Card Factory has confirmed trading remains in line with revised guidance, despite a challenging UK retail environment, as the greeting cards specialist continues to make progress on its strategic objectives.
The UK’s leading greetings cards and gifts retailer posted total group revenue of £541.6 million for the eleven months ended 31 December 2025, up 7.3% year-on-year. The growth was primarily driven by contributions from recent acquisitions, particularly businesses in North America and the Republic of Ireland, as well as the Funky Pigeon digital platform.
Store performance proved more subdued, with total store sales rising just 1.1% whilst like-for-like store revenue remained flat.
Christmas trading reflected the difficult consumer backdrop, with total store sales down 0.8% and like-for-like revenue declining 1.2% across November and December.
After suffering a big hit to shares in early December following a profit downgrade, investors may be marginally optimistic on the back of today’s results.
The company’s acquisitions strategy has been central to offsetting weaker high street footfall. Funky Pigeon’s integration has accelerated Card Factory’s digital capabilities, whilst partnerships business expansion and international operations have diversified revenue streams. Management’s ‘Simplify and Scale’ programme has largely offset persistent cost inflation.
Importantly, the firm has maintained its profit guidance. Card Factory expects to deliver adjusted profit before tax of between £55 million and £60 million for FY26.
MicroSalt has formalised a joint development agreement with one of the world’s largest food and beverage manufacturers to develop new low-sodium products.
The AIM-listed salt producer, which manufactures natural salt containing approximately 50% less sodium, announced the four-year collaboration, which builds on a non-binding term sheet signed between the parties in November 2025.
Under the terms, neither party will exchange compensation unless specifically agreed for individual projects. Each will bear its own development costs.
MicroSalt has not named any of its major clients, but volume forecasts released last year confirm that it is working with companies that produce mass-market products at scale.
MicroSalt issued a projected 2027 sales volume of $11m last year. Investors will hope this new agreement leads to additional demand for their low-sodium salt.
“This further agreement with Customer 3 is a validation of MicroSalt’s unique offering to the global food and beverage industry,” said Rick Guiney, Chief Executive Officer of MicroSalt.
“Collaborating with one of the world’s largest food, soft drink and snack manufacturers underlines the strength and versatility of our technology that addresses one of the food industry’s most pressing challenges. We look forward to working evermore closely with Customer 3 to deliver healthier food products to consumers worldwide in the coming years.”
The FTSE 100 gained on Tuesday as banks helped lift the index ahead of the Federal Reserve’s interest rate decision tomorrow.
London’s flagship index shook off the latest threats of tariffs to briefly rise above 10,200 before easing back to trade 0.4% higher at 10,189 at the time of writing.
“The FTSE 100 moved higher after gains in the US last night and across much of Asia,” said Dan Coatsworth, head of markets at AJ Bell.
“The exception to the positivity in Asian markets was South Korea after the Trump administration announced it was raising tariffs on imports from the country to 25% after accusing Seoul of not living up to a deal agreed last year.
“The potential threat of 100% tariffs on Canada if it strikes a trade deal with China also lingers in the air, after the possibility of import taxes on European goods was floated in the spat over Greenland.”
The impact of tariff threats on markets is diminishing, and the latest outburst by Donald Trump was largely ignored by equity investors, who were happy to take the S&P 500 0.5% higher overnight.
UK markets also took the risk of another US government shutdown in their stride, preferring to focus on the Fed’s decision and a raft of US tech earnings later this week.
Sage shareholders will be disappointed to see the group’s lacklustre reaction to its trading statement for the three months ended 31 December 2025. Sage’s total revenue rose 10% during the period, while its cloud business revenue increased 15%. Investors may have liked to see an upgrade to guidance, but they’re certainly heading in the right direction.
“Tech isn’t a huge feature of the London markets but the FTSE’s only software pureplay Sage has put its best foot forward today, with a strong first quarter trading update,” explained Derren Nathan, head of equity research, Hargreaves Lansdown.
“The provider of accounting and business applications grew revenue by 10% with cloud revenues leading the way, up 15%, and positive growth seen in all regions. Its next-generation solution, Sage Intacct, which offers increased levels of automation for financial reporting is building scale.”
