Category: Market News

Fulcrum Metals plc (LSE:FMET) has reported the identification of eight high-confidence uranium target zones at the Fontaine Lake project in northern Saskatchewan, Canada, following an airborne radiometric and magnetic survey conducted by Terra North Resources Corp.

The findings bring the combined number of uranium targets and target zones identified across Fontaine Lake and Charlot-Neely Lake to 18, following the announcement of ten targets at Charlot-Neely on 28 October 2026.

Fulcrum retains financial exposure to both projects through its shareholdings in Terra North and Terra Balcanica Resources Corp., while Terra North is responsible for advancing exploration under an existing option agreement.

Fontaine Lake Survey Identifies Eight Uranium Target Zones

The airborne survey identified eight priority zones at Fontaine Lake, with uranium anomalies concentrated along the Grease River Shear Zone and associated geological structures.

Previous surface sampling in the area returned uranium grades of 1.08% and 1.44% uranium oxide (U₃O₈), while ground radiometric measurements reached up to 53,000 counts per second.

Additional survey targets suggest potential for polymetallic mineralisation, including rare-earth elements.

A previously reported surface sample returned 0.81% U₃O₈ and 4,732 parts per million of total rare-earth elements.

The latest findings provide additional exploration targets, although the airborne anomalies require ground verification before their mineralisation potential can be established.

Combined Uranium Targets Reach 18 Across Two Projects

The Fontaine Lake results follow the identification of ten high-confidence uranium targets at Charlot-Neely Lake in late October.

Together, the two projects now contain 18 identified targets and target zones, expanding the areas available for follow-up exploration within Fulcrum’s Saskatchewan uranium portfolio.

Ryan Mee, Chief Executive Officer of Fulcrum Metals, welcomed the findings.

“These are excellent results, bringing the combined total of high-confidence uranium targets and target zones at Fontaine Lake and Charlot-Neely to 18,” Mee said.

He added that the survey highlighted exploration opportunities along the Grease River Shear Zone, alongside potential uranium and rare-earth mineralisation.

Terra North intends to conduct ground verification work to assess the identified anomalies and prioritise locations for further exploration.

Fulcrum Retains Equity Interests in Terra North and Terra Balcanica

Fulcrum’s Saskatchewan uranium portfolio comprises the Charlot-Neely, Fontaine Lake, Snowbird and South Pendleton properties.

Terra North holds an option to acquire a 100% interest in the portfolio, subject to fulfilling outstanding financial and exploration commitments.

Under the agreement, the remaining consideration includes C$225,000 in cash and C$1.9 million in Terra North shares, together with minimum cumulative exploration expenditure of C$3.25 million.

Fulcrum currently holds 5,600,000 shares in Terra North, representing approximately 13% of its issued share capital.

The shares were issued under the amended option agreement at a deemed value of C$560,000, with further shares potentially receivable as the remaining commitments are fulfilled.

Fulcrum also owns 5,801,498 shares in Terra Balcanica, equivalent to approximately 6.9% of its issued share capital.

Terra Balcanica holds a 34.7% equity interest in Terra North, providing Fulcrum with additional indirect exposure to the Saskatchewan projects.

Its Terra Balcanica investment also provides exposure to the Viogor polymetallic exploration project in Bosnia and Herzegovina, which targets silver, zinc, lead, gold, copper and antimony.

Royalty Agreement Provides Additional Potential Returns

If Terra North exercises its option and completes the acquisition of the Saskatchewan portfolio, Fulcrum will retain a 1% net smelter return royalty over the properties.

The agreement allows Terra North to purchase half of that royalty, equivalent to 0.5%, for C$1 million.

The structure enables Fulcrum to maintain an economic interest in potential future production while transferring responsibility for exploration expenditure to Terra North.

The option remains conditional on Terra North satisfying its outstanding payment, share issuance and exploration obligations.

Exploration Progress Supports Fulcrum’s Broader Strategy

Fulcrum is developing a platform for recovering precious and critical metals from mine waste using Extrakt Process Solutions’ cyanide-free processing technology.

