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Gold prices remained steady in Asian trading Tuesday, holding below the $3,400 per ounce mark as traders digested mixed signals around the Israel-Iran conflict and awaited clarity on U.S. Federal Reserve policy.

Spot gold inched up 0.2% to $3,392.25 an ounce, while August gold futures edged down 0.2% to $3,410.70 by 01:12 ET (05:12 GMT). The metal had surged past $3,450 on Monday before retreating sharply amid reports of potential ceasefire talks.

Geopolitical Tensions Offer Support, But Uncertainty Lingers

Volatility in bullion markets was driven by conflicting developments in the Middle East. While initial reports suggested Iran might be open to a ceasefire, Tehran later rejected any truce while under Israeli fire. Heightening tensions, U.S. President Donald Trump warned that “everyone should immediately evacuate Tehran,” sparking fears of deeper U.S. involvement.

Despite Trump’s warnings, White House officials clarified that the U.S. does not plan to intervene militarily. However, according to Axios, U.S. and Iranian officials are quietly exploring renewed dialogue on both a ceasefire and Iran’s nuclear program. No formal meeting date has been confirmed.

Market Outlook Turns Cautious

Gold’s rally has lost steam amid the uncertainty. Analysts at Citi warned that prices could slip below $3,000 per ounce in the coming quarters as safe-haven demand wanes and investor interest begins to fade.

Fed Decision Looms Over Broader Metals Market

The broader metals complex remained under pressure ahead of the Federal Reserve’s upcoming policy announcement on Wednesday. While no rate changes are expected, markets are watching closely for forward guidance from Fed Chair Jerome Powell.

In other metals trading:

• Platinum futures dipped 0.1% to $1,239.90/oz, continuing a modest pullback after recent strong gains.
• Silver futures rose 0.2% to $36.503/oz.
• Copper prices also softened, with London futures down 0.4% to $9,674.75 per ton and U.S. contracts holding steady at $4.8163 per pound.

A softer dollar provided little support to metals, as traders remained cautious ahead of the Fed’s decision and the ongoing geopolitical uncertainty in the Middle East.

Following the UK’s Strategic Defence Review 2025, RC Fornax PLC (LSE:RCFX) has provided a trading update highlighting increased engagement with potential customers and promising partnership opportunities. Despite this positive momentum, the company anticipates short-term challenges as delayed customer spending and slower-than-expected contract conversions are expected to result in full-year 2025 revenues falling below market forecasts.

To address these issues and position the business for future growth, RC Fornax has undertaken organizational changes, including appointing a new Sales Director and restructuring internal teams to better align with market demands. While near-term performance faces pressure, the company remains confident in its longer-term outlook, bolstered by strategic hires and strengthened client relationships.

About RC Fornax PLC

RC Fornax PLC, listed on the AIM market, specializes in delivering outcome-based engineering solutions tailored to the UK defence sector. Founded in 2021 by RAF veterans Paul Reeves and Daniel Clark, the company is dedicated to enhancing project efficiency and delivering cost-effective value within defence programs.

Vinanz Limited (LSE:BTC) has successfully secured £3.579 million in new funding, consisting of £3.029 million raised through a Retail Offer and an additional £550,000 from direct subscriptions. The company plans to issue 4 million new ordinary shares priced at 13.75 pence each, with the shares expected to be admitted to trading on the London Stock Exchange on 24 June 2025.

This capital injection strengthens Vinanz’s financial foundation and supports its strategy to expand Bitcoin mining operations throughout North America. The company leverages third-party hosting facilities in the US and Canada as part of its growth plans.

About Vinanz Limited

Vinanz Limited is a Bitcoin treasury company listed on the London Stock Exchange (ticker: BTC.L) and also traded on the US OTCQB market under the symbol VINZF. The company focuses on building a strategic Bitcoin portfolio alongside expanding its mining capacity across North America.

