ADVFN UK Market News

Category: Market News

  • Helium One Reports Progress at Colorado Helium Project as Production Ramp-Up Continues

    Helium One Reports Progress at Colorado Helium Project as Production Ramp-Up Continues

    Helium One Global Ltd (LSE:HE1), the helium exploration and development company with operations in Tanzania and a 50% working interest in the Galactica-Pegasus project in Colorado, has provided an operational update covering helium production, planned drilling and potential carbon dioxide commercialisation in the United States, alongside exploration activities at its Southern Rukwa project in Tanzania.

    The update follows an announcement by joint venture operator Blue Star Helium on 30 October 2026, confirming continued helium deliveries from the Pinon Canyon processing facility and outlining plans to increase production during 2027.

    Colorado Helium Production Continues to Increase

    Blue Star Helium reported that six tube trailers have now completed scheduled helium deliveries from the Galactica-Pegasus project.

    The Pinon Canyon facility remains in its production ramp-up phase, which is expected to continue into 2027 as the joint venture works towards sustained commercial operations.

    The operator reported helium sales cash receipts of A$0.46 million during the quarter on a 100% joint venture basis. Blue Star’s share amounted to approximately A$0.19 million after royalties and before production taxes.

    Helium One’s share of the sales proceeds will be transferred in accordance with the terms of the Joint Operating Agreement.

    The joint venture is assessing opportunities to increase output from existing wells, including potentially deepening producing wells to access additional reservoir intervals and improve gas flow rates.

    Three New Wells Planned for March 2027

    The Galactica-Pegasus joint venture plans to drill three additional production wells for connection to the Pinon Canyon processing facility.

    However, permitting has taken longer than originally anticipated, with regulatory approvals now expected during the December 2026 quarter.

    Blue Star currently anticipates drilling will commence in March 2027, subject to the necessary approvals.

    Successful development of the new wells could increase raw gas throughput and helium production.

    Based on current estimates, the operator does not expect additional helium processing capacity to be required at Pinon Canyon to accommodate production from the planned wells or potential deepening of existing wells.

    Carbon Dioxide Sales Remain Under Discussion

    The joint venture is continuing discussions with several potential commercial partners regarding the sale of carbon dioxide produced from the project.

    The Jackson-27 well, which contains approximately 98.3% carbon dioxide, is expected to be connected to the processing infrastructure when commercial CO2 sales commence.

    Blue Star indicated that CO2 liquefaction and sales remain dependent on finalising commercial arrangements and completing additional modifications to the processing facility.

    If successfully commercialised, CO2 production could provide a supplementary revenue stream alongside helium sales.

    No confirmed commencement date for CO2 sales has been announced.

    Galactica-Pegasus Expansion Targets Additional Drilling Locations

    The joint venture has identified up to 30 potential drilling locations across the wider Galactica-Pegasus project area.

    Production wells drilled to date have targeted the Upper Lyons sandstone formation, while future development plans will also consider opportunities within the Lower Lyons formation.

    The partners intend to assess further drilling programmes and the potential development of additional processing facilities to support production across the broader project area.

    The Galactica-Pegasus development is expected to have a production life exceeding 12 years.

    Blue Star also indicated that development activities at Pegasus could begin from 2027, subject to the joint venture’s agreed work programme and available funding.

    Southern Rukwa Exploration Advances in Tanzania

    Helium One confirmed that the farm-out process for its Southern Rukwa helium project in Tanzania remains ongoing, supported by international advisory firm PVE Consulting Ltd.

    The company is also continuing to evaluate results from the extended electric submersible pump (ESP) testing programme completed earlier in 2026.

    Separately, Helium One has completed three shallow vertical stratigraphic wells near the Itumbula helium discovery within its 480-square-kilometre Mining Licence area.

    Each well was drilled to a depth of less than 100 metres using a local water well drilling contractor.

    The programme was designed to identify shallow basement rock and improve geological and seismic understanding ahead of planning the first cluster of basement development wells.

    These future wells are intended to target helium within the fractured basement formation.

    The three recently completed stratigraphic wells were not designed to test for helium production but have provided additional geological information to support future development planning.

    More About Helium One Global

    Helium One Global Ltd is a helium exploration and development company with projects in Tanzania and the United States.

    The company holds a 50% working interest in the Galactica-Pegasus helium development project in Colorado, where production is being ramped up through the Pinon Canyon processing facility.

    In Tanzania, Helium One is advancing its Southern Rukwa project, including further evaluation of the Itumbula discovery and planning for potential basement helium development.

  • AdvancedAdvT Reports 13% Revenue Growth and 17% Rise in Adjusted EBITDA in First Half

    AdvancedAdvT Reports 13% Revenue Growth and 17% Rise in Adjusted EBITDA in First Half

    AdvancedAdvT Limited (LSE:ADVT), the international software solutions provider focused on business solutions and compliance, reported a 13% increase in revenue to £28.8 million for the six months ended 31 August 2026, supported by growth in recurring revenue and improved operating profitability.

    Adjusted EBITDA from operations increased by 17% to £8.4 million, exceeding management expectations, while reported operating profit rose to £8.2 million from £2.9 million in the corresponding period last year.

    The company also reported a strong cash position of £95.2 million and confirmed the completion of its initial £10 million share buyback programme, followed by the launch of a further £10 million repurchase programme.

