Author: Fiona Craig

Emmerson PLC (LSE:EML) has submitted its full arbitration Memorial in its dispute with the Kingdom of Morocco, marking a major step forward in its investment treaty case related to the Khemisset potash project. The filing, prepared by law firm Boies Schiller Flexner LLP and supported by independent valuation experts, outlines a damages claim of approximately US$1.215bn. The figure reflects the company’s assessment of the project’s value at the stage it had reached when the alleged breaches occurred.

The arbitration is being conducted under the rules of the International Centre for Settlement of Investment Disputes (ICSID) and centres on alleged violations of the UK–Morocco bilateral investment treaty. Emmerson claims Morocco breached the treaty through actions including expropriation and failing to provide fair and equitable treatment as well as full protection and security for the investment. With the Memorial now formally submitted, the process moves into the next phase in which Morocco will prepare its response in the coming months. The outcome of the proceedings could carry significant financial and strategic consequences for the company and its shareholders.

The company’s outlook remains constrained by weak financial fundamentals, including the absence of reported revenue, widening losses and continued negative free cash flow that has eroded equity. Technical indicators offer some support, with the share price trading above key longer-term averages and showing positive MACD momentum. However, valuation metrics remain limited due to the company’s loss-making status and the absence of dividend yield data.

More about Emmerson

Emmerson PLC is an AIM-listed mining company focused on potash development in Morocco. Its flagship asset is the Khemisset potash project, which the company aims to advance as a significant fertilizer supply source for international agricultural markets. By developing this project, Emmerson seeks to position itself within the broader global fertilizer and commodity supply chain.

Metals Exploration (LSE:MTL) said construction at its La India gold project in Nicaragua has progressed faster than planned, reaching around 40% completion by mid-March 2026 compared with the original target of 35%. Project expenditure has reached approximately US$80 million and remains broadly aligned with expectations. However, the overall capital budget has been increased to US$171 million, largely reflecting higher costs for electrical infrastructure. The company said funding remains supported by free cash flow generated from its Runruno mine and access to an undrawn US$30 million gold pre-pay facility.

Work across the site continues to advance, with foundations for the processing plant now about 65% complete and the primary crusher already installed. Major earthworks have been finished and non-processing infrastructure is around 77% complete. Metals Exploration has also agreed a collaborative arrangement with Nicaragua’s national grid operator ENATREL to develop a 138kV substation, which is expected to reduce costs. In addition, the company is pursuing a US$20 million equipment financing facility to fund its mining fleet. Management highlighted strong safety performance across the project and reiterated that first gold production remains scheduled for December 2026, signalling steady project execution and further de-risking for investors.

The company’s outlook is supported by solid financial performance, including revenue growth, improving margins and strong cash flow generation. Technical indicators also point to a clear upward trend in the share price, although elevated momentum readings suggest the stock may be approaching overbought levels in the near term. Valuation metrics are less supportive due to a negative price-to-earnings ratio and the absence of dividend yield data.

More about Metals Exploration

Metals Exploration plc is a gold-focused mining, development and exploration company with operations in the Philippines and Nicaragua. Its principal producing asset is the Runruno gold mine in the Philippines, which is generating the cash flow used to fund development of the La India gold project in Nicaragua. The company aims to build a portfolio of open-pit gold operations and position itself as an emerging regional mid-tier gold producer.

Burford Capital (LSE:BUR) has encountered a significant setback in the long-running YPF litigation after the U.S. Court of Appeals for the Second Circuit overturned a previous ruling that had favored claimants Petersen and Eton Park. The case relates to Argentina’s failure to comply with shareholder protections embedded in YPF’s bylaws. While the appellate court criticized Argentina’s conduct and rejected its jurisdictional arguments, the majority concluded that minority shareholders could not enforce the tender offer provisions directly and that such claims should instead have been pursued in Argentine courts. One judge issued a strong dissent opposing the majority’s interpretation.

The ruling introduces uncertainty for NYSE investors who rely on U.S. courts to enforce governance protections in foreign-listed companies and may prompt a reassessment of legal strategy by Burford and the claimants involved in the YPF dispute. The plaintiffs are expected to seek further review, potentially including an en banc rehearing by the full appellate court and, if necessary, an appeal to the U.S. Supreme Court. Another possible avenue under consideration is pursuing compensation through investment treaty arbitration against Argentina.

