* 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.
Dish of the Day
Admissions:
None
Delistings:
None
What's baking in the oven "new today?"
None
Banquet Buffet****
London Stock Exchange: Main Market and AIM
Acuity RM Group 0.73p £2.16m (ACRM.L)
The software group specialising in the cybersecurity sector of the Governance, Risk and Compliance market announced that it has entered into a further contract with a prime defence contractor, which will deploy its STREAM Classic platform in support of the contractor's participation in a significant international defence-related programme. Under the further contract, the Group will provide an additional three on-premises instances of its STREAM Classic platform generating additional annual recurring revenues in excess of £160,000. The contractor is the same customer as that referred to in the Group's announcement of 11 August 2026. Following this award, the contractor has purchased a total of five STREAM instances.
Cora Gold Limited 9.75p £72.70m (CORA.L)
The West African focused gold Company provided an update on recent drilling results being conducted at the Company's Sanankoro Gold Project in southern Mali. The 2026 drill programme is targeting both extensions to existing deposits and a number of highly prospective near-mine greenfield targets, offering the potential for rapid conversion into future mine plan feed. The first batch of assay results have been received from drilling at Zone B, which is a major focus of the 2026 mineral resource estimate (MRE) update drilling programme. Highlights include 34m @ 6.78g/t Au from 117m, including an exceptional 9m @ 23.91g/t, alongside 22m @ 2.24g/t, 54m @ 1.06g/t and 7m @ 1.05g/t. Mineralisation extends beyond the 2024 MRE model, with higher-grade zones potentially providing future underground mining optionality.
Dianomi 27.00p £7.81m (DNM.L)
The provider of native digital advertising announced its unaudited interim results for the six months ending 30 June 2026. Revenue increased 2% to £13.4m, or 4.5% on a constant-currency basis. Gross margin improved to 28.9% from 25.5%, lifting gross profit by 18% to £3.9m, while the EBITDA loss narrowed sharply to £0.1m from £0.6m, with £6.0m of cash and no borrowings. Operationally, the Group attracted 67 new premium advertisers, up 56% year-on-year, and added eight publishers. Momentum has accelerated post-period, with 15 further advertisers added and July/August revenue up 14% year-on-year, providing a positive start to H2.
Firering Strategic Minerals 0.95p £6.23m (FRG.L)
The Africa-focused producer of quicklime and explorer of critical minerals announced that it has entered into a binding option agreement with ASX-listed Australasian Metals Limited (ASX: A8G) pursuant to which Firering has granted A8G an exclusive 90-day option to acquire the majority of Firering's interests in the Atex and Alliance Lithium-Tantalum Projects in Cote d'Ivoire in exchange for a total cash consideration under the Agreement of up to A$1,500,000 (approximately £0.79m). The Option is exercisable at A8G's sole discretion and there can be no certainty that it will be exercised or that the disposal will complete. The CEO commented the agreement provides near-term cash proceeds from non-core Cote d'Ivoire lithium-tantalum assets while retaining a 15% free-carried interest and royalty.
Forgent 0.01p £3.55m (FORG.L)
The Australian-focused critical and precious minerals explorer announced the successful completion of the first component of its Phase II drilling programme at its 99%-owned Peak Hill Gold-Copper Project in Western Australia, with 18 holes for 710 metres now completed at Curley's. Drilling at the Cathedral prospect started over the weekend. A total of 18 holes for 710 metres have been completed at Curley's, with drilling designed to test the continuity and scale of the gold and copper mineralisation identified during the Company's Phase I programme. Samples from Curley's will now be submitted for assay. The rig has now moved to the Cathedral prospect, where 112 holes are planned across a large, previously undrilled target area. The prospect has been identified through the Company's interpretation of geological and geophysical data, together with anomalous surface gold results, and lies between the existing Curley's and Junction prospects.
The overall Phase II programme is expected to comprise 130 holes for approximately 8,700 metres of drilling.
