MELBOURNE, Australia — Telix Pharmaceuticals Ltd. shares surged more than 7% Friday as the Australian radiopharmaceutical company received a key regulatory boost in the United States, highlighting its growing role in precision oncology diagnostics and therapeutics.

Telix (ASX: TLX) stock climbed A$1.00, or 7.33%, to A$14.64 by the close of trading on the Australian Securities Exchange at 4:16 p.m. GMT+10. The move extended gains that have seen the stock rise about 31% over the past month, fueled by robust commercial performance and pipeline advancements in the fast-expanding field of targeted radiopharmaceuticals.

The rally was triggered by Telix’s announcement that the U.S. Food and Drug Administration accepted its resubmitted New Drug Application for TLX101-Px, known as Pixclara (18F-FET), an imaging agent designed to improve diagnosis and management of glioma, the most common form of primary brain cancer. The FDA set a Prescription Drug User Fee Act target action date of Sept. 11, 2026, for the potential approval.

Pixclara aims to address limitations of current imaging techniques by providing better visualization of brain tumors, potentially aiding more accurate treatment planning for patients facing this aggressive disease. Telix also filed a Marketing Authorization Application for the product, branded Pixlumi in Europe, advancing its global regulatory strategy for the asset.

“This acceptance marks another important milestone as we work to bring innovative radiopharmaceutical solutions to patients with high unmet needs,” Telix executives noted in recent communications, emphasizing the company’s dual focus on diagnostics and therapeutics.

Telix specializes in developing and commercializing targeted radiopharmaceuticals that combine radioactive isotopes with molecules designed to bind to specific cancer markers. Its portfolio includes approved imaging agents and late-stage therapeutic candidates for prostate, kidney, brain and other cancers.

The company’s flagship products — Illuccix and Gozellix, both gallium-68 PSMA-PET imaging agents for prostate cancer — drove much of its recent growth. These tools help clinicians detect and stage prostate cancer more precisely than traditional methods, guiding decisions on surgery, radiation and systemic therapies.

In its Q1 2026 business update released earlier this week, Telix reported unaudited group revenue of US$230 million, up 11% from the previous quarter and 24% year-over-year. Precision Medicine revenue, which includes Illuccix and Gozellix sales, reached US$186 million, a 16% sequential increase, reflecting strong U.S. dose volume growth and international expansion.

The company reaffirmed its full-year 2026 revenue guidance of US$950 million to US$970 million, implying continued double-digit growth following 2025’s robust performance. For the full year 2025, Telix posted revenue of approximately US$803.8 million, a 56% jump from the prior year, driven by higher Illuccix volumes and the successful U.S. launch of Gozellix after securing reimbursement.

Analysts have responded positively. Wedbush maintained an Outperform rating with a US$22 price target, while H.C. Wainwright reiterated a Buy rating at US$20. Consensus targets hover around US$21, suggesting significant upside from current levels on both ASX and Nasdaq listings. Some forecasts point to potential revenue approaching US$1.5 billion by 2028 if pipeline assets reach commercialization.

Beyond diagnostics, Telix is advancing a therapeutics pipeline that could transform its business model from primarily imaging-focused to a balanced diagnostics-and-therapy player. Its lead candidate, TLX591 (lutetium-177 rosopatamab tetraxetan), is in the ProstACT Global Phase 3 trial for PSMA-positive metastatic castration-resistant prostate cancer.

Part 1 of the study, a lead-in safety and dosimetry evaluation, recently met its objectives with no new safety signals observed, supporting progression to the randomized portion. The therapy uses a radio-antibody drug conjugate approach to deliver targeted radiation directly to cancer cells while sparing healthy tissue.

Additional candidates include TLX250 for kidney cancer and TLX101 for brain cancer therapeutics, part of a strategy to pair diagnostic imaging with companion therapies — often called “theranostics” — in a single integrated approach.

Telix has invested heavily in manufacturing and supply chain capabilities to support growth. It operates facilities in key markets and has pursued strategic acquisitions to secure isotope supply and expand production. Year-end 2025 cash stood at US$141.9 million after significant investments, with ongoing R&D guidance for 2026 set at US$200 million to US$240 million.

