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Ariana Resources (LSE:AAU) has announced a new set of positive drilling results from the Main and South Zones of the Tavşan Mine in western Türkiye, reinforcing confidence in the scale and continuity of gold and silver mineralisation at the project. The latest programme comprised 3,887 metres of HQ diamond drilling across 85 holes, confirming existing high-grade zones while also identifying extensions beyond current resource boundaries.

Results included a number of near-surface and deeper intercepts, with newly defined high-grade areas containing both gold and silver. The South Zone in particular continues to demonstrate strong potential for resource growth, while drilling on the eastern margins of the Main Zone suggests additional upside. Infill drilling has also validated continuity within the current geological models, providing further support for mine planning and development assumptions.

Total drilling at Tavşan is now approaching 10,000 metres, with work ongoing in the West and East Zones. Based on this expanded dataset, the company is preparing an updated JORC-compliant resource estimate, which is expected to be released in the second quarter of 2026. In parallel, pit designs are being re-optimised using a higher gold price assumption of US$3,500 per ounce, a move that could increase the overall scale, mine life and economic contribution of Tavşan to Ariana and its joint venture partners.

Despite the exploration progress, the broader outlook remains constrained by weak financial performance, including ongoing operating losses and negative operating and free cash flow. While leverage remains low and valuation metrics appear reasonable, these factors have yet to fully offset the risks associated with profitability and cash generation.

More about Ariana Resources

Ariana Resources plc is a mineral exploration, development and production company with interests in gold projects across Africa and Europe. The group holds a 23.5% stake in the Tavşan Mine in western Türkiye and focuses on discovering and advancing gold and silver deposits through joint ventures and operated projects, building a diversified pipeline of precious metals assets across its regional portfolio.

Hochschild Mining (LSE:HOC) delivered attributable production of 311,509 gold equivalent ounces in 2025, in line with its revised guidance. Performance was underpinned by solid contributions from Inmaculada and San Jose, alongside the continued ramp-up of Mara Rosa. While overall volumes and grades were lower than in 2024, the company indicated that all-in sustaining costs are expected to come in at the top end, or slightly above, its guided range.

The group’s financial position strengthened materially over the year, supported by strong precious metal prices and disciplined cost control. Cash increased to around $317m, net debt was reduced to approximately $23m, and leverage fell to just 0.04x EBITDA, marking a significant improvement in balance sheet resilience.

Operationally, Hochschild continued to advance its growth pipeline. Brownfield exploration progressed across the portfolio, permitting and resource expansion moved forward at Royropata, and Monte do Carmo was advanced towards a potential investment decision in 2026. The company also crystallised value from non-core assets through the Tiernan Gold spin-out, while retaining strategic exposure.

Looking ahead, Hochschild has guided to higher group production in 2026 of between 300,000 and 328,000 gold equivalent ounces, driven by increasing output from Mara Rosa and steady contributions from Inmaculada and San Jose. This growth is expected to be accompanied by higher all-in sustaining costs of $2,157–$2,320 per ounce and capital expenditure of $210m–$225m. Alongside financial and operational targets, the group continues to highlight progress in safety performance, water efficiency, waste recycling and local employment.

Overall, the outlook is supported by improving cash generation and a strong technical trend in the shares. These positives are balanced by cost pressures, mixed earnings-call signals and valuation metrics that suggest more limited near-term upside following recent share price strength.

More about Hochschild Mining

Hochschild Mining is a precious metals company focused on underground gold and silver mining. Its core assets include the Inmaculada and San Jose mines and the Mara Rosa project, alongside development projects such as Monte do Carmo and Royropata. The group is also actively monetising non-core assets, while retaining strategic stakes in listed spin-outs including Tiernan Gold and Aclara Resources.

Avacta Group plc (LSE:AVCT) has received clearance from the U.S. Food and Drug Administration for its Investigational New Drug application covering FAP-Exatecan (AVA6103), marking a key milestone for the company’s pre|CISION® platform. AVA6103 is Avacta’s second pre|CISION® medicine and its first peptide drug conjugate incorporating the potent topoisomerase I inhibitor exatecan.

The IND approval enables Avacta to move AVA6103 from preclinical development into a Phase 1 clinical trial in the United States, which is expected to begin later in the first quarter of 2026. The study will evaluate safety, tolerability, dosing and early signs of efficacy in adult patients with pancreatic, cervical, gastric and small cell lung cancers, using two different dosing regimens. Initial clinical data are anticipated in the second half of 2026.

