Category: Market News

EnSilica plc (LSE:ENSI) said trading in the first half of its 2026 financial year has been ahead of expectations, with revenue set to increase by more than 35% to approximately £12.7 million. The group also reported a marked improvement in profitability, with EBITDA moving from a small loss in the prior period to an estimated profit of around £1.7 million, supported by solid non-recurring engineering activity and growing recurring revenues from chip supply contracts.

The company highlighted rising demand across several technology-driven end markets, including satellite communications and secure, long-lifecycle systems. Growth in these areas has been underpinned by customer interest in EnSilica’s security intellectual property that is designed to be ready for post-quantum cryptography, reflecting increasing focus on long-term data security and resilience. Management said this mix of contracted engineering work and repeat silicon revenues is improving both visibility and resilience in the business model.

EnSilica reaffirmed its full-year outlook, guiding for revenue of £28–30 million and EBITDA of £3.5–4.5 million. The company noted that a large proportion of expected turnover is already under contract and outlined a pathway toward achieving positive monthly cash generation by the end of 2026, reinforcing confidence in its medium-term growth trajectory.

Despite the upbeat operational update, the broader outlook remains tempered by historical financial challenges, including periods of declining revenue, losses and weaker free cash flow. Technical indicators provide some support, with the share price trading above key moving averages and a positive MACD signal, although elevated RSI and stochastic readings point to potential near-term volatility. Valuation metrics remain constrained by negative earnings and the absence of a dividend.

More about EnSilica plc

EnSilica plc is a UK-headquartered, fabless application-specific integrated circuit (ASIC) designer specialising in mixed-signal, RF, mmWave and complex digital ICs. The company serves communications, industrial, automotive and healthcare markets where safety, security and reliability are critical. It leverages a growing portfolio of reusable IP and silicon platforms to deliver long-term chip supply solutions, supported by design centres in the UK, India, Brazil and Hungary.

GoldStone Resources Limited (LSE:GRL) said it produced 2,912 ounces of gold in 2025 from its Homase mine in Ghana, generating revenue of roughly US$10 million. Output was affected by an unusually prolonged rainy season and a higher frequency of regulatory inspections, which limited mining activity and slowed ore stacking during the year.

Since year end, the company has completed new screening and conveying installations and is in the process of building its largest heap leach pad to date. In parallel, the mine plan has been revised to place greater emphasis on maximising production during the dry season. These changes underpin GoldStone’s guidance for the 2026 financial year of around 4,000 ounces of gold, with all-in sustaining costs expected to fall in the range of US$2,500 to US$2,900 per ounce.

GoldStone said operations continue to be self-funded, with historical creditor balances reduced and capital expenditure kept modest, focused mainly on leach pad expansion and processing improvements. The group is also investing in local community facilities around Homase. Recent board changes, together with extended loan terms agreed with a major shareholder, are intended to support operational continuity, strengthen cash generation and help build longer-term value.

From a market perspective, the outlook remains constrained by loss-making operations, pressure on gross margins, negative free cash flow and increased leverage, despite the step-up in revenue. Technical indicators offer some support, with the shares trading above key moving averages and a positive MACD, although a very elevated RSI points to potentially stretched momentum. Valuation metrics provide limited comfort given the negative price-to-earnings ratio and the absence of dividend guidance.

More about GoldStone Resources

GoldStone Resources Limited is an AIM-listed gold producer and developer focused on the Akrokeri–Homase project in south-west Ghana, within the Ashanti Gold Belt. Its portfolio spans exploration through to production, with current output centred on the Homase Mine. The wider project hosts a JORC-compliant gold resource of 602,000 ounces across a 4km stretch of the Homase Trend, encompassing Homase North, Homase Pit and Homase South, and builds on a history of mining at the former Akrokerri and Homase operations.

ECR Minerals plc (LSE:ECR) said it has assembled an experienced operating team and is preparing to commence initial mining at its recently acquired Raglan alluvial gold project in central Queensland. The company expects first gold production to be achieved before the end of January 2026, marking an important step in its evolution from pure exploration toward cash-generating operations.

Raglan is described as a low-capital, turnkey project, with all essential infrastructure, regulatory approvals and mining equipment already in place. Management believes this positions the operation to deliver early cash flow, which can be reinvested to advance ECR’s larger-scale Blue Mountain project and support development across its broader Queensland asset base. The timing is seen as favourable, with gold prices at historically elevated levels that could enhance both project economics and strategic optionality.

