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    Daily Stock Market Report (Wed 31st Dec 2025) - KR1, ECOB, FXPO, GST, PXS

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    Profile picture of Mark Simpson
    Mark Simpson

    Good morning! I’ll be with you for the last day of 2025. A reminder that the UK Stock Market will close at 12:30 today, for New Year’s Eve.

    12:30 - Report Complete

    As expected, very few piece of news. I will be keeping my eyes open for late RNS today as some companies will still need to report audited financials to avoid suspension on Friday.

    The winner of the last minute repreive from suspension is Orcadian Energy (LON:ORCA) with 45 mins to go to the Market Close. Who would have thought it would have taken that long to add up zero revenue?!

    And that's a wrap. Thanks for joining us on the DSMR in 2025. Wishing you all a happy and prosperous New Year.

    Spreadsheet accompanying this report: link (updated to 16/12).

    Companies Reporting

    Name (Mkt Cap)RNSSummaryOur view (Author)

    Harbour Energy (LON:HBR) (£2.79bn | SR66)

    Harbour appointed operator of Zama project

    Operatorship agreed by the Zama partners, including Pemex, Grupo Carso and Talos Energy.
    Zama oil field is estimated to contain approximately 750 mmboe of gross recoverable resources. The next step will be to complete engineering and design work in 2026 ahead of a final investment decision.

    Ferrexpo (LON:FXPO) (£456m | SR72)

    End of year letter from Interim Executive Chair

    During the year:
    - broadened premium-grade iron ore product mix, exporting more concentrate than ever before
    - moved quickly to lower costs
    - withholding of VAT refunds forced our decision to reduce working hours and place some colleagues on furlough
    - remained viable and continue to operate, albeit at reduced capacity levels
    Continue to operate in a time of war and under martial law, protecting our people first and foremost and doing everything we can to preserve the integrity of our assets

    		RED = (Mark) [no section below]
    There’s nothing that we don’t already know in this summary of the year. The company is doing what it can to continue to operate in incredibly difficult conditions.
    In terms of share price, this appears to have become a way for investors to bet on the outcome of the Ukraine-Russia war, with the share price being moved by news of that conflict, rather than the usual corporate metrics.
    However, even if we have a swift resolution to the conflict, the political issues here remain, regarding ownership, and VAT refunds. Plus, we know that mining and power infrastructure have been targeted, meaning a return to significantly higher production will probably take time and maybe additional capital. So I don’t see any reason to change our negative view, based on the risks, anytime soon.

    Kr1 (LON:KR1) (£42.5m | SR35)

    Financial Update (November ’25)

    Staking Income £211k, NAV 30 Nov £58.3m.

    AMBER/RED (Mark) [no section below]
    On the surface, this appears to be trading at a reasonable discount to NAV. However, these assets are crypto-tokens, which are very volatile. I don’t care about this enough to do a proper valuation, but this is the type of thing AI can be very useful for. ChatGPT does an approximate valuation for me, based on their published holdings, saying “31 Dec 2025 (Estimated): ~£48–£50m - down roughly ~14%–18% from 30 Nov”. So the actual discount today is only around 13%. Of course, any structure like this should trade at a discount to reflect the management and listing fees that have to be met from assets or staking income. If investors really valued the portfolio structure here, they could mirror it and avoid the fees.
    So this strikes me as a vehicle set up for investors who don’t understand crypto-currencies to speculate in crypto-currencies, which sounds like a bad idea to me . (At least for the investors; I’m sure someone somewhere does well out of it!)
    This, combined with the current discount not being particularly big compared to other listed investment funds in assets such as property, and no dividend yield, means I take a mostly negative view of this company.

    Eco Buildings (LON:ECOB) (£19.8m | SR14)

    Update on Senegal Joint Venture Payment

    Now expects to receive the initial €1.75 million deposit from G2 Invest in mid-February 2026, representing a key milestone in advancing the Senegal joint venture.

    RED = (Mark) [no section below]
    Eco-buildings may be “pleased” to provide an update on its Senegalese JV. However, when they say they now expect “to receive the initial €1.75 million deposit from G2 Invest in mid-February 2026” they neglect to say how this compares to previous expectations. It is only by looking back to their Oct 7th RNS, that I find out that this was previously going to be received in December 2025.
    These sort of delays are par-for-the-course when dealing with construction companies in the parts of the world that Eco-buildings operate in. However, when so much of the value here is based on future contracts that are being funded from these types of deposits, actually being paid the deposits on time and in full, is one of the key indicators of whether they have a viable enterprise. Hence this news reinforces our previously negative stance on this unproven enterprise.

    Provexis (LON:PXS) (£19.8m | SR16)Half-year Financial ReportH1 Revenue -53% to £364k, U/L Op Loss £155k (24H1: £98k Loss).
    “In the coming months, based on its current level of cash, the Group may therefore need to raise further equity finance or potentially new loan finance.”    		RED (Mark) [no section below]
    The first of our companies beating the deadline for reporting to avoid suspension. In this case, it is the three months to get unaudited interims out there.
    Significantly lower revenue and an increased loss is not a good look for a company trading on 15x Price-to-Sales.
    They flag the need for fresh equity very soon, and while they have been successful selling the story here in the past, placings for speculative microcaps usually come with huge discounts. Until this is out the way (and probably even after the raise, given the very high valuation for a tiny business) my view remains firmly negative.

    East Star Resources (LON:EST) (£16m | SR17)

    VMS Drilling Update

    Deep intervals of Zn-Cu mineralisation intersected in three drill holes. Typically around 1% Zinc and 0.1% Copper.
    Shallow extension of mineralisation to the north
    Confirmed area of study for 2026 on shallower resources.

    GSTechnologies (LON:GST) (£12m | SR1)

    End of MiCA Transitional Period in Lithuania

    Following the submission of a MiCA license application to the Bank of Lithuania in September, GS Fintech UAB has not obtained crypto-asset service provider (CASP) authorisation under MiCA by the end of the transitional period, which expires on 31 December 2025.
    Plans to resubmit its application to the Bank of Lithuania in Q1 2026 and in the meantime, to ensure trading continuity without interruption

    RED = (Mark) [no section below]

    This sounds like bad news. In my opinion, regulation in the crypto-space is low, so for a company not to have been granted a crypto-asset service provider authorisation in Lithuania is a bad sign for me. I can’t find any segmental analysis in their results to tell us how much of the revenue this susiduary represents, and the company plans to resubmit its application. However, this news underlines our negative position on this Sucker Stock.
    Orcadian Energy (LON:ORCA) (£10.9m | SR13)Results for the year ended 30 June 2025Operating Loss £910k (FY24:£837k), Cash 30 Jun £77k, 31 Dec £326k following a small fund raising through the issue of convertible loan notes.

    * Market caps at previous trading day’s close

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    This is not financial advice. Our content is intended to be used and must be used for information and education purposes only. Please read our disclaimer and terms and conditions to understand our obligations.

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