The Times: Oil prices briefly topped $82 a barrel in overnight trading in Asia after President Trump vowed to keep striking the Iranian leadership for days to come, telling the country’s military and police to surrender or face “certain death”. The military operation which began with the killing of Iran’s supreme leader, Ayatollah Khamenei, on Saturday would continue “in full force” until “all of our objectives are achieved”, the president warned late last night.
Comment: Although those who like to act on state sponsored insider trading were told that there would be an attack on Iran – indeed, everyone was, perhaps because of this and the delay to Saturday, the bonanza one might have expected was somewhat muted for oil and gold and on the upside, and equities on the downside. The fact that so many of Iran’s leadership have apparently been taken out may have lessened the threat of revenge attacks, and the duration of the operation.
Ajax [AQSE: AJAX], the natural resources investment company, announced that its newly incorporated Argentine subsidiary in the Province of Salta, Ajax Salta S.A. has formally entered into a definitive Option-to-Purchase Agreement for 100% of the Macacha Project, previously known as the Leon Project , an advanced copper and silver project located in north-western Argentina, as first announced on 10 December 2025, pursuant to an agreement with an established local mining company.
Comment: AJAX continues its land grab, and continues it in a jurisdiction, Argentina, which if only on the basis of the capitalist friendly government there has to be regarded as one of the best around currently. Given the soaring price of metals in the wake of the Iran strike, moves like we have seen today from AJAZ should be all the more appreciated.
Powerhouse Energy Group plc (PHE), a company pioneering integrated technology that converts non-recyclable waste into low carbon energy with its revenue generating engineering consulting subsidiary (“Engsolve”), announced that it has signed a marketing agreement with Green Gecko Energy Limited, a UK based consultancy, which will act as the Company’s sole agent in introducing Powerhouse to potential opportunities across the Abraham Accord countries, the wider MENA and GCC region, and certain countries within Asia. Green Gecko was formed by David Scott and Peter Nutt and in the past 12 months they, and Sir Liam Fox, who is an adviser to the company, have been working in the Abraham Accords signatory countries, the wider MENA and GCC region and certain countries within Asia to identify a number of projects to exclusively utilise the Powerhouse high-temperature pyrolysis (HTP) modular solution. PHE said “We are delighted to enter into this agreement with the Green Gecko team. MENA is a huge market, and our technology has the potential to provide a solution to the green energy needs of this region. David and Peter are highly connected and experienced in the area and we believe that with them we will gain significant traction for our business model and offering.”
Comment: Given that Sir Liam Fox was Secretary of State for International Trade from 2016 to 2019 and Secretary of State for Defence from 2010 to 2011, one would imagine that his Rolodex, along with that of David Scott and Peter Nutt should be enough to get PHE over the line in MENA and GCC, as far as its HTP solution. As we now know, geographies away from the US and Europe are more keen on action, rather than virtue signalling as far as green energy is concerned.
Arrow Exploration Corp. (AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, provided an update on the operational activity at the Mateguafa Attic field on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest. AXL said “The success of the M-9HZ and M-10 wells reinforce the materiality of the Mateguafa field to Arrow. The initial discovery and development of Mateguafa demonstrate the resource-rich potential of the Tapir block and the experience of the professional team at Arrow to quickly unlock that potential. The initial development wells drilled at Mateguafa continue to produce at considerable rates with low decline, with significant further pay seen in formations to which Arrow plans to return at a later date. After drilling and putting the M-11 well on production, Arrow plans to move the rig to the newly finished Icaco pad.”
Comment: Despite a better strike rate than Robin Hood, see what I did there, shares of AXL are arguably about half the price they should be. This was presumably really difficult for the company to achieve, but some how they managed it. Indeed, I will most likely discuss this with management when they come to town later in the week. Perhaps hell in the Middle East might remind the market of the attractions of a company producing half a world away.