The move into production at Raglan underlines ECR Minerals’ strategy to balance near-term revenue generation with longer-term exploration upside. By leveraging existing assets and permits, the company aims to reduce execution risk while building a platform to fund future growth within its Australian gold portfolio.

More about ECR Minerals

ECR Minerals plc is a UK-listed mineral exploration and development company with a focus on gold projects in Australia. It operates through wholly owned subsidiaries in Victoria and Queensland and holds a diversified portfolio that includes the Bailieston, Creswick and Tambo projects in Victoria, alongside the Raglan and Blue Mountain alluvial gold projects and extensive exploration ground in the Lolworth Range and Kondaparinga areas of Queensland. The group also retains contingent payment rights from previously divested Victorian assets and has significant unutilised tax losses from earlier operations.

Oriole Resources PLC (LSE:ORR) has released initial assay results from its first-ever diamond drilling campaign at the MB01-N target within its 90%-owned Mbe gold project in Cameroon. The 2,950-metre programme has delivered encouraging early results, with the first two drill holes intersecting multiple zones of near-surface gold mineralisation, including 21.7 metres grading 3.13 g/t gold and a standout interval of 1 metre at 42.5 g/t gold.

The company said MB01-N shares strong geological characteristics with the nearby MB01-S deposit, where it has already outlined a JORC Inferred Resource of 870,000 ounces. MB01-N itself hosts a sizeable JORC Exploration Target estimated at between 370,000 and 605,000 ounces. Oriole believes the early high-grade intersections support the potential to upgrade this target into a formal mineral resource.

Drilling at MB01-N is fully funded and now close to 50% complete, with completion expected in the first quarter of 2026. Successful conversion of the exploration target into a defined resource could materially increase the overall scale of the Mbe project, ahead of partner BCM International earning a 50% interest in the licence upon completion of the programme.

From an investment standpoint, Oriole’s outlook continues to be weighed down by the absence of revenue and ongoing cash burn, despite the support of a low-debt balance sheet. Share price technicals are moderately positive, but valuation remains constrained by negative earnings and the lack of dividend support.

More about Oriole Resources PLC

Oriole Resources PLC is an AIM-quoted gold exploration company focused on early-stage projects in West and Central Africa. Its primary area of activity is Cameroon, where it is advancing district-scale orogenic gold opportunities, including the Mbe gold project, through systematic exploration and drilling.

ENGAGE XR Holdings plc (LSE:EXR) said it expects revenue for 2025 to fall sharply to around €1.9 million, down from €3.4 million the previous year, citing delays in contract completions and a marked decline in enterprise customer renewals. The weakness was most pronounced in the second half of the year, as slower global technology hiring weighed on corporate spending decisions.

Despite the drop in turnover, management expects a material improvement in profitability metrics, with the EBITDA loss forecast to narrow to approximately €2.4 million from €4.0 million in 2024. The improvement reflects ongoing cost discipline and operational efficiencies, which also supported a year-end cash position of €1.6 million, ahead of market expectations.

Strategically, ENGAGE XR is accelerating its pivot toward the education market, where usage levels are increasing and larger K-12 customers have expanded their licence commitments. As part of this push, the company has introduced official Chromebook support, enabling it to better address the dominant device used in US classrooms. The group is set to showcase this capability at the Bett Conference in London through a joint demonstration with Lenovo.

The board said it remains focused on conserving cash while evaluating initiatives aimed at enhancing long-term shareholder value. Management believes education markets across schools, universities and home-schooling environments—particularly in the US and the Middle East—offer a more resilient growth path as enterprise demand continues to face headwinds.

Overall, the outlook for ENGAGE XR is constrained by declining revenue and ongoing losses. Technical indicators point to a bearish trend, while valuation metrics remain unattractive due to negative earnings and the absence of dividend support.

More about VR Education Holdings

ENGAGE XR Holdings plc is an AI and spatial computing technology company behind the ENGAGE platform, which delivers immersive virtual and augmented reality environments for education, training and collaboration. The platform is used by enterprise and educational customers globally for onboarding, learning, meetings and product demonstrations, with a growing emphasis on K-12, higher education and home-school markets, particularly in the United States and the Middle East.

