Author: Fiona Craig

Empire Metals Limited (LSE:EEE) has announced its strongest drilling results to date from the Thomas Prospect within the Pitfield titanium project in Western Australia, confirming the presence of a substantial high-grade titanium-rich core averaging 47 metres in thickness across an area of approximately 6.25 square kilometres.

The latest drilling programme included 178 air core and reverse circulation holes and delivered multiple mineralised intervals grading close to or above 8% TiO₂. Among the standout results was a two-metre section grading 21.44% TiO₂, further strengthening confidence in the scale and quality of the deposit while extending known mineralisation beyond the current resource boundaries.

Resource Upgrade Targeted for Third Quarter

The drilling campaign generated more than 5,000 laboratory samples, providing a significant volume of new data that will support an updated mineral resource estimate planned for the third quarter of 2026.

Management expects the revised resource to play a central role in future mine planning and engineering studies as the project advances towards development. The latest results are viewed as an important step in defining the overall scale of the Pitfield project and improving geological understanding of the mineralised system.

Development Activities Continue Across Pitfield

Grid drilling programmes have now been completed at both the Thomas and Cosgrove prospects, while additional exploration drilling has been undertaken across the broader project area to support resource definition and identify suitable locations for future infrastructure.

Empire Metals is progressing a range of technical workstreams designed to advance Pitfield towards development. These include engineering studies, ongoing pilot plant test work and product development programmes focused on coated rutile pigments and titanium sponge feedstock, both of which are expected to continue through late 2026.

Management believes the project has the potential to become a significant long-term source of titanium supply, serving industries that require titanium dioxide for pigments and titanium metal production.

Outlook

Empire Metals’ outlook remains influenced by its status as a development-stage company. The absence of revenue, continuing losses and ongoing cash expenditure mean the business remains reliant on future funding to support project advancement.

Market indicators also point to a challenging near-term picture, with the share price trading below major moving averages and momentum measures reflecting a broader downtrend. However, the company maintains a relatively low level of debt, providing some balance sheet stability as it continues to advance the Pitfield project.

Management believes that continued resource growth, technical progress and future development milestones could help unlock value as the project moves closer to commercialisation.

More about Empire Metals

Empire Metals Limited is an exploration and development company listed on AIM in London and quoted on the OTCQX market in the United States. The company focuses on the discovery and advancement of mineral resource projects, with a particular emphasis on titanium-bearing deposits.

Its flagship asset, the Pitfield Project in Western Australia, hosts extensive titanium dioxide mineralisation and is being developed with the objective of supplying raw materials for pigment production and titanium metal feedstock markets. Through ongoing exploration, resource expansion and technical development programmes, Empire aims to establish Pitfield as a significant future titanium resource.

Clean Power Hydrogen plc (LSE:CPH2) has announced a major strategic shift towards a licensing-led business model after an incident at its testing facility damaged an MFE220 1MW electrolyser during final factory acceptance testing.

The company confirmed that no injuries occurred and that its core membrane-free stack technology was not responsible for the incident. An extensive root cause investigation is underway, with a detailed technical report expected by the end of August 2026. Any required design modifications identified during the review will be incorporated into future testing programmes to ensure compliance with safety and performance standards.

Manufacturing Activities to End

Following a review of its available financial and engineering resources, Clean Power Hydrogen has decided to discontinue manufacturing operations and focus instead on research, technology development and the global licensing of its intellectual property.

Management concluded that completing full-scale manufacturing and any subsequent retesting programmes would require resources beyond those currently available to the business. The new strategy is intended to create a more capital-efficient operating model centred on commercialising the company’s proprietary technology through partnerships and licensing agreements.

The group currently holds 16 patents across 12 jurisdictions and has secured licensing agreements in twelve countries. It is also exploring additional strategic alliances and manufacturing partnerships while continuing discussions with insurers regarding the testing incident. Separately, the company is reviewing the status of its sales agreement with Lagan MEICA.

