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GSK (LSE:GSK) has reported that its immunotherapy treatment Jemperli achieved a complete response in 76% of evaluable patients with a specific form of locally advanced rectal cancer in an exploratory analysis of the Phase II AZUR-1 clinical trial.

The study evaluated Jemperli, also known as dostarlimab, as a standalone treatment for adults with stage II or III rectal cancer characterised by mismatch repair deficiency (dMMR) or high microsatellite instability (MSI-H).

Of the 144 evaluable patients, 110 achieved a complete response, including patients whose tumours were no longer detectable through clinical assessment and those whose response was confirmed through examination of surgically removed tissue.

The findings suggest that some patients with this cancer subtype may be able to avoid chemotherapy, radiotherapy and surgery, although longer-term follow-up remains necessary.

GSK also released results from a separate Phase I study of its investigational antibody-drug conjugate mocertatug rezetecan in patients with platinum-resistant ovarian cancer.

Both datasets are scheduled for presentation at the European Society for Medical Oncology congress in Madrid.

Jemperli Achieves Complete Response in 110 of 144 Patients

The AZUR-1 study assessed Jemperli monotherapy in patients with locally advanced rectal cancer carrying the MSI-H/dMMR genetic characteristic.

This tumour subtype has deficiencies in the cellular mechanisms responsible for repairing certain forms of DNA damage.

In an exploratory analysis, 110 of 144 evaluable patients achieved a complete response, equivalent to approximately 76%.

The results included patients who experienced a complete clinical response without undergoing surgery, as well as patients whose complete response was established through pathological examination following surgery.

Investigators reported that 68% of evaluable patients achieved a complete clinical response that lasted at least 12 months without surgical intervention.

A further 12 patients had a complete pathological response confirmed following surgery, with no cancer detected in the tissue examined.

GSK said no cancer recurrences had been reported among patients who achieved a response after a median follow-up period exceeding two years.

The company noted that the findings were based on an exploratory analysis and that follow-up data continued to mature.

AZUR-1 Meets Primary Clinical Response Endpoint

The Phase II AZUR-1 trial met its primary objective of demonstrating a clinically meaningful proportion of patients achieving a complete response lasting at least 12 months.

According to an independent central review, 47% of evaluable patients had achieved this endpoint at the time of the analysis.

An additional 38 patients had experienced a complete response but had not yet reached the 12-month duration required for inclusion in the primary endpoint assessment.

The difference between the exploratory complete response rate of 76% and the independently assessed 12-month response figure reflects differences in assessment criteria and the duration of available follow-up.

GSK said the data remain immature for some patients, meaning additional responses may become eligible for the 12-month assessment as follow-up continues.

The trial evaluated Jemperli as a standalone treatment rather than in combination with conventional chemotherapy or radiotherapy.

The findings provide additional clinical evidence supporting the use of immunotherapy in patients with MSI-H/dMMR locally advanced rectal cancer.

Jemperli Safety Results Show 20% Serious Adverse Reaction Rate

GSK also reported safety findings from the AZUR-1 study.

Serious adverse reactions occurred in 20% of patients receiving Jemperli.

Approximately 3% of patients discontinued treatment because of adverse effects.

The company did not provide a detailed breakdown of individual serious adverse reactions in the reported results.

Hesham Abdullah, GSK’s Global Head of Oncology Research and Development, said the findings indicated that some patients could potentially avoid chemotherapy, radiotherapy and surgery.

The company said the results support the recent US regulatory approval of Jemperli for this treatment setting.

Continued monitoring will be required to assess the durability of responses and longer-term safety outcomes.

GSK Reports 62% Response Rate for Experimental Ovarian Cancer Treatment

Separately, GSK announced results from the Phase I BEHOLD-1 clinical trial evaluating mocertatug rezetecan, also known as Mo-Rez, in patients with platinum-resistant ovarian cancer.

Mo-Rez is an investigational antibody-drug conjugate designed to deliver a cancer treatment directly to targeted cells.

At the dose selected for Phase III development, the treatment achieved a confirmed objective response rate of 62%.

The median duration of response was 12.2 months, indicating that half of the responding patients experienced a response lasting at least that long.

Median progression-free survival was 11.1 months, representing the time during which patients remained alive without their disease progressing.

The findings relate to an early-stage clinical study, and further investigation will be needed to establish the treatment’s efficacy and safety in larger patient populations.

Mo-Rez Safety Findings Include Blood-Related Adverse Events

The BEHOLD-1 trial also reported treatment-related adverse events associated with Mo-Rez.

Grade 3 or higher treatment-related adverse events occurred in 71% of patients, with most involving blood-related complications.

Approximately 2% of patients discontinued treatment because of adverse effects.

Lung inflammation was reported in 2% of patients.

The reported safety findings will form part of the ongoing evaluation of the treatment as it progresses through later-stage clinical development.

GSK has not provided a timetable for regulatory submissions based on the BEHOLD-1 findings.

Five Phase III Trials Underway for Mo-Rez

GSK acquired rights to mocertatug rezetecan from Hansoh Pharma as part of its oncology development activities.

The company currently has five pivotal Phase III clinical trials underway involving the investigational treatment.

These studies are intended to provide additional evidence on efficacy and safety in larger patient populations.

The BEHOLD-1 findings provide early clinical data at the dose selected for further development, but the treatment remains investigational.

