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  • Ferrari shares slide after debut of Luce electric supercar (RACE)

    Ferrari shares slide after debut of Luce electric supercar (RACE)

    Shares in Ferrari N.V. (BIT:RACE) dropped more than 6% in Milan trading on Tuesday after the company introduced the Luce, its first fully electric vehicle, which carries a starting price of €550,000 and is scheduled for customer deliveries from the fourth quarter of 2026.

    Ferrari unveils first fully electric model

    The Luce is a four-door, five-seat performance car created in collaboration with LoveFrom, the design studio led by former Apple design chief Jonathan Ive.

    Ferrari chief executive Benedetto Vigna described the project as “the result of five years of work” and said it sits “at the heart of an ecosystem of collaborations with outstanding technology partners.”

    The model uses four electric motors, one powering each wheel, producing more than 1,000 horsepower. Ferrari said the vehicle can exceed 310 kilometres per hour and offers a driving range of more than 500 kilometres.

    The car weighs over 2.2 tonnes and is built around a 122kWh battery pack using an 800-volt architecture. Ferrari added that more than 60 new patents were submitted during the vehicle’s development.

    Ferrari targets new customer base with EV strategy

    According to Ferrari, a significant proportion of Luce buyers are expected to be customers new to the marque.

    Chief marketing and commercial officer Enrico Galliera called the car “absolutely stunning” and said it was designed for clients “who are still looking for something completely different, to be used in different moments of life.”

    The company also signalled plans to expand further in markets including China, where electric vehicles are already widely adopted and large petrol-powered vehicles are subject to high taxation.

    Luxury interior combines technology with physical controls

    The cabin was developed alongside LoveFrom and long-time Apple supplier Corning Incorporated. Features include a dashboard machined from a single block of aluminium, a glass centre console produced by Corning and a 21-speaker sound system delivering 3,000 watts through Ferrari-developed software.

    Ferrari retained traditional physical controls within the cabin, differentiating the Luce from rivals that rely more heavily on touchscreen-based interfaces.

    Lightweight construction and new engineering platform

    Ferrari said 75% of the Luce’s chassis is made from recycled aluminium, while the car’s centre of gravity sits 95 millimetres lower than the Purosangue SUV.

    Head of vehicle engineering Matteo Lanzavecchia stated that “95 per cent of the components are new.”

    The company also confirmed it will continue offering models powered by six-cylinder, eight-cylinder and V12 combustion engines alongside the new electric range.

  • FTSE 100 rises as Iran negotiations ease market nerves despite renewed oil price spike

    FTSE 100 rises as Iran negotiations ease market nerves despite renewed oil price spike

    UK equities moved higher on Tuesday as optimism surrounding potential ceasefire negotiations between the United States and Iran helped improve investor sentiment, offsetting renewed strength in oil prices that pushed Brent crude back towards the $100-a-barrel mark.

    The FTSE 100 advanced 0.75%, outperforming weaker European counterparts. Germany’s DAX fell 0.28%, while France’s CAC 40 declined 0.38%. Sterling weakened 0.21% against the dollar to $1.3473 as of 07:15 GMT.

    Oil rebounds as tensions remain high around Strait of Hormuz

    Brent crude rose more than 2% after partially retreating in the previous session, following confirmation from U.S. Central Command that American forces had carried out “self-defence strikes” targeting Iranian missile launch facilities and boats operating near the Strait of Hormuz.

    Iran has effectively restricted almost all non-Iranian shipping traffic through the strategic waterway since the outbreak of hostilities, disrupting roughly one-fifth of global oil and liquefied natural gas flows.

    A report from Nikkei indicated that Iran had agreed in principle to remove naval mines from the strait within 30 days under a developing memorandum of understanding tied to ceasefire discussions.

    UK inflation pressures persist as retail prices climb

    Data from the British Retail Consortium showed UK shop price inflation accelerated to 1.2% in May from 1.0% in April, driven by supply chain disruption linked to the conflict and higher energy costs.

    Furniture as well as health and beauty products recorded some of the strongest price increases as businesses faced rising raw material and transport expenses. Food inflation, however, eased to a one-year low of 2.7%.

    The BRC urged the UK government to take further action to reduce cost pressures facing retailers and consumers.

