Episodes

  • Iofina reports record year as CEO discusses results with Zak Mir

    Iofina reports record year as CEO discusses results with Zak Mir
    May 14 2026
    Zak Mir talks to Dr Tom Becker, President & CEO, Iofina, in the wake of the specialists in the exploration and production of iodine and manufacturers of speciality chemical products, announcing its audited full-year results for the 12 months to 31 December 2025. This included another record year: Production up 17%, Revenue up 22% and Adjusted EBITDA up 56%.Iofina has been quietly doing the hard yards for years, and the market is now starting to pay attention.Following its audited full-year 2025 results, the specialist iodine producer and chemical products business reported another record year, with production up 17%, revenue up 22% and adjusted EBITDA up 56%. That is the headline. The more interesting story sits underneath it: a company that has executed a very specific growth plan, built capacity at pace, and is now looking to accelerate again.At the centre of that story is a simple idea. Iofina operates in a niche market, but one with critical end uses, steady demand, and room for disciplined expansion. For a business still valued at under £100 million, that combination is understandably beginning to attract attention.Iodine is niche, but it matters more than most people realiseIodine is not a commodity that gets discussed every day, yet it plays an essential role in a surprisingly wide range of industries. The global market is relatively small at around 40,000 metric tonnes, but demand is underpinned by applications that are difficult to replace.The single biggest end market is human healthcare. In particular, iodine is heavily used in x-ray contrast media drugs. These are the agents used in CT scans and certain x-ray procedures when doctors need clearer imaging. That application alone accounts for roughly 38% of the market.Beyond that, iodine shows up in many places people barely think about: Disinfectants, including the familiar brown antiseptic used on cuts and before surgery LCD screens, where iodine-based polarising film is used Nutrition, because iodine is needed in the diet to support thyroid function Pharmaceuticals and biocides, where it serves a range of specialised purposes So while iodine may be a niche market, it is tied to healthcare, technology and industrial applications that give it resilience. That is a useful backdrop for any producer looking to grow production over time.How Iofina produces iodineIofina’s model is one of the more interesting parts of the business. Rather than mining iodine in the traditional sense, the company extracts it from briny water produced by the oil and gas industry.This water is effectively a co-product, or waste stream, from oil and gas operations. In the right areas, it contains iodine in concentrations that can be extracted economically. Iofina builds plants to process that brine and recover the iodine.At present, the company has eight iodine plants in operation, all located in Oklahoma. A ninth plant is under construction in the Permian Basin, spanning southwest Texas and southeast New Mexico, which is one of the most significant oil and gas regions in the world.That approach gives the company a clear link between operational execution and growth. If it can continue identifying suitable brine streams and building plants at an attractive return, production can keep climbing.From 500 metric tonnes to 1,000 metric tonnesOver the last four to five years, Iofina has roughly doubled its production profile.The business was producing about 500 metric tonnes several years ago. Once the Permian plant comes online, management expects that to rise to around 1,000 metric tonnes.That is not a theoretical target. It has come from a concrete build-out programme:Three plants built in three yearsA fourth, larger plant making it effectively four plants in four yearsA balance sheet that has remained in sound shape while growth has been funded by reinvesting profitability back into the business This matters because scaling production is often where smaller resource and speciality chemical companies stumble. Capital can become stretched, timelines can slip, and growth stories can get ahead of operating reality. What stands out here is that management’s strategy has been rooted in repeatable execution.As Dr Tom Becker put it, the company has had a specific goal of increasing iodine production in a market that continues to grow, and the team has delivered against that plan.The next goal: 2,000 metric tonnes in the next few yearsReaching 1,000 metric tonnes is not being treated as the finish line. It is being treated as the foundation for the next stage.The vision now is to move towards 2,000 metric tonnes over the next few years. To get there, Iofina is looking to increase the pace of plant development. In other words, not just building one plant a year, but building more frequently where the economics support it.The Permian Basin project is a good illustration of that next phase. It is expected to produce around 200 metric tonnes once fully online, making it a larger ...
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    8 mins
  • Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources

    Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources
    May 5 2026

    Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of recent significant news for the natural resources investment company. This includes the announcement that it has agreed to invest a total of £200,000 in Reveille Resources Limited, a European-focused investment company, intending to list on the Aquis Stock Exchange Growth Market. The investment will result in Ajax becoming a majority shareholder in Reveille.

    Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

    "We are delighted to become a major shareholder in Reveille at a formative stage in its development. The company's focus on undervalued historical mineral deposits aligns with our investment strategy, where prior exploration and infrastructure provide a strong foundation for value creation.

    The Lombardy Project, comprising the Novazza and Val Vedello uranium deposits, represents a compelling opportunity. These assets were the subject of extensive historical exploration, including approximately 80,000 metres of drilling, yet have not been evaluated to modern standards, offering clear potential for re-assessment and advancement.

    This investment is an extension of our strategy into Europe, where we see a broad pipeline of opportunities across past-producing mines with significant exploration and development potential.

    The evolving European energy landscape, shaped by the Russian invasion of Ukraine, ongoing geopolitical tensions in the Middle East, and the accelerating drive toward decarbonisation, has reinforced the importance of secure, domestically sourced energy. Energy autonomy is becoming an increasingly critical priority for European countries, and in this context nuclear power, and by extension uranium, is regaining strategic relevance. This is reflected in Italy, where the Government under Giorgia Meloni has signalled renewed support for nuclear energy. Against this backdrop, uranium market fundamentals and pricing have remained positive.

    Reveille is expected to be one of the only UK-listed, European-focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector.

    We believe Reveille is well positioned to capitalise on these supportive macroeconomic and policy trends, and we look forward to supporting the company as it progresses towards its planned admission to the Aquis Growth Market and advances the Lombardy Project."
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    20 mins
  • Powerhouse Energy CEO talks strategy and recent developments

    Powerhouse Energy CEO talks strategy and recent developments
    May 4 2026
    Zak Mir talks to Paul Emmitt, CEO Powerhouse Energy (AIM: PHE), as the company pioneering integrated technology that converts non-recyclable waste into low carbon energy, announced an operational update in the wake of the recent oversubscribed retail offer of £400,000 and £260,000 battery developer contract.Powerhouse Energy looks to be moving into a more commercial phase, and the most interesting part of that shift is not just about technology. It is about timing, market need and where demand is now coming from.For a long time, the story around the company was heavily tied to hydrogen and the broader net zero narrative. That is still part of the picture, especially in certain projects. But the market has evolved. The stronger angle now is decarbonisation paired with energy security, and that combination is opening doors that were not as wide open even six or twelve months ago.That is the backdrop to the latest operational progress, which follows an oversubscribed retail offer and a third-party battery developer contract worth £260,000. The bigger message is that Powerhouse is trying to prove that it is more than an early-stage technology story. It wants to show it has real engineering capability, growing commercial traction and a product that fits a changing global energy market.A step closer to commercialityOne of the clearest signs of progress is the introduction of third-party work into the business. This matters because it is not simply work flowing through a historic channel or linked to an internal arrangement. It is direct business for Powerhouse itself.That may sound like a small distinction, but strategically it is important. It demonstrates that the expertise inside the company has value beyond the core waste-to-energy technology alone. In effect, the business is beginning to validate its broader engineering and technical competence in the market.That matters for two reasons:It helps bring the company forward faster by generating commercial activity now. It reinforces the core competency that will ultimately help sell the technology at scale. The company is also pushing this momentum through newer marketing activity and sales agreements in multiple regions. The effort is no longer limited to one or two flagship opportunities. It is becoming a wider commercial campaign.Why the market is changing in Powerhouse Energy’s favourThe most striking theme is the shift in customer motivation.Historically, many conversations in clean technology revolved around net zero targets, emissions reduction and environmental policy. Those issues still matter, but they are now being joined, and in some cases overtaken, by a more immediate concern: security of supply.Across the world, energy markets have become more volatile. Geopolitical disruption in the Middle East, the continuing effects of the Russia-Ukraine conflict, and broader fossil fuel price instability have made businesses and governments think much harder about resilience.That is where Powerhouse sees its opportunity.If a region or business produces waste and depends on imported fossil fuels, especially diesel, then converting that waste into low carbon energy becomes about more than sustainability. It becomes a practical route to greater independence and better control over energy costs.That is a far more urgent conversation.The appeal of using local waste for local energyThe company’s proposition is straightforward in principle:many regions already have a waste streammany of those same regions are exposed to expensive or insecure fuel importsturning local non-recyclable waste into energy can reduce that dependence That message appears to be resonating particularly strongly in island markets and remote locations.Places that rely heavily on diesel generation have been hit hard by rising fuel costs. Yet they also generate waste that needs dealing with. For those markets, a waste-to-energy solution addresses two problems at once: waste managementenergy security This is one reason why recent commercial agreements matter. The company has signed sales arrangements with Green Gecko, with HUI for Central Europe, and another covering the Caribbean islands. These are not random geographies. They line up with exactly the kind of market conditions the company believes now favour its technology.Hydrogen still matters, but it is no longer the whole storyPowerhouse was originally built around a strong hydrogen focus, and that remains relevant in specific projects. The best example is Ballymena, which is expected to be the company’s flagship hydrogen development.The Ballymena project is progressing through planning, and while the pace is not as fast as management would like, the direction appears positive.There are a few notable points here:the planning process is advancing through the council systemcommunity feedback has not presented major issuesthe main comments received appear to relate to matters that could likely have been addressed before submission ...
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    8 mins
  • Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook

