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Rachel Reeves’ flagship wealth fund has announced a fresh heap of financing for Rolls-Royce SMR following its tie-up with Ed Miliband’s state-owned energy company.

The National Wealth Fund has revealed a £599m financing package for Rolls-Royce Small Modular Reactors (SMR) in a bid to kick start delivery on its project with Great British Energy.

The partnership will see the creation of the UK’s first small modular reactors as part of the government’s drive for clean energy.

Small modular reactors are designed to produce up to about one-third the electricity of conventional reactors. Developers argue that small reactors can be constructed more quickly and cost-effectively than larger power reactors, with scalability to meet specific local demands.

Each Rolls-Royce SMR is expected to generate 470 megawatts of low-carbon electricity.

https://www.cityam.com/rachel-reeves-wealth-fund-pumps-600m-into-rolls-royce-smr/?utm_source=CityAM&utm_campaign=1a8c4176db-EMAIL_CAMPAIGN_2025_05_09_09_28_COPY_01&utm_medium=email&utm_term=0_-7927cb23dd-586752440

BAE Systems Australia – Maritime has been awarded a $163 million engineering design contract to sustain and upgrade the Royal Australian Navy’s Anzac class frigate fleet, the company announced Wednesday. The seven-year Anzac Class Designer Support Contract, known as DSC-West, was secured in partnership with British maritime engineering firm BMT and will be delivered primarily out of the Henderson shipyard in Perth, Western Australia.

The award positions BAE Systems Australia – Maritime and BMT as the principal design authority support team for the Anzac class — a fleet of ten frigates that form a core component of Australia’s surface combatant capability. Henderson, long regarded as the home of the Anzac class, will serve as the contract’s operational hub, with additional work carried out across offices in Melbourne, Sydney, and other locations around the country.

https://defence-blog.com/australia-awards-anzac-class-frigate-contract-to-bae-systems/

One of Labour’s biggest donors has urged Ed Miliband to block exports from the North Sea to combat fuel shortages caused by the war in Iran.

Dale Vince said the Energy Secretary should take a radical approach to tackle the oil shock, claiming the Government should order operators not to export fuel if Britain risks running out.

Speaking to The Telegraph, the net zero tycoon blamed globalisation for the UK’s exposure to the current energy crisis, as he criticised the country’s reliance on costly fossil fuel imports.

He said it would be “bonkers” to export our own oil and gas if the Middle East conflict triggers a severe energy crunch in the UK.

https://www.telegraph.co.uk/business/2026/04/04/labour-donor-urges-miliband-to-block-north-sea-oil-exports/

Analysts were impressed.... especially with the opportunities for tungsten:

“The resource upgrades for the West Dome pit and Main Dome underground were larger than we had expected and suggest that our mining inventory assumptions are conservative,” Argonaut’s Hayden Bairstow said.

And there’s a tungsten kicker.

Prices of the critical mineral have about tripled in just three months in 2026 due to Chinese supply bans leaving Western consumers willing to pay just about anything.

So there was some joy for investors as Greatland update the resource at its O’Callaghans tungsten-copper-zinc-lead deposit near Telfer, Westen Australia, to 70Mt at 0.35% tungsten trioxide, or 246,000t WO3.

This resource is based on 184 holes totalling 71,000m on a 100m by 100m spacing, which supports the resource being mostly (>95%) in the higher confidence indicated category.

O’Callaghans is one of the world’s largest high grade tungsten deposits.

Its proximity to the company’s Telfer mine raises the potential to benefit from sharing non-processing infrastructure.

While the company’s focus remains on advancing Telfer and Havieron, it is also considering appropriate options to demonstrate and enhance the value of O’Callaghans.

Strewth, Bamps... I am forever grateful for your insights.

December 2025 Group Mineral Resource Statement

Telfer grows to 8.0Moz (+150%), supporting a long-life operation

Telfer adds 4.8Moz of gold Mineral Resources at a discovery cost of $5 per ounce

Telfer Measured and Indicated Resource growth of 163% to 3.8Moz

Telfer and Havieron Mineral Resources of 14.9Moz ounces gold and 645kt of copper

Outlook:

- H1 FY26 infill drilling successfully delivered a major upgrade in the M&I category supporting

an updated Telfer Ore Reserve Estimate targeted for the June 2026 Quarter.

- Following significant resource growth, particularly in the M&I category, Greatland’s focus

now shifts to advancing higher-grade opportunities including WDU and the MDU sub-

level cave area.