GSK intends to present the latest Mo-Rez results alongside the AZUR-1 Jemperli findings at the European Society for Medical Oncology congress in Madrid.

The two clinical programmes represent different stages of development within GSK’s oncology portfolio, with Jemperli already approved in the United States for the specified rectal cancer setting and Mo-Rez undergoing further clinical evaluation.

Airtel Money’s parent company, Airtel Mobile Commerce (LSE:AMC), reported a 34% increase in first-half revenue to $830 million for the six months ended 30 September 2026, in its first financial results since listing on the London Stock Exchange.

Revenue increased 25.1% on a constant-currency basis, with favourable foreign exchange movements, including appreciation of the Zambian kwacha, contributing to the higher reported growth rate.

Underlying EBITDA rose 26.4% to $398 million, although the EBITDA margin declined to 48% from 50.8% in the corresponding period last year.

The company maintained its full-year guidance and expects profitability margins to improve during the second half of the financial year.

Airtel Money also reported an 18.7% increase in customers to 56.7 million, while its mobile application customer base expanded 64.3% to 4.1 million.

Shares advanced following the results announcement.

First-Half Revenue Reaches $830 Million

Airtel Mobile Commerce reported revenue of $830 million for the first half of FY2027, representing growth of 34% in reported currency.

On a constant-currency basis, revenue increased 25.1%, reflecting expansion in the company’s financial services and payments activities across its operating markets.

The difference between reported and constant-currency growth was partly attributable to the appreciation of certain African currencies, including the Zambian kwacha.

Underlying EBITDA increased 26.4% to $398 million.

However, the underlying EBITDA margin declined by 2.8 percentage points to 48%, compared with 50.8% in the corresponding period of FY2026.

The company attributed the reduction primarily to changes in intra-group agreements implemented in July 2025 and additional levies imposed in one of its markets.

Chief Executive Officer Ian Ferrao said the financial impact of these factors was more heavily weighted towards the first half of the year.

Management expects the EBITDA margin to improve during the second half while maintaining its existing annual guidance.

Profit After Tax Increases to $228 Million

Airtel Mobile Commerce reported profit after tax of $228 million for the six-month period, compared with $188 million a year earlier.

The increase represents growth of approximately 21.3%.

Basic earnings per share rose to 7.9 US cents from 6.5 cents in the corresponding period last year.

Operating free cash flow increased 27.1% to $378 million, reflecting growth in the company’s cash generation during the reporting period.

The board declared an interim dividend of 6.4 US cents per share.

The distribution represents approximately 81% of attributable profit and is consistent with the company’s stated dividend policy of distributing at least 80% of attributable earnings to shareholders.

Airtel Money Customer Base Expands to 56.7 Million

Airtel Money reported an 18.7% increase in its customer base to 56.7 million during the first half.

The number of customers using the company’s mobile application increased 64.3% to 4.1 million.

The growth reflects continued adoption of mobile financial services across the company’s operating markets.

Annualised total payment volume reached $270 billion during the second quarter, indicating the scale of transactions processed through Airtel Money’s platform.

The company also identified opportunities to increase adoption among existing Airtel telecommunications subscribers.

Approximately 75 million subscribers across the wider Airtel telecommunications network do not currently use Airtel Money services.

Management considers this existing customer population a potential source of future growth, although the company did not provide a specific conversion target or timetable.

Financial Services Revenue Rises 44.8% at Constant Currency

Airtel Money reported revenue growth across its principal service categories during the first half.

Financial services revenue increased 44.8% on a constant-currency basis.

Payments revenue rose 29.4%, while wallet services revenue increased 27.6% using the same currency-adjusted measure.

These activities form part of the company’s mobile money platform, which provides financial transactions and related services to customers across its operating markets.

The company did not provide individual revenue totals for each category in the results summary.

The increases contributed to overall constant-currency revenue growth of 25.1% during the reporting period.

EBITDA Margin Expected to Improve in Second Half

Airtel Mobile Commerce reiterated its near-term and medium-term financial guidance following the first-half results.

The company expects its underlying EBITDA margin to moderate by up to approximately two percentage points during FY2027, reflecting the effects of revised intra-group arrangements and additional operating costs.

Over the medium term, management continues to target an underlying EBITDA margin of approximately 50%.

Chief Executive Officer Ian Ferrao said the first-half results included a greater proportion of the financial impact associated with the July 2025 agreement changes.

As a result, the company expects the margin to improve during the second half of the financial year.

The group did not announce revised revenue or EBITDA forecasts in the results summary.

Airtel Money Maintains Financial Outlook Following London Listing

The results represent Airtel Mobile Commerce’s first half-year financial announcement since its admission to the London Stock Exchange.

The company reported growth in revenue, underlying EBITDA, profit after tax, operating free cash flow and customer numbers during the six months to September 2026.

At the same time, the underlying EBITDA margin declined as changes to internal agreements and additional levies affected profitability.

Management maintained its financial guidance, including expectations for second-half margin improvement and a return towards a 50% underlying EBITDA margin over the medium term.

Future performance will depend on customer growth, transaction activity, currency movements and operating costs across the company’s markets.

The company continues to focus on expanding its mobile financial services customer base, increasing application adoption and developing its payments and wallet businesses.