    Diplomatic signals remain mixed

    On the diplomatic front, Donald Trump stated on Truth Social that Iran’s enriched uranium would either be transferred to the United States “to be brought home and destroyed” or eliminated locally “in conjunction and coordination” with Tehran.

    A U.S. official later confirmed that Iran had agreed in principle to those terms. However, Iranian Foreign Ministry spokesman Esmaeil Baqaei warned that “the frequent changes in the positions of American officials complicate every negotiation.”

    Meanwhile, U.S. Secretary of State Marco Rubio said any agreement could still “take a couple days,” tempering expectations of an immediate breakthrough.

    UK market round-up

    Kingfisher plc (LSE:KGF) reported a 0.7% decline in first-quarter underlying sales amid subdued home improvement demand but maintained its full-year profit guidance, citing resilient performance across core categories despite weaker seasonal trading caused by a delayed start to spring.

  • easyJet faces Italian antitrust investigation over baggage booking practices (EZJ)

    easyJet faces Italian antitrust investigation over baggage booking practices (EZJ)

    easyJet (LSE:EZJ) is under investigation by Italy’s antitrust authority over alleged unfair commercial practices connected to baggage service bookings on its digital platforms.

    The Italian regulator said the airline’s website and mobile application automatically presented bundled baggage and sports equipment check-in options for return journeys as the default selection during the booking process.

    According to the authority, customers were shown only the average total price for the service, even in situations where travellers intended to purchase baggage options for just one segment of their trip.

    Probe to assess compliance with Italian consumer rules

    The investigation will focus on whether easyJet’s booking practices comply with consumer protection regulations in Italy, particularly regarding pricing transparency and the presentation of optional services.

    Italian authorities are examining whether the platform design may have influenced customer purchasing decisions by making bundled return-trip services appear as the standard option.

    Regulatory scrutiny continues across airline sector

    The probe reflects ongoing regulatory attention across Europe on how airlines market ancillary services such as baggage, seat selection and additional travel extras through online booking systems.

    Any findings against the airline could potentially result in corrective measures or financial penalties, depending on the outcome of the investigation.

    More about easyJet

    easyJet is a UK-based low-cost airline operating short-haul passenger services across Europe and neighbouring regions. The company serves a large network of leisure and business destinations through its fleet of Airbus aircraft and generates additional revenue through ancillary services including baggage, seat selection and holiday packages.

  • KEFI strengthens Tulu Kapi financing as it prepares for London Main Market transition (KEFI)

    KEFI strengthens Tulu Kapi financing as it prepares for London Main Market transition (KEFI)

    KEFI Gold and Copper plc (LSE:KEFI) has appointed Stifel Nicolaus Europe as financial adviser and joint broker, with the firm also expected to act as sponsor for KEFI’s planned move to the Main Market of the London Stock Exchange in 2027.

    The appointment reflects the company’s ambition to expand its investor base and raise its market profile as development of the Tulu Kapi Gold Project in Ethiopia moves closer to production.

    Tulu Kapi development milestones remain on schedule

    KEFI said implementation milestones at the Tulu Kapi project are currently progressing on or ahead of schedule, with commissioning targeted from late 2027 and full-scale production expected by mid-2028.

    The company has advanced a range of critical development activities, including detailed engineering work, procurement of long-lead items such as the SAG mill, community resettlement programmes, grid power connection infrastructure and access road construction.

    Major EPCM and mining contracts have also either been finalised or significantly progressed, which management said reinforces operational readiness ahead of full construction.

    Funding structure revised to improve flexibility

    KEFI has strengthened the project’s capital structure by replacing a proposed US$15 million short-term working capital facility with an equivalent amount of long-term subsidiary-level equity-ranking capital.

    The revised package includes Ethiopian preference shares and a gold royalty arrangement involving specialist financing partners. According to the company, the new structure preserves project net present value and cash flow metrics while improving balance sheet flexibility and maintaining access to standby liquidity through the still-undrawn working capital facility.

    Drawdown of senior project debt is planned for the third quarter of 2025, with management stating that the timing is intended to reduce financing costs without affecting the construction timetable.

    The company believes the updated financing framework, alongside secured principal contracts and plans for a Main Market listing, strengthens the overall investment case for Tulu Kapi while reducing execution risk and improving institutional appeal.

    Financial profile remains the main constraint

    KEFI’s outlook continues to be constrained by weak financial fundamentals, including the absence of revenue generation, ongoing losses and continued cash burn.