    Recurring Revenue Reaches 83% of Group Sales

    AdvancedAdvT generated revenue of £28.8 million during the first half, compared with £25.4 million a year earlier.

    Recurring revenue increased to £23.8 million from £20.6 million, representing 83% of total revenue, compared with 81% in the previous year.

    Adjusted EBITDA from operations rose to £8.4 million from £7.2 million, an increase of 17%, with the half-year performance ahead of management’s expectations.

    The adjusted EBITDA margin improved to approximately 29.2%, compared with 28.3% in the prior-year period.

    Reported operating profit increased to £8.2 million from £2.9 million. The company’s reported operating profit measure includes fair value gains or losses on financial assets measured at fair value through profit or loss.

    Basic earnings per share increased to 5.99p from 2.17p, while basic earnings per share based on adjusted operating profit rose to 6.16p from 5.24p.

    Cash Position Remains Strong at £95.2 Million

    AdvancedAdvT reported cash balances of £95.2 million at 31 August 2026, compared with £96.2 million at the end of February 2026.

    Cash conversion of adjusted EBITDA reached 134% during the period, reflecting cash generation relative to the company’s adjusted earnings measure.

    The company continues to maintain substantial cash resources while investing in its software operations and evaluating potential acquisitions.

    Management indicated that its financial position provides flexibility to pursue opportunities that complement its existing business and support longer-term growth.

    Second £10 Million Share Buyback Programme Launched

    AdvancedAdvT completed its £10 million share buyback programme in September 2026, following its launch in March.

    At 31 August 2026, the company had completed £9.3 million of the programme, with the full repurchase programme subsequently completed at an average price of £1.63 per share.

    Following completion, the Board approved and launched a further £10 million share buyback programme in September 2026.

    The additional programme continues the company’s approach to returning capital to shareholders alongside investment in its operations and potential acquisition opportunities.

    AI Investment and Business Integration Progress

    AdvancedAdvT reported further progress in incorporating artificial intelligence and automation into its software products and internal operations.

    The company said AI-related investment is producing customer-facing functionality, with capabilities already operating in live customer environments and additional features undergoing pilot testing.

    The group also simplified its corporate structure during the period by integrating inSTREAM into its Integra business line.

    Management said the changes are intended to support operational efficiency and further development of the group’s software platforms.

    Management Highlights Growth and Acquisition Opportunities

    AdvancedAdvT’s Executive Chairperson commented:

    “We are pleased with the Group’s double-digit revenue and EBITDA growth in the first half, with the performance reflecting the mission-critical nature of our solutions and the progress we are making across the Group.

    “We continue to invest in our products and platforms. AI and automation are now embedded in how the Group operates, with capabilities live in customer environments and further features being piloted.

    “We have a strong financial position and remain focused on disciplined execution, while continuing to identify acquisition opportunities that complement the Group and enhance long-term growth.”

    The company continues to focus on developing its software capabilities, maintaining recurring revenue growth and identifying acquisitions that could strengthen its position in the business solutions and compliance markets.

    More About AdvancedAdvT Limited

    AdvancedAdvT Limited is an international software solutions provider operating in the business solutions and compliance sectors.

    The group develops and supplies software products and services, with a significant proportion of revenue generated from recurring customer relationships.

    Its strategy combines investment in existing software platforms, including AI and automation capabilities, with the evaluation of complementary acquisition opportunities.

  • CAP-XX Reports 11% Revenue Growth and 33% Reduction in EBITDA Losses for FY2026

    CAP-XX Reports 11% Revenue Growth and 33% Reduction in EBITDA Losses for FY2026

    CAP-XX Limited (LSE:CPX), the supercapacitor and energy management systems manufacturer, reported an 11% increase in annual revenue to A$5.21 million for the year ended 30 June 2026, alongside a 33% reduction in EBITDA losses as the company continued to reduce operating costs and expand its commercial activities.

    The company’s EBITDA loss narrowed to A$2.03 million from A$3.04 million in FY2025, while its after-tax loss decreased by approximately 28% to A$2.82 million. New orders increased by 35% to A$6.71 million, supporting growth in the company’s order backlog.

    CAP-XX also reported stronger trading during the first quarter of FY2027, with revenue increasing by approximately 25% and new orders rising by 66% compared with the corresponding period a year earlier.

    Revenue Growth and Cost Reductions Narrow Annual Losses

    CAP-XX generated revenue of A$5.21 million in FY2026, compared with A$4.70 million in the previous financial year.

    The company reduced its EBITDA loss by approximately A$1.01 million to A$2.03 million, while the loss after tax narrowed to A$2.82 million from A$3.93 million.

    Order intake increased by 35% to A$6.71 million, while the total order backlog rose by 26% to A$3.42 million at the financial year-end.

    Revenue from Europe, the Middle East and Africa (EMEA) increased by 51% to A$3.05 million, reflecting stronger commercial activity across the region.

    The company attributed its improved financial position to revenue growth and a reduction in its operating cost base, although it remained loss-making during the period.

    Distribution Partnerships Support Commercial Expansion

    During FY2026, CAP-XX expanded its global distribution network through arrangements involving RS Group plc, Premier Farnell and Waldom UK.

    The company also progressed its partnership with SCHURTER AG, launching white-label products, and established a strategic relationship with Würth Elektronik.

