Category: Market News

Quantum Helium Limited (LSE:QHE) said it has received an independent resource assessment from Sproule ERCE confirming a 2U (best estimate) gross recoverable helium resource of 0.97 billion cubic feet (BCF) at its wholly owned Coyote Wash project in Colorado. When added to the previously certified 0.134 BCF at the nearby Sagebrush project, the company’s total independently verified 2U gross helium resources in Colorado now stand at 1.104 BCF.

The certification places Quantum Helium among the London market’s largest holders of independently assessed helium resources and implies a potential gross in-ground value of approximately US$331 million. In addition to helium, Sproule ERCE identified prospective recoverable oil volumes of up to 750,000 barrels associated with an Ismay formation target on the Coyote Wash acreage and highlighted three potential well locations.

Operationally, the company said 3D seismic acquisition at Sagebrush has been completed, while regulatory approvals are progressing for an extended flow test at the Sagebrush 1 discovery well. These developments underpin an active work programme planned for 2026 and mark a transition toward resource maturation and potential value creation.

From an outlook perspective, Quantum Helium’s positioning is supported by its growing independently certified resource base and strategic focus on industrial gases. However, financial constraints, ongoing cash flow pressures and weak valuation metrics continue to weigh on sentiment, despite some positive corporate developments and modest technical momentum.

More about Quantum Helium Limited

Quantum Helium Limited is a helium, hydrogen and hydrocarbon exploration, development and production company with assets in the United States and Australia. The group is focused on building a portfolio of cash-generative projects with development upside while continuing targeted exploration. Alongside its US projects, the company also holds royalty interests in Australia, positioning it within the specialist industrial gases and energy sector on the London market.

Seraphim Space Investment Trust (LSE:SSIT) said its largest portfolio company, synthetic aperture radar satellite operator ICEYE, has won a €1.7 billion contract through its joint venture with German defence group Rheinmetall. The agreement will see the partners deliver a dedicated SAR satellite constellation and associated services to the German Armed Forces.

The five-year contract covers satellite constellation operations, ground segment management and AI-enabled image analysis. Seraphim said the scale and strategic importance of the deal is expected to materially strengthen ICEYE’s commercial standing, reinforce its position as a key supplier of sovereign space-based intelligence capabilities, and support the trust’s long-term investment case.

The trust added that the contract win could lead to a reassessment of ICEYE’s valuation approach at year-end, potentially supporting a move back toward a higher valuation methodology.

From a broader perspective, Seraphim Space Investment Trust continues to report a solid balance sheet and improving profitability metrics. These positives are partly offset by ongoing negative cash flows and weaker technical indicators in the share price. While the valuation appears reasonable, the lack of a dividend yield may temper near-term investor appeal, despite the trust’s strategic positioning within the expanding SpaceTech sector.

More about Seraphim Space Investment Trust Plc

Seraphim Space Investment Trust plc is the world’s first publicly listed investment vehicle focused exclusively on SpaceTech. The trust invests primarily in growth-stage, privately funded space technology companies targeting leadership positions across areas such as climate monitoring, communications, mobility and cyber security. It is listed on the Main Market of the London Stock Exchange and is managed by Seraphim Space Manager LLP.

Games Workshop (LSE:GAW) has announced the appointment of Nilufer Kheraj OBE as a Non-Executive Director, with the role taking effect from 1 January 2026. Kheraj brings more than three decades of corporate and commercial legal experience, having spent 31 years at Slaughter and May, including 27 years as a partner. She also currently serves as a Non-Executive Director at Legal & General Group.

Alongside the appointment, the company confirmed that Kate Marsh, a long-standing Non-Executive Director and Chair of the Remuneration Committee, will step down from the board at the end of December 2025. Randal Casson will assume the role of Chair of the Remuneration Committee from 1 January 2026.

Games Workshop said it has also begun the process of recruiting an additional Non-Executive Director, in line with UK corporate governance guidelines. The board changes form part of a broader focus on succession planning, governance strength and board renewal as the group continues to expand.

From a market perspective, the company’s outlook continues to be supported by strong financial performance and positive corporate developments. Technical indicators point to robust share price momentum, although some measures suggest the stock may be approaching overbought levels. A relatively high valuation slightly tempers the otherwise positive view.

More about Games Workshop

Games Workshop Group PLC is a UK-based designer, manufacturer and retailer of fantasy and science-fiction tabletop gaming products. The group is best known for its Warhammer franchises and sells miniatures, rulebooks and related merchandise through a global network of company-owned stores, online platforms and independent retailers.

Mirriad Advertising (LSE:MIRI) said it expects revenue of around £200,000 in the second half of 2025, taking full-year turnover to approximately £400,000, according to a recent trading update. The company noted that the majority of its latest revenues have been generated from markets outside the United States.

