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  • Bank of England Sets Out Framework for Systemic Stablecoin Issuers

    Bank of England Sets Out Framework for Systemic Stablecoin Issuers

    The Bank of England has published its policy statement and draft Code of Practice for systemic stablecoin issuers, outlining the regulatory framework that will govern the development and operation of stablecoins in the UK.

    The proposed regime is designed to support the growth of UK-issued stablecoins as trusted forms of digital money while maintaining financial stability and consumer protection. Policymakers believe stablecoins could improve payment efficiency by enabling faster, lower-cost and more flexible transactions, particularly for cross-border payments, while also supporting new forms of programmable financial services.

    New Regulatory Structure Takes Shape

    The policy statement incorporates feedback received during the Bank’s consultation process last year and forms part of a broader regulatory framework being developed jointly with the Financial Conduct Authority.

    Together, the two regulators are working to establish an end-to-end supervisory regime that will allow firms to transition smoothly from non-systemic to systemic status as their stablecoin operations expand.

    The framework is intended to provide regulatory clarity for firms operating in the digital asset sector while ensuring appropriate safeguards are in place as adoption increases.

    Changes Made Following Industry Feedback

    Following discussions with industry participants and other stakeholders, the Bank has amended several elements of its original proposals.

    One significant change involves the composition of reserve assets backing systemic stablecoins. Under the revised framework, issuers will be permitted to hold up to 70% of reserves in interest-bearing assets, specifically short-term UK government debt, compared with the previously proposed limit of 60%. The remaining reserves must be held in central bank deposits.

    The Bank said the adjustment reflects feedback received during the consultation process and is intended to balance financial stability objectives with operational flexibility for issuers.

    Temporary Issuance Guardrail Introduced

    The Bank has also opted to introduce a temporary issuance guardrail for systemic stablecoins rather than the holding limits proposed during the consultation.

    Initially, the guardrail will be set at £40 billion for each systemic stablecoin issuer. The threshold will be reviewed periodically and removed once concerns relating to potential impacts on credit creation and financial stability have been sufficiently addressed.

    Officials believe the measure provides a controlled pathway for the growth of stablecoin markets while broader risks continue to be assessed.

    Industry Consultation Continues

    Sarah Breeden, Deputy Governor for Financial Stability, said: “This is a major milestone in delivering greater choice and innovation in UK payments. Innovation thrives on trust. And today we’ve set out the foundations of that trust for a new form of money – with prompt redemption, strong protections and central bank support. This is truly a world leading regime.”

    The Bank of England plans to finalise the Code of Practice by the end of 2026, subject to feedback received during the consultation period, which runs until 22 September 2026.

    Once the framework is completed, regulated stablecoins are expected to be able to operate within the UK under the new regime from 2027.

    More about Stablecoin Regulation in the UK

    Stablecoins are digital assets designed to maintain a stable value by being linked to traditional currencies or other low-volatility assets. Unlike more volatile cryptocurrencies, they are intended to function as reliable payment instruments and stores of value.

    The UK’s proposed framework aims to ensure that systemic stablecoins meet standards comparable to other forms of money used in the financial system. By introducing requirements covering reserve assets, redemption rights, governance and risk management, regulators hope to encourage innovation while maintaining confidence in the broader payments ecosystem.

  • easyJet Shares Rise After Board Rejects Enhanced Castlelake Takeover Approach (EZJ)

    easyJet Shares Rise After Board Rejects Enhanced Castlelake Takeover Approach (EZJ)

    easyJet plc (LSE:EZJ) shares gained more than 2% on Monday after the airline disclosed that its board had rejected a revised takeover proposal from U.S.-based investment firm Castlelake, L.P., arguing that the offer significantly undervalued the business and its future growth prospects.

    The board described the latest proposal as “highly opportunistic” and stated that it “still fundamentally undervalues easyJet and its prospects.”

    Three Proposals Rejected

    According to Castlelake, three separate non-binding indicative proposals were submitted to easyJet during June.

