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

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

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.

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]