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Zak Mir talks to Scott Livingston, CEO of Tooru Plc (AIM: TOO) , after the UK-based investment and operating company focused on the health, wellness, and organic food sector announced its half-year financial report . This included EBITDA of over £1 million generated from its operating businesses during the first six months of 2026. The OAF brand continued to grow, with increased distribution in major retailers. Increased listings with Tesco during the period and new listings in Asda from April 2026. Highlights · EBITDA of over £1 million generated from our operating businesses during the first six months of 2026 · Continued growth of the OAF brand with increased distribution in major retailers o increased listings with Tesco during the period o new listings in Asda from April 2026 · New funds raised amounting to gross cash proceeds of £980,000 and debt conversion of £300,000 · Return of Pulsin to normal production and distribution o improving margins due to reduction in costs through move to contract manufacturing o new Swiss distribution agreement · This is the first reporting period that includes all of the operating businesses for the full period. · Post period end Market Rocket was sold enabling improved focus on managing and developing leading consumer brands. Chairman's Statement I am pleased to present my Chairman's Statement for the six months to 30 June 2026. This period represents the first reported accounting period which includes a full contribution from the businesses acquired from S-Ventures plc last year. Further details of the performance of our underlying businesses are set out in the CEO's Report. However, in essence, Juvela and OAF have continued to perform strongly, particularly with OAF increasing its listings in Tesco and Asda. Despite a difficult start to the year, Pulsin has turned a corner, re-building its sales and reducing operating costs. We have also raised some additional capital and, in line with our stated strategy, we have been actively looking at acquisitions, although we will only proceed if they meet our exacting criteria. Post-period end, we disposed of Market Rocket which will help us to focus on the building of exciting brands in the wellness sector. We are optimistic that this progress will continue into the second half of 2026. Nicholas Lee Non-Executive Chairman
Zak Mir talks to Mark Segal, CEO of Gaming Realms (AIM: GMR) , the developer and licensor of mobile-focused gaming content, after the announcement of its interim results for the six months to 30 June 2026. The company reported strong growth in the core content licensing business; revenue up 12% and Adjusted EBITDA margins expanding. UK revenues returned to growth despite a near doubling of Remote Gaming Duty. Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025. UK revenues return to growth despite near doubling of Remote Gaming Duty Core content licensing revenue increased 23% in the two months post-period compared to the same period in 2025 Gaming Realms plc reported interim results for the six months to June 30, 2026, showing a 12% increase in content licensing revenue to £13.0m, contributing to total revenue of £15.5m, a slight decrease from £16.0m in the prior period, largely due to a significant drop in brand licensing revenue. Adjusted EBITDA, excluding brand licensing, grew 16% to £5.9m, with margins expanding to 40%, indicating strong operational leverage in the core business. The company launched content in four new regulated markets and saw UK revenues return to growth, up 3%, despite increased gaming duty. Net cash stood at £13.5m after returning £6.0m to shareholders via share buybacks. Commenting on the first half performance, Mark Segal, Chief Executive Officer, said: "The first half results reflect the continued execution of our strategy and the early benefits of the increased investment we made in content and platform capability in the second half of 2025. Core content licensing grew 12% driven by new market launches, 22 new operator partners and an expanding portfolio of Slingo and Lucky Lunar titles. "Our UK business demonstrated real resilience, growing revenues despite the near-doubling of Remote Gaming Duty. We are now live in 34 regulated markets following our post-period launches in Alberta, Canada and Buenos Aires Province, Argentina, and we expect that investment to convert into an increased games release volume in the second half. "The Board is confident in the Group's outlook for the future, and for the remainder of the year."
Zak Mir talks to Jason Drummond, CEO of Medpal (AIM: MPAL), as the AI-native digital health and pharmacy group provided a trading update for July 2026, the first month in which the Group's three revenue streams (NHS prescriptions, private prescriptions and SaaS software subscriptions) have all been in operation. Medpal has moved from zero dispensing revenue in October 2025 to an annualised run rate of approximately £8.6 million , based on July 2026 performance. That growth has been achieved in just nine months, with all three revenue streams now operating together: NHS prescriptions, private prescriptions and SaaS software subscriptions. The opportunity is substantial, but the strategy is not simply about selling weight-loss medication. It is about building the underlying health operating system that connects prescribing, automated dispensing, delivery, medicine administration and AI-led patient support. From Zero to £8.6 Million Run Rate Our dispensing operations began from a standing start in October 2025. By 1 June 2026, the annualised revenue run rate had passed £5 million. By July, it had reached around £8.6 million across NHS and private dispensing. That momentum is particularly encouraging because the business has been built with minimal marketing expenditure. Until recently, investment was directed primarily towards the infrastructure needed to operate safely and at scale. Prescription dispensing is not a simple e-commerce exercise. Prescribing, dispensing and fulfilment have to be done properly, with robust processes, appropriate technology and serious operational capacity behind them. Investing Early in Scalable Pharmacy Infrastructure Medpal has invested heavily in two large warehouse facilities designed to process more than 300,000 prescription orders per month . The operations are supported by robotic dispensing technology, providing 24-hour capacity and 99.9% dispensing accuracy. The key advantage of automation is operating leverage. Once the dispensing infrastructure is in place, volumes can rise without costs increasing at the same rate. That creates the potential for substantial growth from the existing platform rather than requiring a matching expansion in overhead for every new prescription. In July, the business processed nearly 50,000 NHS orders . At the same time, private patients are now coming through the New Health service at new.co.uk . The heavy lifting on facilities, automation and technology has largely been completed. The focus can now move towards filling that capacity, growing the patient base and building recurring revenue. Why Medpal’s Revenue Can Compound One of the most important features of the model is that revenue is designed to repeat. This is not a business that starts each month from zero. NHS prescriptions are generally linked to long-term prescribing plans and recurring monthly dispensing. Private treatment plans also create monthly patient relationships and repeat requirements. MRX software subscriptions provide an additional recurring SaaS revenue stream. Each month begins with the previous month’s revenue base already in place. New patients, prescriptions and subscriptions then build on top of that foundation. This is why growth can become increasingly meaningful as the platform scales. The July 2026 trading update marked the first month in which all three revenue streams were operational together. That matters because NHS dispensing, private dispensing and software subscriptions each contribute to a broader and more resilient commercial model. Building a Health Operating System, Not Just a Pharmacy Acquisitions may play a role in the future, but the core strategy has always been to build an integrated health operating system. The aim is to connect every important stage of the medication journey through a single platform: Prescribing Robotic dispensing Delivery Medicine administration at the bedside for care home residents AI-driven patient support through Juno AI That fully connected platform did not already exist as something that could simply be bought. It had to be assembled and built. Previous smaller acquisitions have therefore been strategic assembly acquisitions. They supplied elements needed for the wider platform, including robotic dispensing capabilities. The objective was not acquisition for its own sake. It was to create the infrastructure required to operate a genuinely integrated digital health and pharmacy business. There may be opportunities to acquire additional assets in future, but the immediate priority is to use the platform already built, invest in marketing and grow a significant operating business. GLP-1 Medication Is a Major Private Healthcare Opportunity The launch of New Health at new.co.uk brings Medpal into the rapidly growing GLP-1 market, including medicines such as Wegovy and Mounjaro. The UK market is already significant. An estimated 2 million people are using GLP-1 medicines in the UK, generating around £300 million of revenue per month . This places Medpal in a large market at a time of accelerating demand. Wegovy from Novo Nordisk and Mounjaro from Lilly have become some of the fastest-growing prescription medicines ever seen. In the United States, they have been among the fastest-growing prescription drugs in the history of the market. The arrival of the Wegovy pill further underlines how quickly this category is evolving. New Health was launched only weeks before the July update, and marketing had only just begun. The early revenue ramp therefore reflects the strength of the market opportunity as well as Medpal’s existing operational readiness. Marketing Will Help New Health Stand Out Searching for GLP-1 medication online presents patients with a crowded field of providers. Differentiation, customer acquisition, pricing and patient retention all matter in a market with many visible competitors. Medpal has recruited Erin Fox as Head of Marketing to lead this next stage. Erin previously worked at Avolta, the world’s largest duty-free business, which generates around £14 billion in annual turnover. Her experience includes running more than 200 e-commerce sites. A dedicated central London marketing team is now focused on customer acquisition through paid social media and paid search. This is an important change for a business that reached its current run rate with limited marketing investment. The strategy is straightforward: combine an established automated pharmacy infrastructure with focused digital marketing in a fast-growing healthcare market. The goal is not merely to attract one-off orders, but to build recurring patient relationships that contribute month after month. A Platform Ready for the Next Stage of Growth Medpal now has three operating revenue streams, automated dispensing capacity, a growing NHS order base, a private GLP-1 health clinic, SaaS subscriptions and an AI-native health platform under development. The business has already demonstrated that it can grow rapidly from a standing start. With robotic facilities capable of processing significantly higher prescription volumes and recurring revenues forming the base for each new month, the focus is now on aggressive organic expansion. The opportunity is to turn that operational foundation into a scalable digital health and pharmacy business, serving patients across NHS, private and care settings through one connected platform.
Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, as the natural resources investment company announces it has entered into a binding preliminary agreement to exchange its Puna Metals portfolio, including the Eureka Project, for the Rachaite Prospect and El Salto Project in Argentina, with no immediate cash consideration. This strategic move aims to consolidate Ajax’s land position in a prospective copper-silver district, immediately adjoining its flagship Macacha Copper-Silver Project with the El Salto acquisition, and provides an alternative route to acquire the Rachaite polymetallic project. The transaction is subject to a 90-day mutual due diligence period and a 120-day exclusivity period, with the final structure to be determined during due diligence. Highlights · Binding preliminary agreement executed with MMSA in respect of the proposed acquisition of the Rachaite/Chocaya and El Salto mining projects. · 90-day mutual due diligence period covering technical, legal, environmental, corporate, financial and commercial matters. · 120-day binding exclusivity period, extendable by mutual agreement. · El Salto is located immediately adjacent to Ajax’s flagship Macacha Copper-Silver Project and would materially strengthen the Company’s strategic land position, providing the opportunity to evaluate the broader geological potential of the district. · Rachaite/Chocaya comprises the Rachaite Prospect and the Mina Chocaya exploration licence in Jujuy Province and has previously been announced by the Company as a highly prospective polymetallic exploration project. · The Company is evaluating the optimal transaction structure, including whether the consideration will entail the transfer of the shares of Puna or, alternatively, the transfer of the underlying mining rights comprising the Puna portfolio, with the final structure to be determined during the due diligence process and reflected in the definitive transaction documentation. · The Proposed Transaction would provide an alternative mechanism to complete the previously announced acquisition of Rachaite while simultaneously acquiring El Salto. · The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company’s capital for exploration, resource definition and project advancement. · Completion of the Proposed Transaction remains subject to the satisfactory completion of due diligence, execution of definitive documentation and satisfaction of customary closing conditions. Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented: “Since acquiring the Eureka Project and the adjoining La Escondida licences for aggregate consideration of US$250,000, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project’s history to drill the property following more than 400 years of historic mining activity, expanded the licence package through the acquisition of the La Escondida 1 and La Escondida 2 exploration licences and commenced the permitting process for a proposed alluvial gold operation. These achievements have materially advanced Eureka and created the opportunity to consider how the value generated by the project can best be redeployed across the Company’s wider portfolio. The Proposed Transaction would complete our previously announced acquisition of the Rachaite Prospect while expanding our flagship Macacha Copper-Silver Project through the acquisition of the immediately adjoining El Salto Project. We believe this would create a larger and more strategically coherent exploration position in north-west Argentina, providing the opportunity to evaluate the broader geological potential of the Macacha district. The Proposed Transaction involves no immediate cash consideration, preserving the Company’s capital for exploration and project advancement. Our objective is to concentrate exploration expenditure on larger, district-scale opportunities that are more advanced and have greater near-term production potential. We look forward to working with Madero Minerals to complete our due diligence and negotiate the definitive transaction documentation.” https://www.share-talk.com/zak-mir-interviews-ajax-resources-ceo-ippolito-cattaneo/
Zak Mir talks to Steve Brown, CEO of Orcadian Energy (AIM: ORCA) , as the company announces it has commenced the Assessment Phase for the Earlham and Orwell gas fields, with a preferred development concept involving an offshore power station with carbon capture to fuel a co-located data centre, creating an "Earlham Gigagrid." This project aims to monetize the gas resource, estimated at 114 billion cubic feet for Earlham and 31 billion cubic feet for Orwell, by generating approximately 200 MW of low-carbon power for a data centre, with captured carbon dioxide reinjected into the Earlham reservoir. The company has also agreed to a deferred repayment schedule for approximately £1.34 million in loans from The Independent Power Corporation Limited, now due by December 31, 2027, with interest fixed at 8.5% per annum. Orcadian Begins Assessment Phase for Offshore Gas-to-Data Centre Project Orcadian Energy has commenced the Assessment Phase for the development of the Earlham and Orwell gas fields on its 100%-owned licence P2680. The company’s preferred development concept is an offshore power station with integrated carbon capture, fuelled by gas from Earlham and Orwell, to supply a co-located offshore data centre. Orcadian said the project could form the first phase of an islanded, low-carbon offshore grid, branded the Earlham Gigagrid. The concept is designed to monetise Earlham gas, which has a high carbon dioxide content, by generating power at the field, capturing the carbon dioxide and reinjecting it into the reservoir. The company said a power station at Earlham could supply around 200MW of electrical power, or IT load, to an offshore data centre. Orcadian and its consultants have conceived a platform complex capable of supporting a 200MW offshore data centre hall and providing the energy for that facility. The group is establishing a new company, Earlham Gigagrid Ltd, to incubate the project and enable potential direct investment from third parties. Orcadian estimates Earlham contains 114bcf of methane resources, while the previously depleted Orwell field could produce a further 31bcf. The company said the proposed scheme could reduce pressure on the national grid while supporting rising demand for compute power driven by artificial intelligence. Chief executive Steve Brown said the concept could be transformational for the value of licence P2680 and may ultimately attract interest from hyperscalers and specialist AI cloud infrastructure providers. He added that Orcadian will engage with the NSTA and other relevant regulators as part of the concept select process. The project remains subject to NSTA approval, a Letter of No Objection for the selected concept, regulatory consents, commercial agreements and financing.
Zak Mir talks to Dr Tom Becker, President & CEO, Iofina , in the wake of the specialists in the exploration and production of iodine and manufacturers of speciality chemical products, announcing its audited full-year results for the 12 months to 31 December 2025. This included another record year: Production up 17%, Revenue up 22% and Adjusted EBITDA up 56%. Iofina has been quietly doing the hard yards for years, and the market is now starting to pay attention. Following its audited full-year 2025 results, the specialist iodine producer and chemical products business reported another record year, with production up 17% , revenue up 22% and adjusted EBITDA up 56% . That is the headline. The more interesting story sits underneath it: a company that has executed a very specific growth plan, built capacity at pace, and is now looking to accelerate again. At the centre of that story is a simple idea. Iofina operates in a niche market, but one with critical end uses, steady demand, and room for disciplined expansion. For a business still valued at under £100 million, that combination is understandably beginning to attract attention. Iodine is niche, but it matters more than most people realise Iodine is not a commodity that gets discussed every day, yet it plays an essential role in a surprisingly wide range of industries. The global market is relatively small at around 40,000 metric tonnes , but demand is underpinned by applications that are difficult to replace. The single biggest end market is human healthcare . In particular, iodine is heavily used in x-ray contrast media drugs . These are the agents used in CT scans and certain x-ray procedures when doctors need clearer imaging. That application alone accounts for roughly 38% of the market . Beyond that, iodine shows up in many places people barely think about: Disinfectants , including the familiar brown antiseptic used on cuts and before surgery LCD screens , where iodine-based polarising film is used Nutrition , because iodine is needed in the diet to support thyroid function Pharmaceuticals and biocides , where it serves a range of specialised purposes So while iodine may be a niche market, it is tied to healthcare, technology and industrial applications that give it resilience. That is a useful backdrop for any producer looking to grow production over time. How Iofina produces iodine Iofina’s model is one of the more interesting parts of the business. Rather than mining iodine in the traditional sense, the company extracts it from briny water produced by the oil and gas industry . This water is effectively a co-product, or waste stream, from oil and gas operations. In the right areas, it contains iodine in concentrations that can be extracted economically. Iofina builds plants to process that brine and recover the iodine. At present, the company has eight iodine plants in operation , all located in Oklahoma . A ninth plant is under construction in the Permian Basin , spanning southwest Texas and southeast New Mexico, which is one of the most significant oil and gas regions in the world. That approach gives the company a clear link between operational execution and growth. If it can continue identifying suitable brine streams and building plants at an attractive return, production can keep climbing. From 500 metric tonnes to 1,000 metric tonnes Over the last four to five years, Iofina has roughly doubled its production profile. The business was producing about 500 metric tonnes several years ago. Once the Permian plant comes online, management expects that to rise to around 1,000 metric tonnes . That is not a theoretical target. It has come from a concrete build-out programme: Three plants built in three years A fourth, larger plant making it effectively four plants in four years A balance sheet that has remained in sound shape while growth has been funded by reinvesting profitability back into the business This matters because scaling production is often where smaller resource and speciality chemical companies stumble. Capital can become stretched, timelines can slip, and growth stories can get ahead of operating reality. What stands out here is that management’s strategy has been rooted in repeatable execution. As Dr Tom Becker put it, the company has had a specific goal of increasing iodine production in a market that continues to grow, and the team has delivered against that plan. The next goal: 2,000 metric tonnes in the next few years Reaching 1,000 metric tonnes is not being treated as the finish line. It is being treated as the foundation for the next stage. The vision now is to move towards 2,000 metric tonnes over the next few years. To get there, Iofina is looking to increase the pace of plant development. In other words, not just building one plant a year, but building more frequently where the economics support it. The Permian Basin project is a good illustration of that next phase. It is expected to produce around 200 metric tonnes once fully online, making it a larger opportunity than some of the company’s previous builds. If the company can continue replicating that model, its standing within the global iodine market changes meaningfully. Why scale matters in the global iodine market At current levels, Iofina accounts for about 2.5% of global iodine production . Management sees a realistic path towards roughly 5% over the next number of years. That may not sound dramatic at first glance, but in a market of this size and specialisation, it is significant. Moving from a 2.5% player to something closer to 5% changes how the company is perceived by customers, suppliers and the wider market.
Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources , in the wake of recent significant news for the natural resources investment company. This includes the announcement that it has agreed to invest a total of £200,000 in Reveille Resources Limited, a European-focused investment company, intending to list on the Aquis Stock Exchange Growth Market. The investment will result in Ajax becoming a majority shareholder in Reveille . Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented: "We are delighted to become a major shareholder in Reveille at a formative stage in its development. The company's focus on undervalued historical mineral deposits aligns with our investment strategy, where prior exploration and infrastructure provide a strong foundation for value creation. The Lombardy Project, comprising the Novazza and Val Vedello uranium deposits, represents a compelling opportunity. These assets were the subject of extensive historical exploration, including approximately 80,000 metres of drilling, yet have not been evaluated to modern standards, offering clear potential for re-assessment and advancement. This investment is an extension of our strategy into Europe, where we see a broad pipeline of opportunities across past-producing mines with significant exploration and development potential. The evolving European energy landscape, shaped by the Russian invasion of Ukraine, ongoing geopolitical tensions in the Middle East, and the accelerating drive toward decarbonisation, has reinforced the importance of secure, domestically sourced energy. Energy autonomy is becoming an increasingly critical priority for European countries, and in this context nuclear power, and by extension uranium, is regaining strategic relevance. This is reflected in Italy, where the Government under Giorgia Meloni has signalled renewed support for nuclear energy. Against this backdrop, uranium market fundamentals and pricing have remained positive. Reveille is expected to be one of the only UK-listed, European-focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector. We believe Reveille is well positioned to capitalise on these supportive macroeconomic and policy trends, and we look forward to supporting the company as it progresses towards its planned admission to the Aquis Growth Market and advances the Lombardy Project."
Zak Mir talks to Paul Emmitt, CEO Powerhouse Energy (AIM: PHE), as the company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announced an operational update in the wake of the recent oversubscribed retail offer of £400,000 and £260,000 battery developer contract. Powerhouse Energy looks to be moving into a more commercial phase, and the most interesting part of that shift is not just about technology. It is about timing, market need and where demand is now coming from. For a long time, the story around the company was heavily tied to hydrogen and the broader net zero narrative. That is still part of the picture, especially in certain projects. But the market has evolved. The stronger angle now is decarbonisation paired with energy security, and that combination is opening doors that were not as wide open even six or twelve months ago. That is the backdrop to the latest operational progress, which follows an oversubscribed retail offer and a third-party battery developer contract worth £260,000. The bigger message is that Powerhouse is trying to prove that it is more than an early-stage technology story. It wants to show it has real engineering capability, growing commercial traction and a product that fits a changing global energy market. A step closer to commerciality One of the clearest signs of progress is the introduction of third-party work into the business. This matters because it is not simply work flowing through a historic channel or linked to an internal arrangement. It is direct business for Powerhouse itself. That may sound like a small distinction, but strategically it is important. It demonstrates that the expertise inside the company has value beyond the core waste-to-energy technology alone. In effect, the business is beginning to validate its broader engineering and technical competence in the market. That matters for two reasons: It helps bring the company forward faster by generating commercial activity now. It reinforces the core competency that will ultimately help sell the technology at scale. The company is also pushing this momentum through newer marketing activity and sales agreements in multiple regions. The effort is no longer limited to one or two flagship opportunities. It is becoming a wider commercial campaign. Why the market is changing in Powerhouse Energy’s favour The most striking theme is the shift in customer motivation. Historically, many conversations in clean technology revolved around net zero targets, emissions reduction and environmental policy. Those issues still matter, but they are now being joined, and in some cases overtaken, by a more immediate concern: security of supply . Across the world, energy markets have become more volatile. Geopolitical disruption in the Middle East, the continuing effects of the Russia-Ukraine conflict, and broader fossil fuel price instability have made businesses and governments think much harder about resilience. That is where Powerhouse sees its opportunity. If a region or business produces waste and depends on imported fossil fuels, especially diesel, then converting that waste into low carbon energy becomes about more than sustainability. It becomes a practical route to greater independence and better control over energy costs. That is a far more urgent conversation. The appeal of using local waste for local energy The company’s proposition is straightforward in principle: many regions already have a waste stream many of those same regions are exposed to expensive or insecure fuel imports turning local non-recyclable waste into energy can reduce that dependence That message appears to be resonating particularly strongly in island markets and remote locations. Places that rely heavily on diesel generation have been hit hard by rising fuel costs. Yet they also generate waste that needs dealing with. For those markets, a waste-to-energy solution addresses two problems at once: waste management energy security This is one reason why recent commercial agreements matter. The company has signed sales arrangements with Green Gecko, with HUI for Central Europe, and another covering the Caribbean islands. These are not random geographies. They line up with exactly the kind of market conditions the company believes now favour its technology. Hydrogen still matters, but it is no longer the whole story Powerhouse was originally built around a strong hydrogen focus, and that remains relevant in specific projects. The best example is Ballymena, which is expected to be the company’s flagship hydrogen development. The Ballymena project is progressing through planning, and while the pace is not as fast as management would like, the direction appears positive. There are a few notable points here: the planning process is advancing through the council system community feedback has not presented major issues the main comments received appear to relate to matters that could likely have been addressed before submission rather than fundamental opposition the next key step is receiving the Environment Agency response to the planning application Once that is in place, the company intends to apply for a permit. That permitting stage may not be quick. The project could require the first permit of its kind in Northern Ireland, which means there may be some education needed along the way. That is often the reality for businesses pioneering a newer category of infrastructure. It is not necessarily a red flag, but it does add friction and time. Still, Ballymena remains important because it would give the market a visible hydrogen-led reference project. In a company like this, proving the first flagship matters enormously. Australia could be the real game changer If Ballymena is the hydrogen flagship, Australia may be the bigger commercial catalyst. Progress there appears encouraging. The company has applied for government funding to support part of the early-stage project work, and it has brought National Waste to Energy into discussions with Green Gecko. The confidence expressed around early funding suggests management sees a realistic path to moving the project forward. The key phrase here is FID , or final investment decision. If an Australian project reaches FID, that would be a major milestone. It would represent a meaningful step from concept and development into a much more tangible commercial phase. That is why management is putting real emphasis on it. For early-stage energy and clean technology businesses, getting a project to FID can change the market’s perception of risk. It suggests that technical, financial and practical hurdles are being cleared. In that context, the Australian opportunity stands out as one of the most significant pieces of the current pipeline. 🔗 Read the full update here: https://www.share-talk.com/powerhouse-energy-ceo-talks-strategy-and-recent-developments/
Zak Mir talks to Andrew Stancliffe , Head of Execution Services at Winterflood Securities , after the recent Marex takeover. They discuss the success of the Winterflood Retail Access Platform, which has now raised over £600m in fundraising and, in turn, has been a significant source of liquidity to the London stock market. Winterflood is one of those names that anyone active in UK equities will recognise from Level 2 screens, placings, and day-to-day market-making. But beyond the familiar name sits a bigger story about liquidity in small caps, how retail investors are gaining better access to fundraises, and why the UK market may be in better shape than its critics like to admit. Andrew Stancliffe, Head of Execution Services at Winterflood Securities, sits right in the middle of that story. His role covers the sales trading side of the business, working with clients ranging from institutions to retail execution brokers. Following Winterflood’s acquisition by Marex, there is also a clear focus on combining Winterflood’s market presence with Marex Financial's broader capabilities. The result is a useful window into where UK market structure is working well, where the frustrations really lie, and why technology is changing access without removing the need for human judgement. What Winterflood actually does in the market At a practical level, Winterflood sits at the heart of execution and liquidity provision in UK equities. It is a major market maker, particularly visible in smaller quoted companies, and plays an important role in helping buyers and sellers meet in names that might otherwise feel difficult to trade. Stancliffe’s remit is focused on execution services and sales trading, speaking to a broad spread of clients and helping ensure they get the best possible access to liquidity and trading opportunities. That matters because in the UK small cap market, liquidity is always the first complaint. If a share is not moving, or if trading looks thin, the market itself is usually blamed. Stancliffe’s view is more nuanced. Is there really a liquidity problem in UK small caps? Liquidity in smaller companies is one of those subjects that never seems to go away. It is a bit like the weather: people are rarely satisfied. Stancliffe’s argument is that the UK actually has one of the most vibrant and competitive small company trading environments around, especially because of the market-making infrastructure already in place. On many stocks there can be a large number of competing market makers, sometimes as many as 16, all quoting prices on screen. That creates depth which is easy to overlook. Where the challenge has become more noticeable is not necessarily in the mechanics of trading, but in the reduced participation from institutions in the smaller end of the market. Fewer institutional houses active in UK small caps naturally changes