Category: Market News

Anglesey Mining (LSE:AYM) has appointed experienced mining engineer Andrew Fulton as chief executive as the company looks to accelerate a turnaround and growth strategy centred on its flagship Parys Mountain copper project.

Management said Fulton will focus on strengthening the company’s operational team while aligning technical and commercial expertise to support the next stage of development at the North Wales asset. Anglesey has also engaged a specialist financial and media relations adviser as part of efforts to improve communication with investors and local stakeholders.

Exploration programmes target expansion potential at Parys Mountain

The company has launched a series of lower-cost exploration initiatives aimed at identifying additional volcanogenic massive sulphide (VMS) mineralisation surrounding the Parys Mountain project.

This work includes an initial geo-spatial analysis conducted alongside Satellite Applications Catapult as well as the completion of the first phase of drone-based aero-magnetic surveying. According to the company, early aero-geophysical findings have identified anomalies comparable to known mineralised zones, providing encouraging signs for future exploration potential.

Results from the aerial surveys are expected to be integrated with the satellite analysis programme to help refine targets for subsequent ground-based exploration work.

Debt burden sharply reduced following restructuring

Since December 2025, Anglesey Mining has carried out a substantial financial and corporate restructuring programme that has removed around £4 million of debt through the sale of non-core assets and fresh equity funding from both its largest shareholder and the wider market.

The company now has approximately £100,000 of remaining debt, leaving it effectively debt-light and able to focus resources on expanding the Parys Mountain resource base. Management believes the project is well positioned to benefit from anticipated long-term growth in copper demand.

Weak financial profile continues to weigh on outlook

Anglesey Mining’s outlook remains primarily constrained by weak financial fundamentals, including the absence of revenue generation, continued losses and negative operating and free cash flow, although some recent improvement has been noted. Leverage is now more moderate following the restructuring process.

Technical indicators remain mixed, with the shares trading below major moving averages while momentum signals remain neutral. Valuation support is also limited given the company’s negative earnings profile and lack of dividend yield data.

More about Anglesey Mining

Anglesey Mining is a UK-based mining exploration and development business focused on the 100%-owned Parys Mountain volcanogenic massive sulphide deposit in North Wales. The project is regarded as the UK’s largest copper development and also contains zinc, lead, silver and gold resources, positioning the company as a potential domestic supplier of both critical industrial and precious metals.

Velocity Composites plc (LSE:VEL) said first-half 2026 revenue is expected to decline to £8.4 million from £10.4 million in the prior year period, reflecting shipment timing issues and short-term material supply disruptions. Despite the lower revenue performance, the company reported stable gross margins and achieved a third consecutive half of positive adjusted EBITDA.

The aerospace composites specialist has also strengthened its financial position, moving into net cash during the period. As part of ongoing efficiency measures, the company closed its satellite facility in Fareham and consolidated operations at its Burnley production site, resulting in lower overhead costs.

Second-half recovery expected from US and UK demand

Velocity Composites said full-year market expectations remain unchanged, with second-half trading anticipated to improve due to stronger-than-forecast demand from long-standing UK customers and the delayed transition of a major US aerospace programme.

Management also highlighted a growing order pipeline across both civil aviation and defence aerospace markets, supporting confidence in future growth despite the slower first-half performance.

Weak technical indicators continue to weigh on outlook

The company’s outlook remains constrained by weak financial quality metrics, as it continues to operate at a loss despite improving margins and stronger cash flow generation. Technical indicators also remain notably bearish, with the shares trading below all major moving averages alongside a negative MACD reading and a deeply oversold RSI position.

Valuation measures provide limited support given the company’s negative earnings profile and the absence of a dividend yield.

More about Velocity Composites Plc

Velocity Composites plc is a Burnley-based manufacturer and supplier of advanced composite material kits used in the aerospace industry. Its proprietary technology is designed to help customers reduce waste, lower production costs and improve sustainability across manufacturing processes. The company works with major aerospace groups including Airbus, Boeing and GKN Aerospace, while also targeting expansion opportunities in sectors such as wind energy, urban air mobility and electric vehicles as demand for lightweight composite materials increases.

Sound Energy PLC (LSE:SOU) has agreed to dispose of its remaining 20% stake in the Tendrara Exploitation Concession in onshore Morocco through the sale of Sound Energy Meridja Limited to Managem SA for total proceeds of approximately $57 million.

As part of the agreement, the company will also relinquish its 27.5% interest in the Anoual Exploration Permit and waive its rights relating to the Grand Tendrara permit. The decision follows delays to the project, rising development costs and continued uncertainty surrounding a proposed second development phase. Sound Energy said the transaction is designed to unlock value from its Moroccan assets, reduce future capital commitments and conclude its involvement in the Tendrara gas project.

