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Ajax Resources PLC (AQSE:AJAX) announced the acquisition of a majority interest in the Paguanta silver-zinc-lead project in Chile, a former producing mine with approximately US$32m of historical investment.

Ippolito Ingo Cattaneo, CEO: “We believe Paguanta represents a highly compelling opportunity for Ajax. It is a former producing silver mine in one of the world’s leading mining jurisdictions, benefiting from approximately US$32 million of historical investment and an established historical JORC-compliant Mineral Resource. The global economy is entering a veritable metals super-cycle, driven by electrification, infrastructure investment and energy security, and against this backdrop, silver and copper are particularly attractive commodities for Ajax.” Read more

Cooks Coffee Company Limited (AQSE:COOK) reported a positive trading update for the three months ended 30 June 2026 (“Q1 FY27”) with Group systemwide store sales in the UK and Ireland up 14%. The Group also outperformed the wider UK branded coffee market, increasing its UK store estate by 14.9% against a market-wide outlet growth of 3.5%.

Keith Jackson, Executive Chairman: “We are pleased to report another period of positive trading. We have made a positive start to the new financial year and remain confident in the Group’s opportunities for further growth across both existing and new locations.” Read more

Oberon Investments Group plc (AQSE:OBE) reported record revenues of £11.7m for the year ended March 2026, up 24.7% on the prior year.

Simon McGivern, CEO: “FY26 was an important year for Oberon. Revenues increased by nearly 25% to a record £11.7m and client assets grew to more than £1.4bn. As revenues continue to increase, we expect a growing proportion of that incremental income to translate into earnings. We expect revenues to exceed £14m in FY27.” Read more

The company also raised £1.4m through a share subscription. Read more

Adsure Services PLC (AQSE:ADS) reported final results for the year ended March 2026, with profit before tax up 22.7% to £1m and EBITDA growing 13% to £1.34m, the third consecutive year of growth.

Kevin Limn, CEO: “With these strong foundations in place, we are now setting out an ambitious new chapter for the Group, transforming Adsure into a leading cluster of specialist, purpose-driven professional services businesses across the UK.” Read more

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Gold remained above $4,500 an ounce on Friday, holding onto a powerful weekly advance as a weaker US dollar and efforts by the US Treasury to reduce longer-term borrowing costs strengthened demand for bullion.

The precious metal has risen roughly 4% this week and is heading towards a third consecutive weekly gain. Gold has also advanced more than 11% since the start of August.

At 01:32 ET (05:32 GMT), spot gold gained 0.3% to $4,530.95 an ounce, while gold futures climbed 0.3% to $4,587.11. Silver rose 1.0% to $68.79 an ounce and platinum advanced 1.6% to $1,866.01. The US Dollar Index, meanwhile, slipped 0.1% to 98.77.

Lower Treasury yields strengthen gold’s appeal

Bullion has consolidated above the $4,500 threshold after finally breaking through a level that had proved difficult to overcome during its recent recovery. The move extends a substantial rebound from the late-June low of around $3,942 an ounce.

Developments in US government debt markets have been a major driver of the latest rally. The Treasury announced plans this week to double its buybacks of longer-dated securities to at least $4 billion per operation over the next quarter.

The initiative helped push long-term Treasury yields lower, improving the relative attractiveness of gold.

Treasury Secretary Scott Bessent said on Thursday that the government could expand the purchases further, while arguing that current bond yields do not accurately reflect underlying economic fundamentals.

Lower yields typically support gold because bullion does not pay interest. As returns available from government bonds decline, investors sacrifice less income by holding the precious metal instead.

Dollar decline provides another tailwind

The Treasury-driven decline in yields has also contributed to weakness in the US dollar, providing additional support for precious metals.

A softer dollar makes dollar-denominated gold less expensive for buyers using other currencies and can therefore stimulate international demand.

The US currency was on course to lose more than 0.8% over the week as investors reassessed the appeal of American assets amid concerns over government finances and borrowing costs.