- Record FY26 drilling program continues with >100,000 metres of further drilling planned for

H2 FY26 and a substantial drilling program expected for FY27

 Economic factors: Telfer MRE incorporates updated cost (based on CY25 actuals) and revenue

assumptions with assumed metal prices of A$4,200/oz for gold and A$6.50/lb for copper, compared

to spot prices of ~A$6,500/oz and ~A$8.00/lb respectively

Greatland Managing Director, Shaun Day, commented:

“Telfer and Havieron’s combined resource of 550Mt @ 0.84g/t Au & 0.12% Cu for 14.9Moz Au & 645Kt Cu

has the potential to underpin a multi-decade, world class mining hub. Our investment in significantly

increased drilling has delivered substantial organic growth, with the overall Telfer resource growing by

150% to 8.0Moz, and the higher confidence Measured and Indicated component by 163% to 3.8Moz.

“The growth includes a high-grade maiden resource at the West Dome Underground project, which shows

significant potential for a new mining front at Telfer and remains the focus of ongoing drilling.

“This strong resource update has been delivered by Greatland’s dedicated technical team who have

executed an accelerated and extensive Telfer drilling program since taking ownership in December 2024.

“The significant growth in Measured and Indicated Resources, particularly at the West Dome Open Pit, is

very pleasing with this material being of adequate geological confidence to be evaluated as part of our

upcoming Ore Reserve estimate, which remains targeted for the June 2026 quarter.

“The scale of Telfer’s resource demonstrates clear potential to fully utilise our low cost 20 million tonne per

annum processing infrastructure well into the future. The technical team’s focus is now to advance our

higher grade opportunities including the West Dome Underground and the potential to restart Main Dome

Underground’s sub-level cave, which could augment our development of Havieron.”

https://hotcopper.com.au/threads/ann-december-2025-group-mineral-resource-statement.9087886/?source=email

It may be that the thrice-cursed Mr. M is just looking for an excuse to volte-face after "discovering new evidence" to warrant it."

The rush to replenish munitions means the $400bn-$500bn expected to be spent on global air defence systems by major western powers could be frontloaded, with a $150bn spending surge expected this year, according to Wayne Sanders, an analyst with Bloomberg Intelligence.

Yet as well as refilling stocks of expensive missiles, governments are looking at cheaper ways to tackle the threat.

For Gulf nations, this has involved attaching guidance systems such as BAE Systems’ (BA.) advanced precision kill weapon system (APKWS) and L3Harris’ (US:LHX) Vampire to unguided rockets to take out attack drones at much cheaper rates of $20,000-$30,000 per shot. APKWS has been used in about 40 per cent of drone interceptions made in the Middle East, according to Citi analyst Charles Armitage.

https://www.investorschronicle.co.uk/content/4df2e6bd-ebb0-42fe-ab36-eabc43afe9a4?xnpe_tifc=4deNh.LNxdQsx.LL4IoDh9psafeWaeiWhFW3hM4jRfpDad7pxFe1hdJLRfXcbdiArFhLhkULOkPL4I_Dx.sNxuoT&utm_source=exponea&utm_campaign=IC%20-%20Sunday%20Roundup%20-%20Newsletter%20-%2029.03.26&utm_medium=email

BAE Systems has been awarded a GBP 95 million Ministry of Defence contract to deliver mitigation solutions aimed at protecting UK air defence radar performance from the impact of offshore wind farms, the UK Defence Journal understands.

The award, made under the NJORD programme, covers the procurement of four mitigation solutions intended to address degradation to the Recognised Air Picture caused by large-scale offshore wind developments. The contract was concluded on 26 February 2026 following a restricted competition that received four bids.

The issue stems from the expansion of offshore wind capacity, which can interfere with air defence radar coverage by reducing the volume of airspace that can be effectively monitored. This has implications for the UK’s ability to detect and track non-cooperative targets and support Quick Reaction Alert operations.

https://ukdefencejournal.org.uk/bae-wins-radar-deal-to-offset-wind-farm-impact/

... from the armchair trader:

For investors willing to tolerate risk, that creates optionality: small explorers can, in theory, capture disproportionate upside if projects come online at the right moment in the cycle.

https://www.thearmchairtrader.com/uk-shares/helium-ones-turns-to-retail-investors-for-1mn-to-keep-drills-turning/

Bit of an insult to chimps.

UK engineers are developing a new system designed to counter hostile drones, as defence company BAE Systems accelerates work to address the growing threat posed to civilian and military infrastructure. The project, known as the BAE Systems Anti Threat System (BATS), aims to deliver a cost-effective capability using advanced software, electronic warfare and kinetic measures.

