Author: Fiona Craig

Avacta Therapeutics (LSE:AVCT) has presented updated clinical results for its lead oncology candidate, faridoxorubicin (AVA6000), at the ASCO 2026 meeting, reporting encouraging safety and efficacy outcomes in patients with salivary gland cancer. AVA6000 is a pre|CISION-enabled version of doxorubicin designed to activate selectively within the tumour environment, with the goal of reducing systemic toxicity while maintaining anti-cancer activity.

The latest Phase 1a/1b findings suggest the treatment continues to demonstrate a favourable safety profile, even at dose levels approaching three times those typically associated with conventional doxorubicin therapy. The data support further development of the candidate as it moves toward later-stage clinical evaluation.

Early Clinical Responses Observed in Salivary Gland Cancer

Among 38 evaluable patients enrolled in the salivary gland cancer expansion cohort, the company reported four confirmed partial responses and nine minor responses. Overall disease control reached 92%, with several patients continuing treatment or remaining under follow-up observation.

Management believes these findings provide early evidence of anti-tumour activity in a patient population with limited treatment options and reinforce the potential of the pre|CISION platform.

Data Suggest Reduced Cardiac Risk

A key focus of the update was the cardiac safety profile of AVA6000. Pharmacokinetic and exposure-response analyses indicated that the release of doxorubicin from the drug avoids the high systemic concentration peaks typically associated with standard formulations.

The company reported no meaningful relationship between drug exposure and deterioration in cardiac function. These findings contributed to regulators removing the previous lifetime exposure cap, a development that may allow patients to receive longer treatment durations.

Importantly, Avacta reported no cases of severe cardiotoxicity or cardiomyopathy among 111 treated patients, including individuals who exceeded historical cumulative exposure limits associated with conventional doxorubicin.

Platform Differentiation Continues to Strengthen

The clinical data are seen as further validation of Avacta’s pre|CISION technology, which is designed to improve the therapeutic index of established chemotherapy agents by targeting drug activation within tumours.

The company plans to continue patient enrolment and expects to provide additional updates later in June at the BIO International Convention. Investors and clinicians will be monitoring future results closely as Avacta seeks to establish the platform as a potential next-generation approach to chemotherapy delivery.

Outlook Balances Clinical Progress and Financial Challenges

While the AVA6000 programme continues to generate positive clinical momentum, Avacta’s broader outlook remains influenced by ongoing financial pressures, including operating losses, cash consumption and balance-sheet constraints.

Technical indicators provide some support, with the shares trading above longer-term averages and momentum measures remaining positive. However, valuation remains difficult to assess given the company’s negative earnings profile and absence of dividend payments. Progress in clinical development and prudent cash management offer encouraging signs, although future financing requirements, partnership activity and development timelines remain important considerations.

More about Avacta Group plc

Avacta Therapeutics, a division of Avacta Group plc, is a clinical-stage biotechnology company focused on developing oncology therapies through its proprietary pre|CISION drug delivery platform. The technology is designed to activate chemotherapy agents within the tumour microenvironment, potentially reducing systemic side effects while enhancing treatment effectiveness. The company’s pipeline targets multiple cancer indications, including salivary gland cancer and soft tissue sarcoma, with the aim of improving outcomes through more precise delivery of established anti-cancer drugs.

Great Western Mining (LSE:GWMO) has completed the first phase of exploration work across a three-kilometre corridor connecting its Defender-Pine Crow tungsten prospect with the nearby M2 copper resource in Nevada. The programme forms part of the company’s fully funded 2026 exploration strategy, which is aimed at delivering an initial mineral resource estimate for the Defender-Pine Crow project before the end of the year.

The latest work is intended to enhance understanding of the mineralised corridor and support the next stage of development as the company advances one of its key critical minerals assets.

Exploration Programme Expands Geological Understanding

Field activities completed to date include a detailed gravity geophysical survey conducted by Zonge International and extensive geological mapping of skarn-hosted mineralisation within the project area. Additional grab samples have also been collected and submitted for laboratory analysis.

The company believes the combined geological and geophysical data will help refine targeting and improve confidence ahead of the upcoming drilling programme.

