The Times: Oil prices have topped $116 a barrel and equity markets have continued to slide after the Iran-backed Houthis joined the war and the Washington Post reported that the Pentagon is making plans for weeks of ground operations in Iran.
Comment: Bulls of oil and World War III were probably licking their lips regarding the newsflow going into the weekend. But it should be noted that the Houthis are not the Spartans, and that Pakistan is willing to play mediator in the war, something which might amount to its greatest achievement since 1947. At the same time while we have the prospect of US ground forces in Iran with its 90 million population, if it could not win in Afghanistan (45 million), one doubts it could prevail. Sorry. Oil just may have peaked for now.
Bioventix plc (BVXP), a UK company specialising in the development and commercial supply of high-affinity monoclonal antibodies for applications in clinical diagnostics, announces its unaudited interim results for the six-month period ended 31 December 2025. Revenue of £6.16 million (2024: £6.73 million). Profit before tax of £4.85 million (2024: £5.05 million). Revenue of £6.4 million with PBT of £5.1 million on constant currency basis (at average exchange rates for 2024). Closing cash balances of £5.3 million (2024 £5.1 million).
Comment: BXVP was a notable exception to the great British biotech revival of 2025, something which given the latest update seems rather unfair. The shares are still down nearly 20% this year, after the 40% in 2025, something which does not seem warranted.
Orosur Mining Inc. (OMI), announced the filing of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects – compliant technical report in support of the Company’s 100%-owned Anza Project in Colombia including its maiden Mineral Resource Estimate for the Pepas deposit. Effective date of the report is 16th January 2026, and issue date is 25th March 2026. The report supports the disclosures made by the Company in its announcement of February 10th, 2026.
Comment: Shares of OMI are off over 50% from the initial January peak through 40p. While this dizzy height was clearly off the back of the soaring gold price, the grades of the company seem stellar, and of course Baron Investments says he is buying today, so an upturn may be in the offing.
Greatland Resources (GGP) provided its Group Mineral Resource Estimate (MRE), as at 31 December 2025. Telfer grows to 8.0Moz (+150%), supporting a long-life operation. Telfer adds 4.8Moz of gold Mineral Resources at a discovery cost of $5 per ounce. Telfer Measured and Indicated Resource growth of 163% to 3.8Moz. Telfer and Havieron Mineral Resources of 14.9Moz ounces gold and 645kt of copper.
Comment: Shares of GGP do have a “it is better to travel than arrive” feel to them. However, 8 Moz is nothing to be sniffed at, and with the shares down from 750p to 550p after a once touch bounce off the 200 day moving average, it may be time to get the great bull run here back on the road.
First Class Metals (FCM) – Holding(s) in Company: The 79th GRP Ltd (in administration) are off the shareholder register.
Comment: It is normally the case that when there is a TR1 going down from 11% to zero the market gets upset with a stock. However, in this case regarding the 79TH group it may be that the end of the overhang is a cause of celebration and the end of a difficult period for the company.
Strategic Minerals (SML) announced that Gregory John Coffey is in at 3.34% on the shareholder register.
Comment: Like many of the small cap stars of 2026 to date, the Iran conflict caused a lot of investors to wet their pants and take profits, even on the best of the bunch winners. In the case of SML we are reminded of the merits of the company, as our Gregory takes a decent slug of the stock.
ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health, announced its audited results for the year ended 31 December 2025. Sales +45% to £2.73m (2024: £1.88m). Gross Profit +46% to £1.48m (2024: £997,000). EBITDA loss from continuing operations down 34% to £426,000* (2024: £642,000)
Comment: After all the shenanigans / controversy regarding PBX in the recent past, we are reminded that objectively this is an improving situation, and an improving one in a very difficult space. Keep up the hard work.
Tertiary Minerals plc (TYM) announced an Exploration Target for Target A1 at its Mushima North Project in Zambia which is reported in accordance with the Joint Ore Reserve Committee (“JORC”) Code (2012 Edition). TYM said “We are delighted to report an Exploration Target for Target A1 on the Mushima North Project, marking a significant milestone for the Company on its projects in Zambia. The target provides an upper estimated range of potentially up to 58 million ounces silver equivalent and validates our focus on advancing this exciting new discovery.”
Comment: TYM continues to place itself as the next explorer / developer to leave the station. Evidence for this not only comes from updates such as today’s, but also the way that the share price recovery has remained steady even as many of its minnow peers have been subject to profit taking.
Altona (REE), a resource exploration and development company focused on critical raw materials in Africa, announced the publication of the Request For Proposals for the implementation of the Monte Muambe rare earths work program, funded by a grant from the U.S. Trade and Development Agency (“USTDA”). Qualified U.S. firms are now invited to submit proposals to undertake the metallurgy and process engineering components of a pre-feasibility study for the development of the Company’s rare earths mining and processing facility in the Moatize District of the Tete Province in northwest Mozambique.
Comment: Although shares of REE are up 140% so far this year, given the company has the help, support and love of its sugar daddy, the USTDA, one would have expected and still expect a rather larger rally as the company progresses along its milestones.