Sage shares were flat at the time of writing.
Banks HSBC, NatWest, and Barclays were among the top risers as investors looked to tomorrow’s Fed interest rate decision and the likelihood of rates remaining on hold. Banks enjoy higher interest rates, and hints that rates could stay where they are will be taken as a win for FTSE 100 bank investors.
Profit takers sent Fresnillo 3% lower and to the bottom of the leaderboard as precious metals’ rip-roaring rally paused for breath.
Tiger Alpha (LON: TIR) has raised £1.55m at 0.375p each, but to issue the shares the par value has to be reduced from 1p to 0.1p. The divestment of legacy resource investments is almost complete and has raised £175,000. The focus is AI investments. The share price jumped 17.7% to 0.5p.
Construction and facilities management software provider Eleco (LON: ELCO) increased annualised recurring revenues by 29% to £34.3m and net cash ended 2025 23% higher at £16.3m. Pre-tax profit is on course to improve from £4.2m to £5.4m. The share price rebounded 15.5% to 152.5p.
Builders merchant Lords Group Trading (LON: LORD) traded in line with downgraded expectations last year. Revenues were slightly higher than expected, but pre-tax profit is equal to the forecast of £2.7m. The heating and plumbing division is being reviewed after a disappointing performance. The CMO business acquired last year was profitable in the second half. A recovery in pre-tax profit to £4.2m is still expected in 2026. The share price increased 14.4% to 26.3p.
Roebuck Food Group (LON: RFG) says GlasPort Bio, which has developed technology to mitigate greenhouse gases in agriculture, including a manure management additive and a feed additive, is generating recurring revenues. There are pilot installations on large-scale farms in three countries. The plant-based ingredients division had a tough 2025, although a stronger second half cut the full year reduction in sales to 11%. Overheads have been reduced. The share price is 10% higher at 22p.
FALLERS
Phoenix Copper (LON: PXC) says that Riverfort Global Opportunities argues that the recent repayment of the short-term loan facility it provided should be classed as a prepayment. Phoenix Copper is trying to determine whether there is a further financial obligation. The share price dipped 4.08% to 2.35p, having been 2.1p earlier in the morning.
Life sciences services provider EKF Diagnostics (LON: EKF) traded broadly in line with expectations in 2025. Revenues of £51.6m are slightly below consensus forecasts, but EBITDA is in line at £12.4m – 10% higher helped by the focus on higher margin products. Both point of care and life sciences divisions grew revenues. A new fermentation development contract has been signed in the US. Cash was £15.8m at the end of 2025. The share price slipped 6.25% to 25.5p.
Aerospace component kits supplier Velocity Composites (LON: VEL) continues to be hit by delays and lower than anticipated Airbus A350 production rates. Lower overheads have offset the lower revenues in 2025, and the pre-tax loss was reduced from £1.3m to £1.1m. A major aerospace components programme in the US will not be transferred until later in 2026. New European business is being sought to offset the loss of a contract. The share price declined 2.63% to 18.5p.
Laundry technology developer Xeros Technology (LON: XSG) says that 2025 revenues will be lower than expected. Cavendish has halved its forecast to £300,000, which increases the loss to £3.4m. The 2026 forecasts are unchanged and there should still be £4m in cash at the end of 2026. Longer-term, there is positive feedback concerning demand from a global OEM launching a product in 2027. The share price fell 1.56% to 1.575p.
Every time I visit my mother, she asks me why the stock market is doing so well when the current government appears determined to hamper the economy by raising taxes, increasing the cost of employing staff, driving up energy prices or just generally getting in the way of business by adding layers of bureaucracy and regulation.
I suspect she is not alone in wondering this. Many Temple Bar shareholders may feel the same unease, with political and economic headlines remaining relentlessly gloomy. The purpose of this letter, therefore, is to explain why such headlines can often be a poor guide to long-term investment outcomes – and explore why periods of widespread pessimism can, in fact, create opportunity rather than destroy it.