Site Preparation Underway for Drilling Campaign

Great Western has further advanced the project by excavating four new exploration trenches and identifying preferred locations for future drill pads. Work is also progressing on permitting requirements, including approvals related to access roads and site infrastructure.

In addition, a 750-kilogram bulk sample has been sent for metallurgical flotation testing. The results are expected to provide valuable information on tungsten recovery characteristics and support future development planning.

Management said these activities have positioned the project for the commencement of drilling in July, which will be a key step toward defining the scale and potential of the mineralised system.

Focus on Building a District-Scale Tungsten Resource

The company views Defender-Pine Crow as an increasingly important component of its Nevada portfolio and believes the project could represent a significant tungsten opportunity within the region. Ongoing exploration is aimed at establishing the extent of mineralisation across the broader corridor and supporting the delivery of a maiden resource estimate.

With tungsten continuing to attract attention as a strategically important mineral, Great Western is seeking to position itself within a sector benefiting from growing demand and supply security considerations.

Outlook Balances Exploration Progress and Financial Constraints

Great Western’s outlook continues to reflect the characteristics of an exploration-stage business. The company remains pre-revenue and continues to report losses and negative cash flow, although it benefits from a debt-free balance sheet that provides a degree of financial stability.

Market indicators have been more supportive, with the shares trading above key moving averages and momentum measures remaining positive. However, valuation metrics remain difficult to justify given the absence of earnings and dividend payments.

More about Great Western Mining

Great Western Mining Corporation is a mineral exploration and development company focused on wholly owned claim groups in Mineral County, Nevada. The company is increasingly concentrating on tungsten and other strategic minerals while also advancing its Huntoon copper project. In addition, it maintains exposure to gold and silver through exploration programmes and tailings reprocessing opportunities across its Nevada portfolio.

Invinity Energy Systems (LSE:IES) delivered strong growth during 2025, reporting revenue, other income and project grant contributions of £17.8 million, representing a 256% increase compared with the previous year. The company also recorded a significant rise in commercial activity, with sales volumes exceeding 31.4 MWh and product shipments increasing by 241%.

While Invinity remained loss-making at the gross level, reporting a gross loss of £2.9 million, financial performance improved as losses narrowed. The company ended the period debt-free with cash reserves of £28.8 million, providing continued support for investment in manufacturing capacity and cost-reduction initiatives.

Endurium Platform Delivers Early Progress

A major focus during the year was the commercial rollout of the company’s Endurium battery platform. Invinity reported that targeted reductions in unit production costs were achieved ahead of schedule, highlighting progress in manufacturing efficiency and product economics.

The company also secured its first Endurium Enterprise order, marking an important commercial milestone as it seeks broader adoption of the technology across utility-scale and industrial energy storage applications.

International Partnerships and Project Pipeline Strengthen

Invinity continued to broaden its global footprint through new partnerships and market expansion initiatives, particularly in India and China. These relationships are intended to support future deployments in regions where demand for long-duration energy storage is expected to grow rapidly.

The company noted that its battery systems have now delivered a cumulative 9 GWh of energy worldwide. In addition, an increasing number of projects are attracting financing support from third-party lenders, a development management views as a positive indicator of growing market confidence in the technology.

Commercial Momentum Builds Across Key Markets

Recent contract wins and project developments further strengthened the company’s growth profile. Among the highlights was the design of a 1.5 GWh energy storage system in Switzerland, alongside new project deployments in the United States.

Management believes these achievements demonstrate increasing commercial traction and reinforce Invinity’s position within the rapidly expanding long-duration energy storage market, where demand is being driven by renewable energy integration and grid stability requirements.

Outlook Hinges on Execution and Financial Improvement

Despite strong operational progress, Invinity’s outlook remains influenced by ongoing financial challenges, including continued losses and negative cash flow. Valuation measures and technical indicators also remain relatively weak, reflecting the company’s current stage of development.

However, the group’s growing project pipeline, successful cost-reduction efforts and expanding international partnerships provide encouraging signs for future growth. Management’s ability to convert commercial opportunities into sustainable profitability will remain a key focus for investors.

