The Times: The London Stock Exchange has raised concerns with the City regulator about potential “market abuse” from some bulletin board users and social media influencers as part of its attempts to improve the appeal of the junior market.
Bosses at the exchange have also been alerted to companies on the Alternative Investment Market (Aim) being “subjected to unacceptable public abuse” that is said to be acting as a disincentive for other companies and directors to float.
Comment: It is the case that in many cases through no fault of their own, directors of listed companies get the kind of barrage Rachel Reeves or a disgraced celebrity, on a consistent and incessant basis, with no way of remedying the situation. This may be because they have not cosied up to the right people, paid the right people, upset the wrong people, their face does not fit, cannot afford a defamation lawyer, or sheer bad luck. Whatever the case, it means that the path to listing on Aim is about as popular as the former Rwanda scheme was. It is good to see the LSE acting, if this is a genuine move. It is years too late, whatever happens.
Versarien plc (VRS), the advanced engineering materials group, provided a further update on its restructuring process. Following the announcement on 26 November 2025, the Company has continued to take advice from Leonard Curtis whilst exploring other options for the disposal of the Company’s remaining assets. Whilst there continues to be interest shown in acquiring these assets, the Board is conscious that, as previously advised, it is reliant upon the support of its creditors to continue its operations. Although creditors continue to be supportive, the Board has regrettably resolved to serve a notice of intention to appoint (“NOIA”) Leonard Curtis as administrators.
Comment: To paraphrase the immortal words of Robert The Bruce: If first you do not fail, try, try, again. It has been interesting that rather like a sickly patient in intensive care, VRS went on so long, that one actually thought it could never die.
Hardide plc (HDD), the provider of advanced surface coating technology, is pleased to announce that it has received orders from a major new North American customer in the energy sector with an aggregate value of £1.75m. These orders reflect strategic initiatives by the Group’s management in developing business both from the energy sector and across the US market more broadly. Discussions are continuing with this customer to plan for ongoing demand later in 2026, and the potential for higher demand in 2027 and thereafter.
Comment: Well, we all need some advanced surface coating technology, especially at this time of the year. Now that HDD has a chunky deal it may be a good time to speak to the 99% of the stock market who probably do not know the company name, or what it does.
Cadence Minerals (KDNC) announced that the Company, together with its joint venture partners Pedra Branca Alliance Pte Ltd and DEV Mineração S.A., has executed a binding Prepayment Offtake Agreement with its selected offtake and logistics partner. The Agreement follows the completion of the Offtaker’s technical, legal, and commercial due diligence on the Amapá Iron Ore Project. The Agreement provides a US$4.6 million prepayment and working capital facility, enabling the licensing and restart of the Azteca Plant and establishing the commercial framework for the sale of iron ore concentrate.
Comment: Given the size of Amapá, ongoing funding news is exactly what the doctor ordered for KDNC. The question now is whether the market can catch up with the momentum that the company is undoubtedly building currently?
Blencowe Resources Plc (BRES) announced results of the recently completed Definitive Feasibility Study (“DFS”) for its 100%-owned Orom-Cross graphite project in Uganda. The DFS assesses an initial 15 year Life of Mine; with only ~2% of the deposit drilled, the Company expects significant Life of Mine extensions as further drilling converts additional resources to reserves. The DFS showcases Orom-Cross as a Tier-1 graphite project, delivering strong margins from a low capital base, and incorporating a downstream beneficiation facility to produce uncoated spheronised purified graphite product in-country.
Comment: While most of us either knew, or could guess the magnitude of Orom-Cross, especially that it is a Tier 1 asset, it is nice to have it in writing and from a decent source. The question now is how far the ongoing re-rate can stretch beyond 10p.
Greatland Resources (GGP) announced a Havieron Project Feasibility Study. GGP said “Greatland discovered Havieron in 2018 and returned to 100% ownership of the project 12 months ago. Today, we are delighted to deliver our Feasibility Study which confirms Havieron’s world-class quality and sets the pathway for its development into a long-life, low cost, leading Australian gold-copper mine that will integrate efficiently with the existing infrastructure at Telfer. The results of the study are robust, generating an IRR3 of 22.5% at a long term $4,500/oz gold price. At a long term price equal to the current spot gold price, this rises to 31.5% IRR.”
Comment: An embarrassment of riches from GGP, with the only issue here being how much of the good news is already in the price, especially with gold at $4,000 plus. That said, from a charting perspective, above the 50 day moving average at 375p, the top of a one year rising trend channel is pointing as high as 480p. This in the wake of the latest news and the current rate of progress could be achieved as soon as the end of January.
East Star Resources Plc (EST), the Kazakhstan-focused gold and base metals explorer, announced a £1,807,600 strategic investment in the Company by Endeavour Mining PLC (LSE: EDV/TSX: EDV) (“Endeavour”), one of the world’s leading gold producers and a constituent of the FTSE 100 Index. Endeavour has agreed with East Star that it will subscribe for 4,200,000 new ordinary shares in the Company at an issue price of £0.023 per share, raising £96,600. The Endeavour Subscription will be accompanied by the issue of a £1,711,000 unsecured convertible loan note convertible at £0.023 per share. Following the Endeavour Subscription, and upon full conversion of the CLN, Endeavour will hold 15% of East Star’s enlarged issued share capital.
Comment: It was rather strange when the market reacted in a rather subdued fashion to news of the Endeavour Mining JV, but apparently now that it can see that there is money in it, the share price has shot past our initial 2.8p technical target. We now dare to shoot for 4p while 2.8p holds.
Kodal Minerals (KOD), the West African lithium producer, mineral exploration and development company, announces that the Company’s maiden shipment of 28,950 tonnes of lithium spodumene concentrate (vessel capacity) has completed loading onto a dedicated bulk cargo vessel at the Port of San Pedro in Côte d’Ivoire. The vessel arrived on 29 November 2025 and the loaded vessel subsequently departed on 30 November 2025 bound for the destination port in Hainan Province, China.
Comment: Great news that KOD is shipping spodumene to our friends in China. Given that shares of the company are still rather low in the range, one would imagine that after a suitable pause for thought, the recent rebound in the shares will continue.
Mkango Resources Ltd (MKA) announced that it has released the financial statements and management’s discussion and analysis for the 3-month period ending 30 September 2025. Successful first production and commercial sales of recycled neodymium iron boron (“NdFeB”) alloy powder from Tyseley Energy Park (“TEP”) in the UK – equivalent to 3 tonnes of oxidized NdFeB alloy powder produced to date, with first revenue to be reported in the year end results. HyProMag UK continues to target production of 2 tonnes per month of recycled NdFeB alloy powder and is evaluating phased expansion starting next year, initially to 100-350 tonnes per annum (“tpa”) of NdFeB alloys and magnets and subsequently to 1,000 tpa.
Comment: It has been a long road for MKA to get where it is today, and what has been of note is that the share price has pulled back from October’s highs, even though as the latest RNS has underlined, most of the dirty work has already been done. One would hope that recent support in the low 40p’s will be a lasting floor.
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.