At its recent AGM, Warpaint London PLC (LSE:W7L) shared optimistic projections for the first half of 2025, expecting sales to reach between £50 million and £52 million. This positive outlook comes despite challenges in its US segment, which has been affected by increased tariffs. Looking ahead, the company anticipates substantial growth in the second half of the year, fueled by fresh product launches and a robust Christmas order pipeline. The February 2025 acquisition of Brand Architekts is also expected to contribute meaningfully to this expansion.

Warpaint London’s financial position remains strong, with a debt-free balance sheet and a healthy cash reserve. The company has declared a final dividend of 7.5 pence per share, signaling confidence in its ability to meet market expectations for the full year.

This combination of record sales, strategic acquisitions, and solid financial management underpins a positive outlook for Warpaint London. Stable technical indicators and reasonable valuation metrics further reinforce this sentiment.

About Warpaint London

Warpaint London PLC is a specialist color cosmetics supplier with well-known brands such as W7, Technic, Skin & Tan, Super Facialist, Dirty Works, and Fish Soho. The company’s products are sold primarily in the UK and international markets through major retailers, distributors, and the gifting sector. The brand portfolio was expanded in February 2025 with the acquisition of several health, beauty, and personal care brands.

Zinnwald Lithium plc (LSE:ZNWD) has announced a fundraising initiative targeting a minimum of £3 million through the issuance of new ordinary shares. The capital raise, which involves participation from existing investors as well as a retail offer, is designed to support critical activities at the Zinnwald Lithium Project in Germany. Proceeds will be allocated toward permitting, reducing project risks, securing property rights, expanding the team, and covering working capital needs—key steps to drive the project forward.

Despite facing financial challenges marked by ongoing losses and no current revenue, Zinnwald Lithium benefits from strong technical momentum and recent positive corporate developments. However, valuation concerns and financial risks continue to weigh on the company’s investment appeal. Notably, the company’s progress in obtaining government backing and enhancing exploration efforts offers potential upside, provided these advances lead to improved financial performance.

About Zinnwald Lithium plc

Zinnwald Lithium plc is focused on establishing itself as a prominent supplier of lithium hydroxide to Europe’s burgeoning battery market. The company’s flagship asset, the Zinnwald Lithium Project in Germany, is strategically positioned to meet the growing lithium demand driven by the electric vehicle and energy storage industries.

Atlas Metals Group plc (LSE:AMG) has entered into a non-binding Letter of Intent to acquire Universal Pozzolanic Silica Alumina Ltd, an Australian company with substantial reserves of pozzolanic silica alumina. If finalized, this acquisition would qualify as a reverse takeover under UK Listing Rules and could significantly reshape Atlas’s operational and strategic direction.

In tandem with this move, Atlas has agreed to divest its Gold Ridge project in Arizona. This sale reflects the company’s broader effort to streamline its portfolio by shedding non-core assets and redirecting focus toward high-impact growth opportunities through targeted acquisitions.

Together, these actions mark a decisive step in Atlas Metals’ evolution toward becoming a diversified and globally positioned natural resources player.

About Atlas Metals Group plc

Atlas Metals Group plc is a growth-oriented natural resources company focused on building a global presence in the mining sector. The company’s strategy centers on acquiring and developing high-potential assets while divesting non-core holdings to maximize shareholder value. Atlas is listed on the London Stock Exchange and is actively expanding its portfolio through strategic transactions.

Panther Metals Plc (LSE:PALM) has finalized two option and purchase agreements that pave the way for the creation of the Winston Project—a high-grade zinc, copper, and precious metals volcanogenic massive sulphide (VMS) asset located in Ontario, Canada. The agreements consolidate key properties from First Quantum Minerals Ltd and Frontier Energy Ltd, strengthening Panther’s foothold in a mineral-rich region.

Financial projections for the project are robust, with expectations of generating an average annual EBITDA of C$67.64 million and a pre-tax net present value (NPV) of C$175.8 million. The Winston Project benefits from established infrastructure and promising exploration potential, enhancing its viability and attractiveness as a long-term growth driver.

