Category: Market News

Guardian Metal Resources (LSE:GMET) (AMEX:GMTL) (USOTC:GMTLF) has reported the discovery of a new tungsten-bearing skarn zone, named the Tremor Zone, within its wholly owned Pilot Mountain project in Nevada. The mineralised area was identified during condemnation drilling carried out to support infrastructure planning for the project’s pre-feasibility study (PFS).

The first drill hole to test the area, PMR26-077, intersected multiple zones of tungsten mineralisation, including 13.68 metres grading 0.31% WO3 from a shallow depth. The result highlights the potential for additional mineral resources beyond those already defined at Pilot Mountain.

Subsequent drilling using additional rigs has visually confirmed the presence of tungsten-bearing skarn across several holes. Exploration work completed to date suggests the Tremor Zone extends over approximately 400 metres of strike length, with mineralisation remaining open along strike and at depth in multiple directions.

Although the discovery comes too late to be incorporated into the near-complete pre-feasibility study, management believes the scale and location of the new zone demonstrate the broader exploration upside at Pilot Mountain. The Tremor Zone is situated within a royalty-free area of the project, adding to its potential economic significance. The discovery further supports Guardian Metal’s ambition to become a major domestic supplier of tungsten to U.S. defence, industrial and strategic supply chains.

From a financial perspective, the company continues to face challenges associated with limited revenue generation, widening losses and deteriorating free cash flow. However, these factors are partly offset by a debt-free balance sheet. Technical indicators present a mixed outlook, with the share price remaining above key moving averages despite a negative MACD signal. Valuation metrics remain constrained by ongoing losses and the absence of dividend payments.

More About Guardian Metal Resources plc

Guardian Metal Resources plc is a strategic minerals exploration and development company focused on restoring domestic tungsten production in the United States and strengthening supply-chain security for critical defence metals. The company is listed on NYSE American, the London market and OTCQB, and is advancing two flagship tungsten assets in Nevada: Pilot Mountain, one of the largest undeveloped tungsten deposits in the United States, and Tempiute, a historically significant tungsten-producing district. Development efforts have been supported by previous funding under the U.S. Defense Production Act.

Tertiary Minerals (LSE:TYM) has secured approximately £985,000 before expenses through a placing of 1.97 billion new ordinary shares at 0.05 pence each. The placing price represents a 17% discount to the company’s previous closing bid price. The new shares account for roughly 28% of the enlarged share capital, with admission to AIM expected on or around 9 June 2026.

In addition, certain directors have indicated their intention to invest a further £15,000 once the company is no longer subject to a close period. Proceeds from the fundraising will be directed primarily toward advancing exploration activities at the Mushima North Target A1 silver oxide discovery in Zambia. Planned work includes drilling programmes and technical assessments aimed at delivering a maiden JORC-compliant mineral resource estimate before the end of 2026. Remaining funds will be used for general corporate purposes and working capital requirements.

Upon completion of the placing, Tertiary’s total issued share capital will increase to 7,124,355,727 ordinary shares. The enlarged share count will establish the new reference point for shareholder voting-right calculations under FCA disclosure and transparency regulations.

The fundraising highlights continued backing from institutional investors and high-net-worth individuals for the company’s flagship silver oxide project in Zambia. Management’s focus is now shifting toward converting exploration success into a defined mineral resource, a milestone that could strengthen the project’s strategic value as demand for metals linked to the energy transition continues to grow.

While the company benefits from a debt-free balance sheet, its financial profile remains challenged by ongoing losses and continued cash outflows. Market indicators present a mixed picture, with signs of longer-term trend improvement offset by weaker short-term momentum. Valuation metrics also remain under pressure due to negative earnings and the absence of dividend payments.

More About Tertiary Minerals

Tertiary Minerals plc is an AIM-listed mineral exploration and development company focused on commodities associated with the global energy transition. Its principal activities are centred on the exploration and development of copper and precious metal projects in Zambia and Nevada, United States. Operating in established mining jurisdictions, the company aims to capitalise on increasing long-term demand for metals required for electrification and renewable energy technologies.

