Investor Meet Company - Audio Archive

Cora Gold Limited provided an investor update on its flagship Sanankoro Gold Project in southern Mali, outlining progress on permitting, project financing, construction preparations and resource expansion. CEO Bert Monro highlighted the project's mineral resource of over 1 million ounces of gold, including approximately 530,000 ounces of reserves supporting an initial 10-year mine life. The updated feasibility study demonstrates attractive project economics, with capital expenditure of US$124 million, a 98% internal rate of return and a 0.7-year payback period at a US$3,500 gold price. Cora Gold has secured financing commitments through an approximately £16 million equity fundraising and a US$120 million binding gold streaming agreement, with discussions progressing to potentially replace 50% of the stream with traditional debt financing. The company continues to advance its mining permit application following the renewal of the Sanankoro 2 exploration permit, while front-end engineering and design work is underway to accelerate the transition into construction. Meanwhile, encouraging results from the ongoing 12,000m-plus drilling programme at Sanankoro's Zone B and Selin deposits support management's confidence in further mineral resource growth and potential mine-life extensions. The presentation also highlighted the exploration potential of the Medina Foulbé project in Senegal. With funding commitments secured, positive drilling results and permitting progressing, Cora Gold remains focused on advancing Sanankoro towards construction, first gold production and long-term shareholder value creation.

Tristel PLC delivered a strong set of audited FY2026 financial results, achieving record revenue of £51.1 million, up 10% year-on-year, and adjusted EBITDA of £15.7 million, representing a robust 31% margin. Adjusted profit before tax increased 15% to £11.7 million, while operating cash flow reached £11 million and year-end cash and short-term deposits totalled £16 million. The company, which specialises in high-level disinfection and proprietary chlorine dioxide chemistry, achieved growth across its medical device and surface disinfection product portfolios, supported by strong international demand and operational efficiencies. Gross profit margin improved to 82%, benefiting from bringing the manufacture of Tristel Wipes in-house, while the business remains debt-free and plans a 5% increase in its annual dividend. International expansion was a key driver of performance, with sales across the Americas increasing by 202%, supported by growing adoption of Tristel ULT for ultrasound probe disinfection and the successful launch of Tristel OPH in the US ophthalmology market. The company reported an expanding US sales pipeline, with 275 open opportunities for Tristel ULT and 304 opportunities for Tristel OPH, alongside increasing customer adoption and strategic distribution partnerships. Product innovation also supports the growth strategy, with the new Uniform hospital drain disinfection product attracting interest from 14 NHS trusts for trials following its initial UK launch. Meanwhile, the 3D digital platform, designed to improve disinfection compliance, training and audit readiness, is now used by more than 270 customers across key markets. Looking ahead, Tristel is focused on accelerating US growth, expanding penetration in existing markets, developing new products and strengthening its clinical leadership. Management remains committed to its financial targets through 2030, including at least double-digit annual revenue growth, an EBITDA margin above 25% and progressive dividend increases, supporting sustainable growth and long-term shareholder value.

ITM Power PLC presented its preliminary financial results for the year ended 30 April 2026, highlighting record revenue growth, improved profitability and continued progress in its green hydrogen growth strategy. Revenue increased 68% year-on-year to £43.6 million, marking a third consecutive year of record sales, while the adjusted EBITDA loss narrowed from £33 million to £20.2 million. Gross losses reduced significantly to £6.1 million, reflecting improved operational efficiency, cost discipline and progress on legacy contracts. The company's order backlog remained strong at £144 million, with 83% comprising profitable contracts, up from 60% in FY2025. ITM Power ended the financial year with £215.6 million in cash, supported by a £40 million investment from Great British Energy. Operational highlights included progress on major electrolyser projects for RWE and Shell, the development of its next-generation Chronos technology and a £45.5 million government grant supporting manufacturing expansion. Management also outlined significant opportunities through its HydroPulse build-own-operate business model, including a proposed 150MW green hydrogen project with a European refinery, targeting a final investment decision in 2027. Strategic collaboration with Rheinmetall to develop synthetic fuels for defence applications further strengthens ITM Power's market positioning. Looking ahead, the company forecasts FY2027 revenue of £50–60 million, an adjusted EBITDA loss of £17–20 million and year-end cash of £170–180 million. With an improving contract mix, expanding project pipeline and strong balance sheet, ITM Power remains focused on sustainable revenue growth, technological innovation and its long-term transition towards profitability.

