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Ilika plc (LSE:IKA) has launched a retail share offer through the BookBuild platform to raise up to £0.5 million by issuing as many as 1,785,714 new ordinary shares at 28 pence each. The offer follows the company’s previously announced £4.56 million placing and director subscription at the same issue price. Together, the fundraising will finance the commercial rollout and production scale-up of Ilika’s Stereax solid-state micro-batteries while advancing its Goliath large-format battery programme towards future licensing agreements, supporting the transition of both technologies into revenue-generating phases.

Up to £2 million of the proceeds will be directed towards the Stereax business, including product optimisation with Cirtec Medical, testing and validation of the M300 battery, and the commencement of royalty payments. A further £3 million is expected to fund the Goliath programme through prototype refinement, production optimisation, equipment purchases, product testing and the delivery of a minimum viable 10Ah battery. The retail offer, managed by Cavendish and Yellowstone and open to existing UK shareholders, is expected to see the new shares admitted to AIM on 9 July 2026, reinforcing the company’s commitment to its retail investor base.

Ilika’s outlook continues to be affected by weak financial performance, including declining revenue, ongoing losses and negative operating and free cash flow. However, strong technical momentum and progress towards commercialisation provide some encouragement. Recent updates on product development and commercial milestones offer additional support, although continued cash burn, uncertainty around the timing of licensing agreements, and the absence of earnings or dividend payments remain key considerations for investors.

More about Ilika plc

Ilika plc is a UK-based advanced materials company specialising in solid-state battery technology. The business is developing two core product platforms: Stereax micro-batteries for applications including medical devices and industrial electronics, and Goliath large-format batteries designed for higher-capacity energy storage markets. Its strategy focuses on commercial deployment and licensing partnerships to accelerate the adoption of its battery technologies.

Richmond Hill Resources (LSE:RHR) has commenced a five-day field programme at its Martello Project, with exploration activities focused on the New Church Lake, Sakoose and Maw prospects. The campaign is designed to verify previously identified mineralised zones, assess the geological and structural framework of the targets, and collect selected samples from key gold-bearing outcrops.

The work is expected to confirm and potentially improve on historical gold grades while generating fresh assay data and providing a clearer understanding of the structural relationship between the Sakoose and Maw prospects. The results will be used to refine Richmond Hill’s geological model for the Martello Project and help shape the next stage of exploration, with Sakoose remaining the company’s highest-priority target.

More about Richmond Hill Resources Plc

Richmond Hill Resources Plc is a mineral exploration company focused on the discovery and development of gold assets, including its flagship Martello Project. The company combines the evaluation of historically identified mineralised zones with modern exploration techniques, including 3D magnetic modelling, to identify, prioritise and refine prospective gold targets.

Cobra Resources Plc (LSE:COBR) has appointed experienced mining executive Stephen McIntosh as its Strategic & Technical Advisor to support the advancement of its heavy rare earth in-situ recovery project and accelerate exploration activities at the Manna Hill Copper Project in South Australia. McIntosh brings almost 40 years of international mining experience, including senior leadership positions at Rio Tinto, where he oversaw exploration, project studies, mine development and technical innovation.

In addition to his previous executive roles, McIntosh currently advises EMR Capital, Chalice Mining and several other resource-focused organisations, providing expertise in project development and critical minerals. Cobra believes his appointment will strengthen the company’s technical capabilities as it progresses its rare earth and copper projects, helping to reduce development risk while supporting commercial strategy and long-term value creation.

Cobra’s outlook continues to be shaped by the challenges of being a pre-revenue explorer, with ongoing operating losses and sustained cash outflows despite maintaining a debt-free balance sheet. Technical indicators remain broadly neutral, showing only modest positive momentum, while valuation measures are constrained by a negative price-to-earnings ratio and the absence of dividend support.

More about Cobra Resources Plc

Cobra Resources Plc is a South Australia-focused critical minerals exploration and development company working to advance its projects towards production. Its portfolio includes the Boland ionic rare earth discovery within the Wudinna Project, recognised as Australia’s only rare earth project suitable for in-situ recovery mining, alongside the Manna Hill Copper Project, which contains several underexplored targets with significant copper discovery potential.

The company has increasingly focused on critical minerals following the 2025 sale of its Wudinna gold assets to Barton Gold for up to A$15 million in cash and shares. By combining low-cost, low-impact in-situ recovery technology for rare earths with copper exploration across the Nackara Arc, Cobra aims to strengthen its position within supply chains supporting the global energy transition and advanced technologies.

Funding Circle (LSE:FCH) has named technology executive Tamsin Todd as an independent non-executive director, with her appointment taking effect on 13 July 2026. She will also join the company’s remuneration and audit committees. Todd brings extensive experience from leadership roles at Findmypast, TUI Group, Betfair, Microsoft and Amazon, alongside her current non-executive positions at The Gym Group and Auction Technology Group. Her appointment is expected to strengthen Funding Circle’s technology-driven lending platform and support its expanding range of SME financial products.

