Author: Fiona Craig

CML Microsystems (LSE:CML) has reported a strong start to its FY27 financial year, with improving demand, revenue progressing in line with expectations and order intake running ahead of forecasts.

The semiconductor specialist entered the new financial year with positive momentum following an improved final quarter, when revenue growth was accompanied by stronger order intake.

That momentum has continued into the early stages of FY27, with demand strengthening across all of the group’s key market verticals. Revenue performance is currently tracking in line with management expectations, while orders are exceeding the levels previously forecast.

The improved trading environment has increased the board’s confidence in CML’s growth strategy and its expectations for profitability.

Management now anticipates a return to operational profitability earlier in the current financial year than previously expected. This represents an important change in the near-term earnings outlook following the recent deterioration in profitability.

Stronger order intake could also provide improved visibility over future revenue if current demand translates into sales as anticipated. Continued progress across CML’s key communications markets will therefore be important in determining whether the early FY27 momentum can be sustained.

The company’s financial position provides some support for its growth strategy. CML has a low-debt balance sheet and delivered improved cash flow during 2026, providing greater flexibility as it works towards restoring operational profitability.

However, recent weakness in earnings remains a consideration, while technical indicators continue to signal softer momentum. The shares are trading below key moving averages and the MACD remains negative.

Valuation is also mixed. A relatively high P/E ratio limits some of the valuation appeal, although this is partly balanced by the company’s dividend yield.

More about CML Microsystems

CML Microsystems Plc develops mixed-signal, radio frequency and microwave semiconductors for communications markets worldwide.

The group serves specialised market segments characterised by relatively high barriers to entry and structural demand for faster, more secure data transmission. Its products are also exposed to investment in telecommunications infrastructure and the expansion of private commercial wireless networks associated with the industrial internet of things.

CML combines outsourced manufacturing with its own testing capabilities and operates across the UK, Asia and the US. Its customer base includes established commercial and industrial equipment manufacturers.

The group operates with no debt, generates cash and pays dividends, providing a financial foundation for its longer-term growth strategy.

CML Microsystems shares trade on the London Stock Exchange under the symbol CML.

Afentra (LSE:AET) has reported a series of operational advances in Angola, led by an oil discovery at Pacassa SW and the restart of production from the Impala-1 well, strengthening the company’s near-term production and development pipeline.

The Pacassa SW well encountered 136 metres of net oil pay within the Albian Pinda carbonate reservoir. The result supports previous estimates that the Pacassa SW area could contain up to 70 million barrels of gross recoverable resources.

Following the discovery, the well is being completed for production, with first oil targeted for the third quarter of 2026. Bringing Pacassa SW into production would provide Afentra with another source of output as it continues to develop its Angolan portfolio.

The company has also successfully returned Impala-1 to production after the well had remained shut in since 2017. A low-cost slickline intervention removed an obstruction from the wellbore, allowing production to resume at approximately 3,000 barrels of oil per day.

In addition to restoring production, the intervention generated reservoir information that has reduced subsurface uncertainty ahead of the planned Impala-2 development well.

Drilling at Impala-2 is expected to begin after completion of operations at Pacassa SW. The well has a production target of around 4,000 barrels per day and could represent the next stage of redevelopment at the Impala field if drilling delivers the anticipated results.

Afentra has also completed its first offshore operational campaign as operator of Block 3/24. The company deployed a compact remotely operated vehicle from a local vessel to inspect subsea wellheads and collect integrity and video information.

The campaign was completed without safety or environmental incidents and cost approximately $60,000. Afentra said this was around 90% below typical market rates for comparable survey work.

Information gathered during the programme will contribute to technical evaluation of Block 3/24 ahead of a potential future Final Investment Decision on the GPQ development.

Together, the Pacassa SW discovery, Impala-1 restart and Block 3/24 work provide several avenues for organic growth within Afentra’s Angolan portfolio. Pacassa offers a potential near-term production addition, while Impala-2 and GPQ represent further development opportunities.

