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  • Jubilee Metals agrees US$35 million Large Waste Project sale to fund copper expansion

    Jubilee Metals agrees US$35 million Large Waste Project sale to fund copper expansion

    Jubilee Metals Group (LSE:JLP) has selected a preferred buyer for its Large Waste Project in Zambia under a proposed transaction valued at US$35 million, providing additional capital to support the company’s broader copper growth strategy.

    The proposed transaction replaces an earlier agreement involving the sale of a smaller waste project and reflects Jubilee’s decision to prioritise investment in its existing mining, processing and refining operations rather than pursue a large-scale greenfield development.

    By recycling capital from the Large Waste Project into established operations and controlled mining assets, Jubilee aims to reduce development risk while accelerating its transition towards an integrated copper producer.

    Transaction structured over three years

    Completion of the proposed disposal remains subject to legal and technical due diligence, with the transaction expected to proceed through a series of stages.

    Under the proposed structure, Jubilee would receive the US$35 million consideration over a period of up to three years. The agreement also includes options allowing payments to be accelerated in exchange for a reduction in the overall consideration.

    The company expects to monetise the Large Waste Project at a premium to its original acquisition cost, allowing it to realise value from the asset while directing capital towards projects that can make use of its existing infrastructure.

    The disposal is therefore intended to improve capital efficiency and reduce the execution risks associated with developing a major greenfield operation.

    Jubilee increases focus on integrated copper operations

    Proceeds from the transaction are expected to support Jubilee’s strategy of expanding its controlled copper mining portfolio alongside its established processing and refining facilities in Zambia.

    The company is increasingly focused on combining mine production with existing infrastructure, including the Roan Concentrator and Sable Refinery, to create a more integrated mine-to-metal business.

    This approach is designed to provide greater control over feed supply, improve utilisation of existing processing capacity and establish a more scalable platform for long-term copper production.

    Asset disposals are also playing a role in funding this transition, allowing Jubilee to release capital from projects considered less central to its revised development strategy.

    Financial and operational risks remain

    The proposed US$35 million disposal provides a potentially important source of funding and could strengthen Jubilee’s ability to pursue its copper expansion plans without relying entirely on additional external capital.

    However, the company’s wider outlook remains constrained by a significant deterioration in recent financial performance, including weaker 2025 revenue and profitability and negative free cash flow.

    Technical indicators also remain under pressure, with the shares trading below key moving averages and MACD in negative territory. Negative earnings limit support from conventional price-to-earnings measures, while no dividend yield is currently available.

    Expected disposal proceeds and ongoing operational initiatives provide some offset to these concerns, although uncertainty surrounding guidance and several near-term operational and financing risks continue to affect the investment case.

    More about Jubilee Metals Group

    Jubilee Metals Group is an AIM- and AltX-listed copper producer and resource developer focused on establishing an integrated copper business in Zambia.

    Its operations combine third-party material processing through the Roan Concentrator with mine-to-metal activities centred on the Sable Refinery. The company is also developing its controlled mining portfolio while monetising selected non-core assets to help finance expansion.

    Jubilee is transitioning from a predominantly processing-focused model towards a resource-backed mining, processing and refining business. By combining its existing infrastructure with exploration and resource development, the company aims to establish scalable and sustainable long-term copper production in Zambia.

  • Brave Bison nearly doubles revenue as System1 bid advances platform-led growth

    Brave Bison nearly doubles revenue as System1 bid advances platform-led growth

    Brave Bison (LSE:BBSN) delivered strong growth during the first half of 2026, with net revenue almost doubling and adjusted profit before tax more than doubling as acquisitions and organic expansion strengthened performance across the group.

    Net revenue increased to £23.9 million, while adjusted profit before tax rose 120% to £4.1 million. Growth was supported by accretive acquisitions, a strong contribution from the sport and entertainment division and double-digit organic growth from the MiniMBA business.

    Adjusted basic earnings per share increased 31%, while statutory profit before tax also improved significantly. The group’s net cash position strengthened during the period, alongside a continued focus on reducing debt.

    Platform-based businesses increase contribution

    Brave Bison continued its strategic move towards scalable, higher-margin platform-led products and services during the first half.

    Platform-based solutions accounted for 32% of group net revenue and contributed 41% of divisional EBITDA, demonstrating their increasing importance to the company’s earnings mix.

