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Zak Mir talks to Scott Livingston, CEO of Tooru Plc (AIM: TOO), after the UK-based investment and operating company focused on the health, wellness, and organic food sector announced its half-year financial report.

This included EBITDA of over £1 million generated from its operating businesses during the first six months of 2026. The OAF brand continued to grow, with increased distribution in major retailers. Increased listings with Tesco during the period and new listings in Asda from April 2026.

Highlights

·    EBITDA of over £1 million generated from our operating businesses during the first six months of 2026

·    Continued growth of the OAF brand with increased distribution in major retailers

o increased listings with Tesco during the period

o new listings in Asda from April 2026

·    New funds raised amounting to gross cash proceeds of £980,000 and debt conversion of £300,000

·    Return of Pulsin to normal production and distribution

o improving margins due to reduction in costs through move to contract manufacturing

o new Swiss distribution agreement

·    This is the first reporting period that includes all of the operating businesses for the full period.

·    Post period end Market Rocket was sold enabling improved focus on managing and developing leading consumer brands.

Chairman's Statement

I am pleased to present my Chairman's Statement for the six months to 30 June 2026.

This period represents the first reported accounting period which includes a full contribution from the businesses acquired from S-Ventures plc last year. Further details of the performance of our underlying businesses are set out in the CEO's Report.

However, in essence, Juvela and OAF have continued to perform strongly, particularly with OAF increasing its listings in Tesco and Asda. Despite a difficult start to the year, Pulsin has turned a corner, re-building its sales and reducing operating costs.

We have also raised some additional capital and, in line with our stated strategy, we have been actively looking at acquisitions, although we will only proceed if they meet our exacting criteria.  Post-period end, we disposed of Market Rocket which will help us to focus on the building of exciting brands in the wellness sector.

We are optimistic that this progress will continue into the second half of 2026.

Nicholas Lee

Non-Executive Chairman 

Zak Mir talks to Mark Segal, CEO of Gaming Realms (AIM: GMR), the developer and licensor of mobile-focused gaming content, after the announcement of its interim results for the six months to 30 June 2026.

The company reported strong growth in the core content licensing business; revenue up 12% and Adjusted EBITDA margins expanding. UK revenues returned to growth despite a near doubling of Remote Gaming Duty. Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025.

• UK revenues return to growth despite near doubling of Remote Gaming Duty
• Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025

Gaming Realms plc reported interim results for the six months to June 30, 2026, showing a 12% increase in content licensing revenue to £13.0m, contributing to total revenue of £15.5m, a slight decrease from £16.0m in the prior period, largely due to a significant drop in brand licensing revenue.

Adjusted EBITDA, excluding brand licensing, grew 16% to £5.9m, with margins expanding to 40%, indicating strong operational leverage in the core business.

The company launched content in four new regulated markets and saw UK revenues return to growth, up 3%, despite increased gaming duty. Net cash stood at £13.5m after returning £6.0m to shareholders via share buybacks.

Commenting on the first half performance, Mark Segal, Chief Executive Officer, said:

"The first half results reflect the continued execution of our strategy and the early benefits of the increased investment we made in content and platform capability in the second half of 2025. Core content licensing grew 12% driven by new market launches, 22 new operator partners and an expanding portfolio of Slingo and Lucky Lunar titles.

"Our UK business demonstrated real resilience, growing revenues despite the near-doubling of Remote Gaming Duty. We are now live in 34 regulated markets following our post-period launches in Alberta, Canada and Buenos Aires Province, Argentina, and we expect that investment to convert into an increased games release volume in the second half.

"The Board is confident in the Group's outlook for the future, and for the remainder of the year."

Zak Mir talks to Jason Drummond, CEO of Medpal (AIM: MPAL), as the AI-native digital health and pharmacy group provided a trading update for July 2026, the first month in which the Group's three revenue streams (NHS prescriptions, private prescriptions and SaaS software subscriptions) have all been in operation.

Medpal has moved from zero dispensing revenue in October 2025 to an annualised run rate of approximately £8.6 million, based on July 2026 performance. That growth has been achieved in just nine months, with all three revenue streams now operating together: NHS prescriptions, private prescriptions and SaaS software subscriptions.

The opportunity is substantial, but the strategy is not simply about selling weight-loss medication. It is about building the underlying health operating system that connects prescribing, automated dispensing, delivery, medicine administration and AI-led patient support.

From Zero to £8.6 Million Run Rate

Our dispensing operations began from a standing start in October 2025. By 1 June 2026, the annualised revenue run rate had passed £5 million. By July, it had reached around £8.6 million across NHS and private dispensing.

That momentum is particularly encouraging because the business has been built with minimal marketing expenditure. Until recently, investment was directed primarily towards the infrastructure needed to operate safely and at scale.

Prescription dispensing is not a simple e-commerce exercise. Prescribing, dispensing and fulfilment have to be done properly, with robust processes, appropriate technology and serious operational capacity behind them.

Investing Early in Scalable Pharmacy Infrastructure

Medpal has invested heavily in two large warehouse facilities designed to process more than 300,000 prescription orders per month. The operations are supported by robotic dispensing technology, providing 24-hour capacity and 99.9% dispensing accuracy.

The key advantage of automation is operating leverage. Once the dispensing infrastructure is in place, volumes can rise without costs increasing at the same rate. That creates the potential for substantial growth from the existing platform rather than requiring a matching expansion in overhead for every new prescription.

In July, the business processed nearly 50,000 NHS orders. At the same time, private patients are now coming through the New Health service at new.co.uk.

The heavy lifting on facilities, automation and technology has largely been completed. The focus can now move towards filling that capacity, growing the patient base and building recurring revenue.

Why Medpal’s Revenue Can Compound

One of the most important features of the model is that revenue is designed to repeat. This is not a business that starts each month from zero.

• NHS prescriptions are generally linked to long-term prescribing plans and recurring monthly dispensing.
• Private treatment plans also create monthly patient relationships and repeat requirements.
• MRX software subscriptions provide an additional recurring SaaS revenue stream.

Each month begins with the previous month’s revenue base already in place. New patients, prescriptions and subscriptions then build on top of that foundation. This is why growth can become increasingly meaningful as the platform scales.

The July 2026 trading update marked the first month in which all three revenue streams were operational together. That matters because NHS dispensing, private dispensing and software subscriptions each contribute to a broader and more resilient commercial model.

Building a Health Operating System, Not Just a Pharmacy

Acquisitions may play a role in the future, but the core strategy has always been to build an integrated health operating system.

The aim is to connect every important stage of the medication journey through a single platform:

• Prescribing
• Robotic dispensing
• Delivery
• Medicine administration at the bedside for care home residents
• AI-driven patient support through Juno AI

That fully connected platform did not already exist as something that could simply be bought. It had to be assembled and built.

Previous smaller acquisitions have therefore been strategic assembly acquisitions. They supplied elements needed for the wider platform, including robotic dispensing capabilities. The objective was not acquisition for its own sake. It was to create the infrastructure required to operate a genuinely integrated digital health and pharmacy business.

There may be opportunities to acquire additional assets in future, but the immediate priority is to use the platform already built, invest in marketing and grow a significant operating business.

GLP-1 Medication Is a Major Private Healthcare Opportunity

The launch of New Health at new.co.uk brings Medpal into the rapidly growing GLP-1 market, including medicines such as Wegovy and Mounjaro.

The UK market is already significant. An estimated 2 million people are using GLP-1 medicines in the UK, generating around £300 million of revenue per month. This places Medpal in a large market at a time of accelerating demand.

Wegovy from Novo Nordisk and Mounjaro from Lilly have become some of the fastest-growing prescription medicines ever seen. In the United States, they have been among the fastest-growing prescription drugs in the history of the market. The arrival of the Wegovy pill further underlines how quickly this category is evolving.

New Health was launched only weeks before the July update, and marketing had only just begun. The early revenue ramp therefore reflects the strength of the market opportunity as well as Medpal’s existing operational readiness.

Marketing Will Help New Health Stand Out

Searching for GLP-1 medication online presents patients with a crowded field of providers. Differentiation, customer acquisition, pricing and patient retention all matter in a market with many visible competitors.

Medpal has recruited Erin Fox as Head of Marketing to lead this next stage. Erin previously worked at Avolta, the world’s largest duty-free business, which generates around £14 billion in annual turnover. Her experience includes running more than 200 e-commerce sites.

A dedicated central London marketing team is now focused on customer acquisition through paid social media and paid search. This is an important change for a business that reached its current run rate with limited marketing investment.

The strategy is straightforward: combine an established automated pharmacy infrastructure with focused digital marketing in a fast-growing healthcare market. The goal is not merely to attract one-off orders, but to build recurring patient relationships that contribute month after month.

A Platform Ready for the Next Stage of Growth

Medpal now has three operating revenue streams, automated dispensing capacity, a growing NHS order base, a private GLP-1 health clinic, SaaS subscriptions and an AI-native health platform under development.

The business has already demonstrated that it can grow rapidly from a standing start. With robotic facilities capable of processing significantly higher prescription volumes and recurring revenues forming the base for each new month, the focus is now on aggressive organic expansion.

The opportunity is to turn that operational foundation into a scalable digital health and pharmacy business, serving patients across NHS, private and care settings through one connected platform.

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announces it has entered into a binding preliminary agreement to exchange its Puna Metals portfolio, including the Eureka Project, for the Rachaite Prospect and El Salto Project in Argentina, with no immediate cash consideration.

This strategic move aims to consolidate Ajax’s land position in a prospective copper-silver district, immediately adjoining its flagship Macacha Copper-Silver Project with the El Salto acquisition, and provides an alternative route to acquire the Rachaite polymetallic project.

The transaction is subject to a 90-day mutual due diligence period and a 120-day exclusivity period, with the final structure to be determined during due diligence.

Highlights

·      Binding preliminary agreement executed with MMSA in respect of the proposed acquisition of the Rachaite/Chocaya and El Salto mining projects.

·      90-day mutual due diligence period covering technical, legal, environmental, corporate, financial and commercial matters.

·      120-day binding exclusivity period, extendable by mutual agreement.

·      El Salto is located immediately adjacent to Ajax’s flagship Macacha Copper-Silver Project and would materially strengthen the Company’s strategic land position, providing the opportunity to evaluate the broader geological potential of the district.

·      Rachaite/Chocaya comprises the Rachaite Prospect and the Mina Chocaya exploration licence in Jujuy Province and has previously been announced by the Company as a highly prospective polymetallic exploration project.

·      The Company is evaluating the optimal transaction structure, including whether the consideration will entail the transfer of the shares of Puna or, alternatively, the transfer of the underlying mining rights comprising the Puna portfolio, with the final structure to be determined during the due diligence process and reflected in the definitive transaction documentation.

·      The Proposed Transaction would provide an alternative mechanism to complete the previously announced acquisition of Rachaite while simultaneously acquiring El Salto.

·      The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company’s capital for exploration, resource definition and project advancement.

·      Completion of the Proposed Transaction remains subject to the satisfactory completion of due diligence, execution of definitive documentation and satisfaction of customary closing conditions.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented:

“Since acquiring the Eureka Project and the adjoining La Escondida licences for aggregate consideration of US$250,000, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project’s history to drill the property following more than 400 years of historic mining activity, expanded the licence package through the acquisition of the La Escondida 1 and La Escondida 2 exploration licences and commenced the permitting process for a proposed alluvial gold operation. These achievements have materially advanced Eureka and created the opportunity to consider how the value generated by the project can best be redeployed across the Company’s wider portfolio.

The Proposed Transaction would complete our previously announced acquisition of the Rachaite Prospect while expanding our flagship Macacha Copper-Silver Project through the acquisition of the immediately adjoining El Salto Project. We believe this would create a larger and more strategically coherent exploration position in north-west Argentina, providing the opportunity to evaluate the broader geological potential of the Macacha district.

The Proposed Transaction involves no immediate cash consideration, preserving the Company’s capital for exploration and project advancement. Our objective is to concentrate exploration expenditure on larger, district-scale opportunities that are more advanced and have greater near-term production potential. We look forward to working with Madero Minerals to complete our due diligence and negotiate the definitive transaction documentation.”

https://www.share-talk.com/zak-mir-interviews-ajax-resources-ceo-ippolito-cattaneo/

Zak Mir talks to Steve Brown, CEO of Orcadian Energy (AIM: ORCA), as the company announces it has commenced the Assessment Phase for the Earlham and Orwell gas fields, with a preferred development concept involving an offshore power station with carbon capture to fuel a co-located data centre, creating an "Earlham Gigagrid."

This project aims to monetize the gas resource, estimated at 114 billion cubic feet for Earlham and 31 billion cubic feet for Orwell, by generating approximately 200 MW of low-carbon power for a data centre, with captured carbon dioxide reinjected into the Earlham reservoir. 

The company has also agreed to a deferred repayment schedule for approximately £1.34 million in loans from The Independent Power Corporation Limited, now due by December 31, 2027, with interest fixed at 8.5% per annum.

Orcadian Begins Assessment Phase for Offshore Gas-to-Data Centre Project

Orcadian Energy has commenced the Assessment Phase for the development of the Earlham and Orwell gas fields on its 100%-owned licence P2680.

The company’s preferred development concept is an offshore power station with integrated carbon capture, fuelled by gas from Earlham and Orwell, to supply a co-located offshore data centre. Orcadian said the project could form the first phase of an islanded, low-carbon offshore grid, branded the Earlham Gigagrid.

The concept is designed to monetise Earlham gas, which has a high carbon dioxide content, by generating power at the field, capturing the carbon dioxide and reinjecting it into the reservoir.

The company said a power station at Earlham could supply around 200MW of electrical power, or IT load, to an offshore data centre.

Orcadian and its consultants have conceived a platform complex capable of supporting a 200MW offshore data centre hall and providing the energy for that facility.

The group is establishing a new company, Earlham Gigagrid Ltd, to incubate the project and enable potential direct investment from third parties.

Orcadian estimates Earlham contains 114bcf of methane resources, while the previously depleted Orwell field could produce a further 31bcf.

The company said the proposed scheme could reduce pressure on the national grid while supporting rising demand for compute power driven by artificial intelligence.

Chief executive Steve Brown said the concept could be transformational for the value of licence P2680 and may ultimately attract interest from hyperscalers and specialist AI cloud infrastructure providers. He added that Orcadian will engage with the NSTA and other relevant regulators as part of the concept select process.

The project remains subject to NSTA approval, a Letter of No Objection for the selected concept, regulatory consents, commercial agreements and financing.

Zak Mir talks to Dr Tom Becker, President & CEO, Iofina, in the wake of the specialists in the exploration and production of iodine and manufacturers of speciality chemical products, announcing its audited full-year results for the 12 months to 31 December 2025. This included another record year: Production up 17%, Revenue up 22% and Adjusted EBITDA up 56%.

Iofina has been quietly doing the hard yards for years, and the market is now starting to pay attention.

Following its audited full-year 2025 results, the specialist iodine producer and chemical products business reported another record year, with production up 17%, revenue up 22% and adjusted EBITDA up 56%. That is the headline. The more interesting story sits underneath it: a company that has executed a very specific growth plan, built capacity at pace, and is now looking to accelerate again.

At the centre of that story is a simple idea. Iofina operates in a niche market, but one with critical end uses, steady demand, and room for disciplined expansion. For a business still valued at under £100 million, that combination is understandably beginning to attract attention.

Iodine is niche, but it matters more than most people realise

Iodine is not a commodity that gets discussed every day, yet it plays an essential role in a surprisingly wide range of industries. The global market is relatively small at around 40,000 metric tonnes, but demand is underpinned by applications that are difficult to replace.

The single biggest end market is human healthcare. In particular, iodine is heavily used in x-ray contrast media drugs. These are the agents used in CT scans and certain x-ray procedures when doctors need clearer imaging. That application alone accounts for roughly 38% of the market.

Beyond that, iodine shows up in many places people barely think about:

• Disinfectants, including the familiar brown antiseptic used on cuts and before surgery
• LCD screens, where iodine-based polarising film is used
• Nutrition, because iodine is needed in the diet to support thyroid function
• Pharmaceuticals and biocides, where it serves a range of specialised purposes

So while iodine may be a niche market, it is tied to healthcare, technology and industrial applications that give it resilience. That is a useful backdrop for any producer looking to grow production over time.

How Iofina produces iodine

Iofina’s model is one of the more interesting parts of the business. Rather than mining iodine in the traditional sense, the company extracts it from briny water produced by the oil and gas industry.

This water is effectively a co-product, or waste stream, from oil and gas operations. In the right areas, it contains iodine in concentrations that can be extracted economically. Iofina builds plants to process that brine and recover the iodine.

At present, the company has eight iodine plants in operation, all located in Oklahoma. A ninth plant is under construction in the Permian Basin, spanning southwest Texas and southeast New Mexico, which is one of the most significant oil and gas regions in the world.

That approach gives the company a clear link between operational execution and growth. If it can continue identifying suitable brine streams and building plants at an attractive return, production can keep climbing.

From 500 metric tonnes to 1,000 metric tonnes

Over the last four to five years, Iofina has roughly doubled its production profile.

The business was producing about 500 metric tonnes several years ago. Once the Permian plant comes online, management expects that to rise to around 1,000 metric tonnes.

That is not a theoretical target. It has come from a concrete build-out programme:

• Three plants built in three years
• A fourth, larger plant making it effectively four plants in four years
• A balance sheet that has remained in sound shape while growth has been funded by reinvesting profitability back into the business

This matters because scaling production is often where smaller resource and speciality chemical companies stumble. Capital can become stretched, timelines can slip, and growth stories can get ahead of operating reality. What stands out here is that management’s strategy has been rooted in repeatable execution.

As Dr Tom Becker put it, the company has had a specific goal of increasing iodine production in a market that continues to grow, and the team has delivered against that plan.

The next goal: 2,000 metric tonnes in the next few years

Reaching 1,000 metric tonnes is not being treated as the finish line. It is being treated as the foundation for the next stage.

The vision now is to move towards 2,000 metric tonnes over the next few years. To get there, Iofina is looking to increase the pace of plant development. In other words, not just building one plant a year, but building more frequently where the economics support it.

The Permian Basin project is a good illustration of that next phase. It is expected to produce around 200 metric tonnes once fully online, making it a larger opportunity than some of the company’s previous builds.

If the company can continue replicating that model, its standing within the global iodine market changes meaningfully.

Why scale matters in the global iodine market

At current levels, Iofina accounts for about 2.5% of global iodine production. Management sees a realistic path towards roughly 5% over the next number of years.

That may not sound dramatic at first glance, but in a market of this size and specialisation, it is significant. Moving from a 2.5% player to something closer to 5% changes how the company is perceived by customers, suppliers and the wider market.

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of recent significant news for the natural resources investment company. This includes the announcement that it has agreed to invest a total of £200,000 in Reveille Resources Limited, a European-focused investment company, intending to list on the Aquis Stock Exchange Growth Market. The investment will result in Ajax becoming a majority shareholder in Reveille.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"We are delighted to become a major shareholder in Reveille at a formative stage in its development. The company's focus on undervalued historical mineral deposits aligns with our investment strategy, where prior exploration and infrastructure provide a strong foundation for value creation.

The Lombardy Project, comprising the Novazza and Val Vedello uranium deposits, represents a compelling opportunity. These assets were the subject of extensive historical exploration, including approximately 80,000 metres of drilling, yet have not been evaluated to modern standards, offering clear potential for re-assessment and advancement.

This investment is an extension of our strategy into Europe, where we see a broad pipeline of opportunities across past-producing mines with significant exploration and development potential.

The evolving European energy landscape, shaped by the Russian invasion of Ukraine, ongoing geopolitical tensions in the Middle East, and the accelerating drive toward decarbonisation, has reinforced the importance of secure, domestically sourced energy. Energy autonomy is becoming an increasingly critical priority for European countries, and in this context nuclear power, and by extension uranium, is regaining strategic relevance. This is reflected in Italy, where the Government under Giorgia Meloni has signalled renewed support for nuclear energy. Against this backdrop, uranium market fundamentals and pricing have remained positive.

Reveille is expected to be one of the only UK-listed, European-focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector.

We believe Reveille is well positioned to capitalise on these supportive macroeconomic and policy trends, and we look forward to supporting the company as it progresses towards its planned admission to the Aquis Growth Market and advances the Lombardy Project."

Zak Mir talks to Paul Emmitt, CEO Powerhouse Energy (AIM: PHE), as the company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announced an operational update in the wake of the recent oversubscribed retail offer of £400,000 and £260,000 battery developer contract.

Powerhouse Energy looks to be moving into a more commercial phase, and the most interesting part of that shift is not just about technology. It is about timing, market need and where demand is now coming from.

For a long time, the story around the company was heavily tied to hydrogen and the broader net zero narrative. That is still part of the picture, especially in certain projects. But the market has evolved. The stronger angle now is decarbonisation paired with energy security, and that combination is opening doors that were not as wide open even six or twelve months ago.

That is the backdrop to the latest operational progress, which follows an oversubscribed retail offer and a third-party battery developer contract worth £260,000. The bigger message is that Powerhouse is trying to prove that it is more than an early-stage technology story. It wants to show it has real engineering capability, growing commercial traction and a product that fits a changing global energy market.

A step closer to commerciality

One of the clearest signs of progress is the introduction of third-party work into the business. This matters because it is not simply work flowing through a historic channel or linked to an internal arrangement. It is direct business for Powerhouse itself.

That may sound like a small distinction, but strategically it is important. It demonstrates that the expertise inside the company has value beyond the core waste-to-energy technology alone. In effect, the business is beginning to validate its broader engineering and technical competence in the market.

That matters for two reasons:

• It helps bring the company forward faster by generating commercial activity now.

• It reinforces the core competency that will ultimately help sell the technology at scale.

The company is also pushing this momentum through newer marketing activity and sales agreements in multiple regions. The effort is no longer limited to one or two flagship opportunities. It is becoming a wider commercial campaign.

Why the market is changing in Powerhouse Energy’s favour

The most striking theme is the shift in customer motivation.

Historically, many conversations in clean technology revolved around net zero targets, emissions reduction and environmental policy. Those issues still matter, but they are now being joined, and in some cases overtaken, by a more immediate concern: security of supply.

Across the world, energy markets have become more volatile. Geopolitical disruption in the Middle East, the continuing effects of the Russia-Ukraine conflict, and broader fossil fuel price instability have made businesses and governments think much harder about resilience.

That is where Powerhouse sees its opportunity.

If a region or business produces waste and depends on imported fossil fuels, especially diesel, then converting that waste into low carbon energy becomes about more than sustainability. It becomes a practical route to greater independence and better control over energy costs.

