Pensana (PRE) said that further to the recent RNS on the Cascade US$165 million investment with backing from the State of Qatar and the confirmation of USD$15 million received to date the Company can advise that construction at the Longonjo mine is now over 30% complete.
Whilst engagement with Cascade and its backers continues the Company has engaged with its major shareholders and entered into detailed financing discussions with a view to bringing the mine through commissioning and into production. To this end the Company has had successful detailed negotiations with potential major offtake partners with whom it intends to enter into offtake agreements when required to support the debt facilities with ABSA and EXIM. The Company will continue to keep stakeholders fully informed on the financing and the mine development as information comes to hand.
Comment: Last month saw the rally of hope for PRE, where some cynics perhaps have been proven more correct than one might have imagined. Today’s “watch this space” RNS has certainly punctured the balloon, and it would appear that former early 2025 share price resistance in the 40p zone is on its way.
Avacta Therapeutics (AVCT), a life sciences company developing innovative, targeted oncology drugs, today announced the presentation of the FOCUS-01 trial design and preclinical data highlighting the potential of AVA6103 (FAP-Exd) in pancreatic ductal adenocarcinoma (PDAC). FOCUS-01 is the Phase 1 trial of AVA6103, the Company’s first Next-Generation pre|CISION® peptide-drug conjugate (PDC) and is being presented at the American Association for Cancer Research (“AACR”) Conference on Pancreatic Cancer in San Diego, California, held between 25-28 September 2026.
Comment: Whether it is because of impatience regarding development progress or concerns regarding funding, it remains frustrating that shares of AVCT cannot hold on to the best of their rallies. That said, the stock is still up 20% on the year, and hopefully support will emerge again in the mid 60p’s after the recent rally.
Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it has agreed an extension for the Exclusivity and Binding Option Agreement with Western Metallica Resources Corp., to 30 October 2026. The Option Agreement, previously announced on 27 July 2026 provides Ajax with an exclusive and irrevocable option to acquire 100% of the issued share capital of Western Metallica, S.L., a fully owned Spanish subsidiary of Western Metallica which owns the Nueva Celti Copper Project located in Andalusia, Spain.
Comment: The deal making is ongoing at AJAX, and the share price of the company continues to rebound from the lows towards 3p early in the summer. Enough is being done here for AJAX to see a return to the 9p – 10p zone we saw at the start of the year, give the progress being made.
Reveille [AQSE: REV], the Italy-focused uranium exploration and development company, notesd that the Italian Senate has given final parliamentary approval to the Government’s framework legislation concerning the reintroduction of sustainable nuclear energy in Italy. “Reveille is uniquely positioned as an Italian-led company advancing exploration permits over the country’s largest historical uranium deposits. We remain focused on progressing the Novazza and Val Vedello permitting processes responsibly and constructively with all relevant authorities and local stakeholders.”
Comment: It can be seen that REV is in the box seat as far as developments in Italy, and obviously in the current environment, the rush to achieve energy security. The company’s focus on significant uranium resources should start to be more widely appreciated in the market, especially in the wake of the latest news.
Thalia Therapeutics plc (THAT), a clinical-stage biotechnology company developing innovative RNA-based therapeutics and delivery technologies in oncology and cardiovascular disease, announced it has completed the initial chemistry synthesis of the siRNA gene-silencing medicines for its cardiovascular programme, THAT-002. THAT-002 is being developed as a potentially long-duration, dual-acting siRNA therapeutic targeting PCSK9 and lipoprotein(a), two factors of cardiovascular disease risk. Thalia’s objective is to develop a single therapeutic that addresses both targets to reduce global cardiovascular risk.
Comment: What can certainly be said above THAT is that it continues to go with the high level biotech development, something which for a £10m market cap company could be regarded as one which is punching above its weight. What is also clear is that unlike many others in its space, it is involved in targeting a massive addressable market.
Helix Exploration PLC (HEX), the US-focused helium producer and liquefier, announced an extension of its spot sales arrangement with an industrial gases group for the supply of helium, once production re-commences at Rudyard, through to March 2027. “Having demonstrated our capability as a supplier of high-grade helium to an important industrial gases group, we are pleased to convert a short-term arrangement into a longer-term spot sales agreement, taking advantage of strong helium demand. With a production expansion programme underway, we look forward to increasing sales volumes to the Customer over time.”
Comment: In the low 20p’s shares of HEX continue to bump along the bottom as far as the trading range has been concerned. Given the market dynamic regarding helium and all the negative factors regarding supply, and rush in demand, on this basis alone there may be investors to enter the stock at this time.
Upland Resources Limited (UPL), the upstream oil and gas company, announced that construction of Lost Soldier Oil & Gas’s (“LSOG”) 8-inch Gas Sales Pipeline is now underway in Wyoming, United States. Field crews have commenced pipeline construction and welding operations, marking an important step towards establishing the infrastructure required to transport natural gas from LSOG’s development to market. “The commencement of construction of the Gas Sales Pipeline is another important milestone for LSOG and Upland. With pipeline construction and Phase Two drilling progressing in parallel, we are pleased to see tangible progress on the ground in Wyoming. First gas sales are expected in Q4 2026, and we look forward to providing further updates as the development advances.”
Comment: Shares of UPL have been in a holding pattern range, and one that clearly shows the market playing the waiting game in terms of definitive newsflow. At the same time the buzz around the stock has waned, even though it could be argued that Lost Soldier news today is something which should be a significant driver for the company.
Ondo InsurTech Plc (ONDO), a leader in claims prevention technology for home insurers, is holding its Annual General Meeting at 10am today. At the meeting, Chairman Mark Wood will address shareholders with the following update: “Since releasing our full-year results to 31 March 2026 on 30 July 2026, we have continued to make progress across all four of our markets.” Active LeakBots reached 172,862 at the end of August 2026, up 34.8% on August 2025 (128,237). The USA led that growth, rising 65.8% to 70,748 Active LeakBots.
Comment: ONDO is understandably keen to show off some big percentages in terms of its key markets. However, it is clear that that the big roll out still needs a big reset, given annual losses of more than £5m. A magic bullet to address this still seems some way off, as is the need to soothe shareholders who have had quite a journey.
Great Western Mining Corporation PLC (GWMO), a strategic minerals exploration and development company, announced its interim results for the six months ended 30 June 2026. “With tungsten now Great Western’s strategic priority, we have made significant progress at Defender during the first half of 2026 and since period end. Channel sampling has confirmed broad mineralisation across the Defender-Pine Crow corridor, while preliminary metallurgical work has demonstrated strong tungsten recovery using established flotation methods. Furthermore, we have completed a 23-hole drilling programme, marking another important step as we look to advance the project towards development. Our focus is now on assay results and delivery of a maiden MRE. This will give us a much clearer picture of the scale and quality of the tungsten mineralisation at Defender and inform the next phase of work.”
Comment: The rebooted GWMO has certainly caught the eye of the market, and those investors looking for the next big thing in terms of the explorer / developers, and the next train to leave the station. Let’s see whether the shares can break near term resistance at 4.5p and build on the 1.7x rally so far this year.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
