The Times: Oil briefly topped $104 a barrel in overnight trading after Iran stepped up its attacks on energy infrastructure and President Trump struggled to build a coalition to reopen the Strait of Hormuz. A short while ago Brent crude was trading up 3.6 per cent at $103.8 a barrel. Asian equity markets, which had traded higher in early trading, turned negative after the oil price rise.
Comment: Such great journalism using the higher Brent number to make things look worse. Apart from the energy infrastructure issue, the lack of a coalition regarding Hormuz is clearly a disaster for Trump, although at this stage it is to be wondered whether this would be the trigger for an end of the US-Israel attack on Iran, or an extended block leading to oil remaining above $100, whether Brent or WTI.
Longspur Research issued a note on Powerhouse Energy (PHE): Powerhouse has hit a key milestone in proving the viability and commerciality of its DMG waste-to-hydrogen technology and now has two projects under development that can take this to commerciality. With a strong pipeline driven by partnerships with National Hydrogen in Australia and Green Gecko in the MENA region, we see the company as well placed to grow from here. We see the Powerhouse DMG as a strong technology capable of delivering competitive pricing. It now has a proven technology with two tangible projects and a deliverable pipeline. We have published forecasts that show earnings growth with breakeven in FY29. Our central case valuation based on visible projects and a cautious view of the pipeline comes in at 2.8p per share. A low case based on visible and early projects only gives 0.8p and a high case assuming more development of the pipeline across wider geographies gives 7.0p.
Comment: PHE should be very much in focus given the geopolitical shocks of recent days, something which underlines the need for energy source diversification, especially given the soaring prices we are seeing at the moment. Even with Longspur’s low case shares of PHE are only half of what they should be given the projects / pipeline.
First Class Metals PLC (FCM) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, reported further visible gold has been identified in core from the drilling at the Roy prospect on the Sunbeam Property. Visible gold (‘VG’) observed in two separate sections of core from a second drill hole at Roy, further confirming the presence of gold mineralisation within the targeted structure.
Comment: As stated previously, even a half decent discovery can mean a 10% – 20% rise in the share price on the day, and this is what we are seeing at FCM today. Indeed, it is a repeat of the recent visibile gold RNS, and why not? Lightning can strike twice.
Shearwater Group (SWG), the cybersecurity, advisory and managed security services group, announced its unaudited interim results for the six months ended 31 December 2025. Revenue of £14.0m, an increase of 31% on the equivalent period in the prior year (Jul to Dec FY25 (restated): £10.7m) and an increase of 24% on the reported FY25 interim result (Apr to Sep FY25: £11.3m), reflecting organic growth and ongoing revenue from FY25 contract wins. Adjusted EBITDA profit of £0.0m (Jul to Dec FY25 (restated): £0.1m profit) and reported loss for FY25 H1 of £0.4m. Adjusted administrative expenses of £2.9m, down 6% on equivalent period in prior year (Jul to Dec FY25: £3.0m) reflecting successful cost reduction initiatives and restructuring implemented in FY25. Cash and cash equivalents of £2.2m, negatively impacted by short term timing of project cash flow, with one material contract outflow unwound on 20 January 2026. Adjusting for this, the balance would have been £3.7m (31 Dec 2024: £3.6m).
Comment: If one does not look at the admin expenses, which appear to include a few nights at the Dorchester, it can be said that SWG is finally delivering the kind of performance that for some years was only potential. Near 40p one would assume that the shares are at the floor of a 40p to 70p range.
Strategic Minerals plc (SML), an international mineral exploration and production company, announced that its wholly owned subsidiary, Cornwall Resources Limited, has signed a drilling contract with Priority Drilling UK Ltd to commence a resource infill drilling campaign as part of the prefeasibility study programme at its wholly owned Redmoor tungsten-tin-copper Project, in southeast Cornwall.
Comment: Given the lay of the land for explorer / developers these days, just the prospect of drilling is enough to get the share price up 10% on the RNS. So we are looking at a situation with SML where a third year of triple digit percentage share price gains is very much on its way.
Blencowe Resources Plc (BRES) provided an update on the first set of assay results from shallow drilling at the Beehive deposit, one of the two exciting new deposits recently delineated at the Company’s Orom-Cross graphite project in Uganda. As part of the Stage 7 drilling programme, the Company completed 110 shallow drill holes at Beehive, designed to test the continuity, thickness and near-surface extent of graphite mineralisation across the deposit. This announcement reports assay results received to date from an initial 35 holes (BHDD-L201 to BHDD-L236), which are considered representative of the broader drilling programme, and they make up the central line on the drilling program. This line also contained the three deeper holes drilled to 120m as part of the programme, the results of which were very successful and reported earlier.