City Natural Resources Growth and Income PLC, managed by Tufton Investment Management, provides an investor update on portfolio performance, market outlook and growth strategy across global natural resources. The managers highlight opportunities in energy, gold, uranium and selected mining companies, focusing on undervalued assets, geopolitical risks, supply constraints and persistent inflation. The trust combines active investment management with a quarterly dividend targeting 8% of net asset value, aiming to deliver long term total returns through strategic exposure to commodities and real assets.

Avacta Group PLC presented its Interim Results and investor update, highlighting significant progress across its oncology pipeline, financial position and growth strategy. The company continues to advance its proprietary pre|CISION® platform, designed to deliver tumour-targeted cancer treatments while reducing toxicity to healthy tissues. Lead next-generation candidate AVA6103, a FAP-activated exatecan peptide drug conjugate, demonstrated encouraging early clinical safety and pharmacokinetic results in its Phase 1 trial, with no neutropenia observed across the first three dosing cohorts. Management highlighted strong alignment between preclinical and clinical data, with tumour pharmacokinetic results expected in late 2026 or early 2027 and an initial efficacy readout anticipated in H1 2027. Avacta also outlined progress with AVA6000, its first-generation FAP-activated doxorubicin programme, with updated progression-free survival, safety and efficacy data in salivary gland cancer expected at ESMO 2026. Meanwhile, dual-payload candidate AVA6207 is progressing towards clinical candidate selection in Q4 2026, targeting resistance mechanisms in difficult-to-treat cancers. Financial results showed cash and short-term deposits of £20.27 million at 30 June 2026, with a subsequent £12.5 million oversubscribed fundraising strengthening the company's financial position. Avacta also confirmed ongoing discussions with pharmaceutical partners and plans to explore a potential NASDAQ dual listing in 2027. Looking ahead, management emphasised upcoming clinical milestones, intellectual property development, strategic partnerships and opportunities to unlock long-term shareholder value through its expanding precision oncology pipeline.

Kenmare is planning to announce its Q3 2026 Production Update on 15 October 2026. Management will host a webcast at 2pm UK time on the day to discuss the announcement.

Seraphim Space Investment Trust PLC (LSE: SSIT) presented its full-year financial results for the 12 months ended 30 June 2026, reporting exceptional portfolio growth and strong shareholder returns amid accelerating investment in the global space technology sector. NAV per ordinary share total return reached 102.9%, while share price total return increased by 119.4%. Net assets rose 150.6% to £704.4 million, with the investment portfolio's fair value increasing to £605.5 million. Management highlighted the outstanding performance of ICEYE, its largest holding, which accounted for 53.9% of NAV and contributed significantly to portfolio valuation gains, supported by major defence contracts, revenue growth and strong EBITDA performance. Other key investments, including Xona, Tomorrow.io, Pixxel, Skylo and HawkEye 360, demonstrated commercial progress, technological innovation and expanding market opportunities. The trust also raised £137 million through a C share issuance, strengthening its balance sheet and providing renewed capital to pursue high-conviction investments across satellite communications, defence, navigation, weather intelligence and space infrastructure. Private companies within the top 10 holdings delivered 237% fair-value-weighted revenue growth, while 96% of the portfolio was fully funded or had at least 12 months of funding runway. Management addressed portfolio concentration, disciplined C share deployment and its long-term growth strategy, emphasising opportunities arising from increasing geopolitical demand, sovereign space capabilities and institutional investment in space technology. Looking ahead, Seraphim remains focused on portfolio diversification, strategic capital allocation and capturing long-term value as the global space economy continues to expand.