More about Invinity Energy Systems

Invinity Energy Systems is an AIM-listed energy storage technology company specialising in vanadium flow batteries for utility-scale and long-duration applications. With manufacturing operations in the UK and Canada, the company develops Endurium battery systems designed to offer a durable and safe alternative to lithium-ion technology. Its solutions are deployed across Europe, North America and Asia, supporting grid operators, renewable energy projects and commercial customers seeking long-duration energy storage capabilities.

Bluebird Mining Ventures Ltd (LSE:BMV) has completed a restructuring of its interests in the Gubong and Kochang gold projects in South Korea through an agreement with newly established Canadian company 1575275 B.C. Ltd. The acquiring company was founded by Vancouver-based mining executive Latika Prasad and will assume ownership, funding responsibilities and future liabilities associated with the assets.

Under the terms of the transaction, Bluebird has transferred the projects for nominal consideration while retaining a 2.5% net smelter return royalty on each asset. The agreement also provides the purchaser with the option to buy back each royalty for a predetermined fixed payment.

Strategic Shift Away From Direct Asset Ownership

The Gubong and Kochang projects remain at an early stage of development and currently do not have JORC-compliant mineral resource estimates or the approvals required for production. Bluebird considers these assets to carry a higher level of exploration and development risk than is consistent with its evolving business model.

By transferring ownership while maintaining royalty exposure, the company has reduced its operational obligations while preserving potential upside should the projects advance in the future.

Simplified Structure and Reduced Future Commitments

Management believes the transaction streamlines the corporate structure and removes the need to fund future exploration and development activities at the South Korean assets. The move is also expected to reduce ongoing administrative, compliance and audit costs.

The restructuring marks the completion of Bluebird’s transition from direct ownership of South Korean mining projects to a royalty-based model, allowing management to focus resources on opportunities that align more closely with its long-term objectives.

Focus Shifts to Gold Streaming and Recurring Revenue Opportunities

Bluebird intends to concentrate on expanding its portfolio of gold streaming and royalty interests, which it believes offer a more scalable and capital-efficient route to growth. The company’s strategy centres on generating recurring cash flows through exposure to gold production without assuming the operational risks associated with mine ownership and development.

Management sees the reallocation of capital and management attention as an important step in supporting future growth opportunities and strengthening its position within the gold royalty and streaming sector.

Outlook Remains Challenged by Financial Performance

Despite the strategic benefits of the restructuring, the company’s outlook continues to be constrained by the absence of revenue, ongoing operating losses and persistent negative cash flow. While leverage metrics provide some support, overall financial performance remains weak.

Technical indicators also remain negative, with the shares trading below key moving averages and momentum measures pointing to a continuing downtrend. Valuation metrics offer little encouragement given the company’s loss-making position and the absence of dividend payments.

More about Bluebird Mining Ventures

Bluebird Mining Ventures Ltd is a London-listed company focused on gold streaming, royalty opportunities and treasury management. Its strategy is centred on building exposure to gold production through streaming agreements and royalty interests rather than direct mine ownership. By targeting opportunities across the gold value chain, the company aims to create a scalable, capital-light business model capable of generating long-term shareholder value and recurring cash flow linked to the gold market.

Eco Buildings Group (LSE:ECOB) has expanded its presence into the UK housing sector with the launch of Eco Buildings United Kingdom Ltd, a new subsidiary focused on delivering scalable and environmentally efficient housing solutions. The move is designed to capitalise on the country’s persistent housing shortage by offering an alternative to conventional construction methods.

The new operation will combine Eco Buildings’ glass fibre reinforced gypsum (GFRG) building technology with local market expertise provided through its partnership with Noventum. The company believes this approach can deliver homes more quickly and cost-effectively while maintaining high standards of quality and energy efficiency.

Pilot Project to Demonstrate Technology

The subsidiary’s first initiative will involve the construction of two demonstration homes for a prospective development partner. The project is intended to showcase the benefits of the company’s building system, including faster construction times, improved sustainability credentials and reduced costs compared with traditional housebuilding methods.

Management hopes the pilot scheme will attract interest from housing associations, developers and other organisations seeking practical solutions to the UK’s housing supply challenges.