The radiopharmaceutical sector has attracted intense investor interest amid breakthroughs in targeted cancer treatments. Major players and newcomers alike are racing to develop agents that improve outcomes while reducing side effects compared to traditional chemotherapy or broad radiation.

Telix’s vertically integrated model — spanning development, manufacturing and commercialization — positions it to capture more value across the supply chain. The company has expanded internationally, with operations in the United States, Europe, Japan, Brazil and elsewhere, and continues seeking approvals in additional markets for Illuccix and Gozellix.

Recent corporate moves include board strengthening with new non-executive director appointments and routine securities filings, including issuance of shares upon conversion of unquoted securities and notifications regarding substantial holders.

Despite the momentum, challenges remain. Radiopharmaceutical production involves complex logistics due to short isotope half-lives, requiring sophisticated cold-chain and just-in-time manufacturing. Regulatory hurdles can delay launches, as seen with previous FDA requests for additional data on certain assets. Competition is intensifying from larger pharmaceutical companies and specialized biotech firms entering the space.

Gross margins have held steady around 53% in recent periods, though increased R&D and commercial infrastructure spending have pressured adjusted EBITDA, which came in at US$39.5 million for 2025. Management has signaled a focus on scaling efficiently while prioritizing late-stage pipeline acceleration.

Market watchers note that success in the upcoming PDUFA date for Pixclara, combined with ProstACT data readouts, could serve as major catalysts. Positive outcomes might accelerate adoption of Telix’s platform and support premium valuations typical of high-growth biotech names with approved products and robust pipelines.

Founded in Melbourne, Telix has grown rapidly since its early days, transitioning from a development-stage company to one with commercial revenues and global reach. It maintains dual listings on the ASX and Nasdaq, broadening its investor base.

Broader industry tailwinds include rising cancer incidence, improved awareness of PSMA-PET imaging benefits, and policy support for innovative oncology therapies. Governments and payers increasingly recognize the value of precise diagnostics in reducing unnecessary procedures and optimizing treatment.

Friday’s trading volume on the ASX was elevated as investors digested the FDA news alongside the solid Q1 performance. Technical charts show the stock breaking out from recent consolidation, though it remains below all-time highs reached during earlier enthusiasm phases.

As Telix prepares for potential Pixclara approval later this year and further clinical data, attention will turn to execution on revenue guidance, margin trends and pipeline milestones. Analysts will scrutinize any commentary on manufacturing scale-up and international launches during future updates.

For now, the combination of commercial traction in prostate cancer imaging and progress toward brain cancer diagnostics has reignited optimism around Telix’s theranostics platform. With the global radiopharmaceutical market projected to expand significantly, the company appears well-placed to benefit from the shift toward personalized, targeted cancer care.

Rachel Reeves has been told by one of the world’s most influential economic bodies that Britain’s tax system is holding the country back and needs urgent surgery if the Chancellor is serious about reigniting growth.

In a pointed intervention, the Organisation for Economic Co-operation and Development (OECD) has urged the Treasury to launch an “in-depth tax review to make the tax system more efficient and growth-friendly”, arguing that decades of tinkering have left Britain with a patchwork of distortions, loopholes and outdated valuations that penalise enterprise and deter investment.

The Paris-based think tank’s latest assessment will make uncomfortable reading in Downing Street. It concludes that the UK economy is being dragged down not only by the familiar headwinds of elevated borrowing costs and sluggish productivity, but by a tax code that businesses have learned to game and that ordinary taxpayers increasingly struggle to understand.

At the heart of the OECD’s recommendations is a call to broaden the VAT base, stripping out a thicket of reliefs and exemptions that economists describe as “largely inefficient and regressive”. It is the sort of reform that could finally consign to history the long-running absurdity of HMRC having to rule on whether a Jaffa Cake is a biscuit or a cake, the kind of grey area that has generated decades of tribunal cases and column inches. The OECD suggests that any additional receipts raised by closing such loopholes could be recycled to shield low-income households through targeted transfers.