    MiniMBA recorded strong commercial momentum, securing record contract wins during the period. These included a multi-year agreement with Omnicom, supporting the marketing training platform’s expansion among major international advertisers and agencies.

    The company is also investing in artificial intelligence capabilities, including development of its BBx operating platform, as it seeks to improve efficiency and expand the technology component of its offering.

    System1 offer expands Brave Bison’s ambitions

    Brave Bison has also taken significant steps towards expanding its presence in marketing research and advertising effectiveness.

    The group acquired approximately 28% of System1 before subsequently launching a firm offer to acquire the remaining shares in the business.

    System1’s behavioural science and data analytics capabilities could complement Brave Bison’s existing marketing services and MiniMBA training operations, potentially creating a broader offering for global brands.

    The proposed combination reflects Brave Bison’s strategy of building a more integrated marketing and technology group with exposure to services, training, data and scalable intellectual property.

    Trading remains in line with expectations

    Management said current trading remains consistent with expectations, although financial performance is expected to be weighted towards the second half of the year.

    Brave Bison’s wider outlook is supported by its improving financial position, stronger revenue growth and relatively low leverage. Positive share-price momentum and an established technical uptrend provide additional support.

    However, the company’s valuation remains relatively demanding, with a high price-to-earnings multiple and a low dividend yield. Historical volatility in profitability and cash generation also means continued execution will be important in demonstrating the sustainability of recent growth.

    The progress of the System1 transaction, further expansion of MiniMBA and increasing adoption of platform-led services are therefore likely to remain important factors in the group’s longer-term development.

    More about Brave Bison

    Brave Bison is a marketing and technology group providing services, training and media solutions to major global advertisers.

    The company operates across eight countries with approximately 350 employees. Its activities span consultancy and marketing services, sport and entertainment content monetisation and marketing skills development through its MiniMBA e-learning platform.

    Brave Bison is also the largest shareholder in System1, a UK-based marketing research platform that applies behavioural science and data analytics to help companies assess and improve advertising effectiveness.

  • Central Asia Metals lifts profits and dividend as copper growth strategy accelerates

    Central Asia Metals lifts profits and dividend as copper growth strategy accelerates

    Central Asia Metals (LSE:CAML) delivered a significant improvement in first-half financial performance, with higher production and stronger metals prices driving substantial increases in revenue, earnings and cash generation.

    Revenue rose 46% to $145.5 million, while EBITDA increased 89% to $75.5 million. Profit before tax more than tripled to $59.3 million and adjusted free cash flow climbed to $46.8 million.

    The group ended June with cash of $97.2 million, providing a strong financial platform for both shareholder distributions and investment in future growth.

    Reflecting the improved performance, Central Asia Metals increased its interim dividend to 8 pence per share. The company also completed a $10 million share buy-back programme.

    Kounrad and Sasa deliver higher production

    Production of copper, zinc and lead increased modestly compared with the corresponding period last year, supported by continued performance from the Kounrad copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

    The company reaffirmed its full-year production guidance and highlighted supportive copper and zinc prices as it entered the second half.

    Safety performance was mixed, however, with two lost time injuries recorded during the period, leaving continued operational and safety improvements as an important priority across the portfolio.

    Cygnus acquisition expands copper exposure

    Alongside its stronger operating performance, Central Asia Metals is accelerating its strategy to increase exposure to copper.

    The company has agreed an all-share acquisition of Cygnus Metals, which would add the high-grade Chibougamau copper-gold project in Québec to its portfolio. The transaction would significantly broaden CAML’s geographic footprint while increasing its exposure to a metal expected to benefit from long-term electrification and infrastructure demand.

    CAML is also progressing plans for a Toronto Stock Exchange listing as part of its wider growth strategy.

    In Kazakhstan, the company has completed maiden drilling programmes across exploration projects as it assesses opportunities to build additional resources around its existing operations.

    Exploration investment supports longer-term pipeline

    Further drilling is planned across CAML’s Kazakh exploration portfolio as the company seeks to identify additional sources of future production.

    The group is also providing further funding for Aberdeen Minerals’ Phase 4 exploration programme in Scotland, maintaining exposure to prospective base metals opportunities outside its core operating regions.

    These investments complement the proposed Cygnus transaction and demonstrate CAML’s approach of combining established cash-generating operations with acquisitions and earlier-stage exploration.