Albanian Production Facility to Support Early Growth

Initially, GFRG panels for UK projects will be supplied from Eco Buildings’ upgraded manufacturing facility in Albania. This arrangement allows the company to begin servicing the UK market while assessing the potential for establishing local production capacity.

A future UK manufacturing presence could enhance supply chain efficiency, strengthen competitiveness and provide a platform for wider expansion across the domestic housing market.

Growth Opportunities Offset Operational Challenges

The launch of the UK subsidiary represents a significant strategic development for Eco Buildings and highlights its ambition to expand internationally. The company sees considerable opportunity in a market characterised by chronic housing shortages and increasing demand for sustainable construction solutions.

While recent corporate developments provide a positive backdrop, the group continues to face challenges relating to financial performance and valuation. Market indicators present a mixed picture, with longer-term trends appearing constructive but shorter-term momentum remaining less certain.

More about Eco Buildings Group

Eco Buildings Group is a UK-listed construction technology company focused on the development and delivery of prefabricated housing solutions using glass fibre reinforced gypsum panels. Its products are designed to reduce construction costs, accelerate build times and improve environmental performance. The company serves both affordable and premium housing markets and is pursuing an international growth strategy centred on sustainable and scalable building technologies.

GSTechnologies (LSE:GST) has reported a positive development in ongoing litigation involving its majority-owned subsidiary, Semnet Pte. Ltd., following hearings held on 26 May 2026 in the Singapore Supreme Court.

The court rejected applications seeking a stay of proceedings that had been brought by the sellers of Semnet and former employee Chong Hoi Yan. The applications were dismissed in their entirety, and Semnet was awarded legal costs of S$18,000.

Appeal Deadline and Next Hearing Set

Parties wishing to challenge the rulings have until 9 June 2026 to file a notice of appeal. Meanwhile, the case will continue to progress, with a further hearing scheduled for 4 June 2026 to establish the timetable and directions for the defence phase of the proceedings.

The latest rulings represent an important procedural step in the dispute and allow the legal process to continue without the delays sought through the stay applications.

Company Highlights Importance of Outcome

GSTechnologies said it remains focused on protecting the interests of shareholders and supporting Semnet’s position throughout the legal proceedings. The board described the outcome as strategically significant, reflecting the company’s determination to defend its interests in relation to the dispute surrounding the acquisition and operation of Semnet.

Management indicated that it will continue to monitor developments closely and provide updates as the case progresses through the Singapore courts.

Outlook Remains Constrained by Financial and Market Challenges

Despite the favourable legal outcome, the company’s broader outlook continues to be affected by weak financial performance. Declining revenue, substantial losses and the absence of profitability remain key challenges.

Technical indicators also point to a cautious market backdrop, with the shares trading below major moving averages and momentum measures remaining negative. Valuation metrics offer limited support given the company’s loss-making position and the lack of dividend payments.

More about GSTechnologies

GSTechnologies Limited is a London-listed financial technology company operating through a portfolio of subsidiaries, including Semnet Pte. Ltd., in which it holds a 66.67% ownership stake. The group focuses on technology-enabled financial services and digital infrastructure solutions, aiming to build a presence within the evolving fintech and financial technology sectors.

Checkit (LSE:CKT) has provided an update on its ongoing Formal Sale Process, announcing the appointment of U.S.-based advisory firm EC M&A as joint financial adviser. The addition of EC M&A is intended to support engagement with interested parties and help coordinate discussions across multiple jurisdictions as the company evaluates strategic opportunities.

The board said the appointment is designed to facilitate an efficient review process but emphasised that no formal offer has been received and there is no assurance that the process will result in a transaction. Shareholders have been advised not to take any action at this stage.

Strategic Review Remains Ongoing

Checkit reiterated that any potential proposal remains subject to the requirements of the UK Takeover Code. Discussions with interested parties are continuing, although the company noted that negotiations could evolve, be extended or conclude without any agreement being reached.

Management said the review process remains focused on assessing strategic alternatives that could maximise value for shareholders, while maintaining normal business operations during the offer period.

Disclosure Requirements Remain in Force

As the company continues to operate within an official offer period, investors and market participants are reminded of their obligations under the UK Takeover Code. These requirements include disclosures relating to significant shareholdings and dealings in Checkit securities.