Man Group (LSE:EMG) shares advanced 3.8% after the investment management firm announced an expansion of its strategic partnership with Japanese insurer Meiji Yasuda Life Insurance Company, including a planned increase in investment commitments and the potential acquisition of an equity stake.

Under the expanded agreement, announced on 26 October 2026, Meiji Yasuda intends to increase its capital commitment to Man Group’s investment strategies to JPY 200 billion, equivalent to approximately $1.25 billion, over the next three years.

The additional investment will focus particularly on private credit strategies, an area Man Group has identified for further development.

Meiji Yasuda will also consider acquiring approximately 5% of Man Group’s issued share capital through open-market purchases.

The agreement builds on an existing strategic relationship established between the two companies in February 2025.

Meiji Yasuda Plans JPY 200 Billion Investment Commitment

Meiji Yasuda intends to increase its investment allocation to Man Group-managed strategies to JPY 200 billion over a three-year period.

The commitment, equivalent to approximately $1.25 billion, will primarily support investment activities across Man Group’s asset management platform, with particular emphasis on private credit.

The arrangement expands the relationship established in February 2025 and provides a framework for further cooperation between the two financial institutions.

Man Group said the agreement supports its strategy of expanding its private credit operations and providing investment management services to institutional insurance clients.

The announced commitment relates to capital allocated to investment strategies rather than a direct corporate investment of the same amount into Man Group.

The companies did not disclose a detailed timetable for individual allocations or the financial terms associated with the investment management arrangements.

Japanese Insurer Considers 5% Equity Stake in Man Group

Alongside the expanded investment commitment, Meiji Yasuda is considering acquiring an equity interest of approximately 5% in Man Group.

Any share purchases would take place in the open market rather than through the issuance of new shares.

As a result, the proposed investment would not directly increase Man Group’s issued share capital.

The agreement includes a three-year lock-up arrangement and a standstill provision restricting Meiji Yasuda’s ownership to no more than 19.99% of Man Group’s issued share capital.

It also establishes orderly market arrangements governing potential future disposals of shares.

The proposed 5% holding remains under consideration, and no completed acquisition of that stake was confirmed in the announcement.

The companies did not disclose the potential purchase price or total value of any future equity investment.

Partnership Includes Product Development for Japanese Investors

The expanded agreement provides for further cooperation between Man Group and Meiji Yasuda in developing investment products for the Japanese market.

Under the arrangement, Man Group will become a preferred asset management partner for the Japanese insurer.

The companies intend to collaborate on products designed for Japanese investors, drawing on Man Group’s investment capabilities and Meiji Yasuda’s position in the domestic insurance market.

The partnership also includes knowledge sharing in technology and access to investment advisory services through the Oxford-Man Institute.

These arrangements are intended to extend the existing relationship beyond investment allocations into product development and institutional investment services.

Neither company provided specific revenue targets or financial forecasts for the planned product initiatives.

Private Credit Expansion Forms Part of Man Group’s Strategy

Man Group has identified private credit as an area of focus within its wider investment management operations.

The expanded relationship with Meiji Yasuda provides an additional source of potential capital commitments to strategies managed by the group.

The agreement also supports Man Group’s efforts to develop relationships with large insurance institutions seeking access to alternative investment strategies.

Chief Executive Officer Robyn Grew said the increased commitment reflected Meiji Yasuda’s interest in Man Group’s private credit capabilities and its investment management services for global insurance clients.

The partnership is expected to support further cooperation between the companies, although the timing and scale of future investment allocations will depend on implementation of the agreement.

Agreement Includes Ownership Restrictions and Termination Provisions

The expanded partnership contains provisions governing any future equity investment by Meiji Yasuda.

These include the three-year lock-up period, the 19.99% ownership ceiling and arrangements for managing potential share disposals.

The companies also retain the ability to terminate the agreement under certain circumstances.

Further financial terms were not disclosed.

The announcement did not include revised earnings guidance or quantify the expected contribution of the expanded partnership to Man Group’s future revenue or profitability.

The 3.8% increase in Man Group’s share price followed the announcement of the revised agreement.

The next stages will involve implementing the expanded investment relationship, progressing joint product development and determining whether Meiji Yasuda proceeds with its proposed equity investment.

Auction Technology Group (LSE:ATG) is facing calls from its largest shareholder, FitzWalter Capital, to replace its chair and undertake a strategic review that could include a potential sale of the business.

FitzWalter, which holds a 27.2% stake in the UK-listed online auction operator, has proposed removing Chair Scott Forbes and appointing existing board member Richard Campbell-Breeden as his replacement.

The investment firm wants the proposed new chair to oversee an assessment of the company’s strategic options, including a possible share buyback or sale.

The request reflects FitzWalter’s position that ATG’s predominantly US-focused operations may be better suited to a different ownership or corporate structure.

FitzWalter Proposes Changes to ATG Board Leadership

FitzWalter Capital has called for Scott Forbes to be replaced as chair of Auction Technology Group, proposing Richard Campbell-Breeden, an existing director, for the position.

The shareholder said the proposed leadership change would support a review of the company’s strategic direction and capital allocation options.

FitzWalter’s 27.2% ownership makes it ATG’s largest shareholder, giving the investment firm a substantial interest in the company’s governance and future strategy.

The proposal does not constitute an announced board change, and the source did not indicate whether ATG’s board had agreed to the request.