Leadership Changes to Support Strategic Transition

As part of the transformation, Richard Scott is expected to become chief executive, subject to the completion of regulatory checks. James Hobson will continue as chief financial officer, while Natalie Fortescue has been appointed non-executive chair.

The current chief executive and chair are expected to step down following the company’s next fundraising. The board said the leadership changes are designed to support the transition towards a technology licensing business focused on monetising intellectual property rather than manufacturing equipment internally.

Fundraising and Cost Reduction Plans

Clean Power Hydrogen is implementing a significant cost-reduction programme as it restructures the business around its new strategy. The company is also engaged in discussions with potential investors and advisers regarding a proposed fundraising that may include a subscription, placing and retail offer.

Management intends to use the proceeds to strengthen working capital, support the licensing-focused business model and facilitate the restoration of trading in the company’s AIM-listed shares.

The company cautioned that securing additional capital remains critical. Current cash resources are expected to support operations only until mid-July 2026, and failure to complete a fundraising or secure alternative financing would place severe pressure on working capital.

Outlook

Clean Power Hydrogen’s outlook remains heavily influenced by a weak financial position, characterised by minimal revenue generation, widening losses, substantial cash burn and a significantly reduced equity base.

From a market perspective, technical indicators are more supportive, with the shares showing positive momentum and an upward trend. However, elevated RSI readings suggest the potential for increased volatility or a short-term pullback.

Valuation metrics remain difficult to assess given the company’s ongoing losses and the absence of a dividend policy. Management believes that successfully executing the transition to a licensing-based model could provide a more sustainable route to commercialising its technology over the longer term.

More about Clean Power Hydrogen

Clean Power Hydrogen plc is a UK-based clean energy technology company specialising in membrane-free electrolysers used for hydrogen production.

The company develops proprietary electrolyser stack technology designed to support the production of green hydrogen and has built an international intellectual property portfolio covering multiple jurisdictions. Through licensing agreements and strategic partnerships, Clean Power Hydrogen aims to expand the adoption of its technology while reducing the capital requirements associated with large-scale manufacturing operations.

BATM Advanced Communications Ltd (LSE:BVC) has agreed a series of transactions expected to generate approximately $37 million, supporting its strategy to streamline operations and concentrate on its core networking and cybersecurity businesses.

The company has entered into agreements to sell three of its four remaining non-core business activities, comprising seven separate entities, for a total consideration of $13.3 million. In addition, BATM will dispose of 96.8 million treasury shares currently held by Sunstring for approximately $23.3 million, representing a 33% premium to the recent market price.

Following completion of the transactions, investor Haim Dor is expected to hold approximately 22% of the company.

Capital to Support Growth and Strategic Expansion

Management intends to use the proceeds to accelerate investment in research and development, expand commercial operations and pursue strategic acquisition opportunities.

The transactions represent a significant step in BATM’s ongoing transformation programme, which aims to exit non-core activities and establish the group as a more focused provider of high-growth networking and cybersecurity solutions.

The company believes the additional financial resources will strengthen its ability to invest in key technologies and capture opportunities across its target markets.

Simplified Structure and Potential Additional Upside

The disposal agreements include staged payment arrangements, as well as customary warranty and non-compete provisions. They also feature an earn-out mechanism that could provide BATM with additional proceeds if the acquired businesses are sold on at a valuation above an agreed threshold within the next two years.

Subject to shareholder approval and the completion of a planned corporate reorganisation, the transaction will leave only one remaining non-core environmental monitoring subsidiary to be divested. Management believes this will further simplify the group’s structure and improve operational focus.

The streamlined business model could also enhance balance sheet strength and provide greater flexibility for future strategic initiatives.

Outlook

BATM’s investment case continues to be affected by weak financial performance, with ongoing losses and recent cash outflows offsetting the benefits of revenue growth and a relatively low level of debt.

