Author: Matthew Collom

Shuka Minerals (LSE:SKA) is highlighting the significant potential of its Kabwe zinc project in Zambia following laboratory results confirming zinc grades of up to 49.7%, with further drilling planned to expand the resource and establish the scale of the opportunity.

The latest results represent an important development for the company, with CEO Richard Lloyd outlining how modern analytical techniques and additional drilling could help unlock further value from a historic mining asset.

High-grade results point to significant resource potential

Speaking to ADVFN, Lloyd described the latest zinc grades as exceptionally high, with laboratory analysis confirming intersections approaching 50% zinc. Initial field X-ray fluorescence (XRF) readings reached as high as 67%, highlighting the presence of very high-grade zinc mineralisation.

For context, Lloyd noted that zinc grades of around 5% can be sufficient for a viable mining operation, depending on the project’s broader economics. The latest results therefore provide an encouraging indication of the quality of mineralisation identified at Kabwe.

Importantly, the opportunity extends beyond individual high-grade intersections. Shuka is also investigating whether historical resource estimates could understate the project’s potential, partly because the laboratory technology available when earlier assessments were undertaken was less advanced than modern analytical methods.

Lloyd explained that historical work from the 1950s, 1960s and 1970s reported zinc grades of up to 20%. The company’s ongoing work is examining the mineralisation using modern techniques, alongside additional drilling, to improve its understanding of the resource.

Shuka’s stated ambition has been to increase the existing resource by 50%, with the latest results providing further encouragement as it works towards that objective.

Additional drilling identifies further high-grade mineralisation

The latest drilling has also returned substantial intervals of zinc mineralisation beyond the highest individual grades.

Lloyd highlighted an intersection of 20 metres averaging 29% zinc in Pit 2, alongside a 28-metre interval averaging 16% zinc in a newly identified mineralised body that he has nicknamed the “Sperm Whale”.

These results are significant because they combine exceptionally high grades with wider mineralised intervals. Establishing the continuity, extent and overall tonnage of this mineralisation will be important as the company develops its understanding of the project’s resource potential.

Shuka has reported a total resource of 6.8 million tonnes grading 13% zinc, while the area currently being targeted includes an estimated 5.7 million tonnes grading 12% zinc. The company’s next phase of work is focused on expanding the tonnage and determining how the latest drilling results can contribute to the wider resource.

Higher grades could potentially improve the amount of material that meets an economic mining cut-off, although the ultimate commercial benefit will depend on further technical work and the project’s development economics.

Fully funded drilling programme targets the next stage of development

Shuka’s immediate priority is to continue testing the extent of the mineralisation through a further 2,500 metres of drilling.

Lloyd emphasised the importance of a measured, staged approach, with each phase of drilling analysed before subsequent work is planned and budgets are reviewed. This allows the company to build its understanding of the deposit while directing exploration towards the most promising areas.

He also confirmed that the programme is fully funded, with Zambian partners supporting the work. This means the company is progressing its current drilling plans without needing to raise additional capital from the markets to fund this phase.

The next set of results should help Shuka assess the continuity of the high-grade zones, determine whether the resource can be expanded and refine its understanding of the project’s potential scale.

Kabwe offers Shuka a compelling exploration opportunity

The latest results place the quality of Kabwe’s zinc mineralisation firmly in focus. With laboratory-confirmed grades approaching 50%, additional wide mineralised intervals and further drilling planned, Shuka Minerals is building on its existing resource base as it investigates the project’s potential.

The key question now is how much of this high-grade mineralisation can be demonstrated across a larger, continuous resource. Establishing that scale, alongside the technical and economic requirements for development, will be central to assessing the project’s longer-term commercial prospects.

For Shuka, the combination of modern analytical techniques, a targeted drilling programme and funding already in place provides a platform for the next stage of evaluation at Kabwe.

As the company advances its work in Zambia, investors will be watching for further drilling results that could help clarify the scale of the opportunity and support the next steps towards unlocking the project’s potential.

For more information visit – https://www.shukaminerals.com/

Chapel Down (LSE:CDGP) is strengthening its position in the growing English sparkling wine market, with strong revenue growth, improving profitability and an increasingly premium product mix supporting its ambition to become one of the world’s great sparkling wine houses.

The company delivered an encouraging first-half performance, with revenue increasing by 19% and adjusted EBITDA rising by 27%. Speaking to The Watchlist, CEO James Pennefather highlighted the continued momentum across the business, with growth extending beyond the first half and into the third quarter. Chapel Down has also raised its EBITDA forecast for the full year, reflecting confidence in the trading outlook.

