The Times: Oil has fallen in overnight trading and Asian equity markets have risen after President Trump claimed “great progress” towards a “final agreement” with Tehran and paused plans to escort commercial ships through the Strait of Hormuz.
Comment: There are at least three ways at looking at the Iran conflict: the first was that it was a mistake by the US to go anywhere near Iran, the second is that it was unwinnable, and the third better one that it is all about the Strait of Hormuz. Presumably now that the world risks running out of jet fuel in a matter of weeks, this conflict will be settled sooner rather than later.
Alliance News: Next (NXT) updated on trading for its first quarter ended May 2. Says full-price sales rose 6.2% on-year, beating its forecast of 4.0% growth by GBP28 million. Attributes this to “exceptionally strong growth” of 12% in the first five weeks. Total UK sales increase 4.4% with online sales up 10%, although retail store sales decrease 3.4%. Total online international sales increase 13%. Next says the extra GBP28 million from sales adds GBP8 million in profit, causing Next to increase its full-year pretax profit guidance to GBP1.22 billion from a previous guidance of GBP1.21 billion. Next maintains its full-price sales target. For post-tax earnings per share, the firm raises its guidance for financial year 2027 to 792.9 pence from 787.3p. The company says its guidance for EPS assumes it completes GBP510 million of share buybacks this year, with GBP196 million bought back so far.
Comment: Although many lesser companies are already starting to blame Iran for their failings, it can be seen that NXT is still going great guns. Presumably larger players can at least for a while absorb higher costs, if only at the expense of margins. That said, with its shares near the low end of the range, the market looks to have priced in the lay of the land for now.
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, notes the release of an announcement from its joint venture partner at the Elizabeth Hill Silver Project, West Coast Silver Limited (ASX: WCE), which outlines the growth and development plan for Elizabeth Hill in the West Pilbara, Western Australia following the release of its inaugural Mineral Resource on 22 April 2026 and recent high-grade drilling results. The Plan establishes a clear pathway to near-term production and scalable resource growth, positioning Elizabeth Hill as one of the highest-grade for lowest capital cost undeveloped silver projects globally.
Comment: Although shares of UFO were up over 50% last year, so far in 2026 the market seems to be unfairly nonplussed by the way that Elizabeth Hill is such a great prospect. This is even after several reminders from the company in RNS form (such as today) of the merits of the project.
Rupert Verco, Managing Director of Cobra (COBR), a South Australian mineral exploration and development company, invites private shareholders for drinks and Q&A in central London on Wednesday, 13 May at 2:45 p.m. BST. Cobra is advancing Australia’s only rare earth project suitable for low-cost, low disturbance in situ recovery mining, as well as the Manna Hill Copper Project in the Nackara Arc which has the potential to deliver large-scale copper discoveries. The occasion is a chance to discuss how Cobra is advancing these projects towards significant value inflexions, with a fully funded drilling programme commencing shortly to test the primary porphyry source at Manna Hill, and an MRE and Scoping Study for the Boland ISR Rare Earths Project on the near horizon. Attendance is strictly by RSVP. Please email cobra@vigoconsulting.com to register your attendance and to be provided with details of the location.
Comment: Alas I have a prior engagement on May 13, but could come along if Rupert and friends would wish. We have not had a catch up for quite some time, especially since the massive re-rate for rare earths we have seen over the past year.
Abingdon Health plc (ABDX), a leading international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech, provided an update on its partnership with 4TEEN4 Pharmaceuticals GmbH, a German biopharmaceutical company developing invobenitug (procizumab, AK1967), a first-in-class antibody therapy for life-threatening cardiogenic and septic shock. This partnership was first announced via RNS on 12 June 2025, without giving details of the customer or project at that time for confidentiality reasons. As legal manufacturer and CDMO partner, Abingdon Health is developing DPP3 InvoSelect, a lateral flow-based companion diagnostic (CDx) designed to identify the patients most likely to benefit from this targeted therapy.
Comment: It may be said quite fairly that ABDX has hit the big time as far as its technology and its partners, something which although factored into the share price of late, should have plenty of upside to run. Above 10.5p we have been looking for 14p as soon as the end of this month.
Microlise Group plc (SAAS), a leading provider of transport management software to fleet operators, announced it has received the King’s Award for Enterprise 2026 in recognition of its outstanding international trade performance. Microlise has over 2,500 customers around the world in mainland Europe, Australia and New Zealand and India. Customer-connected assets can be found in 197 countries as Microlise manages more than 800,000 subscriptions every year. This includes partnerships with 80% of Australia and New Zealand’s major supermarkets.
Comment: Although His Majesty seems to have been busy perfecting his stand up comedy skills Stateside of late, he does seem to have had enough time to spot that SAAS is a company from over here doing rather well in its own niche, both here and internationally.
