Author: Fiona Craig

Jangada Mines (LSE:JAN) has reported promising results from Stage 1 diamond drilling at its Paranaíta Gold Project in Brazil. The 1,100-metre programme, comprising 10 drill holes at the TP2 target, intersected gold mineralisation in every hole. Among the highlights was an intercept of 1.32 metres grading 43.61 g/t gold, supporting the continuity of the mineralised system and indicating it remains open for further exploration. The company plans additional drilling, resource modelling and further geophysical and geochemical studies to upgrade and expand the project’s current inferred resource of around 210,000 ounces toward JORC classification. Drilling is also progressing at the Molly Project, which already hosts a 130,000-ounce JORC-compliant resource and has produced strong sulphide-bearing intercepts that point to further resource expansion potential.

Management believes the shallow vein-swarm style mineralisation identified at Paranaíta could be suitable for a relatively low-cost open-pit development, with a conceptual production target of roughly 20,000 ounces of gold per year. The latest drilling and trenching results are expected to support a revised geological model and inform a second-phase drilling campaign targeting multiple prospects along an approximately 8-kilometre corridor. Success at both Paranaíta and Molly could strengthen the company’s position in Brazil’s gold sector by demonstrating scalable, open-pit-friendly resources across its project portfolio.

The company’s outlook remains constrained by its financial profile, including its pre-revenue status, ongoing operating losses and continued cash burn, although it currently carries no debt. Technical indicators provide a more positive signal, with the share price trading above key moving averages and showing moderately positive momentum. However, valuation remains limited due to negative earnings and the absence of dividend support.

More about Jangada Mines PLC

Jangada Mines is an AIM-listed natural resources company focused on developing mining assets in Brazil, particularly gold projects in the Mato Grosso region and other established gold provinces. Its portfolio includes the Paranaíta Gold Project in the Alta Floresta-Juruena Gold Province and the Molly Gold Project, where the company aims to define shallow, open-pittable gold resources that could be developed with relatively low capital requirements.

Cadence Minerals (LSE:KDNC) has completed detailed mechanical and electrical engineering work for the Azteca plant at its Amapá Iron Ore Project in Brazil and has begun procuring key refurbishment components ahead of a planned 90-day execution phase. Initial site activities, including structural repairs, the removal of equipment for off-site refurbishment and the procurement of long-lead items, are scheduled to begin in March under existing authorisations.

These preparations are intended to provide greater flexibility within the project’s development schedule while maintaining the current timetable, with commissioning of the Azteca plant targeted for the end of June, subject to the finalisation of remaining permits. Several Installation Licence requirements—including archaeological approvals, water abstraction permissions and tailings-related authorisations—are progressing concurrently. Once operational, Azteca is expected to serve as the first production centre, generating early cash flow from tailings while supporting the broader redevelopment of the Amapá project into a 5.5 million tonne per year direct-reduction grade iron ore operation.

The company’s outlook remains constrained by weak financial fundamentals, including several years of losses, declining revenue and continued negative free cash flow, although the balance sheet carries relatively low debt. Technical indicators provide a positive counterbalance, with the share price trading above key moving averages and showing upward momentum. Valuation metrics remain limited due to negative earnings and the absence of dividend support.

More about Cadence Minerals

Cadence Minerals is a UK-listed resources investment company focused on the development and financing of mining assets, with a particular emphasis on iron ore. Its principal investment is a 35.9% stake in the Amapá Iron Ore Project in Brazil, an integrated operation combining mine, rail, port and beneficiation infrastructure designed to produce high-grade direct reduction concentrate for global steel markets.

CLS Holdings (LSE:CLI) reported weaker results for 2025, with EPRA earnings per share declining 17.4% and net rental income down 11.1%. The performance was affected by property disposals, increased vacancy levels and portfolio valuation write-downs, leading to a statutory loss of £50.3 million for the year. The value of the group’s property portfolio fell 3.8% in local currency terms, while EPRA net tangible assets per share decreased 6.7%. As a result, the company reduced its full-year dividend to 4.0p per share, though the payout remains within the parameters of its dividend policy.