    CAP-XX reported continued progress with product design-ins involving major global customers, which it expects could develop into recurring revenue opportunities.

    Alongside its commercial expansion, the company continued developing its ultra-thin DMH supercapacitor platform, surface-mount technology (SMT) products and higher-capacity energy storage modules.

    Operational improvements included the implementation of a Warehouse Management System at its Seven Hills facility, integrated with customer relationship management, MYOB and Power BI systems.

    The system is intended to improve visibility across procurement, manufacturing, inventory management and order fulfilment.

    Cash Position Strengthened Following July Fundraising

    CAP-XX ended June 2026 with cash of A$0.87 million, compared with A$3.96 million at the end of FY2025.

    Following the year-end, the company completed a capital raising of A$4.4 million (£2.3 million) in July 2026, strengthening its financial position.

    CAP-XX also expects to receive an Australian research and development tax incentive of A$1.93 million before the end of calendar 2026, compared with A$1.75 million received for the previous financial year.

    These funding developments follow the company’s efforts to reduce operating expenditure while continuing investment in product development and commercial expansion.

    First-Quarter FY2027 Revenue Rises 25%

    CAP-XX reported continued growth during the three months ended 30 September 2026.

    First-quarter revenue increased by approximately 25% to A$1.30 million, compared with A$1.04 million in the corresponding period of FY2026.

    New orders rose by 66% to A$2.07 million from A$1.25 million a year earlier.

    The company’s order backlog increased by 23% during the quarter, reaching A$4.20 million at 30 September 2026.

    The figures indicate continued growth in customer demand following the improvement in order intake recorded during FY2026.

    FY2027 Outlook Focused on Revenue Growth and Break-Even Progress

    CAP-XX said its priorities for FY2027 include increasing revenue, converting its growing order backlog into sales and continuing progress towards financial break-even.

    The company enters the new financial year with a reduced operating cost base, an expanded distribution network and additional funding secured following the July capital raising.

    While first-quarter trading showed higher revenue and order intake, CAP-XX has not provided a specific timetable for reaching break-even.

    More About CAP-XX Limited

    CAP-XX Limited is a designer and manufacturer of supercapacitors and energy management systems.

    The company’s product portfolio includes ultra-thin DMH supercapacitors, surface-mount technology products and higher-capacity modules designed for applications requiring compact energy storage and rapid power delivery.

    CAP-XX serves international markets through its manufacturing operations, commercial partnerships and global distribution network.

  • Croma Security Reports 13.8% Revenue Growth to £10.97 Million as Acquisitions Support Expansion

    Croma Security Reports 13.8% Revenue Growth to £10.97 Million as Acquisitions Support Expansion

    Croma Security Solutions Group PLC (LSE:CSSG), the AIM-listed security solutions provider, reported a 13.8% increase in annual revenue to £10.97 million for the year ended 30 June 2026, supported by organic growth and acquisitions, although operating profitability declined.

    Revenue increased from £9.63 million in the previous financial year, while EBITDA from operations fell to £1.04 million from £1.17 million. The operating EBITDA margin narrowed to 9.5% from 12.1%.

    The company completed two acquisitions during the financial year and announced a further two purchases following the year-end, continuing its strategy of expanding its network of security businesses.

    Revenue Growth Accompanied by Lower Operating Margins

    Croma reported full-year revenue of £10.97 million, representing growth of 13.8% compared with FY2025.

    Despite the increase in sales, EBITDA from operations declined by approximately 11.1% to £1.04 million, compared with £1.17 million a year earlier.

    The EBITDA margin from operations decreased by 2.6 percentage points to 9.5%, against 12.1% in the previous financial year.

    The company ended June 2026 with cash of £4.91 million, up from £4.33 million a year earlier, and no bank borrowings.

    Croma also received the final payment relating to its £6.5 million disposal of Vigilant Security in June 2023, with proceeds reinvested in its strategy of acquiring independent locksmith businesses.

    The Board has proposed a final dividend of 2.5p per share, compared with 2.4p for FY2025.

    Acquisitions Expand Security Centre Network

    During FY2026, Croma acquired TLS Security Systems in Taunton and Southern Security Services in Dorset.

    These transactions increased the company’s network to 17 Security Centres at 30 June 2026, expanding its geographical coverage and service capabilities.

    Following the financial year-end, Croma completed two further acquisitions in Portsmouth and Holborn for approximately £1.72 million and £1.1 million, respectively.

    The company expects these businesses to contribute to future revenue growth and reported that both are performing well.

    Management also indicated that it continues to assess additional acquisition opportunities, supported by its cash position and existing operations.

    Martyn’s Law Creates Additional Security Services Opportunities

    Croma identified the introduction of Martyn’s Law as a potential source of additional commercial activity.

    The company reported increasing customer enquiries and a growing pipeline of projects associated with businesses seeking to address their security requirements under the new regulatory framework.

    Croma believes its existing security services capabilities and expanding network could support demand arising from these requirements.

    FY2027 Trading Remains on Track

    Croma stated that trading during the current financial year is progressing in line with expectations, with recently acquired businesses performing well.

    The company expects its expanded operations to support revenue growth and continues to pursue further acquisition opportunities.

    Management remains focused on increasing recurring revenue and developing its position within the UK security services market.