GSK (LSE:GSK) said it has achieved positive topline results from its pivotal Phase III B-Well 1 and B-Well 2 studies of bepirovirsen, an investigational antisense oligonucleotide designed as a finite six-month therapy for chronic hepatitis B (CHB). The disease affects more than 250 million people worldwide and is a leading cause of liver cancer. The successful readout marks a significant step toward offering a treatment approach that could move beyond lifelong viral suppression.

The two trials enrolled more than 1,800 patients across 29 countries and met their primary endpoints, demonstrating statistically significant and clinically meaningful functional cure rates when bepirovirsen was added to standard nucleos(t)ide analogue therapy, compared with standard care alone. GSK said the treatment effect was particularly pronounced in patients with lower baseline hepatitis B surface antigen levels, while the overall safety profile was considered acceptable.

Based on these results, GSK plans to begin regulatory submissions globally from early 2026. If approved, bepirovirsen could become the first finite therapy for chronic hepatitis B and serve as a foundation for future sequential treatment strategies. Management believes this could materially strengthen GSK’s hepatology franchise and represent a major shift in how the disease is managed over the long term, with potential benefits for both patients and healthcare systems.

From an investment perspective, GSK’s outlook is supported by its strong financial performance and relatively attractive valuation metrics. Ongoing strategic actions, including share buybacks and sustained investment in research and development, underpin confidence in future growth. These positives are balanced by pressures in certain business segments and ongoing cash flow considerations, suggesting a more measured outlook despite the clinical success.

More about GlaxoSmithKline

GSK is a global biopharmaceutical company focused on developing innovative medicines and vaccines, guided by its aim to get ahead of disease. The group has a growing hepatology pipeline and targets areas of significant unmet medical need, including infectious diseases with large global impact such as chronic hepatitis B.

Directa Plus (LSE:DCTA) reported a modest increase in revenue to €7.0 million for 2025 and a roughly 30% year-on-year improvement in adjusted LBITDA to around €2.5 million, reflecting tighter cost control and operational efficiencies. The group also continued to advance its proprietary technology to manufacture interlocked and blended graphene materials, targeting applications in PFAS-related uses, defence and other highly regulated sectors seen as offering strong growth potential.

Alongside this, Directa Plus pressed ahead with the restructuring of its Setcar subsidiary. Management said the programme has already delivered at least €0.7 million in annualised cost savings and included the award of a €1.5 million Total Waste Management contract with Ford. The group has also launched a process to potentially dispose of non-core land assets, as part of a broader effort to improve capital allocation and enhance shareholder value. Year-end cash stood at €1.5 million, and the board said it is actively pursuing partnerships, joint ventures and licensing opportunities to monetise its patent portfolio, with plans to raise additional funding during 2026.

The update also included changes at board level. Chairman Richard Hickinbotham has stepped down, while chief executive Giulio Cesareo has been appointed interim chairman as the company progresses its CEO succession plans.

Despite the operational progress, Directa Plus’s outlook remains constrained by underlying financial challenges, including continued losses, negative free cash flow and revenue pressure. Technical indicators point to a supportive share price trend, although an overbought RSI suggests some near-term risk. Management commentary from the latest earnings call was more constructive, highlighting revenue initiatives, further cost reductions, increased automation and partnership activity. Valuation, however, continues to be weighed down by ongoing losses and the absence of dividend support.

More about Directa Plus

Directa Plus is an Italy-based producer and supplier of graphene nanoplatelets and graphene-enabled products serving consumer and industrial markets. The company uses a proprietary plasma super expansion process to manufacture sustainable, non-toxic graphene materials in multiple formats. Founded in 2005 and listed on London’s AIM market since 2016, Directa Plus focuses on high-growth, highly regulated sectors through its G+ branded materials and holds the London Stock Exchange’s Green Economy Mark.

Predator Oil & Gas Holdings Plc (LSE:PRD) reported a 19% month-on-month increase in daily oil output from its Trinidad operations, with production reaching 367 barrels of oil per day as at 4 January 2026. The improvement followed the completion of a development well at the Bonasse field and a heavy workover at the Goudron field, both delivered ahead of schedule.

At Bonasse, the BON-17 well successfully accessed a new producing interval with a lower water cut, supporting higher and more efficient output. Meanwhile, the GY-211 workover at Goudron re-entered a previously abandoned reservoir, briefly flowing 221 barrels over a 14-hour period. Management said the result highlights the potential to materially increase production through targeted re-entry of legacy zones. Operational gains have also been supported by infrastructure upgrades, including the installation of a new transformer that reduces diesel consumption and improves lifting efficiency.