CRISM Therapeutics (LSE:CRTX) has been awarded an £896,088 non-dilutive grant through Innovate UK’s Biomedical Catalyst programme, providing funding for 70% of the costs associated with Part 1 of its open-label, Phase 2 registration-grade trial of irinotecan-ChemoSeed in patients undergoing surgical resection for glioblastoma.

The grant, which was awarded through a highly competitive process, complements the company’s recent equity fundraising efforts and provides further validation of both its technology platform and clinical development strategy. The funding strengthens CRISM’s financial position as it advances treatments in an area of oncology where therapeutic options remain limited.

The 12-month programme will be conducted at several leading neuro-oncology centres across the UK. The study aims to generate key safety, dosing and preliminary efficacy data that could support future regulatory submissions and potential adoption of irinotecan-ChemoSeed within the NHS.

Should the trial deliver positive outcomes, CRISM could benefit from faster clinical acceptance of the treatment in recurrent glioblastoma while also improving opportunities for strategic partnerships, licensing agreements and wider commercial deployment of the ChemoSeed platform across additional cancer indications.

Despite this development, the company continues to face financial challenges. Revenue remains limited, while losses and negative free cash flow persist, although recent trends indicate improvements in cash burn and operating losses. CRISM also maintains a debt-free balance sheet. From a market perspective, technical indicators remain constructive, though a high Relative Strength Index (RSI) suggests the shares may be approaching overbought territory in the near term. Valuation metrics remain difficult to assess given the absence of earnings and dividend support.

More About CRISM Therapeutics Corporation

CRISM Therapeutics Corporation is a UK-based clinical-stage drug delivery company focused on developing technologies that enable localised, sustained chemotherapy delivery for the treatment of solid tumours. Its flagship product, ChemoSeed, is a biodegradable implant designed to deliver concentrated chemotherapy directly to tumours or surgical resection sites. The technology is being developed for use in glioblastoma and other cancers, helping overcome challenges such as the blood-brain barrier that can limit the effectiveness of conventional treatments.

GEO Exploration Limited (LSE:GEO) has taken another step forward in the development of its Gorge Project in Western Australia after completing an initial field reconnaissance programme as part of its 2026 exploration strategy. The campaign followed recently completed airborne geophysical and LiDAR surveys and was overseen by Exploration Manager Tom Harris.

The reconnaissance work successfully verified historical geochemical anomalies, confirmed the locations of previous exploration activities and drill sites, and tested soil geochemical sampling techniques across areas of known surface gold mineralisation. Findings from the programme are expected to assist in shaping a larger-scale geochemical survey planned for the project.

According to management, the field visit delivered strong results, with all key objectives achieved and important geological information gathered. The company said the data collected will support the planning of future geochemical programmes and GEO’s first drilling campaign at the Gorge Project.

Previous exploration at Gorge has identified extensive gold mineralisation across an approximately 5-kilometre strike length. Historical results include high-grade gold values from rock and soil sampling, as well as notable recoveries of near-surface gold nuggets, highlighting the project’s exploration potential and significance within GEO’s asset portfolio.

More About GEO Exploration Limited

GEO Exploration Limited is an AIM-listed mineral exploration company focused on discovering and developing gold assets in Western Australia. Through its wholly owned subsidiary, Gorge Gold Pty Ltd, the company recently secured ownership of the Gorge Project licence, located within the Proterozoic Capricorn Orogen. The region is regarded as highly prospective for both large-scale orogenic gold deposits and Carlin-style gold systems.

U.S. equity futures traded modestly lower on Wednesday, signaling a softer start for Wall Street as investors weighed geopolitical risks and rising energy prices following several days of record-setting gains.

Market sentiment remained cautious amid ongoing uncertainty surrounding the conflict between the United States and Iran, with diplomatic negotiations continuing but producing little visible progress.

