Category: Market News

Guardian Metal Resources (LSE:GMET) has entered into a collaboration with Oritain Global to develop a scientific database of origin fingerprints for tungsten from its Tempiute and Pilot Mountain projects in Nevada.

Oritain specialises in forensic origin verification. The planned database is intended to provide provenance information that can be used to verify the origin of tungsten produced from Guardian Metal’s U.S. projects.

According to the company, the initiative is aimed at governments, industrial customers and end users seeking traceability across the tungsten supply chain.

The collaboration comes ahead of U.S. defence procurement requirements under the FY2024 National Defense Authorization Act and a recent executive order covering sourcing and traceability requirements for certain materials. The measures include restrictions relating to materials sourced from covered countries and limitations on waivers.

Guardian Metal expects the database to provide a method for verifying U.S.-origin tungsten from Tempiute and Pilot Mountain against applicable sourcing requirements.

More about Guardian Metal Resources

Guardian Metal Resources PLC is a mineral exploration company focused on tungsten projects in Nevada.

Its portfolio includes Pilot Mountain, an undeveloped tungsten project, and Tempiute, a former tungsten-producing operation.

The company is listed in the U.S. and London and also trades on the OTCQB market.

Guardian Metal has received a US$6.2 million investment from the U.S. Department of War under the Defense Production Act to support a pre-feasibility study at Pilot Mountain.

The company is advancing its Nevada projects with a focus on potential domestic U.S. tungsten production for markets including defence, technology, energy and industrial applications.

Corcel PLC (LSE:CRCL) has increased its net interest in Block KON-16 in Angola’s onshore Kwanza Basin to 71.5% following government approval for the consolidation of an additional interest and an agreement with Sintana Energy.

The Angolan government approved the consolidation of a 30% interest in KON-16 held by Intank into Corcel’s APEX subsidiary.

Corcel also entered into a US$2.5 million agreement with Sintana Energy covering an indirect 5% interest in the block. Following the transactions, Corcel’s net interest increased from 49.5% to 71.5%, while APEX’s operated position stands at 85%.

The Sintana transaction includes a structured net profit interest. Corcel described the agreement as providing additional non-dilutive funding.

The company is also issuing new shares to settle transaction-related fees and has updated its total voting rights following the issuance.

Corcel Advances KON-16 Drilling Preparations

Alongside the ownership changes, Corcel has continued technical work ahead of a planned exploration drilling campaign at KON-16 in 2027.

The company has received final pre-stack time migration, or PSTM, seismic data and completed a geomechanical programme for the block.

Corcel has also appointed NRG Well Management to undertake detailed well engineering and drilling design. Road access scouting is under way, while the company continues efforts to secure farm-down arrangements.

The work is focused on prospects including Sirius and Canopus as Corcel progresses from subsurface evaluation towards planning for exploration drilling.

The company is targeting a drilling campaign during 2027, subject to approvals, funding and rig availability.

More about Corcel

Corcel PLC is an AIM-listed energy exploration company focused on assets in Africa and Latin America.

Its current portfolio includes Block KON-16 in Angola’s onshore Kwanza Basin, where the company is undertaking seismic analysis, geomechanical studies and well engineering in preparation for potential exploration drilling.

Corcel uses transactions, partnerships and share issuances as part of its approach to funding and progressing its exploration portfolio.

Griffin Mining (LSE:GFM) reported unaudited first-half revenue of $77.3 million, up 21% year on year, while operating profit more than doubled to $28.2 million.

The results were recorded while the Caijiaying Mine in China operated at approximately 50% of its annual capacity of 1.5 million tonnes, with throughput currently restricted to 750,000 tonnes per year.

The company reported higher realised prices for zinc, gold, silver and lead, improved grades for most metals and lower smelter treatment charges. Cost of sales declined during the period, while basic earnings per share increased to 11.89 cents.

Griffin also bought back and cancelled more than 3.3 million shares during the first half.

Production volumes for zinc and gold declined as a result of lower throughput. However, higher grades and metal prices affected the group’s revenue mix, with lead and precious metals accounting for more than half of gross revenue before royalties.

Operating cash flow declined to $22.4 million, with the reduction occurring as the company lowered amounts owed to creditors. Griffin continued spending on mine development and equipment during the period and returned $14.2 million to shareholders through share buybacks.

