Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Thematic (Sector/Industry)

<ul>
<li>Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging.</li>
<li>The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue.</li>
<li>This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy.</li>
</ul>


Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very challenging.
The key components of the market, the “two worlds” of corporates and investors, are nowadays often far apart in how they assess value – pre-COVID, this was much less of an issue.
This has resulted in frustration and inertia, which, on a sustained basis, can have a significant negative impact on companies and the economy.


<ul>
<li>Feature article: Is silver the cheapest asset on the planet?</li>
<li>Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses.</li>
<li>It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer.</li>
</ul>


Feature article: Is silver the cheapest asset on the planet?
Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of uses.
It’s not that well understood by investors and tends to get overshadowed by gold – but, perhaps, not for much longer.


Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Equity Bottom-Up

<ul>
<li>Arecor Therapeutics 80.00p £29.26m (AREC.L) The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025.</li>
<li>The Company continued focus on two core product areas: diabetes and oral delivery of peptides.</li>
<li>A codevelopment deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system. </li>
</ul>


Arecor Therapeutics 80.00p £29.26m (AREC.L) The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025.
The Company continued focus on two core product areas: diabetes and oral delivery of peptides.
A codevelopment deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system. 


Hybridan Small Cap Feast: 9 February 2026

Firering Strategic Minerals / Equity Bottom-Up

<ul>
<li>Ariana Resources 1.50p £37.93m (AAU.L) The mineral exploration, development and production Company with gold project interests in Africa and Europe has updated on the ongoing drilling programme at the Tavşan Mine, western Türkiye, which is 23.5% owned by Ariana.</li>
<li>The assay results received from the 85-hole programme at Tavşan Main Zone and South Zone following the drilling on the Main and South Zones identified resource expansion opportunities and completed infill drilling.</li>
<li>Drilling is continuing in other areas across the West and East Zones of the Tavşan Mine. </li>
</ul>


Ariana Resources 1.50p £37.93m (AAU.L) The mineral exploration, development and production Company with gold project interests in Africa and Europe has updated on the ongoing drilling programme at the Tavşan Mine, western Türkiye, which is 23.5% owned by Ariana.
The assay results received from the 85-hole programme at Tavşan Main Zone and South Zone following the drilling on the Main and South Zones identified resource expansion opportunities and completed infill drilling.
Drilling is continuing in other areas across the West and East Zones of the Tavşan Mine. 


Hybridan Small Cap Feast: 21 January 2026

<ul>
<li>The gold and critical raw materials focused exploration and development company provides an operational update.</li>
<li>The work at Clogau has focused on implementation of the recommendations of HM Inspectorate of Mines following a periodic visit.</li>
<li>The Company is in the process of clearing out the blast material from the previous test blast and making other final preparations in readiness to commence drilling and blasting in the coming days. </li>
</ul>


The gold and critical raw materials focused exploration and development company provides an operational update.
The work at Clogau has focused on implementation of the recommendations of HM Inspectorate of Mines following a periodic visit.
The Company is in the process of clearing out the blast material from the previous test blast and making other final preparations in readiness to commence drilling and blasting in the coming days. 


Hybridan Small Cap Feast: 3 December 2025

United Kingdom

Shield Therapeutics is a commercial-stage specialty pharmaceutical company focused on pharmaceuticals for unmet medical needs. Its primary product, Accrufer/Feraccru (ferric maltol), is an oral therapy for iron deficiency with or without anemia. The company was founded in 2008 and is headquartered in Gateshead, United Kingdom.

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Shield Therapeutics (STX LN)

The Hardman & Co Monthly: June 2024

Feature article: Two worlds divided by a common language Summary Few people would deny that raising capital in 2023 and 2024 has been very...

Hardman & Co

The Hardman & Co Monthly: May 2024

Is silver the cheapest asset on the planet? Silver is a precious metal, a monetary metal and an industrial metal with a surprisingly wide range of...

Hardman & Co

Hybridan Small Cap Feast: 9 February 2026

The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business...

Hybridan

Hybridan Small Cap Feast: 21 January 2026

The mineral exploration, development and production Company with gold project interests in Africa and Europe has updated on the ongoing drilling...

Hybridan

Hybridan Small Cap Feast: 3 December 2025

The Company is in the process of clearing out the blast material from the previous test blast and making other final preparations in readiness to...

Hybridan

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