Category: Market News

Gattaca plc (LSE:GATC) reported an 85% increase in underlying profit before tax to £6.1 million for the financial year ended 31 July 2026, supported by growth in net fee income, stronger contractor demand and improvements in operating productivity.

The specialist staffing group generated revenue of £443.3 million, an increase of 11% from £398.9 million in the previous financial year. Net fee income (NFI), which represents revenue after contractor payroll costs, also rose 11% to £43.2 million, with like-for-like growth of 7%.

Reported profit before tax increased by 119% to £5.7 million, while EBITDA rose 94% to £7.0 million.

Following the improvement in profitability, Gattaca doubled its annual ordinary dividend to 6.0p per share and said it expects further earnings growth in FY2027.

Contract Recruitment Drives Net Fee Income Growth

Gattaca’s contract recruitment business delivered a 16% increase in NFI, supported by higher contractor numbers across its core specialist markets.

Growth was recorded across infrastructure, defence, energy, mobility and digital technology, reflecting continued demand for technical skills and specialist workforce solutions.

Contract recruitment accounted for 78% of group NFI, compared with 75% in FY2025.

The permanent recruitment business also improved, with NFI rising 4% despite challenging hiring conditions in parts of the market.

Permanent recruitment contributed 19% of total NFI, unchanged from the previous year.

However, Gattaca Projects, the group’s Statement of Work (SoW) business, experienced a 44% decline in NFI due to the timing of major client programmes.

As a result, SoW activity represented 3% of group NFI, down from 6% in FY2025.

Pretax Profit More Than Doubles as Productivity Improves

Gattaca’s reported profit before tax increased to £5.7 million from £2.6 million, representing growth of 119%.

Underlying pretax profit from continuing operations rose to £6.1 million from £3.3 million, reflecting higher NFI and continued cost discipline.

Reported profit after tax from continuing operations increased to £4.0 million from £1.9 million.

At group level, profit after tax rose 82% to £4.0 million, compared with £2.2 million in the previous year, which included a contribution from discontinued operations.

Basic earnings per share increased by 81% to 12.7p from 7.0p, while diluted earnings per share rose to 12.2p from 6.8p.

Underlying basic earnings per share from continuing operations advanced 77% to 13.8p.

Operational improvements also contributed to profitability, with NFI per sales employee increasing by 20% and NFI per total employee rising by 19%.

The company attributed these improvements to productivity initiatives, operating efficiencies and continued attention to its cost base.

Matchtech Brand Consolidation Supports Commercial Strategy

During FY2026, Gattaca consolidated its recruitment brands under Matchtech, creating a single brand covering the group’s specialist sectors, services and skills.

The company said the restructuring had improved brand recognition among clients and candidates while supporting a more consistent commercial approach.

Gattaca also invested in client-facing sales capacity across its core markets, including the appointment of a Chief Commercial Officer who is expected to join during the new financial year.

Client satisfaction remained strong, with the group reporting a net promoter score of 8.9.

The company continues to focus on expanding its market presence and strengthening relationships with employers seeking specialist technical and engineering talent.

Automation and Cost Reduction Initiatives Advance

Gattaca introduced its Matchtech AI and Automations programme, known as MAIA, across front-line recruitment and back-office activities.

The initiative is designed to improve operational efficiency and customer experience through increased automation.

The company also achieved ISO 27001 certification, strengthening its information security framework.

Further cost savings were delivered through the realisation of planned acquisition-related synergies and the simplification of the group’s corporate structure.

Two group entities were liquidated during the year, contributing to a reduction in external advisory costs.

Employee engagement improved to 8.7 from 8.4 in FY2025, while the staff attrition rate declined to 27% from 28% a year earlier and 31% in FY2024.

Gattaca was also recognised among the top ten large companies in The Sunday Times Best Places to Work 2026.

Net Cash Remains at £15.4 Million

Gattaca ended the financial year with net cash of £15.4 million, compared with £15.7 million at 31 July 2025.

The balance was also higher than the £13.0 million reported at the end of January 2026.

Operating cash generation supported investment in the InfoSec People team and shareholder dividend payments, alongside an increase in lease liabilities.

The group’s net cash figure includes lease liabilities of £1.9 million, compared with £1.4 million a year earlier.

Gattaca’s board proposed a final dividend of 4.67p per share, bringing the total ordinary dividend for FY2026 to 6.0p.

This represents a 100% increase from the 3.0p per share distributed for FY2025.

FY2027 Underlying Pretax Profit Expected to Reach £6.5 Million

Gattaca said it entered the new financial year with improving business momentum and a focus on converting revenue and NFI growth into sustained earnings improvement.

Although macroeconomic uncertainty continues to affect some recruitment markets, the company reported resilient demand for specialist science, technology, engineering and mathematics skills.

Management highlighted its broader contractor base, increased market share and established client relationships as factors supporting its outlook.

The board expects continuing underlying profit before tax to increase further in FY2027, in line with current market expectations of £6.5 million.

Chief Executive Officer Matthew Wragg said the group was positioned to build on the progress achieved during the year.

“Our continued focus on our strategy, a healthy opportunity pipeline and a robust balance sheet, places us well to continue to build sustainable growth for FY27 and beyond,” Wragg said.