For investors, the performance underlines how Chapel Down is seeking to translate growing demand for English sparkling wine into a stronger, more profitable business.

English Sparkling Wine Benefits from Changing Consumer Trends

Pennefather identified three significant trends supporting the English sparkling wine category.

The first is the growing popularity of English sparkling wine among younger consumers. Millennials account for 34% of the UK adult population but represent 57% of English sparkling wine drinkers, providing an encouraging foundation for the category’s long-term development.

The second is the expansion of sparkling wine beyond traditional formal celebrations. While Champagne remains closely associated with major occasions, English sparkling wine is increasingly finding its place at birthdays, wedding anniversaries, outdoor gatherings and other informal celebrations. This broadens the range of occasions in which consumers choose high-value sparkling wine and creates additional opportunities for the category to grow.

A third supportive factor is the changing climate, which Pennefather said is benefiting viticulture while contributing to more outdoor festivals and sporting events where sparkling wine is well positioned.

Together, these trends are helping to create a favourable environment for Chapel Down as it builds its brand and expands its presence in the market.

Premiumisation Strengthens the Business Model

A central element of Chapel Down’s strategy is its focus on traditional-method sparkling wine, produced using the same fundamental winemaking method associated with Champagne.

This premium segment now accounts for 74% of the company’s total wine sales, demonstrating the progress made in shifting the portfolio towards higher-value products.

The impact is already visible in the company’s financial performance. Chapel Down reported a 3.5 percentage-point increase in gross margin in the first half, supported by the growing contribution from traditional-method sparkling wines.

The strategy combines premium positioning with a focus on quality, brand development and the potential to build a more valuable product portfolio over time.

Chapel Down’s wines have also received 13 gold awards over the past year, providing further recognition of the quality underpinning its premium ambitions.

For the business, the opportunity is not simply to sell more wine, but to increase the contribution of products that support stronger margins and reinforce its reputation in the premium sparkling wine market.

Single-Vineyard Wines Offer Further Potential

Chapel Down is also developing its single-vineyard offering, using the distinctive characteristics of its Kent vineyards to create wines with a stronger sense of place.

The company’s Kits Coty vineyard, planted in 2008 across 100 acres of the North Downs, has produced wines that Pennefather described as exceptional. The results have given the company confidence to plant a further 650 acres along the same strip of chalk soil.

Chapel Down has now launched its first-ever Blanc de Noirs from Kits Coty, using the 2021 vintage. The release represents another step in developing the vineyard’s identity and expanding the company’s premium range.

Two further single-vineyard developments, Boxley Abbey and Buckwell, are planned for the years ahead, creating additional opportunities to showcase the characteristics of individual sites.

This approach gives Chapel Down another way to differentiate its wines, develop its brand and target consumers seeking distinctive premium products.

Building a Leading English Sparkling Wine Business

Chapel Down’s recent performance reflects the combination of a growing category, an increasingly premium sales mix and a clear strategic focus on traditional-method sparkling wine.

With revenue growth continuing, adjusted EBITDA increasing faster than revenue in the first half, and the company raising its full-year EBITDA forecast, the business has demonstrated encouraging trading momentum.

The longer-term opportunity centres on establishing Chapel Down as a recognised international sparkling wine house, supported by the quality of its wines, the strength of its brand and the distinctive characteristics of its 1,000 acres of Kent vineyards.

As premium sparkling wine continues to account for a greater proportion of sales, Chapel Down is positioning itself to benefit from both category growth and improvements in its product mix.

For investors, the company’s progress offers a clear view of its strategy: building a premium brand, expanding its range of higher-value wines and seeking to convert demand for English sparkling wine into sustainable growth and improved profitability.

For more information visit – https://chapeldown.com

The 2026 Aquis Showcase is underway, with the first round featuring four companies presenting their investment cases and growth ambitions to investors.

The opening round features Delta Gold Technologies (AQSE:DGQ), Shepherd Neame(AQSE:SHEP), SulNOX Group (AQSE:SNOX) and Time To ACT PLC(AQSE:TTA), giving investors the opportunity to hear directly from management and learn more about their respective businesses and strategies.

Investors can watch the presentations and vote for the company they believe has delivered the strongest pitch, with the competition continuing through subsequent rounds before the live semi-finals and final on 3 November.

