Author: Fiona Craig

Ferrexpo (LSE:FXPO) has resumed production at its Ferrexpo Poltava Mining (FPM) operation in Ukraine after a temporary halt in January, supported by improved availability and pricing of both domestic and imported electricity.

Currently, one pellet production line is back in operation, and the company has restarted exports of its premium iron ore pellets to customers across Eastern and Central Europe. Ferrexpo is utilising its own rail wagon fleet to support logistics, demonstrating continued operational resilience despite ongoing infrastructure and energy challenges linked to the regional environment.

Separately, the company disclosed that its Swiss trading subsidiary, Ferrexpo AG, holds approximately US$3 million in deposits with MBaer Merchant Bank, which recently had its banking licence revoked and has entered liquidation. Ferrexpo said it currently expects to recover the full amount of the deposit.

While the issue is not expected to materially affect operations in Ukraine, the company noted that difficulties in establishing alternative cross-border banking arrangements for Ferrexpo AG could create risks if not resolved promptly.

From an outlook perspective, Ferrexpo continues to face financial pressures stemming from declining revenue and profitability. However, technical indicators for the stock suggest stronger momentum in the market. Valuation remains challenging due to negative earnings. Recent corporate developments highlight both the operational challenges facing the company and its ability to maintain production and exports in a difficult environment.

More about Ferrexpo

Ferrexpo is a Swiss-headquartered iron ore producer with major mining and processing operations in Ukraine and a primary listing on the London Stock Exchange under the ticker FXPO. The company supplies high-grade iron ore pellets to steelmakers around the world, positioning its products as a higher-efficiency and lower-carbon feedstock for modern steel production. Ferrexpo has more than 50 years of operational history in the iron ore sector.

Helix Exploration (LSE:HEX) has leased its first high-pressure jumbo tube trailer, establishing dedicated capacity to transport compressed helium from its Rudyard Helium Project as the company moves closer to operational readiness.

The trailer will enable the company to begin handling helium logistics as production approaches, and Helix intends to expand its fleet in the coming months to align with expected output growth and customer delivery commitments.

The development comes at a time of tightening global helium supply. A significant shortage has emerged following the shutdown of all three helium plants in Qatar and the closure of the Strait of Hormuz, events that have driven spot prices sharply higher and raised concerns for industries reliant on helium, including semiconductor manufacturing and other advanced technologies.

By advancing the Rudyard project as an independent helium source in the United States, Helix aims to provide supply that is not tied to LNG processing or vulnerable to geopolitical shipping disruptions. The company believes this could position the project as a strategic domestic supply option for U.S. industrial and technology sectors.

More about Helix Exploration Plc

Helix Exploration Plc is a helium exploration and development company focused on the Montana Helium Fairway in northern Montana. Its flagship asset, the Rudyard Helium Project, targets helium and nitrogen gas within the Souris and Red River geological formations. The company aims to bring a domestic helium supply to market by leveraging existing infrastructure and relatively low-cost processing methods, supporting U.S. industry with a dedicated helium source.

Cordel Group PLC (LSE:CRDL) has secured an extension to its agreement with Genesee & Wyoming Inc. that expands the deployment of its rail analytics technology into the customer’s Canadian operations.

Under the upgraded contract, Cordel’s systems will now cover seven regional subdivisions within Genesee & Wyoming’s Canadian division, marking the company’s first deployment with this customer in Canada. To date, more than 1,000 miles of rail corridor data have already been collected and will be processed through Cordel’s artificial intelligence platform.

The captured data is expected to be analysed and delivered within approximately two months, with the results integrated into Genesee & Wyoming’s enterprise-wide Cordel Connect system. The expansion highlights the scalability of Cordel’s analytics platform and supports management’s confidence in achieving its full-year targets.

Despite continued commercial progress and strong revenue growth, the company’s outlook remains constrained by weak profitability and lower-quality cash flow. Technical indicators also remain negative, with the share price trading below major moving averages. Valuation metrics provide limited support due to the company’s loss-making profile and the absence of dividend yield data.

