Flash Notes

Despite some headwinds, Seplat reported a strong set of results for the period to September and is on track for a stellar year. Production continues to increase quarter-on-quarter with production guidance narrowed up to 145-155kboed, at the upper end of the previous guidance range (135-155kboed). Despite a substantial underlift and negative working capital, net debt was reduced to US$234.9m and leverage cut to 0.14x with the Advance Payment Facility subsequently paid off and cancelled, meanin...

Sulnox continues to grow rapidly, generating record revenue in the quarter to June of £984k, up 19% QoQ and up 45% YoY. For the first six months revenue increased 48% YoY to £1,809k. Towards the end of the quarter, Sulnox announced a new four-year supply contract with Spring Marine adding to the record new four-year supply deal announced with Eastern Pacific Shipping at the end of 1QFY27. Together with underlying growth in the rest of the business, these contracts should see an acceleration i...

AltynGold reported record results for the half to June with net profit up 58.4% YoY to US$42.7m and adjusted EBITDA up 55.4% to US$68.5m, driven by higher gold prices and sales. Production and sales should be stronger still in 2H26, following completion of the bridging work across lower grade transitional zones completed in 2Q26. AltynGold remains extremely lowly rated versus peers with EV/gold Reserves of just US$77/oz versus the peer average of US$539/oz, on attractive multiples, and around...

TheraCryf has announced results for the year to March 2026 in line with management’s expectations. Closing net cash was £1.5m, ahead of the post-period-end equity raise of £1.05m, leaving the company funded through FY27. More importantly, TheraCryf advanced the programme for its Ox-1 lead clinical asset flawlessly and is approaching more value inflection points ahead of first in-human trials. The target market for Ox-1 is currently worth US$42bn and growing rapidly. The company is completing ...

Sulnox has signed a new four-year contract with existing client, Spring Marine almost doubling current sales of its Sulnox Eco fuel conditioner to Spring Marine. This agreement expands the use of Sulnox Eco for use across at least 34 vessels with an increase in the average size of vessel and hence per vessel consumption of Sulnox Eco. In addition, Spring Marine will make a strategic investment of up to £1.1m in Sulnox through a subscription for up to 2.75m shares at today’s market price. This...