With this development, Panther Metals positions itself to unlock significant shareholder value through focused exploration and development in one of Canada’s most prospective mining jurisdictions.

About Panther Metals Plc

Panther Metals Plc is a mineral exploration company focused on advancing high-grade base and precious metal projects in Canada. Its primary interest lies in volcanogenic massive sulphide (VMS) deposits, particularly those rich in zinc, copper, and precious metals. The company is listed on the London Stock Exchange’s AIM market.

Seascape Energy Asia plc (LSE:SEA) has been granted full ownership of the Production Sharing Contract (PSC) for the Temaris Cluster Small Field Asset, located offshore Peninsular Malaysia. This award marks a major milestone for the company, as it takes on its first development operatorship—a critical move in expanding its regional footprint and operational capacity.

The Temaris Cluster includes two confirmed gas discoveries, Tembakau and Mengkuang, both of which are expected to help address an anticipated gas shortfall in Peninsular Malaysia. Seascape plans to pursue a cost-effective development approach using existing capital reserves and intends to submit a comprehensive Field Development and Abandonment Plan within the next 18 months.

With projected production potential exceeding 20,000 barrels of oil equivalent per day, this project positions Seascape as an emerging force in Malaysia’s oil and gas industry, with significant upside in the region’s evolving energy landscape.

About Seascape Energy Asia plc

Seascape Energy Asia plc is an exploration and production company focused on developing hydrocarbon assets across Southeast Asia. With a strategic emphasis on Malaysia, the company is working to build a diverse and high-impact portfolio through operational excellence and targeted acquisitions in key growth markets.

Morgan Sindall Group PLC (LSE:MGNS) has announced that its financial performance for the full year 2025 is expected to significantly exceed earlier projections. The company attributes this anticipated outperformance to robust results from its Fit Out and Construction segments. Upgraded forecasts for both revenue and operating margin point to a strong financial trajectory and underline the company’s solid position within the construction and infrastructure sector.

Investor sentiment remains positive, supported by Morgan Sindall’s healthy financial metrics, favorable valuation, and recent corporate developments. Although technical indicators signal the possibility of short-term market fluctuations, the company’s strategic approach and strong governance framework lay the groundwork for continued long-term growth.

About Morgan Sindall Group

Morgan Sindall Group PLC is a diversified construction and infrastructure services provider operating across the UK. The company delivers a broad range of services, including construction, fit-out, and partnership housing. With a focus on strategic project execution and sector diversification, Morgan Sindall continues to strengthen its presence and reputation in the industry.

Metals One PLC (LSE:MET1) has shared progress on its Phase 1 exploration activities at the Squaw Creek Uranium Project, located in Wyoming, USA. Situated in the historically significant Shirley Basin region, the project is benefitting from ongoing geophysical surveys and the integration of legacy exploration data. Its proximity to TerraPower’s Natrium advanced reactor project further emphasizes Squaw Creek’s strategic relevance in supporting U.S. clean energy goals and domestic uranium production.

The company is in the process of finalizing the acquisition of both the Squaw Creek and Uravan Vanadium Projects, pending the fulfillment of certain conditions. Exploration leases are expected to be issued soon, which will allow Metals One to advance its efforts in this key uranium district. The initiative aligns with the company’s broader objective to bolster U.S. energy independence and help meet increasing energy demands through sustainable mineral sourcing.

About Metals One PLC

Metals One PLC is a resource exploration and development firm focused on securing critical minerals and gold assets in politically stable jurisdictions. With operations in Finland, Norway, and the United States, the company targets essential materials for the clean energy transition, including copper, nickel, cobalt, zinc, uranium, vanadium, and platinum group metals. Metals One is listed on the London Stock Exchange’s AIM Market and aims to responsibly supply the raw materials vital for a low-carbon future.