First Class Metals PLC (FCM), the UK-listed exploration company advancing high-grade, district-scale gold opportunities in Ontario, Canada, announced that it has entered into a new interest-free Convertible Loan Note Instrument with an international investor for up to £1,000,000. The Company has secured funding in order to advance its maiden drill programme on the Sunbeam Property and general working capital requirements.
Comment: If there was a time to go for a £1m CLN, this is probably it for a company in the thick of it as far as exploration and development loan. It is perhaps a surprise that shares of FCM are down that much given the way that the cash is being offered interest free.
KR1 plc (KR1) provided an unaudited update on its income from digital assets and its largest holdings as at 31 December 2025. Aggregate income from staking activities: £169,615.
Comment: Given that we know there is a brains trust at KR1 and that the company has been around since the dawn on the crypto age, at least in terms of the expertise of those involved, it is perhaps somewhat disappointing to see a small 6 figure income number. That said, one presumes the company is doing rather better than most since BTC et al topped out in the autumn.
Empyrean Energy (EME), the oil and gas exploration and development company with interests in Australia, Indonesia and the United States, announced that it has signed a binding term sheet for a settlement agreement with Conrad Asia Energy Ltd (ASX: CRD), the operator of the Duyung PSC and Mako Gas Field in Indonesia, which has successfully and amicably resolved the outstanding cash call dispute between Empyrean, Conrad and Conrad’s subsidiary, West Natuna Exploration Limited. As part of this Term Sheet, Conrad has withdrawn its Notice of Election of Remedy and Forced Withdrawal. This Term Sheet reflects a cooperative and solution-focused approach by both parties and provides Empyrean with a clear, funded pathway to retain economic exposure to the Mako Gas Field as well Duyung PSC without future direct cash call obligations.
Comment: One could say that as far as EME is concerned patient shareholders look as though they have finally been rewarded. The only problem as far as today’s share price spike is that historically it has been a case of a one day wonder rally. Presumably this will not be the case in the wake of today’s news.
Roundhouse (AQSE: ETHL), an artificial intelligence technology company with an Ethereum-denominated treasury, announced that its ordinary shares of no-par value will today be admitted to trading on the Aquis Growth Market. Dealings commenced at 8.00 a.m. under the ticker “ETHL”. Roundhouse is a technology company specialising in artificial intelligence agent deployment infrastructure. Its business model combines active operational services in artificial intelligence with complementary strategic treasury management capabilities, positioning us as a comprehensive technology services provider. The Company operates as a hybrid business model combining an active operating business, in the technology space, primarily as an artificial intelligence service provider which will be the Company’s primary revenue driver while also establishing an Ethereum denominated strategic treasury reserve.
Comment: We have a new arrival to the Aquis market, one with all the buzzwords as far as its plans and business model. Alas, some might say that all of this including the treasury strategy model / AI is very 2025. But that would surely be a tad unfair.
Artemis Resources (ARV) provided its Quarterly Activities Report for the period ended 31 December 2025 (the quarter). During the quarter, the Company delivered a significant exploration breakthrough at the Titan East prospect within the Karratha Gold-Copper Project, advanced development studies at Carlow, and expanded its copper growth pipeline through the execution of a new earn-in and joint venture agreement in the Madura Province. Artemis also entered into a non-binding Memorandum of Understanding to collaboratively assess processing options for the Elizabeth Hill Silver mine and positioned its technical team for drilling programs scheduled in early 2026.
Comment: Everyone loves explorer / developers at the moment, particularly copper-gold. Therefore the fact that ARV shares are not soaring currently is something of a mystery. But at least there would appear to be solid support in the 0.30p zone.
Union Jack Oil plc (UJO) a USA and UK focused onshore hydrocarbon production, development, exploration and investment company provided a project update in respect of its key projects in the United Kingdom and the United States of America. UJO said “Union Jack holds numerous valuable assets on both sides of the Atlantic. The potential revenues from an expansion at Wressle and a development at West Newton are expected to be material to the Company. I have no doubt that the current attitude towards fossil fuels will change for the better in the UK and it is a waiting game for the significant commercial and strategic costs of the energy transition to become evident compared to the many merits of maintaining and encouraging domestic oil and gas production.”
Comment: Despite or perhaps because of all the requisition related excitement of late, we have actually seen shares of UJO so far this month nearly recoup the losses of the whole of 2025 in the first month of 2026. So perhaps at least some in the market may now be thinking that this is a value play.
Quantum Data Energy PLC (MAST) announced its Q1 2026 business update. Further, QDE’s Chief Executive Officer, Pieter Krügel, was exclusively interviewed by Vox Markets, and in the interview Pieter provides key highlights from its business update and what to expect for the year ahead. QDE has recently published a video to summarise its core business model and highlight key benefits to investors. Looking ahead, Quantum Data Energy’s strategy is focused on building a flexible generation power platform of 300+ MW over time, with a longer-term ambition to develop AI-focused power campuses at scale. The Company believes this approach positions it to support structural growth in digital infrastructure demand while maintaining capital discipline and a clear focus on execution.
Comment: Even if MAST had undertaken an interview with the Archangel Gabriel, it was unlikely that there would be an explanation as to how the shares plummeted so badly from their 200p September peak, to 3p now. This was almost as bad a decline as some of the BTC treasury strategy companies.
Peel Hunt (PEEL) announced an update saying it was trading ahead of expectations. PEEL said “Reflecting the strength of our corporate client base and both our Investment Banking and Execution Services franchises, Peel Hunt has continued to trade well in the second half of the financial year, and we have supported clients on a range of M&A and equity capital markets transactions. As a result, the Group now expects to deliver full year revenues and profits ahead of current market expectations. The Company will announce revenues for FY26 on 1 April 2026.”
Comment: Whether you love or hate market makers, it is always a relief to see the likes of PEEL on the front foot, especially given the implication of revival in the small cap sector. Presumably the boom in metals prices will also drive interest into stocks at least for the beginning of 2026.
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.