Property tax comes in for similarly sharp criticism. The OECD notes that council tax bands still rest on property valuations taken in 1991, a state of affairs no government has dared to touch for fear of triggering a political backlash among homeowners whose rateable values no longer reflect the modern housing market. Successive chancellors have kicked the revaluation can down the road, leaving a levy that economists regard as one of the most distortive in the developed world.

For small and medium-sized businesses, the case for reform has long been obvious. Entrepreneurs, accountants and owner-managers have complained for years about the sheer complexity of the HMRC code, the punitive £100,000 to £125,000 tax trap that penalises aspiration, the interaction of income tax with student loan repayments, and the cliff edges that plague stamp duty. Each has become a case study in how good intentions, bolted on year after year, can produce a system nobody would design from scratch.

Britain once had a body specifically charged with addressing these frustrations. The Office of Tax Simplification, an arms-length outfit set up to cut administrative burdens, survived for 13 years before being abolished by Kwasi Kwarteng during his short-lived tenure as Chancellor. Its recommendations were frequently ignored even while it existed, and its closure was widely seen at the time as a signal that Whitehall had lost interest in serious structural reform.

The OECD’s warning lands at an awkward moment for Reeves. Several think tanks, including the Institute for Government, urged the Chancellor to pursue wholesale tax reform ahead of last year’s Budget, when she was scrambling to fill a fiscal black hole running into billions. She now faces similar pressures later this year, with the war in Iran weighing on global growth, interest rates stubbornly elevated and borrowing costs showing little sign of easing.

The report also strays into more politically charged territory, criticising the government over conflicts of interest in its dealings with business — a swipe that will inevitably be read in Westminster as a reference to the recent controversies surrounding Lord Mandelson and Labour Together, as well as the steady stream of former MPs moving into private sector roles that have raised eyebrows on both sides of the House. The OECD recommends that legally binding commitments on violations be extended to cover politicians’ post-public careers as well as their periods in office.

Among its other prescriptions, the think tank calls for a rethink of employee training subsidies funded through the apprenticeship levy, suggesting resources be redirected towards young people who are struggling to get a foothold in the labour market.

Responding to the report, a Treasury spokesperson said the government was “already reforming the tax system to make it more efficient, modern and fair”, adding that it was “tackling reliefs that are now costing far more than intended and are disproportionately benefitting the wealthy”.

Whether that amounts to the kind of root-and-branch overhaul the OECD is demanding, or simply more of the piecemeal tinkering that has brought the system to its current state, will become clearer when Reeves stands up at the despatch box later this year. For Britain’s SMEs, who bear a disproportionate share of the compliance burden, the hope will be that she finally grasps the nettle.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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NEW YORK — Ivanhoe Electric Inc. shares rose sharply in morning trading Friday, gaining about 7.77% to $13.87 as investors bet on the company’s role in bolstering domestic supplies of copper and other critical minerals amid growing demand from electrification, data centers and national security initiatives.

The Phoenix-based exploration and development firm, listed on the NYSE American as IE, added $1.00 by 10:00 a.m. EDT. The move came as broader sentiment toward copper-related stocks improved and the company continued to highlight progress at its flagship Santa Cruz Copper Project in Arizona, along with a strengthened balance sheet from recent cash inflows.

Ivanhoe Electric specializes in using its proprietary Typhoon™ geophysical surveying technology — paired with advanced data analytics from its majority-owned subsidiary Computational Geosciences Inc. — to detect deeply buried mineral deposits that traditional methods often miss. The system generates powerful electrical signals capable of penetrating up to 1.5 kilometers or more, accelerating discovery while reducing exploration risks and costs.

The company’s portfolio centers on copper but also includes nickel, cobalt and other metals essential for batteries, renewables and high-tech applications. Its core asset is the Santa Cruz Copper Project near Casa Grande, Arizona, where it aims to build a modern underground mine and heap-leach facility to produce high-purity 99.99% copper cathode domestically.

