* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Admissions:
None
Delistings:
None
What’s baking in the oven?
It's a little empty
Banquet Buffet****
Andrada Mining 3.9p £85.8m (ATM.L)
The tin producer with a portfolio of critical mineral assets in Namibia announced that the Namibian Competition Commission has unconditionally approved the earn-in agreement with ACAM LP through its subsidiary BWCAM Ltd. This represents another important step in unlocking the potential of Brandberg West and the partnership with BWCAM combines Andrada's Namibian operating and geological expertise with investment to advance the project systematically. Under the Agreement, BWCAM could provide up to $51m in staged funding to accelerate the exploration and development of the Brandberg West polymetallic prospecting licence, which would give BWCAM a 49% stake. To date geophysical surveys and reverse circulation drilling across the historical tailings storage facility at Brandenburg West have been completed. Diamond drilling is underway and sampling to test mineral extraction from waste streams has commenced and updates will be provided.
B90 Holdings 3p £13.2m (B90.L)
The performance marketing and MarTech business, updated on Interim trading to 30 June 2026 with the results to be reported in September. Trading during H1-26 remained strong, with the Group continuing to execute against its strategy of building a scalable, AI-enabled performance marketing platform. Revenue is ahead of management expectations, driven by the strong performance of its core iGaming business and the ongoing optimisation of its proprietary AI-driven marketing platform. Due to investment, the EBITDA for H1-26 will remain comparable to the previous year. The Board believes that prioritising investment in technology and continuing to explore promising new sectors to broaden its commercial reach and customer acquisition will lead to significantly greater long-term shareholder value. As AI increasingly reshapes digital customer acquisition, the management believes that B90's combination of proprietary technology and strong financial position positions the Group to deliver sustainable long-term growth.
BATM Advanced Communications 13p £43.9m (BVC.L)
The provider of advanced network infrastructure and cybersecurity technologies has received its first order, worth c.$1.6m, for a tactical encryption platform. The order is from a long-standing customer to develop next-generation cyber capabilities, including tactical encryption. The Group delivered a proof-of-concept of the platform during the first half of 2026, which has now transitioned to an initial supply order to be delivered in the current year. The platform, which is hardware based and quantum-era-ready, provides military-grade encryption and compliance with the highest security standards. This entry into a new market represents a significant expansion of the Groups cybersecurity offering.
ECR Minerals 0.185p £6.7m (ECR.L)
The Australian gold exploration and development company provided an operational update. The update is on the development and upcoming production-related activities across the Maddens and Brothers mining operations within the Maddens Gold Project in Queensland, in which ECR has a 50% interest. There are advances in several operational and technical workstreams developing the Maddens Gold Project, which is to be one of ECR's highest-priority gold production opportunities. These activities span underground mine development, geological evaluation, processing plant enhancements and preparations for trial alluvial mining, reflecting ECR's strategy of establishing multiple gold production opportunities from a single operating hub. The Board believes that the combination of modern geological interpretation and historical mining data continues to strengthen confidence in the broader prospectivity of the Maddens Gold Project and supports the Company's long-term development strategy.
Orosur Mining 14.5p £56.2m (OMI.L)
The minerals explorer and developer currently operating in Colombia and Argentina announced an update on the progress of exploration activities at Anza in Colombia. The Anza Project comprises several granted exploration titles and applications totalling roughly 330km sq., within the Mid-Cauca gold belt, west of Medellin. These titles and applications are owned 100% by two Colombian companies; both are wholly owned subsidiaries. Since acquiring 100% control of the Project, the Company has focussed its attention on three main prospects. Including the key Pepas, a shallow, high-grade deposit of gold mineralisation for which the Company has calculated a Mineral Resource Estimate, announced February 10th 2026. The geological nature of Pepas West is complex as a result of mixing of totally weathered and transported material. The CEO states that the grade in the end is all that matters and with Pepas entering feasibility and permitting, additional cheap ounces are worth their weight in gold.
Potentially AI 6.85p £26.2m (AGI.L)
The collective AI company reports that as part of its customer acquisition strategy and the launch of its consumer product, it will give the first 10,000 users that sign up to its waitlist, both early access to its platform and free product membership for one year. Through the 1,000+ models that Potentially has collated, the Company is seeking to break the narrative that AI can only be delivered by the companies behind the world's most powerful models. This free access to the entry level product will also hopefully encourage consumers to try the other tiers of Potentially's offering, as they experience the benefits that integrating multi-model AI into their professional and personal lives can bring. The Company intend to develop the product to ensure it remains as user-centric as possible.