The company is focusing resources on advancing this technology in Ontario while retaining exposure to its Saskatchewan uranium portfolio through equity interests and the potential royalty arrangement.

Terra North will fund the next stages of uranium exploration, including ground verification of the recently identified airborne anomalies.

This arrangement allows Fulcrum to participate in potential exploration developments without directly funding the associated fieldwork.

Outlook

The identification of eight uranium target zones at Fontaine Lake increases the combined number of targets and target zones across Fontaine Lake and Charlot-Neely to 18.

The next stage will involve ground verification to assess the anomalies and determine priorities for further exploration.

Although historical surface sampling has identified uranium and rare-earth mineralisation, the latest airborne targets have not yet been confirmed through follow-up ground investigations.

Fulcrum will continue to monitor progress at the Saskatchewan properties through its investments in Terra North and Terra Balcanica while concentrating its operational resources on developing its mine-waste recovery technology.

International Biotechnology Trust plc (LSE:IBT) reported a share price total return of 73.6% for the year ended 31 August 2026, outperforming the NASDAQ Biotechnology Index, which returned 52.3% over the same period.

The biotechnology-focused investment trust achieved a net asset value (NAV) total return of 64.7%, marking its fifth consecutive year of outperformance against the reference index.

Net assets increased to £374.6 million from £249.4 million, while NAV per share rose to 1,183.33p from 739.48p.

Takeover Activity Drives Portfolio Performance

Mergers and acquisitions were a major contributor to the trust’s performance during the financial year, with 13 portfolio companies acquired, compared with five in the previous year.

The acquired companies represented approximately 27% of the trust’s NAV, reflecting substantial corporate activity across its biotechnology investments.

Notable transactions included Vertex Pharmaceuticals’ $10 billion acquisition of Crinetics Pharmaceuticals, Biogen’s $5.6 billion purchase of Apellis Pharmaceuticals and Merck & Co’s $6.7 billion acquisition of Terns Pharmaceuticals.

More than 40 companies held within the trust’s portfolio have been acquired since 2020.

Discount to NAV Narrows to 4.1%

International Biotechnology Trust’s discount to NAV narrowed from 8.9% to 4.1% during the year, contributing to the stronger performance of its share price relative to the underlying portfolio.

The company repurchased 2,074,657 shares into treasury during the reporting period.

The trust also reported lower operating costs, with ongoing charges declining to 1.0% from 1.3%.

The management fee on its quoted investment portfolio was reduced to 0.65% from 0.70%, effective from 1 September 2025.

Annual Dividends Reach 31.31p Per Share

The trust paid total dividends of 31.31p per share for the financial year, representing a yield of 2.8% at 31 August 2026.

Its dividend policy provides for annual distributions equivalent to 4% of NAV, paid in two semi-annual instalments.

Shareholders will be asked to approve the continuation of this policy at the annual general meeting in December 2026.

Following the 50.2% increase in the company’s NAV during the year, International Biotechnology Trust expects total dividends payable for the financial year ending 31 August 2027 to increase by the same percentage, in accordance with its distribution policy.

Outlook

International Biotechnology Trust’s annual results reflect strong investment performance, increased biotechnology takeover activity and a reduction in its share price discount to NAV.

The trust also enters the new financial year with lower ongoing charges and expectations of higher dividend distributions, subject to the continuation of its existing policy.

Future performance will remain dependent on developments across the biotechnology sector, portfolio valuations and further corporate acquisition activity.

Arkadian Strategic Metals Plc (LSE:AKN) has reported initial metallurgical results from its Motzfeldt Critical Metals Project in Greenland, where testing successfully produced rare earth concentrates using established mineral processing techniques.

The company also confirmed the completion of underground sampling at its wholly owned Clogau-St David’s Gold Mine in north Wales, including the collection of 29 vein samples and approximately 1.5 tonnes of historic mine floor material.

The developments advance exploration and processing studies across both projects, with further metallurgical testing planned at Motzfeldt and laboratory analysis underway for the Clogau samples.

Motzfeldt Tests Produce Rare Earth Concentrate Grading 13.37%

The first phase of metallurgical testing at the majority-owned Motzfeldt project focused on the Aries deposit, which contains a JORC-compliant Inferred Mineral Resource of 340 million tonnes.

