Author: Fiona Craig

Likewise Group plc (LSE:LIKE) has agreed to acquire the freehold of a new 60,000-square-foot high-bay distribution facility in Corby for £9.57 million, strengthening the infrastructure supporting its expanding UK flooring business. Completion of the acquisition is expected on 21 August 2026, with the new hub scheduled to become operational in January 2027.

The Corby facility will provide additional storage, cutting and trunking capacity across the Likewise Floors Logistics Network. The investment forms part of the group’s wider strategy to increase operational scale, improve distribution capabilities and provide the capacity required to serve a growing customer base across the UK.

The acquisition comes alongside continued positive trading momentum. Likewise reported that sales revenue increased 23.9% year-on-year during July, while like-for-like sales for the year to date were 18.3% ahead of the comparable period. Management also indicated that order intake and invoicing remained strong during the opening days of August.

Likewise said continued backing from shareholders and its principal banking partners is providing the financial flexibility needed to pursue its expansion strategy. Increasing the scale of its logistics infrastructure is expected to strengthen the company’s position within the UK flooring distribution market while supporting its relationships with manufacturing partners, independent retailers and flooring contractors.

The broader outlook is supported by improving cash generation and positive share price momentum, with the stock trading above key moving averages and MACD remaining positive. However, valuation represents a significant constraint due to a particularly high price-to-earnings multiple, while thin operating and net margins and slowing revenue growth remain factors that could limit financial performance.

More about Likewise Group plc

Likewise Group plc is a UK flooring distributor supplying floor coverings and related products through its Likewise Floors Logistics Network. The company primarily serves independent flooring retailers and contractors and works with manufacturing partners to provide nationwide distribution, product availability and customer service. Its growth strategy is focused on expanding logistics capacity, increasing market penetration and developing a larger presence within the UK flooring sector.

H-Power plc (LSE:HPOW) has appointed Canaccord Genuity as a joint corporate broker as the company strengthens its capital markets advisory network. Canaccord Genuity will work alongside existing brokers Peel Hunt and Zeus, providing H-Power with additional support as it develops its engagement with investors on the London Stock Exchange’s AIM Market.

The expanded broking team comes as H-Power works towards the commercial rollout of its ammonia-based hydrogen production and fuel cell generator technologies. Strengthening its advisory relationships could support broader investor communication and access to capital as the company seeks to convert its technology portfolio and commercial pipeline into sustained revenue growth.

H-Power is targeting industries where reducing carbon emissions remains particularly challenging, including industrial operations, transportation and off-grid power generation. Its technology combines decentralised ammonia cracking with hydrogen fuel cell generators, providing a potential alternative to conventional hydrogen supply infrastructure and diesel-powered generation.

The company’s financial position nevertheless remains challenging. Weak revenue performance, persistently negative margins and continued cash consumption indicate an ongoing requirement for external funding as commercialisation progresses. Technical indicators also remain under pressure, with the shares trading below key moving averages and MACD in negative territory. H-Power’s relatively low level of debt provides some balance sheet support, although traditional valuation measures remain difficult to apply while earnings are negative and no dividend yield is available.

More about H-Power plc

H-Power plc, formerly AFC Energy, is a UK-based developer of ammonia-powered low-carbon hydrogen production and hydrogen-to-power technologies. Its decentralised ammonia cracker and fuel cell generator systems are designed to provide scalable hydrogen and clean off-grid power for industrial, transport and power generation applications.

The company’s modular ammonia cracker technology can produce approximately 0.5 to 4 tonnes of hydrogen per day at the point of use, while its 30 kW and 200 kW fuel cell generators are designed as alternatives to diesel generation in temporary and off-grid power applications. Headquartered in Dunsfold, Surrey and listed on AIM, H-Power is focused on commercialising its core technologies and converting its opportunity pipeline into contracted orders and recurring revenue.

ImmuPharma (LSE:IMM) has appointed Kymos Group as its bioanalytical contract research partner for the Kapiglucagon development programme following a competitive tender process. The appointment represents another step in advancing the drug candidate through its non-clinical and early clinical development stages.

