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Kendrick Resources (LSE:KEN) has completed an internal assessment of historic and recent exploration work across its flagship Teufelskuppe and Kieshöhe rare earth projects in southwest Namibia, where the company is earning a 70% interest through Bonya Exploration. The review produced an unaudited in-house net present value estimate of approximately US$400 million for the verified in-situ light rare earth oxide-bearing carbonatites at Teufelskuppe alone. The estimate is based on a current resource tonnage of 14 million tonnes at an average head grade of 3.12%, with evidence suggesting mineralisation continues at depth and could support a materially larger resource base.

Management said high-grade zones containing up to 4.5% total rare earth oxides are concentrated within the central area of the Teufelskuppe project. The company also noted that neodymium and praseodymium — two key magnet rare earth elements — account for around 70% of the project’s light rare earth economic value. Kendrick believes this positions the asset favourably within a global market expected to expand significantly by 2034 and still heavily dominated by Chinese supply chains.

Supported by recent fundraising activity, the company is advancing a Tier 1 “mine to magnet” strategy focused on accelerating development of the projects. Kendrick aims to deliver a maiden resource estimate by the end of the third quarter of 2026 while also finalising an optimised metallurgical flowsheet. Management said the programme is designed to reduce project risk and improve the assets’ attractiveness to downstream rare earth industry participants and potential investors.

The company’s outlook remains constrained by very weak financial fundamentals, including the absence of revenue, ongoing losses, negative cash flow and a significantly weakened balance sheet with negative equity. However, technical indicators remain strongly positive and continue to support market sentiment. Valuation metrics remain difficult to assess given negative earnings and the lack of dividend support.

More about Kendrick Resources PLC

Kendrick Resources Plc (LSE:KEN) is a mineral exploration and development company focused on identifying and advancing resource projects through exploration, technical evaluation and resource development activities. The company aims to move projects toward production through joint ventures, strategic partnerships or asset sales. Kendrick has increasingly concentrated its portfolio on critical minerals opportunities in southern Africa, particularly the Bonya rare earth project in Namibia and the Blue Fox licence area in northwest Zambia.

Arrow Exploration (LSE:AXL) reported strong first-quarter 2026 financial and operational results, with average production increasing 15% year-on-year to 4,715 barrels of oil equivalent per day. Growth was primarily driven by new production from the Mateguafa Attic field within the company’s Tapir block in Colombia. Revenue rose 21% to US$23.5 million, while adjusted EBITDA climbed 22% to US$14.1 million. Net income almost doubled to US$5.2 million, supported by stronger realised oil prices and improved corporate operating netbacks of US$41.05 per boe.

The company also highlighted a cash balance of US$24 million as of 1 May 2026, which management said provides sufficient flexibility to fund its ongoing drilling programme through internally generated cash flow while continuing planned capital investment. Following the end of the quarter, Arrow announced an oil discovery at its Icaco-1 exploration well, commenced drilling at the Icaco-2 appraisal well and advanced additional development drilling at the Mateguafa Attic field. Management believes these activities could significantly increase future production levels and further strengthen the company’s position within Colombia as it seeks an extension to the Tapir block licence.

More about Arrow Exploration Corp

Arrow Exploration Corp. (LSE:AXL) is a Calgary-based oil and gas producer focused on high-growth hydrocarbon operations in Colombia, alongside a smaller portfolio of assets in Alberta, Canada. The company’s operations are centred on crude oil developments within the Tapir block, including the Carrizales Norte, Mateguafa Attic, Alberta Llanos and Icaco areas, with a strategy focused on light oil production and self-funded operational growth.

Physiomics plc (LSE:PYC) has announced a series of new contract wins during May valued at more than £345,000, including both new and repeat business with UK and international biotechnology and oncology-focused organisations. Among the agreements is work for a NASDAQ-listed clinical-stage biotechnology company. The contracts draw on Physiomics’ capabilities in modelling, simulation and data science to support Phase 1 and Phase 2 clinical analysis, first-in-human dose selection and wider clinical development programmes.

