Singer Capital Markets and Stifel on EKF Diagnostics (EKF), following the Group’s trading update which was issued this morning. Both SCM and Stifel reiterate their BUY ratings with SCM commenting: “FY25 results are expected to be in line with consensus, with Adj EBITDA +10% YoY to £12.4m and a strong cash performance, after factoring in the larger than expected share buyback. We take this as a sign of management confidence in the business, and are reassured by solid growth from core product lines and the onboarding of a significant customer into EKF’s new precision fermentation facility.”
Comment: It is somewhat disappointing that shares of EKF are actually down so far this morning even after the double broker flattery via Singer’s and Stifel. But at least they is a decent share buyback. That was money well spent…
Ajax [AQSE: AJAX], the natural resources investment company, announced that it has raised a total of £1,000,000 by way of subscriptions, which has attracted the strong support of significant shareholders, the Board of Directors, and new institutional investors. Investors will receive warrants on a 1:1 basis, exercisable at 16p per share, with a term of two years from the date of the Subscription.
Comment: We have already noted that AJAX is on its way in terms of buying undervalued assets that can be cheaply developed. This point is added to by today’s second higher placing to drive further progress at the company.
ACG Metals (ACG) announced that its Remuneration Committee approved the issuance and/or vesting of certain awards under its value creation plan and employee incentive plan on 23 January 2026. The VCP and EIP were established on the readmission of the Company’s shares to trading on the London Stock Exchange following completion of the acquisition of the Gediktepe mine in September 2024 and are designed to incentivise the Company’s management team and other senior employees to deliver exceptional returns for shareholders.
Comment: It is amazing that ACG still remains off the radar in terms of those looking for a go to play as far as the copper – gold paradise the market is in at the moment. So far the shares have been rising as if in a one way valve, and are already up 50% this month, to add to the near 2x last year. Berenberg have a 2,100p share price target, one that actually ties in with the new technical target here at ZTC, up from 1,525p.
Tiger Alpha plc (TIR) announced that the Company has today conditionally raised £1.55 million gross proceeds through a placing arranged and led by Fortified Securities at a price of 0.375p. TIR “We are encouraged by the progress we are seeing across our AI-focused investments and believe this validates the strategic direction the Company has taken. The performance of our existing subnets, alongside the successful launch of KDN-1, demonstrates the scalability and cash-generative potential of our approach. The strong support shown in the recent fundraising is a clear vote of confidence in our plan and provides the Company with the resources to continue executing on its strategy and building long-term shareholder value.”
Comment: All those new fangled investments and subnet this and that, and the result is: a placing, 90% down from the June peak. But at least the shares are well up on the placing price so far this morning, so people believe the “cash-generative potential” of the company’s approach, over and above the “cash-generative potential” of arranging a placing.
Bradda Head Lithium Ltd (BHL), the North America-focused lithium development group, announced that it has entered into a binding and definitive ‘Option to Joint Venture’ agreement with Kennecott Exploration Inc.- part of the Rio Tinto Mining Group of Companies (“KEX”) which sets out the agreed commercial terms pursuant to which it is proposed that the Company will earn-in to certain licenses over prospective acreage in Arizona (the “Whistlejacket Project” or the “Project”) (the “Proposed Transaction”). Under the terms of the Agreement BHL can acquire up to a 60% legal and beneficial interest in the Whistlejacket project in Arizona, USA in phases based on agreed earn-in amounts as set out below.
Comment: Not before time it would appear that BHL could become the next train to leave the station as far as being a US based explorer / developer, which becomes part of the critical minerals boom. In fact it was spotted here at ZTC as a charting buy a few weeks ago as a bear trap, has hit the first target of 1.5p, and above this should head to the second chart target of 3.25p as soon as the end of next month. Thank you.
Switch Metals (SWT), the critical metals focused mining company operating in Côte d’Ivoire, provided an update on progress at its Issia Project, where the processing of bulk eluvial material through the Company’s pilot wash plant is advancing in support of the maiden Mineral Resource Estimate (“MRE”).”SWT said “Following commissioning of the pilot wash plant, we are now well into the washing and evaluation phase of the maiden resource programme at Issia. Geological and resource modelling has commenced in parallel, enabling us to efficiently progress towards our maiden Mineral Resource Estimate. With global tantalum supply still dominated by the DRC and Rwanda, and increasing emphasis on ethical and traceable sourcing, Issia has the potential to emerge as a new district-scale tantalum project in a stable jurisdiction. I look forward to updating shareholders as results become available and as we advance towards delivery of the maiden MRE.”