the shape of liquidity. Even so, his broader point is straightforward: if a company has a compelling story and the market cares, liquidity can appear very quickly and in significant size. That is an important distinction. Illiquidity is not always a market structure problem. Sometimes it is a company problem. Good companies tend to find liquidity One of the more refreshing parts of the discussion was the blunt acknowledgement that some shares are inactive simply because they are not interesting enough. Markets rotate. Sectors and themes move in and out of favour. Individual names can go from dormant to heavily traded once the story improves. Stancliffe used IQE as a good example. It had traded below 10p and later moved as high as 60p to 70p, accompanied by a significant jump in volume. Before that rally, liquidity may well have looked challenged. Once the market’s attention returned, so did trading activity. The lesson is simple: Liquidity can be patchy at any given moment Interesting companies tend to attract liquidity over time Strong performance often solves the liquidity complaint very quickly That is also why recent winners in the London market, including selected small caps and Aquis-listed names, have managed to generate meaningful trading interest when the underlying story has been right. Where humans still matter in an AI-driven market Electronic trading, automation and AI are now standard talking points across every part of financial markets. Execution services are no exception. Stancliffe is clearly in the camp that sees AI as a positive tool rather than a threat. His description of it as a “modern day calculator” is a good one. It captures the practical reality that AI can improve workflows, increase efficiency and help traders focus on higher-value activity, rather than replacing the core human role altogether. In execution businesses, that means automation can be used to handle smaller trades or more routine processes, while traders spend more time on larger opportunities and more complex client needs. But the key point is that relationships still matter. Markets are built on trust, communication and judgement. Those things do not disappear because technology gets better. AI may improve efficiency and service quality, but relationship building still requires human interaction, not an AI-generated email. That is probably the right balance. Technology helps scale the service. Human input still drives the important conversations. The UK government, the City and the investment culture gap with the US There has been a lot of discussion in recent years about whether governments of all colours truly understand the City, and whether policy is helping or hurting UK capital markets. Stancliffe’s take is relatively measured. He believes the current government, like its predecessors, wants to promote growth and investment. The frustration comes when policy changes create unintended consequences that weigh on the very part of the market they are trying to support. Tax changes and the treatment of AIM companies were cited as examples of where the outcome can end up being a net negative, even if the wider objective is understandable. He also highlighted a broader cultural issue. In the US, the media and the wider market ecosystem tend to celebrate investment and champion corporate success. In the UK, there is often more focus on what is going wrong. That matters because sentiment shapes participation. If the national tone around equities is too negative, it becomes harder to attract new investors, support IPOs and build confidence around domestic capital formation. Reasons for optimism on UK equities Despite the noise, Stancliffe remains optimistic about the UK market. His case rests on a few clear pillars: The UK has outstanding companies already listed There are strong private businesses that may yet come to market for growth capital The UK still has world-class universities and talent The market has delivered better performance than many people give it credit for One striking example was Rolls-Royce. While much of the media attention remained glued to US technology winners, one of the best-performing major stocks last year was listed in London, not New York. That is a useful reminder that opportunities in UK-listed businesses do exist, even if they are often under-marketed compared with the US giants. The Winterflood Retail Access Platform and why it matters If there is one area where Winterflood has made a particularly visible contribution in recent years, it is through RAP, the Winterflood Retail Access Platform. Stancliffe is understandably proud of what has been built. In just over three years, RAP has helped raise around £600 million across roughly 130 transactions , spanning listed companies and fixed income deals. That is more than just a nice growth statistic. It represents a meaningful shift in how retail investors can participate in capital raises that were historically difficult to access. Why retail investors used to miss out Placings in UK-listed companies are often fast, especially accelerated fundraises that can be completed within hours or over a day or two. Historically, that speed worked in favour of institutions and left retail investors excluded, even where they were already shareholders. The issue was not necessarily intent. It was logistics. Retail channels were simply too slow and too fragmented to participate efficiently in many of these situations. How RAP improves access RAP is designed to digitise the process and help retail shareholders take part in what Stancliffe referred to as soft pre-emption. In simple terms, it gives existing retail investors a better opportunity to maintain exposure when a listed company raises money. The platform works by sending transaction information out efficiently through major retail investment platforms, including names such as: Hargreaves Lansdown AJ Bell Interactive Investor That creates a much more seamless route for eligible investors to be represented in placings that might otherwise pass them by. It is also a genuine step forward for market fairness. Existing shareholders should not be left out purely because the process moves quickly. How to register interest in RAP Winterflood now offers a notification service for new transactions. Those interested can register via winterflood.com under the Retail Access Platform section using an email address for alerts. That is a clear upgrade from the old model where access often depended on whether a broker happened to make contact in time. Are there minimum investment sizes? In some cases, yes. There can be minimum participation levels, although Stancliffe indicated these are often relatively modest, around £250. The exact minimum depends on the individual transaction rather than being fixed across the board. So while not every deal will look identical, the general principle is that access thresholds are usually small enough to be realistic for many retail participants. Why volatility can be good for trading firms Markets had been dealing with heightened geopolitical tension, including conflict involving Iran and wider instability in the Middle East. In that sort of environment, equity prices can swing sharply and sentiment can turn quickly. For market makers and execution businesses, volatility is not automatically a bad thing. In fact, from a trading perspective, it can be beneficial. Stancliffe explained the mechanics clearly. During periods of elevated volatility: Trading volumes often increase Bid-offer spreads tend to widen slightly That combination can improve trading economics for the business So yes, a moving market is generally more helpful than one drifting sideways with little activity. That said, he was careful not to confuse commercial benefit with enthusiasm for instability. The geopolitical backdrop itself is clearly unhealthy. The point is simply that markets are dynamic and adapt quickly. Markets are more resilient than headlines suggest One of the more notable observations was how resilient equities have remained despite serious geopolitical concerns. US markets have continued to push towards all-time highs, the FTSE 100 has remained close to its own high levels, and smaller companies further down the market cap scale have also rallied strongly in places. That resilience reflects a long-standing truth about investing: markets often climb a wall of worry. Conflict, elections, policy shocks and macro uncertainty are all part of the landscape. The existence of risk does not stop opportunities from emerging. The practical takeaway for investors Perhaps the most useful closing point was also the most grounded one. In uncertain conditions, the answer is not to disengage. It is to stay close to your portfolio, keep reviewing the opportunities in front of you, and reassess positions in light of the environment you are actually in. That applies whether the uncertainty comes from war, politics, taxes or market rotation. The underlying message from Winterflood’s perspective is constructive: The UK market still has real liquidity, especially when the story is compelling Technology is making access better, particularly for retail investors in fundraises Human judgement still matters in execution The UK has more investable quality than the prevailing narrative often suggests Volatility creates risk, but it also creates opportunity For anyone involved in UK equities, that is probably the right lens through which to read the current market. There are frustrations, certainly. There are policy missteps, no doubt. But there is also infrastructure, innovation, and a continuing flow of opportunity for those prepared to stay engaged.
Zak Mir talks to Ian Lankshear, CEO of EnSilica , about the leading fabless microchipmaker, which has announced that it has entered into two landmark development contracts with a leading European satellite operator to develop two chips for its next-generation satellite network. EnSilica has been a listed company for 4 years, and after a period of steady groundwork, the business now appears to be entering a far more commercially significant phase. The key reason is simple: space communications is no longer a futuristic sideshow. It is becoming strategic infrastructure, and specialist chip design sits right at its heart. That shift was underscored by EnSilica’s recent announcement that it has secured two landmark development contracts with a leading European satellite operator. The work covers two chips for a next-generation satellite network: one for the satellite's payload and one for the user terminal on the ground. For a fabless semiconductor company, that is not just another contract win. It is the kind of milestone that can validate years of technical investment and establish a company as a serious supplier into a rapidly expanding global market. Why 2026 could be a turning point for EnSilica After four years on the market, EnSilica is now seeing several strands come together at once. The company has spent years building capability in semiconductor design, particularly in communications and high-performance, low-power applications. What is changing now is that the market is finally demanding exactly the kind of technology it has been developing. The standout development is in the space sector. EnSilica has previously announced smaller wins, feasibility studies and early-stage projects, including work with AST SpaceMobile. But this latest contract with a European satellite operator looks more substantial. It signals that EnSilica is no longer simply participating in the sector. It is beginning to establish itself as a meaningful supplier within it. The commercial logic is compelling. Satellite systems need chips that are: Extremely low power Very high performance Cost-efficient for large-scale deployment Suitable for both space payloads and ground terminals Those requirements are technically demanding, which is precisely why they can create attractive opportunities for specialist chip designers with the right expertise and intellectual property.
