Blog

London BTC Company Limited (LSE:BTC) has moved to diversify its risk profile by introducing a gold-linked hedge against bitcoin price volatility, securing a 30-day exclusive call option to acquire 100% of the Chance Gold Mine tenements in Western Australia. The internally funded, low-cost option provides exposure to a historic high-grade gold project located close to the 2.6Moz Copperhead Gold Mine, with management indicating that modern exploration techniques could unlock meaningful upside. The company intends to fund exploration using cash flows from its existing bitcoin mining operations and its balance sheet, with any increase in the gold asset’s value expected to support the bitcoin treasury and help finance further expansion of its mining fleet.

Alongside the gold strategy, London BTC is assessing plans to scale its U.S. bitcoin mining operations to around 1,500 units through 2026. As part of this push, the group is in the process of establishing a U.S. subsidiary to secure prospective gold ground, which could both deepen its gold hedging strategy and potentially accommodate standalone data centres for future bitcoin mining. Management sees the combination of physical gold optionality and expanded U.S. mining capacity as a way to smooth earnings volatility while maintaining leverage to long-term bitcoin growth.

More about London BTC Company Limited

London BTC Company Limited is a London Stock Exchange Main Market-listed bitcoin mining and treasury company, with its shares also trading on the OTCQB in the United States. The group builds a strategic bitcoin position through a combination of direct bitcoin holdings and operating its own mining fleet, which currently comprises 1,048 miners hosted at third-party facilities across Indiana, Iowa, Nebraska and Texas in the US, as well as Labrador in Canada. The business is supported by a debt-free balance sheet and a strategy focused on disciplined expansion and treasury growth.

Hamak Strategy Limited (LSE:HAMA) has moved to re-establish full ownership of its Nimba gold project in Liberia after agreeing with First Au Limited to unwind their joint venture, returning the asset to 100% Hamak control with no upfront consideration. The decision follows more than A$600,000 of exploration spending by First Au, which also delivered early, encouraging drill intersections, effectively leaving Hamak with a de-risked project at no direct cost. The company said it is now in advanced discussions with a new partner to progress Nimba, while continuing to accelerate activity across its broader gold portfolio.

At the same time, Hamak is advancing due diligence on the Akoko gold project in Ghana, which hosts an estimated 250,000-ounce resource. Preparatory work is well underway, including the appointment of a drilling contractor for a planned 4,250-metre reverse circulation programme, alongside community engagement initiatives and topographical surveys. These steps are intended to support evaluation of a potential low-cost open-pit, heap leach development scenario. Management said the renewed operational momentum comes against a backdrop of sharply higher gold prices and forms part of a broader strategy to scale activity across its African assets.

Alongside project-level progress, the company is reshaping its board and management structure to support a dual gold exploration and Bitcoin treasury strategy. This repositioning signals a more assertive growth and capital markets approach, but also introduces additional complexity and risk. While near-term technical indicators have improved somewhat, the overall outlook remains constrained by the absence of revenue, continued operating losses and negative cash flow, with valuation metrics limited by a negative price-to-earnings profile and no dividend support.

More about Hamak Strategy Limited

Hamak Strategy Limited is a UK-listed company focused on early-stage gold exploration in Africa, with core interests in Liberia and Ghana. The group combines conventional mineral exploration with a digital asset treasury strategy that includes holding part of its reserves in Bitcoin and other cryptoassets, creating a differentiated but higher-risk investment proposition.

Europa Oil & Gas (Holdings) (LSE:EOG) has said its Irish offshore licence FEL 4/19 continues to be in force under Phase 1 terms while the company awaits a decision on its application for a Phase 1 extension from Ireland’s Department of Climate, Energy and the Environment. The licence covers the Inishkea West gas prospect, which is estimated to contain around 1.5 trillion cubic feet of gas and is viewed by the company as a strategically significant, relatively low-risk development opportunity. Europa has highlighted the asset’s potential to supply lower-emission domestic gas to Ireland, benefit from nearby infrastructure that could enable a faster route to production, and reduce reliance on higher-emission imported energy sources.

From a broader perspective, Europa’s investment outlook continues to be shaped by weak recent financial performance, including pressure on revenues and profitability. These challenges are partly offset by constructive corporate developments and some supportive technical indicators, which point to possible improvement over time. While valuation metrics remain constrained by the group’s current loss-making position, management believes that progress on key assets and signs of insider confidence provide a degree of longer-term upside potential.

More about Europa Oil & Gas (Holdings) plc

Europa Oil & Gas (Holdings) plc is an AIM-quoted oil and gas exploration, development and production company with assets and interests spanning West Africa, the UK and Ireland. The group is focused on upstream opportunities, with a particular emphasis on gas projects that align with energy transition goals and the need for secure domestic energy supply.

Stelrad Group (LSE:SRAD) delivered another year of adjusted operating profit growth in 2025 despite continued weakness across its core UK and European radiator markets. Group revenue was around £280m, with overall sales volumes down roughly 4%, but this was more than offset by a richer product mix and disciplined cost control. Contribution per radiator increased for the eighth consecutive year, driving a rise in adjusted operating profit of around 3% to £32.5m and lifting the operating margin to 11.6%.

Cash generation remained strong, enabling the group to reduce net debt to £51.2m and lower leverage to 1.16x. This balance sheet improvement was supported by the renewal of a £100m loan facility on improved terms. During the year, Stelrad also continued to reshape its operational footprint, including a restructuring of its Danish business following earlier changes in Turkey. These actions resulted in an exceptional charge of approximately £2.7m but are intended to support improved efficiency and margin performance over the medium term.

