Small caps: Replenish Nutrients, OKYO Pharma, EDM Resources

This tape is less about one-off headlines and more about the market rewarding de-risking that converts into bankable cash flow. HUT is the cleanest example: a long-duration lease at scale changes the valuation framework from speculative BTC proxy to contracted digital infrastructure, which should lower equity funding risk and widen the buyer base to infra, yield, and credit investors. The second-order winner is the AI power/cooling ecosystem; the losers are miners still reliant on spot hash economics, where any capital scarcity will compress relative multiples.

AMC looks like a trading squeeze, not a durable rerating. A strong box-office quarter can lift near-term EBITDA, but the equity still has high operating leverage to release timing and attendance, so the upside fades quickly if the summer slate normalizes over the next 4-8 weeks. For the resource juniors, the market is paying for milestones before it pays for NPV; that works in a risk-on tape, but these names remain financing stories first and geology stories second.

Contrarian view: consensus is probably overestimating how much of this small-cap flow is fundamentally sticky. Contracted revenue and permitting are real; exploratory trenching, management hires, and strategic investments can still be dilution in disguise if they do not lead to a funded path to production. The main macro/factor risk over 1-3 months is a pullback in crypto or risk appetite that would hit HUT and AMC simultaneously, while the 6-18 month winners will be the names that convert announcements into audited EBITDA or a permitted build plan.