Zak Mir talks to Dr Jim Millen, Non-Executive Chairman, Physiomics, regarding recent progress at the mathematical modelling, data science and biostatistics company, and issues regarding the forthcoming requisitioned meeting. What Physiomics actually does Physiomics is a specialised life sciences consultancy that works with companies developing new drugs. At its core, the business helps drug developers make better decisions about how they design and run studies. The company operates across two main areas. Mathematical modelling to support the design of preclinical and clinical trials, with a particular focus on oncology, though not limited to cancer treatment. Biostatistics , covering the statistical design of trials, reporting, planning, and regulatory interactions around trial outcomes. That combination matters. Drug development is expensive, time-consuming and high risk. The more rigorously a company can model likely outcomes and build trials correctly from a statistical standpoint, the better its chances of generating meaningful data and navigating the regulatory process successfully. In simple terms, Physiomics is there to help clients ask the right questions before they spend serious money answering them. Why mathematical modelling and biostatistics matter in drug development It is worth pausing on this, because companies like Physiomics can easily be misunderstood as niche technical advisers operating in the background. In reality, their work sits close to the heart of pharmaceutical decision-making. A poorly designed trial can waste years. A weak statistical framework can undermine otherwise promising results. And if preclinical and clinical plans are not thought through properly, the cost of fixing mistakes later can be enormous. That is why the company’s two-pronged offering is significant: Modelling helps shape trial design and strategy Biostatistics helps ensure studies are set up, analysed and reported in a way regulators and stakeholders can rely on For drug developers, especially in challenging therapeutic areas such as oncology, that expertise can be highly valuable. Signs the business is turning a corner One of the most important points to emerge recently is that Physiomics appears to be at a positive inflection point. The company has reported its highest-ever first-half income, up by around 50% on the comparable prior period. Market expectations are also for the business to deliver its highest-ever full-year income, and management has indicated that it believes the company remains on track to achieve that. That is not a trivial development. In a market where many life sciences businesses have struggled for funding and momentum, a services company tied to that ecosystem inevitably feels the pressure too. The logic is straightforward: Physiomics serves companies developing drugs If those companies are short of capital, they become more cautious about spending That pressure filters through to specialist service providers By that measure, the last few years have not been easy. Management has been candid in saying that the wider life sciences market, especially over the past five years, has created a difficult backdrop. So when stronger income figures start to come through, that is naturally seen as evidence that the business may be emerging from a tougher period. The phrase used was that the company feels like it is "turning a corner", and the recent numbers are being presented as proof of that shift. The wider market backdrop for life sciences consultancies To understand why recent progress matters, it helps to appreciate the commercial reality of a business like Physiomics. This is not a company that develops and sells its own blockbuster drug. It provides highly specialised consultancy services to clients who are themselves trying to advance drug programmes. That means demand for Physiomics' expertise is linked to confidence, budgets and capital availability across the biotech and pharma landscape. When funding conditions tighten, even capable drug developers may delay projects, reduce outsourced work or scale back trial activity. That can hit revenue visibility for service businesses, regardless of the quality of the service provided. Against that backdrop, a strong first-half performance and confidence in a record year carry added significance. They suggest not just resilience, but possible operational momentum. The share price has improved too, but that is not the whole story Alongside the operational improvement, Physiomics' share price has also seen a notable rebound, rising by around 66% year to date at the time of discussion. In ordinary circumstances, that would probably be taken as a clear signal that sentiment around the company is improving. But the picture is complicated by corporate governance developments, namely a requisition notice from activist shareholder Mike Whitlow. That requisition has created a situation where improving business performance is happening at the same time as a challenge to the current board. So while there may be genuine momentum in the underlying business, there is also uncertainty about who should be steering it. What the requisition notice means The requisition notice would, if passed, replace the current board with a new board. Management’s position is clear: it does not believe that outcome would be in the best interests of the company. The immediate practical consequence is that shareholders have been asked to vote at a general meeting. The chairman’s strongest message on this point is simple and democratic: shareholders should vote . Whatever position an investor takes, the emphasis is on participation. This is being framed not as a routine procedural matter, but as a genuinely consequential decision about the company’s future direction and governance. That is an important distinction. Boardroom disputes can sometimes appear remote or technical. Here, the argument is that the vote could materially affect how the company is run at a delicate stage in its development. Why management says this is the wrong time to “rock the boat” The timing is at the centre of the board’s response. The current leadership’s view is that this challenge is arriving just as the company is beginning to show evidence of a turnaround. In other words, if the business is finally moving towards stronger revenue and a better trajectory, this may be precisely the wrong moment to disrupt leadership and strategy. That argument rests on a few connected ideas: The company appears to be improving operationally Recent results suggest traction rather than stagnation Change at board level introduces uncertainty Uncertainty can be especially damaging when a business is at a sensitive inflection point The phrase “rock the boat” captures the concern neatly. A business that has spent years navigating a difficult market and is now seeing signs of recovery may not benefit from abrupt upheaval, particularly if the alternative leadership has not set out a clear and credible plan. The board’s objections to the proposed replacement directors Management’s opposition is not based only on timing. It has also raised several specific concerns about the individuals named in the requisition notice. 1. Lack of clearly relevant life sciences services experience One criticism is that the proposed directors do not appear, from the current board’s perspective, to have the right experience in life sciences services. That point matters because Physiomics operates in a specialist technical area. This is not a generic consultancy business. It works at the intersection of mathematical modelling, clinical development and biostatistics. Running such a company effectively may require sector-specific understanding, not just general boardroom experience. 2. No clear plan has been presented Another issue is the lack of an articulated strategy. The current board says it has seen no evidence of a plan, not even at a high level, explaining what the replacement board would actually do with the company. That absence of detail is central to the concern. Replacing a board is one thing. Explaining the strategy that would follow is another. Without that second piece, shareholders are effectively being asked to back change without a roadmap. 3. Concerns about independence The board has also highlighted governance concerns. Specifically, it says the proposed individuals are all connected parties in some way, either through previous or current working relationships. From a governance standpoint, that raises the question of board independence. Best practice generally favours having independent directors who can challenge each other, think autonomously and avoid groupthink. If all proposed appointees are closely connected, the argument is that this could weaken the balance and independence expected of a well-run board. The central problem: shareholders are being asked to choose without enough detail Perhaps the most striking concern is also the simplest one: nobody really knows what the incoming group would do if it took control. That uncertainty sits at the heart of management’s case against the requisition. The issue is not merely whether change is good or bad in principle. It is whether shareholders should support a board replacement when the intended strategy has not been laid out. As framed by the current leadership, that creates an asymmetrical choice: Option one: keep the existing board in place while the business appears to be improving Option two: replace the board with a group that has not communicated a clear plan From that perspective, the proposed change looks less like a defined alternative and more like a leap into the unknown. That is really the essence of the argument. Could the new group still have good intentions? To be fair, the current board has not claimed that the requisitioning group intends to damage the company. In fact, the stated hope is that they are interested because they see real potential in Physiomics and want to continue building on the progress already made. But hope is not the same as certainty. Without a clearly stated strategy, the board’s position is that shareholders are being asked to make a consequential decision based on assumptions rather than evidence. And in a listed company, particularly one operating in a specialist and commercially sensitive field, that may not be enough. What shareholders are being asked to do The practical takeaway is very clear. Shareholders are being urged to participate in the vote at the general meeting. The board’s formal recommendation is that the resolutions should be rejected. But beyond that recommendation, there is a broader appeal to engagement. This is being presented as one of those moments when shareholders can directly influence the direction of the company. The message is not complicated: Read the information available Consider the company’s recent progress Assess the risks around the proposed board changes Vote In governance terms, that is the crux of it. A listed company only functions properly when shareholders take an active interest in major decisions, especially when those decisions concern leadership, strategy and accountability. The bigger picture for Physiomics Strip away the corporate drama, and the underlying story is a relatively straightforward one. Physiomics is a specialist life sciences consultancy working in mathematical modelling and biostatistics for drug development. It has come through a difficult period for the wider life sciences sector and is now reporting stronger financial performance, with signs that it could deliver a record year. At exactly that moment, it faces an activist-led attempt to replace the board. Management’s view is that this is the wrong intervention at the wrong time. The company says it is making progress, the business environment is becoming more supportive, and a disruptive governance change without a clearly articulated alternative plan would introduce unnecessary risk. Whether shareholders agree is, of course, a matter for them. But the issues at stake are now clear: Business momentum Board stability Strategic clarity Governance quality Those are not side issues. They go to the heart of whether Physiomics can build on its recent progress and sustain the upward trajectory management believes is now underway.
Zak Mir talks to Ignacio Mehech, CEO of CleanTech Lithium (AIM: CTL) , regarding the milestones achieved by the exploration and development company advancing sustainable lithium projects in Chile. The company recently announced an update on two trials being undertaken in North America and in Santiago, Chile, to produce battery-grade lithium carbonate from the Laguna Verde project. The trials focus on replicating and validating the process design defined in the Laguna Verde Pre-Feasibility Study. Highlights: · In North America, stage two of the downstream processing of eluate* (see footnote for definition) produced by our DLE pilot plant located in Chile, into battery grade lithium carbonate has commenced. · The first stage of this work was undertaken by Conductive Energy and reported to the market in January 2025. · Conductive Energy was acquired by Empower EIT over the course of 2025, with Empower establishing an advanced lithium processing facility in Dallas, USA. · This second stage of eluate conversion will process >60m3 of concentrated eluate at the new facility. · The nanofiltration stage of the process will utilise an advanced membrane developed by DuPont Water Solutions to maximise impurity removal and lithium recovery. · Approximately 300kg of battery grade lithium carbonate are expected to be produced in Q2 2026 and made available to potential strategic partners for product qualification. · Concurrently, a smaller scale pilot programme is underway utilising the pilot plant of Lanshen Technology ("Lanshen"), located in Santiago, Chile. · This pilot plant replicates the process flowsheet developed with Lanshen for the Laguna Verde PFS and aims to demonstrate the robustness of the process design and provide a high degree of validation of the process parameters used in the PFS. · A volume of 24m3 of feed brine from Laguna Verde is being processed into >5kg of battery grade lithium carbonate. Ignacio Mehech, Chief Executive Officer, CleanTech Lithium said: "We are undertaking important pilot scale process trials in North America and Chile to produce battery grade lithium carbonate from Laguna Verde brine. This work will provide strong technical support for the process flow sheet used in our PFS which we think is an important consideration for engaging with potential strategic investors."