Tests conducted by specialist metallurgical contractors in South Africa demonstrated that rare earth and zirconium-bearing minerals could be separated from the surrounding rock using conventional processing methods.

The strongest preliminary flotation result increased the total rare earth oxide (TREO) grade from approximately 0.65% in the original material to 13.37% in the resulting concentrate.

This represented an enrichment of approximately 20 times the original grade, with TREO recovery of 20.3% from a single, unoptimised flotation stage.

Other flotation tests achieved higher recovery rates but produced lower-grade concentrates, indicating that processing conditions influence the balance between concentrate quality and mineral recovery.

The company conducted eight preliminary flotation tests using four different reagent chemistries.

Gravity Separation Recovers Rare Earths and Zirconium

Gravity separation testing also produced concentrates containing rare earths and zirconium.

Within the finer particle fraction, measuring between 45 and 150 micrometres, the process generated a concentrate grading 2.24% TREO and 12.2% zirconium oxide.

Recovery rates within this fraction reached 39.9% for TREO and 59.1% for zirconium oxide.

Mineralogical analysis indicated that finer grinding improved the separation of target minerals from the host rock, identifying particle size reduction as a priority for subsequent testing.

Magnetic separation contributed relatively little to mineral recovery under the conditions examined.

Arkadian emphasised that the Phase 1 results relate to a single selected bulk sample and do not yet establish recoveries across the wider Aries deposit.

Phase 2 to Target Higher Recoveries and Additional Metals

Following the initial results, Arkadian’s technical advisers have designed a second phase of metallurgical testing focused on improving mineral recovery and concentrate grades.

The programme will investigate finer grinding, enhanced gravity separation and refined flotation conditions, including additional recovery and concentrate-cleaning stages.

It will also examine the integration of gravity separation and flotation into a combined processing route.

Further work will track target minerals through individual processing stages to identify opportunities to reduce losses and improve efficiency.

Alongside rare earths and zirconium, Phase 2 will assess the potential recovery of niobium and tantalum.

George Frangeskides, Executive Chairman of Arkadian Strategic Metals, said the initial findings provided a starting point for developing a processing route.

“These first phase metallurgical test work results from the Aries deposit at Motzfeldt show that the rare earth minerals in the tested sample can be separated from the host rock and concentrated using established processing methods,” Frangeskides said.

He added that the next phase would concentrate on finer grinding and combined gravity and flotation processing to improve recovery and concentrate quality.

Clogau Gold Mine Completes 29-Sample Exploration Programme

At the Clogau-St David’s Gold Mine in north Wales, Arkadian has completed sampling of the exposed Jack Williams vein at the western end of the historically worked Main Lode.

The programme collected 29 samples from the Upper Tyn y Cornel level for laboratory gold assays and thin-section mineralogical analysis.

The results will be used to assess gold content, mineral composition and geological characteristics within this section of the Main Lode.

The findings are expected to inform the selection of additional underground exploration targets along the mineralised structure.

The Main Lode was historically responsible for most of the gold produced at Clogau.

Approximately 1.5 Tonnes of Historic Mine Material Collected

Arkadian has also completed systematic excavation of floor material surrounding Shaft 2 on the Tyn y Cornel adit level.

The work followed earlier sampling and hand-panning that identified particles believed to be visible gold in material left behind during historic mining activities.

Excavation was carried out in one-square-metre sections down to bedrock, resulting in the collection of approximately 1.5 tonnes of material.

The material is scheduled for processing through the company’s pilot plant to assess the potential recovery of gold from historic mine deposits.

Additional floor material and hard rock samples have been collected from the eastern and western sections of Upper Tyn y Cornel.

These samples are also scheduled for processing, with results intended to guide decisions on the treatment of further material from the mine.

Outlook

Arkadian Strategic Metals is progressing parallel programmes at its Greenland critical metals project and Welsh gold operation.

At Motzfeldt, the next stage will focus on improving rare earth and zirconium recovery while evaluating niobium and tantalum through an integrated processing approach.

