Michael Page (PAGE), up 5.5% at 205.7p, UBS lifts Michael Page to ‘buy’ from ‘neutral’
Funding Circle Holdings (FCH), up 4.6% at 249.5p, Deutsche Bank lifts its price target to 290 pence from 190p
Comment: I used to believe in investment banks and their upgrades / downgrades. In the case of PAGE the translation re UBS is that the shares have doubled and they did not expect this, hence the move from neutral to buy. In the case of FCH Deutsche also did not expect the company to be that good, the previous range highs were around 180p. Neither intervention inspires confidence that the respective analysts know what they are doing. But at usual it is a plug for their banks.
Touchstone Exploration Inc. (TXP) reported its financial and operating results for the three and six months ended June 30, 2026 and provides an operational update. Funds flow from operations: Increased to $7.13 million from $1.85 million in the prior quarter, primarily driven by a $4.07 million increase in operating netback. Net income: Delivered net income of $2.34 million ($0.01 per basic and diluted share), reversing the first quarter 2026 net loss of $2.38 million.
Comment: Given the macro backdrop even Coco The Clown would be able to get revenues going, so it is hardly surprising that there has been a decent turnaround at TXP. Above the 200 day moving average at 8p it would be surprising if we did not revisit 2026 resistance at 12p for starters in coming weeks.
London BTC Company Limited (BTC), the London Stock Exchange main market-listed company announced that high-grade Antimony (“Sb”) has been recorded only 120 metres south of the Company’s Black Star Gold-Silver Project in Nevada, USA and the Company is excited and optimistic that Antimony may also have the potential to be present on its Black Star mineral claims. On 15 July 2026, the Company announced a gold discovery in Nevada with surface sampling reporting grades up to 16.23 g/t (0.52 oz/t Au) and 50.5 g/t silver (1.62 oz/t Ag). It has now been determined that the gold and silver mineralisation at Black Star sits within the same trending mineralised corridor as reported Antimony mineralisation immediately to the south of the Company’s mineral claims.
Comment: Only if there was a price fixing / suppression operation on certain companies on the London stock market would shares of BTC not risen appreciably on recent news, and in the wake of today’s news. Oh hang on, maybe there is. The shares are unmoved so far today. That said, the more that BTC proves up, the greater the disconnect between what it is sitting on in one of the world’s best mining jurisdictions, and the market cap.
Arrow Exploration Corp. (AXL), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to announce a property acquisition in Alberta, Canada. Acquisition of 100% working interest in 550 boepd oil producing property in Thorsby, Central Alberta Canada. Highly cash generative asset having generated $2.0 million CAD of operating income in last 12 months. $12.15 million CAD (approximately $8.9 million USD) purchase price funded directly from on-hand cash reserves. Significant 1P reserve base of 4.973 million boe, 2P of 7.537 million boe and prospective opportunities across 9,501 net acres of land. Management plans to deploy development program across lower Cretaceous Sparky reservoir, having identified 22 low-cost, quick payout drilling locations on the property. Current production is approximately 27% oil and liquids. 1P and 2P volumes approximately 55% oil and liquids.
Comment: Even in the present high oil price environment AXL remains one of the best underperforming share price companies around, even though it is a high strike rate cash machine. Perhaps the additional move to North America as opposed to South America may move the dial in terms of market perception. That said, above recent support at 25p, an October price channel top target of 35p seems perfectly possible over the next 1-2 months.
Beowulf (BEM), the mineral exploration and development company, and its wholly-owned subsidiary Jokkmokk Iron Mines AB, announced that the infill drilling campaign has been completed at the Kallak iron ore project in northern Sweden. BEM said “The top priority infill drilling has now been completed with the objective of upgrading near-surface Inferred resource to the higher confidence Measured and Indicated categories. Field observations and results from portable XRF and magnetic susceptibility analyses indicate that the drilling has returned broad zones of mineralisation generally in line with the geological model. A number of holes encountered mineralised intervals that exceeded the widths anticipated at the planning stage and consequently the holes were extended. Geological, geotechnical and structural logging is nearing completion, and following conclusion of the Financing, samples will be sent for independent laboratory analysis. We look forward to reporting assay results and, in due course, the updated Mineral Resource Estimate.”
Cohort (CHRT), the AIM-listed independent technology group, announce that its German subsidiary ELAC (Sensors and Effectors Division) has been awarded a contract with a value of €140.7 million. Under the contract, ELAC will collaborate with Saab to deliver integrated sonar systems for the Polish Orka Submarine Programme. Work will commence immediately and deliveries will continue out to the mid-2030’s. Alongside other recent wins across the Group, the contract is expected to enhance the Group’s adjusted earnings per share in the following financial year and beyond.
Comment: Although CHRT is hardly box office in terms of stock market perception, the rather chunky £140m contract win will turn heads and should move the dial. A breakout of recent £12-£15 ranges to leave the shares as high as £18 would be the right target given the latest news and ongoing progress.