BAE Systems began work on the system in October 2025, with testing expected to begin as early as next month. Live-fire trials are planned for early summer this year as the company seeks to rapidly deliver a capability in response to customer demand.

The BATS system is designed to reduce reliance on costly missile interceptors by enabling alternative responses to drone incursions. The system will combine smart software with electronic warfare and kinetic options to counter threats targeting national borders, military equipment, airports and urban areas.

https://defence-industry.eu/bae-systems-rapidly-develops-bats-counter-drone-system-to-protect-military-bases-and-critical-infrastructure/

One of the biggest reasons airlines remain loyal to Rolls-Royce is the company’s pioneering service model known as “Power-by-the-Hour.” First introduced in 1962 for early jet engines, the concept transformed how airlines manage engine maintenance and operating costs. Instead of purchasing engines outright and covering unpredictable repair expenses themselves, airlines pay Rolls-Royce a fixed fee based on the number of flight hours the engine operates.

In practice, this means the manufacturer takes responsibility for much of the engine’s lifecycle support. Programs such as TotalCare allow Rolls-Royce to monitor engine performance, plan maintenance, and manage overhaul schedules while the airline pays a predictable cost per engine flying hour. This arrangement shifts much of the maintenance risk from the airline to the engine manufacturer while ensuring that engines remain available for flight operations.

https://simpleflying.com/rolls-royce-loyal-customer-base/

As mentioned in the rns: 24,274,996 lb of U3O8... which, in fact, represents a significant portion—roughly 15–18%—of the entire world’s annual demand for nuclear power generation.

Qatar’s energy minister has warned war in the Middle East could “bring down the economies of the world”, predicting that all Gulf energy exporters would shut down production within weeks and drive oil to $150 a barrel.

Saad al-Kaabi told the FT that even if the war ended immediately it would take Qatar “weeks to months” to return to a normal cycle of deliveries.

BAE Systems Maritime has set out further detail on its joint UK–Norway Littoral Strike Craft (LSC) programme, describing it as a fast, low-signature vessel designed to support modern amphibious operations in contested coastal environments.

Developed in partnership with Norwegian shipbuilder Umoe Mandal, the LSC is intended to provide rapid over-the-horizon insertion of small strike teams and equipment, operating in areas where larger naval platforms may be constrained. The craft is designed to transport personnel “fit to fight”, combining high speed with improved seakeeping and survivability.

According to BAE Systems, recent design assurance trials at the Wolfson Unit in Southampton tested the craft at speeds of up to 50 knots and in sea state 5 conditions. The tank testing programme assessed reliability, survivability and seakeeping, with the company stating the results validated the maturity of the high-performance design.

The LSC is positioned as a reconfigurable, multi-role platform. Beyond troop transport, it is designed to integrate a range of sensing and effect capabilities, supporting missions from counterterrorism to humanitarian assistance and disaster relief. BAE describes the concept as a shift in surface manoeuvre craft, bridging open ocean transit and complex littoral operations.

The collaboration, the firm say, follows a visit to Umoe Mandal’s Norwegian yard focused on design-for-manufacture and industrial workshare.

https://ukdefencejournal.org.uk/uk-norway-firms-detail-50-knot-littoral-strike-craft/

Rolls-Royce Holdings plc announced that Non-Executive Director Angela Strank purchased 2,154 ordinary shares of 20p each on 26 February 2026, at a price of £13.8213 per share, for a total transaction value of £29,771.08 on the London Stock Exchange.

KEFI Gold and Copper doesn't mine anywherenear Tigray.

KEFI's flagship Tulu Kapi gold project is located in the West Wollega zone of the Oromia region.

Rolls-Royce has made an implicit threat that it will make its planned engine for the lucrative short-haul aircraft market overseas if the government does not come up with financial support for a multi-billion pound programme.

Having re-stabilised the company after a three-year turnaround, Tufan Erginbilgic, the chief executive, is ready for Rolls-Royce to re-enter the engine market for narrowbody, single-aisle aircraft, the largest and fastest-growing sector of the civil aerospace market.

The company has already spent £1 billion over a decade on the development of its more fuel-efficient UltraFan engine. But its move toward industrialisation is dependent, he says, on governments coming up with subsidies or other financial support.

It has been reported that Rolls-Royce has been seeking up to £200 million from the UK government and has been in negotiations with Peter Kyle, the business secretary.

https://www.thetimes.com/business/economics/article/rolls-royce-warns-production-will-move-abroad-without-uk-subsidies-6s3d6ctpb

JP Morgan seems to have a handle on things as they really are.