Author: Fiona Craig

Quadrise (LSE:QED) reported a loss after tax of £2.0 million for the first half of FY2026 but finished the period with a stronger financial position, holding £4.0 million in cash and total assets of £8.3 million. The increase reflects continued investment in production capabilities and technology development as the company prepares for wider commercial deployment of its low-carbon fuel solutions.

The group remains focused on building both demand and supply around major marine bunkering hubs while also modernising its technology platform. As part of this effort, Quadrise is digitising two decades of testing data and expanding research collaborations aimed at accelerating AI-driven fuel formulation and biofuel innovation.

During the period, the company made progress across several operational initiatives. These include steps toward vessel trials with MSC and Cargill, preparations for ISCC certification of its bioMSAR™ fuel, and international expansion through a new branch in Belgium as well as project activity in Morocco, Central America and Utah. Management said the combination of technical demonstrations, new partnerships and a broader operational footprint positions the company to move toward commercial-scale deployment in 2026.

The strategy centres on securing early customers and establishing long-term supply chains as global demand grows for cost-effective, lower-carbon fuels in shipping and heavy industry.

However, the company’s outlook remains constrained by weak operating fundamentals, including limited revenue, continuing losses and ongoing cash burn, although its balance sheet carries relatively low leverage. Technical indicators also remain weak, with the share price trading below key moving averages and a negative MACD signal. Valuation metrics provide limited support due to negative earnings and the absence of dividend yield.

More about Quadrise Fuels International

Quadrise Plc is a technology company focused on reducing emissions in shipping and heavy industry through its MSAR® and bioMSAR™ emulsion fuels and biofuel technologies. The company develops low-emission, cost-efficient fuel solutions for global shipping, power generation, industrial and refining markets, targeting customers seeking to cut greenhouse gas emissions without significant capital investment.

Caspian Sunrise (LSE:CASP) has reached an agreement to acquire 100% of Kazikhan Limited, a company holding manganese and gold mineral licences in central Kazakhstan. The transaction includes an initial consideration of $25 million in shares, with total potential value rising to as much as $45 million depending on the future certification of gold reserves.

Kazikhan’s assets include the Borly open-pit manganese mine, which holds state-confirmed probable reserves of roughly 8 million tonnes, and the Zhambas prospect, where C2-category gold reserves have been identified. These reserves, however, have not yet been reported under JORC standards.

At present, Borly produces around 1,000 tonnes of manganese ore per month. Caspian Sunrise plans to invest approximately $4.5 million in additional washing and crushing equipment to expand capacity to as much as 20,000 tonnes per month. The upgrade is expected to be funded primarily through industry prepayments alongside a $1 million secured interim loan.

The acquisition is classified as a related-party transaction involving members of the Oraziman family and will be structured through an initial share-based payment with further deferred share consideration tied to project milestones. The company said the move is designed to broaden its revenue base, reduce reliance on oil markets affected by sanctions, and potentially create additional value if the gold resources are formally certified or divested in the future.

Caspian Sunrise’s outlook reflects strong technical indicators and a favourable valuation profile, with the shares trading above key moving averages and a relatively low P/E ratio suggesting possible undervaluation. Financial performance remains mixed, however, as profitability has been offset by declining revenue and pressure on cash flows. Limited earnings call disclosures and fewer recent corporate updates also constrain deeper analysis.

More about Caspian Sunrise

Caspian Sunrise is an energy company primarily engaged in oil and gas operations in Kazakhstan. The group is now pursuing a broader diversification strategy by expanding into the mining sector. By developing manganese, gold and other metal assets with quicker potential cash flow and exposure to international commodity pricing, the company aims to reduce its dependence on the Kazakh oil and gas market, which has faced challenges linked to Russian sanctions.

Futura Medical (LSE:FUM) announced encouraging results from a four-week home user study evaluating its approved erectile dysfunction gel Eroxon alongside a new prototype formulation, Eroxon Intense. The trial involved 223 men in the UK, most of whom had mild to moderate erectile dysfunction, and showed that both products delivered meaningful improvements in erectile function compared with baseline. Participants also reported high satisfaction with erection hardness and duration, particularly when the gel was applied by a partner.

The study also demonstrated that Eroxon Intense produced a statistically stronger sensorial response during the first two minutes after application compared with the existing formulation. Both treatments were reported to be well tolerated by users and their partners. Futura said it plans to focus marketing on men under the age of 60 with mild to moderate erectile dysfunction, while highlighting partner involvement as part of foreplay.