Macroeconomic forecasting is not a reliable investment strategy
Very few investors can predict with confidence when recessions will occur, how severe they will become or how long they will last. The same is true of monetary policy. Accurately forecasting changes in central bank behaviour, and then successfully judging how markets will respond to them, is extraordinarily difficult.
If perfect foresight were reliably achievable, macroeconomic forecasting would be a powerful investment tool. In practice, this is rarely possible. Warren Buffett famously advised against it as an investment strategy and advocated exploiting the over-reaction of others to the swings of the economic cycle.
“We will continue to ignore political and economic forecasts which are an expensive distraction for many investors and businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%. But surprise: None of these blockbuster events made even the slightest dent in Ben Graham’s investment principles. Nor did they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro events were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.” Source: Warren Buffett, Berkshire Hathaway Letter to Shareholders, March 1995
Economic events impact share prices more than fundamentals
We believe that our ability to add value as investors comes from focusing on where a company’s profits are likely to be over the long term (five or more years), rather than the short-term earnings momentum that most other investors prioritise (often just the next quarter). When we buy equity in a business, we are buying a share of a very long-term stream of future cashflows. From that perspective, a temporary reduction in profits over a year or two does very little to alter the long-run intrinsic value of that business.
As we explored in our January 2022 newsletter, this can be illustrated using a simple net present value (NPV) analysis, which shows how different earnings outcomes affect a company’s intrinsic value. As shown in charts one and two below, the key point is that temporary earnings declines typically have a surprisingly modest impact on long-term value, provided the underlying earnings power of the business remains intact.
Even in a severe recession scenario, where profits are sharply reduced for a period, the impact on intrinsic value is limited. It is only when earnings suffer permanent impairment, and fail to recover to prior levels, that long-term value is significantly affected.
Despite this, many investors have a tendency towards extrapolation and over-reaction to short-term news flow and earnings trends. In doing so, they can create the very mis-pricings that longer-term investors like us are seeking to identify and capture.
The difference between investment and speculation
In essence, this distinction explains the difference between investment and speculation. An investor recognises that buying equity means owning a share of a long stream of future cashflows and seeks to take advantage of situations where share prices fall well below a conservative estimate of intrinsic value. From this perspective, a period of weaker earnings does not normally alter the long-term value of a business materially.
A speculator, by contrast, is trying to guess where share prices are going over the next few weeks and, hence, is playing John Maynard Keynes’s famous ‘beauty contest’ – seeking to anticipate how others will feel about these stocks in a few weeks’ time. The problem with this approach is that sentiment can be a fickle mistress and can change quickly and unpredictably.
“The most realistic distinction between the investor and speculator is found in their attitude toward stock-market movements. The speculator’s primary interest lies in anticipating and profiting from market fluctuations. The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices.” Source: Benjamin Graham, The Intelligent Investor, 1949
Valuation, mispricing and where opportunity may lie
Periods of heightened economic uncertainty often lead investors to favour perceived stability and short-term predictability over longer-term value. When headlines are gloomy, many market participants gravitate towards companies whose earnings appear more resilient, even if that resilience is already fully reflected in valuations.
At the same time, businesses whose profits are more sensitive to the economic cycle are frequently marked down aggressively, regardless of their long-term prospects. This explains why several stocks in the portfolio, including media businesses WPP and ITV, are trading on 4-7% dividend yields and low price-to-earnings ratios (P/E). These valuations reflect the fact that most investors would currently rather sell these stocks than buy them.
We also include below a measure of price-to-normalised-earnings (P/NE), which reflects our assessment of a company’s underlying earnings power in a more typical year. This is important because, as explained earlier, near-term earnings can be depressed in a downturn, making conventional P/E ratios appear misleadingly high. Looking through this allows us to identify businesses whose long-term value – unaffected by the shorter-term earnings impact – is being under-appreciated by the market.
This valuation gap is not a coincidence. It reflects the behavioural tendencies described earlier – extrapolating short-term weakness, over-reacting to uncertainty and paying a premium for perceived stability. As Keynes observed nearly a century ago, it is precisely these fluctuations that create opportunities for patient, disciplined investors willing to look beyond the prevailing mood.