That is a far more urgent conversation.

The appeal of using local waste for local energy

The company’s proposition is straightforward in principle:

• many regions already have a waste stream

• many of those same regions are exposed to expensive or insecure fuel imports

• turning local non-recyclable waste into energy can reduce that dependence

That message appears to be resonating particularly strongly in island markets and remote locations.

Places that rely heavily on diesel generation have been hit hard by rising fuel costs. Yet they also generate waste that needs dealing with. For those markets, a waste-to-energy solution addresses two problems at once:

• waste management
  
  
• energy security

This is one reason why recent commercial agreements matter. The company has signed sales arrangements with Green Gecko, with HUI for Central Europe, and another covering the Caribbean islands. These are not random geographies. They line up with exactly the kind of market conditions the company believes now favour its technology.

Hydrogen still matters, but it is no longer the whole story

Powerhouse was originally built around a strong hydrogen focus, and that remains relevant in specific projects. The best example is Ballymena, which is expected to be the company’s flagship hydrogen development.

The Ballymena project is progressing through planning, and while the pace is not as fast as management would like, the direction appears positive.

There are a few notable points here:

• the planning process is advancing through the council system

• community feedback has not presented major issues

• the main comments received appear to relate to matters that could likely have been addressed before submission rather than fundamental opposition

• the next key step is receiving the Environment Agency response to the planning application

Once that is in place, the company intends to apply for a permit.

That permitting stage may not be quick. The project could require the first permit of its kind in Northern Ireland, which means there may be some education needed along the way. That is often the reality for businesses pioneering a newer category of infrastructure. It is not necessarily a red flag, but it does add friction and time.

Still, Ballymena remains important because it would give the market a visible hydrogen-led reference project. In a company like this, proving the first flagship matters enormously.

Australia could be the real game changer

If Ballymena is the hydrogen flagship, Australia may be the bigger commercial catalyst.

Progress there appears encouraging. The company has applied for government funding to support part of the early-stage project work, and it has brought National Waste to Energy into discussions with Green Gecko. The confidence expressed around early funding suggests management sees a realistic path to moving the project forward.

The key phrase here is FID, or final investment decision.

If an Australian project reaches FID, that would be a major milestone. It would represent a meaningful step from concept and development into a much more tangible commercial phase. That is why management is putting real emphasis on it.

For early-stage energy and clean technology businesses, getting a project to FID can change the market’s perception of risk. It suggests that technical, financial and practical hurdles are being cleared. In that context, the Australian opportunity stands out as one of the most significant pieces of the current pipeline.

🔗 Read the full update here:
 https://www.share-talk.com/powerhouse-energy-ceo-talks-strategy-and-recent-developments/

Zak Mir talks to Andrew Stancliffe, Head of Execution Services at Winterflood Securities, after the recent Marex takeover. They discuss the success of the Winterflood Retail Access Platform, which has now raised over £600m in fundraising and, in turn, has been a significant source of liquidity to the London stock market.

Winterflood is one of those names that anyone active in UK equities will recognise from Level 2 screens, placings, and day-to-day market-making. But beyond the familiar name sits a bigger story about liquidity in small caps, how retail investors are gaining better access to fundraises, and why the UK market may be in better shape than its critics like to admit.

Andrew Stancliffe, Head of Execution Services at Winterflood Securities, sits right in the middle of that story. His role covers the sales trading side of the business, working with clients ranging from institutions to retail execution brokers. Following Winterflood’s acquisition by Marex, there is also a clear focus on combining Winterflood’s market presence with Marex Financial's broader capabilities.

The result is a useful window into where UK market structure is working well, where the frustrations really lie, and why technology is changing access without removing the need for human judgement.

What Winterflood actually does in the market

At a practical level, Winterflood sits at the heart of execution and liquidity provision in UK equities. It is a major market maker, particularly visible in smaller quoted companies, and plays an important role in helping buyers and sellers meet in names that might otherwise feel difficult to trade.

Stancliffe’s remit is focused on execution services and sales trading, speaking to a broad spread of clients and helping ensure they get the best possible access to liquidity and trading opportunities.

That matters because in the UK small cap market, liquidity is always the first complaint. If a share is not moving, or if trading looks thin, the market itself is usually blamed. Stancliffe’s view is more nuanced.

Is there really a liquidity problem in UK small caps?

Liquidity in smaller companies is one of those subjects that never seems to go away. It is a bit like the weather: people are rarely satisfied.

Stancliffe’s argument is that the UK actually has one of the most vibrant and competitive small company trading environments around, especially because of the market-making infrastructure already in place. On many stocks there can be a large number of competing market makers, sometimes as many as 16, all quoting prices on screen.

That creates depth which is easy to overlook.

Where the challenge has become more noticeable is not necessarily in the mechanics of trading, but in the reduced participation from institutions in the smaller end of the market. Fewer institutional houses active in UK small caps naturally changes the shape of liquidity. Even so, his broader point is straightforward: if a company has a compelling story and the market cares, liquidity can appear very quickly and in significant size.

That is an important distinction. Illiquidity is not always a market structure problem. Sometimes it is a company problem.

Good companies tend to find liquidity

One of the more refreshing parts of the discussion was the blunt acknowledgement that some shares are inactive simply because they are not interesting enough. Markets rotate. Sectors and themes move in and out of favour. Individual names can go from dormant to heavily traded once the story improves.

Stancliffe used IQE as a good example. It had traded below 10p and later moved as high as 60p to 70p, accompanied by a significant jump in volume. Before that rally, liquidity may well have looked challenged. Once the market’s attention returned, so did trading activity.

The lesson is simple:

• Liquidity can be patchy at any given moment
  
  
• Interesting companies tend to attract liquidity over time
  
  
• Strong performance often solves the liquidity complaint very quickly
  
  

That is also why recent winners in the London market, including selected small caps and Aquis-listed names, have managed to generate meaningful trading interest when the underlying story has been right.

Where humans still matter in an AI-driven market

Electronic trading, automation and AI are now standard talking points across every part of financial markets. Execution services are no exception.

Stancliffe is clearly in the camp that sees AI as a positive tool rather than a threat. His description of it as a “modern day calculator” is a good one. It captures the practical reality that AI can improve workflows, increase efficiency and help traders focus on higher-value activity, rather than replacing the core human role altogether.

In execution businesses, that means automation can be used to handle smaller trades or more routine processes, while traders spend more time on larger opportunities and more complex client needs.

But the key point is that relationships still matter. Markets are built on trust, communication and judgement. Those things do not disappear because technology gets better.

AI may improve efficiency and service quality, but relationship building still requires human interaction, not an AI-generated email.

That is probably the right balance. Technology helps scale the service. Human input still drives the important conversations.

The UK government, the City and the investment culture gap with the US

There has been a lot of discussion in recent years about whether governments of all colours truly understand the City, and whether policy is helping or hurting UK capital markets.

Stancliffe’s take is relatively measured. He believes the current government, like its predecessors, wants to promote growth and investment. The frustration comes when policy changes create unintended consequences that weigh on the very part of the market they are trying to support.

Tax changes and the treatment of AIM companies were cited as examples of where the outcome can end up being a net negative, even if the wider objective is understandable.

He also highlighted a broader cultural issue. In the US, the media and the wider market ecosystem tend to celebrate investment and champion corporate success. In the UK, there is often more focus on what is going wrong.

That matters because sentiment shapes participation. If the national tone around equities is too negative, it becomes harder to attract new investors, support IPOs and build confidence around domestic capital formation.

Reasons for optimism on UK equities

Despite the noise, Stancliffe remains optimistic about the UK market. His case rests on a few clear pillars:

• The UK has outstanding companies already listed
  
  
• There are strong private businesses that may yet come to market for growth capital
  
  
• The UK still has world-class universities and talent
  
  
• The market has delivered better performance than many people give it credit for
  
  

One striking example was Rolls-Royce. While much of the media attention remained glued to US technology winners, one of the best-performing major stocks last year was listed in London, not New York.

That is a useful reminder that opportunities in UK-listed businesses do exist, even if they are often under-marketed compared with the US giants.

The Winterflood Retail Access Platform and why it matters

If there is one area where Winterflood has made a particularly visible contribution in recent years, it is through RAP, the Winterflood Retail Access Platform.

Stancliffe is understandably proud of what has been built. In just over three years, RAP has helped raise around £600 million across roughly 130 transactions, spanning listed companies and fixed income deals.

That is more than just a nice growth statistic. It represents a meaningful shift in how retail investors can participate in capital raises that were historically difficult to access.

Why retail investors used to miss out

Placings in UK-listed companies are often fast, especially accelerated fundraises that can be completed within hours or over a day or two. Historically, that speed worked in favour of institutions and left retail investors excluded, even where they were already shareholders.

The issue was not necessarily intent. It was logistics.

Retail channels were simply too slow and too fragmented to participate efficiently in many of these situations.

How RAP improves access

RAP is designed to digitise the process and help retail shareholders take part in what Stancliffe referred to as soft pre-emption. In simple terms, it gives existing retail investors a better opportunity to maintain exposure when a listed company raises money.

The platform works by sending transaction information out efficiently through major retail investment platforms, including names such as:

• Hargreaves Lansdown

• AJ Bell

• Interactive Investor

That creates a much more seamless route for eligible investors to be represented in placings that might otherwise pass them by.

It is also a genuine step forward for market fairness. Existing shareholders should not be left out purely because the process moves quickly.

How to register interest in RAP

Winterflood now offers a notification service for new transactions. Those interested can register via winterflood.com under the Retail Access Platform section using an email address for alerts.

That is a clear upgrade from the old model where access often depended on whether a broker happened to make contact in time.

Are there minimum investment sizes?

In some cases, yes. There can be minimum participation levels, although Stancliffe indicated these are often relatively modest, around £250. The exact minimum depends on the individual transaction rather than being fixed across the board.

So while not every deal will look identical, the general principle is that access thresholds are usually small enough to be realistic for many retail participants.

Why volatility can be good for trading firms

Markets had been dealing with heightened geopolitical tension, including conflict involving Iran and wider instability in the Middle East. In that sort of environment, equity prices can swing sharply and sentiment can turn quickly.

For market makers and execution businesses, volatility is not automatically a bad thing. In fact, from a trading perspective, it can be beneficial.

Stancliffe explained the mechanics clearly. During periods of elevated volatility:

• Trading volumes often increase

• Bid-offer spreads tend to widen slightly

• That combination can improve trading economics for the business

So yes, a moving market is generally more helpful than one drifting sideways with little activity.

That said, he was careful not to confuse commercial benefit with enthusiasm for instability. The geopolitical backdrop itself is clearly unhealthy. The point is simply that markets are dynamic and adapt quickly.

Markets are more resilient than headlines suggest

One of the more notable observations was how resilient equities have remained despite serious geopolitical concerns. US markets have continued to push towards all-time highs, the FTSE 100 has remained close to its own high levels, and smaller companies further down the market cap scale have also rallied strongly in places.

That resilience reflects a long-standing truth about investing: markets often climb a wall of worry.

Conflict, elections, policy shocks and macro uncertainty are all part of the landscape. The existence of risk does not stop opportunities from emerging.

The practical takeaway for investors

Perhaps the most useful closing point was also the most grounded one. In uncertain conditions, the answer is not to disengage. It is to stay close to your portfolio, keep reviewing the opportunities in front of you, and reassess positions in light of the environment you are actually in.

That applies whether the uncertainty comes from war, politics, taxes or market rotation.

The underlying message from Winterflood’s perspective is constructive:

• The UK market still has real liquidity, especially when the story is compelling

• Technology is making access better, particularly for retail investors in fundraises

• Human judgement still matters in execution

• The UK has more investable quality than the prevailing narrative often suggests

• Volatility creates risk, but it also creates opportunity

For anyone involved in UK equities, that is probably the right lens through which to read the current market. There are frustrations, certainly. There are policy missteps, no doubt. But there is also infrastructure, innovation, and a continuing flow of opportunity for those prepared to stay engaged.

Zak Mir talks to Ian Lankshear, CEO of EnSilica, about the leading fabless microchipmaker, which has announced that it has entered into two landmark development contracts with a leading European satellite operator to develop two chips for its next-generation satellite network. 

EnSilica has been a listed company for 4 years, and after a period of steady groundwork, the business now appears to be entering a far more commercially significant phase. The key reason is simple: space communications is no longer a futuristic sideshow. It is becoming strategic infrastructure, and specialist chip design sits right at its heart.

That shift was underscored by EnSilica’s recent announcement that it has secured two landmark development contracts with a leading European satellite operator. The work covers two chips for a next-generation satellite network: one for the satellite's payload and one for the user terminal on the ground.

For a fabless semiconductor company, that is not just another contract win. It is the kind of milestone that can validate years of technical investment and establish a company as a serious supplier into a rapidly expanding global market.

Why 2026 could be a turning point for EnSilica

After four years on the market, EnSilica is now seeing several strands come together at once. The company has spent years building capability in semiconductor design, particularly in communications and high-performance, low-power applications. What is changing now is that the market is finally demanding exactly the kind of technology it has been developing.

The standout development is in the space sector. EnSilica has previously announced smaller wins, feasibility studies and early-stage projects, including work with AST SpaceMobile. But this latest contract with a European satellite operator looks more substantial. It signals that EnSilica is no longer simply participating in the sector. It is beginning to establish itself as a meaningful supplier within it.

The commercial logic is compelling. Satellite systems need chips that are:

• Extremely low power
• Very high performance
• Cost-efficient for large-scale deployment
• Suitable for both space payloads and ground terminals

Those requirements are technically demanding, which is precisely why they can create attractive opportunities for specialist chip designers with the right expertise and intellectual property.

Zak Mir talks to Dr Jim Millen, Non-Executive Chairman, Physiomics, regarding recent progress at the mathematical modelling, data science and biostatistics company, and issues regarding the forthcoming requisitioned meeting.

What Physiomics actually does

Physiomics is a specialised life sciences consultancy that works with companies developing new drugs. At its core, the business helps drug developers make better decisions about how they design and run studies.

The company operates across two main areas.

• Mathematical modelling to support the design of preclinical and clinical trials, with a particular focus on oncology, though not limited to cancer treatment.
• Biostatistics, covering the statistical design of trials, reporting, planning, and regulatory interactions around trial outcomes.

That combination matters. Drug development is expensive, time-consuming and high risk. The more rigorously a company can model likely outcomes and build trials correctly from a statistical standpoint, the better its chances of generating meaningful data and navigating the regulatory process successfully.

In simple terms, Physiomics is there to help clients ask the right questions before they spend serious money answering them.

Why mathematical modelling and biostatistics matter in drug development

It is worth pausing on this, because companies like Physiomics can easily be misunderstood as niche technical advisers operating in the background.

In reality, their work sits close to the heart of pharmaceutical decision-making. A poorly designed trial can waste years. A weak statistical framework can undermine otherwise promising results. And if preclinical and clinical plans are not thought through properly, the cost of fixing mistakes later can be enormous.

That is why the company’s two-pronged offering is significant:

• Modelling helps shape trial design and strategy
• Biostatistics helps ensure studies are set up, analysed and reported in a way regulators and stakeholders can rely on

For drug developers, especially in challenging therapeutic areas such as oncology, that expertise can be highly valuable.

Signs the business is turning a corner

One of the most important points to emerge recently is that Physiomics appears to be at a positive inflection point.

The company has reported its highest-ever first-half income, up by around 50% on the comparable prior period. Market expectations are also for the business to deliver its highest-ever full-year income, and management has indicated that it believes the company remains on track to achieve that.

That is not a trivial development. In a market where many life sciences businesses have struggled for funding and momentum, a services company tied to that ecosystem inevitably feels the pressure too.

The logic is straightforward:

• Physiomics serves companies developing drugs
• If those companies are short of capital, they become more cautious about spending
• That pressure filters through to specialist service providers

By that measure, the last few years have not been easy. Management has been candid in saying that the wider life sciences market, especially over the past five years, has created a difficult backdrop. So when stronger income figures start to come through, that is naturally seen as evidence that the business may be emerging from a tougher period.

The phrase used was that the company feels like it is "turning a corner", and the recent numbers are being presented as proof of that shift.

The wider market backdrop for life sciences consultancies

To understand why recent progress matters, it helps to appreciate the commercial reality of a business like Physiomics.

This is not a company that develops and sells its own blockbuster drug. It provides highly specialised consultancy services to clients who are themselves trying to advance drug programmes. That means demand for Physiomics' expertise is linked to confidence, budgets and capital availability across the biotech and pharma landscape.

When funding conditions tighten, even capable drug developers may delay projects, reduce outsourced work or scale back trial activity. That can hit revenue visibility for service businesses, regardless of the quality of the service provided.

Against that backdrop, a strong first-half performance and confidence in a record year carry added significance. They suggest not just resilience, but possible operational momentum.

The share price has improved too, but that is not the whole story

Alongside the operational improvement, Physiomics' share price has also seen a notable rebound, rising by around 66% year to date at the time of discussion.

In ordinary circumstances, that would probably be taken as a clear signal that sentiment around the company is improving. But the picture is complicated by corporate governance developments, namely a requisition notice from activist shareholder Mike Whitlow.

That requisition has created a situation where improving business performance is happening at the same time as a challenge to the current board.

So while there may be genuine momentum in the underlying business, there is also uncertainty about who should be steering it.

What the requisition notice means

The requisition notice would, if passed, replace the current board with a new board.

Management’s position is clear: it does not believe that outcome would be in the best interests of the company.

The immediate practical consequence is that shareholders have been asked to vote at a general meeting. The chairman’s strongest message on this point is simple and democratic: shareholders should vote.

Whatever position an investor takes, the emphasis is on participation. This is being framed not as a routine procedural matter, but as a genuinely consequential decision about the company’s future direction and governance.

That is an important distinction. Boardroom disputes can sometimes appear remote or technical. Here, the argument is that the vote could materially affect how the company is run at a delicate stage in its development.

Why management says this is the wrong time to “rock the boat”

The timing is at the centre of the board’s response.

The current leadership’s view is that this challenge is arriving just as the company is beginning to show evidence of a turnaround. In other words, if the business is finally moving towards stronger revenue and a better trajectory, this may be precisely the wrong moment to disrupt leadership and strategy.

That argument rests on a few connected ideas:

• The company appears to be improving operationally
• Recent results suggest traction rather than stagnation
• Change at board level introduces uncertainty
• Uncertainty can be especially damaging when a business is at a sensitive inflection point

The phrase “rock the boat” captures the concern neatly. A business that has spent years navigating a difficult market and is now seeing signs of recovery may not benefit from abrupt upheaval, particularly if the alternative leadership has not set out a clear and credible plan.

The board’s objections to the proposed replacement directors

Management’s opposition is not based only on timing. It has also raised several specific concerns about the individuals named in the requisition notice.

1. Lack of clearly relevant life sciences services experience

One criticism is that the proposed directors do not appear, from the current board’s perspective, to have the right experience in life sciences services.

That point matters because Physiomics operates in a specialist technical area. This is not a generic consultancy business. It works at the intersection of mathematical modelling, clinical development and biostatistics. Running such a company effectively may require sector-specific understanding, not just general boardroom experience.

2. No clear plan has been presented

Another issue is the lack of an articulated strategy.

The current board says it has seen no evidence of a plan, not even at a high level, explaining what the replacement board would actually do with the company.

That absence of detail is central to the concern. Replacing a board is one thing. Explaining the strategy that would follow is another. Without that second piece, shareholders are effectively being asked to back change without a roadmap.

3. Concerns about independence

The board has also highlighted governance concerns. Specifically, it says the proposed individuals are all connected parties in some way, either through previous or current working relationships.

From a governance standpoint, that raises the question of board independence. Best practice generally favours having independent directors who can challenge each other, think autonomously and avoid groupthink.

If all proposed appointees are closely connected, the argument is that this could weaken the balance and independence expected of a well-run board.

The central problem: shareholders are being asked to choose without enough detail

Perhaps the most striking concern is also the simplest one: nobody really knows what the incoming group would do if it took control.

That uncertainty sits at the heart of management’s case against the requisition. The issue is not merely whether change is good or bad in principle. It is whether shareholders should support a board replacement when the intended strategy has not been laid out.

As framed by the current leadership, that creates an asymmetrical choice:

• Option one: keep the existing board in place while the business appears to be improving
• Option two: replace the board with a group that has not communicated a clear plan

From that perspective, the proposed change looks less like a defined alternative and more like a leap into the unknown.

That is really the essence of the argument.

Could the new group still have good intentions?

To be fair, the current board has not claimed that the requisitioning group intends to damage the company. In fact, the stated hope is that they are interested because they see real potential in Physiomics and want to continue building on the progress already made.

But hope is not the same as certainty.

Without a clearly stated strategy, the board’s position is that shareholders are being asked to make a consequential decision based on assumptions rather than evidence. And in a listed company, particularly one operating in a specialist and commercially sensitive field, that may not be enough.

What shareholders are being asked to do

The practical takeaway is very clear. Shareholders are being urged to participate in the vote at the general meeting.

The board’s formal recommendation is that the resolutions should be rejected. But beyond that recommendation, there is a broader appeal to engagement. This is being presented as one of those moments when shareholders can directly influence the direction of the company.

The message is not complicated:

• Read the information available
• Consider the company’s recent progress
• Assess the risks around the proposed board changes
• Vote

In governance terms, that is the crux of it. A listed company only functions properly when shareholders take an active interest in major decisions, especially when those decisions concern leadership, strategy and accountability.

The bigger picture for Physiomics

Strip away the corporate drama, and the underlying story is a relatively straightforward one.

Physiomics is a specialist life sciences consultancy working in mathematical modelling and biostatistics for drug development. It has come through a difficult period for the wider life sciences sector and is now reporting stronger financial performance, with signs that it could deliver a record year.

At exactly that moment, it faces an activist-led attempt to replace the board.

Management’s view is that this is the wrong intervention at the wrong time. The company says it is making progress, the business environment is becoming more supportive, and a disruptive governance change without a clearly articulated alternative plan would introduce unnecessary risk.

Whether shareholders agree is, of course, a matter for them. But the issues at stake are now clear:

• Business momentum
• Board stability
• Strategic clarity
• Governance quality

Those are not side issues. They go to the heart of whether Physiomics can build on its recent progress and sustain the upward trajectory management believes is now underway.

Zak Mir talks to Ignacio Mehech, CEO of CleanTech Lithium (AIM: CTL), regarding the milestones achieved by the exploration and development company advancing sustainable lithium projects in Chile.