With its 2026 work programme now fully funded, Predator is preparing to drill a new high-impact development well and to undertake additional heavy workovers at Goudron. In parallel, the company is advancing regulatory submissions for the Cory Moruga Snowcap-3 appraisal and development well. Management believes these steps validate its recent expansion in onshore Trinidad and position the business to benefit from the area’s rising geopolitical importance and the potential return of major oilfield service providers.

From an investment perspective, the outlook continues to be constrained by the absence of revenue and ongoing losses, alongside negative free cash flow, despite operational improvements during 2024. Technical indicators are broadly supportive, with the share price trading above key moving averages and a positive MACD signal. However, very overbought RSI and stochastic readings introduce near-term risk, while valuation support remains limited due to a negative price-to-earnings ratio and the lack of a stated dividend.

More about Predator Oil & Gas Holdings Plc

Predator Oil & Gas Holdings Plc is a Jersey-based oil and gas company listed on the London Stock Exchange. It operates producing onshore oil assets in Trinidad, where it focuses on production enhancement and infill drilling under a master services agreement with local operator NABI Construction. In Morocco, the company is advancing gas appraisal and development projects targeting shallow biogenic gas, potentially for CNG or micro-LNG solutions, supported by favourable fiscal terms and established gas export infrastructure.

Caspian Sunrise plc (LSE:CASP) said it has convened a General Meeting to be held at 2:00 p.m. on 30 January 2026 at the London offices of Taylor Wessing. At the meeting, shareholders will be asked to formally receive the company’s audited financial statements, together with the directors’ and auditors’ reports, for the year ended 31 December 2024.

The company confirmed that the notice of meeting and the associated shareholder circular are being distributed to investors and have also been published on its website. The announcement reflects Caspian Sunrise’s routine governance and reporting timetable, providing shareholders with the opportunity to review and acknowledge the group’s 2024 financial results in a formal setting.

From a market perspective, Caspian Sunrise’s outlook is supported by positive technical indicators, with the shares trading above key moving averages, alongside a low price-to-earnings ratio that points to potential undervaluation. These strengths are balanced by a mixed underlying financial picture, with profitability weighed against declining revenue and pressures on cash flow. Limited disclosure from earnings calls or recent corporate events restricts additional insight into management’s forward-looking expectations.

More about Caspian Sunrise

Caspian Sunrise plc is a London-listed energy company focused on oil and gas exploration and production. The group maintains a broad shareholder base of institutional and retail investors and provides regular updates through its financial reporting and corporate governance processes.

Solvonis Therapeutics (LSE:SVNS) said it has received a Notice of Allowance from the U.S. Patent and Trademark Office covering a new family of compounds within its SVN-SDN-14 post-traumatic stress disorder (PTSD) discovery programme. The patent milestone enhances the intellectual property protection around the early-stage asset as the company works toward selecting a lead development candidate in the first quarter of 2026.

The newly covered compounds are designed to act across serotonin, dopamine and noradrenaline pathways, while incorporating a mechanism for predictable metabolic deactivation. Solvonis said this approach is intended to provide greater control over pharmacokinetics, potentially enabling safer and more flexible dosing. Management believes these characteristics could improve real-world clinical usability and strengthen both the scientific rationale and commercial appeal of its PTSD programme within the competitive central nervous system (CNS) therapeutics space.

Despite the positive IP development, Solvonis’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue in 2024, ongoing losses and continued cash burn. These pressures are partially mitigated by a low-debt balance sheet. From a market perspective, technical indicators are supportive, with the share price trading above key moving averages and a positive MACD signal, although valuation remains difficult to assess due to the lack of meaningful P/E and dividend yield metrics.

More about Solvonis Therapeutics

Solvonis Therapeutics is a London-headquartered, LSE-listed biopharmaceutical company focused on developing novel small-molecule treatments for high-burden CNS disorders, including addiction, psychiatric and neurological conditions. Its pipeline includes repurposed and newly discovered compounds, led by Phase 3 candidate SVN-001 for severe alcohol use disorder in the UK, SVN-002 preparing for a Phase 2b trial in the US for moderate-to-severe alcohol use disorder, and the preclinical PTSD programme SVN-SDN-14, supported by a broader proprietary CNS compound library.