“It is largely the fluctuations which throw up the bargains and the uncertainty due to the fluctuations which prevents other people from taking advantage of them.” Source: John Maynard Keynes, General Theory of Employment, Interest and Money, 1936
Conclusion: discomfort, discipline and continued opportunity
Periods of heightened uncertainty tend to magnify short-term share price movements far more than they alter the long-term prospects of businesses. When investors allow media headlines and market sentiment to dominate their thinking, valuations can become disconnected from underlying fundamentals. We believe that for those willing to remain focused on long-term value, this divergence is not a threat – it’s an opportunity.
We understand that owning or buying cyclically-exposed businesses today may feel uncomfortable. Yet it has been our experience that it is precisely this discomfort that creates the conditions for long-term outperformance. As another very talented investor once said to me, “Some of my greatest investments made me feel physically sick at the time I put them on”.
In one of his regular investment memos, Howard Marks, co-founder and now co-chairman of Oaktree Capital, makes the same point:
“Most great investments begin in discomfort. The things most people feel good about – investments where the underlying premise is widely accepted, the recent performance has been positive, and the outlook is rosy – are unlikely to be available at bargain prices. Rather, bargains are usually found among things that are controversial, that people are pessimistic about, and that have been performing badly of late.” Source: Oaktree Capital, April 2014
Despite the headlines, recent performance has been rewarding for Temple Bar shareholders, but this has not removed the opportunity set that our disciplined, valuation-led investment approach seeks to capture. Indeed, if anything, today’s pervasive economic pessimism may be helping to lay the foundations for the next leg of performance for patient UK investors to enjoy, as short-term anxiety once again creates long-term opportunity.
Thank you for your continued support.
Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. Forecasts and estimates are based upon subjective assumptions about circumstances and events that may not yet have taken place and may never do so.
No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Information contained in this document should not be viewed as indicative of future results. The value of investments can go down as well as up.
This article is issued by RWC Asset Management LLP (Redwheel), in its capacity as the appointed portfolio manager to the Temple Bar Investment Trust Plc. Redwheel is authorised and regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission.
The statements and opinions expressed in this article are those of the author as of the date of publication.
Redwheel may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document. Redwheel seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.
This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by Redwheel are available only to such persons. It is not intended for distribution to and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.
The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by Redwheel; or (iv) an offer to enter into any other transaction whatsoever (each a Transaction). No representations and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party. Redwheel bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction.
Dr. Martens shares fell on Tuesday after reporting a 2.7% decline in constant-currency revenue to £253 million for the 13 weeks ended 28 December 2025, as the footwear brand continues its strategic pivot away from promotional activity.
The company’s year-to-date group revenue fell 0.7% on a constant currency basis to £580 million, reflecting what management described as a deliberate focus on improving revenue quality rather than volume.
Shares were 8% lower at the time of writing on Tuesday as the group reported falling sales alongside a strategy shakeup that will reduce the level of promotional activity.
Adam Vettese, market analyst for eToro, explained taht: “Dr Martens’ Q3 update shows the bootmaker lacing up for a turnaround, but it’s a slow jog not a sprint. Group revenue dipped 3.1% in the festive quarter amid a deliberate pullback on discounts, leaving full year outlook broadly flat, prioritising profit quality over volume chases.
“Some positive signs are there with full price direct to consumer up 2% year to date with Americas holding firm at 2% growth, wholesale up 9.5%, and smart moves like shifting Vietnam production to blunt Trump tariffs. Yet Europe’s weak demand and reliance on new categories like Buzz and Zebzag mean execution risks loom large.”
Direct-to-consumer weakness
The quarter saw a stark divergence between sales channels. Wholesale revenue climbed 9.5% in constant currency terms, whilst direct-to-consumer (DTC) revenue dropped 6.5%, as the company reduced clearance activity and adopted a more disciplined promotional stance.
Despite the overall revenue decline, Dr. Martens highlighted that full-price DTC revenues rose 2% year-to-date, with particularly strong performance in the Americas region.