At the end of November, Mirriad reported a cash balance of roughly £1 million and said it anticipates receiving a tax credit of about £350,000. Management also pointed to the group’s substantially streamlined operating structure, with monthly costs now running at around £220,000, reflecting ongoing efforts to tightly manage expenditure.

The company said the reduced cost base is intended to preserve cash while it works toward a more comprehensive trading update scheduled for January.

More about Mirriad Advertising

Mirriad Advertising is a UK-based specialist in virtual product placement and in-content advertising. The company operates a multi-patented technology platform that enables brands and products to be digitally embedded into television programming, streaming content (SVOD and AVOD), music and influencer media.

Its technology is designed to create incremental revenue opportunities for content owners while improving advertising effectiveness and viewer engagement. Mirriad operates across EMEA, has a US presence through a joint venture with Rembrand, and also conducts business in India.

Fletcher King (LSE:FLK) reported interim revenue of £1.63 million for the six months ended 31 October 2025, broadly unchanged from the prior year, while earnings before tax eased to break-even. The result reflects around £100,000 of additional investment in staff across the group’s facilities management and valuation teams.

The company said trading conditions remain challenging, with commercial property transaction volumes and rating appeal activity still subdued, particularly outside London. These pressures weighed on transactional income, although Fletcher King partially offset the impact by expanding non-transactional revenue streams. During the period, the group also brought its facilities management operations in-house, a move expected to contribute approximately £270,000 of annualised revenue going forward.

Given the mixed operating backdrop, the board adopted a cautious approach and did not declare an interim dividend. However, management highlighted the strength of the balance sheet, a solid cash position and signs of improvement in the transaction pipeline, which it expects could translate into higher activity in the second half of the financial year.

From an outlook perspective, Fletcher King’s robust financial position and dividend appeal are balanced against softer profitability and mixed technical indicators. While the recent dividend-related corporate update provides some positive sentiment, ongoing challenges around revenue momentum and operational efficiency remain key considerations.

More about Fletcher King plc

Fletcher King plc is a UK-based commercial property consultancy offering a range of services including property transactions, valuations, facilities management and advisory work. The group has particular exposure to the London office market and the wider UK commercial real estate sector. Fletcher King is increasingly focused on building recurring, non-transactional income streams alongside its traditional transaction-led activities as it navigates a still-muted property investment environment.

Renew Holdings (LSE:RNWH) has released its Annual Report and Accounts for the year ended 30 September 2025, alongside the notice convening its Annual General Meeting, scheduled to be held in Leeds on 29 January 2026. The company said all relevant documents have been made available to shareholders and published on its website.

Responding to investor questions around a potential move from AIM to the Main Market, the board said it has no current plans to change its listing. Management highlighted the strength of the group’s operational platform and reiterated that its priority remains the execution of its growth strategy within the existing AIM framework.

From a performance perspective, Renew Holdings continues to demonstrate solid fundamentals, supported by consistent revenue growth and disciplined cash management. While technical indicators point to some near-term share price softness, the company’s valuation is considered reasonable, with the stock appearing fairly priced and offering a moderate dividend yield. The absence of new earnings call commentary or corporate events was not seen as a material factor in the overall assessment.

More about Renew Holdings plc

Renew Holdings plc is a UK engineering services group focused on the maintenance, renewal and enhancement of critical national infrastructure. Through a portfolio of independently branded subsidiaries, the company delivers essential, non-discretionary services using a directly employed workforce across regulated sectors including rail, infrastructure, energy – particularly wind and nuclear – and environmental services. The group benefits from long-term funding visibility tied to nationally significant infrastructure programmes.

Caledonia Mining (LSE:CMCL) said changes to Zimbabwe’s proposed 2026 national budget have materially reduced the potential impact of higher taxes and royalties on its gold operations. The government has revised earlier plans, easing concerns across the mining sector.

Under the updated framework, the proposed increase in the gold royalty rate to 10% will only apply if gold prices rise above US$5,000 per ounce, compared with the earlier threshold of US$2,500. In addition, proposals to restrict the upfront deductibility of capital expenditure and to introduce a 15% withholding tax on interest payments linked to offshore loans have been dropped.

These revisions are particularly relevant for Caledonia’s debt-funded Bilboes Gold Project, where the removal of the interest withholding tax improves funding certainty. With the amended measures expected to be legislated before the end of the year, the company said it does not anticipate any change to the financial outlook for its Zimbabwean assets at current gold prices. Management added that the government’s shift signals ongoing support for the mining industry and future project development.