    The first proposal, valued at 560 pence per share, was submitted on 16 June and rejected the same day. A second proposal of 600 pence per share followed, which Castlelake said was intended to encourage engagement with the board. A third proposal, valuing the airline at 625 pence per share, was submitted on 20 June and subsequently rejected on 21 June.

    easyJet confirmed that the earlier approaches, priced at £5.60 and £6.00 per share respectively, were both “unanimously rejected as not being in the best interests of shareholders.”

    Castlelake Highlights Premium and Financing Plans

    Castlelake said its latest proposal represented a premium of approximately 59% to easyJet’s closing share price of 394 pence on 28 May.

    The firm added that the proposed transaction would be fully financed through a combination of equity and debt funding, with Goldman Sachs having indicated its ability to arrange the necessary debt facilities.

    The proposal also included an alternative structure under which shareholders could elect to receive unlisted, non-transferable and non-voting shares in a holding vehicle. Castlelake said this entity would be owned 49% by Castlelake and 51% by EU nationals and potentially other investors.

    Board Raises Concerns Over Valuation and Structure

    easyJet’s board argued that Castlelake’s valuation analysis relied heavily on share price levels affected by recent Middle East tensions, short-term earnings expectations and analyst forecasts.

    The company said these measures failed to reflect its medium-term growth potential, financial strength and capital structure.

    Management highlighted what it described as an “investment grade balance sheet with a net cash position” and noted that pre-tax profit increased by 46% across the two financial years ending September 2025. The airline also reiterated its ambition to deliver more than £1 billion in profit before tax.

    In addition to valuation concerns, the board cited “considerable reservations about the elevated leverage and overall conditionality” of the proposal and described the suggested ownership arrangement as “opaque.”

    Takeover Deadline Approaches

    Under the UK Takeover Code, Castlelake must either announce a firm intention to make an offer or confirm that it does not intend to proceed by 5 p.m. on 26 June.

    Until then, investors will be closely watching for any further developments as speculation continues around the future ownership of the airline.

    More about easyJet

    easyJet plc is one of Europe’s largest low-cost airlines, operating an extensive network of short-haul routes across the continent. The company serves millions of passengers annually through a fleet focused on point-to-point travel and maintains a strong presence in key European leisure and business markets.

    In addition to its airline operations, easyJet continues to expand ancillary revenue streams and holiday offerings through its easyJet Holidays division, which has become an increasingly important contributor to group profitability. Management remains focused on long-term earnings growth, operational efficiency and maintaining a strong balance sheet while navigating a competitive European aviation market.

  • FTSE 100 Holds Steady as Starmer Resigns and Iran Talks Support Sentiment

    FTSE 100 Holds Steady as Starmer Resigns and Iran Talks Support Sentiment

    UK equities traded largely unchanged on Monday after Prime Minister Keir Starmer announced his resignation, setting in motion a contest to choose a new Labour leader, while investors remained focused on developments in U.S.-Iran negotiations and their implications for global markets.

    The FTSE 100 slipped 0.03% by 08:47 GMT, while Germany’s DAX declined 0.27% and France’s CAC 40 eased 0.42%. Sterling weakened 0.25% against the U.S. dollar to 1.3201.

    Starmer Announces Resignation

    Keir Starmer confirmed he would step down as both Prime Minister and Labour Party leader, stating that he had informed the King of his decision and requested that Labour’s National Executive Committee begin the process of selecting a successor. Nominations for the leadership contest are expected to open on 9 July.

    Speaking outside Downing Street, Starmer defended his time in office, highlighting what he described as the fastest reduction in NHS waiting lists in 17 years and the largest improvement in workers’ and renters’ rights “in a generation.”

    Attention has quickly turned to Greater Manchester Mayor Andy Burnham, who is widely regarded as the leading candidate to succeed Starmer following his strong performance in the recent Makerfield by-election.

    Investors Focus on Iran Talks Rather Than UK Politics

    Despite the political developments, market reaction remained limited as investors continued to place greater emphasis on international developments, particularly negotiations between the United States and Iran.

