Author: Fiona Craig

Tristel (LSE:TSTL) reported strong results for the six months ended 31 December 2025, with revenue increasing 14% to £25.65 million. Adjusted EBITDA rose 17% while adjusted profit before tax grew 11%, supported by robust gross margins of 81% and continued cash generation alongside a debt-free balance sheet. The company maintained its interim dividend during the period, with sales expanding across both domestic and international markets, led by strong demand for its medical device disinfectants and Cache surface disinfection range.

Performance in the United States was a key highlight, with revenue increasing more than sixfold, driven by accelerating adoption of the ULT ultrasound disinfection system, growing royalty income and updated US clinical guidance endorsing chlorine dioxide for high-level disinfection. During the period, Tristel also launched its OPH ophthalmic disinfectant in the US market, introduced the VISICLEAN cleaning product, brought wipe manufacturing in-house and appointed a new chief financial officer. Chief executive Matt Sassone confirmed plans to step down at the end of the year, although the company said the leadership transition is not expected to disrupt strategic execution.

Tristel’s outlook is supported primarily by strong financial delivery and a positive management outlook, which underpin its overall investment case. Technical indicators suggest some caution due to potentially overbought conditions, but continued strategic expansion and dividend stability reinforce a constructive longer-term growth profile. Valuation concerns are partly offset by the company’s growth trajectory and market positioning.

More about Tristel

Tristel plc is a global infection prevention specialist that develops and supplies disinfectant products based on proprietary chlorine dioxide chemistry. The company is a market leader in manual medical device decontamination and offers a sporicidal surface disinfection range designed as a more sustainable alternative to pre-wetted plastic wipes. Headquartered near Cambridge, Tristel operates in more than 40 countries through a network of 16 subsidiaries.

Great Western Mining (LSE:GWMO) is stepping up exploration activity at its Defender-Pine Crow tungsten project in Mineral County, Nevada, with the objective of delivering a maiden mineral resource estimate by the fourth quarter of 2026. The expanded programme follows encouraging recent assay results and is fully funded after a capital raise completed in January. Exploration will focus on evaluating a three-kilometre mineralised corridor connecting the Defender prospect with the existing M2 copper resource through a combination of geological mapping, geophysical surveys and drilling.

Field activities are scheduled to begin in March with detailed geological and geophysical work, ahead of drill pad construction planned for April and drilling expected to commence in June 2026. Management believes Defender could represent a large-scale tungsten opportunity within a relatively underexplored polymetallic district. The company intends to use forthcoming assay results and progress toward resource definition as catalysts for broader portfolio value, supported by investor engagement initiatives including an updated corporate presentation and live briefing.

The company’s outlook continues to be weighed down by financial fundamentals, including the absence of revenue, ongoing losses and steady cash outflows, although leverage remains low. Technical indicators appear more supportive, with the share price trading above key moving averages and showing moderately positive momentum. Valuation remains limited by negative earnings and the lack of dividend support.

More about Great Western Mining

Great Western Mining Corporation is a diversified exploration and development company focused on strategic mineral projects across multiple wholly owned claim groups in Mineral County, Nevada. Its portfolio includes copper, gold, silver and early-stage tungsten assets, highlighted by the Huntoon Copper Project and other projects aligned with growing U.S. critical minerals priorities.

Empire Metals (LSE:EEE) has taken part in the 2026 Western Australia Critical Minerals Delegation to North America, a government-supported initiative aligned with the U.S.–Australia Critical Minerals Framework designed to strengthen resilient and sustainable supply chains. As part of the programme, the company will showcase its Pitfield titanium project at PDAC’s Australia Day event in Toronto and participate in investor and industry meetings across New York and Washington, aiming to raise the project’s profile among North American stakeholders and reinforce its strategic relevance within the global critical minerals market.

The delegation reflects deepening cooperation between Australia and the United States on securing future supplies of key minerals, with Pitfield positioned as a potential contributor to long-term titanium supply security. Empire has also published an updated corporate presentation to support investor engagement efforts, highlighting the scale and grade of the project as demand for titanium and related critical minerals continues to grow worldwide.

The company’s outlook remains influenced by financial challenges typical of pre-revenue resource developers, including widening losses and increasing cash burn. These factors are partly balanced by strong technical momentum, with the share price trading above major moving averages and supported by positive MACD signals, alongside a conservatively structured balance sheet with minimal leverage. Valuation metrics remain constrained by negative earnings and the absence of dividend income.

More about Empire Metals

Empire Metals Limited is a resource exploration and development company focused on advancing the Pitfield Titanium Project in Western Australia. The project hosts one of the largest and highest-grade titanium mineral resources globally, with a 2.2 billion tonne Mineral Resource Estimate grading 5.1% TiO₂. The deposit benefits from near-surface mineralisation, consistent grade distribution and access to established infrastructure suitable for conventional processing into high-purity titanium products.