The collaboration adds to ImmuPharma’s existing development partnerships, which include Thermo Fisher for chemistry, manufacturing and controls activities and Bachem for active pharmaceutical ingredient manufacturing. Together, these relationships form part of a streamlined development strategy for Kapiglucagon, with the company also assessing the potential use of the 505(b)(2) regulatory pathway in the US to shorten the route towards commercialisation.

Kapiglucagon has been developed to address one of the limitations of native glucagon: its instability in aqueous formulations. ImmuPharma’s candidate is a water-soluble glucagon prodrug designed to be compatible with pumps and suitable for continuous delivery as part of dual-hormone artificial pancreas systems.

The technology could potentially support improved glucose management for people with Type 1 diabetes by allowing insulin and glucagon to be administered through advanced automated delivery systems. If successfully developed, this approach could help improve glucose control while reducing the day-to-day burden of managing the condition.

Backed by recent funding and an expanding package of preclinical and CMC data, ImmuPharma intends to pursue regulatory interactions and targeted clinical studies to progress Kapiglucagon. The programme represents a potentially important addition to the company’s pipeline as it seeks exposure to the emerging market for next-generation diabetes management technologies.

However, ImmuPharma’s financial position remains a key consideration, with the company generating no revenue and continuing to report losses and cash consumption, alongside a relatively fragile equity position. Low debt provides some balance sheet support, while technical indicators remain moderately negative due to a weaker longer-term share price trend and bearish MACD. Traditional valuation measures remain of limited relevance while the company remains loss-making.

More about ImmuPharma

ImmuPharma is a UK-listed specialty biopharmaceutical company focused on the discovery and development of peptide-based therapeutics. Its pipeline covers potential treatments for autoimmune diseases and anti-infective indications and includes its lead P140 programme alongside Kapiglucagon, a proprietary glucagon prodrug being developed for Type 1 diabetes and advanced artificial pancreas systems.

Cadence Minerals (LSE:KDNC) has reported further progress with the refurbishment of the Azteca processing plant at the Amapá Iron Ore Project in Brazil, with weighted physical completion increasing from 77% to 87%. Work remains on schedule to meet the targeted completion date of 31 August 2026.

Several major components of the plant have now been completed, including the hopper and feed system, transfer conveyor, screen and process tank. Electrical installation has reached 69%, while the outstanding refurbishment programme is primarily focused on the magnetic separation circuit, piping and completion of the remaining electrical connections. Once these activities are finished, the plant will move towards integrated commissioning.

Commercial production and shipments from Azteca will be dependent on the successful completion of commissioning and receipt of the required operating licence. The licensing process is progressing alongside the refurbishment programme, with continued engagement taking place with the relevant state environmental authority.

Azteca is planned as the first production facility within the wider Amapá redevelopment strategy. The plant is expected to process existing tailings and produce approximately 380,000 tonnes per year of iron ore concentrate grading around 65% Fe. This initial operation is intended to establish an early source of cash flow that could contribute towards the development of the broader project.

The wider Amapá project is supported by a substantial JORC-compliant mineral resource and a pre-feasibility study outlining the potential economics of restoring the integrated mining operation. However, Cadence continues to face financial constraints, including the absence of revenue during 2025, ongoing losses and persistent cash consumption, which leave the company dependent on external funding despite relatively low debt. Technical indicators also remain subdued, with bearish momentum and the shares trading below important short-term moving averages.

More about Cadence Minerals

Cadence Minerals is a London-listed mining investment company focused on advancing mineral resource projects, with particular exposure to iron ore development in Brazil. Its principal asset is a 36.2% interest in the Amapá Iron Ore Project, an integrated mining operation with existing mine, railway, port and beneficiation infrastructure. The longer-term development strategy is focused on producing high-grade iron ore concentrate suitable for the direct reduction market.

Angus Energy (LSE:ANGS) has accelerated the reduction of its borrowings following its recent financial restructuring, completing its first cash sweep and directing substantial funds towards outstanding liabilities. The company has fully repaid a £1.95 million overriding royalty interest (ORRI) obligation while also making a £1.996 million prepayment against its senior debt facility with Trafigura.

Since late June, Angus has repaid a total of £5.241 million of debt, reducing the outstanding balance of the Trafigura facility to approximately £22.7 million. The rapid reduction in borrowings represents a significant step in the company’s efforts to strengthen its balance sheet and reduce its financing burden.