    However, technical indicators remain relatively supportive, with the shares trading above key moving averages and accompanied by a positive MACD signal. Valuation metrics remain challenging due to negative earnings and the absence of a stated dividend yield.

    More about KEFI Gold and Copper plc

    KEFI Gold and Copper plc is a mineral exploration and development company focused on gold and copper assets in Ethiopia and Saudi Arabia. Listed on London’s AIM market, the company is advancing the high-grade Tulu Kapi Gold Project in Ethiopia with the aim of becoming a significant regional precious metals producer through future commercial production.

  • Anglo Asian Mining returns to profit as new copper operations drive 2025 growth (AAZ)

    Anglo Asian Mining returns to profit as new copper operations drive 2025 growth (AAZ)

    Anglo Asian Mining (LSE:AAZ) described 2025 as a transformational year after bringing both the Gilar underground copper-gold mine at Gedabek and the Demirli open-pit copper mine in the Karabakh region into production.

    The expansion significantly increased output, with the company producing 25,061 ounces of gold and 7,915 tonnes of copper during the year. Supported by higher production levels and favourable metals prices, revenue rose to $122.8 million while the group returned to a pre-tax profit of $25.8 million.

    The stronger performance also restored the company to a positive net cash position and enabled the reinstatement of a final dividend for 2025.

    Copper production and project pipeline continue to expand

    Copper concentrate shipments increased sharply to 29,695 dry metric tonnes, generating sales valued at $54.5 million. Management said production in the opening months of 2026 has continued in line with expectations as the Demirli operation progresses through its ramp-up phase.

    The company reaffirmed its production guidance for 2026 and highlighted ongoing development work across several growth projects, including Xarxar and Garadag, alongside additional tailings storage capacity initiatives at Gedabek.

    Management stated that these projects support Anglo Asian Mining’s strategy of evolving into a predominantly copper-focused producer with a broader multi-asset growth portfolio.

    Technical momentum offsets weaker financial indicators

    Despite the operational improvements, the company’s broader outlook continues to face pressure from weaker financial performance metrics, including declining revenue trends, negative margins and deteriorating free cash flow in previous periods.

    Valuation metrics also remain difficult to assess due to negative earnings history. However, these concerns are partly balanced by a strong technical market profile, with the shares trading above all major moving averages and supported by positive momentum indicators.

    More about Anglo Asian Mining

    Anglo Asian Mining is an AIM-listed mining company producing gold, copper and silver in Azerbaijan. The business is transitioning towards becoming a copper-focused, multi-asset mid-tier miner by leveraging infrastructure within its Gedabek contract area while expanding development activity across larger brownfield copper projects in the Karabakh region.

  • Wishbone Gold acquires high-grade Silver Lake project and prepares 2026 drilling campaign (WSBN)

    Wishbone Gold acquires high-grade Silver Lake project and prepares 2026 drilling campaign (WSBN)

    Wishbone Gold Plc (LSE:WSBN) has completed the acquisition of the high-grade Silver Lake silver project in Western Australia after exercising its exclusive option over the asset.

    The transaction was completed through the issue of 3,571,777 new shares, valuing the acquisition at approximately £1.04 million. The Silver Lake project covers around 422 square kilometres within the Carnarvon Basin and contains extensive shallow silver mineralisation spread across a 35-kilometre corridor.

    Management highlighted historical high-grade rock chip sampling and drilling results as encouraging indicators of the project’s exploration potential, while also noting the asset benefits from year-round accessibility and proximity to major transport infrastructure.

    Exploration activities set to begin in 2026

    Wishbone Gold has outlined an initial work programme for the newly acquired project, beginning with the appointment of Apex Geoscience to reinterpret historical geological and exploration data.

    Field crews are expected to mobilise in June, with the company targeting a drilling campaign during the third quarter of 2026 using auger or air-core drilling rigs.

    The acquisition expands Wishbone’s exposure within the precious metals sector and strengthens its pipeline of exploration assets in Western Australia, a globally recognised mining jurisdiction. Following the share issuance, the company’s total voting share capital has increased to 37,972,215 shares, resulting in modest dilution for existing shareholders.

