The Times: The headline rate of inflation rose more than expected in December driven by higher cigarette prices and rising airfares, according to data released this morning by the Office for National Statistics (ONS).
The consumer price index rose to 3.4 per cent year-on-year, from 3.2 per cent in November. It was the first rise in six months. City economists had forecast a reading of 3.3 per cent. Alongside higher tobacco prices, following the budget, rising food costs also drove inflation higher according to the ONS. However the official statistician cautioned that the increase in airfares was “likely because of the timing of return flights over the Christmas and New Year period”. Core inflation, which excludes energy, food, alcohol and tobacco prices, was flat month-on-month at 3.2 per cent.
Comment: The cost of living crisis certainly continues, with the crisis not so much prices, but wages being taxed till the pips of consumers are squeezed. Yes, it is still very much the case that there is no incentive to work, build a business, or even get out of bed in the morning. Hence the 9 million people benefits claimant. If you can possibly live off the state, please do so.
Sovereign Metals Limited (SVML) announced a significant and strategic rare earth value addition to its Kasiya Rutile-Graphite Project (Kasiya or the Project) in Malawi. The Company has successfully recovered a monazite product containing high-value heavy rare earth elements (REE) from the tailings stream generated during rutile processing at its upgraded Lilongwe laboratory facilities. The concentrate was recovered from material that would otherwise be discarded, i.e. the non-conductor tailings stream from electrostatic separation of a heavy mineral gravity concentrate of Kasiya ore. Producing a monazite concentrate would therefore require no additional complex processing. Chemical analysis of magnetic concentrates from processed resource drilling samples performed by Scientific Services South Africa confirmed the favourable rare earth oxide distributions produced from the monazite concentrate.
Comment: At last after the drip-drip of solid, significant news and progress at Kasiya, we have an announcement from SVML that has finally got the share price moving. Given the macro situation, as well as the world class asset, one would expect 2026 when SVML catch up with where they should be, towards 100p.
Pulsar Helium Inc. (PLSR), a primary helium company, announced the commencement of an extensive 2D active seismic acquisition program at its Topaz Project in Minnesota. The data will help elucidate the subsurface structure of Topaz and contribute to ongoing resource assessment and further target selection for drilling. Faraday Geophysics, Canada, will acquire a total of five seismic lines spanning 41.5 miles (66.8 kilometers). Work commenced Tuesday, January 20, 2026, and is anticipated to be completed mid-March 2026.
Comment: The way that PLSR has gone for the proving up / acquisition strategy, rather than heading straight for production is reminiscent of one of the other massive success stories of the past couple of years, Guardian Metal (GMET). Indeed, PLSR has got lucky twice, first with being a US domestic helium source, and second with the current Greenland focus by Genghis Trump.
Amaroq Ltd. (AMRQ), an independent mine development corporation focused on unlocking Greenland’s mineral potential, announced significant exploration results from the 2025 field campaign at its Minturn prospect, north of the US Pituffik Space Base in Northwest Greenland. Indications suggest Minturn is a large-scale, mineralised system, with extensive iron oxide alteration and brecciation, similar to other well-known Iron Oxide Copper Gold deposits. These results highlight Minturn’s significant potential as a new IOCG discovery, in a frontier region of Greenland. AMRQ “These initial results from Minturn demonstrate that Greenland has the geological ingredients to host truly elephant-scale mineral systems. The identification of what appears to be a Kiruna-style IOCG project, underpinned by extensive iron oxide alteration and very high iron grades at surface, represents a significant strategic step for Amaroq and its joint venture company, Gardaq. Additionally, the scale of the system and the presence of magnetic and electromagnetic anomalies, point to the potential for copper and gold mineralisation within a broader IOCG framework. We are now in active planning for a 2026 programme of scout drilling, detailed mapping and ground geophysics, to properly test the scale, geometry and economic potential of this emerging system.”
Comment: AMRQ continues to finesse its Greenland postcode with sparkling updates such as today’s. However, it may be that this company simply becomes one of the London market’s poster children for the 51st state of the USA, coinciding with the 250th anniversary of independence.
GoldStone Resources (GRL) announced that the notice of its extraordinary general meeting has been posted to shareholders and will be available on the Company’s website at www.goldstoneresources.com. The EGM will be held at 11.00 a.m. on Thursday, 5 February 2026 at Faegre Drinker Biddle & Reath LLP, Level 18, 8 Bishopsgate, London EC2N 4BQ.
Comment: The headline of the RNS said “Goldstone Resources – EGM Notice, Subscription, Interest & Fee Conversions” so readers immediately know that there is an EGM, rather than a GM, or an invitation to a vicar’s tea party. The fact that the company has conditionally raised £2m should ensure that it is not going naked into the arena in terms of the vote, unlike some.
