Author: Fiona Craig

Guardian Metal Resources PLC (LSE:GMET) has confirmed that, as at 30 January 2026, its issued share capital comprises 168,728,216 ordinary shares of 1 pence each, all of which carry voting rights and with none held in treasury. As a result, the total number of voting rights in the company stands at 168,728,216. The update provides shareholders and the wider market with the reference figure required to calculate and disclose interests under UK transparency and disclosure regulations, reinforcing clarity around the company’s ownership structure as it continues to progress its strategic plans.

The confirmation comes as Guardian Metal pushes forward with its focus on U.S.-based tungsten assets, which are central to its positioning within critical minerals and defence-related supply chains. While the company remains constrained by early-stage financial characteristics, including minimal revenue, widening losses and increasing cash burn, it benefits from a debt-free balance sheet. Market indicators are more supportive, with the share price showing a strong upward trend and positive momentum, although valuation metrics remain unfavourable due to negative earnings and the absence of a dividend profile.

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Guardian Metal Resources PLC is a strategic mineral exploration company focused on re-establishing U.S. tungsten production and strengthening domestic supply of critical defence metals. Listed in London and on the OTCQX market, the company is advancing two co-flagship tungsten projects in Nevada: Pilot Mountain, one of the largest undeveloped tungsten deposits in the United States, and Tempiute, previously the country’s largest producing tungsten mine. Backed by a US$6.2m investment from the U.S. Department of Defense under the Defense Production Act to support a pre-feasibility study at Pilot Mountain, Guardian Metal aims to play a key role in rebuilding a secure U.S. tungsten supply chain amid tightening Chinese export controls and evolving geopolitical conditions.

RC Fornax (LSE:RCFX) has announced a series of board changes as it enters the next stage of development following its AIM flotation and a record opening quarter for FY26. Non-executive chair Mark Fahy has stepped down, with existing independent non-executive director David Hitchcock appointed as the new independent non-executive chair. The board has also been strengthened with the appointment of Andrew McInerney, a former Royal Marines officer with experience in scaling growth companies, as an independent non-executive director, while managing director and head of engineering Chris Brooks has joined the board as an executive director. The company said the restructured board adds greater depth in defence, capital markets and operational delivery, supporting stronger governance, risk oversight and execution as commercial performance continues to improve.

Alongside the governance update, RC Fornax confirmed it expects to publish its audited results for the year ended 31 August 2025 in February 2026. Management noted that key financial metrics in the draft accounts are consistent with figures previously guided to the market, indicating continued operational momentum and no material financial surprises for shareholders and other stakeholders.

More about RC Fornax plc
RC Fornax plc is an AIM-quoted UK consultancy providing outcome-based engineering solutions to critical defence platforms. Founded in 2021 by former RAF officers Paul Reeves and Daniel Clark, the company focuses on improving programme efficiency and delivering value for money across air, land and maritime projects within the UK defence sector.

Europa Metals Ltd (LSE:EUZ) has announced that its shares will be cancelled from trading on London’s AIM market at 7:00 a.m. on 2 February 2026, after failing to complete a qualifying reverse takeover within the timeframe required under AIM rules. The company became an AIM Rule 15 cash shell in November 2024 and has since been seeking a transaction to re-establish its operating status. Discussions regarding a potential acquisition of Marula Africa Mining Holdings Limited have now been formally terminated, leaving Europa without a route to retain its AIM listing. As a result, the delisting will remove the company’s obligations to comply with AIM’s disclosure, transaction and corporate governance requirements, while materially reducing liquidity for shareholders. The board said it remains in dialogue with the Johannesburg Stock Exchange regarding the implications for its South African listing and is continuing to assess alternative corporate transactions and listing options in an effort to preserve shareholder value.

From a financial standpoint, Europa Metals continues to face significant challenges, including the absence of revenue generation and ongoing losses, which underpin its high-risk profile. Market indicators reflect a bearish tone, and while headline valuation measures such as the price-to-earnings ratio may appear optically low, these metrics are of limited relevance given the company’s cash shell status and structural uncertainty. Although a recent strategic disposal delivered a profit, the failure to secure a reverse takeover and the resulting AIM exit add to uncertainty around future direction and recovery prospects.

