The Telegraph: Britain faces ‘lost generation’ as youth worklessness heads for 1.25m
Comment: Excellent news for the Labour Government, as in nearly two years its policies have created more and more potential voters in need of welfare.
Pulsar Helium Inc. (LSR), a primary helium company, said it applauds the leadership of Minnesota lawmakers as on May 26th, Minnesota Governor Tim Walz signed into law new legislation updating the state processes for the permitting of gas extraction projects. This will specifically advance a helium-specific framework for gas resource development in Northeastern Minnesota. PLSR said “Today is a landmark day for Pulsar and for helium development in Minnesota. The Governor’s signature creates a defined, helium-specific pathway toward production at Topaz, at exactly the moment when the world needs new, secure helium supply most. With our Jetstream exploration program complete and production-well planning underway, we are moving fast. The disruption to Qatari and Russian supply has concentrated minds across the industry. Topaz is well positioned to be part of the solution, and we intend to get there.”
Comment: Until now some observers of PLSR may have thought that the company’s strategy was to go for a land grab and prove up as much of it as possible. But now it would seem that it was also waiting for the big, green light on Topaz, which given the current geopolitical situation is more than welcome. Then again, how many of us knew that we were waiting on a thumbs up in Minnesota?
MicroSalt Plc (SALT), a leading manufacturer of full-flavour natural salt with approximately 50% less sodium, announced its final results for the year ended 31 December 2025. Revenue of US$2.1 million during the year (FY24: US$0.75 million), an increase of US$1.4 million, primarily from higher B2B sales volumes. Net loss reduced to US$3.2 million (FY24: US$5.8 million), primarily as a result of increased revenue, improved operational efficiencies and reduced administrative expenses. SALT said “MicroSalt’s strong progress is clearly demonstrated by the significant revenue growth achieved during 2025, momentum that we expect to accelerate further throughout 2026, 2027, and beyond. The successful reformulation work completed with several of the world’s leading snack food brands provides the Company with increasing confidence in long-term revenue and commercial expansion.”
Comment: One was kind of hoping that SALT would be unveiling a profit today, given all the revenue growth the company has been pointing to, and the strong counterparties it is dealing with. However, it would seem that SALT needs to sell amounts of the stuff that Lot’s wife would be proud to get into the black.
Physiomics plc (PYC), a leading mathematical modelling, data science and biostatistics company supporting the development of new therapeutics and personalised medicine solutions, highlighted the development of a hantavirus translational modelling framework demonstrating the Company’s quantitative pharmacology and mechanistic modelling capabilities within infectious disease applications.
Comment: Very regular and topical newsflow from PYC would appear to be the name of the game as far as PYC is concerned currently, with the latest hantavirus RNS being a case in point. Indeed, the latest update may be enough to put some off booking their next holiday on Saga Cruises.
GreenX Metals Limited (GRX) announced an Exploration Target at the Tannenberg Copper Project (Tannenberg or the Project), in Germany. The estimated range of potential mineralisation in the Exploration Target is: 144 – 279 Mt at 0.9% – 1.4% Cu and 15 – 21 g/t Ag for 1.3 – 3.9 Mt Cu and 69 – 188 Moz Ag.
Comment: While today’s news is certainly of interest, it is a sideshow as compared to the €252m we are waiting on as far as a Polish payout claim. This compares to GRX’s current £150m market cap. Some may feel quite rightly that the current share price is a tad low.
SkinBioTherapeutics plc, (SBTX), the life science business focused on skin health, announced that its investigation into, inter alia, the financial statements for the year ended 30 June 2025 is complete. Consequently, the Board expects that the HY26 results, together with the restated (unaudited) FY25 results, will be published shortly, along with the resulting actions both taken and planned in respect of the findings of its investigation. The Board anticipates that trading in the Company’s ordinary shares will resume following publication of those results. Whilst the Board had expected to publish the HY26 results by the end of May, there were some difficulties in obtaining all the information and evidence which the investigating committee considered to be relevant, and finalising our remediation plans have therefore been slightly delayed.
