Author: Fiona Craig

Great Western Mining (LSE:GWMO) reported a reduced loss of €1.08 million for 2025 as the company intensified its focus on tungsten exploration, identifying the Defender-Pine Crow corridor as a priority development area following encouraging fieldwork results and recommendations from an independent technical review.

During the year, the company expanded its land holdings across Nevada and continued exploration activities targeting copper and gold at its Huntoon and Olympic projects. Great Western also completed construction of the Western Milling gravity processing plant, while highlighting the growing strategic significance of its portfolio amid favourable market conditions for critical and precious metals.

Since the year-end, the group has strengthened its financial position through a fundraising of approximately £3.5 million. It has also appointed exploration geologist Ed Loye as chief executive officer and accelerated work programmes at Defender-Pine Crow, including detailed geological mapping, gravity surveys and preparations for future drilling campaigns aimed at advancing the tungsten opportunity.

The company also retains exposure to potential future value creation through an option agreement involving KGHM at the Eastside copper porphyry project. The arrangement provides Great Western with the possibility of long-term royalty income while limiting future financial commitments. In addition, management is pursuing a US cross-trading initiative designed to increase visibility among North American investors and broaden access to potential sources of capital.

Despite operational progress, the company’s outlook remains constrained by its financial profile, with no reported revenue, ongoing losses and continued cash outflows. However, technical indicators have been more supportive, with the shares trading above key moving averages and displaying moderately positive momentum. Valuation metrics remain limited by negative earnings and the absence of a dividend.

More about Great Western Mining

Great Western Mining Corporation is a mineral exploration and development company focused on the Walker Lane mineral belt in Nevada, one of the most prospective mining regions in the United States. The company is targeting a range of critical and precious metals, including tungsten, copper, gold and silver, through a portfolio that includes the Defender-Pine Crow tungsten corridor, the Huntoon copper project, the Eastside copper porphyry prospect and the Olympic Gold Project.

Its strategy centres on advancing strategically important mineral assets while capitalising on growing demand for critical raw materials used across industrial, energy transition and technology markets.

Dianomi (LSE:DNM) delivered largely stable financial results for 2025, reporting revenue of £27.4 million compared with £28.0 million the previous year, despite ongoing challenges in the digital advertising market and changing online consumption patterns influenced by artificial intelligence. The company improved its gross margin to 27.1% and limited its adjusted EBITDA loss to £0.3 million while continuing to invest in sales capabilities, product innovation and AI-related initiatives.

The group finished the year with £5.8 million in cash and no debt, providing a strong financial foundation as it continues to develop its platform and pursue growth opportunities. Management highlighted the resilience of the business despite a softer market backdrop and lower publisher traffic levels linked to the growing use of AI-powered content discovery tools.

Operational performance improved significantly during the second half of the year, with Dianomi returning to both growth and profitability. The company strengthened relationships with major media organisations, including CNN and Associated Press, while maintaining publisher churn at a low 2.9%, reflecting the durability of its long-standing partnerships.

Dianomi also continued to diversify its advertising offering beyond its traditional native advertising roots, expanding into multiple ad formats and increasing its programmatic advertising revenues. New product launches, including Dianomi Insights and Audiences, were introduced during the year, while a strategic partnership with Dappier was established to enhance the company’s capabilities in AI-powered advertising. These developments are intended to position Dianomi to benefit from evolving trends in premium digital publishing and data-driven marketing.

The company’s outlook is supported by its debt-free balance sheet and solid liquidity position, alongside signs of operational improvement. However, growth prospects remain tempered by uneven revenue trends, relatively narrow profit margins and weaker technical indicators, with the share price continuing to trade below key longer-term moving averages.

More about Dianomi Plc

Dianomi plc is a digital advertising technology company headquartered in London, with additional operations in New York and Sydney. The business specialises in delivering targeted advertising solutions for premium business, financial and lifestyle brands through a network of more than 300 leading publishers.

Its platform distributes contextually relevant native and multi-format advertising across websites and mobile properties, reaching hundreds of millions of devices each month through partnerships with major media organisations including Reuters, CNN Business, The Times and The Wall Street Journal. Dianomi’s client base includes global financial institutions and corporate brands seeking access to affluent and highly engaged audiences in brand-safe digital environments.

Pulsar Helium Inc. (LSE:PLSR) has strengthened its position at the Topaz helium project in Minnesota after acquiring approximately 1,360 acres of surface land for US$2.48 million in cash. The purchase includes the site of the Jetstream #7 well and provides the company with direct ownership of land covering an area where it already controls the underlying mineral rights through existing leases.

The acquisition enhances Pulsar’s ability to manage future development at the 100%-owned project by securing greater control over infrastructure placement, operational planning and potential expansion opportunities. The move is expected to support the company’s efforts to advance Topaz towards commercial production while improving long-term flexibility and scalability.