A preliminary feasibility study released in mid-2025 outlined strong economics for the project: an underground operation processing 20,000 tonnes per day, with average annual production of approximately 72,000 tonnes of copper cathode in the first 15 years at low all-in sustaining costs around $1.36 per pound after by-product credits. The study supports a potential 23-year mine life, with initial construction targeted for the first half of 2026 and first cathode production by late 2028, subject to permits and financing.

In November 2025, Ivanhoe Electric completed final land acquisition payments totaling $39.3 million, clearing a key hurdle ahead of major construction activities. The project sits on private land, which is expected to streamline permitting compared to federal ground. The company has already secured various permits for exploration and land use, positioning it for a smoother development path in a state with a long mining history.

Financially, Ivanhoe Electric entered 2026 with solid liquidity. As of Dec. 31, 2025, it held $173.3 million in cash and equivalents. In February 2026, it received $82.6 million from the exercise of warrants tied to a prior equity financing. In March, the company stood to receive approximately $58.4 million from its 59.6%-owned subsidiary Cordoba Minerals Corp., stemming from Cordoba’s $128 million sale of its remaining interest in the Alacrán Project in Colombia. The cash distribution of $1.01 per Cordoba share was payable around late March.

An undrawn $200 million senior secured bridge facility, closed in December 2025, provides additional near-term flexibility as the company pursues longer-term project financing for Santa Cruz. Ivanhoe Electric received a Letter of Interest from the U.S. Export-Import Bank in 2025 for up to $825 million in debt financing under the Make More in America initiative, with the full application process ongoing. Executives have signaled expectations to finalize project financing by mid-2026.

The stock’s Friday gain built on recent volatility. Shares had traded around $12.87 at Thursday’s close after pulling back from earlier 2026 levels, with a 52-week range spanning roughly $4.50 to $21.55. Analysts maintain a generally bullish outlook, with consensus price targets near $18 to $21.50 and some high-end forecasts reaching $28.50. JPMorgan recently reaffirmed its overweight rating, though it trimmed its target slightly to $21.

A key differentiator for Ivanhoe Electric is its Typhoon™ technology, which has already shown promise in joint ventures and alliances. In January 2026, the company signed a collaboration agreement with Sociedad Química y Minera de Chile (SQM) to explore 2,002 square kilometers of mining concessions in northern Chile for copper deposits hidden beneath electrically resistive caliche layers. SQM is funding an initial $9 million program, with Ivanhoe Electric supplying a new-generation Typhoon system and advanced inversion software. The deal includes options for joint ventures on discoveries.

In Saudi Arabia, Ivanhoe Electric operates a 50/50 joint venture with Maaden covering about 50,000 square kilometers of the underexplored Arabian Shield. Three Typhoon systems are active there, and early drilling at the Umm Ad Dabah prospect intersected encouraging copper mineralization. Additional surveying and drilling continue across multiple targets.

The company also maintains an exploration alliance with BHP in the southwestern United States, where BHP funds initial work and Ivanhoe Electric acts as operator during the exploration phase. Typhoon surveys have been completed in areas of interest in Arizona and Utah, with drilling underway targeting porphyry copper systems.

Other U.S. assets include the Hog Heaven project in Montana, where expansion drilling has intersected significant copper-gold-silver mineralization and a new porphyry system called Battle Butte was identified, and the Tintic project in Utah, focused on precious and base metals in a historic district.

Executive Chairman Robert Friedland, a prominent figure in the mining industry, has emphasized the strategic importance of domestic critical minerals production. In February 2026, he joined President Donald J. Trump at the White House for the announcement of a $12 billion U.S. minerals stockpile initiative, underscoring Ivanhoe Electric’s alignment with national efforts to reduce reliance on foreign supplies.

The broader copper market provides tailwinds. Analysts forecast structural deficits driven by surging demand from electric vehicles, artificial intelligence data centers, renewable energy infrastructure and grid modernization. Some projections see copper prices potentially climbing significantly if supply lags, benefiting developers like Ivanhoe Electric with high-quality, low-cost projects in stable jurisdictions.