More about Cordel Group PLC

Cordel Group PLC is an artificial intelligence platform provider specialising in transport corridor analytics for the global rail industry. The company develops integrated hardware and software solutions that capture and analyse large datasets from rail networks, using LiDAR sensors and advanced AI algorithms to monitor infrastructure, improve operational efficiency and support maintenance planning for freight and passenger rail operators worldwide.

SkinBioTherapeutics (LSE:SBTX) has appointed interim chief executive Rachel Parsonage to its board of directors after completing the required regulatory due diligence process by the company’s nominated adviser.

Parsonage brings more than 25 years of leadership experience in the consumer beauty and wellness sectors, having guided businesses through periods of expansion and organisational change. Her appointment comes at a pivotal time for the Newcastle-based life sciences company as it focuses on internal engagement with employees and commercial partners while awaiting the outcome of an external investigation and preparing its upcoming half-year financial results.

The group continues to build its business around its proprietary SkinBiotix technology platform, which underpins both cosmetic skincare products and gut–skin axis supplements. Partnerships such as Croda’s Zenakine-branded active ingredient and retail distribution through channels including Amazon and Superdrug form part of its strategy to expand market presence. The company is also pursuing acquisitions aimed at strengthening distribution networks, geographic reach and manufacturing capabilities.

From an investment perspective, the company’s outlook remains constrained by ongoing operating losses and negative operating and free cash flow, despite strong revenue growth. Technical indicators also remain weak, with the share price trading in a clear downtrend across major moving averages and showing bearish momentum signals. Valuation metrics are difficult to assess given the negative price-to-earnings ratio and the absence of dividend yield support.

More about SkinBioTherapeutics

SkinBioTherapeutics is a UK-based life sciences company focused on skin health, built around its proprietary SkinBiotix platform developed in collaboration with the University of Manchester. The company’s core strategy targets the skin healthcare market through cosmetic skincare and gut–skin axis nutritional supplements, supported by commercial partnerships such as Croda’s Zenakine and retail distribution through platforms including Amazon and Superdrug.

Listed on AIM since 2017 and headquartered in Newcastle, the group is pursuing a consolidator strategy within the skincare and cosmetics sector, acquiring complementary businesses to broaden distribution, enhance manufacturing capacity and accelerate the growth of its in-house brands, including SkinBiotix and AxisBiotix.

Strix Group (LSE:KETL) has reported stabilising trading conditions across its business, with improved performance in its Controls division and a return to growth in Consumer Goods. The company now expects revenue of approximately £150m for the year ending 31 March 2026, alongside adjusted pre-tax profit in the range of £9.8m to £10.2m.

Performance has been influenced by higher input costs, particularly for copper and silver, as well as the absence of a rebound in volumes within regulated markets and a reduction in promotional activity. However, management noted that ongoing inventory reductions and implemented price increases are beginning to support margins.

The group has also significantly strengthened its financial position following the sale of its Billi division, which generated net proceeds of around £105m. The transaction enabled Strix to repay its multi-bank debt facilities, leaving the company with approximately £35m in net cash and a reduced £25m revolving credit facility that remains undrawn.

Alongside the balance sheet improvement, Strix has introduced a cost optimisation programme expected to deliver around £2m in annualised savings over the next 18 months. The company has also launched a £10m share buyback programme and reached heads of terms for a manufacturing and development partnership with Billi. Meanwhile, the search for a new chief executive continues ahead of the planned departure of current CEO Mark Bartlett in May 2026.

The company’s outlook reflects a combination of strong technical momentum and relatively reasonable valuation metrics, balanced against financial performance challenges. While the share price trend remains positive, ongoing issues related to profitability and leverage highlight areas that will need improvement to support sustainable long-term growth.