    According to Andreas Lipkow, chief market analyst at CMC Markets, investors were “continuing to place greater weight on developments in US-Iran negotiations than on domestic political noise. That suggests markets remain primarily focused on the outlook for energy prices and global risk sentiment rather than near-term uncertainty in Westminster.”

    Diplomatic efforts involving mediators from Qatar and Pakistan reportedly made progress, including the establishment of a new High-Level Committee and a dedicated communication channel aimed at ensuring safe navigation through the Strait of Hormuz.

    Although comments from U.S. President Donald Trump briefly disrupted discussions over the weekend, negotiations subsequently resumed. Analysts at Jefferies said they remain “optimistic that a deal will be reached,” even if the current 60-day truce period needs to be extended.

    Oil Falls as Hormuz Concerns Ease

    Oil prices moved lower as hopes for uninterrupted shipping through the Strait of Hormuz reduced geopolitical risk premiums.

    WTI crude declined 0.70% to $75.32 per barrel, while Brent crude fell 1.64% to $78.72 per barrel.

    Jefferies noted that as long as oil remains around the $75 level, “risk sentiment should remain well-supported,” adding that it has increased exposure to risk assets on expectations that the truce will continue.

    Gold moved in the opposite direction, with investors continuing to seek exposure to safe-haven assets. Spot gold rose 0.80% to $4,193.38 an ounce, while gold futures advanced 0.92% to $4,217.82.

    UK Corporate Round-Up

    easyJet Rejects Third Takeover Proposal

    easyJet (LSE:EZJ) rejected a third takeover approach from U.S. investment firm Castlelake, which valued the airline at 625 pence per share. The board concluded that the proposal did not adequately reflect the company’s value and future prospects.

    Ocado Addresses Succession Speculation

    Ocado Group (LSE:OCDO) confirmed that chief executive Tim Steiner and the board continue to undertake long-term succession planning and engage with potential candidates. The statement followed a media report suggesting that Vonage chief executive Niklas Heuveldop had been approached regarding the role.

    Babcock Reports Profit Impact From Type 31 Charge

    Babcock International (LSE:BAB) reported that annual underlying operating profit fell 19% to £293.3 million after the company recorded a £140 million charge related to its Type 31 frigate programme for the Royal Navy. Despite the impact, management maintained confidence in the group’s longer-term outlook, supported by strong demand across defence and nuclear markets.

  • Ocado Reaffirms Leadership Succession Plans Following Market Speculation (OCDO)

    Ocado Reaffirms Leadership Succession Plans Following Market Speculation (OCDO)

    Ocado Group plc (LSE:OCDO) has responded to recent media reports by confirming that its board and chief executive officer are actively engaged in an ongoing, long-term succession planning process.

    The company stated that discussions with potential candidates form part of its normal governance procedures and are designed to ensure continuity of leadership over time. Management emphasised that succession planning remains a routine component of board oversight and corporate governance.

    Focus on Leadership Continuity

    By publicly addressing the speculation, Ocado sought to reassure investors that a structured framework is already in place to manage future executive transitions.

    The company noted that regularly assessing internal and external leadership options helps ensure the business remains well positioned regardless of future management changes. This approach is intended to support organisational stability and maintain strategic consistency across the group.

    Management believes robust succession planning is particularly important given Ocado’s long-term growth ambitions and its position as a technology partner to retailers around the world.

    Commitment to Governance and Strategic Stability

    The announcement highlights Ocado’s emphasis on strong governance practices and transparent communication with shareholders.

    By confirming that succession planning is an established and ongoing process, the company aims to reduce uncertainty around executive leadership and reinforce confidence in its long-term strategic direction.

    The board indicated that maintaining continuity of management and preserving operational momentum remain key priorities as the business continues to develop its technology and automation platforms.

    Outlook

    Ocado’s outlook reflects a combination of improving operational trends and ongoing financial challenges. Stronger cash-flow performance and positive commentary around cost-reduction initiatives have provided some encouragement, while management continues to focus on improving efficiency and supporting long-term profitability.