Delta Gold Technologies (AQSE:DGQ)

Shepherd Neame(AQSE:SHEP)

SulNOX Group (AQSE:SNOX)

Time To ACT PLC (AQSE:TTA)

The Showcase provides participating companies with a platform to raise their profile, communicate their investment story and engage directly with an investor audience.

The first four companies are now in the spotlight, with voting underway as the 2026 Aquis Showcase gets started.

Visit https://www.cityam.com/aquis-showcase/ to place your vote today.

The Association of Investment Companies (AIC) is bringing together more than 30 leading investment trust managers for its Investment Company Showcase 2026, giving private investors the opportunity to hear directly from the professionals managing investment companies across a broad range of markets and sectors.

Taking place on Friday 9 October 2026 at Convene, 133 Houndsditch in London, the Showcase will bring together more than 500 private investors, with the event also being live streamed for those unable to attend in person.

With investment trusts offering exposure to everything from global equities and emerging markets to infrastructure, private assets and specialist sectors, the event provides an opportunity for investors to explore different approaches to building and diversifying portfolios.

Three programmes, one investment-focused day

A key feature of this year’s Showcase is its three simultaneous conference programmes, allowing attendees to build a personalised agenda around the areas of investment that interest them most.

The programme covers a wide range of themes, including opportunities in Japan, emerging markets, infrastructure and Europe, alongside insights from some of the investment managers responsible for running established investment companies.

The format also gives private investors the chance to hear directly from fund managers rather than relying solely on published performance figures or investment commentary.

For investors researching the investment trust sector, that direct access can provide a useful opportunity to understand how managers are approaching markets, where they are finding opportunities and how individual trusts are positioned.

Leading names across the investment trust sector

The Showcase has attracted support from a number of major investment businesses, including Aberdeen, Alliance Witan, Allianz Global Investors, Baillie Gifford, BlackRock, Columbia Threadneedle, Fidelity International, Greencoat UK, JPMorgan Asset Management, Liontrust and Schroders.

The exhibitor line-up also includes investment companies and sector specialists covering a broad spectrum of strategies.

Among them are Caledonia Investments, which invests across public companies, private capital and funds, Law Debenture Investment Trust, with its long history of income and capital growth, and Utilico Emerging Markets Trust, which focuses on essential infrastructure, utilities and related businesses across emerging markets.

The breadth of the line-up highlights the variety available within the investment company sector, from global equities and income strategies to emerging markets, infrastructure and private markets.

Direct access to fund managers

The Showcase also reflects the growing importance of communication between investment companies and their underlying shareholders.

The AIC has already been publishing a series of interviews ahead of the event, featuring fund managers including Job Curtis, Olivia Markham, Masaki Taketsume and Rhys Davies. These interviews provide investors with an early look at some of the themes and investment approaches that will feature at the Showcase.

For private investors, being able to hear managers explain their strategies in their own words can add valuable context when researching investment companies and considering how different strategies might fit within a wider portfolio.

A broad range of investment opportunities

Investment trusts cover a particularly wide range of investment areas, making events such as the Showcase relevant to investors with very different objectives.

Some investors may be looking for income and dividend growth, while others may be interested in global growth, emerging markets, infrastructure, private companies or specialist sectors.

The AIC’s Showcase is designed around that breadth, giving attendees the ability to move between different sessions and focus on the areas most relevant to their own research.

With more than 30 investment trust managers taking part, the event also provides an opportunity to compare different approaches to investing across markets and asset classes.

Bringing investors and investment companies together

The Investment Company Showcase 2026 comes at a time when the investment trust sector continues to offer private investors access to a diverse range of investment strategies through the listed market.

By bringing fund managers and investors together in one venue, while also providing a live-streaming option, the AIC is creating a forum where investors can ask questions, explore new ideas and gain a better understanding of the companies and strategies available to them.

For anyone researching investment companies, the Investment Company Showcase 2026 offers a chance to hear from a wide selection of managers and explore the opportunities available across the sector.

The event takes place on 9 October 2026, with registration opening at 09:15 and the Showcase running from 10:00 to 16:30. Private investors can use the code SHOW26 to gain free entry.

Register Here – https://www.theaic.co.uk/the-investment-company-showcase-2026

URU Metals(LSE:URU) is moving its Zeb Nickel Project in South Africa into an important new phase, with a newly completed 3D geological model helping to define and prioritise the company’s next drilling programme.

For an exploration company, a geological model becomes particularly valuable when it can translate years of accumulated data into clearly defined drilling targets. That is exactly what URU Metals believes it has achieved at Zeb, bringing together drilling, geophysical surveys and geological information into a single, coherent model.

