Author: Fiona Craig

Avacta Therapeutics (LSE:AVCT) has announced a leadership transition that will see non-executive director Richard Hughes assume the role of non-executive chairman following the company’s annual general meeting on 22 June 2026.

Hughes will succeed Shaun Chilton, who is stepping down from the board after serving as chairman. Although leaving his board position, Chilton will continue to support the company as an adviser to the chief executive officer and directors, helping to maintain continuity as Avacta advances its clinical development programmes.

The company also confirmed that it is searching for a non-executive deputy chairman and senior independent director with significant international biotechnology experience. The recruitment process forms part of a broader effort to strengthen governance and support the next phase of growth as Avacta continues to develop its oncology portfolio.

Operationally, the group remains focused on progressing two cancer drug candidates based on its proprietary pre|CISION platform through clinical trials. At the same time, management is expanding discussions with potential pharmaceutical partners as it seeks to maximise the commercial potential of its technology and development pipeline.

Avacta’s outlook continues to be influenced by the financial demands of clinical-stage drug development. The company remains loss-making and is managing ongoing cash burn and balance sheet pressures associated with advancing multiple programmes. However, technical indicators have been more supportive, with the shares trading above longer-term moving averages and showing positive momentum signals. Recent clinical progress and efforts to improve cash management provide additional encouragement, although future financing requirements, partnership negotiations and development timelines remain important factors for investors to monitor.

More about Avacta Group plc

Avacta Therapeutics is a clinical-stage biotechnology company focused on developing innovative cancer treatments. The company’s research is centred on its proprietary pre|CISION platform, which is designed to activate therapeutic agents within the tumour microenvironment while limiting exposure to healthy tissue.

By targeting fibroblast activation protein (FAP), the technology aims to improve the delivery of highly potent cancer therapies, potentially reducing side effects and enabling more effective dosing. Avacta is advancing a pipeline of oncology candidates intended to address unmet medical needs across a range of cancer indications.

MedPal AI (LSE:MPAL) reported its first interim results since joining AIM, marking a significant milestone as the company transitioned from a pre-revenue business to a growing healthcare platform. For the six months ended 28 February 2026, the group generated revenue of £1.6 million and gross profit of £0.37 million, while annualised revenue run rates exceeded £5 million by March.

The company recorded a post-tax loss of £3.27 million during the period, reflecting substantial investment in expanding its pharmacy operations, recruiting clinical personnel, increasing marketing activity and developing its technology platform. Despite these costs, pharmacy gross margins improved to more than 34%, highlighting the growing contribution of the group’s healthcare services.

A key focus during the period was the development of MedPal Health OS, the company’s vertically integrated healthcare platform. Progress included the acquisition of Universal Pharmacy, the launch of an NHS-contracted distance-selling pharmacy in Swaffham and the establishment of direct supply agreements with Eli Lilly and Novo Nordisk. These agreements support the company’s MedPal.clinic weight-management service, which offers GLP-1 treatments to eligible patients.

The business also expanded its presence in the care home sector through a growing business-to-business channel, with Care UK providing a significant customer relationship. Rising prescription dispensing volumes and a secondary listing in Frankfurt further increased operational scale and investor visibility.

Following the reporting period, MedPal strengthened its financial position through a £527,000 placing and a further £3.0 million fundraising. The proceeds are being used to support increasing NHS dispensing volumes and the continued expansion of MedPal.clinic. The company also completed the acquisition of the Remedi pharmacy business in Runcorn, a facility with historical annual prescription volumes approaching one million items, providing additional capacity to support future growth. Ongoing board changes are expected to further strengthen governance as the business continues to scale.

The company’s strategy remains centred on integrating digital health services, pharmacy operations and AI-enabled clinical tools into a single platform designed to improve patient engagement and healthcare delivery. Management believes recent investments and acquisitions have established a foundation for continued growth across both consumer and business markets.