Despite the weaker earnings, CLS took steps to strengthen its financial position. Net debt was reduced by £86.2 million, and the company refinanced or repaid £373.7 million of borrowings during the year. The average cost of debt remained stable at 3.8%, while the loan-to-value ratio improved slightly to 50.0%. Management is now focusing on lowering vacancy rates and reinforcing the balance sheet, with plans to dispose of £100 million to £150 million in assets during 2026. The company is also progressing the sale of its Spring Gardens redevelopment and offering an enhanced scrip dividend option to conserve cash while positioning the portfolio for a potential medium-term recovery.

The company’s outlook remains influenced by financial pressures, including relatively high leverage and recent losses. However, ongoing corporate actions and broadly stable technical indicators offer some support. CLS also maintains an elevated dividend yield that may appeal to income-focused investors, though valuation remains challenged by negative earnings.

More about CLS Holdings

CLS Holdings is a London-listed commercial property investment company focused on office real estate across the United Kingdom, Germany and France. The group manages a portfolio valued at approximately £1.7 billion and aims to act as a sustainability-focused landlord specialising in high-quality, multi-let office assets in Europe’s three largest economies. It combines active asset management with local market expertise to support long-term portfolio growth.

EnSilica (LSE:ENSI) has raised around £9.7 million in gross proceeds through a heavily oversubscribed equity placing and subscription priced at 47 pence per share. The offering attracted participation from both new and existing institutional investors. Due to limited existing share issuance authorities, the fundraising will be completed in two stages: the first tranche, consisting of 9.66 million shares, is expected to be admitted to trading on AIM on or around 17 March 2026, while the second tranche will require shareholder approval at a general meeting scheduled for 7 April 2026.

The net proceeds will be used to support the company’s growth strategy, including accelerating development of new products and projects and advancing its expanding contract pipeline across specialist semiconductor markets. EnSilica also plans to launch a separate retail offer through the BookBuild platform, open until 17 March 2026. Participation by the company’s chief financial officer and the resulting dilution of the chief executive’s shareholding highlight governance transparency as EnSilica broadens its shareholder base. Following admission of the first tranche, total voting rights are expected to exceed 106 million shares.

The company’s outlook remains constrained by weak financial performance, including declining revenues, ongoing losses and a sharp deterioration in free cash flow, although its balance sheet maintains moderate leverage. Technical indicators provide a counterbalance, with the share price trading well above major moving averages and showing strong upward momentum, though some indicators suggest the rally may be approaching stretched levels. Valuation metrics also remain limited due to negative earnings and the absence of a dividend yield.

More about EnSilica PLC

EnSilica plc is a fabless designer of application-specific semiconductor chips specialising in RF, millimetre-wave, mixed-signal and complex digital integrated circuit design. The company serves clients across sectors including space and communications, industrial, automotive and healthcare. By leveraging reusable intellectual property and silicon platform technologies, EnSilica aims to shorten development cycles, reduce design risk and create recurring revenue streams through long-term supply agreements.

Thruvision Group (LSE:THRU) has secured a US$0.6 million order from the Greater Orlando Aviation Authority to deliver five 81-Series walk-through security systems for screening aviation workers at Orlando International Airport. The battery-powered, mobile units—supplied with two years of enhanced support and a new base feature—extend Thruvision’s presence in the U.S. airport sector to five locations, following a recent contract at Seattle-Tacoma International Airport.

The contract reflects increasing adoption of Thruvision’s non-contact, high-throughput screening technology as airports respond to heightened regulatory scrutiny and operational demands around employee access points. By offering mobile and compliant systems that enable rapid screening without disrupting workforce flow, the company continues to strengthen its position within the U.S. aviation market as well as across critical infrastructure security environments globally.

The company’s outlook remains largely constrained by weak financial performance, including declining revenues and ongoing losses. Technical indicators currently provide broadly neutral signals, while valuation metrics remain negative and weigh on the overall investment profile. The absence of recent earnings call commentary or notable corporate events also limits additional visibility into the company’s forward outlook.

More about Thruvision Group plc

Thruvision Group plc is an international developer and manufacturer of walk-through security screening technology designed to process large numbers of people quickly and safely. Its AI-enabled systems detect concealed metallic and non-metallic objects in real time and are used by government and commercial organisations in more than 30 countries. The company maintains offices and manufacturing operations in both the UK and the United States.