The company also announced that long-standing non-executive director and early investor Neil Rimer will retire from the board on 30 September 2026 as part of a planned governance transition designed to support the next stage of the group’s growth. Funding Circle highlighted Rimer’s 15 years of service, during which lending increased from less than £12 million to more than £17 billion, describing the board changes as a balance between continuity and fresh expertise as the business continues to expand in the SME finance market.

More about Funding Circle Holdings

Funding Circle Holdings, listed on the London Stock Exchange under the ticker FCH, is one of the UK’s leading finance platforms for small and medium-sized businesses. Since 2010, it has provided more than £17 billion in funding to over 125,000 UK SMEs. The company combines proprietary AI-driven credit models with human underwriting expertise to offer borrowing, payments and spending solutions through a single platform, while also giving institutional investors access to the SME lending market.

Crimson Tide (LSE:TIDE) has signed a 12-month extension to its agreement with Cadent Gas, the UK’s largest gas distribution network, extending the partnership until 30 September 2027. The renewed contract will generate annual recurring revenue of £486,000, a 4% increase from the previous agreement, reflecting the continued importance of the company’s mpro5 platform within Cadent’s operations.

The company said the latest renewal demonstrates the mission-critical role that mpro5 plays in supporting complex enterprise environments while reinforcing its long-standing relationship with a major customer. Management believes the extension highlights the effectiveness of Crimson Tide’s customer retention strategy, strengthening its recurring revenue base and providing a solid foundation for future growth for both the business and its shareholders.

Crimson Tide’s outlook remains influenced by recent financial challenges, including lower revenue and profitability. However, improving technical indicators, combined with strategic developments such as contract renewals and a return to profitability, offer encouraging signs. Valuation metrics remain constrained by negative earnings and the absence of a dividend.

More about Crimson Tide

Crimson Tide plc is a UK-based AIM-listed technology company that develops the mpro5 operational compliance platform. Its software enables large organisations to manage operational, regulatory and compliance processes more efficiently, providing mission-critical, subscription-based SaaS solutions for businesses operating in infrastructure and other complex industries.

Marks Electrical Group (LSE:MRK), a UK online retailer specialising in major domestic appliances and consumer electronics, offers a broad selection of branded household products through its markselectrical.co.uk platform. The business operates a vertically integrated, cost-efficient model, using its own fleet of branded vehicles and in-house delivery teams to provide delivery, installation and recycling services across the country.

The company has confirmed that Chief Financial Officer Tom Pallatt intends to leave the business, with the recruitment process for his replacement already in progress. Pallatt will remain with Marks Electrical during the transition to support a smooth handover. The planned leadership change comes as the retailer continues expanding its nationwide footprint, with investors likely to focus on maintaining stability in the company’s financial strategy while the board appoints a new finance chief.

Marks Electrical’s outlook continues to be shaped by weakening fundamentals, including ongoing losses and declining cash flow, alongside bearish technical indicators such as trading below key moving averages and a negative MACD reading. Valuation signals remain mixed, with the dividend yield offering some support despite a negative price-to-earnings ratio reflecting the company’s current lack of profitability.

More about Marks Electrical Group Plc

Marks Electrical Group is a UK-based, technology-led e-commerce retailer specialising in household electrical products across the major domestic appliances and consumer electronics sectors. Established in Leicester in 1987, the company has grown into a nationwide online retailer offering more than 4,500 products from over 50 brands. Its vertically integrated logistics network includes delivery, installation and recycling services, supporting its customer-focused operating model.

Caledonia Investments (LSE:CLDN) has finalised a £60 million minority investment in Blue Diamond, the UK’s largest garden centre operator and a major presence in the Channel Islands. The transaction gives Caledonia a fully diluted 16% ownership stake, with £40 million earmarked to finance Blue Diamond’s future expansion plans and £20 million allocated to provide liquidity for existing shareholders.

As part of the agreement, Caledonia and Blue Diamond have also established a framework for up to £40 million in additional investment over the next five years, subject to certain conditions. The potential follow-on funding is expected to support acquisitions, improvements across Blue Diamond’s existing garden centre estate and additional shareholder liquidity. The investment aligns with Caledonia’s Private Capital strategy of partnering with established market leaders that have long-term growth potential.

Caledonia’s investment outlook is underpinned by a strong balance sheet, characterised by low leverage and substantial equity, together with an attractive valuation supported by a very low price-to-earnings ratio and a moderate dividend yield. Recent earnings highlighted solid net asset value performance, healthy liquidity, ongoing share buybacks and capital available for future investments. However, the persistent discount to net asset value and negative total shareholder returns continue to weigh on the broader investment case, while technical indicators remain largely neutral.

