Author: The Market Link

Roquefort Therapeutics Plc (LSE:ROQ) has announced a proposed acquisition of the exclusive worldwide licence to AO-252, a novel precision oncology asset that could significantly expand the company’s pipeline of targeted cancer therapies.

The announcement comes as the company prepares to rebrand as Coil Therapeutics, with Dr Sotirios Stergiopoulos set to assume the role of incoming chairman. The move reflects a strategic focus on innovative oncology assets aimed at addressing major unmet needs in cancer treatment.

Speaking on The Watchlist, Dr Stergiopoulos outlined the scientific rationale behind AO-252 and the potential opportunity it represents within the rapidly evolving precision oncology landscape.

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A Novel Target in Precision Oncology

Precision oncology continues to gain momentum across the biotechnology sector as researchers seek treatments tailored to the biological drivers of disease rather than using broad, non-specific therapies.

According to Dr Stergiopoulos, AO-252 represents a particularly differentiated opportunity because it targets a previously underexplored biological mechanism.

The asset is designed to enhance protein–protein interactions, a strategy that can influence several critical pathways involved in cancer progression. Unlike many oncology therapies that focus on a single mechanism, AO-252 appears to operate across multiple biological processes.

These include:

• DNA damage repair pathways
• Mitotic inhibition
• Immune system modulation

Dr Stergiopoulos explained that this multi-mechanism approach may give AO-252 a unique therapeutic profile compared with existing oncology drugs.

Another potentially important feature is the compound’s ability to cross the blood–brain barrier, achieving exposure levels in the brain comparable to those in the rest of the body. This characteristic could allow the therapy to target cancers that metastasise to the brain, a significant clinical challenge in oncology.

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Potential Across Multiple Tumour Types

While early development has focused on specific tumour types, the broader therapeutic potential of AO-252 could be substantial.

Initial clinical development began with three key indications:

• Triple-negative breast cancer
• Ovarian cancer
• Endometrial cancer

However, emerging data suggests the therapy may have activity across multiple solid tumours, expanding its possible application.

Dr Stergiopoulos highlighted particular promise in areas such as:

• Ovarian cancer
• Prostate cancer
• Gastric cancer
• Solid tumours that metastasise to the brain

Based on current estimates and comparable therapies in development, the combined market opportunity for these indications could exceed $20 billion, with the potential to grow significantly if the drug proves effective across a broader range of cancers.

He also noted that AO-252’s favourable safety profile could make it suitable for combination therapy, which may further expand its commercial potential within the global oncology market.

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Encouraging Early Clinical Signals

AO-252 is currently being evaluated in a Phase 1 clinical trial, designed primarily to determine the optimal dosing strategy through a dose-escalation study.

The trial initially focused on the three original tumour indications but was expanded in October 2025 to include all solid tumours, enabling researchers to gather broader clinical insights.

According to Dr Stergiopoulos, early signals from the study have been encouraging.

In one patient cohort receiving 80 mg twice daily, three out of four patients demonstrated tumour regression signals, translating to a clinical benefit rate of approximately 75%.

Notably:

• One ovarian cancer patient experienced a 30% reduction in tumour size and remained on treatment for eight months.
• An endometrial cancer patient also showed greater than 30% tumour reduction, remaining in the trial for more than four to six months.

Importantly, the therapy has so far shown no significant safety issues, which investigators view as a strong indicator of its potential viability as both a standalone and combination therapy.

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Key Milestones Ahead

The ongoing Phase 1 trial continues to focus on identifying the maximum tolerated dose while monitoring early efficacy signals.

As the study progresses, investors and industry observers will be watching closely for:

• Final dose-escalation results
• Expansion cohort data across multiple tumour types
• Additional safety and efficacy readouts

If positive trends continue, AO-252 could represent a significant addition to the oncology pipeline being developed by Roquefort Therapeutics Plc, and a central component of the strategy as the company transitions to its Coil Therapeutics identity.

With precision oncology remaining one of the most dynamic areas of drug development, assets such as AO-252 highlight the growing emphasis on targeted, mechanism-driven therapies designed to improve outcomes for cancer patients worldwide.

For more information on Roquefort Therapeutics visit- https://www.roquefortplc.com/

Valirx plc (LSE:VAL) has announced the creation of a wholly owned subsidiary, Valirx Animal Health Ltd, marking a strategic expansion into the rapidly growing animal health sector while maintaining its core focus on oncology drug development.