Sale proceeds to eliminate debt and reshape strategy

The company intends to use the proceeds from the disposal to redeem its €28.8 million senior secured notes before their scheduled 2027 maturity date. Following completion, Sound Energy expects to hold around $11 million in cash and operate as a debt-free AIM Rule 15 cash shell.

Under AIM regulations, the company will then be required to complete a qualifying acquisition within six months of the transaction closing. The disposal remains subject to regulatory approvals in Morocco, approval from Managem’s board and shareholder approval under AIM Rule 15.

Management indicated that the deal could significantly alter the company’s strategic direction and overall risk profile, shifting its focus away from Moroccan gas development towards future acquisitions in the energy transition and upstream hydrocarbon sectors.

Financial weakness continues despite supportive technical signals

Sound Energy’s outlook remains constrained by weak financial performance, including substantial recent losses, increasing leverage and ongoing negative cash flow. However, technical indicators remain moderately positive, with the shares trading above key moving averages and supported by a positive MACD signal.

Guidance from recent earnings updates suggests potential upside from near-term production activity and contracted sales, although debt levels and project execution delays continue to represent material risks. Valuation metrics also remain under pressure due to negative earnings and the absence of dividend support.

More about Sound Energy

Sound Energy PLC is an AIM-quoted transition energy business previously focused on developing onshore gas assets in Morocco, including the Tendrara Exploitation Concession and surrounding exploration permits. Following the planned disposal, the company intends to reposition itself as a debt-free investment platform targeting cash-generative renewable energy and upstream hydrocarbon opportunities outside Morocco, with the aim of improving access to both equity and debt capital markets.

Panther Metals Plc (LSE:PALM) has commenced a diamond drilling campaign targeting the Awkward conduit prospect within its Obonga Project in Ontario. The programme is focused on evaluating a chonolith-style magma conduit model believed to have the potential to host significant nickel, copper and platinum group metal sulphide mineralisation.

The first drill hole, planned as a near-vertical test extending to roughly 400 metres, is intended to intersect the interpreted base of the conduit structure. Findings from the programme are expected to improve the company’s geological understanding of the target and guide any subsequent exploration activity.

Obonga strategy targets district-scale mineral potential

Panther Metals continues to position the Obonga Project as a developing district-scale exploration opportunity, with several high-priority volcanogenic massive sulphide (VMS) and critical minerals prospects identified across the property. In addition to the Awkward target, the company highlighted areas including Wishbone and Awkward West, supported by recent permitting progress and historically identified mineralisation.

Alongside its flagship Ontario assets, the group is advancing development work at the Winston tailings reprocessing project, where efforts are focused on progressing towards a mineral resource estimate. The company is also expanding exploration activity at Dotted Lake near the Hemlo mining camp, targeting broader polymetallic opportunities.

Management said the combined portfolio reflects a disciplined exploration strategy centred on discovery-driven growth while maintaining exposure to a range of Canadian mineral assets.

Financial pressures offset by stronger technical momentum

Panther Metals’ outlook remains weighed down by weak underlying financial metrics, including its pre-revenue status, recurring losses and continued negative free cash flow. However, these challenges are partly balanced by stronger technical market indicators, with the share price trading above key moving averages and supported by a positive MACD trend signal.

Valuation metrics remain constrained due to negative earnings and the absence of a dividend yield.

More about Panther Metals Plc

Panther Metals Plc is a London-listed exploration company focused on Canadian mining projects, particularly within Ontario’s Obonga Greenstone Belt. Its portfolio is centred on base and critical minerals exploration, including nickel, copper, platinum group metals and graphite, while also pursuing polymetallic prospects near established mining regions and lower-risk tailings reprocessing opportunities.

Calnex Solutions (LSE:CLX) delivered a strong performance in FY26, posting a 19% rise in revenue to £21.9 million while profit before tax surged 73% to £1.2 million. The improvement was supported by healthy gross margins and tight cost management. The group closed the year with £9.3 million in cash, increasing to £11.2 million after the period end, and proposed a total dividend of 0.99p per share, reflecting confidence in the business despite a slight annual reduction in cash reserves.

Diversification efforts expand beyond telecoms

The company continued to broaden its exposure beyond its traditional telecoms markets, with growing contributions from digital infrastructure as well as government and defence sectors. Momentum in these areas included a sizeable repeat order from a hyperscaler customer and expanding opportunities linked to US federal contracts, helping reduce dependence on legacy markets.