Strategic Review Could Include Share Buyback or Company Sale

FitzWalter has proposed a strategic review to examine alternatives for Auction Technology Group, including a share repurchase programme and a potential sale of the company.

The investment firm argued that ATG’s corporate structure may not fully reflect the geographical composition of its business.

According to FitzWalter, operations focused on the United States account for more than 80% of ATG’s revenue, despite the company maintaining its listing and headquarters in the United Kingdom.

FitzWalter believes the UK listing and London headquarters create constraints for a business whose revenue is predominantly generated through US-focused activities.

The shareholder also suggested that ATG could attract interest from US private equity firms or strategic acquirers.

These assessments represent FitzWalter’s position rather than conclusions reached through a completed strategic review.

FitzWalter Rules Out Making Its Own Bid

FitzWalter Capital confirmed that it does not intend to make an acquisition offer for Auction Technology Group.

The investment firm instead said it would provide irrevocable undertakings to support a bidder recommended by ATG’s board.

Such undertakings would represent a commitment to support a qualifying transaction under the agreed terms.

However, no potential buyer, proposed transaction value or formal sale process was identified in the announcement.

There is also no confirmation that ATG has initiated a strategic review or that any acquisition proposal has been received.

ATG’s US Revenue Exposure Central to Shareholder Proposal

Auction Technology Group operates online auction platforms serving buyers and sellers across multiple markets.

FitzWalter’s proposal focuses on the relationship between the company’s geographical revenue exposure and its existing corporate structure.

The shareholder believes a review should consider whether alternative ownership arrangements or capital allocation measures could better reflect the company’s US-focused operations.

Any potential sale would remain subject to the company’s board considering an offer and the applicable shareholder and regulatory requirements.

For now, FitzWalter’s proposals concern board leadership and the initiation of a strategic review, with no confirmed changes to ATG’s ownership or listing arrangements.

1947 Oil & Gas plc (LSE:1947) has reported the resumption of production at its Eugene Island 331 field and increased output from Ship Shoal 198, following its admission to AIM and completion of the Renaissance Offshore transaction in September 2026.

The US-focused oil and gas producer said production at Eugene Island 331 resumed in late September at approximately 1,200 barrels of oil equivalent per day (boepd) gross and 1,000 boepd net, following an extended shutdown caused by repairs to a downstream condensate gathering facility.

Meanwhile, production at Ship Shoal 198 increased to 1,275 boepd gross and 1,060 boepd net following a workover programme undertaken before the Renaissance transaction was completed.

The company also announced the award of two offshore lease blocks, adding approximately 10,000 gross acres to its portfolio in the Gulf of America.

Eugene Island 331 Production Resumes Following Facility Repairs

1947 Oil & Gas confirmed that production at the Eugene Island 331 field was restored in late September 2026 after an extended period of inactivity.

The field had been shut in because of repairs required at a downstream condensate gathering facility.

Following the completion of the necessary work, production resumed at approximately 1,200 boepd gross, equivalent to around 1,000 boepd net attributable to the company.

The restored production is approximately 81% oil-weighted, with the remaining output comprising other hydrocarbons.

The company said the restart was consistent with its operational expectations following completion of the Renaissance Offshore transaction.

No additional details were provided regarding the cost of the repairs or the duration of the shutdown.

Ship Shoal 198 Net Production Increases to 1,060 Boepd

1947 Oil & Gas also reported an increase in production at its Ship Shoal 198 field following a workover campaign conducted before the Renaissance transaction closed at the end of September 2026.

Production at the field has increased to approximately 1,275 boepd gross and 1,060 boepd net.

This compares with average net production of 545 boepd during the first half of 2026.

The latest reported net production rate represents an increase of approximately 94% compared with the first-half average.

The company attributed the higher output to the workover activities undertaken at the field.

Workover programmes generally involve interventions in existing wells to maintain or restore production, although 1947 did not provide details of the specific operations carried out at Ship Shoal 198.

The company has not disclosed a revised annual production forecast following the reported increases at Eugene Island 331 and Ship Shoal 198.

Two Offshore Lease Blocks Add 10,000 Gross Acres

1947 Oil & Gas announced that it has been awarded two offshore lease blocks in the Gulf of America following the Big Beautiful Gulf 3 Lease Sale held on 12 August 2026.

The blocks are West Delta 133 and South Timbalier 314, which together cover approximately 10,000 gross acres.

The company said the two blocks were previously included in the Renaissance Offshore portfolio.

The combined bids for the leases totalled approximately $260,000.

Both leases carry a royalty rate of 12.5%, which is lower than the rates previously applicable to the acreage.

1947 said the revised royalty terms are expected to improve the economics of potential redevelopment activities by reducing the proportion of production revenue payable as royalties.

The company did not provide estimates of recoverable reserves, potential production volumes or development expenditure associated with the newly awarded blocks.

Offshore Lease Awards Form Part of US Gulf Development Programme

The lease awards were made through an offshore licensing process administered by the Marine Minerals Administration, according to the company’s announcement.

1947 said the August auction represented the third offshore oil and gas lease sale required under the One Big Beautiful Bill Act.

The company intends to assess redevelopment opportunities across the newly awarded acreage alongside its existing producing assets.

The addition of West Delta 133 and South Timbalier 314 expands the company’s leasehold position in the region.

However, the announcement did not identify specific drilling plans or provide a timetable for development of the two blocks.