The transaction comes at a favourable time for the project, following the introduction of Minnesota’s helium-specific regulatory framework and streamlined permitting measures for gas resource developments. It also follows the successful completion of the Jetstream exploration and appraisal programme, during which all wells encountered high-pressure gas, providing further confidence in the project’s resource potential.

Pulsar’s progress at Topaz coincides with tightening global helium supply conditions driven by disruptions affecting major producing regions, including Qatar, geopolitical uncertainty around the Strait of Hormuz and restrictions on Russian exports. Against this backdrop, the company believes Topaz could become an important source of domestically produced helium for the United States market.

Looking ahead, Pulsar is seeking proposals for the drilling of up to four additional production wells to complement two wells already considered production ready. The company is also advancing plans for an integrated helium liquefaction and carbon dioxide capture facility under a Letter of Intent with Chart Industries. As helium users in the United States continue to face allocation measures and additional supply-related costs, Pulsar’s efforts to accelerate development at Topaz may strengthen its position as a potential supplier of primary helium independent of hydrocarbon production.

More about Pulsar Helium, Inc.

Pulsar Helium Inc. is a helium exploration and development company listed on AIM in London, the TSX Venture Exchange in Canada and the OTCQB market in the United States. Its portfolio includes the flagship Topaz project in Minnesota, the Falcon project in Michigan and the Tunu project in Greenland.

The company focuses on the development of primary helium resources that are not associated with hydrocarbon production, targeting growing demand from industrial, medical and technology sectors seeking secure and reliable helium supply. Topaz, located near Babbitt in northern Minnesota, represents one of the most significant primary helium discoveries in the United States and forms the cornerstone of Pulsar’s long-term growth strategy.

Buccaneer Energy (LSE:BUCE) reported its audited results for 2025, outlining progress across its East Texas operations and highlighting opportunities to expand production and profitability despite a period of significant volatility in global oil prices. The company noted that after weakening during the latter part of 2025, WTI crude prices rebounded sharply to above $100 per barrel in early 2026, a development it believes could support stronger margins given its relatively stable operating cost base. Management also maintains that the company’s current market valuation does not fully reflect the value of its underlying assets.

Operational activity during the year was focused on revitalising existing production and advancing key development projects. A major workover programme on previously idle wells increased field output to a peak of 186 barrels of oil per day, compared with around 50 barrels per day when the current management team assumed control. While adverse weather conditions temporarily disrupted production, the company reported continued progress across its asset base.

At the Fouke project, Buccaneer drilled the Allar #1 well and expanded its position through the acquisition of the Turner acreage, which is expected to play a role in future waterflood operations. The subsequent purchase of the Carlisle-1 well is anticipated to increase the company’s working interest in the planned Fouke waterflood project to more than 50%, positioning Buccaneer as the operator.

The company also continued development work at the Pine Mills field, where efforts have included well workovers, waterflood planning and an Organic Oil Recovery pilot programme. According to the company, the pilot delivered encouraging results, doubling oil production within the treated area while significantly reducing water production at several wells. Buccaneer remains active in evaluating additional acquisition opportunities both within its core operating region and further afield, focusing on projects capable of delivering meaningful increases in reserves and production.

Financially, the group improved its funding position by securing a three-year extension to its credit facility with WAFD on favourable terms. The company also benefited from lower US interest rates and reported a 6% increase in independently assessed reserves compared with mid-2025 levels. During the year, the business rebranded from Nostra Terra Oil & Gas Company plc to Buccaneer Energy plc and appointed a new joint broker, moves intended to better reflect its strategic direction and enhance investor recognition of the company’s growth potential.

The outlook remains challenged by weak financial metrics, including ongoing losses, negative shareholder equity and negative operating and free cash flow. Technical indicators also remain subdued, with the shares trading below key moving averages and exhibiting negative momentum signals. While oversold conditions may provide some support, valuation metrics remain constrained by the absence of earnings and a stated dividend.

More about Buccaneer Energy Plc

Buccaneer Energy Plc is an oil and gas exploration and production company focused on conventional development assets in East Texas, United States. Its core operations include the Pine Mills and Fouke fields, where the company seeks to increase production and reserves through low-cost development strategies, enhanced recovery methods such as waterflooding and Organic Oil Recovery, and targeted acquisitions that complement its existing portfolio.

Beowulf Mining (LSE:BEM) reported unaudited results for the first quarter of 2026, outlining continued progress across its Nordic development projects while warning that additional funding will be required by mid-June to support operations and advance key initiatives.