    CEO Comments on Annual Performance

    Roberto Fiorentino, Chief Executive Officer of Croma, commented:

    “I am pleased to report another year of growth for Croma, with the Group continuing to expand its operations, broaden its capabilities and strengthen its position in the security services market.

    As security requirements evolve and regulatory change creates new commercial opportunities, Croma is well positioned to meet the changing needs of customers across a broad range of security services. Our combination of deep operational expertise and an expanding portfolio of established businesses provides a strong platform for further growth.

    With a strong balance sheet, the anticipated revenue contribution from our recent acquisitions and a healthy pipeline of further acquisition opportunities, Croma is well placed to grow its recurring revenue base and deliver sustainable long-term growth.”

    More About Croma Security Solutions Group

    Croma Security Solutions Group PLC is an AIM-listed provider of security products and services in the UK.

    The company operates a network of Security Centres and has been expanding its operations through acquisitions of independent locksmith and security businesses.

    Its strategy focuses on broadening its geographical coverage, developing its service offering and increasing recurring revenue through organic growth and acquisitions.

  • Eco Buildings Secures €11.9 Million Contract for 60 Luxury Villas in Albania

    Eco Buildings Secures €11.9 Million Contract for 60 Luxury Villas in Albania

    Eco Buildings Group plc (LSE:ECOB), the UK-listed construction technology company specialising in industrialised housing solutions, has secured a new manufacturing and supply agreement with an indicative value of €11.9 million for the construction of 60 residential villas in Albania.

    The agreement covers approximately 14,000 square metres of planned residential construction at the Lake Gjokaj development and includes the manufacture, supply and installation of the company’s proprietary glass fibre reinforced gypsum (GFRG) wall panel system, alongside associated construction works.

    The project adds to Eco Buildings’ existing commercial pipeline in Albania, which includes the Rolling Hills residential development in Tirana undertaken with the Balfin Group.

    Lake Gjokaj Development Scheduled to Begin in April 2027

    The new contract covers 60 luxury villas at the Lake Gjokaj residential development, with construction scheduled to commence in April 2027.

    The agreement extends through April 2029, with delivery and revenue recognition dependent on project execution and the applicable contractual terms.

    Eco Buildings stated that the €11.9 million contract value is indicative rather than guaranteed revenue. The company expects operational margins on the project to be consistent with its previous guidance.

    The development will use GFRG wall panels manufactured at Eco Buildings’ facilities in Albania, with installation and associated construction activities undertaken as part of the agreement.

    The project is expected to provide additional manufacturing and installation activity over the planned construction period.

    Second Manufacturing Line Expected in December 2026

    Eco Buildings is preparing to expand its manufacturing capacity through the installation of a second production line, which is expected in December 2026.

    The additional line is intended to support demand from the company’s growing portfolio of residential construction projects, including Lake Gjokaj and Rolling Hills.

    The company’s industrialised construction system combines factory-manufactured GFRG components with on-site installation.

    This approach is designed to improve construction consistency, reduce reliance on conventional building methods and support more efficient project delivery, depending on site-specific requirements.

    The company expects the additional manufacturing capacity to provide greater flexibility in managing production volumes as its contracted project pipeline develops.

    Albanian Project Pipeline Continues to Expand

    The Lake Gjokaj agreement represents a further commercial project for Eco Buildings in Albania, alongside its ongoing work on the Balfin Group’s Rolling Hills development in Tirana.

    Both developments are expected to use the company’s industrialised construction technology.

    Eco Buildings said the combination of projects could support improved factory utilisation and provide a more consistent programme of manufacturing and installation activity.

    However, the financial contribution from the new contract will depend on construction progress, delivery schedules and the terms governing revenue recognition.

    Executive Vice Chairman Comments on New Agreement

    Dr Etrur Albani, Executive Vice Chairman of Eco Buildings Group, commented:

    “What makes this agreement particularly important is not simply its value, but what it represents for Eco Buildings. Together with our Rolling Hills development, we are establishing a growing commercial foundation for our industrialised construction technology in Albania.

    With our second production line expected to become operational shortly, we are positioning the business to support increasing demand through a scalable manufacturing platform. Our focus is on translating that capacity into project delivery, revenues and sustainable commercial growth.”

    Albani also emphasised the company’s focus on project execution, quality, delivery schedules and commercial performance as work progresses.

    More About Eco Buildings Group

    Eco Buildings Group plc is a UK-listed construction technology company specialising in industrialised housing solutions.

    The company manufactures glass fibre reinforced gypsum wall panels for use in residential construction, combining factory production with on-site installation.

    Its Albanian operations are involved in residential developments including Lake Gjokaj and the Balfin Group’s Rolling Hills project, with additional manufacturing capacity planned to support its construction pipeline.

  • Tower Resources Raises £325,000 as Cameroon and Namibia Farm-Out Completions Remain Pending

    Tower Resources Raises £325,000 as Cameroon and Namibia Farm-Out Completions Remain Pending

    Tower Resources plc (LSE:TRP), the AIM-listed oil and gas company focused on Africa, has announced a £325,000 share subscription to support working capital requirements while it continues working towards completion of its farm-out agreements with Prime Global Energies Limited in Cameroon and Namibia.