More about Caledonia Mining

Caledonia Mining Corporation Plc is a gold producer and developer with a portfolio of assets in Zimbabwe. The group focuses on the operation and advancement of gold projects in the country, including the Bilboes Gold Project, and is listed on the NYSE American, AIM and the Victoria Falls Stock Exchange.

CleanTech Lithium PLC (LSE:CTL) said Chile’s Ministry of Mining has formally launched a new accelerated application framework for Special Lithium Operating Contracts (CEOLs), with submissions open until 30 January 2026. Under the revised process, authorities have indicated a response period of around 30 days once applications are deemed complete.

The company intends to file a CEOL application for its flagship Laguna Verde project in the near term, having already completed the required indigenous consultation process. Securing a contract would allow CleanTech Lithium to move into formal negotiations with the Chilean government early next year and could significantly shorten the regulatory timeline required to progress the project toward development and production.

Management said the introduction of the streamlined regime provides greater clarity and momentum for advancing its Chilean lithium portfolio as the country seeks to balance resource development with state oversight.

More about CleanTech Lithium PLC

CleanTech Lithium PLC is an exploration and development company focused on building a portfolio of sustainable lithium projects in Chile in support of the global energy transition. Its principal assets include the Laguna Verde and Viento Andino projects, alongside the early-stage Arenas Blancas asset located in the Salar de Atacama within the lithium triangle.

The company plans to deploy Direct Lithium Extraction technology combined with brine reinjection, an approach designed to minimise aquifer depletion and reduce development timelines compared with conventional evaporation pond methods.

Oriole Resources PLC (LSE:ORR) has disclosed share dealings by two board members, with Chief Financial Officer Robert Smeeton and Executive Director of Exploration Claire Bay completing Bed and ISA transactions on 18 December 2025. The trades involved the sale and immediate repurchase of several million shares at a price of 0.28 pence, allowing both directors to transfer part of their holdings into tax-efficient Individual Savings Accounts.

Following the transactions, Smeeton’s total beneficial interest amounts to 47,002,118 shares, representing approximately 0.99% of Oriole’s issued share capital. Bay now holds 16,298,491 shares, or around 0.34% of the company. The company said the trades reflect portfolio restructuring for tax purposes rather than any change in the directors’ underlying exposure to Oriole.

The disclosure comes as Oriole continues to advance its core gold exploration portfolio across Cameroon and Senegal, working alongside multiple strategic partners on funded development programmes.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration company focused on early-stage assets in West and Central Africa, with a particular emphasis on Cameroon. Its flagship Mbe project hosts a JORC Inferred Mineral Resource of 870,000 ounces of gold, alongside an Exploration Target at the MB01-N zone. A fully funded maiden drilling programme at MB01-N commenced in November 2025, supported by partner BCM’s US$4 million earn-in for a 50% project interest.

In addition, Oriole holds a 50% stake in the Bibemi gold project in Cameroon, which carries a reported resource of 460,000 ounces of gold and is progressing an exploitation licence application. The company also retains exposure to Senegal’s Senala project, where Managem Group subsidiary AGEM has earned an approximate 59% interest after investing US$5.8 million, as well as a portfolio of additional interests and royalty positions in East Africa and Turkey that could provide future cash flow optionality.

Applied Nutrition (LSE:APN) has entered into its first out-licensing arrangement, awarding UK supermarket group Morrisons exclusive three-year rights to develop, manufacture and retail a new line of Applied Nutrition-branded high-protein foods. Under the agreement, an initial range of 53 products is set to launch from early January 2026 across roughly 400 Morrisons stores nationwide.

The product line will span multiple everyday food categories, including ready meals, sandwiches, salads, breads and cheeses. Applied Nutrition said the range will include what is being marketed as the UK’s first supermarket-exclusive selection of GLP-1-friendly ready meals, aimed at consumers focused on weight management and metabolic health.

The capital-light partnership marks a strategic expansion beyond supplements into mainstream food, broadening Applied Nutrition’s distribution footprint and consumer reach within the fast-growing functional and high-protein food market. For Morrisons, the deal delivers a differentiated, health-led offering with private-label characteristics, targeting shoppers seeking convenient, protein-rich and wellness-orientated meal options.

More about Applied Nutrition Plc

Applied Nutrition plc (LSE:APN) is a UK-based sports nutrition, health and wellness company that formulates and largely manufactures its products in-house at its Knowsley facility in Liverpool. The group markets more than 100 products across four core brands – Applied Nutrition, ABE, BodyFuel and Endurance – and serves elite athletes, gym users and health-conscious consumers in over 85 countries. Its predominantly B2B-focused global model has supported strong, profitable and cash-generative growth within the sports nutrition and wellness sector.