    Financial weaknesses continue to weigh on outlook

    Wishbone Gold’s outlook remains constrained by weak financial fundamentals, including its pre-revenue status, ongoing losses and continued negative free cash flow, although management noted some operational improvement.

    Technical indicators remain mixed, with momentum readings broadly neutral and no clearly established market trend. Valuation support is also limited due to negative earnings and the absence of dividend yield data.

    More about Wishbone Gold

    Wishbone Gold Plc is a precious metals exploration company listed on both London’s AIM market and the Aquis Exchange. The business focuses on gold and silver exploration projects in Western Australia and is building a broader portfolio of assets, including the Red Setter project, to benefit from rising demand for metals linked to technology development and the global energy transition.

  • Tern increases Talking Medicines exposure through new convertible loan note investment (TERN)

    Tern increases Talking Medicines exposure through new convertible loan note investment (TERN)

    Tern plc (LSE:TERN) has expanded its investment in portfolio company Talking Medicines by receiving approximately £270,000 in new unsecured convertible loan notes.

    The new notes were issued in exchange for the cancellation of roughly £87,000 of existing debt alongside around £48,000 of additional funding provided by Tern, financed through proceeds from its recent open offer. The loan notes carry annual interest of 10% and are convertible at a 20% discount in the event of a qualifying fundraising or exit transaction.

    Following the latest investment, Tern’s total convertible loan note exposure to Talking Medicines has increased to approximately £0.79 million, while its equity ownership remains unchanged at 23.8%.

    Investment reflects confidence in portfolio company growth

    Management said the additional funding underlines Tern’s confidence in the future development potential of Talking Medicines despite the portfolio company’s historical losses and net liability position.

    Talking Medicines uses artificial intelligence and advanced data science tools to extract strategic insights from conversational healthcare data, helping healthcare advertising agencies improve decision-making and productivity in the global healthcare marketing sector.

    Tern stated that the strengthened funding position is expected to support Talking Medicines as it continues to scale its commercial strategy and expand within the multi-billion-dollar healthcare advertising market.

    Weak financial profile continues to weigh on outlook

    Tern’s overall outlook remains constrained by weak financial performance, including a sharp contraction in revenue, significant losses and persistent negative operating and free cash flow.

    Technical indicators also continue to reflect a broader downtrend, although some early signs of stabilisation in oversold conditions have emerged. Valuation support remains limited due to negative earnings and the absence of dividend yield data.

    More about Tern plc

    Tern plc is an AIM-quoted investment company specialising in early-stage, high-growth Internet of Things and disruptive technology businesses. One of its key portfolio investments, Talking Medicines, applies artificial intelligence and data science to analyse conversational healthcare data and provide strategic intelligence to healthcare advertising agencies serving pharmaceutical clients in a market estimated to be worth more than US$23 billion.

  • MTI Wireless Edge reports higher Q1 profit as defence and water businesses support growth (MWE)

    MTI Wireless Edge reports higher Q1 profit as defence and water businesses support growth (MWE)

    MTI Wireless Edge (LSE:MWE) delivered a strong opening quarter for 2026, reporting a 6% increase in revenue to $12.8 million and a 21% rise in operating profit to $1.5 million.

    Net profit for the quarter climbed 18% to $1.2 million, while earnings per share advanced by the same percentage. The company also maintained a solid net cash position of $8.5 million, supported by strong prior-period cash collection and a healthy balance sheet.

    Defence and water divisions offset softer Indian 5G demand

    Trading performance varied across MTI’s operating divisions during the quarter. The Antenna business experienced weaker sales of E-band 5G backhaul equipment in India, although this was partly offset by increasing demand from global defence customers and a growing military order backlog.

    Meanwhile, the company’s Water Control & Management division, operated through the Mottech brand, recorded a 19% rise in revenue driven by strong international demand.

    The Distribution & Professional Consulting Services unit also delivered solid growth, with revenue increasing 20% alongside a strengthening order backlog. MTI added that approximately $9 million of new defence-related contracts secured in the early part of the second quarter position the group for continued expansion through the remainder of 2026.

    Strong balance sheet and valuation support outlook

    MTI Wireless Edge’s outlook continues to benefit from strong financial quality, particularly its low leverage levels and stable profitability profile. The company’s valuation is also viewed favourably, supported by a relatively low price-to-earnings ratio and an attractive dividend yield.