Zak Mir talks to Sath Ganesarajah, CEO of Bluebird Mining Ventures Ltd (BMV) , as the gold streaming, mining and treasury company confirmed that Frank Amato and Hernán M. Yellati have been appointed to the Board as Non-Executive Directors with immediate effect. Frank Amato will serve as Chair of the Audit Committee, while Hernán M. Yellati has been appointed Chair of the Remuneration and Nomination Committee. Bluebird Mining Ventures Ltd has strengthened its board with the appointment of Frank Amato and Hernán M. Yellati as Non-Executive Directors, in a move aimed at enhancing governance and strategic oversight. Amato will also serve as Chair of the Audit Committee , while Yellati takes on the role of Chair of the Remuneration and Nomination Committee . In addition, Board Advisors Darron Giddens and John Webb will participate in Audit Committee meetings, with Webb also appointed to chair a newly established Conflicts Committee . The changes are designed to bolster the company’s governance framework as it continues to execute its growth strategy. Sath Ganesarajah, Chief Executive Officer of BMV, said: "We are delighted to formally welcome Frank and Hernán to the Board. They bring significant experience across financial markets, macroeconomic strategy and emerging technologies, which will be invaluable as we continue to execute our growth strategy. "I look forward to working closely with them and our Advisory Board to further strengthen governance, enhance strategic oversight and drive the business forward. Their leadership of the Audit Committee and the Remuneration and Nomination Committee respectively will play an important role in supporting the Company's long-term objectives and delivering value for shareholders." About Bluebird Mining Ventures Ltd Bluebird Mining Ventures (LSE: BMV) is a gold streaming, mining and treasury company. The Company's mission is to build and manage a gold-backed treasury through streaming agreements, providing investors with exposure to physical gold without the operational risk of mining. BMV focuses on streams from producing assets within the ore concentrate to bullion value chain. Its investments secure multi-year flows of gold that can be recycled into new transactions. This model enables scalable exposure to gold without capital expenditure, or execution risks. Drawing on its heritage in gold, BMV combines the stability of physical bullion with the benefits of a scalable, disciplined business model. With a focus on prudent capital allocation and treasury management, BMV aims to deliver sustainable, long-term value for shareholders. For more information, please visit: www.bmvbtc.com
Zak Mir talks to Alexander Selegenev , Executive Director, TMT Investments , in the wake of the venture capital company investing in high-growth technology companies, announcing its audited final results for the year ended 31 December 2025. TMT Investments PLC has reported a strong set of audited results for 2025 , marked by a return to profitability and growth in asset value. Net Asset Value (NAV) per share increased to $7.13 , up from $6.55 the previous year, with total NAV rising to $220.8 million . The company delivered a profit of $16.6 million , a significant turnaround from a $2.2 million loss in 2024 , supported in part by gains from investments, including a notable uplift from its stake in Scale AI . Investment activity slowed during the year, with $1.5 million deployed compared to $5.9 million in 2024 , while $5.5 million was realised through disposals and dividends. TMT also completed a $1.7 million share buyback programme , and ended the year with $5.0 million in cash , maintaining liquidity for future opportunities. Alexander Selegenev, Executive Director of TMT, commented: "In 2025, TMT's net asset value increased 8.9%, mainly as a result of the significant positive currency exchange impact on the Company's Pound Sterling and Euro-denominated investments and the continued growth of TMT's investment in Scentbird. This was a period of continuing macroeconomic and political instability, as well as of subdued venture capital, IPO, and M&A activity outside the AI segment. TMT's portfolio benefited from positive revaluations of seven of its investee companies (Bolt, Scentbird, Global Work AI, Spin.ai , Scale AI, Rhino, and Whizz), which have been partly offset by full and partial write-downs in the value of nine of the Company's investments (Backblaze, Mobilo, SOAX, MTL Financial, Prodly, Sonic Jobs, Aurabeat, Qumata, and Go X), in line with TMT's highly prudent valuation approach. The majority of TMT's portfolio companies continue to demonstrate good business progress and have adapted well to the challenges of the current environment. Despite reduced revenue growth rates for some investees in this environment, many of them have managed to reach either profitability or positive operating cash flow levels. TMT successfully disposed of partial stakes in some of its portfolio companies (most notably, Backblaze and Bolt) at NAV-enhancing valuation levels. Given the continued high level of market uncertainty and volatility in 2025, TMT maintained its cautious investment approach during the period, and made only four new and follow-on investments. Two new companies were added to TMT's portfolio, Spendbase Inc. and Leasy Holdings Limited. In 2025, TMT's shares often traded at a 60%+ discount to NAV, and at this valuation it was hard for management to identify a better investment opportunity than TMT's current investment portfolio itself. Accordingly, the Company successfully completed a share buyback programme, in which a total of 651,688 TMT shares were bought at a weighted average price of US$2.65 per share for a total consideration of US$1,729,657. With no financial debt and strong cash reserves, TMT is well positioned to not only ride out the current market volatility, but also to continue making investments and realising full and partial disposals when the right opportunities present themselves. We look forward to keeping shareholders updated on relevant developments in due course."
Zak Mir talks to Howard White, Chairman Hydrogen Utopia, in the wake of a report in the Financial Times, regarding airlines scrambling to source aviation fuel. Hydrogen Utopia and the “all bases are loaded” case for sustainable aviation fuel Airlines do not just worry about fares and demand. They worry about fuel. And when geopolitical tensions flare up, contingency planning starts quickly, including new approaches to aviation fuel supply. That is the context Howard White, Chairman of Hydrogen Utopia, uses to frame today’s opportunity: rather than treating sustainable aviation fuel (SAF) as a niche ideal, he argues it should be treated as a practical, supply-secure alternative that can withstand disruption. Why airline fuel shortages matter more than you think Recent reporting has highlighted how airlines can be hit hard by fuel shortages and price shocks tied to geopolitical events. The headlines are blunt: airlines draw up contingency plans when jet fuel supply becomes uncertain, and disruptions can translate into very large financial impacts. The underlying lesson is simple. When supply chains rely too heavily on a narrow set of locations and traditional production routes, the entire system becomes more fragile. In that environment, “strategy” is not a slogan. It is a risk management requirement. The SAF problem: “great idea,” but can it compete on price and supply? White’s view is that many conversations about SAF stall at a single question: can it reach parity with the price of conventional jet fuel? He references a point made by a head of a major airline in discussions prior to the current crisis: SAF is welcome, but it needs to “get to par” with jet A1 pricing. White positions Hydrogen Utopia’s approach as a direct response to that pricing pressure. He describes a SAF cost around $200 versus jet A1 at roughly $175 at the time of his comments, suggesting the “parity” goal is closer than many assume. “All bases are loaded”: a contra perspective on where Hydrogen Utopia is positioned White describes the market as myopic. In his framing, people see Saudi Arabia and immediately assume that everything becomes risky. His counterpoint is that the region is unlikely to disappear, and the strategic need for resilient fuel supply and internal investment only increases under stress. He also reframes the location question. Traditional SAF pathways often require facilities and supply chains that are vulnerable to targeted disruptions. He argues Hydrogen Utopia’s model is more flexible because it is modular and can be deployed in safer jurisdictions. Waste plastic as a feedstock: solving two problems at once One of the most compelling parts of the argument is feedstock availability. White’s case rests on the idea that the company does not rely on a natural resource supply chain like oil or gas. Instead, he points to mixed waste plastic , including unrecyclable plastic , as a “ubiquitous” input across the Middle East and North Africa (MENA) region. In other words: if waste plastic exists everywhere (because it is produced everywhere and often not properly managed), then production can follow demand without being trapped in one geopolitical footprint. He adds a blunt economic twist: in most countries, authorities may even pay for solutions that remove plastic waste. Hydrogen Utopia, he says, is “not going to be paying for the plastic.” That can convert waste management into a supportive revenue stream rather than a cost centre. Hydrogen at $2 a kilo: opening doors beyond SAF SAF is the headline, but White argues the technology unlocks additional markets by producing hydrogen internally at a very low stated cost: $2 per kilo . He ties this to more than one downstream opportunity: SAF production from low-carbon hydrogen pathways, aiming for a competitive price versus current methods. Urea (a major fertiliser), which White notes depends on hydrogen generated via steam methane reforming in conventional setups. He also gives a real-world example of supply pressure: Brazil being extremely short of urea due to logistics constraints. In his logic, if hydrogen is competitive, then fertiliser production becomes more scalable and less tied to the same geopolitical vulnerabilities. Why the timing could be faster than investors expect In technology markets, delays kill momentum. White pushes back on the typical “wait 2 or 3 years” expectation for development milestones. He highlights a proposed $800 million project being evaluated for funding and moving toward FID (Final Investment Decision), with Saudi Arabia timelines suggesting movement within up to 15 months . He also references the creation of a Saudi Arabia subsidiary , which he says can be used as a base for funding and execution in the region. The implication is that the company is not just discussing future potential. It is building the administrative and commercial pathway to scale. Regulatory and commercial momentum: more than one country is looking White points to ongoing engagement across the GCC during the Ramadan period, describing the process as active rather than slow. He mentions discussions and communications involving countries including: Saudi Arabia Oman United Arab Emirates Kuwait He also notes that one UAE-based company that deploys technologies across the region has begun due diligence to assess whether it should take a major involvement in SAF and other opportunities within the GCC. What partnerships and monetisation could look like The next stage, according to White, is not technology validation. It is monetisation: turning interest into financing, contracting, and commercial delivery. He frames the “game” as one where money becomes available once projects are sufficiently underwritten and funded, and he indicates that this is the direction of travel after a period of embedded regional work and corporate validation through public announcements. The bottom line: diversification that is strategic, scalable, and disruption-resistant White’s core thesis is that the current climate is reinforcing a shift in thinking: Airlines and fuel markets need reliability under geopolitical pressure. SAF should not only be sustainable, but also commercially viable . Technology that can use waste plastic as feedstock offers supply flexibility because it is not a natural resource concentrated in one geography. Lower-cost hydrogen (as described) can extend the impact beyond aviation into fertiliser and other hydrogen-linked industries. In his closing sentiment, White suggests that the situation does not reduce opportunity. It increases it. One catalyst event, he implies, could accelerate the next phase of funding and momentum. For investors watching sustainable fuels, the question becomes less “is SAF needed?” and more “who can deliver it at scale, in the right places, with resilient supply and credible economics?” Hydrogen Utopia’s pitch is essentially that it has a modular route to get there.