The company recently announced an update on two trials being undertaken in North America and in Santiago, Chile, to produce battery-grade lithium carbonate from the Laguna Verde project. The trials focus on replicating and validating the process design defined in the Laguna Verde Pre-Feasibility Study.

Highlights:

·    In North America, stage two of the downstream processing of eluate* (see footnote for definition) produced by our DLE pilot plant located in Chile, into battery grade lithium carbonate has commenced.

·    The first stage of this work was undertaken by Conductive Energy and reported to the market in January 2025.

·    Conductive Energy was acquired by Empower EIT over the course of 2025, with Empower establishing an advanced lithium processing facility in Dallas, USA.

·    This second stage of eluate conversion will process >60m3 of concentrated eluate at the new facility.

·    The nanofiltration stage of the process will utilise an advanced membrane developed by DuPont Water Solutions to maximise impurity removal and lithium recovery.

·    Approximately 300kg of battery grade lithium carbonate are expected to be produced in Q2 2026 and made available to potential strategic partners for product qualification.

·    Concurrently, a smaller scale pilot programme is underway utilising the pilot plant of Lanshen Technology ("Lanshen"), located in Santiago, Chile.

·    This pilot plant replicates the process flowsheet developed with Lanshen for the Laguna Verde PFS and aims to demonstrate the robustness of the process design and provide a high degree of validation of the process parameters used in the PFS.

·    A volume of 24m3 of feed brine from Laguna Verde is being processed into >5kg of battery grade lithium carbonate.

Ignacio Mehech, Chief Executive Officer, CleanTech Lithium said: "We are undertaking important pilot scale process trials in North America and Chile to produce battery grade lithium carbonate from Laguna Verde brine. This work will provide strong technical support for the process flow sheet used in our PFS which we think is an important consideration for engaging with potential strategic investors."

Zak Mir talks to Sath Ganesarajah, CEO of Bluebird Mining Ventures Ltd (BMV), as the gold streaming, mining and treasury company confirmed that Frank Amato and Hernán M. Yellati have been appointed to the Board as Non-Executive Directors with immediate effect.

Frank Amato will serve as Chair of the Audit Committee, while Hernán M. Yellati has been appointed Chair of the Remuneration and Nomination Committee.

Bluebird Mining Ventures Ltd has strengthened its board with the appointment of Frank Amato and Hernán M. Yellati as Non-Executive Directors, in a move aimed at enhancing governance and strategic oversight.

Amato will also serve as Chair of the Audit Committee, while Yellati takes on the role of Chair of the Remuneration and Nomination Committee.

In addition, Board Advisors Darron Giddens and John Webb will participate in Audit Committee meetings, with Webb also appointed to chair a newly established Conflicts Committee.

The changes are designed to bolster the company’s governance framework as it continues to execute its growth strategy.

Sath Ganesarajah, Chief Executive Officer of BMV, said: "We are delighted to formally welcome Frank and Hernán to the Board. They bring significant experience across financial markets, macroeconomic strategy and emerging technologies, which will be invaluable as we continue to execute our growth strategy.

"I look forward to working closely with them and our Advisory Board to further strengthen governance, enhance strategic oversight and drive the business forward. Their leadership of the Audit Committee and the Remuneration and Nomination Committee respectively will play an important role in supporting the Company's long-term objectives and delivering value for shareholders."

About Bluebird Mining Ventures Ltd

Bluebird Mining Ventures (LSE: BMV) is a gold streaming, mining and treasury company. The Company's mission is to build and manage a gold-backed treasury through streaming agreements, providing investors with exposure to physical gold without the operational risk of mining.

BMV focuses on streams from producing assets within the ore concentrate to bullion value chain. Its investments secure multi-year flows of gold that can be recycled into new transactions. This model enables scalable exposure to gold without capital expenditure, or execution risks. 

Drawing on its heritage in gold, BMV combines the stability of physical bullion with the benefits of a scalable, disciplined business model. With a focus on prudent capital allocation and treasury management, BMV aims to deliver sustainable, long-term value for shareholders.

For more information, please visit: www.bmvbtc.com 

Zak Mir talks to Alexander Selegenev, Executive Director, TMT Investments, in the wake of the venture capital company investing in high-growth technology companies, announcing its audited final results for the year ended 31 December 2025.

TMT Investments PLC has reported a strong set of audited results for 2025, marked by a return to profitability and growth in asset value.

Net Asset Value (NAV) per share increased to $7.13, up from $6.55 the previous year, with total NAV rising to $220.8 million.

The company delivered a profit of $16.6 million, a significant turnaround from a $2.2 million loss in 2024, supported in part by gains from investments, including a notable uplift from its stake in Scale AI.

Investment activity slowed during the year, with $1.5 million deployed compared to $5.9 million in 2024, while $5.5 million was realised through disposals and dividends.

TMT also completed a $1.7 million share buyback programme, and ended the year with $5.0 million in cash, maintaining liquidity for future opportunities.

Alexander Selegenev, Executive Director of TMT, commented:

"In 2025, TMT's net asset value increased 8.9%, mainly as a result of the significant positive currency exchange impact on the Company's Pound Sterling and Euro-denominated investments and the continued growth of TMT's investment in Scentbird. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity outside the AI segment.

TMT's portfolio benefited from positive revaluations of seven of its investee companies (Bolt, Scentbird, Global Work AI, Spin.ai, Scale AI, Rhino, and Whizz), which have been partly offset by full and partial write-downs in the value of nine of the Company's investments (Backblaze, Mobilo, SOAX, MTL Financial, Prodly, Sonic Jobs, Aurabeat, Qumata, and Go X), in line with TMT's highly prudent valuation approach.

The majority of TMT's portfolio companies continue to demonstrate good business progress and have adapted well to the challenges of the current environment. Despite reduced revenue growth rates for some investees in this environment, many of them have managed to reach either profitability or positive operating cash flow levels.

TMT successfully disposed of partial stakes in some of its portfolio companies (most notably, Backblaze and Bolt) at NAV-enhancing valuation levels.

Given the continued high level of market uncertainty and volatility in 2025, TMT maintained its cautious investment approach during the period, and made only four new and follow-on investments. Two new companies were added to TMT's portfolio, Spendbase Inc. and Leasy Holdings Limited.

In 2025, TMT's shares often traded at a 60%+ discount to NAV, and at this valuation it was hard for management to identify a better investment opportunity than TMT's current investment portfolio itself. Accordingly, the Company successfully completed a share buyback programme, in which a total of 651,688 TMT shares were bought at a weighted average price of US$2.65 per share for a total consideration of US$1,729,657.

With no financial debt and strong cash reserves, TMT is well positioned to not only ride out the current market volatility, but also to continue making investments and realising full and partial disposals when the right opportunities present themselves.

We look forward to keeping shareholders updated on relevant developments in due course."

Zak Mir talks to Howard White, Chairman Hydrogen Utopia, in the wake of a report in the Financial Times, regarding airlines scrambling to source aviation fuel.

Hydrogen Utopia and the “all bases are loaded” case for sustainable aviation fuel

Airlines do not just worry about fares and demand. They worry about fuel. And when geopolitical tensions flare up, contingency planning starts quickly, including new approaches to aviation fuel supply.

That is the context Howard White, Chairman of Hydrogen Utopia, uses to frame today’s opportunity: rather than treating sustainable aviation fuel (SAF) as a niche ideal, he argues it should be treated as a practical, supply-secure alternative that can withstand disruption.

Why airline fuel shortages matter more than you think

Recent reporting has highlighted how airlines can be hit hard by fuel shortages and price shocks tied to geopolitical events. The headlines are blunt: airlines draw up contingency plans when jet fuel supply becomes uncertain, and disruptions can translate into very large financial impacts.

The underlying lesson is simple. When supply chains rely too heavily on a narrow set of locations and traditional production routes, the entire system becomes more fragile. In that environment, “strategy” is not a slogan. It is a risk management requirement.

The SAF problem: “great idea,” but can it compete on price and supply?

White’s view is that many conversations about SAF stall at a single question: can it reach parity with the price of conventional jet fuel?

He references a point made by a head of a major airline in discussions prior to the current crisis: SAF is welcome, but it needs to “get to par” with jet A1 pricing.

White positions Hydrogen Utopia’s approach as a direct response to that pricing pressure. He describes a SAF cost around $200 versus jet A1 at roughly $175 at the time of his comments, suggesting the “parity” goal is closer than many assume.

“All bases are loaded”: a contra perspective on where Hydrogen Utopia is positioned

White describes the market as myopic. In his framing, people see Saudi Arabia and immediately assume that everything becomes risky. His counterpoint is that the region is unlikely to disappear, and the strategic need for resilient fuel supply and internal investment only increases under stress.

He also reframes the location question. Traditional SAF pathways often require facilities and supply chains that are vulnerable to targeted disruptions. He argues Hydrogen Utopia’s model is more flexible because it is modular and can be deployed in safer jurisdictions.

Waste plastic as a feedstock: solving two problems at once

One of the most compelling parts of the argument is feedstock availability. White’s case rests on the idea that the company does not rely on a natural resource supply chain like oil or gas.

Instead, he points to mixed waste plastic, including unrecyclable plastic, as a “ubiquitous” input across the Middle East and North Africa (MENA) region. In other words: if waste plastic exists everywhere (because it is produced everywhere and often not properly managed), then production can follow demand without being trapped in one geopolitical footprint.

He adds a blunt economic twist: in most countries, authorities may even pay for solutions that remove plastic waste. Hydrogen Utopia, he says, is “not going to be paying for the plastic.” That can convert waste management into a supportive revenue stream rather than a cost centre.

Hydrogen at $2 a kilo: opening doors beyond SAF

SAF is the headline, but White argues the technology unlocks additional markets by producing hydrogen internally at a very low stated cost: $2 per kilo.

He ties this to more than one downstream opportunity:

• SAF production from low-carbon hydrogen pathways, aiming for a competitive price versus current methods.
• Urea (a major fertiliser), which White notes depends on hydrogen generated via steam methane reforming in conventional setups.

He also gives a real-world example of supply pressure: Brazil being extremely short of urea due to logistics constraints. In his logic, if hydrogen is competitive, then fertiliser production becomes more scalable and less tied to the same geopolitical vulnerabilities.

Why the timing could be faster than investors expect

In technology markets, delays kill momentum. White pushes back on the typical “wait 2 or 3 years” expectation for development milestones.

He highlights a proposed $800 million project being evaluated for funding and moving toward FID (Final Investment Decision), with Saudi Arabia timelines suggesting movement within up to 15 months.

He also references the creation of a Saudi Arabia subsidiary, which he says can be used as a base for funding and execution in the region. The implication is that the company is not just discussing future potential. It is building the administrative and commercial pathway to scale.

Regulatory and commercial momentum: more than one country is looking

White points to ongoing engagement across the GCC during the Ramadan period, describing the process as active rather than slow.

He mentions discussions and communications involving countries including:

• Saudi Arabia
• Oman
• United Arab Emirates
• Kuwait

He also notes that one UAE-based company that deploys technologies across the region has begun due diligence to assess whether it should take a major involvement in SAF and other opportunities within the GCC.

What partnerships and monetisation could look like

The next stage, according to White, is not technology validation. It is monetisation: turning interest into financing, contracting, and commercial delivery.

He frames the “game” as one where money becomes available once projects are sufficiently underwritten and funded, and he indicates that this is the direction of travel after a period of embedded regional work and corporate validation through public announcements.

The bottom line: diversification that is strategic, scalable, and disruption-resistant

White’s core thesis is that the current climate is reinforcing a shift in thinking:

• Airlines and fuel markets need reliability under geopolitical pressure.
• SAF should not only be sustainable, but also commercially viable.
• Technology that can use waste plastic as feedstock offers supply flexibility because it is not a natural resource concentrated in one geography.
• Lower-cost hydrogen (as described) can extend the impact beyond aviation into fertiliser and other hydrogen-linked industries.

In his closing sentiment, White suggests that the situation does not reduce opportunity. It increases it. One catalyst event, he implies, could accelerate the next phase of funding and momentum.

For investors watching sustainable fuels, the question becomes less “is SAF needed?” and more “who can deliver it at scale, in the right places, with resilient supply and credible economics?” Hydrogen Utopia’s pitch is essentially that it has a modular route to get there. 

Zak Mir talks to Paul Emmitt, CEO of Powerhouse Energy, about recent progress at the company, including its pioneering integrated technology that converts non-recyclable waste into low-carbon energy, and its revenue-generating engineering consulting division. They discuss PHE's proven technology, its projects and newsflow drivers.

Powerhouse Energy: Turning Non‑Recyclable Waste into Low‑Carbon Energy

Powerhouse Energy is positioning itself where two urgent problems intersect: mounting non‑recyclable waste and the need to decarbonise industrial energy. The company has developed an integrated waste‑to‑energy solution that converts difficult waste streams into useful products — syngas, hydrogen or power — using a robust, proven process based on a rotating kiln.

What Powerhouse Energy offers

At its core, Powerhouse Energy provides a technology platform and engineering capability that turns problematic waste into real value. Rather than competing with recycling, it tackles the residual fraction that typically goes to landfill or is incinerated.

Key outcomes the company targets:

• Production of syngas that can be used for power or as a chemical feedstock
• Hydrogen production from syngas
• On‑site power to reduce reliance on grid electricity or volatile natural gas
• Support for corporate decarbonisation and waste management strategies

How the technology works — simple and proven

Powerhouse Energy’s process is a gasification system built around a rotating kiln. That configuration brings two advantages:

• Robustness — rotating kilns are a proven industrial technology with predictable behaviour and maintenance profiles.
• Flexibility — the system handles a wide range of non‑recyclable feedstocks and produces a controllable syngas stream for different downstream uses.

The downstream equipment—gas cleanup, conditioning and conversion units—uses established industrial technology, which lowers technical risk for potential customers and investors.

The Feedstock Testing Unit: the turning point

One of the most important recent milestones was the completion of a feedstock testing unit (FTU) at the company’s Brandon site in March last year. The FTU serves several crucial purposes:

• It lets potential clients bring their waste and see how it performs through the process.
• It provides a platform for ongoing R&D and for tuning the process to specific feedstocks.
• It acts as a commercial proof point that the technology works at scale prior to a full build‑out.

As the CEO put it succinctly:

"The technology is here for people to see and see work."

Commercialisation pathway and project landscape

Powerhouse Energy is working across several geographies and project types, from licensing and royalties to design‑build‑operate models where it retains control of delivery.

Current project highlights and opportunities include:

• An Australia project operating under a licensing and royalty arrangement, where the client controls the timeline and delivery.
• A proposed design, build and operate facility at Balamina (planning application submitted), which would allow the company to drive the project and capture engineering revenues.
• Active discussions in the Middle East, Europe and the Caribbean for a mix of larger and smaller commercial units.

Importantly, many enquiries are becoming tangible opportunities: in the past 12 months the company received roughly 50–60 enquiries and has around a dozen genuine opportunities under discussion. That pipeline is a positive signal of market interest.

Why market valuation lags — and what will change it

Powerhouse Energy’s market capitalisation sits around £15 million, while the global waste‑to‑energy market runs into the billions. That gap reflects the typical early‑stage dynamic: technology proven at demonstration scale must cross the commercial threshold before valuations re‑rate.

The decisive inflection point will be a signed contract for the first commercial unit. That could be:

• The Australia project concluding financial due diligence and executing the contract
• A smaller commercial unit (2.5–10 tonnes per day) sold to a customer to prove on‑site commercial operation

Obtaining a first commercial order validates technology, starts revenue recognition and reduces perceived risk for future customers and investors. The company is open to creative commercial structures to overcome the "nobody wants to be first" problem, including moving or deploying the FTU to a partner site as a demonstration of commerciality.

What to watch next

For anyone tracking the company, the next major newsflow drivers are clear:

1. Execution of the first commercial contract — Australia or a smaller pilot commercial unit.
2. Planning approval and progression of the Balamina design‑build‑operate project.
3. Closing one of the mid‑sized international opportunities in Europe, the Middle East or the Caribbean.
4. Deployment options for the FTU to accelerate commercial proofs and client acceptance.

Where Powerhouse Energy sits in the energy transition

There is sometimes a binary narrative that only electrification and “100% renewable” solutions are green. In practice, the waste problem persists and requires pragmatic, low‑carbon solutions. Powerhouse Energy is not positioned as a replacement for recycling but as a complementary pathway: it deals with materials that would otherwise be landfilled or poorly controlled incinerated.

By turning that residual waste into syngas or hydrogen, the company helps organisations meet waste management targets, reduce fossil fuel dependence for site power and advance decarbonisation strategies in industries where waste remains an intractable problem.

Summary

Powerhouse Energy has moved from concept to demonstrable technology. With a functioning feedstock testing unit, a growing pipeline of enquiries and concrete projects under discussion, the company’s next milestone is commercial traction — a signed first unit. When that happens, it will mark the transition from technology validation to revenue generation and should materially change market perception.

For organisations wrestling with non‑recyclable waste and industrial decarbonisation, Powerhouse Energy offers a pragmatic, proven route to convert waste into useful, low‑carbon energy streams.

We caught up with Sam Garrett, Chief Executive Officer of Great Southern Copper (LON: GSCU), this week after the company announced the partial assay results of Hole CNG25-DD042 (DD042) recently received for its Phase III drilling programme at the Cerro Negro prospect, part of the Especularita Project.

Highlights:

·    Hole CNG25-DD042 tested the interpreted southern extension of Lens 2 some 300m along trend from the Mostaza mine

·   The hole intersected multiple zones or lenses of base and precious metals mineralisation including significant intercepts

·    An upper Pb-Zn-Ag rich silica breccia zone includes grades up to 22.4g/t Ag, 1.9% Pb and 0.34% Zn similar to the mineralisation identified in the hanging-wall to Lens 2

·    DD-042 results extends the Mostaza system to over 400m of strike  length with mineralisation open to the south

·    Pb and Zn rich intervals add further evidence of a complex multiphase stacked system

·    Results pending for final diamond holes and all RC drill holes

·    Planning for fully funded Phase IV resource and exploration drilling is in progress

·    GSC holds option to 100% of the Cerro Negro project including the Mostaza mine

·    Project located at low elevation with excellent access to mining-related infrastructure

Sam Garrett, Chief Executive Officer of Great Southern Copper, said: “These latest results for step-out hole DD042 continue to demonstrate the strong growth potential of the Mostaza copper-silver discovery. Intersecting mineralisation at this distance from the historic workings provides further evidence that the Mostaza Fault Zone hosts a much broader mineralised footprint than originally recognised and emphasises the significant exploration upside still to be tested along this emerging trend.

“Importantly, the presence of significant Pb and Zn mineralisation in DD042 within an upper silica-sulphide breccia zone underlain by high-grade chalcocite-clay mineralisation is consistent with the deposit architecture recognised below the Mostaza mine, reinforcing the exciting proposition that this represents a potential extension of the Mostaza Lens 2 trend towards the south.

“Exploration work to date has already traced mineralisation and alteration signatures for over two kilometres of the Mostaza Fault Zone, and this latest step-out hole is another important confirmation that the system remains open and continues to grow.

“Planning for our fully funded Phase IV drilling campaign is underway and will focus on in-fill drilling of Lens 2 between the Mostaza mine and the mineralisation intersected in holes DD07 and DD042, as well as additional step-out drilling aimed to extend the Lens 2 mineralisation trend further south along the Mostaza Fault Zone.  In addition, we look forward to continuing to test the broader potential of the Cerro Negro system.”

In this interview, Zak Mir speaks with Fulcrum Metals CEO Ryan Mee about the company’s progress in reprocessing a legacy gold mine in Canada, recent TR1 filings showing increased investor activity, and what lies ahead for the company.

Fulcrum has boosted gold recovery from around 59% to over 70%, now also recovering silver, using a zero-cyanide, zero-waste process with six-hour leach times. Recent drilling has lifted gold-equivalent grades by 8% to 0.7 g/t, supporting a mineral resource estimate expected in early 2026.

Fulcrum Metals has quietly been reshaping its story: moving from a conventional explorer to a technology‑led developer focused on recovering gold and critical minerals from historic tailings. Recent test results, shareholder activity and a tightening register have put the company on the map. Here’s what matters and why this transition could be significant for the company and the wider mining sector.
Mining Indaba in Cape Town - from Feb 9–12.Fulcrum Metals’ senior management will be in Cape Town from February 9–12 for the Mining Indaba conference. If you’d like to meet and learn more about our environmentally friendly tailings reprocessing strategy, please get in touch.

Why the pivot to tailings matters

Tailings projects tap previously mined material rather than digging new pits. That has three immediate advantages:

• Lower environmental footprint — using existing material reduces disturbance and can avoid new land clearances.
• Faster access to ounces — infrastructure and mineral concentrations are already known, which shortens timelines.
• Opportunity to recover multiple metals — tailings often contain not only gold but also silver and critical elements that were not recovered economically in the past.

The Extrakt technology: cleaner, simpler, scalable

Fulcrum has partnered with a proprietary process referred to as Extrakt. The core claims are simple but powerful: a single process that is zero cyanide and zero waste, capable of recovering gold alongside valuable co‑products such as tellurium, gallium and silver. 

• Located in Kirkland Lake, Ontario, Canada.
• Part of the Teck-Hughes historic gold mine.
• Milled circa 9.6 million tonnes of ore and produced circa 3.7 million ounces of gold between 1917 and 1968.
• Project consists of 7 mining claims over 112 hectares
• Working with Extrakt to use its technology to sustainability extract gold from the Teck-Hughes' tailings.

Early bench testing delivered initial gold recoveries around 59%. More recent Phase 3 testwork has produced results in excess of 70% for both gold and silver, with further optimisation underway. In addition, extended leach testing is targeting critical minerals such as tellurium and gallium — potentially transforming the economics by increasing the project’s gold‑equivalent grade.

Phase 3 and the rise of co‑products

Phase 3 is the pivotal study for Fulcrum. The company has already flagged preliminary Phase 3 results and expects further announcements in the near term. Key takeaways:

• Higher recoveries — movement from ~59% to +70% indicates the process is maturing.
• Co‑product potential — tellurium, gallium and silver could materially boost gold‑equivalent grades and project NPV.
• Zero cyanide, zero waste — if the claims hold at scale, this could be a disruptive environmental and permitting advantage.

Market response and share register dynamics

The market has noticed the progress. Share price momentum pushed the company near one‑year highs and produced notable insider and institutional activity. Several TR1 filings showed increases from investors including Metals One, Nick Nugent and Ian Bagnell, amounting to just over 26% combined. Directors retain roughly 19% of the register, tightening ownership and aligning incentives.

