ADVFN UK Market News

Category: Market News

  • Market Open: Watkin Jones FY26 In Line, Goodwin Profit Surges

    Market Open: Watkin Jones FY26 In Line, Goodwin Profit Surges

    UK markets open little changed as Watkin Jones holds FY26 guidance and Goodwin’s profit surges 118 per cent, while Brent crude extends its pullback.

    Market Overview

    UK shares opened little changed on Friday, with the FTSE 100 essentially flat at 10,792.46 as investors stayed cautious ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole address. The Euronext 100 opened firmer at 1,914.88, up 0.10 per cent, while Frankfurt’s DAX advanced to 26,494.61, a rise of 0.48 per cent, as European sentiment steadied after a volatile week marked by elevated euro-zone bond yields. Wall Street had closed higher on Thursday, with the Nasdaq Composite up 411.15 points, or 1.57 per cent, to 26,541.35, and the S&P 500 gaining 55.29 points, or 0.72 per cent, to 7,730.99, setting a firmer tone into the European session.

    In commodities, copper and gold edged higher while Brent crude slipped further, extending a recent pullback as expanding oil flow through the Strait of Hormuz eased supply concerns despite lingering Iran-related tensions. Natural gas was little changed. Bitcoin softened slightly against sterling, while the pound was broadly steady across major pairs, nudging higher against the dollar, euro and Swiss franc but little changed against the yen and Australian dollar. Attention remained fixed on Warsh’s keynote, with European equities on course for a third successive weekly decline.

    Market Numbers

    FTSE 100: Down (-0.00%), 10,792.46
    Euronext 100: Up (+0.10%), 1,914.88
    DAX: Up (+0.48%), 26,494.61
    NASDAQ: Up, 26,541.35
    S&P 500: Up, 7,730.99

    In the Headlines

    FY26 Guidance Held – Watkin Jones (LSE:WJG)
    Build-to-rent developer Watkin Jones said full-year adjusted operating profit is expected to be broadly in line with the first half, after completing two major schemes in Belfast and Cardiff delivering 1,345 rental units. Several anticipated transactions have slipped beyond the year-end due to geopolitical uncertainty and weaker transactional liquidity, though the group expects year-end net cash to exceed £61 million, underscoring balance-sheet resilience despite the deal delays.

    Trading Profit Jumps – Goodwin (LSE:GDWN)
    Engineering group Goodwin reported trading profit of £77.5 million for the year to April 2026, up 118 per cent, on revenue up 27 per cent to £280 million, and lifted its dividend by 18 per cent. The board has appointed Rothschild & Co to run a sale process for parts of its Mechanical Engineering division — including Steel Castings, International, Noreva, Easat Group and Pumps — with proceeds expected to be substantially returned to shareholders.

    Currencies (vs GBP)

    USD: Up (+0.00%), $1.3597
    CHF: Up (+0.01%), Fr.1.0929
    EUR: Up (+0.01%), €1.1667
    JPY: Flat (+0.00%), ¥216.6055
    AUD: Flat (+0.00%), $1.8897
    Bitcoin (BTC/GBP): Down (-0.13%), £58,986.86

    Commodities

    Copper: Up
    Gold: Up
    Brent Crude: Down
    Natural Gas: Flat

  • Gold holds near $4,600 as markets await Warsh’s Jackson Hole address

    Gold holds near $4,600 as markets await Warsh’s Jackson Hole address

    Gold traded close to unchanged on Friday as markets awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole address for further indications on the direction of U.S. monetary policy.

    Spot gold was little changed at $4,600.19 an ounce at 02:50 ET, or 06:50 GMT. U.S. gold futures were down 0.3% at $4,651.41.

    The metal had climbed to a three-month high near $4,700 an ounce earlier in the week as concerns surrounding U.S. fiscal policy and Treasury measures involving longer-dated bonds contributed to demand.

    Gold was nevertheless on course for a small weekly decline, which would end a run of three consecutive weekly gains.

    Warsh address puts interest-rate outlook in focus

    Warsh is scheduled to speak at 10 a.m. ET, or 1400 GMT, on Friday at the Federal Reserve’s Jackson Hole symposium.

    The appearance will be his first major Jackson Hole address as Fed chair, with investors monitoring his comments for indications of how policymakers are assessing inflation and interest rates.

    Recent economic data have complicated expectations surrounding monetary policy. The personal consumption expenditures price index, which is closely monitored by the Federal Reserve, rose 3.7% in the 12 months through July.