The projects are expected to generate revenue through to the end of 2027 while strengthening the company’s order book, client relationships and standing within the biotechnology and pharmaceutical industries. Management said the latest contract awards further demonstrate demand for Physiomics’ specialist expertise across oncology and drug development services.

The company’s outlook continues to be weighed down by weak financial performance, including ongoing net losses and recurring negative operating and free cash flow, despite maintaining a relatively low-debt balance sheet. Technical indicators are more supportive, with the share price trading above key moving averages and showing positive MACD momentum. Valuation remains mixed due to the company’s negative price-to-earnings ratio and the absence of a dividend yield.

More about Physiomics

Physiomics plc (LSE:PYC) is a UK-based specialist in mathematical modelling, data science and biostatistics focused on supporting biotechnology and pharmaceutical companies in drug development and personalised medicine. The company uses modelling and simulation, biometrics, bioinformatics and its proprietary Virtual Tumour platform to optimise discovery, pre-clinical and clinical programmes, working with a range of major pharmaceutical and oncology-focused biotechnology clients.

Afentra (LSE:AET) has received formal approval for a Risk Service Contract granting the company a 35% operated interest in the onshore KON4 block in Angola’s Kwanza Basin, alongside local Angolan partners. The award strengthens Afentra’s strategic position in the basin and expands its portfolio of operated and non-operated assets across Angola’s onshore and offshore energy sector.

The KON4 block contains several historic oil fields, including the sizeable Quenguela Norte discovery, offering both redevelopment opportunities and near-field exploration potential. Existing infrastructure and the block’s proximity to the Luanda refinery are expected to support future project economics. Afentra and its partners have already initiated technical and subsurface evaluation work focused on restarting production at Quenguela Norte while also assessing broader exploration targets across the licence area. The company views the block as an important contributor to future growth and value creation within its Angolan portfolio.

Afentra’s outlook continues to be constrained by volatile recent financial performance, including lower revenue in 2025, a return to net losses and significantly negative free cash flow, despite maintaining a relatively solid balance sheet. Technical indicators remain broadly neutral, although momentum signals have weakened slightly, including a negative MACD trend. Valuation metrics also remain challenging due to negative earnings and the absence of dividend yield support.

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Afentra plc (LSE:AET) is an upstream oil and gas company focused on acquiring and developing production and exploration assets across Africa while supporting a responsible energy transition strategy on the continent. The company holds a combination of operated and non-operated interests in both offshore and onshore Angolan assets, including producing fields in the Lower Congo Basin and redevelopment and exploration licences within the Kwanza Basin.

Steppe Cement (LSE:STCM) reported a strong recovery in 2025 as Kazakhstan’s cement market grew by more than 20% to exceed 14 million tonnes, supported by renewed momentum in residential building and infrastructure development. The company retained a 14.4% share of the domestic market while increasing sales volumes by 21% to approximately 2.07 million tonnes, helped by improved operational reliability and higher clinker production.

Group revenue increased 20% to USD 101.5 million, while gross profit reached USD 28.4 million and EBITDA improved to USD 11.8 million. Net profit more than tripled to USD 3.2 million as operational efficiencies and tighter cost controls enhanced profitability. Supported by a cash balance of USD 10.5 million, the board approved a USD 30 million expansion programme designed to increase clinker production capacity from 3,000 to 4,500 tonnes per day and raise annual cement capacity to roughly 2.5 million tonnes by summer 2027.

Operational improvements on Line 6 contributed to an 11% increase in clinker output to 1.63 million tonnes. The new capital investment programme includes upgrades to the cooler, raw mill, riser duct, cyclones and kiln systems, with the aim of reducing coal and electricity consumption per tonne produced without significantly increasing fixed operating costs. Management said the investments are expected to strengthen the company’s market position as Kazakhstan continues to benefit from population growth, urbanisation and sustained construction demand.

The group is also advancing several environmental initiatives. Steppe Cement has already closed energy-intensive wet production lines, upgraded filtration systems and improved heat recovery processes to keep energy consumption and emissions broadly aligned with international industry standards. The company is currently negotiating a framework agreement with the Kazakh government to meet Best Available Technologies standards by 2035 and has committed USD 5 million over the next two years to complete a transition to bag filters. Management expects the move to reduce its annual emissions tax bill of approximately USD 1.4 million while further improving the company’s environmental performance.