Following the elimination of the ORRI liability, all proceeds generated through future cash sweeps will be allocated exclusively to further repayments of the Trafigura senior debt facility. This simplifies the company’s deleveraging strategy and could allow Angus to reduce its outstanding borrowings more quickly if operational cash generation remains strong.

Management said the pace of repayments demonstrates the cash-generating capability of the business while allowing the company to continue investing in operational growth. Reducing debt alongside investment in its producing assets is intended to lower financing costs over time and improve the potential for longer-term shareholder value creation.

Despite the progress on deleveraging, the company’s outlook continues to face challenges from negative free cash flow and inconsistent cash conversion. The technical picture also remains subdued, with the share price below longer-term moving averages. Improved reported profitability during 2025 and a more stable balance sheet provide some support, although declining revenue and continued earnings volatility remain factors to watch.

More about Angus Energy

Angus Energy is an AIM-quoted independent oil and gas company focused on onshore production in the UK. The company owns a 100% interest in the Saltfleetby Gas Field and majority interests in the Brockham and Lidsey oil fields, alongside a 25% interest in the Balcombe licence. Angus operates all of the assets in which it holds an interest and is a leading producer of onshore gas in the UK.

Fulcrum Metals (LSE:FMET) has revised its option agreement relating to Terra North Resources’ Saskatchewan uranium portfolio, securing an additional C$560,000 of equity through the issue of 5.6 million Terra North shares. The shares replace part of the consideration originally due on the second anniversary of the agreement and increase Fulcrum’s exposure to the future performance of the uranium assets.

The amended structure follows previous cash and equity payments made under the agreement and shifts a portion of the outstanding consideration into deferred cash payments and future share issues. As a result, Fulcrum retains the potential to participate in the value created from the Saskatchewan portfolio while altering the timing and composition of the remaining payments.

Under the revised terms, Fulcrum remains entitled to potential consideration comprising C$225,000 in cash and C$1.9 million in Terra North shares. Terra North must also complete a minimum exploration expenditure commitment of C$3.25 million in order to exercise its option over the claims.

Should the option ultimately be exercised, Fulcrum will retain a 1% net smelter return royalty over the relevant properties, providing continued economic exposure to any future development or production from the assets. The company could also benefit from Terra North’s proposed public listing, which has the potential to improve both the liquidity and market valuation of Fulcrum’s equity interest.

The arrangement adds to Fulcrum’s existing equity exposure to Terra and Terra North while allowing third-party capital to fund exploration of the Saskatchewan uranium portfolio. This structure enables the company to maintain potential upside from the assets while concentrating its own resources on its core technology-led mine tailings strategy in Canada.

More about Fulcrum Metals Plc

Fulcrum Metals plc is an AIM-listed, technology-led natural resources company focused on recovering precious metals from mine tailings in Canada. Its strategy incorporates cyanide-free leaching technology developed by Extrakt Process Solutions, with key projects including the Teck-Hughes and Sylvanite tailings assets in Ontario. Fulcrum also retains interests in mineral exploration properties across Ontario and Saskatchewan and holds exclusivity over Extrakt’s technology within several major historic Canadian gold districts.

Galantas Gold (LSE:GAL) has significantly increased the size of its drilling programme at the Indiana gold-copper project in Chile following encouraging visual indications of additional mineralisation. The campaign has been expanded from an initial 5,000 metres to 12,500 metres and will be funded from the company’s existing cash resources.

The enlarged programme will investigate potential extensions to the known Bondadosa and Flor de Espino vein systems, while also testing newly identified structures and areas showing indications of disseminated mineralisation. Drilling will additionally provide geological and structural information that could contribute to future underground mine planning at Indiana.

To date, Galantas has completed 13 drill holes covering a combined 5,060 metres. Drilling has intersected several of the principal veins close to their targeted depths and identified 12 previously unrecognised mineralised structures. Laboratory assay results are still awaited, however, following processing delays caused by laboratory backlogs and weather-related power disruptions.

Initial observations from drill core have identified disseminated sulphides as well as molybdenite and hypogene chalcocite-bornite mineralisation. These findings have raised the possibility that Indiana could host a broader iron oxide copper-gold or porphyry-style mineralised system in addition to its established vein-hosted targets.