Safestay 13p £8.4m (SSTY.L)
One of Europe's largest hostel chains announced that it has exchanged contracts for the sale of its leasehold interest in Safestay London Kensington Holland Park, to Acerhawk Ltd, for a cash consideration of £3.0m. The transaction is expected to be completed by the end of October 2026 and will no longer operate as a Safestay branded hostel. Safestay acquired the leasehold in 2015 and has since invested around £1.4m in improvements, so the sale represents a gain of approximately £1.6 m but it’s a gain of around £2.6m relative to the latest book value. This sale aligns with the strategy to crystallise value from selected UK assets. This transaction will further strengthen the Group's balance sheet and provide additional flexibility to continue to selectively grow the portfolio and create shareholder value.
Strategic Minerals 3.7p £104.5m (SML.L)
The international mineral exploration and production company updates on the ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project located in Cornwall. The update follows the mobilisation of two further drill rigs to expand the programme. The Local Planning Authority has given final clearance for its drilling programme expansion of 22,500m of planned drilling which the Company aims to complete in Q2 2027. This is believed to be the Company largest, continuous, diamond drilling programme to be undertaken from surface in Cornwall. The scale of this programme reflects the opportunity at Redmoor, and the Company's commitment to advance the project through feasibility studies and towards mining as expeditiously as possible.
Windar Photonics 26.5p £26.0m (WPHO.L)
The wind energy technology company specialising in LiDAR based wind measurement and turbine performance optimisation, provided an update on recent trading, a proposed equity fundraise and lifting of the current temporary suspension from trading of the Company's shares. The Company has reached agreement for a further two product trials with significant wind farm operators in Europe and the US. The number of live trials and of turbines operated by the customers concerned are significantly higher than at any time in Windar's history. These trials typically last 3-6 months and are then followed by a further period of analysis and capital approval by the customer before orders are placed. The proposed equity fundraise is progressing and the Company expects to make a further announcement within the next two weeks. Any fundraise will be conditional upon, passing of the resolutions at the Company's General Meeting on 7 August 2026.
AQSE Market:
Ajax Resources 5.875p £6.6m (AQSE:AJAX)
The natural resources investment company provided an update in respect of the Pereira Velho Gold project in Alagoas, Brazil, which was acquired from an affiliate of Appian Capital Advisory in March 2026. The environmental permitting process has commenced for its planned maiden drilling campaign with the appointment of a specialist environmental consultancy. The initial permitting programme will focus on two priority exploration licences, covering around 2,950 hectares, and will support the Company's planned exploration activities, including diamond drilling, geological mapping and associated field programmes. The environmental permitting process is expected to require approximately three months, after which the Company intends to commence its fully funded maiden drilling programme at Pereira Velho. The estimated budget is $1.5m and the programme is expected to comprise about 3,000 metres of diamond drilling. The immediate objective is to establish Ajax's maiden Mineral Resource Estimate in accordance with the JORC Code (2012 Edition) and demonstrate sufficient resource growth to progress towards the Company's first major milestone of at least doubling the existing non-compliant resource.
What’s baking in the oven?
Potential IPOs:***
Dual List:***
5th August: 1947 Oil & Gas, the newly incorporated oil and gas production company focused on acquiring, operating and growing a portfolio of producing assets in the United States, announced its intention to IPO onto AIM. In connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC, a privately held, Houston-based oil and gas production company with interests in eleven fields located in the shallow-water Gulf of America. The Company is raising gross proceeds of £50m and the expected market capitalisation of the Company on Admission will be £65m. Admission is expected to occur in August 2026.
3rd August: Africa Bitcoin Corporation has announced its intention to dual list onto the AQSE Market. The company is a financial services group with a Bitcoin Treasury Strategy dedicated to providing financial services to SMEs across South Africa with a broad suite of solutions, including non-bank debt financing, novel equity linked instruments, insurance offerings and other tailored financial products.
The Company has a primary listing on the Main Board of the Johannesburg Stock Exchange and secondary listings on the A2X Proprietary Limited and the Namibia Securities Exchange and its ordinary shares also trade on OTCQB Market in the United States and the Frankfurt Stock Exchange. Expected admission date is 17th August.
Reverse Takeovers:***
4th August: Vast Resources (VAST.L), the mining exploration, development and production company, with assets in Tajikstan and Tomania, has proposed a reverse takeover of Gulf International Minerals, which holds a 49% stake in the Aprelevka JV in Tajikistan, alongside the Tajik government's 51%. The company intends to complete the transaction via an all-share consideration deal with Bay Square Pacific and its shareholders. Alongside the Acquisition, the Company has conditionally raised gross proceeds of £5.9m by way of a placing of 94,400,000 new ordinary shares and a subscription for 26,359,826 new ordinary shares, in each case at 6.25p per share. The Company also intends to launch a retail offer. The expected date of admission is 19 August 2026.
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”.