    Winterflood Securities, Liquidity, Retail Fundraising & the London Market Outlook
    May 3 2026
    Zak Mir talks to Andrew Stancliffe, Head of Execution Services at Winterflood Securities, after the recent Marex takeover. They discuss the success of the Winterflood Retail Access Platform, which has now raised over £600m in fundraising and, in turn, has been a significant source of liquidity to the London stock market.Winterflood is one of those names that anyone active in UK equities will recognise from Level 2 screens, placings, and day-to-day market-making. But beyond the familiar name sits a bigger story about liquidity in small caps, how retail investors are gaining better access to fundraises, and why the UK market may be in better shape than its critics like to admit.Andrew Stancliffe, Head of Execution Services at Winterflood Securities, sits right in the middle of that story. His role covers the sales trading side of the business, working with clients ranging from institutions to retail execution brokers. Following Winterflood’s acquisition by Marex, there is also a clear focus on combining Winterflood’s market presence with Marex Financial's broader capabilities.The result is a useful window into where UK market structure is working well, where the frustrations really lie, and why technology is changing access without removing the need for human judgement.What Winterflood actually does in the marketAt a practical level, Winterflood sits at the heart of execution and liquidity provision in UK equities. It is a major market maker, particularly visible in smaller quoted companies, and plays an important role in helping buyers and sellers meet in names that might otherwise feel difficult to trade.Stancliffe’s remit is focused on execution services and sales trading, speaking to a broad spread of clients and helping ensure they get the best possible access to liquidity and trading opportunities.That matters because in the UK small cap market, liquidity is always the first complaint. If a share is not moving, or if trading looks thin, the market itself is usually blamed. Stancliffe’s view is more nuanced.Is there really a liquidity problem in UK small caps?Liquidity in smaller companies is one of those subjects that never seems to go away. It is a bit like the weather: people are rarely satisfied.Stancliffe’s argument is that the UK actually has one of the most vibrant and competitive small company trading environments around, especially because of the market-making infrastructure already in place. On many stocks there can be a large number of competing market makers, sometimes as many as 16, all quoting prices on screen.That creates depth which is easy to overlook.Where the challenge has become more noticeable is not necessarily in the mechanics of trading, but in the reduced participation from institutions in the smaller end of the market. Fewer institutional houses active in UK small caps naturally changes the shape of liquidity. Even so, his broader point is straightforward: if a company has a compelling story and the market cares, liquidity can appear very quickly and in significant size.That is an important distinction. Illiquidity is not always a market structure problem. Sometimes it is a company problem.Good companies tend to find liquidityOne of the more refreshing parts of the discussion was the blunt acknowledgement that some shares are inactive simply because they are not interesting enough. Markets rotate. Sectors and themes move in and out of favour. Individual names can go from dormant to heavily traded once the story improves.Stancliffe used IQE as a good example. It had traded below 10p and later moved as high as 60p to 70p, accompanied by a significant jump in volume. Before that rally, liquidity may well have looked challenged. Once the market’s attention returned, so did trading activity.The lesson is simple: Liquidity can be patchy at any given moment Interesting companies tend to attract liquidity over time Strong performance often solves the liquidity complaint very quickly That is also why recent winners in the London market, including selected small caps and Aquis-listed names, have managed to generate meaningful trading interest when the underlying story has been right.Where humans still matter in an AI-driven marketElectronic trading, automation and AI are now standard talking points across every part of financial markets. Execution services are no exception.Stancliffe is clearly in the camp that sees AI as a positive tool rather than a threat. His description of it as a “modern day calculator” is a good one. It captures the practical reality that AI can improve workflows, increase efficiency and help traders focus on higher-value activity, rather than replacing the core human role altogether.In execution businesses, that means automation can be used to handle smaller trades or more routine processes, while traders spend more time on larger opportunities and more complex client needs.But the key point is that relationships still matter. Markets are ...
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    12 mins
  • EnSilica PLC CEO Ian Lankshear speaks to Zak Mir

