Arc Minerals shares sank on Thursday after the group announced the completion of its initial drilling programme at the Virgo Project, located in Botswana’s Kalahari Copper Belt.

The exploration company has successfully concluded a 3,000-metre drilling campaign across eight holes at its PL135/2017 license area, yet the market seems unhappy with the results as shares fell over 10% in early trade on Thursday.

The most significant results came from diamond drill hole ALV-DD-004, which yielded copper-silver mineralisation of 1.29% copper equivalent over 3 metres, within a broader intersection of 0.82% copper equivalent over 6 metres.

Six additional holes encountered elevated to anomalous copper mineralisation, demonstrating geological characteristics similar to MMG’s operational Zone 5 underground mine in the region. This will provide some solace for investors.

The drilling programme was initially designed to explore extensions of previously identified mineralisation in the adjacent MMG license, where historical drilling had returned impressive results of 4.3 metres at 1.65% copper equivalent and 6.1 metres at 2.56% copper equivalent.

Analysis of the drill core suggests that this first phase intersected the lateral fringe of the copper zone, specifically within an iron-rich area that is interpreted as the outer halo of the main mineralised zone. Arc Minerals is currently evaluating the data and developing plans for a second phase of drilling, which will target the interpreted inner copper sulphide zone, moving away from the iron-rich area.

“I am very pleased to report that assay results from the first phase of drilling at our Botswana project identified good copper mineralisation and similar geological settings to neighbouring MMG’s Zone 5,” said Nick von Schirnding, Executive Chairman of Arc Minerals.

“These results confirm our view that we have economic grades of copper mineralisation especially in the context of increasing interest by majors in our license. We will continue our drill programme to target the inner copper zone, presenting what we believe to be a further 5km strike along which to drill.“

Innovative Eyewear, the developer of ChatGPT-enabled smart eyewear, has reported substantial financial growth for the first nine months of 2024, with net revenue reaching $945,752, representing a 76% increase compared to the same period in 2023.

Revenue growth has been attributed to successful product launches throughout the year, including the company’s Lyte XL collection and new co-branded partnerships with Nautica® and Eddie Bauer®. Enhanced marketing initiatives and growing consumer interest in smart eyewear technology have further contributed to this impressive performance.

For the third quarter of 2024, the company recorded net revenue of $253,599, marking a 14% increase from the previous year. This growth was achieved through strategic pricing adjustments and improved wholesale distribution management, resulting in higher average order values.

“We have continued the trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for the last 15 months,” said Harrison Gross, CEO of Innovative Eyewear.

“I am pleased by our continued growth and excited by the potential of further expansion with the upcoming launches of new product lines.”

In a notable development for cost optimisation, the company has reported a 50% reduction in lens fulfilment costs during the third quarter, following a partnership with a new Miami-based supplier.

This cost reduction is expected to improve gross margins in the coming months significantly.

Looking ahead, Innovative Eyewear has announced several strategic initiatives to maintain growth momentum. The company has successfully launched its flagship Lucyd Lyte collection on Target.com and secured an exclusive distribution agreement for the Middle East market through Ecom Gulf FZCO. Additionally, the company has unveiled its new ANSI-certified smart safety glasses, Lucyd Armor, demonstrating its commitment to product innovation.

Although the earnings update reported strong revenue growth through 2024, the focus was firmly on the future, including plans to launch the Reebok® Powered by Lucyd line in early 2025, improved distribution channels, and boost margins through cost savings.

Management anticipates that the expansion into major national retail channels will drive significant revenue growth over the next eighteen months, while new product designs are expected to deliver up to 30% lower unit costs compared to current models.

“Our recent onboardings into Target.com, Kits.com and Nebraska Furniture Mart indicate that major retailers are warming up to the category of smart eyewear, particularly when delivered in the optical-first form factor that our products are known for,” Gross said.

“There has been significant retail interest particularly around our new Lucyd Armor line, and the upcoming Reebok Powered by Lucyd collection. Based on recent discussions, I anticipate additional placements with leading American retailers in 2025.”

The FTSE 100 got off to an upbeat start on Wednesday as Smiths Group led the index higher after reporting strong revenue growth in its first quarter.

London’s leading index was trading 0.25% higher in mid-morning trade as it looked set to break a losing streak that had brought it within touching distance of 8,000.

Despite the strong start to trade, the FTSE 100’s early gains evaporated, and the index was trading down 0.15% at the time of writing.

“It’s still hovering around three-month lows as concerns linger about global growth,” explained Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“China’s economy continues to be a worry, with the authorities’ attempts to inject the economy with stimulus seen as underwhelming.”

Streeter also pointed to ongoing uncertainty about Donald Trump’s impact on global growth as he takes power. “The impact of a second Trump term and its implications for global trade is also being mulled over.”

“Brent Crude is trading close to two-week lows, as investors digest OPEC’s re-assessment of demand for energy across the world next year. The hot enthusiasm which powered Wall Street higher following Trump’s re-election has cooled off.  Investors are assessing the realities of governing for Trump’s second term, while the control of the House of Representatives is yet to be decided, with critical votes still being counted.”

In early trade, there was nearly a dead-even split between FTSE 100 constituents trading higher and those trading negatively. However, the sellers came out in force as the session progressed and dumped names such as Experian, Rightmove and Intermediate Capital Group.

Smiths Group, with a 10% rise, was the FTSE 100 top gainer after reporting a boost in revenues and margins.

“Industrial conglomerate Smiths Group appears to be firing on all cylinders based on its first-quarter trading update with an uplift in margins now expected for the year as a whole,” said Russ Mould, investment director at AJ Bell.

“This helped arrest a year-to-date decline in the share price with several areas of the business seeing strong organic revenue growth too. It will come as some relief to recently appointed CEO Roland Carter who had to deliver a disappointing set of full-year results just months into his tenure in September.”

“It may also reduce any clamour for a further break-up of a business which has several moving parts. It has faced pressure on this front before, leading to the divestment of its medical business in 2022.”