    Markets were assigning a 34% probability to an interest-rate increase in September and a 74% probability of an increase by December, according to the CME FedWatch tool.

    Those percentages reflect market pricing rather than guidance from the Federal Reserve.

    Gold remains sensitive to yields and the dollar

    Expectations for U.S. interest rates remain relevant to gold because the precious metal does not provide an interest yield.

    Higher rates can increase the relative appeal of interest-bearing assets, while declining yields can reduce the opportunity cost associated with holding gold.

    The metal has also recently received support from a weaker U.S. dollar, which can reduce the cost of dollar-denominated gold for buyers using other currencies.

    Despite being on track for a modest weekly decline, gold has gained more than 13% during August.

    Silver, platinum and copper trade higher

    Other metals moved higher during Friday’s session.

    Silver increased 1.3% to $70.11 an ounce, while platinum rose 1.8% to $1,882.60 an ounce.

    Copper also advanced, with benchmark futures on the London Metal Exchange gaining 0.4% to $14,338.15 a tonne.

    U.S. copper futures were 0.2% higher at $6.68 a pound.

  • Brent and WTI head for weekly losses as U.S.-Iran uncertainty persists

    Brent and WTI head for weekly losses as U.S.-Iran uncertainty persists

    Oil prices moved lower on Friday, putting Brent and West Texas Intermediate on course to end two consecutive weeks of gains as markets continued to assess developments involving the United States and Iran.

    Brent crude futures fell 60 cents, or 0.67%, to $89.10 per barrel at 0636 GMT. WTI futures declined 64 cents, or 0.77%, to $82.89.

    For the week, Brent was heading for a 5.3% decline, while WTI was on track to fall 4.3%.

    Strait of Hormuz oil shipments show signs of increasing

    Oil markets continued to monitor shipping activity through the Strait of Hormuz alongside diplomatic developments involving Washington and Tehran.

    “Despite diplomatic efforts hitting a roadblock, there are growing signs of additional oil flowing through the Strait of Hormuz,” ING analysts said in a note. “As the conflict persists, producers are adapting to the new realities and becoming increasingly comfortable navigating the strait.”

    Goldman Sachs estimated on Thursday that total Gulf exports had recently reached between 15 million and 16 million barrels per day.

    The estimate remained 7 million to 8 million barrels per day below pre-war levels but represented an increase of between 5 million and 6 million barrels per day from the low reached in March.

    Trump administration reportedly rejects return to June agreement

    Crude prices had settled higher on Thursday after The Wall Street Journal reported that the Trump administration was not seeking a return to the terms of a June memorandum of understanding with Iran.

    Citing people familiar with the matter, the report said the U.S. administration had repeatedly informed mediators that it had no interest in reviving the agreement, creating an additional complication for diplomatic efforts to resume negotiations.

    Washington separately said earlier on Thursday that it was not holding talks with Iran, despite attempts by other countries to facilitate renewed discussions.

    Washington announces additional sanctions against Tehran

    The United States announced further measures against Iran on Monday, describing them as the “toughest sanctions in history”.

    Iran responded by describing the sanctions as an “inhumane and hostile act” and saying that they had lost their effectiveness.

    Those descriptions represent statements from the respective governments rather than independent assessments of the measures.

    Russia warns of possible response involving British military targets

    Separate geopolitical developments also remained under consideration after Moscow issued a warning concerning Ukrainian attacks on Russian territory using British-supplied long-range cruise missiles.

    Russia said it could respond by striking British military targets both inside and outside Ukraine.

    U.S. President Donald Trump, however, said Russian President Vladimir Putin would not attack a member of the North Atlantic Treaty Organization.

    Trump also played down media reports that CIA Director John Ratcliffe had warned Russian officials this week against carrying out such an attack.

    Britain is a founding member of NATO.

  • U.S. futures steady with Warsh speech, Nvidia rally, PayPal and oil in focus: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. futures steady with Warsh speech, Nvidia rally, PayPal and oil in focus: Dow Jones, S&P, Nasdaq, Wall Street

    U.S. equity futures showed limited movement on Friday as markets awaited Federal Reserve Chair Kevin Warsh’s Jackson Hole address following a technology-led advance in the previous session.

    S&P 500 futures were unchanged, while Nasdaq 100 futures fell 0.3% and Dow futures gained 0.2%.