At the time of reporting, the stock was up about 30.51% year‑to‑date, with a market capitalisation of around £11.09m. That performance suggests growing investor appetite for technology‑driven, lower‑impact resource plays.

Valuation perspective and upside potential

The company’s projects host an estimated 200,000 ounces of gold. Using a bullish gold price reference quoted by management (~US$5,000/oz at the time), the in‑situ metal value can look large on paper. That said, there are important caveats:

1. Resource estimates need to be converted into economic reserves.
2. Process performance at bench scale must be proven in pilot and commercial operations.
3. Recovery of co‑products and their marketability will materially influence economics.

In short: the combination of a credible resource base plus a potentially disruptive extraction method creates meaningful upside if the technology scales and regulatory, permitting and commercial hurdles are cleared.

What to watch next

• Phase 3 final results — confirmation of sustained >70% recoveries and consistent co‑product yields.
• Pilot test plans — announcement of pilot or demonstration plant timelines and budgets.
• Commercial agreements — off‑take, offtake partnerships for co‑products, or licensing deals for the Extract process.
• Register movements — further institutional interest or increased insider holdings that signal confidence.

Bottom line

Fulcrum Metals is positioning itself as more than a gold explorer. By combining tailings assets with a zero‑cyanide extraction method and the prospect of multiple recoverable metals, the company is aiming to offer a cleaner, faster route to value. The next tranche of Phase 3 results and any pilot‑scale confirmations will be the most important value inflection points to watch.

Zak Mir caught up with Howard White, Chairman of Hydrogen Utopia, to discuss the company’s strategy and progress in the fast-evolving hydrogen and clean energy space.

The company pioneering leader in converting non-recyclable mixed waste plastics, tyres, and hazardous waste materials into hydrogen and carbon-free fuels, announces the signing of a Memorandum of Understanding (“MOU”) with Saudi Investment Recycling Company (“SIRC”), a wholly owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia.

A practical route from waste plastics to sustainable aviation fuel

Hydrogen Utopia has taken a major step forward with a signed Memorandum of Understanding with the Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of the Kingdom of Saudi Arabia's Public Investment Fund. The agreement frames a clear industrial pathway: convert non-recyclable mixed waste plastics, tyres and hazardous wastes into syngas, turn that syngas into hydrogen, and then use a Fischer-Tropsch route to produce sustainable aviation fuel (SAF).

Why this matters

Several factors make this announcement strategically important. First, the technology that Hydrogen Utopia deploys is already commercial at scale in the United States and elsewhere, removing the usual "pilot" uncertainty. Second, the supply chain in Saudi Arabia and the backing of state investment structures create a rapid route to large-scale deployment. Third, SAF is set to be in structural shortage for years as regulations and airline decarbonisation commitments push demand far ahead of current supply.

There will be a shortage of SAF for the next 20 or 30 years.

How the process works

The core steps are straightforward:

• Feedstock: non-recyclable mixed plastics, tyres, hazardous wastes and potentially landfill-mined material.
• Thermal conversion: Hydrogen Utopia’s melter system produces a very clean syngas stream.
• Hydrogen production: the syngas is used to extract hydrogen and a carbon monoxide stream suitable for downstream synthesis.
• Fischer-Tropsch synthesis: CO and hydrogen are converted into long-chain hydrocarbons which are upgraded to kerosene-grade SAF.

A critical technical advantage is the exceptionally clean syngas produced by the melter. Cleaner gas reduces catalyst contamination in the Fischer-Tropsch process, which is a 70-year proven pathway to synthetic fuels and a preferred industrial route for high-quality SAF.

Saudi support and Vision 2030 alignment

The project sits squarely within Saudi Arabia’s Vision 2030 ambitions: reducing waste, building new domestic industries and diversifying the economy. The level of enthusiasm reported from government ministries, local supply chain partners and state investment vehicles stands in contrast to the slower, more cautious approach seen in many European markets.

Hydrogen Utopia emphasises that Saudi stakeholders are motivated not only by commercial returns but by national development goals. That outlook has translated into rapid progression from initial discussions to a greenlight for project development by the Public Investment Fund.

Commercial and financial outlook

The project team is building a business model during Ramadan with an expected internal rate of return close to 20% once finalised. Funding interest appears strong: in addition to PIF/SIRC engagement, multiple family offices and other agencies have signalled readiness to contribute to an estimated project capital requirement in the hundreds of millions of dollars.

SAF typically carries a significant premium to conventional Jet A1 because of constrained supply and rising regulatory demand. Hydrogen Utopia targets a competitive production cost with a headline figure in the region of $200 per barrel, which would place the output among the cheaper SAF options globally.

Scale, locations and feedstock security

Practical deployment options are flexible. The chairman highlighted potential sites such as Jubail, which has suitable infrastructure. Importantly, feedstock is abundant: municipal waste streams, tyres, and legacy landfills can be tapped. Saudi authorities have even discussed the possibility of landfill mining to supply material, which would both unlock feedstock and remediate old disposal sites.

The technology does not require brand-new, high-specification industrial customers. That means the solution can be exported and deployed across a wide range of countries, including developing markets that need affordable, fundable projects. The combination of a strong project IRR and state backing makes third-party financing more straightforward.

Market access and offtake

Offtake discussions are already feasible: PIF owns aircraft leasing and airline interests that could naturally absorb SAF volumes. Meanwhile, global aviation mandates are rising, with regulators in the EU, UK and elsewhere moving to require increasing shares of SAF in jet fuel. That regulatory tailwind is a major driver for long-term demand and supports the project’s commercial case.

Why Hydrogen Utopia stands out

• Proven commercial pedigree — existing operational plants and a TRL9 classification reduce technical risk.
• Feedstock diversity — not dependent on limited biofeedstocks that constrain other SAF routes.
• Strategic partners — backing and interest from sovereign investment, local ministries and private capital.
• Exportable model — design and economics that can be replicated across the GCC and beyond.

Risks and considerations

Every industrial roll-out faces typical hurdles: final engineering design, securing long-term offtake contracts, refining plant siting and permits, and managing construction and operations. Market pricing of SAF will remain volatile as policy, feedstock availability and competing technologies evolve. That said, strong state support and an existing commercial track record materially lower execution risk.

Where this could lead

The combination of large-scale feedstock, clean syngas chemistry, an established Fischer-Tropsch route and committed capital creates a near-term pathway to SAF production at scale. If the project secures final approvals and funding as anticipated, it could become a replicable model for tackling global plastic waste while supplying a growing, high-value low-carbon fuel market.

Final note

Converting hard-to-recycle wastes into hydrogen and SAF is not only a strong climate and waste-management play. It is also a commercially sensible route that leverages industrial chemistry proven for decades. With strategic support and clear demand signals from aviation regulators, the coming years could see rapid scaling of projects that turn environmental liabilities into high-value, decarbonised fuels.

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of the high-profile appointment of Elton L.S. Pereira, M.Sc., as Senior Geological Consultant, Brazil. They also discuss the value in the company’s burgeoning portfolio as gold approaches $5,000 an ounce.

Ajax Resources PLC has appointed Elton L.S. Pereira as Senior Geological Consultant for Brazil, with the appointment set to take effect on completion of the acquisition of the Pereira Velho Gold Project, expected around 30 January 2026.

Pereira, who led the original discovery of the project, brings more than 30 years of international exploration experience. He played a key role in defining an initial internal resource estimate of approximately 110,000 ounces of gold, based on drilling across just one-fifth of the project area.

Following completion of the acquisition, Ajax plans to launch a new drilling programme of around 3,000 metres, targeting an initial resource of 350,000 ounces of gold. Management believes the project offers significant upside, with broader exploration potential of up to one million ounces as work progresses.

or further information: 

Ajax Resources PlcIppolito Ingo Cattaneo, Chief Executive Officer | Tel: + 44 (0) 208 146 6345
info@ajaxresources.com

Zak Mir talks to Colin Bird, Executive Chairman, Kendrick Resources, as the mineral exploration and development company, announces that it has entered into a binding and exclusive Option Agreement to acquire not less than 70% interest on terms to be agreed with Bonya Exploration Pty Namibia.

Kendrick Resources Plc (LON: KEN) has entered into a binding and exclusive option agreement to acquire a minimum 70% interest in two rare earth exploration licences, EPL4458 and EPL6691, in Namibia. The exclusivity period runs until May 19, 2026.

The licences, located southwest of Aus, have returned encouraging historical results, with peak Total Rare Earth Oxide grades of up to 4.47% and an average grade of 3.12%. Sampling has identified significant concentrations of neodymium, praseodymium and samarium, elements that are critical for the manufacture of high-performance permanent magnets.

Kendrick said it will immediately begin assaying, trenching and drill-target identification as part of its due diligence programme, ahead of a decision on whether to exercise the option to secure the majority interest.

The binding and exclusivity period is valid until 19 May 2026 and can be extended with the consent of Bonya. 

Highlights

·    The licenses are situated 55km southwest of the town of Aus, approximately 65km southeast of the deepwater port of Lüderitz

·    The two license areas are known as Twyfelskupje and Keishohe and are hosted within a Carbonatite and Alkaline intrusive structural corridor

·    The two licenses represent well-defined, high-grade targets located within a larger highly prospective area under license

·    The Twyfelskupje Carbonatite Complex forms a circular group of hills with a diameter of 1km

·    Historical channel sampling and grab sampling returned peak Rare Earth Oxides ("REO") grades of 4.47% and 4.18% with an average REO of 3.12%

·    ICP analysis undertaken in Canada, returned high Rare Earth Elements concentrations, greater than 10,000ppm for a number of elements, including Neodymium, Praseodymium and Samarium, which are all important components of high-performance, high-temperature magnets

·    The Keishohe Carbonatite Complex indicates scope for an additional three satellite near surface occurrences

·    Work will commence immediately on assaying, currently available but unassayed core, further trenching and identification of drilling targets

·    Kendrick will concurrently carry out all necessary legal, financial and regulatory checks before determining whether to exercise the option

Colin Bird, Executive Chairman of Kendrick Resources Plc commented: "Rare Earths are globally accepted as new age strategic materials and these licenses are located in Namibia, a country recognized for its support of the development of natural resource projects. The historical Rare Earth values are higher than those generally reported in the industry and the high values of the magnetic elements are very encouraging since such elements are much sought after.

The licenses have areas which are drill ready and historically been well evaluated with geophysics and exploration fieldwork. 

We intend to accelerate our due diligence and technical preparedness in order to release the high potential of the project area.  We will keep shareholders advised as our evaluation phase develops."

Pennpetro Energy plc (LON: PPP), the company focused on developing strategic traditional and transition energy projects, announces a link to the recording of the shareholder call with management on 15 January 2026 at 18.30-19.30 UK time.

Richard Spinks, Executive Chairman of Pennpetro Energy, said: "We remain committed to ensuring transparent communications for all shareholders, as demonstrated by our ongoing engagement. We apologies for the slight delay in making this available to shareholders, and we look forward to updating shareholders in due course on the next steps towards returning to trading."

For further information, contact:

Pennpetro Energy PlcMavriky KaluginRichard Spinks | c/o Camarco +44 (0) 20 3757 4980

Zak Mir caught up with Howard White, Chairman of Hydrogen Utopia, to discuss the company’s strategy and progress in the fast-evolving hydrogen and clean energy space.

Hydrogen Utopia International PLC (LON: HUI) has identified a substantial opportunity in the MENA region, with a particular focus on Saudi Arabia, to deploy its proprietary InEnTec technology for the production of sustainable aviation fuel (SAF) and hydrogen-derived diesel from waste streams.

Preliminary financial modelling indicates potential internal rates of return in the high teens for projects requiring minimum capital investment of around US$800m per facility. Under the proposed structure, HUI could retain a 10–20% free-carry equity interest, alongside management fee income commencing from the front-end engineering and design (FEED) phase.

The strategy is underpinned by expectations of SAF demand growth in the MENA region exceeding a 40% compound annual growth rate through the 2030s, driven by airline decarbonisation targets and a constrained supply backdrop. HUI believes this positioning offers the potential to capture value from a widening global SAF shortfall while leveraging regional scale and policy momentum.

Aleksandra Binkowska, Chief Executive Officer of HUI, commented: "When I started HUI, I believed we would be playing in the EU league, fuelling hydrogen buses and transforming local transport. Today, after years of trials, resilience, and learning, we stand at the threshold of something far bigger, an opportunity to play in the international league alongside the world's largest players: the airlines and the airports. Reshaping one of the biggest industries in the world.

What once was a game of a few tonnes of hydrogen and local pilot projects has evolved into a game of scale, impact, and vision, shaping global, large-scale infrastructure projects. People will always fly. Humanity is driven to explore, to connect, to discover the world, and there is nothing wrong with that. The challenge was never flight itself, but how we power it.

That is why I would like to invite every CEO of the world's major airlines to come and sit down with us, to explore our  real, scalable solution to meet the demands of international aviation. I'm confident in what I know to be bold enough to say it.

If aircraft can fly on waste, guilt disappears and responsibility transforms into progress, regardless of what some so-called eco-purists may claim. There is already enough plastic waste on this planet to fuel the world, without asking people to change their lives or sacrifice their freedom.

For the first time, we will be able to say something extraordinary: fly - and you are helping to save the planet."

Howard White, Chairman of HUI, commented: "I am delighted and very excited by this long-overdue recognition of the potential of SAF, which could unlock exponential opportunities across the MENA region. What has surprised us most is the sheer scale of the shortage - far greater than we ever anticipated. Even more striking is the widespread lack of understanding about what SAF is and how it is fundamentally reshaping global air travel. The growth potential is extraordinary, with a CAGR of over 40% projected over the next five years, and strong momentum sustained over the next 20 years. I have recorded an interview with Zak Mir, to be released today, to explain why so many still fail to grasp its impact.

I believe mandated technologies often go largely unnoticed.

SAF isn't widely known because nothing about flying changes. The plane looks the same, the ticket costs the same, and the passenger doesn't choose the fuel; thus,  no one notices it exists."

Listing of the 21Shares Bitcoin and Gold ETP (‘BOLD’) on the London Stock Exchange
First product to be listed combining Bitcoin and Gold

London Stock Exchange welcomed the listing of the 21shares Bitcoin Gold ETP (BOLD) this week, a new cryptocurrency exchange-traded product developed by 21shares and launched in partnership with ByteTree Asset Management.

BOLD is the fifth 21shares cryptocurrency product to be approved by the Financial Conduct Authority for UK retail investors, following the successful listings of the 21shares Bitcoin (ABTC and CBTC) and Ethereum (AETH and ETHC) ETPs. The ETP provides investors with access to both Bitcoin and gold, two globally recognised store-of-value assets, in a single regulated product.

The allocation of assets in BOLD is determined monthly based on inverse historical volatility, giving a higher share to the more stable asset. This approach aims to deliver diversification benefits, inflation protection, and a balanced risk profile for investors seeking exposure to the growth potential of Bitcoin while maintaining the stability of gold.

BOLD is 100% physically backed by the underlying assets, which are held in cold storage by an institutional-grade custodian, ensuring enhanced security. The ETP trades in GBP under the ticker BOLD and carries a 0.65% annual management fee.

Russell Barlow, CEO of 21shares, commented:

"BOLD is an exciting new product that aims to offer investors a potential hedge against inflation, exposure to Bitcoin’s growth potential, and the stability of gold. Now that retail investors in the UK have access to crypto ETPs, 21shares is dedicated to delivering a wider selection of innovative regulated products."

Charles Morris, Founder and CIO of ByteTree Asset Management, added:

"Bitcoin and gold are increasingly viewed as complementary assets in a world of persistent inflation and monetary uncertainty. BOLD applies a disciplined, rules-based approach to combining them, creating a simple and transparent solution for investors seeking diversified exposure to these assets."

Zak Mir speaks with Dr Kerim Sener, Managing Director of Ariana Resources (AIM: AAU, ASX: AA2), following the company's announcement of a strategic investment term sheet with Hong Kong Xinhai Mining Services Ltd.

The agreement will provide A$8 million in near-term funding and support a metallurgical sampling and testwork programme, as well as advance the Definitive Feasibility Study for the Dokwe Gold Project in Zimbabwe, which Ariana owns in full.

Highlights*:

·     Xinhai to make an A$8 million equity investment to be completed in Ariana CDIs, inclusive of the payment of a A$500,000 signing fee, at a price of A$0.30 per CDIs (Issue Price). The signing fee is paid on signing of the term sheet.

·      Xinhai will provide technical services in relation to a Metallurgical Sampling and Testwork Programme for A$1 million and complete the Definitive Feasibility Study of Dokwe, under the management of Ariana, for up to A$2 million to be paid in CDIs at the Issue Price.

·     Xinhai to be granted up to 18,333,333 options over CDIs on a 1 option per 2 CDI basis to acquire CDIs at A$0.50 per CDI exercisable until 31 December 2027.

·       The Definitive Agreements are expected to be completed by 31 January 2026.

·    Xinhai to nominate one member to the Ariana board following the completion of the Definitive Agreements.

·      Up to a further A$2 million of equity may be raised through a follow-on placement conducted by Shaw and Partners Limited on the same terms.

* Subject to and conditional on execution of Definitive Agreements and satisfaction of other conditions precedent.

Dr. Kerim Sener, Managing Director, commented:

"We are very excited to be entering into this funding term sheet with Xinhai at this pivotal time for our business. Xinhai has recognised the value of the Dokwe Gold Project and the exploration and development capabilities of Ariana. In turn, we recognise in Xinhai the opportunity to build a lasting partnership capable of unlocking the value of Dokwe through the acceleration of the feasibility study programme with a view to progressing Dokwe to production as swiftly as possible. Xinhai has demonstrated significant capacity to undertake large-scale projects, such as Dokwe, globally and has a substantial in-country presence in Zimbabwe, undertaking a number of projects. We look forward to developing our partnership with Xinhai in the years ahead and seeing Dokwe through to production."

Mr. Yunlong Zhang, Chairman of Xinhai, commented:

"We are pleased to build a long-term partnership with Ariana Resources through this strategic investment in the Dokwe Gold Project in Zimbabwe. This initiative represents a significant step in Xinhai's commitment to developing high-quality, long-life mineral assets in emerging resource regions. We believe the project holds strong geological potential and aligns with our vision of responsible, technology-driven growth. We look forward to combining Xinhai's integrated EPC+M+O strengths with Ariana's regional expertise to accelerate Dokwe toward development and long-term value creation. Importantly, we are confident this collaboration will create long-term value for all stakeholders and contribute positively to regional development."

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announced that it has signed a Heads of Terms to acquire 100% of the issued share capital of Pereira Velho Exploração S.A. (“PVESA”), a Brazilian company that owns the Pereira Velho Gold Project in Alagoas State, Brazil.

PVESA is wholly owned by entities affiliated with Appian Capital Advisory Limited. Appian holds approximately US$5 billion in assets under management, making it one of the world’s largest dedicated mining-focused private equity groups.

Under the Heads of Terms, Appian has agreed to subscribe for the GBP equivalent of US$400,000 in new Ajax ordinary shares, as part of a £1m fundraise.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"We are delighted that Appian, a leading global private equity investor with approximately US$5 billion in assets under management investing exclusively in metals, mining and related natural-resource companies, will become a significant shareholder in Ajax upon completion. This represents a transformational growth opportunity for the Company and an endorsement of our development strategy.

The Proposed Acquisition of Pereira Velho is a compelling, scalable gold production opportunity fully aligned with our strategy of acquiring assets with significant unrealised potential on advantageous terms. It has near-surface mineralisation, a strong recent drilling dataset underpinned by approximately US$5 million in historical expenditure, and a prospective resource base, of which only a small portion has been developed, resulting in an Appian in-house mineral resource estimate of approximately 110,000 ounces across the Measured, Indicated and Inferred categories.

Pereira Velho is in a proven mining district with strong geological prospectivity. The Project lies approximately 20km east of Appian's former Mineração Vale Verde Serrote operation, which Appian acquired for US$30 million in 2018 and sold for approximately US$420 million in April 2025. This illustrates the region's supportive operating environment and, equally importantly, demonstrates Appian's ability to acquire assets with significant unexploited potential on advantageous terms, coinciding fully with Ajax's core development strategy.

With gold prices at or near record levels, we see a clear route for Pereira Velho to achieve its first milestone of 350,000 ounces, as set out in our agreed transaction structure, with the objective of progressing the Proposed Acquisition to a near-term open-pit gold operation with material resource scale growth potential.

The new relationship with Appian is of key strategic importance as it will position Ajax to access future opportunities within their extended pipeline of large-scale, high-value projects that fall below their scale thresholds, benefitting from Appian's industry-leading geological, technical, legal and financial evaluation capabilities.

The potential acquisition of Pereira Velho represents a significant foundation in Ajax's journey of high-impact growth as we embark on resource definition at the Eureka Project, with a maiden JORC-compliant Mineral Resource Estimate to be published in the first half of 2026, and advance several other acquisition opportunities, some of which have already been disclosed and others that will follow in 2026."

Zak Mir speaks with John Wood, CEO of Gelion (AIM: GELN), following the release of the company’s audited results for the year ended 30 June 2025. Wood highlights that Gelion has generated its first commercial revenue, helping lift total income by 36% to £2.7 million.

The performance is in line with expectations and marks a meaningful shift as the global energy-storage specialist moves firmly into its commercial revenue phase. 

Technical Breakthrough: Gelion Achieves Target Areal Capacity

Gelion Advanced Sulfur Cathodes Reach Key Industry Milestone in Coin Cells

Key Highlights:

·      | 4Q Achieved in Coin Cells: Gelion has successfully reached its 4Q areal-capacity target in coin-cell testing, the industry-recognised standard for evaluating advanced battery materials. 4Q is widely recognised as a critical milestone for practical high-energy-density sulfur cathodes. 
·      | Clear Technical Progress Toward Pouch Cells: The coin-cell results provide strong evidence supporting the translation of Gelion's CAM into large-format pouch-cell electrodes capable of meeting 4Q performance targets. 
·      | Improved Electrode Quality and Consistency: Recent work demonstrates enhanced uniformity, improved adhesion, and reproducible slurry rheology, all compatible with scale-up for larger-format electrodes. 
·      | Enabling Future High Energy Density Targets: This milestone strengthens Gelion's roadmap toward high-energy-density, low-cost sulfur-based batteries suitable for e-aviation, electric mobility, stationary storage, and other commercial applications. 
 John Wood, CEO of Gelion, commented: "Achieving 4Q areal capacity in coin cells marks a major validation of our sulfur cathode platform and represents a key technical milestone for Gelion. In the battery industry, 4Q is widely recognised as an important benchmark for high-energy-density sulfur cathodes, and these results give us strong confidence that our sulfur CAM can progress toward delivering the same performance in pouch-cell formats. As we continue refining electrodes for larger format manufacturing, we are building the technical foundation required for prototype development and industry engagement."

