The Telegraph: Reeves refuses to apologise for breaking promise on tax rises
Comment: A simple case of buying votes via welfare, in the hope that enough people will have to vote Labour at the next election. Expect more of the same in the remaining Budgets of this Parliament.
Yesterday ACG Metals Limited (ACG) confirmed that it is in early stages of considering making an offer for the entire issued and to be issued ordinary share capital of Anglo Asian Mining Plc (AAZ). This announcement does not amount to a firm intention by ACG to make an offer under Rule 2.7 of the Code and there can be no certainty that an offer for Anglo Asian will ultimately be made by ACG. There can be no assurance that a definitive agreement for the possible acquisition will be entered into or as to the terms on which any such offer might be made.
Comment: It has already been a massive year for ACG, with a re-rate for the company helped along by a soaring gold price, as well as increasing awareness garnered in the market. Even before yesterday’s M&A heads up, was shaping up to being a serious mid-tier mining play. The deal going ahead would almost certainly be a win-win for both parties, and certainly boost ACG’s profile, as well as its bottom line.
Zenith Energy Ltd. (ZEN), the listed international energy production and development company, provides an update regarding its Tunisian portfolio comprised of the oil production concessions of Robbana and El Bibane (the “Concessions”) both held with a 100% interest by the Company’s fully owned subsidiary, Ecumed Petroleum Tunisia Ltd. Zenith has been informed that ETAP has sold the 3,987 barrels of oil produced by EPT and transferred to MARETAP, without any authorisation or notification to EPT. ETAP has further indicated that no proceeds from this sale will be paid to EPT. Zenith said this sale constitutes a further confiscation and expropriation suffered by subsidiaries of Zenith committed by the Tunisian authorities.
ActiveOps plc (AOM), a leading provider of Decision Intelligence software for service operations, announced its unaudited results for the six months ended 30 September 2025. AOM said “The first half of FY26 has seen continued progress in the delivery of our strategy, supporting an accelerated organic growth rate, increased pace of new customer acquisition and major expansions with existing customers, all underpinned by continued profitability and cash generation.”
Comment: Stunning metrics from AOM across the board, with a hockey stick rebound in the share price to boot so far this year. The 117% share price rally in 2025 could easily be built on as the company expands its footprint, and rolls out new products.
Blencowe Resources Plc (BRES) announce the completion of the updated JORC 2012 Mineral Resource and Ore Reserve Statement (“JORC”) for its 100%-owned Orom-Cross Graphite Project in Uganda. This upgrade incorporates all the infill drilling undertaken in 2025 across the Camp Lode and Northern Syncline/Eastern Limb deposits and represents the final key technical input into the Company’s Definitive Feasibility Study (“DFS”), to be published shortly. The updated JORC confirms a substantial increase in Ore Reserves and a meaningful uplift in Indicated Resources, further validating Orom-Cross as a large-scale, long-life, low-cost graphite project with significant future expansion potential. This upgrade comes at a strategically important time for the graphite sector as global demand for secure ex-China supply accelerates.
Comment: Shares of BRES have already risen well ahead of today’s news. Therefore, once the dust settles and the market digests how positive this upgrade will be for the company, we should see the share price rebound, ideally into double figures by the end of next month.
EARNZ (EARN), the energy services company whose objective is to capitalise on the drive for global decarbonisation, notes the UK Chancellor’s Autumn Budget presented to Parliament on 26 November 2025. The Company acknowledges the announcement within the Chancellors Budget regarding the termination of the Energy Company Obligation (ECO) scheme. EARNZ notes that the ECO scheme was originally scheduled to conclude in March 2026.
Comment: One of the issues other than being beaten to death with taxes and red tape that businesses face is the moving of the regulatory goalposts. In the case of EARN there is minimal impact with regard to the ECO scheme.
Pensana (PRE) announced that following a detailed evaluation of the Longonjo flow sheet the Company has identified the scope to increase the content of heavy rare earths within its high-value Mixed Rare Earth Carbonate (MREC) product by more than five times. This detailed technical review was initiated in response to growing demand from offtake partners seeking secure supplies of light rare earth elements from 2027 and also an increasing demand for heavy rare earths – essential for high-performance automotive and other advanced applications.
Comment: The latest newflow from PRE may be all well and good. However, what most in and around the stock are still talking about is the massive rug pull for the shares after the company backed out of plans to build a £250m rare earths refinery in the UK.
Ananda Pharma plc (AQSE: ANA), a UK-based biopharmaceutical company developing regulatory approved, cannabidiol medicines to treat complex, chronic conditions with a focus on endometriosis and chemotherapy induced peripheral neuropathy, announced that its first in-human clinical trial has shown that its MRX1 investigational product demonstrates a favourable safety profile.
Comment: It is sad that ANA continues to make progress in its pioneering space, but that it has decided its purposes would be better served off Aquis and the public markets. Not a great result for the powers that be.
Gelion (GELN), the global energy storage innovator, announces its audited final results for the year ended 30 June 2025. First revenue generated, delivering a 36% increase in total income to £2.7 million, consistent with market expectations and marking the company’s transition into a commercial revenue phase. Adjusted EBITDA loss reduced by 15% to £4.1 million, £0.2 million better than market projections and driven by financial discipline and operational efficiency. GELN said “2025 has been a defining year for Gelion, marked by major breakthroughs in Sulfur battery technology and the formation of powerful global partnerships that accelerate our path to commercialisation. Our collaborations with the Max Planck Institute, TDK and QinetiQ, are testament to the milestones achieved in the past year and reinforce the unique performance potential of our Lithium-Sulfur (Li-S) and room temperature Sodium Sulfur (Na-S) battery systems, and our position at the forefront of this emerging field.”
Comment: There should be more than enough here for the market to believe that GELN is on its way in terms of validating its business model and being able to take advantage of the growth in its space. Big name counterparties already in place underline the opportunity.