Calnex is also continuing to invest in product development, including its SNE emulator, the next generation of its Sentry platform for data centres, and synchronisation technology capable of supporting 1.6Tb/s networks. The business has additionally strengthened its commercial reach through new channel partnerships and senior hires, initiatives designed to support faster growth from FY28 onward and reinforce its position in testing critical network infrastructure.

ESG progress and leadership transition highlighted

The board pointed to continued improvements in ESG reporting, including the company’s first disclosure of Scope 1 and Scope 2 emissions data. It also reiterated confidence in long-term demand for advanced network testing technologies as rapid technological development and geopolitical pressures reshape global infrastructure requirements.

Chair Stephen Davidson marked the company’s 20th anniversary and confirmed that board member Margaret Rice-Jones intends to retire. He added that maintaining a balance between financial discipline and targeted investment should help deliver sustainable returns for shareholders over time.

Outlook remains balanced despite valuation concerns

Calnex Solutions’ outlook combines solid financial resilience and strategic growth opportunities with weaker technical indicators and a comparatively elevated valuation. A strong balance sheet and recent strategic partnerships provide supportive factors, although bearish technical signals and a high price-to-earnings ratio may encourage investor caution.

More about Calnex Solutions

Calnex Solutions is a UK-based supplier of test and measurement technology serving telecommunications, digital infrastructure, and government and defence markets worldwide. Its hardware and software solutions are used to validate critical network technologies across research, deployment and live operational environments. The company’s customer base includes major organisations such as BT Group, China Mobile, Ericsson, Nokia, Intel, NVIDIA and Meta Platforms across 68 countries.

Goldman Sachs reiterated its bullish view on gold, sticking with its forecast for prices to reach $5,400 per troy ounce by year-end as the bank lifted its expectations for central bank demand and projected stronger official-sector buying through 2026.

The Wall Street bank revised its proprietary model tracking central bank gold purchases after determining that it had been consistently undercounting demand since August 2025. Under the updated calculations, its 12-month moving average estimate climbed to 50 tonnes per month in March, up from 29 tonnes previously.

The revised data suggest central banks acquired 66 tonnes of gold in January, compared with an earlier estimate of only 12 tonnes.

Goldman said the change was prompted by a widening disconnect between falling inventories in London vaults and official U.K. trade statistics. Although bullion outflows from London storage facilities continued to rise, British export figures no longer appeared to fully account for those movements, implying that some sovereign transactions were taking place outside recorded trade flows.

“We therefore adjust our nowcast by adding the discrepancy between London vault outflows and UK net exports as unrecorded sovereign gold flows,” Goldman strategists Lina Thomas and Daan Struyven said in a note.

The bank now expects central bank purchases to average 60 tonnes per month throughout 2026, citing survey results that showed “strong underlying interest in gold.” Goldman added that geopolitical developments “are likely to reinforce diversification over time — both for central banks and private investors.”

Still, the strategists cautioned that gold could face short-term pressure during periods of market stress. “Gold’s high liquidity makes it a natural source of cash if private investors face liquidity needs,” they wrote, warning that equity market weakness tied to higher interest rates or slowing growth could trigger temporary selling.

Goldman’s forecasting model relies heavily on U.K. customs data because London’s over-the-counter gold market remains the main hub for sovereign bullion transactions. With minimal domestic production in the U.K., all gold traded there must first be imported before being stored or exported, making trade flows an effective proxy for tracking the final destination of global gold demand.

Evercore ISI analyst Julian Emanuel said his central forecast places the S&P 500 at 7,750 by the end of 2026, while also assigning a 30% likelihood to a more optimistic scenario in which the benchmark index rallies to 9,000 on the back of AI-related momentum in technology, communications and consumer-focused companies.

Writing in a note to clients on Monday, Emanuel argued that investors are navigating an environment shaped by both a structural technology boom and major geopolitical change, creating a wider range of potential outcomes than conventional market models typically capture.

He compared the current backdrop to earlier transformative periods, writing: “The Pandemic changed everything. Warlike stimulus, surging M2, and a productivity shock collide with an ‘AI Revolution’ – reminiscent of the 1920s and 1990s.”

Emanuel believes these forces could ultimately lift productivity growth to 3% by the end of the decade.

Evercore ISI said investors may benefit from long-term call positions tied to what it called the “AI Class of 2026” companies as well as the QQQ ETF, citing the possibility of “seemingly unimaginable” upside potential.

At the same time, the firm recommended a collar strategy using the SPY ETF to help manage shorter-term risks related to rising oil prices and interest rate fluctuations.

Despite the bullish longer-term outlook, Emanuel stressed that artificial intelligence remains constrained and probabilistic in nature. According to Evercore ISI, large language models often demonstrate a “Narrow Consensus” bias by clustering around mainstream expectations and failing to adequately capture tail-risk scenarios.