Capital Metals (CMET), a mineral sands company approaching mine development stage at its high-grade Taprobane Minerals Project in Sri Lanka, provided the following Project updates. Engineering Studies Towards Stage 1 FID Largely Complete. Further Material Reduction in CAPEX: The ongoing process of cost refinement has resulted in a decrease in Stage 1 CAPEX from $20.9m to $17.7m. CMET said “It has negotiated a fixed lump sum proposal from Mineral Technologies for the engineering, procurement and supply of key plant and equipment, including the Flex Series spiral plant. The Company has also received completed engineering design, cost estimates, and project schedules from Access Engineering. These workstreams provide increased certainty on capital costs and materially de-risks the project, contributing to a further reduction in CAPEX. A diagram showing the Wet Concentrator Plant Layout.”
Comment: As is evident by both the share price and the newsflow, CMET is accelerating towards its goals, something which the market should perhaps be rather more on top of. This is especially the case given the current boom in explorer developers. The CAPEX reduction is particularly pleasing.
Galileo Resources Plc (GLR) Phase 1 exploration and data integration programme has generated a number of priority drill targets at its’ 100% owned Ferber Property under the terms of a Royalty and Exploration Agreement with Bronco Creek Exploration Inc., a wholly-owned subsidiary of Elemental Royalty Corporation (TSX-V: ELE, NASDAQ: ELE). GLR said “The results or our recently completed exploration programme, assisted by BCE, has been very encouraging, generating a number of strong drill targets. We intend to pursue these targets in the coming months on a reconnaissance basis. We will keep the market informed as work progresses.”
Comment: Just on the basis of the first class Nevada postcode, we should be excited for GLR shares. The exploration agreement should easily be enough to get the Ferber Property off the ground, and perhaps just as importantly, the share price which remains mid range, and less that it should be as compared to its peers.
Stack BTC Plc (AQSE:STAK), the UK-based company focused on building a portfolio of high-quality, cash-generative businesses, alongside a Bitcoin treasury, announced the appointments of David Galan and Melisa Lawton to the Board as Chief Operating Officer and Non-Executive Director respectively. The Company also announces that Paul Withers, previously a non-executive director, will assume the role of Executive Director with immediate effect, reflecting his strong belief in the opportunities that STAK has ahead and his commitment to be part of the management team in executing STAK’s strategy. Kwasi Kwarteng, Executive Chairman of STAK commented: “We are delighted to welcome Melisa and David to the board and believe their experience will be a great addition to the team. Momentum is building in STAK and we have some very exciting announcements planned for the coming weeks. We are just at the beginning of building a transformational company. ”
Comment: One might have thought that having a former Chancellor Of The Exchequer as Executive Chairman would be enough to get Stack BTC over the line. But at least now in addition to our Kwasi we have David Galan, a known player, as well as Melisa Lawton to beef up the management offering.
Delta Gold Technologies PLC (Aquis: DGQ), a technology company developing intellectual property in the quantum computing (“QC”) space, announced that it has agreed with the University of Toronto to advance C$269,000 from the Year 2 Research Sponsorship well ahead of the July 2026 schedule. This accelerated Phase II funding, which forms part of the C$1,000,000 Year 2 commitment, reflects the strong progress being made by the University of Toronto’s research team and will enable the early addition of a second component to the Cryo – refrigeration system.
Comment: Cynics may argue that DGQ has seen its shares rocket off the back of a company which is so far just a science / IT experience. And? Above 50p we are looking towards as high as 75p by the end of this month. Interestingly, not one comment on social media on the charting calls here from under 20P calling for 30p etc, or of course from the company itself, who I met in November. Don’t forget me when you are famous…
Vault Ventures PLC (AQSE:VULT) announced the appointment of Andrew Webber as Strategic Adviser, supporting the Board in accelerating institutional and blue-chip commercial adoption of its post-quantum security strategy. Andrew is a commercial operator with vast experience across financial services and technology, with a track record of turning complex products into scalable enterprise revenue. He began his career in asset finance with US banking group CIT, where he built and launched white-label financing programmes for global technology customers including Dell, Cisco and Avaya, leading cross-border teams across the UK and Ireland.