The initial results demonstrate that concentrates can be produced from the tested Aries material, although further work is required to establish overall processing recoveries and concentrate specifications suitable for downstream refining.

At Clogau, the company is awaiting laboratory results from the Jack Williams vein samples and preparing to process historic floor material through its pilot plant.

Arkadian expects to provide further updates as results become available from both projects.

Tomorrow, November 3rd, is the main day of the US midterm elections, and early voting data suggest Republicans could lose dozens of seats in the House of Representatives. The Senate is also at risk, though Republicans have a better shot at keeping their narrow majority, with around a 25% chance. 

What if Democrats take control of both chambers?

Trump’s legislative agenda would effectively grind to a halt, while he would have to spend much of his time dealing with Democratic investigations and impeachment threats. Without the Senate, he would also struggle to get his preferred cabinet members and judges confirmed.

As for foreign policy, a victory for the “Donkeys” could increase pressure on the White House to end the war with Iran, for example, by cutting funding for the military operation. Aid to Ukraine, in turn, could resume, while sanctions on Russia could tighten, with Democrats likely to oppose any easing of restrictions on Russian energy exports and diesel fuel. 

A divided Congress could also make it harder to pass new laws and shape foreign policy, adding to market uncertainty. The dollar index could also come under pressure if investors interpret a Democratic victory as a sign of weaker political support for Trump’s economic agenda or increased uncertainty over the administration’s ability to implement its policies.

It’s worth noting, though, that the new Congress won’t take office until January 2027, giving Republicans time to push through key measures and limit the Democrats’ ability to reverse policies that matter to them. 

Overall, how much changes will depend on the level of support Democrats receive and whether they can reach deals with Republicans to override Trump’s vetoes. Otherwise, Trump will retain considerable control over US foreign policy, including negotiations and sanctions.

As for why oil prices opened lower on Monday, it had less to do with hopes that Democrats could help bring the war in Iran to an end and more to do with Trump leaving the door open to diplomacy. 

The catch is that Iran still refuses to reopen the Strait of Hormuz unless sanctions are lifted, while the US and Israel reportedly consider striking Mount Pickaxe, where Tehran may have resumed uranium enrichment. 

Oil prices fell sharply on Monday as renewed diplomatic efforts involving Iran and Qatar raised expectations that the conflict between the United States, Israel and Iran could move towards a negotiated settlement, potentially reducing disruptions to Middle Eastern crude supplies.

The decline came after Brent crude finished October at a six-month high, supported by concerns about renewed military action and continued threats to oil shipments through the Strait of Hormuz.

At 09:00 GMT, Brent crude futures declined $4.20, or 3.7%, to $109.23 per barrel. US West Texas Intermediate (WTI) crude fell $3.98, or 3.8%, to $100.14 per barrel.

Although diplomatic developments helped ease immediate concerns, analysts warned that damaged infrastructure, depleted inventories and persistent shipping risks could continue to support elevated oil prices.

Iran and Qatar Continue Discussions on Ending Regional Conflict

The latest decline in crude prices followed negotiations in Doha involving Iranian officials and Qatari mediators, with markets looking for indications that the conflict could move closer to a resolution.

Iranian representatives left the talks on Sunday, but an official familiar with the discussions told Reuters that their departure was unrelated to problems in the negotiations.

Tamas Varga of oil brokerage PVM said, “The start of a new month has renewed expectations that progress could finally be made towards resolving the deadlock involving Iran.”

The comments reflected improving sentiment among some market participants following months of uncertainty surrounding the conflict.

Iranian Foreign Minister Abbas Araqchi said on Sunday that negotiations were continuing and progressing, with further consultations planned through Qatari mediators.

Araqchi also emphasised that Iran remained ready to pursue “both defensive measures and diplomatic negotiations”.

The statements suggested that Tehran was maintaining its willingness to negotiate while remaining prepared for further military developments.

Reduced Military Activity Helps Ease Immediate Oil Market Concerns

Brent crude ended October at its highest level in six months as investors anticipated the possibility of renewed hostilities after Tuesday’s US midterm elections.

However, the absence of a major military escalation over the weekend helped reduce the immediate geopolitical risk premium reflected in oil prices.

