Small Caps: June Review

Time is of the essence.

Good Morning Team.

I am will be honest here.

It’s been over 30 degrees for much of the past week. It’s also been half-term.

I have three children who endlessly plea to be entertained (apparently access to the sum of all human knowledge inside their pocket not being sufficient) - and I have spent the week being financially bled dry in the name of their amusement.

Thankfully, the one activity we all enjoy - and which remains close to ‘free’ is surfing (skimboarding for the youngest) - but this also involves a two hour drive to the North coast of Devon which is a bit of hassle.

You then have to drag the boards and equipment about 400 miles down to Croyde Bay (like fuck am I paying the premium charges to park sand-adjacent) - but thereafter it’s been simply magical.

The seven year old did see a large crab which freaked him out a bit - after which the five year old spent a large portion of the day seeking out crabs to chuck at him - but ultimately good fun was had by all.

Problematically though, this has left not particularly much time to talk the macro. Or individual stocks. I shall be more thorough in next month’s review.

On the macro side, Iran’s stock index is glowing green and US stocks are ripping. The US (and by the US I mean Trump) will not suffer a crash to happen before the SpaceX pump and subsequent cashout for insiders (for which all the index rules are being broken to force ETF inclusion).

A Hormuz deal is coming. Prepare accordingly.

I would note that Trump continues to tell you to buy individual stocks that continue to moon - so just pay attention if you like quick trades. He seems to be pumping IBM next.

At present, macro ideas I’m targeting include anything SpaceX related with a small relative valuation - ENSI, CML, STM, VELO, SATS, GHM, 6285 etc - and drone stocks ( I had great success with Droneshield on the ASX not so long ago).

If you’re going to trade these, be aware that picking one ticker is unlikely to be a good idea. Shotgun approach. Several have superb investment cases independently but nothing wrong with some jet fuel.

In the small cap world, the dealmaking seems to be growing endlessly. We’re now up to 19 - YES NINETEEN - RTOs/pre-IPOs/IPOs in my visible pipeline, of varying qualities.

Some of these have been doing the rounds looking for capital for years; others are private companies that now feel the time is ripe to list, while a handful have started up recently as a theme comes into focus.

Given the god awful collapse of AIM over the past few years, seeing lots more companies across a variety of sectors come to market can only be good news - but remember that selectivity matters.

I’ve spoken before about assets, management and capital position as the key legs of the milking stool - at the pre-market stage, what matters most is the people backing the play, and the structure you find in the prospectus.

Expect a degree of handouts for loyal backers, but there’s a difference between reasonable reward and rewarding rent-seeking.

I’ll be covering some of these over the next few weeks as they launch so keep an eye out.

And no - I can’t talk about any of them until they list. But if you qualify as a ‘sophisticated’ investor and want to get involved, just phone your broker and make clear you have capital to invest. They’ll start sending over decks with alarming regularity.

Be aware though that there are additional, specific risks which you need to research for yourself - but if you’re going to invest you should already know about.

The only advice I’m comfortable giving as an unregulated individual is to research the management. Great management teams can occasionally lose, but they don’t lose repeatedly.

Finally, be aware that your portfolio rising 100% in a month, or multiple stocks multibagging in weeks is NOT NORMAL. The bears are hibernating, the bulls are slamming tequila shots, screenshots are being shared all too regularly and it all makes me very nervous.

This party could continue for months, but please do not abandon proper risk management out of FOMO.

Yes, we all feel FOMO.

But it’s frothy. It feels frothy.

It may be SpaceX insiders selling out post-IPO, or the Hormuz long-term inflationary damage, the bond market chaos or something else entirely - but something coming along to dent confidence is guaranteed at some point.

Protect yourself, and if you haven’t really considered how, take some time to consider how.

(I won’t be doing this and will be running my various winners to the moon. But I’ve set myself up with previous gains invested in some very boring, very safe investments so I excuse myself.)

Onto the stocks.

Market Review

Again as I’m time limited this will feel more like a stream of consciousness than a fund report.

But then again, it’s a Whisky with Charles. Not a coffee with Steven.

Okay, let’s get to it.

