Hydrogen Utopia International PLC (HUI), a pioneer in transforming non-recyclable mixed waste into clean hydrogen, carbon-free fuels, advanced materials, and distributed renewable heat, is delighted to announce the launch of Project Fortress Fuel, an initiative to develop a system expected to significantly strengthen the role of energy independence in the context of national security. The system is expected to convert domestically generated waste plastic and end-of-life tyres into JP-8 military aviation fuel and baseload electricity directly at or near the point of use, reducing reliance on long-distance, geopolitically exposed fuel supply chains.
Comment: We have daily headlines regarding aviation fuel shortages, we had a decent article in the Mail On Sunday, and now the military fuel angle. All of this has managed to get the share price of HUI up nearly 20% early today. However, if the market really gets into what is happening here we should only be at the foothills.
Total Graphite plc (TGR), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, announced the ongoing review to update the findings of the Pre-Feasibility Study (“PFS”) on a US-based Lithium-Ion Battery Anode purified spherical graphite (“PSG”) processing facility (the “US Anode PFS”). The US Anode PFS was acquired from Waratah Minerals Limited (ASX: WRM, formerly Battery Minerals Limited, ASX: BAT) under an acquisition agreement dated 16 August 2021, which was varied from time to time until completion of the transaction in April 2023.
The US Anode PFS is complementary to the Company’s existing Montepuez Graphite Project in Mozambique, for which a Definitive Feasibility Study (“DFS”) and Value-Engineering Study (“VES”) were completed in 2017. Combined, when updated, they have potential to deliver a vertically integrated pathway for development of a new globally significant graphite mine-to-battery anode supply chain.
Comment: It can be seen that the revamped Tirupati Graphite is fast heading towards delivering on the massive potential in its new guise as Total Graphite. We always hoped it would be a significant producer, and this need to create a new supply chain looks as though it is well on course.
Kodal Minerals (KOD), the West African lithium producer, mineral exploration and development company, provided an update on operations, export and receipt of revenue at the Bougouni Lithium Project. Kodal maintains its involvement and interest in Bougouni via its 49 per cent. shareholding in Kodal Mining UK Limited (“KMUK”) in partnership with Hainan Mining Co. Ltd (“Hainan”), which as the 51 per cent. shareholder has ultimate control. KMUK holds a 65 per cent. shareholding of Les Mines de Lithium de Bougouni SA (“LMLB”), which owns the Project in partnership with the Mali Government, and KMUK provides the management oversight and operational control of mining activities at the Project.
Comment: It should have been the case that shares of KOD started to soar in the run up to production, and then kept on going. Instead, we have seen KOD languish near recent support around 0.3p, something which is as surprising as it is unfair. But of course, therein lies the opportunity.
Cobra (COBR), a South Australian mineral exploration and development company, is announced that resource definition drilling has been completed across its Wudinna rare earth prospects, Boland and Head. A total of 74 drillholes (~3,200m) have been drilled at Boland and Head, designed to support an initial Mineral Resource Estimate (“MRE”) for the project’s unique, controlled aquifer-hosted ionic rare earth element (“REE”) mineralisation which is amenable to low-cost in situ recovery (“ISR”).
Comment: COBR has clearly taken the mantra of “Drill, baby, drill” to heart, although it has to be said we already knew that Boland was / is a winning asset. This explained last year’s 3x rise for the shares, and the way that the company is clearly fishing for a similar gain for 2026.
Gulf Marine Services (GMS), a leading provider of self-propelled, self-elevating support vessels (“SESVs”) to the offshore energy industry, announced the award of two significant contracts, marking its entry into both Africa and Latin America-regions where the Company has not previously operated. The first contract relates to the deployment of the Company’s newly acquired vessel, which has been secured on a total 170-day firm and options charter at attractive day rates. This award represents a strong endorsement of the vessel’s capabilities and underpins the Company’s strategy of investing in high-quality assets to meet growing global demand. The second contract represents a strategic milestone for the Company, as it enters a new line of business: third-party vessel management. Under this agreement, the Company will provide for a year a full technical and operational management services for an externally owned vessel operating in Africa. This development expands the Company’s service offering and opens a new, asset-light revenue stream. Current backlog now stands at USD 666 million.