Emanuel added that durable competitive advantages are more likely to come from specialized domain expertise and ownership of integrated workflows than from AI technology by itself.

He also warned that prediction markets tend to mirror prevailing investor sentiment rather than reliably forecasting future outcomes, limiting their usefulness for evaluating long-duration or highly skewed scenarios.

Firm Pushes Fed Rate Cut Expectations Into 2027

Wolfe Research strategist Stephanie Roth has become more cautious on risk assets, saying the current divergence between rising bond yields and relatively stable equity markets may not be sustainable for much longer.

In a weekend research note, Roth said the firm has revised its Federal Reserve outlook and now expects any potential rate cuts to be delayed until the second half of 2027.

She argued that markets are increasingly sending conflicting signals, with bond investors pricing in a prolonged period of elevated inflation while equities continue to reflect optimism about the economic outlook.

According to Roth, “something eventually has to give.”

Three Scenarios Could Bring Yields Lower

Wolfe outlined three possible developments that could ease upward pressure on yields: slowing economic growth, a meaningful decline in equities that sparks broader risk aversion, or President Donald Trump ultimately deciding to scale back tensions with Iran.

Still, the firm warned that none of those outcomes would likely provide a favorable backdrop for markets.

Wolfe believes the third scenario has probably not yet occurred, while the first two would likely damage investor sentiment toward risk assets.

“Our bias is that rates likely continue repricing higher until either growth weakens, equities begin to crack more materially, or Trump reaches his pain threshold and takes a deal with Iran,” Roth commented.

Inflation Concerns Continue to Intensify

Roth said inflation expectations continue to move higher as markets respond to the Iran conflict, ongoing artificial intelligence investment and stronger demand tied to memory-related technology spending.

In Wolfe’s view, the Federal Reserve remains “a long way from being able to calm markets.”

Bond Market Weakness Spreads Globally

The latest selloff in global bonds accelerated on Friday after stronger-than-expected Japanese producer price data renewed concerns over persistent inflation pressures.

The move later spread to the U.K., where political uncertainty also weighed on sentiment, before extending into broader fixed-income markets worldwide.

Treasury yields rose by as much as 12 basis points, with some maturities reaching recent highs.

Fed Officials Strike More Hawkish Tone

Roth said Federal Reserve policymakers are becoming increasingly focused on inflation risks.

“Fed officials appeared increasingly concerned about the outlook. Among voting members, the mix skews slightly dovish, but even then the messaging has converged to inflation upside risks,” stated Roth. “Regional presidents have led the way in voicing their inflation worries, but a few governors, including Michael Barr and Chris Waller, have begun striking a similar tone.”

Corporate earnings continue driving equity markets higher

Global stock markets are holding near record levels despite the continued closure of the Strait of Hormuz and mounting concerns over slowing growth and persistent inflation, according to Goldman Sachs.

In a note led by strategist Peter Oppenheimer, the bank argued that strong corporate earnings remain the primary force supporting equities.

“earnings growth is robust,” Goldman wrote, pointing to projected nominal global GDP growth of 5.9% this year, compared with 4.7% in 2025.

AI spending and energy prices fuel market momentum

Goldman said the rally has been powered mainly by technology and energy stocks.

Analysts’ consensus estimates for S&P 500 earnings per share in 2026 and 2027 have both been revised upward by 8 percentage points so far this year, driven largely by expectations for stronger artificial intelligence investment and elevated oil prices.

The bank noted, however, that the market advance remains unusually concentrated.

The S&P 500 is up about 10% year to date in 2026, with technology, media and telecom stocks responsible for roughly 85% of those gains.

South Korea, which has benefited significantly from the global semiconductor boom, has rallied nearly 80% this year.

Goldman sees signs of excessive market optimism

Despite the ongoing rally, Goldman warned that several warning signals are beginning to emerge.

The bank said its Risk Appetite Indicator moved above 1.1 last week, reaching the 99th percentile of historical readings going back to 1991.

Retail trading activity has also surged, with volumes climbing 28% since mid-April.

Meanwhile, rising bond yields have continued to compress equity risk premia.

Goldman cautioned that “if oil disruptions continue into the second half of this year and inflation expectations rise further, there is a real risk of a speed bump for equity markets.”

Bond market volatility could trigger a correction

The bank also highlighted rising government bond yields as a potential catalyst for a broader pullback in equities.

According to Goldman, increasing government borrowing needs are placing upward pressure on long-term yields globally, creating an additional headwind for stock markets as financial conditions become tighter.