Jangada Mines plc (JAN), a Brazil-focused natural resource development company, announced a positive update on the ongoing diamond drilling campaign at the Molly Gold Project in the Tapajós Gold Province of Pará State in Brazil. JAN said “We are delighted with the initial findings of the drill campaign at Molly, where every hole has intersected quartz veining and/or disseminated sulphides, the characteristic host for gold in this style of mineralised system. The Molly 2 target has returned the correct geological signatures, indicating continuity of mineralisation and highlighting the potential to significantly grow the 130,000 oz JORC resource in the near term.”
Comment: While not in the frontline amongst the explorer / developers in terms of stock market awareness / profile, it can be seen that there is the prospect of JAN becoming one of the leading lights, especially if it can fast track itself towards the magic 1 Moz mark.
Pulsar Helium Inc. (PLSR), a primary helium company, noted on March 27, 2026, Cambrian Limited, a company beneficially owned and controlled by Neil Herbert, Executive Chair of the Company, exercised 1,597,061 stock options over new common shares, issued pursuant to the Company’s shareholder and TSX Venture Exchange approved Stock Option Plan, at an exercise price of CAD$0.45 each, generating cash proceeds for the Company of CAD$718,677.
Comment: It would appear from the soaring share price of PLSR today that a few people read yesterday’s coverage in a Week In Small Caps regarding helium being the big winner of the Iran conflict, helped along by reports that supplies are stranded in the Persian / Iranian Gulf over the weekend. A resistance line target of 125p still beckons for the shares.
Spectra Systems Corporation (SPSY), a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software, announced its results for the twelve months ended 31 December 2025. Revenue of $64,284k (2024: $49,191k) up 30.7%. Adjusted EBITDA1 up 82.9% at $27,307k (2024: $14,929k). Adjusted PBTA1 up 109.4% to $25,243k (2024: $12,054k). SPSY said “Through the execution of our sensor contract, the Company has achieved its highest profitability since its inception. Revenue and earnings were driven by partial completion of the sensor order for our long-standing customer and cash was fueled by the first deliveries in December of 2025. EPS has more than doubled over last year with a 133% increase.”
Comment: It is always nice to include a RNS from the best small cap company of the day that you have never heard of. In this case we find that there is money in the exciting world of sensors. That said, the shares are still trading off the back of losses last year and so far in 2026, so more EPS required perhaps.
Abingdon Health plc (ABDX), a leading international developer, manufacturer and regulatory services provider for rapid diagnostic tests and med-tech, announced that it has been awarded a series of significant contracts with a USA-based customer to develop, and scale up to manufacture several multiplex quantitative lateral flow assay systems measuring multiple biomarkers simultaneously in human samples. The contracts include full programme management, the management of regulatory processes, and analytical and clinical performance services.
Comment: Shares of ABDX have already started to stir positively off the back of recent significant contract wins. That said, one gets the feeling that there are still offside sellers exiting on share price rises, and therefore we may have to wait a little longer to see the value showing up in market cap terms.
88 Energy Limited (88E) updated on its recently consolidated South Prudhoe acreage position on Alaska’s North Slope (100% working interest, 16.7% royalty). Permitting and planning activities have commenced for the high-impact, multi-zone Augusta‑1 exploration well, located within the North-West Lease Area of the South Prudhoe Project. Permitting will include three potential drilling locations: ensuring maximum optionality for potential farmout partners, appraisal drilling in the event of discovery success, and optimisation of the well location to incorporate the shallow Brookian potential currently under assessment.
Comment: Well, one has to say that if an oiler, or would be oiler cannot see its shares soar in the present environment, when can it? In the case of 88E we have decent noises from the company, with the big kicker of course being that it is a would be US source of the precious commodity.
Light Science Technologies Holdings plc (LST), the innovative technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, announcesd the award of a contract worth approximately £300,000 for a university in Wales. In addition to the order, a maintenance package, valued at £19,000 annually, covering the design, supply, and installation of environmental computer control and irrigation systems is also expected. Revenue from the contract is expected to be recognised during the current financial year.
Comment: Hot on the heels of the latest very chunky fundraise, we see a decent contract win, amounting to not far off half a bar. With the cash and the contracts under its belt, it would appear that LST is serious about its growth prospects, and having the wherewithall / capacity to deal with it.
Bezant (BZT), the copper-gold exploration and development company, announced: Issue of new shares upon exercise of warrants: Pursuant to the exercise of warrants at a price of 0.06p per share in terms of the fundraising announced on 4 December 2023 the Company is issuing 5,000,000 fully paid ordinary shares of 0.002p each in the Company. The Warrant Exercise Shares when issued will rank pari passu with the existing ordinary shares in the Company.
Comment: The market has taken kindly to today’s warrant exercise (shares up 16%), such things are usually the result of good things having happened. What remains to be seen now is whether the shares can start building on last year’s 4x rally, something which given developments in Namibia, whether the company now owns 90% of Hope & Gorob, should very well be the case.