    EnSilica PLC CEO Ian Lankshear speaks to Zak Mir
    Apr 30 2026

    Zak Mir talks to Ian Lankshear, CEO of EnSilica, about the leading fabless microchipmaker, which has announced that it has entered into two landmark development contracts with a leading European satellite operator to develop two chips for its next-generation satellite network.

    EnSilica has been a listed company for 4 years, and after a period of steady groundwork, the business now appears to be entering a far more commercially significant phase. The key reason is simple: space communications is no longer a futuristic sideshow. It is becoming strategic infrastructure, and specialist chip design sits right at its heart.

    That shift was underscored by EnSilica’s recent announcement that it has secured two landmark development contracts with a leading European satellite operator. The work covers two chips for a next-generation satellite network: one for the satellite's payload and one for the user terminal on the ground.

    For a fabless semiconductor company, that is not just another contract win. It is the kind of milestone that can validate years of technical investment and establish a company as a serious supplier into a rapidly expanding global market.

    Why 2026 could be a turning point for EnSilica

    After four years on the market, EnSilica is now seeing several strands come together at once. The company has spent years building capability in semiconductor design, particularly in communications and high-performance, low-power applications. What is changing now is that the market is finally demanding exactly the kind of technology it has been developing.

    The standout development is in the space sector. EnSilica has previously announced smaller wins, feasibility studies and early-stage projects, including work with AST SpaceMobile. But this latest contract with a European satellite operator looks more substantial. It signals that EnSilica is no longer simply participating in the sector. It is beginning to establish itself as a meaningful supplier within it.

    The commercial logic is compelling. Satellite systems need chips that are:

    • Extremely low power
    • Very high performance
    • Cost-efficient for large-scale deployment
    • Suitable for both space payloads and ground terminals

    Those requirements are technically demanding, which is precisely why they can create attractive opportunities for specialist chip designers with the right expertise and intellectual property.
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    10 mins
  • Zak Mir talks to Dr Jim Millen, Non-Executive Chairman, Physiomics PLC