    Nvidia (NASDAQ:NVDA) remained in focus after its shares advanced following the company’s latest results. PayPal (NASDAQ:PYPL), meanwhile, dropped in after-hours trading after a reported takeover approach ended, while renewed uncertainty over U.S.-Iran relations contributed to higher oil prices.

    Nvidia shares gain 8.7% following outlook

    Nvidia climbed 8.7% on Thursday after the semiconductor company issued a stronger-than-expected revenue outlook.

    The S&P 500 subsequently closed 0.7% higher, while the Nasdaq Composite gained 1.6% and the Dow advanced 0.2%.

    Nvidia’s position as a supplier of chips used in artificial intelligence infrastructure means its financial performance is also closely followed by investors assessing spending across the broader AI data centre market.

    Warsh speech puts monetary policy back in focus

    Investors are awaiting Warsh’s keynote speech at the Federal Reserve’s annual Jackson Hole symposium in Wyoming later on Friday.

    Markets will be looking for indications of how the central bank is assessing inflation and the future direction of interest rates.

    Price pressures have remained elevated in recent economic data, while Treasury yields continue to reflect concerns surrounding inflation, government borrowing and monetary policy.

    Warsh’s comments could alter market expectations for interest rates, although any resulting movement in equities or bonds will depend on the substance of his remarks.

    Nvidia financing programme reportedly put on hold

    Nvidia is also facing attention over a financing initiative involving AI cloud companies.

    The Wall Street Journal reported that the chipmaker has paused some transactions under a programme providing credit support to AI cloud businesses purchasing Nvidia chips.

    Under the initiative, participating companies received financing support in exchange for a portion of their revenue.

    The report said some Nvidia employees had raised concerns about potential antitrust scrutiny. The precise reason for pausing the transactions remains unclear from the source material, and the programme could still be modified.

    Chief Executive Jensen Huang has previously defended Nvidia’s investments in AI start-ups, arguing that businesses in the sector require unusually large amounts of capital.

    PayPal drops 12.2% after reported bid is withdrawn

    PayPal shares fell 12.2% in after-hours trading after a consortium led by Advent International and Stripe ended its pursuit of the payments company, Bloomberg reported.

    The prospective buyers had reportedly proposed paying $60.50 per share, implying a valuation of more than $53 billion.

    According to the report, PayPal’s board viewed the price as insufficient and also raised concerns regarding regulatory and financing considerations.

    Reports of potential takeover interest had previously contributed to PayPal’s recovery from a 52-week low of $38.46 after discussions emerged in July.

    Brent moves above $88 as U.S.-Iran uncertainty increases

    Oil prices moved higher after reports of a change in the U.S. administration’s position towards an earlier agreement with Iran.

    The Trump administration has told mediators that it is no longer interested in returning to a memorandum of understanding agreed in June, according to The Wall Street Journal.

    The agreement signed by President Donald Trump at the Palace of Versailles had provided a framework for reopening the Strait of Hormuz and beginning negotiations over Iran’s nuclear programme in return for sanctions relief and access to frozen Iranian assets.

    The Wall Street Journal reported that Washington has since moved towards a maximum economic pressure policy and is not seeking to restore the agreement.

    Brent crude subsequently traded above $88 per barrel.

    The Strait of Hormuz is relevant to international energy markets because of its role in global oil shipments. A sustained change in crude prices could also influence inflation expectations and market assumptions regarding the future direction of monetary policy.

  • European shares rebound ahead of Warsh speech but head for third weekly decline: DAX, CAC, FTSE100

    European shares rebound ahead of Warsh speech but head for third weekly decline: DAX, CAC, FTSE100

    European equities moved higher on Friday, with the pan-European STOXX 600 gaining 0.6% as investors awaited Federal Reserve Chair Kevin Warsh’s address at the Jackson Hole Economic Policy Symposium.

    Despite Friday’s advance, the index remained on course for a weekly decline of approximately 0.4%, which would mark its third consecutive weekly loss and its longest losing run since April 2025.

    European markets faced a combination of higher sovereign bond yields, volatile energy prices and mixed regional economic data during the week.

    Higher bond yields weigh on European markets

    Global sovereign bond yields rose earlier in the week, pushing borrowing costs across both core and peripheral eurozone markets towards multi-month highs.

    Yields subsequently eased following announcements concerning U.S. government debt buybacks and a decline in energy prices.

    Nevertheless, elevated borrowing costs remained a factor for European equity valuations during the week, particularly in interest-rate-sensitive areas such as real estate.

