Author: Fiona Craig

Premier African Minerals (LSE:PREM) has agreed with its offtake partner, Canmax Technologies, to extend the long stop date under their existing offtake and prepayment agreement for the Zulu Lithium and Tantalum Project. The deadline has been moved from 31 December 2025 to the earlier of 30 June 2026 or the date on which a new, reputable buyer acceptable to Canmax enters into a binding agreement to settle or manage Canmax’s prepayment exposure.

While the core economic terms of the arrangement remain unchanged, the extension introduces tighter conditions for Premier. These include restrictions on changes to key office holders at both group and project level without Canmax’s prior written consent, as well as an obligation to keep the existing security package fully in place. Canmax retains the right to exercise its contractual enforcement powers should any of these conditions be breached. The revised terms highlight Canmax’s continued support for the project, while also placing increased emphasis on operational discipline and governance around the Zulu development.

Premier African Minerals’ overall outlook continues to be constrained by weak financial performance, characterised by ongoing losses, negative gross profit and continued cash burn without reported revenue. Technical indicators remain bearish, with the share price trading below key moving averages and a negative MACD signal. Valuation metrics offer limited support given the absence of earnings and dividend data.

More about Premier African Minerals

Premier African Minerals Limited is an AIM-listed mining and natural resource development company with a focus on Southern Africa. Its asset base includes the RHA Tungsten project and the Zulu Lithium project in Zimbabwe, with exposure to commodities such as tungsten, lithium, tantalum and rare earth elements across projects ranging from near-term production opportunities to early-stage exploration.

Auction Technology Group (LSE:ATG) has confirmed that it has received and unanimously rejected eleven unsolicited and highly conditional takeover proposals from its largest shareholder, FitzWalter Capital. The most recent proposal, which offered 360 pence per share in cash, was rejected on the grounds that it significantly undervalues the business and is opportunistic, reflecting what the board sees as a gap between the company’s current share price and its underlying fair value.

The board has not provided FitzWalter with access to non-public due diligence information and has now urged the investor either to put forward a firm offer on terms that properly reflect the group’s value or to withdraw its interest. This stance is intended to allow management to concentrate on executing its long-term strategy. Key priorities include integrating the recent Chairish acquisition, further developing the group’s technology and AI-enabled platform, and driving standalone value creation for shareholders. A broader strategic update is expected to be outlined in conjunction with the company’s AGM trading statement later this month.

From a performance perspective, Auction Technology Group’s outlook continues to be shaped by financial headwinds, including negative net income and weakening cash flow. Technical indicators point to mixed momentum, while valuation metrics remain constrained by ongoing losses. Limited disclosure from earnings calls and a lack of additional corporate developments also restrict near-term visibility.

More about Auction Technology Group PLC

Auction Technology Group plc operates leading online marketplaces for curated second-hand goods, providing proprietary technology that connects buyers and sellers globally. The group is active across auctions and fixed-price sales in the art, antiques and wider resale markets, supported by value-added services such as atgPay and atgShip. Its US presence was strengthened in 2025 through the acquisition of Chairish, a prominent brand in the list-price art and antiques segment.

Blue Star Capital (LSE:BLU) has released an update on its core investment, SatoshiPay, highlighting progress across its Digital Asset Treasury and the Vortex fiat-to-crypto payments platform.

As at 30 December 2025, SatoshiPay’s Digital Asset Treasury held base positions of approximately 9.27 bitcoin and 72.03 ether. While the portfolio is around 24% lower than inception on a mark-to-market basis, it has generated an annualised yield of roughly 18% through decentralised finance liquidity provisioning, including activity associated with Vortex. Blue Star views this yield generation as a key element of SatoshiPay’s strategy to enhance returns from its digital asset holdings and has indicated that Treasury performance will be reported on a quarterly basis going forward.

Operationally, Vortex recorded transaction volumes exceeding US$4.8 million in December 2025, representing month-on-month growth of more than 52%. This lifted cumulative transaction volume since launch to around US$9.9 million, signalling increasing adoption of SatoshiPay’s fiat-to-crypto infrastructure.

Separately, Blue Star has taken steps to preserve cash for future investment by reducing directors’ salaries. In lieu of compensation, directors have been granted two-year warrants over 1.225 million ordinary shares, exercisable at £0.11 per share, representing a 22% premium to the recent market price. The move is intended to align management incentives with shareholders while maintaining liquidity for the group’s technology-focused investment portfolio.

More about Blue Star Capital

Blue Star Capital plc is an AIM-quoted investment company focused on early-stage and growth opportunities in new technologies, particularly blockchain, payments and esports. Its portfolio includes an approximately 50% interest in SatoshiPay Ltd, a blockchain payments business specialising in digital asset treasury management and fiat-to-crypto infrastructure, alongside investments in Dynasty Media & Gaming’s B2B white-label gaming platform and Paidia, a gaming platform focused on female audiences.

Henry Boot PLC (LSE:BOOT) has completed the sale of its wholly owned subsidiary, Henry Boot Construction Limited, to PWS Construction Limited. The transaction was finalised on 31 December 2025, following the agreement originally announced in September 2025.