    Strong cash generation supports capital allocation

    Central Asia Metals enters the second half with a strong cash position, low leverage and substantial underlying cash generation, giving management flexibility to balance investment in growth with shareholder returns.

    The increased dividend and completed share buy-back demonstrate this capital allocation approach, while the Cygnus acquisition and exploration programmes provide potential avenues for longer-term expansion.

    However, historical earnings volatility remains a consideration, particularly following the latest full-year reported net loss and impairment charges. Operational and cost risks at Sasa also continue to influence the investment case.

    Technical indicators are relatively constructive, with positive momentum and the shares trading above key short- and medium-term moving averages, although they remain below the 200-day average. The dividend yield provides valuation support, but negative reported earnings limit the usefulness of the price-to-earnings ratio.

    More about Central Asia Metals

    Central Asia Metals is an AIM-quoted base metals producer headquartered in London. Its principal operating assets are the Kounrad SX-EW copper operation in Kazakhstan and the Sasa zinc-lead mine in North Macedonia.

    The group also holds majority interests in exploration businesses in Kazakhstan and a significant investment in Aberdeen Minerals, which is exploring for base metals in northeast Scotland.

    Central Asia Metals’ strategy combines cash generation from established mining operations with acquisitions and exploration aimed at expanding its long-term resource base. Its portfolio provides exposure to copper, zinc and lead, metals with important applications across electrification, infrastructure and industrial markets.

  • Georgina Energy raises £1.25 million to support Mount Winter development

    Georgina Energy raises £1.25 million to support Mount Winter development

    Georgina Energy plc (LSE:GEX) has secured £1.25 million through a share placing, providing additional funding to progress its Mount Winter project and support the company’s wider working capital requirements.

    The fundraising comprises the issue of 10,000,000 new ordinary shares priced at 12.5 pence each. Investors participating in the placing will also receive one warrant for every new share subscribed.

    The warrants carry an exercise price of 14 pence per share and will remain valid for five years, potentially providing Georgina Energy with an additional source of capital if they are exercised.

    Proceeds directed towards Mount Winter

    Net proceeds from the placing will primarily be used to advance work at Mount Winter, with part of the funding also allocated to general working capital.

    The capital injection provides Georgina Energy with additional financial resources as it continues to develop its project portfolio, although the issuance will result in dilution for existing shareholders.

    Following admission of the new shares to the London Stock Exchange’s official list, Georgina Energy’s total issued share capital will increase to 280,861,707 ordinary shares.

    The transaction also highlights the company’s continuing use of equity financing to fund its development activities while it remains at a pre-revenue stage.

    New funding provides support despite financial challenges

    The £1.25 million raise strengthens Georgina Energy’s near-term funding position and allows the company to allocate fresh capital directly towards advancing Mount Winter and maintaining ongoing operations.

    However, its broader financial outlook remains constrained by the absence of revenue, continuing losses and negative cash flow. Negative equity and increasing debt also remain important considerations for the company’s financial position.

    Share-price technical momentum is comparatively more constructive and provides some support to the investment case. Nevertheless, conventional valuation metrics remain difficult to apply while the company continues to report losses and does not offer a dividend yield.

    Progress at Mount Winter and the company’s ability to translate project development into future commercial value will therefore remain important factors in its longer-term outlook.

    More about Georgina Energy plc

    Georgina Energy plc is a London-listed company operating in the energy and natural resources sector.

    The company is focused on advancing resource development projects, including Mount Winter. Its activities involve capital-intensive exploration and development work as it seeks to progress its assets towards potential commercialisation.

  • Hochschild Mining posts strong first-half earnings as higher costs prompt guidance increase

    Hochschild Mining posts strong first-half earnings as higher costs prompt guidance increase

    Hochschild Mining (LSE:HOC) delivered a substantial improvement in its first-half financial performance, with higher precious metals revenue helping to more than double adjusted EBITDA and strengthening the group’s balance sheet.

    Revenue increased 62% to $844.4 million, while adjusted EBITDA climbed to $491.5 million. Profit before tax reached $365.8 million and basic earnings per share stood at $0.37.

    Strong cash generation allowed Hochschild to move into a net cash position of $51.1 million while retaining significant liquidity. The improvement came despite substantial payments relating to 2025 dividends for shareholders and distributions to its San Jose joint-venture partner.