Zak Mir talks to Paul Emmitt, CEO of Powerhouse Energy , about recent progress at the company, including its pioneering integrated technology that converts non-recyclable waste into low-carbon energy, and its revenue-generating engineering consulting division. They discuss PHE's proven technology, its projects and newsflow drivers. Powerhouse Energy: Turning Non‑Recyclable Waste into Low‑Carbon Energy Powerhouse Energy is positioning itself where two urgent problems intersect: mounting non‑recyclable waste and the need to decarbonise industrial energy. The company has developed an integrated waste‑to‑energy solution that converts difficult waste streams into useful products — syngas, hydrogen or power — using a robust, proven process based on a rotating kiln. What Powerhouse Energy offers At its core, Powerhouse Energy provides a technology platform and engineering capability that turns problematic waste into real value. Rather than competing with recycling, it tackles the residual fraction that typically goes to landfill or is incinerated. Key outcomes the company targets : Production of syngas that can be used for power or as a chemical feedstock Hydrogen production from syngas On‑site power to reduce reliance on grid electricity or volatile natural gas Support for corporate decarbonisation and waste management strategies How the technology works — simple and proven Powerhouse Energy’s process is a gasification system built around a rotating kiln. That configuration brings two advantages: Robustness — rotating kilns are a proven industrial technology with predictable behaviour and maintenance profiles. Flexibility — the system handles a wide range of non‑recyclable feedstocks and produces a controllable syngas stream for different downstream uses. The downstream equipment—gas cleanup, conditioning and conversion units—uses established industrial technology, which lowers technical risk for potential customers and investors. The Feedstock Testing Unit: the turning point One of the most important recent milestones was the completion of a feedstock testing unit (FTU) at the company’s Brandon site in March last year. The FTU serves several crucial purposes: It lets potential clients bring their waste and see how it performs through the process. It provides a platform for ongoing R&D and for tuning the process to specific feedstocks. It acts as a commercial proof point that the technology works at scale prior to a full build‑out. As the CEO put it succinctly: "The technology is here for people to see and see work." Commercialisation pathway and project landscape Powerhouse Energy is working across several geographies and project types, from licensing and royalties to design‑build‑operate models where it retains control of delivery. Current project highlights and opportunities include: An Australia project operating under a licensing and royalty arrangement, where the client controls the timeline and delivery. A proposed design, build and operate facility at Balamina (planning application submitted), which would allow the company to drive the project and capture engineering revenues. Active discussions in the Middle East, Europe and the Caribbean for a mix of larger and smaller commercial units. Importantly, many enquiries are becoming tangible opportunities: in the past 12 months the company received roughly 50–60 enquiries and has around a dozen genuine opportunities under discussion. That pipeline is a positive signal of market interest. Why market valuation lags — and what will change it Powerhouse Energy’s market capitalisation sits around £15 million , while the global waste‑to‑energy market runs into the billions. That gap reflects the typical early‑stage dynamic: technology proven at demonstration scale must cross the commercial threshold before valuations re‑rate. The decisive inflection point will be a signed contract for the first commercial unit. That could be: The Australia project concluding financial due diligence and executing the contract A smaller commercial unit (2.5–10 tonnes per day) sold to a customer to prove on‑site commercial operation Obtaining a first commercial order validates technology, starts revenue recognition and reduces perceived risk for future customers and investors. The company is open to creative commercial structures to overcome the "nobody wants to be first" problem, including moving or deploying the FTU to a partner site as a demonstration of commerciality. What to watch next For anyone tracking the company, the next major newsflow drivers are clear: Execution of the first commercial contract — Australia or a smaller pilot commercial unit. Planning approval and progression of the Balamina design‑build‑operate project. Closing one of the mid‑sized international opportunities in Europe, the Middle East or the Caribbean. Deployment options for the FTU to accelerate commercial proofs and client acceptance. Where Powerhouse Energy sits in the energy transition There is sometimes a binary narrative that only electrification and “100% renewable” solutions are green. In practice, the waste problem persists and requires pragmatic, low‑carbon solutions. Powerhouse Energy is not positioned as a replacement for recycling but as a complementary pathway: it deals with materials that would otherwise be landfilled or poorly controlled incinerated. By turning that residual waste into syngas or hydrogen, the company helps organisations meet waste management targets, reduce fossil fuel dependence for site power and advance decarbonisation strategies in industries where waste remains an intractable problem. Summary Powerhouse Energy has moved from concept to demonstrable technology. With a functioning feedstock testing unit, a growing pipeline of enquiries and concrete projects under discussion, the company’s next milestone is commercial traction — a signed first unit. When that happens, it will mark the transition from technology validation to revenue generation and should materially change market perception. For organisations wrestling with non‑recyclable waste and industrial decarbonisation, Powerhouse Energy offers a pragmatic, proven route to convert waste into useful, low‑carbon energy streams.
We caught up with Sam Garrett, Chief Executive Officer of Great Southern Copper (LON: GSCU), this week after the company announced the partial assay results of Hole CNG25-DD042 (DD042) recently received for its Phase III drilling programme at the Cerro Negro prospect, part of the Especularita Project. Highlights: · Hole CNG25-DD042 tested the interpreted southern extension of Lens 2 some 300m along trend from the Mostaza mine · The hole intersected multiple zones or lenses of base and precious metals mineralisation including significant intercepts · An upper Pb-Zn-Ag rich silica breccia zone includes grades up to 22.4g/t Ag, 1.9% Pb and 0.34% Zn similar to the mineralisation identified in the hanging-wall to Lens 2 · DD-042 results extends the Mostaza system to over 400m of strike length with mineralisation open to the south · Pb and Zn rich intervals add further evidence of a complex multiphase stacked system · Results pending for final diamond holes and all RC drill holes · Planning for fully funded Phase IV resource and exploration drilling is in progress · GSC holds option to 100% of the Cerro Negro project including the Mostaza mine · Project located at low elevation with excellent access to mining-related infrastructure Sam Garrett, Chief Executive Officer of Great Southern Copper, said: “These latest results for step-out hole DD042 continue to demonstrate the strong growth potential of the Mostaza copper-silver discovery. Intersecting mineralisation at this distance from the historic workings provides further evidence that the Mostaza Fault Zone hosts a much broader mineralised footprint than originally recognised and emphasises the significant exploration upside still to be tested along this emerging trend. “Importantly, the presence of significant Pb and Zn mineralisation in DD042 within an upper silica-sulphide breccia zone underlain by high-grade chalcocite-clay mineralisation is consistent with the deposit architecture recognised below the Mostaza mine, reinforcing the exciting proposition that this represents a potential extension of the Mostaza Lens 2 trend towards the south. “Exploration work to date has already traced mineralisation and alteration signatures for over two kilometres of the Mostaza Fault Zone, and this latest step-out hole is another important confirmation that the system remains open and continues to grow. “Planning for our fully funded Phase IV drilling campaign is underway and will focus on in-fill drilling of Lens 2 between the Mostaza mine and the mineralisation intersected in holes DD07 and DD042, as well as additional step-out drilling aimed to extend the Lens 2 mineralisation trend further south along the Mostaza Fault Zone. In addition, we look forward to continuing to test the broader potential of the Cerro Negro system.”