More about MedPal AI Plc

MedPal AI plc is a UK-based digital healthcare company that has evolved from a health application developer into an integrated healthcare services provider. Its flagship MedPal platform aggregates data from more than 100 health applications and wearable devices, combining this information with AI-assisted clinical tools, pharmacy services and healthcare delivery solutions.

The company operates NHS-contracted and distance-selling pharmacies, robotic dispensing facilities and a private GLP-1 weight-management service. Through its growing healthcare ecosystem, MedPal serves individual consumers as well as corporate and care home customers, with recent acquisitions expanding its operational footprint and capacity across the UK.

Churchill China (LSE:CHH) said trading has remained broadly in line with management expectations ahead of its annual general meeting, with demand from the hospitality sector continuing to support performance across the business.

The company highlighted ongoing efforts to improve efficiency and productivity within its manufacturing operations, noting that these initiatives are contributing to enhanced factory performance. Churchill also confirmed that its energy requirements for the year are fully covered, providing greater certainty over costs and operational planning.

Management welcomed the UK government’s recently announced £120 million support package for the ceramics industry, describing it as a positive development for the sector. While acknowledging continued geopolitical risks, including tensions in the Middle East, the company said it remains focused on areas within its control and continues to take a disciplined approach to managing its operations.

Despite the uncertain external environment, Churchill expressed confidence in its long-term prospects, supported by its established market position, operational improvements and focus on delivering high-quality products to hospitality customers worldwide.

The company’s outlook is underpinned by a strong financial profile, characterised by low levels of debt and consistent profitability. Valuation metrics also remain attractive, with the shares trading on a relatively modest earnings multiple and offering a notable dividend yield. However, some technical indicators remain mixed, with the share price showing weaker performance relative to certain medium- and long-term moving averages, while cash flow generation has been less consistent over time.

More about Churchill China

Churchill China is a UK-based manufacturer of performance ceramic products serving the global hospitality industry. The company specialises in tableware and related ceramic solutions designed for professional use in restaurants, hotels, catering operations and other foodservice environments.

Through a focus on innovation, durability and product quality, Churchill has established itself as a leading supplier to hospitality customers around the world, providing ceramic products engineered to withstand the demands of high-volume commercial settings.

Jubilee Metals Group (LSE:JLP) has convened a general meeting to seek renewed shareholder authority to issue new shares and disapply pre-emption rights over up to 7.5% of its existing issued share capital. The proposed resolutions are intended to provide the board with additional flexibility to support the company’s ongoing copper expansion strategy in Zambia.

Alongside the shareholder request, Jubilee has secured a US$1.5 million unsecured convertible loan note from an investor with extensive experience in the copper sector. The funding is expected to support accelerated development activities within the greater Molefe region and help the company utilise available capacity at its nearby Sable refinery to bring additional copper production online more rapidly.

Management believes the financing and proposed share issuance authority will strengthen its ability to execute growth initiatives across its Zambian operations, including regional exploration programmes and the advancement of copper processing infrastructure. Documentation relating to the general meeting and voting timetable has now been published, with shareholder approval required before the additional authorities can be implemented.

The company continues to focus on expanding its integrated copper production platform in Zambia, leveraging its mining, concentrating and refining assets to increase output and improve operational efficiency. The latest funding measures form part of a broader strategy aimed at accelerating production growth and unlocking value from its regional resource base.

Jubilee’s outlook remains influenced by weaker recent financial performance, including significant declines in revenue and profitability and the impact of negative free cash flow. While management has highlighted progress in operational improvements and portfolio optimisation efforts, uncertainties surrounding future performance, project execution and financing requirements continue to weigh on sentiment. Technical indicators remain mixed, with momentum signals subdued and valuation metrics constrained by the group’s loss-making position.

More about Jubilee Metals Group

Jubilee Metals Group is a metals processing and resource development company listed on AIM in London and the Altx of the Johannesburg Stock Exchange. The group is focused on building an integrated copper production business in Zambia while also applying its processing expertise to recover value from existing mineral resources.

