MedPal AI (MPAL), announced its interim results for the period ended 28 February 2026. MPAL said I am delighted to present MedPal AI plc’s first interim results as an AIM-quoted company, covering the six months to 28 February 2026. This has been a period of rapid and disciplined execution of the Company’s strategy since our admission to AIM in August 2025. The financial results of that execution represent a step change. From a pre-revenue position at admission, the Company has delivered £1.6 million of revenue in the period, with a gross profit of £0.37 million. By March 2026 our pharmacy operations were running at an annualised revenue run rate of over £5 million, with gross margins of more than 34%. The loss after tax of £3.27 million reflects the planned investment cycle of building the operational, clinical and regulatory infrastructure required to support the next phase of growth. Management forecasts pharmacy-level EBITDA breakeven at a combined run rate of 80,000 items per month, expected to be achieved in Q4 2026. The Runcorn site alone dispensed in excess of that threshold throughout 2024 under previous ownership, and we are now reactivating the same customer base under MedPal AI’s ownership.
Comment: To go from pre-revenue to EBITDA breakeven in the space of less than 18 months, is massive achievement for any company wishing to scale up on a national level. This is what MPAL is set to achieve by the end of this year, something which underlines the strength of management, as well as the opportunities in the space the company occupies. Clearly the weight-loss jabs are a phenomenon, but MPAL is well positioned to profit from the massive growth in patients using the pharmacy area as a backstop for the their main NHS service.
Blencowe Resources Plc (BRES) announced an update to the commercial model underpinning the Definitive Feasibility Study (“DFS”) for the Orom-Cross graphite project in Uganda, reflecting a number of developments since the initial DFS was published in December 2025. The revised commercial model increases Net Present Value10 (“NPV10”) by 15%, from US$1.087 billion to US$1.254 billion over the initial 15-year life of mine. While IRR has moderated versus the initial model due to updated inputs (specifically timing of capital spend), the revised DFS model continues to demonstrate robust economics with increased free cash generation.
Comment: One of the bigger mysteries of the small cap end of the market in recent years has been the relative underperformance of BRES shares, in the face of all the evidence that this should certainly not be the case. Today’s $1.25bn NPV on a sub £50m market cap company is a case in point. Perhaps last year’s 97% share price rally will in the end be matched this year as well?
CelLBxHealth plc (CLBX), a CTC intelligence company specialising in innovative circulating tumour cell (CTC) solutions for use in research, drug development and clinical oncology, announced that it has entered into a Master Services Agreement with AstraZeneca. The agreement establishes CelLBxHealth as a qualified service provider to AstraZeneca, enabling the Company to support drug discovery and development through CTC powered analytics of clinical trial samples using the Parsortix® platform.
Comment: We have already seen shares of CLBX buzzing like a bee, even before the latest batch of significant news hit the wires. Clearly, the market loves the AstraZeneca connection and presumably there is much more like this to come. The shares have gapped through our initial 200 day moving average / 2p target with a flourish this morning – thank you.
Itaconix plc (ITX), a leading innovator in high-performance plant-based specialty polymers used in consumer products, announces further progress in the development of a new class of paints enabled by Itaconix’s line of BIO*Asterix® ingredients. The Company has filed a patent application covering paint formulations incorporating BIO*Asterix® ingredients and has also filed a trademark application relating to the new class of paints under development.
Comment: It would appear that ITX is singlehandedly on a mission to make plant-based speciality polymers sexy, and it would appear by the share price performance there is still work to do over and above the latest patent and trademark applications. Perhaps Sydney Sweeney or David Gandy could be hired as brand ambassadors? Perhaps both, while the shares continue to bump along the bottom of the range.
Pulsar Helium Inc. (PLSR), a primary helium company, is pleased to announce that it has acquired approximately 1,360 acres of surface land in Lake County, Minnesota, located within its flagship Topaz Project. The surface land was purchased in an arm’s length transaction from Wolf Lands Inc. for total cash consideration of US$2,480,000 to be satisfied through the Company’s existing cash resources. The newly acquired land lies within the mineral rights that the Company holds under lease from a separate private owner, and the area includes the location of the Company’s Jetstream #7 (JS#7) well.
Comment: Just in case some observers of the company might have been concerned that PLSR was going to abandon its land grab strategy and go straight to production to ease the helium squeeze, we are back to the land grab again. The plus point here is that the new zone is within the existing permissions footprint.