Outlook

Gattaca’s FY2026 results reflect stronger contract recruitment activity, improved operating productivity and tighter cost management, which contributed to substantial growth in underlying profitability.

The group enters FY2027 with a larger contractor base, a consolidated recruitment brand and continued investment in commercial capabilities and automation.

While uncertainty in the wider recruitment market remains a consideration, management expects further growth in underlying pretax profit from continuing operations.

The board’s current expectation of £6.5 million for FY2027 would represent an increase of approximately 6.6% from the £6.1 million achieved in FY2026.

Cadence Minerals plc (LSE:KDNC) has announced the completion of hot commissioning at the Azteca processing plant within its Amapá Iron Ore Project in Brazil, finishing the programme in 30 days against a 45-day period authorised by environmental regulators.

Project operator DEV Mineração S.A. (DEV) submitted the required commissioning and compliance reports to the Amapá State Environmental Secretariat (SEMA/AP) on 29 October 2026, completing the requested documentation for the plant’s Operating Licence application.

The licence remains pending, with commercial production and shipments dependent on regulatory approval and the fulfilment of associated conditions.

Azteca Plant Processes 6,200 Tonnes During Commissioning

Hot commissioning took place between 23 September and 23 October 2026, involving initial water-only testing followed by processing trials using iron ore feed.

DEV assessed 164 operational items during the programme, making adjustments and repairs where necessary.

The plant processed approximately 6,200 wet tonnes of feed, equivalent to around 5,700 dry tonnes, and produced approximately 2,800 wet tonnes of concentrate, or 2,600 dry tonnes.

This represented a mass recovery rate of approximately 45%, measuring the proportion of processed material recovered as concentrate by weight rather than its iron content.

Over approximately 160 operating hours, the plant achieved an average feed rate of 40 wet tonnes per hour, equivalent to roughly one-third of its estimated operational capacity of 110 tonnes per hour.

The throughput was within the planned commissioning range of 25% to 50% of capacity.

Water supply leaks and a failed pump motor caused approximately five days of disruption during testing. Both issues have since been resolved.

The plant has entered a planned maintenance period following completion of the authorised commissioning programme.

Lower-Grade Feed Used to Accelerate Licensing Process

Cadence explained that commissioning was conducted using accessible material expected to contain less iron than the feed intended for commercial production.

DEV elected to proceed with this material rather than delay commissioning until access to the higher-grade mining area had been established.

The approach enabled the operator to complete testing and submit the documentation required for the Operating Licence application.

Previous metallurgical testwork announced in July 2026 demonstrated that the plant’s magnetic separation and gravity spiral processing system could produce concentrate grading approximately 65% iron from feed containing around 48% iron.

That testwork achieved mass recovery of approximately 53% and iron recovery of 72.8%.

Management expects operating performance to move towards those results when design-grade feed becomes available, although this has not yet been demonstrated during commercial operations.

The iron grade of concentrate produced during the latest commissioning programme remains unknown pending laboratory assays.

Metallurgical Testing and Plant Optimisation Underway

Samples of commissioning feed and concentrate have been sent to an accredited laboratory in Belo Horizonte for analysis.

The testing programme also includes control samples from designated areas of Dykes 3 and 4.

Cadence has brought forward optimisation studies examining higher-intensity magnetic separation to determine whether iron recovery and mass recovery could be improved.

The work forms part of an optimisation programme funded through the company’s September 2026 fundraising.

Initial results are expected within four to six weeks.

Any future modifications to the processing plant would follow a period of commercial operation, with the potential performance benefits and associated investment requirements still to be established.

On-Site Laboratory Expected by End of November

DEV has approved funding for an on-site X-ray fluorescence (XRF) laboratory, which is expected to become operational by the end of November 2026.

The facility will allow iron grades in feed material and finished concentrate to be measured within hours rather than relying on external laboratory turnaround times.

This capability is intended to support more frequent adjustments to feed selection and processing settings during operations.

The operator has also approved an additional dewatering screen designed to reduce concentrate moisture levels and associated transport costs.

Installation timing for the equipment will be confirmed following the award of the relevant contract.

Both investments are being financed through the optimisation funding allocation established in September.

Operating Licence Application Awaiting Regulatory Approval

The reports submitted to SEMA/AP on 29 October included evidence relating to dam instrumentation maintenance, slope repairs, erosion control, environmental monitoring and dam stability.

Cadence confirmed that these filings complete the submissions requested by the regulator for the Azteca plant’s Operating Licence application.

The application covers the Azteca processing facility only and does not constitute approval for the wider Amapá redevelopment.

Concentrate produced during commissioning is currently stored on site and cannot be sold or dispatched until the Operating Licence is granted.

Chief Executive Officer Kiran Morzaria said the commissioning programme had demonstrated the plant’s ability to operate, although product quality still needed to be established.

“We ran on the feed we could reach rather than wait for access to the higher-grade material, so we could file for the Operating Licence sooner,” Morzaria said.

He added that optimisation work had begun earlier than initially planned and that the company was using the regulatory review period to advance operational preparations.

Bridge Refurbishment and Logistics Preparations Continue

DEV is progressing infrastructure work required to support the transportation of concentrate once commercial operations begin.

As of 30 October 2026, contractors had completed approximately one-third of the timber deck refurbishment at the Pedra Branca do Amapari bridge.