Speaking on the ADVFN Watchlist, Richard Montjoie, VP Exploration & Director of URU Metals, explained that the Leapfrog 3D model represents the culmination of several years of exploration.

The company has generated a substantial amount of data from drill holes and multiple geophysical programmes, including airborne and ground-based magnetic, gravity and electromagnetic surveys.

The challenge was bringing all of those datasets together.

The completed model has now provided URU with a clearer understanding of the geology at Zeb and helped to strengthen the company’s geological interpretation.

For investors, the significance is that the model is now being used to guide the company’s next drilling campaign.

Two clear drilling objectives

URU’s next programme has been designed around two principal objectives.

The first is to build confidence in the project’s higher-grade nickel-copper-platinum group metals (PGM) mineralisation, with the ultimate objective of declaring a maiden resource for this mineralisation.

Zeb already has a historical low-grade nickel-only resource. The proposed work could therefore potentially broaden the project’s resource profile by incorporating additional metals, including copper and PGMs, alongside higher-grade nickel mineralisation.

This could represent an important development for the project.

A defined resource covering the higher-grade nickel-copper-PGM mineralisation would provide a tangible measure of the mineralisation identified to date and potentially establish a stronger foundation from which URU can advance Zeb.

Montjoie highlighted the importance of moving from geological interpretation towards a measurable resource, describing it as an important step in elevating Zeb as an asset for the company.

A second target offers additional exploration upside

The second drilling objective is potentially more speculative — but could also provide significant exploration upside.

Recent geophysical work has identified a compelling target where several independent datasets appear to coincide.

The target displays coincident gravity, conductivity and magnetic anomalies, while also sitting within what URU considers to be the appropriate geological environment.

The company is now looking to test this target for the potential presence of massive sulphide mineralisation.

As with any exploration target that has yet to be drilled, there is considerable uncertainty and no guarantee that the anticipated mineralisation will be encountered.

However, the convergence of multiple geophysical signatures provides URU with a defined and compelling target to test.

Montjoie pointed to potential analogues in South Africa and elsewhere, while stressing that the opportunity remains high risk at this stage.

Importantly, the target is not being pursued in isolation. The company’s newly completed 3D model has helped integrate the available geological and geophysical evidence and focus the next drilling programme on specific objectives.

From data to targeted drilling

That transition from broad exploration to targeted drilling is one of the most important developments for Zeb.

Years of exploration have generated a significant amount of information. The Leapfrog model now gives URU a framework for interpreting that information collectively and deciding where the next holes should be drilled.

The immediate focus is therefore clear: test the higher-grade nickel-copper-PGM mineralisation with the aim of progressing towards a maiden resource, while simultaneously testing a separate geophysical target that could potentially reveal a larger sulphide system.

Success on the first objective could provide Zeb with a defined resource containing a broader basket of metals.

Success on the second could materially expand the exploration story.

That combination gives the forthcoming drilling programme two distinct potential catalysts.

For URU Metals, the focus is now shifting from building the geological picture to testing it in the ground.

With the 3D model completed and the next drilling targets identified, Zeb is entering a potentially important phase in its exploration story.

The forthcoming drilling programme should provide investors with a series of key milestones to watch — from the potential definition of a maiden nickel-copper-PGM resource through to the testing of a high-priority massive sulphide target.

With the geological data now brought together into a single 3D model, URU has a clearer roadmap for the next stage of exploration at Zeb. The focus now turns to drilling and, ultimately, finding out what lies beneath the targets the model has identified.

For more information visit – https://urumetals.com/

For investors looking for exposure to the infrastructure that underpins the modern economy, 3i Infrastructure (LSE:3IN) offers a strategy built around essential businesses, long-term structural trends and active ownership.

In a recent Capital Compass interview, James Dawes, Chief Financial Officer of 3i Infrastructure, outlined how the company seeks to identify attractive infrastructure businesses, grow them through active management and ultimately realise value for shareholders.

The approach is centred on investing in mature businesses with hard-to-replicate assets that provide essential services. Rather than simply owning projects or concessions, 3i Infrastructure looks for established companies with employees, management teams and identifiable opportunities for further growth.

As Dawes explains, the objective is straightforward: buy businesses, grow them and ultimately sell them on.

Investing behind long-term structural trends

A key attraction of the strategy is its focus on what 3i Infrastructure describes as “mega trends”, developments that can extend well beyond the normal economic cycle.

Digitalisation, the energy transition and the renewal of essential infrastructure are creating investment opportunities that could continue for decades.