Speaking on The Watchlist, Valirx CEO Mark Eccleston explained that the move is designed to complement the company’s existing human therapeutics pipeline while opening new commercial and research opportunities in veterinary medicine.

A Growing Market Opportunity

The global animal health market is experiencing steady growth and is projected to reach approximately $5 billion by 2030 in the oncology segment alone, comparable in size to the triple-negative breast cancer market, one of Valirx’s key targets in human medicine.

Eccleston said the opportunity lays in developing treatments that can benefit both animals and humans.

“Comparative oncology allows us to develop drugs for animals in animals, but the research also benefits the human market,” he said. “It’s essentially a parallel development stream.”

Comparative oncology studies naturally occurring cancers in animals, particularly dogs, to generate insights that may accelerate human drug development. Because many cancers in dogs behave similarly to those in humans, the approach can provide valuable data on treatment response, safety, and disease biology.

Complementing the Human Oncology Pipeline

Valirx has historically focused on oncology drug development and asset partnering. According to Eccleston, the creation of the animal health subsidiary is not a shift in strategy but rather an extension of a model the company has long considered.

He noted that ValiRx’s first spin out, Volition, has had success in veterinary diagnostics with a point of care canine cancer screening test which was ultimately sold for $28 million, before the equivalent human diagnostic was fully developed.

“Animal health offers faster access to markets and lower regulatory barriers,” Eccleston explained. “It allows us to potentially bring clinical products to market more quickly, generating revenue while supporting our human research.”

The biological similarities between cancers in dogs and humans mean data gathered in veterinary trials can also strengthen the human drug development pathway.

“All the safety testing and profiling work done in the canine side complements what happens on the human side,” he added.

Hub-and-Spoke Investment Model

The new subsidiary also fits into Valirx’s broader corporate structure, which Eccleston described as a “hub and spoke” model.

Under this structure, Valirx acts as the central hub while individual assets are placed into special purpose vehicles (SPVs). These SPVs can attract targeted investment while remaining linked to the parent company.

Valirx Animal Health will operate as a dedicated veterinary SPV, with oncology assets from other divisions potentially cross-licensed into the subsidiary.

This model provides flexibility for investors.

“If you want to invest in the main company, you can,” Eccleston said. “But if you want to focus on a specific asset or the veterinary medicine market, this structure opens those opportunities.”

The approach could also create additional funding pathways for the company by allowing external investors to participate directly in individual programs or sectors.

Outlook for the Next Two Years

Over the next 12 to 24 months, Valirx expects the animal health division to play a key role in expanding optionality across its portfolio. By combining human oncology research with veterinary applications, the company aims to accelerate development timelines, attract new investment, and unlock additional value from its intellectual property.

While the company’s primary identity remains rooted in human oncology innovation, the launch of Valirx Animal Health signals a broader ambition: leveraging comparative oncology to advance treatments for both humans and animals.

For more information on Valirx visit – https://valirx.com/

Gattaca PLC (LSE:GATC), the specialist engineering and professional services staffing firm, has signalled a significant turning point in its long-term growth strategy. In a recent interview on The Watch List, CEO Matthew Wragg detailed a robust first half (H1) performance for the period ending January 31, 2026, characterized by a sharp rise in contract income and a “brave” refusal to be distracted by non-core markets.

The Group reported a total net fee income (NFI) of £21.2 million, representing a 7% increase on a like-for-like basis. Most notably, contract NFI rose by 13% year-on-year, outstripping market expectations and highlighting the resilience of the contingent labour market in high-skill sectors.

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A “Fewer, Bigger, Better” Strategy

For the past three years, Gattaca has been undergoing a deliberate rationalization process. Under Wragg’s leadership, the firm has reduced its global footprint and narrowed its focus to a handful of “core” sectors where it aims to be dominant.

“Success has many facets, but fundamentally it’s about great culture and a really clear focus on where we want to be famous,” Wragg noted. “We’ve been brave enough not to be distracted by opportunities outside of those channels.”

This strategy has seen the company “double down” on sectors with structural talent shortages, specifically:

• Energy & Infrastructure: Benefiting from long-term grid upgrades and renewable transitions.
• Defence: Leveraging a 40-year heritage to serve half of the UK MoD’s top 100 suppliers.
• Cyber Security: Bolstered by the 2025 acquisition of InfoSec People, providing a specialized platform for the rapidly evolving threat landscape.