Tim Waterer, chief market analyst at KCM Trade, said, “The possibility of diplomatic progress, together with the absence of any major military escalation over the weekend, has temporarily eased some of the upward pressure on crude prices.”

The market response indicated that traders were adjusting their positions as expectations of a diplomatic settlement improved.

Nevertheless, the risk of renewed conflict remains an important consideration for oil prices.

A breakdown in negotiations or further attacks on regional energy infrastructure could quickly reverse the recent decline.

Strait of Hormuz Security Remains a Major Supply Concern

Despite the renewed diplomatic optimism, the security of oil shipments through the Strait of Hormuz continues to present a significant challenge for global energy markets.

Attacks on tankers using the waterway have increased recently, raising concerns about the reliability of crude exports from the Persian Gulf.

The strait remains an essential shipping route for major regional oil producers, meaning further disruptions could have consequences for international supply.

However, recent export figures suggest that some producers have managed to increase shipments despite the security situation.

Saudi Arabia exported more crude oil in October than in September, according to two of three vessel-tracking companies cited in the report.

The increase occurred despite attacks by Yemen’s Iran-aligned Houthi movement on Saudi energy facilities.

The figures indicate that some regional exporters have maintained their ability to move crude despite continuing threats to infrastructure and maritime transport.

Nearly One Billion Barrels Drawn From Global Oil Inventories

The conflict that began at the end of February has contributed to a substantial reduction in global oil inventories.

According to the chief executive of Abu Dhabi’s state-owned oil company ADNOC, nearly one billion barrels have been withdrawn from worldwide inventories since the war disrupted shipping through the Strait of Hormuz.

The scale of the drawdown illustrates the pressure that supply interruptions have placed on the global oil market.

Lower inventories can reduce the market’s capacity to absorb additional disruptions, particularly if production or exports remain constrained.

Even if negotiations lead to a reduction in hostilities, rebuilding oil stocks could take time.

This could leave prices sensitive to further supply interruptions and changes in demand.

Goldman Sachs Warns Brent Could Reach $140 in 2027

Goldman Sachs raised its oil price forecasts on Sunday, pointing to continued risks surrounding production and exports from the Persian Gulf.

The bank warned that Brent crude could climb to $140 per barrel in 2027 if regional oil output remains 3.5 million barrels per day below its average level in 2025.

Such a scenario would represent a prolonged reduction in supply, potentially keeping global oil markets under pressure.

Goldman Sachs said, “An increase in attacks on shipping, damage to oil production facilities and a prolonged geopolitical risk premium are the principal factors that could drive prices higher.”

The bank’s revised forecasts highlight the possibility that crude prices could resume their upward movement even if diplomatic developments provide short-term relief.

Continued threats to energy infrastructure and maritime transport remain important risks for future supply.

Oil Market Outlook Depends on Diplomatic Progress and Supply Recovery

Monday’s decline reflects growing expectations that talks involving Iran and Qatar could contribute to ending the conflict and improving conditions for regional oil exports.

However, the outlook remains uncertain because of depleted global inventories, continuing security threats in the Strait of Hormuz and the possibility of further military action.

Investors will continue monitoring negotiations in Doha, oil shipments from major Gulf producers and any changes in regional production levels.

A negotiated settlement could help reduce the geopolitical premium in crude prices, while renewed attacks or prolonged supply constraints could lead to further increases.

Gold prices recovered on Monday, rising above $3,900 an ounce as investors returned to the market following the precious metal’s worst monthly performance since 2008. A decline in the US dollar helped support the rebound, although elevated bond yields, geopolitical uncertainty and weakness in technology stocks continued to present risks.

At 04:09 ET (09:09 GMT), spot gold was trading 0.7% higher at $3,902.81 an ounce, while US gold futures advanced 0.3% to $3,911.77.

The recovery followed a 3.7% decline in the previous session, which pushed bullion to a one-year low. Investors appeared to be taking advantage of the lower prices, although analysts remained cautious about the potential for a sustained recovery.

Precious Metals Trade Mixed as Dollar Index Declines

Gold’s advance coincided with a broader recovery in parts of the precious metals market, supported by a weaker US currency.