The EMEA region proved most challenging, with revenue declining 6% in constant currency during Q3. The company attributed this to a channel shift towards wholesale partners during the promotional season, particularly in Germany and the UK, which together account for over half of EMEA revenue. Wholesale revenues in the region increased 13%, whilst DTC fell 12%.
Americas delivered 2% revenue growth, with year-to-date growth of 4.5% in constant currency. The APAC region saw overall revenue decline 3%, though the company noted “continued strong growth” in South Korea and expressed satisfaction with growth in full-price DTC revenues following reduced promotional activity.
Outlook
Management expects full-year revenue to be broadly flat on a constant currency basis, maintaining its focus on profitability over volume growth. The company confirmed it remains “comfortable with market expectations for FY26 PBT”, which will deliver “significant year-on-year PBT growth”.
Shares in Goldstone Resources (LON: GRL) have risen a further 41.2% to 1.2p following last week’s announcement that it is raising £2m at 1p/share, which was then a premium to the market price. The share price has trebled in the past week. The cash will fund exploration at the Homase mine in Ghana to expand the JORC resource and to evaluate other gold projects, including one in Sierra Leone.
Nativo Resources (LON: NTVO) has appointed Constructora e Inversiones Andina Kuboc C&P SAC as mining contractor for the Bonanza gold mine in Peru. The focus is improving the mine infrastructure. This brings gold production nearer and first gold sales could be in March. Early production of 50-90 tonnes per month is targeted. The share price increased 32% to 0.66p.
Andrada Mining (LON: ATM) has revealed good surface sampling results from Lithium Ridge in Namibia. Multiple samples had grades exceeding 4% Li2O. There is also tin and tantalum mineralisation. The share price improved 3.53% to 4.4p.
Thor Explorations (LON: THX) has announced a pre-feasibility study for the Douta gold project in Senegal and first production could be in 2028. The pre-tax project NPV5% is $908m at a long-term gold price of $3,500/ounce, while the post-tax NPV5% is $633m. This assumes 100% ownership. Payback of initial capital investment of $254m could be less than one year. There could be one million ounces of gold produced over nearly 13 years. The resource can be extended. Thor Explorations is buying out its 30% joint venture partner in the Douta West permit joint venture Birma Resources for an initial $1.5m. The share price gained 5.49% to 96p.
FALLERS
Contract proteomics services provider Proteome Sciences (LON: PRM) has raised £840,000 at 1.75p/share and a retail offer could raise up to £60,000. The cash will be used to increase Tandem Mass Tags plexing rate from 32x to 96x and introduce novel Solvent Shift chemoproteomic workflows. It will also go towards launching a new range of DXT isotopic plex tags and concluding a DXT licence, will increasing capacity in San Diego. The share price slumped 31.9% to 2.2p.
Botswana Diamonds (LON: BOD) been awarded eight prospecting licences in north west Botswana. They have been chosen for prospectivity for copper, gold, silver and other critical minerals. The company is speaking with potential joint venture partners. The share price dipped 6.56% to 0.285p.
Active Energy Group (LON: AEG) has entered a non-binding memorandum of understanding with two existing UAE-based partners to form a joint venture for Bitcoin mining in the UAE. One partner has digital infrastructure expertise and the other has relationships with hosting clients and sales expertise. The share price fell 9.76% to 0.0925p.
Stephen Diggle has stepped down from the board of Oxford BioDynamics (LON: OBD) after nearly a decade. He is also a director of Proteome Sciences and controls Vulpes Investment Management, which owns 14.4% of Oxford BioDynamics and will nominate another director for the EpiSwitch 3D genomics platform developer. The share price slipped 3.7% to 0.26p.
This coming Friday, 30th January, will see Avon Technologies (LON:AVON), the personal protection equipment specialists, issue a Trading Update ahead of holding its AGM that day.
Based in Melksham, Wiltshire, the £603m-capitalised group, is a world leader in mission-critical protection equipment.
Even though the group’s shares have risen over 40% since my April 2025 feature, this week’s statement should be even more positive following the group’s guidance on current year trading.
It is looking for high single-digit re...
