Author: Fiona Craig

Altona Rare Earths (LSE:REE) has secured £450,000 in new funding following the exercise of 30 million warrants at 1.5p per share and has further bolstered its balance sheet by converting £20,000 of accrued interest on outstanding debt into 2 million new shares at 1p. The additional capital will be directed toward advancing fluorspar and gallium resource estimates and completing a scoping study at the Monte Muambe project. As a result of the share issuance, total voting rights will increase to 358,682,302, representing modest dilution for existing shareholders but providing added financial support for the company’s African critical minerals strategy.

An application has been submitted for the admission of the 32 million new shares to trading on the Main Market of the London Stock Exchange, with admission expected around 13 February 2026. Management described the transactions as a positive signal of growing investor and lender confidence, highlighting continued backing for Altona’s efforts to progress and ultimately monetise its portfolio of critical raw materials assets positioned within global clean energy and high-technology supply chains.

From an outlook perspective, the company remains constrained by its early-stage financial profile, characterised by a lack of revenue, ongoing losses and continued cash burn, alongside relatively elevated leverage. Positive share price momentum and supportive technical trends offer some offset, but valuation remains challenged in the absence of profitability or dividend support.

More about Altona Rare Earths

Altona Rare Earths is a London Main Market-listed exploration and development company focused on critical raw materials across Africa, including rare earth elements, fluorspar, gallium and copper-silver. Its flagship Monte Muambe project in Mozambique hosts multi-commodity mineralisation under a 25-year mining licence, while the company is also advancing the Sesana Copper-Silver Project in Botswana as part of a diversified growth strategy.

Europa Oil & Gas (Holdings) plc (LSE:EOG) has proposed a fundraising of up to £3.5m via a discounted placing of new shares at 1.2p on AIM, alongside the issue of warrants and a separate retail offer for existing investors through the WRAP platform. The transaction, which is being led by Tennyson Securities, is conditional on shareholder approval at a general meeting expected to take place around 27 February 2026, with admission of the new shares targeted for early March.

Approximately £1.5m of the proceeds is earmarked to fund Europa’s 42.9% interest in Antler Global, enabling progress toward drilling and testing at the Barracuda gas prospect within the EG-08 licence offshore Equatorial Guinea, where the company holds an effective 40% interest. The Barracuda structure is estimated to contain 893 BCF of gas. The remaining £2m is intended to provide general working capital support across Europa’s wider asset base. Management has cautioned that failure to secure shareholder approval for the fundraising would leave the company without sufficient resources to retain its EG-08 position or continue other operations, highlighting the importance of the raise to both its going-concern status and strategic objectives.

The investment outlook continues to be shaped by weak recent financial performance, including sharp declines in revenue and profitability. This is partly offset by supportive corporate developments and some constructive technical signals, which suggest scope for improvement if funding is secured. Valuation metrics remain under pressure due to ongoing losses, although insider support and the strategic significance of the Barracuda project provide a degree of longer-term optimism.

More about Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc is an AIM-listed exploration, development and production company with a portfolio of oil and gas assets in West Africa, the UK and Ireland. The group focuses on high-impact opportunities such as the EG-08 licence in Equatorial Guinea, alongside a range of additional licences that require continued investment and working capital support.

Games Workshop Group PLC (LSE:GAW) has convened a General Meeting for 5 March 2026 in Nottingham and circulated a shareholder notice detailing proposed changes to director remuneration limits and the company’s constitutional documents. The board has unanimously recommended that shareholders vote in favour of the resolutions, which are intended to regularise historic fee arrangements and update governance structures.

Under the first resolution, the company is seeking approval to retrospectively ratify non-executive director fees that exceeded the cap set out in the current articles of association, alongside an increase to the annual fee limit going forward. A second, special resolution proposes the adoption of a revised set of articles of association, which would modernise the governance framework and potentially provide the board with greater flexibility around remuneration and corporate administration as the business continues to scale.