Escalating Tensions Support Oil Prices

According to U.S. Central Command, American forces intercepted multiple Iranian missiles and drones before carrying out what were described as “self-defense” strikes on Iran’s Qeshm Island after attempted attacks by Tehran on Tuesday.

The latest military developments helped propel crude oil prices sharply higher, with U.S. oil futures climbing nearly 3%.

The rise in energy prices has renewed concerns about inflation and added another layer of uncertainty for investors already navigating questions about the future path of interest rates.

Investors Balance Geopolitical Risks Against Strong Fundamentals

Despite heightened tensions in the Middle East, equities have shown remarkable resilience in recent weeks, supported by robust corporate earnings and confidence in the durability of economic growth.

“For now, risk appetite remains supported, but with stretched valuations and shifting monetary policy expectations, markets appear increasingly sensitive to any signs that the earnings and growth story may begin to soften,” said Daniela Hathorn, Senior Market Analyst at Capital.com.

Her comments reflect growing awareness that while fundamentals remain supportive, markets may be vulnerable to negative surprises.

Record Highs Extend on Wall Street

Tuesday’s session saw U.S. stocks recover from an early decline and finish higher, extending a string of record closes.

The Dow Jones Industrial Average gained 228.91 points, or 0.5%, ending the day at 51,307.79.

The Nasdaq Composite added 7.09 points to close at 27,093.90, while the S&P 500 advanced 9.82 points, or 0.1%, to finish at 7,609.82.

All three benchmarks have continued to benefit from investor confidence in earnings growth and the technology sector.

Hopes for Diplomacy Face New Challenges

Recent market strength had partly been fueled by optimism that the conflict involving the United States and Iran might move toward a diplomatic resolution.

However, differing public statements from U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu have raised doubts about how close the parties are to a breakthrough.

At the same time, oil prices surged after delays emerged surrounding a proposed U.S.-Iran Memorandum of Understanding, while global energy organizations warned that crude inventories are being depleted at an accelerating pace.

These developments have complicated the market outlook and contributed to a more cautious tone among investors.

AI Theme Continues to Drive Market Optimism

Although geopolitical uncertainty remains elevated, enthusiasm surrounding artificial intelligence continues to underpin sentiment across financial markets.

The AI-driven investment theme has remained a major source of support for equities, helping offset concerns tied to higher oil prices and global political instability.

For now, investors appear willing to focus on strong earnings trends and technology-led growth, although market sensitivity to geopolitical headlines remains high as developments in the Middle East continue to unfold.

Gold prices drifted lower on Wednesday as escalating tensions in the Middle East drove oil prices higher, raising concerns about renewed inflationary pressures and reducing expectations for near-term interest rate cuts.

As of 05:42 ET (09:42 GMT), spot gold was down 1.0% at $4,444.86 per ounce, while gold futures declined 1.0% to $4,475.62 per ounce.

Renewed Middle East Conflict Keeps Markets on Alert

Investors remained focused on developments across the Middle East following reports of fresh military exchanges involving the United States and Iran.

Reuters reported that the U.S. military said Iranian attacks targeting Kuwait, Bahrain and other locations had either failed or been successfully intercepted. Meanwhile, Iranian state media claimed that the Islamic Revolutionary Guard Corps had launched a strike against the headquarters of the U.S. Fifth Fleet in Bahrain in retaliation for a U.S. attack on a communications facility south of Qeshm.

The latest hostilities have reduced optimism that the United States and Iran are close to ending a conflict that has persisted for more than three months, despite continued assurances from President Donald Trump that dialogue between the two countries remains active.

“[T]he market remained cautiously watchful regarding U.S.-Iran negotiations,” said Neil Walsh, Head of Metals at Britannia Global Markets, in a note.

Oil Rally Strengthens Inflation Expectations

Crude oil prices advanced as traders increasingly doubted that negotiations would soon lead to the reopening of the Strait of Hormuz, a strategic shipping route that handles around one-fifth of global oil supplies.

