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The Markets
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Small cap wrap: American Resources, Tiziana Life Sciences, Digi Power X, Midnight Sun Mining...

Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) is proposing an underwritten public offering of US$200 million.

The company also plans to give underwriters a 30-day option to buy up to an additional US$30 million of shares at the public offering price (less underwriting discounts and commissions).

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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has sold a further five million ordinary shares in Critical Metals Corp (NASDAQ: CRML) for net proceeds of about A$124 million, lifting its cash reserves to about A$322 million.

BMO Capital Markets Corp facilitated the transaction, acting in a market-maker capacity under the affiliate provisions of Rule 144, the company said.

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Buru Energy Ltd (ASX:BRU, OTC:BRNGF) has welcomed a recommendation by the Western Australian Environmental Protection Authority (EPA) to approve the Valhalla Gas Project exploration and appraisal program.

The recommendation supports plans to advance appraisal activity in the onshore Canning Basin, as Western Australia looks to secure additional domestic gas supply.

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Tiziana Life Sciences Ltd (NASDAQ:TLSA) said on Tuesday that a peer-reviewed study of its experimental intranasal therapy for secondary progressive multiple sclerosis (SPMS) has been published in the journal Neurology Neuroimmunology & Neuroinflammation.

The study, titled “Nasal Foralumab for the Treatment of Progression Independent of Relapses in Patients with Non-active Secondary Progressive Multiple Sclerosis,” evaluated intranasal foralumab, a fully human anti-CD3 monoclonal antibody, in 10 patients with non-active SPMS (na-SPMS) who continued to progress despite prior B-cell therapies.

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G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) has released its operational guidance for 2026 and 2027 for the Tocantinzinho (TZ) Gold Mine in Brazil and provided an update on development progress at the Oko West Gold Project in Guyana.

“Our 2026 and 2027 guidance reflects the continued execution of our operating and growth strategy,” G Mining CEO Louis-Pierre Gignac said in a statement.

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Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) has announced promising preliminary metallurgical results from test work conducted on mineralized material from its Lion zone, part of its polymetallic Nisk project in Quebec.

The testing, carried out by SGS Canada at laboratories in Quebec City, Quebec, and Lakefield, Ontario, included an initial locked-cycle flotation test on representative samples of Lion zone mineralization.

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Medicus Pharma (NASDAQ:MDCX) will ring the Nasdaq Opening Bell on January 22, marking its one-year Nasdaq anniversary.

The biotech company focuses on advancing novel therapeutics, including SkinJect for basal cell carcinoma ($2 billion market) and Teverelix for advanced prostate cancer ($6 billion market).

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American Resources Corp (NASDAQ:AREC) announced that its minority-held subsidiary ReElement Technologies has developed protocols to produce ultra-high-purity samarium (Sm) for both commercial and defense uses.

The company reported achieving samarium purity levels exceeding 99.9% and said its process design supports growing demand for samarium-cobalt (SmCo) magnet-grade materials.

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Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF, FRA:P9J) said on Tuesday that surface and underground sampling at its El Potrero gold-silver project in Mexico has confirmed significant mineralization in the Estrella vein.

The company reported that limited underground workings measuring 42.5 metres in length revealed two mineralized zones.

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Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) said on Tuesday it has fully eliminated all outstanding principal owed to Nebari Natural Resources Credit Fund I LP, reducing the debt from $15 million to zero through a combination of repayments and equity conversions.

The final reduction came after Nebari submitted additional conversion notices under a revised credit agreement, converting $4.75 million of debt at a price of $0.2097 per share, resulting in the issuance of about 22.7 million common shares, Gunnison said.

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Digi Power X Inc (NASDAQ:DGXX, FRA:1NQ0, TSX-V:DGX) said it has begun deploying its new modular AI infrastructure platform across select Tier III data centre facilities in the US, as the company positions itself to meet growing demand for power-intensive artificial intelligence workloads.

The Nasdaq- and TSX Venture-listed company said its ARMS 200 platform is a standardized architecture designed to deliver full-stack, AI-ready infrastructure, starting with grid-connected, multi-megawatt power and extending through compute.

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Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) said on Tuesday it has completed a maiden mineral resource estimate for its near-surface Kazhiba Main oxide copper deposit in Zambia.

The estimate outlines indicated mineral resources of 2.33 million tonnes grading 1.41% copper, using a base case cut-off grade of 0.10% copper, according to a statement from the company.

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Shares in Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) have more than doubled since December 16, when the company announced plans to produce a JORC-compliant Exploration Target at its Mushima North copper-silver project in Zambia.

But, at a market capitalisation of about £5 million, the rally has prompted questions over whether the stock still understates the breadth of the company’s portfolio and partnerships.

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Shares in Bango PLC (AIM:BGO, OTCQX:BGOPF, FRA:B1O) rose 8% to 84.68p after the company said it moved into positive cash generation last year, helped by cost cuts and rapid growth in its subscription platform.

In a trading update for the year to December 31, the Cambridge-based payments and subscription technology group said it delivered positive cash earnings of about $2.3 million.

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Shares in Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF, FRA:4CN) rose 5% to 49.9p after the company said earnings for last year would come in ahead of expectations, helped by a stronger-than-anticipated finish and tighter cost control.

The AIM-listed group said it now expects gross revenue, net revenue and adjusted EBITDA to come in towards the top end of current analyst forecasts for the year to December 31, despite what it described as still challenging market conditions.

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Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF) said it has taken a first formal step into Saudi Arabia after being granted an Entrepreneur Licence by the Kingdom’s Ministry of Investment, giving the AIM-listed group a legal base to operate and expand in one of the world’s fastest-growing energy markets.

The licence allows Active Energy to establish operations in Saudi Arabia with full regulatory approval and 100% foreign ownership in eligible sectors.

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Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF, FRA:4CN) said earnings for last year would come in at the top end of expectations after a stronger-than-anticipated finish, as the board presses on with talks to sell a key part of the business.

The AIM-listed group said that gross revenue, net revenue, and adjusted EBITDA grew more strongly than anticipated, despite what it described as still difficult market conditions.

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Bango PLC (AIM:BGO, OTCQX:BGOPF, FRA:B1O) said it moved into positive cash generation last year after cutting costs and accelerating growth in its subscription platform, marking what the Cambridge-based group called an “important year” in its turnaround.

In a trading update for the year to December 31, the payments and subscription technology group said it generated positive cash earnings of about $2.3 million, a swing of $2.5 million from the previous year, when cash earnings were negative. The company said it expected that improvement to accelerate in 2026.

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Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF, FRA:9K3) said it expects revenues to build through the first half of 2026 as production ramps up at its US helium project, after achieving first gas and beginning the process of selling output.

The AIM-listed company, which has a 50% working interest in the Galactica-Pegasus project in Colorado, said operations have now moved from commissioning into a phase focused on stabilising production and generating cash flow.

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Critica Ltd (ASX:CRI, OTC:VTMLF, FRA:VQI0) has launched a Scoping Study at its flagship Jupiter Rare Earth Project in Western Australia, marking a clear step from technical validation into structured project development at what it describes as Australia’s largest clay-hosted rare earth deposit.

The company has appointed leading engineering group Sedgman to lead the study, supported by Snowden Optiro on mining inputs and SRK Consulting on resource updates and optimisation.

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