Technical indicators offer only limited support at present, while valuation remains constrained by negative earnings. However, management believes that the disposal programme and renewed focus on higher-growth markets should create a stronger platform for long-term value creation.

More about BATM Advanced Communications

BATM Advanced Communications is a global technology company listed in both London and Tel Aviv, specialising in advanced networking infrastructure and cybersecurity solutions.

The group provides secure managed networking, quantum encryption and cyber defence technologies to government agencies, critical infrastructure operators and enterprise customers. Through its focus on secure communications and next-generation networking, BATM aims to address the growing demand for resilient digital infrastructure and advanced cyber protection.

Europa Oil & Gas (Holdings) plc (LSE:EOG) has agreed with its partners to extend the longstop date for completing the farm-out of a 40% interest in the EG-08 offshore Equatorial Guinea production sharing contract to Fuhai (Beijing) Energy until 31 July 2026.

The extension is intended to provide additional time for Fuhai to obtain Overseas Direct Investment (ODI) approval from the Shandong provincial authorities, the final regulatory requirement needed to complete the transaction. The farm-out has already received approval from Equatorial Guinea’s Ministry for Mining and Hydrocarbons.

Final Regulatory Step Before Completion

Once the outstanding approval is secured, Fuhai will formally join both the production sharing contract and the joint operating agreement governing the licence.

Following completion, the ownership structure of the project will comprise Antler Global with a 40% working interest and operatorship, Fuhai holding 40%, and state-owned GEPetrol retaining the remaining 20% interest on behalf of Equatorial Guinea.

Europa holds a 42.9% equity stake in Antler Global, giving it indirect exposure to the offshore exploration project and its future development potential.

Barracuda-1 Well Remains Key Near-Term Catalyst

Management continues to target the drilling of the Barracuda-1 exploration well at the earliest practical opportunity, with operations currently expected to commence in early 2027.

The well represents a significant milestone for the EG-08 licence and forms an important part of Europa’s strategy to expand its presence in West Africa. Success at Barracuda-1 could materially enhance the value of the project and strengthen the company’s position within the region’s offshore exploration sector.

Outlook

Europa’s outlook remains constrained by a challenging financial profile, characterised by ongoing losses, declining revenue and negative operating and free cash flow generation. While the company benefits from relatively low leverage, these strengths are currently outweighed by weaker underlying financial performance.

Technical indicators present a largely neutral picture and do not currently point to a strong directional catalyst for the shares. Valuation metrics are also limited by the company’s negative earnings position, resulting in a negative price-to-earnings ratio, while no dividend yield has been provided.

More about Europa Oil & Gas

Europa Oil & Gas (Holdings) plc is an AIM-listed exploration, development and production company with interests spanning West Africa, the UK and Ireland.

The company’s exposure to the EG-08 licence comes through its 42.9% shareholding in Antler Global, the operator of the offshore Equatorial Guinea production sharing contract. Through this investment, Europa participates in frontier offshore exploration activities alongside national oil company GEPetrol while maintaining a broader portfolio of oil and gas assets across its core operating regions.

Eco Buildings Group plc (LSE:ECOB) has achieved an important construction milestone at the Rolling Hills residential project in Tirane, Albania, after completing the second-floor structure of the development’s first apartment building and commencing work on the final storey.

The block will comprise 18 apartments of approximately 100 square metres each and represents the first of at least six similar residential buildings planned for the site. Management estimates that each apartment block could generate around €2.2 million in revenue and views the development as an important stepping stone ahead of a larger villa project that is currently progressing according to schedule.

Demonstrating the Scalability of the Business Model

The Rolling Hills project serves as a practical demonstration of Eco Buildings’ ability to deliver larger-scale residential developments using its proprietary construction technology. The company believes the successful execution of the scheme validates its strategy of creating a repeatable and scalable industrialised housing platform capable of being deployed across different markets and housing segments.