Any future production from the acreage would depend on further technical evaluation, investment decisions and applicable regulatory approvals.

1947 Oil & Gas Continues Portfolio Review Following Renaissance Acquisition

1947 Oil & Gas completed its transaction with Renaissance Offshore at the end of September 2026, establishing its operating portfolio following its admission to the London Stock Exchange’s AIM market.

The company focuses on acquiring and redeveloping mature conventional oil and gas assets in the US Gulf Coast region and offshore Gulf of America.

Its strategy involves identifying existing producing fields where additional investment, well interventions or technical improvements may support further production.

Executive Chairman Tim Duncan said the restoration of production at Eugene Island 331 and the increase in output at Ship Shoal 198 were consistent with management’s expectations.

He added that the company is reviewing opportunities within its existing portfolio while continuing to assess potential acquisitions.

1947 has not announced any additional transactions or provided financial terms for potential future acquisitions.

Company Focuses on Existing Assets and Potential Acquisitions

Following the operational changes, 1947 Oil & Gas reported combined net production rates of approximately 2,060 boepd from Eugene Island 331 and Ship Shoal 198.

These figures represent the reported production rates at the two fields rather than an average production rate for the company’s entire portfolio.

The company intends to continue evaluating redevelopment opportunities across its existing assets while assessing potential acquisitions in the US Gulf Coast and offshore markets.

Management also expects further operational developments during 2027, although no specific production targets or capital expenditure guidance were provided in the update.

The latest announcement establishes the restoration of production at Eugene Island 331, higher output at Ship Shoal 198 and the addition of two offshore lease blocks to the company’s portfolio.

Further updates will be required to assess how these developments affect the group’s overall production, operating costs and financial performance.

Blencowe Resources Plc (LSE:BRES) has reported graphite outcrops across approximately 25 kilometres of strike at its Orom-Cross project in northern Uganda, following the completion of a second-phase exploration programme targeting areas beyond its existing deposits.

The company said surface mapping and sampling confirmed graphite occurrences across seven previously identified geophysical targets, with selected grab samples from three targets returning grades exceeding 20% total graphite content (TGC).

The exploration areas are located within Blencowe’s existing mining and exploration licences, approximately 10 kilometres or less from the proposed processing plant.

The findings indicate the presence of graphite mineralisation outside the four deposits that underpin the project’s December 2025 Definitive Feasibility Study (DFS).

Blencowe said its immediate priority remains securing funding for the first phase of development at Orom-Cross, while additional exploration of the wider targets will proceed in stages.

Seven Geophysical Targets Assessed Across Orom-Cross

The second-phase exploration programme followed earlier geophysical surveys and exploratory drilling at the Iyan and Beehive deposits.

Blencowe commissioned surface mapping and sampling in September 2026 to assess the remaining geophysical targets and determine whether they could warrant more detailed investigation.

The programme covered approximately 95% of the identified target areas.

According to the company, all seven targets examined showed evidence of graphite at surface, with several containing extensive outcrops similar to those identified at the project’s four previously drilled deposits.

The mapping also identified soil characteristics comparable with those covering the existing mineralised areas.

Blencowe said the results support further investigation of the targets, although additional drilling and geological assessment will be required to establish the extent, grade and continuity of any potential deposits.

Grab Samples Return Graphite Grades Above 20% TGC

Selective grab sampling identified graphite grades exceeding 20% TGC at three exploration targets: GT-02b, GT-03b and GT-04.

The company said the samples were collected from outcrops showing indications of higher-grade mineralisation rather than through systematic sampling across the entire mapped area.

As a result, the reported grades represent selected sampling locations and should not be interpreted as average grades for the wider targets.

GT-03b and GT-04 are located entirely within Blencowe’s existing exploration licences.

Most of GT-02b lies within the company’s current mining licence, with the remaining portion covered by its exploration licences.

Blencowe did not provide a complete assay breakdown for the individual samples or disclose the number of samples returning grades above 20% TGC.

Further exploration will be needed to determine whether the identified high-grade occurrences extend across larger areas or at depth.

Exploration Identifies Potential Extensions Beyond Existing Mine Plan

The newly mapped graphite occurrences extend along a trend of approximately 25 kilometres, including areas outside the four deposits currently included in the Orom-Cross development plan.

Blencowe’s December 2025 DFS was based on an initial mine life of 15 years using mineralisation from the deposits drilled to date.

The latest exploration programme identifies additional targets beyond that initial mine plan, providing areas for potential future resource assessment.

The company said the results are consistent with its broader geological interpretation of the Orom-Cross project and its previously identified exploration potential of between two billion and three billion tonnes of graphite mineralisation.

This figure represents an exploration-scale estimate of potential mineralisation, rather than a defined mineral resource or reserve.

The latest surface findings do not establish that graphite mineralisation is continuous across the entire 25-kilometre trend, nor do they demonstrate that the additional targets can be economically mined.

Blencowe intends to assess the wider targets through further exploration before determining whether they can contribute to future mine development.

Orom-Cross Holds JORC Resource of 64.3 Million Tonnes

Orom-Cross is an established graphite development project in northern Uganda, where Blencowe has completed a Definitive Feasibility Study and is progressing towards a potential production decision.

The project has a JORC-compliant Measured, Indicated and Inferred Mineral Resource of 64.3 million tonnes grading 6.03% TGC.