    The company also increased its interim dividend to 4.0 cents per share, reflecting the stronger financial position.

    Production falls as all-in sustaining costs rise

    Operational performance was more mixed, with attributable production declining to 151,830 gold equivalent ounces during the first half.

    All-in sustaining costs increased to $2,448 per gold equivalent ounce, leading Hochschild to raise its cost guidance for the full year.

    Despite the increase in expected costs, management maintained its existing full-year production and capital expenditure targets.

    Controlling operating costs will therefore remain an important focus during the second half as Hochschild seeks to translate favourable revenue and earnings momentum into continued cash generation.

    Mara Rosa turnaround progresses

    Hochschild said the operational turnaround at its Mara Rosa gold mine in Brazil is progressing according to plan, while work continues on the Monte Do Carmo development project.

    The company is advancing Monte Do Carmo towards an investment decision expected around the end of the year, providing another potential growth catalyst for the portfolio.

    Exploration activity is continuing across the group’s assets as Hochschild looks to extend mine lives and identify additional resources capable of supporting longer-term production.

    Safety and sustainability performance remains mixed

    Hochschild reported improvements across several environmental, social and governance indicators, including better overall safety rates and incremental progress in water efficiency, recycling and workforce diversity.

    However, the period was overshadowed by a fatality at the Inmaculada operation in Peru, highlighting the continuing importance of safety performance across the group’s mines.

    The company’s wider investment outlook is supported by its improved financial performance, stronger margins and positive free cash flow, although historical volatility in earnings and cash generation remains a consideration.

    Share-price technical indicators are broadly constructive, reflecting a strong upward trend and positive MACD. However, elevated RSI and stochastic readings suggest the shares may be overbought in the near term.

    Valuation also presents a potential headwind, with a price-to-earnings ratio of approximately 21.8 times and a dividend yield of around 0.69%.

    More about Hochschild Mining

    Hochschild Mining is a London-listed precious metals producer focused on the exploration, mining, processing and sale of gold and silver across the Americas.

    The group’s operating portfolio includes the Inmaculada underground mine in southern Peru, the San Jose underground operation in southern Argentina and the Mara Rosa open-pit gold mine in Brazil.

    Alongside its producing assets, Hochschild maintains a portfolio of exploration and development projects intended to support future production and extend its presence in the precious metals sector.

  • Rockhopper Exploration reports major Sea Lion valuation increase in updated reserves study

    Rockhopper Exploration reports major Sea Lion valuation increase in updated reserves study

    Rockhopper Exploration (LSE:RKH) has published an updated independent technical assessment of the Sea Lion oil field, showing increased gross resource volumes and higher net present valuations compared with the previous evaluation.

    The report was prepared by independent petroleum consultancy NSAI and incorporates revised development plans alongside updated assumptions for future oil prices. Rockhopper holds a 35% working interest in Sea Lion, its principal asset in the North Falkland Basin.

    The latest assessment provides updated reserves, contingent resources and economic estimates prepared in accordance with Petroleum Resources Management System guidelines.

    Revised development plan adds around $788 million to Rockhopper valuation

    The report incorporates an accelerated development strategy for Sea Lion’s Central Development Area using the OSX-1 floating production, storage and offloading vessel.

    Under the revised assumptions, the combined 2P reserves and 2C contingent resources attributable to Rockhopper show an approximately $788 million increase in net present value compared with the previous assessment.

    The uplift reflects changes to the planned development configuration, resource estimates and economic assumptions and reinforces Sea Lion’s importance as the company’s primary source of potential long-term value.

    The updated figures also provide a more detailed assessment of the economic potential associated with the phased development of the field.

    Contingent resources offer additional development potential

    Economic modelling of contingent resources classified as development pending indicates substantial potential cash flows attributable to Rockhopper after Falkland Islands taxation.

    Both undiscounted cash-flow estimates and NPV10 calculations point to significant potential value if these resources are successfully converted into producing reserves through subsequent development phases.

    The higher valuations could also strengthen Rockhopper’s position as it progresses financing arrangements and works with its partners on the next stages of Sea Lion’s development.

    Further conversion of resources and execution of the planned development programme will remain important factors in determining how much of the project’s estimated economic value can ultimately be realised.

    Sea Lion remains central to Rockhopper investment case

    The updated independent assessment provides additional support for the value of Rockhopper’s 35% Sea Lion interest, but the company’s broader financial profile remains mixed.

