Category: Market News

Europa Metals Ltd (LSE:EUZ) has announced that its shares will be cancelled from trading on London’s AIM market at 7:00 a.m. on 2 February 2026, after failing to complete a qualifying reverse takeover within the timeframe required under AIM rules. The company became an AIM Rule 15 cash shell in November 2024 and has since been seeking a transaction to re-establish its operating status. Discussions regarding a potential acquisition of Marula Africa Mining Holdings Limited have now been formally terminated, leaving Europa without a route to retain its AIM listing. As a result, the delisting will remove the company’s obligations to comply with AIM’s disclosure, transaction and corporate governance requirements, while materially reducing liquidity for shareholders. The board said it remains in dialogue with the Johannesburg Stock Exchange regarding the implications for its South African listing and is continuing to assess alternative corporate transactions and listing options in an effort to preserve shareholder value.

From a financial standpoint, Europa Metals continues to face significant challenges, including the absence of revenue generation and ongoing losses, which underpin its high-risk profile. Market indicators reflect a bearish tone, and while headline valuation measures such as the price-to-earnings ratio may appear optically low, these metrics are of limited relevance given the company’s cash shell status and structural uncertainty. Although a recent strategic disposal delivered a profit, the failure to secure a reverse takeover and the resulting AIM exit add to uncertainty around future direction and recovery prospects.

More about Europa Metals Ltd

Europa Metals Ltd is an Australian-incorporated public company whose shares have been listed on the AIM market of the London Stock Exchange, where trading is currently suspended, and on the AltX board of the Johannesburg Stock Exchange. The group remains subject to ongoing disclosure obligations under Australian corporate law while it evaluates strategic options following its transition to a cash shell and the cancellation of its AIM listing.

Chrysalis Investments (LSE:CHRY) reported an unaudited net asset value of 165.36 pence per share at 31 December 2025, representing a 3.7% quarter-on-quarter decline. The movement was largely driven by a lower valuation for Klarna following weakness in its post-IPO share price, alongside a valuation discount applied to wefox reflecting near-term funding uncertainty. These headwinds were partly offset by an uplift in the valuation of Starling, helping to cushion the overall NAV impact. During the period, the company continued to execute its capital allocation strategy, with cumulative share buybacks reaching approximately £108m by late January, surpassing its original £100m target.

Operationally, Chrysalis’s portfolio companies delivered a series of positive developments that highlight growing underlying momentum. Starling’s Engine banking-as-a-service platform secured a significant 10-year core banking migration contract with Tangerine Bank, strengthening its long-term revenue visibility. Smart Pension reported assets under management exceeding £9bn, benefiting from accelerating consolidation in the UK pensions market, while Klarna delivered strong growth in transaction volumes and revenues despite reporting a small operating loss driven by accounting factors. Together, these updates underline the contrast between short-term valuation pressures linked to public markets and funding dynamics, and the continued strategic and commercial progress being made across the portfolio, which could support future valuation uplifts and realisations.

From an investment perspective, the outlook remains constrained by uneven financial quality, including negative operating and free cash flow in 2025 and historically high volatility, even as the company has delivered a recent rebound in profitability and maintains a low-leverage balance sheet. Technical indicators are supportive, with positive momentum in the share price, while a low price-to-earnings multiple improves the broader valuation backdrop.

More about Chrysalis Investments Limited
Chrysalis Investments Limited is a UK-listed investment company that provides growth capital to later-stage, technology-enabled businesses, with a portfolio concentrated on fintech and digital financial services. Its holdings include companies such as Klarna, Starling, Smart Pension and wefox, and the firm actively manages both its investments and capital structure, including the use of share buybacks, to enhance long-term shareholder value while supporting portfolio companies through key growth phases.

Transense Technologies (LSE:TRT) said trading across its two core divisions remains positive, but slower-than-expected customer onboarding and a downgrade to anticipated Bridgestone iTrack royalties have led management to trim its outlook for the year ending June 2026. The group now expects FY26 revenue of at least £5.2m, including around £2.0m from royalties, falling short of previous market expectations after an estimated 10% reduction in forecast iTrack income. While combined revenue from SAWsense and Translogik is still projected to grow by at least 30% year on year, with gross margins maintained, full-year profitability is now expected to be materially lower than earlier guidance, despite the business being profitable and cash generative in the first half.