The company noted that regulatory obligations will remain in place while the Formal Sale Process continues and until any relevant deadlines or announcements are made.

Outlook Reflects Strategic Interest but Ongoing Financial Challenges

Checkit’s outlook remains influenced by a combination of improving operational trends and persistent financial pressures. While losses have narrowed and debt levels remain relatively low, the company continues to report negative cash flow and a reduction in shareholder equity.

Technical indicators have been more encouraging, with the shares exhibiting a strong upward trend. However, momentum measures suggest the stock may be overbought in the near term, increasing the potential for volatility. Valuation remains difficult to assess given the absence of earnings and dividend payments.

More about Checkit plc

Checkit plc is an AIM-listed technology company that provides automated monitoring, workflow management and operational intelligence solutions for frontline organisations. Its software and connected technologies help customers improve compliance, efficiency and visibility across operations that require real-time monitoring and data-driven decision-making. The company serves a range of industries, including life sciences, healthcare, facilities management and industrial sectors.

LPA Group (LSE:LPA) reported a marked improvement in trading for the six months ended 31 March 2026, with revenue increasing to £13.8 million from £9.5 million in the corresponding period last year. The company also returned to profitability, posting a profit before tax of £0.4 million compared with a loss of £0.5 million a year earlier.

Adjusted EBITDA rose to £1.0 million, reflecting stronger operational performance across the business. The group’s order book remained robust at £29.3 million despite a reduction in new order intake during the period, while net assets per share increased. Gearing moved higher as the company continued to invest in initiatives designed to support future growth.

Transformation Programme Supports Operational Progress

Management attributed the improved results to the benefits of its ongoing transformation programme, which has focused on strengthening sales and marketing capabilities, enhancing engineering expertise and driving operational efficiency across the organisation.

The company highlighted the resilience of its multi-site operating model and the strength of its customer relationships as key factors underpinning performance. Efforts to improve operational excellence and streamline internal processes also contributed to the stronger financial outcome.

Diversification Strategy Expands Market Opportunities

LPA is continuing to broaden its exposure beyond its traditional rail markets by targeting growth opportunities in aviation, aerospace and defence. The company is also refining and upgrading its product portfolio to better align with evolving customer requirements across these sectors.

Alongside organic initiatives, the group is progressing an ERP harmonisation programme aimed at improving efficiency and consistency across its operations. Management also views bolt-on acquisitions, including the addition of Martek, as an important component of its long-term expansion strategy.

The company said these initiatives support expectations for full-year performance to remain in line with market forecasts.

Outlook Balances Improved Trading with Historical Financial Pressures

Although first-half results demonstrated a significant improvement, LPA’s broader financial profile continues to reflect challenges from recent years, including losses recorded during 2024 and 2025 and a notable deterioration in operating and free cash flow during 2025.

These concerns are partly offset by a relatively strong balance sheet, low leverage and continued revenue growth. Technical indicators remain supportive, with the shares trading above key moving averages and momentum measures remaining positive. However, a very high RSI reading suggests the stock could be vulnerable to a short-term pullback following recent gains.

Valuation metrics remain difficult to assess due to the company’s loss-making position on a trailing basis, while dividend information was not provided.

More about LPA Group plc

LPA Group plc is a UK-based engineering and technology company specialising in the design and manufacture of electronic and electro-mechanical systems. The group serves a range of sectors including rail, aviation, defence, infrastructure and industrial markets, supplying products engineered for demanding operating environments. Operating from four UK locations, LPA delivers solutions to customers across the UK and international markets while pursuing growth through innovation, diversification and strategic acquisitions.

Nativo Resources (LSE:NTVO) has reported its final results for 2025, outlining significant progress in its transformation into a Peru-focused gold mining and processing company. The group continued to build its operational platform during the year, positioning itself for near-term production growth centred on the Tesoro Gold Concession.

Key developments included the consolidation of ownership in Boku Resources, the acquisition of the Morrocota Gold Mine, and further progress at both the Bonanza mine and the La Patona processing facility. The company also secured an option agreement over the Toma La Mano tailings project, adding another potential source of future production and supporting its broader growth strategy.