Comment: Although GMS has perhaps never been the sexiest of companies, it may be that current events in the Strait of Hormuz have in some way reminded the market of the good work the company is doing, and how business is undoubtedly booming.
Altona (REE), a resource exploration and development company focused on critical raw materials in Africa, announced JORC-compliant Mineral Resource Estimates (“MRE”) for fluorspar and gallium for the Monte Muambe project. The publication of the Monte Muambe fluorspar and gallium MREs represent an important and transformative milestone for the Company. The results fundamentally revalue the project. REE said “The fluorspar MRE supports the business case for the development of the fluorspar mine, with clear upside potential demonstrated by the Kudu exploration target. The next milestone for the fluorspar project is the metallurgy, the initial results of which are expected by the end of the second quarter of this year.”
Comment: Shares of REE remain a strong market, with a RNS such as today’s underlining the excitement the company still attracts. What is helpful is that the company remains loyal to its timelines and we look forward to the metallurgy update in due course.
Empire Metals (EEE), the AIM-quoted and OTCQX-traded exploration and development company, announced the completion of the major drilling campaign undertaken at the Pitfield Titanium Project in Western Australia, with initial assays confirming and expanding the high-grade core at the Thomas prospect. Results from the first 88 holes, out of a 712- hole program, continue to substantiate and delineate multiple thick, near-surface intercepts above 7% TiO₂, individual intervals exceeding 10% TiO₂, and a peak grade of 17.83% TiO₂. These results underscore Pitfield’s position as one of the largest and highest-grade titanium systems globally.
Comment: One does enjoy EEE’s periodic reminders of who wonderful Pitfield, and the way this contrasts with the market remaining relatively nonplussed by such efforts. Perhaps the good news is already in the price, or perhaps people just do not care about Titanium enough? Or both.
Rainbow Rare Earths (RBW) announced that its Board of Directors is initiating a process to evaluate the potential benefits to the Company of carrying out a stock exchange listing in the United States. The Company remains focused on its core strategic priorities, which include the delivery of the Definitive Feasibility Study at the Phalaborwa project in South Africa in 2026 and the imminent commencement of a Pre-Feasibility Study at the Uberaba project in Brazil, in conjunction with its US partner, The Mosaic Company.
Comment: Perhaps rather surprisingly, we have seen RBW not join the list of hot REE companies such as Altona (REE), Cobra (COBR) et al. Instead, for most in the market the question is Rainbow who? This state of affairs may be cured by heading off to the USA. However, one would venture to suggest a bit more effort on the PR front in the UK would not go amiss.
Light Science Technologies Holdings plc (LST), the innovative technology and manufacturing business, announced that its Passive Fire Protection (“PFP”) division has secured its first order as a supplier of the fire-resistant graphite barrier system, Injectaclad. This milestone follows completion of the acquisition of RLUK Injection Ltd (“RLUK”) on 14 April 2026. The Company has received a contract confirmation from one of its approved Injectaclad installers requiring c.£0.41m of Injectaclad material to be called off over the 19-week project completion window. Work is scheduled to commence in early May 2026 on a five-storey residential building in East Yorkshire. Group revenue delivery of c.£0.41m relating to this project is expected to be fully recognised in the current financial year, subject to the project progressing as anticipated. In just over two weeks since the Acquisition, commitments for Injectaclad product have now been secured from 5 of the 11 quality-accredited installation contractors, highlighting the growing impact of this new revenue stream for the Company.
Comment: After hitting the market with a massive cash call which trashed the share price, one would be hoping for a strong fundamental fightback from LST. Fortunately, this is what the company looks to be offering, and we look forward to more of the same to ease nerves further.
Fusion Antibodies plc (FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, provided an unaudited trading update for the financial year ended 31 March 2026. Unaudited revenues for FY2026 of £2.13m (FY2025: £1.96m) representing growth of approximately 9%. Adrian Kinkaid, CEO of Fusion Antibodies commented: “FY2026 has been a year of continued progress and development as we consolidate and build on the recovery achieved in the prior financial year. While revenues in the first half reflected ongoing market challenges, we have seen improving momentum supported by a stronger order book and pipeline. We are particularly encouraged by our success in securing projects with global pharmaceutical companies, which validates our strategy to broaden our customer base and improve revenue quality.”
