixed but skew negative, with the stock trading below key moving averages, while valuation offers limited downside support given negative earnings and the absence of a dividend.

More about Phoenix Copper

Phoenix Copper is an AIM-quoted, U.S.-focused emerging producer and exploration company targeting base and precious metals, primarily copper, gold, and silver. Its core asset is the Empire Mine near Mackay, Idaho, located in the historic Alder Creek district, which hosts proven and probable reserves. The portfolio is complemented by additional regional assets, including past-producing mines, the Red Star silver-lead discovery, the Navarre Creek gold project, and cobalt properties within the Idaho Cobalt Belt.

Cora Gold Limited (LSE:CORA) has announced a conditional strategic financing of up to £15.7m, comprising a proposed £13.7m subscription from Singapore-based Eagle Eye Asset Holdings at 6p per share and a planned retail offer of up to £2m for existing shareholders at the same price. If fully completed, the transaction could result in Eagle Eye holding up to 29.9% of Cora’s enlarged share capital.

The investment is subject to several conditions, including shareholder approval, a satisfactory legal title opinion on the company’s Malian assets, and the admission of the new shares to AIM, which is targeted for early April. The fundraising represents a significant step in strengthening Cora’s capital base as it advances its lead asset.

Funds raised are intended primarily to progress the Sanankoro Gold Project in southern Mali toward development and production, alongside continued exploration across the company’s wider permit portfolio and general working capital. The financing builds on momentum generated by the completion of a Definitive Feasibility Study in 2025, marking Sanankoro’s transition from evaluation into the development phase.

Beyond the capital injection, the deal introduces a new strategic cornerstone shareholder with prior exposure to Malian gold projects. A relationship agreement includes the proposed appointment of Aryann Gupta as a non-executive director representing Eagle Eye, while discussions are ongoing around a broader project finance package that could further reduce development risk and support construction at Sanankoro.

More about Cora Gold

Cora Gold Limited is a West Africa-focused gold development company with advanced and de-risked assets in Mali and Senegal. Its principal focus is the Sanankoro Gold Project in the Yanfolila Gold Belt of southern Mali, which is being advanced toward an open-pit oxide gold operation by a management team with a strong track record in large-scale gold discoveries and mine development.

Cornish Metals (LSE:TIN) has reported continued progress at its South Crofty tin project, with underground and surface activities advancing in tandem as the company works toward a planned mid-2028 return to production. Recent milestones include completion of refurbishment at the New Cook’s Kitchen mid-shaft pump station, the resumption of shaft refurbishment and dewatering, and ongoing development at the 25 level to put in place essential rock-handling infrastructure while supporting miner training.

The development schedule has been refined, with management bringing forward pre-production work on the 290 level to the third quarter of 2026. This adjustment is expected to improve ventilation access through the Roskear shaft and allow underground drilling to begin earlier, while leaving the targeted date for first tin production unchanged. On the surface, excavation for the pre-concentration plant is under way, alongside construction of the Bartles Foundry workshop and Mine Dry facilities, and early works at the Roskear ventilation shaft.

In parallel, the company is preparing a March 2026 exploration drilling programme aimed at expanding the South Crofty mineral resource. Cornish Metals also confirmed that a previous option agreement with Cornish Lithium has now expired.

More about Cornish Metals

Cornish Metals is a mineral exploration and development company focused on advancing the South Crofty underground tin project in Cornwall, UK. The historic mine hosts one of the highest-grade undeveloped tin resources globally and is fully permitted for underground mining and new processing facilities, positioning the company as a potential first primary tin producer in Europe or North America with a relatively low environmental footprint.