More about Strix Group

Strix Group, founded in 1982 and headquartered on the Isle of Man, is a global leader in the design and manufacture of kettle safety controls and related technologies used in water heating and temperature management. Listed on AIM under the ticker KETL, the company has expanded into broader water-related technologies, including filtration and consumer water solutions through brands such as Aqua Optima and LAICA.

Tekmar Group (LSE:TGP) has reported audited results for the year ended 30 September 2025, posting revenue of £28.7m and adjusted EBITDA of £0.1m. While both figures declined compared with the prior year, they were in line with market expectations, and the company recorded an improvement in gross margins to 34%.

Management attributed the margin improvement to progress under its Project Aurora restructuring programme, which has streamlined operations, reduced costs and sharpened the group’s commercial focus. The company also pointed to a notable rebound in trading during the second half of the year.

Tekmar reported substantial progress in addressing legacy defect notifications, confirming that these issues have been resolved without any cash impact. The group also ended the period with a record order book valued at £40.7m, including £26m of revenue already secured for FY26. Its balance sheet has also strengthened following the sale of Innovation House, providing additional financial flexibility as the company pursues growth opportunities.

Momentum has continued into the new financial year, with the group securing £43m of new orders since July 2025. Management expects first-half FY26 performance to surpass the equivalent period last year, while full-year results are anticipated to align with current market forecasts.

The board believes that the successful implementation of Project Aurora, supported by governance changes including a refreshed board and the appointment of a new chief financial officer, is positioning Tekmar to operate as a more diversified and profitable engineering technology business within the expanding offshore energy sector.

Despite improving operational momentum, the company’s outlook remains constrained by historically weak financial performance, including negative profitability and cash flow pressures. Technical indicators provide some positive signals, though they remain insufficient to fully offset the financial challenges. Valuation metrics are also difficult to assess given the company’s negative earnings and the absence of a dividend yield.

More about Tekmar Group plc

Tekmar Group plc is a UK-based provider of asset protection technology and engineering services for offshore energy and marine infrastructure projects. Through its Offshore Energy and Marine Civils divisions, the company delivers geotechnical design, simulation and engineering analysis, along with specialised equipment and subsea protection technologies used in offshore wind farms, marine construction and other offshore energy developments worldwide.

Reabold Resources (LSE:RBD) has highlighted progress at the Colle Santo onshore gas project in Italy following the completion by Beacon Energy of its acquisition of a significant stake in LNEnergy. The transaction was accompanied by a capital raise and the resumption of Beacon’s shares trading on the AIM market.

Through its shareholding in Beacon and its entitlement to a portion of project cash flows, Reabold retains substantial exposure to the Colle Santo asset. The deal represents a key step toward advancing the project toward development.

In addition, LNEnergy has secured an offtake and financing agreement with a major Italian energy wholesaler and distributor. The arrangement is expected to help move the project forward while potentially unlocking value from the gas field and supporting domestic energy supply in Italy.

The development aligns with Reabold’s strategy of investing in gas assets with near-term production potential that could deliver attractive economic returns while contributing to European energy security.

From a financial perspective, the company’s outlook remains constrained by its investment-stage profile, including no revenue generation, ongoing losses and continued cash burn, though it maintains a relatively low level of debt. Technical indicators suggest strong share price momentum, although extremely overbought conditions may increase the risk of a short-term pullback. Valuation metrics are also limited by negative earnings and the absence of dividend yield data.

More about Reabold Resources

Reabold Resources is a UK-based upstream oil and gas investment company focused on acquiring strategic stakes in low-risk energy projects with significant upside potential. The company targets proven but undeveloped gas discoveries with relatively near-term production prospects across the UK and continental Europe, aiming to generate returns through development progress, asset sales and reinvestment while contributing to regional energy security.

Alien Metals (LSE:UFO) has announced that its joint venture partner GreenTech Metals has completed the Phase 1 drilling campaign at the Munni Munni platinum, palladium, copper and nickel project in Western Australia ahead of schedule.