Operationally, SAWsense delivered revenue growth of more than 70% in the first half, while Translogik recorded growth of 13%, supported by a strengthening sales pipeline and new partnership discussions. Management noted that geopolitical and broader economic uncertainty are causing some customers to delay new commitments, weighing on near-term visibility. Even so, the board reiterated confidence in the group’s longer-term growth prospects, pointing to the scalability of its technology platforms and exposure to high-value end markets, as the company prepares to publish interim results and host investor presentations in February.

More about Transense Technologies PLC
Transense Technologies PLC, headquartered in Oxfordshire and listed on AIM, develops and supplies advanced sensing and measurement technologies for mission-critical applications. Through its SAWsense and Translogik divisions, the company provides Surface Acoustic Wave-based sensor systems to aerospace, automotive and industrial customers, alongside smart, connected tyre inspection and monitoring solutions for global tyre manufacturers, fleet operators and service centres, and earns residual royalties from Bridgestone’s iTrack off-highway tyre monitoring system.

Artemis Resources (LSE:ARV) reported a notable exploration advance in its December quarter update, highlighting the discovery of a new shear-hosted gold system at the Titan East prospect within the Karratha Gold-Copper Project. Drilling delivered high-grade gold intersections across a strike length of roughly 600 metres, prompting the company to commence follow-up diamond drilling to better define the scale and continuity of the mineralisation. The results mark a meaningful step forward for the broader Karratha project and support Artemis’s strategy of expanding its gold footprint alongside copper exposure.

Beyond Titan East, the group progressed a conceptual mining study at its Carlow Gold-Copper Project, assessing potential open-pit and underground development pathways against a backdrop of stronger gold and copper prices. Artemis also added momentum to its copper growth pipeline through an earn-in and joint venture agreement over the Sharon Dam IOCG Project in the Madura Province, while continuing exploration work at the Cassowary prospect. In parallel, the company signed a non-binding memorandum of understanding to evaluate processing high-grade silver ore from the Elizabeth Hill mine at its wholly owned Radio Hill processing plant, offering potential third-party processing upside. On the corporate front, Artemis announced changes to its technical leadership and outlined plans to delist from London’s AIM market, aiming to reduce costs and concentrate liquidity on its ASX listing.

More about Artemis Resources

Artemis Resources is an ASX-listed exploration and development company focused on gold and copper assets in Western Australia. Its core portfolio includes the Karratha Gold-Copper Project and the Carlow Gold-Copper Project in the Pilbara region, alongside large-scale IOCG-style copper-gold targets in the Madura Province. The company also owns the fully permitted Radio Hill Processing Plant near Karratha, providing processing flexibility for its own material and potential third-party feed, and is seeking to streamline its capital markets presence by consolidating trading activity on the ASX.

Cohort plc (LSE:CHRT) said its subsidiary Marlborough Communications Ltd (MCL) has secured a series of new UK defence orders worth a combined £17.9m, providing firm support for the Group’s revenue expectations in the 2025/26 financial year. The awards include a £14.0m contract from a UK government customer for the near-term supply of uncrewed air systems, alongside two years of in-service support, delivered in partnership with long-standing supplier Skydio. In addition, MCL has received a further £3.9m order for tactical audio systems from a UK customer, adding to near-term delivery commitments.

Chief executive Andrew Thomis said the contract wins reflect MCL’s strong relationships with defence customers and its proven engineering capabilities, while also strengthening Cohort’s order book and improving revenue visibility. Management noted that the new business fully underpins current consensus revenue forecasts for FY2025/26, reinforcing confidence in the Group’s short- to medium-term outlook.

More broadly, Cohort’s solid operational and financial performance, together with supportive corporate developments, provide a strong underlying base. However, this is partly tempered by weaker technical indicators and a valuation that suggests a more cautious market stance despite the Group’s consistent revenue growth and disciplined strategic execution.

More about Cohort plc

Cohort plc is an AIM-listed independent technology group supplying defence and related products and services through seven operating businesses across the UK, Australia, Germany and Portugal. The Group is structured around Communications and Intelligence, and Sensors and Effectors divisions, with subsidiaries delivering advanced communications, surveillance, electronic warfare, sonar and naval systems to domestic and international defence customers, including the UK Ministry of Defence and other government agencies.