Achilles Northern Zone Delivers Exceptional Grades

AGC Managing Director, Glen Diemar, said, “These new results are truly exceptional and further enhance the value being delivered by consistent follow-up drilling. This intersection in A3RCD086 of 6m at 2,474g/t AgEq ranks as one of our best holes
at Achilles to date. To receive these results at a time when the silver price is hitting new highs is serendipitous.”

“Our aim this year was to keep the diamond drill rig in locations with potential for very high grades, and to enhance our knowledge of the geology and the structural complexity at Achilles. This strategy is paying off.”

“The high-grade northern area is now shaping-up as a coherent zone that spans 150m in length and over 250m in depth. This zone remains open and assays are pending for another 11 holes within this area and we eagerly await those results.”


Overview

A new high-grade discovery at the Achilles Northern Zone is reshaping how we think about the district and the company exploring it. Over the past 18 months we've methodically expanded the footprint with targeted drilling and the results are delivering exceptionally high grades near surface and at depth. This is not just a single zone of interest; it is part of a long, polymetallic corridor with proven mining history and significant upside for growth.

Systematic drilling has outlined a continuous panel of mineralisation roughly 7,800 metres long and currently tested to depths of 250 to 300 metres. Within that trend we have identified discrete, very high-grade pods that stand out from the background mineralisation and could materially add value if they continue to replicate along strike and at depth.

"We've discovered a panel of mineralization about 7,800 metres long, currently down to about 250 to 300 metres depth."High-grade intercepts

Some of the standout assays include very strong near-surface and deep intercepts. One surface interval returned:

"Five metres at 19 grams gold and 50 grams silver right at surface."Deeper drilling has also hit a pronounced high-grade pocket. A recent hole (hole 86) returned a deeper multi-metre, very high-grade interval that, on a silver-equivalent basis, sits in the multiple-thousands of grams per tonne range. These concentrated pockets are exactly the kind of zones where ounces can be added quickly and economically.


How this fits within the broader district

The Achilles trend sits inside a long, established polymetallic district with roughly 150 years of mining history. The district runs for some 250 kilometres and is renowned for multi-commodity deposits. Being polymetallic means the project can be positioned to take advantage of whatever metal cycles are strongest—copper, silver or gold—without needing to change the fundamental geology of the asset.


Recent drilling and the maiden resource

Over the past six weeks a focused program of 14 holes concentrated on expanding the northern high-grade pod. While we will publish a maiden mineral resource before Christmas, several of these latest holes are likely to come in after the resource cut-off and represent upside for subsequent updates.


Where this could take the company

A small-cap company can transform quickly when it proves up high-grade, scalable mineralisation in a favourable district. The combination of near-surface high grades, a long mineralised corridor and a polymetallic mix supports a trajectory from smaller market capitalisation to a more substantial mid-tier exploration/development story—provided further drilling and resource definition continue to deliver.


Next steps

1. Finalise and publish the maiden mineral resource before Christmas.
2. Continue infill and step-out drilling to convert high-grade pods into the resource and test along strike and to depth.
3. Assess metallurgical characteristics and potential preliminary economic pathways for a polymetallic operation.
4. Maintain district consolidation and allocate exploration capital to other nearby targets to build long-term longevity.

Final note

These results are encouraging and demonstrate how targeted exploration, focused on high-potential pods within a larger mineralised system, can create meaningful value. The polymetallic nature of the system provides strategic flexibility and potential leverage to different commodity cycles.

Disclaimer: This article is for informational purposes only and is not investment advice. Conduct your own research and consult qualified professionals before making investment decisions.

Zak Mir talks to Alexander Selegenev, Executive Director, TMT Investments, after the venture capital company investing in high-growth technology companies, announced that it will today commence an on-market share buyback programme for an aggregate consideration of up to US$2,000,000.

The Company’s board of directors believe that the current share price trades at a significant discount to the Company’s intrinsic value. The purpose of the Programme is therefore to seek to take advantage of this discount to enhance Net Asset Value (NAV) per share, reduce the Company’s share capital, and return value to its shareholders.

Quick snapshot: who TMT is and what they own

TMT is a listed investment company focused on technology, media and telecoms ventures. Founded nearly 15 years ago, the firm has backed more than 100 companies across the US, Western Europe, the UK and Estonia. Its portfolio includes several high-growth names that have achieved large multiples on real exits, and the group reports an IRR since inception of over 14%.

Key portfolio highlights include a material holding in Bolt, several profitable growth companies such as Sandbird, and other scalable businesses that are already generating cash. TMT also holds liquid, publicly traded US stock totalling around US$12 million that can be sold if needed. Despite that mix, the market capitalisation for TMT has been trading well below the value of its assets, at roughly a 60% discount to NAV.

Why the buyback matters

The board’s stated purpose is straightforward: use the buyback to enhance NAV per share, reduce share capital, and return value to shareholders while taking advantage of the discount. Management has framed the decision as both a prudent capital allocation and a signal that they see the shares as undervalued relative to the company’s intrinsic holdings.

Put simply, when a listed vehicle holds large stakes in businesses that are profitable or have credible exit paths, repurchasing shares at steep discounts can be an efficient way to convert latent value into realised shareholder benefit.

Conservative valuation, transaction-first approach

TMT emphasises a conservative, transparent approach to valuing its portfolio. Rather than relying heavily on convenient multiples, the company values most holdings using actual transactions where possible. As of the most recent reporting, only about 15% of the portfolio value was derived from multiples. The rest is grounded in verifiable cash exits or market-based evidence.

This transaction-first method matters for two reasons. First, it reduces the subjectivity that often plagues private asset valuations. Second, it gives buyers and existing shareholders more confidence that the headline NAV is meaningful and not merely an academic number.

Why the London market discounts investment companies

There are several forces pushing listed VC-style investment companies to trade at discounts. A few of the main contributors are:

• Market risk aversion. Volatility and macro uncertainty make investors prefer simple, liquid stories over diversified, private-rich portfolios.
• Focus on the negatives. When you hold dozens of companies, the market tends to fixate on weaker performers instead of the winners.
• Timing uncertainty for exits. Investors price in delays for IPOs or sales, which reduces near-term enthusiasm for NAV-based assets.
• Capital outflows from small caps. Structural flows away from smaller listed companies can suppress demand further.

Those factors help explain why an investment company can be priced well below the sum of its parts, even when its largest holdings are sizable and verifiable.

Portfolio depth and track record

TMT’s historical performance includes high-multiple exits and several successful growth stories. The team leverages decades of operating and investing experience to access deals, support scale-up, and realise value. For investors who cannot source and monitor multiple early-stage opportunities directly, a diversified vehicle like TMT offers scaled exposure with professional oversight.

Examples mentioned by management include exits that delivered 50 times and 23 times the original investment, and a portfolio valuation that exceeds US$200 million. Those realised outcomes are a reminder that venture-style returns remain achievable, albeit uneven across companies.

Why management is buying back shares now

The buyback is both a practical move and a signal. Management believes the current market price significantly understates intrinsic value. Buying stock at a 60% discount can meaningfully increase NAV per remaining share, and it demonstrates the board’s confidence in the portfolio’s prospects.

"You're paying 40p for a pound."That shorthand captures the essence of the opportunity as the board sees it: purchasing a claim on a dollar of underlying value for substantially less than its stated worth.

How to evaluate this kind of opportunity

When considering an investment in a listed, venture-style vehicle, the following checklist helps frame the decision:

• Valuation basis — Are portfolio values backed by cash exits or observable market prices, or are they largely multiples and estimates?
• Concentration risk — How much of the NAV is tied to a single holding and how comfortably can that position be realised?
• Liquidity profile — How easy would it be to monetise some holdings if capital was required?
• Exit pipeline and timing — Are there credible catalysts, such as planned IPOs or trade sale processes?
• Management track record — Does the team have a history of building companies, achieving exits and allocating capital well?
• Discount to NAV — Is the discount justified by legitimate risks, or does it reflect short-term market sentiment?

Risk and timeframe

Investing through a vehicle like TMT is not a short-term trade. Venture outcomes are irregular and often require patience, typically measured in years rather than months. Catalysts such as IPO announcements can rapidly re-rate a stock, but those events are timing-dependent. The buyback reduces share count and can accelerate per-share NAV accretion, yet it does not remove execution risk across underlying companies.

Final thought

TMT’s share buyback is a clear, pragmatic response to a valuation gap. For investors comfortable with venture-style risk and a longer time horizon, buying into a diversified, transaction-valued portfolio at a substantial discount can be an attractive opportunity. As always, review the underlying holdings, assess the company’s valuation methodology, and consider how the investment fits within your broader portfolio objectives.

Poolbeg Pharma PLC (AIM: POLB, OTC: POLBF) Chief Executive Officer Jeremy Skillington and Principal Scientist Liam Tremble talked with Share Talk's Zak Mir about the company’s conference season.

We recently returned from a busy conference season and wanted to share the main messages, progress and next steps for POLB001 and our oral GLP-1 programme. Between ESMO in Berlin and BioEurope in Barcelona, we gained clinical insights, interest in partnering, and clarity on trial design as we prepare for a phase 2A CRS prevention trial and a proof-of-concept study for oral GLP-1.

Please see the questions for the interview:

• You recently attended the ESMO conference. Can you give us an overview of the conference – Liam
• Did you discuss POLB 001 at ESMO, and what was the general feedback? – Liam
• What were the key takeaways from the conference itself? – Liam
• Which leads me onto you, Jeremy, you just returned from BIO-Europe, how was the conference, and how do your current programmes, such as POLB 001 and your Oral GLP1 position itself, stand out at this partnering conference? - Jeremy
• BIO-Europe is all about connections. What types of partnerships are you seeking this year? You recently announced a collaboration with ACT to conduct your upcoming POLB 001 Phase 2a trial —so why attend the conference? Jeremy
• Is conference season over? Jeremy & Liam

Conference calendar and next events

The autumn run is not over. After BioEurope we planned continued follow ups at London Health Innovation Week and then the very significant ASH meeting in early December in Orlando. ASH is the major haemato‑oncology event where big pharma present emerging data and where clinical teams, investigators and partners congregate. We also have JP Morgan and other investor events on the horizon into the new year.

Zak Mir talks to Paul Mathieson, CEO of Amazing AI, in the wake of the global fintech group, which has a Digital Asset Treasury Policy that provides online consumer loans and AI finance-related services.

AAI announces that, via its 100% owned Mauritius subsidiary Amazing AI Services Ltd, it has made its initial, small and non-material purchase of digital assets within its Digital Asset Treasury as part of a strategic implementation test.

Amazing AI plc (AQSE: AAI) has taken its first step into digital assets, confirming that its subsidiary Amazing AI Services Ltd has established a Digital Asset Treasury with an initial Bitcoin acquisition valued in the low four-figure USD range.

The company said it will use a dollar-cost averaging strategy to build its position and plans to expand its holdings to include Ethereum, XRP, and Solana before the end of December 2025.

Amazing AI is also exploring the addition of a fifth digital asset, potentially gold-backed, as part of a broader diversification strategy.

Management said the company intends to increase its overall exposure to digital assets through selective acquisitions while continuing to prioritise its core artificial intelligence operations.

Paul Mathieson, CEO of Amazing AI plc said, “We are excited to have made our initial purchase in our Digital Asset Treasury. We believe that AAI’s strategy is Digital Asset Treasury 3.0, aiming to provide greater upside whilst insulating Amazing AI from downside exposure across a diversified basket of leading digital assets. By being patient and strategic we have avoided the recent significant price correction in digital assets.”

Zak Mir talks to Stafford Masie, Executive Chairman, and Warren Wheatley, CEO, Africa Bitcoin Corporation, which is set to list on the Aquis Exchange.

I sat down with Stafford Maisy, Executive Chairman, and Warren Wheatley, CEO of Africa Bitcoin Corporation to understand how a South African financial services group plans to combine an established SME lending business with a Bitcoin treasury strategy. What follows is a clear view of their thesis, the mechanics behind the plan, and why they believe Africa is the ideal place for a Bitcoin-first corporate treasury.

What is Africa Bitcoin Corporation?

Africa Bitcoin Corporation is the first publicly listed company in Africa to adopt Bitcoin as a core treasury asset. The business started as a financial services group focused on secured lending to small and medium enterprises across South Africa and has now announced a strategic pivot: use Bitcoin to strengthen the balance sheet, access cheaper global capital, and scale lending and impact across the continent.

Bitcoin was made for us.

That tagline captures their conviction. Stafford and Warren describe Bitcoin not as a speculative novelty but as a practical, life-changing instrument in African markets where currency debasement and weak rails make reliable stores of value precious. They are positioning ABC to be the regulated, listed vehicle that gives African investors, citizens and institutions exposure to Bitcoin in a jurisdictional, compliant manner.

Why a Bitcoin treasury strategy in Africa?

The argument is straightforward and rooted in local economic realities:

• Demand is pent up. In many African countries access to Bitcoin is restricted, exchanges are nascent, and investors lack regulated entry points.
• Currency debasement makes a fixed-supply, globally recognised asset attractive as a store of value.
• Bitcoin is being used as a medium of exchange in sub-Saharan Africa at higher rates than almost anywhere else. Merchant acceptance and day-to-day use are significant.
• The informal economy is large, sophisticated and largely cash based. Creating rails to bring informal participants into regulated Bitcoin exposure is an opportunity to increase financial inclusion.

They point to examples like Namibia, where ABC has already completed a dual listing, as evidence of demand for a regulated way to gain Bitcoin exposure across the continent.

How the strategy works in practice

ABC’s plan is not just to buy Bitcoin and sit on it. The stated objective is to increase Bitcoin per share over time by using Bitcoin as pristine collateral to unlock cheaper capital globally and then deploy that capital into secured, high-impact lending within Africa.

Key mechanics include:

• Bolster the balance sheet by holding Bitcoin as a core asset, increasing the company’s creditworthiness.
• Borrow in deep capital markets such as Japan, Switzerland or the US at single-digit interest rates.
• On-lend to African SMEs at materially higher rates, creating an interest-rate arbitrage that can be accretive to shareholders and increase Bitcoin per share.

Warren explained the arbitrage clearly: borrow at around 6 to 9 percent in developed markets and on-lend in Africa at roughly 20 to 22 percent, resulting in a margin that can be reinvested into the treasury strategy and into the core lending book.

Lending model and impact

ABC’s lending is secured and targeted at businesses rather than microfinance. Typical loan sizes are between £100,000 and £1,000,000, and the company has a three-year track record of deploying such loans.

This is presented as high-impact lending: Stafford noted the social multiplier effect — for every modest amount deployed, jobs are created. The combination of secure lending with a Bitcoin-backed balance sheet is intended to simultaneously deliver financial returns and measurable local impact.

Regulation, listings and rollout across Africa

ABC’s listing strategy begins with the Johannesburg Stock Exchange as its home market and has expanded with a dual listing in Namibia. The company plans further listings in five other sizable African markets to create regulated access points for citizens where Bitcoin cannot easily be bought today.

Key points on compliance and execution:

• Using the Johannesburg Stock Exchange as the regulatory anchor simplifies subsequent listings because many African exchanges accept a fast-track process that recognises the rigor of JSE scrutiny.
• Additional listings are described as access points, not liquidity hubs. Deep liquidity is expected to come from listings on major markets such as London, Frankfurt and the US.
• ABC argues that South Africa offers the best combination of liquidity, governance and integration with global capital markets, giving the company a practical moat for a continental rollout.

Why ABC believes it can be the dominant player

Stafford and Warren set out several competitive advantages:

• They bring on-the-ground experience across African townships and informal economies, not just a financial services pedigree.
• Their lending business is naturally synergistic with a Bitcoin treasury. The balance sheet amplification unlocks cheaper capital which scales the lending model.
• They claim a governance and regulatory network, including relationships with the South African Reserve Bank and the JSE, that many competitors lack.

They also stressed differentiation from other companies that have taken on Bitcoin treasuries without an operational fit. Unlike firms that can only announce a holding, ABC intends to actively use Bitcoin as collateral to build a repeatable, accretive business model.

Our sole objective is continuously and perpetually to increase Bitcoin per share.

Practical concerns and responses

Addressing obvious questions, Stafford explained that cross-border expansion can be managed without an explosion in compliance costs because partner exchanges usually accept the JSE’s due diligence and offer a fast-track listing. The company will still meet KYC and AML checks locally, but the model is designed to be operationally manageable.

On the human side, both leaders emphasised their township roots and the reality of local economies. They challenged western misperceptions about African economies, arguing that informal cash markets are sophisticated and primed for the benefits Bitcoin can bring when offered through regulated, understandable rails.

What to watch next

Key milestones to monitor include:

1. Final listing on the Aquis Exchange and subsequent planned listings across African markets.
2. Announcements about the size and timing of initial Bitcoin purchases for the treasury and the financing structures used to leverage that collateral.
3. Rollout of lending products that blend fiat and Bitcoin exposure, such as hybrid instruments or "bit bonds", which the company mentioned as a way to grow the treasury without causing dilution.
4. Partnerships with deeper capital markets to provide liquidity and enable the interest-rate arbitrage at scale.

Conclusion

Africa Bitcoin Corporation presents a thesis built on a credible underlying business, continental demand, and a conviction that Bitcoin offers more than speculative upside in African markets. By using Bitcoin as pristine collateral to access global liquidity and scale secured lending locally, ABC aims to be both accretive for shareholders and transformational for customers on the ground.

Whether you view Bitcoin as a speculative asset or as money, ABC’s approach is pragmatic: use the asset to create real economic value, deliver credit to businesses that need it, and increase Bitcoin exposure for investors and citizens who currently lack regulated access.

For those tracking the intersection of crypto, emerging markets and impact finance, this is a story to follow closely.

Zak Mir talks to Dr Kerim Sener, Managing Director of Ariana Resources, in the wake of the recent summary of projects with drilling planned at Dokwe and the dual listing on the ASX.

Highlights:

o  Ariana commenced trading on the ASX on 10 September 2025, following the completion of a A$11 million IPO, capitalising the Company at c.A$72.5 million.

o  Flagship >1Moz Dokwe Gold Project in Zimbabwe continues to be advanced through its Definitive Feasibility Study ("DFS"), as additional technical consultancy companies are appointed.

o  Drilling companies have submitted tenders to undertake a significant new diamond and Reverse Circulation ("RC") drilling programme of c.11,000m at Dokwe; with contracts due to be awarded imminently and drilling to commence in early October.

o  The drilling programme is designed to substantially increase the current 1.4Moz Resource and 0.8Moz Reserve (as defined in the Pre-feasibility Study - "PFS") at Dokwe, while also providing additional technical data for the DFS.

o  Gold-silver production continues from the Turkish operations (held 23.5% by Ariana), with production from the Tavşan Mine due to be augmented through its heap-leach imminently.

Dr. Kerim Sener, Managing Director, commented:

"The successful dual-listing of Ariana on the ASX and its associated capital raising of A$11 million, is a landmark moment since first listing on AIM in 2005. In that time, the Company has evolved from a greenfield exploration company to a gold producer.

"The ASX listing provides a powerful platform for us to accelerate our growth strategy, broaden our investor base, and unlock the full potential of our asset portfolio. Central to this is the 100% owned Dokwe Gold Project in Zimbabwe, a highly compelling development opportunity with significant scale, strong economics and exciting upside potential.

"With a gold price currently exceeding US$3,600/oz the Company continues to optimise the path forward for the fast-track development of Dokwe, deploying all our skills and capabilities to build up a planned annual gold production of at least 60,000 ounces of gold per annum over a thirteen-year mine life, based on the PFS. With a proven track record of discovery and delivery, Ariana is well positioned to continue building a long-term, sustainable and globally recognised gold company."

Zak's Traders Cafe sat down with Paul Mathieson, CEO of Amazing AI, to unpack a fresh take on corporate crypto exposure — a strategy Paul describes not just as "Bitcoin treasury 2.0" but as crypto treasury 3.0.

After a turbulent few months for London-listed companies that rushed to add Bitcoin to their balance sheets, Paul and I discussed why the old model is breaking down and how his team plans to approach things differently: more sophisticated, more diversified, and better protected.

Why the Bitcoin Treasury 1.0 model is fading

Earlier this year many companies followed a simple playbook: raise equity, buy Bitcoin, and hold it on the balance sheet. That headline-friendly approach produced big share price moves in May–July, but many of those gains have since evaporated — some names are down as much as 80% from their peaks. Investors and markets reacted; hype cooled. As Paul put it, the straightforward buy-and-hold crypto treasury is "pretty simple" and increasingly seen as outdated.

The problem with buy-and-hold

• Heavy dilution: companies raising repeatedly to buy more crypto.
• Binary exposure: full directional risk to a single asset like Bitcoin.
• Market expectation vs operational reality: investors began pricing in the flaws once the euphoria passed.

Introducing Crypto Treasury 3.0: a different philosophy

Paul argues Amazing AI is moving beyond the one-dimensional treasury model by combining derivatives expertise, diversification across crypto assets, active risk management, and a profitable underlying business to fund the strategy. As Paul told me:

"I don't think it's just crypto treasury 2.0. I think it's actually 3.0. We are going beyond the basic to diversify... and more importantly managing the exposure, not just sitting there." — Paul MathiesonKey pillars of the approach:

• Derivatives-based exposure: using long-dated options and futures to gain leveraged crypto exposure while defining downside risk.
• Diversification: exposure spread across multiple crypto assets rather than a single-asset bet.
• Active management: protective hedges and re-protection on the way up to lock in gains.
• Revenue backing: a core U.S. lending business generating strong cash flows to fund option premiums and operations.
• Opportunistic M&A: potential acquisitions of failed "crypto 1.0" players to consolidate and repurpose assets.

How the derivatives strategy works — plain English

Paul drew on decades of funds management and investment banking experience to adopt option structures that can deliver asymmetric returns. The approach is not simply selling covered calls (income-focused), but more like a strangle strategy combined with targeted protection.

• Strangle-like positions: buying combinations of calls and puts to profit from large moves either up or down. The structure benefits from volatility and large directional moves.
• Defined downside: losses are limited to the premiums paid for options, rather than the full exposure of owning the underlying crypto outright.
• Leverage potential: relatively small cash outlay on options can create very large notional exposure (Paul discussed scenarios of up to 100x notional exposure in upside cases), while premium cost caps the downside.