Balance Sheet Restructuring Reduces Near-Term Financial Pressure

A major focus during the year was the strengthening of the company’s financial position. Nativo undertook a significant balance sheet restructuring that reduced immediate debt pressures through the renegotiation of its Spartan loan facility and obligations linked to a €10 million bond.

In addition, the company raised approximately £3 million and secured financing arrangements with Yorkville Advisors, providing greater flexibility as it advances its operational objectives. Management believes these measures have improved liquidity and created a more stable platform from which to execute its development plans.

Operational Progress Continues After Year-End

Following the reporting period, Nativo resumed underground activities at the Bonanza mine and announced encouraging results from sampling programmes. The company also established a JORC-compliant exploration target covering several key vein systems within its project portfolio.

Further strengthening its growth ambitions, Nativo entered into a partnership with Kuboc aimed at identifying and securing additional precious metals opportunities in Peru. The agreement is intended to broaden the company’s project pipeline while leveraging local expertise and industry connections.

Outlook Supported by Growth Plans Despite Financial Challenges

While operational momentum has improved, Nativo’s outlook remains constrained by weak financial metrics. The company continues to report losses, negative equity and ongoing cash outflows, while leverage levels remain elevated relative to its asset base.

Technical indicators have become more supportive following a recent share-price recovery, although momentum appears stretched and the stock continues to trade below its longer-term 200-day moving average. Traditional valuation measures also remain difficult to assess given the absence of earnings and dividend payments.

More about Nativo Resources

Nativo Resources is a London-listed natural resources company focused on gold mining, processing and resource development in Peru. The business is pursuing a growth strategy based on primary gold production, ore processing and tailings recovery, with particular emphasis on expanding operations at the Tesoro Gold Concession. Its core assets include the Bonanza and Morrocota mines, while additional opportunities are being explored through strategic partnerships and project acquisitions across the Peruvian precious metals sector.

Oriole Resources PLC (LSE:ORR) has strengthened its position in Cameroon’s gold sector by securing a 50% interest in its flagship Mbe gold project. The development follows the successful transfer of the exploration permit to Oriole Mbe SARL and the acquisition of an additional 10% stake from local partners for US$100,000.

The transaction brings Oriole’s ownership level in line with that of its earn-in partner, BCM International, with both parties now holding equal 50% interests in the project. Local partners will retain a 1% net smelter return royalty as well as entitlement to certain future resource-related payments. The company also indicated that joint venture agreements covering both the Mbe and Bibemi projects are nearing completion.

Ownership Realignment Supports Future Development

The revised ownership structure provides greater clarity around the Mbe project, which recently reported a JORC Inferred Mineral Resource estimate of 1.23 million ounces of gold at the MB01 deposits.

Management believes the restructuring creates a stronger foundation for ongoing exploration activities, including fully funded drilling programmes designed to expand the current resource base. Establishing a clear and balanced joint venture framework is also expected to simplify future project planning and development decisions.

Strategic Position Enhanced in Cameroon

By achieving equal ownership with BCM International at both the Mbe and Bibemi projects, Oriole has reinforced its long-term presence in Cameroon’s developing gold exploration industry.

The company said the updated structure improves transparency around future revenue-sharing arrangements and provides stakeholders with a clearer understanding of how project value may be distributed as exploration and development activities progress.

Outlook Balances Exploration Progress and Financial Challenges

Oriole’s outlook continues to be influenced by its status as an exploration-stage company, with no operating revenue and ongoing cash expenditure weighing on financial performance. However, the business maintains a debt-free balance sheet, providing a degree of financial flexibility as it advances its project portfolio.

Market indicators have been more encouraging, with the shares trading above key moving averages and exhibiting positive momentum. Traditional valuation measures remain difficult to assess due to the absence of earnings and dividend payments, leaving investor attention focused on exploration success and resource growth.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration and development company with a focus on Central and West Africa. Its principal assets are located in Cameroon, where the Mbe project hosts a JORC Inferred Mineral Resource of 1.23 million ounces of gold. The company also holds interests in the Bibemi project in Cameroon and the Senala project in Senegal, while maintaining royalty interests across selected assets in East Africa and Turkey.