Shareholders are receiving the circular either in hard copy or electronically, with the full documentation also available via the company’s investor website, at its Nottingham headquarters and through the UK National Storage Mechanism. The move highlights Games Workshop’s effort to bring its governance and remuneration arrangements into line with current practice, while maintaining transparency through broad access to meeting materials.

From a market perspective, the company continues to be supported by strong underlying financial performance and recent positive corporate developments. Technical indicators point to ongoing share price strength, although elevated valuation levels and signs of overbought conditions introduce some caution into the near-term outlook.

More about Games Workshop Group PLC

Games Workshop Group PLC is a UK-based designer, manufacturer and retailer of tabletop fantasy and science-fiction games, best known for its Warhammer brands. The company produces gaming miniatures, rulebooks and accessories, selling to a global customer base through its own retail stores, online platforms and a network of independent stockists.

Sanderson Design Group PLC (LSE:SDC) said trading for the year ended 31 January 2026 was in line with management expectations, with group revenue broadly unchanged at £99.5m. Despite flat sales, adjusted underlying profit is expected to increase to at least £5m, reflecting the impact of ongoing cost reduction initiatives. The group closed the year with net cash of approximately £9.8m, supported by lower inventory levels, disciplined working capital control and limited capital expenditure.

Performance across channels and geographies was mixed. Brand sales grew strongly in North America and other international markets, licensing income proved resilient, and direct-to-consumer revenue rose sharply, led in particular by the Morris & Co. brand. UK trading conditions remained challenging, however. Third-party manufacturing revenue improved over the year, with the division expected to deliver a small profit, slightly above break-even. Recent senior appointments in digital and US leadership roles highlight a strategic focus on accelerating e-commerce growth and expanding the group’s presence in the North American market as momentum builds in these areas.

The outlook continues to be weighed down by structural profitability and cash flow challenges, which remain key investor concerns. Share price technicals point to broadly neutral momentum, while valuation metrics are constrained by weak earnings. A recent director share purchase offers a modest positive signal but does not materially offset the underlying financial pressures.

More about Sanderson Design Group PLC

Sanderson Design Group PLC is a UK-based luxury interior furnishings company that designs, manufactures and sells wallpapers, fabrics and paints to customers worldwide. The group also licenses its designs for use across a wide range of home products, including bedding, rugs, blinds and tableware. Manufacturing operations are based in Loughborough and Lancaster, supported by showrooms in London, New York and Chicago.

The company owns a portfolio of well-known heritage and contemporary brands, including Zoffany, Sanderson, Morris & Co., Harlequin, Clarke & Clarke and Scion, and employs around 500 people globally. Listed on AIM, Sanderson Design Group combines own-brand production with third-party manufacturing services for other wallpaper and fabric brands.

Dekel Agri-Vision (LSE:DKL) said crude palm oil output at its Ayenouan project declined 33.2% year on year in January 2026, reflecting lower fresh fruit bunch intake and a modest reduction in extraction rates versus the prior year. While volumes were weaker, realised palm oil prices remained firm at around €991 per tonne. Management also noted that daily production rates began to improve in early February as operations move toward the seasonally stronger period.

Palm kernel oil performance was more encouraging, with production increasing significantly and the majority of available inventory already sold forward into February, providing near-term revenue visibility. At the Tiebissou cashew facility, processing activity was deliberately scaled back in January to conserve raw cashew nut supplies. The company expects to resume full-capacity operations during February, supported by available working capital facilities. In parallel, continued third-party cashew processing is being used to enhance efficiency and operational performance as the business progresses through 2026.

Overall, the outlook continues to be shaped by operational variability and weak underlying financial metrics, which weigh on valuation. However, recent corporate developments and improving trends in both palm and cashew operations offer some scope for performance recovery as the year progresses.

More about Dekel Agri-Vision

Dekel Agri-Vision is a West Africa-focused agricultural company with a portfolio of sustainable, multi-crop assets in Côte d’Ivoire. Its operations include a fully operational crude palm oil mill at Ayenouan, sourcing fruit from local smallholder farmers, and a cashew processing plant at Tiebissou that is in the process of scaling up production.