Comment: While the company continues to go through its Watergate style investigations, we see that understandable not all the information was readily obtained. Nevertheless, it does seem that the new powers that be at the company have the situation in hand.
Ondo InsurTech Plc (ONDO), a leading provider of claims prevention technology for home insurers, announced the rescheduling of vendor loan notes issued by Ondo to its largest shareholder, HomeServe Assistance Limited. The Loan Notes form part of the consideration for the acquisition of the LeakBot business from HomeServe as set out in the prospectus dated 21 March 2022.
Comment: ONDO has gone from being a stock market darling to something resembling an estranged wife after a bitter divorce. This state of affairs does seem to be a tad harsh, and it is to be hoped that sorting out its loan notes may be the start of a long awaited revival.
EnergyPathways (EPP), the energy transition company, announced that it has appointed Alison Louise Flower as an Independent Non-Executive Director. Alison Flower is a geostrategic energy expert with over 30 years of experience in the energy sector and energy policy. She served as Senior Energy Advisor at the UK’s Foreign, Commonwealth and Development Office for six years (2019 to 2025), advising on energy security, energy transition policy and energy diplomacy.
Comment: It has been a story of jobs for the boys at EPP in the recent past, something which means that today’s news of a job for a girl is most welcome. That said, the risk and the reward at EPP is that one is relying on the Labour Government and Ed Miliband to get this company over the line. Those who have faith in these two entities will no doubt be hoping for a multi-bagging share price very soon. However, there are some who might argue that both are somewhat sub par in terms of delivering the great Man From Del Monte moment to date.
Defence Holdings PLC (ALRT), the UK’s software-led defence technology group, today provided an operational update following an initial assessment of the business and wider market opportunity undertaken by Chief Executive Officer Andrew Roughan. The Company also announces the publication of its Operating Model and a strategic equity position with OM Defence Systems, representing an early validation milestone for the Defence Holdings model and its strategy of creating value through multiple aligned routes across the defence technology ecosystem. ALRT said “We believe Defence Holdings is positioning itself to become an important platform through which novel defence technology can be identified, supported, commercialised and scaled across the European defence ecosystem.”
Comment: ALRT was one of last year’s great small cap prospects, and this year the environment has only improved for its concept and position in the defence ecosystem. Speaking of ecosystems, no RNS worth its salt these days does not mention the word “flywheel” as in a spinning flywheel of sales.
Further to the announcement made on 29 April 2026, Roadside (ROAD) announced an update regarding the acquisitions of both D. A. Roberts Fuels Ltd (and Hoch Group Ltd.
In relation to the acquisition of DAR, there will be a short delay to the completion of the transaction following the very recent passing away of the major shareholder of the target. Our thoughts are with the family at this difficult time. An accelerated probate process is being undertaken in relation to the vendor’s estate, which means an unavoidable delay in completion. The Company now expects the acquisition to complete by the end of June 2026. Due to the delay in the acquisition of DAR, the Company now also expects the HOCH acquisition to complete before the end of June 2026.
Comment: ROAD has had a perfect history of dealmaking since it came to market, and today’s unfortunate news does not change that. Indeed, with the HOCH acquisition waiting in the week’s we are reminded that the momentum here continues at pace.
Great Western (GWMO), a strategic minerals exploration and development company, announced that it is party to an Option Agreement with KGHM Polska Miedz S.A. Group (“KGHM”) in respect of the pooled Eastside-Tango copper porphyry project in Nevada in which the Company holds a 30% participating interest. Under the Option Agreement, KGHM may earn up to a 100% interest in the Project.
Comment: It would appear that while there is still some way to go, GWMO is still moving to be the next Guardian Metal (GMET), if only on the basis that it shares the same tier 1 postcode in Nevada. Ideally, the shares find support near the current 4p zone ahead of a fresh leg to 5p plus again.