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Driving Momentum and Shareholder Value

The surge in contract NFI is a key indicator of Gattaca’s operational health. Unlike permanent recruitment, which remains sensitive to macroeconomic shifts, the contract book provides a stable, recurring revenue stream. This stability has allowed the Board to reaffirm its commitment to being a “dividend-yielding stock,” a habit Wragg describes as essential for regaining investor trust.

Despite a significant increase in share price over the last 12 months, management remains convinced that the market has yet to fully “re-rate” the business to reflect its lean operational structure and niche market leadership.

Looking Ahead: Organic vs. Inorganic Growth

While the company is actively exploring inorganic opportunities, such as the aforementioned InfoSec People deal, the primary focus remains on organic expansion. Gattaca plans to grow its sales headcount by roughly 10% in 2026, targeting high-growth verticals like Water and Defence.

“Scale is one thing,” Wragg concluded, “but actually just being better and better is our real focus. We’re confident that scale will come as a result of that quality, rather than us chasing it.”

With a statutory net cash position of £13.0 million and trading currently ahead of expectations, Gattaca appears well-positioned to navigate the remainder of the 2026 fiscal year.

For more information about Gattaca Plc visit – https://www.gattacaplc.com/

In the world of mature oil fields, “water cut”, the ratio of water produced compared to the total volume of liquids, is the silent profit killer. For Buccaneer Energy plc (LSE:BUCE), a field once considered marginal is undergoing a radical transformation thanks to a sophisticated organic oil recovery (OOR) pilot that sounds more like biotechnology than traditional drilling.

In a recent interview on The Watch List, Buccaneer Energy CEO Paul Welch detailed how the company’s pilot program at Pine Mills has achieved a near-miraculous reduction in water production while simultaneously doubling oil output.

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The Tech: Recruiting “Beneficial Microorganisms”

The standout result of the pilot was the performance of the 206 well, which saw its water cut plummet from 80% to 0% following treatment. To understand how a well goes from producing mostly waste-water to pure oil, Welch explained the biological process behind the recovery.

Rather than using harsh chemicals, the process leverages the reservoir’s existing ecosystem:

1. Sampling: Produced water is analyzed to identify indigenous “beneficial microorganisms.”
2. Feeding: A custom nutrient mix is pumped into the well, causing these microbes to “bloom” (increasing their population by up to a thousandfold).
3. Action: Once the nutrients are consumed, the starving microbes begin to eat the cellular network surrounding oil droplets stuck to the sand.
4. The Swap: This biological activity releases the oil to flow toward the well while simultaneously helping water “attach” to the sand phase.

“It’s really been a remarkable treat for us,” says Welch. “They release oil and they attach water to the sand phase… we only produced oil [from the 206 well] for a period.”

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Efficiency by the Numbers

For investors, the most compelling aspect of the OOR program isn’t just the chemistry, it’s the capital efficiency. Welsh noted that the cost of the pilot was comparable to a routine well workover, yet the returns are projected to be “exceptional.”

Financial & Operational Highlights:

Metric	Pre-Pilot	Post-Pilot (Projected/Current)
Water Cut (Well 206)	80%	0% (initially)
Production (Pilot Area)	15 bopd	30 bopd
Operating Costs (OPEX)	~$20/barrel	Targeting ~$5/barrel
Internal Rate of Return	N/A	99% (at current prices)

While the current incremental increase is a modest 15 barrels per day (bopd), the scalability is the real story. Buccaneer plans to expand the treatment across the remaining wells in “Battery 3” and the wider Pine Mills field in Q2.

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The Path to Free Cash Flow

If the expansion goes to plan, Welch targets an additional 45 to 60 barrels per day across the entire field. At current netbacks, this could translate into roughly $60,000 in additional free cash flow per month.

“That’s another $600,000 to $650,000 in cash over 10 months,” Welsh explains. “For what we described prior to this as a marginal field, that is a lot.”

The ultimate impact on the bottom line will depend on the decline rate. While the company is currently modeling a 40% decline for the incremental barrels until they hit the standard field decline of 5–8%, the reduction in OPEX remains a massive lever. By reducing the volume of water that needs to be processed and disposed of, Buccaneer hopes to bring Pine Mills’ operating costs closer to those of its “Fain” area, which operates at just $5 per barrel.

