Author: The Market Link

Orcadian Energy Plc (LSE:ORCA) is stepping onto the global stage with a bold vision for the future of low-carbon power generation. In a recent appearance on The Watch List, CEO Steven A. Brown discussed the company’s latest milestone: the presentation of a pioneering offshore gas-to-power project at ADIPEC, one of the world’s largest energy conferences.

The project, developed alongside partners Independent Power Corporation (IPC) and the Marine Low Carbon Power Company, represents a significant step forward for Orcadian Energy Plc’s strategy to deliver clean, dispatchable power—something Brown calls “the holy grail” of the modern energy sector.

A New Approach to Offshore Gas and Carbon Capture

At the core of the ADIPEC showcase is Orcadian’s unusual southern North Sea gas field. While geologically strong and ideal for development, the field contains roughly 50% CO₂—meaning any viable development solution must actively manage carbon emissions.

Brown explained that the partnership’s proposed offshore platform integrates gas production, power generation, and full-cycle carbon capture:

• Gas is produced and partially separated from its high CO₂ content.
• The methane and remaining CO₂ are used to generate offshore power.
• All CO₂—both pre- and post-combustion—is captured and reinjected back into the reservoir.

This reinjection not only sequesters the CO₂ but also maintains reservoir pressure, improving gas recovery.

The result is a system capable of delivering “clean, dispatchable power”—a combination of reliability and low emissions that renewable sources or conventional fossil fuels alone cannot consistently provide.

From “Gas-to-Power” to “Gas-to-AI”

Orcadian’s ambition extends beyond simply generating electricity.

The company plans to transmit this low-carbon power through the grid bottleneck near Norwich, directly targeting the rapidly growing energy demands of data centre operators—particularly those powering artificial intelligence infrastructure.

“We call this not a gas-to-power strategy, but a gas-to-artificial intelligence strategy,” Brown said.

As AI workloads surge globally, reliable, low-carbon energy sources have become one of the most sought-after commodities. Orcadian Energy Plc’s project aims to position the company at the centre of this emerging demand.

Viscous Oil Assets Still Play a Role

Although the company is now gaining attention for its low-carbon gas strategy, Orcadian’s origins lie in its viscous oil portfolio.

The firm’s Pilot oil field—an 80-million-barrel recoverable discovery—remains a central asset. Orcadian holds an 18.75% stake in the project, fully carried by its partner Ping. Brown described this partnership model as ideal: secure a licence, design a strong development plan, bring in a capable partner, and be carried through to first oil or first gas.

Why Orcadian Acquired a Company With No Licences

In a strategic move last year, Orcadian acquired Halo, a company with no existing licences. At first glance this might seem puzzling—but Brown highlighted a hidden value.

Halo brought:

• High-quality historical data on the Pegasus and Andromeda gas fields
• A fiscal history that provides significant tax and financial advantages when combined with producing assets

This fiscal benefit, rather than the assets themselves, drove the acquisition. Orcadian now aims to crystallise this value by pairing Halo’s fiscal position with new producing fields.

Looking Ahead

Orcadian Energy Plc’s recent visibility at ADIPEC signals a growing international profile and a shift toward innovative, low-carbon solutions that serve the rapidly expanding AI and data centre markets.

As Brown summarised, the company is actively working to unlock both environmental and shareholder value across its evolving portfolio.

For more information on Orcadian Energy Plc’s low-carbon initiatives, visit orcadian.energy.

London, UK, Rainbow Rare Earths (LSE:RBW) has released an updated interim economic study for its flagship Phalaborwa Rare Earths Project in South Africa, revealing a base case NPV10 of USD $611 million. The study highlights significant technical progress and downstream potential, positioning the company as a leading player in the emerging circular rare earth economy.

Optimization Unlocks Greater Value

Speaking on The Watchlist with Ricki Lee, CEO George Bennett shared that recent technical advances have strengthened the project’s economics. “We’ve been able to produce a very high-quality mixed rare earth product that is extremely low in impurities,” Bennett explained. “This not only enhances the feed for our downstream separation circuit but also reduces overall costs.”

The company is currently conducting optimization work on the figures released in December 2024. Bennett said the upcoming results are expected to “greatly improve both the NPV and operating costs,” further boosting project returns and investor confidence.

