The Vox Markets Podcast

In this investing masterclass, expert stock picker Richard Crow (alias Cockney Rebel) takes me through his view of the markets and latest thoughts on 25 stock ideas:00:00 Equity outlook and AIM vs Main market stocks07:10 Goodwin & how to deal with major portfolio knocks15:05 Saga21:20 Filtronic27:10 Seraphim Space Investment Trust33:45 UK recruiters: Hays, Page, Robert Walters and FDM47:50 Computacenter49:20 Softcat54:15 Home power generation57:30 Pinewood Technologies62:40 Warpaint and Potter & Moore67:15 Holding periods and cash levels68:50 Liontrust Asset Management71:40 Selling too soon75:15 Marshalls and UK house builders79:05 SigmaRoc82:05 Funding Circle88:45 XP Power93:40 Marston’s96:50 Victrex98:40 Zotefoams99:30 Halfords102:20 CMC Markets105:40 Volex106:40 Dialight

Watch on YouTubeIn this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 24 stock ideas.00:00 Rotork04:45 Gooch & Housego08:10 System1 and Brave Bison13:55 Ramsdens16:15 AdvancedADVT25:55 M&C Saatchi27:30 Cake Box31:50 Alumasc36:35 Eagle Eye41:40 Big Technologies44:30 Beeks Financial47:20 Lendinvest50:00 Foxtons52:10 Headlam/Likewise54:25 Alfa Financial58:55 Cerillion61:30 BRCK / Brickability63:40 Vistry68:00 Dr Martens69:40 Capital Ltd72:50 Sysgroup75:35 MS International#ROR #GHH #SYS1 #BBSN #RFX #ADVT #SAA #CBOX #ALU #EYE #BIG #BKS #LINV #FOXT #HEAD #LIKE #ALFA #CER #BRCK #VTY #DOCS #SYS #CAPD #MSI

Watch on YouTubeWinshear Metals has released the results of an electromagnetic survey conducted on its Portsoy nickel-copper-cobalt project in Scotland. The survey revealed a large conductor beneath the surface at Portsoy, which Winshear now plans to investigate further. Previous drilling, for which assays are pending, indicated the presence of massive sulphide and disseminated sulphides at Portsoy, so the prospectivity is very high. The company plans more drilling in due course, as it moves towards the delineation of a mineral resource estimate. Chief executive Richard Williams joins Vox to tell us more.

Watch on YouTubePoolbeg Pharma has dosed the first patient in its POLB 001 TOPICAL clinical trial, marking the start of a key execution phase for its CRS prevention programme. With UCLH activated, further sites expected, interim data targeted for summer 2026 and partnering discussions ongoing, investors will be watching whether clinical progress can validate the programme’s claimed commercial potential.

Watch on YouTubeEuropean Green Transition has released a second quarter update from its Wind Energy Services business, highlighting significant growth and growth potential in its repowering and operations and maintenance businesses. The overall potential pipeline in repowering could amount to as much as £126 million in revenue. Meanwhile the broader economic backdrop, in which governments continue to seek energy security via home-grown green energy projects, continues to be favourable. Dave Broadbank, the managing director of the Wind Energy Services business, joins Vox to tell us more.

Watch on YouTubeIn this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 22 stock ideas.In this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 22 stock ideas.01:10 easyjet04:55 Jet208:10 Aim vs Main market listing10:05 Avingtrans14:30 Keller16:40 UK housebuilders: Vistry, MJ Gleeson, Crest Nicholson and Henry Boot25:10 Capita30:55 Boku and Bango37:15 Victrex43:30 Johnson Service Group46:05 Tristel51:10 Playtech54:45 Hostelworld57:50 Hays62:15 Victoria66:45 Next 1570:20 Renishaw72:55 Water Intelligence77:55 MedPal AI#EZJ #JET2 #AVG #KLR #VTY #GLE #CRST #BOOT #CPI #BOKU#BGO #TSTL #VCT #HAS #PTEC #HSW #RSW #VCP #NFG #JSG #WATR #MPAL

In this upbeat interview, CEO Sara Barrington of Verici DX – a next generation medical diagnostics firm focusing on the global kidney transplant market - takes me through last week’s ‘in line’ FY’25 results and positive outlook.Disclosure: Verici is a Vox Markets client