    The company confirmed that both transactions, originally announced in January 2025, remain subject to final documentation and regulatory procedures. Tower had previously expected at least one transaction to complete during October 2026 but has now raised additional funding to cover the extended timetable.

    Cameroon Farm-Out Awaits Final Government Documentation

    In Cameroon, Tower is progressing the final documentation required to complete the farm-out of its interest in the Thali Production Sharing Contract (PSC).

    Following the extension of the Initial Exploration Period announced on 5 October 2026, the Ministry of Mines, Industry and Technological Development (MINMIDT) is preparing additional formal documents.

    These include a ministerial Arrêté, formal approval of the farm-out and confirmation of the final deed of assignment to be signed at completion.

    At the ministry’s request, Tower has supplied details of the outstanding elements of the Initial Exploration Work Programme for inclusion in the documentation.

    The company has not provided a revised completion date for the Cameroon transaction.

    Namibia PEL 96 Farm-Out Progresses Through Final Review

    In Namibia, Tower is working to finalise amendments to the PEL 96 Petroleum Agreement requested by the Ministry of Mines, Industries and Energy (MIME).

    The changes include updated references to petroleum legislation and are being incorporated into the existing deed of assignment, novation and amendment.

    Tower has received an amended draft from MIME, although one minor error remains to be resolved.

    The document has been circulated to the PEL 96 partners for review and will require their signatures before being returned to the ministry for execution.

    Tower said it believes the substantive amendments have been agreed, while the minister has requested finalised documentation.

    However, completion remains dependent on the ministry’s procedures, including verification that the correct version of the deed has been signed by the relevant parties.

    The company had originally anticipated completing the Namibia farm-out in October.

    £325,000 Subscription to Support Working Capital

    Tower has arranged a subscription for 2,500,000,000 new ordinary shares at 0.013p per share, raising £325,000.

    The subscription price represents a discount of approximately 7% to the company’s closing bid price on 30 October 2026.

    Tower said the fundraising had not been anticipated when it expected at least one farm-out transaction to complete during October. The Board subsequently determined that additional working capital was necessary to cover the extended completion period.

    The company has also agreed to issue Axis Capital Markets Limited, which arranged the subscription, warrants over 62,500,000 new ordinary shares.

    The broker warrants have a three-year term and an exercise price of 0.026p per share, representing a 100% premium to the subscription price.

    New Shares Expected to Begin Trading in November

    The subscription shares are expected to be admitted to trading on AIM in two tranches.

    The first tranche of 1,005,000,000 shares is expected to begin trading at 8.00 a.m. on or around 6 November 2026.

    The second tranche, comprising 1,495,000,000 shares, is expected to be admitted at 8.00 a.m. on or around 16 November 2026.

    Following admission of both tranches, Tower’s enlarged issued share capital will comprise 47,663,962,786 ordinary shares, each carrying voting rights.

    Following the issue of the broker warrants, the company will have 1,822,184,903 warrants outstanding, equivalent to 3.4% of its enlarged share capital on a fully diluted basis, assuming exercise of all warrants, options and restricted shares.

    Chairman and CEO Comments on Completion Process

    Jeremy Asher, Chairman and Chief Executive Officer of Tower Resources, commented:

    “I am happy with the progress we are making towards completion of both farm-outs, and although we had hoped to avoid raising additional capital ahead of completion, we believe this small share issue is a sensible step to ensure the Company is appropriately funded throughout the final stages of the process. It provides reassurance against any unforeseen timing delays and, if those do not arise, the additional funds will still be put to good use in supporting our ongoing activities and priorities.

    “I am currently in Windhoek, where our country representative and I have been reviewing the draft texts for the PEL 96 Deed with our partners, including NAMCOR, with whom we also held useful Technical Committee/Operating Committee meetings three weeks ago, and with the MIME staff. I plan to remain here this week to help see that the Minister receives the final, fully reviewed and signed PEL 96 Deed as soon as possible in order to effect completion. Nevertheless, as we have explained in previous announcements and as experience has taught us, any process that requires multiple individuals to review documents in a strict chain of custody has had the potential for delays even when everything is moving smoothly. However, we are grateful to the Minister for his commitment to finalising our documents, and we look forward to completion and the next steps in our work programme.”

    More About Tower Resources

    Tower Resources plc is an AIM-listed oil and gas exploration company focused on opportunities in Africa.

    Its portfolio includes interests in the Thali Production Sharing Contract offshore Cameroon and Petroleum Exploration Licence 96 in Namibia.

    The company is working towards completing farm-out agreements with Prime Global Energies Limited, subject to final documentation and regulatory requirements.

  • Amaroq Reports High-Grade Zinc Results at Maarmorilik and Unveils New Development Strategy

    Amaroq Reports High-Grade Zinc Results at Maarmorilik and Unveils New Development Strategy

    Amaroq Ltd. (LSE:AMRQ), the Greenland-focused mine development company, has announced high-grade zinc, lead and silver exploration results from its Maarmorilik project in West Greenland, alongside a new development strategy designed to bring together existing and newly identified mineral deposits.

    The company has introduced its ‘String of Pearls’ strategy, which aims to combine the past-producing Black Angel and Nunngarut ore bodies with surrounding mineralised areas under a coordinated mining and infrastructure plan.

