hVIVO plc (HVO), a purpose-built, full-service international clinical development partner and the world leader in human challenge trials, announced its unaudited interim results for the six months ended 30 June 2026. “We expect to see a near doubling in revenue from H1 2026 to H2 2026, with FY 2026 Group revenue now expected to be approximately £47 million. The deferrals and phasing of revenue recognition across certain contracted client programmes are expected to boost FY 2027 and 2028 revenues, along with a material contribution from CRS Berlin. Our record orderbook now provides us with good revenue visibility and positions the Group for significant revenue growth in 2027.”
Comment: It has to be said that seeing the company report an adjusted EBITDA loss of £4.5 million is something of an ouch, even though we are reassured regarding the outlook / pipeline. The latter factor should hopefully start to kick in for the shares.
Ajax [AQUIS: AJAX], the natural resources investment company, provided an update on the Pereira Velho Gold Oxide Project in Alagoas, Brazil, and the appointment of RBM Consultoria Mineral, represented by Mr Rodrigo Mello, FAusIMM, as Qualified Person for PV. An in-house mineral resource estimate of approximately 110,000 ounces of gold, classified as Measured, Indicated and Inferred, was previously prepared and filed with the Brazilian National Mining Agency (ANM). This estimate is historical in nature and is not reported in accordance with the JORC Code (2012 Edition). A Competent Person has not undertaken sufficient work to classify the historical estimate as a current Mineral Resource and the Company is not treating it as such.
Comment: Progress is the name of the game at AJAX, with the latest appointment and resource estimate underlining this. From a share price perspective recent price action suggests that we should anticipate a break of recent 7p resistance and the long awaited move to 10p plus to start the autumn.
Imaging Biometrics Limited (IBAI) announced that its wholly owned US subsidiary, Imaging Biometrics LLC, has entered into an annual subscription agreement with a leading health system for IB’s quantitative neuro-oncology imaging software including IB Neuro, IB Delta T1, and IB FTBx. The healthcare organization is among the first in the region to provide access to IB’s advanced quantitative MRI technologies, bringing objective, standardized imaging biomarkers to neuro-oncology care and supporting more informed clinical decision-making throughout the patient journey.
Comment: Clearly IBAI is in a very important and cutting edge part of clinical discovery, and therefore today’s news should be highly supportive to the share price which has been dithering for much of 2026. Indeed, one might say that it is difficult for the company to do much more in terms of shining a light on itself.
Orosur Mining Inc. (OMI) announced an update on the progress of exploration activities at the Company’s exploration project at Anzá in Colombia. “Real grassroots discoveries have become very rare in modern times – and we possibly have two……so far. This is testament to the geological potential of the Anza Project and Colombia as an exploration destination, but mostly to the talent and dedication of the local team.”
Comment: Despite “celebrity” London investor backing, it is interesting that shares of OMI are just coming off a bounce from 12 month lows. This is certainly at odds with the optimism of today’s RNS, and perhaps suggests that the market became a little to enthusiastic about the company earlier in the year.
Tertiary Minerals plc (TYM) announced additional laboratory analytical results from the recent Phase 4 drill programme at the Discovery Zone in Target A1, Mushima North Project in Zambia. The results follow the Company’s news releases regarding the laboratory analytical results on 1 and 7 September 2026 and are from a further thirteen drill holes. All thirteen holes intersected near surface, silver-copper-zinc mineralisation, with several holes ending in mineralisation and thus extending the mineralisation at depth, including the best silver-copper intersection to date on the Project.
Comment: In terms of the mini explorer developers on the London market, many are looking and expecting TYM to be the next train to leave the station. Today’s RNS backs this theory, as does the way the shares are starting to bounce off their main 0.05p support zone.
Thor Explorations (THX) has reported encouraging maiden drilling results from its Marahui Gold Project in Côte d’Ivoire, highlighting the potential for a material new gold discovery within its growing West African portfolio. Initial results include 6m at 6.20g/t Au, 9m at 5.40g/t Au and 6m at 5.60g/t Au, with multiple gold-bearing veins identified across a shear corridor extending for more than 4km. Importantly, drilling has so far tested only around 30% of the overall geological trend, with further targets already identified and drilling continuing. CEO Segun Lawson said the results “demonstrate the potential scale of Marahui”, adding that they “open up a material and exciting new exploration opportunity for Thor.” The results add another potential growth opportunity alongside Thor’s producing Segilola mine in Nigeria and its Douta development project in Senegal.
Comment: It is still the case that each of the recent RNS updates from THX feel like a lap of honour, and today’s is no different. Still enjoying the significant afterglow of the early 2026 bull run for gold, we have THX making the operational progress we have become accustomed to. Anything near 12 month support around 55p – 60p now feels cheap in share price terms.
Thor Energy (THR) has received the first A$1.3m deferred payment from the sale of its Molyhil project, providing further non-dilutive funding as it accelerates its natural hydrogen and helium strategy in South Australia. The payment lifts Thor’s unaudited cash balance to A$2.95m, with two further A$1.3m annual payments due in 2027 and 2028. CEO Andrew Hume said the payment delivers a “substantial, regular, non-dilutive cash injection”, with funds supporting Thor’s upcoming HY-Range 2D seismic programme and wider exploration portfolio.
Comment: Another company promising the magic and much needed hydrogen / helium combo that the world sorely needs, but that most listed companies in the space are still far off in achieving. At least the latest non-dilutive funding sets THR apart from most of its peers.
Thalia Therapeutics (THAT), outlined progress across its RNA therapeutics portfolio. The miRisten Phase 1 trial in relapsed or refractory acute myeloid leukaemia continues to progress as planned, with an interim update expected shortly and top-line data targeted for H1 2027. Thalia has also begun preclinical development of its bispecific PCSK9/Lp(a) cardiovascular programme with WuXi and is advancing targeted liver delivery using its Nuvec® platform. The Company will announce its interim results on 30 September 2026.
Comment: THAT is one of the lesser known biotechs in the small cap space of the London market. Nevertheless, the company does appear to be at the frontline in terms of its development work, something which is arguably deserving of rather more than a £10m market cap.