The move higher in energy markets has revived concerns that inflation could remain stubbornly elevated, potentially forcing central banks to maintain restrictive monetary policies for longer than previously anticipated.

While investors broadly expect the Federal Reserve to leave interest rates unchanged at its June meeting, markets continue to reflect the possibility of an additional rate increase later in the year.

Such an environment is generally unfavorable for gold, which does not generate income and tends to become less attractive when borrowing costs rise.

Firmer U.S. Dollar Weighs on Precious Metals

Additional pressure came from a stronger U.S. dollar, which has benefited from safe-haven inflows during the ongoing conflict.

Some investors believe the United States may be better positioned than many other economies to withstand energy-related disruptions due to its status as a major oil and gas producer.

A stronger dollar makes gold more expensive for holders of other currencies, often reducing international demand for the metal.

Key Economic Releases Could Shape Fed Expectations

Market participants are also preparing for a series of U.S. economic reports that may provide further insight into the Federal Reserve’s policy path.

Data released on Tuesday showed an unexpected increase in U.S. job openings during April, suggesting that labor market conditions remain relatively resilient.

Attention now turns to Wednesday’s ADP private employment report, the ISM services index and factory orders figures, all of which are expected to offer fresh signals on the strength of the U.S. economy.

The reports arrive ahead of Friday’s closely watched nonfarm payrolls release, one of the most important indicators for assessing labor market conditions and potential monetary policy changes.

Investors Navigate Competing Forces in the Gold Market

Gold continues to face opposing influences, with geopolitical uncertainty typically supporting safe-haven demand while rising oil prices and inflation concerns increase the likelihood of higher interest rates.

At present, expectations that central banks may need to keep policy restrictive appear to be outweighing gold’s defensive appeal, leaving traders closely focused on both geopolitical developments and upcoming U.S. economic data.

Oil prices moved higher on Wednesday, extending recent gains as escalating tensions across the Middle East and fading hopes for a diplomatic breakthrough between the United States and Iran continued to fuel supply concerns. Stronger-than-expected inventory data from the United States also provided additional support to the market.

At 05:05 ET (09:05 GMT), Brent crude futures for August delivery were up 2.5% at $98.35 per barrel, while U.S. West Texas Intermediate (WTI) futures gained 2.7% to $96.25 per barrel.

Both benchmarks had already risen by more than 1% during Tuesday’s session.

Rising Regional Tensions Keep Energy Markets on Edge

Market participants remained focused on developments in the Middle East, where renewed military activity has reduced expectations for a near-term agreement between Washington and Tehran.

Israeli forces continued operations in southern Lebanon, while Kuwaiti officials reported that air defense systems had intercepted missiles and drones launched from Iran.

Meanwhile, the U.S. Central Command confirmed on Tuesday that American forces had carried out strikes on Iran’s Qeshm Island, located close to the Strait of Hormuz, one of the world’s most strategically important shipping routes for crude oil exports.

Approximately one-fifth of global oil supplies move through the narrow waterway, making any threat to regional stability a major concern for energy markets.

Prospects for a U.S.-Iran Agreement Fade

Investor attention has increasingly shifted toward the apparent lack of progress in negotiations between the United States and Iran.

Reports suggested that communications between the two sides have slowed significantly in recent days, despite U.S. President Donald Trump continuing to insist that discussions remain active.

Iranian media outlets have expressed skepticism about the likelihood of a near-term breakthrough, prompting traders to assign a higher geopolitical risk premium to oil prices.

A new round of discussions involving Israel and Lebanon is expected to take place on Wednesday, although expectations for meaningful progress remain limited.

U.S. Inventory Data Reinforces Bullish Sentiment

Supporting the upward move in crude prices, fresh data from the American Petroleum Institute (API) pointed to a substantial drawdown in U.S. oil inventories.

According to the report, crude stockpiles declined by 6.8 million barrels during the week ended May 29, well above analyst forecasts calling for a reduction of 3.6 million barrels.