It also has a reported Mineral Reserve of 23.08 million tonnes grading 5.18% TGC.

The mineral resource and reserve figures are reported separately and should not be added together.

The existing development plan is based on shallow, open-pit mining, with the company expecting relatively limited waste removal and the potential for free-dig operations in parts of the deposit.

The project also contains larger-flake graphite, which Blencowe has identified as a component of its proposed product offering.

A 21-year mining licence was issued by the Ugandan government in 2019.

The latest exploration targets are located within the company’s existing licence areas and are not currently included in the mine plan supporting the DFS.

Blencowe Continues Discussions with Potential Strategic Partners

Blencowe said the additional exploration results will form part of its ongoing discussions with prospective strategic partners interested in long-term graphite supply.

Interim Chief Executive Officer Iain Wearing said the mapping programme had identified graphite occurrences across the wider licence area and provided further targets for future exploration.

He also highlighted the proximity of the identified areas to the proposed processing facility.

The company considers the potential for additional mineralisation beyond the initial mine plan relevant to discussions concerning future production capacity and supply arrangements.

However, the newly identified targets remain at an early exploration stage, and no additional mine life or production capacity has been established from the latest results.

Blencowe has not announced any new binding supply agreements or funding commitments in connection with the exploration update.

Phase 1 Project Funding Remains Immediate Priority

Blencowe confirmed that securing financing for the first phase of Orom-Cross development remains its principal near-term objective.

The company intends to continue investigating the wider geophysical targets through a staged exploration programme, following the approach previously used at the Northern Syncline and Camp Lode deposits.

That process involved progressing from initial geophysical identification and surface exploration towards drilling and more detailed technical assessment.

The latest programme has established the presence of graphite outcrops across multiple targets beyond the current development area, including selected samples grading above 20% TGC.

Further work will be required to determine whether these occurrences support additional mineral resources and whether they could be incorporated into future mining operations.

Blencowe said it will provide further updates as exploration progresses and continues its work towards financing the initial Orom-Cross development.

BSF Enterprise Plc (LSE:BSFA), has announced that its subsidiary, Lab-Grown Leather Ltd (LGL), has entered structured, partner-funded evaluation programmes with two international luxury fashion houses to assess its cultivated leather material, Elemental Lux.

The agreements follow earlier technical discussions and preliminary material assessments, with the programmes now progressing towards industrial tanning validation, mechanical testing and prototype manufacturing.

Under the first agreement, LGL has produced and delivered initial cultivated skin samples and submitted invoices for the associated milestone payments.

A second agreement establishes a multi-stage evaluation programme, including material characterisation, tanning trials and the planned production of larger leather sheets for prototype development during the first half of 2027.

BSF said the programmes could provide a basis for future commercial proof-of-concept and supply agreements, subject to the results of the technical evaluations.

Two Luxury Brands Begin Funded Material Evaluation Programmes

Lab-Grown Leather has progressed its commercial engagement with two independent global luxury fashion companies through formal evaluation and material transfer agreements.

The companies, which have not been identified, are assessing Elemental Lux cultivated leather for different applications within the luxury leather goods market.

The first agreement covers the production and delivery of engineered cultivated skin samples for internal quality assessments and evaluation of the material’s biological structure.

LGL confirmed that the initial samples have been delivered and that milestone invoices have been submitted.

Under the second agreement, the subsidiary is supplying calibrated material accompanied by biological characterisation data for testing within the partner’s existing industrial processes.

BSF described the arrangements as a progression from preliminary testing towards defined technical programmes with funded development activities.

The company has not disclosed the financial value of either agreement or the amount of the milestone payments invoiced.

Industrial Tanning Trials Assess Material Characteristics

The initial phase of the evaluation programme focuses on the biological characteristics of Elemental Lux and its compatibility with established leather processing methods.

Under the second luxury partner agreement, the cultivated material is undergoing proprietary tanning trials within an industrial tannery environment.

The tests are intended to assess chemical uptake, thermal stability, collagen matrix structure and dye uniformity.

These characteristics will help determine whether the cultivated material can undergo processing techniques used in conventional leather manufacturing.

The programme also includes biological profiling to assess the material’s composition and consistency.

BSF said the findings from this phase will inform the specifications and production requirements for subsequent testing.

The initial evaluation and tanning optimisation activities are currently underway.

Mechanical Testing and Luxury Product Prototypes Planned for H1 2027

The second phase of the programme is scheduled for the first half of 2027 and will involve the production and delivery of larger cultivated leather sheets.

LGL plans to supply material measuring approximately A4 dimensions to its second luxury partner for mechanical testing and physical prototype manufacturing.

The testing programme will assess tensile strength, elongation, tear resistance and stitch-tear strength using dual-axis ISO mechanical testing methods.

Results will be compared with conventional bovine leather controls to evaluate the cultivated material’s performance against established leather characteristics.

The partner also intends to manufacture physical prototypes in an artisan workshop environment.

These assessments will examine properties including texture, flexibility, drape, workability and edge-finishing performance.

BSF said the prototyping programme could subsequently be extended across both luxury partner agreements.

The company has not confirmed the specific products that will be manufactured during the evaluation phase.

Technical Results to Determine Potential Commercial Supply Agreements

BSF said the evaluation programmes are designed to establish whether Elemental Lux meets the minimum performance and usability requirements specified by the luxury partners.