The portfolio already provides exposure to several of these themes. Within energy transition, for example, Infinis operates in renewable and low-carbon power generation, while the group’s digitalisation exposure includes fibre businesses and its recently announced investment in a major data centre platform in Norway.

For investors, the attraction is not simply identifying a short-term trend, but finding businesses that can benefit from structural demand over many years.

Active ownership at the heart of the model

Another important part of 3i Infrastructure’s strategy is active ownership and control.

The company will often take majority or 100% ownership positions in portfolio companies and play an active role at board level. This can include appointing experienced non-executive directors, strengthening management teams and working alongside those teams to develop and execute a growth strategy.

That approach gives 3i Infrastructure significant influence over how its investments develop.

Capital can then be directed towards expanding the underlying asset base, while management teams are supported in delivering the agreed strategy.

For shareholders, this creates a model where value creation is intended to come not only from owning infrastructure assets, but from actively developing the businesses behind them.

Norway data centre highlights digital infrastructure opportunity

One of the most interesting examples discussed by James Dawes is the group’s recent investment of approximately €263 million in a data centre platform in Norway.

The facility is located within a disused mine on Norway’s west coast, providing a naturally cool environment. Cooling can also be supported by water from a nearby fjord, while the electricity supply is entirely renewable and predominantly hydroelectric.

The site currently has 80MW of power allocated, with that capacity already fully contracted. Importantly, there is also potential for further expansion, with the platform consisting of six levels within the mine and only one currently being used.

3i Infrastructure is also in the queue for an additional 120MW of grid power.

That combination of renewable energy, cooling efficiency, existing contracted capacity and expansion potential illustrates why data centres have become such an important part of the digital infrastructure investment landscape.

TCR demonstrates the value of the approach

The strategy is also demonstrated by 3i Infrastructure’s experience with TCR, its airport ground support equipment business.

When 3i Infrastructure invested around a decade ago, TCR operated across approximately 100 airports. By the time of the exit, that figure had grown to 237 airports worldwide, transforming the company into a significantly larger global platform.

The eventual sale generated a material uplift, with Dawes highlighting that TCR was sold at a valuation 50% above its valuation at the start of the year.

The example illustrates the wider investment philosophy: identify a smaller business, use active ownership to build its scale and capabilities, establish a clear growth pathway and ultimately position it for a larger investor.

Recycling capital to create further opportunities

For 3i Infrastructure, selling successful investments is not simply about taking profits. It is also an important part of the portfolio management strategy.

Dawes explained that the portfolio is designed to deliver target returns of 8–10% per annum, including the dividend, while outperformance can come from growing businesses beyond their original investment cases and achieving attractive valuations when assets are sold.

Because 3i Infrastructure maintains control over many of its investments, it can also have greater flexibility around the timing of exits — seeking to sell when both the company and the wider market conditions are appropriate.

That creates a potentially powerful cycle: invest, develop, grow, realise value and recycle capital into the next opportunity.

Infrastructure with a focus on value creation

The Capital Compass discussion with James Dawes provides an insight into a business model that goes beyond simply owning infrastructure.

From digitalisation and data centres to energy transition and essential services, 3i Infrastructure is targeting areas where long-term demand can provide a supportive backdrop for portfolio companies.

At the same time, its active ownership model is designed to give the company an active role in developing those businesses and creating additional value.

The combination of essential infrastructure, structural growth trends, active ownership and disciplined capital recycling forms the core of 3i Infrastructure’s investment approach — with the Norway data centre and TCR providing two clear examples of how that strategy is being applied in practice.

For investors assessing the infrastructure opportunity, the key message from James Dawes is that 3i Infrastructure is not simply looking to own assets for the long term. It is looking to build better businesses, grow them and ultimately crystallise the value created.

For digital healthcare companies, demonstrating sustainable growth is often more important than simply generating an initial surge in revenue. For MedPal AI plc (LSE:MPAL), August provided a significant indication of what could be possible as its growing healthcare platform begins to scale.

Following the launch of marketing for its New Health private healthcare proposition in July, MedPal AI saw its annualised revenue run rate rise dramatically from approximately £8.6 million to around £28 million in August.

Importantly, the growth was achieved through organic trading, rather than acquisition-led expansion, highlighting the traction the company’s proposition has achieved with patients.

At the heart of the acceleration was New Health, which attracted more than 16,000 purchasing customers within weeks, significantly exceeding the company’s initial expectations.

