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The Markets
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Small cap wrap: 374Water, VivoPower, Gunnison Copper, Nextech3D.ai…

Tiziana Life Sciences Ltd (NASDAQ:TLSA) announced that it has completed patient enrollment in its Phase 2a clinical trial evaluating intranasal foralumab in patients with non-active secondary progressive multiple sclerosis (na-SPMS), marking a key milestone for the company’s lead drug candidate.

The randomized, double-blind, placebo-controlled study, known as INFORM-MS (NCT06292923), is assessing the safety and potential efficacy of intranasal foralumab, a fully human anti-CD3 monoclonal antibody designed to modulate immune activity and reduce neuroinflammation.

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Montero Mining and Exploration Ltd (TSX-V:MON, OTC:MXTRF) has welcomed proposed amendments to Chile's Mining Code that the company says could ease cost pressures on junior exploration firms.

The bill proposes to simplify access to reduced mining concession fees for exploration and development-stage projects, with measures including eliminating progressive fee escalation, introducing a reduced fee category tied to active exploration, and expanding eligibility criteria.

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e.l.f. Beauty Inc (NYSE:ELF) reported fiscal fourth quarter results that topped Wall Street expectations on revenue and profitability, but issued fiscal 2027 guidance that came in below analyst estimates.

For the quarter ended March 31, 2026, the company posted revenue of $449.3 million, up 35% year over year and above consensus estimates of $424.8 million.

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Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) has reported a profitable first quarter as the company advanced development of its Arizona copper assets, highlighted by a new collaboration with Rio Tinto and Amazon Web Services and continued ramp-up activities at its Johnson Camp Mine.

The company reported revenue of $20.1 million for the three months ended March 31, with gross profit of $11.4 million and net profit of $1.7 million, or $0.004 per share.

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374Water Inc (NASDAQ:SCWO, FRA:8LL), a cleantech company developing supercritical water oxidation technology for organic waste destruction, says a busy May conference schedule has reinforced demand for its AirSCWO technology.

The company wrapped its May circuit with appearances at the Water Environment Federation's Residuals, Biosolids and Treatment Technology Conferences in Kansas City and Atlantic City, the Federation of New York Solid Waste Association, and the Society of Military Engineers Joint Engineer Training Conference & Expo in Portland.

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Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) told investors that production testing at its Kavango West 1X (KW1X) discovery well in Namibia is on track to begin before the end of May, marking a key next step as the company advances appraisal plans in the Kavango Basin.

The company said preparations for downhole production testing are advancing, with equipment, trucks and crews arriving at the site and required permits secured from regulatory authorities for both ReconAfrica and its service providers.

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VivoPower PLC (NASDAQ:VIVO, FRA:51J) said it has shortlisted prospective AI operator tenants for its Mo i Rana data center in northern Norway following a formal competitive request for proposal process.

The shortlisting comes after VivoPower completed its acquisition of the Mo i Rana facility in April 2026, with the RFP process designed to find the best use for its power infrastructure assets under the company's Power-to-X strategy.

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Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) said Thursday its Nextech Event Solutions division will serve as lead sponsor and speaker at an upcoming EMRG Media event in New York City in October 2026, where it will showcase the Krafty Labs Experience Marketplace.

Nextech will use the three-day event to demonstrate how the Krafty Labs Experience Marketplace enables organizers and sponsors to deliver interactive, data-driven engagement experiences.

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Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the solid-state battery developer, has delivered a trading update broadly in line with its broker's expectations while demonstrating meaningful progress on the commercialisation of both its miniature Stereax and larger-format Goliath battery platforms.

Cavendish, which has a 'buy' rating with a 130p target price, implying 300% upside from the current 32.5p, said the update confirmed the breadth of Ilika's commercial development pipeline is expanding, with evaluation agreements now in place with 27 companies across the automotive, defence and consumer sectors.

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IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), the neuroscience imaging and analytics group, has secured £1.3 million of new contract work that its broker says should take the company's order book close to full coverage of its current-year revenue forecast.

The two wins, an Alzheimer's disease biomarker validation contract and an extension to an existing phase II Huntington's disease clinical trial, were announced earlier on Wednesday.

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Invinity Energy Systems PLC (AIM:IES, OTCQX:IESVF, AQSE:IES) shares soared close to 50% higher in Thursday morning's trade, after it was selected by FlexBase Group to design a GWh-scale vanadium flow battery system for a Swiss technology campus that is set to include an AI data centre.

The project at the Technology Centre Laufenburg on the Switzerland-Germany border will integrate a vanadium flow battery of up to 1.5 GWh capacity, which Invinity said is believed to be the world’s largest to date.

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Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI, FRA:8CD1) said SRK Consulting’s geochemical PEG tool has strengthened its exploration targeting at the San Domingo lithium pegmatite project in Arizona, identifying Dragon, Midnight Owl and Ruby Soho as priority areas for future drilling.

The North America-focused lithium developer said the work confirms San Domingo as a highly evolved and fertile LCT pegmatite system, with potential additional value from caesium, tantalum and tin enrichment.

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Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the solid-state battery developer, has reported its first commercial revenue from its miniature Stereax battery range as it provided a trading update.

The company secured its first revenue-generating purchase order in January from Cirtec Medical, its US manufacturing partner, for the supply of Stereax electrodes, and successfully delivered the initial batch in March.

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Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF, FRA:VD5N) expects to raise $2.275 million from the sale of further undeveloped non-core acreage in the Powder River Basin, Wyoming, as it continues efforts to extract value from assets acquired last year.

The AIM-quoted oil and gas company announced it is selling 1,837 acres across two separate transactions, with proceeds subject to closing adjustments. The divestment has an effective date of 1 June and is expected to complete, with payment received, in the week beginning 15 June.

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IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), the neuroscience imaging and analytics group, has secured a contract win and a contract extension worth a combined £1.3 million over two years.

The London-based company will provide amyloid PET imaging analytics to validate a new blood-based biomarker test for Alzheimer's disease on behalf of a global diagnostics and life sciences company, with the work aimed at supporting FDA regulatory clearance.

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Avecho Biotechnology Ltd (ASX:AVE, OTC:AVEFF, FRA:OEZ) has completed the treatment phase for the final patient required for the planned interim analysis of its pivotal Phase III insomnia trial.

The interim cohort includes 244 participants, who were randomised across 3 groups to receive nightly doses of either 150mg cannabidiol (CBD), 75mg CBD or placebo in Avecho’s TPM®-enhanced capsule.

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Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has logged strong sulphides, alteration and veining in the first three holes of its 2026 diamond drilling campaign at Golden Gate within the Horse Heaven Antimony-Tungsten Gold-Silver Project in Idaho, USA.

The holes — HH-GG26-001C, HH-GG26-002C and HH-GG26-003C — were drilled around 500 metres south of the 2025 Golden Gate South drilling area, testing for gold and tungsten mineralisation in a previously undrilled area.

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