The larger-than-anticipated decline suggested tighter supply conditions and added momentum to the ongoing rally in oil markets.

Traders are now awaiting official inventory figures from the U.S. Energy Information Administration (EIA), scheduled for release later in the day.

Economic Reports Could Influence Demand Outlook

In addition to inventory data, investors are preparing for several key U.S. economic releases that could provide insight into future energy demand.

Among the reports due on Wednesday are the ADP private-sector employment survey, the ISM services index and factory orders data.

The figures are expected to offer a clearer picture of economic activity ahead of Friday’s closely watched nonfarm payrolls report, which could influence expectations for interest rates, growth and commodity consumption.

Supply Concerns Continue to Outweigh Demand Uncertainty

With geopolitical risks mounting, U.S. inventories tightening and critical economic data still ahead, oil traders continue to navigate a market shaped by competing supply and demand forces.

For now, concerns over potential disruptions to global energy flows appear to be providing the strongest influence on prices, helping crude maintain its upward trajectory despite ongoing uncertainty surrounding the broader economic outlook.

NextEnergy Solar Fund (LSE:NESF) reported a significant decline in its unaudited net asset value for the quarter ended 31 March 2026, reflecting a combination of weaker market conditions and revised assumptions across its renewable energy portfolio.

NAV per share fell to 76.1p from 84.9p at the end of the previous reporting period, while gross asset value decreased to £922 million. The reduction was driven by lower long-term power price forecasts, weaker-than-expected winter generation, adjustments to Renewable Obligation Certificate (ROC) and Feed-in Tariff (FiT) indexation assumptions, and an increase in the discount rate applied to asset valuations.

The fund’s gearing ratio increased slightly above its target range, reaching 51.2%, largely as a consequence of the lower valuation of assets rather than additional borrowing.

Strategic Reset Includes New Dividend Policy

Alongside the valuation update, NextEnergy Solar Fund completed a strategic review that reshapes its capital allocation priorities. While the total dividend for the year remains unchanged at 8.43p per share, the company has adopted a new distribution framework linked directly to operating free cash flow.

Under the revised policy, the fund intends to distribute 75% of operating free cash flow to shareholders. As a result, dividends for the 2027 financial year are expected to be between 4.5p and 5.1p per share, still representing an attractive yield relative to the current share price despite the reduction from previous levels.

Management believes the new approach will provide a more sustainable balance between shareholder distributions and balance sheet management.

Asset Sales Target Lower Debt Levels

Reducing leverage remains a key strategic objective. The company is actively pursuing asset disposals and recently completed the sale of a 100MW portfolio at a multiple of 1.1 times invested capital.

Proceeds from disposals are expected to support the fund’s target of lowering gearing to between 40% and 45%, strengthening financial flexibility and improving resilience against market volatility.

The company is also evaluating the potential impact of recent UK energy policy developments, including the removal of Carbon Price Support and proposals for voluntary wholesale Contracts for Difference. While these measures could influence the long-term revenue profile of renewable energy assets, management expects only a limited short-term effect on net asset value and earnings that are already protected through hedging arrangements.

Outlook Remains Challenging Despite Cash Flow Strength

The fund’s outlook continues to be affected by weaker operating performance, including a substantial decline in revenue and two consecutive years of net losses. Technical indicators also remain unfavourable, with the shares trading below key moving averages and momentum signals remaining negative.

However, these challenges are partly offset by strong operational cash generation, improving cash flow trends and an attractive dividend yield. Investors are likely to focus on the success of the fund’s deleveraging strategy and its ability to stabilise returns in a lower power price environment.

More About NextEnergy Solar Fund Limited

NextEnergy Solar Fund Limited is a London-listed investment company focused on solar energy generation and energy storage infrastructure. The fund invests primarily in operational solar photovoltaic assets and complementary battery storage projects, targeting long-term, inflation-linked cash flows from renewable energy investments. Its strategy combines active portfolio management, selective asset disposals and disciplined balance sheet management to support sustainable shareholder returns.