Its operations include the Roan concentrator, the Sable refinery and a growing portfolio of mining and exploration assets. Through a combination of exploration, mining, beneficiation and refining, Jubilee aims to achieve annual copper production of 25,000 tonnes while promoting resource efficiency, environmental responsibility and circular economy principles within the mining sector.

Tooru plc (LSE:TOO) has terminated plans to acquire Dutch health and wellness company Mylky B.V. after concluding that the proposed transaction would expose the group to an unacceptable level of financial and operational risk under current market conditions.

The board determined that completing the acquisition would require a significant increase in debt financing at a time of heightened geopolitical uncertainty and challenging capital market conditions. Management also ruled out raising equity to fund the deal, citing concerns that such an approach would be excessively dilutive to existing shareholders given Tooru’s current market valuation and the relative size of the proposed acquisition.

In addition to financing considerations, further due diligence identified regulatory risks associated with expanding into a European legislative environment where the company has less experience. Tooru noted that its expertise is largely concentrated within the UK regulatory framework, and the acquisition would have substantially increased its exposure to compliance requirements across multiple European jurisdictions.

Following the decision to abandon the transaction, the company said it will concentrate on developing its existing operations, which it believes offer more attractive and lower-risk growth opportunities in the near term. Management also confirmed that it remains open to pursuing future acquisitions, although any potential targets are expected to be smaller in scale, strategically aligned with the group’s existing activities and capable of being completed without materially increasing leverage.

The decision reflects a cautious approach to capital allocation as the company seeks to balance growth ambitions with financial discipline and risk management in an uncertain economic environment.

More about Tooru plc

Tooru plc is an AIM-listed health and wellness company focused primarily on consumer-facing brands in the UK market. The group operates within the branded health and wellness sector and seeks to grow through a combination of organic development and carefully selected acquisitions.

The company’s strategy emphasises sustainable expansion, disciplined capital management and opportunities that complement its existing expertise, with a particular focus on businesses operating within regulatory environments it understands well.

Serabi Gold (LSE:SRB) delivered a strong start to 2026, reporting significant growth in production, revenue and profitability during the first quarter as higher ore grades and record gold prices boosted financial performance.

Gold production increased by 20% year-on-year to 12,043 ounces, supported by improved feed grades at both the Palito and Coringa operations. Output also benefited from the commencement of mining activities in the Meio zone at Coringa, which contributed to the overall increase in production volumes. During the quarter, the company sold 10,323 ounces of gold and achieved an average realised gold price of $4,926 per ounce, substantially higher than the $2,908 per ounce recorded in the corresponding period of 2025.

The stronger operational performance translated into a sharp improvement in financial results. Revenue rose to $50.6 million from $27.6 million a year earlier, while EBITDA increased to $29.2 million. Post-tax profit reached $21.0 million, more than double the level achieved in the first quarter of 2025.

Robust cash generation further strengthened the balance sheet, with cash holdings rising to $64.4 million as of 31 March 2026. During the period, Serabi repaid its outstanding $5.3 million loan with Banco Santander, leaving the company debt-free. This was achieved despite increases in cash costs and all-in sustaining costs associated with the continued ramp-up of the Coringa operation.

Management also pointed to encouraging exploration results generated throughout 2025 and into early 2026. The findings indicate continuity of mineralisation across key target areas and highlight the potential for additional resource growth within the company’s extensive Brazilian licence portfolio. The combination of rising production, stronger margins driven by elevated gold prices and a debt-free balance sheet is expected to provide greater financial flexibility as Serabi continues to expand its operations.

The company’s outlook is supported by strong revenue and earnings growth, low financial leverage and improving cash generation. Valuation metrics also remain attractive, with the shares trading on a relatively low earnings multiple. Positive technical indicators suggest continued market momentum, although fluctuations in earnings and cash flow remain potential risks for investors.