According to CEO Jason Drummond, the catalyst was relatively straightforward: New Health’s proposition of fair pricing, ongoing clinical support and technology designed to reduce the cost of healthcare delivery appears to have strongly resonated with consumers.

The scale and speed of that response could prove particularly significant because the customers being acquired are not simply one-off transactions. MedPal AI’s strategy is increasingly centred on building recurring relationships with patients across multiple healthcare services.

A rapid transition to recurring revenues

The August numbers represent an important milestone in a remarkable period of development for MedPal AI.

The company has moved from effectively zero revenue in October 2025 to approximately £28 million of annualised revenue in just ten months.

While management is rightly cautious about extrapolating a single month’s performance into a forecast, the underlying structure of the business provides an important reason for optimism.

Multiple parts of the platform generate recurring revenue, including monthly private healthcare treatment plans, NHS prescriptions and software subscriptions.

That creates a fundamentally different growth dynamic from a business dependent on continually finding new customers simply to replace lost revenue.

As Drummond explained, each month begins with the previous month’s customer base, providing a growing foundation from which the company can build.

And importantly, MedPal AI says its existing infrastructure has the capacity to support volumes many times higher than those currently being processed.

New Health opens the door to a much larger opportunity

The rapid adoption of New Health also gives MedPal AI exposure to a rapidly expanding private healthcare market.

Demand for GLP-1 weight-management treatments continues to develop, while the recent availability of oral GLP-1 treatment in the UK creates another potential avenue for patient growth.

MedPal AI’s positioning is built around providing consumers with accessible pricing while maintaining clinical support and technology-enabled healthcare delivery.

That combination could become increasingly attractive as consumers look for alternatives that deliver both value and quality.

For MedPal AI, however, the opportunity extends beyond simply acquiring private healthcare patients.

Every New Health customer represents a potential long-term relationship with the wider MedPal platform.

One patient, multiple revenue opportunities

This is arguably one of the most compelling elements of the company’s strategy.

MedPal AI is developing operations across private healthcare, NHS prescription dispensing, care home medication and digital healthcare software, with the different businesses increasingly designed to work together.

The NHS prescription market alone represents a substantial opportunity, with the NHS spending close to £1 billion a month on prescription medicines, according to management.

MedPal’s dispensing infrastructure, including its large-scale robotic dispensing operation, provides the company with the capacity to participate in this market as volumes grow.

Meanwhile, its EMRX care home software provides another route into the medication-management market, while Juno is positioned as a technology layer capable of supporting patient engagement across the wider ecosystem.

The result is a potentially powerful model: acquire a customer once, then serve that customer through multiple parts of the healthcare platform.

For investors, that creates the possibility of increasing customer lifetime value without requiring the company to repeatedly incur the full cost of acquiring the same patient.

Infrastructure already in place

Another important factor behind MedPal AI’s growth strategy is that the company has already invested in the infrastructure required to support significantly greater volumes.

That means the next stage of growth does not necessarily require a proportional increase in physical infrastructure.

As additional patients and prescriptions move through the platform, incremental revenue can potentially flow through an established operational base, providing an opportunity for margin expansion as scale increases.

The economics of the group’s software operations are also noteworthy. Management highlighted EMRX’s 82% gross margin, demonstrating the potential value of combining high-margin software revenues with the group’s healthcare and dispensing operations.

This combination of infrastructure and recurring software revenue could become increasingly important as MedPal AI scales.

Three major markets, one connected platform

MedPal AI is effectively operating across three substantial healthcare markets: NHS prescription dispensing, care home medication management and private healthcare.

What makes the strategy particularly interesting is the connectivity between them.

A New Health patient who initially joins the platform for private treatment could potentially become an NHS prescription customer.

A care home using EMRX could become a customer of the group’s pharmacy supply operation.

And Juno can sit across the ecosystem, helping maintain patient engagement and creating another technology-enabled relationship with the end user.

This creates the potential for a flywheel effect, where growth in one part of the business generates opportunities for another.

Rather than operating as a collection of disconnected healthcare businesses, MedPal AI is attempting to build an integrated digital healthcare operating system.

From proof of concept to the next stage of growth

The most striking aspect of MedPal AI’s recent progress may ultimately be the speed at which the business has reached its current position.

Going from zero in October 2025 to an annualised revenue run rate of approximately £28 million by August 2026 represents a dramatic transformation in less than a year.

The August acceleration provides further evidence that the company’s strategy can translate investment in technology, infrastructure and patient acquisition into rapidly increasing revenues.

There will inevitably be questions around how the exceptional August growth develops over subsequent months, and management itself has stressed that one month’s performance should not be treated as a forecast.