Comment: The rising tide in critical minerals has certainly helped BRES. But arguably what has helped even more is further discovery by the company, something which most in the market have seemingly not being expecting. This is over and above Orom-Cross already being accepted as a world class asset.
Further to the Company’s announcement of 10 March 2026 regarding the proposed acquisition of the Ghummud grid connection asset in Abu Dhabi, Active Energy (AEG) announced that it has agreed terms to acquire an additional energised grid connection infrastructure asset in the same region. The asset comprises a 1.5 megavolt-ampere grid connection, providing approximately 1.275 megawatts of available load. The connection requires only modest upgrade works prior to the deployment of digital infrastructure.
Comment: Bumping along the bottom is perhaps the kindest thing that can be said regarding AEG, both regarding the share price and the fundamentals. Today’s news has helped the former, although in the current environment Abu Dhabi may not be the best postcode around.
CRISM Therapeutics Corporation (CRTX), a UK clinical-stage drug delivery company focused on the localised and sustained delivery of chemotherapy drugs, announced that the FDA has granted Orphan Drug Designation to irinotecan for the treatment of malignant glioma, which is broader than the original designation request for glioblastoma (a Grade IV glioma) and includes all high grade (Grade III and IV) gliomas.
Comment: After a brief share price flurry last spring, it could be the case that courtesy of the latest FDA news, we finally see CRTX on its way. This is especially the case given the way that the market cap is still only some £6m.
Empire Metals Limited (EEE), the AIM-quoted and OTCQX-traded exploration and development company, reported the analytical assay results from its latest diamond drilling programme at the Pitfield Project in Western Australia. Very high-grade TiO2 intervals identified near surface within the weathered zone, in particular DD25TOM009 which intersected 9.25m @ 10.13% TiO2 from 26.2m and DD25TOM012 which intersected 7.7m @ 9.88% TiO2 from 3.0m. EEE said “These results confirm the presence of a high-grade central zone at the Thomas Prospect and demonstrate the significant depth of the weathered profile, extending over 60 metres from surface. Importantly, drilling has intersected thick intervals of very high-grade mineralisation, approaching 10% TiO₂, within the near-surface weathered profile, which will be the focus of our ongoing drilling and metallurgical assessment.”
Comment: EEE has rather famously missed out on the great critical metals boom of recent months, and sorely needed the kind of announcement it has released today. The hope now would be that post August support for the shares near 30p will be lasting and that the dizzy heights of the autumn near 80p could be seen later this year.
Tortilla Mexican Grill PLC (MEX), the largest fast-casual Mexican restaurant group in Europe, announced that it has entered into a new multi‑aggregator delivery arrangement, strengthening the Group’s delivery proposition and expanding customer reach across its UK estate. “Delivery remains an important and complementary channel for Tortilla, and this new multi‑aggregator arrangement reflects our disciplined approach to accessing incremental demand while retaining operational and commercial control. We are pleased to be partnering with Deliveroo again, building on our existing relationship and leveraging their platform alongside Uber Eats and Just Eat. This approach allows us to serve customers more conveniently, while ensuring delivery continues to support the long‑term economics and brand strength of the business.”
Comment: Shares of MEX are already up 46% so far this year, presumably with a little help from its friends, Uber Eats and Just East. One would imagine that Deliveroo could be the icing on the cake. Although all of this rather makes one want to reach out for a Mounjaro injection.
First Development Resources plc (FDR), the UK-based, Australia-focused exploration company with mineral interests in Western Australia and the Northern Territory, provided an operational update for its Selta Project located in the Aileron Province of Australia’s Northern Territory. FDR said “We are advancing the Selta Project with real momentum. The GAIP survey at Lander West will recommence soon, and the integrated analysis of our geophysical and geochemical data is already sharpening our drill targets. With an Environmental (Mining) Permit application underway, government co-funding support being pursued, and new lithium and rare-earth opportunities being actively explored, we are positioned to unlock multiple high-potential mineral targets across Selta.”
Comment: As stated at the time of the past RNS, going for being the strong, silent type as far as explorers / developers is concerned is not necessarily a strategy that will work for FDR. This is particularly given how many peers are shouting louder and with larger proven resources.
Physiomics plc (PYC), a leading mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, announce that it has completed a revised placing, of, in aggregate, £490,000. at an issue price of £0.004 per Placing. PYC said “The Board is delighted by the continued support from our long-term shareholders who have decided to back the Company at a higher price than our previously announced fundraise on 10th March. This is validation that our growth plans are supported, and Directors believe that this growth will continue and that the Company is on track to meet market expectations for this current year, which would represent a record year for total income of 27% growth based on market expectations.”