The disposal represents another step in reshaping Henry Boot’s business portfolio and reflects a strategic shift away from direct construction activities. While the company did not disclose financial terms of the sale, the move is expected to influence the group’s future strategic focus and capital allocation, potentially allowing greater emphasis on other parts of its property and investment operations.

Henry Boot’s outlook continues to be supported by a solid balance sheet and what is considered an attractive valuation. Recent corporate actions add to the group’s longer-term growth narrative. However, technical indicators point to subdued share price momentum, and ongoing challenges around revenue and profit growth remain potential risks. In addition, the lack of recent earnings call commentary limits visibility on management’s near-term expectations.

More about Henry Boot

Henry Boot PLC is a UK-based group with a long history in construction and property-related activities. The company operates through a range of subsidiaries and has been actively reviewing and repositioning its portfolio as part of its evolving strategic direction.

Croma Security Solutions Group (LSE:CSSG) has expanded its UK footprint with the acquisition of TLS Security Systems, a family-run locksmith and access control business based in Taunton, Somerset. The transaction values TLS at up to £0.47 million, with an additional £0.20 million paid for its freehold retail premises. The deal has been funded entirely from existing cash resources, supported by instalment proceeds received from the earlier disposal of the Vigilant man-guarding business.

TLS generated revenue of £0.94 million and EBITDA of £0.11 million in the year ended 31 March 2025, with around 80% of turnover coming from commercial clients, including local authorities and healthcare providers. The acquisition establishes Croma’s first operational base in Somerset and increases the group’s network to 17 security centres, further strengthening its coverage across the South West of England.

Croma expects the integration to deliver operational synergies by combining TLS’s established local reputation and technical expertise in locksmithing and electronic security with Croma’s wider national platform. The move supports the group’s acquisition-led growth strategy and enhances service capabilities for both commercial and retail customers. Three of TLS’s owner-operators will remain with the business during the earnout period to ensure continuity.

From a market perspective, Croma Security continues to benefit from a stable financial position and supportive technical indicators. The shares trade on an attractive valuation, supported by a reasonable price-to-earnings ratio and a solid dividend yield. However, an elevated RSI suggests some near-term caution, highlighting the importance of continued focus on margin improvement and disciplined cash flow management.

More about Croma Security Solutions

Croma Security Solutions Group plc is an AIM-listed, technology-led security solutions provider with more than 50 years of specialist experience. The group delivers locksmith, fire and electronic security services to domestic and commercial customers and operates a nationwide network of security centres from its headquarters in Southampton. Serving sectors such as healthcare, education, leisure and utilities, Croma has focused its post-2023 growth strategy on acquiring and upgrading local locksmith businesses into modern security centres following the £6.5 million sale of its Vigilant man-guarding division.

Fiinu Plc (LSE:BANK) has reported its first unaudited net profitable month at group level, achieved in November 2025. The milestone was driven by a combination of operational and organisational changes, improved cost control and growth in new business activity. As a result, the group ended the year with an unaudited cash balance of approximately £5.34 million, while recent average monthly cash burn has fallen to below £200,000.

Following the acquisition and integration of its Polish subsidiary Everfex, Fiinu has implemented significant management and governance changes. The company has replaced the former local leadership with a more senior executive team and has commenced proceedings relating to alleged breaches of non-compete obligations by the previous management under the share purchase agreement. In parallel, Fiinu has strengthened governance structures and regulatory compliance at the subsidiary as it prepares for its next phase of growth. This includes advancing plans for the launch of its Plugin Overdraft® product in partnership with Manx Financial Group, which is targeted for early 2026.

More about Fiinu Plc

Fiinu Plc is a UK-listed fintech group and the developer of the Plugin Overdraft®, an innovative overdraft solution designed to be delivered through partnerships with banks and other financial institutions. The company expanded its footprint in 2025 through a reverse takeover of Polish payments business Everfex P.S.A., enhancing its presence in European digital financial services and positioning it to provide embedded credit products via partner lenders.

Begbies Traynor Group plc (LSE:BEG) has submitted an application for a block admission covering 478,667 ordinary shares to be listed on the AIM market of the London Stock Exchange. Admission of the shares is expected to become effective on or around 8 January 2026.

The shares will be issued on an ongoing basis to meet option exercises under the Group’s Sharesave Plan 2020 and will rank pari passu with the company’s existing ordinary shares. The block listing is intended to support employee share participation, with Begbies Traynor committing to disclose usage of the block admission every six months in accordance with AIM reporting requirements.

Begbies Traynor’s outlook continues to be underpinned by a solid financial position and supportive corporate developments. However, technical indicators point to some near-term caution, while valuation metrics suggest the shares may be pricing in a degree of optimism. These factors are partly offset by the group’s track record of strategic acquisitions and an attractive dividend yield, resulting in a broadly balanced overall assessment.

