Author: Fiona Craig

Helium One Global (LSE:HE1) reported unaudited interim results highlighting significant operational progress as the company moves from exploration toward production across its assets in Tanzania and the United States. During the period, the group secured Tanzania’s first-ever helium mining licence covering 480km² at its southern Rukwa project, while also advancing development plans following encouraging test results at the Itumbula West-1 well.

In Tanzania, extended Electrical Submersible Pump testing at the ITW-1 well achieved flow rates around six times higher than those recorded during the 2024 extended well test, while maintaining strong helium concentrations. The results strengthen the commercial outlook for the discovery. Helium One is now preparing to launch a formal farm-out process aimed at bringing in a strategic industry partner to help finance and accelerate development of the southern Rukwa project.

In the United States, the company’s 50%-owned Galactica-Pegasus project in Colorado—operated by Blue Star Helium—achieved first gas production from the Pinon Canyon processing facility. Six wells are currently connected to the system, with the plant transitioning to continuous 24/7 operations. Initial helium sales have been agreed on a spot basis, and additional wells along with CO₂ liquefaction capacity are expected to be brought online in 2026, potentially creating further revenue streams and strengthening near-term cash generation.

Helium One also improved its financial position during the period, raising approximately £8.1 million through an investment agreement and retail offer. The company further strengthened governance through new board appointments, including a non-executive director and a head of governance and compliance. Management described 2026 as a pivotal year for the group, with priorities centred on scaling production in Colorado and advancing the southern Rukwa project toward commercial development, positioning the company as an emerging supplier in the global helium market.

The company’s outlook remains constrained by financial challenges, including the absence of revenue, ongoing losses and continued cash burn, although its balance sheet carries relatively low debt. Technical indicators provide more positive signals, with the share price trading above key moving averages and supported by a positive MACD trend. Valuation metrics remain limited due to a negative price-to-earnings ratio and the absence of dividend data.

More about Helium One Global Limited

Helium One Global Limited is a helium exploration and development company focused on projects in Tanzania and Colorado in the United States. Its flagship southern Rukwa project in Tanzania is advancing from exploration toward development, while the company’s 50% interest in the Galactica-Pegasus project in Colorado targets near-term helium and CO₂ production in a supply-constrained global helium market.

Ceres Power (LSE:CWR) reported revenue of £32.6 million for 2025, representing a 37% decline from the previous year. The company generated gross profit of £22.7 million and maintained a strong financial position with cash and investments totalling £83.3 million. Cost discipline significantly reduced operating cash outflows, cutting them nearly in half compared with the prior year. Although operating losses widened, Ceres recorded its first royalty income as partner Doosan commenced mass production of fuel cell stacks, marking an important milestone for the company’s licensing-based business model.

Strategically, the group continued expanding its international partnerships. In China, Weichai signed a manufacturing licence agreement, while Delta secured approximately £170 million worth of land and facilities in Taiwan to support large-scale hydrogen and power technology manufacturing. In South Korea, Doosan began factory production of Ceres-based systems. Additional developments included a government-supported electrolysis initiative in Japan involving Denso and JERA, and the successful deployment of a megawatt-scale hydrogen system in India by Shell. Alongside these initiatives, Ceres launched a business transformation programme aimed at reducing operating costs by around 20% in 2026. The company said its existing order book already supports roughly £45 million in expected revenue for 2026 before accounting for any new contracts.

The company’s outlook is supported by a solid balance sheet with low leverage and a strong equity base, as well as progress in commercialising its technology through global partners. However, continued operating losses and ongoing cash consumption remain key challenges. Technical indicators present a mixed picture, while valuation metrics remain constrained due to negative earnings and the absence of a dividend yield. Commentary from the latest earnings call highlighted progress toward commercial deployment and planned cost reductions, though uncertainty around future order intake and the timing of revenue recognition remains an important risk factor.

More about Ceres Power Holdings

Ceres Power Holdings is a UK-listed clean energy technology company focused on the development of solid oxide fuel cells for power generation and electrolysers for green hydrogen production. The business operates an asset-light intellectual property licensing model, partnering with global industrial groups including Doosan, Delta, Denso, Shell, Weichai and Thermax. Its technologies target applications such as AI data centres, commercial and industrial power systems, microgrids and other sectors involved in the global energy transition.