Management highlighted the rapid progression of the programme, advancing from inception to IND clearance in around 24 months, as a strong validation of the pre|CISION® platform. The technology is designed to deliver a sustained-release of highly potent drugs within the tumour microenvironment, with the aim of improving anti-cancer activity while reducing the systemic toxicities typically associated with exatecan.

Strategically, Avacta believes AVA6103 could strengthen its position in next-generation oncology therapeutics and provide valuable clinical proof-of-concept for the broader application of its capping group and linker technologies across multiple drug payloads. However, the overall outlook continues to be shaped by financial constraints, limited partnering activity and weak technical indicators, with negative earnings and no dividend weighing on valuation.

More about Avacta Group plc

Avacta Group plc is a clinical-stage life sciences and biopharmaceutical group focused on oncology through its therapeutics division, Avacta Therapeutics. The company is developing its proprietary pre|CISION® tumour-activated drug delivery platform, which uses fibroblast activation protein (FAP) to selectively release potent payloads, including peptide and Affimer® drug conjugates, within the tumour microenvironment, with the aim of enhancing efficacy while reducing systemic toxicity compared with conventional approaches.

OptiBiotix Health (LSE:OPTI) has secured four major orders totalling 24 metric tonnes of its flagship weight management ingredient SlimBiome from Taiwanese distributor Meelung Trading, marking its largest set of early-year commitments to date. The orders, which will be delivered in phased shipments across 2026, reflect strong sales momentum since the two companies entered into a distribution agreement in mid-2025.

Including these contracts, a previously announced low six-figure order from a leading weight management company, and commitments from two additional partners, OptiBiotix has now secured more than £800,000 of non-cancellable orders early in the year. Management said this provides improved revenue visibility, greater supply-chain efficiency and enhanced pricing leverage as the business scales.

The company is positioning SlimBiome within the fast-growing market for natural alternatives to GLP-1-based weight management solutions. Its clinically supported efficacy and regulatory claims are seen as key differentiators, strengthening OptiBiotix’s competitive position as it enters 2026 with growing commercial traction.

Despite this progress, the broader investment outlook remains mixed. Ongoing losses and cash outflows continue to weigh on sentiment, while technical indicators point to a sustained downtrend in the share price. Although the group remains debt-free, valuation support is limited by negative earnings and the absence of a dividend.

More about OptiBiotix Health

OptiBiotix Health plc is a UK-listed life sciences group focused on developing microbiome-based technologies and products aimed at preventing and managing human disease. Its portfolio includes functional and prebiotic ingredients such as SlimBiome, WellBiome, SweetBiotix and Microbiome Modulators, alongside skincare interests through SkinBioTherapeutics and probiotics via ProBiotix Health, targeting high-growth global consumer health and weight management markets.

Galliford Try (LSE:GFRD) said trading for the half year to 31 December 2025 has exceeded both the prior year and the board’s expectations, reflecting continued strength across its framework-led operations. Performance has been supported by a strong presence in long-term public and regulated sector frameworks, alongside progress on the expanded AMP8 water programmes.

As a result, the group now expects full-year revenue to land towards the upper end of market estimates, with adjusted profit before tax forecast to come in slightly above the top of the current consensus range. Visibility remains high, underpinned by a £4.1bn order book and recent framework awards, including positions on National Grid’s Major Works & Civils Framework, The Hyde Group’s affordable homes framework and the YORCivil Major Works 2 Framework.

Galliford Try also highlighted the strength of its balance sheet, with rising average cash levels, no debt or pension obligations, and access to an undrawn revolving credit facility. Management said this financial flexibility improves the group’s ability to win high-quality contracts, support its supply chain and continue returning capital to shareholders, including through its ongoing £10m share buyback programme.

Overall, the outlook is supported by solid operational execution and a resilient financial base. While margin and revenue growth pressures remain industry-wide considerations, the company’s technical momentum and shareholder-friendly capital allocation underpin its appeal to investors seeking stability and income.

More about Galliford Try

Galliford Try Holdings plc is a FTSE 250 UK construction company operating under the Galliford Try and Morrison Construction brands. It delivers building and infrastructure projects across the environment, highways and wider public, private and regulated sectors, with a particular focus on long-term national frameworks in transport, education, defence, custodial, health and major water sector programmes.

Novacyt (LSE:NCYT) reported unaudited revenues of approximately £20.0m for 2025, slightly ahead of the £19.6m recorded in 2024 and broadly in line with market expectations. The group ended the year with a strong cash balance of £19.2m and no debt, providing financial flexibility as it continues to reshape the business.