On the governance side, long-serving chief executive Javier del Ser Pérez has transitioned to the role of executive chairman, while Petr Durnev has assumed day-to-day leadership responsibilities as chief executive officer during the group’s expansion phase. Steppe Cement will hold its annual general meeting in Kuala Lumpur on 26 June 2026, with the 2025 annual report and AGM notice to be published on the company’s website ahead of the meeting.

Steppe Cement’s outlook is supported by strong cash generation, low leverage, positive corporate developments and an attractive dividend yield. However, the company’s relatively high price-to-earnings ratio and technically overbought share price conditions could present near-term risks.

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Steppe Cement (LSE:STCM) is an AIM-listed cement producer focused on the Kazakhstan construction market, supplying clinker and cement to domestic infrastructure and building projects. The company operates close to major industrial and population centres including Astana, Karaganda and Temirtau, with access to essential raw materials such as limestone, clay, coal, iron ore and slag that support its cost efficiency and competitive positioning.

Arc Minerals (LSE:ARCM) has signed a comprehensive settlement agreement that concludes all outstanding litigation matters in Zambia. The agreement, involving Arc subsidiaries and project partners alongside ZAMEX, Lunda Resources and an individual counterparty, brings an end to eight separate legal proceedings spanning multiple Zambian courts and tribunals.

As part of the settlement, all parties have agreed to mutually release one another from any historic and future claims, enabling Arc Minerals to focus fully on progressing its exploration activities in Zambia and Botswana, including the company’s flagship Kabompo West copper project. The agreement also resolves uncertainties surrounding licence ownership, with Lunda giving up any interest in Handa’s Licence 19906-HQ-LEL. Arc additionally stated that Lunda’s retained Licence 41777-HQ-LEL is considered immaterial to its operations. A deferred payment of US$200,000 will only become payable if a substantial copper resource is defined before 2031.

The company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue generation, ongoing losses and negative operating and free cash flow, despite maintaining a relatively low level of debt. Technical indicators provide some support, with the share price trading above its 20-day and 50-day moving averages and showing positive MACD momentum. Valuation remains difficult to assess due to negative earnings and the lack of dividend metrics.

More about ARC Minerals

ARC Minerals Ltd (LSE:ARCM) is an AIM-listed copper exploration company focused on developing projects across two of Africa’s most prospective copper-producing regions. Its flagship Kabompo West project is located within the Western Domes area of the Central African Copperbelt in Zambia, while its Virgo project in Botswana targets the MMG Zone 5 corridor of the Kalahari Copper Belt. The company is supported by a management team with experience across mining operations and capital markets.

Jangada Mines (LSE:JAN) has announced high-grade drilling results from its Molly Gold Project in Brazil, confirming the continuity of polymetallic mineralisation at the Molly 1 deposit and extending the known strike length by as much as 150 metres toward the East Pot area. Drill intercepts included gold grades exceeding 20 g/t, alongside notable silver and copper mineralisation, supporting the interpretation of a larger structurally controlled ore body that remains open both along strike and at depth. The results strengthen the case for an expanded drilling campaign at the project.

At the separate Molly 2 target, maiden drill hole 7A confirmed a new polymetallic discovery connected to the broader Molly 1 system. The hole encountered shallow high-grade mineralisation containing gold, silver, copper and lead, trending westward toward the Vivi target area. Combined, the Molly 1 East Pot and Molly 2 Vivi corridors point to the emergence of a district-scale polymetallic system with substantial resource expansion potential. Jangada said the project could see a significant increase in resources as outstanding assay results are processed and further drilling, geophysical surveys and structural analysis are completed.

The company’s outlook remains constrained by weak financial fundamentals, including its pre-revenue status, recurring losses and continued cash burn despite having no debt on the balance sheet. However, technical indicators appear more supportive, with the share price trading above key moving averages and showing moderately positive momentum. Valuation metrics remain limited by the absence of earnings and dividend support.