By applying its Glass Fibre Reinforced Gypsum (GFRG) building system within a premium residential development, Eco Buildings aims to showcase the efficiency, speed and quality of its construction model while building a track record that can support future commercial opportunities.

Supporting Future Growth Opportunities

Management believes the progress at Rolling Hills strengthens the company’s position within the evolving housing sector, where demand continues to grow for faster, more cost-effective and environmentally sustainable construction methods.

The successful delivery of the project could enhance Eco Buildings’ prospects for securing additional contracts and partnerships while supporting its broader objective of expanding the adoption of industrialised housing solutions across multiple geographies.

Outlook

Eco Buildings’ outlook continues to be supported by a series of positive corporate developments that highlight potential growth opportunities and commercial progress. However, these strengths are balanced against ongoing challenges related to financial performance and valuation.

Technical indicators present a mixed picture, with longer-term trends remaining constructive while shorter-term market signals suggest some uncertainty. Management remains focused on executing its development pipeline and demonstrating the commercial viability of its housing technology platform.

More about Eco Buildings Group

Eco Buildings Group is a UK-listed technology company specialising in industrialised and prefabricated housing solutions. The business utilises proprietary GFRG panel technology to develop modular residential buildings for both affordable and premium housing markets.

Its construction system is designed to address key challenges facing the global housing sector, including supply shortages, rising building costs, labour constraints and increasing demand for lower-carbon construction methods. Through scalable manufacturing processes and rapid on-site assembly, Eco Buildings aims to deliver efficient, sustainable and cost-effective housing solutions across a range of residential applications.

Kazera Global plc (LSE:KZG) has entered into a definitive settlement agreement worth US$10.5 million with Hebei Xinjian Construction relating to the long-running dispute over the Aftan asset. The agreement replaces a previous arbitration award and establishes a structured payment programme extending through to December 2029.

The settlement will become effective once an initial payment of US$500,000 is received from Namibia. It incorporates both loan repayment and share sale elements, with the transfer of ownership in Aftan linked to a series of staged payment milestones supported by security arrangements, pledged assets and default protections.

Settlement Provides Greater Certainty and Enhanced Value

When combined with approximately US$4.1 million already received from Hebei, the agreement creates a contractual route for Kazera to receive around US$14.6 million in total proceeds. According to the company, this exceeds the original cash consideration agreed for Aftan in 2022 while reducing the uncertainty, costs and timing risks associated with continued legal enforcement proceedings.

Management believes the agreement delivers a more predictable outcome and strengthens the company’s financial position by securing a clear framework for future payments.

Majority of Proceeds Expected to Be Returned to Investors

Subject to regulatory requirements and other applicable constraints, the board intends to return approximately 80% of the net settlement proceeds to shareholders.

The initial cash inflows are also expected to strengthen the company’s near-term funding position and support ongoing development activities across its remaining portfolio. These include the advancement of the Whale Head Minerals project, the REMI processing partnership and efforts to secure the important 2A Mining Right.

Early Settlement Option and Strong Security Protections

The agreement also provides flexibility through an option allowing Hebei to settle its obligations early for a discounted amount of US$9.0 million if payment is completed by the end of 2026.

At the same time, Kazera retains significant protection against non-payment through security over Aftan shares and acceleration provisions that can be triggered in the event of a default. Management views the settlement as a key step in resolving legacy issues, unlocking value from historic assets and enabling the company to focus on a more disciplined approach to capital allocation and shareholder returns.

Outlook

Kazera’s investment outlook continues to be weighed down by weak financial performance, including the absence of revenue during 2025, ongoing losses and continued cash consumption. These factors contribute to a negative price-to-earnings ratio and reflect the company’s current lack of profitability.

Technical indicators provide a more balanced picture, with short-term momentum showing signs of improvement, although the longer-term trend remains weak relative to the 200-day moving average. Management believes successful execution of the settlement agreement and progress across its core mining projects could help improve the company’s financial profile over time.