A Low-Cost, Low-Impact Model

Bennett emphasized that Phalaborwa is not a traditional mining operation, but a chemical processing project that extracts rare earth elements from phosphogypsum waste.
“These gypsum stacks are already chemically cracked,” he noted. “That means 60% of our process has effectively occurred at zero cost. We avoid the usual mining, crushing, and cracking expenses, giving us one of the lowest-cost flow sheets in the industry.”

This innovative approach allows Rainbow to minimize environmental impact while maximizing resource recovery, an increasingly important advantage as global industries transition to sustainable supply chains.

Targeting the Growing Demand for Critical Minerals

Rainbow Rare Earths’ output will include neodymium-praseodymium (NdPr) and SEG+, which contains key heavy rare earths such as dysprosium and terbium. These elements are essential for electric vehicles (EVs), wind turbines, and defence technologies, as well as emerging markets in robotics and advanced air mobility.

Bennett said global demand is rapidly expanding beyond EVs:

“The industry is forecasting that robotics and air mobility will soon outpace even EV demand. This will put tremendous strain on supply chains seeking independent sources of these materials outside China.”

Rainbow has already attracted attention from multiple original equipment manufacturers (OEMs) and offtake partners interested in securing long-term supplies. Production from Phalaborwa is targeted for 2028, which Bennett described as “near-term” for a project of this scale.

Global Expansion: Brazil, Canada, and Europe

Beyond South Africa, Rainbow is advancing international expansion. The company has signed a memorandum of understanding with Mosaic, the global fertilizer producer listed on the NYSE, to recover rare earths from phosphogypsum waste at Mosaic’s operations in Brazil.

An initial economic assessment (IEA) for this Kuberaba project is already underway, with results expected before the end of this year. Bennett described it as “higher grade and longer life than Phalaborwa,” and expects the study to deliver “a very positive outcome.”

Additionally, Rainbow is in active discussions for two new opportunities, one in Canada and another in Europe, aimed at replicating its low-cost, sustainable recovery model.

Outlook

With multiple projects advancing and optimization work underway, Rainbow Rare Earths is positioning itself at the forefront of sustainable rare earth supply outside China. The company’s model, extracting high-value materials from industrial waste, offers a blueprint for a circular, low-carbon approach to critical mineral production.

For more information, visit rainbowrareearths.com.

Disclaimer:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Bango plc (LSE:BGO), (USOTC:BGOPF), a leading platform for subscription bundling and alternative payments, has announced key growth milestones with new partnerships, including MTN, Korea Telecom and Dish Network. Speaking on The Watchlist with Ricki Lee, CEO Paul Larbey outlined the company’s two core growth drivers, its established payments business and rapidly scaling Digital Vending Machine (DVM) and detailed the path toward sustainable profitability by fiscal year 2026.

Two Growth Engines: Payments and Digital Vending Machine
Bango operates two complementary businesses. Its long-standing payments business enables customers to charge digital and physical goods directly to their mobile phone bills, a highly profitable segment that continues to grow steadily in the mid-single digits.

Alongside this, the company’s newer Digital Vending Machine has emerged as a major growth engine. Launched just a few years ago, the DVM connects subscription services such as Netflix with distribution partners like telecom operators and pay TV providers. This Software-as-a-Service (SaaS) model generates recurring revenue and positions Bango at the centre of the subscription bundling trend.

“The payments business provides stability and profitability, while the Digital Vending Machine is our future growth engine,” Larbey explained. “It’s a powerful combination.”

Expanding Globally
The Bango DVM has built a strong presence in North America, where six of the top eight telecom operators already use its platform. Success in this mature market provides the credibility and scalability to replicate growth worldwide. The company recently secured its first DVM contracts in Korea, Japan, and South Africa, expanding its footprint across Asia and Africa.

“Our platform is built on a ‘connect once, access many’ model,” Larbey said. “A content provider integrates once with Bango and can then reach distribution channels globally. Similarly, a telco can connect once and gain access to over 100 different content providers. That scalability is at the heart of our growth strategy.”

Profitability in Sight
Following the 2022 acquisition of Docomo Digital, Bango faced a temporary increase in costs. However, synergies from the integration and ongoing efficiency measures have transformed the company’s financial profile. EBITDA more than doubled in 2024, and the first half of 2025 saw a further 60% increase year-on-year.