Comment: Andrew Webber or no Andrew Webber, we have been successfully calling up an unlikely recovery for the share price of VULT – helped by its new quantum credentials. Above key broken 1.6p resistance, the charting target is now as high as last summer’s resistance at 2.6p, which if hit by the end of next month would be worthy of worshiping one’s charting skills as god-like.
SkinBioTherapeutics plc, (SBTX), the life science business focused on skin health, has appointed Rachel Parsonage as Interim CEO for a period of six months, during which time she will also serve as a member of the Board. Rachel will commence her duties with immediate effect and she will be introduced to the rest of the team this morning. Her appointment to the Board is subject to the completion of normal regulatory due diligence being carried out by the Company’s Nominated Adviser.
Comment: There is nothing more satisfying than joining a company after there has been a disaster, and in the wake of which one can only look good. Rachel Parsonage being parachuted in should be just such a situation, shareholders of SBTX will be hoping the cleanup operation will be swift and simple.
Eco (Atlantic) Oil & Gas Ltd. (ECO), the oil and gas exploration company focused on the offshore Atlantic Margins, noted that, further to its announcement on 12 January 2026, Navitas Petroleum LP, with whom Eco has signed a Framework Agreement related to several assets, has today confirmed that it has signed a definitive farm-in agreement with JHI Associates Inc (“JHI”), in which Eco has a 6.6% interest. Under the farm-in agreement Navitas is to acquire a 65% working interest in the PL001 North Falkland’s Basin Licence. ECO also announced its unaudited results for the three and nine month periods ended 31 December 2025.
Comment: Today may have witnessed ECO’s latest unaudited results, but we know that the company is all cashed up and with no debt. Therefore, it is just a matter of a lap of honour as far as the charting call here which promised that above 25p the shares would hit 45p, and stay tuned for what the next target will be, via the next edition of the Bulletin Board Heroes video.
ACG Metals Limited (ACG) announced that the Company’s class A ordinary shares have been included in the MSCI World Micro Cap Index, effective from the close of trading on 27 February 2026. The inclusion marks the Company’s first index inclusion, reflecting continued growth in market capitalisation, liquidity and free float, following a period of sustained operational progress and strategic execution. ACG Metals believes that this milestone will further enhance the visibility of its ordinary shares among global institutional investors, and the Company expects additional index inclusions in the future as it continues to scale.
Comment: ACG remains an unsung hero in terms of its position as a producing miner on the London market. This is despite the near 2x share price rise last year, and being up 40% so far in 2026. We have a £350m market cap at the moment, which really means the shares should be on the right side of £500m and the right side of £20 a share. Getting its first index inclusion should certainly help the cause.
Gelion (GELN), the sulfur battery company, announced its unaudited half year results for the six months ended 31 December 2025 a period in which the Company made significant technical and commercial progress. Gelion is seeking to replace the strategic minerals used in current Lithium-ion battery cathodes with Gelion’s Nano-Encapsulated Sulfur targeting high performance, low cost, and with the capability of “drop-in” into existing global manufacturing lines. Gelion’s NES™ is made from sulfur which is abundantly available, free from toxic minerals and supply chain constraints.
Comment: As soon as one read that GELN has made “significant technical commercial progress” it was clear that the company has not made any money yet. However, the CEO is such a delightful person that it really does not matter at this stage of the game.
System1 Group PLC (SYS1) announced the appointment of Lewis Robinson to the board of the Company with immediate effect. Lewis has a background in asset management, advising several family offices on public and private investments. He is Founder and Director of Crucible Clarity Fund Plc, an Isle of Man fund which invests in a portfolio of UK-listed businesses. Lewis Robinson has elected to waive any remuneration in respect of his role.
Comment: It is nearly always a positive signal when a new board member waives remuneration, and on this basis we commend Lewis Robinson, and SYS1 as a potential recovery situation, as clearly Lewis does.