I interviewed Eldur at Amaroq this month. This is a man on a mission and when this stocks hits the Main board and Citi clients start buying up the stock - a combination of technical buying, corporate milestones and state-level support being achieved will send it.

Greenlandic investing is perhaps meant to induce serious stress but this remains my least stressful long-term position because the CEO, assets and capital are all rock solid.

Sentiment will turn.

Sovereign Metals announced it has so many heavy rare earths that the rare earths it has are no longer rare anymore.

The DyTb and Yttrium oxide ratios in its TREO basket is 7 times higher than world's five largest rare earth producers. And the US DoW has borrowed Donald Moffat/Tom Clancy’s words (or for the highbrow among you, Supreme Court Justice Oliver Wendell Holmes Jr’s) to describe their importance.

The IFC is involved, as is Rio Tinto and this is aready the largest rutile and second largest graphite deposit in the world.

Wake the fuck up.

GreenX Metals announced an exploration target for Tannenberg: 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.

There are direct analogues to the Polish mines, and once the legals are fully resolved (this will be sooner than you might think), this will become a growth story to behold.

Helix Exploration? The share price didn’t like the AGM, but as someone who recently interviewed a perfectly articulate Bo, this was a man used to working in private investments worried about saying too much.

The entire investment case remains intact, we have offtake and sales, and we’re sorting out Inez. I still suspect an asset sale for Rudyard is in the offing - but ultimately, one poorly received meeting does nothing to the underlying investment case.

Future advice for anyone reading? I never interview CEOs sitting on very material information as it’s a nightmare for both sides, and there is no need to actually record an AGM if you feel you can’t speak freely.

The tech issues didn’t help either.

Asiamet Resources just needs to get this BKM asset sale through as the share price keeps sliding as people remove capital to invest in the thousand more exciting things.

I remain in and continue to wait.

Ultimately the share price is not relevant as the sale price has already been achieved (and given how much higher copper now is, it is in our buyer’s interest to see it go through much like a homebuyer with a great yet expiring mortgage rate in a rate-rising market environment).

Guardian Metal is apparently targeting at least $100 million of additional US grant support according to a Reuters mouse slip - the PFS for PM is on track, the DFS will commence shortly thereafter, and the tailings at Tempiute are apparently worth a lot, lot more than many think.

Yes, I’ve done the maths.

No, I’m not going to share it with you yet.

And yes I remain of the view that the team is seeking an exit here in the not too distant future.

Blencowe has a larger resource now but the key statement in the recent RNS is this:

‘The Company notes that several interested P1 investment partners have signed NDAs and are conducting due diligence in the data room as part of their internal financial decision-making processes.’

Given that WaterBorne Capital, the US International Development Finance Corporation (DFC), Africa Finance Corporation (AFC), Enabel and the European Flagship SAFELOOP Initiative among several other high brow names are all supportive…

I mean, come on right?

Power Metal Resources has seen a few near misses on the uranium now, which is what you see before you hit. ACAM are backing this. No guarantees but I wait for the re-rate, either fundamental or technical.

I’m a patient man.

Afentra acquired a 35% operated interest in KON4 which is massively important to future growth - and perhaps will see improved takeover offers in the near future.

Ironically the decision to terminate takeover discussions over May meant that this announcement was overlooked later in the month.

It is a genuine pleasure to see a producing company being run competently.

Switch is cashed up with only 130 million (ish) shares in total - which means when it runs, it’ll run hard. With cash in the bank, drilling coming at Kabore, lithium back in vogue and the maiden tantalum MRE on the way, you’ll wake up one day and see this was the most obvious thing since sliced Warburtons bagels.

Alien Metals announced a growth and development plan for Elizabeth Hill, outlining a pathway to near-term production centred on a high-grade, low-tonnage open pit operation requiring minimal capital expenditure, with the goal of generating early cashflow.

Remember, the project benefits from an already-granted Mining Lease, simple metallurgy, and a history of prior production, all of which support an accelerated development timeline.

An active drilling programme of over 6,000 metres is also underway to expand the mineral resource beyond the inaugural estimate published in April 2026 and to upgrade the resources from Inferred to Indicated status.