Paul emphasised that the firm is comfortable paying option premiums because Amazing AI has a core business able to generate predictable revenue. That changes the math: instead of raising equity constantly to buy more crypto, small capital raises can create sizable market exposure via derivatives.

Backtest results and credibility

Paul shared that he backtested his strategy over two decades and, in his words, it "never lost money" and averaged around 500% returns historically, with larger gains on upside moves. He also said the approach underpins the holdings of long-term shareholders in the company today.

While past performance and backtests are not guarantees, the claim signals the firm has applied a rigorous, experience-led framework rather than relying on speculation alone.

Differences from covered-call or simple buy-and-hold strategies

When I asked whether the approach is similar to covered-call income strategies, Paul was clear: it's materially different. Covered calls generate income by selling upside, moderating upside participation in exchange for premiums. Amazing AI’s method is designed to benefit from significant directional moves while protecting capital via paid protection.

• Covered call = sell upside to earn premium, capped upside.
• Strangle/option approach = pay premium for asymmetric exposure and defined loss, large upside potential if volatility or direction materialises.

Operational advantages: less dilution, more optionality

One of the practical benefits Paul highlighted is capital efficiency. Because option premiums are significantly smaller than buying the underlying outright, Amazing AI can achieve large crypto exposures from comparatively modest raises. Paul also noted he remains the major shareholder and is not interested in frequent dilution, aligning management incentives with long-term shareholders.

Additional operational levers include:

• Using revenues from a U.S. lending arm (quoted rate: 59.9% on loans) to fund premium payments and operations.
• Rolling and re-protecting positions as markets move to lock in gains and manage risk.
• Purchasing distressed "crypto 1.0" assets or companies and converting their strategy to the new model.

Risk considerations and why diversification matters

Paul stressed that while he believes in crypto, prudent risk management matters. He mentioned edge-case risks — for example, quantum attacks or specific vulnerabilities in mining — as reasons to diversify beyond Bitcoin alone. The goal is to construct a portfolio where only a subset of holdings needs to perform for the strategy to succeed.

In short: rather than bet everything on a single outcome (Bitcoin to infinity or to zero), the approach seeks multiple asymmetric bets and defined downside exposure.

What to watch next

Over the coming months investors should watch how Amazing AI implements the strategy: the mix of option structures used, the degree of leverage taken, how the company re-protects gains as markets rise, and whether opportunistic acquisitions materialise. Also worth monitoring will be capital raises and how management balances funding the strategy with shareholder dilution.

Conclusion

The landscape for corporate crypto treasuries has shifted. Simple buy-and-hold has shown vulnerabilities in a choppy market. Amazing AI’s approach, as explained by Paul Mathieson, blends derivatives expertise, diversification, active hedging, and an operating business that helps fund premiums — an attempt to deliver asymmetric upside while capping downside.

If you’re interested in corporate crypto strategies or the evolving ways companies are gaining exposure to digital assets, this is a model worth watching: it’s about turning raw crypto exposure into a more manageable, capital-efficient, and actively managed program.

Disclaimer & Declaration of Interest:

The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.

We spoke with Charles Dixon, CEO of Roadside Real Estate, to unpack the company's latest moves: a strategic disposal, operational hires and an explicit push into the energy forecourt/roadside retail sector. The conversation covered why the group is simplifying its balance sheet, how the team is being strengthened, and what investors should watch for next.

Important note: Nothing in this article is investment advice. The conversation covered company strategy and balance sheet items, and Charles and others may hold positions in the shares discussed. Always do your own research before making any investment decisions.

What just happened: disposals to simplify the business

Roadside continues to streamline its portfolio to concentrate on the roadside retail and operational opportunity. Two disposal-related items are central:

• In June the group announced a deal to sell the remainder of the Cambridge Sleep Sciences estate for approximately £48 million.
• More recently the company announced the proposed disposal of 100% of its Commercial Property business to Tarncourt Properties Limited for an agreed price of approximately £12 million, resulting in a net consideration receivable of about £4.7 million.

Charles explained the rationale plainly: these sales further simplify the equity story, increase cash on the balance sheet and free up resources to accelerate acquisitions in the roadside retail operational space.

“...putting more cash on balance sheet, and increasing our resources for acquisitions in the roadside retail operational space.”Sharpening the management team: experience to execute

Execution is a major focus. Roadside has been beefing up its operational bench with senior retail and roadside experience:

• David Philpot has been appointed COO. He joins from running BP/M&S’s European roadside operations — a business of roughly 3,500 sites — and previously worked at Marks & Spencer running their franchise business.
• Steve Carson joined in May as non-exec chair. Steve brings about 30 years of retail experience including senior roles across Sainsbury’s, Argos, Holland & Barrett and SCS.

Charles described David’s arrival as a "big win" given his direct, relevant experience. As I put it during the interview: you could almost picture him wearing a Roadside Real Estate T‑shirt — the fit is that natural.

First acquisition and the operational plan

Roadside has already completed a first acquisition under the refocused strategy. The company purchased a former petrol filling station in Coventry. The plan is to reinstate the site, build a substantially larger retail shop on the forecourt and re-open next year.

Beyond that single deal, Charles was clear about the acquisition playbook: Roadside wants to buy both the property and the operating business. The target sub-sector is the energy forecourt/roadside retail market — a highly fragmented, overlooked category that can deliver attractive returns when consolidated and professionally operated.

Expect pace: Charles indicated the group is evaluating multiple businesses and anticipates acquiring three to four businesses over the next 12 months as Roadside scales its operational footprint.

Funding the roll-up: cash, bank facilities and measured leverage

Funding for the buy-and-operate strategy will be a mix of existing cash and bank facilities. Key points Charles shared:

• Roadside now has strong cash resources — over £50 million available.
• They also have access to banking facilities and expect lenders to be receptive; banks like the roadside sector because security is solid, delinquency is low and cash flows are predictable.
• That said, the company intends to use leverage sensibly. Charles emphasised a cautious approach: “We’re not looking to overlever ourselves.”

Valuation, ownership and what investors should think about

Charles is the company’s largest shareholder, controlling around 30% of Roadside directly and indirectly. He increased his position in May with what he described as one of the larger direct buys in the market this year.

He also offered a straightforward way to look at valuation: strip out cash from the market capitalisation to see the underlying operating valuation. From his perspective, when you take that cash off the market cap, Roadside still looks cheap and there is further upside to come.

• Recent share performance: last year the stock rose over 300%, and year-to-date it was nearly up 100% at the time of our conversation.
• Charles said he expects further share price growth over the coming months as the business executes its strategy.

“I control around 30% of the company directly and indirectly... take off our cash from our market cap and then look at our actual underlying market cap and we're very, very cheap still.”Why the roadside/forecourt sector appeals

The sector ticks several boxes that make it attractive for consolidation and operational improvement:

• Highly fragmented: many small operators create opportunities for roll-up scale benefits.
• Operational upside: better retailing on forecourts and improved shop formats can meaningfully increase returns.
• Bank-friendly cashflows: predictable, secure income streams that lenders understand and are willing to finance.

What to watch next

Key near-term items for investors and observers:

1. Announcements of additional acquisitions — Charles expects three to four deals in the next 12 months.
2. Progress on the Coventry site reinstatement and re-opening next year.
3. How the company deploys the proceeds from the Cambridge Sleep Sciences and Commercial Property disposals.
4. Any updates on financing and the level of leverage used for acquisitions.

Conclusion

Roadside Real Estate has moved decisively from being a mixed-asset property group toward a focused, buy-and-operate roadside retail business. The disposals clear the path, the balance sheet is stronger, and the hires bring the operating expertise needed to scale. If the team can execute on the planned roll-up of forecourt operators, the impact on returns and the equity story could be material.

If you want the full discussion, watch my interview with Charles Dixon for the direct comments and context. I’ll be keeping an eye on the next acquisitions and operational milestones — this is a story that should move quickly from here.

Disclaimer & Declaration of Interest:

The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.

Zak Mir caught up with Dr. Marko Sjoblom, Chief Executive Officer of Fiinu Plc, as the fintech company unveiled a major milestone in its growth journey.

Fiinu has announced an exclusive strategic partnership with Conister Bank Limited, a subsidiary of Manx Financial Group, to bring its innovative Plugin Overdraft® product to the UK market.

The partnership marks a significant step forward for Fiinu as it works to deliver a new kind of overdraft solution, designed to provide greater flexibility and accessibility to UK consumers.

Why this matters: unbundling a 300-year-old product

At first glance an overdraft might seem mundane — it’s a feature that’s been around for centuries. What Fiinu is attempting, however, is anything but ordinary. Dr. Sjoblom described the Plugin Overdraft® as “very revolutionary,” and with good reason: it unbundles a credit product traditionally tied to a bank account and makes it available independently to consumers through partner banks.

Having worked on overdraft-style products in the UK for 15 years, Marko emphasized that once people understand what the Plugin Overdraft® does, the reaction is strong. The product is designed to be flexible, widely accessible and to be offered through partner banks rather than requiring Fiinu itself to operate as a full retail bank in the traditional sense.

The Conister partnership — why it was chosen

Fiinu announced an exclusive strategic partnership with Conister Bank to roll out the Plugin Overdraft® in the UK. Marko highlighted several reasons Conister is an ideal launching partner:

• They are nimble and able to move quickly.
• They have a long track record (90 years) and a credible retail presence.
• They already support products and customer bases that Fiinu can initially target — for example, Conister’s group-level payment products with over one million retail customers.
• The arrangement lets Fiinu present the product as “Conister Bank’s plug-in overdraft powered by Fiinu,” combining Conister’s regulated interface with Fiinu’s technology stack.

Fiinu claims technical access to a very large potential market: they can already reach tens of millions of UK bank accounts and — via other banking partners — access up to 95% of Eurozone bank accounts. The immediate rollout will focus on Conister’s customers before scaling more broadly.

Timing and next steps

On timing, the plan remains to launch the product in Q4, and Fiinu is “still on track for that.” Marko described the team as finalizing the last pieces ahead of rollout. He also expects a steady stream of news as partnerships and deployments progress.

From regulatory setback to a new start

Fiinu’s recent history includes a painful regulatory episode. After an extended engagement with the UK regulators, the company had to surrender its bank licence in 2023 — a tough moment that prompted a strategy reset through 2024. Marko walked me through the regulatory journey in more detail:

• Securing a restricted licence in 2022 required a multiyear process (around 5½ years).
• Following that, Fiinu entered a mobilization period (the standard 12‑month window) with 19 conditions to satisfy before exiting mobilization.
• Fiinu met 18 of the 19 conditions; the single outstanding item related to capital requirements, and they ultimately failed on that point.
• Despite the licence surrender, independent audits showed Fiinu’s technology platform was robust and ready for production — a backbone for the current Conister deal.
• Regulation remains strict for a reason: licences allow firms to accept deposits and lend, with potential taxpayer exposure if things go wrong. Marko is supportive of the regulator’s role even as he acknowledges the process is demanding (filings for the bank licence ran to some 4,000 pages, with the mobilization creating another ~2,500 pages).

Market reaction and Fiinu’s outlook

Market sentiment toward Fiinu has swung dramatically. Marko noted the share price has risen roughly 3,200% year‑to‑date — a swing he attributes in part to the market having “written the company off” earlier. He framed the current position as the company rising “like the phoenix from the ashes.”

He also shared a personal benchmark: a three‑year price target of 110 (his internal bonus plan target), while current levels are around 15. That comment signals considerable upside expectations from management, assuming execution and market conditions remain favourable.

What makes the Plugin Overdraft® commercially attractive?

A few elements combine to make the Plugin Overdraft® potentially lucrative:

1. It addresses an underserved market left behind by high street banks that have retreated from certain forms of credit.
2. It is integrated with partner banks’ distribution channels, allowing rapid scaling without Fiinu having to be the primary retail bank in every market.
3. Fiinu’s technology is positioned as a white‑label or “powered by” solution that partners can adopt quickly.

Marko’s assertion is simple: once customers and partners understand the product’s mechanics, adoption should follow — and that’s where the revenue opportunity lies.

Regulation, fintech challengers and lessons learned

We touched on comparisons with other challenger banks and fintechs that have struggled with regulators. Marko’s view is measured: yes, the entry bar is high, but that’s appropriate given the public interest in deposit safety. While the process is cumbersome and demanding, the outcome — a strong regulatory regime and careful licensing — protects consumers and the wider financial system.

""The barrier of entry is very high in the banking perimeter, but it's for a reason because ultimately they give you a license to take deposits and lend that money out.""

Conclusion — why to watch Fiinu now

Fiinu has navigated a difficult regulatory reset and come out with a clear path to market: a technically validated platform and a strategic distribution partner in Conister Bank. The Plugin Overdraft® is positioned as a unique product that unbundles an entrenched banking service, and the plan to launch in Q4 will be the first public test of that thesis.

For investors, partners and fintech watchers, the key things to monitor over the coming months are:

• Execution of the Conister rollout and early consumer uptake.
• Further partnerships and geography expansion, especially into Europe.
• Regulatory developments or new licensing milestones that might expand Fiinu’s direct capabilities.
• Market reaction as actual product metrics (customers, usage, revenues) start to appear.

If you follow fintech and embedded finance, Fiinu’s next few quarters will be telling: they’re moving from development and compliance to distribution and revenue. That shift — if executed well — could validate the Plugin Overdraft® as a genuinely disruptive product in personal credit.

Zak Mir talks to Tim McCarthy, CEO of Immupharma, the speciality biopharmaceutical company that discovers and develops peptide-based therapeutics, announcing the filing of a groundbreaking new patent application for its lead asset, P140, the world’s first “Immunormalizer.”

The three discoveries that reset the strategy

• Under-dosing: The team concluded the dose used in the Phase III trial was far too low — roughly 10 to 15 times lower than the dose they now believe is required to achieve the intended biological effect.
• Steroid confounding: Standard-of-care steroids given to patients in the trial suppress the immune system and masked P140’s effect. Future trials will include steroid tapering protocols so the drug’s impact isn’t obscured.
• Patient stratification — “super responders”: For the first time the team identified a patient profile that responds exceptionally well to P140. That diagnostic signature is central to the patent and allows the drug to be matched to the right patients.

What P140 actually does — the Immunormalizer concept

Tim described P140 as an agent that restores immune homeostasis rather than suppressing the immune system. That’s an important distinction:

• Most current therapies try to blunt or suppress immune activity (e.g., steroids or many immunomodulators), which can cause side effects and still leave patients vulnerable.
• P140 appears to "normalize" the immune response — increasing or decreasing components such as B cells toward a healthy balance depending on what the patient needs.
• In practice that means if a patient has excessive B-cell activity, P140 reduces it; if a patient has deficient activity, P140 can boost it — a balancing action not commonly seen in current treatments.

"“We’ve coined the phrase ‘Immunormalizer’ — it brings the immune system back to normal homeostasis rather than simply suppressing it.”"

Safety profile that matters

Across preclinical studies, Phase I/II and the Phase III programme, P140 demonstrated an unusually clean safety record: no serious adverse events and very few side effects. Tim highlighted this as a major reason the team pursued the diagnostic-plus-therapeutic patent: a safe mechanism that can be targeted precisely.

The diagnostic: identifying “Type M” immune disorder patients and super responders

One of the most exciting elements of the patent is the combination of a diagnostic test with the therapeutic. The diagnostic identifies patients with what ImmuPharma calls a “Type M” immune disorder — those who are likely to be super responders to P140.

• This stratification means future clinical trials will enroll patients who have the biomarker profile most likely to benefit, improving the chance of clear, positive outcomes.
• The diagnostic is precise enough that it could identify at-risk patients even before symptoms appear, enabling earlier intervention.
• Tim suggested it could potentially be incorporated into routine health checks, allowing doctors to pick up vulnerability to autoimmune disease much earlier than current practice permits.

"“We can identify those patients that are responding to P140 and identify them as the Type M patients before they’re even getting the disease.”"

Clinical path forward: higher doses, steroid tapering, targeted enrolment

Building on the three discoveries, the next clinical plan is straightforward:

1. Use higher dosing (10–15× what was used previously) to reach therapeutic exposure.
2. Incorporate steroid tapering in trial protocols to avoid immune suppression masking the drug’s effect.
3. Enroll biomarker-positive “Type M” patients (super responders) to maximise the chance of demonstrating efficacy.

These changes address the confounders that affected the earlier trial and are supported by additional preclinical work that underpinned the patent filing.

From lupus to a broad autoimmune opportunity

Although P140’s clinical history has focused on lupus, Tim explained the mechanism is broadly applicable across autoimmune diseases — there are around 50 recognised autoimmune conditions. The key is that within each disease there are subsets of patients who match the Type M profile and may respond to P140.

That opens a large commercial and clinical opportunity: diagnose earlier, treat the right patients, and potentially prevent disease development. Tim compared the potential impact to other recent transformative therapies in adjacent areas — stressing that the market opportunity and patient benefit could be enormous.

Commercial strategy: partners, patents and deals

ImmuPharma’s plan is to partner with larger pharma companies for development and global reach. Tim said discussions with multiple big pharma partners were already underway prior to the patent filing and that the patent has catalysed deeper interest.

• Filing the patent helps validate the science for prospective partners and allows confidential due diligence to proceed.
• Tim expects deals (or multiple deals) to be closed before the end of the year, saying that talks are advanced and partners recognise the uniqueness of this technology.
• Big pharma has been actively seeking assets in autoimmunity; an asset that combines a precise diagnostic with a safe, disease-normalizing therapeutic is particularly attractive.

Where ImmuPharma stands financially

Tim confirmed that cash is not an immediate concern. A recent exercise of warrants brought additional funds into the company, and he expects partner deals to provide substantial commercial funding moving forward. He said the company is comfortably funded into the second half of next year and is focused on closing partnership deals to accelerate development.

How the team feels — the CEO’s perspective

After years of internal restructuring, new leadership, and focused scientific work, Tim was candid about the excitement in the team. On a 1–10 scale he jokingly put himself at an 11, reflecting the belief he and the team have in the uniqueness and transformative potential of P140.

"“I’ve been in this business a long time, and I’ve never been in this position… this is absolutely unique.”"

Key takeaways

• P140 is now positioned as an “Immunormalizer” that restores immune balance rather than suppressing it.
• The newly filed patent covers both a precise diagnostic and the therapeutic use, enabling targeted treatment of “Type M” patients (super responders).
• Past Phase III results are being reinterpreted: dose was too low, steroids confounded outcomes, and patients were not stratified.
• Next clinical steps include higher dosing, steroid tapering, and biomarker-based patient selection.
• ImmuPharma expects partnership discussions to convert into deals before year-end; cash position is secure for now.
• If validated clinically, P140 could be transformative across many autoimmune diseases and could even be used proactively to prevent disease in at-risk individuals.

Final thoughts

The combination of a novel mechanism, a strong safety profile, and a companion diagnostic makes ImmuPharma’s P140 a story worth following. If the team’s scientific conclusions hold up in controlled trials with the new dosing and patient selection strategy, P140 could represent a step-change in how autoimmune diseases are diagnosed and treated.

If you care about developments in autoimmune therapy, keep an eye on partnership announcements and upcoming clinical designs from ImmuPharma — this is one of those rare biotech stories that blends scientific curiosity, hard data re-evaluation, and the potential for genuine patient impact.

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of this week's announcements of the completion of the acquisition of the La Norteña Licence area and the agreed terms to conditionally acquire a 74.75% interest in the Paguanta Project, a copper-gold project.

Ajax Resources PLC (AQSE: AJAX) has entered into a conditional agreement to acquire a 74.75% interest in the Paguanta Project (“Paguanta”), a copper-gold project located in the Tarapacá Region of northern Chile, from Asara Resources Ltd, an ASX-listed company.

Paguanta is an advanced exploration-stage polymetallic project historically recognised for its silver production. It hosts substantial mineral resources in silver, zinc and lead, with further identified potential for copper and gold. The project area comprises 14 exploitation concessions and 14 pending exploration concession applications, together covering approximately 7,800 hectares.

Under the terms of the Acquisition:

·    The parties have until 25 November 2025 to negotiate final contractual terms of the contract and complete ("Completion").

·    Ajax will undertake its due diligence prior to Completion.

·    Ajax may terminate the Agreement prior to Completion at no cost if the results of the due diligence are unsatisfactory.

·    The Acquisition will consist of the purchase of 100% of the share capital of Paguanta Resources (Chile) SpA, which in turn owns 74.75% of the share capital of Compania Minera Paguanta SA, which owns the Paguanta Project.  Both companies are incorporated in Chile.

·    On Acquisition, both companies will be free of outstanding debt, other than debts novated to Ajax by the Vendor.

The consideration for the Acquisition, should it proceed, will be:

·    Within 15 days of Completion:

o  US$50,000 in cash; and

o  US$100,000 in Ajax ordinary shares of 1 pence each ("Ordinary Shares"), calculated at the 7-day Volume Weighted Average Price (VWAP) prior to issue.

·    A further US$500,000 to be payable upon the definition of a proved reserve exceeding 25 million tonnes at ≥5% zinc equivalent.

·    A further US $500,000 to be payable upon the definition of a proved reserve exceeding 5 million tonnes of copper.

·    The vendor will retain a 1% net smelter royalty, commencing on the first anniversary of production operations at Paguanta, capped at a maximum amount of US$850,000 and subject to the average zinc price during the preceding two quarters exceeding US$2,600 per metric tonne.

The principal zone of value within Paguanta is the Patricia Prospect, which has been the subject of the most extensive exploration to date. Patricia contains a JORC-compliant Mineral Resource of 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. Importantly, these resources remain open at depth and along strike, providing significant potential for further expansion.

At present, the Vendor maintains Paguanta on a care and maintenance basis, while its operational focus remains directed toward its West African portfolio.

Zak Mir talks to Segun Lawson, President & CEO of Thor Explorations, in the wake of the recent announcement that the West African-focused minerals exploration and mining Company, which is currently producing gold from its wholly owned Segilola Gold Mine in Nigeria and is advancing its exploration properties in Senegal and Côte d’Ivoire. They include the Douta Gold Project in Senegal which is being advanced towards development.

We delved into the company’s current priorities, the recent high-grade mineralisation intersected at Segilola (its flagship mine in Nigeria), and the broader growth story across West Africa — including projects in Senegal and Côte d’Ivoire. Below, I summarise the key takeaways, numbers and strategy Segun shared, and what it means for Thor’s investors.

Why Segilola remains the priority

Segilola is Thor’s cash cow. Segun made it clear that the company’s main focus this year is extending the mine life at Segilola because each additional year of production at current metrics is highly value‑creative.