    Energy markets were also volatile as geopolitical tensions surrounding the Strait of Hormuz affected crude oil and European wholesale gas prices. Prices subsequently eased as diplomatic developments reduced some immediate concerns towards the end of the week.

    ECB comments remain in focus

    European Central Bank policy expectations also contributed to the week’s market backdrop.

    ECB Executive Board member Isabel Schnabel reiterated that interest rates would need to rise further to bring inflation under control, according to the source material.

    The comments added to investor consideration of the outlook for European monetary policy alongside movements in sovereign bond yields and energy prices.

    Investors await Warsh’s Jackson Hole address

    Attention on Friday turned to Warsh’s first keynote address as Federal Reserve chair at the Jackson Hole symposium in Wyoming.

    Investors are looking for indications of whether the Federal Reserve intends to maintain restrictive monetary policy into the autumn amid persistent headline inflation or whether softer labour-market conditions could allow policymakers to pause.

    Movements in U.S. Treasury yields can influence European sovereign bond markets, making the Federal Reserve’s policy outlook relevant for financing conditions across Europe.

    Investors are also watching for comments concerning the Federal Reserve’s balance-sheet strategy as governments continue to issue substantial amounts of debt.

    DAX and CAC 40 join regional advance

    Major European equity indices traded higher alongside the STOXX 600 on Friday.

    Germany’s DAX rose 0.5%, while France’s CAC 40 gained 0.9% after declining sharply during the previous session. London’s FTSE 100 advanced 0.4%.

    Technology-related shares also received support during the session following Nvidia’s earnings outlook earlier in the week.

    Friday’s gains, however, were not sufficient at the time of the source material to reverse the STOXX 600’s decline for the week.

  • FTSE 100 rises as investors await Warsh speech at Jackson Hole

    FTSE 100 rises as investors await Warsh speech at Jackson Hole

    UK stocks moved higher on Friday, with the FTSE 100 gaining 0.4% as investors awaited a speech from Federal Reserve Chair Kevin Warsh at the Jackson Hole Economic Policy Symposium later in the day.

    Despite the advance, the benchmark was on course to finish a volatile week broadly unchanged. Friday’s move followed a 0.8% decline in the previous session.

    Gains among industrial mining companies and domestically focused mid-cap stocks provided support, while energy majors Shell and BP remained relatively subdued.

    Investors await Federal Reserve signals

    Trading remained relatively restrained ahead of Warsh’s address, with investors looking for further indications on the outlook for U.S. monetary policy.

    The upcoming speech limited significant positioning across sectors as markets awaited the Federal Reserve chair’s comments.

    Meanwhile, UK economic data provided a more positive domestic signal. A Lloyds Bank survey released on Friday showed business confidence increased four percentage points in August to +53%, its highest level since March.

    The reading was above the 12-month average of 47%, with the survey pointing to stronger consumer spending power, improved trading prospects and a more favourable assessment of the UK economic outlook.

    Shell ends talks over German refinery stake

    Shell PLC (LSE:SHEL) has ended negotiations to sell its 37.5% interest in Germany’s PCK Schwedt refinery to Polish energy company Unimot, according to Bloomberg News.

    The refinery has links to Russia, and the source material does not provide further details on why the negotiations ended or Shell’s plans for the stake.

    Shell shares were around 0.4% higher during Friday’s session.

    BP seeks mediation in Whiting refinery labour dispute

    BP PLC (LSE:BP.) called on the leadership of United Steelworkers Local 7-1 to agree to federal mediation and resume formal contract negotiations concerning a months-long labour dispute at its Whiting refinery in Indiana.

    The facility has a processing capacity of 440,000 barrels per day.

    BP shares were also around 0.4% higher on Friday.

    Brent crude heads for weekly decline

    Global crude oil prices declined on Friday, leaving Brent crude on course to end a two-week run of weekly gains.

    The decline followed a higher settlement on Thursday after reports that the U.S. administration remained unwilling to return to previous agreement terms with Iran.

    Movements in oil prices continued to provide a backdrop for trading in the FTSE 100’s major energy companies.

  • Watkin Jones expects FY26 profit broadly in line with first half as transactions are delayed

    Watkin Jones expects FY26 profit broadly in line with first half as transactions are delayed

    Watkin Jones (LSE:WJG) expects adjusted operating profit for FY26 to be broadly in line with the level reported in the first half after indicating that some anticipated transactions are now likely to complete beyond the financial year-end.

    The residential developer said it has continued to focus on cash management and operational delivery during the year against a backdrop of geopolitical uncertainty and reduced transactional liquidity.