Kavango Resources (LSE:KAV) has announced that the seller of the Nara Gold Project in Zimbabwe, Simon John Bowman, has failed to meet obligations under a call option agreement covering 45 mining claims. The company had exercised its option in June 2025 to acquire full ownership of the project, but alleges the agreed terms were not fulfilled. Kavango said it will now pursue legal remedies, including enforcement of contractual rights and potential compensation claims against Bowman and his company, Romjack Mining, in an effort to safeguard shareholder interests.

Despite the dispute, Kavango confirmed it will continue progressing operational priorities elsewhere in its portfolio. The company plans to increase gold production at the Hillside Gold Project while advancing efforts to farm out exploration assets located within the Kalahari Copper Belt. Management indicated that strengthening existing producing assets and partnerships could help offset risks associated with the Nara situation and support continued regional growth.

Kavango’s outlook remains constrained by financial pressures, including substantial operating losses and ongoing cash outflows alongside early-stage revenue generation. These factors are partly balanced by a balance sheet showing positive equity and moderate leverage levels. Technical indicators present a mixed picture, with neutral momentum and signs of short-term stabilisation, while valuation remains difficult to justify given a negative price-to-earnings ratio and the absence of dividend income.

More about Kavango Resources

Kavango Resources is a Southern Africa-focused metals exploration and gold production company listed in London and on the Victoria Falls Stock Exchange. The group is developing a portfolio of gold assets, including the Hillside Gold Project in Zimbabwe, while also pursuing base metals exploration opportunities within the Kalahari Copper Belt.

Oxford Nanopore (LSE:ONT) reported revenue of £223.9 million for 2025, representing growth of 24.2% at constant currency, alongside improved gross margins and a narrower adjusted EBITDA loss. Performance was supported by broad-based demand across geographic regions and customer groups, with particularly strong momentum in Clinical, BioPharma and Applied Industrial markets, as well as continued uptake of the PromethION sequencing platform. The company maintained a solid cash position despite incurring restructuring expenses aimed at refining its strategic priorities and advancing its journey toward profitability.

During the year, Oxford Nanopore progressed several large-scale research and population genomics programmes and strengthened its position in infectious disease testing through collaborations with Cepheid and bioMérieux. The company also achieved regulatory progress with the registration of its first in vitro diagnostic product, GridION Dx, marking a step forward in expanding into regulated clinical markets. Additional initiatives included expanding manufacturing capacity, continuing intellectual property litigation to defend its technology, and announcing a leadership transition, with industry executive Francis Van Parys appointed as chief executive officer. Management expects revenue growth in the low-20% range for 2026 and reaffirmed targets of achieving EBITDA breakeven in 2027 and positive cash flow by 2028.

The company’s outlook reflects improving revenue momentum and a strong equity base, although ongoing losses and negative cash flow continue to weigh on financial strength. Technical indicators remain supportive but appear somewhat stretched, while valuation metrics are constrained by the lack of profitability. Forward guidance is constructive, though investors remain mindful of execution risks and operational challenges.

More about Oxford Nanopore Technologies plc

Oxford Nanopore Technologies plc is a UK-based life sciences company specialising in nanopore-based molecular sensing and DNA and RNA sequencing technologies. Its portfolio — including PromethION, MinION and associated flow cells, consumables and software — serves research, clinical, biopharmaceutical and applied industrial markets globally, with an increasing emphasis on regulated clinical diagnostics and infectious disease applications.

Roquefort Therapeutics (LSE:ROQ) has agreed to acquire an exclusive global licence for AO-252, a clinical-stage, orally delivered small-molecule inhibitor targeting TACC3 that is capable of penetrating the brain, from Coiled Therapeutics Inc. The transaction, valued at £31.875 million and to be satisfied in shares, is expected to reposition the company as a clinical-stage oncology developer. AO-252 is currently undergoing a Phase I clinical trial in the United States for advanced solid tumours and will sit alongside the company’s existing STAT-6 programme, which is being prepared for clinical evaluation.

In connection with the acquisition, Roquefort plans to raise £8.5 million through a conditional placing and subscription priced at 10 pence per share, with participation from senior management. Net proceeds of approximately £7.7 million are intended to fund key clinical development milestones for AO-252 during 2026 and 2027, as well as provide additional working capital. The company also intends to cancel its listing on the Main Market, apply for admission of its enlarged share capital to AIM, and rebrand as Coiled Therapeutics plc. A refreshed board structure is planned as part of the transition, with management aiming to capitalise on growing pharmaceutical industry interest in precision oncology treatments, particularly targeting prostate and ovarian cancers.

The company’s outlook remains constrained by financial fundamentals typical of early-stage biotech businesses, including ongoing losses, cash burn and variability in pre-commercial revenues. Technical indicators suggest a continued downward share price trend, although a relatively low level of debt offers some balance sheet support. Valuation metrics remain limited by a negative price-to-earnings ratio and the absence of dividend income.

More about Roquefort Therapeutics plc

Roquefort Therapeutics plc is an oncology-focused biotechnology company developing precision cancer treatments aimed at novel biological targets such as TACC3 and STAT-6. The business is transitioning toward a clinical-stage development model focused on therapies for solid tumours, including ovarian and prostate cancers, and plans to operate under the new name Coiled Therapeutics plc following its proposed move to AIM.