KEFI Gold and Copper 0.68p £162.23m (KEFI.L)
The gold and copper exploration and development Company announced an update in relation to activities at the Company's Tulu Kapi Gold Project in Ethiopia. On 4 September, the Project experienced a serious security incident resulting in multiple fatalities involving security personnel and community members, including one Company employee. The Company is deeply saddened by the loss of life and extends its sincere condolences to all those affected. The Company will not resume development activities until appropriate measures have been established to provide a safe and secure operating environment for its personnel and the surrounding communities.
Kropz 0.55p £14.83m (KRPZ.L)
The African phosphate producer and developer announced that it has begun an urgent operational review and restructuring process at Kropz Elandsfontein. Since the announcement on 15 July, there has continued to be significant financial pressure on the operations arising predominantly from the continued Middle East conflict. The disruption to key fertiliser inputs has adversely affected global fertiliser production and demand for phosphate rock, resulting in downward pressure on sales prices. This operational review and restructuring process will result in a reduction of revenue generated from phosphate rock. During the first five months of the financial year ending 31 March 2027, Elandsfontein produced 150,246 tonnes of Phosrock with sales of 149,907 tonnes. Going forward, Phosrock revenue is expected to be generated primarily from the sale of existing stock on hand, with no further Phosrock production currently planned.
MedPal AI 6.25p £40.46m (MPAL.L)
The AI-native digital health and pharmacy Company provided a trading update for August 2026, the first full month of trading for New Health (new.co.uk) the dedicated GLP-1 weight management clinic following the start of its marketing in July. The dispensing operations started from zero in October 2025. The annualised run rate now stands at approximately £28m across the Group's three recurring revenue streams. Annualised figures are the monthly revenue multiplied by twelve and are not a forecast.
Revenue has grown more than one hundred-fold in two months, from £15,496 in June to £1,828,319 in August.
Tern 1.00p £10.87m (TERN.L)
The Company focused on value creation from Internet of Things (IoT) technology businesses announced an underwritten Open Offer to raise approximately £509,368 at 0.90p per Open Offer Share. The Issue Price of 0.90p per Open Offer Share represents a discount of 25 per cent. to the closing middle market price of 1.20p for each Ordinary Share on 4 September. In the absence of suitable exit opportunities, the Company therefore requires additional funding to: (i) participate as appropriate in future fundraisings that are expected to be conducted by certain of Tern's direct portfolio companies; (ii) seek to prevent or limit the consequent potentially significant reduction in the net asset value of the Company from Tern not participating in future fundraisings by Tern's direct portfolio companies; and (iii) maintain the Company's Admission to AIM.
AQSE Market:
Incanthera 1.45p £2.20m (AQSE:INC) The Company developing and supplying innovative technologies for dermatology and oncology has signed an exclusive bundled distribution agreement with iSmart Developments Limited, a UK developer and supplier of LED light-therapy devices for professional and home skincare use globally, to supply bioactive creams annually for use with LED skincare devices. This is a significant step forward for the Company as it seeks to accelerate its transition from a marketing-led direct-to-consumer model to a more focused contracted, partnership-led skincare technology supply business.
What’s baking in the oven?
Potential IPOs:***
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 US, 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 an updated amount of £40m and the expected market capitalisation of the Company on Admission will be £70m. Admission is expected to occur in mid-September, updated from an expected date of in August.
Dual List:***
18th August: Aimia Inc. (TSX: AIM; JSE: AII) the Canadian diversified conglomerate announced plans to dual list on AIM. It owns a selection of businesses which include: (i) an 100% interest in Cortland International Inc., a global designer, manufacturer and supplier of synthetic fiber ropes, nets, slings and tethers; a 10.85% indirect stake in Clear Media Limited, the largest operator of bus shelter advertising panels in China; and iii) the Company holds a portfolio of publicly listed securities amounting C$12m as of 30 June 2026. No capital is expected to be raised on Admission and deal details remain TBC. Expected first day of dealings 9th September.
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”.