    Zak Mir talks to Dr Jim Millen, Non-Executive Chairman, Physiomics PLC
    Apr 29 2026
    Zak Mir talks to Dr Jim Millen, Non-Executive Chairman, Physiomics, regarding recent progress at the mathematical modelling, data science and biostatistics company, and issues regarding the forthcoming requisitioned meeting.What Physiomics actually doesPhysiomics is a specialised life sciences consultancy that works with companies developing new drugs. At its core, the business helps drug developers make better decisions about how they design and run studies.The company operates across two main areas. Mathematical modelling to support the design of preclinical and clinical trials, with a particular focus on oncology, though not limited to cancer treatment. Biostatistics, covering the statistical design of trials, reporting, planning, and regulatory interactions around trial outcomes. That combination matters. Drug development is expensive, time-consuming and high risk. The more rigorously a company can model likely outcomes and build trials correctly from a statistical standpoint, the better its chances of generating meaningful data and navigating the regulatory process successfully.In simple terms, Physiomics is there to help clients ask the right questions before they spend serious money answering them.Why mathematical modelling and biostatistics matter in drug developmentIt is worth pausing on this, because companies like Physiomics can easily be misunderstood as niche technical advisers operating in the background.In reality, their work sits close to the heart of pharmaceutical decision-making. A poorly designed trial can waste years. A weak statistical framework can undermine otherwise promising results. And if preclinical and clinical plans are not thought through properly, the cost of fixing mistakes later can be enormous.That is why the company’s two-pronged offering is significant: Modelling helps shape trial design and strategy Biostatistics helps ensure studies are set up, analysed and reported in a way regulators and stakeholders can rely on For drug developers, especially in challenging therapeutic areas such as oncology, that expertise can be highly valuable.Signs the business is turning a cornerOne of the most important points to emerge recently is that Physiomics appears to be at a positive inflection point.The company has reported its highest-ever first-half income, up by around 50% on the comparable prior period. Market expectations are also for the business to deliver its highest-ever full-year income, and management has indicated that it believes the company remains on track to achieve that.That is not a trivial development. In a market where many life sciences businesses have struggled for funding and momentum, a services company tied to that ecosystem inevitably feels the pressure too.The logic is straightforward:Physiomics serves companies developing drugsIf those companies are short of capital, they become more cautious about spendingThat pressure filters through to specialist service providers By that measure, the last few years have not been easy. Management has been candid in saying that the wider life sciences market, especially over the past five years, has created a difficult backdrop. So when stronger income figures start to come through, that is naturally seen as evidence that the business may be emerging from a tougher period.The phrase used was that the company feels like it is "turning a corner", and the recent numbers are being presented as proof of that shift.The wider market backdrop for life sciences consultanciesTo understand why recent progress matters, it helps to appreciate the commercial reality of a business like Physiomics.This is not a company that develops and sells its own blockbuster drug. It provides highly specialised consultancy services to clients who are themselves trying to advance drug programmes. That means demand for Physiomics' expertise is linked to confidence, budgets and capital availability across the biotech and pharma landscape.When funding conditions tighten, even capable drug developers may delay projects, reduce outsourced work or scale back trial activity. That can hit revenue visibility for service businesses, regardless of the quality of the service provided.Against that backdrop, a strong first-half performance and confidence in a record year carry added significance. They suggest not just resilience, but possible operational momentum.The share price has improved too, but that is not the whole storyAlongside the operational improvement, Physiomics' share price has also seen a notable rebound, rising by around 66% year to date at the time of discussion.In ordinary circumstances, that would probably be taken as a clear signal that sentiment around the company is improving. But the picture is complicated by corporate governance developments, namely a requisition notice from activist shareholder Mike Whitlow.That requisition has created a situation where improving business performance is happening at the same time as a challenge to ...
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    7 mins
  • Zak Mir talks to Ignacio Mehech, CEO of CleanTech Lithium

    Zak Mir talks to Ignacio Mehech, CEO of CleanTech Lithium
    Apr 27 2026

    Zak Mir talks to Ignacio Mehech, CEO of CleanTech Lithium (AIM: CTL), regarding the milestones achieved by the exploration and development company advancing sustainable lithium projects in Chile.

    The company recently announced an update on two trials being undertaken in North America and in Santiago, Chile, to produce battery-grade lithium carbonate from the Laguna Verde project. The trials focus on replicating and validating the process design defined in the Laguna Verde Pre-Feasibility Study.

    Highlights:

    · In North America, stage two of the downstream processing of eluate* (see footnote for definition) produced by our DLE pilot plant located in Chile, into battery grade lithium carbonate has commenced.