The company’s broader financial position remains more mixed. A decline in revenue during 2025, a return to net losses and significantly negative free cash flow continue to weigh on the outlook, although the balance sheet remains comparatively sound.

Technical indicators are broadly neutral, with the negative MACD pointing to slightly weaker momentum. Valuation measures offer limited support while earnings remain negative, reflected in a negative P/E ratio, and no dividend yield is available.

More about Afentra

Afentra plc is an upstream oil and gas company focused on production, redevelopment and exploration opportunities in Africa, with its portfolio concentrated primarily in Angola.

The company’s Angolan interests include offshore Blocks 3/05, 3/05A, 3/24 and 23, together with onshore Kwanza Basin blocks KON4, KON15 and KON19.

Its portfolio combines producing mature fields with redevelopment and exploration opportunities, allowing Afentra to pursue near-term cash generation alongside longer-term resource and production growth.

The company focuses on disciplined capital allocation, cost-efficient interventions and pragmatic project execution as it seeks to extract additional value from established assets and build a larger Angolan upstream business.

Afentra shares trade on the London Stock Exchange under the symbol AET.

Amaroq Ltd. (LSE:AMRQ) has started its 2026 resource drilling programme at the Nanoq gold project in South Greenland, targeting greater drill density and continuity following high-grade results from its 2025 exploration campaign.

Three company-owned drill rigs have been deployed at Nanoq, with the programme focused primarily on the Central Zone. The planned campaign is expected to be broadly comparable with the 4,807 metres of drilling completed during 2025.

Amaroq will also conduct step-out drilling at the parallel West 1 Zone, providing an opportunity to test the wider extent of mineralisation beyond the principal area of exploration.

The programme is designed to generate the geological information required to support a potential maiden Mineral Resource Estimate later in 2026. Achieving that milestone would represent an important step in Amaroq’s strategy to establish Nanoq as its next high-grade gold project alongside the producing Nalunaq mine.

In parallel with drilling, Amaroq is conducting preliminary metallurgical testing at SGS Lakefield in Canada. The work will assess whether material from Nanoq could be processed using the existing gravity and flotation flowsheet at Nalunaq.

If metallurgical compatibility is demonstrated, the existing processing infrastructure could potentially support bulk sampling and trial processing of Nanoq material, providing another route for evaluating the project as exploration advances.

Amaroq is also assessing infrastructure requirements around Nanoq, including a potential harbour and access road. These improvements are being considered as part of plans to strengthen site access from 2027 onwards.

Better infrastructure could reduce logistical costs and make it easier to conduct larger exploration and development programmes as the project progresses.

The combination of resource drilling, metallurgical testing and early infrastructure planning represents a broader push to move Nanoq beyond exploration towards a more defined development opportunity. Results from the 2026 drilling campaign will be particularly important in determining whether the company can establish sufficient continuity and scale to support a maiden resource estimate.

More about Amaroq Ltd.

Amaroq Ltd. is a Greenland-focused mining and exploration company developing gold and strategic metal assets across South and West Greenland.

Its principal asset is the producing Nalunaq gold mine in South Greenland, while its wider exploration portfolio includes prospective projects targeting gold, copper, nickel, rare earth elements and other base and precious metals.

The company is pursuing a strategy of developing a full-cycle mining business in Greenland, combining production from established assets with exploration and development of additional mineral projects.

Amaroq shares trade on the London Stock Exchange under the symbol AMRQ.

Genuit (LSE:GEN) maintained its profit guidance after reporting higher first-half revenue, with price increases and contributions from recent acquisitions helping offset weaker underlying volumes and continued pressure across its end markets.

First-half revenue increased 3.4% to £307.8 million, although underlying operating profit declined 1.6% as softer like-for-like volumes and cost inflation linked to the Middle East conflict weighed on margins.

Statutory operating profit fell 30.1%, reflecting exceptional costs associated with the group’s ongoing transformation programme. Leverage increased to 1.6 times following acquisitions completed in 2025, although cash generation improved during the period.