However, the underlying ingredients are increasingly in place: a rapidly growing customer base, recurring revenue streams, significant addressable markets, established infrastructure and the potential to generate multiple revenue streams from individual customers.

For investors watching the evolution of the digital healthcare sector, MedPal AI is therefore becoming an increasingly interesting company to follow.

The transformation is already substantial.

But with New Health still in its early stages, the wider platform continuing to develop and significant spare capacity across the group’s infrastructure, Jason Drummond’s assessment that “we’re at the starting line, definitely not the finish” could prove to be one of the most important takeaways from the latest update.

Falco Resources (TSXV:FPC) (USOTC:FPRGF) is entering an important phase in the development of its flagship Horne 5 project, with an updated feasibility study providing investors with a clearer picture of the project’s scale, economics and potential path toward development.

Located in Quebec, Canada, Horne 5 is a large-scale polymetallic project positioned within an established mining district and a Tier 1 jurisdiction. The project has the potential to produce a combination of precious and base metals, including gold, silver, copper and zinc.

The story has also attracted fresh attention from Optimo Research, which initiated coverage of Falco Resources in July 2026. The research note describes Horne 5 as “one of the top gold development projects in Canada”.

Read the full Optimo Research note on Falco Resources

Speaking on the Watch List, Luc Lessard, President and CEO of Falco Resources, highlighted the scale of the opportunity, with the feasibility study outlining approximately 5.2 million ounces of gold equivalent in reserves, while total resources across all categories approach 9 million ounces of gold equivalent.

The scale of the resource provides Falco Horne 5 with a substantial foundation as the company works towards development.

The proposed operation is expected to utilise underground mining, with the project designed around high-efficiency production. Based on the feasibility study, annual production is expected to be approximately 220,000 ounces of gold equivalent, with the broader production profile exceeding 300,000 ounces per year on a gold-equivalent basis.

For investors, however, the key takeaway from the latest study is the strength of the project’s economics.

Strong Economics Underpin Horne 5

Falco’s feasibility study was based on a US$3,600 per ounce gold price assumption, compared with the US$1,600 per ounce assumption used in the company’s 2021 study.

Under this base-case scenario, Horne 5 delivers an estimated after-tax NPV at a 5% discount rate of approximately C$3.3 billion, alongside an after-tax internal rate of return of approximately 28%.

These figures underline the potential scale of the project and provide a strong economic foundation for the next stage of development.

Importantly, the current gold-price environment could provide further potential upside to the project’s economics. As Lessard explained, using gold prices around current market levels, the project’s NPV could rise to more than C$5 billion, with the after-tax IRR potentially increasing to approximately 37–38%.

While commodity prices will inevitably fluctuate over the life of any mining project, the sensitivity to higher gold prices demonstrates the potential leverage that Falco Horne 5 could have to a supportive precious-metals environment.

The combination of a substantial mineral inventory, multiple payable metals and strong project economics gives Horne 5 a compelling development profile.

Moving From Feasibility Towards Execution

With the feasibility study published in July, Falco is now turning its attention towards the next critical stage: permitting and project advancement.

The company is currently working closely with regulators in Quebec on the environmental acceptability process, known as the decree process. Falco is addressing additional information and technical requirements requested by regulators, with its team and external experts working to complete the necessary reports and studies.

This represents an important milestone in the project’s progression.

At the same time, Falco is assessing several potential financing strategies to support the project’s future development. These include a standalone financing approach as well as the possibility of bringing in strategic partners.

That provides the company with several potential avenues as it moves closer to the next stage of the project’s development.

A Large-Scale Project in a Supportive Jurisdiction

One of Horne 5’s key attractions is its location.

Quebec has a long-established mining industry, extensive infrastructure and a skilled mining workforce, while Falco’s project sits within a historic mining district. This provides a strong backdrop for a large underground development.

The project’s polymetallic nature is also significant. While gold provides the headline exposure, the ability to produce silver, copper and zinc could provide additional sources of revenue and diversification across the commodity cycle.

For Falco, the objective now is to build on the work already completed and continue reducing the remaining development risks.

The feasibility study has provided an important technical and economic framework, while permitting and financing work can now take centre stage.

A Potentially Transformative Development Opportunity

For investors following Falco Resources, the company is entering a potentially transformative period.

Horne 5 combines a sizeable resource base with significant reserves, substantial planned production and strong projected economics. The updated feasibility study has helped demonstrate that the project has the potential to support a major mining operation, while the current commodity-price environment could provide additional economic leverage.