    · The first stage of this work was undertaken by Conductive Energy and reported to the market in January 2025.

    · Conductive Energy was acquired by Empower EIT over the course of 2025, with Empower establishing an advanced lithium processing facility in Dallas, USA.

    · This second stage of eluate conversion will process >60m3 of concentrated eluate at the new facility.

    · The nanofiltration stage of the process will utilise an advanced membrane developed by DuPont Water Solutions to maximise impurity removal and lithium recovery.

    · Approximately 300kg of battery grade lithium carbonate are expected to be produced in Q2 2026 and made available to potential strategic partners for product qualification.

    · Concurrently, a smaller scale pilot programme is underway utilising the pilot plant of Lanshen Technology ("Lanshen"), located in Santiago, Chile.

    · This pilot plant replicates the process flowsheet developed with Lanshen for the Laguna Verde PFS and aims to demonstrate the robustness of the process design and provide a high degree of validation of the process parameters used in the PFS.

    · A volume of 24m3 of feed brine from Laguna Verde is being processed into >5kg of battery grade lithium carbonate.

    Ignacio Mehech, Chief Executive Officer, CleanTech Lithium said: "We are undertaking important pilot scale process trials in North America and Chile to produce battery grade lithium carbonate from Laguna Verde brine. This work will provide strong technical support for the process flow sheet used in our PFS which we think is an important consideration for engaging with potential strategic investors."
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    10 mins
  • Zak Mir talks to Sath Ganesarajah, CEO of Bluebird Mining Ventures Ltd

    Zak Mir talks to Sath Ganesarajah, CEO of Bluebird Mining Ventures Ltd
    Mar 29 2026

    Zak Mir talks to Sath Ganesarajah, CEO of Bluebird Mining Ventures Ltd (BMV), as the gold streaming, mining and treasury company confirmed that Frank Amato and Hernán M. Yellati have been appointed to the Board as Non-Executive Directors with immediate effect.

    Frank Amato will serve as Chair of the Audit Committee, while Hernán M. Yellati has been appointed Chair of the Remuneration and Nomination Committee.

    Bluebird Mining Ventures Ltd has strengthened its board with the appointment of Frank Amato and Hernán M. Yellati as Non-Executive Directors, in a move aimed at enhancing governance and strategic oversight.

    Amato will also serve as Chair of the Audit Committee, while Yellati takes on the role of Chair of the Remuneration and Nomination Committee.

    In addition, Board Advisors Darron Giddens and John Webb will participate in Audit Committee meetings, with Webb also appointed to chair a newly established Conflicts Committee.

    The changes are designed to bolster the company’s governance framework as it continues to execute its growth strategy.

    Sath Ganesarajah, Chief Executive Officer of BMV, said: "We are delighted to formally welcome Frank and Hernán to the Board. They bring significant experience across financial markets, macroeconomic strategy and emerging technologies, which will be invaluable as we continue to execute our growth strategy.

    "I look forward to working closely with them and our Advisory Board to further strengthen governance, enhance strategic oversight and drive the business forward. Their leadership of the Audit Committee and the Remuneration and Nomination Committee respectively will play an important role in supporting the Company's long-term objectives and delivering value for shareholders."

    About Bluebird Mining Ventures Ltd

    Bluebird Mining Ventures (LSE: BMV) is a gold streaming, mining and treasury company. The Company's mission is to build and manage a gold-backed treasury through streaming agreements, providing investors with exposure to physical gold without the operational risk of mining.

    BMV focuses on streams from producing assets within the ore concentrate to bullion value chain. Its investments secure multi-year flows of gold that can be recycled into new transactions. This model enables scalable exposure to gold without capital expenditure, or execution risks.

    Drawing on its heritage in gold, BMV combines the stability of physical bullion with the benefits of a scalable, disciplined business model. With a focus on prudent capital allocation and treasury management, BMV aims to deliver sustainable, long-term value for shareholders.

    For more information, please visit: www.bmvbtc.com

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    8 mins