Alien also reported Phase 1 drilling results from its 30% interest in the Munni Munni Platinum-Palladium-Copper-Nickel Project. The results confirm new, thicker zones of PGE-copper-nickel mineralisation, with some of the highest individual metal grades recorded at the Ferguson Reef, including a standout intersection of 12 metres at 3.13 g/t PGE3 with copper and nickel.

Twin-hole drilling has validated the historic dataset, and resampling of historic core has returned further high-grade highlights.

Encouragingly, mineralisation outcrops at surface across the Ferguson Reef, and the broader grade envelopes identified in new drilling, are prompting consideration of bulk mining potential. All assay data will feed into a re-estimation of the Munni Munni resource to JORC standards.

It just needs a big bang RNS to wake it up.

Zenith Energy sold a rig for $4.3 million - cash needed to keep that legal case funded and build up the solar assets. The uranium spin-out, Reveille, is coming - and with uranium stocks the hotcakes they are, it should hopefully be a winner.

We await further legal wins.

Rome Resources is perhaps suffering from Ebola fears in the DRC but like the M23 rebels, this too shall pass. I ventured in May that literally everything (cleaning the ownership structure, mapping the system extent, publishing a larger resource soon, tying a bonus up to a deal etc) points to an asset sale.

I don’t think it’s far off. In the words of one Taylor Swift, don’t say I didn’t warn ya.

Ajax Resources is cheap because weak-handed people who don’t know why they bought it are selling. This is good news because there is clearly plenty of news coming down the line so we get to buy the dip!

The great thing about conviction in small caps is that if a stock’s up, you’re winning, and if it’s down, you can lower your average. (Flat stocks are the real enemy).

Arc Minerals resolved its legal cases in Zambia as expected (taking much longer than should be the case but with the legal system getting it right in the end).

Not before some damage was done - more dilution at lows, and Anglo walking away. But this settlement is comprehensive. And new majors (many of whom already conducted DD in the data room years ago) will already be circling.

Pick one already operating in country this time please.

While Botswana is a company maker in its own right, the Zambia licences remain, in my view, some of the most exciting copper exploration licences in the world.

Consider what happened to other small caps in the region who lost their first major JV partner. This will re-rate, I have not lost faith, and the stock should rise closer to 1p in the very near future purely on technicals and improved sentiment.

And then higher.

The copper is still there.

And it hasn’t gone anywhere.

Moonshots (High risk, high reward)

H-Power (previously AFC Energy) must be close to a big bang RNS. I can almost taste it. They will want to release something juicy in advance of results on 10 June.

Look at ITM.

Look at Ceres.

Now look at H-Power.

One of these things is not like the others. One of these things has not taken off yet.

I remain utterly convinced that this moonshot will hit £1.

Defence Holdings’ new CEO is giving comments tomorrow. This stock has the potential to absolutely fly, we’ve seen that already.

We need three things to happen.

A CEO that gives an excellent introduction tomorrow.

Contracts generating revenue.

Proof that our CTO/former Microsoft alum wasn’t taking pics outside No10 Downing Street for no reason.

The thing for me is this: the CEO chose not to talk for some time after taking the job.

Now he’s talking. He’s got a strategy.

Do you really think he doesn’t have good news up his sleeve?

The moment that first contract lands, the thesis becomes validated.

Solvonis’s Professor Nutt was invited to be the sole external academic speaker at the US National Institutes of Health Addiction Research Meeting in May.

The NIDA, NIAAA and NCI - the principal US federal bodies active in addiction related research were all in attendance. NIDA’s FY25 budget was $1.67 billion and NIAAA’s $595 million.

Yeah.

Our CEO noted that:

‘For Solvonis, this is highly relevant. We are a UK-listed CNS biopharmaceutical company advancing programmes across Alcohol Use Disorder, addiction and psychiatry, including a NIDA-linked preclinical programme in stimulant-use disorders.’

He was explicit that this wasn’t an official endorsement of Solvonis or its treatment pipeline.

But ya know. It kinda was.

