The FTSE 100 today is attempting to make it 14 consecutive up days in a row. Perhaps one day soon some of this pixie dust will hit the small cap market.
Pulsar Helium (PLSR): Oak Securities published a new note on the helium explorer, with the focus on the Topaz project in Minnesota, USA.
Metals One (MET1), which is advancing critical minerals projects, announced it has executed a SPA in respect of the acquisition of uranium and vanadium exploration projects in the United States. The terms included in the SPA materially remain as announced on 24 April 2025 whilst Completion of the Acquisition remains subject to various conditions as outlined in the announcement. Following the execution of the SPA, Metals One also outlined its proposed Phase 1 exploration programmes at the Squaw Creek Uranium Project, Wyoming and the Uravan Belt Uranium-Vanadium Project, Colorado targeting critical minerals essential for U.S. clean energy generation, grid storage, and energy security.
Comment: It was clearly the case that MET1 was set to waste no time in acquiring a significant asset once its new funding was in, and this has proved to be the case. The result has been a multi-bagger rally, which has blown the bears out of the water.
Distil (DIS), owner of premium drinks brands Blackwoods Gin and Vodka, RedLeg Spiced Rum and Blavod Black Vodka, noted that Ardgowan Distillery Company Limited has announced the appointment of Roland Grain as Chief Executive Officer. A major shareholder of Distil plc, Roland Grain is a seasoned entrepreneur and passionate whisky enthusiast and has been a key figure in the distillery’s development from the outset.
Comment: Given that being involved in the small cap space at the moment is enough to drive anyone to drink, Mr Grain looks well positioned in his new role.
Emmerson (EML), the Moroccan focused potash development company, provided an update on the dispute with the Kingdom of Morocco in relation to the Khemisset Potash Project in Morocco. Emmerson is bringing a claim for full compensation in respect of the Khemisset Potash Project which it had internally valued at $2.2 billion. All the legal costs in relation to the matter as well as a significant portion of G&A costs are to be funded through the $11.2 million litigation funding facility confirmed in January 2025.
Comment: Shares of EML have already been behaving as if the company has suffered a rather large injustice, and could be compensated. The announcement of a funded $2.2bn arbitration claim should focus minds, as well as adding EML to the stock market’s coterie of small cap arbitration plays.
GenIP (GNIP), a company providing GenAI analytic services to help organisations assess and commercialise new discoveries, announced the launch of a new AI-powered product and its first client for the new product, a ‘Big Four’ accountancy firm. GenIP’s new AI-powered ‘Competitive Intelligence Report’ helps organisations identify and assess leading entities in specific technologies, providing valuable insights for strategic decision-making on innovation, collaboration, and acquisitions.
Comment: Although the shares dipped somewhat alarmingly at the beginning of last month, the run up to today’s news sees the stock back near the top of the range, as the market gives the benefit to GNIP’s new product launch.
Quadrise (QED), the energy transition technology company focused on the decarbonisation of shipping and heavy industry through deployment of low carbon fuels and biofuels, announced a planned reorganisation of its senior leadership team to support the Company as it scales up its commercial and technical activities, reflecting the accelerating momentum at Quadrise. Jason Miles, Chief Executive Officer, will transition into a newly created role of Chief Technology Officer with effect from 1 June 2025. In this capacity, Jason will focus on accelerating the development and deployment of the Company’s core technologies, including MSAR®, bioMSAR™ and bioMSAR™ Zero.
Comment: Shares of QED are still attempting to regroup after the big fundraise at the start of the year. That said, all the management transitioning of management hither and thither does given the company a more grown up look than previously.
Wishbone Gold (WSBN) advised that following on from its announcement of 25th April, it has now appointed Apex Geoscience Consultants to manage the day-to-day on the ground exploration and upcoming drilling program at the Red Setter Dome located 13 kilometres to the southwest of the +15Moz Telfer Gold Mine, Western Australia. WSBN said “The drilling of the deeper holes into the main Red Setter Dome gold target is a priority for the Company and to make this happen as quickly as possible we have appointed Apex Geoscience to drive forward the planning, logistics and drilling of these holes.”
Comment: The newly rebooted WSBN really does look like a new company, with the best aspect perhaps that the market is actually engaged and reacting to its newsflow.
Mkango Resources (MKA) announced that it has released the Financial Statements and Management’s Discussion and Analysis for the period ending 31 December 2024. Mkango has entered into a non-binding LOI with Crown PropTech Acquisitions for a proposed business combination that would result in a NASDAQ listing of Lancaster BVI and Mkango Polska which hold the Songwe Hill Rare Earths Project and the Pulawy Rare Earths Separation Plant Project respectively. The business combination agreement is currently being finalised. Following completion of the transaction, Mkango will retain a majority interest in the newly listed mining-focused entity.
Comment: Shares of MKA have deservedly climbed over 100% since the start of the year, a process that has accelerated as the lay of the regarding rare earths has become increasingly favourable in the wake of the US tariff debacle.
Eleco (ELCO), the specialist software provider for the built environment, is pleased to announce its audited results for the year ended 31 December 2024: EBITDA3: £7.2m (2023: £5.8m), an increase of 24%, Profit before taxation (PBT): £4.3m (2023: £3.4m), an increase of 26%.
Comment: Shares of ELECO have nearly doubled since their early 2023 lows, and today’s solid numbers should remind the market that this £110m market cap company should be due to reach new highs through 150p sooner rather than later.
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