Comment: SWT was hyped up unsuccessfully by the small cap pumping machine last year, but now that it is on the ZTC radar we should see the shares soar, helped along by the boom in its space. The run up to the MRE should be a high time for the company.
Eleco plc (ELCO), the specialist software provider for the built environment, provide a trading update for the year ended 31 December 2025, based on unaudited management accounts for the period: Total Revenue is estimated to be ahead of prior year by 20% at £38.8m (2024: £32.4m) and by 19% to £38.4m in constant currency terms. Estimated organic growth was 11%, excluding acquisition effects, Annualised Recurring Revenue at 31 December 2025 increased 29% to c.£34.3m (£26.6m at 31 December 2024).
Comment: Good metrics from ELCO, and even though no one cares ARR, there is enough here to get the shares back off recent lows in the 130p zone.
Fulcrum Metals plc (FMET), a company pioneering the application of innovative cyanide-free technologies to recover precious and critical metals from mine waste, reported a notable 8% increase in gold-equivalent grade (“AuEq”) to 0.701 g/t Au across 94 of the 159 auger holes completed at the Teck Hughes Tailings Project in Kirkland Lake, Ontario in Canada.
Comment: FMET had already rejigged itself last year with its Extrakt deal, as well as the tailings angle via Teck Hughes. This means with the general rising tide in the space, and the latest grade hikes, we should see the shares build on recent support above 5p.
Phoenix Copper Limited (PXC), the AIM quoted, 100% USA focused base and precious metals emerging producer and exploration company, announced a further update regarding the refinancing of the Short-Term Loan Facility from Riverfort Global Opportunities PCC Limited following the Company’s announcement dated 4 December 2025. As previously announced, the Company drew $1.96 million of a $2.1 million convertible loan note facility from Indigo Capital LP and utilised the funds, in part, to repay the balance of the Facility. Following the repayment, the Company was informed by Riverfort that the repayment should have been classified as a prepayment, pursuant to the terms of the Facility. The Company is now in discussions with Riverfort to determine whether there is a further financial obligation for the Company, pursuant to the terms of the Facility. The Company will make a further announcement once the discussions with Riverfort have concluded.
Comment: Chit chat with those lovely people at Riverfort nothwithstanding, PXC remains one of the more primed explorer developers in the small cap space, backed up by the way its flagship asset lies in the heart of the USA. Significant funding is inevitable, it is just the timing, which if recent director buying is anything to go by, will be sooner rather than later. 2p a share seems like option money.
Empire Metals (EEE), the AIM-quoted and OTCQX-traded leading exploration and development company, provided an update on the Pitfield titanium Project in Western Australia. With a number of Empire’s key development milestones now nearing completion the Company is well positioned to commence metallurgical piloting test work. The engineering, metallurgical testing, mining studies, and piloting test work will provide the necessary information to complete the Scoping Study later in 2026.
Comment: EEE obviously played a blinder in terms of Pitfield and the peak share price / valuation achieved last summer. Since then there has been a feeling of its being somewhat better to travel than arrive, especially since the likes of gold and silver have somewhat stolen the thunder of “lesser” metals, however critical they might be.
Fusion Antibodies plc (FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announced that it has conditionally raised approximately £1.4 million. FAB said “The successful validation and formal launch of our OptiMAL® platform marks a significant milestone for Fusion Antibodies. Strong interest from potential partners reinforce our confidence in the platform’s ability to generate solid revenues and transform our business over time. This fundraise, which has been supported by a number of our longstanding shareholders, will allow us to accelerate commercialisation, invest in strategic partnerships and targeted global marketing; and further strengthen our proprietary technologies. This will place the Company in a strong position for sustainable growth and help to generate long term value for our shareholders.”
Comment: The relatively steady share price in the wake of the latest fundraise suggests that the market has bought into the idea of commercialisation happening sooner rather than later. But this is one of those situations where one hopes that this is the last cash call before cash actually comes in.
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