The Smarter Web Company (SWC) announced the purchase of additional Bitcoin as part of “The 10 Year Plan” which includes an ongoing treasury policy of acquiring Bitcoin. Number of Bitcoin Purchased: 9 Bitcoin. Average Purchase Price: £54,771 per Bitcoin ($73,437 per Bitcoin) Amount Purchased: £492,942. Total Bitcoin Holdings: 2,878. Bitcoin Total Average Purchase Price: £80,950 per Bitcoin ($108,537 per Bitcoin). Total Amount Purchased: £232,973,110.
The Company said it has achieved a Quarter-to-Date BTC Yield* of 15.79% on its treasury. BTC Yield is a key performance indicator (KPI) that reflects the percentage change in the ratio of Total Bitcoin Holdings to Shares In Issue (Fully Diluted) over a given period. The Company uses BTC Yield to assess the performance of its Bitcoin acquisition strategy, which is intended to be accretive to shareholders.
Comment: It would appear that most of the Bitcoin Treasury brigade was either able to absorb the one way bet market halving, or quietly stopped buying any more. In the case of SWC it only moves forward with no reverse gear. Hopefully, the recent $60k low for BTC is long lasting, and people do believe there is value in a BTC Yield. There is, isn’t there?
Tooru (TOO), an AIM listed company focused on the branded health and wellness sector, announced that it has decided not to progress the proposed acquisition of Mylky B. This decision was based on a number of factors which include the following. The acquisition structure included a significant level of new debt, and whilst the enlarged Group would have had the appropriate level of cash flow to support this debt, given the difficult market conditions currently prevailing, overlaid with significant geopolitical risk, the Board believes that now is not the right time to take on more debt and increase the Group’s leverage.
Comment: Shares of TOO are flat in the wake of the latest announcement, something which is perhaps surprising given the way that it could be said that the company has dodged a bullet in making the Mylky acquisition in the present environment. It is also a move that makes TOO rather more comfortable in terms of cash.
Europa Oil & Gas (Holdings) plc, the AIM quoted West Africa, UK and Ireland focused oil and gas exploration, development and production company, announced that its associated company, Antler Global Limited, has received approval from the Ministry for Mining and Hydrocarbons Department of Equatorial Guinea (“MMHD”) required to complete the Farm-out Agreement (“FOA”) with Fuhai, as detailed in the announcement dated 30 December 2026. The deal remains subject to Overseas Direct Investment approval from the Shandong Provincial government.
Comment: Even though the lay of the land this year for the sector has been stellar, EOG shares have only tracked sideways, something which suggests that the market is waiting patiently on the FOA, after which perhaps the log jam for the stock should break in a meaningful way to the upside.
Talisman Metals PLC (TLM) announced the results from recent channel sampling activities completed at the Tirzzit copper-silver project in April 2026.
Highlight sample results include:
Channel TZ-CH001: 2.65m@1.71% Cu and 22.25ppm Ag – ended in mineralisation
Channel TZ-CH003: 0.94m@1.11% Cu and 6.00ppm Ag
Channel TZ-CH005: 1.63m@1.06% Cu and 4.25ppm Ag
TLM said “The seven channel sample program done on the back of our work at Fougnar this spring was an opportunistic effort to get hard data on what the team noticed in the field, namely obvious outcropping mineralisation that could show a long target horizon. This work, combined with historical data, lays out an approximate 4.6km horizon of mineralisation with clear potential to extend mineralisation data points to the east and to the west. The goal, after extending out the horizon, is to commence a drill programme on the project to show that the mineralization extends at depth and that it widens out in those areas.”
Comment: TLM has already hinted that it is keen to hit the ground running not only in terms of its life on the stock market, but also in terms of its campaign in what is a high proportion of virgin territory in Morocco for the explorer / developer. The shares await a clear break of recent 8p plus resistance to bring back February’s 13p peak back in focus by the end of the summer.
KR1 plc (KR1), a digital asset technology company, provide an unaudited financial update on its onchain infrastructure operations for the month ended 30 April 2026. The income was derived from digital assets utilised in KR1’s financial infrastructure operations, including underwriting discretionary cover for Nexus Mutual and other yield strategies across decentralised finance (“DeFi”) protocols. It represents rewards and fees earned through DeFi operations from active deployment and participation in onchain financial protocols. Aggregate infrastructure income (year-to-date, unaudited): £425,627. Net Asset Value: £36,931,486 Net Asset Value per Share: 20.8p.
Comment: It has always seemed to be the case that KR1 was the OG in its space on the stock market, including some on the team that apparently make Einstein look like a dumbo. However, the market insists on giving the company the usual punishment beating NAV discount, and continues not to appreciate the evergreen and highly adaptable nature of its strategy.