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Looking Ahead

With a 99% IRR and a successful proof-of-concept in the bag, Buccaneer Energy is no longer looking at Pine Mills as a legacy asset, but as a cash-flow engine. Partnering with Hunting plc on the technology, the company is moving quickly to turn this recovery method into a field-wide reality by the end of the year.

For more information on Buccaneer Energy visit – https://buccaneerenergy.co.uk/

Connecting Excellence Group PLC (AQSE:XCE) is taking its next step in international expansion, with shares now trading on the OTCQB in the United States under the ticker USOTC:XCELF. The move builds on the company’s existing London listing and signals a clear ambition: broaden access to U.S. investors while scaling a dual-engine business model that blends executive recruitment with a long-term Bitcoin treasury strategy.

Speaking on The Watch List, CEO Scott Ellam outlined how the company generates revenue, its growth drivers, and why leadership believes the OTCQB listing is a pivotal milestone.

A Profitable Executive Search Core

At the heart of Connecting Excellence Group is its flagship operating subsidiary, Spencer Riley, an international executive recruitment firm that has operated profitably since 2014.

The firm specializes in placing senior-level professionals, from Vice Presidents and Directors to Partner-level executives, across key global markets, including:

• United States
• United Kingdom
• Europe
• Middle East

Clients include major business advisory firms, global logistics companies, AI and data intelligence businesses, and life sciences organizations.

Revenue is generated through executive placements, creating a cash-flowing operational foundation. Importantly, this revenue stream is described as uncorrelated to the company’s Bitcoin holdings, providing diversification within the overall strategy.

A Bitcoin Treasury Strategy

While recruitment drives core income, surplus cash and capital raised in public markets are directed toward building a Bitcoin treasury.

Connecting Excellence began accumulating Bitcoin in 2021 as a private company and has continued the strategy following its public listing. After raising £3.3 million in an oversubscribed IPO on the Aquis market in the UK, the company deployed capital into additional Bitcoin purchases and introduced “XCE Bitcoin Bonds.”

Management’s stated long-term objective is to increase Bitcoin per share over time, aligning treasury growth with shareholder value creation.

Growth Through Talent Acquisition

Connecting Excellence Group’s leadership views recruitment as both a revenue engine and a strategic advantage.

As a publicly listed company with a Bitcoin treasury, Connecting Excellence Group can offer performance-based share options to attract high-performing recruitment professionals from competitors. In executive search, revenue growth is directly linked to billing talent, making recruitment of recruiters a core growth lever.

This “talent acquisition strategy” is designed to compound operational revenue while the treasury strategy compounds digital asset holdings.

Why the OTCQB Listing Matters

More than 30% of Connecting Excellence Groups operational revenues are generated from the United States and broader North American markets. Listing on the OTCQB provides:

• Easier access for U.S. retail investors
• Exposure to U.S. institutional capital
• Potentially improved liquidity and trading volume

Management has indicated plans to engage directly with U.S. institutional investors to build awareness and drive active trading, rather than allowing the U.S. listing to function merely as a secondary quote.

Leadership Built for Capital Markets Execution

Connecting Excellence Groups has assembled a board with significant capital markets and digital asset experience:

• Sam Roberts – Credited as the first person in Britain to lead a pension fund allocation to Bitcoin.
• Richard Byworth – Founder of Switzerland’s largest Bitcoin-denominated hedge fund of the past decade, holding 5,000 Bitcoin; previously led convertible bonds, futures, and derivatives trading at Nomura.
• Vijay Selvam – Former Goldman Sachs Head of Governance and author of Principles of Bitcoin; currently affiliated with a NASDAQ-listed digital asset exchange.
• Angus Gladish (CFO) – Experienced in preparing companies for main market listings.

This combination reflects Connecting Excellence Group’s hybrid model: operational recruitment expertise paired with capital markets and digital asset sophistication.

Long-Term Conviction

CEO Scott Ellam emphasized that the strategy is rooted in long-term conviction. He began personally accumulating Bitcoin in 2021, including through market drawdowns, and has continued building holdings through multiple cycles.

That consistency, according to Ellam, helped attract experienced capital markets professionals who share a multi-decade outlook for balance sheet growth and eventual main market aspirations.

Looking Ahead

With an established recruitment business, a growing Bitcoin treasury, and expanded U.S. investor access via OTCQB, Connecting Excellence Group is positioning itself as a differentiated small-cap opportunity.