Caijiaying Throughput Remains at 750,000 Tonnes

Throughput at Caijiaying remains restricted to an annualised rate of 750,000 tonnes following tighter mine safety oversight in China after a fatal coal mine explosion.

An increase in production is dependent in part on provincial approval to recommission Tailings Safety Facility 4, or TSF4.

Griffin expects reduced throughput to continue for the remainder of 2026 and into early 2027. The company said its current use of paste-fill for tailings cannot support the higher planned production volumes without TSF4, meaning production levels are expected to remain variable until additional tailings capacity and the required permits are available.

Infrastructure and mine workings for Zone II at Caijiaying have been completed. Griffin expects to receive a Safety Permit from the Environmental and Rescue Bureau during the fourth quarter of 2026.

Following receipt of the required approval, the company intends to increase production towards its previous annual rate of 1.5 million tonnes as soon as practicable.

More about Griffin Mining

Griffin Mining Limited operates the Caijiaying mine in China, which produces zinc, gold, silver and lead.

The mine comprises multiple operating zones and uses paste fill and tailings storage facilities for waste management. Its production capacity is therefore affected by the availability of tailings infrastructure and associated regulatory approvals.

Griffin operates in China through Hebei Hua Ao Mining Industry Company Limited. The company has continued investing in mine development and equipment while also returning capital to shareholders through share buybacks.

Its financial results are affected by factors including commodity prices, ore grades, production volumes and smelter treatment charges.

Kendrick Resources (LSE:KEN) has reported mineralogical and metallurgical results from the Teufelskuppe carbonatite complex, known as the TK project, in Namibia.

The company said analysis confirmed that rare earth elements at the project are hosted primarily in fluorocarbonate minerals including bastnäsite and parisite.

According to Kendrick, more than 95% of the rare earth content identified is contained within minerals that are amenable to established processing methods.

Certified assay results also showed relatively low concentrations of thorium and uranium. Kendrick said the levels rank within the lowest quartile when compared with other hard-rock rare earth projects globally.

The company expects the lower levels of radioactive elements to have implications for the design of the project’s processing flowsheet and potentially for capital expenditure, operating costs, environmental management and permitting. These remain company expectations rather than established project outcomes.

Kendrick is continuing technical and exploration work at Teufelskuppe, including diamond and reverse circulation drilling aimed at defining the depth and extent of the carbonatite mineralisation.

The company also plans to upgrade the project’s mineral resource estimate to JORC (2012) standards.

More about Kendrick Resources PLC

Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing mineral resource projects through exploration and technical studies.

Its strategy includes progressing projects towards production through joint ventures, other arrangements or asset sales. Its current portfolio includes the Bonya Rare Earth Project in Namibia and the Blue Fox licence in northwest Zambia.

At Teufelskuppe, the company is exploring carbonatite mineralisation containing light rare earth elements, including neodymium and praseodymium.

Ilika plc (LSE:IKA) has completed its PRIMED programme, funded through the UK Government’s DRIVE35 initiative, aimed at improving the performance of its 10Ah Goliath solid-state battery prototypes.

The company focused the programme on optimising the 10Ah format rather than immediately scaling the technology to 50Ah cells.

As part of the project, performance data for the 10Ah cells was independently verified using About:Energy’s The Voltt platform. Ilika said this is intended to make performance information more accessible to battery pack designers evaluating the technology.

The programme resulted in improvements across several technical measures, including gravimetric energy density, capacity retention at higher cycling rates, charging speed, peak power, cycle life and thermal stability.

Ilika also reported feedback from a UK defence agency following an assessment of the cells’ resilience for battlefield applications. The company did not provide further details of the agency or the assessment results in the supplied information.

Separately, Ilika has started a joint development programme with Brompton focused on the potential use of the technology in foldable electric bicycles.

The company is also working with HSSMI and using UKBIC facilities as part of its preparations for potential future industrialisation of Goliath technology at gigafactory scale.

More about Ilika plc

Ilika plc is a UK-based developer of solid-state battery technology for applications including electric vehicles, defence, medical devices and consumer products.

Its portfolio includes Stereax miniature solid-state batteries, designed for applications including medical implants, industrial sensors and Internet of Things devices, and its larger-format Goliath technology for applications including electric vehicles, defence and cordless appliances.

Ilika operates a licensing-led business model under which its intellectual property can be supplied to original equipment manufacturers and manufacturing partners in return for licence fees and potential future royalties.