• Segilola is already one of the lower cost gold mines globally for Thor; the company has fully repaid senior debt and is building cash monthly.
• Current production averages around 85,000 ounces per year.
• All‑in sustaining costs (AISC) are running at just under $1,000 per ounce.

Segun put the economics in stark terms: at a gold price around $3,000/oz and the production/AISC profile above, every additional year of mine life translates into substantial free cash flow, which he described as “north of $100 million of free cash for every additional year” added to the bottom line.

Actions underway to grow resource and life of mine

Thor isn’t relying on hope — they’ve been actively investing to find more ounces and accelerate drilling:

• Increased exploration budget for Nigeria.
• Purchased new drilling rigs to speed up the pace of drilling.
• Completed structural studies over the last few years to better target mineralized zones.

Segun emphasized that with the mine’s strong margins, “every additional ounce of gold we find now is hugely value creative.”

Where Thor stands financially and why it may not be “too late”

Thor’s share price has performed strongly — up roughly 2x year‑to‑date at the time of our discussion — and Segun addressed an obvious investor question: is it too late to get in?

"“I don't think so. Our values are underpinned by our production and existing mine life. If we were, in the unlikely event, not to find another ounce of gold, we would still generate very strong cash. We are paying a dividend at the moment over the next two years and we are delivering value to shareholders just based on our existing project.”"

In short: Thor already generates strong cash flow from Segilola, has a clean balance sheet after repaying senior debt, and is returning capital to shareholders. That base case gives investors downside protection while the company pursues upside through exploration and development.

Development and exploration pipeline: Senegal and Côte d’Ivoire

Segun highlighted two key growth pillars beyond Nigeria:

Senegal (Douta and related assets)

• The Douta project is advancing through a Preliminary Feasibility Study (PFS) expected to be completed soon; this will be the first time a formal set of economics are published for the asset.
• Segun described Douta as materially larger in terms of ounces than what Thor currently produces in Nigeria and expects a mine life north of 10 years, although at a lower grade and hence likely a lower margin compared to Segilola.
• The PFS is viewed as a significant rerating opportunity for the company once economics are released.

Côte d’Ivoire (early stage and near‑term drilling)

• Thor entered Côte d’Ivoire in 2024 and has started reporting drilling results.
• Segun noted encouraging results at the company’s Guichi (100% owned) project and mentioned an earlier‑stage target, Maravei, where they plan to start drilling later in Q3 and continue through year‑end.
• This jurisdiction provides “blue sky” exploration upside and a portfolio of targets at different stages of maturity.

Why these jurisdictions — and why Thor’s approach works

Thor operates in Nigeria, Senegal and Côte d’Ivoire — three very different operating landscapes, but Segun argued each has strong merits:

• Nigeria: Thor built the first (and so far only) large‑scale gold mine in the country. Rather than viewing Nigeria as an exotic, risky jurisdiction, Segun points out that it’s a sophisticated economy with large amounts of foreign direct investment across sectors, a skilled workforce, and a mining code that allows 100% project ownership, tax holidays and repatriation of foreign exchange.
• Senegal: A proven mining jurisdiction with existing producing mines and projects under development. Strong local geological expertise and government institutions make it straightforward to operate there.
• Côte d’Ivoire: One of West Africa’s success stories in moving projects from exploration to production; the country hosts many recent and active mine developments.

Segun believes Thor’s early mover status in Nigeria gave the company a blueprint and operational learnings that are transferable as they expand elsewhere.

Investor takeaways

1. Base case strength: Segilola is producing cash at attractive margins and the company is debt‑free at the senior level while paying dividends — that reduces investment risk.
2. High leverage to exploration success: Extending Segilola’s mine life materially increases free cash flow and shareholder value; Thor has increased exploration spend and drilling capacity to deliver that growth.
3. Portfolio growth: The Douta PFS in Senegal is a near‑term milestone that could unlock meaningful rerating potential, and Côte d’Ivoire provides additional exploration upside.
4. Jurisdiction risk: While some investors may perceive Nigeria as risky, Segun argues the country offers significant upside and has the regulatory framework and skills to support mining operations.

Conclusion

Thor Explorations today is a company with a strong, cash‑generating operation at Segilola and an active program to extend that mine life — a move that, at current gold prices and production metrics, translates into substantial free cash per added year. At the same time, Thor is advancing a development project in Senegal and building an early‑stage portfolio in Côte d’Ivoire. That combination of cash flow, dividends, near‑term development catalysts and exploration upside is what Segun argues makes Thor compelling today.

If you’re tracking junior producers and developers in West Africa, Thor is a name worth watching: they already produce, they’re paying shareholders, and they’re investing to create more ounces and more years of production.

Disclaimer & Declaration of Interest:

The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.

Zak's Traders Cafe spoke with Howard White, interim chairman of Hydrogen Utopia International, about a significant strategic pivot: moving from a focus on hydrogen for transportation to supplying ultra-low-cost, "super green" hydrogen to heavy industry in the GCC. 

What follows is a clear-eyed look at the technology, the economics, the environmental opportunity, and the commercial plan Daniel and I discussed with Howard.

Why the pivot from vehicles to industry?

Hydrogen for cars, trucks and buses has been promised for years but growth is still modest. As Howard pointed out, there are fewer than 100,000 hydrogen vehicles worldwide today, with roughly 70% of them in the Far East. At small scale, hydrogen is expensive—which makes it a weak competitor to petrol, diesel and even electricity for most road transport applications.

That reality prompted Hydrogen Utopia to take a fresh look at where hydrogen demand is both large and price-sensitive: heavy industry. Cement and steel plants are enormous energy consumers and major CO2 emitters. A typical, reasonably sized cement plant could take on the order of 100,000 tonnes of hydrogen per year. If hydrogen can be provided at a price close to natural gas, industry can decarbonize at scale.

The Inentech advantage: TRL9, modular and proven

Hydrogen Utopia has secured exclusive access to Inentech technology—a process with a Technology Readiness Level (TRL) of 9 , meaning it is fully commercialized and proven. Importantly, the company is modularizing the technology to match the operational scale of industrial customers. Rather than building massive single plants, the approach is to deploy multiple modular facilities collocated with cement or steel plants.

""We have been running [this technology] for 20 years and fully operational for 13 years.""

That operational history is critical: it reduces deployment risk and allows Hydrogen Utopia to offer long-term offtake agreements and predictable pricing for industrial customers.

Target pricing: super green hydrogen at about 1.5 cents/kg

Perhaps the most striking claim Howard made is the target delivered hydrogen price: about 1.5 cents per kilogram (in certain GCC countries, supported by grants and interest-free loans). At that level, hydrogen becomes highly competitive with natural gas for many industrial uses.

Key enablers of this ultra-low cost are:

• Using non-recyclable mixed waste (including plastics, tyres and oil sludge) as feedstock.
• Modular, proven Inentech deployments co-located with customers—eliminating hydrogen transport costs.
• Financial support in the GCC for "super green" hydrogen projects (grants, favourable financing), which conventional renewables-to-electrolyser projects may not receive.

Waste-to-hydrogen: scale and environmental benefits

The process not only produces hydrogen, it also destroys problematic plastic additives and toxic contaminants that traditional recycling and incineration do not address. Howard highlighted several environmental advantages:

• Destruction of tens of thousands of pollutants added to plastics (PFAS and other additives).
• Ability to process large volumes—one facility could consume roughly 250,000 tonnes of mixed waste plastics per year . Four such facilities would process 1 million tonnes annually.
• Co-processing of tyres and oil sludge, addressing difficult waste streams (Howard referenced the large tyre stockpiles in Kuwait as an example).

""Plastic is fantastic and it is a material that they should be allowed to produce as much as they want as long as they do something about the destruction of it.""

Revenue model: hydrogen, CO2, fees and credits

Hydrogen Utopia expects multiple revenue streams from each deployment:

• Hydrogen sales —long-term offtake agreements with cement and steel plants (30-year contracts are the target).
• CO2 sales for Enhanced Oil Recovery (EOR) —in the GCC, CO2 has market value for boosting production from mature fields.
• Management fees —Hydrogen Utopia plans to run each project as a special purpose vehicle (SPV) and earn fees/ownership percentages.
• Carbon credits —deployments will generate significant CO2 savings and may qualify for credits.

Howard expects each SPV to be comfortably profitable (internal rates of return in the high teens), even at the low hydrogen price point. The company will take a conservative, staged approach: secure non-binding offtake LOIs first, then raise project financing supported by LOIs and regional funders.

Market focus: GCC first, regulatory tailwinds

The GCC (Saudi Arabia, UAE, Kuwait and other Gulf states) is Hydrogen Utopia’s primary target market. Reasons include:

• Large industrial clusters (cement, steel, petrochemicals) with substantial hydrogen demand.
• Regional policymakers offering grants and concessional financing for waste-to-hydrogen "super green" projects.
• Existing demand for CO2 in EOR operations.

Howard is optimistic that with the right legislation—such as mandatory separation of plastics—the feedstock supply challenge could be addressed quickly. He expects government and oil-company interest (including state majors like Saudi Aramco and regional sovereign projects) as a pragmatic alternative to international attempts at capping plastics production.

Commercial approach and risk management

Hydrogen Utopia plans to:

• Deploy projects as SPVs collocated with customers to avoid hydrogen transport and simplify integration.
• Secure long-term offtakes (30 years) with gradual pricing: slightly higher in the first five years, stable and low thereafter.
• Leverage grants and interest-free lending available for waste-to-hydrogen solutions in the region.
• Start modestly and scale pragmatically—no "ask us for half a billion dollars up front" approach.

What success looks like

In Howard’s view, a small number of well-placed facilities in the GCC could make a substantial dent in both hydrogen cost curves and global plastic pollution. A handful of 250,000-ton-per-year waste-processing facilities would divert massive volumes of waste from landfills and oceans while producing competitively priced hydrogen for decarbonizing heavy industry.

He also stressed the broader strategic appeal: for oil majors and national oil companies, investing in waste-to-hydrogen can soften the political and reputational pressure arising from plastic production, while providing new revenue streams.

Outlook and next steps

Hydrogen Utopia is now focused on signing LOIs and offtake agreements with cement and steel producers in the GCC, structuring SPVs for projects, and engaging regional funders who are keen to support super green hydrogen. The combination of a proven TRL9 technology, modular deployment, strong regional incentives, and multiple revenue streams makes this a high-conviction pivot for the company.

Conclusion

The story here is pragmatic: use a proven industrial technology to turn problem waste into a valuable decarbonization feedstock at scale. By targeting large, price-sensitive industrial consumers in the GCC and pairing modular Inentech plants with favourable financing and policy support, Hydrogen Utopia aims to deliver hydrogen at a price that changes the equation for heavy industry decarbonization.

If successful, the model could both undercut the cost barriers facing hydrogen adoption in industry and create a sizable new pathway for responsibly destroying mixed, non-recyclable plastics and other hazardous waste.

In a recent conversation with Zak Mir from Zak’s Traders Café, Panther Metals CEO Darren Hazelwood outlined a strategy unlike any other in the London junior market.

The company is not only pursuing brownfield exploration and development in Canada but is also in the process of building out a Bitcoin-backed treasury to avoid dilution, unlock alternative financing, and position itself at the convergence of digital capital and physical assets.

Panther’s evolution over the past two months reflects a rare attempt to bring the benefits of crypto-native capital models into the resource sector. Hazelwood’s goal is clear: to monetise assets, fund development, and protect shareholder value without relying on traditional equity issuance. Whether through tailings cash flow or Bitcoin leverage, Panther is moving with speed and conviction.

A Different Kind of Treasury

On June 23rd, 2025, Panther announced its intention to build a Bitcoin-backed treasury strategy, initially planning to raise up to £4 million via warrant exercises and a traditional equity raise. This treasury would be used both as a long-term balance sheet asset and as collateral to secure strategic acquisitions such as the Pick Lake deposit.

A follow-up RNS on July 30th, 2025 clarified a pivot in this approach. Panther confirmed it would no longer pursue a conventional public raise. Instead, it is developing a Bitcoin-to-equity subscription mechanism. Under this model, investors will be able to subscribe for new shares using Bitcoin. The BTC will be converted into GBP immediately prior to settlement, with Panther then repurchasing Bitcoin on-market to maintain treasury exposure.

While this still results in dilution, as new shares are issued, it avoids the significant costs typically associated with small-cap placings: no discounting, no broker fees, and no warrants. The strategy aims to maximise capital efficiency and align long-term value creation with Panther’s digital-physical asset blend.

“It’s a company that’s moving towards cash-generative activities that will enable us to build our BTC treasury as we go along that curve,” Hazelwood said in the podcast. “We become a natural hedge between the fiat world and the crypto space… all of our commodities are priced and traded in fiat currency. So we sit between the two.”

Panther is operationalising this structure with CoinCorner Ltd, a Bitcoin services provider based in the Isle of Man, and Evoke Solutions, a UK-based advisory firm, to ensure secure custody, regulatory compliance, and governance standards.

From Ontario to Dubai

The treasury strategy is not confined to Panther’s London listing. Hazelwood revealed that the company is actively exploring a regulatory base in Dubai, where cryptocurrency ownership per capita is among the highest globally. Calling it “the new Istanbul… a gateway between East and West,” he highlighted the city’s appeal for traders, its favourable tax framework, and its increasing status as a bridge between fiat and decentralised capital. The move was flagged again in Panther’s July 30th treasury update, where the company also reiterated its focus on maintaining regulatory clarity while expanding its investor base.

Back to the Rock

While Panther’s Bitcoin pivot has drawn significant attention, the company’s exploration assets are also showing near-term value. On 31st July, Panther published results from its initial sampling of the Winston tailings in Ontario. The announcement reported high-grade material including 0.814 grams per tonne gold, 21.9 grams per tonne silver, 2.20 percent zinc, 0.20 percent copper, 496 ppm cobalt, and 122 ppm gallium.

These findings validate historical assumptions from the 1980s and 1990s, when the original operators focused exclusively on zinc. “Now that gold, if it was in the deposit… it had to have gone in the tailings,” Hazelwood told Zak Mir. “We knew we were only going to scrape the very surface… the grades were phenomenal.”

Crucially, the Winston site is a brownfield location with existing infrastructure, including power, roads, fencing, and water handling. The 2021 feasibility study for the adjacent Pick Lake deposit, which hosts the bulk of the Winston Project’s resource, valued the site at a pre-tax NPV of C$176 million using conservative pricing assumptions. This setup allows for a near-term cashflow opportunity, with the potential to fund construction of a full processing plant, without diluting shareholders.

Managing the Capital Stack

Hazelwood believes that combining tailings cashflow with a Bitcoin-backed balance sheet could allow Panther to secure longer-duration debt on improved terms. “There is definitely the potential that this could build the mine, pay for our exploration, and everything else around the site,” he said. The company expects to release further test work results and an engineering review in the coming weeks to advance this thesis. Panther previously confirmed the sampling programme in early July.

Insider Commitment

Confidence in the strategy is not limited to public statements. On 30th June, Panther disclosed that CEO Darren Hazelwood and Chairman Nicholas O’Reilly had subscribed for a combined £132,000 of new shares at 69 pence, increasing their holdings to 7.06 percent and 1.91 percent respectively. Both purchases were made at or above prevailing market prices at time of purchase ,underscoring belief in Panther’s direction and underlying asset value.

Despite this progress, the company’s market capitalisation remains around £5 million. Hazelwood noted in the interview that such a low valuation leaves Panther exposed. “This is a very, very clear story now,” he said. “It’s easy to understand. I guess my biggest fear would be a potential takeover of us where we currently sit.”

A Model in Motion

Panther’s attempt to straddle the worlds of resource development and decentralised finance is ambitious. The Bitcoin-for-equity mechanism still needs to pass regulatory review, and Winston tailings economics must be validated through formal metallurgical analysis. But with clear execution on its early-stage promises, a strong management stake, and a capital model designed to reduce dilution, Panther may be pioneering a new playbook for junior resource companies.

As Hazelwood put it, “It’s all happening at Panther.” Investors may want to pay attention, before the story gets priced in.

Zak Mir talks to Eric Benz, CEO and David Craven, an investor at Vaultz Capital. They discuss V3TC's strategic vision for market leadership, and building a world-class team, as well as capital backing from Aura, and building Bitcoin as a core treasury asset.

•  V3TC’s strategic vision for market leadership
• Capital backing from Aura & new investors ₿ Bitcoin as a core treasury asset
• Building a world-class team

Rebranding and Expanding Market Presence

Vaultz plans a forthcoming rebrand to broaden its appeal and communicate its mission more effectively. The goal is to become a household name synonymous with Bitcoin adoption and treasury strategy — a brand that resonates across generations, from retail investors to institutional players.

David Craven explained that this rebranding will help lower barriers to entry, creating simplicity and safety for all types of investors. Vaultz aims to be the go-to platform for anyone interested in Bitcoin treasury management, whether or not they personally hold Bitcoin.

Global Ambitions and Capital Support

While the UK market is the initial focus, Vaultz has its sights set on global expansion. Partnerships with key US investors and other international stakeholders are already in discussion, positioning Vaultz to become a global leader.

Capital raising is central to this growth plan. Vaultz recently closed a funding round and intends to continue raising capital to support Bitcoin accumulation and operational expansion. Their strategy involves engaging retail, institutional, and high-net-worth investors to build a robust equity base.

Why Vaultz Capital Stands Out

The combination of a clear strategic focus, a strong leadership team, and solid capital backing makes Vaultz a compelling player in the Bitcoin treasury space. David Craven summed up the opportunity by reflecting on the extraordinary growth of Bitcoin since its early days:

""In 2010, 10,000 Bitcoin would have bought you two pizzas. Today, 10,000 Bitcoin is worth around 850 million pounds. It is astonishing the performance of the asset class.""

This staggering growth underpins Vaultz’s mission to accumulate Bitcoin as a store of value, continuously raise capital, and execute relentlessly to achieve market leadership.

Looking Ahead: What to Expect from Vaultz Capital

Vaultz Capital is on a fast track to establish itself firmly in the Bitcoin treasury landscape. Key upcoming developments include:

1. Rebranding to enhance market presence and brand recognition.
2. Additional capital raises to fuel further Bitcoin accumulation.
3. Expansion into new markets to increase liquidity and investor participation.
4. Strengthening the team and advisory board to support growth and innovation.

With a seasoned leadership team, strategic clarity, and a commitment to responsible growth, Vaultz is set to become a major force in the digital asset ecosystem, driving Bitcoin adoption and reshaping treasury management for the future.

Stay tuned as Vaultz Capital continues to build momentum and redefine what it means to be a Bitcoin treasury leader.

Zak Mir talks to Nick Thurlow, Executive Chairman, Hamak Gold, following the announcement of the acquisition of 20 Bitcoin as part of its broader capital allocation and treasury management strategy. This move marks the Company’s first foray into digital asset investment and reflects a proactive approach to value creation and balance sheet optimisation.

Hamak Gold’s Transformation: A New Chapter Begins

Since early July, Hamak Gold has undergone a notable transformation. Nick Thurlow, along with a group of experienced professionals, took over the company and raised £2.4 million to build on the existing business while integrating a digital asset treasury component. This strategic pivot aims to capitalise on the growing interest and institutional demand for crypto assets, particularly within the UK market, which Nick describes as “massively underweight” in this area.

Nick highlights that the goal is to position Hamak Gold as a bridge for investors—especially institutions—to gain exposure to digital assets through a regulated and well-structured vehicle on the London Stock Exchange (LSE). This approach seeks to address the gap in the market where many investors remain cautious or underserved in the crypto space.

Hamak Gold’s Twin Bet: West African Discovery Meets Bitcoin Treasury Pivot

What Sets Hamak Gold Apart in the Digital Asset Space?

While many companies have recently jumped onto the digital asset bandwagon, Hamak Gold distinguishes itself through a combination of experienced management, a robust strategy, and a long-term value creation mindset. Nick emphasizes the importance of building a strong foundation with the right partners, including lawyers, auditors, bankers, and regulated advisors, to navigate the complexities of institutional investment.

Nick’s background in tier-one banks, asset management, and family office investing underpins Hammock’s strategic approach. The company aims to serve not only retail investors but also to attract larger institutional capital by demonstrating disciplined risk management and governance. This foundation is crucial for managing the volatility and rumors that often accompany emerging asset classes, as Nick advises investors to remain patient through the inevitable swings.

Embracing Flexibility in Digital Asset Treasury Management

One of the most compelling aspects of Hamak Gold’s strategy is its flexibility.  Nick draws on his extensive treasury experience to stress that holding a single asset is rarely a prudent risk management strategy. The company’s digital asset treasury policy, which Nick refers to as “Bitcoin Treasury 2.0,” aims to evolve beyond the pioneering efforts of firms like MicroStrategy by incorporating broader asset diversification and dynamic risk management. Hamak is assembling a team of world-renowned advisors, including Dr. Arthur Laffer, to navigate the next five years of this rapidly changing space.

Addressing Market Volatility and Investor Concerns

Nick acknowledges that the company’s rapid share price appreciation—up 10x since the start of the year and 43% in a single week—has brought increased market scrutiny and volatility. This volatility is a natural part of being a growing company in a nascent market. Nick explains that reaching a larger scale, with a balance sheet of £50-100 million, will help stabilize price swings and reduce rumor-driven fluctuations. Until then, investor confidence and understanding are paramount.

The Future of Digital Assets and Hamak Gold’s Role

Looking ahead, Nick sees digital assets fundamentally reshaping how investors manage portfolios and how financial markets operate. He points to recent innovations like Robinhood’s use of blockchain technology to enable 24/7 retail trading, illustrating how digital assets and blockchain will revolutionize traditional finance.

Nick concludes with a strong conviction that digital assets, particularly Bitcoin, are becoming a fundamental reserve currency worldwide. Hamak Gold is well-positioned to be at the forefront of this transition, combining traditional financial rigor with innovative digital asset strategies.

Conclusion

Hamak Gold’s bold move into digital asset treasury management represents a strategic evolution grounded in experience, discipline, and adaptability. Under the leadership of Nick Thurlow, the company is not just following the crypto trend but aiming to set new standards for institutional-grade digital asset investment in the UK and beyond.

For investors looking to understand how traditional asset management expertise can intersect with the future of digital finance, Hamak Gold offers a compelling case study. As the digital asset landscape continues to evolve, Hammock’s journey will be one to watch closely.