The bridge’s walkway and fencing had also been completed, while the structure remained operational under temporary controls.

Completion of the refurbishment is targeted before the first road haulage of concentrate.

DEV is also finalising haulage, port handling and other commercial logistics arrangements.

Access works to the higher-grade feed area are planned following receipt of the Operating Licence.

Annual Production Target of 380,000 Tonnes Maintained

Cadence reiterated its production target of approximately 380,000 tonnes per year of concentrate grading around 65% iron from the Azteca facility.

The target assumes the availability of design-grade feed and successful operation of the processing plant at the required performance levels.

The company continues to aim for the commencement of commercial production and an initial shipment before the end of 2026.

However, the timetable remains dependent on regulatory approval, access to suitable feed material, plant performance and logistics readiness.

Beyond the Azteca operation, preparations are continuing for a Definitive Feasibility Study on the larger Amapá redevelopment, which is planned to begin in 2027.

The wider project contains a JORC-compliant mineral resource of 276.2 million tonnes grading 38% iron and proven and probable ore reserves of 195.8 million tonnes grading 39.34% iron.

Cadence holds a 36.2% interest in Pedra Branca Alliance Pte Ltd, which owns DEV and the Amapá Project.

Outlook

Completion of Azteca’s hot commissioning represents a further operational milestone for Cadence Minerals, with the plant having undergone testing within the authorised regulatory period.

The immediate priority is obtaining the Operating Licence, followed by access to higher-grade feed, completion of transport infrastructure and preparations for commercial production.

Pending laboratory assays and optimisation results will provide additional information on concentrate quality and potential processing improvements.

Although the company continues to target its first commercial shipment before the end of 2026, that objective remains conditional on regulatory approval and operational readiness.

Focusrite plc (LSE:TUNE) reported a 14.7% increase in adjusted operating profit to £11.1 million for the six months ended 31 August 2026, supported by higher revenue, improved gross margins and tighter cost management.

The music and audio equipment group generated revenue of £90.3 million, up 2.7% from £88.0 million in the corresponding period last year. Organic constant currency revenue growth was 2.5%.

Statutory operating profit increased by 67.6% to £10.9 million, while adjusted EBITDA rose 10.9% to £15.8 million.

The company maintained its full-year expectations, citing encouraging trading since the period end and continued demand across its two operating divisions.

Revenue Growth and Margin Improvement Support Profitability

Focusrite’s gross margin increased to 46.6% from 44.9%, representing an improvement of 1.7 percentage points.

The increase reflected targeted price adjustments, lower manufacturing costs, changes to distribution arrangements and a greater emphasis on higher-margin sales channels.

Adjusted operating profit rose to £11.1 million from £9.7 million, while statutory operating profit increased from £6.5 million to £10.9 million.

Basic earnings per share more than doubled to 12.8p from 6.2p, representing growth of 106.5%.

Adjusted diluted earnings per share increased by 25.5% to 12.8p, compared with 10.2p a year earlier, benefiting from improved profitability and lower finance costs.

The board declared an interim dividend of 2.16p per share, up 3% from 2.10p.

Content Creation Division Delivers 5.2% Revenue Growth

Focusrite’s Content Creation division recorded revenue growth of 5.2%, equivalent to 5.0% on an organic constant currency basis.

Performance was supported by new product introductions, including an updated Focusrite audio interface and additional controller products within the Novation range.

The division also benefited from changes to its distribution model and continued growth in direct-to-consumer sales.

In Japan, the introduction of a direct-to-reseller distribution approach contributed to a 20% year-on-year increase in revenue.

Focusrite reported more than £1 million in product cost reductions through closer cooperation with contract manufacturers and improvements in sourcing arrangements.

These initiatives contributed to the group’s wider gross margin improvement during the period.

Audio Reproduction Revenue Declines Despite Stronger Orders

Revenue in the Audio Reproduction division declined by 3.9%, or 4.0% on an organic constant currency basis.

The division experienced double-digit revenue growth in the United States, but this was offset by weaker demand in China.

Despite the revenue decline, orders increased by 12% compared with the corresponding six-month period last year.

The company reported a positive book-to-bill ratio, indicating that orders received exceeded revenue recognised during the period.

Management said the improvement in orders provided an encouraging indication of underlying demand, although regional trading conditions remained mixed.

Proprietary Audio Chip Technology Moves into Production

Focusrite reported further progress in developing its proprietary audio silicon chip technology, which has now entered production.

The first commercial product incorporating the technology is expected to begin shipping in early 2027.

The company expects the platform to support future product development, improve functionality and provide opportunities for margin enhancement.

Chief Executive Officer Tim Carroll said the technology represented an important element of the group’s longer-term innovation strategy.

He also highlighted the contribution of new product launches, operational improvements and changes to distribution channels.

“We have delivered a strong first-half performance, with revenue growth, improved margins and double-digit growth in adjusted operating profit, alongside a significant strengthening of our balance sheet,” Carroll said.

Net Debt Falls to £1.5 Million

Focusrite reduced net debt to £1.5 million at 31 August 2026, compared with £10.8 million a year earlier.

The £9.3 million reduction was primarily attributable to improved working capital management and refunds relating to US tariffs.