The company has already submitted a Special 510(k) application to the U.S. Food and Drug Administration for Eroxon Intense and has gathered supporting data for regulatory filings across Europe. Decisions from regulators are anticipated during the first half of 2026.

Futura’s outlook is tempered by a sharply reduced FY2025 outlook outlined during its earnings call and a relatively short cash runway, alongside weak technical trend indicators. These factors are partly balanced by the company’s return to profitability in FY2024 and its debt-free balance sheet, although negative free cash flow continues to weigh on overall financial quality.

More about Futura Medical

Futura Medical is a UK-listed consumer healthcare company focused on the research, development and global commercialisation of topical gel-based treatments for sexual health. Its flagship product, Eroxon, is the only over-the-counter topical gel for erectile dysfunction. The company’s pipeline also includes Eroxon Intense and WSD4000, a candidate targeting female sexual dysfunction.

Great Southern Copper (LSE:GSCU) has released results from its Phase III scout reverse-circulation drilling programme at the Cerro Negro prospect in Chile, confirming high-grade silver and base-metal mineralisation extending about 1.5km south of the historic Mostaza mine. Every reported drill hole intersected notable silver mineralisation accompanied by copper, lead and zinc, including the discovery of a new near-surface copper–silver zone and several stacked silver–lead–zinc lenses that align closely with induced polarisation chargeability anomalies.

The assay results reinforce the company’s interpretation of a large hydrothermal system shaped by structural controls and composed of multiple mineralised lenses. They also support the effectiveness of geophysical targeting in identifying new drilling opportunities. Several high-priority areas along the Mostaza Fault Zone, as well as the nearby Monolith target area, remain largely untested. The new findings will feed into planning for an expanded Phase IV drilling campaign aimed at resource definition and further exploration, potentially increasing the overall scale and significance of the Cerro Negro project within the region.

Despite exploration progress, the company’s outlook continues to be constrained by weak financial fundamentals, including its pre-revenue status, widening losses and persistent negative free cash flow, although it benefits from having no reported debt. Technical indicators are mixed to weak, with the share price trading below its 20-day moving average and momentum indicators remaining subdued. Valuation metrics offer limited guidance due to the absence of meaningful P/E and dividend yield data.

More about Great Southern Copper PLC

Great Southern Copper is a London-listed exploration company focused on copper, gold and silver projects in Chile. Its flagship Especularita Project includes the Cerro Negro prospect and the historic Mostaza mine, located within the coastal metallogenic belt at low elevation with good access to infrastructure. The company currently holds an option to acquire a 100% interest in the Cerro Negro project.

Nativo Resources (LSE:NTVO) has resumed underground operations at its Bonanza gold mine in Peru, quickly encountering gold-bearing vein material within the first six metres of new development. Work is currently focused on a high-confidence target area within the Tesoro concession, where the company has begun selectively extracting and stockpiling mineralised rock to support near-term gold recovery.

Mining activities are being carried out by contractors Kuboc and Frasser, who are progressing narrow-vein development using high-precision techniques. The operation has achieved a 100% Half-Cast factor, a result that reduces dilution and helps maintain cost-efficient extraction. Early results from a structured sampling programme show a grade distribution weighted toward higher values, lending support to Nativo’s geological model and helping guide resource planning and the anticipated production ramp-up at Bonanza.

The company’s outlook remains constrained by weak financial fundamentals, including ongoing losses, negative equity, relatively high leverage compared with asset levels, and continued cash burn. Technical indicators provide some support following a strong short-term price rebound, though momentum appears stretched and the share price remains below the 200-day moving average. Valuation metrics also remain unfavourable due to negative earnings and the absence of dividend support.

More about Nativo Resources

Nativo Resources is a London-listed gold company focused on developing near-term mining and processing opportunities in Peru. Its strategy centres on primary gold mining, gold ore processing and tailings reprocessing, with growth expected from expanding operations on the Tesoro Gold Concession, including the Bonanza and Morrocota mines.

Quantum Helium (LSE:QHE) reported that its Sagebrush oil project produced 11,769 barrels during 2025, generating gross revenue of US$617,044 and approximately US$409,000 in net sales revenue. Production and sales levels remained consistent throughout the year, providing a stable revenue stream for the company.

Management said the project’s unhedged oil output forms a central part of its self-funding strategy. Supported by stronger global oil prices and improved subsurface understanding from a newly completed 3D seismic survey, the Sagebrush field is helping finance the company’s helium-focused activities. The cash flow from oil production is also expected to support preparations for an extended production test at the Sagebrush-1 well.