During the quarter, the company continued technical, environmental and planning work at its Kallak iron ore project in Sweden, including studies focused on optimising mining operations through battery-electric and autonomous haulage solutions. Beowulf also introduced updated sustainability strategies for its Jokkmokk Iron and Grafintec subsidiaries. In parallel, a consortium led by the company elected to withdraw from European Institute of Innovation and Technology funding for the NordicPipe slurry pipeline project in favour of pursuing the development independently.

In Finland, Grafintec submitted an application for EU Strategic Project status for its planned Graphite Anode Materials Plant. The subsidiary also intends to reapply for support from Business Finland after an earlier application failed to meet one of the programme’s eligibility requirements.

On the financial side, underlying administration costs declined compared with the same period last year. However, the group’s loss before tax widened to £536,816, primarily due to a loss arising from the conversion of a £500,000 convertible loan. Cash reserves fell to £87,100 by the end of the quarter, while certain exploration assets in Kosovo were reclassified as held for sale following receipt of a non-binding €4 million offer for Vardar Mineral.

Beowulf said it is engaged in advanced, though non-binding, discussions with potential financing partners, including a strategic investor. The company cautioned that securing fresh capital by mid-June is essential to maintain adequate working capital and continue progressing its projects, highlighting ongoing liquidity challenges despite operational advances across its portfolio.

More about Beowulf Mining

Beowulf Mining plc is a mineral exploration and development company focused on critical raw materials across Europe. Its portfolio includes the Kallak iron ore project in Sweden, operated through Jokkmokk Iron Mines AB, the Grafintec graphite and battery materials business in Finland, and base metals exploration interests in Kosovo. The company aims to support European supply chains through the development of strategically important mineral resources.

Great Portland Estates (LSE:GPE) has agreed pre-let deals for more than 13,000 sq ft of fully managed office accommodation at Elsley House in London’s West End, with the first and second floors leased at an average rent of £260 per sq ft. The achieved rent is 4.4% higher than the property’s estimated rental value as of March 2026.

The space has been predominantly taken by a currency and cash management business and an international advertising agency, resulting in the refurbished floors being 80% occupied before their official launch. The agreements demonstrate continued demand for GPE’s flexible, fully fitted office offering and support the company’s strategy of upgrading and repositioning assets within its West End portfolio.

The lettings come after Heineken relocated from Elsley House to another building within the GPE estate, creating an opportunity to redevelop approximately 17,000 sq ft into four fully managed office suites alongside enhanced tenant amenities. The strong leasing activity at the Fitzrovia–West End property, which combines a collection of Art Deco buildings in a sought-after location, highlights the company’s success in attracting occupiers seeking premium, ready-to-use workspace and supports both occupancy growth and rental performance across its central London holdings.

The outlook for Great Portland Estates is supported by an attractive valuation profile, including a relatively low price-to-earnings ratio, as well as positive management commentary around leasing activity and future growth prospects. These strengths are partially offset by weaker recent cash generation, with negative operating and free cash flow, while technical indicators remain mixed, reflecting share price performance below longer-term moving averages and a negative MACD reading.

More about Great Portland Estates plc

Great Portland Estates plc is a UK real estate investment trust specialising in the ownership, development and management of office-focused properties across central London, with a particular emphasis on the West End. The company provides a combination of conventional leased space and flexible, fully managed offices designed to meet the needs of businesses seeking high-quality workspace in prime locations.

Europa Oil & Gas (LSE:EOG) said its associated company, Antler Global, has secured approval from Equatorial Guinea’s Ministry for Mining and Hydrocarbons to move forward with a farm-out agreement with Fuhai covering the EG-08 production sharing contract.

Once the remaining approval is obtained from authorities in Shandong province, the ownership structure will see Antler retain operatorship and a 40% working interest in the block, alongside Fuhai’s 40% stake and a 20% interest held by state-owned oil company GEPetrol.

Europa, which owns a 42.9% equity stake in Antler, said the Barracuda-1 exploration well on the EG-08 licence is expected to be drilled at the earliest opportunity, with current plans targeting early 2027. The latest regulatory clearance represents an important milestone for the project and allows preparations for rig contracting to progress once the final overseas investment approval is received.

The company’s outlook remains influenced by weaker financial performance, including declines in both revenue and profitability. However, recent corporate developments and supportive technical indicators provide some encouragement for future progress. While valuation measures continue to reflect the group’s current lack of profitability, management confidence and ongoing strategic initiatives offer a more positive longer-term perspective.

More about Europa Oil & Gas (Holdings)

Europa Oil & Gas (Holdings) plc is an AIM-listed oil and gas exploration, development and production company with interests spanning West Africa, the UK and Ireland. Through its direct and associated investments, the company pursues upstream opportunities across a range of licences and production-sharing contracts, with the aim of expanding reserves and increasing future production potential.