Underlying revenue increased by around 4% year on year, or 5% at constant currency, despite the disposal of the Taiwan service laboratory. Clinical revenues rose 3% to £13.8m, supported by double-digit growth in non-invasive prenatal testing technologies. Instrumentation sales were a key growth driver, climbing more than 25% to £2.5m, while research-use-only revenues declined by roughly 10%, reflecting a shift in mix.

Regionally, APAC delivered the fastest growth at about 10%, driven mainly by reproductive health products. The group also achieved three consecutive half-year periods of revenue growth. Although Novacyt remains loss-making at the EBITDA level, management expects losses to at least meet, and potentially improve on, forecasts due to continued tight cost control.

On the commercial front, momentum is building around the new LightBench Discover long-read sequencing instrument, with 10 units placed since its launch in July 2025 and a growing sales pipeline. The company also expanded its research-use-only portfolio with the launch of the Primerdesign exsig Mag RapidBead Pro Extraction Kit, while beta testing progressed for Yourgene’s Insight DPYD assay in collaboration with international precision medicine specialists, ahead of a planned launch in the first half of 2026. Together, these initiatives underline management’s focus on stabilising the business and returning it to innovation-led growth.

More about Novacyt

Novacyt is an international molecular diagnostics company focused on genomic medicine. It develops, manufactures and commercialises molecular assays and instrumentation that deliver end-to-end workflows from sample to result. The group operates across clinical in vitro diagnostics, next-generation genomic instrumentation and research-use-only services, and sells into more than 65 countries. Novacyt is headquartered in France, with operations in the UK, Singapore, the US and Canada, and is listed on AIM in London and Euronext Growth in Paris.

Amaroq Ltd. (LSE:AMRQ) announced encouraging exploration results from its Minturn prospect in northwest Greenland, confirming the presence of a large iron oxide system with exceptionally high-grade surface mineralisation. Sampling has returned magnetite grades of up to 69.5% iron across an approximately 9 km trend, located within a broader 80 km-long mineralised corridor.

The combination of very high iron grades and low impurity levels suggests potential for direct shipping ore, with suitability for direct reduced iron applications. In addition, integrated geophysical and geochemical datasets indicate the presence of associated copper and gold mineralisation, consistent with a Kiruna-style Iron Oxide Copper Gold (IOCG) system. This raises the prospect that Minturn could evolve into a significant multi-commodity discovery of international scale.

Following these results, Amaroq plans to step up activity in 2026 with an intensive programme of scout drilling, detailed mapping and further geophysical surveys. The aim is to better define the size, geometry and economic potential of the system, while advancing understanding of its broader mineral endowment.

Management said the findings not only expand Amaroq’s growth pipeline beyond its traditional gold focus, but also highlight Greenland’s increasing importance as a source of large-scale critical mineral deposits, particularly those aligned with global steelmaking and energy transition demand.

More about Amaroq Ltd.

Amaroq Ltd. is an independent mine development company focused on unlocking Greenland’s mineral potential. While historically centred on gold, the group is expanding into critical and strategic minerals through its joint venture company Gardaq, building a portfolio of projects in frontier regions of Greenland aimed at discovering large, high-grade deposits capable of supplying global commodity markets.

British Land (LSE:BLND) delivered a strong third-quarter performance to 31 December 2025, highlighting sustained occupier demand across its London campuses and retail park portfolio. During the period, the group leased 882,000 square feet of space on terms materially ahead of estimated rental values and prior passing rents, with a further 1.8 million square feet currently under offer.

Leasing momentum was most pronounced within the campus portfolio, where Science & Technology occupiers continue to drive take-up at key assets including One Triton Square and Broadgate. Retail parks also performed well, with occupancy at 99% and rising footfall supporting income growth and asset resilience.

On the back of this activity, management reaffirmed its outlook for earnings, guiding to underlying earnings per share of at least 28.5p for FY26 and growth of at least 6% in FY27. The update signals confidence in British Land’s income trajectory and reinforces its focus on higher-quality, supply-constrained segments of the UK commercial property market.

Overall, the company appears well positioned, supported by positive leasing dynamics, constructive sentiment from recent earnings communications and attractive valuation metrics. That said, management continues to monitor potential risks around earnings volatility and cash flow consistency as it executes its strategy.

More about British Land Company plc

British Land Company plc is a UK-focused commercial property owner and manager, concentrating on London campuses and retail parks where it sees the strongest structural demand. The group controls or manages a £15.2bn property portfolio, with a British Land share of £9.8bn as at 30 September 2025, and aims to deliver long-term sustainable value through development, repositioning and active asset management, guided by its sustainability framework of Greener Spaces, Thriving Places and Responsible Choices.