Admissions:
None
Delistings:
None
What’s baking in the oven?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission was slated for around 11 November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 28th November.
Banquet Buffet****
Atlantic Lithium Limited 9.00p £62.27m (AAL.L)
The Africa-focused lithium exploration and development Company targeting the delivery of Ghana’s first lithium mine updates on the Mining Lease Ewoyaa Lithium Project. The Mining Lease has been submitted to the Parliament of Ghana to be considered, as per due process for ratification. The mining lease provides exclusive rights to carry out mining and commercial production activities at Ewoyaa for an initial 15-year period. All of the necessary regulatory approvals are secured so the parliamentary ratification serves as the final step of the Project’s permitting process. The Company will then be able to further progress funding and offtake arrangements.
Casting 245.0p £101.74m (CGS.L)
The iron casting and machining group primarily focused on the European heavy truck market reports Interims to September which are in line with expectations. Revenue declined 1.7% to £87.6m, but with PBT increasing to £5m from £4.1m and the 4.21p dividend is maintained. The underlying demand for heavy trucks (approximately 75% of revenue) has remained at lower levels which is an estimated 10%-15% below the normalised trend level. The current demand remains unchanged in Europe, with US demand beginning to deteriorate. The new foundry production line has been completed, and production has commenced so there’s additional capacity when volume increases. The net cash is over £15m after payment of dividends of £6.2m and the foundry capacity investment. Management has said that, assuming there are no material further reductions in demand, the Company will trade in line with market expectations for the full year.
First Tin 8.30p £36.15m (1SN.L)
First Tin, the tin development company advancing low-capex projects in Australia and Germany has concluded the public exhibition period for its Environmental Impact Statement which is required for Development Approval of the Taronga Tin Project in New South Wales, Australia. After a four-week public consultation there were fewer than 50 objections so the project moves straight to the standard departmental approval process thereby significantly reducing the likely permitting timeframes and cost. There were only four objections which is the lowest for a metalliferous greenfield mining project in NSW in recent years.
London BTC 3.10p £11.64m (BTC.L)
The Company is dedicated to building a robust Bitcoin treasury through a dual approach: decentralised mining operations across North America and strategic acquisitions of Bitcoin assets. Today it reported Interims to August 2025: Revenue improved to £0.58m from £0.28m with a Gross Margin of 16% however the LBT increased to £1.2m from a loss of £0.67m. The NAV increased to £6.2m from £1.8m with cash of £225k up from £125k. The Bitcoin mining fleet continues to expand across North America with the average number of miners of 640 at the start of the period growing to 1,100, with most of the expansion occurring in recent months. A dual listing on Nasdaq is a key objective, and the necessary prospectus documentation is progressing. This will be alongside the UK listing where the trading environment for Bitcoin-related shares is said to be challenging.
Microsalt 59p £29.62m (SALT.L)
The manufacturer of full-flavour natural salt with approximately 50% less sodium reports an initial order with Daiya Foods Inc. The order of $50k will begin production and its projected 2026 volume is estimated at $500k with an initial focus on cheese and pizza dough. Dayia is a leader in dairy-free and plant-based food and was acquired by Otsuka Pharmaceutical Co., Ltd in 2017 for $405m. Its products are available in 25,000 grocery stores in the US and Canada, as well as through e-commerce partnerships. The collaboration is seeking to meet consumer demand for healthier, full-flavour products and represents an important step in expanding MicroSalt's reach beyond the snack sector into broader food applications.
Nuformix 0.27p £6.59m (NFX.L)
The pharmaceutical development Company targeting unmet medical needs in fibrosis and oncology via drug repurposing reports on its FDA application and the results of an Open Offer. As part of the Orphan Drug Designation (ODD) application process, the FDA has requested further information and a response will be made as soon as possible using existing data and information. The FDA will then either seek further information or reach a decision on the application. The underwritten Open Offer at 0.2p was oversubscribed with applications for 405.5% of the £228k available and so applications will be scaled back.
Renalytix 7.25p £31.68m (RENX.L)
The precision medicine diagnostics Company, with the only FDA-approved and Medicare reimbursed prognostic test to support early-stage risk assessment in chronic kidney disease, reports on a study. This showed that the Company’s KineyintelX.dkd test provides improved risk classification across all the established risk groups, as presented in the clinical guidelines. The authors concluded that kidneyintelX.dkd facilitated the identification of patients most likely to respond to therapy through personalised risk assessment with the potential for monitoring in clinical practice and a role in future clinical studies. The data reinforces the value of the kidneyintelX.dkd test as a standard for precision medicine driving significant improvements in patient care and health outcomes.
Seeing Machines 3.92p £194.53m (SEE.L)
The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety announces a significant order and Q1 Trading. The order is to supply an initial 1,100 Guardian Generation 3 units across the distribution fleet of a major US-based multinational company and, discussions are ongoing for a further expansion to the company's heavy truck fleet. Guardian sales for Q1 FY2026 however were below expectations as this large order slipping into Q2 FY2026. Adding the new US total Guardian unit sales for the current quarter sales, the Company has already surpassed 2,600 units. There is a strong pipeline of opportunities with several large customers completing trials, pilots and commercial contract terms. The early results for Q2 FY2026 are promising and on target to achieve a cashflow break-even run rate by the end of this calendar year.
Strategic Minerals 1.68p £39.94m (SML.L)
The mineral exploration and production Company updates on its wholly owned subsidiary CRL activities for its fully-fund diamond drilling programme. It is at the Tin-Copper Project in southeast Cornwall, which the Company understands to be the highest-grade undeveloped tungsten resource in Europe. There are two further completed drill holes, with the final drill hole of the programme well advanced. The outcomes from Stage 1 metallurgical studies are encouraging with mass recovery to flotation feed of approximately 43.9%, and stage metal recoveries of 94.3% tungsten, 95.6% tin, and 90.7% copper to an average 2.1x upgrade ration. The full metallurgical study outcomes will be released when completed, including updated metal recovery assumptions, and will feed into the planned Mineral Resource Estimate update.
Ten Lifestyle Group 55.00p £49.03m (TENG.L)
The concierge technology platform driving customer loyalty for financial institutions and other premium brands report for the 12 months to August 2025. Revenue improved 4.5% to £65.7m with a record EBITDA up 10.6% to £14.6m, the PBT increases by 5x, to £2.9m to give an EPS of 2.9p. The net cash is £9.3m after a repayment of a £4.5m loan and no dividend is being paid. New products were launched and scaled up for example the Ten Box Office and Digital Dining apps are available through partners. Ten's AI-powered member assistant, Tali and Ten Guardian, are being developed to strengthen the service quality. Active Members have continued to grow to 387k since year end (FY 2025: 375k), showing strong engagement with the proposition and the scalability of the customer experience platform. Trading since the year end has been in line with expectations for FY2026, with the Group on track to deliver greater net revenue growth and improved profitability
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