In response to the adverse decision, Burford plans to record a non-cash partial write-down of its YPF-related asset, which will be quantified in its first-quarter results. The company noted that a substantial reduction in balance sheet equity could limit its flexibility to raise new debt or make certain payments tied to debt-to-equity thresholds. However, management emphasised that the rest of its diversified portfolio continues to perform well and that its capital structure remains supported by recent fundraising activity and the absence of maintenance covenants on its outstanding debt.

The company’s outlook reflects mixed fundamentals, with volatility in cash flows and increased leverage weighing on the investment case. Technical indicators are also weak, with the share price trading well below major moving averages and showing negative MACD momentum. On the other hand, operational momentum and liquidity remain constructive according to recent earnings commentary, though valuation remains difficult to assess given a negative price-to-earnings ratio and only a modest dividend yield.

More about Burford Capital

Burford Capital is a global finance and asset management firm focused on legal-related investments, including litigation finance, risk management, asset recovery and broader legal finance advisory services. Listed on both the New York Stock Exchange and the London Stock Exchange, the company works with corporations and law firms around the world through a network of international offices to fund and manage legal claims and related assets.

Accesso Technology Group (LSE:ACSO) reported modest revenue growth in 2025, with sales rising to $155.1 million while profitability improved significantly. Statutory profit before tax increased by nearly 38%, and adjusted earnings per share climbed more than 15%. Although transactional revenue softened due to weaker discretionary consumer spending, the company benefited from strong demand for professional services, tight cost management and an improved net cash position.

Operationally, Accesso secured 43 new venue contracts during the year and saw strong adoption of its accesso Freedom platform, expanding its software-as-a-service footprint and reinforcing its base of recurring revenue. The company also accelerated the integration of artificial intelligence across its operations and product development roadmap. Efficiency measures included a reduction in headcount, while shareholder returns were strengthened through share buybacks and a tender offer completed after the year-end.

The group also pointed to changes within its virtual queuing portfolio. While one major LoQueue customer was lost, the impact was partly offset by extended and expanded agreements with another key client, highlighting the resilience of its diversified platform. On the leadership front, long-serving CEO Steve Brown announced plans to step down following a structured succession process. Chief Operating Officer Lee Cowie is expected to assume the role of CEO in May 2026, ensuring strategic continuity as the company enters its next phase of growth.

The company’s outlook is supported by improving margins, a low-leverage balance sheet and generally strong cash conversion, alongside a reasonable price-to-earnings valuation. However, technical indicators remain weak, with the share price trading well below major moving averages and showing negative momentum. Management commentary was mixed but broadly constructive, pointing to a stronger pipeline and ongoing strategic initiatives despite near-term softness in some segments and continued cost pressures.

More about accesso Technology

Accesso Technology Group is a UK-listed provider of technology solutions for attractions and entertainment venues worldwide, including theme parks, cultural attractions and leisure operators. Its product suite includes ticketing systems, virtual queuing technology, e-commerce platforms and SaaS offerings such as accesso Freedom. The company is increasingly focused on incorporating AI-driven analytics and tools to enhance guest commerce and improve operational efficiency for venue operators.

Clean Power Hydrogen (LSE:CPH2) has shipped its first 1MW MFE220 membrane-free electrolyser to a dedicated testing facility for the final phase of factory acceptance testing. The project remains on schedule for site acceptance during the third quarter of 2026, when the company expects to begin generating its first commercial revenues. CPH2 currently has firm orders for four units and is growing its sales pipeline across the UK, Europe, India and the Middle East. It has also entered into several non-binding collaboration agreements linked to zero-carbon initiatives, Middle Eastern energy projects and Indian agritech applications, with potential project sizes of up to 20MW each.