Tristel plc (TSTL), the manufacturer of infection prevention products utilising proprietary chlorine dioxide technology, announced its unaudited interim results for the six months to 31 December 2025, a period which delivered revenue growth and a 17% increase in adjusted EBITDA. The Company remains cash generative, with no debt, and maintains a progressive dividend policy with a consistent interim payment. Revenue up 14% to £25.65m (2024: £22.57m) with the business firmly on track to meet market expectations for the year. UK sales up 13% to £9.88m (2024: £8.75m); Overseas sales up 14% to £15.77m (2024: £13.82m) with a sixfold growth in the USA. Gross margin remains steady at 81% (2024: 82%). Reported EBITDA up to £6.83m (2024: £5.02m).
Cavendish view: Tristel continues to deliver revenue growth, margin improvement and cash generation, supporting its progressive dividend policy. With recent EU approvals for its Cache brand, the launch of Tristel products (ULT and OPH) in North America and the launch of complementary Tristel VisiClean, we believe the company is in an excellent position to continue delivering growth, while generating cash and shareholder returns. Buy.
Panmure Liberum view: Tristel issued a strong set of interim results this morning. The numbers were as expected and our forecasts remain unchanged. We expect this momentum to be sustained into H2FY26E and it will give Tristel a strong base from which to build in FY27E. We increase our TP from 428p to 450p and while we expect the shares may pause a little until the new CEO is appointed, we remain Buyers.
Singer Capital Markets view: Tristel’s strong, reliable growth was again in evidence in H1, if anything exceeding expectations. Despite 52% of our FY26E EBITDA forecast being booked in H1, we make no changes to forecasts at this stage but see scope for upgrades later in the year. Whilst the uncertainty over the CEO succession may persist, the company is likely to continue to perform, in our opinion. We stay at a BUY, with an unchanged 466p TP.
Investec view: In our view, another strong set of results, showing continued commercial delivery and encouraging signs of rising US uptake. We continue to view Tristel as a leader in topical high-end disinfection, well-positioned for continued global growth, with a capital-light and cash generative business model. We are not making any changes to our estimates at this time. Reiterate Buy, TP 504p.
Comment: Obviously, my view is of more interest than the scribblers at Singer’s, Panmure, Cavendish, and Investec combined. But impressive to have them all involved, perhaps even overkill. There are a couple of reasons for TSTL being mentioned today. The first is that we have been treated to an excellent update from the chlorine dioxide technology company (who knew what it does?), and perhaps the second that the company’s PR has emailed the announcement and research, meaning that its client gets coverage on a platform with more followers on X than the Investors Chronicle. BTW in the short term the shares look as though they will struggle to catch 450p on a charting basis. But perhaps 500p is fair for the end of 2026.
MicroSalt (SALT), a leading manufacturer of full-flavour natural salt with approximately 50% less sodium, announced that it has now surpassed one billion servings consumed worldwide*. This important milestone reflects a continued increase in both commercial and market momentum for MicroSalt’s low sodium products, alongside a wider push toward global sodium reduction.
Comment: Another company where the PR has sent the RNS via email. Good work. However, a billion servings notwithstanding, it could be said that SALT needs a few billion more to really get the share price going.
Fulcrum Metals plc (FMET), a company pioneering the use of innovative cyanide free technology to recover precious and critical metals from mine waste, announced results from its Sylvanite scout hole surface sampling programme and also updates on pilot plant plans.
Comment: Another company like Altona (REE) who now that they have hit the big time do not perhaps have the time to talk to me anymore. Perhaps I will get over it, eventually. Perhaps FMET will talk to me if above 9p the shares head back up to our charting target of 15p by the end of next month? Or maybe not.
Harena (HREE) unveiled a couple of new significant shareholders via TR1’s today, one in at 3% and the other just under 10%.
Comment: Presumably both of these punters are waiting for the recent pattern of US funding for UK listed companies who are sitting on critical mineral resources, and then receive significant non-dilutive funding. What is not to like? Shares of HREE on a technical basis seem set to hit legacy resistance from 2022 at 4p as soon as the end of next month, while on the right side of 3p.
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.