ValiRx (LSE:VAL) reported additional annual cost savings of £42,500 through salary reductions and changes to its advisory board structure. At the same time, the company continues to develop its collaboration with Dominion Biotech, working together to co-develop and commercialise patient-derived cell models and related research programmes.

The company has also expanded its research pipeline through several new initiatives. ValiRx signed a preclinical evaluation agreement with McGill University and IRICoR, while progressing a fast-track orphan disease programme. It also launched ValiRx Animal Health Ltd, a new subsidiary focused on commercialising oncology-related assets within the veterinary sector, where the company is already engaging with specialist clinics and potential funding partners.

Further development work has continued across its research portfolio. ValiRx advanced its CytoLytix oncolytic peptide programme with a new in-house formulation, supported by research data generated with partners ScreeIn3D and Bioreparia, and plans to file a related patent application in April 2026. The company is also collaborating with Cellomatics to develop immune-oncology co-culture models using colorectal cancer cells provided by Inaphaea.

In addition, ValiRx has strengthened its academic network through grant-backed collaborations with the University of Nottingham and the Open University, focusing on peptide delivery systems and prostate cancer targeting technologies. Work is also progressing on validation of the VAL201 2.0 construct and additional patent filings. These initiatives are intended to support future external investment and expand commercial opportunities across both human and veterinary oncology markets.

ValiRx’s outlook remains constrained by challenging financial fundamentals, including ongoing losses and reliance on external funding. Technical indicators suggest a broadly bearish share price trend, although some potential for upward movement remains. Valuation metrics are also limited due to the company’s negative price-to-earnings ratio and the absence of dividend support.

More about ValiRx plc

ValiRx plc is a UK-based life sciences company focused on developing early-stage cancer therapies and women’s health treatments. Using a translational development model, the company aims to advance novel drug candidates from preclinical research toward clinic-ready and investor-ready assets. ValiRx operates through a network of subsidiaries and academic and commercial partnerships designed to accelerate drug development in oncology and related therapeutic areas. The company is listed on London’s AIM market under the ticker VAL.

Oxford BioMedica (LSE:OXB) reported strong performance in 2025, with revenue rising 33% on a constant-currency basis to £170.9 million and the business returning to positive Operating EBITDA. Growth was driven by expanding demand for manufacturing, development and procurement services. Profitability improved significantly during the year, while net cash increased to £55.4 million. A larger backlog of contracted revenue also improved visibility heading into 2026. During the period, the company strengthened its manufacturing capacity through the acquisition of an FDA-approved viral vector facility in Durham, North Carolina, enhancing its ability to support late-stage and commercial programmes.

For 2026, management expects revenues to reach between £220 million and £240 million, with an Operating EBITDA margin of around 10%. Performance is anticipated to be weighted toward the second half of the year as newly added capacity begins contributing to production. The company has also secured new and expanded partnerships, including a multi-year supply agreement with Bristol Myers Squibb and a licensing and option agreement with Australia’s VVMF. These developments reinforce Oxford BioMedica’s position as a leading viral vector contract development and manufacturing organisation (CDMO) and support its strategy to deliver sustained double-digit revenue growth alongside improving margins over the medium term.

The company’s outlook remains partly constrained by underlying financial challenges, including ongoing losses, negative cash flow and relatively high leverage, despite the recent revenue growth. Technical indicators remain supportive, reflecting a strong upward price trend and positive MACD signals, although elevated RSI and stochastic readings suggest the shares may be overbought in the near term. Valuation metrics remain limited due to negative earnings and the absence of a dividend yield.

More about Oxford BioMedica

Oxford BioMedica is a specialist contract development and manufacturing organisation focused on cell and gene therapies. The company provides viral vector development, GMP manufacturing and related services, including lentiviral and adeno-associated virus (AAV) platforms, supporting biopharmaceutical companies advancing clinical and commercial gene therapy programmes around the world.

Altona Rare Earths (LSE:REE) reported improved interim financial results for the six months to 31 December 2025, highlighting lower administrative expenses, reduced losses and a strengthened balance sheet. The company bolstered its financial position through warrant exercises, repayment of debt and the extension of an existing loan facility. Non-current assets increased as investment continued at the Monte Muambe project, while cash of approximately £1.1 million remained available at period end to fund near-term activities.

Operational progress centred on advancing land access and technical work at the Monte Muambe rare earths project in northwest Mozambique. The company also completed a 3,419-metre drilling campaign targeting fluorspar and gallium mineralisation, with a JORC-compliant resource estimate expected in April 2026.