    Amaroq also confirmed that it submitted Project Terms of Reference to the Government of Greenland on 30 October 2026, marking an initial step in the environmental and social assessment processes required for project development.

    Exploration Results Include Zinc Grades Above 60%

    Amaroq’s 2026 exploration programme identified high-grade zinc-lead-silver mineralisation, alongside gallium and germanium, across several deposits surrounding the former Black Angel mine.

    At Garde, channel sampling returned 3.1 metres grading 17.49% zinc, 8.08% lead and 36 grams per tonne (g/t) silver, together with 159.2 parts per million (ppm) gallium and 107.5 ppm germanium.

    Rock-chip samples from Garde returned grades of up to 62.2% zinc, 0.1% lead and 7 g/t silver.

    At Wedge, a 4.1-metre channel sample returned 10.05% zinc, 0.5% lead and 5 g/t silver, with 181.5 ppm gallium. Rock-chip results reached 26.8% zinc and 517 ppm gallium.

    Additional rock-chip sampling returned grades of up to 32.2% zinc, 9.1% lead and 59 g/t silver at Glacier, while Myers recorded up to 30.6% zinc, 11.1% lead and 37 g/t silver.

    Mapping identified massive lead-zinc sulphide mineralisation extending approximately 350 metres at Garde and 180 metres at Wedge. Both targets remain open at surface and have been prioritised for drilling in 2027.

    The company cautioned that channel sample lengths do not necessarily represent true mineralised widths, while selective rock-chip samples may not reflect the average grade of a deposit. The potential commercial recovery of gallium and germanium also remains to be established.

    String of Pearls Strategy Targets Multiple Deposits

    Amaroq’s new development approach seeks to integrate the historical Black Angel and Nunngarut mining areas with surrounding deposits identified through exploration and retreating ice cover.

    The strategy is intended to support the development of successive mineralised zones while making use of existing infrastructure.

    Garde, Wedge, Glacier and Ark have been identified as potential shallow mining opportunities, subject to further drilling and engineering assessment.

    The company also plans to advance access to the Archangel Zone, previously known as the Deep Ice Zone, and investigate possible extensions to the mineralisation.

    Drilling equipment has already been mobilised and stored at Maarmorilik in preparation for an early start to the 2027 resource expansion programme.

    Historical Resource Under Review

    Amaroq is working with WSP to review Maarmorilik’s historical Mineral Resource Estimate of 3.7 million tonnes.

    The assessment also includes approximately 700,000 tonnes of additional historically identified mineralised material that could provide an opportunity for further resource definition.

    The objective is to establish an updated Mineral Resource Estimate compliant with NI 43-101 standards and assess a separate Exploration Target to guide future drilling.

    Additional verification and engineering studies will determine whether further mineralised material can be incorporated into updated or future resource estimates.

    Greenland Regulatory Process Advances

    Amaroq submitted its Project Terms of Reference to the Government of Greenland on 30 October 2026, beginning a formal process associated with obtaining mining approval.

    The next stages include government review and public pre-consultation, followed by approval of the final Terms of Reference ahead of the granting of an exploitation licence.

    Environmental baseline surveys commenced during 2026, with WSP Denmark supporting work towards the project’s Environmental Impact Assessment.

    The company is also progressing the Social Impact Assessment required for the proposed development.

    Management Comments on Maarmorilik Development

    Eldur Olafsson, Chief Executive Officer of Amaroq, said the company had been evaluating development options for the West Greenland Hub assets following their acquisition for $10.5 million in 2025.

    He explained that the String of Pearls strategy is intended to combine the existing mineral resource with exploration opportunities surrounding established infrastructure, supporting Amaroq’s objective of developing multiple producing assets in Greenland.

    Will Gray, Maarmorilik Project Manager, highlighted the zinc and lead grades identified during the 2026 sampling programme, while acknowledging that exploration samples are not directly comparable with the average grades processed at operating mines.

    He also confirmed that drilling equipment is positioned on site ahead of the planned 2027 programme, which will focus on resource expansion and evaluating the potential inclusion of additional deposits in the project’s mineral resource base.

    More About Amaroq Ltd.

    Amaroq Ltd. is an independent mine development company focused on mineral opportunities in Greenland.

    Its Maarmorilik project in West Greenland includes the historical Black Angel mine and surrounding zinc, lead and silver deposits, with additional exploration identifying gallium and germanium mineralisation.

    The company is progressing resource evaluation, exploration drilling preparations and environmental and social assessment work as part of its proposed redevelopment strategy.

  • Blencowe Resources Reports Strong Supercapacitor Test Results Ahead of Planned NASA Evaluation

    Blencowe Resources Reports Strong Supercapacitor Test Results Ahead of Planned NASA Evaluation

    Blencowe Resources Plc (LSE:BRES), the natural resources company developing the Orom-Cross graphite project in Uganda, has reported positive results from further supercapacitor testing conducted with existing offtake partner YUNASKO and US graphite specialist American Energy Technologies (AETC).

    The tests demonstrated power capability approaching 2 kilowatts per kilogram (kW/kg) and discharge rates of up to 70C, supporting the potential use of Orom-Cross graphite in specialist aerospace, defence and high-performance energy storage applications.

    Additional prototype cells are now being prepared for independent evaluation at NASA laboratories, with testing expected to begin from December 2026.

