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New Mineralised Zones Identified Beyond Existing Resource Area

Strategic Minerals (LSE:SML) has released further assay results from its 2025 drilling campaign at the Redmoor project in Cornwall, revealing additional tin- and tungsten-bearing mineralisation beyond the boundaries of the current resource model.

The latest results identified several new mineralised structures north of the existing Redmoor resource, including intersections such as 1.00 metre grading 0.67% tin and 0.20% WO₃. These discoveries sit outside the presently defined resource area and are expected to contribute to future geological modelling and resource growth.

Management believes the results reinforce the broader mineral potential of the Redmoor project and provide additional targets for follow-up exploration.

Drilling Programme Continues to Deliver Encouraging Results

The company has completed drilling of hole CRD043, which intersected visually significant mineralised vein systems.

Meanwhile, drilling of hole CRD044 is progressing as planned, with operations continuing to advance on schedule.

Strategic Minerals is also undertaking a review and re-logging of historical drill core, which has already identified additional tin-bearing intervals that could contribute to a better understanding of the project’s mineralisation.

The combined programme is helping to refine the geological model and improve targeting for future drilling activities.

Expanded Campaign Set to Accelerate Resource Development

Planning approval for a larger drilling programme is nearing completion, positioning the company to significantly increase exploration activity at Redmoor.

Additional drilling rigs are expected to be mobilised once approvals are finalised, enabling a broader campaign focused on increasing resource confidence and expanding known mineralisation.

Management expects the enhanced drilling effort to support future resource upgrades and move the project closer to the prefeasibility stage.

Redmoor Continues to Advance as a Strategic UK Critical Minerals Project

The latest exploration success strengthens Redmoor’s position as one of the UK’s most significant emerging critical minerals projects.

With exposure to tin, tungsten and copper, the project is aligned with growing demand for strategically important metals used across manufacturing, technology and energy-transition industries.

The company believes continued exploration success could further enhance Redmoor’s importance within the UK and European critical minerals supply chain.

Outlook Supported by Exploration Progress and Financial Stability

Strategic Minerals’ outlook reflects a combination of operational progress and financial resilience.

The company benefits from a relatively strong balance sheet with low leverage, providing financial flexibility to support exploration activities.

However, profitability and free cash flow have been inconsistent, creating a mixed financial picture.

Technical indicators remain somewhat cautious in the near term, with the share price trading below key short-term averages and momentum indicators remaining subdued.

Valuation metrics appear balanced, supported by a moderate earnings multiple, although the absence of a dividend limits additional investor appeal.

More about Strategic Minerals

Strategic Minerals plc is an AIM- and OTC-listed exploration and production company focused on developing critical mineral assets.

Its principal growth project is the Redmoor tungsten-tin-copper deposit in Cornwall, operated through wholly owned subsidiary Cornwall Resources Limited. The project is focused on supplying key minerals required for industrial, technological and energy-transition applications, positioning the company within the growing European critical minerals market.

Revenue Declines but Profitability Metrics Strengthen

Symphony Environmental (LSE:SYM) reported revenue of £5.73 million for 2025, representing a 13% decline compared with the previous year, primarily due to challenges within its Middle East operations.

Despite lower sales, the company improved its gross margin to 51% as management focused on higher-quality revenue streams and implemented stricter margin management measures.

Operating losses increased to £2.12 million, reflecting higher administrative expenses and one-off costs associated with strategic initiatives. However, the group reduced net borrowings during the year and strengthened its financial position through a £2.09 million equity fundraising.

d2w Technology Continues to Drive Core Revenue

The company’s d2w biodegradable plastics technology remained its largest source of revenue during the period.

Management highlighted increasing regulatory support and growing scientific recognition for the technology across several international markets, including Mexico, Brazil, Canada and the United States.

The continued adoption of d2w products remains a central component of Symphony’s commercial strategy as governments and businesses seek solutions to address plastic waste and environmental sustainability challenges.

d2p Platform Advances Across Multiple Applications

Symphony also reported progress across its d2p technology platform, which focuses on enhancing the functionality of plastic products.

Several applications are now progressing through advanced testing phases, including insect-control solutions and flame-retardant technologies.

The company believes these developments could create additional commercial opportunities and diversify future revenue streams beyond its established biodegradable plastics business.

Early 2026 Results Point to Improved Performance

Trading conditions improved during the opening months of 2026, with Symphony reporting a return to net profitability during the first five months of the year.

