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The Markets
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Small cap wrap: M2i Global, Standard Uranium, Ocean Power Technologies…

Phunware Inc (NASDAQ:PHUN, FRA:2RJA), the enterprise mobile cloud platform, is positioning itself for a new phase of commercial growth after launching its AI Concierge product and restructuring its hospitality portfolio into two purpose-built tiers, the company said Thursday.

The moves come as Phunware reported first-quarter results for the period ended March 31, 2026, with gross margin climbing to 70.8% from 52.2% in the year-ago period and net loss narrowing to $3.2 million from $3.7 million.

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Global digital asset exchange-traded products rebounded in April 2026, with total assets under management climbing 11.5% to $136.4 billion from $122.4 billion at the end of March, according to an analysis by Fineqia International Inc (CSE:FNQ).

The recovery marked the first meaningful positive month of 2026 for the sector following a steep sell-off in the first quarter, according to Fineqia’s senior associate Matteo Greco.

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Virtuix Holdings Inc (NASDAQ:VTIX) has been selected as the lead integrator for a virtual reality infantry training system for the US Marine Corps, the Austin, Texas-based company announced May 5, as it simultaneously moves to expand its defense footprint through potential acquisitions.

Working through strategic partner KBR, Virtuix will build a multi-user training system for the Marine Corps Training and Education Command (TECOM) incorporating four of its Omni One omni-directional treadmills.

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M2i Global Inc (OTC:MTWO) is set to become a wholly owned subsidiary of Volato Group after shareholders of the aviation software company voted overwhelmingly in favor of the companies' planned merger.

The number of shares present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of total shares entitled to vote.

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Active Energy Group PLC (AIM:AEG, OTCID:AEUSF) told investors that its digital infrastructure push in the UAE has moved a step forward after its subsidiary signed an agreement aimed at supporting licensing, power access and site development for crypto mining operations.

The AIM-listed company said Active Mining Group has entered into a services and facilitation agreement with the Private Office of HH Sheikh Mohammed bin Ahmed bin Hamdan bin Mohammed Al Nahyan, with Black Road Investment Group and affiliated companies acting as liaison partner.

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Ocean Power Technologies Inc (NYSE-A:OPTT) announced progress in its offshore charging and autonomous maritime operations, including a successful demonstration of autonomous docking and charging capabilities for its WAM-V autonomous surface vehicle.

The Monroe Township, New Jersey-based company said the system enables the WAM-V to approach a dock, secure itself, recharge, and redeploy without human intervention, addressing a key operational challenge for long-duration offshore autonomous missions.

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Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) announced that it is in the final stages of planning a 2026 drill program at its flagship Davidson River uranium project in Saskatchewan’s southwest Athabasca Basin, marking the company’s first drilling campaign at the property since 2022.

The company said the upcoming program will focus on the Warrior, Bronco, and Thunderbird conductor corridors, targeting basement-hosted high-grade uranium mineralization along regional structural trends associated with major nearby deposits, including NexGen Energy’s Arrow deposit and Paladin Energy’s Triple R deposit.

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SEED Innovations Ltd (AIM:SEED, OTC:FFRIF) has made its first investment under its revised robotics and artificial intelligence strategy, putting US$1 million into US-based Feather Robotics.

The AIM-quoted investing company said the investment, equivalent to around £740,000, was made from existing cash resources through a Simple Agreement for Future Equity, or SAFE.

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Bango PLC (AIM:BGO, OTCQX:BGOPF) has announced that LinkedIn has joined its Digital Vending Machine platform, giving the AIM-listed subscriptions technology group a new high-profile partner as it pushes beyond entertainment bundling.

The agreement will allow LinkedIn Premium to be offered through bundling partnerships with telcos, banks, retailers and other resellers, broadening the professional network’s route to market.

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Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF), the Africa-focused lithium explorer, has agreed to a takeover by Zhejiang Huayou Cobalt, a Chinese new energy materials company, in an all-cash deal valuing the company at approximately $210 million.

Huayou will acquire all issued shares at a 26.6% premium to Atlantic's last closing price and 21.8% above its 30-day volume-weighted average price.

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Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) has received a further milestone payment of just over US$500,000 from the US Biomedical Advanced Research and Development Authority (BARDA) after securing CLIA waiver status for its FebriDx® rapid respiratory infection test, adding fresh momentum to the company’s US commercial rollout efforts.

The payment of US$507,377 brings total funding received under the CLIA waiver study program to nearly US$3 million, providing Lumos with additional non-dilutive funding as it advances broader clinical programs, including paediatric studies.

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88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) announced it has secured a fully winterised Arctic drilling rig for its Augusta-1 exploration well, moving its highest-priority South Prudhoe target closer to a planned first-quarter 2027 spud on Alaska’s North Slope.

The company has contracted Nordic-Calista Services’ Rig-3, a unit purpose-built for North Slope operations and previously used by 88 Energy during its 2019 and 2020 drilling campaigns.

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ADX Energy Limited (ASX:ADX, OTC:ADXRF) has encountered gas-filled sands in the Hall Formation while drilling the Hochfeld-1 (HOCH-1) shallow gas exploration well in Upper Austria.

Gas-filled sands were first intersected at about 1,350 metres measured depth, with the well drilling ahead at 1,367 metres as of 6.00am CET on May 6, 2026.

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Unico Silver Ltd (ASX:USL, OTC:USLRF) has reported further high-grade gold-silver drill results from the Joaquin Project in Santa Cruz, Argentina, with new assays extending mineralisation beyond the March 2026 mineral resource across multiple prospects.

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Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) is edging closer to copper production at its Nifty Copper Complex in Western Australia, with new analyst research from MST Access arguing the company is approaching a “material transition” as first cathode production draws near.

In a new research note, MST Access maintained its A$0.85 valuation on Cyprium, more than double the company’s recent share price of A$0.36, while highlighting what it described as extensive on-site progress, a strengthened balance sheet and a growing exploration pipeline across the Paterson Province.

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Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has enrolled and successfully treated the first US patients in the global pivotal trial of its DurAVR® Transcatheter Heart Valve (THV) for severe calcific aortic stenosis.

The procedures were carried out by Dr Azeem Latib at Montefiore Medical Center in New York.

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Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has secured US Medicare reimbursement eligibility for eligible procedures in its global pivotal PARADIGM Trial, a prospective, randomised controlled study designed to evaluate the safety and effectiveness of Anteris’ DurAVR® Transcatheter Heart Valve against commercially available TAVR devices.

The head-to-head trial is expected to enrol around 1,000 patients in its All Comers Randomized Cohort, with participants assigned on a 1:1 basis to receive either DurAVR® THV or an approved commercial transcatheter heart valve.

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D3 Energy Ltd (ASX:D3E, OTCQX:DNRGF) has significantly expanded the scale of its South African helium and methane portfolio after securing an independently certified maiden contingent and prospective resource for its ER386 permit in the Free State Province.

The new certification lifts the company’s combined 2C recoverable helium resource across ER315, PR016 and ER386 to 35.6 billion cubic feet (BCF), representing a 65% increase on the previously certified ER315 and PR016 standalone figure.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has reported steady progress across construction, infrastructure and mining activities at its Kangankunde Rare Earths Project in Malawi, with the project on track for first production in Q4 2026.

Construction is advancing across all major work fronts, while commissioning remains targeted for October 2026 and practical completion expected in mid-November.

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