    Supercapacitor Tests Demonstrate High Power Output

    The latest testing programme involved large 5Ah supercapacitor cells incorporating Orom-Cross graphite in both the anode and cathode.

    The cells completed more than 130 formation cycles at a current of 10 amperes, while Ragone testing demonstrated power capability approaching 2 kW/kg.

    YUNASKO also successfully tested discharge rates of up to 70C, demonstrating the cells’ ability to deliver energy rapidly.

    These characteristics are relevant to applications requiring high power output and rapid discharge, including specialist aerospace and military technologies.

    The results add to previous testing involving Orom-Cross graphite in advanced batteries, hypersonic aerospace applications and anti-radar coatings.

    NASA Laboratory Testing Planned from December 2026

    Blencowe and its technical partners are preparing additional prototype supercapacitor cells for independent performance evaluation at NASA laboratories.

    The company expects the prototypes to enter the testing schedule from December 2026.

    Blencowe believes successful independent verification could support wider commercial evaluation of the technology across US defence and international aerospace markets.

    However, the programme remains at the preparation stage, and independent verification of the latest results has not yet been completed.

    Existing Partnerships Support Commercial Development

    The supercapacitor programme is being undertaken in collaboration with AETC and YUNASKO, which already has a commercial relationship with Blencowe.

    YUNASKO is an existing offtake partner under a five-year, non-binding memorandum of understanding covering an initial 500 tonnes per annum of purified medium-flake graphite.

    Blencowe is seeking to expand the range of applications for Orom-Cross graphite beyond conventional battery and industrial markets, targeting specialist products that may attract higher pricing.

    The company has also secured non-binding offtake coverage exceeding its planned Phase 1 production capacity of 20,000 tonnes per annum.

    The latest testing results could provide additional opportunities to develop higher-value commercial relationships, although potential applications remain subject to further technical evaluation and commercial development.

    Interim CEO Comments on Testing Results

    Iain Wearing, Interim Chief Executive Officer of Blencowe Resources, commented:

    “These are extremely encouraging results, demonstrating the ability of Orom-Cross graphite to perform in some of the most demanding energy storage applications.

    The next stage is particularly exciting, with new prototype cells being prepared for independent evaluation at NASA laboratories from December. The significance extends well beyond potential NASA applications, as successful independent verification could help accelerate acceptance of the technology across the wider defence and aerospace industries and further high-value commercial opportunities.

    We are now seeing repeated technical success across a growing range of demanding applications, from advanced batteries and supercapacitors to hypersonic aerospace and anti-radar technologies. Together, these results provide compelling evidence of the quality and versatility of Orom-Cross graphite, significantly strengthening its commercial application and potential.

    Our strategy is to translate this growing body of technical success into a diversified portfolio of customers across high-value markets, where the performance of our graphite can deliver meaningful commercial advantages as we advance Orom-Cross towards production.”

    More About Blencowe Resources

    Blencowe Resources Plc is a natural resources company advancing the Orom-Cross graphite project in Uganda.

    The company is developing commercial relationships across conventional graphite markets and specialist applications, including battery technologies, aerospace, defence and advanced energy storage.

    Its planned Phase 1 production capacity is 20,000 tonnes per annum, with non-binding offtake arrangements covering volumes above that level.

  • Ibstock Cuts FY2026 Profit Outlook as UK Brick Market Weakness Continues

    Ibstock Cuts FY2026 Profit Outlook as UK Brick Market Weakness Continues

    Ibstock Plc (LSE:IBST), the UK manufacturer of building products and solutions, has lowered its full-year earnings expectations following a sharp deterioration in trading conditions during the third quarter of 2026, with weakness continuing into October.

    The company now expects adjusted EBITDA for the year ending 31 December 2026 to be in the mid-£40 million range, reflecting weaker brick sales, reduced production and additional costs associated with lower factory utilisation.

    UK Brick Market Decline Weighs on Third-Quarter Sales

    Industry figures showed UK brick market volumes declined by approximately 17% year on year during July and August, reflecting continued pressure on construction activity.

    Against this backdrop, Ibstock maintained its domestic brick market share during the third quarter, while average selling prices remained broadly in line with expectations.

    However, weaker market conditions persisted through September and October, with third-quarter sales in the Group’s Clay division falling 22% below expectations.

    In response, Ibstock reduced production by approximately 20% compared with the plans established at the half-year stage, aiming to align manufacturing output with demand and prevent excess inventory accumulation.

    The resulting reduction in fixed-cost absorption is expected to lower adjusted EBITDA by approximately £6 million, in addition to the earnings impact of weaker sales volumes.

    Full-Year EBITDA Forecast Reduced to Mid-£40 Million Range

    Ibstock said the combined effects of lower sales and reduced production would result in second-half financial performance materially below its previous expectations.

    The company has introduced further cost-saving measures, primarily targeting overheads and discretionary expenditure, to partially offset the impact.

    Management is also prioritising cash generation through tighter inventory control, disciplined capital expenditure and reduced discretionary spending.

    Ibstock expects its strategic land assets, including those associated with calcined clay, to provide opportunities to support debt reduction in the near term.

    Housing Support Scheme Offers Potential Medium-Term Benefits

    Ibstock welcomed the government’s Your First Home support scheme, which it believes could improve housing affordability and stimulate demand for newly built homes.

