* Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
** Arranged by type of listing and date of announcement.
*** Potential means Intention to Float (ITF) or similar announcement has been made.
**** A corporate client of Hybridan LLP.
Dish of the Day
Admissions:
Roundhouse AI (RHAI.L), the AI technology Company announced its admission to AIM from AQSE. The company raised £1.59m on Admission with a market capitalisation of approximately c.£14m at the Placing Price.
Meantime Resources (MTR.L), the acquisition-focused mining company announced its admission to AIM after raising £15m. The company aims to acquire and develop mining assets, primarily focused on gold and potentially other metals, across regions including Europe, Africa, the Middle East and Central Asia, with the objective of progressing towards cash generation. Its strategy is to complete an initial acquisition within 18 months of admission and ideally develop an asset capable of generating cash flow within five years.
Delistings:
None
Banquet Buffet*
London Stock Exchange: Main Market and AIM
Angling Direct 54.5p £37.2m (ANG.L)
The omni-channel specialist fishing tackle and equipment retailer announced its half year results for the six months ended 31 July 2025. The group revenue grew 5.1% to £56.4m and adjusted EBITDA increased 11.9% to £4.3m, while net cash was £14.5m at 31 July 2026, compared to £12.5m in 2025. Current trading shows revenues increased 10.7% in August and September, and the board has confirmed the company is trading in line with full year market expectations for the year ending 31 January 2027 with revenues of £109.1m and Adjusted EBITDA of £5.7m.
Aptamer 0.325p £11.3m (APTA.L)
The developer of next-generation synthetic binders delivering innovation to the life sciences industry, announced its full year results for the twelve months ended 30 June 2026. Revenue for the period was £1.5m (2025: £1.2m), representing a 28% increase over the previous financial year, while the cash balance at 30 June 2026 was £4.4m (2025: £1.1m), following a £4.1m equity raise in April 2026. The Adjusted EBITDA loss was £2.3m (2025: £2.2 million). Post-period, the sales pipeline increased from £4.8m at 30 June 2026 to £7.0m at 21 September 2026.
Arkle Resources 0.775p £12.6m (ARK.L)
The energy metals explorer focused on uranium, announced the results of the reconnaissance reverse circulation drilling at the primary uraniferous leucogranite target on EPL 8995, part of its Erongo uranium project in Namibia, in an area approximately 12 km west-southwest of the Paleo East channel, where drilling results were released yesterday. The drilling has confirmed a uranium discovery at the ULG target. Eight of the nine holes intersected uranium above 100 parts per million (ppm) of uranium oxide (U₃O₈) across approximately 1.4 km by 0.6 km, matching the footprint defined at surface. The best hole, R069, is mineralised from surface to the end of the hole, including 41 m at 141 ppm U₃O₈, three holes end in mineralisation, and individual metres grade up to 421 ppm U₃O₈.
Block Energy 0.85p £12.5m (BLOE.L)
The international oil and gas company with assets in Georgia and interests offshore Gabon, announced the completion of 3D seismic acquisition over the Martkopi Terrace prospect within licence XIQ, part of the Company's Project IV portfolio in Georgia. The Martkopi Terrace prospect was independently assessed to contain 301.7 MMboe of gross mean unrisked recoverable prospective resources (DeGolyer and MacNaughton, 2023). The 3D seismic programme follows the successful farm-out of licence XIQ earlier this year to Aspect Georgia, a subsidiary of US-based Aspect Energy. The survey forms part of the staged work programme, with estimated gross expenditure of approximately US$95m (Block internal estimate), and Block fully carried through the relevant phases.
Bradda Head Lithium 1.6p £9.1m (BHL.L)
The North America-focused lithium development company, announced initial results from core drilling at the Whistlejacket Lithium Project, held under the Company's Option to Joint Venture agreement with Kennecott Exploration Company. The first drill hole at Whistlejacket (WSTL0020), confirmed and validate the broad zone of spodumene mineralisation returning a length-weighted average grade of 1.07% Li₂O over 31.8m (161.85m to 193.65m downhole), including a higher-grade 20.47m interval grading 1.33% Li₂O. Additionally, two pegmatites were cut higher in the hole and returned comparable grades of 4,988 ppm Li (1.07% Li₂O) over 2.49m and 5,670 ppm Li (1.22% Li₂O) over 2.96m. The results include a strong lithium-cesium-tantalum (LCT) pathfinder suite (Ta, Nb, Be, Cs, Rb), consistent with the fresh, unweathered spodumene pegmatite logged in the field.
EMV Capital 45p £12.6m (EMVC.L)
The deep tech and life sciences VC investment group announces that its portfolio company Glycotest has executed a licence agreement with the Zucker Institute for Innovation Commercialization, the commercialisation entity advancing technologies originated from the Medical University of South Carolina, for intellectual property relating to Glycotest’s blood test for staging liver fibrosis. The licensed IP supports the expansion of Glycotest’s proprietary LRAGG biomarker into multi-biomarker panels with the potential for greater clinical performance and extended patent protection.