    Operating performance has historically been inconsistent, with negligible revenue and recurring operating losses. Share-price technical indicators are also currently weak, with the stock below important moving averages, negative MACD and depressed momentum readings.

    Positive operating and free cash flow during 2024 and 2025 and a balance sheet with a reasonable level of equity backing provide some support. However, increasing leverage and continued volatility in the company’s fundamentals remain considerations for investors.

    As a result, progress towards developing Sea Lion and converting its substantial resource base into producing assets remains central to Rockhopper’s longer-term outlook.

    More about Rockhopper Exploration

    Rockhopper Exploration is a UK-based oil and gas exploration and production company focused primarily on the Falkland Islands. Its shares trade on AIM under the ticker RKH.

    The company holds a 35% interest in licences covering the North Falkland Basin, where its principal asset is the Sea Lion oil field. Discovered in 2010, Sea Lion has progressed towards development following years of technical, commercial and financing work.

    Rockhopper’s strategy centres on bringing Sea Lion into production through phased development of the Central and Northern Development Areas, using leased FPSO infrastructure to commercialise the field’s offshore oil resources.

  • Andrada Mining reports high-grade lithium intercepts at Namibia’s Lithium Ridge

    Andrada Mining reports high-grade lithium intercepts at Namibia’s Lithium Ridge

    Andrada Mining (LSE:ATM) has reported its fourth batch of diamond drilling results from the Lithium Ridge project in Namibia, providing further evidence of high-grade lithium mineralisation extending both along strike and at depth.

    Among the standout results was drill hole LRD097, which intersected 24.08 metres grading 2.00% Li2O. The company said the latest drilling demonstrates a strengthening grade profile as exploration continues at the project in partnership with SQM.

    The results add to Andrada’s understanding of the scale and continuity of the mineralised pegmatite system and provide further technical information for evaluating Lithium Ridge’s resource potential.

    Tin and tantalum add polymetallic potential

    In addition to lithium, the latest drilling identified consistent enrichment in tin and tantalum across the pegmatites.

    Reported intersections included 7.49 metres grading 0.44% tin and containing 134 parts per million tantalum, highlighting the potential for Lithium Ridge to produce multiple commercially valuable metals.

    Andrada believes these additional commodities could strengthen the economics of the project by providing supplementary revenue streams and potentially reducing the effective cost of lithium production.

    The polymetallic characteristics also differentiate Lithium Ridge from projects focused solely on lithium and support Andrada’s broader strategy of developing a diversified portfolio of critical mineral assets in Namibia.

    Drilling confirms mineralisation at depth

    The current exploration programme is designed primarily to test the down-dip continuity of pegmatite swarms that have been identified at surface.

    Results so far indicate that the mineralised bodies continue at depth while retaining robust lithium grades. Lithium mineralisation is predominantly hosted within spodumene, an important hard-rock source of lithium used in battery supply chains.

    Assays from the drilling programme are being completed by independent certified laboratories, providing additional confidence in the geological data being generated as Andrada builds its understanding of the deposit.

    Continued positive drilling results could support the expansion and definition of Lithium Ridge as an increasingly significant component of the company’s wider critical metals portfolio.

    Financial performance remains a challenge

    While exploration progress at Lithium Ridge provides a potential catalyst, Andrada’s broader outlook remains constrained by its financial performance.

    The company continues to report losses and negative operating and free cash flow despite growth in revenue. Share-price technical indicators also remain under pressure, reflecting a broader downtrend and negative momentum.

    Conventional valuation measures offer limited support while earnings remain negative and no dividend yield is available. As a result, further exploration success, resource development and progress with strategic partners remain important factors for the company’s longer-term investment case.

    More about Andrada Mining

    Andrada Mining Limited is a Namibia-focused tin producer and critical minerals developer with a portfolio spanning tin, lithium and tantalum assets. The company is listed on AIM and the OTCQB market.

    Its Lithium Ridge project is being advanced alongside SQM International as Andrada expands its exposure to battery metals while maintaining its established tin operations.

    The company’s strategy centres on developing polymetallic resources capable of generating multiple commodity revenue streams. Its combination of producing tin operations and exploration-stage lithium pegmatites also creates potential opportunities to incorporate co-products such as tantalum into existing or future processing operations.