Genuit maintained its interim dividend at 4.2p per share, reflecting management’s confidence in the group’s medium-term prospects despite the more challenging near-term trading environment.

The company has responded to cost pressures with double-digit price increases alongside accelerated cost-control and business simplification measures. These actions are expected to provide greater margin support as they take effect.

Genuit has also completed the integration of Monodraught and Davidson, with both acquisitions delivering margins and synergies ahead of the company’s previous expectations. Their performance provides an additional contribution as weaker organic market conditions continue to affect the wider business.

Management sees several regulatory and infrastructure programmes supporting longer-term demand, including the Future Homes Standard, Warm Homes Plan, social housing policies and the AMP8 water investment cycle.

These initiatives could create opportunities across Genuit’s water management, heating, ventilation and sustainable building solutions as regulatory requirements and investment increasingly focus on energy efficiency, infrastructure resilience and decarbonisation.

The company expects the combination of pricing measures and operational efficiencies to support margins, while sustainability-related demand could become a more significant growth driver from 2027.

Genuit’s broader financial position remains relatively solid, although weaker cash conversion and increased leverage compared with previous years remain areas to monitor.

Technical indicators are generally supportive, with positive momentum and the shares trading above shorter-term moving averages. However, the price remains below its 200-day moving average, while the Stochastic indicator is approaching overbought territory.

Valuation and income characteristics provide additional support, with a moderate P/E ratio and a dividend yield of approximately 4.76%.

More about Genuit Group

Genuit Group is the UK’s largest provider of sustainable water and climate products and solutions for the built environment.

Its portfolio includes systems for drainage, stormwater management, heating, ventilation and controls, serving markets influenced by environmental regulation, infrastructure investment and the transition towards lower-carbon buildings.

The group increasingly incorporates low-carbon materials and recycled content into its products as part of its strategy to help customers improve building efficiency and reduce environmental impact in the UK and international markets.

Genuit Group shares trade on the London Stock Exchange under the symbol GEN.

Thor Explorations (LSE:THX) delivered record first-half revenue, EBITDA and net profit for the six months ended June 30, 2026, supported by strong operating margins and a growing net cash position as the company continued exploration across its West African portfolio.

Second-quarter revenue reached $77.6 million, while net profit came in at $48.7 million. Thor ended the period with an adjusted net cash position of $218.6 million, providing financial flexibility as it invests in exploration and potential mine-life extensions.

Gold production and sales during the second quarter were lower than a year earlier, although the company retains a substantial stockpile of lower-grade material equivalent to approximately two years of plant feed. This inventory provides additional processing flexibility and helps reduce near-term dependence on newly mined ore.

At the Segilola gold mine in Nigeria, processing operations maintained high recovery rates and experienced minimal downtime. Thor is continuing its life-of-mine extension drilling programme, including work designed to assess mineralisation at depth and the potential for underground development beneath the existing open-pit design.

Regional exploration around Segilola is also progressing, with geochemical programmes identifying additional gold anomalies that could provide targets for future drilling.

Elsewhere in West Africa, Thor continued extensive exploration programmes in Senegal and Côte d’Ivoire using reverse circulation, RAB/air-core drilling and soil sampling.

Work in Senegal has extended known mineralised systems along a corridor spanning approximately 10 kilometres, highlighting the potential to expand the company’s resource base beyond its producing Segilola operation. Exploration in Côte d’Ivoire is similarly aimed at advancing prospective gold targets and building a broader development pipeline.

Thor also reported improvements in several environmental measures during the quarter. Raw water withdrawals and greenhouse gas emissions declined significantly compared with Q2 2025, while emissions intensity per ounce of gold produced remained stable.

Community investment continued around Segilola through school and infrastructure improvements, support for local businesses and other social programmes. These initiatives form part of the company’s efforts to maintain relationships with communities surrounding its operations.

The combination of record first-half financial performance, a substantial net cash position and continued exploration gives Thor flexibility to pursue both mine-life extension opportunities at Segilola and potential resource growth elsewhere in West Africa.

Future exploration results will be important in determining whether the company can convert its regional targets and deeper Segilola mineralisation into additional resources capable of supporting longer-term production.