Operations at Sagebrush have continued in line with expectations into early 2026, with the company focusing on optimising current field performance while assessing additional drilling opportunities that could increase oil production in the future. By pairing near-term hydrocarbon revenue with its longer-term helium ambitions, Quantum Helium aims to strengthen financial discipline and lower funding risk for investors as it enters what it expects to be a busy operational phase.

Despite these developments, the company’s outlook remains constrained by weak financial fundamentals, including ongoing losses, fluctuating and declining revenue, and continued cash burn, even though the balance sheet carries no debt. Technical indicators offer some short-term support, with improving momentum and the share price trading above key moving averages, but valuation remains limited due to loss-making operations and the absence of dividend support.

More about Quantum Helium Limited

Quantum Helium Limited is an AIM-listed exploration, development and production company targeting helium, hydrogen and hydrocarbon resources. Its portfolio includes projects in the United States and royalty interests in Australia. The company’s strategy is to generate operating cash flow from oil and gas assets while advancing higher-potential helium exploration and development opportunities across its project base.

Gfinity (LSE:GFIN) reported an 8% increase in half-year revenue to £421,381, while gross margin improved to 38.4%. The uplift was supported by the company’s digital media division returning to profitability and the first contributions from its Connected IQ platform. Operating losses were reduced to £220,082, administrative costs declined by roughly 5%, and cash reserves climbed to £430,788 following a £355,000 equity fundraising. The company noted, however, that auditors had previously flagged a material uncertainty regarding its ability to continue as a going concern.

Management said momentum is building across its three core growth areas. Connected IQ has been progressing agency partnerships, refining its contextual advertising technology, and building a self-service platform aimed at the U.S. market. Meanwhile, Yentra.AI introduced its Evolve product to capture growing demand for sovereign AI solutions.

The board believes these initiatives provide several opportunities for scalable and capital-efficient expansion in areas such as AI-powered advertising and privacy-focused artificial intelligence. Leadership remains optimistic that continued operational improvements will help accelerate revenue growth and support the financial stability required to meet the company’s strategic targets.

Despite operational progress, the company’s outlook remains constrained by weak financial fundamentals, including declining revenues in recent periods, significantly reduced margins, ongoing losses and continued operating cash outflows. Technical indicators offer some counterbalance, with the share price trading above key moving averages, although a very high RSI suggests the risk of a short-term pullback. Valuation metrics provide limited insight as earnings remain negative and dividend information is unavailable.

More about Gfinity

Gfinity plc is a UK-based digital media and technology company operating in gaming, esports and AI-driven advertising. Its activities include Gfinity Digital Media, which produces gaming content and monetises audiences through digital advertising, Connected IQ, an AI-powered contextual advertising platform designed for connected video environments, and Yentra.AI, a consulting and solutions business focused on sovereign AI and data privacy technologies.

Kendrick Resources (LSE:KEN) has secured £1 million in gross proceeds through a £250,000 placing led by Shard Capital Partners alongside £750,000 in direct share subscriptions. The company issued 38,461,537 new ordinary shares at 2.6 pence each, representing an 11.9% discount to the previous closing price.

The capital raised will primarily support drilling and further development at the Bonya rare earth project in Namibia, while also strengthening the company’s general working capital position. Following the issuance, the new shares represent approximately 10.3% of the company’s enlarged share capital, bringing total voting rights to 373,367,812.

Executive chairman Colin Bird participated in the fundraising, and a person closely associated with director Martyn Churchouse also subscribed, with the pair contributing a combined £85,000. As a result, the transaction qualifies as a related-party deal, though independent directors concluded that the terms were fair and reasonable for shareholders. In addition, a consultant will receive 576,923 shares to settle £15,000 in outstanding fees.

The company expects the newly issued fundraising and consultant shares to be admitted to the Official List and begin trading on the London Stock Exchange’s main market on 7 April 2026. While the issuance slightly dilutes existing shareholders, it provides additional capital to advance Kendrick’s rare earth exploration strategy.

From an outlook perspective, the company continues to face pressure from weak financial fundamentals, including a lack of revenue, persistent losses, negative cash flow, and a significant reduction in equity and asset levels during 2024. However, technical indicators offer some support, with the share price trending above key moving averages and a positive MACD signal, though momentum indicators suggest the stock may be approaching overbought territory. Valuation metrics remain constrained due to negative earnings and the absence of dividend support.

More about Kendrick Resources PLC

Kendrick Resources Plc is a London-listed exploration and development company focused on advancing mineral resource projects. Its portfolio includes the Bonya rare earth project in Namibia, and the company targets critical minerals that are increasingly important to the global energy transition and technology supply chains.