Comment: Although progress has been made here at FAB, and the company as well as its share price have made all the right noises, so far we have not been treated to the hockey stick improvement in revenues that some might have been expecting.
Amigo Resources PLC (AMGO), the London-listed mining development company focused on Africa announced that its Group has entered into a proposed Joint Venture (“JV”) arrangement with AK Corporation FZCO and its affiliated entities in respect of a portfolio of rare earth element (“REE”) prospecting licences located in the Songwe Region, south-west Tanzania. The JV is structured to combine AK Corporation’s asset origination, local presence and technical capabilities with Amigo’s exploration expertise, development strategy and access to capital markets, with the objective of systematically advancing the assets from exploration through to potential development.
Comment: AMGO has settled in very nicely into its REE revamp, something which has witnessed the shares soar so far this year. Indeed, the latest JV news sounds very grown up, and more than enough to keep the positive momentum going.
Andrada Mining Limited (ATM), a tin producer with a portfolio of critical minerals mining and exploration assets in Namibia, is pleased to announce a second batch of diamond drilling results from Lithium Ridge which continue to confirm the presence of consistent high-grade lithium mineralisation from surface to depth. These results further strengthen confidence in the scale and continuity of the mineralised system, while also confirming the presence of associated tin and tantalum mineralisation.
Comment: One wonders what ATM has to do to get its shares on the move, in conditions which should be ideal from a macro perspective for its critical minerals offering? Clearly, whatever it is, more than just today’s announcement is required.
Fulcrum Metals plc (AIM: FMET), a company pioneering the use of innovative cyanide-free technologies to recover precious and critical metals from mine waste and support site remediation, announced that it has entered into a £6 million funding package with YA II PN, Ltd (“YA”), an institutional investor managed by Yorkville Advisors Global, LP. The funding comprises a combination of equity and convertible debt funding alongside an At-The-Market Subscription Facility arranged with Clear Capital Markets Limited, the Company’s broker. The funding package enables Fulcrum to advance key objectives associated with the implementation of a stand-alone pilot plant to process material from the Company’s Teck Hughes and Sylvanite tailings projects and potential project partners material.
Comment: One might have feared that the quantum of the raise and its nature, in convertible debt, might have given the FMET share price a nasty slap this morning. Instead, the shares are only down slightly, something which indicates that the market is quite happy with progress here, and the cyanide free approach.
Further to the Company’s announcement dated 20 April 2026 regarding the energisation of the Ghummud site, Active Energy (AEG) confirmed that it has successfully redeployed digital infrastructure originally procured for its 8 Mega Volt Ampere development site in the United Arab Emirates to the Ghummud facility, enabling immediate utilisation and accelerated revenue generation.Following the Company’s announcement on 28 April 2026 confirming that the 8 MVA UAE site will act as the blueprint for the proposed 100 MVA rollout under the strategic collaboration with Bitdeer Technologies Group, the Company has taken the decision to reallocate clients originally scheduled for the 8 MVA UAE site across the Ghummud and the Kazna sites, once energised. As disclosed in the Company’s RNS of 6 October 2025, approximately 35% of the 8 MVA capacity had been pre-sold, increasing to approximately 60% as announced on 13 January 2026. These contracted positions provide clear visibility on near-term utilisation and underpin the Company’s ability to transition customers immediately onto energised capacity.
Comment: It actually helps AEG that there is a conflict in Iran, as this allows it to land grab at the best prices, as well as accelerate its revenue plans as we have been reminded today. The only thing perhaps missing currently is for the share price to be on the right side of 0.2p.
Delta Gold Technologies (Aquis: DGQ) announced that, under the Research Sponsorship Agreement (“RSA”) dated 19 June 2025 with the University of Toronto (“UofT”), an invention has been made that has triggered Delta’s option to enter into a Technology Licence Agreement (“TLA”). In connection with this important milestone, the Company has filed its first provisional patent application, securing an early priority date for the intellectual property arising from the research. The provisional patent application covers novel transducer structures for quantum devices.
Comment: Although one would assume that there are only three people in the country who know what a transducer is, the news is ahead of schedule, or at least market expectations. The question now is whether after the massive bull run for the shares, it has been better to travel than arrive?