The company’s roadmap includes:

• Scaling executive recruitment revenues
• Increasing Bitcoin per share
• Growing liquidity and U.S. investor participation
• Preparing for potential future main market listings

As trading begins under ticker OTCQB:XCELF, U.S. investors will now have direct access to a company aiming to blend traditional executive search profitability with a long-term digital asset treasury strategy.

For more information, investors can visit the company’s website at https://xce.io/.

In a recent interview on The Watchlist, Ricki Lee sat down with Jim Johnson, CEO of Hunting PLC (LSE:HTG), to discuss a major milestone in the energy sector. The company’s Organic Oil Recovery (OOR) technology has delivered staggering results at the Pine Mills field, signaling a potential shift in how the industry approaches mature oil wells.

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The Results: Doubling Production and Eliminating Waste

The pilot results from Pine Mills have provided a powerful proof of concept for Hunting PLC’s proprietary technology. The data highlights two critical achievements:

• 100% Production Uplift: Output at the test well effectively doubled.
• Water Cut Elimination: The technology successfully eliminated the “water cut” in one well, a common and costly issue where water is produced alongside oil.

According to Johnson, these results validate the company’s recent acquisition of the technology’s global rights. While Hunting PLC previously focused on offshore applications, this onshore success in the USA opens a massive new door.

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Tapping Into a Massive U.S. Market

The implications for the American energy landscape are significant. Johnson pointed out that the U.S. currently houses over 400,000 oil wells that produce 15 barrels of oil per day or less.

For operators, these “stripper wells” represent a difficult choice: find a way to boost production or face the high costs of decommissioning.

“Operators try to avoid decommissioning costs and obviously increase production. Having this verified in what is a new territory for us… is critically important for future growth,” Johnson noted.

Following the success, Buccaneer Energy has already announced plans to roll out OOR across additional wells, providing the crucial field-operator endorsement needed to scale the solution.

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What Makes Organic Oil Recovery (OOR) Different?

Traditional Enhanced Oil Recovery (EOR) methods, such as steam injection or polymer flooding, are often expensive, equipment-intensive, and require significant downtime. Hunting PLC’s approach takes a different path:

1. Tailored Nutrient Solutions

Instead of a “one size fits all” chemical treatment, Hunting’s laboratory teams analyze the specific biology of a reservoir. They then develop a bespoke “nutrient” mix designed to stimulate the organic elements already present in the well to facilitate oil flow.

2. Operational Simplicity

Unlike steam injection, OOR does not require massive infrastructure or work crews. This results in:

• Lower Capex: Significantly cheaper than traditional flooding methods.
• Reduced Downtime: The application is simpler and doesn’t require the well to be offline for extended periods.
• Global Scalability: The ease of deployment makes it applicable for both small-scale onshore wells and complex offshore developments.

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Looking Ahead

With the rights to the Americas now secured and a successful pilot under their belt, Hunting PLC is positioning OOR as the go-to, lower-cost method for global enhanced recovery. For an industry looking to maximize existing assets while minimizing environmental footprints and costs, the Pine Mills results may just be the beginning.

For more information on Hunting PLC’s global operations, visit huntingplc.com.

In a recent interview on The Watchlist, Ricki Lee sat down with Roy Kashi, CEO of Falconedge PLC (AQSE:EDGE), to discuss the company’s impressive early-year performance. Despite a turbulent period for cryptocurrency prices, Falcon Edge has reported a second consecutive month of gains from its Bitcoin yield strategy and successfully extended its reach into the American market.

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Steady Returns in a Volatile Market

While Bitcoin has faced significant price weakness over the last quarter—dropping nearly 30% since the start of December—Falconedge’s treasury strategy has remained remarkably resilient.

Kashi reported that for January, the company achieved a 1.88% return on its Bitcoin treasury. This follows a strong December debut which saw returns of 1.29%.

Key Performance Highlights:

• January Yield: 1.88%
• Asset Growth: The yield translated to an additional 0.36 BTC added to the balance sheet.
• Organic Growth: These gains were achieved without capital raising or shareholder dilution.

“We have zero correlation to the performance of Bitcoin on our returns,” Cashy explained. “Whether Bitcoin were to double or halve, it has zero correlation to what we return on our yield strategies.”

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The Strategy: Low Risk, High Diversification

A common concern for investors in the crypto space is the inherent risk of market crashes. Kashi clarified that Falconedge mitigates this by allocating its Bitcoin balance sheet to a capital allocation fund managed by their sister company, a fund with a five-year track record of zero “down” months.