With top-line growth across both businesses, alongside falling operating and capital expenditures, Bango expects to reach bottom-line profitability and significant cash generation in fiscal year 2026. “The business has never been in a stronger shape,” Larbey said.

Positioned for the Future
With global streaming and subscription services continuing to expand, Bango’s Digital Vending Machine provides a critical infrastructure layer for subscription bundling and  distribution via indirect channels. At the same time, its established payments business delivers stability and profitability. For investors, this dual-engine model offers both resilience and high-growth potential as the company transitions toward sustained profitability and cash generation.

For more information on Bango’s platform and growth strategy, visit https://bangoinvestor.com/.

Disclaimer:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Microsalt plc (LSE:SALT), a leader in patented low-sodium salt solutions, has announced record first-half 2025 revenue, reflecting growing international traction and increasing demand from both established and new markets. In a recent interview with Ricki Lee on The Watchlist, CEO Rick Guiney discussed the company’s strategy for sustaining growth, strengthening partnerships, and capturing opportunities across global food and consumer markets.

A major driver of recent performance has been repeat orders from one of Microsalt’s largest customers, particularly across its divisions in Mexico and North America. Guiney explained that the company is reinforcing these relationships through direct engagement and a strengthened R&D platform. “Because of the size and importance of this customer, we’re making in-person visits and tailoring our solutions to ensure we meet their needs worldwide,” he said.

Microsalt is also gaining momentum in Asia, Australia, and South Africa. Guiney noted that entering new regions requires adapting to unique regulatory, cultural, and dietary dynamics. “Every geography has its own dietary preferences. Our research ensures we design the right formulas and flavour profiles to match local demand,” he explained.

Looking ahead, the company has set ambitious sales commitments for 2026 and 2027, supported by forward contracts and long-term customer relationships. “Our growth projections are solid because they’re based on existing customer commitments,” Guiney emphasized. “Once a customer goes low sodium, they can’t go back. That makes our business model very durable.”

Microsalt’s patented technology is a critical differentiator, providing both a competitive moat and scalability in a rapidly expanding market. “We’re the low-sodium specialists. This is all we do,” Guiney said. “If you walk through any grocery store, almost every product on the shelf is a candidate for sodium reduction. That’s the size of the opportunity.”

With global health authorities and regulators increasingly focused on reducing sodium consumption, Microsalt’s solutions are well-positioned to benefit from both policy support and consumer demand. For investors, the company offers exposure to a unique, patented product with global applicability and growing adoption across key markets.

For more on Microsalt’s growth and expansion strategy, visit microsaltinc.com.

Disclaimer:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

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On The Watchlist, ImmuPharma (LSE:IMM) CEO Tim McCarthy outlined why the Company’s newly filed patent P140 ‘immunormalizer’, could redefine treatment for autoimmune diseases — and why the market may still be underestimating its potential.

Key Takeaways from the Interview

• Breakthrough science: P140 is positioned as the first “immunormalizer,” a precision platform combining a rapid diagnostic with a therapy designed to restore immune balance instead of broadly suppressing it.
• Broad reach: Initially developed in lupus, P140 could address up to 50 autoimmune indications, potentially placing patients into remission with fewer side effects.
• Large addressable market: Autoimmune diseases represent a ~$100B global therapeutics market, with ~400M patients worldwide, plus a ~$10B diagnostics segment.
• Commercial momentum: Since the patent announcement, ImmuPharma’s share price has rallied. McCarthy believes this is “only the start,” with pharma partners already engaging and deal announcements expected by year-end.
• Solid funding runway: The Company has more than 12 months of cash on hand, bolstered by an ongoing equity facility with Lanstead, warrant exercises and R&D credits Future trials are expected to be financed by partners, reflecting ImmuPharma’s asset-light model.

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Investment View

ImmuPharma’s P140 platform offers a differentiated angle in a crowded autoimmune market: it targets immune homeostasis rather than indiscriminately dampening immune responses. If upcoming partnerships confirm clinical and commercial traction, investors could see meaningful upside.

Risks remain — valuation debates, deal timing, and clinical execution — but McCarthy’s confidence in near-term licensing agreements suggests catalysts are on the horizon. For investors looking at innovative biotech plays with broad application potential, ImmuPharma merits close watch.