In this interview, Zak Mir speaks with Fulcrum Metals CEO Ryan Mee about the company’s progress in reprocessing a legacy gold mine in Canada, recent TR1 filings showing increased investor activity, and what lies ahead for the company. Fulcrum has boosted gold recovery from around 59% to over 70% , now also recovering silver, using a zero-cyanide, zero-waste process with six-hour leach times. Recent drilling has lifted gold-equivalent grades by 8% to 0.7 g/t, supporting a mineral resource estimate expected in early 2026. Fulcrum Metals has quietly been reshaping its story: moving from a conventional explorer to a technology‑led developer focused on recovering gold and critical minerals from historic tailings. Recent test results, shareholder activity and a tightening register have put the company on the map. Here’s what matters and why this transition could be significant for the company and the wider mining sector. Mining Indaba in Cape Town - from Feb 9–12. Fulcrum Metals’ senior management will be in Cape Town from February 9–12 for the Mining Indaba conference . If you’d like to meet and learn more about our environmentally friendly tailings reprocessing strategy, please get in touch. Why the pivot to tailings matters Tailings projects tap previously mined material rather than digging new pits. That has three immediate advantages: Lower environmental footprint — using existing material reduces disturbance and can avoid new land clearances. Faster access to ounces — infrastructure and mineral concentrations are already known, which shortens timelines. Opportunity to recover multiple metals — tailings often contain not only gold but also silver and critical elements that were not recovered economically in the past. The Extrakt technology: cleaner, simpler, scalable Fulcrum has partnered with a proprietary process referred to as Extrakt . The core claims are simple but powerful: a single process that is zero cyanide and zero waste, capable of recovering gold alongside valuable co‑products such as tellurium, gallium and silver. Located in Kirkland Lake, Ontario, Canada. Part of the Teck-Hughes historic gold mine. Milled circa 9.6 million tonnes of ore and produced circa 3.7 million ounces of gold between 1917 and 1968. Project consists of 7 mining claims over 112 hectares Working with Extrakt to use its technology to sustainability extract gold from the Teck-Hughes' tailings. Early bench testing delivered initial gold recoveries around 59%. More recent Phase 3 testwork has produced results in excess of 70% for both gold and silver, with further optimisation underway. In addition, extended leach testing is targeting critical minerals such as tellurium and gallium — potentially transforming the economics by increasing the project’s gold‑equivalent grade. Phase 3 and the rise of co‑products Phase 3 is the pivotal study for Fulcrum. The company has already flagged preliminary Phase 3 results and expects further announcements in the near term. Key takeaways: Higher recoveries — movement from ~59% to +70% indicates the process is maturing. Co‑product potential — tellurium, gallium and silver could materially boost gold‑equivalent grades and project NPV. Zero cyanide, zero waste — if the claims hold at scale, this could be a disruptive environmental and permitting advantage. Market response and share register dynamics The market has noticed the progress. Share price momentum pushed the company near one‑year highs and produced notable insider and institutional activity. Several TR1 filings showed increases from investors including Metals One, Nick Nugent and Ian Bagnell , amounting to just over 26% combined . Directors retain roughly 19% of the register, tightening ownership and aligning incentives. At the time of reporting, the stock was up about 30.51% year‑to‑date, with a market capitalisation of around £11.09m. That performance suggests growing investor appetite for technology‑driven, lower‑impact resource plays. Valuation perspective and upside potential The company’s projects host an estimated 200,000 ounces of gold. Using a bullish gold price reference quoted by management (~US$5,000/oz at the time), the in‑situ metal value can look large on paper. That said, there are important caveats: Resource estimates need to be converted into economic reserves. Process performance at bench scale must be proven in pilot and commercial operations. Recovery of co‑products and their marketability will materially influence economics. In short: the combination of a credible resource base plus a potentially disruptive extraction method creates meaningful upside if the technology scales and regulatory, permitting and commercial hurdles are cleared. What to watch next Phase 3 final results — confirmation of sustained >70% recoveries and consistent co‑product yields. Pilot test plans — announcement of pilot or demonstration plant timelines and budgets. Commercial agreements — off‑take, offtake partnerships for co‑products, or licensing deals for the Extract process. Register movements — further institutional interest or increased insider holdings that signal confidence. Bottom line Fulcrum Metals is positioning itself as more than a gold explorer. By combining tailings assets with a zero‑cyanide extraction method and the prospect of multiple recoverable metals, the company is aiming to offer a cleaner, faster route to value. The next tranche of Phase 3 results and any pilot‑scale confirmations will be the most important value inflection points to watch.
Zak Mir caught up with Howard White , Chairman of Hydrogen Utopia , to discuss the company’s strategy and progress in the fast-evolving hydrogen and clean energy space. The company pioneering leader in converting non-recyclable mixed waste plastics, tyres, and hazardous waste materials into hydrogen and carbon-free fuels, announces the signing of a Memorandum of Understanding (“MOU”) with Saudi Investment Recycling Company (“SIRC”), a wholly owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia. A practical route from waste plastics to sustainable aviation fuel Hydrogen Utopia has taken a major step forward with a signed Memorandum of Understanding with the Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of the Kingdom of Saudi Arabia's Public Investment Fund. The agreement frames a clear industrial pathway: convert non-recyclable mixed waste plastics, tyres and hazardous wastes into syngas, turn that syngas into hydrogen, and then use a Fischer-Tropsch route to produce sustainable aviation fuel (SAF). Why this matters Several factors make this announcement strategically important. First, the technology that Hydrogen Utopia deploys is already commercial at scale in the United States and elsewhere, removing the usual "pilot" uncertainty. Second, the supply chain in Saudi Arabia and the backing of state investment structures create a rapid route to large-scale deployment. Third, SAF is set to be in structural shortage for years as regulations and airline decarbonisation commitments push demand far ahead of current supply. There will be a shortage of SAF for the next 20 or 30 years. How the process works The core steps are straightforward: Feedstock : non-recyclable mixed plastics, tyres, hazardous wastes and potentially landfill-mined material. Thermal conversion : Hydrogen Utopia’s melter system produces a very clean syngas stream. Hydrogen production : the syngas is used to extract hydrogen and a carbon monoxide stream suitable for downstream synthesis. Fischer-Tropsch synthesis : CO and hydrogen are converted into long-chain hydrocarbons which are upgraded to kerosene-grade SAF. A critical technical advantage is the exceptionally clean syngas produced by the melter. Cleaner gas reduces catalyst contamination in the Fischer-Tropsch process, which is a 70-year proven pathway to synthetic fuels and a preferred industrial route for high-quality SAF. Saudi support and Vision 2030 alignment The project sits squarely within Saudi Arabia’s Vision 2030 ambitions: reducing waste, building new domestic industries and diversifying the economy. The level of enthusiasm reported from government ministries, local supply chain partners and state investment vehicles stands in contrast to the slower, more cautious approach seen in many European markets. Hydrogen Utopia emphasises that Saudi stakeholders are motivated not only by commercial returns but by national development goals. That outlook has translated into rapid progression from initial discussions to a greenlight for project development by the Public Investment Fund. Commercial and financial outlook The project team is building a business model during Ramadan with an expected internal rate of return close to 20% once finalised. Funding interest appears strong: in addition to PIF/SIRC engagement, multiple family offices and other agencies have signalled readiness to contribute to an estimated project capital requirement in the hundreds of millions of dollars. SAF typically carries a significant premium to conventional Jet A1 because of constrained supply and rising regulatory demand. Hydrogen Utopia targets a competitive production cost with a headline figure in the region of $200 per barrel , which would place the output among the cheaper SAF options globally. Scale, locations and feedstock security Practical deployment options are flexible. The chairman highlighted potential sites such as Jubail, which has suitable infrastructure. Importantly, feedstock is abundant: municipal waste streams, tyres, and legacy landfills can be tapped. Saudi authorities have even discussed the possibility of landfill mining to supply material, which would both unlock feedstock and remediate old disposal sites. The technology does not require brand-new, high-specification industrial customers. That means the solution can be exported and deployed across a wide range of countries, including developing markets that need affordable, fundable projects. The combination of a strong project IRR and state backing makes third-party financing more straightforward. Market access and offtake Offtake discussions are already feasible: PIF owns aircraft leasing and airline interests that could naturally absorb SAF volumes. Meanwhile, global aviation mandates are rising, with regulators in the EU, UK and elsewhere moving to require increasing shares of SAF in jet fuel. That regulatory tailwind is a major driver for long-term demand and supports the project’s commercial case. Why Hydrogen Utopia stands out Proven commercial pedigree — existing operational plants and a TRL9 classification reduce technical risk. Feedstock diversity — not dependent on limited biofeedstocks that constrain other SAF routes. Strategic partners — backing and interest from sovereign investment, local ministries and private capital. Exportable model — design and economics that can be replicated across the GCC and beyond. Risks and considerations Every industrial roll-out faces typical hurdles: final engineering design, securing long-term offtake contracts, refining plant siting and permits, and managing construction and operations. Market pricing of SAF will remain volatile as policy, feedstock availability and competing technologies evolve. That said, strong state support and an existing commercial track record materially lower execution risk. Where this could lead The combination of large-scale feedstock, clean syngas chemistry, an established Fischer-Tropsch route and committed capital creates a near-term pathway to SAF production at scale. If the project secures final approvals and funding as anticipated, it could become a replicable model for tackling global plastic waste while supplying a growing, high-value low-carbon fuel market. Final note Converting hard-to-recycle wastes into hydrogen and SAF is not only a strong climate and waste-management play. It is also a commercially sensible route that leverages industrial chemistry proven for decades. With strategic support and clear demand signals from aviation regulators, the coming years could see rapid scaling of projects that turn environmental liabilities into high-value, decarbonised fuels.
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