    However, the business still faces pressure from relatively weak core operating earnings and financing-related risks associated with leverage and investment requirements.

    Technical indicators offer modest support, although they do not yet point to a firmly established long-term uptrend. Valuation metrics appear relatively low compared with historical levels, but earnings volatility and fluctuating cash generation continue to influence investor sentiment.

    More about Ocado Group

    Ocado Group plc is a UK-based technology and online grocery company specialising in automated fulfilment and e-commerce solutions for the retail sector.

    The company operates highly automated grocery fulfilment centres and develops proprietary software, robotics and logistics technologies that help retailers modernise and digitise their supply chains. Through its Ocado Smart Platform, the group partners with supermarkets around the world to improve online grocery operations, fulfilment efficiency and customer delivery capabilities.

    As a technology-led business, Ocado combines retail expertise with advanced automation and artificial intelligence to support the growing global demand for online grocery shopping and digital supply chain solutions.

  • NextEnergy Solar Fund Launches Strategic Overhaul as NAV Declines and Market Discounts Remain Elevated (NESF)

    NextEnergy Solar Fund Launches Strategic Overhaul as NAV Declines and Market Discounts Remain Elevated (NESF)

    NextEnergy Solar Fund Limited (LSE:NESF) has unveiled a strategic reset after reporting a significant reduction in net asset value, with NAV per share falling to 76.1p and gross asset value decreasing to £922 million.

    Despite the lower valuation, the company highlighted strong operational performance across its solar and energy storage portfolio. Electricity generation exceeded budgeted expectations, while the flagship 50MW Camilla battery storage project continued to rank among the highest-performing assets on the Great Britain grid, demonstrating the resilience and cash-generating capability of the portfolio.

    Portfolio Performance Remains Strong

    Management emphasised that underlying asset performance remained robust throughout the period, supported by reliable renewable energy generation and growing contributions from energy storage operations.

    The company believes the strong operational delivery highlights the quality of its asset base, even as wider market conditions continue to weigh on sector valuations and investor sentiment.

    Strategic Reset Targets Shareholder Value

    In response to persistent discounts across the listed renewable infrastructure sector, the board has introduced a new strategic framework focused on strengthening the balance sheet, improving capital allocation and addressing the gap between the share price and underlying asset value.

    A key element of the plan is the adoption of a revised dividend policy. Rather than maintaining a progressive dividend approach, the fund will distribute 75% of operating free cash flow, resulting in a lower but more sustainable and better-covered dividend.

    The company also intends to reduce gearing through targeted asset disposals while recycling capital into projects offering higher returns. Expanding exposure to battery storage remains another strategic priority, reflecting management’s view that storage assets can provide attractive long-term growth opportunities alongside solar generation.

    Focus on Balance Sheet and Long-Term Returns

    The board believes the combination of deleveraging, capital recycling and disciplined dividend management will help stabilise net asset value and unlock value embedded within the portfolio.

    Management is encouraging shareholders to support the company’s continuation proposal at the upcoming annual general meeting, arguing that the revised strategy provides a clearer pathway to improving long-term total returns despite ongoing market challenges.

    Outlook

    NextEnergy Solar Fund’s outlook continues to be affected by weaker financial performance, including declining revenue and two consecutive years of net losses. Technical indicators also remain negative, with the shares trading below key moving averages and momentum measures such as MACD remaining under pressure.

    However, these challenges are partly offset by strong and improving operating cash flow generation, a debt-free balance sheet position reported in 2025 and an attractive dividend yield.

    Management believes that successful execution of the strategic reset, combined with the operational strength of the portfolio and increasing exposure to energy storage, should position the company to create greater value for shareholders over time.

    More about NextEnergy Solar Fund

    NextEnergy Solar Fund Limited is a specialist renewable energy investment company focused on solar power generation and energy storage infrastructure.

    The fund owns and manages a diversified portfolio of long-life assets designed to generate stable and predictable cash flows. Its investment strategy centres on utility-scale solar projects and standalone battery storage facilities, primarily located in the UK.