B HODL PLC (AQSE: HODL), the first British company founded for Bitcoin accumulation and revenue generation from the Bitcoin in its treasury, announces that it has today published a circular to shareholders convening an Extraordinary General Meeting (“EGM”) to seek shareholder approval for certain proposed authorities and amendments.
Comment: Another company that manages to fit in EGM into the title of the RNS so that shareholders and the market in general knows what’s what. It is to be commended that so soon after listing HODL is on the front foot regarding its plans, especially the share buyback authority, something that more companies should do who are either under-rated or illiquid.
EQTEC plc (EQT), a provider of proprietary syngas technology and engineering services for clean conversion of waste into sustainable energy and biofuels, today announced the publication of a circular which contains a notice of an extraordinary general meeting (the “EGM”) to be held at the offices of Philip Lee LLP, Connaught House, One Burlington Road, Dublin 4, D04 C5Y6, Ireland at 12.00 noon on Thursday 12 February 2026. The Circular is being sent to shareholders today and is available for inspection on the Company’s website: www.eqtec.com. Shareholders are being asked to approve, at the EGM, resolutions relating to the share capital of the Company which entail an increase in the authorised share capital of the Company and the renewal of share allotment authorities.
Comment: Another company that has managed to get EGM into the title of its RNS. What will be more of a challenge is asking shareholders to dilute themselves and continue the negative trajectory of the shares even further after being down 80% plus in 2023, 2024, and 2025.
Valereum Plc (AQSE:VLRM) announced that, further to the announcements on 25 November 2025 and 2 December 2025, it has signed a Share Subscription Agreement with Quorium Global Photonics SPC (“QGP”) acting on behalf of and for Valereum Quorium Global Photonics SPC (“V-QGP”), a segregated portfolio company of QGP. The transaction materially strengthens the Company’s balance sheet, delivers immediate recurring income, and positions Valereum as a cash-flow positive, asset-backed financial technology platform. VLRM said “Today marks a fundamental turning point for Valereum. With this transaction, we’re not just announcing a deal; we are activating an engine for growth. We have strategically swapped 49.9% of our company for $200m of fully verified asset backed notes, as well as $79.5m of cash ($15.9m for 5yrs). This transforms our financial foundation overnight. Valereum is now a cash-flow positive company with a robust balance sheet. This complete recapitalisation removes funding risk and provides the stable, recurring capital we need to relentlessly execute our vision for AI-driven Tokenisation, and the digital asset ecosystem, where we will accelerate our partnerships, and build substantial, lasting value.”
Comment: One has to take one’s hat off to the current management of VLRM, it seems to have taken on board Robert The Bruce’s “if first you don’t succeed, try, try and again. The latest deal looks to have hit the mark, if only on the basis that we have “immediate recurring income.”
Ilika (IKA), the UK pioneer in solid state battery technology, has secured its first revenue-generating purchase order from Cirtec Medical (Cirtec) for the supply of Stereax electrodes, marking the commercial transition of this strategic partnership. This milestone order for the critical conductive elements that enable battery functionality follows two years of development work and successful prototype delivery in December 2025.
Comment: We all like electrodes, especially those of the Stereax variety. It was a solid 2025 for IKA, with a 75% share price rise on the year. A few more announcements like today’s early in 2026 should ensure that we see a repeat of the this performance, especially given how strong the battery space in all its guises remains.
Connecting Excellence Group Plc (AQSE: XCE), the international executive recruitment group with a long term, ambitious and disciplined Bitcoin treasury strategy, announces that further to the statement made on 5 January 2026, it has now received settlement of 10 Bitcoin (“BTC”) for the first XCE BTC Bond, issued on 31 December 2025 with a BTC price of £65,104.26. XCE’s strategy is to use operational cashflow and innovative capital raising tools to increase Bitcoin per share for shareholders. The bond issue marks the commencement of XCE’s 2026 Bitcoin-denominated convertible bond programme, designed to benefit shareholders by increasing BTC per share and benefit bondholders with downside protection. The XCE BTC Bond is an interest-free, scalable BTC denominated capital raising tool, that allows existing bondholders to participate in future tranches, alongside new investors. Full details of the XCE BTC Bond Programme, announced on 5 January, can be read here: XCE BTC Bond.
Comment: After the initial early summer euphoria regarding BTC treasury, we are left with the BTC 2.0 brigade who are touting the concept of yield. This is clearly an improvement on the original buy and hope strategy, but let’s see how it works out, especially if BTC goes flat / down.