More about Jangada Mines PLC

Jangada Mines plc (LSE:JAN) is an AIM-listed natural resources company focused on the exploration and development of gold and polymetallic projects in Brazil. Its flagship Molly Project is located within the Tapajós Gold Belt and targets structurally controlled high-grade narrow vein systems containing gold, silver, copper, zinc and lead in a historically productive artisanal mining region.

Sovereign Metals (LSE:SVM) has confirmed that monazite sourced from four proposed pits at its Kasiya project in Malawi contains elevated concentrations of critical heavy rare earth elements, including dysprosium, terbium and yttrium. The company said the material includes zones earmarked for first-year production, with the rare earth oxide basket demonstrating DyTb and yttrium ratios approximately seven times higher than those produced by the world’s five largest rare earth suppliers. The highest concentrations were identified close to surface.

According to the company, these rare earth elements can be recovered through the existing tailings stream using the flowsheet outlined in Kasiya’s definitive feasibility study. This could establish a third revenue stream in addition to rutile and graphite production, with minimal additional mining or processing expenditure required. Independent pricing analysis indicates that Kasiya’s monazite material, due to its elevated heavy rare earth content, could command a meaningful premium to prevailing benchmark monazite prices. The development could enhance overall project economics while positioning Sovereign Metals as a potential non-Chinese supplier to Western rare earth markets, where supply security concerns continue to intensify.

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Sovereign Metals Limited (LSE:SVM) is an Australia-listed mining and development company advancing the Kasiya rutile-graphite project in Malawi. The project is primarily focused on producing titanium dioxide feedstock and graphite, while the company is increasingly exploring the commercial potential of monazite-hosted rare earths as an additional strategic by-product serving global critical minerals and defence-related supply chains.

RTC Group Plc (LSE:RTC), the AIM-listed recruitment specialist serving the infrastructure, engineering and technical sectors, said it entered 2026 with strong momentum following a record profit after tax, solid cash generation and balance sheet growth in 2025, supporting a 10% increase in the dividend. The company reported continued positive trading through the first quarter, alongside six significant contract wins and resilient demand across its core rail maintenance and infrastructure markets. Its conferencing division also performed ahead of the prior year despite increased government-related operating costs.

Management cautioned that second-quarter trading has been affected by geopolitical tensions linked to the Iran conflict, which have driven fuel prices sharply higher and increased fleet-related costs, putting pressure on margins within the Rail and Energy divisions. Elevated energy costs are also reducing activity among smaller manufacturing customers and weakening demand for temporary labour. RTC further highlighted continued weakness in the permanent recruitment market, with vacancy levels falling to their lowest point since 2021 as higher employment costs and reduced worker mobility weigh on hiring activity. The company additionally noted softer short-term demand in its Energy division as the smart metering market moves beyond the initial rollout stage.

While rail operations have improved since the beginning of the current contract period, performance remains below expectations for the CP7 cycle, reflecting wider delays to rail enhancement projects across the sector. Nevertheless, RTC stated that strong cash generation during 2025 has left the business with a solid financial position, including a debt-free balance sheet with no term borrowings. Management said this provides flexibility to navigate broader industry headwinds while maintaining focus on operating cash flow and disciplined cost management ahead of interim results scheduled for release in late July.

The company’s outlook continues to be supported by attractive valuation metrics, including a low price-to-earnings ratio and a relatively high dividend yield, alongside improved balance sheet strength and strong recent free cash flow performance. However, these positives are partly offset by risks surrounding weaker revenue growth and technically overbought trading conditions that could increase short-term share price volatility.

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RTC Group Plc (LSE:RTC) is an AIM-listed recruitment and outsourcing business providing both temporary and permanent white- and blue-collar labour across UK and international markets. Through its brands Ganymede and ATA Recruitment, the group serves industries including rail, energy and utilities, manufacturing and engineering, water, transportation, highways and construction. Its international division, GSS, supports engineering and infrastructure projects in complex global locations. The company is headquartered at the Derby Conference Centre, which also generates conferencing, rental and office accommodation income for the group.