More about Kazera Global

Kazera Global plc is an AIM-listed investment company focused on mining and mineral opportunities. The group has previously held interests in African Tantalum (Aftan), a Namibia-based tantalum and lithium operation, and is now concentrating on advancing a streamlined portfolio of resource assets.

Its current priorities include the development of the Whale Head Minerals project, the processing partnership with REMI at Walviskop and securing the 2A Mining Right. The company aims to generate long-term value through disciplined investment management, project development and strategic capital allocation.

Living REIT plc (LSE:SOHO), formerly Social Housing REIT PLC, has officially adopted its new corporate name, with the rebranding taking effect on 19 June 2026. The company confirmed that its ISIN, SEDOL, LEI and existing corporate website remain unchanged following the transition. Living REIT continues to trade on the London Stock Exchange’s Main Market and maintains its core focus on UK social housing, particularly specialised supported housing, under the management of Atrato Partners Limited.

New Ticker and Broader Investment Strategy Planned

From 23 June 2026, the company will be recognised under its new name on the London Stock Exchange. A change of ticker symbol from SOHO to LIVE, along with the launch of a new corporate website, is expected to follow the company’s general meeting scheduled for 8 July 2026.

The proposed changes will not affect shareholders’ existing holdings or share certificates. At the same meeting, investors will be asked to approve an expansion of the company’s investment policy to include senior living and care home properties. If approved, the move would represent a significant broadening of the group’s investment remit within the UK housing and social care sectors.

Outlook

Living REIT’s investment case continues to be supported by resilient and improving cash-flow generation, although this is partly offset by fluctuations in earnings and net asset value. Market indicators currently point to a mildly negative short-term technical picture, while valuation metrics remain stretched due to a high price-to-earnings ratio.

However, the company continues to offer an attractive dividend yield, which remains a key component of its shareholder proposition. Management believes that expanding into senior living and care home assets could create additional opportunities for income generation and portfolio diversification over the longer term.

More about Living REIT

Living REIT plc is a UK-listed closed-ended investment company focused on acquiring and managing social housing properties. The portfolio is heavily weighted towards specialised supported housing that provides accommodation for vulnerable adults, including individuals with learning disabilities, mental health conditions and physical impairments.

The company works with regulated Approved Providers, including housing associations and local authorities, to deliver long-term accommodation solutions across the UK. Subject to shareholder approval, Living REIT plans to extend its investment strategy into senior living and care home assets, increasing its exposure to broader areas of the social care and residential property market.

Transense Technologies (LSE:TRT), the AIM-listed developer of advanced sensing and measurement technologies, has indicated that trading for the year ended 30 June 2026 will come in slightly below previous expectations as delays in contract progression and softer demand within its Translogik division affected short-term performance.

The company expects to report revenue of at least £4.6 million, adjusted EBITDA of no less than £0.5 million and an adjusted pre-tax result close to break-even. The revised outlook reflects lower-than-anticipated sales of Translogik products to major global tyre manufacturers, as well as slower customer commitments relating to engineering and development costs.

SAWsense Growth Offsets Areas of Weakness

Despite the near-term headwinds, management highlighted continued progress across its SAWsense business, which has delivered increasing revenues and a strengthening commercial pipeline. The company also reported stable royalty income from Bridgestone’s iTrack tyre monitoring system, which continues to provide a recurring revenue stream.

While several larger commercial opportunities have taken longer to convert than originally expected, Transense said it remains encouraged by ongoing customer engagement and the quality of its pipeline. As a result, expectations for FY27 have been moderated, although management believes the business retains positive operational momentum.

Medium-Term Confidence Remains Intact

The board stated that it remains confident in the company’s medium-term growth prospects as it works towards securing a number of significant contracts currently under discussion. Management believes the combination of expanding SAWsense adoption, recurring royalty income and future contract wins positions the business well for longer-term development.