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Europa Metals Ltd is an Australian-incorporated public company whose shares have been listed on the AIM market of the London Stock Exchange, where trading is currently suspended, and on the AltX board of the Johannesburg Stock Exchange. The group remains subject to ongoing disclosure obligations under Australian corporate law while it evaluates strategic options following its transition to a cash shell and the cancellation of its AIM listing.

Chrysalis Investments (LSE:CHRY) reported an unaudited net asset value of 165.36 pence per share at 31 December 2025, representing a 3.7% quarter-on-quarter decline. The movement was largely driven by a lower valuation for Klarna following weakness in its post-IPO share price, alongside a valuation discount applied to wefox reflecting near-term funding uncertainty. These headwinds were partly offset by an uplift in the valuation of Starling, helping to cushion the overall NAV impact. During the period, the company continued to execute its capital allocation strategy, with cumulative share buybacks reaching approximately £108m by late January, surpassing its original £100m target.

Operationally, Chrysalis’s portfolio companies delivered a series of positive developments that highlight growing underlying momentum. Starling’s Engine banking-as-a-service platform secured a significant 10-year core banking migration contract with Tangerine Bank, strengthening its long-term revenue visibility. Smart Pension reported assets under management exceeding £9bn, benefiting from accelerating consolidation in the UK pensions market, while Klarna delivered strong growth in transaction volumes and revenues despite reporting a small operating loss driven by accounting factors. Together, these updates underline the contrast between short-term valuation pressures linked to public markets and funding dynamics, and the continued strategic and commercial progress being made across the portfolio, which could support future valuation uplifts and realisations.

From an investment perspective, the outlook remains constrained by uneven financial quality, including negative operating and free cash flow in 2025 and historically high volatility, even as the company has delivered a recent rebound in profitability and maintains a low-leverage balance sheet. Technical indicators are supportive, with positive momentum in the share price, while a low price-to-earnings multiple improves the broader valuation backdrop.

More about Chrysalis Investments Limited
Chrysalis Investments Limited is a UK-listed investment company that provides growth capital to later-stage, technology-enabled businesses, with a portfolio concentrated on fintech and digital financial services. Its holdings include companies such as Klarna, Starling, Smart Pension and wefox, and the firm actively manages both its investments and capital structure, including the use of share buybacks, to enhance long-term shareholder value while supporting portfolio companies through key growth phases.

Transense Technologies (LSE:TRT) said trading across its two core divisions remains positive, but slower-than-expected customer onboarding and a downgrade to anticipated Bridgestone iTrack royalties have led management to trim its outlook for the year ending June 2026. The group now expects FY26 revenue of at least £5.2m, including around £2.0m from royalties, falling short of previous market expectations after an estimated 10% reduction in forecast iTrack income. While combined revenue from SAWsense and Translogik is still projected to grow by at least 30% year on year, with gross margins maintained, full-year profitability is now expected to be materially lower than earlier guidance, despite the business being profitable and cash generative in the first half.

Operationally, SAWsense delivered revenue growth of more than 70% in the first half, while Translogik recorded growth of 13%, supported by a strengthening sales pipeline and new partnership discussions. Management noted that geopolitical and broader economic uncertainty are causing some customers to delay new commitments, weighing on near-term visibility. Even so, the board reiterated confidence in the group’s longer-term growth prospects, pointing to the scalability of its technology platforms and exposure to high-value end markets, as the company prepares to publish interim results and host investor presentations in February.

More about Transense Technologies PLC
Transense Technologies PLC, headquartered in Oxfordshire and listed on AIM, develops and supplies advanced sensing and measurement technologies for mission-critical applications. Through its SAWsense and Translogik divisions, the company provides Surface Acoustic Wave-based sensor systems to aerospace, automotive and industrial customers, alongside smart, connected tyre inspection and monitoring solutions for global tyre manufacturers, fleet operators and service centres, and earns residual royalties from Bridgestone’s iTrack off-highway tyre monitoring system.

Artemis Resources (LSE:ARV) reported a notable exploration advance in its December quarter update, highlighting the discovery of a new shear-hosted gold system at the Titan East prospect within the Karratha Gold-Copper Project. Drilling delivered high-grade gold intersections across a strike length of roughly 600 metres, prompting the company to commence follow-up diamond drilling to better define the scale and continuity of the mineralisation. The results mark a meaningful step forward for the broader Karratha project and support Artemis’s strategy of expanding its gold footprint alongside copper exposure.