Challenges persist. As a development-stage company, Ivanhoe Electric reports operating losses — posting a net loss of about $105.9 million for 2025 — while investing heavily in exploration and project advancement. Quarterly revenues remain modest, primarily from limited early-stage activities. Permitting timelines, construction execution and final financing terms will be critical to meeting the aggressive Santa Cruz schedule.

The company faces typical mining risks, including commodity price volatility, geopolitical factors affecting global supply chains and potential delays in regulatory approvals. However, its focus on private land in Arizona and access to advanced technology are seen as mitigating factors.

With Q1 2026 financial results scheduled for release in early May, investors will watch for updates on cash usage, exploration results and any progress on Santa Cruz permitting or financing. Management has highlighted a disciplined approach to capital allocation, balancing aggressive exploration with de-risking the flagship project.

Founded with a vision to revive and modernize mineral exploration through technology, Ivanhoe Electric has assembled a portfolio that spans high-potential development assets and early-stage discovery opportunities across multiple continents. Its dual listing on the NYSE American and TSX broadens its investor reach.

Friday’s trading volume appeared elevated as the stock tested recent resistance levels. Technical observers noted the potential for continued momentum if copper prices hold firm and positive news flows from exploration or financing emerge.

As global industries race to secure critical metals for the energy transition and technological advancement, Ivanhoe Electric positions itself at the intersection of innovation, domestic production and strategic partnerships. Success at Santa Cruz could mark a significant step toward establishing new U.S. copper cathode capacity, while Typhoon-driven discoveries elsewhere offer upside potential.

Analysts and industry watchers will continue monitoring execution on the 2026 construction timeline and international exploration programs. For a company blending cutting-edge geophysics with real-world development ambitions, the coming months could prove pivotal in determining whether it delivers on its promise as a key player in the critical minerals supply chain.

Weardale Lithium is hoping to extract the key material from brines under the North Pennines

A bid to extract the key material of lithium from the ground beneath the North East has received a boost from the Government.

Weardale Lithium has secured grant funding through the Government’s DRIVE35 Scale-Up: Feasibility Studies competition, supporting the next phase of development at its geothermal lithium project in County Durham. The project aims to produce battery-grade lithium carbonate – a key material for the UK’s net zero ambitions – from geothermal groundwaters under the North Pennines, and could create between 20 and 50 jobs.

The grant funding will enable Weardale Lithium to undertake a £700,000 feasibility study to map its geothermal lithium-bearing brinefield within the North Pennine Orefield. The feasibility study represents an important step towards establishing a domestic source of battery-grade lithium carbonate, reducing reliance on imported raw materials and strengthening the resilience of the UK’s EV manufacturing base.

Stewart Dickson, CEO of Weardale Lithium, said: “Securing support through the DRIVE35 Scale-Up programme is an important milestone for Weardale Lithium and for the development of a secure, domestic lithium supply in the UK. This funding enables us to undertake critical subsurface mapping and technical analysis of our geothermal brine resource in County Durham, providing the data needed to inform commercial scale-up and future investment decisions.

“Our project aligns directly with the UK Critical Minerals Strategy and wider UK Battery Strategy. By developing low-carbon Direct Lithium Extraction integrated with on-site conversion to battery-grade lithium carbonate, we are positioning the North East at the forefront of the UK’s emerging

battery materials supply chain while creating high-value jobs and long-term economic benefits for the region.”

The grant to Weardale Lithium – which has planning permission for an extraction facility at Eastgate – is part of a wider investment package into the UK automotive industry.

Ian Constance, CEO of Advanced Propulsion Centre UK, said: “The projects announced today demonstrate the UK’s determination to lead the shift to zero-emission mobility. By facilitating the UK Government’s DRIVE35 grants, we are turning world-class innovation into industrial capability. With our partners in DBT and Innovate UK, we are backing manufacturers, empowering SMEs, and strengthening the UK’s sovereign supply chain.

“This multi-million pound support package is more than an investment in technology; it is an investment in the people, skills, and companies that will define the future of clean transport. Together, we are building the foundations of a competitive, resilient, and sustainable automotive industry.”