    Despite the expected timing shift for some transactions, Watkin Jones forecasts that year-end net cash will exceed the £61 million reported at the half-year stage.

    Build-to-rent projects deliver 1,345 homes

    Watkin Jones recently completed two build-to-rent developments in Belfast and Cardiff, delivering a combined 1,345 rental units.

    The company said aggregate margins from the two schemes were in line with its previous guidance.

    Investor engagement concerning a small number of additional transactions remains ongoing, although the Board now expects some of these deals to move beyond the FY26 year-end.

    As a result, adjusted operating profit for the full year is expected to be at a similar level to that achieved during the first half.

    Building safety work remains a priority

    Building safety rectification continues to form part of the group’s operational programme, with four projects currently on site.

    Watkin Jones expects work on two buildings to be completed during FY26.

    The company said its provisions will continue to be reviewed as investigations progress and discussions with building owners and supply-chain partners continue.

    Year-end net cash expected above £61 million

    Watkin Jones expects to finish FY26 with net cash above the £61 million position reported at the half-year, despite the delay to certain transactions.

    The group continues to develop its business model with the aim of diversifying revenue across its activities.

    Management said it believes the company’s balance sheet leaves it positioned to respond to opportunities in its target rental housing markets as conditions develop, while citing the long-term fundamentals of those sectors.

    Watkin Jones focuses on residential rental developments

    Watkin Jones plc is a UK-based developer and manager of residential properties, with activities including large-scale build-to-rent schemes in urban locations.

    The group is seeking to diversify its sources of revenue across development and management activities while maintaining a focus on cash and cost management.

    Its operations also include building safety remediation work associated with residential properties in the UK.

  • Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin reports £77.5 million trading profit and begins sale process for mechanical engineering businesses

    Goodwin PLC (LSE:GDWN) reported trading profit of £77.5 million for the year ended 30 April 2026, an increase of 118% from the previous year, on revenue of £280 million.

    The engineering and manufacturing group also proposed an 18% increase in its ordinary dividend.

    The company attributed the annual performance to demand across its mechanical engineering and refractory operations, higher margins and previous investment in specialist engineering markets.

    Goodwin starts sale process for mechanical engineering businesses

    Goodwin’s board has initiated a sale process covering a substantial part of its Mechanical Engineering division and has appointed Rothschild & Co to manage the process.

    The businesses included in the proposed transaction are Steel Castings, International, Noreva, Easat Group and Pumps.

    The board said a substantial proportion of any proceeds generated from a transaction is expected to be returned to shareholders.

    Goodwin said the businesses will continue operating during the sale process. The company has also revised its reporting structure to include a new Technological division as the board reviews capital allocation and its dividend policy.

    Defence and LNG activity contributes to mechanical engineering performance

    Goodwin reported activity from UK and U.S. naval ship and submarine programmes within its mechanical engineering operations during the year.

    The division also benefited from improved performance at Easat Radar Systems, LNG-related demand at Noreva and developments within the group’s pump operations in South Africa and India.

    Goodwin’s mechanical engineering activities include the production of precision-machined castings and valves for applications including defence, nuclear and LNG markets.

    Refractory trading profit rises 15%

    Trading profit within Goodwin’s refractory division increased 15% during the year.

    The company said the division faced pressure from elevated gold and silver prices but benefited from increased demand for high-volume, lower-cost jewellery products and brass casting applications.

    Goodwin plans to open a fourth investment powder manufacturing plant in China.

    The company also reported early signs of a recovery in precious-metal jewellery usage as prices declined, although any resulting impact on future profit remains dependent on market conditions.

    Goodwin reports adoption of X-SIL product in U.S.

    Goodwin said internally developed technology has reduced the cost of producing certain investment casting powders, providing the company with flexibility over pricing and margins.

    The group also reported commercial adoption of its patented X-SIL silica-hazard-free investment casting powder by the largest jewellery caster in the U.S.

    Goodwin has developed X-SIL as an alternative investment casting powder for jewellery manufacturing and is seeking to expand its use within the U.S. market.

    Goodwin operates engineering and refractory businesses

    Goodwin PLC is an engineering and manufacturing group with operations spanning mechanical engineering, refractory products and related technologies.

    Its mechanical engineering activities supply castings, valves and other engineered products for sectors including defence, nuclear and LNG, while its refractory operations manufacture products including investment casting powders, injection waxes and moulding rubbers.

