Small Cap Feast

15th October 2026

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Our daily digest of news from UK Small Caps

* 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: 

None

Delistings:  

None

 
  

Banquet Buffet*

London Stock Exchange: Main Market and AIM

Eagle Eye Solutions 477.5p £144.3m (EYE.L)

The AI-powered loyalty and promotions platform announced two new customer wins, across North and Central America. The agreements are multi-year contracts with Stater Bros, a Southern California supermarket chain, and Auto Mercado, Costa Rica's premier supermarket chain. Once live, the two contracts are together expected to generate initial base annual recurring revenue of c.£0.8m with the potential to deepen the accounts over time.  These wins, together with recent contract renewals with Morrisons in the UK and Musgrave Group in Ireland, and the go-lives of Subway, Kwik Trip and one of the UK’s best-known health and beauty retailers, reinforce the commercial momentum delivered in FY26 and provide a strong start to FY27.

EnergyPathways 5.65p £14.2m (EPP.L)

The UK energy transition company announced that it is fast-tracking development of its low-carbon hydrogen and graphite production facility at Barrow-in-Furness, Cumbria, with the aim of becoming revenue generative by 2029 with a potentially earlier project start-up, subject to further design optimisation and supply chain management. Alongside the LDES and natural gas/hydrogen storage elements, hydrogen, graphite and ammonia production is the third pillar of the Company's integrated MESH project. Commercialisation of the Hydrogen Industries pillar is not dependent on Government commercial support and involves minimal regulatory process. Land has been identified, existing gas and power network connections are in place, and engineering work is progressing with the Company's two leading technology partners, Hazer Group and Hycamite TCD Technologies.

GEO Exploration 0.06p £4.7m(GEO.L)

The early-stage mineral resource company announced that it has been successful in its application for securing grants for the Western Australian Government Co-Funded Exploration Drilling Programme - Round 34 at both the Gorge and Juno Gold Projects in Western Australia. The Co-funded Exploration Drilling Programme is a flagship initiative of the Western Australian Government's Exploration Incentive Scheme, managed by the Department of Energy, Mines, Industry Regulation and Safety through the Geological Survey of Western Australia. The scheme is designed to further promote exploration drilling via sharing drilling costs to test innovative geological concepts in greenfields and underexplored regional areas. At the Gorge Project, the Company submitted an application to test the high-priority Gorge Mine and MAG001 targets via a diamond drilling programme comprising seven drill holes totalling 1,200 metres.  The Company has been awarded a grant of A$180k to assist with direct drilling costs.  At the Juno Project, the Company submitted an application to test the high-priority JUD003 target via a single diamond drill hole to a planned depth of 650 metres. The company has been awarded a grant of A$100k to assist with direct drilling costs.

Journeo 542p £96.3m (JNEO.L)

The provider of intelligent systems for transport networks and critical national infrastructure, announced the renewal of its framework agreement with Transport UK London Bus. The Agreement is expected to generate £6m in revenues over a 5-year period and will run through to October 2031. Transport UK operates 1,000 buses across more than 65 Transport for London services. It is part of the wider Transport UK Group, which also operates regional bus services and major rail contracts throughout the UK.  Under the agreement, Journeo will provide CCTV, vehicle gateway technology and associated equipment for Transport UK’s existing London bus fleet including 70 ancillary vehicles and those entering the fleet. These include newly purchased buses and vehicles transferred from other operators following the award of route contracts through London’s competitive tendering process.

Pulsar Helium Inc 53.9p £113m (PLSR.L)

The primary helium company announced that the City Council of Two Harbors, Minnesota, has approved a Purchase and Development Agreement dated October 14, 2026, between the City and Pulsar Helium MN, Inc., the Company's wholly owned Minnesota subsidiary. The Agreement establishes the framework for the proposed acquisition, subject to its terms and conditions, of land within an existing industrial district of the City. The final boundaries and legal description of the Property will be established by a final survey approved by the City and Pulsar MN prior to closing. Pulsar proposes to develop the Property as a Rare Gas Hub for helium and other rare-gas processing, including helium liquefaction and carbon capture capabilities.

Quadrise 1.0325p £22.2m (QED.L)

The manufacturer of replacement fuels and biofuels for shipping and heavy industry announced an update on its project with Valkor Technologies LLC in Utah, USA. A representative heavy sweet oil sample from Valkor's pilot plant has been received at the Quadrise Research Facility in Essex. Testing has commenced and both MSAR and bioMSAR emulsions have been successfully formulated using the sample and further optimisation work is planned during Q4 2026. Valkor has advised the Company that progress continues at its Asphalt Ridge project. Drilling has commenced at two pilot wells and site installation works for Valkor's 500 barrels per day oil sands pilot plant are underway, with production targeted to commence during Q1 2027. Valkor is also progressing preparations for a broader development programme to support future production growth at the site, with multi-million dollar project finance expected to conclude in Q4 2026.

Serval Resources 30.5p £10.3m (SRVL.L)

The company focused on building an independent copper and future metals developer, has conditionally raised gross proceeds of £6.5m by way of a Placing and Subscription at the Issue Price of 25p. The Retail Offer remains open for retail investors until 5p.m. today, and the results of the Retail Offer will be made available as soon as practicable thereafter. The Fundraise is expected to enable Serval to accelerate exploration across its prospective African copper portfolio, including a large-scale drilling programme in Namibia. In addition, the Fundraise is intended to fund a maiden drilling programme in Botswana and continued exploration work on the Duekoue project in Cote d'Ivoire.

Technology Minerals 0.105p £13.5m (MNTL.L)

The company focused on building national resource and manufacturing resilience which trades as Mantle, announced that its 48.35% owned subsidiary, Recyclus Group, has secured a three-year agreement to recycle lithium-ion batteries from a global automotive original equipment manufacturer. The contract nearly doubles Recyclus’ volumes with a corresponding increase in revenue. Under the terms of this take-or-pay contract, Recyclus will process the Customer’s electric vehicle Li-ion battery packs at its Wolverhampton industrial-scale facility. Recyclus will receive gate fees for the batteries, together with revenues from the sale of black mass and other recovered materials. The three-year agreement includes a mutual break clause exercisable at 18 months. The contract is expected to take Recyclus closer to full capacity at its Wolverhampton facility.

Thruvision 1.9p £8.5m (THRU.L)

The provider of walk-through security technology has secured three further orders across its key target markets for its 81 Series product. The contracts include a WalkTHRU screening lane for a major UAE-headquartered logistics provider at a UK distribution center, a SpotCHECK solution for a privately run UK prison, and another SpotCHECK unit purchased by an Asian partner to enter a new regional market.

AQSE Market:

BWA Group 0.375p £3.6m (AQSE: BWAP)

The mining and exploration investment company announced that further to the announcement on 15 September 2025, it has agreed revised earn-in arrangements with Aurum Discovery Holdings Ltd and Global Acquisitions SARL for the Aracari Gold Project in Cameroon. Under the revised earn-in agreement, BWA now holds a 51% controlling interest and has the right to increase its holding to 70%. In June 2026, following an audit by the Cameroon Ministry of Mines, Industry and Technological Development, the Government cancelled fifty-three gold exploration permits across thirty companies. This included the three renewal applications by the Aurum Parties, previously offered under option to BWA, for Bandjoukri Ouest, Bandjoukri Centre and Tchollire Nord.

 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.

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