The group received £2.8 million in US tariff refunds during the period, of which £2.4 million was recognised as an adjusting item.

The improvement in the balance sheet provides the company with additional financial flexibility as it continues investing in product development and operational efficiency.

Full-Year Market Expectations Reaffirmed

Focusrite said trading since the end of August had been encouraging, with healthy underlying demand across both Content Creation and Audio Reproduction.

The company reiterated that revenue and profitability are expected to be more heavily weighted towards the first half of the financial year, reflecting the timing of sales into distribution channels ahead of the winter holiday season.

Nevertheless, the board remains confident in meeting market expectations for the financial year ending 28 February 2027.

As of 2 November 2026, published analyst forecasts indicated full-year revenue expectations of between £170.1 million and £173.7 million.

Adjusted EBITDA forecasts ranged from £25.2 million to £27.4 million, while adjusted operating profit expectations stood between £15.6 million and £17.5 million.

Capital Markets Event Scheduled for 25 November

Focusrite will host a Capital Markets Event for institutional investors and analysts on 25 November 2026.

The event will provide further information on the company’s strategy, growth opportunities and financial framework.

The company confirmed that no new material trading information will be disclosed during the event.

Outlook

Focusrite enters the second half of its financial year following improvements in profitability, gross margins and its net debt position.

Continued product innovation, distribution improvements and manufacturing cost reductions remain central to the group’s strategy.

The planned introduction of products incorporating its proprietary audio silicon technology in early 2027 represents a further development milestone.

Although revenue and profitability are expected to be weighted towards the first half, management remains confident in achieving current full-year market expectations.

Allergy Therapeutics plc (LSE:AGY) has announced plans to cancel the admission of its ordinary shares to trading on London’s AIM market and re-register as a private limited company, citing limited share liquidity, listing costs and difficulties accessing equity capital.

The biotechnology company, which specialises in allergy immunotherapies, said its board had unanimously concluded that the proposed changes would be in the best interests of the business and its shareholders.

The proposals will require shareholder approval at the company’s forthcoming annual general meeting, with both major shareholders indicating their intention to vote in favour.

Board Cites Low Liquidity and Market Valuation Concerns

Allergy Therapeutics said the decision followed a review of its strategic direction, financial market conditions and organisational structure.

Despite what the company described as positive commercial and operational progress, the board believes its market valuation has been adversely affected by challenging financial conditions, a limited free float and low trading liquidity.

The directors consider that the company’s current market capitalisation does not adequately reflect the underlying value of the business.

The board also highlighted the costs associated with maintaining an AIM quotation, including regulatory compliance obligations and management resources devoted to meeting public market requirements.

According to the company, removing these obligations would allow management time and financial resources to be redirected towards business operations and development activities.

Equity Fundraising Challenges Influence Delisting Proposal

Another factor behind the proposed cancellation is the board’s assessment of the company’s ability to raise additional equity capital through AIM.

The directors believe that securing significant new investment through the market would be difficult in the short to medium term.

They also consider that any potential fundraising might not be achievable at a valuation acceptable to existing shareholders.

These concerns contributed to the board’s unanimous recommendation that shareholders approve both the cancellation of AIM trading and the company’s re-registration as a private limited company.

Shareholder Approval Required at Annual General Meeting

The proposed cancellation and re-registration will be submitted to shareholders through special resolutions at the company’s annual general meeting.

Under Rule 41 of the AIM Rules for Companies, cancellation of admission to trading requires approval from shareholders representing at least 75% of the votes cast.

Allergy Therapeutics confirmed that both of its major shareholders support the proposals and have indicated that they intend to vote in favour of the relevant resolutions.

If the resolutions are approved, the company expects the final day of trading in its ordinary shares on AIM to fall approximately five business days after the annual general meeting.

The precise timetable will be provided in a shareholder circular accompanying the notice of the meeting.

Matched Bargain Facility Planned Following Delisting

Allergy Therapeutics intends to establish a matched bargain facility to provide shareholders with a mechanism for trading their shares after the proposed AIM cancellation.

Such arrangements allow buyers and sellers to be matched outside a conventional stock exchange trading environment.

However, trading through a matched bargain facility may be less frequent than on AIM, and shareholders may experience reduced liquidity or greater difficulty finding counterparties for transactions.

Following re-registration, the company would operate as a private limited company rather than an AIM-listed public company.

Shareholders will receive further information about the implications of the proposed changes in the forthcoming circular.

Hong Kong Listing Remains Under Consideration

Allergy Therapeutics confirmed that it continues to explore the possibility of obtaining a primary listing on The Stock Exchange of Hong Kong Limited.

The company said this intention remains unchanged regardless of whether shareholders approve the proposed AIM cancellation and re-registration.

No definitive timetable for a potential Hong Kong listing was provided.

The company has not announced a formal listing application or confirmed when such a transaction might take place.

Outlook

Allergy Therapeutics will now prepare a detailed shareholder circular outlining the reasons for the proposed delisting, the anticipated timetable and the implications for investors.

The proposals remain conditional on the necessary shareholder approvals, including the requirement for at least 75% support among votes cast for the AIM cancellation.

If approved, the company intends to continue operating as a privately registered business, with a matched bargain facility available for shareholders seeking to trade their holdings.

