SMALL CAP MOVERS: Investors are waking up to ACG Metals as it beats forecasts
There are companies quietly going about their business in the small-cap universe, constructing real operations and real balance sheets, while the market looks the other way. ACG Metals is one of them.The economics of this Turkey-focused gold, silver and copper play have long been compelling. So has the track record of chief executive Artem Volynets, who has form in taking companies from minnow to meaningful. ACG's board is already structured like that of a much larger operation, with deep experience across capital markets and mining. Former US Secretary of State Mike Pompeo sits as an independent director, which is not something you see every day in the small-cap space.It has taken time, but investors are waking up. The share price is up 240 per cent over the past year, and there may be more to come, with at least one kicker that has arguably not yet been fully absorbed into the valuation.The company's first-quarter production report set the tone for what could be a significant second half of 2026. ACG's Gediktepe mine in Turkey produced 12,200 gold-equivalent ounces in the quarter, comfortably ahead of forecasts from both Berenberg and Canaccord Genuity. Costs came in well below estimates.Realised gold prices beat expectations. The resulting cash generation left ACG with $122 million on the balance sheet, a position both brokers described as capable of funding two growth projects at once. Former US Secretary of State Mike Pompeo sits on ACG Metal's board One of those projects, the $146 million Sulphide Expansion that will bring copper and zinc into the mix for the first time, is on time and on budget. Both brokers carry 'buy' ratings, with price targets above 2,100p against a current price of 1,590p.The full picture is worth examining closely.Elsewhere, Braime Group, a Yorkshire manufacturing company with over a century of history and now operating in five continents, saw its shares jump 31 per cent after it reported revenue, profit, and dividend growth last year, bolstered by new electronic products and a recent acquisition. The maker of specialised equipment for processing agricultural commodities highlighted that a decade-long programme to modernise its Leeds plant is now largely complete, positioning the company for future growth, although it cautioned that the global economic backdrop could weigh on demand.Shares in Aoti soared even higher, jumping 43 per cent over the week as the medical technology company published a large real-world study showing that its Topical Wound Oxygen therapy healed nearly two-thirds of chronic wound patients who had failed to respond to other treatments for an average of seven months. The study, which covered 3,126 patients with diabetic foot ulcers, venous leg ulcers, arterial ulcers, and atypical wounds, recorded a complete healing rate of 64.8 per cent in just over four months. The amputation rate was a mere 6.1 per cent, compared to historical norms of over 41 per cent for diabetic foot ulcer patients not receiving the treatment.Christie Group, the business brokerage and professional services firm, climbed 25 per cent after hiking its dividend by 57 per cent following a record year of deal activity. The group sold 1,164 businesses during the year, with a combined value of nearly £2 billion, up 45 per cent on 2024.Xeros Technology Group scrubbed up 19 per cent after reporting progress toward commercialising its water- and energy-saving laundry technologies. Losses narrowed, and cash burn decreased as the company strengthened its balance sheet and advanced key partnerships.Scancell rose 19 per cent after securing a fast-track designation from the US drug regulator for its lead drug candidate in advanced melanoma. This designation could shorten the time it takes to bring the drug to market, significantly accelerating its potential for approval.On the downside, shares in ProService Building Services Marketplace fell 24 per cent after reporting slower-than-expected ramping up of a key supply agreement with Speedy Hire. On the outlook, it said macroeconomic conditions were affecting both buyers and sellers, but the Speedy contract was now close to target. Underlying earnings for the past year were close to breakeven, though the company forecasts improvements in the coming year.Warpaint London, the cosmetics group behind the W7 and Dirty Works brands, saw its shares drop 16 per cent as tough trading conditions from last year extended into 2026. Sales for the first four months are expected to come in 20 per cent lower at £26.1 million. A silver eye-lining was that there were signs of recovery seen this month.Futura Medical, the consumer healthcare company behind the erectile dysfunction gel Eroxon, flopped after announcing a strategic shift following a comprehensive review. Alongside full-year results that showed an operating loss of £9.1 million on revenue of £1.7 million, the company said it is moving to a hybrid operating model that combines research and development with direct commercial activity. The company is now focusing on men under 60 with mild to moderate erectile dysfunction and is in 'constructive' negotiations with FTSE 100 giant Haleon over a milestone payment linked to a US patent for Eroxon.More companies were seen raising funds at discounts this week. Georgina Energy completed a £1m fundraise at 2.7p, a penny lower than the last closing price; commercialisation consultancy GenIP raised £350,000 through a placing at a 38 per cent discount to the previous day's closing price; while Star Energy announced a retail offer to raise up to £0.6m, priced at 15p, a discount of 9.2 per cent.Finishing on a positive note, Iofina has risen 16 per cent this week and over 60 per cent for the past month as it revealed that it is on track to hit financial targets that belie its £75 million market capitalisation.In an update alongside its prelims, it told investors it had set its sights on capturing 5 per cent of global iodine production within three to four years.This came against a record 2025 performance and a strong start to 2026, underpinning an accelerating expansion programme.Revenue rose 22 per cent to $66.5 million in 2025, marking an eighth consecutive year of growth, driven by a 42 per cent increase in crystalline iodine sales as production volumes climbed 17 per cent to 743 metric tonnes.Operating profit increased 74 per cent to $8.7 million and profit before tax advanced 75 per cent to $8.4 million. Compared to its current share price, this means profits are available for a trailing multiple of 12 times, which is right at the bottom of the range for businesses like Iofina.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