From an investment perspective, Transense continues to benefit from solid financial fundamentals, including revenue growth, strong gross margins, improving free cash flow generation and minimal leverage. However, these strengths are currently offset by weak technical indicators, with the share price trading well below key moving averages and momentum measures such as RSI and Stochastic indicators remaining at depressed levels. Valuation remains moderately supportive, with the shares trading on a price-to-earnings ratio of approximately 12.16.

More about Transense Technologies

Transense Technologies PLC is a UK-based developer of advanced sensing and measurement solutions serving customers across aerospace, automotive, industrial machinery and commercial vehicle markets. The company operates through its SAWsense and Translogik divisions and also receives royalty income from Bridgestone’s iTrack tyre monitoring platform.

SAWsense specialises in Surface Acoustic Wave sensor technology for mission-critical applications, while Translogik supplies intelligent tyre inspection and management equipment used by leading tyre manufacturers and fleet operators worldwide. Through these complementary businesses, Transense provides data-driven monitoring solutions designed to improve safety, efficiency and operational performance.

ValiRx plc (LSE:VAL) has reported its audited results for 2025, outlining the completion of a strategic review that has narrowed the company’s focus to three key priorities while repositioning its Inaphaea BioLabs division to primarily support internal development programmes alongside selected external partnerships. The company also benefited from non-dilutive R&D tax credits and continues to utilise its patient-derived cell (PDC) biobank and collaborative network to advance future pipeline opportunities.

Cost Reduction and Portfolio Rationalisation

During the year, ValiRx reduced administrative expenses by more than £300,000 through board and workforce restructuring measures. The company also exited several evaluation and licensing arrangements that were considered outside its strategic focus, while entering new evaluation agreements with organisations including Altus Healthcare and McGill University as part of a more selective commercial approach.

The group also terminated its TheoremRx agreement, established Blue Ribbon Bio to progress the VAL201 programme, and licensed VAL401 to Ambrose Healthcare in return for an equity interest. In addition, ValiRx expanded its capabilities in AI-driven biomarker discovery and in-silico clinical trials through partnerships with Cellomatics Biosciences and TwinEdge Bioscience.

Financial Performance and Going-Concern Considerations

ValiRx recorded a total comprehensive loss of £2.23 million for the year, reflecting substantial goodwill impairments related to VAL401 and VAL201. Excluding these non-cash charges, the company reported an improvement in its underlying loss position.

Cash resources declined to £0.79 million at the end of 2025, leading management to implement further measures after the reporting period to conserve capital. These actions included voluntary salary reductions and changes to the company’s advisory board structure. Auditors also identified a material uncertainty relating to going concern, citing the group’s dependence on future fundraising activity to support ongoing operations.

Strategic Outlook

Management believes the completion of its strategic and operational restructuring has left the business better positioned to navigate the challenging funding environment facing early-stage biotechnology companies. The company is now operating with a leaner cost base and a more selective framework for assessing new opportunities.

ValiRx intends to focus on advancing higher-quality later-stage assets, extracting greater value from the Inaphaea biobank platform, and expanding targeted academic and commercial collaborations. The company believes this approach could improve its ability to secure partnership agreements, attract non-dilutive funding and generate long-term value for shareholders.

From an investment perspective, ValiRx continues to face pressure from ongoing losses and its reliance on external financing. Technical indicators point to a generally bearish trend, although some scope for short-term upside remains. Valuation metrics are also challenged by a negative price-to-earnings ratio and the absence of a dividend yield.

More about ValiRx

ValiRx plc is a UK-based life sciences company focused on developing early-stage therapies in oncology and women’s health. The business uses its translational research expertise to advance novel drug candidates from pre-clinical development towards clinical readiness and commercial partnering opportunities.

Through its Inaphaea BioLabs division, which operates a patient-derived cell biobank, and a broad network of academic and industry collaborators, the company aims to reduce development risk and accelerate asset progression. ValiRx typically advances programmes to a value-inflection point before seeking outlicensing or further development through dedicated subsidiary structures and strategic partners.