Following the reporting period, Altona secured a non-dilutive grant of US$1.875 million from the U.S. Trade and Development Agency (USTDA) to support prefeasibility studies. The company also reported high-grade fluorspar assay results, completed a cross-listing on the OTCQB market to expand its reach to North American investors, refreshed its board and outlined a 2026 strategy focused on de-risking Monte Muambe, advancing gallium extraction opportunities and broadening its project portfolio.

The company’s outlook remains constrained by weak financial metrics, including the absence of revenue, ongoing losses, continued cash burn and rising leverage. However, technical indicators provide some positive signals, with the share price trading well above key moving averages and supported by a positive MACD trend. Valuation metrics offer limited guidance due to negative earnings and the lack of dividend information.

More about Altona Rare Earths

Altona Rare Earths is a London-listed explorer and developer of critical raw materials with a focus on Africa. Its flagship asset is the Monte Muambe project in northwest Mozambique, targeting rare earth elements alongside fluorspar and gallium. The company aims to build a diversified portfolio of projects that combines near-term monetisation opportunities with longer-term development assets.

GEO Exploration Limited (LSE:GEO) reported results for the half year ended 31 December 2025, outlining continued exploration activity across its Western Australian gold projects and its offshore petroleum licence in Namibia. During the period, the company completed its first drilling campaign at the Juno Project, where intersections of low-tenor gold, copper, silver and zinc confirmed the presence of a mineralised system and provided geological data to guide further drilling planned for 2026.

The company also expanded its Australian gold portfolio through an agreement to acquire the fully owned Gorge Project. Historic exploration at the site has indicated both high-grade and widespread gold mineralisation, and GEO intends to carry out modern, systematic exploration programmes to advance the project toward future drilling.

Financially, the group reported a stronger balance sheet, supported by increased cash reserves, net assets of approximately US$5.7 million and successful capital raisings during the period. At the same time, GEO continues to pursue a farm-out agreement for its Namibian petroleum licence while maintaining a disciplined capital allocation strategy aimed at maximising shareholder value.

More about GEO Exploration Limited

GEO Exploration Limited is a mineral and energy exploration company focused on building a diversified portfolio spanning Western Australian gold projects and an offshore petroleum licence in Namibia. Its key assets include the Juno and Gorge gold projects within the Capricorn Orogen, as well as a 78% operated interest in Petroleum Exploration Licence 0094 in the Walvis Basin, targeting opportunities in both precious metals and hydrocarbons.

Treatt (LSE:TET) said trading for the six months to 31 March 2026 has progressed in line with expectations, with a typically quieter first quarter followed by stronger momentum in the second quarter. The company said this pattern supports confidence in meeting full-year forecasts, with performance expected to be weighted more heavily toward the second half of the year.

Headwinds affecting the Heritage citrus category in FY25 are beginning to ease, and the group is applying its technical expertise to create more price-stable solutions, including newly developed powdered citrus extracts. Within the Premium segment, demand in the United States has softened, although this has been partly balanced by increasing volumes linked to health and wellness trends and a solid pipeline of potential opportunities.

Treatt also highlighted strong progress in its New Markets division, driven by double-digit growth in China. The expansion is supported by the company’s new Shanghai Innovation Centre and wider distribution across Asia through its partner IMCD. Management said its strategy continues to focus on higher-margin product segments and geographic growth. Despite macroeconomic, industry and geopolitical pressures, as well as ongoing recruitment for a new CEO and additional non-executive director, the company emphasised disciplined execution, closer collaboration with customers and a robust order book as key drivers of medium-term growth. Interim results are scheduled for release on 12 May 2026, replacing a separate April trading update.

The company’s outlook is somewhat constrained by the decline in profitability during FY2025 and weaker cash flow trends, even though the balance sheet remains strong with relatively low leverage. Technical indicators appear neutral to slightly negative, with the share price trading below longer-term moving averages. Valuation metrics also look somewhat elevated at roughly 25 times earnings, although this is partly offset by a dividend yield of around 3.9%.

More about Treatt plc

Treatt plc is a global, independent producer and supplier of natural extracts and ingredients used in the flavour, fragrance and consumer products industries, with a particular focus on beverages. The company employs around 350 people across Europe, North America and Asia and operates manufacturing facilities in the UK and the United States, enabling it to deliver integrated ingredient solutions to food, beverage and fragrance manufacturers worldwide.