The strategy works by allocating capital to a wide range of managers across various asset classes, not just cryptocurrency. Crucially, the model features a “first loss” protection mechanism:

1. Manager Accountability: The external managers take the first loss on any trade.
2. Capital Protection: Losses do not hit Falconedge’s underlying capital.
3. Broad Exposure: The strategy utilizes diverse financial products to ensure stability.

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Expanding Horizons: The US Listing

Beyond its treasury performance, Falconedge is aggressively expanding its global footprint. As of February 2, 2026, the company officially began trading in the United States on the OTCQB market under the ticker FEDGF.

Why the US Listing Matters:

Previously, many international investors struggled to access Falcon Edge shares through UK-specific brokers. The new listing removes these barriers, providing exposure via major global platforms including:

• Fidelity
• Charles Schwab
• Interactive Brokers

While the listing is in its early “bedding-in” phase, Kashi expects to see a significant uptick in liquidity and activity as more international investors gain the ability to trade the stock.

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Looking Ahead

Falconedge PLC appears to be carving out a unique niche: providing investors with the upside of Bitcoin ownership (as a treasury asset) combined with a steady, non-correlated yield that performs regardless of market direction.

As the company settles into its dual listing in the UK (Aquis) and the US (OTCQB), the focus remains on scaling this yield strategy and maximizing value for its global shareholder base.

Roundhouse (AQSE:ETHL), an artificial intelligence and technology company with an Ethereum-denominated treasury, has announced the purchase of 346.6 Ethereum (ETH) as part of its digital asset treasury strategy, reinforcing its commitment to funding and expanding its core revenue-generating AI and technology services.

The Company acquired the ETH at an average price of US$2,020 per ETH, representing an investment of approximately US$700,000. This marks Roundhouse’s first Ethereum purchase since listing on the Aquis Stock Exchange (AQSE) in January.

Following the transaction, Roundhouse’s total cryptocurrency treasury holdings now stand at 468.8 ETH, with an aggregate average purchase price of US$2,395 per ETH.

Unlike many firms that hold digital assets primarily for speculative purposes, Roundhouse’s treasury strategy is closely tied to its operating model. The ETH-denominated treasury is designed to directly support the Company’s core business of providing AI and technology services, which are already generating revenue.

Matthew Lodge, Chief Executive Officer of Roundhouse, commented:

“We are pleased to announce our first ETH purchase since our listing on AQSE in January. As disclosed in the admission prospectus, we have established an ETH-denominated digital asset treasury, with the core purpose of supporting Roundhouse’s AI and technology operations which are already generating revenue. Our primary objective is to grow the Company’s core business through continued investment in these operations, while also expanding the treasury in a disciplined manner.”

The move reflects a growing trend among technology companies integrating digital asset strategies with operational funding, rather than treating cryptocurrencies solely as balance sheet hedges. For Roundhouse, Ethereum is positioned as both a treasury asset and a strategic tool to support the Company’s long-term growth in AI and advanced technology services.

With a focus on disciplined expansion and reinvestment into revenue-producing activities, Roundhouse aims to leverage its Ethereum treasury as part of a broader strategy to scale its AI capabilities and strengthen its position in the fast-evolving technology sector.

Delta Gold Technologies (AQSE:DGQ) (USOTC:DGQTF) has taken a major step in its growth strategy with its recent listing on the OTCQB Venture Market, significantly expanding its visibility and access to U.S. investors. The move comes as the London-based company accelerates its work in quantum computing and next-generation technology development.

Speaking on The Watchlist, CEO Michael Jones highlighted the strategic importance of entering the U.S. market. “The U.S. is enormously important for the quantum computing business,” Jones said. “Many of the world’s largest players are based there. If we’re going to build a truly global company, we have to be present in the U.S. market.”

Building at the Foundations of Quantum Computing

Delta Gold’s work sits at the most fundamental level of quantum technology: the creation of a stable, scalable qubit, the basic unit of quantum information. Unlike traditional computers, which use binary bits (0s and 1s), quantum computers rely on qubits, which can exist in multiple states at once.

“We’re right at the base physics of how you actually create a qubit,” Jones explained. “It’s very exciting work, and it’s happening at the level of fundamental science.”

Rather than rushing directly into product development, Delta Gold is focused first on building defensible intellectual property. The company expects this foundational work to translate into patents, licensing opportunities, and strategic partnerships over the next two to three years.