The company has also signed a non-binding agreement with Siemens to explore opportunities to scale manufacturing and accelerate technology development. The collaboration is expected to support product design improvements, process optimisation and broader market deployment. Meanwhile, CPH2’s MFE110 demonstrator unit has achieved independently verified hydrogen purity of 99.999vol% and oxygen purity of 99.7%. These performance levels could allow the company to generate additional revenue through oxygen sales while lowering the lifetime cost of hydrogen production. The company is also developing next-generation 1MW and 5MW systems designed to improve efficiency and potentially enable negative-cost hydrogen production in certain use cases.

The company’s outlook remains weighed down by weak financial fundamentals, including minimal revenue, expanding losses and significant cash burn that has reduced its equity base. Technical indicators offer some support, with the share price showing an upward trend and positive momentum, although a relatively high RSI suggests the possibility of a near-term pullback. Valuation metrics remain difficult to assess given the company’s loss-making status and the absence of dividend yield data.

More about Clean Power Hydrogen PLC

Clean Power Hydrogen plc (CPH2) develops membrane-free electrolyser technology designed to produce high-purity hydrogen alongside above medical-grade oxygen. The company targets decentralised hydrogen production markets, aiming to reduce the levelised cost of hydrogen for applications such as wastewater treatment, curtailed renewable power utilisation, data centres, medical and life sciences, and heavy-duty mobility. Its shares are listed on London’s AIM market under the ticker CPH2.

Frontier IP Group (LSE:FIPP) reported an unaudited pre-tax loss of £3.1 million for the six months to 31 December 2025. The result was largely influenced by non-cash IFRS 16 lease accounting charges related to its SC2 innovation hub and a downward fair-value adjustment in one of its portfolio companies. Operating costs were reduced to £1.6 million following a series of cost rationalisation measures, and the group has outlined plans to implement additional savings of around £1 million annually from May 2026 as it tightens financial discipline amid challenging conditions in AIM-listed and early-stage technology markets.

During the period, the company raised £0.9 million through equity issuances—below its original target—and is now seeking further funding through a combination of equity and debt. Net assets per share declined to 52.7p, while cash balances fell to £1.6 million. Despite these financial pressures, several portfolio companies achieved important technical, commercial and funding milestones. These included significant fundraising rounds and international agreements for Pulsiv, Alusid and Amprologix, promising vaccine trial progress at The Vaccine Group, and continued strategic development at companies such as 2D Photonics and GraphEnergyTech. These developments support Frontier IP’s longer-term strategy of building value through the commercialisation of early-stage technologies.

The company’s outlook remains constrained by recurring losses, continued cash outflows and increased leverage introduced in 2025. Technical indicators also remain weak, with the share price trading well below key moving averages and showing negative MACD momentum. Valuation metrics provide limited support due to a negative price-to-earnings ratio and the absence of dividend yield data.

More about Frontier IP

Frontier IP Group is a UK-based company focused on commercialising intellectual property by creating and scaling spin-out businesses from universities and industry research. The group collaborates with academic institutions, investors and corporate partners to develop early-stage technology ventures across areas including advanced materials, clean technology, digital solutions and life sciences. Its strategy centres on building value in these companies as they mature toward potential commercial success and exit opportunities.

Jangada Mines (LSE:JAN) has announced encouraging geological results from its ongoing diamond drilling campaign at the Molly Gold Project in Brazil’s Tapajós Gold Province. All 13 drill holes completed so far have intersected quartz veining and/or disseminated sulphides linked to gold mineralisation. The exploration programme has been expanded to approximately 2,480 metres and is fully funded, with the goal of upgrading and significantly expanding the project’s existing 130,000-ounce JORC inferred resource. Initial assay results from 44 samples are expected in mid-April, followed by an updated resource estimate.

Step-out drilling at the Molly 2 target, along with additional drilling east and west of the Molly 1 zone, has highlighted the broader district-scale potential of the project. In response to these results, the company has decided to exercise its option to acquire 100% of the 6,656.2-hectare Molly project from BGold. The transaction will begin with an initial consideration of US$350,000 in a mix of cash and shares, subject to regulatory approvals. Phase 1 drilling is expected to conclude in early April, after which Phase 2 exploration—including mapping, geophysical surveys, geochemical sampling and trenching—will continue through to late 2026. Management believes the project could ultimately develop into a multi-pit, high-grade gold system, potentially strengthening Jangada’s resource base and positioning within one of Brazil’s key gold regions.