Brave Bison Grp (BBSN) announced a major contract win. MiniMBA, the marketing skills and training platform, announced a multi-year partnership with Omnicom Group Inc., the world’s largest advertising holding company. The initiative is focussed on Omnicom Oceania and will see more than 1,000 employees complete the MiniMBA, one of the largest coordinated investments in marketing capability across Australia and New Zealand. The news builds on MiniMBA’s February 2026 milestone of landing its largest-ever contract with a global food and beverage giant. Since being acquired by Brave Bison in August 2025, the business has been substantially transformed and relaunched.
Comment: We have more evidence, as if we did not already know it, that BBSN is a successful conglomerate in the making, if not already made. Ideally, 2026 is the year when the shares break 80p and head towards the magic £1 zone, especially with more newsflow such as today’s.
EnergyPathways (EPP), the UK energy transition company, is pleased to announce that its wholly owned subsidiary, EnergyPathways Irish Sea Limited, is to be awarded a Gas Storage Licence (“GSL”) by the North Sea Transition Authority (“NSTA”) in connection with its MESH project. This decision marks a major milestone for the Company’s plans to develop the wider MESH Project located in the East Irish Sea and onshore in Barrow-in-Furness. MESH is expected to be Britain’s largest integrated energy storage facility.
Comment: It has been suggested here on several occasions that shares of EPP / a.k.a LeakyPathways tend to move higher the day before significant positive announcements. This was said on Friday as the shares moved higher, and noted yesterday when there was still no news. Well, here it is today. The new pattern at EPP is that the leaks now happen two days before positive news.
B90 Holdings plc (B90), the performance marketing and MarTech business, announced its audited Final Results for the year ended 31 December 2025. Revenue more than doubled, return to profitability and continued progress scaling AI-driven MarTech platform. B90 said “2025 marked a defining year for B90. We have demonstrated that our technology-led and highly automated model can deliver both strong financial performance and genuine operational scalability. Revenue more than doubled, EBITDA increased significantly, and the business returned to profitability, underpinned by a disciplined and capital-efficient platform.”
Comment: B90 has perhaps hidden its light under a bushel for too long given the positive nature of today’s update. Rather strangely the shares are down over 40% year to date, so it can be said that the market appears to have been rather unfair on it, especially given the improved fundamental metrics.
Ascent Resources Plc (AST) ), the onshore US focused oil and gas company, is pleased to provide a short update on the Company’s Energy Charter Treaty claim against the Republic of Slovenia. Further to the Company’s announcement of 24 March 2026, the Company has received an update from the International Centre for Settlement of Investment Disputes (“ICSID”) confirming that the arbitration Tribunal have reached an advanced stage and that an Award is expected to be issued to the parties in June. Further updates will be announced as necessary.
Comment: Certainly not long to wait now, and we have seen the share price of AST respond in kind. What can be said currently is that with a claim of many times its current market cap of £5.5m, there remains a rather large disconnect between where we are now and where we could be next month.
Guardian Metal Resources plc (GMET), a strategic exploration company focused on tungsten in Nevada, USA, is pleased to provide a Pre-Feasibility Study (“PFS”) progress update on its 100%-owned Pilot Mountain tungsten project located in Nevada, USA. The Company reports strong progress across all key PFS workstreams which are progressing as planned. GMET said “Guardian Metal continues to make the progress required to deliver the first new hard-rock mined source of tungsten on U.S. soil in more than a decade.”
Comment: GMET has according to fans of Great Western Mining (GWMO) become where it may be in a year or two. In the meantime GMET’s strategic US value places it in the compelling category, especially after the recent share price pullback towards 220p zone chart support.
Gunsynd plc (GUN) provided an update on the Barb Gold Project in Manitoba, Canada, further to the Company’s announcement of 5 February 2026. Summer field programme expected to commence by mid-June 2026, subject to final snow melt. Rock chip sampling to be carried out across the newly acquired Lotus 1 & 2, Denver and Brook claims. Induced Polarisation (IP) geophysical survey planned over the Lotus and Denver claims, together with priority targets on the existing Barb Gold Project, to assist with diamond drill hole targeting. Documented historical grades at the Lotus deposit, now part of the enlarged Barb Gold Project, include 34.29 g/t Au across 1.5 m and 22.49 g/t Au, as recorded in Manitoba Mineral Inventory File 375. Discussions continuing with the local First Nations community in respect of planned exploration activities, including drilling.
Comment: It is always interesting that First Nations do not develop their own land, but choose to take a share of the booty from those who do. Sounds like a good deal. As far as GUN is concerned, one would like to see the market perhaps accord it more love in terms of the market cap given that it has made the move from being an investor to a an explorer / developer.