Fed policy remains a potential hurdle

US labour-market figures are also influencing expectations for gold. Weekly unemployment claims declined, suggesting employment conditions remain relatively stable despite July’s unexpected deterioration in hiring.

Attention remains firmly on the Federal Reserve as policymakers balance labour-market resilience against persistent inflationary pressure.

According to CME FedWatch, markets currently see around a 64% probability that interest rates will remain unchanged in September and a 36% probability of an increase.

Any renewed tightening could weigh on gold because higher interest rates increase the returns available from interest-bearing assets relative to non-yielding bullion.

Fed officials have also raised questions about the interaction between monetary policy and the Treasury’s debt-management measures, as efforts to reduce long-term yields could loosen financial conditions while the central bank is still attempting to control inflation.

Iran tensions reinforce safe-haven demand

Geopolitical uncertainty provided another source of support after Bessent said Washington planned to impose the “toughest sanctions” in history on Iran.

The Treasury Secretary suggested that stronger economic pressure could reduce the need for further major military action, although continuing tensions surrounding Iran are maintaining investor interest in traditional safe-haven assets.

ANZ analysts also pointed to broader diversification away from the dollar and US assets as an increasingly important factor behind demand for bullion.

With Treasury measures weighing on yields, the dollar under pressure and geopolitical risks remaining elevated, gold has maintained its position above $4,500 as it heads towards another strong weekly performance.

Oil prices edged lower on Friday as traders took some profits following a climb to one-month highs, while markets assessed Washington’s plans to impose its most severe economic sanctions yet on Iran.

Brent crude futures slipped 0.2% to $93.57 a barrel by 04:11 ET (08:11 GMT), while US West Texas Intermediate crude futures declined 0.4% to $86.50 a barrel.

The modest pullback did little to change the broader weekly picture. Crude remained on course for a second consecutive week of substantial gains as the confrontation between the United States and Iran over the Strait of Hormuz continued. Brent was set to advance by more than 5% over the week.

Washington increases economic pressure on Tehran

US President Donald Trump has threatened a new round of stringent economic restrictions against Iran as Washington seeks to pressure Tehran into accepting a peace agreement.

Trump has also warned countries that continue conducting business with Iran that they could face severe economic consequences.

US Treasury Secretary Scott Bessent reinforced the administration’s position on Thursday, saying Iran would face the “toughest sanctions in history.”

Iran has largely dismissed the threat of additional US measures, while China, one of the largest purchasers of Iranian crude, has also opposed further sanctions.

Scope of additional sanctions remains uncertain

Questions remain over what Washington’s latest measures will contain, particularly because Iranian oil exports are already subject to extensive US restrictions.

The United States is also continuing the naval blockade against Iran that was introduced earlier in 2026.

Nevertheless, the increasingly confrontational rhetoric suggests little immediate prospect of a reduction in Middle East tensions, leaving the oil market exposed to continued disruption across the region.

Hormuz disruption keeps oil risk premium elevated

The Strait of Hormuz remains central to the outlook for crude supplies, with shipping data indicating that commercial traffic is still running at only a fraction of levels recorded before the conflict.

The strategically important waterway has emerged as one of the main pressure points in the confrontation between Washington and Tehran, given its importance to global energy shipments.

Iran has indicated that it will continue to keep the strait effectively closed until the United States complies with the conditions of an interim peace agreement signed in June that has since expired.

With commercial shipping severely constrained and no obvious diplomatic resolution emerging, the risk of prolonged supply disruption continues to support crude prices despite Friday’s modest decline.

Business activity across the eurozone expanded at a slightly faster pace in August, supported by a strengthening manufacturing sector, according to preliminary PMI data released by S&P Global.

The S&P Global Flash Eurozone Composite PMI Output Index increased to 52.1 from 52.0 in July, reaching its highest level in nine months. The reading remained above the 50 threshold separating expansion from contraction and marked a second consecutive month of growth in private sector activity.