The potential Hong Kong listing remains a separate strategic objective, although its timing and eventual completion have not been confirmed.

MTI Wireless Edge Ltd (LSE:MWE) has announced a further increase in the value of its communications infrastructure contract with the Israeli Ministry of Defence, taking the total agreement to US$8.5 million.

The contract, awarded to the company’s subsidiary P.S.K. Wind Technologies Limited (PSK), was initially valued at US$2.2 million when announced in April 2026. It was subsequently increased to approximately US$4.5 million in June before the latest expansion.

The revised value represents almost four times the original contract award, with completion expected during 2027.

Defence Contract Expands Following Previous Increases

The agreement covers the supply of communications infrastructure to the Israeli Ministry of Defence through MTI Wireless Edge’s PSK subsidiary.

The original contract was announced on 7 April 2026, with an initial value of US$2.2 million.

On 8 June, MTI confirmed that the contract had been expanded to approximately US$4.5 million.

The latest increase adds a further US$4 million to the agreement, bringing its total value to US$8.5 million.

This represents an increase of approximately 89% compared with the June contract value and around 286% relative to the original award.

MTI said the expanded agreement is scheduled to be completed in 2027, providing revenue visibility over the remaining delivery period.

Cost-Plus Structure Provides Revenue Visibility

The contract operates on a cost-plus basis, under which the supplier is reimbursed for eligible costs alongside an agreed margin.

MTI acknowledged that this arrangement generates lower margins than some of its other contracts but said it also reduces delivery risk for PSK.

The structure provides greater visibility over revenue associated with the contract while limiting some of the financial exposure typically associated with fixed-price agreements.

Chief Executive Officer Moni Borovitz welcomed the additional contract value.

“It is encouraging that, within a relatively short period, the Israeli MoD has shown the confidence in our capabilities to increase this contract almost fourfold,” Borovitz said.

He added that the cost-plus arrangement offered a lower-risk delivery structure and improved longer-term revenue visibility.

Defence Sector Demand Supports Business Opportunities

MTI Wireless Edge provides communications and radio frequency technology solutions across several markets, including defence-related applications.

The company said it continues to identify opportunities within the defence sector as governments maintain their focus on military communications and related infrastructure.

Management reported demand across its range of defence-related products, alongside a pipeline of potential new contracts.

Borovitz said the company was seeing a growing number of opportunities in the sector.

“Overall, the Group remains very well positioned, with a healthy order backlog and pipeline of potential orders across all three divisions,” he said.

The expanded PSK contract adds to the company’s existing order book, although MTI did not provide an updated total backlog figure in the announcement.

Nine-Month Financial Results Due on 9 November

MTI Wireless Edge also confirmed that it will publish its financial results for the nine months ended 30 September 2026 on 9 November 2026.

The upcoming results will provide further information on the group’s trading performance across its three divisions.

Investors will be monitoring revenue development, profitability and the contribution of existing contracts, alongside any additional information on the company’s order backlog.

Outlook

The increase in the Israeli Ministry of Defence contract to US$8.5 million provides MTI Wireless Edge with additional contracted business extending into 2027.

While the cost-plus agreement carries lower margins than some other group contracts, management considers it a lower-risk arrangement that supports revenue visibility.

The company continues to report demand for its defence-related products and a pipeline of potential orders across its operations.

Attention will now turn to the nine-month results scheduled for 9 November, when MTI is expected to provide a broader update on its financial and operational performance.

Jangada Mines plc (LSE:JAN) has reported further high-grade gold assay results from its Molly Gold Project in Brazil’s Tapajós Province, with grab samples returning up to 370.41 grams per tonne (g/t) of gold at Molly 2 and 151.23 g/t at the Vivi target.

The latest sampling programme identified additional gold-bearing quartz veins across several exploration areas, including the newly identified Jane and Esmeril targets. The results also revealed associated silver, copper, lead and zinc mineralisation, supporting the company’s interpretation of a broader polymetallic system.

Jangada has now identified seven prospective target areas across the project, with further sampling, geological mapping and geophysical interpretation underway.

Vivi Target Delivers Further High-Grade Gold Results

Additional sampling at Vivi returned gold grades of 151.23 g/t, 112.45 g/t, 49.93 g/t and 39.74 g/t, following an earlier result of 306.23 g/t.

The original high-grade sample also contained 166.00 g/t silver, 2.19% lead and 1.12% zinc.

Across the sampling programme, three samples returned gold grades exceeding 100 g/t, four exceeded 40 g/t, ten exceeded 10 g/t and 19 exceeded 1.0 g/t.

Surface mapping has identified at least seven mineralised quartz veins across an area of approximately one square kilometre, although the full extent of the individual structures and the wider vein system remains undetermined.

The company said the presence of multiple gold-bearing veins, together with elevated concentrations of silver, copper, lead and zinc, was consistent with a structurally controlled hydrothermal mineralising system.

Further analysis is underway to establish the continuity and geological relationships between the identified veins.

Molly 2 Sampling Returns Gold Grades of 370.41 g/t

At Molly 2, follow-up exploration identified additional mineralised zones following drilling results announced in August 2026.

Grab samples returned gold grades of 370.41 g/t and 241.30 g/t, accompanied by silver grades of 148.00 g/t and 57.50 g/t, respectively.