Avacta Therapeutics (AVCT), a clinical stage biopharmaceutical company developing pre|CISION®, a tumor-activated oncology delivery platform, announced U.S. Food and Drug Administration (FDA) clearance of the Investigational New Drug (IND) application for the Company’s second program FAP-Exd (AVA6103), the first pre|CISION® peptide drug conjugate based on the highly potent topoisomerase I inhibitor, exatecan. The IND approval is an important step in the development of AVA6103 as this is the point where the program moves from the lab into human testing.
Comment: Even the most ardent AVCT fan will probably accept that the share price will be volatile unless or until the company can partner up with a decent counterparty. That said, last month’s share price rug pull does appear to be out of the way, helped along by the mention of the FDA in the latest RNS. It is noticeable that the share price has bounced above the 200 day moving average now at 51p, something that technical traders could consider a buy signal in its own right.
Beowulf (BEM), the European mineral exploration and development company, provided an update on progress made across its portfolio of assets. Short-term funding secured in December with longer-term funding strategy announced and progressing. BEM said “As we progress our core assets and funding strategy, the importance of resilient, domestic supply chains for raw materials continues to dominate headlines even if political leaders have softened their positions on climate change. This demand is further highlighted in a recent report – “Resilient by Design” – from the Institute for Public Policy Research. The report highlights the anticipated 100% dependence of the UK on imports of Anode materials in 2030 and details the impacts that supply chain disruptions would likely have. Europe is cited as a source of battery cell imports into the UK but the current lack of European anode manufacturing capacity is also noted. GAMP could therefore be of strategic importance for the UK as well as the rest of Europe.”
Comment: Having sorted out its finances last month, it should be the case that BEM is in the right space at the right time. Although no one cares about the WEF friendly people at the Institute for Public Policy Research (it is supposed to be independent), the idea that anode materials could be the new rock and roll may gain traction, eventually.
Premier Foods plc (PFD) announced “Strong Christmas trading, branded revenue +5.2%, Full year profit now at upper end of expectations.” PFD said “We had a really good Christmas with 5.2% branded revenue growth, accelerating our trend from the previous quarter. These results demonstrated strong delivery against all pillars of our strategy, with consumers continuing to choose our brands for their quality and value. Both our Grocery and Sweet Treats businesses made strong progress in the period, and we returned to double-digit revenue growth overseas with particularly good performances in Australia and the US. Our product innovation programme is particularly strong this year and consumers are embracing our new ranges including OXO Bone Broth, Paxo Stuffing Wreath, Angel Delight Bubble Jelly and Mr Kipling Cake Bites tubs. Premium ranges such as Ambrosia Deluxe, The Spice Tailor and Mr Kipling Signature Mince Pies again outperformed the market.”
Comment: It has to be said that the PFD food selection makes one want to inject oneself with a month’s dose of Mounjaro. This is especially given the bubble jelly and bites tubs have thus far eluded the Zaks Traders Café radar. It will be interesting to see whether the market believes that profit being at the upper end of expectations can get the shares back to the dizzy heights of a couple of years ago.
Andrada Mining Limited (ATM), a critical metals producer with an expanding portfolio of mining and exploration assets in Namibia, announce a partnership, by way of a conditional, staged earn-in agreement up to 49% between its wholly owned subsidiary Andrada Investments (Mauritius) Limited, and ACAM LP through its affiliate BWCAM Limited. Under the Agreement, BWCAM could provide up to USD51 million in staged funding to accelerate the exploration and development of the Brandberg West (“BW”) polymetallic prospecting licence. BW is held by Grace Timon Investments (Proprietary) Limited, a wholly owned subsidiary of AIML. Up to USD51 million investment in a staged, conditional earn-in structure in AIML.
Comment: It might be harsh to say regarding ATM, forget the news look at the share price, but that is kind of where we are regarding this company that changed its name from tin to the generic Andrada, when tin fell, and perhaps should now call itself AfriTin again. A 5p plus share price is the minimum requirement, and ideally deserves to be double that by the end of this year.
JD Sports Fashion (JD.) announced a Q4 2025/26 trading update. JD “Overall sales during the peak period were in line with our expectations, against a volatile consumer backdrop. Black Friday saw strong customer engagement across all regions, but demand softened in the first half of December, particularly in Europe and the UK. We responded decisively in the final weeks of the period by choosing to make targeted price investments, and we saw improved sales in the immediate run-up to Christmas Day and the period after, demonstrating the strong customer appeal of JD and its complementary fascias, in a challenging market. I’d like to thank all our colleagues for their continued hard work and commitment during a critical trading period for the Group.”
Comment: While the company is all smiles and enthusiasm, there is a feeling of running just to stand still in terms of the metrics, even though there is apparently “strong customer appeal.” The big correction in the share price was delivered in the autumn
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.