Manufacturing growth reaches multi-year high

Manufacturing provided the strongest contribution to the improvement, with the Flash Eurozone Manufacturing Output Index rising to 53.4 from 52.9 in July. This was the highest reading in 54 months.

The headline manufacturing PMI also strengthened, climbing to 52.8 from 51.9 and reaching its highest level since May 2022.

Germany was among the strongest contributors to the industrial recovery, with manufacturing production increasing at its fastest rate since January 2022.

Services continued to expand but showed less momentum. The Flash Eurozone Services PMI Business Activity Index remained unchanged at 51.7, indicating another month of modest growth.

New export orders return to growth

Demand conditions improved further during August, with new orders increasing for a second consecutive month.

The pace of growth accelerated to its strongest level in 40 months, providing further evidence of improving demand across the eurozone economy.

International business also showed a notable turnaround. New export orders increased for the first time in four-and-a-half years, ending an extended period of declining overseas demand.

Eurozone employment rises for first time in 2026

Companies increased their workforce during August, marking the first overall rise in employment recorded so far in 2026.

Service providers led the improvement by adding staff, while manufacturers reported a fractional increase in employment.

The manufacturing increase was particularly significant as it brought an end to 38 consecutive months of job reductions across the sector.

Inflationary pressures continue to ease

Cost pressures moderated during the month, with input price inflation slowing to its weakest rate since February.

Businesses also increased their selling prices at a slower pace. Output price inflation eased for a third successive month and reached its lowest level since March.

The moderation was broad-based, with slower selling price increases reported across both manufacturing and services.

Business confidence slips despite stronger activity

Although current business conditions improved, companies became slightly less optimistic about future activity.

Business confidence declined to a three-month low in August, suggesting that uncertainty continues to influence expectations despite the stronger economic data.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said the latest PMI readings were consistent with eurozone GDP expanding by approximately 0.3% during the third quarter.

He identified precautionary inventory building in response to Middle East supply-chain disruptions, stronger demand for AI-related technology products and increased equipment requirements linked to defence spending as factors supporting the manufacturing recovery.

UK retail sales volumes declined in July 2026 as weaker demand across non-food stores and online retailers reversed some of the gains recorded during the previous month, raising concerns that pressure on household finances could weigh on consumer spending in the months ahead.

Overall retail sales volumes fell 0.5% month on month, matching market expectations and marking the first monthly decline since April.

Core retail sales, which exclude automotive fuel, performed more poorly, dropping 0.9% compared with forecasts for a 0.5% decline.

Clothing sales hit by promotions and hot weather

Non-food sales volumes fell 1.3% during July, with clothing retailers among the weakest performers.

Clothing sales dropped 2.7% month on month as promotions encouraged consumers to bring purchases forward into June. Ashley Webb, senior UK economist at Capital Economics, also pointed to unusually hot weather as a factor reducing footfall during July.

Department stores were affected by problems with stock availability, while household goods retailers experienced a slowdown following strong sales during May and June. Furniture demand also weakened after the previous period had benefited from heatwave-related spending.

Food stores performed better, with sales volumes increasing 0.5% during the month as the World Cup and unusually warm weather supported demand. However, this was insufficient to offset the broader weakness in non-food categories.

“Britain’s summer spending spree cooled in July, but the past quarter offered some welcome respite to battered retailers,” said James Bentley, director at Financial Markets Online. “Over the three months to July, sales rose in all retail sectors except fuel. With fuel prices still elevated by the conflict in the Gulf, drivers are cutting back on journeys and deliberately filling up less.”

Three-month retail performance remains stronger

Despite July’s monthly decline, the broader three-month trend remained relatively resilient.

Total retail sales volumes increased 1.1% during the three months to July compared with the three months ending in April. Sales were also 1.6% above their July 2025 level and reached their second-highest point since April 2022.

Bentley said overall sales volumes during the three-month period were 3% higher than a year earlier, describing the performance as “robust.”

Consumer confidence reaches two-year high

Separate consumer confidence figures offered a more encouraging signal, with the GfK index rising to a two-year high of -14 in August from -17 in July.