Immupharma told you days ago that ‘active discussions continue with a number of potential global commercial partners for P140, with the Company focused on completing a value-enhancing licensing transaction in 2026.’

These biotechs are both binary in that they both need to get a deal. In the immortal words of Col. Hans Landa, we HAVE to make a deal!

Tick tock.

United Oil & Gas has gone radio silent. There’s a data room. They have all the data. The data is positive. The majors are looking at Hormuz like a stick and Namibia like a carrot.

Just land that whale.

A $60 million drill and away we go.

Stallion Uranium had no news. No news, no oxygen. No oxygen, no good. Can’t breathe. Monkey need banana.

Some new stocks

Great Western Mining saw CEO Ed Loye head to the States, and not for a picnic. I’ve also seen the videos from the site visit - the scheelite is lighting up like Christmas lights in Deck the Halls - I encourage you to watch the compilation which is easy to find. I’ll chat to Ed later this week for updates. I might even record our conversation.

Upland Resources has also gone silent, but I don’t think this is an oxygen problem.

Just read the above. I’ll leave it to you to consider why we have a news blackout. I know this came out in April which is basically when the Pyramids were built in small cap terms…but Pepperidge Farm remembers.

Arkle Resources completed geophysical surveys across its Namibian uranium licences and identified two promising styles of uranium mineralisation — one hosted in paleochannels and one in granite rock formations, both well-known deposit types in the region.

The results were strong enough to accelerate their drilling timeline, with around 4,000 metres of drilling now planned - RC drilling on the primary paleochannel target is set to begin now with the 2,500-metre programme on the leucogranite target to follow in Q3, supported by trenching work.

Surface samples (those bastards of exploration expectations) have already returned encouraging uranium grades, and I am telling you that while this has risk, Rory is here to make money.

And look suave doing it.

Critical Mineral Resources also released no news (bad) but has made clear they expect to release more excellent assays every four-five weeks (good) with the next batch due basically now given that the last lot came on 29 April.

It’s a tad unfortunate the next lot didn’t make May but we also expect a maiden resource in Q3, so um…I guess expect a good summer!

Aterian keeps growing that trading business while literally everyone ignores it.

To their loss.

Fulcrum Metals secured a £6 million funding package with institutional investor YAII (managed by Yorkville Advisors), to fully fund the development and testing of its proposed stand-alone pilot plant.

The package combines equity, convertible debt, and an At-The-Market Subscription Facility, and is designed to cover critical path items including long-lead equipment, site procurement and assembly services.

The CLN terms included a 30% premium to the then prevailing share price.

The pilot plant will process material from Fulcrum’s Teck Hughes and Sylvanite tailings projects, generating technical, environmental and economic data to support a future commercial deployment decision.

Shortly thereafter, on 20 May 2026, Fulcrum announced the acquisition of surface rights at the Teck Hughes tailings project, securing five parcels totalling 270 acres.

I have been invested in Fulcrum for years now and remain certain that its partnership with Extrakt through Bechtel will yield fruit.

Delta Gold filed its first provisional patent application following a discovery by the University of Toronto research team under their Research Sponsorship Agreement.

The patent covers novel transducer structures for quantum devices, and Delta has exercised its licence option to pursue an exclusive global licence to the resulting IP.

Details will remain confidential for 18 months while further work is completed but the company has also extended its university collaboration model by signing a separate research agreement with Penn State in March 2026.

The company also appointed Dr Thomas P Davis — co-founder and CEO of Oxford Sigma, and a DPhil from Oxford — as its first Strategic Advisor and founding member of a newly established Strategic Advisory Panel - designed to provide independent scientific and engineering expertise to guide R&D investment decisions and translate research into defensible intellectual property.

Dr Davis brings a background in advanced materials, fusion and nuclear technology, holds multiple patents, and chairs an ASME committee shaping global fusion energy standards.

The company also gave us a wink, wink, nudge nudge on grant funding - noting that $2 billion in grants for leading quantum-computing companies is being awarded - with US government equity positions expected.

Serval Resources reported strong ground geophysics survey results from three of its Kalahari Copper Belt licences in Botswana less than a month after its April 2026 IPO at 22.5p - I covered this in depth recently.