    Through a combination of renewable energy generation, active portfolio management and selective investment in storage technologies, the company seeks to deliver sustainable income and long-term capital growth for shareholders operating within the renewables infrastructure sector.

  • Synthomer Delivers Strong First-Half Growth as Transformation Strategy Gains Momentum (SYNT)

    Synthomer Delivers Strong First-Half Growth as Transformation Strategy Gains Momentum (SYNT)

    Synthomer plc (LSE:SYNT) reported a robust trading performance during the first half of 2026, with increases in volume, revenue, EBITDA and margins across its continuing operations.

    The improvement was driven by stronger activity within the Coatings & Construction Solutions division and resilient performance from Adhesive Solutions. The company also cited healthy end-market demand, targeted growth investments and ongoing cost-saving initiatives as key contributors to the positive performance.

    While Health & Protection and Performance Materials experienced a slower start to the year, management noted that volumes strengthened as the period progressed.

    Second-Quarter Momentum Builds

    Trading conditions improved further during the second quarter, with Synthomer successfully managing supply chain disruption linked to the conflict involving Iran.

    The company utilised its global manufacturing network and procurement capabilities to maintain supply and mitigate operational challenges. Higher raw material and energy costs were largely passed through to customers, helping to protect profitability despite a more volatile cost environment.

    Management highlighted the flexibility of the group’s regional production footprint as an important competitive advantage during periods of market disruption.

    Balance Sheet Strengthened Through Refinancing

    Synthomer also completed a refinancing of its bank debt facilities, improving liquidity and increasing covenant headroom.

    The enhanced financial flexibility supports the company’s ongoing transformation programme, which remains focused on reducing leverage, streamlining operations and concentrating resources on higher-growth areas of the business.

    As part of this strategy, Synthomer continues to progress the disposal of non-core assets, including the recently announced sale of its Acrylate Monomers business.

    Management believes these actions will further strengthen the balance sheet while simplifying the group’s portfolio and improving strategic focus.

    Outlook

    Despite the strong operational performance reported in the first half, Synthomer’s longer-term outlook remains influenced by the impact of historical losses and uneven revenue trends experienced over recent years.

    However, balance sheet leverage has improved, and the company benefited from stronger cash flow generation during 2025, providing additional support for its transformation plans.

    Technical indicators remain a notable positive, with the shares trading above key moving averages and momentum measures such as MACD remaining supportive. Nevertheless, overbought signals suggest the potential for short-term share price volatility.

    Valuation remains constrained by a negative price-to-earnings ratio, reflecting the company’s recent earnings profile. Management believes that continued operational improvements, portfolio simplification and debt reduction should support further progress over time.

    More about Synthomer

    Synthomer plc is a London-listed manufacturer of specialised polymers and performance ingredients serving customers across the coatings, construction, adhesives, healthcare and protection sectors.

    The group operates through three divisions: Coatings & Construction Solutions, Adhesive Solutions, and Health & Protection and Performance Materials. Its products are supplied to more than 6,000 customers worldwide through a network of 29 manufacturing facilities.

    By focusing on high-performance and specialised applications, Synthomer aims to provide innovative materials that support a broad range of industrial and consumer end markets while driving long-term value creation through operational excellence and portfolio optimisation.

  • CelLBxHealth Accelerates Cost Reduction Programme and Shifts Focus to Commercial Partnerships Following Revenue Decline (CLBX)

    CelLBxHealth Accelerates Cost Reduction Programme and Shifts Focus to Commercial Partnerships Following Revenue Decline (CLBX)

    CelLBxHealth plc (LSE:CLBX) reported a significant decline in revenue for 2025, with sales falling to £1.4 million as the company faced weaker demand for its biopharma services and incurred costs associated with a major restructuring programme.

    The company recorded an operating loss of £19.2 million for the year, reflecting both the revenue reduction and restructuring-related charges. In response, management has undertaken extensive cost-cutting measures designed to improve efficiency and strengthen the business’s financial position.