Great Western Mining Corp PLC: More tungsten assay results from Defender-Pine Crow Great Western Mining has released the results of a machine-cut channel sampling programme undertaken at its Defender-Pine Crow tungsten project in Nevada. The company cut four channels, and each showed tungsten mineralisation comparable to other projects in the area, notably that of Guardian Metals at Pilot Mountain. More channel samples will now likely be taken as the company moves towards a drilling campaign set to get underway in the next few weeks. Meanwhile, behind the scenes, metallurgical work is also ongoing. Great Western chief executive Ed Loye joins Vox to tell us more. ▶️ Watch the full interview: https://www.youtube.com/watch?v=ReXLQQUTm5w

Watch on YouTubeIn this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 17 stock ideas.00:00 Portfolio performance in H1’2602:45 Craneware17:25 CMC Markets21:45 Topps Tiles25:45 James Latham30:05 Activeops41:20 Focusrite45:15 Cake Box49:05 Proservice Building Services53:30 Seeing Machines58:50 Invinity Energy Systems61:50 JD Sports63:45 AdvancedADVT66:30 Filtronic69:40 Kooth73:05 Trifast76:40 Cerillion78:40 James Halstead80:20 Outlook for H2’26

Rome Resources has released the assay results from its latest drilling programme at the Kalayi tin project in the Democratic Republic of Congo. The grades are averaging at over 2%, which is world class, and the widths are strong too. The next step will be a resource upgrade, which is coming within the month. Rome's chief executive Paul Barrett joins Vox to tell us more.

Watch on YouTubeShearwater Group #SWG has announced a five-year, circa £25 million contract expansion with a global telecoms customer, materially improving revenue visibility and supporting FY26 expectations. This morning’s appointment of Jonathan Entract as Independent Non-Executive Director and Audit Committee Chair adds a governance and capital allocation angle, with investors likely to focus on cash conversion, margin quality and whether the Group is now better positioned for its next phase of growth.

Watch on YouTubeFortuna Metals is advancing its Malawi rutile and graphite project at a rapid pace. The company is currently drilling, a bulk sample's been taken, work is ongoing on early economic calculations, and previous sampling shows that the grade is highly attractive. The project is close to a railway, and not far away from Sovereign Metals' major mineral sands development at Kasiya. Fortuna's chief executive Tom Langley joins Vox to tell us more#Mining #voxmarkets #FUN

ECR released interim results this week, and chairman Nick Tulloch took the opportunity to spell out exactly what his vision for the company is over the coming years. It's more than likely, he tells Vox, that the company will have been able to bring four Australian gold mines to production by the end of 2027, and that the cash being generated will be significant. Raglan's already up and running, and will be followed by Maddens, Blue Mountain and Saltbush.

Metals One has released financial results for the year to end 2025. The year was a transformational one for the company as it built big positions in North American uranium, as well as in gold in the USA and South Africa. There was also an impairment on the company's long-standing Scandinavian nickel asset. Dan Maling, Metals One's managing director, joins Vox to tell us what happens next.

Watch on YouTubeAnalyst Peter Hitchens has written an extensive research report on Quantum Helium, the company with extensive assets in Colorado. Hitchens joins Vox to tell us why he likes the company, to explain the reasoning behind his ambitious price target for the company, and to outline some of the broader economic context in which Quantum is operating.

Watch on YouTube In this upbeat interview, CEO Sandy Chadha and CFO Suzanne Smith of Supreme – a leading FMCG products business – take me through today’s positive FY’26 results and in line FY'27 outlook.

Metals One is participating in a major transaction that will simplify the ownership structure for the Barbrook and Vantage gold assets in South Africa that will shortly be coming into the ownership of Lions Bay Capital. The South African assets are just exiting a bankruptcy status in a process that now has government approval and, once the transaction is complete, will be 100%-owned by Venture-listed Lions Bay Capital. Metals One, in turn, will own roughly 50% of Lions Bay Capital. In addition, Metals One will take a bigger stake in Fidelity, a company with major exploration upside in South America. Dan Maling joins Vox to tell us how it all fits together.

Watch on YoutubeMindflair’s 2025 results show a company with growing exposure to AI-focused venture assets, recent cash realisations, no debt and a significant discount to reported NAV. The interview explores whether further portfolio progress, liquidity events and commercial traction can help close the valuation gap for shareholders.