Bellway p.l.c. (LSE:BWY) reported a steady first-half performance for the period ended 31 January 2026, with housing completions rising 2.7% to 4,702 homes. Average selling prices increased to around £322,000, pushing housing revenue to more than £1.5bn. While demand was softer during the autumn and the forward order book by value was marginally lower, private reservation rates excluding bulk sales improved, and the group continues to plan new outlet openings while keeping sales incentives broadly unchanged.

Land investment remained disciplined, with 4,721 plots secured during the period and further progress made in expanding the strategic land bank. This included the acquisition of a significant site in Dunfermline to support longer-term growth in Scotland. Bellway’s balance sheet strength was maintained, with modest net debt and low adjusted gearing, enabling the company to uphold its dividend policy and continue its £150m share buyback programme. Management also pointed to early indications of improved spring trading and reiterated calls for increased government support for first-time buyers to help address national housing supply objectives.

The outlook is supported by solid underlying financial performance and constructive commentary from management, highlighting disciplined capital allocation and operational resilience. However, share price technicals indicate some near-term downside momentum, while valuation metrics suggest limited upside. The group’s ability to manage cash generation and navigate a slower sales environment will remain key factors in sustaining performance.

More about Bellway p.l.c.

Bellway p.l.c. is a UK residential housebuilder focused on the development of private and affordable homes across a number of regional operating divisions. The company operates a broad network of sales outlets supported by a substantial and well-diversified land bank, with a strategic emphasis on mid-priced housing. Bellway maintains a capital-efficient balance sheet aimed at delivering sustainable growth and long-term shareholder returns.

Aptitude Software Group plc (LSE:APTD) said it expects full-year profit for the period ended 31 December 2025 to be in line with market forecasts, alongside an improvement in operating margins, despite revenue easing to around £65m from £70m a year earlier. The outcome reflects a deliberate repositioning of the business away from lower-margin, directly delivered professional services and toward partner-led implementations, tighter cost discipline and a greater emphasis on predictable, recurring income. Recurring revenue now represents approximately 83% of total group sales.

Group annual recurring revenue declined modestly to £49.8m, largely due to anticipated churn in legacy products. This was partially offset by continued growth in the company’s AI-driven Autonomous Finance offering, where ARR increased by around 7% to £17.9m, supported by significant contract expansions with clients in the telecoms and insurance sectors. The sales pipeline expanded by roughly 65% during the year, with opportunities increasingly weighted toward Fynapse-led deals and partner channels. Aptitude also maintained a strong net cash position and returned £5.1m to shareholders through share buybacks, reinforcing management’s confidence in the group’s strategic direction heading into 2026.

From an investment standpoint, the group benefits from solid financial resilience and disciplined capital management, with buybacks a notable positive. However, technical indicators point to a broadly neutral to slightly cautious share price outlook, while the elevated P/E multiple suggests valuation sensitivity. Limited forward guidance detail further constrains visibility beyond current expectations.

More about Aptitude Software Group plc

Aptitude Software Group plc is a provider of finance transformation software focused on enabling fully autonomous finance functions for large enterprises. Its flagship platform, Fynapse, is an intelligent finance data and accounting solution that integrates and consolidates complex finance and operational datasets, automates accounting processes and improves productivity and cost efficiency.

The company serves organisations seeking to modernise finance operations, offering technology that delivers a unified view of data, high performance and faster insight generation. Aptitude typically works alongside a growing ecosystem of implementation and go-to-market partners, positioning itself within broader digital transformation and finance modernisation initiatives.

Switch Metals plc (LSE:SWT) has outlined a further 7 km² of tantalum-bearing alluvial drainage areas at its Issia project in central Côte d’Ivoire, following completion of a focused alluvial exploration programme. The newly identified targets comprise shallow, free-dig material overlying priority drainage systems that exceed a technical cut-off grade of 1.5 g/m³ tantalum. These areas sit outside the scope of the current maiden mineral resource estimate, which is concentrated on eluvial and colluvial mineralisation.