Beyond Titan East, the group progressed a conceptual mining study at its Carlow Gold-Copper Project, assessing potential open-pit and underground development pathways against a backdrop of stronger gold and copper prices. Artemis also added momentum to its copper growth pipeline through an earn-in and joint venture agreement over the Sharon Dam IOCG Project in the Madura Province, while continuing exploration work at the Cassowary prospect. In parallel, the company signed a non-binding memorandum of understanding to evaluate processing high-grade silver ore from the Elizabeth Hill mine at its wholly owned Radio Hill processing plant, offering potential third-party processing upside. On the corporate front, Artemis announced changes to its technical leadership and outlined plans to delist from London’s AIM market, aiming to reduce costs and concentrate liquidity on its ASX listing.

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Artemis Resources is an ASX-listed exploration and development company focused on gold and copper assets in Western Australia. Its core portfolio includes the Karratha Gold-Copper Project and the Carlow Gold-Copper Project in the Pilbara region, alongside large-scale IOCG-style copper-gold targets in the Madura Province. The company also owns the fully permitted Radio Hill Processing Plant near Karratha, providing processing flexibility for its own material and potential third-party feed, and is seeking to streamline its capital markets presence by consolidating trading activity on the ASX.

Cohort plc (LSE:CHRT) said its subsidiary Marlborough Communications Ltd (MCL) has secured a series of new UK defence orders worth a combined £17.9m, providing firm support for the Group’s revenue expectations in the 2025/26 financial year. The awards include a £14.0m contract from a UK government customer for the near-term supply of uncrewed air systems, alongside two years of in-service support, delivered in partnership with long-standing supplier Skydio. In addition, MCL has received a further £3.9m order for tactical audio systems from a UK customer, adding to near-term delivery commitments.

Chief executive Andrew Thomis said the contract wins reflect MCL’s strong relationships with defence customers and its proven engineering capabilities, while also strengthening Cohort’s order book and improving revenue visibility. Management noted that the new business fully underpins current consensus revenue forecasts for FY2025/26, reinforcing confidence in the Group’s short- to medium-term outlook.

More broadly, Cohort’s solid operational and financial performance, together with supportive corporate developments, provide a strong underlying base. However, this is partly tempered by weaker technical indicators and a valuation that suggests a more cautious market stance despite the Group’s consistent revenue growth and disciplined strategic execution.

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Cohort plc is an AIM-listed independent technology group supplying defence and related products and services through seven operating businesses across the UK, Australia, Germany and Portugal. The Group is structured around Communications and Intelligence, and Sensors and Effectors divisions, with subsidiaries delivering advanced communications, surveillance, electronic warfare, sonar and naval systems to domestic and international defence customers, including the UK Ministry of Defence and other government agencies.

First Class Metals PLC (LSE:FCM) has arranged up to £1m in interest-free convertible loan note financing from an overseas investor, providing funding to kick off its maiden drilling campaign at the Sunbeam gold project in Ontario while also boosting working capital. The agreement comprises an initial £350,000 tranche, with conversion rights set at a discount to the prevailing market price and accompanied by warrants, alongside an option for the company to redeem the notes at a premium. Part of the proceeds will be used to fast-track the final CAD$100,000 payment required to secure full ownership of the Kerrs Gold property, bringing a 386,000-ounce historical gold resource fully under company control and strengthening its position as it advances several gold assets against a supportive gold price backdrop.

Despite the strategic funding, the investment case continues to be constrained by early-stage financial characteristics, including the absence of revenue, ongoing operating losses and continued cash outflows, with only limited balance sheet support at present. Share price signals are mixed and offer little technical confirmation, while valuation remains difficult to assess given negative earnings and the lack of dividend metrics.

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First Class Metals PLC is a UK-listed exploration company focused on high-grade, district-scale gold and critical metals opportunities in Ontario, Canada, with particular exposure to the Hemlo camp and the Abitibi Greenstone Belt. The group owns 100% of seven claim blocks and holds options over three additional areas, targeting gold alongside base and battery metals. Its portfolio includes flagship assets at North Hemlo and Sunbeam, a joint venture at the ultra-high-grade West Pickle Lake nickel-copper project, and other interests such as the Zigzag lithium–tantalum project and the Kerrs Gold property, which hosts a substantial historical gold resource.