Management attributed the improvement to the benefits of its restructuring programme, the transition of its Saudi Arabian sales operations and a more efficient cost base.

The company believes these initiatives are beginning to deliver operational benefits and could support stronger financial performance going forward.

India and International Markets Offer Growth Opportunities

In addition to strengthening its existing operations, Symphony continues to explore new growth opportunities in international markets.

Management highlighted India as a potentially significant future market, while ongoing progress in North America, Latin America and other regions provides additional avenues for expansion.

The company views its improved operating structure as a platform for scalable growth as commercial opportunities continue to develop.

Outlook Reflects Improving Momentum but Ongoing Challenges

Symphony Environmental Technologies’ outlook remains influenced by its historical financial challenges, including periods of weak profitability and earnings pressure.

However, recent corporate developments, strengthening operational performance and signs of improved trading momentum provide a more encouraging backdrop.

Valuation metrics remain constrained by the company’s earnings profile and the absence of a dividend, although management believes recent progress demonstrates the potential for a more sustainable financial recovery.

More about Symphony Environmental Technologies

Symphony Environmental Technologies is a UK-based technology company focused on developing products that make plastics smarter, safer and more sustainable.

Its portfolio includes d2w biodegradable additives, d2p performance-enhancing technologies such as insect-control and flame-retardant solutions, and NbR products. The company markets its technologies through a network of direct sales channels, manufacturing partners and distributors across the Middle East, Europe, the Americas and Asia.

Mushima North Delivers Exploration Progress and Resource Potential

Tertiary Minerals (LSE:TYM) reported unaudited interim results for the six months ended 31 March 2026, highlighting continued progress at its flagship Mushima North project in Zambia.

Recent drilling programmes returned high-grade silver and copper intersections, supporting the publication of a JORC Exploration Target of between 15 million and 30 million tonnes. Based on current estimates, the target contains the potential for up to 58 million ounces of silver-equivalent mineralisation.

The company plans to undertake additional drilling and metallurgical testing during the year as it works toward defining a maiden mineral resource estimate and advancing the project toward a future mining licence application.

Strategic Partnerships Continue to Advance Key Projects

Alongside Mushima North, Tertiary continued to make progress across its wider Zambian portfolio through partnerships with major industry participants.

At the Konkola West copper project, partner KoBold completed two deep exploration holes and elected to advance the project into its second development stage.

Under the revised joint venture framework, KoBold can invest up to US$6 million in further exploration and development activities, a move that management views as a strong endorsement of the project’s potential.

Meanwhile, discussions and due diligence activities remain ongoing with First Quantum Minerals regarding the Mukai project.

Funding Strengthens Exploration Capacity

To support its exploration programmes, Tertiary secured several funding initiatives during and after the reporting period.

The company completed a £100,000 share placing and secured a £450,000 convertible loan during the period.

Following the period end, Tertiary raised an additional £1 million through an equity financing.

Management believes the additional capital will provide the resources needed to accelerate exploration, resource definition and project development across its Zambian assets.

However, the funding measures also introduce the potential for shareholder dilution as the company continues to advance its growth strategy.

Financial Performance Reflects Exploration Stage Business Model

Tertiary reported a pre-tax loss of £328,231 for the period and finished the half year with a relatively modest cash position.

As an exploration-focused company, it continues to operate without production revenue and remains dependent on external funding to support project advancement.

While losses and negative operating cash flow continue to weigh on the investment case, management remains focused on creating long-term value through exploration success and strategic partnerships.

Outlook Supported by Project Momentum

The company’s outlook continues to be influenced by ongoing losses and negative cash flow generation, while technical indicators remain weak, with the share price trading below key moving averages.

However, Tertiary benefits from a debt-free balance sheet, providing a degree of financial flexibility as it progresses its exploration activities.

The advancement of Mushima North, increased investment from KoBold and continued engagement with First Quantum provide important milestones that could support future value creation if exploration success continues.

More about Tertiary Minerals

Tertiary Minerals plc is an AIM-listed mineral exploration company focused on developing silver, copper and zinc projects in Zambia.

Its portfolio is centred on the Mushima North silver-copper-zinc project, alongside the Konkola West and Mukai copper projects. The company is advancing these assets through strategic partnerships with KoBold Metals and First Quantum Minerals while pursuing further exploration and resource development opportunities across its Zambian portfolio.