The newly identified mineralised structures display varying orientations and dips, indicating the presence of multiple gold-bearing zones within the target area.

Jangada expects the latest sampling results, combined with ongoing geophysical interpretation, to assist in identifying additional drilling targets.

The company is continuing to assess the distribution and potential extent of mineralisation across Molly 2.

New Jane and Esmeril Targets Expand Exploration Area

Exploration has also identified gold-bearing structures at the Jane and Esmeril targets, located west of Vivi.

The areas were initially identified through evidence of artisanal mining activity, prompting further geological investigation and sampling.

At Esmeril, grab samples returned gold grades of up to 26.56 g/t and 15.16 g/t.

Geological mapping identified mineralised structures near the boundary of the Molly Project licence area, with their strike extending into the project.

Preliminary geological and geophysical interpretations suggest that additional extensions of these structures could occur within the Jane and Esmeril target areas.

Jangada said exploration at both targets remains at an early stage, with further detailed investigations being planned.

Seven Prospective Gold Targets Identified

The company has now identified seven exploration targets across the Molly Gold Project: Molly 1, Molly 2, Vivi, Jane, Esmeril, Boomerang South and Eastpot.

The latest discoveries extend the project’s prospective footprint, particularly towards the southern part of the licence area.

Jangada also highlighted the exploration potential of Boomerang, where a mineralised trend extends for approximately five kilometres and remains relatively underexplored.

Chief Executive Officer Paulo Misk said the latest results had exceeded the company’s expectations.

“The consistently high grades, alongside associated silver, copper, lead and zinc mineralisation, highlight the potential for an extensive, structurally controlled mineralised system,” Misk said.

He added that the identification of additional targets had increased the scope for further exploration across the project.

Further Assay Results and Geophysical Interpretation Pending

Jangada is continuing a second sampling programme covering Vivi, Molly 2, Boomerang South and Eastpot.

At Vivi, systematic channel sampling has been undertaken across one of the identified mineralised structures.

A total of 78 channel samples were collected, with assay results outstanding for 54 samples from six channels positioned perpendicular to the main structure.

Results are also pending from an external laboratory for a further 26 grab samples collected at Vivi.

Meanwhile, geological mapping continues across the project, and interpretation of completed drone magnetic and induced polarisation surveys is approaching completion.

Aeromagnetic survey results are also expected shortly.

The company’s fully funded Phase 2 drilling campaign is nearing completion, with the latest geological information expected to contribute to the assessment of future exploration priorities.

High-Grade Samples Require Further Verification

Although the latest grab samples returned substantial gold grades, Jangada acknowledged that selective surface samples do not necessarily represent average grades across a deposit or demonstrate mineralisation continuity.

Further systematic sampling, geological interpretation and drilling will be required to determine the extent, geometry and consistency of the mineralised zones.

The company has not established a mineral resource estimate for the newly identified targets based on these results.

Outlook

Jangada’s latest exploration results provide additional evidence of high-grade gold-bearing structures across multiple areas of the Molly Gold Project.

Near-term activities will focus on completing the ongoing sampling programme, receiving outstanding assay results and finalising geophysical interpretations.

The company will also assess the results of its Phase 2 drilling campaign as it works to define further exploration targets.

While the reported gold grades are high, additional drilling and geological work will be necessary to establish whether the mineralisation has sufficient continuity, scale and economic potential to support future development.

Tap Global Group plc (LSE:TAP) has acquired an additional £235,523 worth of Bitcoin, Ethereum and Solana as part of its Digital Asset Income Strategy (DAIS), bringing the total cost of its cryptocurrency and stablecoin treasury holdings to approximately £800,000.

The regulated crypto-fintech company purchased three Bitcoin (BTC), ten Ethereum (ETH) and 500 Solana (SOL) tokens on 29 October 2026, following earlier acquisitions made between September and October.

The latest transactions doubled Tap’s Bitcoin and Solana holdings and increased its Ethereum position by 20%, with the assets being deployed through the company’s Tap Earn programme to generate yield.

Tap Global Adds £235,523 in Digital Assets

The latest purchases included three Bitcoin at a total cost of £180,392, equivalent to an average acquisition price of £60,131 per coin, or approximately US$79,900.

Tap also acquired ten Ethereum for £17,450, at an average price of £1,744.97 per token, and 500 Solana for £37,681, averaging £75.36 per token.

According to the company, these purchases were completed at prices below the respective cryptocurrencies’ historical peaks.

Bitcoin was acquired approximately 37% below its stated all-time high of US$126,000, while Ethereum was purchased around 53% below its US$4,950 peak.

The Solana acquisition price was approximately 66% below its stated historical high of US$293.

Tap said the transactions were intended to increase its long-term exposure to the three digital assets following recent price declines.

Digital Asset Reserve Reaches £799,998

Following the latest acquisitions, Tap’s DAIS treasury reserve contains six Bitcoin, 60 Ethereum and 1,000 Solana, alongside stablecoin holdings.

The company’s Bitcoin position has a total acquisition cost of £369,787, representing an average cost of £61,631 per coin.

Its Ethereum holdings have a combined cost of £111,888, equivalent to £1,864.79 per token, while its Solana holdings were acquired for £83,513, averaging £83.51 per token.