The results will be used to assess the material’s suitability for further product development and determine the production specifications needed for potential commercial applications.

If the second phase is completed successfully, LGL intends to progress discussions towards formal commercial proof-of-concept and supply agreements.

The company is targeting potential agreements during 2027, although their completion will depend on the outcome of the technical programmes and further commercial negotiations.

BSF has not announced any binding long-term supply commitments or provided forecasts for potential revenue from the luxury fashion partnerships.

Elemental Lux Uses 3D Bio-Tissues’ Collagen Production Technology

Elemental Lux is produced using cultivated collagen matrices developed through technology associated with 3D Bio-Tissues, another business within the BSF Enterprise portfolio.

The manufacturing process incorporates proprietary macromolecular crowding formulations designed to support the development of engineered biological tissue.

BSF previously announced that the technology had received a US patent allowance on 20 October 2026.

The company said the intellectual property development relates to the platform used in producing LGL’s cultivated leather materials.

The current commercial programmes are intended to evaluate whether these materials can meet the processing and performance requirements of established luxury leather manufacturers.

BSF Enterprise Outlines Next Commercial Development Stages

Che Connon, Chief Executive Officer of BSF Enterprise, said the agreements represent a further stage in the commercial development of Elemental Lux.

He explained that the programmes now involve defined technical deliverables funded by the luxury partners, including tanning trials, mechanical benchmarking and the planned delivery of larger material sheets for prototype manufacturing.

Management views the programmes as a means of establishing the technical requirements for potential longer-term supply arrangements.

BSF Enterprise operates across tissue engineering, cellular agriculture and other biotechnology applications, with Lab-Grown Leather forming part of its cultivated biomaterials activities.

The next stages for LGL include completing the initial tanning and biological assessments, progressing mechanical testing and supplying materials for prototype fabrication during the first half of 2027.

Any subsequent commercial supply agreements will depend on the results of these evaluations and the partners’ decisions to proceed with further development.

One Health Group plc (LSE:OHGR) reported a 17% increase in revenue to £18.3 million for the six months ended 30 September 2026, compared with £15.6 million in the corresponding period last year, supported by higher NHS patient referrals, consultations and surgical activity.

The independent provider of NHS-funded surgical procedures reported a 24% increase in new patient referrals to 11,275, while the number of surgical procedures rose 13% to 4,517.

Underlying EBITDA for the first half of the financial year ending March 2027 is expected to exceed the £1.18 million recorded in the equivalent period of FY2026.

One Health confirmed that its full-year revenue and underlying EBITDA expectations remain unchanged, with management citing market consensus of £33.2 million to £34.0 million in revenue and £2.6 million in underlying EBITDA.

The company also reported progress on construction of its first dedicated surgical hub, which is expected to open in spring 2027.

NHS Patient Referrals Increase 24% to 11,275

One Health reported 11,275 new NHS patient referrals during the six-month period, an increase of 24% from 9,111 a year earlier.

The number of consultations rose by 24% to 29,755, compared with 23,927 in the corresponding period of FY2026.

Surgical procedures increased 13% to 4,517 from 4,009, reflecting higher patient activity across the group’s operating network.

The company said activity during the first half exceeded both the equivalent period last year and the second half of FY2026.

Management attributed the increase partly to its focus on undertaking more procedures earlier in the financial year, with the aim of reducing exposure to potential changes in NHS commissioning activity during the second half.

One Health provides NHS-funded surgical services to patients referred through the Patient Choice framework, which allows eligible patients to select an alternative provider for their treatment.

The company reported that postoperative patient feedback averaged 99% positive during the first six months of the year.

Revenue per Consultant Rises 17% as Operating Network Expands

One Health increased its network of outreach clinics to 46 at 30 September 2026, compared with 40 a year earlier, representing growth of 15%.

The number of surgical operating facilities increased 17% to 14 from 12.

The group reported 82 consultants, excluding anaesthetists, compared with 80 in the corresponding period last year.

The consultant pool has been reduced from 88 at March 2026 as part of management’s efforts to increase productivity.

A further 12 consultants are under consideration within the company’s recruitment pipeline to support future activity.

Annualised revenue per consultant increased 17% to £446,000, compared with £391,000 a year earlier.

The company said the increase reflected higher activity levels and changes to its consultant network.

First-Half EBITDA Expected to Exceed £1.18 Million

One Health expects underlying EBITDA for the six months ended 30 September 2026 to be higher than the £1.18 million reported in the corresponding period of FY2026.

The company has not yet disclosed a specific EBITDA figure for the latest reporting period.

Management said the expected increase reflects higher patient activity and operational developments across the group.

Revenue increased to £18.3 million from £15.6 million, with growth recorded across referrals, consultations and completed surgical procedures.

The company expects to publish its formal half-year financial results in late November 2026.

First Surgical Hub Scheduled to Open in Spring 2027

One Health reported continued construction progress at its first dedicated surgical hub, with the building shell now weather-tight.

The facility remains scheduled to open in spring 2027.

According to the company, the hub is intended to increase the surgical capacity available to the group in an area where NHS patient demand exceeds existing treatment capacity.

The development forms part of One Health’s strategy to expand its operating facilities and increase the number of NHS-funded procedures it can provide.

The company has also identified a potential location for a second surgical hub, which will undergo further preliminary assessment.