The anomalous drainage basins coincide with the interpreted 16 km-long Issia pegmatite corridor and encompass zones surrounding the Kabore spodumene discovery. This consistency supports the company’s geological interpretation and further highlights the district-scale tantalum potential of the project area. Management plans to undertake a structured programme of pitting, bulk sampling and pilot-scale wash-plant testing across 28 priority basins, with the aim of defining additional near-surface resources.

The work is intended to underpin a potential low-capital, early cash-flow development pathway at Issia, leveraging the shallow nature of the alluvial targets while continuing to advance the broader resource base across the project.

More about Switch Metals plc

Switch Metals plc is a critical metals exploration company focused on tantalum and lithium in Côte d’Ivoire. The group controls a 1,015 km² district-scale land position within a highly prospective pegmatite belt. Its flagship Issia project, which includes the 112 km² Badinikro licence, is being progressed toward a maiden mineral resource estimate targeting near-surface tantalum mineralisation and associated lithium–caesium–tantalum pegmatite systems.

Hemogenyx Pharmaceuticals Plc (LSE:HEMO) has raised £2.5m through a direct subscription by a group of private investors, issuing 313,333 new ordinary shares at £7.50 per share alongside three-year warrants exercisable at £9. Proceeds will be used primarily to continue and escalate dosing in the ongoing Phase I clinical trial of HG-CT-1, the company’s CAR-T therapy for adults with relapsed or refractory acute myeloid leukaemia, as well as to initiate an FDA-cleared Phase I study in paediatric patients aged 12 to 18.

As part of efforts to manage cash burn, Hemogenyx has outsourced production of HG-CT-1 to specialist manufacturer Made Scientific and is completing the associated technology transfer to support supply for both adult and paediatric trial cohorts. At the same time, the company continues to advance elements of its CDX and CBR pipelines where funding allows. Following admission of the new shares to the London Stock Exchange’s Main Market, Hemogenyx’s enlarged issued share capital will comprise 6,354,588 ordinary shares, extending its operational runway as it executes on its clinical development strategy.

The investment outlook remains constrained by the group’s early-stage financial profile, characterised by a lack of revenue, ongoing losses and continued cash consumption, alongside higher balance-sheet risk from dilution and leverage. This is partially offset by positive recent share price momentum, although technical indicators suggest near-term overheating, and valuation support is limited in the absence of earnings or dividend yield.

More about Hemogenyx Pharmaceuticals Plc

Hemogenyx Pharmaceuticals Plc is a London-headquartered, clinical-stage biopharmaceutical company focused on developing novel treatments for blood and autoimmune diseases. Listed on the LSE, the group operates primarily through subsidiaries in New York and is advancing a portfolio of complementary therapeutic candidates and platform technologies aimed at addressing significant unmet medical needs.

BATM Advanced Communications (LSE:BVC) has completed the sale of its Romanian subsidiary, Laborator A.M.S 2000 SRL, which provides third-party analytical testing services. The asset has been acquired by a German-based laboratory group focused on agricultural, environmental, water, food and feed analysis, with the transaction delivering $1m in cash proceeds to BATM. The disposal forms part of the group’s broader strategy to exit activities considered non-core to its long-term technology focus.

This sale follows the divestment of the related AMS 2000 business at the end of 2025 and represents BATM’s fifth non-core exit within the past year. Management believes that removing these ancillary laboratory operations will meaningfully reduce operating costs and ongoing obligations, allowing greater management attention and capital to be directed toward its core businesses in networking, cybersecurity and diagnostics, where it sees stronger structural growth opportunities.

From an investment perspective, the outlook continues to be shaped by financial headwinds, including ongoing losses, which weigh on valuation. However, supportive technical trends and a series of recent strategic actions have helped improve sentiment, leaving the shares supported by positive momentum despite underlying earnings challenges.

More about BATM Advanced Communications

BATM Advanced Communications is an international technology group specialising in advanced networking infrastructure, cybersecurity solutions and diagnostic technologies. Listed in London and Tel Aviv under the ticker BVC, the company serves customers across communications and healthcare markets. In recent periods, BATM has been actively reshaping its portfolio, prioritising higher-growth core technology activities while divesting peripheral businesses.