The FTSE 100 was range-bound on Monday as investors navigated geopolitical risks and rising worries about another US government shutdown.
London’s leading index was trading three points higher at 10,146 at the time of writing after trading in a range between 10,170 and 10,127 in early trade.
The FTSE 100’s weighting towards precious metals and defensive sectors helped it outperform European indices as the gold price broke to fresh record highs above $5,000 per oz buoyed by fresh concerns about a US government shutdown.
“There may not be any big geopolitical news to rival last week’s Greenland drama, but internal tensions in the US are helping to keep precious metals prices elevated,” said AJ Bell investment director Russ Mould.
“Gold has moved through $5,000 for the first time – showing investors are still seeking out the traditional haven for some insurance against what remains a febrile backdrop.
“In less than 18 months bullion has more than doubled in value – buoyed by central bank demand, global turmoil, dollar weakness, and the diminished appeal of other popular defensive assets.”
Silver was not left behind by the precious metals rally and smashed through $100 for the first time to trade at $108 at the time of writing.
Fresnillo shares were unsurprisingly at the top of the FTSE 100 leaderboard at the time of writing, with gains of 3%.
Fresnillo shares have doubled since the middle of November, trading just shy of 4,400p at the time of writing. The silver miner started 2024 priced at around 620p. It’s also the second-best performer year to date in 2026, with gains of 30%.
Gold miner Endeavour Mining was 2.9% higher, while diversified miners Antofagasta and Anglo American joined the rally with gains in excess of 2%.
Despite strength in miners, there was plenty of weakness elsewhere that prevented the index from moving materially higher.
3i Group lost around 4% after analysts at RBS cut their rating to underweight, while Barclays reduced its price target.
Autotrader’s downtrend continued with the share price breaking down by over 3% to 550p – the lowest level since 2023.
Experian and Reckitt Beckiser where among other names that saw selling pick up on Monday after a poor week last week.
Harena Rare Earths shares jumped on Monday after announcing a pre-feasibility study (PFS) for its Ampasindava rare earth project in Madagascar, confirming strong technical and economic viability for the ionic clay deposit.
Harena Rare Earths, formerly known as Citius Resources, released the PFS after securing 100% ownership of the project last year.
The PFS outlines a 20-year heap leach operation producing approximately 71,000 tonnes of total rare earth oxide, with annual production of 4,000 tonnes TREO, including 1,700 tonnes of critical magnetic rare earth oxides (NdPr + DyTb).
The study, compiled with support from global engineering group SGS, estimates pre-production capital costs of $142 million, including a 25% allowance for EPCM and funding costs. The project is designed for a plant throughput of 5 million tonnes per annum at an average grade of 1,500 ppm TREO.
Using long-term analyst pricing, the project demonstrates robust economics with a pre-tax NPV10 of $343.7 million and an internal rate of return (IRR) of 34%.
Post-tax NPV10 stands at $249.6 million with a 30% IRR and four-year payback period. Life-of-mine free cashflow is projected at $1.0 billion post-tax.
These are all very attractive numbers, and Harena shares reacted accordingly, rising 20% on Monday.
Under current consensus pricing scenarios, the financial metrics improve significantly, with pre-tax NPV10 reaching $616.1 million and undiscounted life-of-mine free cashflow of $2.6 billion post-tax.
“The completion of the PFS represents a significant step forward for Harena and the Ampasindava Project. With significant previous investment in resource development, process testwork and environmental programs, we have an excellent understanding of the Ampasindava Project where we can now further optimise the asset as we move into the final piloting and studies phase,” said Allan Mulligan, Executive Technical Director of Haren.
“The Ampasindava Project hosts a world-class scale ionic absorption rare earths mineralisation, particularly amenable to low cost and high yield recoveries. The sustainable and rapid remediation heap leach extraction model will serve to enhance the local, regional and national economy with no lasting impacts on the environment.
“Our confidence in the results of the PFS and the underlying PFS process more broadly is based on the enormous previous works and current understanding of the orebody, and the inclusion of the Proof-of-Concept plant in 2026 will allow a smooth and organised mobilisation into construction with reduced start up risk.”