Watch on YouTubeRift Helium listed in London in April, and it’s been all systems go since then. The company is currently working on an environmental impact assessment at its helium project in Tanzania. The EIA is a prelude ti a major seismic campaign planned for later this year, and the results from that will be plugged into planning for a drill programme in 2027. Rift chief executive Charlie Fitzroy joins Vox to tell us more

Watch on YouTubePinnacle Silver & Gold has signed an agreement with well-known metals trader Auramet, under the terms of which  Auramet has agreed to provide US$5 million in finance for the development of the El Potrero gold and silver project in Mexico. The El Potrero project comprises several old mines that could be brought back into production pretty quickly and relatively cheaply, if shown to be economic. Pinnacle is currently mid-way through a major drilling campaign there. Chief executive Bob Archer joins Vox to tell us more.

Watch on YouTube Focusrite’s latest results show improving margins, stronger cash generation and a significant reduction in net debt, helped by pricing discipline, working capital control and growth in direct-to-consumer sales. But investors will be watching whether modest revenue growth, tariff uncertainty and the Sequential impairment can give way to a more convincing phase of sustained earnings growth.

Watch on YouTubeIn this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 22 stock ideas.00:00 Advanced Medical Solutions04:00 Recent buys07:25 Spire Healthcare12:45 Ramsdens19:15 Segro23:50 Easyjet28:10 Gamma Communications31:30 IP Group33:40 ITV37:00 Avingtrans40:35 Distribution Finance Capital Holdings44:35 Volex48:50 Telecom Plus51:25 Impact of change in tax treatment of cash held in ISAs53:50 Moonpig57:55 Gear4Music1:00:25 McBride1:07:55 MHA1:13:15 Low margin retailers eg AO World, Halfords, etc1:15:40 NIOX1:18:15 BRCK / Brickability1:20:05 Severfield1:23:05 Carclo#AMS #SPI #RFX #SGRO #EZJ #GAMA #IPO #AVG #DFCH #ITV #AO. #HFD #MOON #TEP #MHA #MCB #VLX #BRCK #G4M #NIOX #SFR #CAR

Zeus Capital analyst Daniel Slater sits down with Vox to talk us through the details of his latest research note on Rift Helium. Rift recently listed on Aim, and plans to drill its helium assets in the Rukwa Basin in Tanzania next year. Slater talks about the huge upside that's on offer, and walks us through the reasoning behind his 29.1p risked NAV for the company, and his total unrisked NAV of 435.5p.

Yuen Low, director of research at Cavendish joins Vox for a discussion about Blencowe Resources, a company he has just issued an extensive report on. Low talks about his aggressive price target of 47.9p for the company, and his expectations that in due course EBITDA from Blencowe's Orom-Cross graphite project in Uganda could go into the hundreds of millions of dollars. Key to his optimism is the new paradigms in financial markets being shaped by resource nationalism and Chinese reluctance to export.

Quantum Helium's ongoing testing programme at the Sagebrush well continues to deliver favourable results. The helium structures and pressure are meeting expectations, and there's also been the additional bonus of significant oil flows. To date around 100 barrels of oil have been produced, and it looks like there's more to come. Chief executive Howard McLaughlin joins Vox to tell us the implications, and to talk about what happens next.

In this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 18 stock ideas.00:00 Recent buys & sells (GRI, ECEL, GTLY, EYE, TATE, ALFA, PINE, CRW, FNTL, AMS & EKF)14:00 Advanced Medical Solutions21:05 PPHE Hotel24:10 Inspecs28:45 Everyman Media33:00 Windar Photonics37:00 Rathbones41:50 Marstons44:10 eEnergy48:25 Atome Energy50:00 Stelrad51:55 Polar Capital53:05 Fonix56:45 Seeing machines59:40 Intercede63:50 PZ Cussons66:50 McBride71:05 Warpaint Cosmetics71:35 Owning founder managed businesses76:00 Tinybuild#AMS #PPH #SPEC #EMAN #WPHO #RAT #MARS #EAAS #ATOM #SRAD #POLR #FNX #SEE #IGP #PZC #MCB #W7L #TBLD