OptiBiotix Health plc (OPTI), a life sciences business developing products which reduce hunger and food cravings, enhance the gut microbiome, and sweet fibres as healthy sugar substitute announced its audited results for the 12 months ended 31 December 2025. Revenues up 34% to £1.17m (2024: £870k) with £212k of orders received in 2025 not included and carried forward for delivery in 2026. Gross profit up 85% to £614k (2024: £331k). Gross profit margin increased to 53% (2024: 38%).
Comment: Perhaps rather fortunately, and gratifyingly, we see that OPTI is making progress in its food cravings space, as if Ozempic and Mounjaro did not exist. Ours not to reason why, but perhaps just congratulate the company on its improved metrics, however modest the numbers may be.
GreenRoc Strategic Materials Plc (GROC), a company focused on the development of critical mineral projects in Greenland, announced further details regarding the Phase III drilling programme at the Company’s flagship Amitsoq Graphite Project in Greenland.. Further, the Company’s pilot active anode material (“AAM”) plant has produced its first spheronised graphite, and GreenRoc has joined the Critical Minerals Association.
Comment: While Nevada is perhaps still the numero uno in terms of places to mine, as we have seen from President Trump, Greenland is not far behind. On this basis one would expect GROC to continue its 2026 bull run at or above its 200 day moving average currently at 3.25p.
Nuformix plc (NFX), a pharmaceutical development company targeting unmet medical needs in fibrosis and oncology via drug repurposing, announced its unaudited results for the six months ended 31 March 2026. NFX said “Our on-going research efforts and progressive external discussions to date validate that inhaled treatment of IPF and related fibrotic lung diseases via NXP002 remains a viable and attractive concept. In March 2026 we were delighted to receive news of the FDA’s award of Orphan Drug Designation in IPF for NXP002. Given the EMA’s award of the same, these achievements support the plausibility of our differentiated approach, targeting fibrosis resolution and restoration of tissue function, whilst allowing healthy repair, which has been very helpful in advancing partnering discussions.”
Comment: While it may be something of an exaggeration that NFX is a company on the verge of greatness, given its FDA interactions, it is not too much of an exaggeration, especially from the standpoint of the current rather modest £4m market cap. This is versus nearly triple the number in November.
Hamak Strategy Limited (HAMA), a Company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, announced that it has acquired and processed a new and comprehensive database of historical drilling and geochemical soil sampling from the Akoko Gold Project in southwest Ghana. HAMA said “We are thrilled to see such exceptional gold grades and wide intersections from the processing of historical drilling data which Hamak recently acquired for the Akoko Gold project in southwest Ghana. The results include 15.44g/t over 12.0m, 8.99g/t over 7.0m and 21.40g/t over 2.0m.”
Comment: HAMA is currently making a very good job of sticking to its day job, away from last year’s flavour of the month turn the stock market had in the early summer of 2025. One would expect a gradual re-rate here as the company builds back market confidence.
Prospex Energy (PXEN), an AIM quoted investment company, announced its audited Final Results for the year ended 31 December 2025. During the period the company acquired 100% ownership of Tarba Energía S.L., including the El Romeral gas-to-power project and Tesorillo permit invested c. £3.8 million into its assets in the first three quarters of 2025, with c. £2.6 million (70%) funded from internal resources. The Company recorded a loss for the year of £2,795,169 (2024: loss – £46,759). The current year’s loss includes an unrealised loss on revaluation of investments of £2,541,311 (2024: unrealised gain £713,583) primarily related to depletion of reserves through production from the Selva Field in 2025 and lower gas prices used for valuation at 31 December 2025. Total Assets decreased by £1,248,677 to £24,509,190 (2024: £25,757,867).
Comment: There was a decent recovery in the PXEN share price in Q1 this year, as the market looked forward to this company being a recovery situation. That said, it is in a cash hungry space, and the land grab perhaps needs to give way to production, production, production, asap.