Additional sites are being considered as part of its longer-term expansion plans.

One Health has not announced a construction timetable or financial commitment for the proposed second facility.

NHS Waiting Lists Remain a Factor in Demand for Surgical Services

One Health highlighted continuing demand for elective treatment capacity within the NHS.

The company cited national referral-to-treatment waiting-list figures showing an increase from approximately 7.1 million pathways in March 2026 to 7.3 million in May and around 7.4 million in August.

Approximately 111,000 pathways involved waits exceeding one year as of August 2026, according to figures referenced by the company.

Management expects independent-sector providers to continue contributing to NHS efforts to address waiting lists.

One Health also noted that it has historically experienced additional NHS activity during the final quarter of its financial year, when NHS organisations seek to meet annual operational and waiting-list objectives.

The company said any additional activity during the second half of FY2027 is neither contracted nor guaranteed.

NHS England Reorganisation May Affect Local Commissioning

One Health also addressed the planned reorganisation of NHS England and the transfer of its functions into the Department of Health and Social Care.

The restructuring was announced in March 2025 and, subject to parliamentary approval, is expected to be completed by March 2027.

The changes include reductions in administrative and commissioning positions across NHS England and Integrated Care Boards.

One Health acknowledged that the reorganisation could create temporary disruption to local commissioning arrangements.

Management said the group’s activity during the first half, its range of referral routes and its established NHS relationships provide a basis for managing potential changes in commissioning processes.

The company has not quantified any expected financial impact from the reorganisation.

One Health Maintains FY2027 Revenue and EBITDA Expectations

One Health confirmed that it remains on track to meet current market expectations for the financial year ending March 2027.

Management identified consensus revenue forecasts of between £33.2 million and £34.0 million, alongside underlying EBITDA expectations of £2.6 million.

Chief Executive Officer Adam Binns said the increase in first-half activity reflected higher numbers of patients choosing One Health following GP referrals and growth across the company’s operating network.

He also highlighted the continuing NHS waiting-list backlog and the potential for additional treatment activity from NHS trusts during the second half, while acknowledging that such work is not guaranteed.

The company intends to continue expanding its surgical capacity and outreach network, with the opening of its first surgical hub scheduled for spring 2027.

One Health’s next scheduled financial update will be its half-year results, expected in late November 2026.

CLS Holdings plc (LSE:CLI) has announced that it expects to leave the UK Real Estate Investment Trust (REIT) regime on 31 December 2026 following changes to its share ownership structure.

The property investment company said recent changes in its shareholder base mean it no longer satisfies a legislative requirement for REIT status relating to the classification of a company as a close company.

CLS confirmed that the ownership changes were outside its control and that the anticipated departure from the REIT regime will affect the tax treatment of the company and its UK subsidiaries.

The group said its existing property investment and management strategy will remain unchanged.

Share Ownership Changes Affect REIT Eligibility

CLS Holdings explained that companies operating under the UK REIT regime must satisfy several legislative conditions to maintain their tax status.

One requirement is that a REIT must not qualify as a close company under the relevant legislation.

Following recent changes in its share ownership, CLS said it no longer meets this condition and consequently expects to exit the regime at the end of December 2026.

The company did not provide further details about the ownership changes or identify the shareholders involved.

The expected departure relates specifically to the group’s eligibility for REIT tax treatment rather than changes to its property portfolio or operational activities.

CLS has not announced any modifications to its investment objectives or property management arrangements as a result of the development.

UK Corporation Tax Exemptions to End from January 2027

Following the anticipated exit, CLS Holdings and its UK subsidiaries will no longer benefit from the corporation tax exemptions available under the REIT regime.

From 1 January 2027, the group’s UK rental profits and profits arising from property sales will become subject to the standard UK corporation tax rate.

Under its existing REIT status, qualifying property rental income and gains from property disposals are generally exempt from UK corporation tax, provided the applicable legislative conditions are satisfied.

The change will therefore alter the tax treatment of the group’s UK property activities from the beginning of 2027.

CLS did not quantify the expected financial impact of losing REIT status or provide estimates of additional corporation tax liabilities.

The actual effect on future earnings and cash flows will depend on the group’s taxable profits and property transactions after the change takes effect.

Future Dividends to Be Paid as Ordinary Distributions

CLS Holdings also outlined changes to the treatment of shareholder dividends following its expected departure from the REIT regime.

The company said future distributions will generally be classified as ordinary dividends rather than Property Income Distributions (PIDs).

An exception is expected for the final dividend relating to the 2026 financial year.

CLS anticipates that this distribution will be paid wholly or partly as a PID to satisfy the requirements applicable before its departure from the REIT regime.

The company did not announce any changes to dividend amounts, payment dates or its wider distribution policy.

The distinction between ordinary dividends and PIDs is relevant to the tax treatment of distributions received by shareholders.

Property Investment and Management Strategy Remains Unchanged

CLS Holdings emphasised that its expected REIT exit concerns the tax status of the company and its UK subsidiaries.

The group confirmed that its property investment and management strategy will not be affected by the change.

The announcement did not identify any planned property disposals, acquisitions or operational restructuring associated with the anticipated loss of REIT status.

CLS expects the change to become effective on 31 December 2026, with the revised corporation tax treatment applying from 1 January 2027.

The company has not provided financial guidance reflecting the expected change in tax status.