    The group operates internationally through businesses and brands including Easat Radar Systems, Noreva and GRS.

  • Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal begins drilling at Tati Gold Project under Tuscan option agreement

    Power Metal Resources (LSE:POW) has started on-site operations at its wholly owned Tati Gold Project in Botswana following receipt of environmental approval and completion of land access agreements.

    The project, located within the Tati Greenstone Belt near Francistown, is being advanced under a share option agreement with Tuscan Holding.

    Under the arrangement, Tuscan is responsible for funding and managing exploration, evaluation and feasibility activities relating to licence PL049/2022.

    Initial drilling targets mineralisation below oxidised zone

    The initial programme will use rotary air blast drilling to test mineralisation beneath the oxidised zone and collect representative geological data.

    Subsequent drilling is planned down dip and along strike to assess the geometry and lateral extent of the mineralised body.

    Data generated from the programme is intended to contribute to a desktop feasibility study assessing the potential for small-scale mining at the Cherished Hope target.

    Drone-based environmental and terrain surveys are also planned to provide information for preliminary mine design work.

    Tuscan can earn 75% interest in licence

    Under the option agreement, Tuscan will fully fund and manage the exploration, evaluation and feasibility work associated with PL049/2022.

    Tuscan may earn a 75% interest in the licence if it funds construction of the processing plant and associated mine infrastructure.

    If those conditions are met, Power Metal would retain a 25% carried interest through to production.

    The arrangement limits Power Metal’s direct funding requirements for the work programme covered by the agreement.

    Power Metal retains other Tati licences

    Power Metal continues to hold 100% ownership of the remaining licences within its Tati portfolio that are not covered by the Tuscan arrangement.

    The company would retain exposure to potential future cash flows and dividends from any production arising from its carried interest in PL049/2022, subject to the project reaching production and the terms of the agreement being fulfilled.

    The current programme is intended to provide information for evaluating whether the Cherished Hope target could support a small-scale mining operation.

    Power Metal operates project incubation model

    Power Metal Resources PLC is a London-listed metals exploration company with projects covering precious, base and strategic metals.

    Its portfolio includes projects in North America, Africa, Saudi Arabia, Oman and Australia.

    The company’s project model includes internally funded exploration and strategic joint ventures, with assets potentially advanced towards disposal, separate listings or production-related interests.

  • Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent increases Peak Hill ownership to 99% and starts Phase 2 drilling programme

    Forgent plc (LSE:FORG) has increased its ownership of the Peak Hill Gold-Copper Project in Australia to 99% from 51% and announced the start of a Phase 2 drilling programme at the property.

    The increased interest gives Forgent a larger ownership position in Peak Hill as it continues exploration for gold and copper mineralisation at the project.

    The transaction is being funded in part through a £0.8 million equity placing, with proceeds also allocated to the next phase of exploration and working capital.

    Phase 2 programme targets around 8,700 metres of drilling

    Forgent’s Phase 2 exploration programme is expected to comprise approximately 8,700 metres of shallow drilling across around 130 holes.

    The campaign is scheduled to take place over approximately 60 days and will include further work at the Curley’s prospect following gold and copper results from the Phase 1 programme.

    The new campaign will also provide the first systematic drilling test of the Cathedral corridor, which has not previously been drilled.

    Forgent intends to use the results to refine its geological model and identify targets for potential subsequent drilling programmes.

    £0.8 million placing supports Peak Hill programme

    Forgent is raising £0.8 million through an equity placing conducted at a discount to the prevailing market price and accompanied by warrants.

    The proceeds are intended to fund the cash consideration associated with the Peak Hill option, the Phase 2 drilling campaign and several months of working capital.

    The company also plans to issue consideration, fee and creditor shares in connection with the transactions.

    New shares expected to begin AIM trading in September

    Admission of the placing shares and the associated consideration, fee and creditor shares to trading on AIM is expected in early September.

    The issuance will increase Forgent’s total number of shares in issue, resulting in dilution for existing shareholders.

    The financing provides capital for the company’s increased interest in Peak Hill and its planned exploration activities.

    Forgent focuses on Australian gold and copper exploration

    Forgent plc is an AIM-listed exploration company focused on critical and precious minerals in Australia, including gold and copper.

    Its exploration strategy uses drilling, geophysical surveys and geochemical analysis to assess mineralisation and develop geological models that can inform subsequent exploration and development decisions.

    Peak Hill is a principal focus of the company’s current exploration programme following the increase in Forgent’s ownership to 99%.