Physiomics plc (LSE:PYC) has completed an oversubscribed WRAP Retail Offer, generating gross proceeds of £223,279.48 through the issuance of 74,426,493 new ordinary shares priced in line with a previously announced placing. Combined with the placing, the retail offer forms part of a conditional fundraising totalling £673,279.36, involving the issue of 224,426,453 new shares, subject to shareholder approval and the admission of the shares to trading on AIM.

The company has outlined the expected timetable for the process, with a general meeting scheduled for 7 April 2026 and admission of the new ordinary shares to AIM anticipated on 8 April 2026. Once admitted, the shares issued under both the placing and the WRAP Retail Offer will rank pari passu with the existing ordinary shares, ensuring that new and current investors hold the same class of equity following completion of the fundraising.

Physiomics’ outlook remains constrained by ongoing financial challenges, including continued losses and persistent cash burn. These pressures are partly offset by a balance sheet with relatively low leverage and signs of modest improvement in the company’s share price trend. However, valuation metrics remain limited due to negative earnings and the absence of dividend support.

More about Physiomics

Physiomics plc is a UK-based life sciences company that provides modelling and simulation, biostatistics, data science and bioinformatics services to biotechnology and pharmaceutical clients. Using proprietary platforms such as its Virtual Tumour technology, the company supports drug development programmes from early discovery stages through clinical trials. Its client base includes organisations such as Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics and Cancer Research UK.

Reabold Resources (LSE:RBD) has secured a conditional £1.9 million equity investment from a group of strategic U.S.-based investors led by Rohan Oza, priced at the current market level. The investment forms the cornerstone of a broader fundraising expected to raise at least a further £1.1 million. Funds will primarily be directed toward progressing the West Newton gas project, including the recompletion of the A-2 well. The transaction also includes warrants that could provide additional capital in the future if exercised, potentially supporting early production should operational results prove positive.

Company management said the participation of prominent international investors highlights what they view as a gap between the underlying value of UK-listed oil and gas assets and their current market valuations, particularly when compared with peers in North America. Reabold added that its European gas portfolio is positioned to benefit from rising demand linked to both regional energy security and the expansion of digital infrastructure. The company also noted that recent environmental permitting for stimulation work at the A-2 well clears the way for the joint venture to move ahead with key development steps in the coming months.

Despite these developments, the company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, ongoing operating losses and continued cash burn, although the balance sheet carries relatively low debt. Technical indicators show strong momentum in the share price, though extremely overbought signals suggest the possibility of a short-term pullback. Valuation metrics remain limited due to negative earnings and the lack of dividend yield data.

More about Reabold Resources

Reabold Resources is a UK-based upstream oil and gas investment company focused on low-risk projects with significant upside potential. The company invests through strategic equity positions in proven but undeveloped gas discoveries with near-term production prospects, primarily across the UK and continental Europe. Its strategy aims to unlock value from these assets while supporting European energy security and driving future production growth.

Genel Energy (LSE:GENL) has confirmed that Sir Dominick Chilcott will step down from the board at the company’s annual general meeting scheduled for May 2026. Chilcott has served for nearly two years as a non-executive director and has also been a member of the board’s remuneration and nomination committees.

Chair Patrick Allman-Ward expressed appreciation for Chilcott’s service, noting that his extensive geopolitical insight and diplomatic experience had been valuable to the board during his tenure. The upcoming departure will alter the company’s board composition, although no successor or additional governance changes have yet been announced.

Genel Energy’s outlook reflects a mixed financial profile. While the company remains profitable and continues to generate positive operating and improved free cash flow, it faces pressure on revenue. Debt levels remain manageable, providing some balance-sheet stability. From a market perspective, technical indicators appear broadly neutral with a slightly negative MACD signal, while valuation metrics are limited by a negative price-to-earnings ratio and the absence of dividend yield data.

More about Genel Energy

Genel Energy is an oil producer listed on the main market of the London Stock Exchange, focusing on oil production and associated activities. The company positions itself within the global energy sector with an emphasis on responsible operational practices and sustainable resource development.