    However, the company expressed disappointment that the scheme will not be introduced until April 2027, noting that the delay has placed additional pressure on near-term demand.

    Despite current market weakness, Ibstock said the initiative supports its confidence in the medium-term outlook for UK housing construction.

    Nostell Factory Commissioning Remains on Schedule

    The company reported continued progress with commissioning its new ceramic façades manufacturing facility at Nostell.

    Commissioning is expected to be completed by the end of 2026.

    The facility is intended to expand Ibstock’s product portfolio, with management expecting it to deliver financial returns over the medium term as production volumes increase.

    CEO Comments on Trading Conditions

    Joe Hudson, Chief Executive Officer of Ibstock, said:

    “Trading conditions deteriorated sharply during the third quarter, with weakness continuing into October. We have responded by reducing production to manage inventory, taking further cost action and maintaining tight control of cash. These production decisions create an additional near-term earnings headwind but are necessary to align output with demand.

    We will continue to focus on cash generation and net debt reduction, alongside completing commissioning at Nostell and progressing opportunities to realise value from our asset base. The announced support for first-time buyers is encouraging, although its introduction in April 2027 may weigh on demand in the intervening period. Our market-leading offering and well-invested production base enables us to benefit when activity recovers.”

    More About Ibstock Plc

    Ibstock Plc is a UK manufacturer of building products and solutions, operating through its Clay and Concrete divisions.

    Its Clay division operates 15 manufacturing sites supported by 15 active quarries, while its Concrete division operates 13 manufacturing facilities producing roofing, walling, flooring, fencing and infrastructure products.

    The Group also operates Ibstock Futures, which focuses on sustainable building products and modern methods of construction.

    Ibstock’s environmental strategy includes a target to reduce carbon emissions by 40% by 2030 and achieve net-zero operations by 2040.

  • Phoenix Copper Increases Empire Mine Reserves by 31.5% to 13.27 Million Tonnes

    Phoenix Copper Increases Empire Mine Reserves by 31.5% to 13.27 Million Tonnes

    Phoenix Copper Ltd (LSE:PXC), the AIM-listed US-focused base and precious metals exploration and development company, has announced an updated Mineral Reserve Statement for its Empire Open-Pit Mine in Idaho, reporting a 31.49% increase in ore tonnage compared with its inaugural reserve estimate published in May 2024.

    The revised Proven and Probable reserves total 13.27 million tonnes, containing approximately 118.8 million pounds of copper, 134,600 ounces of gold and 5.41 million ounces of silver.

    The company reported total contained metal of 83,959 copper equivalent tonnes, representing a 26.31% increase compared with the previous reserve estimate.

    Updated Empire Reserves Include Copper, Gold and Silver

    The 2026 Mineral Reserve Statement identifies 13.27 million tonnes of economically mineable material within the Empire open-pit deposit.

    The updated reserves contain 118,781,100 pounds of copper, 134,600 ounces of gold and 5,407,400 ounces of silver.

    On a copper equivalent basis, the total amounts to 83,959 tonnes of contained metal.

    Phoenix Copper said the revised figures represent a 31.49% increase in reserve tonnage and a 26.31% increase in copper equivalent metal compared with the May 2024 estimate.

    The updated reserves were estimated by Hardrock Consulting using methods consistent with internationally recognised mineral reserve reporting standards, including NI 43-101-related requirements.

    Pre-Feasibility Study Update Underway

    Phoenix Copper confirmed that its consultants are updating the Empire project’s 2024 Pre-Feasibility Study (PFS) to incorporate the revised Mineral Reserve Statement.

    The updated study will use the new reserve figures as the basis for reassessing the proposed open-pit mining operation.

    The company intends to publish the revised PFS once the work has been completed, although no specific publication date was provided.

    Mineral reserves represent the portion of a mineral resource assessed as economically mineable following technical and economic evaluation, including allowances for mining dilution and extraction losses.

    The Empire estimate comprises Proven and Probable reserves, reflecting different levels of geological confidence and supporting technical information.

    CEO Comments on Reserve Increase

    Ryan McDermott, Chief Executive Officer of Phoenix Copper, reported that the revised reserves represent a 31.49% increase in ore tonnes and a 26.31% increase in copper equivalent metal compared with the May 2024 estimate.

    He also confirmed that consultants are updating the project’s Pre-Feasibility Study using the revised reserve figures, with publication planned following completion of the assessment.

    Technical Review and Environmental Work

    Phoenix Copper confirmed that the technical information supporting the announcement was reviewed and verified by Dennis Thomas, a co-founder of the company and a chartered mining engineer.

    Thomas is recognised as a Qualified Person under the AIM Rules and consented to the inclusion of the technical information in the announcement.

    The company also reported that environmental baseline data collected at Empire will continue to support the project’s permitting process and its environmental, social and governance activities.

    These activities are overseen by Phoenix Copper’s ESG & Sustainability Committee. The company has also published its inaugural Sustainability Report.

    More About Phoenix Copper

    Phoenix Copper Ltd is an AIM-listed mineral exploration and development company focused on base and precious metals projects in the United States.

    Its Empire Open-Pit Mine project in Idaho contains copper, gold and silver reserves and is undergoing further technical evaluation through an updated Pre-Feasibility Study.

    The company is also progressing environmental and permitting activities associated with the proposed development.