More about Thor Explorations

Thor Explorations Ltd is a gold producer and exploration company focused on West Africa, with its flagship Segilola gold mine located in Nigeria.

Alongside gold production at Segilola, the company operates exploration programmes across Nigeria, Senegal and Côte d’Ivoire aimed at extending existing mineralised systems, identifying new resources and evaluating potential underground mining opportunities.

Segilola currently operates as an open-pit mine, supported by a significant stockpile of ore that provides additional flexibility for plant operations.

Thor Explorations shares trade on the London Stock Exchange under the symbol THX.

East Star Resources (LSE:EST) has reported further progress at its Verkhuba copper deposit joint venture in Kazakhstan, with drilling advancing and partner Xinhai completing its initial A$1.5 million investment commitment.

Seven diamond drill holes totalling more than 1,350 metres have now been completed as part of a programme focused on resource conversion and feasibility work. A second drill rig has also been mobilised to increase the pace of the campaign.

The drilling is designed to improve understanding of the mineralisation expected to support the early years of any potential mining operation. Importantly for East Star, the programme is being fully funded by Xinhai under the joint venture arrangement.

Xinhai has now satisfied its Stage 1 investment obligation of A$1.5 million, giving it an initial 15% interest in the Verkhuba joint venture company. Completion of this investment also triggers the transfer of the Verkhuba licence into the JV vehicle.

For East Star, the structure provides a capital-efficient route for advancing Verkhuba. The company remains fully carried through to production under the terms of the joint venture and is positioned to retain a 30% interest in any producing mine.

This arrangement could allow East Star to maintain meaningful exposure to the project’s potential development without directly funding the substantial expenditure normally required to move an exploration asset through feasibility and towards production.

The immediate focus remains on completing the drilling programme and generating the technical information required for resource conversion and feasibility assessment. Results from the campaign should provide greater clarity around the areas that could form the basis of initial mining activity.

Despite progress at Verkhuba, East Star’s broader financial position remains a consideration. The company currently generates no revenue and continues to report losses, while higher cash consumption during 2025, renewed debt and declining equity add financial pressure.

Technical indicators are comparatively more supportive, with the shares trading above major moving averages and momentum indicators remaining positive. Valuation is more difficult to assess while earnings remain negative and no dividend yield is available.

More about East Star Resources

East Star Resources is an exploration and development company focused on copper and gold opportunities in Kazakhstan.

Its portfolio includes the Verkhuba polymetallic deposit and a second volcanogenic massive sulphide exploration target in the same region. The company also participates in a large-scale gold exploration joint venture with Endeavour Mining.

East Star additionally holds copper porphyry and epithermal gold prospects within an established mineral belt, giving the company exposure to several exploration and development opportunities across Kazakhstan.

East Star Resources shares trade on the London Stock Exchange under the symbol EST.

Oriole Resources (LSE:ORR) has reported encouraging early-stage exploration results from its 90%-owned Eastern Central Licence Package in Cameroon, including rock-chip gold grades of up to 28.40 grams per tonne at the Niambaram licence.

Follow-up rock-chip sampling over previously identified soil anomalies at Niambaram has outlined three mineralised areas. Gold mineralisation was identified within quartz veins and brecciated felsic dykes hosted by orthogneiss.

The geological setting has similarities to the nearby Mbe licence, where a JORC Inferred Mineral Resource of 1.66 million ounces of gold has been reported. Oriole holds a 50% interest in Mbe, which is contiguous with its Eastern Central Licence Package.

At the Ndom licence, Oriole has completed infill soil and auger sampling across the ND01 target. The programme is intended to provide a clearer understanding of potential mineralisation beneath extensive alluvial cover after limited rock-chip sampling returned only low-grade gold results.

Samples from Ndom and Niambaram are planned for analysis using Portable PPB’s detectORE technology, which enables faster field-based gold assays. Results will help determine priorities for further exploration across the Eastern licence package during the 2026/27 field season.