Pilar Gold is moving towards production at its four million ounce project in Brazil.The project previously produced of the order of 70,000 ounces per year, before it ceased production in 2017. Now, with a huge resource base, the plan is to put the project back into production within a few months at an initial rate of around 40,000 ounces, and ramping up thereafter.Pilar also owns a stake in the fast-growing Chancery Royalty, which in turn holds a royalty over the Pilar project.Pilar chairman Jeremy Gray is involved in both companies, and here he introduces new chief executive Enrique de Alvear. Interested investors should click on the link below for an opportunity to participate in the latest funding round.Find out more about Pilar Gold Pre IPO Investment Opportunity: https://www.pilargold.com/pilargold-equity-raise-rn?SQF_LEAD_SOURCE=vxAlso, find out more about Chancery Royalty Pre IPO Investment Opportunity: https://www.chanceryroyalty.com/chancery-royalty-equity-raise?SQF_LEAD_SOURCE=vx

In this investing masterclass, accomplished UK small/midcap fund managers Christopher and Nick Mills of Harwood Capital take me through their views of the markets and latest thoughts on 23 stock ideas, including:00:00 Smallcap/equity outlook.02:25 Closing discounts to NAV for Oryx and North Atlantic06:00 Tate & Lyle08:00 Spire healthcare08:55 Pinewood Tech13:05 Tribal Group17:05 Big Technologies19:40 NIOX26:30 EKF Diagnostics29:35 Optima Health34:35 Restore38:15 Pebble Group42:25 Trifast47:50 Paypoint51:00 CVS Group55:05 Venture Life58:30 Hargreaves Services62:00 MJ Gleeson and UK housing market72:25 Redcentric73:25 Polar Capital75:25 TP ICAP78:20 Conduit Re83:30 Fevara (formerly Carr’s)87:30 River Global B shares92:50 NCC94:05 MycelX Tech95:00 Favourite stock ideas for next 12 months. Pebble Group and Optima Health

In this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 19 stock ideas.00:00 SpaceX IPO04:40 Bodycote08:20 AudioBoom10:55 Evoke14:30 Tate & Lyle17:25 WH Smith21:35 Portmeirion26:05 Frasers29:30 Pets at Home31:25 Beeks Financial38:20 Wise43:10 GB Group48:55 RWS57:40 LBG Media63:10 ME Group66:30 Spire Healthcare68:55 Frontier Developments73:15 Paypoint75:30 Whitbread#SPCX #BOY #BOOM #EVOK #TATE #SMWH #PMP #FRAS #PETS #BKS #WISE #GBG #RWS #LBG #MEGP #SPI #FDEV #WTB

Poolbeg Pharma has announced the activation of the first clinical trial site for its POLB 001 TOPICAL study, marking a key operational milestone for its lead programme. The trial will evaluate POLB 001 as a potential preventative treatment for Cytokine Release Syndrome in relapsed/refractory multiple myeloma patients receiving teclistamab, an approved bispecific antibody. With recruitment now underway and interim data expected in summer 2026, the study could provide an important early readout on POLB 001’s role in improving the safety and accessibility of cancer immunotherapies.

In this upbeat interview, CEO James Hickman and CFO Andrew Richards of Finseta – a specialist B2B payments and foreign exchange platform - take me through last week’s positive FY’25 results and ‘in line’ outlook.00:00 Business growth drivers and Finseta’s key USPs05:00 Financial highlights & 54% expansion in corporate sales to £7.1m (57% of group)08:40 Commercialisation and new product strategies13:30 FY’26 outlook, valuation & closing remarks

ECR Minerals is up and running and producing gold at its Raglan project in Australia. The company has been busy fine-tuning operations there in the past few weeks, shooting a Lidar survey and consulting an expert in alluvial projects for ideas on making further efficiencies. Meanwhile, the company is also moving closer to production at the much larger Maddens project, where grades have run as high as 25 grams per tonne in the past. ECR's executive chairman Nick Tulloch joins Vox to tell us more.

Mindflair plc (AIM: MFAI) has just benefited from its sixth SVV1 portfolio realisation. CameraMatics, the AI-powered fleet intelligence platform, has completed a €48m growth round led by Blume Equity, alongside the Irish Strategic Investment Fund and Goodbody Capital Partners. In conversation with Vox Markets, Director Nicholas Lee explains what the deal means for shareholders and why Mindflair is now debt-free.