    Restructuring Delivers Significant Cost Savings

    During the year, CelLBxHealth completed an £8.2 million fundraising and ended the reporting period with cash reserves of £7.3 million.

    The company stated that its restructuring programme has reduced annualised operating cash costs to approximately £6.7 million. Key measures included a 60% reduction in headcount, consolidation of operational sites and renegotiation of supplier agreements.

    Management believes these actions have created a leaner organisation capable of supporting future growth while reducing ongoing cash consumption.

    Strategic Shift Towards Commercial Partnerships

    Under the leadership of new chief executive Peter Collins and a refreshed board, CelLBxHealth has repositioned the business away from a predominantly research-focused model towards a more commercially driven strategy centred on partnerships and revenue generation.

    The company has strengthened relationships with several major industry participants, including QIAGEN, Roche Diagnostics, Illumina and Myriad. It has also secured a new master service agreement with AstraZeneca, which management views as an important validation of the company’s technology and commercial capabilities.

    These collaborations are expected to support a growing pipeline of opportunities and broaden the adoption of the company’s circulating tumour cell (CTC) platform.

    Revenue Growth Targeted for 2026

    Looking ahead, CelLBxHealth expects revenue of at least £2.1 million in 2026, representing growth from 2025 levels.

    Management believes the combination of lower operating costs, strategic partnerships and increasing commercial activity will help stabilise the business while extending its cash runway into the second quarter of 2027.

    The company is focused on converting its expanding pipeline into recurring revenue opportunities and strengthening its position within the oncology diagnostics and research markets.

    Outlook

    CelLBxHealth’s outlook remains influenced by significant financial challenges, including recent losses and the need to demonstrate sustainable revenue growth. Technical indicators also remain broadly negative, reflecting cautious market sentiment.

    However, recent operational achievements, commercial partnerships and progress in reducing the company’s cost base provide encouraging signs as management works to reposition the business for long-term growth.

    While valuation and financial risks remain important considerations, the company believes its strategic transformation and expanding industry relationships could create a stronger foundation for future performance.

    More about CelLBxHealth

    CelLBxHealth plc is a UK- and U.S.-based life sciences company specialising in circulating tumour cell (CTC) technologies for cancer research, drug development and clinical oncology applications.

    Its proprietary Parsortix platform is designed to capture and isolate circulating tumour cells from blood samples, enabling downstream analysis through imaging, proteomics and genomic testing workflows. The technology supports a range of applications across product sales, laboratory services and laboratory-developed tests, helping researchers and clinicians gain deeper insights into cancer biology and treatment response.

  • Avacta Strengthens Funding Position as pre|CISION Oncology Programmes Reach Key Milestones (AVCT)

    Avacta Strengthens Funding Position as pre|CISION Oncology Programmes Reach Key Milestones (AVCT)

    Avacta Group plc (LSE:AVCT) has reported significant progress across its oncology portfolio during 2026, advancing multiple programmes based on its proprietary pre|CISION platform while extending its financial runway into 2027.

    The company highlighted a series of clinical and preclinical achievements spanning its Gen One, Gen Two and Gen Three development programmes. Among the key milestones was the initiation of patient dosing in the Phase 1 FOCUS-01 trial evaluating AVA6103, the company’s Gen Two lead candidate.

    Avacta also presented preclinical data demonstrating favourable performance relative to leading antibody-drug conjugates and reported encouraging efficacy signals alongside an improved safety profile for its Gen One candidate AVA6000 in salivary gland cancer patients.

    Pipeline Development Continues Across Multiple Generations

    The company has continued to broaden its oncology pipeline through the advancement of AVA6207, its dual-payload Gen Three programme, while further expanding its intellectual property portfolio.

    Management expects to make important decisions during the second half of 2026 regarding payload selection and the nomination of future clinical candidates, supporting the next phase of development for the pre|CISION platform.

    The ongoing progress reflects Avacta’s strategy of building a diversified pipeline of tumour-activated peptide drug conjugates designed to improve the delivery of potent cancer therapies while limiting systemic toxicity.