Comment: Given that recent requisitions have not succeeded in the small cap area, it will be interesting to see whether the latest fundraise manages to gerrymander the vote in favour of the powers that be at PYC. At the very least one would not want to be on the wrong side of Mike Whitlow (Doc Holliday) and friends. Of course, I have always liked him.
Boku, Inc. (BOKU) announced audited Results for the year ended 31 December 2025. Group revenue +30% driven by strong growth in Digital Wallets & Account to Account and Bundling. Group revenue increased to $128.8m (FY 2024: $99.3m) representing growth of 30% or 29% on a Constant Exchange Rate basis. BOKU said “This was a year of very strong growth for Boku as we capitalised on our position at the centre of the structural shift towards Local Payment Methods. We delivered revenue growth of 30%, tracking ahead of the medium term guidance we set in March 2025, while we continued to maintain an adjusted EBITDA margin of above 30%. These results demonstrate continued progress on our multi-year transformation journey.”
Comment: BOKU was seen as an obvious takeover target last year here at Zaks Traders Café, and if anything, this is more true now in the wake of another great set of results than it was back in the summer. That said, with the shares down by a third since then it would appear that whoever was betting on M&A may have decided it ain’t going to happen.
Atlantic Lithium Limited (ALL), the Africa-focused lithium exploration and development company targeting the delivery of Ghana’s first lithium mine, announced that it has secured access to funding of up to a combined value of US$16.4m (AUD 23.1m / £12.2m). ALL said “Facilitated by IC Asset Managers (Ghana) Ltd, we are delighted to welcome a number of Ghanaian pension funds to the Company’s share register. The interest of the Ghanaian Investors in Atlantic Lithium reflects a broader desire in Ghana to see the country deliver upon its critical mineral promises and diversify its revenue stream beyond its existing portfolio, which is centred on gold. This Strategic Investment, therefore, provides the opportunity for the Ghanaian Investors to share ownership in these ambitions, while providing the Company staged access to capital upon the achievement of key Project milestones.”
Comment: Just in case anyone thought that Ghana is not a good jurisdiction and that there is not cash around for projects, it would appear that there is plenty. This is especially the case for well run, well managed projects that actually exist, and in hot commodities such as lithium.
Pulsar Helium Inc. (PLSR), a primary helium company, announced the appointment of Stephen Lange Ranzini to its Board of Directors as Deputy Chair, effective March 16, 2026. Mr. Ranzini is the President & CEO of University Bancorp, Inc. (OTCQB: UNIB) and its wholly owned subsidiary, University Bank in Ann Arbor, Michigan, a position he has held since 1988 following the acquisition of the bank by UNIB. Under his leadership, the institution has expanded from a single-office community bank into a diversified financial services organization offering a range of banking, lending, insurance and asset management services.
Comment: Given how hot helium is at the moment, even Coco the Clown could join Pulsar Helium’s board and have make a decent go of it, if only in allowing his fellow directors to (eventually) laugh all the way to the bank.
Abingdon Health plc (ABDX), a leading international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech, announced its unaudited half-year Financial Report for the six months ended 31 December 2025. The Board expects H2 FY26 to deliver positive adjusted EBITDA and be operating cash flow positive. Total H1 FY26 revenues (including grant-funded income) up 45%* to £4.5 million (H1 FY25: £3.1 million). Reported revenue of £4.2 million (H1 FY25: £3.1 million), representing growth of 37%. Adjusted EBITDA loss of £1.7 million (H1 FY25: £1.9 million) due to continued investment in the overhead base to support future growth and contract execution.
Comment: Recent newsflow at ABDX has been appropriately positive, something which is reflected in the generally positive metrics we see for the company. Indeed, if one can look past the relatively modest EBITDA loss, it could be said that ABDX is well on its way from a fundamental perspective.
Science Group plc, (SAG), the international services and systems company delivering innovation through the application of science, technology and engineering, reported its audited results for the year ended 31 December 2025. Strong operating performance despite volatile market conditions. Record adjusted operating profit of £23.1 million (2024: £21.5 million) Record adjusted* basic earnings per share of 40.2 pence (2024: 36.2 pence). Revenue of £111.7 million (2024: £110.7 million). Operating results augmented by corporate activity. Pre-tax gain of £24.1 million from corporate investment. Record profit before tax of £41.5 million (2024: £14.7 million).
Comment: A wonderful update, with the only thing really missing is the way that the company does not tell the reader what it really does, expect in general terms. This might explain why the share price has essentially flatlined over the past year, made worse by the way that the clue in not in the name either, in terms of SAG’s activities.
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.