    Through this diversified approach, Andrada aims to establish itself as a significant supplier to global critical mineral markets while supporting Namibia’s growing role in international metals supply chains.

  • TPXimpact secures £24 million of UK public sector digital transformation work

    TPXimpact secures £24 million of UK public sector digital transformation work

    TPXimpact Holdings (LSE:TPX) has secured an additional £24 million of digital transformation work across two major UK public sector organisations, strengthening its order book and extending relationships with government and cultural institutions.

    The largest award is a £19 million increase to the company’s strategic delivery partnership with HM Land Registry, accompanied by a one-year contract extension that will take the engagement through to May 2028.

    The additional funding follows work between TPXimpact and HM Land Registry to modernise casework systems and support the organisation’s transition towards a digital-first operating model.

    HM Land Registry partnership extended to 2028

    The expanded agreement reflects HM Land Registry’s continued investment in its digital transformation programme and provides TPXimpact with greater visibility over future work.

    TPXimpact has been working alongside the organisation to improve and modernise the technology underpinning its casework operations. The £19 million uplift and extension indicate continued confidence in the delivery partnership and its progress to date.

    The contract will now run for an additional year, extending the relationship through to May 2028.

    Manifesto wins £5 million British Library contract

    Separately, TPXimpact’s Manifesto digital experience agency has secured a £5 million contract with the British Library.

    Manifesto will support the British Library’s Future Web Programme over an initial 30-month period, providing agile digital product development and enhancement services across the institution’s online estate.

    The award expands TPXimpact’s involvement with prominent UK cultural organisations and further demonstrates its ability to deliver digital services across different areas of the public sector.

    Together, the HM Land Registry and British Library agreements represent £24 million of additional contracted work and strengthen the group’s position as a digital transformation partner to major UK institutions.

    Improving financial momentum supports outlook

    TPXimpact’s outlook is supported by improving cash generation and lower debt, alongside the additional revenue visibility provided by recent contract awards.

    Share-price technical indicators have also strengthened, with the stock trading well above key moving averages and MACD remaining positive.

    However, the company’s longer-term financial record remains a consideration, with several years of reported net losses weighing on its fundamental profile. Negative earnings also mean conventional price-to-earnings valuation measures offer limited support.

    Continued contract wins, improved cash flow and further progress in reducing debt will therefore be important factors in demonstrating that recent operational momentum can translate into sustained profitability.

    More about TPXimpact Holdings PLC

    TPXimpact Holdings PLC is a UK-based technology-enabled services group specialising in people-focused digital transformation, with a significant presence across the public sector.

    The company provides digital, data and technology services designed to modernise organisations, improve public services and enhance user experiences. Its operations include Manifesto, a digital experience agency delivering product development and transformation services to government bodies, cultural organisations and other institutions.

  • Applied Nutrition raises FY26 guidance as revenue and earnings accelerate

    Applied Nutrition raises FY26 guidance as revenue and earnings accelerate

    Applied Nutrition (LSE:APN) expects to deliver full-year revenue and adjusted EBITDA ahead of market forecasts after strong demand across its geographic markets and sales channels drove substantial growth during FY26.

    For the year ended 31 July 2026, revenue is expected to reach approximately £160 million, representing growth of around 50%. Adjusted EBITDA is forecast to increase by about 40% to £43.3 million, with both figures exceeding previous market expectations.

    The sports nutrition group ended the financial year with net cash of £15.9 million despite completing the Nutrablend asset acquisition and investing further in production capacity. The position reflects continued strong cash generation while the business expands its manufacturing capabilities.

    FY27 forecasts point to further double-digit growth

    Applied Nutrition expects its growth trajectory to continue into FY27, forecasting revenue of approximately £205 million and adjusted EBITDA of around £49 million.

    The projections imply further double-digit increases in both measures and are ahead of current market consensus, providing additional evidence of management’s confidence in the group’s international expansion strategy.

    Growth in the US is expected to make an increasingly important contribution as Applied Nutrition expands its presence and capacity in the market.

    Higher whey costs expected to put pressure on margins

    Despite the stronger growth outlook, management expects adjusted EBITDA margins to moderate slightly during FY27.

    One factor will be the increasing contribution from US sales, while higher whey protein costs are also expected to affect profitability. The group’s product mix is becoming more heavily weighted towards whey-based products following the successful relaunch of Critical Whey.