Great Western Mining is gearing up for a major drilling campaign on its Nevada tungsten properties, due to commence shortly. In the meantime, though, the company has listed its shares on the OTC in the USA in a bid to attract interest from US investors. The thinking is that at a time of increasing anxiety about supplies of critical minerals, like tungsten, US investors will favour a US-based project. Great Western's Brian Hall joins Vox to tell us more

A second round of metallurgical testwork at Pinnacle Silver & Gold's El Potrero project in Mexico has demonstrated that gold recoveries across the three main veins are likely to run higher than 97%. Meanwhile, underground drilling at El Potrero continues, part of an 108-hole programme. Pinnacle's chief executive Bob Archer joins Vox to provide more details

KEFI Gold and Copper's (KEFI) annual report and accounts have been released for the year to December 2025, and the company's chairman, Harry Anagnostaras-Adams has taken the opportunity to update investors on progress at the Tulu Kapi project as well as in Saudi Arabia. The construction process is now well underway at Tulu Kapi, and the low projected cost per ounce means that annual EBITDA could run anywhere in the range of US$355 million up to nearly US$700 million. While construction is going on, though, serious exploration will once again resume, as the company attempts to prove that Tulu Kapi isn't just a one-off, but is in fact the first in a district-scale play.

Watch on YouTubeEuropean Green Transition's founder and executive chairman Cathal Friel joins Vox to talk about the company's latest set of financial results - for the full year to December 2025 - and to lay out his vision for where EGT goes next. Last year was about building a foundation on which to conduct significant M&A, and in 2026 EGT has duly delivered on that vision. It has acquired a major wind services business operating in Ireland and the UK, and Friel is optimistic that revenues can go to £50 million in the medium term. EGT is already moving away from the start-up phase, and is now in a period of sustained consolidation and growth.

Watch on YoutubeRentGuarantor has reported a sharp acceleration in trading, including record May revenue, strong contract growth and its first positive monthly EBITDA since AIM admission. In this interview, CEO Paul Foy discusses whether the Renters’ Rights Act has created a structural demand shift, how the new damage-cover offering changes the model, and whether AI can help the company scale profitably without weakening risk controls.

Watch on YouTubeIndependent US payer research commissioned by Poolbeg Pharma shows strong commercial backing for POLB 001 — a first-in-class preventative for cancer immunotherapy-induced CRS. Chris from Acumentis Global on what payers said, and what it means for the commercial opportunity ahead.

Watch on YouTubeGreat Southern Copper has just initiated a new programme of drilling on its Chilean portfolio of assets, targeting the Victoria prospect on the wider Especularita project. Recent drilling undertaken by Great Southern nearby to Victoria has confirmed the presence of a copper-porphyry-style alteration system and the wider area is highly prospective as a district-scale play. Great Southern's chief executive Sam Garrett joins Vox to tell us what success would look like, and where the company goes from here.

Watch on YouTubeProspex Energy’s 2025 annual report points to a year of investment, repair and repositioning across its European gas portfolio. With Selva producing, Viura back online, Tarba now wholly owned, and new licences awarded in Poland, the company says momentum is building. In this interview, CEO Tom Reynolds discusses Prospex’s funding position, the next steps for key assets, and the milestones investors should watch over the next 12 to 18 months.#PXEN #Energy #Gas

MedPal AI has reported its strongest month since launch, with more than 42,250 prescription items dispensed in May and cumulative volumes now above 250,000. In this interview, CEO Jason Drummond discusses what is driving the growth, whether 34% pharmacy gross margins are sustainable, and how investors should judge the path from operational momentum to cash generation.