    Balance Sheet Strengthened Through New Funding

    Financially, Avacta has reinforced its position through the addition of £19 million in new capital during 2026.

    The funding has extended the company’s expected cash runway into early 2027 while also reducing outstanding convertible bond liabilities. Management noted that these measures have improved financial flexibility as the company continues to invest in clinical development and business development initiatives.

    The group has also refreshed its governance structure with the appointment of a new Non-Executive Chairman and remains engaged in partnering discussions covering its first-, second- and third-generation oncology assets.

    Outlook

    Avacta’s outlook continues to be shaped by the typical challenges faced by clinical-stage biotechnology companies. Ongoing losses, continued cash consumption and balance sheet pressures remain important considerations for investors.

    However, technical indicators provide a more supportive picture, with the share price trading above longer-term moving averages and momentum measures such as MACD remaining positive.

    Management believes recent clinical progress, improvements in cash management and continued advancement of the pre|CISION platform strengthen the company’s position. Nevertheless, future growth remains dependent on securing partnerships, advancing clinical programmes successfully and maintaining adequate funding through key development milestones.

    More about Avacta Therapeutics

    Avacta Therapeutics, part of Avacta Group plc, is a clinical-stage oncology company focused on developing targeted cancer treatments using its proprietary pre|CISION platform.

    The technology is designed to activate therapies selectively within tumour tissue by targeting fibroblast activation protein (FAP), enabling potent chemotherapy agents to be delivered directly to cancer cells while reducing exposure to healthy tissue.

    Through its portfolio of tumour-activated peptide drug conjugates, Avacta is seeking to establish a new generation of oncology treatments within the emerging XDC (peptide drug conjugate) field, with the goal of improving efficacy and safety compared with conventional chemotherapy approaches.

  • Anglo Asian Mining Appoints Worley to Advance Azerbaijan Copper Development Plans (AAZ)

    Anglo Asian Mining Appoints Worley to Advance Azerbaijan Copper Development Plans (AAZ)

    Anglo Asian Mining plc (LSE:AAZ) has appointed Worley Europe Limited to undertake feasibility studies for the development of its Xarxar and Garadag copper deposits in Azerbaijan, marking a significant step in the company’s strategy to expand its copper production capabilities.

    The studies will evaluate the use of heap leach and solvent extraction-electrowinning (SX-EW) technologies to produce copper metal directly on site. If implemented, the project would represent the first production of refined copper metal by both Anglo Asian Mining and Azerbaijan, potentially creating additional value by reducing dependence on concentrate exports and third-party smelting facilities.

    Focus on Higher-Value Copper Production

    Management believes on-site copper metal production could strengthen project economics by capturing more value within the production chain. The feasibility work will assess the technical and commercial viability of the proposed processing route and help determine the optimal development strategy for the two deposits.

    The appointment of Worley, a global engineering and project delivery specialist, reflects the company’s intention to accelerate the advancement of its copper portfolio as demand for the metal continues to grow across energy transition and industrial markets.

    Major Drilling Campaign Underway

    Alongside the feasibility programme, Anglo Asian is launching an extensive 90,000-metre core drilling campaign across 2026 and 2027.

    The programme will be divided between exploration drilling and work designed to support feasibility studies and future mine development. Activities will cover several key assets, including Xarxar, Garadag, Gedabek, Demirli and Gilar.

    Management expects the drilling programme to contribute to resource expansion, reserve conversion and mine planning activities, while also supporting the development of new mining operations across its portfolio.

    Long-Term Growth Strategy

    The company views the combined feasibility and drilling initiatives as central components of its broader strategy to evolve into a mid-tier, multi-asset copper and gold producer.

    By expanding its resource base and progressing multiple development projects simultaneously, Anglo Asian aims to build a larger and more diversified production platform capable of delivering sustainable long-term growth.

    Management believes these investments will strengthen the company’s position within Azerbaijan’s mining sector and support future value creation for shareholders.