    These positives are partly balanced by mixed technical indicators, with shorter-term market weakness contrasting against a more supportive longer-term trading trend.

    More about MTI Wireless Edge

    MTI Wireless Edge is an Israel-based technology company focused on communication and radio frequency solutions across three core divisions: Antennas, Water Control & Management, and Distribution & Professional Consulting Services. The group supplies advanced antenna systems for military, broadband and 5G markets, provides Mottech-branded irrigation and water distribution management systems, and delivers RF and microwave components and integrated solutions primarily to defence and government customers.

  • Kendrick Resources secures £1.76m to advance Bonya rare earth project and broader growth strategy (KEN)

    Kendrick Resources secures £1.76m to advance Bonya rare earth project and broader growth strategy (KEN)

    Kendrick Resources PLC (LSE:KEN) has raised £1.76 million through a placing and share subscription programme priced at 7 pence per share.

    The fundraising attracted support from company directors, a US-managed investment fund, a US family office and existing shareholders. Including consultant shares and warrants, the transaction will expand Kendrick’s issued share capital to 402,057,620 shares, subject to admission to trading on the London Stock Exchange’s Main Market.

    Funding to support Bonya development and strategic expansion

    The proceeds will primarily be directed toward advancing the Bonya Rare Earth project in Namibia, where drilling activities are currently progressing with the objective of delivering a maiden JORC-compliant resource estimate by the end of the third quarter of 2026.

    Kendrick also plans to use the new capital to support its recently announced strategic development programme and provide additional working capital as the company expands its critical minerals portfolio.

    Management noted that participation from directors, the settlement of consultant fees through shares and the placing price being set at a modest premium to the recent market bid price collectively demonstrate internal confidence in the company’s growth plans while strengthening the balance sheet.

    Weak financial profile remains a key challenge

    Kendrick Resources’ outlook continues to be constrained by weak underlying financial fundamentals, including the absence of revenue, recurring losses, negative cash flow and a significantly weakened balance sheet characterised by negative equity.

    However, technical indicators remain notably positive and provide some support for investor sentiment. Valuation metrics are more difficult to assess due to ongoing losses and the lack of dividend payments.

    More about Kendrick Resources PLC

    Kendrick Resources PLC is a London-listed mineral exploration and development business focused on strategic commodity projects, including rare earth opportunities such as the Bonya project in Namibia. The company operates within the critical minerals sector, targeting resource development opportunities intended to expand its portfolio and support long-term shareholder value creation.

  • Ariana Resources issues second CDI tranche under Xinhai strategic investment agreement (AAU)

    Ariana Resources issues second CDI tranche under Xinhai strategic investment agreement (AAU)

    Ariana Resources (LSE:AAU) has completed the second tranche of CHESS Depositary Interests (CDIs) under its strategic investment agreement with Hongkong Xinhai Mining Services and Hongmen Capital.

    The latest tranche includes 3,333,333 CDIs and 1,666,667 CDI options issued to Xinhai, alongside 133,333 CDIs and 66,667 CDI options allocated to Hongmen. All securities were priced at A$0.30 per CDI as part of the broader strategic partnership aimed at strengthening Ariana’s financial position and deepening ties with a global mining solutions provider.

    AIM share issuance supports expanded capital structure

    To facilitate the Tranche 2 CDI issuance, Ariana has applied for the admission of 34,666,660 new ordinary shares to trading on AIM, with admission expected to take effect around 1 June 2026.

    Following completion, the company’s issued share capital will increase to 2,690,813,352 ordinary shares. Management said the enlarged capital base clarifies updated shareholder voting rights and may help improve liquidity while broadening the company’s investor reach.

    Financial fundamentals remain the key constraint

    Ariana Resources’ outlook continues to be shaped by weak operating fundamentals, including the absence of revenue generation, recurring losses and ongoing negative operating and free cash flow, factors that continue to raise sustainability concerns.

    However, the company’s relatively low-leverage balance sheet provides some support. Technical indicators are viewed as broadly neutral, while valuation metrics remain stretched due to a high price-to-earnings ratio and the lack of dividend yield support.

    More about Ariana Resources

    Ariana Resources is a mineral exploration and development group focused on gold project interests across Africa and Europe. Listed on both AIM and the ASX, the company is involved in the advancement and expansion of precious metals assets in a combination of emerging and established mining jurisdictions.