Oil and gas explorer 88 Energy (LON: 88E) has binding agreements with Westlawn Americas Offshore for the farm-out of a 40% interest in the South Prudhoe Project, on Alaska’s North Slope. 88 Energy retains 60%. This will provide up to $10.9m for the Augusta-1 exploration well and a flow-test programme. This well should be drilled in the first quarter of 2027. The two companies will also jointly assess other opportunities in the area. The share price increased 9.22% to 1.125p.
Renew (LON: RNWH) has bought Porter Brothers Holdings for up to £50m. The initial payment is £31.1m in cash. Operating profit is £3.9m. Porter Brothers is a provider of extra high voltage cabling and directional drilling engineering services to the energy distribution sector. This fits with existing subsidiaries involved in the sector and broadens the potential market. There is more than £50bn of spending planned for the sector. The share price gained 7.91% to £10.64.
Mkango Magnetic Materials (LON: MKA) is acquiring the 10% stake in HyProMag GmbH of Professor Carlo Burkhardt, taking its stake to 100%. HyProMag GmbH is developing a rare earth magnet recycling and manufacturing plant in Germany. This follows news that joint venture HyProMag USA has announced an independent pre-feasibility study outlines potential rare earth magnet capacity expansion to add to the first plant in Texas. The share price rose a further 5.08% to 31p.
Botswana Minerals (LON: BMIN) has received environmental authorisation for field work in Ngamiland, north west Botswana. Interpretation of data is defining copper targets. Analysis of historical cores shows copper mineralisation. The share price improved 5.41% to 0.195p.
FALLERS
Ironveld (LON: IRON) says deliveries from its mine in South Africa under the existing supply contract have stopped because of technical difficulties at the customer and material is being stockpiled. This means that Ironveld has two months of working capital. The restart of deliveries depends on the customer. There is positive news from the samples at Layer 21. There are numerous rare earths confirmed in the samples. Commercial viability depends on generating revenue streams from several minerals mined at the same time. The share price halved to 0.0095p.
Quantum Base Holdings (LON: QUBE), which has developed product ID security technology, reported full year revenues of £470,000. This is predominantly from the first production contract providing secure ID systems for a global provider of tax-stamps and verification systems. The loss was £2.3m. Net cash was £3.06m at the end of April 2026. Slow conversion times for new business mean that Cavendish has cut its 2026-27 forecast revenues from £4.1m to £700,000. The share price fell 13.2% to 16.5p.
Construction products distributor BRCK (LON: BRCK) is being held back by the weak new build and maintenance markets and recovery is expected to be slower than anticipated. Interim revenues were slightly lower at £343.1m. There was a strong contribution from the design and install division. EBITDA declined from £27.2m to £25.5m. Cavendish has trimmed its full year revenues forecast from £674m to £668m, including cost increase pass through, but the pre-tax profit forecast has been slashed from £36.4m to £29.8m. The share price declined 9.39% to 44.4p.
Tern (LON: TERN) is investing £78,000 in identity management technology developer Device Authority convertible loan notes. Tern’s 26.6% holding in the company, plus previous convertibles, had a book value of £4.1m. The share price slipped 10.5% to 0.85p.