More about Begbies Traynor

Begbies Traynor Group plc is a UK-listed professional services group trading on AIM. The firm provides specialist advisory and support services to businesses and stakeholders, with a core focus on insolvency, restructuring and related professional services.

Kosmos Energy (LSE:KOS) has released an operational and financial update outlining higher oil production in Ghana, rising LNG output from its Mauritania–Senegal development and continued progress on strengthening its balance sheet.

In Ghana, the company has brought a second producer well from the Jubilee 2025–2026 development campaign close to first oil. As a result, gross field production is expected to approach 70,000 barrels per day at the start of 2026, supported by moderating base decline and the sanctioning of additional wells during the year. The Ghanaian authorities have also approved extensions to the West Cape Three Points and Deep Water Tano petroleum agreements, covering the Jubilee and TEN fields through 2040. These extensions open the door for up to 20 further Jubilee wells, a projected increase in 2P reserves and a planned rise in the state’s participation, with the interest held by Ghana National Petroleum Corporation set to increase by 10% from 2036. Separately, partners in the TEN field have agreed final terms to acquire the FPSO when its lease ends in 2027, a step expected to materially reduce operating costs and improve Kosmos’s leverage profile.

In Mauritania and Senegal, the Greater Tortue Ahmeyim LNG project reached nameplate capacity in December 2025 and shipped 18.5 LNG cargoes over the year. The partners expect the number of cargo liftings to almost double in 2026 as the project continues to ramp up.

On the financial side, Kosmos has drawn $100 million from its Gulf of America Term Facility and initiated the redemption of its remaining unsecured notes due in 2026. The company has also secured lender waivers that allow it to pursue new secured financing as it prepares to refinance debt maturities falling due in 2027, highlighting an active focus on liquidity, debt reduction and balance sheet flexibility.

More about Kosmos Energy

Kosmos Energy is a deepwater exploration and production company with a diversified portfolio of oil and gas assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Listed in New York and London under the ticker KOS, the company focuses on developing projects in proven basins where it has achieved exploration success, while emphasising transparency, safety, environmental responsibility and respect for human rights across its operations.

TheraCryf (LSE:TCF) has reported a significant manufacturing achievement for Ox-1, its lead orexin-1 receptor antagonist being developed for the treatment of addictive disorders. The company has successfully scaled up production of the active drug substance to 10.6kg, exceeding targeted yields and providing sufficient material to support upcoming 28-day regulatory toxicology studies in two animal species.

With maximum tolerated dose and dose range-finding studies now in progress, TheraCryf expects the formal toxicology programme to commence in the first half of 2026 and conclude in the third quarter. Completion of these studies would represent an important step toward clinical trial readiness and a subsequent regulatory submission. The company has also engaged with investors through a webinar outlining recent progress and highlighting potential value-driving milestones anticipated during 2026.

Despite these positive development updates, TheraCryf’s overall outlook remains constrained by ongoing financial losses and continued cash burn. Technical indicators are also negative, with the share price trading below key moving averages and a bearish MACD signal. While operational progress provides some balance, valuation metrics remain limited due to negative earnings and the absence of dividend support.

More about TheraCryf

TheraCryf plc is a clinical-stage drug development company focused on disorders of the brain. Its pipeline targets areas including addiction, anxiety, fatigue, narcolepsy, glioblastoma and neurodevelopmental conditions. TheraCryf’s business model centres on advancing programmes through preclinical and early clinical proof of concept before partnering with mid-sized or large pharmaceutical companies for later-stage development and commercialisation. The company is based at Alderley Park in Cheshire, is listed on AIM under the ticker TCF, and collaborates with industry and academic partners such as Stalicla SA, the University of Manchester, King’s College London and the University of Michigan.

Saint-Gobain (LSE:SGO) has expanded its footprint in Indonesia’s construction chemicals market by establishing a joint venture with Indocement Tunggal Prakarsa to acquire Indocement’s mortars operations. The acquired business runs three production lines under the Tiga Roda brand and is estimated to have generated around €20 million in revenue in 2025.

Under the agreement, the joint venture is owned 60% by Saint-Gobain and 40% by Indocement. The combination brings together Tiga Roda’s established position in white skim coat finishing products with Saint-Gobain’s existing Indonesian mortars platform, Cipta Mortar Utama, which operates eight production lines and reaches roughly 30,000 points of sale. The partnership will also benefit from Saint-Gobain’s broader GCP and FOSROC construction chemicals portfolio, supporting faster growth in what the group views as a high-potential Indonesian mortars market. The move aligns with Saint-Gobain’s “Lead & Grow” strategy and further strengthens its exposure to fast-growing construction chemicals segments globally.

More about Compagnie de Saint Gobain

Compagnie de Saint Gobain is a global leader in light and sustainable construction, designing, manufacturing and distributing materials and services for construction and industrial applications. The group offers integrated solutions for building renovation, light construction and the decarbonisation of construction and industry. Operating in 80 countries with more than 161,000 employees, Saint-Gobain reported sales of €46.6 billion in 2024 and has committed to achieving net zero carbon emissions by 2050.