Together, the three cryptocurrency positions have a total acquisition cost of £565,188.

The reserve also includes US$312,868 in USDC and USDT stablecoins, acquired at a cost of £234,810.

The combined acquisition cost of the reserve is £799,998, equivalent to approximately US$1.06 million at the exchange rates used in the company’s reporting.

These holdings are maintained separately from the digital assets used in Tap’s day-to-day operations.

Treasury Assets Deployed Through Tap Earn

Tap established DAIS to hold digital assets on its balance sheet while seeking to generate income through its proprietary Tap Earn programme.

The company said approximately £800,000 of the £1 million raised in September 2026 has now been allocated to the reserve and deployed into yield-generating activities.

Tap Earn makes weekly yield payments to participating customers and the company’s treasury, although the returns are variable and are not guaranteed.

Chief Executive Officer Arsen Torosian said the latest acquisitions reflected the company’s approach to increasing its digital asset holdings during periods of market weakness.

“When prices pulled back, we did what the DAIS is built to do: bought again,” Torosian said.

He added that the purchases had reduced the average acquisition costs of the company’s cryptocurrency positions while increasing its exposure to potential future price movements.

The company intends to retain its digital assets over the longer term while using the yield programme to generate income from the reserve.

Regular Treasury Reporting Planned

Tap plans to introduce regular reporting on the value of its DAIS holdings and the income generated through the programme.

The company said further details of the reporting arrangements would be announced in due course.

Investors can currently monitor the company’s treasury holdings through its investor website.

The planned reporting framework is intended to provide additional information on changes in reserve values and the performance of its yield-generating activities.

Tap Confirms No Exposure to Binance

Separately, Tap addressed recent developments involving cryptocurrency exchange Binance, including reports of a significant security breach.

The company confirmed that it has no exposure to Binance and said the reported developments had not affected its operations or Digital Asset Income Strategy.

Tap stated that its cryptocurrency holdings are maintained under established custody arrangements and risk management controls.

Cryptocurrency Volatility and Yield Risks Remain

Tap acknowledged that the value of its digital asset reserve is subject to cryptocurrency market fluctuations, which could result in gains or losses.

The company also highlighted risks associated with deploying assets through yield-generating arrangements, including counterparty exposure, custody arrangements, liquidity constraints and collateral requirements.

Additional risks may arise from collateralised borrowing, including potential liquidation, while staking arrangements can involve asset lock-up periods and validator performance.

The company cautioned that yields may decline or fall to zero and that returns from its reserve are not guaranteed.

Outlook

Tap Global’s latest purchases increase its exposure to Bitcoin, Ethereum and Solana while extending the deployment of capital raised in September into its Digital Asset Income Strategy.

With approximately £800,000 of the £1 million fundraising proceeds allocated to the reserve, the company has indicated that its existing holdings are being used to generate variable income through Tap Earn.

Future performance will depend on movements in cryptocurrency prices, the yields achieved through the programme and the management of associated operational and financial risks.

The planned introduction of regular treasury reporting is expected to provide investors with further information on reserve valuations and income generation.

Zanaga Iron Ore Company Limited (LSE:ZIOC) has completed its bulk sampling programme at the Zanaga Iron Ore Project in the Republic of Congo, marking the next stage in preparations for metallurgical testing and detailed engineering work.

The programme involved extracting approximately 30,000 tonnes of ore to produce a 100-tonne composite sample from the hematite zone targeted for the project’s initial 12 million tonnes per annum (Mtpa) operation.

The company confirmed that the work was completed on schedule and within budget, with no reported safety, environmental or community-related non-compliances.

Bulk Sampling Programme Completed on Schedule

The sampling programme represents the first major mobilisation of equipment at the Zanaga project site since 2014.

Approximately 30,000 tonnes of material were extracted to assemble a representative 100-tonne composite sample for the next phase of technical evaluation.

The sample will be used in pilot-scale metallurgical testing to assess the project’s revised Direct Reduced Iron (DRI) processing flowsheet.

Zanaga said the programme was conducted in coordination with local stakeholders and regulatory authorities, with representatives of the Republic of Congo government expressing satisfaction with its planning, communication and transparency.

Martin Knauth, Chief Executive Officer of Zanaga Iron Ore Company, said the completion represented an important step in the project’s development.

“The Programme was completed on schedule and within the allocated budget, while maintaining the highest standards of safety, environmental stewardship and community engagement,” Knauth said.

Metallurgical Testing to Validate DRI Processing Flowsheet

Following completion of the sampling programme, Zanaga will proceed with pilot-scale metallurgical test work using the composite ore sample.

The testing will focus on validating the revised DRI processing flowsheet and determining the specifications of the iron ore concentrate that could be produced.

The company also intends to undertake product testing with steel mill customers, independent laboratories and potential off-takers.

The results will help establish the technical requirements for processing equipment, including crushing, grinding and screening systems.

Metallurgical findings will also inform updated mass, energy and water balances, providing the technical basis for refining capital expenditure and operating cost estimates.

These activities are intended to support the subsequent Front-End Engineering and Design (FEED) programme.

Engineering Work to Support Project Development

The completion of bulk sampling allows Zanaga to advance the technical studies required before a potential Final Investment Decision (FID).