Cleantech Lithium PLC provided an investor update highlighting progress towards the approval of its Chilean mining sale agreement, planned ASX listing and development of its lithium project portfolio. The company expects the sale agreement to progress through the Controller General’s Office, with final approval anticipated in the coming weeks, subject to the regulatory process. Approval will enable Cleantech Lithium to lodge its Australian prospectus, with ASX admission targeted before the end of 2026 to increase investor exposure, broaden analyst coverage and potentially address the valuation discount to listed lithium peers. Laguna Verde remains the company’s flagship project and development priority, with the board initiating preparation of its Environmental Impact Assessment (EIA), a critical step towards production. The EIA is expected to take approximately 12 months to prepare, with submission targeted for the end of 2027. Cleantech Lithium also reported positive Direct Lithium Extraction (DLE) test results, successfully completing the end-to-end process from extraction to lithium carbonate in Chile using its pre-feasibility study flowsheet. The company produced approximately 5kg of high-purity lithium carbonate, with purity ranging from 99.69% to 99.75%, supporting the technical assumptions underpinning its development plans. In Argentina, the company has secured exploration licences at the Antofalla salar, one of the country’s largest undeveloped lithium salars, strengthening its regional resource growth strategy. Subject to environmental permitting, Cleantech Lithium plans to undertake two exploration drill holes in 2027 at an estimated cost of $500,000, with the aim of establishing an initial mineral resource. The company’s longer-term strategy centres on building a regional lithium resource base around Laguna Verde, with the potential for a centralised processing facility near Copiapó to generate operational synergies. Together, regulatory progress, technical validation, exploration opportunities and the proposed ASX listing represent key milestones in Cleantech Lithium’s growth strategy.

Audioboom Group PLC delivered a record third-quarter performance in 2026, demonstrating strong organic revenue growth, expanding gross margins and significant adjusted EBITDA improvement. Revenue increased 17% year-on-year to $23.8 million in Q3, while gross profit rose 30% to $5.6 million and adjusted EBITDA increased 89% to $2.2 million, with the EBITDA margin improving to 9%. For the first nine months of 2026, revenue grew 25% to $69.5 million, gross profit increased 32% to $15.5 million and adjusted EBITDA rose 84% to $5.5 million. The company’s performance reflects its scalable podcast advertising platform, growing global distribution and continued focus on higher-margin revenue streams. Showcase, Audioboom’s technology-driven advertising marketplace, accounted for 41% of revenue during the first nine months, with sales increasing 44% to $28.2 million. Global podcast downloads and video views reached 190 million per month, up 47% year-on-year, expanding advertising inventory and monetisation opportunities. Gross margin improved to over 23% in Q3, supported by stronger revenue retention, an increased contribution from Showcase and operational efficiencies following the integration of Adalicious. Operating expenses remain tightly controlled, while improving cash generation and a $10 million revolving credit facility support the company’s disciplined mergers and acquisitions strategy. With more than $90 million in booked revenue and seasonally strong advertising demand expected in Q4, Audioboom upgraded its full-year market expectations and reported a positive outlook for the remainder of 2026. Looking further ahead, management aims to grow annual revenue beyond $200 million and EBITDA above $40 million by 2030, supported by strategic acquisitions and the continued scalability of its podcast technology platform.

EDX Medical Group PLC delivered an investor presentation outlining significant progress in the development and commercialisation of its ultra-precision diagnostic tests, with a focus on cancer, cardiovascular and infectious diseases. Founder and Chief Scientific Officer Sir Chris Evans highlighted the company's transition from product development to revenue generation, with management anticipating more than £2 million in expected revenues to be announced in the coming quarter. Key developments include the commercial availability of advanced bowel and testicular cancer diagnostics, chemotherapy sensitivity testing, liquid biopsy services and a ventilator-associated pneumonia test currently used at Addenbrooke’s Hospital. EDX Medical also outlined its expanding corporate health screening business, including a contract with Arnold Clark Group covering its 8,500 employees, alongside discussions with several other major employers. The Scottish Prostate Cancer Initiative, targeting 25,000 men, is nearing completion and is supporting the development of a new prostate cancer diagnostic test. Looking ahead, the company expects to launch additional ovarian cancer, prostate cancer and sepsis tests in 2027, targeting a portfolio of 10–15 revenue-generating products. Strategic partnerships with Thermo Fisher Scientific, NHS trusts and leading healthcare providers support its growth strategy, while its Cambridge laboratory capabilities and regulatory expertise provide opportunities for international expansion. Management anticipates accelerating revenue growth over the next 12 months, initially driven by UK commercialisation before expanding into European and US markets through distribution and licensing partnerships. EDX Medical remains focused on scaling its diagnostic portfolio, building recurring revenue streams and establishing a high-growth, commercially sustainable precision healthcare business.