At the same time, Oriole is narrowing its exploration footprint in Cameroon. The Western Central Licence Package has been revoked following persistent difficulties accessing the properties and competing interests associated with hunting concessions.

The financial impact of losing those licences may be limited because Oriole had committed only minimal expenditure to the Western package. Their removal could also allow the company to concentrate exploration spending on the Eastern licences, where recent results and proximity to the Mbe resource provide clearer targets for follow-up work.

The Niambaram results are still early-stage and do not establish a mineral resource. Further sampling and exploration will therefore be needed to determine the continuity, scale and economic significance of the identified gold mineralisation.

Oriole’s wider outlook remains constrained by its financial position. The company generates no revenue and continues to report losses and negative operating and free cash flow, leaving exploration activity dependent on access to external capital.

Technical indicators are also subdued, with a negative MACD and RSI below 50. Traditional valuation measures provide limited support while earnings remain negative and no dividend yield is available. A relatively low-leverage balance sheet and meaningful equity provide some offset to these risks.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-listed gold exploration and development company focused on Central and West Africa.

Its principal interests in Cameroon include the 90%-owned Eastern Central Licence Package and a 50% interest in the contiguous Mbe licence, where a JORC Inferred Mineral Resource of 1.66 million ounces of gold has been reported.

The company’s exploration strategy focuses on identifying and advancing new gold targets around its existing resource base, with the aim of increasing project scale and strengthening the portfolio’s potential appeal to future partners and investors.

Oriole Resources shares trade on the London Stock Exchange under the symbol ORR.

BSF Enterprise PLC (LSE:BSFA) has signed heads of terms for a worldwide commercialisation and supply agreement covering its proprietary ETSYL bioactive peptide, opening a potential new route to revenue across luxury skincare and the wider cosmetics market.

The agreement with SCHAKAU Managementberatung GmbH gives SCHAKAU exclusive global rights to ETSYL for cosmetic applications for an initial 10-year period, subject to meeting agreed sales volume targets.

SCHAKAU plans to use ETSYL as the principal active ingredient in its ultra-luxury HANDS OF GOD skincare brand while also pursuing opportunities to license the peptide to other businesses in the cosmetics sector.

Under the proposed arrangement, SCHAKAU will fund approximately €300,000 of expenditure covering clinical validation, regulatory activities and brand development. This allows BSF to advance commercialisation without directly funding those elements of the programme.

Importantly, BSF will retain full ownership of the intellectual property associated with ETSYL. Its wholly owned subsidiary, 3D Bio-tissues, is also expected to generate near-term revenue from supplying the raw material required for commercial products.

The agreement provides an additional potential income stream through third-party licensing. Revenue generated from licensing ETSYL to other cosmetics businesses will be divided equally between BSF and SCHAKAU.

The structure gives BSF a relatively capital-light route for commercialising its peptide technology while retaining ownership of the underlying intellectual property. Successful development of the HANDS OF GOD brand or additional B2B licensing agreements could provide further evidence that the group’s scientific platform can generate commercial opportunities beyond its core biotechnology activities.

However, the 10-year exclusivity remains dependent on sales volumes, making commercial adoption an important measure of the agreement’s longer-term value.

BSF’s wider outlook also remains constrained by persistent losses and negative cash flow. Technical indicators are similarly weak, with the shares trading below key moving averages and momentum remaining negative.

Valuation provides limited support while the company remains loss-making, and the absence of a dividend means investors remain primarily dependent on future commercial progress and execution.

More about BSF Enterprise PLC

BSF Enterprise PLC is a biotechnology company developing tissue engineering, lab-grown materials and bioactive technologies through its wholly owned subsidiary 3D Bio-tissues Ltd.

The group develops proprietary bioactive peptides and tissue technologies with potential applications across cosmetics, skincare and advanced materials, including alternatives to conventional leather.

Its commercial strategy includes developing and licensing technologies from its scientific platform while pursuing partnerships capable of bringing those technologies into end markets. BSF Enterprise shares trade on the London Stock Exchange under the symbol BSFA.