Management said visibility on a broader recovery in construction and refurbishment markets remains limited, but highlighted that the margin improvements and strategic actions delivered in 2025 provide a solid foundation heading into 2026. The company believes it is well positioned to benefit when demand conditions improve, given its stronger cost base, improved leverage profile and focus on higher-value products. While fundamentals are supported by robust cash flow and operational execution, the overall outlook is tempered by weaker share price momentum and a relatively high valuation multiple.

More about Stelrad Group plc
Stelrad Group plc is a leading specialist manufacturer and distributor of steel panel and designer radiators, with operations primarily across the UK, Europe and Turkey. The group focuses on higher-margin, value-added heating products and leverages a flexible, low-cost manufacturing footprint, broad product range and strong customer service to compete effectively in residential repair, maintenance, improvement and new-build markets.

RUA Life Sciences (LSE:RUA) reported a transformational 18-month period to 30 September 2025, with revenue more than tripling to £6.7m versus the prior 12-month period, alongside a sharp improvement in profitability. Loss before tax narrowed to £0.2m, while EBITDA turned positive at £0.4m, reflecting both scale benefits and tighter cost control. The acquisition of French contract development and manufacturing organisation Abiss played a central role, strengthening the group’s CDMO platform, contributing a £0.9m bargain purchase gain and lifting CDMO revenues to £5.8m. Biomaterials revenues also advanced, rising 23% on a like-for-like basis to £914,000 despite adverse currency movements.

Strategically, the group has accelerated progress against its 2023 objectives by shifting away from R&D-intensive development towards a more commercially focused growth model. Reduced R&D expenditure, lower cash burn and disciplined cost management have enabled RUA to achieve its targets of doubling revenue and moving towards sustainable profitability ahead of schedule. The company ended the period with £3.25m in cash, supported by improving operational cash generation and a growing pipeline of development and manufacturing contracts. Management expects current activity levels to be maintained, providing scope to deepen relationships with existing customers, secure new clients and further commercialise its vascular and structural heart intellectual property within a highly regulated but attractive, high-margin medical device market.

From an investment perspective, the outlook is underpinned by strong top-line momentum and a conservative balance sheet, although profitability remains modest and operating cash flow is still negative. Technical indicators are supportive, with the shares in a clear uptrend, but a very high price-to-earnings multiple detracts from the overall valuation assessment.

More about RUA Life Sciences

RUA Life Sciences is a UK-based medical device-focused contract development and manufacturing organisation specialising in implantable textile components and devices. The group’s capabilities are underpinned by its proprietary long-term implantable biostable polymer, Elast-Eon, and delivered through subsidiaries including RUA Biomaterials and the recently acquired French CDMO Abiss. RUA’s strategy centres on international growth via polymer licensing, component supply and partnerships that monetise its polymer, composite materials and manufacturing process intellectual property, with the aim of becoming a long-term partner to major medical device companies while maximising shareholder value through profitable growth or selective disposals.

Guardian Metal Resources PLC (LSE:GMET) has confirmed that, as at 30 January 2026, its issued share capital comprises 168,728,216 ordinary shares of 1 pence each, all of which carry voting rights and with none held in treasury. As a result, the total number of voting rights in the company stands at 168,728,216. The update provides shareholders and the wider market with the reference figure required to calculate and disclose interests under UK transparency and disclosure regulations, reinforcing clarity around the company’s ownership structure as it continues to progress its strategic plans.

The confirmation comes as Guardian Metal pushes forward with its focus on U.S.-based tungsten assets, which are central to its positioning within critical minerals and defence-related supply chains. While the company remains constrained by early-stage financial characteristics, including minimal revenue, widening losses and increasing cash burn, it benefits from a debt-free balance sheet. Market indicators are more supportive, with the share price showing a strong upward trend and positive momentum, although valuation metrics remain unfavourable due to negative earnings and the absence of a dividend profile.

More about Guardian Metal Resources PLC

Guardian Metal Resources PLC is a strategic mineral exploration company focused on re-establishing U.S. tungsten production and strengthening domestic supply of critical defence metals. Listed in London and on the OTCQX market, the company is advancing two co-flagship tungsten projects in Nevada: Pilot Mountain, one of the largest undeveloped tungsten deposits in the United States, and Tempiute, previously the country’s largest producing tungsten mine. Backed by a US$6.2m investment from the U.S. Department of Defense under the Defense Production Act to support a pre-feasibility study at Pilot Mountain, Guardian Metal aims to play a key role in rebuilding a secure U.S. tungsten supply chain amid tightening Chinese export controls and evolving geopolitical conditions.

RC Fornax (LSE:RCFX) has announced a series of board changes as it enters the next stage of development following its AIM flotation and a record opening quarter for FY26. Non-executive chair Mark Fahy has stepped down, with existing independent non-executive director David Hitchcock appointed as the new independent non-executive chair. The board has also been strengthened with the appointment of Andrew McInerney, a former Royal Marines officer with experience in scaling growth companies, as an independent non-executive director, while managing director and head of engineering Chris Brooks has joined the board as an executive director. The company said the restructured board adds greater depth in defence, capital markets and operational delivery, supporting stronger governance, risk oversight and execution as commercial performance continues to improve.

Alongside the governance update, RC Fornax confirmed it expects to publish its audited results for the year ended 31 August 2025 in February 2026. Management noted that key financial metrics in the draft accounts are consistent with figures previously guided to the market, indicating continued operational momentum and no material financial surprises for shareholders and other stakeholders.

More about RC Fornax plc
RC Fornax plc is an AIM-quoted UK consultancy providing outcome-based engineering solutions to critical defence platforms. Founded in 2021 by former RAF officers Paul Reeves and Daniel Clark, the company focuses on improving programme efficiency and delivering value for money across air, land and maritime projects within the UK defence sector.

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.