    Applied Nutrition will therefore be balancing rapid international growth and rising volumes against input-cost pressures as it seeks to maintain attractive profitability.

    The company’s wider outlook remains supported by strong revenue growth, solid margins, low leverage and healthy free cash flow. Increased guidance, additional US capacity and a significant licensing partnership also provide potential corporate catalysts.

    These strengths are partly offset by weaker near-term share-price momentum and a relatively elevated price-to-earnings multiple, while no dividend yield is currently provided.

    More about Applied Nutrition PLC

    Applied Nutrition plc is a UK-headquartered sports nutrition, health and wellness company that develops and manufactures products for professional athletes, gym users and health-conscious consumers.

    The company primarily operates through a global business-to-business distribution model and offers more than 120 products across four principal ranges. Its products are sold in more than 85 countries, supported by a vertically integrated operating model covering product formulation, manufacturing and international distribution.

  • Kendrick Resources begins metallurgical testing at Teufelskuppe rare earth project

    Kendrick Resources begins metallurgical testing at Teufelskuppe rare earth project

    Kendrick Resources (LSE:KEN) has started metallurgical test work on mineralisation from its Teufelskuppe rare earth project in Namibia as it advances technical studies aimed at determining the project’s development potential.

    The company has appointed German specialist consultancy Anzaplan to undertake Mineral Liberation Analysis on bulk samples from the Bonya project. The programme will assess the potential recovery of light rare earth oxides and provide information needed to develop and optimise a suitable processing flowsheet.

    The metallurgical programme is being supported by detailed petrological studies, with results expected to contribute to further technical work as Kendrick progresses Teufelskuppe, or TK, according to its existing development schedule.

    Teufelskuppe targets neodymium and praseodymium resources

    The TK carbonatite complex contains predominantly light rare earth elements, including neodymium and praseodymium, which are important materials for permanent magnets used across electric vehicles, renewable energy systems and advanced technologies.

    According to recent industry research cited by the company, the grades identified at the project place its rare earth endowment within the upper quartile globally when compared with major producing operations.

    Kendrick is continuing drilling designed to support JORC 2012 certification of an initial 14 million-tonne surface mineral resource.

    Exploration results have also indicated that mineralisation could continue at depth, suggesting the initial surface estimate may represent only part of the project’s overall resource potential.

    Resource certification and metallurgy advance in parallel

    By progressing metallurgical testing alongside resource drilling, Kendrick is seeking to establish both the scale of the Teufelskuppe deposit and a technically viable route for recovering its rare earth minerals.

    Successful completion of these programmes would provide important information for subsequent development studies and help determine the project’s potential as a future commercial source of rare earth elements.

    The work comes as industrialised economies seek to diversify critical mineral supply chains, particularly for materials required by renewable energy, electric vehicles, defence systems and other high-technology industries.

    If successfully developed, Teufelskuppe could strengthen Kendrick’s position in the rare earth sector while potentially establishing Namibia as an important source of newly developed rare earth supply.

    Exploration catalysts offset financial pressures

    Kendrick’s ongoing drilling, metallurgical work and progress towards resource certification provide potential catalysts as the company advances Teufelskuppe.

    However, its broader outlook remains constrained by weak financial fundamentals, including the absence of revenue, continuing losses and negative cash flow. Negative equity and a significant contraction in assets also weigh on the balance-sheet position.

    Technical indicators are more supportive, with the shares trading above major moving averages and displaying positive momentum. Recent exploration developments and funding progress provide additional support, although negative earnings and the absence of a dividend limit the usefulness of conventional valuation measures.

    More about Kendrick Resources PLC

    Kendrick Resources Plc is a mineral exploration and development company focused on acquiring and advancing resource projects through exploration, technical studies and development.

    Its strategy includes progressing assets towards production through joint ventures, other development arrangements or potential disposals. The company’s board has extensive experience in southern Africa, where Kendrick’s portfolio includes the Bonya rare earth project in Namibia and the Blue Fox licence in northwest Zambia.

    The Teufelskuppe project targets rare earth-bearing carbonatite mineralisation and currently has a provisional 14 million-tonne surface mineral resource estimate being advanced towards JORC 2012 compliance.

    Early drilling and channel sampling indicate both lateral and vertical continuity of rare earth mineralisation, providing scope for the project’s resource base to extend beyond the currently identified surface mineralisation.