The programme comprised 2,682 metres of drilling across 12 holes, supplemented by extensive sampling of historical drill core. The accelerated completion was partly made possible by the strong preservation of legacy core material, which allowed the team to resample existing cores rather than conduct additional drilling in some areas. The work is designed to validate historical data and support the conversion of the project’s resource estimate to the modern JORC 2012 reporting standard.

More than 2,000 samples have been sent for assay, with results expected within the coming weeks. Resource consultancy Snowden Optiro has been engaged to oversee quality assurance and resource re-estimation work. If the data confirms the historical resource, the project could move toward a new mineral resource estimate aligned with current reporting standards.

For Alien Metals, a successful upgrade of the Munni Munni resource would expand its exposure to one of Australia’s largest platinum group metal systems. This complements the company’s core iron ore portfolio and could strengthen its strategic position in both precious and battery-related metals markets. The company holds a 30% interest in the project that is free carried through to the bankable feasibility study stage, limiting near-term funding requirements.

Despite the operational progress, Alien Metals’ overall outlook remains constrained by its exploration-stage financial profile, including no revenue generation, ongoing losses and negative free cash flow. However, recent trends show improving loss and cash-burn metrics and the company maintains relatively low leverage. From a technical standpoint, the stock has shown strength, trading above key moving averages with a positive MACD signal, though valuation remains difficult to assess due to the lack of earnings and dividend support.

More about Alien Metals Ltd

Alien Metals Limited is an AIM-listed mining exploration and development company focused on iron ore as well as precious and base metals projects in Western Australia, particularly within the Pilbara region. Its primary asset is the 90%-owned Hancock Iron Ore Project, which hosts a JORC-compliant resource and is being advanced toward a potential 2 million tonnes per annum mining operation with a projected life of around 10 years. The company also retains minority interests in the Munni Munni platinum group metals system and the Elizabeth Hill Silver Project through joint venture arrangements.

Genedrive plc (LSE:GDR), a developer of rapid genetic testing solutions for point-of-care healthcare, has secured funding of approximately £5.26 million before expenses through a combination of share placing, subscriptions, an open offer and a loan conversion.

The open offer raised about £0.91 million and was taken up by 60.7% of eligible shareholders, while a further £0.35 million came from additional subscriptions by investors who were unable to fully participate in the earlier placing or offer. When combined with the firm and conditional subscriptions, placing and loan conversion, the total fundraising is expected to generate around £4.9 million in net proceeds, subject to shareholder approval and the admission of 515,964,264 new shares. Following issuance, the company’s total share count will rise to 1,605,568,256.

Notable shareholders David Nugent and Robert English participated in the expanded fundraising round. Chief executive Dr. Gino Miele and chief financial officer Russ Shaw also subscribed through the open offer as related parties, with the board stating—after consulting its advisers—that their involvement was fair and reasonable for shareholders.

Genedrive intends to use the strengthened capital position to advance its commercial strategy in point-of-care pharmacogenetics, supporting the rollout of its testing platform and expanding adoption of its key diagnostic kits.

From an outlook perspective, the company continues to face challenges linked to persistent operating losses, ongoing cash burn and a reduced equity base, although it carries minimal debt. Technical indicators are somewhat supportive, with the share price trading above key moving averages and a positive MACD reading, though a high RSI suggests potential near-term overbought conditions. Valuation remains difficult to assess due to negative earnings and a corresponding negative price-to-earnings ratio.

More about Genedrive

Genedrive plc is a UK-based developer of rapid pharmacogenetic tests designed to guide personalised treatment decisions at the point of care, particularly in time-critical clinical environments. Its flagship products include the Genedrive MT-RNR1 ID Kit, used to help guide antibiotic treatment in newborns, and the Genedrive CYP2C19 ID Kit. Both run on the company’s proprietary thermocycler platform and use single-use, ambient-stable cartridges that remove the need for cold-chain logistics while enabling fast, low-cost genetic testing.