The company’s outlook remains constrained by its early-stage financial profile, characterised by a lack of revenue, recurring losses and ongoing cash burn, although it currently carries no debt. On the technical side, the share price is trading above key moving averages with moderately positive momentum indicators. However, valuation metrics remain limited by the company’s loss-making position and the absence of dividend support.

More about Jangada Mines PLC

Jangada Mines plc is an AIM-listed natural resources development company focused on projects in Brazil. Its portfolio includes the high-grade Molly Gold Project, the Paranaíta Gold Project and the fully owned Pitombeiras vanadium titanomagnetite project. Drawing on industry expertise, financial resources and local operational knowledge, the company aims to advance its existing assets while identifying and progressing additional resource opportunities across Brazil to build long-term shareholder value.

Mirriad Advertising (LSE:MIRI) said trading in the first quarter of 2026 came in below earlier expectations after geopolitical tensions in the Middle East, including the conflict involving Iran, disrupted anticipated sales growth. The company had expected stronger demand linked to partner activity and seasonal advertising during Ramadan, particularly across Middle Eastern markets. Despite the softer start to the year, Mirriad announced a services agreement with one of the UK’s largest media groups to deploy its virtual product placement technology in a test campaign designed to generate additional revenue opportunities for the client.

As of 27 March 2026, the company reported cash and cash equivalents of roughly £675,000 and said it continues to tightly control operating costs. However, Mirriad expects that additional funding will be required before it publishes its 2025 annual report and accounts. The anticipated capital requirement highlights continued balance sheet pressure even as the company works to strengthen its market presence through new partnerships and commercial initiatives, developments that investors will be monitoring closely.

The company’s outlook remains dominated by weak financial fundamentals, including a sharp decline in revenue, substantial ongoing losses and persistent cash burn that has eroded the balance sheet. With few meaningful technical indicators and limited valuation support—given the negative price-to-earnings ratio and lack of dividend yield—there are currently few counterbalances to these financial risks.

More about Mirriad Advertising

Mirriad Advertising specialises in virtual product placement and in-content advertising technology. Its multi-patented platform allows brands and products to be digitally inserted into television programmes, streaming video-on-demand content, music videos and influencer media. The company aims to create new monetisation opportunities for content owners while improving advertising effectiveness and viewer experience. Mirriad currently operates across EMEA, the United States through a joint venture, and India.

PipeHawk (LSE:PIP) reported significantly weaker trading in its interim results for the six months to 31 December 2025, with revenue declining 45% year-on-year to £1.14m. The group moved from a modest profit in the prior period to a pre-tax loss of £573,000, reflecting slower order intake and rising operating costs. Amid ongoing cash pressures and accumulated liabilities, the company continues to rely on financial backing from its chairman as well as fee deferrals from directors.

Within the group, subsidiary Thomson Engineering Design (TED) has maintained stable operations and is anticipating potential global orders through its partner Unipart. It is also seeking Network Rail approvals for its newly developed RT23 Rail Threader and SL21 Sleeper Laying Machine. Meanwhile, Utsi Electronics is awaiting UK national security clearance for its agreed sale, which is expected to generate capital to support TED’s development and expand Utsi’s technology capabilities. In contrast, survey business Adien has been placed into wind-up after weather disruption and a significant bad debt left it insolvent despite a healthy order pipeline. The closure is expected to remove around £250,000 in net liabilities from the group’s balance sheet, though it highlights the operational and financial challenges facing PipeHawk.

The company’s outlook remains constrained by weak financial fundamentals, including a steep drop in revenue, negative profitability, high leverage and worsening free cash flow. Technical indicators offer only limited support, while valuation remains difficult due to continued losses and the absence of dividend yield data.

More about PipeHawk

PipeHawk plc is a technology and engineering group specialising in rail infrastructure equipment, ground-penetrating radar and related survey services. The company operates through subsidiaries including Thomson Engineering Design (TED), Utsi Electronics and the now-insolvent Adien. PipeHawk focuses on supplying rail and infrastructure markets in the UK and internationally, with its strategy increasingly centred on global expansion through partnerships such as its distribution alliance with Unipart for TED’s rail engineering equipment.