Ajax [AQSE: AJAX], the natural resources investment company focused on high-impact opportunities in South America, announced that drilling activities have now commenced at the Eureka Gold and Copper Project, located in the Province of Jujuy, Argentina. The fully funded and permitted initial drilling programme will comprise approximately 10 diamond drill holes for a total of approximately 1,500 metres of diamond drilling. AJAX said “A number of historical third-party studies provide additional context regarding the potential scale of the mineralised system. Minera Peñoles estimated an exploration potential of 61.6 Mt at 1.0% Cu, containing approximately 616,000 tonnes of copper, while work undertaken by Codelco also pointed to the presence of a significant copper system. In addition, Mantos Blancos, now part of Anglo American, carried out underground mapping and bulk sampling and declared a historical, non-NI 43-101 compliant gold resource of approximately 52,000 ounces, based on 600,000 tonnes at 2.7 g/t Au.”
Comment: The turnaround in perception and sentiment at AJAX over the past couple of months has been impressive, so much so that it has already been picked out as one of the stocks of the year here at Zaks Traders Café. The company is well funded, well backed in the market, and has a clearly defined strategy picking out high value assets at low cost. We await a double figure share price in quick time.
Gunsynd (GUN) announced that it has entered into a legally binding Property Purchase agreement with Peter Dunlop which sets out the commercial terms pursuant to which the Company will acquire certain licences (“Lotus 1 and 2, Denver and Brook”) over prospective acreage in Manitoba, Canada, subject to completion. GUN said “The board is delighted to have been able to add these claims to the Barb Project. The area has long been known to have had gold occurrences but hasn’t been systematically explored largely due to fragmentation of ownership. The acquisition of these claims with historic high grade assays goes a long way to redress this and provides us with ready made drill targets. The Lotus and Denver claims will be a priority for us with respect to drill planning. We will be closely working with Critical Discoveries as the project operator to expedite permitting and near-term exploration.”
Comment: The switch from being an investment company to being an explorer / developer itself should perhaps have already taken the share price of GUN through 0.2p. Clearly, the odd fundraise has got in the way. But the company has the skills to identify strong targets and this should feed value into the stock sooner rather than later.
Corero (CNS), the distributed denial of service (“DDoS”) protection specialists with real-time service availability, provides the following trading update for the year ended 31 December 20251 and reported that the positive trading momentum in Q2 2025 continued throughout H2 2025. The Company, subject to audit, expects to report revenue at the upper end of guidance and EBITDA ahead of guidance for FY 2025. Corero delivered a solid performance across all financial KPIs in FY 2025, supported by strong H2 trading.
Comment: The market has been rather hard on CNS, primarily because no one outside MIT actually understands what DDoS is. Nevertheless, the shift to a recurring sales model as announced in the summer already seems to be paying off.
Nativo Resources plc (NTVO), a gold-focused mining company with interests in Peru, announced that initial assays from surface trenching along interpreted veins within the Tesoro Concession confirm historical data and support Nativo’s plan to recommence gold production activities at Bonanza. This confidence is underpinned by positive near-mine sample results and the successful completion of underground rehabilitation and preparation of existing mine workings. Additional prospectivity within the Tesoro Concession has also been confirmed.
Comment: NTVO has appeared to be a phoenix from the ashes situation for some months, helped along by the way that we have seen a massive recovery for explorers / developers. This may mean that the previous rather bullish call on the stock last summer that it could go to 1p, may be back on the cards.
IQE plc (IQE), the leading global supplier of compound semiconductor wafer products and advanced material solutions, provided a trading update for the full year ending 31 December 2025. The Group saw strong trading momentum in H2 2025 due to faster than expected funding releases for some US military and defence programmes, previously anticipated for 2026. IQE also experienced higher than forecast photonics demand in the period, reflecting continued growth in AI and data centre markets, and increased sales of wireless products tied to new handset introductions which benefitted the Group’s Taiwan operations. This is expected to result in a performance at the upper end of the previously announced FY 2025 forecast range, with revenue of c.£97m resulting in an adjusted EBITDA position of at least £2.0m due to improved operating leverage as capacity utilisation improves.
Comment: It would appear that IQE is a double winner at the moment, benefiting from the still to burst bubble in AI, as well as the headlong rush to World War III. This should ensure we see many more RNS’s from the company with the same rather positive vibe such as today’s.
MicroSalt (SALT), a leading manufacturer of full-flavour natural salt with approximately 50% less sodium, provide the following trading update and continuing advancement of its B2B bulk business for the financial year ended 31 December 2025. The Group is delighted to announce that unaudited sales for FY25 exceeded the Board’s original revenue expectations of $2.0 million, increasing by 287% year-on-year to $2.14 million (2024: $745k). The Company continues to project 2026 sales to total $7.0 million based on in-hand volume estimations and its current customer base, rising to more than $15.0 million in 2027.
Comment: A whole load of talk here regarding the hockey stick jump in revenues, but of course the $64,000 question is with regard to profitability. It might be handy to know how much low sodium salt needs to be sold and at what margin to get SALT over the line?
EARNZ plc (EARN) reported that the results for the first full year of trading as EARNZ plc for the year ended 31st December 2025 are in line with expectations. EARN said “Our strategy is simple: Build long term partnerships with new and established clients in the public and private sectors, responsible for residential and non-residential property portfolios. We intend becoming the partner of choice for those clients, and their professional advisors, who demand both sound quality and value for money services.”
Comment: We already know that EARN’s land grab has been going well, and the footprint expanding well. We also know that the energy services company whose objective is to capitalise on the drive for global decarbonisation is in the right space at the right time. It would have been good if there had been more elaboration on these themes in the RNS.
Great Southern Copper plc (GSCU), the company focused on copper-gold-silver exploration in Chile, announce the successful completion of its Phase III diamond and reverse circulation (“RC”) drilling programme at the Company’s flagship Cerro Negro prospect, part of the Especularita Project. Phase III represents the largest and most advanced drilling campaign completed by GSC to date and has continued to build upon the discovery of the high-grade copper-silver system at Mostaza and along the broader Mostaza Fault Zone which extends over 2 km south of the mine. Assay results for multiple completed holes remain pending and are expected to feed directly into planning for the next phase of drilling across several high-priority targets.
Comment: I have said with regard to GSCU that since the company hit the “big time” it does not talk to me anymore. Nevertheless, I continue to chart the share price successfully as I did over the weekend, ahead of today’s announcement and share price rise.
Futura Medical (FUM), the consumer healthcare Group behind Eroxon® that specialises in the development and global commercialisation of innovative and clinically proven sexual health products, reported positive results of the WSD4000 Early Feasibility Study (‘EFS’) which comprised of 12 women suffering from some degree of sexual dysfunction. The positive trends and high response metrics demonstrate that the product has the potential to deliver a significant improvement in impaired sexual function in women. Given the lack of known regulatory-approved OTC treatment available for this condition in women, this represents a significant opportunity for WSD4000 globally.
Comment: Due to reasons of political correctness, not being one of the correct genders / sexualities, and doubts over the appropriate current social and legal boundaries with regard to any sense of humour in terms of this RNS, no official comment will be made. That said, hitherto one was of the impression that Feasibility Studies were primarily limited to resources companies.
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