Gelion 13p £29.8m (GELN.L)
The sulfur battery company, announced that it has entered into a co-funded Proof of Concept Agreement with a top five global automotive original equipment manufacturer (OEM Partner), to jointly undertake a pilot program to test and evaluate Gelion's proprietary Nano-Encapsulated Sulfur cathode active material under conditions relevant to electric vehicle battery applications. Under the Agreement, the OEM Partner will supply engineering expertise, advanced battery testing facilities and capabilities, and a contribution to the program funding. Gelion will conduct complementary testing to correlate performance data throughout the programme.
iFOREX 145p £32.5m (IFRX.L)
The fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced a strategic collaboration with TipRanks, a financial research platform, and WNSTN, an AI infrastructure platform. The collaboration brings together iFOREX, TipRanks and WNSTN to help traders make better use of the growing volume of market information available to them. The first product to be launched under the collaboration is Travis, an AI-powered trading assistant integrated directly into the iFOREX platform. Travis combines TipRanks' analyst research, market intelligence and proprietary data with WNSTN's conversational AI technology.
Kodal Minerals 0.3125p £63.8m (KOD.L)
The West African lithium producer, mineral exploration and development company, provided an update on mining, processing, export and development activities at the Bougouni Lithium Project for the three months ended 30 September 2026. The Q3 production was 27,234 dry metric tonnes of spodumene concentrate grading 5.29% Li2O, while year to date production was 80,429 DMT of spodumene concentrate. The full year production guidance range is in the range of 105,000 to 115,000 DMT of spodumene concentrate with an expected unit production cost of between US$600 to US$610 (including mining, processing, transport to port, depreciation and amortisation). US$47m was received by LMLB, the mining operator, for the fourth shipment based on a weighted SC6 price of US$2,330 per DMT.
Solvonis Therapeutics 0.1175p £9.3m (SVNS.L)
The late clinical-stage biopharmaceutical company developing small-molecule therapeutics for high-burden central nervous system disorders, has signed a Memorandum of Understanding with ICAD, Portugal’s public addiction institute, and Panegreen – Health & Wellness Solutions, Lda. to assess adding Portuguese trial sites to MORE-KARE, the UK Phase 3 trial of SVN-001 for severe alcohol use disorder. The agreement advances the Company’s plans to add European sites to the trial, announced on 25 August 2026 and reiterated on 29 September 2026. The parties will now assess how Portuguese services and clinical facilities could support the programme.
What’s baking in the oven?**
Potential IPOs WIP:***
13 October: Voltage X, the AI-native creative and communications group, announced its intention to IPO onto AIM. Founded in 2021 and headquartered in Melbourne, Australia, the Group provides public relations, digital marketing, content creation, marketing analytics and influencer management services to an international client base, with a primary focus on the real estate, hospitality, sports and retail sectors. The Company intends to raise gross proceeds of US$3-4m by way of a placing. Anticipated market capitalisation on admission is TBC and expected admission date is late October 2026.
12 October: TEK4 Group announced its intention to IPO onto AIM. The Company is a precision engineering business focused on the design, manufacture and support of specialist hole-drilling systems used in the production of aero engine and industrial gas turbine components. The Group provides customers with a broad suite of specialist cooling-hole manufacturing solutions from a single supplier, including electrical discharge machining, laser drilling, laser ablation and shaped tube electrolytic machining, enabling customers to produce the complex cooling-hole geometries required by increasingly high-temperature aero engines and industrial gas turbines. The Group's customers include a number of leading aerospace and industrial gas turbine manufacturers and tier one component suppliers. Deal details TBC and expected Admission date is 26th October.
5 October: Liberty Minerals announced its intention to IPO onto AIM. The mineral exploration Company is focused on tungsten and associated minerals including antimony, molybdenum, copper, silver and zinc in Arizona and Idaho. On Admission to AIM, it will own the Boriana and Buckhorn projects, comprising unpatented mining claims on US Bureau of Land Management land. Boriana, historically one of Arizona’s principal tungsten producers, is the Company’s primary exploration focus, with Buckhorn a longer-term target. Liberty Minerals raised £662,000 through a pre-IPO fundraise in June 2026 and intends to raise further funds through a placing to finance exploration and development. Deal details remain TBC and first day of dealings expected late October 2026.
5 October: Axies Ventures a junior mineral exploration Company focused on the discovery and development of copper and gold assets in Cyprus and Canada, has announced its intention to float on AIM with an expected Admission date of mid-October 2026. The size of the listing has not been disclosed, but Axies has stated that its Cyprus Projects cover an area of approximately 36km2 and are predominantly located on the northern flanks of the Troodos Mountains. In addition, the Company holds a number of mineral claims across four non-contiguous properties in Canada. These cover an area of approximately 43km2 and are all located in the province of Ontario.
23 September: Airtel Money, a scaled digital financial services platform operating across 13 African markets, has announced its intention to undertake an IPO on to the Main Market of the London Stock Exchange. As of 30 June, Airtel served approximately 53m monthly active users with a suite of mobile financial services such as micro-loans, savings accounts, insurance, wealth products. It was founded in 2011. Its growth to date has been helped by its relationship with Airtel Africa plc, its founding shareholder. Revenue reached US$1.346bn for the year ended 31 March 2026, with an EBITDA margin of approximately 50%. The Group has no external borrowings and capital expenditure represented just 3% of revenue in the year ended 31 March 2026. The IPO Offer consists solely of shares sold by existing shareholders; no new capital is being raised. The Offer will be made to qualified institutional buyers in the US and to certain institutional investors outside of the US. The Offer will also be made to retail investors in the UK through Retail Book Limited. In connection with the Offer, each of the Company, its directors and its existing shareholders are expected to agree to customary lock-up arrangements. Price is set at £1.96 and unconditional dealings expected to occur on 14 October.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.