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Disclosure:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

During a recent appearance on The Watchlist, Atome PLC (LSE:ATOM) CEO Olivier Mussat discussed the company’s progress on its flagship Villeta low-carbon fertiliser project in Paraguay and the strategic importance of its offtake agreement with Yara International.

The definitive contract — already signed between the companies — gives Yara rights to purchase the entire output from Villeta for a minimum of ten years, for supply into a ready market for the plant’s production and reinforcing the project’s leading role in the emerging low-carbon fertilizer supply chain.

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Key Points from the Interview

• Decarbonising fertilizers: Atome PLC, listed on the London Stock Exchange, positions itself as the first pure-play producer of low-carbon fertilizer. Fertilizer manufacturing and use currently generates more greenhouse gases than shipping and aviation sectors combined, creating a major opportunity for disruption.
• Villeta’s strategic location: Paraguay’s plentiful, low-cost hydropower will feed a facility designed to produce about 260,000 tonnes of green ammonia-based fertilizer annually. Its location near Brazil, Argentina, and Uruguay — a region consuming ~30M tonnes of nitrates per year — provides immediate demand for output.
• Yara agreement de-risks financing: Partnering with one of the world’s largest fertilizer companies validates Villeta’s commercial model, providing long-term revenues and supporting access to competitive project finance for the $465M build.
• Execution pathway: Land, permits, environmental licenses, power purchase agreements, and a fixed-price EPC contract with Casale are already in place. The focus now is closing debt and equity packages with development finance institutions such as IDB and FMO. A Final Investment Decision (FID) is expected later this year after which construction will begin.

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Investment View

The Yara offtake gives Atome PLC a key foundation to advance the Villeta project and establishes the company as an leader in the wider green hydrogen and ammonia market.

With all major development risks addressed and project finance at an advanced stage, Atome PLC offers investors unique and increasingly de-risked exposure to the growing low-carbon agriculture market.

Upcoming catalysts include financial close, FID, and construction milestones leading to production within roughly 38 months of FID.

Disclosure:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.

Cadence Minerals (LSE:KDNC) is positioning itself for a pivotal year as it advances both its flagship Amapá iron ore project and the restart of the Azteca plant — a smaller but strategically important asset.

In a recent interview, CEO Kiran Morzaria explained how Azteca will act as a bridge toward Amapá’s full potential. While the Amapá project boasts a post-tax NPV of $1.97 billion, a 15-year mine life, and a planned production of 5.5 million tonnes of high-grade iron ore annually, Azteca is set to generate near-term cash flow. Backed by a $4.6 million offtake agreement — with Cadence contributing only 10–15% of that amount — the plant offers an efficient way to fund growth without overreliance on placings.

“Azteca is the bridge that gets us there,” Morzaria noted. “It’s a great step forward that allows us to move from Azteca to Amapá.”

Addressing Dilution Concerns

Shareholder worries about dilution remain common across the natural resources sector. Morzaria acknowledged that Cadence has, at times, relied on equity placings, but emphasized the company’s hybrid model: investment gains have historically funded much of its project pipeline.

For Azteca, the majority of financing is provided by the offtake partner rather than shareholders. The Azteca plant is expected to deliver around $32 million of cash flow, which will be reinvested directly into the development of the Amapá project. In addition, Cadence benefits from its 10–15% interest in the offtake structure, which is forecast to generate an internal rate of return approaching 70%. This creates a dual value stream: project reinvestment and exceptional returns to Cadence shareholders.

Cash Flow to Accelerate Development

The real strength of Azteca lies in its ability to produce cash from the very first shipment. Those revenues will flow directly into definitive feasibility studies, permitting, and early works at Amapá, reducing dependence on new equity. If ore volumes and recoveries outperform expectations, Azteca could even support the equity portion of Amapá’s project financing — protecting Cadence’s 36% interest in the world-class iron ore asset.

With Amapá’s scale (NPV $1.97 billion, IRR 56%) and low delivered costs to China, Cadence sees a clear value gap between its market capitalization and its stake in the project. The strategy is straightforward: generate cash, minimize dilution, and prove Amapá’s potential as a top-tier low-cost producer.

Disclaimer:

This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.