Small Cap Feast

12th January 2024

Dish of the day
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Dish Of The Day:


Ediston Property Investment Company Plc (EPIC.L) has left the Standard Listing of the Main Market on LSE 
Holders Technology Plc (HDT.L) has left AIM

Whats baking in the oven?

Potential Initial Public Offerings:

Reverse Takeovers:

Change of Market:

Banquet Buffet

88 Energy 0.24p £51.2m (88E.L)
An oil and gas exploration and production company with a North American focus provides an update in relation to the Hickory-1 flow testing program at Project Phoenix on the North Slope, Alaska. Hickory-1 discovery well flow test and well stimulation program (Flow Test) is set to commence mid-February 2024, following ice road construction, pad construction and rig mobilisation. The project is fully funded with a Flow Test budget of US$11m (gross). The design, planning and logistics has completed, with permitting on track for end of January 2024.

Caledonia Mining Corp 930p £169.1m (CMCL.L)
A gold production, exploration and development company operating through two segments: Zimbabwe and South Africa announces Blanket Mine (Blanket) production for the year ended December 31, 2023 and provides guidance for the year to December 31, 2024 in respect of production, costs and capital expenditure. Annual gold production at Blanket was 75,416 oz in 2023, in line with guidance, quarterly gold production at Blanket of 20,172 oz in Q4 2023. For 2024 gold production guidance at Blanket is 74,000 to 78,000 oz. Budgeted capital expenditure in 2024 is $34.4m, which includes planned exploration at Motapa and further work on the Bilboes feasibility studies. Caledonia continues to work on the feasibility studies in respect of the Bilboes sulphide project to determine the optimal implementation strategy for the project.

EnSilica 36.5p £29.9m (ENSI.L)
A chip maker of mixed-signal ASICs (Application Specific Integrated Circuits) announces the release of a range of Post-Quantum Cryptography (PQC) accelerators, with the first of these intellectual property (IP) licenses granted to a major semiconductor supplier. PQC refers to cryptographic algorithms that can withstand cyber-attacks from quantum computers. EnSilica is one of the few companies to offer advanced cryptographic accelerators to the market as licensable IP cores, expanding EnSilica's comprehensive range of non-quantum resistant cryptography accelerators for use in its ASICs and other semiconductors.

Ferro-Alloys Resources 6.25p £30.2m (FAR.L)
The vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, announces the production results of its existing operation for Q4 2023. The concentrate processed totalled 703.3 tonnes in Q4 2023 and 2,228.0 tonnes in 2023, up 7.0% compared to 2022. As announced on 10 October 2023, in order to secure a regular supply of concentrate, the Company entered into a number of contracts with different suppliers. As a result, the Company is currently holding a significant stock of concentrates, sufficient for around seven months of production at current rates.

IXICO 13p £6.3m (IXI.L)
The medical imaging advanced analytics company delivering insights in neuroscience, announces that Giulio Cerroni has informed the Board of his intention to retire from his role as Chief Executive Officer (CEO) and director of the Company by the end of 2024 The Board has begun the process to appoint a new CEO in line with its succession plan and will update the market in due course.

James Cropper 775p £74m (CRPR.L)
A Company focusing on Advanced Materials and Paper Products, centred around four market audiences: Future Energy, Technical Fibres, Luxury Packaging and Creative Papers, announces that James Gravestock, Managing Director for Technical Fibres and Future Energy, will step down from the Board and leave the Company on 31 January 2024. As previously announced, a process to appoint a permanent successor to James Gravestock is underway.

Metals Exploration 3.2p £67.5m (MTL.L)
A gold producer in the Philippines announces that it has entered into a conditional share purchase agreement (SPA) to acquire a controlling interest in the YMC Group which holds an extensive exploration tenement in the prospective Abra area of the Philippines, for cash consideration of US$1.6m and the issue of options to subscribe for up to 41 million new ordinary shares. This is an acquisition of a majority and controlling interest in a highly prospective exploration licence covering 16,200 hectares on Luzon, approximately 200km north of the Company's Runruno mine in the Cordillera region, a prolific gold belt in the Philippines. Initial planned exploration work programmes is currently expected to commence during H2 2024.

Scirocco Energy 0.325p £2.9m (SCIR.L)
The investing company targeting attractive assets within the European sustainable energy and circular economy markets, announces that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024. The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment. As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash.

UK Oil & Gas 0.019p £4.5m (UKOG.L)
The UK-based oil and gas exploration and production company announces that it has successfully raised gross proceeds of £0.75m by means of a placing (Placing) of new ordinary shares at a price of 0.02 pence per share, representing a discount of 20% to the closing price of 0.0250 pence per ordinary share on 11 January 2024. The Placing is primarily in response to the government's newly announced acceleration of the first hydrogen storage allocation round, now scheduled to commence in Q3 2024 vs the prior Q3/Q4 2025 timeline.

Warpaint London 390p £301.3m (W7L.L)
The supplier of colour cosmetics and owner of the W7 and Technic brands, announces a trading update for the year ended 31 December 2023. Following continued strong trading in Q4 2023, sales for the full year have exceeded previous expectations and are approximately £89.5m. The gross margin remains robust and continues to be at a level in excess of that achieved in 2022. Consequently, in its full year results, the Group expects to report profit before tax of not less than £18m (2022: £7.7m), ahead of current market expectations. The net cash balance as at 31 December 2023 totalled £9.0m (31 December 2022: £5.9m).

12 January 2024
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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