Production Growth Drives Improved Operational Performance

Angus Energy (LSE:ANGS) reported interim results for the six months ended 31 March 2026, highlighting stronger production across its core UK assets following operational improvements.

Output at the company’s flagship Saltfleetby Gas Field increased by 30% after successful well intervention work, while production at the Brockham Oil Field nearly doubled following optimisation initiatives designed to improve field performance.

The higher production levels helped generate revenue of £9.5 million, EBITDA of £5.3 million and operating profit of £1.5 million during the period. However, the group reported a modest net loss after accounting for financing costs and derivative-related movements.

Balance Sheet Restructuring Nears Final Stages

Angus continued to make progress on a major restructuring of its financial obligations, a process designed to improve liquidity, strengthen the balance sheet and support the restoration of trading in the company’s shares.

Management believes the restructuring will provide a more stable financial platform from which to pursue future growth opportunities and enhance long-term shareholder value.

Extended Hedging Strategy Provides Cash Flow Visibility

The company has also expanded its gas hedging programme through to June 2027, covering approximately 12.3 million therms at an average price of around 100 pence per therm.

The hedging strategy is intended to provide greater cash flow certainty while protecting a significant portion of future production from commodity price volatility.

At the same time, Angus retains exposure to potential upside in energy markets, with approximately 56% of forecast production remaining unhedged.

Positioned to Benefit from Stronger Gas Markets

With gas prices showing signs of recovery amid ongoing energy security concerns, Angus believes it is well placed to benefit from a supportive market backdrop.

The company intends to combine operational improvements with a strengthened financial position as it evaluates future expansion opportunities, including potential mergers and acquisitions.

Management views the current strategy as a platform for both organic growth and broader corporate development initiatives.

Outlook Remains Mixed Despite Operational Progress

Angus Energy’s outlook continues to be influenced by financial challenges, including pressure on revenue and profitability trends.

Technical indicators currently suggest broadly neutral market momentum, while valuation metrics remain constrained by negative earnings.

However, recent operational achievements, ongoing restructuring efforts and strategic initiatives provide reasons for optimism regarding the company’s longer-term growth prospects.

More about Angus Energy

Angus Energy plc is an AIM-listed independent oil and gas producer and the UK’s largest onshore gas producer.

The company owns a 100% interest in the Saltfleetby Gas Field, majority interests in the Brockham and Lidsey oil fields, and a 25% stake in the Balcombe licence. Angus operates all of these assets and continues to pursue growth through both operational development and strategic diversification.

Its business is focused on conventional oil and gas production, supplying domestic energy markets while seeking opportunities for both organic expansion and acquisitions. The company’s strategy centres on operational efficiency, reservoir development and disciplined financial management to strengthen its position within the UK energy sector.

Four months into the conflict between the US and Iran, there finally seems to be a light at the end of the tunnel, although it looks more like a flickering flashlight. One day, sides are signing a memorandum of understanding, the next, the Iranian delegation walks out of talks with the US after new threats from Trump.

Still, looking at oil prices, the S&P 500, and the Dow Jones indices, markets seem to be leaning toward a more positive outcome. And indeed, reports of a partial easing of the naval blockade on Iranian ports and the reopening of parts of the Strait of Hormuz, along with claims that three fully loaded oil tankers linked to India passed through, seem to back that up.

But what about the delayed demand effect? Shouldn’t that be supporting prices?

In theory, yes. According to Kpler, around 1.15 billion barrels of supply were disrupted during the war. At the same time, countries drew heavily on strategic reserves to avoid buying at peak prices. US crude inventories, for example, fell to 340.3 million barrels, the lowest since 1983.

On the other hand, oil bears argue that some flows may still have been moving covertly along the Omani coast even during the blockade. On top of that, the UAE’s exit from OPEC+ adds long-term supply-side upside pressure, and if sanctions on Iran are lifted, production could ramp up quickly.

And most importantly, even the IEA expects that by 2027 supply will rise by about 8 million barrels per day while demand grows by only around 2 million, implying a potential surplus of more than 5 million barrels per day.

The thing is that OPEC Secretary General Haitham Al Ghais said the IEA’s numbers are not grounded in reality. It is also worth noting that any US-Iran deal could still fall apart.

In the end, time will tell who is right. For now, one should keep in mind that the surge in energy prices from the Hormuz disruption has already fed through the system, forcing central banks to tighten policy, potentially including the Fed.