Capital Economics believes the improvement could contribute to annual retail spending growth accelerating from 1.6% in July to approximately 3% in August.

Webb cautioned, however, that with CPI inflation and unemployment still expected to rise further, any improvement in consumer spending could prove temporary.

Capital Economics continues to forecast growth in overall consumer spending of just 0.7% during 2026.

“The question now is whether the summer surge will fade as quickly as Britons’ suntans,” Bentley said. “Inflation ticked up in July and last month’s dip in spending could presage a wider loss of momentum.”

Online sales retreat after June increase

Online retail sales values fell 3.9% in July compared with June, reversing the previous month’s 2.5% increase.

Despite the monthly decline, online sales remained 6.5% higher than in July 2025.

The proportion of total retail spending conducted online also decreased, falling to 28.3% in July from 29.2% in June.

The figures leave the UK retail sector with a mixed outlook: spending remains stronger over the broader three-month period, but July’s decline and continued inflationary pressure suggest household demand could lose momentum as the year progresses.

Metals Exploration (LSE:MTL) has reported further progress at its La India gold project in Nicaragua, with development remaining on track to deliver first gold production in December 2026.

The company has also secured a US$27 million equipment financing facility from a local bank, with more than US$20 million already drawn. The funding reimburses capital expenditure previously incurred by Metals Exploration and provides a significant boost to the group’s available cash resources as construction advances.

Process plant construction reaches key milestones

Installation of the La India processing plant is approximately halfway complete, with the ball mill now fully installed and the SAG mill prepared for positioning.

Civil engineering works are also well advanced, alongside construction of the project’s tailings storage facilities.

Much of the supporting site infrastructure is approaching completion. Offices, accommodation facilities, water treatment systems and a grid connection are already in place, providing the foundations required for commissioning and eventual production.

Mining activities are progressing alongside construction, supported by an expanding owner-operated fleet of Caterpillar haul trucks and excavators.

Pre-stripping has allowed Metals Exploration to build an ore stockpile of approximately 244,000 tonnes, providing material for the processing plant as commissioning gets under way.

Safety record remains strong during construction

The La India development has accumulated approximately two million working hours without a lost-time injury, maintaining a strong safety performance during a period of intensive construction activity.

Metals Exploration has also energised a 2 MW grid connection and installed backup generation capacity. Completion of the project’s main electrical substation remains targeted for the end of 2026.

Some imported equipment has experienced delays because of international shipping disruption linked to the conflict in Iran. The company is exploring alternative logistics arrangements to reduce the potential impact and preserve the timetable for first production.

Runruno production expected at upper end of guidance

At the group’s producing Runruno gold mine in the Philippines, Metals Exploration expects 2026 output to reach the upper end of its guidance range of 40,000 to 48,000 ounces.

The stronger production outlook is being supported by access to higher-grade ore from the Stage 5 open pit.

Runruno’s near-term cash generation, combined with progress at La India and the additional project financing, supports Metals Exploration’s strategy of expanding gold production across its two operating jurisdictions.

Financial position supports growth strategy

Metals Exploration’s broader outlook benefits from strong financial performance, including revenue growth, healthy margins and a balance sheet that has been substantially de-risked.

A relatively low price-to-earnings multiple also provides valuation support.

Technical indicators are less favourable, however, with a negative MACD and the shares trading below important longer-term moving averages. This creates a more neutral technical backdrop despite the improving operational and financial outlook.

More about Metals Exploration

Metals Exploration Plc is an AIM-listed gold production, development and exploration company with principal assets in the Philippines and Nicaragua.

Its portfolio comprises the producing Runruno gold mine in the Philippines and the La India development project in Nicaragua. Runruno currently provides the group’s production base, while La India is being developed as its next source of gold output.

The company’s dual-asset strategy is designed to increase attributable gold production while diversifying operational exposure across two jurisdictions.

Metals Exploration’s activities span open-pit mining, mineral processing, project development and infrastructure construction, supported by owner-operated mining fleets and local financing arrangements.