More about Caledonia Investments

Caledonia Investments is a FTSE 250 self-managed investment trust focused on delivering long-term real returns above inflation while outperforming the FTSE All-Share Index over a ten-year period. The company invests across both public and private markets through its Public Companies, Private Capital and Funds divisions, targeting high-quality businesses with durable competitive positions to create a diversified global portfolio.

Within its Private Capital business, Caledonia typically commits between £50 million and £150 million to private companies through majority or minority investments, providing patient capital and strategic support to management teams. Its portfolio includes businesses such as AIR-serv Europe, Cobehold, Butcombe Group and Direct Tyre Management, reflecting its focus on resilient companies with strong cash generation and leading positions in specialist markets.

Investors position ahead of employment figures

Gold prices traded higher on Thursday as market participants prepared for the release of the U.S. non-farm payrolls report, a key economic indicator that could influence the Federal Reserve’s interest rate outlook.

By 10:37 GMT, spot gold had gained 0.8% to $4,065.05 per ounce, while gold futures edged 0.1% lower to $4,077.42 per ounce.

Strong jobs data could reinforce Fed expectations

Economists expect the U.S. economy to have added 114,000 jobs in June, down from 172,000 in May, with the unemployment rate forecast to remain unchanged at 4.3%.

The labour market has consistently surprised to the upside in recent months, with non-farm payrolls exceeding forecasts for three consecutive reports and lifting the three-month average to 188,000 jobs.

“Our forecast suggests a solid job market, reconfirming that the labor market has reaccelerated from its last year’s soft patch,” Morgan Stanley analysts said.

Rate outlook remains the key driver

A resilient labour market could give the Federal Reserve additional scope to raise interest rates if inflationary pressures persist.

Although oil prices have eased since the framework peace agreement between the United States and Iran, policymakers continue to monitor whether earlier energy price increases will have a lasting impact on inflation.

Deutsche Bank said a “hawkish repricing” of Federal Reserve expectations has developed in recent weeks, with CME FedWatch indicating investors now see the possibility of another rate increase as early as September.

Those expectations eased somewhat after weaker-than-anticipated private payrolls data and comments from Federal Reserve Chair Kevin Warsh suggesting inflation risks have moderated.

Dollar remains supportive despite modest pullback

The outlook for monetary policy continues to influence the gold market because higher interest rates reduce the appeal of non-yielding assets.

While the U.S. dollar index weakened slightly on Thursday, it remained well above pre-conflict levels, limiting upside for bullion.

“The firmer currency backdrop […] is prompting investors to reassess positioning after a volatile few weeks,” said Neil Welsh, Head of Metals at Britannia Global Markets.

Airbus secures next-generation Earth observation contract

Airbus Defence and Space (EU:AIR) has been awarded a contract by the European Space Agency (ESA) to develop and manufacture the Aeolus-2 wind observation satellite.

The agreement was signed during a ceremony at ESA’s UK centre, ECSAT, in Harwell, marking the start of the follow-on mission to the original Aeolus satellite, which Airbus built and successfully launched in 2018.

The first Aeolus mission provided high-resolution vertical wind measurements from space, helping improve numerical weather forecasting by around 4% before its operations concluded in 2023.

Aeolus-2 to enhance global weather forecasting

The new satellite will carry an advanced Doppler wind lidar equipped with ultraviolet lasers capable of measuring atmospheric winds from ground level up to an altitude of 30 kilometres.

Taking readings every 0.01 seconds, the instrument will survey the entire planet every seven days. In addition to wind observations, Aeolus-2 will feature a new detector designed to monitor atmospheric aerosols.

Simonetta Cheli, ESA’s Director of Earth Observation Programmes, said, “Aeolus exceeded expectations and demonstrated the transformative impact that space-based wind observations can have on weather forecasting. Aeolus-2 represents the natural evolution of that achievement – from pioneering research to an operational service that will benefit citizens and businesses worldwide.”

UK to play a leading role in the mission

UK Space Minister Liz Lloyd said Airbus Defence and Space’s UK operations will have a central role in delivering the programme.

“Aeolus-2 will deliver real benefits for people across the UK, from more accurate weather forecasts that protect lives and communities, to the highly skilled jobs that come from being a key partner in Europe’s most ambitious space science programmes,” Lloyd stated.

Mission designed for operational forecasting

The satellite will determine wind speed and direction by analysing the Doppler shift of laser light reflected from atmospheric particles such as dust, ice crystals and water droplets.

Operating from an altitude of approximately 450 kilometres, Aeolus-2 will orbit Earth around 15 times each day and deliver weather data to users within 120 minutes of the earliest measurement collected during each orbit.

ESA is developing the mission in partnership with EUMETSAT, with organisations including the UK Met Office and the European Centre for Medium-Range Weather Forecasts among the expected users.

The satellite has an operational design life of 5.5 years.