The immediate focus will be on progressing the environmental permitting process, continuing discussions around project financing and evaluating potential strategic partnerships.

With the feasibility study now complete, Falco has moved another step closer to turning the considerable geological potential of Horne 5 into a defined development opportunity.

As Luc Lessard and the Falco team continue to advance permitting, financing and investor engagement, the coming months could prove important in determining how the project moves towards its next stage.

For a project of this scale, the transition from feasibility to execution is where the story can become increasingly tangible, and Falco Horne 5 now has a substantial economic foundation on which to build.

London Bitcoin Company (LSE:BTC) is building an increasingly compelling exploration story in Nevada, with the company’s Blackstar project delivering high-grade gold results and providing further encouragement that the mineralisation could form part of a broader system.

The company recently reported surface assay results at Blackstar of more than 16 grams per tonne gold, one of its strongest results to date. While a single high-grade result is naturally only one piece of the exploration puzzle, London Bitcoin Company believes the wider pattern emerging across the project could prove considerably more significant.

Speaking about the project, CEO Hewie Rattray highlighted the consistency of results being generated across both the western and eastern corridors, as well as the presence of silver mineralisation.

“Our initial results demonstrated at the surface were over 16 grams per tonne, which is really significant.”

For an exploration company, the potential importance of such a result lies not simply in the headline grade, but in what it may reveal about the underlying geological system. London Bitcoin Company is now focused on determining whether the high-grade mineralisation at Blackstar can be connected to a larger, coherent mineralised structure.

Turning High-Grade Results Into Drill Targets

The company is preparing to remobilise its field teams in late August, with the next phase of work designed to build a clearer understanding of the highest-priority targets.

The objective is to move the most compelling targets towards a drill-ready stage, potentially providing an important catalyst for the project as the exploration programme advances.

Importantly, the company is not approaching Blackstar in isolation. Results from the western and eastern corridors are helping London Bitcoin Company develop a broader geological picture, while the additional silver mineralisation provides another element for the exploration team to consider.

The coming months could therefore be particularly important as the company moves from surface exploration and geological interpretation towards more advanced target definition.

A Growing Nevada Exploration Portfolio

Blackstar forms part of a rapidly assembled portfolio of exploration assets across Nevada, one of the world’s most established jurisdictions for gold mining and exploration.

For London Bitcoin Company, Nevada offers several strategic advantages, including established mining infrastructure, a long history of mineral exploration and an experienced local exploration industry.

With multiple projects within its portfolio, the company’s strategy is now shifting towards prioritisation — identifying which assets have the strongest geological signals and the greatest potential to generate meaningful value.

Rattray explained that the next stage will be focused on proving which of the company’s assets have the potential to become genuinely significant projects.

Fresh assay results are expected across the Nevada portfolio going into September, alongside potential permitting developments. At the same time, London Bitcoin Company intends to continue advancing its highest-quality targets towards drilling, while also evaluating other potential value-creation routes, including royalties or vending opportunities.

Creating Value Through Exploration

The strategy provides London Bitcoin Company with multiple potential avenues for advancing its portfolio.

Projects demonstrating the strongest geological evidence can be progressed towards drilling, while other assets could potentially be monetised through partnerships, royalties or transactions.

The company also intends to continue selecting and staking additional opportunities across Nevada and Arizona, giving it the potential to expand its portfolio while maintaining a focus on assets that demonstrate strong geographical and geological signals.

That approach could prove important as the company seeks to balance exploration upside with disciplined capital allocation.

Blackstar Could Be an Important Catalyst

The immediate focus, however, remains firmly on Blackstar.

The combination of a greater-than-16g/t surface gold result, consistent results across multiple corridors and the presence of silver gives the company a strong foundation from which to undertake the next phase of exploration.

The key question now is whether these surface indications can be demonstrated to represent a larger mineralised system — something that further fieldwork, target definition and ultimately drilling will help determine.

With field teams expected back on the ground in late August and further assay results potentially arriving into September, London Bitcoin Company is entering an active period for exploration.

For investors, the story is therefore moving beyond a single high-grade assay result. The focus is increasingly on whether Blackstar can develop into a larger discovery opportunity and, more broadly, whether London Bitcoin Company’s growing Nevada portfolio can produce multiple assets capable of creating value.

With exploration accelerating and the company continuing to build its pipeline of opportunities across Nevada and Arizona, the coming months could provide a series of important milestones for London Bitcoin Company and its shareholders.