Sulnox delivered a year of accelerated commercial traction, reporting FY26 revenue to the end of March up 134% YoY to £2,623k, and ahead of our estimate. Revenue jumped 89% QoQ in part reflecting delivery of the committed pipeline at the start of the quarter. While Marine remains the primary driver of growth, Sulnox also broadened its reach across land-based sectors. Momentum has continued into 1QFY27. Cash and net cash at 31 March was £0.8m with a further £2m gross raised post period-end, largely from a customer related subscription. Further to the EPS transaction announced at the start of 2025, EPS now holds a 6.47% interest in Sulnox. We increase our FY26 estimates to reflect the 4% beat to our revenue estimate. On our estimates, Sulnox is funded through to profitability which we forecast from FY28 with the potential for very rapid escalation thereafter.

Seplat reported a robust quarter financially despite operational issues as it benefitted from exceptionally strong realisations, achieving an 11% premium to Brent. Production has already recovered and is set to grow further. Management demonstrated their confidence in the outlook declaring a USc9 dividend for the quarter, a 96% increase YoY, including a special dividend of USc4.0, and reiterating all guidance metrics for 2026. We raise our earnings forecast for 2026 to US$288.4m (from US$154.5m) to reflect an increase in our average Brent price assumption to US$80/bbl (from US$65/bbl) and introduce our 2028 forecasts. Despite the vigorous share price performance, Seplat continues to look attractive, as it unlocks the value from its giant, under-developed, low-cost resource base of 2,487 million barrels of oil equivalent and stands to benefit the longer the high oil price environment continues. Our calculated net asset values of 668p and 834p at discount rates of 15% and 10%, respectively indicate 17% and 46% upside to the current share price.

For AltynGold, 2025 was a transformational year. The company reported record results for the year to December 2025 benefitting from the increase in the gold price and completion of the processing capacity expansion at its Sekisovskoye gold mine. The company is well set to deliver further expansion at Sekisovskoye and move into the preliminary development stage at Teren-Sai as well as being positioned to commence the payment of a dividend. We increase our forecast for earnings prospectively by c11%. The company’s valuation remains extremely attractive in absolute terms and against peers. Management continue to expect to take a decision on at least doubling mining capacity at Sekisovskoye by mid-year while moving ahead to gain a production licence at Teren-Sai in 2026.