Small cap wrap: Replenish Nutrients, Royalty Management, 374Water…

Crocs, Inc. (NASDAQ:CROX) has received a higher price target from Bank of America ahead of its second-quarter earnings report, with the firm reiterating its ‘Buy’ rating and raising its target to $160 from $145 on expectations that sustained direct-to-consumer (DTC) growth in North America could support further valuation expansion.

The firm increased its valuation multiple to 11 times its 2027 earnings estimate from 10 times previously, writing that additional evidence of durable North American DTC growth could drive further multiple expansion.

Custom Health Holdings Inc (TSX:CHLT) just landed Buy-rated coverage from Stifel, with analysts setting a C$12 price target and pointing to upside as high as C$18 a share.

The pitch: a pill-dispensing platform that's quietly solving one of healthcare's most expensive headaches.

374Water Inc (NASDAQ:SCWO, FRA:8LL) announced that a newly released US Army Corps of Engineers technical report independently validated its AirSCWO technology, documenting a 99.9993% destruction and removal efficiency for PFAS in aqueous film-forming foam (AFFF) during a demonstration conducted with Arcadis.

The report, published by the US Army Engineer Research and Development Center (ERDC), evaluated the company's AirSCWO system at 374Water's waste destruction facility in Orlando, Florida.

Royalty Management Holding Corp (NASDAQ:RMCO) said a company it holds a royalty stake in, ReElement Technologies, has closed new financing that will fund an expansion of operations and increase revenue flowing to Royalty Management under an existing royalty agreement.

ReElement, which operates critical mineral refining facilities in Noblesville and Marion, Indiana, processes end-of-life recycled materials, virgin ores and manufacturing byproducts into magnet-grade rare earth elements and other critical minerals for the electrification, defense and technology sectors using a chromatographic separation platform.

Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) has closed the $7.5 million equity portion of a previously announced $15 million strategic investment from SRC Agrominerals Sales, the company said.

The $7.5 million convertible debenture investment is expected to close on or about August 14, 2026.

Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF, FRA:SCP), the Oxford-based cancer immunotherapy developer listed on London's junior AIM market, has agreed an all-share merger with US biotech Neuphoria Therapeutics that will give it a Nasdaq listing and access to American investors.

The combined group will keep the Scancell name and apply to trade on Nasdaq under the ticker SCLT, while retaining its existing AIM quotation.

Anglo Asian Mining Plc (LSE:AAZ, OTC:AGXKF, FRA:A4A) has appointed technology and corporate finance executive Cameron Pforr as a non-executive director as it pursues a major expansion of its Azerbaijan copper operations.

Pforr is chief executive and chief financial officer of NYSE-listed Mtron Industries, which manufactures high-performance components for the aerospace, defence and avionics sectors. He previously served as president and CFO of cybersecurity companies IronNet and Fidelis Cybersecurity.

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL, VFEX:CMCL) has told investors that surface drilling at its Blanket mine in Zimbabwe has uncovered a previously unrecognised gold zone that could support a lower-cost heap leach operation alongside the existing underground mine.

The K-Pits target contains both near-surface oxide material and deeper sulphide mineralisation. Standout results included 23 metres grading 2.61 grams per tonne gold from surface in oxide material and 16 metres at 6.04 g/t from 29 metres in sulphides.

D3 Energy Ltd (ASX:D3E, OTCQX:DNRGF) has started a two-well drilling program at the Nooitgedacht area of its wholly owned ER315 permit in South Africa, targeting an expansion of its helium and natural gas reserve base.

The company has successfully spudded the first well, NGT245 E, in the northwestern portion of ER315 in the Free State Province.

Horizon Gold Ltd (ASX:HRN, OTC:HZGLF, FRA:HO0) has invited shareholders to attend an investor briefing webinar on MarketOpen Direct Connect.

Managing director and CEO Scott Williamson will provide an update on the recently released definitive feasibility study for the company’s 100%-owned Gum Creek Gold Project in Western Australia.

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has filed an independent technical report supporting the mineral resource estimate for the Leven Star Reef at its 100%-owned Belltopper Gold Project in Victoria, while recent drilling at Wyloo in Western Australia has confirmed a significant silver-antimony-zinc mineralised system.

The Leven Star report formalises the mineral resource announced in June 2026, with Novo confirming there are no material differences between the previously released estimate and the figures contained in the final technical documentation.