Coinsilium's Strategic Approach to Bitcoin Treasury Management
Zak Mir talks to Malcolm Palle, Executive Chairman of Coinsilium, as the Aquis-quoted digital asset investor and venture builder provides an update on its Bitcoin treasury activity and that of its wholly owned Gibraltar subsidiary, Forza Gibraltar Limited, established to implement the company’s dedicated Bitcoin-focused treasury operations. 
Palle describes the progress of Coinsilium over the recent Bitcoin Treasury Strategy boom and how the company's experience in the digital space is a key differentiator.
Raising Capital and Deploying Bitcoin Treasury Strategy

Malcolm highlights that Coinsilium’s Bitcoin treasury strategy is built on three essential pillars: raising capital, purchasing Bitcoin, and communicating these developments to shareholders and the market. The company’s ability to acquire Bitcoin is directly tied to the funds raised, and despite the challenges presented by the UK market—particularly compared to the more mature US ecosystem—Coinsilium remains optimistic about its growth trajectory.

Recently, Coinsilium completed a £5 million placing alongside a £510,000 wrap with Winterflood, which was significantly oversubscribed. This marks the company’s largest fundraising effort to date, underscoring strong investor confidence. Importantly, all new funds raised are dedicated almost exclusively to Bitcoin purchases, with only minimal allocation for working capital and no other investments outside the core focus.

In addition to the fresh capital raise, Coinsilium acquired approximately 12 more Bitcoin from its existing resources, bringing the total to 124 Bitcoin as of mid-2024. Malcolm anticipates that following the deployment of the new funds, the company’s Bitcoin holdings could increase by nearly 50%, a substantial boost that will further cement Coinsilium’s position as a leverage play on Bitcoin.

Navigating Market Volatility and Funding Dynamics

Malcolm candidly acknowledges the turbulent market conditions, likening the current environment to flying a plane through heavy turbulence. Despite this, he advises investors to maintain a long-term perspective, focusing on the broader horizon rather than short-term market noise. The dynamic nature of funding availability and market capitalization impacts Coinsilium’s ability to raise capital, but recent developments such as Oak Securities’ launch of a dedicated digital asset fund provide encouraging signs of growing institutional support.

Coinsilium’s lean operational structure—without large teams or costly offices—means that a smaller proportion of funds raised must be allocated to overheads. This efficiency allows more capital to be directed toward Bitcoin acquisition, further reinforcing the company’s core treasury strategy.

What Differentiates Coinsilium in a Crowded Market

With an increasing number of companies adopting Bitcoin treasury strategies, Malcolm stresses the importance of experience and a well-defined approach. Coinsilium’s long-standing presence in the digital asset space provides a strong foundation, contrasting with many newer entrants who may lack a robust strategy or the ability to sustain funding over multiple raises.

He urges investors and companies alike to conduct thorough research before entering this space. Holding some Bitcoin on a balance sheet is not sufficient; a company’s roadmap, treasury policy, and strategic vision must be carefully examined. Coinsilium’s publicly available Bitcoin treasury policy outlines its objectives and methodology, serving as a valuable resource for understanding the company’s commitment to this space.

Malcolm also highlights the importance of understanding the concept of a leverage play on Bitcoin. Investors often evaluate companies based on the "MNAV" (multiple of net asset value), which functions similarly to a price-to-earnings ratio in traditional equity markets. This metric helps determine whether a company’s valuation is justified by its Bitcoin holdings and growth prospects.

Regulatory and Structural Considerations in the UK

Unlike some US counterparts, UK companies face additional regulatory complexities when structuring Bitcoin treasury operations. Companies cannot simply exist as entities that hold Bitcoin; they must have underlying business activities that differentiate them from passive holders or trackers of cryptocurrency value. Coinsilium meets these requirements through its diversified investments and operational ventures, including its wholly owned Gibraltar subsidiary, Forza Gibraltar Limited, which focuses on Bitcoin treasury operations.

These regulatory nuances add a layer of complexity but also contribute to the credibility and sustainability of companies like Coinsilium in the UK market. As the regulatory environment evolves, Malcolm remains hopeful that conditions will become even more conducive to growth in this sector.

Looking Ahead: Continued Growth and Market Engagement

Coinsilium is poised to continue its momentum, with several announcements planned over the summer to keep the growth flywheel turning. The company’s strategy of raising capital, acquiring Bitcoin, and communicating progress is expected to persist as market conditions stabilize and institutional involvement deepens.

Malcolm’s final message for investors is one of cautious optimism: despite volatility and funding challenges, Coinsilium’s disciplined approach and deep experience position it well to capitalize on the expanding Bitcoin treasury strategy landscape.

Conclusion

Coinsilium’s journey in the Bitcoin treasury space exemplifies a measured, strategic approach to digital asset investment. By focusing on sustainable fundraising, disciplined Bitcoin acquisition, and clear communication, the company offers a compelling value proposition amid a rapidly evolving market. Investors and observers looking to understand the nuances of Bitcoin treasury strategies would do well to consider Coinsilium’s experience and operational rigor as a benchmark in this burgeoning sector.

For those interested in learning more about Coinsilium and its strategy, exploring the company’s detailed Bitcoin treasury policy and staying attuned to upcoming announcements will provide deeper insights into its vision and execution.

Zak Mir talks to Howard White, Interim Chairman, Hydrogen Utopia, as the pioneer in transforming non-recyclable mixed waste into clean hydrogen, announces that it has now signed a binding outline agreement with InEnTec Inc. covering the MENA region.

From Challenges to Opportunities: The Strategic Pivot

Hydrogen Utopia’s journey has not been without hurdles. Initially, the company followed the European Union’s ambitious hydrogen initiatives, investing heavily in technology development. However, as Howard White explains, the EU’s regulatory environment proved restrictive and slow-moving, with limited progress despite substantial efforts and resources. White reflects on this experience candidly, acknowledging the shared sacrifices made by shareholders and leadership alike.

 “When you bang your head against the wall long enough and it hurts, you stop banging your head against the wall and you look for something else.”

This realization led Hydrogen Utopia to refocus on the MENA region, particularly the Gulf Cooperation Council (GCC) countries, where governments are eager to invest in proven, scalable solutions. Unlike the EU, these countries prioritize technologies with demonstrated operational success, ready to back large-scale projects with billions of dollars in funding.

Leveraging Proven Technology with InEnTec Partnership

A major milestone for Hydrogen Utopia is its partnership with InEnTec Inc., a company with a fully operational, full-scale system running in the United States for over 13 years. This technology, which converts mixed waste into hydrogen at high temperatures (around 2,500°C), offers a tangible, low-risk solution that GCC nations can confidently adopt.

White emphasizes the importance of this technology readiness level 9 (TRL9) status, explaining that it allows Hydrogen Utopia to present not just a concept but a working model to potential clients, significantly reducing investment risk.

 “They want to see something that works. They want to go and look at it and then they want to put the money in it.”

This readiness is critical in a region where timeframes for project approval and construction are much shorter than in Europe, enabling rapid deployment and operation.

Decarbonizing Construction and Waste Management

One of the most promising applications for Hydrogen Utopia’s technology lies in the decarbonization of the construction industry, which is booming in the MENA region. Cement production, a major source of CO2 emissions, traditionally relies on coal, natural gas, and waste materials such as tires and plastics as fuel sources. Hydrogen Utopia’s solution offers a way to replace these carbon-intensive fuels with clean hydrogen produced locally, right next to cement plants.

White highlights the scale of this opportunity:

• There are 47 cement plants in Saudi Arabia alone.
• Each ton of cement requires approximately 15 kilograms of hydrogen.
• The region’s cement production runs into millions of tons annually.

Producing hydrogen onsite avoids the high costs and inefficiencies associated with transporting hydrogen from distant solar-powered electrolysis plants, which can more than double the price. Hydrogen Utopia’s approach can deliver low-carbon hydrogen at approximately $4.50 to $5 per kilogram, making it economically competitive.

Moreover, the technology can process challenging waste streams such as tires and plastics by breaking them down to their molecular components. This process not only generates hydrogen but also produces clean CO2 suitable for carbon capture utilization and sequestration (CCUS).

Carbon Capture and Enhanced Oil Recovery

Hydrogen Utopia’s system includes a gas water shift process that doubles hydrogen output while producing pure CO2. This CO2 can be used in enhanced oil recovery (EOR), a technique where CO2 is injected into depleted oil fields to extract remaining oil and simultaneously trap the CO2 underground, effectively sequestering it.

Such CCUS applications are a key part of the UAE’s and Saudi Arabia’s environmental strategies, aligning with their ambitions to lead in carbon reduction technologies.

Addressing the Growing Plastic Waste Crisis

Plastic waste, which is projected to increase from 400 million tons per year today to 1.5 billion tons by 2050, presents a significant environmental challenge. Traditional recycling methods are energy intensive and do not eliminate plastic pollution but merely repurpose it.

Hydrogen Utopia’s technology offers a solution by destroying plastic waste at the molecular level, converting it into clean hydrogen and CO2, thereby removing plastic from the environment rather than recycling it into new products.

Engagement with Clients and Market Outlook

The response from cement producers and other industrial clients in the GCC has been overwhelmingly positive. White notes that many companies recognize Hydrogen Utopia’s solution as the only viable decarbonization path currently available to them.

With a working system already operational in the US, potential clients can verify the technology firsthand, which significantly accelerates decision-making and project financing.

Funding for projects will typically be structured through special purpose vehicles (SPVs), with offtake agreements securing the sale of hydrogen before construction begins. This model reduces financial risk and streamlines investment, especially given the scale of potential customers, some valued at tens of billions of dollars.

Reflections on the Hydrogen Market and Future Prospects

Howard White candidly addresses the skepticism around hydrogen investments, acknowledging past disappointments but emphasizing Hydrogen Utopia’s relatively short history of just over four years in a challenging market environment.

He critiques the confusing “color” coding of hydrogen—green, gray, blue, turquoise—as marketing jargon that obscures the real issue, which is the carbon intensity of production. In the MENA region, the focus is simply on low-carbon hydrogen, regardless of color.

 “Hydrogen actually is colorless. It’s all the same color.”

White remains optimistic about the company’s trajectory, comparing Hydrogen Utopia’s turnaround to McLaren’s dramatic improvement in Formula 1 racing. He stresses that with proven technology, a receptive market, and supportive regional governments, the company is poised for rapid growth and multiple project sales in the near future.

Conclusion

Hydrogen Utopia’s innovative approach to producing clean hydrogen from mixed waste positions it as a key player in the MENA region’s energy transition. By leveraging proven technology, aligning with regional economic visions, and addressing critical environmental challenges such as cement industry emissions and plastic waste, the company offers a compelling solution with significant commercial potential.

As governments in the UAE, Saudi Arabia, and other Gulf countries accelerate their decarbonization efforts, Hydrogen Utopia’s model of localized, low-carbon hydrogen production could become a blueprint for sustainable industrial growth in the region and beyond.

Stay tuned for more updates as Hydrogen Utopia moves forward with its ambitious projects and partnerships, driving real-world change in the clean energy landscape.

Zak Mir talks to Cameron Pearce, Executive Chairman of Blencowe Resources, as the company reports the successful completion of three deep drill holes at the Northern Syncline, following the recent success at the Beehive target. The Northern Syncline drilling complements earlier results from Beehive.

It reinforces the potential for a materially larger resource base at depth, supporting longer mine life and an expanded valuation in the Company's upcoming Definitive Feasibility Study (DFS).

The Scale of Blencowe’s Graphite Project and Market Potential

Blencowe Resources holds an extraordinary graphite resource, boasting over two billion tons of graphite. Yet, the company’s market cap, at roughly thirteen million, does not yet reflect the massive potential of this asset. Cameron Pierce acknowledges this disparity and believes the completion of the DFS will be a defining moment, bridging the gap between the project’s scale and its market valuation.

"We have got a project of global significance here, and we're getting lots of interest. I think the penny is starting to drop," Pierce said, highlighting the anticipation surrounding the DFS.

Strategic Partnership with the US Development Finance Corporation

One of the standout developments for Blencowe Resources is its partnership with the US Development Finance Corporation (DFC), which has invested $5 million in the company. This partnership is not only a substantial financial boost but also a strategic endorsement, as the DFC typically invests only in companies with assets critical to US interests.

Pierce expressed his excitement about the collaboration, emphasizing the credibility it brings to Blencowe Resources:

"We are thrilled to have a fit in the US government as our partner... They frankly are loving everything we're doing."

The DFC’s involvement includes multiple grants, with more funding anticipated as Blencowe progresses towards completing its DFS. This support plays a crucial role in advancing the project and demonstrates confidence in Blencowe’s strategic value.

Financial Strategy and Funding Confidence

Addressing common concerns in the small-cap market about continuous funding needs, Cameron Pierce reassures stakeholders that Blencowe Resources is well-positioned financially. The company has structured its funding carefully, utilizing warrants and strategic partnerships to ensure it is fully funded to complete the DFS and beyond.

Pierce shared his outlook on future financing:

"I fully suspect that I will have more money than I need sooner rather than later... I don't lose any sleep over concerns about financing."

This financial confidence is essential, as it allows the team to focus on delivering results and advancing the project without the distractions of funding uncertainties.

Advancing the Definitive Feasibility Study (DFS)

The DFS is a pivotal milestone for Blencowe Resources. It will provide a detailed assessment of the project’s viability and potential scale, increasing investor confidence and likely boosting the company’s market capitalization.

Currently, the DFS covers about two percent of the project area, with ongoing drilling extending the known mineralization deeper and wider. Recent drilling results at the Northern Syncline, alongside previous success at the Beehive target, suggest the resource base could be materially larger than initially estimated.

Pierce described the excitement around the drilling results and their implications:

"We've drilled a hundred meters and got mineralization the whole way down... this is probably one of the best graphite assets on the planet."

Exploring the Project’s Geological Significance

Blencowe Resources' graphite project is located in a highly prospective East African belt, comparable to some of the best-known graphite projects globally. Geological experts on the company’s board, including Alex Bassmore, have praised the asset’s quality and potential.

According to Pierce, the project’s scale and quality make it a rare find:

"If you don't take this project, you are mad... it is an amazing asset."

This endorsement reflects the company’s confidence in the project's long-term value and strategic importance.

Positioning Blencowe Resources in the Critical Minerals Landscape

With the global focus on critical minerals intensifying, particularly amid geopolitical tensions and supply chain concerns, Blencowe Resources is well-positioned as a key player. Graphite is essential for numerous high-tech applications, including electric vehicle batteries and renewable energy technologies.

Pierce highlights how the current environment favors companies like Blencowe:

"The focus on critical minerals is at its height. I could not be more excited for the rest of the years ahead."

As governments and industries seek secure, sustainable sources of critical materials, Blencowe’s strategic assets and partnerships place it firmly in the spotlight.

Looking Ahead: What to Expect Next from Blencowe Resources

In the near term, investors and stakeholders can look forward to several key developments:

• Completion and publication of the Definitive Feasibility Study (DFS), which will provide a comprehensive evaluation of the project.
• Ongoing assay results from recent drilling campaigns, which are expanding the understanding of the resource’s depth and quality.
• Continued engagement with strategic partners, particularly the US Development Finance Corporation, to secure further funding and support.

These milestones will be critical in unlocking the full potential of Blencowe Resources and elevating its market presence.

Conclusion

Blencowe Resources stands at a pivotal moment in its journey, with a world-class graphite resource, strong strategic partnerships, and a soon-to-be-completed DFS that promises to redefine the company’s valuation and market perception. Cameron Pierce’s leadership and vision underscore the company’s commitment to delivering value and capitalizing on the growing demand for critical minerals.

As the global economy shifts towards sustainable technologies, Blencowe Resources is uniquely positioned to be a key supplier of essential graphite, making it a compelling story to watch in the mining sector.

Zak Mir talks to Greg Martyr, Executive Chairman, Capital Metals, in the wake of the mineral sands company approaching mine development stage at the high-grade Taprobane Minerals Project in Sri Lanka, updating on drilling within the northern EL168 area, focusing on the Initial Mining Area of the existing 17.2 Mt Mineral Resource.

Capital Metals’ Busy and Promising Period

Greg Martr opened by reflecting on a particularly active six months for Capital Metals. Since their last update, the company has made significant strides, including a successful transaction with the Ambient Group. Greg expressed enthusiasm about the new doors this partnership has opened, emphasizing that the collaboration is already proving valuable, despite being only two weeks in.

Capital Metals also recently completed a rapidly oversubscribed fundraising round, which was closed early to avoid excessive dilution at the 2.5p share price level. Greg noted the strong support from shareholders and hinted at ongoing discussions regarding the potential exercise of options, signaling healthy interest and confidence in the company’s trajectory.

Drilling Progress and Mineralization Insights

One of the most anticipated updates concerned Capital Metals’ drilling program within the northern EL168 area, focusing on the Initial Mining Area of the existing 17.2 million tonnes mineral resource. Greg reported the completion of the first phase with 170 holes drilled, totaling just over 1,500 meters. This drilling effort marks a substantial increase in depth compared to the 2016 resource calculations, which averaged only 1.6 meters, whereas the recent drilling averaged about 9 meters per hole, with some extending as far as 15 meters.

What stands out in this phase is the continuation of mineralization down to the basement rock in certain locations. While this extended mineralization is not uniform across all holes, the encouraging results point to the potential for a more substantial resource than previously understood. Assay results are expected shortly, which will provide further clarity on the resource’s quality and extent.

Strategic Partnerships and Market Validation

Greg highlighted the initiation of research coverage by Hannam & Partners, a respected name in mining research known for their rigorous analysis. This development represents a significant endorsement for Capital Metals, often seen as a “gold standard” in the sector. The research team’s detailed review of Capital Metals’ financial models has already led to improvements in the Net Present Value (NPV) calculations, with an updated model currently being finalized.

The company’s relatively low capital expenditure (capex) requirements further enhance its appeal. As mineralization increases, the economics of the project improve, making it more cost-effective to extract the resources. This combination of low capex and growing resource size is a powerful advantage as Capital Metals moves toward its investment decision.

Favorable Market and Geopolitical Landscape

Discussing the broader market context, Greg noted that the project’s sector is largely insulated from the ongoing tariffs and export restrictions affecting other industries, particularly Sri Lanka’s garment sector. While the garment industry faces uncertainty, the resource sector is gaining increasing importance for foreign investment in Sri Lanka. This shift benefits Capital Metals by positioning it favorably in the eyes of investors and policymakers alike.

Share Price Performance and Future Outlook

Despite the complexities of the market, Capital Metals’ shares have shown remarkable strength, rising nearly 80% so far this year. Greg acknowledged that while the market can be volatile with limited sellers, the goal is to attract more professional investors. The backing of Hannam & Partners is expected to bring in this new wave of buyers, helping to stabilize and potentially increase the share price further.

Looking ahead, Greg remains optimistic about ticking all the necessary boxes leading up to a final investment decision by the end of the year. The company is focused on continued progress and delivering results that will pave the way for mine development.

Conclusion

Capital Metals is clearly on an exciting path as it advances the Taprobane Minerals Project. With strong drilling results, strategic partnerships, and a favorable investment climate, the company is building momentum toward its goal of becoming a significant player in Sri Lanka’s resource sector. Stakeholders and observers alike will be watching closely as Capital Metals moves through the next critical phases of development.

For more updates and in-depth interviews on mining and resource projects, follow Zak Mir’s ongoing coverage and insights.

In a recent conversation with renowned investor Jim Mellon, Zak Mir delved deep into the state of the financial markets as we reach the midpoint of 2025. Jim, known as one of the UK’s largest and most astute investors, shared his candid views on the evolving global economic landscape, highlighting key opportunities and risks for investors today. 

The Market Environment in 2025: A Year of Surprises and Strategic Shifts

So far this year, the markets have experienced significant turbulence, exemplified by what Jim refers to as the “tariff dip” — a sharp market decline triggered by renewed tariff tensions and geopolitical uncertainties. However, rather than retreating, Jim and his team saw this as a buying opportunity, particularly focusing on regions outside the United States.

While many investors were fixated on the US market, Jim emphasized that his portfolio strategy deliberately concentrated on Europe, the UK, and Asia, with a selective approach to US stocks. This regional focus has paid off well, as these markets have demonstrated resilience amid global headwinds.

Concerns Over the US Fiscal Situation

One of the major themes Jim highlighted was the precarious fiscal position of the United States. He pointed out that the US economy is taxed at approximately 30%, but government spending sits at 38%, creating a widening fiscal gap that poses serious risks. This imbalance, he warned, could trigger severe disruptions in the US bond market and a significant depreciation of the US dollar over the next year.

“The US taxes its economy at 30% and spends 38%, and that gap is widening. That opens the possibility of very big ructions in the bond market and big falls in the US dollar, which I fully expect to happen over the next year or so.”

Given these risks, Jim advises investors to generally avoid the US market, except for a few select stocks. Instead, he advocates for increased exposure to the UK, Europe, Asia, and emerging markets, which he believes will be the primary beneficiaries of the challenges facing the US economy.

Why the UK and Europe Remain Attractive Despite Political Uncertainty

Read More https://www.share-talk.com/interview-with-jim-mellon-insights-on-the-2025-market-landscape-and-investment-strategies/

Great Southern Copper plc (LSE: GSCU) continues to make exciting strides at its Cerro Negro project in Chile, particularly at the Mustasa Mine. The recent Phase 2 drilling campaign has delivered spectacular assay results, confirming the presence of high-grade copper and silver mineralization and setting the stage for an ambitious Phase 3 drilling program.


As we delve deeper into the findings, it becomes clear that this project holds tremendous promise, driven by a combination of thorough exploration, advanced geophysical surveys, and a dedicated on-site team committed to unlocking the full potential of the deposit.

Introduction to the Mostaza Mine and Phase 2 Drilling Success

The Mustasa Mine, a core asset within the Cerro Negro project, has been the focus of Great Southern Copper’s exploration efforts. The Phase 2 drilling program, recently completed, has yielded impressive results that have energized both the on-site team and shareholders alike. One of the standout drill holes, CNG25-DD013, intersected a 5-meter zone grading 3.04% copper (Cu) and a remarkable 322.4 grams per tonne (g/t) silver (Ag) within a broader 13.9-meter interval averaging 1.74% Cu and 153.4 g/t Ag. These numbers are not just encouraging—they are spectacular and underscore the high-grade nature of the mineralization at Mustasa.

Additionally, drillhole DD012 confirmed mineralization located 500 meters south of the mine, extending the known footprint of the deposit and highlighting the potential for further discoveries beyond the immediate mining area. This southern extension is particularly exciting as it suggests that the mineralized system is more extensive than initially thought, offering a larger resource base to explore and develop.

https://www.share-talk.com/sam-garrett-chief-executive-officer-of-great-southern-copper-talking-with-andrew-scott/