The next development stages will focus on confirming the processing characteristics of the ore, finalising engineering requirements and establishing updated project economics.

The company said it remains on schedule to progress through metallurgical testing and subsequent engineering activities.

The results of these studies will be important in determining the project’s processing configuration and informing future construction planning.

Zanaga Project Targets 30 Million Tonnes of Annual Production

The Zanaga Iron Ore Project is wholly owned by Zanaga Iron Ore Company and contains an estimated mineral resource of 6.9 billion tonnes and an ore reserve of 2.1 billion tonnes.

The development plan targets eventual annual production of 30 million tonnes of high-grade DRI pellet feed concentrate.

The project is designed to be developed in two stages, beginning with a 12Mtpa operation, followed by a proposed 18Mtpa expansion.

The initial stage will focus on ore from the hematite zone, which was the subject of the recently completed bulk sampling programme.

Zanaga has secured its government mining licence, environmental permit and mining convention for the project.

The proposed development also includes a slurry pipeline to transport iron ore concentrate to port facilities.

The company is positioning the project to supply high-grade, low-impurity iron ore concentrate suitable for DRI production, a process used in steelmaking that can support lower-carbon production routes.

Outlook

With the bulk sampling programme completed, Zanaga’s immediate priority is to undertake pilot-scale metallurgical testing and validate its revised DRI processing flowsheet.

The results will support product specification work, equipment selection and updated capital and operating cost estimates before the project advances through FEED.

Although the company has secured key permits and completed the latest sampling milestone, further technical studies and a Final Investment Decision remain necessary before construction can proceed.

Zanaga said the programme’s completion keeps the project on schedule for its next development stages as it works towards establishing the technical and economic basis for the proposed 30Mtpa operation.

Wizz Air Holdings Plc (LSE:WIZZ) carried 7.62 million passengers in October 2026, representing a 19.8% increase from the same month last year, as the low-cost airline continued expanding its route network and available capacity.

The airline’s seat capacity increased by 22.1% to 8.36 million, although its load factor declined by 1.7 percentage points to 91.2%, compared with 92.9% in October 2025.

Over the rolling 12-month period to October 2026, Wizz Air carried 80.59 million passengers, an increase of 19.6% year-on-year.

Passenger Growth Continues as Capacity Increases

Wizz Air carried 7,624,319 booked passengers during October, compared with 6,362,498 in the corresponding month of 2025.

Available seat capacity rose to 8,361,193 from 6,846,498, reflecting continued expansion across the airline’s network.

However, capacity growth exceeded the increase in passenger numbers, resulting in a lower monthly load factor.

For the rolling 12 months to October 2026, capacity increased by 20.1% to 88.71 million seats, compared with 73.89 million in the preceding period.

Passenger numbers over the same period reached 80.59 million, up from 67.39 million, while the rolling annual load factor declined slightly to 90.8% from 91.2%.

Wizz Air Expands Spanish Operations with New Bases and Routes

The airline is opening new bases in Madrid and Valencia during the first week of November, deploying three aircraft across 16 routes.

The expansion represents a further investment in the Spanish market, where Wizz Air has also introduced additional services from London Luton.

During October, the company launched year-round routes from London Luton to Málaga, Granada and Asturias (Oviedo), increasing the number of Spanish destinations served from the airport to ten.

Wizz Air is also introducing temporary flights following the suspension of high-speed rail services between Madrid and Andalusia.

From 6 November until 13 December, the airline will add two daily return flights from Madrid to Málaga and Seville, with fares capped at €99.99.

New Distribution Agreement Extends Sales Reach

Wizz Air signed a distribution agreement with travel technology company Amadeus in October, expanding access to its fares and ancillary services.

Through Amadeus Ticketless Access, the airline’s products are now available to Amadeus travel sellers in selected markets.

The agreement extends Wizz Air’s distribution reach to travel management companies, traditional travel agencies, online travel agencies and tour operators.

Separately, the airline launched ten new routes connecting five Polish airports with destinations in Egypt, expanding its leisure offering for the 2026/27 winter season.

Carbon Emissions Rise as Passenger Growth Continues

Wizz Air reported total carbon dioxide emissions of 614,604 tonnes in October, an increase of 14.5% from 536,652 tonnes a year earlier.

Emissions intensity, measured in grams of CO₂ per passenger-kilometre, increased marginally by 0.2% to 49.3 grams from 49.2 grams.

Over the rolling 12-month period, total emissions rose by 10.9% to 6.61 million tonnes, compared with 5.96 million tonnes in the preceding year.

However, emissions intensity improved by 2.5% over the same period, declining to 49.7 grams per passenger-kilometre from 51.0 grams.

The company noted that its published emissions figures exclude any benefit from the use of sustainable aviation fuel.

Half-Year Results Scheduled for 12 November

Wizz Air is scheduled to publish its financial results for the six months ended 30 September 2026 on 12 November.

The airline currently operates a fleet of 275 Airbus A320 and A321 aircraft and continues to expand its European and international route network.

The October traffic figures indicate continued growth in passenger volumes and capacity, although the decline in load factor shows that available seats increased faster than demand during the month.

Investors will be monitoring the upcoming half-year results for further information on revenue performance, operating costs, profitability and the financial impact of the airline’s network expansion.