TRADING UPDATES: Cornish Metals update; ICG acquisition sanctioned

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and Tuesday and not separately reported by Alliance News:

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Cornish Metals PLC - Mineral exploration and development company focused on the South Crofty tin project in Cornwall, UK - Says tin prices remained robust during the third quarter, with a period-end price of USD53,927 per tonne. Estimates the net present value at a 6% discount rate to be GBP560 million. Cash position is GBP11.6 million, excluding the cash held in escrow following the placement of a USD210 million senior secured bond. At the New Cook's Kitchen shaft, says dewatering reached more than 400 metres below surface by mid-October, with the rate of shaft refurbishment increasing. It continues to expect to reach 730 metres below surface in the first half of 2027. Post period-end, Cornish announced a GBP135 million fundraise at 60 pence per share. This includes a subscription by Glencore PLC for USD15 million alongside a six-year offtake agreement for 100% of the tin concentrate produced at South Crofty.

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Richmond Hill Resources PLC - London-based holding company focused on copper exploration in Canada - Says the nine-hole, 1,400-metre diamond drilling programme is underway at the historic Sakoose gold mine, part of its Martello Gold Project in north-western Ontario. Richmond aims to confirm the high-grade gold reported by earlier operators and test extensions of the vein system, as well as establish whether gold in the surrounding host rock adds width to the vein intersections. Chief Executive Officer Hamish Harris says the start of drilling moves the company "from interpreting historical records and surface results to directly testing the targets." Adds: "Sakoose gives us a focused starting point within the wider Martello project. The results will help determine where we direct follow-up drilling and how we advance exploration across the property."

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Filtronic PLC - Sedgefield, England-based designer and manufacturer of advanced RF solutions - Secures a USD3 million follow-on contract with an undisclosed US-based customer in satellite communications. Says this supports the next phase of, and is incremental to, the USD8 million development programme with the same customer announced in March. The award supports the procurement of critical long lead-time components. "As the next step towards full commercial sales, the award represents continued customer commitment and growing confidence in the programme's progression," Filtronic says. Chief Executive Officer Nat Edington comments: "Securing this follow-on contract with the customer reflects the strength of our growing relationship with them and their continued confidence in Filtronic's technical expertise and delivery capabilities. The commitment to secure long lead-time components to support the pre-production phase of the programme is another important step for the relationship."

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Capita PLC - London-based outsourcing and business services company - Notes announcement by the UK Office of Gas and Electricity Markets regarding the draft price disallowance determination for subsidiary Smart Data Communications Company. Ofgem is provisionally proposing to disallow costs of up to GBP24 million in the regulatory year 2025/2026. This is lower than the draft disallowance of GBP31 million in the prior year period. "As in previous years, Smart DCC Ltd will engage constructively with Ofgem during the consultation period to seek a reduction to the level of disallowed costs, ahead of the final price determination", set for the first quarter of 2027.

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Irish Continental Group PLC - Dublin-based ferry operator - The High Court of Ireland sanctions the acquisition of the company by Bluefin Bidco Ltd. The effective date is expected to be November 20, which will be the last day of trading in ICG shares on Euronext Dublin. The EUR1.2 billion, EUR8.00 per share offer from Bluefin was agreed in July.

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Henry Boot PLC - Sheffield, England-based construction and property development firm - Land promotion and planning business Hallam Land secures outline planning permission for 660 homes on its site at Buntingford, Hertfordshire. The site is on the western edge of Buntingford, adjacent to the A507 and A10 roads. An outline planning application was submitted in May 2024 and refused in October 2025. Hallam Land then appealed the decision and secured planning consent in September 2026. The scheme will provide up to 660 homes, with provision for up to 40% affordable housing, including 60 elderly persons' accommodation units together with a mixed-use local centre and 59 acres of green infrastructure. Says it will market the site for sale to housebuilders in 2027 following the grant of outline planning consent. "Hallam Land has now achieved planning on over 2,000 plots in the year to date and continues to progress numerous applications, with a target of submitting over 10,000 plots this year," Henry Boot says. CEO Ed Hutchinson comments: "Securing outline planning consent at Buntingford is an important milestone and demonstrates Hallam Land’s expertise in navigating the planning process to unlock residential development opportunities in areas of high demand. Alongside new homes, including affordable housing, the scheme will provide community facilities and extensive green space, creating lasting benefits for the local area."

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By Aidan Lane, Alliance News reporter

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