Category: Market News

Phoenix Copper (LSE:PXC) reported an unaudited loss of $1.21 million for the six months ended 30 June 2026, while group net assets stood at $38.21 million.

Investment in the Empire Mine and the company’s other mining assets increased to $45.84 million during the period.

After the period end, Phoenix completed a $3.12 million equity fundraising. The company said the proceeds, together with cost reductions and disposals of non-core assets, enabled it to repay short-term debt and extend its cash runway into the fourth quarter of 2026.

Phoenix has also awarded contracts to Hardrock Consulting to update the open-pit pre-feasibility study for its Empire Mine project.

The existing study outlines 10.1 million tonnes of proven and probable reserves and an estimated mine life of eight years.

The company said current copper, gold and silver prices are above the assumptions used in the 2024 study and expects the updated work to result in improved project economics. The outcome of the revised study remains subject to completion of the technical and economic assessment.

Phoenix is continuing work on project financing alongside the pre-feasibility study update.

More about Phoenix Copper

Phoenix Copper is an AIM-quoted, US-focused exploration and development company targeting copper, gold and silver.

Its principal asset is the polymetallic Empire Mine in Idaho, where the company is advancing an open-pit oxide project and associated processing facilities. Phoenix is also evaluating deeper sulphide mineralisation at the project.

Trainline (LSE:TRN) reported group net ticket sales of £3.3 billion for the first half of FY2027, broadly unchanged year on year, while underlying revenue declined 1% to £233 million.

UK Consumer net ticket sales were stable at £2.1 billion. The company said trading during the period was affected by a regulated fare freeze, strike and weather-related disruption and competition from train operators’ own sales channels.

UK Consumer underlying revenue declined 5% to £102 million, mainly reflecting changes to refund policy and previous commission reductions, partly offset by higher ancillary revenue.

International Consumer net ticket sales fell 4% to £579 million, with Trainline citing rail accidents in Spain, lower foreign travel demand and network disruption. Underlying revenue from the segment increased 1%.

Trainline Solutions recorded a 3% increase in net ticket sales to £548 million. International B2B sales increased 45%, while the expiry of some UK white-label contracts partly offset that growth.

The company expects group adjusted EBITDA as a percentage of net ticket sales to be slightly above its full-year guidance of approximately 2.9%. Trainline reaffirmed its FY2027 outlook for net ticket sales, revenue and profitability and continues to expect International Consumer to reach breakeven.

Trainline also announced a new £100 million share buyback programme, which will begin after completion of its existing programme. The company said this will bring total share repurchases since 2023 to £350 million, with its share count reduced by approximately 28% over that period.

The group is also engaging with the competition regulator regarding an investigation into its presentation of fees.

More about Trainline

Trainline plc operates a digital rail and coach travel platform through its website and mobile application, providing access to routes, fares and journey information from carriers across Europe.

The company operates consumer businesses in the UK and international markets as well as its B2B Trainline Solutions division. Its services also include digital railcards, insurance, advertising and other ancillary products.

Pan African Resources (LSE:PAF) has completed a definitive feasibility study for its Soweto Tailings Retreatment project, located adjacent to the Mogale Tailings Retreatment complex in Gauteng, South Africa.

The proposed project is designed to process 600,000 tonnes of tailings per month from the Soweto Cluster. Pan African expects the operation to produce between 35,000 and 40,000 ounces of gold annually over an estimated 15-year life.

If developed, the project is expected to increase peak production from the wider Mogale Tailings Retreatment complex to approximately 100,000 ounces of gold per year.

The feasibility study estimates capital expenditure of ZAR3.68 billion, following design changes that reduced projected capital requirements by approximately ZAR718 million.

Using a gold price assumption of US$3,550 per ounce, the study estimates a post-tax net present value of approximately ZAR1.85 billion and an internal rate of return of 29.55%.

Pan African said environmental approvals and permitting are progressing, with key authorisations expected during FY27. The company is targeting a final investment decision in December 2026.

The proposed operation would integrate with existing elution, carbon regeneration, electrowinning and smelting infrastructure at the Mogale complex rather than using a fully standalone processing configuration.

Plans also include a dedicated tailings storage facility designed to comply with the Global Industry Standard on Tailings Management. The project would involve the retreatment and subsequent rehabilitation of historical tailings areas on the West Rand.

More about Pan African Resources

Pan African Resources is a gold producer listed in London, Johannesburg and Australia, with mining and tailings retreatment operations in South Africa.

The group’s activities include recovering gold from surface tailings and underground deposits. Its operations include the Mogale Tailings Retreatment complex on South Africa’s West Rand.

Petards (LSE:PEG) reported revenue of £7.7 million for the six months ended 30 June 2026, while adjusted EBITDA increased by more than 50% to £781,000 as the group recorded a higher gross profit margin.

Gross profit margin increased to 52.2%, while Petards reported an operating profit of £14,000. Cash generated from operations rose to £894,000, and net debt declined to £1.16 million at the end of the period.

The company said trading in its Rail and Defence divisions improved during the first half, alongside recurring revenues across the group. Defence activities included progress on a £2.2 million contract with Rheinmetall BAE Systems relating to the Challenger 3 programme.

Petards said Rail order intake reached its highest level in more than five years, supported by retrofit contracts for its eyeTrain technology. The division also secured additional orders in August.

QRO’s performance improved from the levels recorded in late 2025, while Affini reported an increase in managed services revenue despite lower project demand.

The group’s order book stood at £9.6 million at the end of the first half, compared with £9.2 million at the end of 2025.

Petards said it expects further cash generation and a reduction in net debt during the second half. The board also expects full-year results to show a further significant improvement compared with 2025.

The extent of QRO’s full-year performance remains dependent on the timing of law-enforcement orders.

More about Petards

Petards Group plc is an AIM-quoted developer of security, communications and surveillance technologies serving the rail, traffic, defence and critical communications markets.

Its operations include the eyeTrain and RTS rail businesses, QRO and ProVida traffic enforcement activities, defence engineering operations and Affini’s wireless and managed communications services.

The group’s revenues include project-based equipment supply, retrofits and upgrades, as well as recurring income from maintenance, software and managed services contracts.