In brief, the surveys have identified key geological features — including the target N/D contact horizon that hosts major nearby deposits like Khoemacau and Motheo, plus anticlinal structures favourable for mineralisation — though no drill results yet.

The most anticipated catalyst is a maiden JORC resource at the Namibian Omatapati asset, where drilling is planned for H2 2026, with the CEO estimating a potential 30 million tonnes at circa 1.4–1.5% copper — a figure that, if realised, would imply a company value vastly above its current market cap.

Yep.

Rift Helium enjoyed its London Stock Exchange opening ceremony in May, attended by management, directors and the Tanzanian High Commissioner.

The company's CEO and Chairman also travelled to Dodoma, Tanzania, where they held productive meetings with government ministers from the Ministry of Minerals, discussing responsible exploration and the regulatory environment for helium.

Tanzania has added helium to its Critical and Strategic Minerals list, a good sign of support for the country's growing ambition in the global helium supply chain.

This will recover to IPO price shortly, it just needs news flow.

It’s coming.

European Green Transition increased its stake in Anemos Analytics from 52% to 79% for just £40,000, resolving legacy creditor obligations left over from the previous liquidation period and effectively acquiring over a quarter of a growing condition monitoring software business at negligible cost.

Anemos deploys sensors on wind turbines to continuously monitor vibration, oil particulates, and component behaviour, identifying early warning signs of mechanical failure before they escalate into costly emergencies.

This integrates neatly with EGT's O&M businesses — particularly Earthmill — where early detection by Anemos leads to planned, efficient interventions rather than reactive emergency callouts, creating a self-reinforcing cycle of recurring revenue for both businesses.

Each Anemos contract runs for five years, and the platform is already live on 119 turbines across the UK with a further 11 contracted, having grown from 90 turbines since the original acquisition in February 2026.

Updated core business numbers should be published soon.

Lastly, is 2026 the year of the Bird?

(It’s actually the Fire Horse - combining the Horse’s endurance with Fire’s intensity apparently creates a period ripe for taking risks and achieving rapid breakthroughs).

Which is convenient.

Yes, Kendrick is up a gazillion percent, and is likely going to keep rising.

But Bezant is building at Hope & Gorob, with the delayed financing signature coming. Xtract is building at Silverking, with Bushranger up for sale. African Pioneer will take off the moment BZT’s financing comes through.

Even beleaguered Jubilee Metals, with which Galileo has a JV - consider the recent strategic RNS.

It secured a $1.5 million unsecured CLN from a super-secret investor with a copper industry background, specifically earmarked for developing the greater Molefe region in Zambia.

The loan carries a below-market interest rate and beyond this initial facility this investor has indicated an appetite for a further $10 million in staggered funding to support licence acquisitions and broader exploration across the Molefe area.

Jubilee does not need money.

Unless something has gone wrong, we’re looking at share buybacks from the sale of the SA assets.

So this mystery investor is here to find more copper and support them in processing it.

The only clue we have is that they:

‘formed part of the team behind the development of Mantos Copper and its subsequent merger with Capstone Copper.’

Mantos Copper was founded in 2015 by funds managed by Orion and Audley Mining, with its leadership team led by John MacKenzie (Executive Chairman & Founder), Giancarlo Bruno (CEO), and John Dyer (CFO).

If Orion is backing Jubilee…

You’re not going to see sub 3p for long.

And finally

I thought this was going to be a quick one. It’s now midnight.

Great.

I mentioned Apertura last month, which I covered in depth today:

‘I’d also highlight Red Capital (soon to be Apertura Energy), raising £1.6 million to pivot toward Venezuela’s upstream energy sector. Just check out the names backing them. This will be a no-brainer win when it breaks out.’

You’re all welcome.

More is to come.

I’ll be covering a handful of new companies this month but ultimately my attention is on the IPO pipeline - it remains to be seen whether this is a one-off burst of activity, or a sustained return of the AIM market.

As ever, we live in wild times.

Make money.

Manage your risk.

And if something here helped you?

Like, share and support.

Til next time!