Collaboration with the University of Toronto

A key part of Delta Gold’s strategy is its research partnership with the University of Toronto, one of the world’s leading institutions in quantum science. The collaboration is structured through a three-year, C$3 million research sponsorship agreement.

Under the terms of the deal:

• Delta Gold funds C$1 million per year in research.
• The company receives 100% ownership of the resulting intellectual property worldwide, in perpetuity.
• The university receives a royalty on any future revenue or commercial sales derived from the research.

“We’ve already funded the first year and we’re well capitalized to complete the remaining two years,” said Jones. “In return, we get full global IP rights, which allows us to invest in research and capture long-term value.”

Path to Revenue

While the company is still early in the development cycle, Delta Gold sees multiple routes to monetization. Licensing its IP is a key goal in the medium term, alongside potential partnerships with industry players as its technology matures.

“We’re keeping the business model relatively open,” Jones said. “As we develop the fundamental science, that will convert into patent protection and then into potential licenses and strategic collaborations.”

A Global Vision

With operations rooted in London, research in Canada, and now a presence in U.S. capital markets, Delta Gold is positioning itself as a globally oriented quantum technology company.

“The OTCQB listing isn’t just about visibility,” Jones noted. “It’s about engaging U.S. investors, building partnerships, and putting Delta Gold where the quantum conversation is happening.”

As the race to develop practical quantum computing continues, Delta Gold Technologies is betting that strong academic partnerships and a disciplined IP strategy will place it in a powerful position for the next wave of technological breakthroughs.

London-listed aircraft leasing company Avation PLC (LSE:AVAP) has taken another step forward in executing its long-term fleet strategy, announcing a second aircraft placement with Cambodia Airways. The deal highlights both the strength of Avation’s customer relationships and the company’s disciplined approach to growth.

Speaking with HotCopper’s Watch List, Avation’s Investor Relations Director Tim Bacchus explained why repeat customers are so valuable in the aircraft leasing business.

Why Repeat Customers Matter

According to Bacchus, working with the same airline across multiple transactions significantly reduces both costs and operational risk.

“When you have a repeat customer as an aircraft lessor, you get a number of benefits. One of the key things is you essentially lower the cost of the scale of a transaction.”

Using the same legal documents, lease templates, and manufacturer specifications across multiple aircraft placements improves efficiency. In this case, Avation is working with ATR as the aircraft manufacturer, allowing both Avation and the airline to standardise aircraft configurations and streamline negotiations.

There’s also a long-term advantage: lower transition costs. When a lease expires, it’s far cheaper to keep an aircraft with the same airline than to move it to a new operator. That reduces downtime, re-marketing costs, and technical repositioning expenses.

While repeat business does increase exposure to individual customers, Avation is balancing this by diversifying its airline base. The company now works with 16 airlines across 15 countries, including its first customer in South America, and continues to expand geographically.

Disciplined Fleet Growth

The Cambodia Airways aircraft represents the fourth delivery from Avation’s ATR order book and the second placed with Cambodia Airways. Bacchus emphasised that this reflects “measured, disciplined growth” rather than aggressive expansion.

Avation currently has nine ATR aircraft on order, which will be added to the fleet by the end of its fiscal year in June 2028. This will grow the fleet from 33 aircraft today to 42 aircraft over the next few years.

Beyond that, Avation holds 24 purchase rights with ATR, giving the company flexibility to pursue further growth post-2028 as market conditions and capital availability allow.

Long-Term Value for Shareholders

The strategic importance of these placements goes beyond simple fleet expansion. New ATR aircraft are typically leased on 12-year contracts, which materially improves the company’s average remaining lease term.

At present, Avation’s average remaining lease term sits at just over four years, below many listed peers. As the new aircraft enter service, that average will increase significantly, locking in longer-dated, contracted cash flows.

“The longer lease remaining term is a good thing for shareholders,” Bacchus said, as it provides clearer visibility on future revenue and strengthens the company’s net asset value (NAV) growth story.

A Clear Path Forward

Taken together, the repeat placement with Cambodia Airways, the steady rollout of ATR aircraft, and the extension of long-term leases underline Avation’s strategy:

• Build scale carefully
• Strengthen customer relationships
• Improve cash-flow visibility
• Grow NAV in a disciplined way

For investors, the message is clear. Avation is building a well-defined, long-term value story based on stable earnings, diversified customers, and a carefully managed fleet expansion.