Exploration work has also generated additional surface targets, including the Zeus structural system and La Maravilla. If subsequent drilling and assay results confirm their mineralisation potential, these areas could substantially increase the exploration footprint of the Indiana project and provide Galantas with further targets for future campaigns.

More about Galantas Gold

Galantas Gold Corporation is a precious metals exploration and development company focused on gold and copper opportunities. The company is advancing the Indiana gold-copper project near Copiapó in Chile, which lies within a significant iron oxide copper-gold belt and is being explored for both vein-hosted deposits and potentially larger disseminated mineralisation systems.

Bluebird Mining Ventures (LSE:BMV) reported that its first Bitcoin streaming investment completed its first full month of operations in July, producing recurring revenue in line with management expectations. The performance provides an early demonstration of the company’s streaming model, which is designed to generate income without requiring upfront capital commitments.

Alongside its Bitcoin activities, Bluebird is progressing the development of a structured gold streaming product intended to provide producers with flexible, non-dilutive financing. Work is continuing on the legal, custody and compliance infrastructure required to support the product and enable the company to expand its streaming activities as new opportunities are secured.

Bluebird maintained a cautious approach to treasury management during the period, limiting its exposure to decentralised finance protocols to small-scale testing. Total net asset value increased to approximately US$1.18 million at the end of July, with streaming assets accounting for around 38% of the portfolio and treasury holdings representing the remaining 62%.

Management’s near-term priorities include increasing recurring streaming income, broadening its Bitcoin and gold offerings and converting its commercial pipeline into revenue-generating transactions. The strategy is centred on capital-efficient expansion while strengthening the balance sheet through the accumulation of Bitcoin and gold assets.

Despite progress with its streaming strategy, the company’s broader financial position remains a constraint, reflecting its history of recurring losses and cash consumption. Technical indicators also remain weak, with the shares trading below key moving averages and MACD remaining negative, although oversold readings provide some counterbalance. Traditional valuation measures offer limited support while operations remain loss-making, with a negative price-to-earnings ratio and no dividend yield.

More about Bluebird Mining Ventures

Bluebird Mining Ventures Ltd is a London-listed gold streaming, mining and treasury company pursuing a capital-light streaming and royalty strategy across metals, energy and treasury assets. Building on its experience in precious metals, the company aims to create recurring cash flows from scarce real-world assets while limiting exposure to the direct operational risks associated with owning and operating producing assets.

Dekel Agri-Vision (LSE:DKL) reported mixed production trends across its Côte d’Ivoire operations in July 2026, with its palm oil business entering the seasonal low period while its cashew division achieved a new monthly processing record. The West Africa-focused agribusiness operates a 60,000-tonne-per-year crude palm oil mill in Ayenouan alongside its expanding cashew processing facility in Tiebissou, providing the group with exposure to two agricultural commodities.

Crude palm oil production fell 15.4% year-on-year to 936 tonnes during July, reflecting the seasonally quieter period for the palm oil operation. Despite the lower volumes, extraction rates and selling prices remained broadly stable. Performance from palm kernel oil was considerably stronger, with production increasing 62% from a year earlier and sales jumping 232%, supported by greater availability of kernel stocks and resilient pricing.

The cashew operation continued to make progress during the month, processing approximately 800 tonnes of raw cashew nuts and establishing a new monthly record. Demand remained stable, providing further evidence of the facility’s ongoing production ramp-up and supporting Dekel’s strategy of diversifying its revenue base beyond palm oil.

However, the company continues to face financial pressures. Persistent losses, elevated leverage, declining equity and a return to cash burn during 2025 remain key challenges. From a technical perspective, the shares continue to trade below major moving averages with a negative MACD, although an RSI approaching oversold territory provides a modest counterbalance. Valuation also remains difficult to assess while the business is loss-making, resulting in a negative price-to-earnings ratio, while the absence of a dividend yield offers limited additional support.

More about Dekel Agri-Vision

Dekel Agri-Vision is a West African agricultural company developing a portfolio of sustainable, multi-commodity operations in Côte d’Ivoire. Its assets include a fully operational crude palm oil mill at Ayenouan, which processes fruit sourced from local smallholders, and a cashew processing facility at Tiebissou that is progressively increasing production volumes.