Inspecs Group plc (LSE:SPEC) reported first-half 2026 revenue of £99.1 million, alongside a 13.1% increase in underlying EBITDA as gross margin improved and operating expenses declined.

Diluted underlying earnings per share increased by 46% during the period. The eyewear group also reduced net working capital, while net debt excluding leases fell to £18.7 million.

Inspecs said it remained within its banking covenants at the end of the period.

During the first half, the company completed a £7.4 million strategic investment from Qualcomm and continued cost-reduction and integration measures across its European and UK operations.

The group also substantially wound down its Norville business. Manufacturing revenue increased by approximately one-third during the period.

Inspecs reported challenging trading conditions in the US frames market and the German low vision market. The company also cited growth in Eschenbach eyewear, improvements in manufacturing and cost savings among factors affecting its operations.

The group maintained its medium-term objectives of delivering organic revenue growth above its markets, achieving double-digit EBITDA margins and reducing leverage.

More about Inspecs Group plc

Inspecs Group plc designs, manufactures and distributes eyewear, including optical frames, sunglasses, safety eyewear and low vision products.

The company operates manufacturing facilities in Asia and Europe and supplies branded and original equipment manufacturer products to customers in more than 80 countries and approximately 75,000 points of sale.

Its stated strategy includes expanding its proprietary brands and distribution network, developing new eyewear products through research and development, and improving manufacturing capacity and operating efficiency across its UK, European, US and Asian businesses.

Pan African Resources (LSE:PAF) said it expects earnings per share to increase by between 141% and 151% for the year ended 30 June 2026 compared with the previous financial year.

Headline earnings per share are expected to rise by approximately 195% to 205% year on year.

The company reported an average gold price received of US$4,235 per ounce for the period, an increase of 54.8% from 2025. Gold sales increased by 38.3% to 272,373 ounces.

Pan African Resources said it remains on track to meet its full-year all-in sustaining cost guidance of US$1,870 per ounce.

The company also reported an exceptional US$40 million increase in share-based payment liabilities associated with the increase in its share price.

For the 2027 financial year, Pan African Resources expects gold production of between 280,000 and 302,000 ounces, representing an increase from the volume sold during FY2026. The company said the projected increase is expected to be driven largely by production from Tennant Mines.

More about Pan African Resources

Pan African Resources is a precious metals producer with operations in South Africa and Australia, primarily focused on gold mining and sales.

The group is listed in London, Johannesburg and on the ASX. It reports its financial results in US dollars, while its mining operations incur costs in rand and Australian dollars, resulting in exposure to movements in those currencies.

Its portfolio includes Tennant Mines, which the company expects to contribute to its projected increase in production during the 2027 financial year.

Dekel Agri-Vision (LSE:DKL) reported a 10.3% year-on-year decline in crude palm oil production in August, while its Tiebissou operation recorded increases in raw cashew nut processing, cashew production and sales.

August Palm Oil Production Falls 10.3%

Crude palm oil production at Dekel Agri-Vision’s Ayenouan operation declined 10.3% from a year earlier during August, reflecting the seasonal low-production period.

Crude palm oil sales volumes decreased 25.7% year on year. The company said it timed shipments with the aim of optimising pricing in the domestic market.

Average crude palm oil prices were broadly stable at €945 per tonne. According to management, preliminary September data indicates that production is beginning to recover from the seasonal low.

Palm kernel oil production increased by more than 100% compared with August last year. The increase followed previously reported high levels of kernel inventory.

The average palm kernel oil price rose 10.3% year on year to €1,334 per tonne.

Cashew Production and Sales Increase

At the company’s Tiebissou cashew processing operation, raw cashew nut processing volumes increased 16.3% compared with August 2025.

Cashew production rose 66.6% year on year, while sales volumes increased 113.7%.

The company expects growth from its cashew operations to continue into the fourth quarter.

Dekel Agri-Vision Operations

Dekel Agri-Vision operates agricultural processing assets in Côte d’Ivoire, including its Ayenouan palm oil project and Tiebissou cashew processing plant.

The Ayenouan operation processes fruit supplied by local smallholders through a crude palm oil mill with annual capacity of 60,000 tonnes. The Tiebissou facility processes raw cashew nuts as the company continues to increase production at the site.

Dekel Agri-Vision produces crude palm oil, palm kernel oil and processed cashews for domestic and regional markets.