First Class Metals PLC (LSE:FCM) has arranged up to £1m in interest-free convertible loan note financing from an overseas investor, providing funding to kick off its maiden drilling campaign at the Sunbeam gold project in Ontario while also boosting working capital. The agreement comprises an initial £350,000 tranche, with conversion rights set at a discount to the prevailing market price and accompanied by warrants, alongside an option for the company to redeem the notes at a premium. Part of the proceeds will be used to fast-track the final CAD$100,000 payment required to secure full ownership of the Kerrs Gold property, bringing a 386,000-ounce historical gold resource fully under company control and strengthening its position as it advances several gold assets against a supportive gold price backdrop.

Despite the strategic funding, the investment case continues to be constrained by early-stage financial characteristics, including the absence of revenue, ongoing operating losses and continued cash outflows, with only limited balance sheet support at present. Share price signals are mixed and offer little technical confirmation, while valuation remains difficult to assess given negative earnings and the lack of dividend metrics.

More about First Class Metals PLC

First Class Metals PLC is a UK-listed exploration company focused on high-grade, district-scale gold and critical metals opportunities in Ontario, Canada, with particular exposure to the Hemlo camp and the Abitibi Greenstone Belt. The group owns 100% of seven claim blocks and holds options over three additional areas, targeting gold alongside base and battery metals. Its portfolio includes flagship assets at North Hemlo and Sunbeam, a joint venture at the ultra-high-grade West Pickle Lake nickel-copper project, and other interests such as the Zigzag lithium–tantalum project and the Kerrs Gold property, which hosts a substantial historical gold resource.

Empyrean Energy (LSE:EME) has entered into a binding term sheet with Conrad Asia Energy that brings an end to the prolonged cash call dispute relating to Indonesia’s Duyung Production Sharing Contract and the Mako Gas Field. Under the agreement, Conrad has withdrawn its forced withdrawal notice and both parties have aligned on a cooperative structure built around a newly created special purpose vehicle. Empyrean will transfer its existing 8.5% participating interest in the Duyung PSC to Conrad subsidiary WNEL, but will retain an indirect 8.5% economic interest by holding the same stake in a Singapore-based SPV that owns WNEL. This structure allows Empyrean to maintain exposure to future Mako value and potential farm-out proceeds, while removing any requirement for direct future cash call funding, with development expected to be supported by project finance and first gas targeted for the fourth quarter of 2027.

Despite the strategic resolution, the company’s overall outlook continues to be constrained by weak financial fundamentals, including the absence of revenue, ongoing losses, negative operating cash flow and a balance sheet characterised by negative equity and rising debt. Market indicators also remain unfavourable, with the share price trading below key moving averages and momentum signals such as MACD still negative. While the settlement reduces legal and joint venture uncertainty and introduces some positive governance elements, these are partly offset by the group’s loss-making status, limited valuation support and the absence of dividend visibility.

More about Empyrean Energy PLC

Empyrean Energy PLC is an oil and gas exploration and development company with assets and interests across Australia, Indonesia and the United States. Its portfolio is focused on upstream opportunities, including the Duyung Production Sharing Contract offshore Indonesia, which contains the Mako Gas Field, alongside other exploration and appraisal projects.

Winking Studios Limited (LSE:WKS) said it expects a strong FY2025 performance, forecasting revenue growth of at least 40% from US$31.9m in FY2024, coming in slightly ahead of market expectations. The uplift is being driven primarily by the acquisition of Shanghai Mineloader Digital Technology, alongside mid-to-high single-digit organic growth across its existing studios. Adjusted EBITDA is projected to rise by 7–13% year on year, reflecting continued investment in expansion initiatives, including further M&A activity, additional production capacity in Southeast Asia and the development of Vertic Studios as a premium, high-end art brand. The group is also pushing to strengthen its commercial footprint in Western markets.

Visibility remains strong, with indicative artist bookings of at least US$48.6m secured over the next 24 months. Of this total, around US$34.6m is expected to be recognised as FY2026 revenue, highlighting a robust forward pipeline and reinforcing the company’s role as a key outsourcing partner for leading global video game publishers.

More about Winking Studios Limited

Winking Studios Limited is headquartered in Singapore and is dual-listed on the London and Singapore stock exchanges. It is one of Asia’s largest AAA game art outsourcing specialists and an established game development group, with more than 25 years of industry experience. The company delivers end-to-end art outsourcing, game development and publishing support services through three core business segments. It operates 13 studios across Greater China and Malaysia, employs over 1,400 staff and works with 22 of the world’s top 25 game publishers.