Oriole Resources shares surged on Tuesday after reporting exceptional gold grades from its Mbe project in Cameroon, with drill results showing ‘bonanza-grade’ intersections that significantly extend the known mineralised system.

This was the type of announcement junior mining investors dream of.

The latest drilling results from holes MBDD018 to MBDD020 delivered standout grades, including 1.00m at 119.10g/t gold within a broader 6.15m intersection averaging 19.67g/t gold from hole MBDD019. MBDD018 returned 3.00m at 17.66g/t gold, including a 2.00m section grading 26.31g/t gold.

The results bring the total gold-bearing intersections across the Phase 1 programme to 285, representing a discovery rate of more than one intersection every 21 metres drilled.

Oriole Resources shares soared over 70% in early trade on Tuesday.

Surface sampling has also yielded encouraging results. Five rock chip samples from artisanal pits approximately 150 metres outside the defined exploration target returned grades up to 13.10g/t gold, demonstrating the potential for further system extensions.

“The latest drilling results for Mbe are significant for several reasons,” explained Chief Executive Officer of Oriole Resources, Martin Rosser.

“Firstly, they confirm the potential for very high grades within the deposit, consistent with what we have already confirmed at surface.

“Secondly, they extend the known gold system boundaries, which has the potential to enhance the size of the recently published Mbe Exploration Target and the maiden MRE for MB01-S, which is earmarked for Q4-2025.  Finally, with the system remaining open in all directions, the potential scale of Mbe is currently uncapped and is therefore hugely exciting.”

The company expects to publish its maiden pit-constrained Mineral Resource Estimate for the MB01-S target in Q4-2025, following completion of the Phase 1 drilling programme, which is already 90% complete.

Engineering consultancy John Wood Group has seen a potential takeover offer reduced by 5p per share after the prospective buyer completed its due diligence review.

Sidara, the Middle Eastern engineering firm Dar Al-Handasah Consultants Shair and Partners Holdings, initially proposed acquiring Wood for 35p per share in April.

The FT reported in July that Sidara were considering reducing its offer price amid an FCA investigation into Wood Group’s finances.

Sidara is clearly in a position of strength with Wood Group in disarray, and following its assessment of Wood’s finances, Sidara has now cut this to 30p per share in a written notice to Wood’s board on Saturday.

Wood Group shares were suspended at 18p.

Despite the reduction, Wood’s directors said they would still be minded to recommend the deal to shareholders, subject to agreeing on final terms and conditions.

Wood Group said that substantial progress has been made since their last update in July, including reaching commercial alignment with both Sidara and its lenders on refinancing terms and progress towards publishing its 2024 annual accounts

Sidara now has a deadline of 5pm on 28 August 2025 to make an offer or walk away, though this can be extended further with Wood’s agreement and Takeover panel consent.

Alien Metals (LON: UFO) reports the latest assay results from joint venture partner West Coast Silver for the Elizabeth Hill silver project in Western Australia demonstrate outstanding grades. There are assay results from six holes outstanding. Alien Metals has a 30% interest. The share price jumped 31.5% to 0.1775p.

Revolution Beauty (LON: REVB) has ended its formal sales process and raised £15m at 3p/share. A retail offer could raise up to £1.5m. Co-founder Tom Allsworth is returning as chief executive, and the other co-founder Adam Minto, who still owns 15.8%, is returning as a consultant. The cash will be used to reduce debt, fund capital investment and pay for restructuring costs. There will be a focus on pricing policy, marketing and efficiency. Tom Allsworth, Adam Minto and largest shareholder Debenhams are acquiring a total of 298.8 million shares in the fundraising. Net debt was £29.7m at the end of July 2025. The credit facility will be reduced from £32m to £28m. The share price rebounded 21.8% to 4.255p.

Aptamer Group (LON: APTA) has released an update on licencing. There are multiple non-exclusive licence opportunities for the first enzyme-modulating Optimer. Initial sales forecasts have been provided by one potential licensee and this could cover 15% of Aptamer’s overheads. A second enzyme-modulating Optimer is at a final development stage. There has been positive feedback concerning Optimer evaluation from a top five pharma company. The share price is 14.3% higher at 0.72p.

Shares in iron deficiency treatment developer Shield Therapeutics (LON: STX) continue to rise following yesterday afternoon’s publication of interim results. Interim revenues were 177% higher at $21.4m. Total US prescriptions were 29% ahead at 84,000 in the fist half. Cash flow could be positive by the end of 2025. The share price increased 7.69% to 7.7p.

Animal treatments developer Animalcare (LON: ANCR) has acquired the VHH NGF programme and related assets that were under a licence agreement with Orthros Medical for €700,000. The programme is assessing the effectiveness of antibodies in the treatment of pain caused by osteoarthritis in horses and dogs. The share price improved 3.17% to 260p.