Watch on YouTubeBlencowe Resources has released an updated definitive feasibility study for its Orom-Cross graphite project in Uganda. The new study has boosted net present value by 15% to US$1.24 billion, and increased the projected cashflow over the life of the mine by 100% to over US$4 billion. These are big numbers, especially considering that the capex number remains the same. Meanwhile, the company is continuing funding talks with renewed confidence. Mike Ralston, Blencowe's chief executive tells Vox all about it

Watch on YouTubeIn this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 19 stock ideas.00:00 View on markets and recent buys & sells03:30 Beeks Financial06:00 Invinity Energy Systems09:45 Bodycote13:30 Advanced Medical Solutions21:20 Gamma Communications25:40 PPHE Hotels28:50 Aptitude Software34:20 Capita38:15 CT Automotive44:35 Hollywood Bowl48:45 Tortilla Mexican51:30 Hardide56:05 Zotefoams59:40 WISE1:04:20 Pebble Beach Systems1:08:15 LSL Property1:10:25 Softcat1:13:20 XP Factory1:16:10 Calnex Solutions#BKS #IES #BOY #AMS #GAMA #PPH #APTD #CPI #CTA #BOWL #MEX #HDD #ZTF #WISE #PEB #LSL #SCT #XPF #CLX

Watch on YouTubeACG Metals is just about finished with construction of the copper production line at its Turkish mine. This will add significant cashflow to a project that is already up and running and producing gold. ACG's chairman Artem Volynets says that in the 2027-2028 financial year EBITDA should hit US$200 million. Once the company refinances its bonds it will then be in a position to start paying dividends. It will also look upwards and outwards, and start to seek acquisitions in Europe and Central Asia.#ACG #Mining #Copper

MedPal AI (AIM: MPAL) launches New Health, a standalone GLP-1 sub-brand backed by £1.3 million of marketing, ahead of expected UK approval of Novo Nordisk’s oral Wegovy. CEO Jason Drummond on the strategy, the market, and the unit economics behind it.

Watch on YouTubeIn this investing masterclass, accomplished UK fund manager Richard Staveley of Rockwood Strategic and Harwood Capital, takes me through his latest thoughts on the following:00:00 Stock picking magic behind Rockwood’s alpha generation02:05 Filtronic10:35 Van Elle12:10 Treatt14:00 Eagle Eye21:10 RM Group26:05 Tribal32:00 Kooth38:05 Funding Circle42:20 Mercia Asset Management48:05 Capital Ltd54:30 James Fisher59:15 Videndum1:07:05 Capita#RKW #FTC #VANL #TET #EYE #RM. #TRB #KOO #FCH #MERC #CAPD #FSJ #VID #CPI

Watch on YouTubeIn this upbeat interview, Exec Chairman Patrick Desouza and new CFO Michael Moulton of Water Intelligence, alongside CEO Will Knell of American Leak Detection - take me through today’s positive and in line Q1’26 trading update and expectations for FY’26.00:00 Key growth drivers, very strong demand for preventative maintenance and accelerating momentum.05:50 1st impressions from new CFO06:25 Execution plan, alongside update on the Dallas template, new products/services and customer feedback.14:00 Key Q1’26 financials and FY'26 outlook18:25 Closing remarks. Disclosure: I own shares in Water Intelligence, who is also a Vox Markets client.

Watch on YouTube In this week’s live smallcap show, UK equity analyst & markets commentator Paul Scott & I discussed our latest thoughts on 19 stock ideas.00:00 Intertek02.45 Tate & Lyle09:00 Spire Healthcare14:35 Cordel19:25 Gamma Communications24:55 Craneware29:30 Grainger35:35 The Property Franchise Group44:55 Vistry51:20 Microlise56:20 Kromek60:45 On The Beach64:35 Pebble Group70:10 Gattaca76:05 Auction Technology Group78:10 Volvere81:05 XP Factory83:40 CT Automotive86:45 hVivo90:05 Topps TilesITRK #TATE #SPI #CRDL #GAMA #CRW #GRI #TPFG #VTY #SAAS #OTB #PEBB #GATC #ATG #VLE #XPF #CTA #HVO #TPT

Watch YoutubeRichard Williams, MSc (MinEx) of Winshear Metals  joins Vox to give a detailed breakdown of the potential on offer at the company's assets in Scotland and Canada. The Portsoy project, near Aberdeen, is highly prospective for nickel, copper and cobalt, as recent and ongoing drilling is highlighting. The area was first worked in joint venture between Anglo and Rio half a century ago, but access issues prevented any meaningful follow-up, until now. The accuracy of historic work has been verified, and new work is set to prove up two zones initially, with the potential in time, says Williams, for developing a district-scale area. The Canadian gold projects are earlier stage, but a full exploration programme this year should set them up for drilling this year. And in the meantime, the mining markets continue to look favourable, as countries, including the UK focus on securing critical minerals supply