Home REIT (LSE:HOME) confirmed that all resolutions proposed at its annual general meeting on 27 February 2026 were passed, including the re-election of directors, the reappointment of auditors, and approvals granting authority for potential share buybacks and tender offers. Approximately 64% of the company’s issued share capital participated in the vote, indicating meaningful — though not unanimous — shareholder engagement.

The board highlighted a notable level of opposition to the resolution concerning adoption of the 2024 annual report and accounts, reflecting similar shareholder concerns raised at the previous year’s AGM. According to the company, the dissent primarily relates to delays in publishing financial results, a qualified audit opinion tied to revenue recognition from properties repossessed from non-performing tenants, and ongoing uncertainty linked to the company’s managed wind-down process. Directors said they will continue to engage with investors and take shareholder feedback into consideration.

More about Home REIT plc

Home REIT plc is a UK-listed real estate investment trust focused on residential property investments. The company is currently undergoing a managed wind-down, with the board no longer viewing the business as a going concern, following operational and financial difficulties that have weighed on performance and investor confidence.

Senior plc (LSE:SNR) reported a solid performance for 2025 from its continuing operations, with revenue increasing 6% at constant currency and adjusted profit before tax climbing 24%. Growth was led by strong momentum in the Aerospace division, while the Flexonics business maintained resilient double-digit margins. Group adjusted operating margin improved to 8.6%, return on capital employed rose to 13.1%, and free cash flow increased by 37%, contributing to a stronger balance sheet and a reduction in leverage to 0.9x.

During the year, the company completed the disposal of its Aerostructures division on 31 December 2025, marking a strategic shift toward becoming a focused specialist in fluid conveyance and thermal management technologies. The transaction also reduced risk within the group’s financial structure, supported further by a UK pension buy-in arrangement. Strong cash conversion enabled a 25% increase in the total dividend, while Senior’s inclusion on the CDP Climate A List highlighted progress in sustainability performance. Management said trading at the start of 2026 has met expectations and reiterated confidence in achieving its medium-term financial objectives, underpinning prospects for improved shareholder returns.

Senior’s outlook is primarily supported by consistent financial delivery, including steady revenue growth, improving operating profitability and dependable cash generation. Share price performance reflects a strong upward trend, although technical indicators suggest momentum may be stretched, and valuation metrics appear less compelling due to a relatively higher earnings multiple and modest dividend yield.

More about Senior plc

Senior plc is an international engineering manufacturer producing high-technology components and systems, with expertise in fluid conveyance and thermal management solutions serving aerospace and industrial markets. Following the divestment of its Aerostructures business, the group is sharpening its focus on advanced engineered products through its Aerospace and Flexonics divisions, supplying global OEMs and tier-one manufacturers.

Eco Atlantic (LSE:ECO) released unaudited results covering the three- and nine-month periods to 31 December 2025, reporting cash holdings of US$2.9 million, zero debt and total equity of US$18.7 million at period end. The company subsequently reinforced its financial position in January 2026 by raising an additional US$10 million from Israeli institutional investors. During the period, Eco also transitioned trading of its shares onto the London Stock Exchange’s SETS platform, a move intended to improve liquidity and broaden access for global institutional shareholders.

On the operational front, Eco expanded its strategic collaboration with Navitas Petroleum through a framework agreement that grants Navitas options to farm into both the Orinduik Block offshore Guyana and Block 1 CBK offshore South Africa. In exchange, Eco will receive upfront option payments alongside potential future farm-in funding and carried work commitments. In South Africa, the company renamed Block 1 as Block 1 CBK in tribute to co-founder Colin Kinley, transferred a 25% stake to B-BBEE partner OrangeBasin Energies, and continued advancing preparations at Block 3B/4B despite environmental approval delays outside its control.

In Namibia, Eco refocused exploration efforts toward deeper, proven geological plays and agreed to farm out its entire interest in PEL 98 to locally owned Lamda Energy, subject to regulatory approval. The company is also reviewing additional farm-out opportunities across its wider asset base amid growing interest from third parties. Meanwhile, in Guyana, Navitas secured an option to acquire an 80% operated interest in the Orinduik licence, with Eco retaining a 20% carried stake through future exploration or appraisal phases as both partners work with government authorities to define the next development programme.

Following the reporting period, Eco gained indirect exposure to Navitas’ broader regional growth through Navitas’ proposed farm-in to JHI’s PL001 licence in the North Falklands Basin, linked to the Sea Lion development, where Eco holds a 6.6% interest. Management said the strengthened balance sheet, expanded strategic partnerships and multiple farm-out catalysts across several jurisdictions position the company to advance its offshore exploration portfolio while potentially creating shareholder value through carried drilling and appraisal activity.

More about Eco Atlantic Oil & Gas

Eco (Atlantic) Oil & Gas is an exploration-focused oil and gas company targeting offshore Atlantic Margin basins, with licences spanning South Africa, Namibia and Guyana, alongside an indirect interest in the Falkland Islands. Listed on AIM and the TSX Venture Exchange, the company works with regional and international partners to progress frontier offshore exploration assets aimed at large-scale hydrocarbon discoveries.