Author: Fiona Craig

Wishbone Gold (LSE:WSBN) has been awarded a 67 km² exploration tenement following a contested ballot over crown land located roughly 25 km north-west of the Telfer gold mine in Western Australia. The newly granted licence, E45/7169, will be integrated into the company’s existing access and heritage arrangements with Greatland Gold, strengthening Wishbone’s land position in the vicinity of a major producing operation.

The tenement benefits from established access via the main road linking Telfer and Marble Bar and will form part of the company’s ongoing evaluation work as it prepares for the 2026 drilling campaign at its Red Setter project, which is scheduled to commence in April. Assay results from the 2025 Red Setter drilling programme are expected shortly and are set to inform the scope and targeting of the 2026 drill plans, potentially acting as a near-term catalyst for market interest.

From an investment standpoint, the outlook continues to be constrained by the company’s early-stage financial profile, with no revenue, ongoing losses and negative free cash flow, albeit with some signs of improvement. Share price technicals are mixed, showing broadly neutral momentum without a clear trend, while valuation support remains limited due to negative earnings and the absence of a dividend.

More about Wishbone Gold

Wishbone Gold is an exploration company listed on AIM and Aquis, focused on gold and copper assets in Western Australia. Its portfolio includes the Red Setter copper-gold project and a growing suite of exploration licences surrounding the established Telfer gold mine and near the Nifty Copper Mine, placing the company within a well-known and highly prospective mining district.

Tekcapital Plc (LSE:TEK) has conditionally secured $2.05m (£1.5m) through a placing of 18.75 million new ordinary shares at 8p each, strengthening its balance sheet and providing additional capital to advance its investment programme. The funding will be directed toward both existing holdings and new opportunities, with a growing focus on generative AI, following what the group describes as solid operational and commercial progress across its portfolio.

Admission of the new shares to AIM is expected around 16 February 2026, which will increase Tekcapital’s total issued share capital to 257,178,525 ordinary shares. While the placing results in some dilution for existing investors, management views the enlarged capital base as enhancing the group’s capacity to pursue technology-led investments and providing greater flexibility to support portfolio companies at key stages of development.

From an investment perspective, the outlook continues to be constrained by weak underlying financial performance, including ongoing negative operating and free cash flow and highly volatile, low revenue levels. These factors persist despite the group’s debt-free balance sheet. Share price technicals are moderately supportive, with the stock trading above major moving averages, and headline valuation metrics appear undemanding. However, operating instability and continued cash burn remain key risks for investors to monitor.

More about Tekcapital Plc

Tekcapital Plc is a UK-based intellectual property investment company listed on AIM, focused on commercialising technologies developed within universities. The group builds and supports portfolio businesses aimed at delivering scalable products and services that can improve everyday life. In recent years, Tekcapital has increasingly targeted investments in high-growth areas such as generative artificial intelligence as part of its long-term value creation strategy.

Phoenix Copper Limited (LSE:PXC) chief executive Ryan McDermott sought to steady investor sentiment following the company’s announcement on 9 February, confirming that the board, management team and external advisers are continuing to progress internal investigations. He noted that interim management arrangements have been put in place to ensure business continuity and limit operational disruption while the review is ongoing.

McDermott reiterated that the group’s underlying asset base and long-term strategy remain unchanged. Core projects, including the Empire Project in Idaho, continue to be viewed by the board as offering significant long-term potential, and work to advance Empire alongside the evaluation of broader strategic options is continuing. Management stressed that, despite near-term governance and investigatory matters, the company remains focused on maintaining momentum across its development plans.

From a market perspective, the outlook remains weighed down by Phoenix Copper’s weak financial position, with no revenue, widening losses and increasing cash burn heightening funding and dilution risks. Share price technicals are mixed but generally soft, with the stock trading below key moving averages, while valuation offers limited support given negative earnings and the absence of a dividend.

More about Phoenix Copper Limited

Phoenix Copper Limited is a US-focused exploration and emerging production company operating in the base and precious metals sector. The company is primarily targeting copper, gold and silver from open-pit operations in Idaho, with its flagship Empire Mine near Mackay in the historic Alder Creek district, where it holds an 80% interest.

In addition to Empire, Phoenix Copper controls several former producing underground mines, including Horseshoe, White Knob and Blue Bird, as well as the Red Star silver-lead deposit and the Navarre Creek gold exploration project, covering a total of 8,434 acres. The group also holds interests in two cobalt properties on the Idaho Cobalt Belt under an earn-in arrangement and is listed on both AIM in London and the OTCQX market in the United States.

Sunda Energy Plc (LSE:SNDA) has put in place an unsecured loan facility of up to £1.5m from its chief executive, Dr Andy Butler, with an initial £400,000 drawn to fund transaction costs linked to a potential oil and gas asset acquisition and to strengthen working capital. The related-party financing was reviewed by the company’s independent directors and deemed fair and reasonable, and is intended to support an advanced-stage transaction that could broaden and enhance Sunda’s upstream asset base, subject to completion of due diligence, funding arrangements and shareholder approval.

Alongside the corporate activity, operational progress continues across the portfolio. In Timor-Leste, Sunda is working to secure a drilling rig and complete environmental approvals for the planned Chuditch-2 appraisal well, while also advancing discussions around a revised farm-in structure with state partner TIMOR GAP to help fund drilling preparations. In the Philippines, activity at the Sulu Sea Service Contracts 80 and 81 is moving into the 3D seismic reprocessing phase, supported by positive industry interest, as the company positions itself for a more active operational period in 2026.

The investment outlook remains constrained by the group’s weak financial profile, with no revenue, widening losses and ongoing cash consumption, albeit against a backdrop of relatively low leverage. Recent share price strength offers some technical support, although overbought indicators introduce near-term risk. Valuation continues to be pressured by the absence of profitability or dividend income.

More about Sunda Energy Plc

Sunda Energy Plc is an AIM-listed exploration and appraisal company focused on gas assets in Southeast Asia. Its portfolio is anchored by the Chuditch gas field offshore Timor-Leste, alongside non-operated interests in the Sulu Sea, Philippines. The company is pursuing upstream gas appraisal, development and exploration opportunities aimed at delivering long-term regional growth.

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.