FALLERS

Profit-taking knocked 34.7% off the Sorted Group (LON: SORT) share price, but, at 31p, it is still 63% higher on the week. Marks & Spencer (LON: MKS) has renewed the cloud-based contract for Sorted’s Ship carrier management software. The renewal lasts until September 2028.

Fire extinguisher products developer Zenova Group (LON: ZED) has raised £262,500 at 0.2p/share and this will fund the growth in the order book. There is strong demand in the UK and internationally. The share price fell 6.52% to 0.215p.

Corporate finance business Marechale Capital (LON: MAC) net assets have reduced from £3.35m to £3.03m due to operating losses and a reduction in the value of investments. Revenues were lower. The share price declined 2.63% to 1.85p.

ASOS is set to drop out of the FTSE 250 after a prolonged period of poor share price performance amid falling revenues and deep losses.

Once the shining light of London’s technology sector, ASOS shares are down 30% so far in 2025 and are worth less than 5% what they were at their peak.

“Fast fashion group ASOS looks set to be kicked out of the FTSE 250 in the latest blow to the company’s reputation,” said AJ Bell investment analyst Dan Coatsworth.

“ASOS moved from AIM to the Main Market in February 2022 with the aim of enhancing its corporate profile and recognition, as well as attracting a broader group of institutional shareholders.

“At the time, it had an ambitious growth strategy and was determined to bounce back from a post-pandemic hangover which saw a big slowdown in sales growth across the retail sector. Unfortunately, its struggles have got worse and the shares have limped along. Competition has remained fierce, consumer trends have shifted, and ASOS has been left behind.”

ASOS reported a 13% drop in adjusted group revenue for the interim 26-week period to 2nd March. Gross margins did improve slightly to 45% but the group still reported a £70m loss before tax.

The worrying thing for investors is that ASOS has thrown the kitchen sink at trying to improve efficiencies and return to profitability, but it doesn’t seem to be working for them.

ASOS have even started banning customers who make too many returns. This isn’t an action taken by a company confident in its growth prospects.

One has to look at the £360m market and wonder how much further it could fall.

The FTSE 100 was trading in a holding pattern on Friday as markets geared up for the Jackson Hole Symposium and a speech by the Fed Chair that could move the dial for stocks.

Friday’s steady session followed another record high for the FTSE 100 yesterday, achieved with the help of London’s defensive sectors.

“The FTSE 100 notched its third consecutive record close yesterday, edging up 0.2% as healthcare and mining stocks led the charge,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.

“A strong UK manufacturing PMI print added to the upbeat tone, signalling the best month for services in a year. The early US trade deal and relatively inexpensive valuation for UK companies relative to global peers have made for an attractive backdrop for UK stocks that have performed well all year.”

There was further good news on the economic front on Friday as GfK’s UK Consumer Confidence Index rose two points as the BoE’s interest rate cut helped lift the mood.

“The biggest changes in August are in confidence in personal finances, with the scores looking back and ahead a year each up by three points,” explained Neil Bellamy, Consumer Insights Director at GfK.

“This is likely due to the Bank of England’s August 7th cut in interest rates, delivering the lowest cost of borrowing for more than two years. The improved sentiment on personal finances is welcome, but there are many clouds on the horizon in the form of inflation – the highest since January 2024 – and rising unemployment.”

Standard Chartered was the top riser after reports of a favourable development in their long-running case with US courts. Standard Chartered shares were 3.2% higher at the time of writing.

Airtel Africa enjoyed a 2% gain as the stock retested all-time highs just above 220p

Gains were offset by losses for Rightmove, Coca-Cola HBC and Prudential.

Revolution Beauty has ended its sale process and is returning to being a founder-led business after failing to find a buyer.

To support the renewed strategy, Revolution Beauty has announced plans to raise approximately £15 million through an equity placing, marking a potential reset for the embattled cosmetics company.

The multi-channel beauty brand will issue up to 500 million new ordinary shares at 3p each – a 14% discount to the prior closing price of 3.5p. The placing represents a massive 156.5% of existing shares, significantly diluting current shareholders.

Revolution Beauty investors Debenhams and the founders, who hold 7.6% of existing shares, have committed to participate in the placing. The company will also launch a separate £1.5 million retail offer for UK shareholders.

To lead the business forward, Co-founder Tom Allsworth will return as chief executive. His fellow founder, Adam Minto, will rejoin in a consultancy role. The duo previously grew Revolution Beauty to nearly £190 million in revenue, delivering 99% compound annual growth between 2014 and 2019.

Shareholders should be mildly optimistic about their return.

Strategic overhaul

The return of the founders follows a torrid period for Revolution Beauty. Revenue plunged 26% to £141.6 million in the last financial year as management discontinued over 6,000 product lines. Trading in early 2025 proved “softer than planned” due to weakness in digital retail channels.

The founders have outlined a three-pronged strategy: refined product development and pricing, streamlined operations, and optimised marketing spend.

With shares losing 98% of their value over five years, investors will hope the new strategy works.