More about Serabi Gold

Serabi Gold is a gold mining and development company focused exclusively on Brazil. Its principal producing assets are the Palito and Coringa mines, where it operates high-grade underground mining operations supplying gold to international markets.

The company is pursuing a strategy of increasing production and expanding resources through ongoing exploration and development across its licence areas. With a growing asset base and continued investment in exploration, Serabi aims to strengthen its position as a leading mid-tier gold producer in Brazil.

Borders & Southern Petroleum (LSE:BOR) reported audited results for 2025, posting an operating loss of $1.4 million, slightly higher than the previous year as administrative expenses increased to $1.5 million. Despite the wider loss, the company strengthened its financial position through a $2.8 million fundraising, ending the year with cash reserves of $2.5 million and net assets approaching $298 million.

The explorer highlighted growing industry interest in its Falkland Islands assets following the final investment decision by Navitas Petroleum and Rockhopper Exploration to proceed with development of the Sea Lion field. Scheduled to begin production in 2028, Sea Lion is expected to become the first producing oil project in the Falkland Islands and is viewed as a significant milestone for the basin’s development.

According to the company, the decision has renewed interest in its Darwin gas condensate discovery and broader exploration portfolio. Several parties are currently reviewing data relating to the assets, with Borders & Southern actively pursuing a farm-out agreement that could provide funding, technical support and a pathway toward further appraisal and development activities.

Management believes the increasing attention from potential partners could enhance the value of the company’s portfolio and strengthen its position within the region as industry confidence in the Falkland Islands grows. The company continues to focus on securing a partnership structure that maximises value for shareholders while advancing its long-term development objectives.

More about Borders & Southern Petroleum

Borders & Southern Petroleum is a London-based oil and gas exploration company focused on the South Falkland Basin. The company operates and holds a 100% interest in three offshore production licences covering almost 10,000 square kilometres and has invested extensively in seismic data acquisition and exploration activities across the region.

Listed on AIM under the ticker BOR, the company is targeting frontier hydrocarbon opportunities in the Falkland Islands, including its Darwin gas condensate discovery. Its portfolio is positioned to benefit from renewed exploration and development activity in the basin as energy companies seek new resource opportunities and greater geographic diversification in response to evolving global energy security priorities.

Ferrexpo (LSE:FXPO) has issued the notice and proxy documentation for its 2026 annual general meeting, which is set to take place on 29 June, but several customary resolutions have been postponed pending completion of the company’s 2025 financial statements.

The AGM agenda will focus on routine matters, including the re-election of directors and the renewal of authorities relating to share buybacks and the calling of general meetings on shorter notice. Resolutions typically associated with the annual report, auditor appointments and directors’ remuneration will not be considered at this meeting due to delays linked to a planned fundraising process and the finalisation of the group’s 2025 accounts.

Ferrexpo said it intends to convene a separate shareholder meeting once the outstanding financial statements have been completed and published, allowing investors to vote on the deferred resolutions at a later date. The company also confirmed that long-serving board member Vitalii Lisovenko will step down from his role at the conclusion of the upcoming AGM.

The group’s outlook continues to be shaped by pressure on its financial performance, with declining revenues and profitability remaining key concerns. However, technical indicators have been more encouraging, suggesting stronger market momentum despite the operational and financial challenges facing the business. Valuation metrics remain constrained by negative earnings, while recent corporate developments reflect both the difficulties encountered by the company and its ongoing efforts to maintain operational resilience and responsible business practices.

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Ferrexpo is a Switzerland-based iron ore producer with its principal mining operations located in Ukraine. The company is listed on the London Stock Exchange and is a constituent of both the FTSE All-Share and FTSE4Good indices.

The group specialises in the production of premium iron ore pellets and concentrates supplied to steel manufacturers around the world. Its products are designed to improve steelmaking efficiency while supporting efforts to reduce carbon emissions across the global steel industry.