    Outlook

    Anglo Asian’s outlook is supported by an improvement in financial performance during 2025, including stronger profitability and a recovery in cash generation. However, earnings volatility, higher leverage and uneven cash conversion continue to present challenges.

    Technical indicators remain positive, reflecting a strong upward trend in the shares, although overbought conditions suggest the potential for short-term consolidation or pullbacks.

    Valuation remains a consideration for investors, with the shares trading on an elevated earnings multiple and no dividend yield currently highlighted. Nevertheless, management believes the company’s expanding copper pipeline provides a strong foundation for future growth.

    More about Anglo Asian Mining

    Anglo Asian Mining plc is an AIM-listed producer of gold, copper and silver with operations and exploration assets located across Azerbaijan.

    Its portfolio includes producing and development-stage projects such as Gilar, Demirli and Gedabek. During 2025, the company produced 7,915 tonnes of copper and 25,061 ounces of gold and is pursuing a long-term objective of becoming a mid-tier, multi-asset copper and gold producer by 2030.

    As part of this strategy, Anglo Asian is targeting annual copper production of between 50,000 and 55,000 tonnes through a combination of resource growth, new mine development and enhanced processing capabilities.

  • Wishbone Gold Expands Red Setter Drilling Following Promising Near-Surface Gold Results (WSBN)

    Wishbone Gold Expands Red Setter Drilling Following Promising Near-Surface Gold Results (WSBN)

    Wishbone Gold plc (LSE:WSBN) has reported encouraging early assay results from its reverse circulation drilling programme at the Red Setter gold-copper project in Western Australia, identifying the shallowest gold mineralisation recorded at the project to date.

    Among the latest results was an 11-metre intercept grading 0.7 g/t gold, beginning at a depth of just 45 metres and remaining open at depth. Management described the findings as a significant development for both Red Setter and the company, highlighting grades that compare favourably with recent head grades at the nearby Telfer mine.

    The results also indicate that mineralisation may extend towards the south-east, opening up the possibility of several kilometres of additional strike length for future exploration.

    Drilling Programme Accelerates

    In response to the latest discoveries, Wishbone has expanded and adapted its 2026 exploration programme at Red Setter.

    The company has already completed 14 reverse circulation pre-collar holes and is currently undertaking a combined 25-hole reverse circulation and diamond drilling campaign covering approximately 9,000 metres. Additional reverse circulation drilling is planned once rigs return to site in mid-July.

    Management believes the expanded programme will help define the extent of the newly identified shallow mineralisation while also testing deeper targets across the project area.

    Enhanced Exploration Strategy

    Alongside drilling activities, Wishbone is pursuing a high-definition electromagnetic survey covering Red Setter and surrounding tenements.

    The survey is expected to improve the company’s understanding of the geological structures controlling mineralisation, assist in refining future drill targets and provide further insight into the broader four-kilometre diorite trend.

    Management believes this approach could increase exploration efficiency, lower targeting costs and accelerate the identification of additional mineralised zones. It may also enable the company to provide more frequent operational updates as results become available.

    Outlook

    Wishbone’s outlook continues to reflect the characteristics of an early-stage exploration company. The business remains pre-revenue and continues to report losses and negative free cash flow, although management has made progress in improving its financial position.

    Technical indicators currently present a mixed picture, with momentum remaining broadly neutral and no strong directional trend evident in the share price. Valuation metrics remain limited due to the company’s negative earnings profile and the absence of a dividend yield.

    However, the latest exploration success has strengthened confidence in the potential scale of the Red Setter project, and management believes continued drilling and geophysical work could unlock further value as the programme advances.

    More about Wishbone Gold

    Wishbone Gold plc is a mineral exploration company focused on the discovery and development of gold and copper assets. Its flagship Red Setter project is located in Western Australia’s Patersons Range, close to the Telfer gold mine and the Nifty copper operation.

    Listed on both the AIM and Aquis markets under the ticker WSBN, the company is targeting both shallow and deeper mineralisation as it seeks to establish a portfolio of resources within one of Australia’s most active and prospective mining regions.