Silver recorded the strongest gain among the major precious metals, climbing 2.6% to $50.4095 an ounce. Platinum moved in the opposite direction, declining 0.2% to $1,432.19.

Spot palladium increased 0.1% to $981.70 an ounce, while palladium futures dropped 1% to $977.75.

The US Dollar Index fell 0.4% to 101.45, making dollar-priced commodities more affordable for buyers holding other currencies.

The currency movement provided some relief for gold following October’s heavy selling pressure.

Bullion had suffered its steepest monthly decline since 2008, with the previous session’s 3.7% fall taking prices to their lowest level in a year.

Monday’s recovery suggested that some investors viewed the decline as an opportunity to rebuild positions, although uncertainty over interest rates and broader financial markets remained.

Iran Diplomacy and Oil Price Declines Shape Safe-Haven Demand

Developments surrounding the conflict involving the United States and Iran continued to influence commodity markets.

Oil prices declined for a second consecutive session ahead of Tuesday’s US midterm elections, as investors considered the possibility of diplomatic progress.

US Secretary of State Marco Rubio said President Donald Trump favoured a negotiated resolution to the conflict, raising expectations that further military escalation and disruptions to energy supplies might be avoided.

The prospect of reduced tensions contributed to lower crude prices and eased some concerns about energy-driven inflation.

However, the geopolitical situation remained uncertain.

Trump has repeatedly warned that Washington could resume military strikes against Iran following the midterm elections. Tehran has threatened a broader retaliatory response if further attacks take place.

Several Persian Gulf countries have also expressed concern that renewed US military action could trigger a more extensive and destructive regional conflict.

For gold, the possibility of further escalation could support demand for safe-haven assets, while signs of diplomatic progress could reduce some of that demand.

Technology Share Losses Create Additional Pressure on Bullion

Gold’s recent weakness has also been influenced by developments in equity markets, particularly the selloff in technology stocks.

Investors facing losses elsewhere in their portfolios have sold gold holdings to raise liquidity, adding to downward pressure on the precious metal.

This type of selling can occur during periods of market stress, even when geopolitical uncertainty would ordinarily support demand for bullion.

US equities were facing the prospect of further declines on Monday following renewed concerns about the financial implications of large-scale artificial intelligence investment.

The technology-led weakness on Wall Street has raised questions about whether substantial spending on AI infrastructure will generate sufficient returns.

Continued equity-market volatility could therefore remain a source of selling pressure for gold, particularly if investors need to cover losses or reduce exposure across their portfolios.

ANZ Sees High Treasury Yields as a Barrier to Further Gains

Analysts at ANZ cautioned that elevated bond yields could make it difficult for gold to sustain a meaningful recovery.

Because bullion does not provide interest income, higher yields on government bonds can reduce its relative appeal to investors.

ANZ also highlighted the strength of US consumer spending, which was growing at an annualised rate of 3.8%, indicating that economic activity remained resilient.

Continued economic strength could support elevated Treasury yields and reduce expectations of a more accommodative interest-rate environment.

Nevertheless, ANZ noted that demand for gold has remained comparatively strong despite the rise in yields.

Gold-backed exchange-traded funds attracted more than 50 tonnes of inflows during September, even as US Treasury yields exceeded 5%.

According to the bank, these flows suggest that the traditional inverse relationship between gold prices and bond yields has weakened.

The resilience of investment demand could provide support for bullion, although higher yields remain a potential obstacle to further price gains.

Gold Could Consolidate Near $4,000 Before Sustained Recovery

ANZ expects high bond yields and a stronger US dollar to limit gold’s upside over the near term.

The bank sees the possibility of bullion consolidating around $4,000 an ounce, with prices potentially moving below that threshold before a more durable recovery takes hold.

The rebound above $3,900 on Monday indicates that investors have returned following October’s steep decline, but the outlook remains sensitive to several factors.

Movements in the dollar and Treasury yields, developments in the Iran conflict and further volatility in US technology shares could all influence gold prices.

Investment flows into gold-backed funds will also be closely watched for signs that demand remains resilient despite the challenging interest-rate environment.