* 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?
Potential** Initial Public Offerings:***
24th October: Sterling Digital, the bitcoin mining business, has announced its intention to seek Admission on the Access segment of the Aquis Stock Exchange. The Company’s objective is to deliver sustainable long-term growth via compounding bitcoin exposure through cheapest-in-class mining and active management of bitcoin reserves. The Company expects to raise money and Admission was slated for around 11 November 2025.
10 November: Delta Gold Technologies announced its application for Admission to the AQSE growth market. The Company is developing, with an option for an exclusive license, intellectual property (IP) targeted towards the quantum computing (QC) space that can be licenced globally. This technology will be centered around the usage of nano-scale gold and other materials. Utilising the unique physical properties of certain materials which are believed to have direct and significant applications within the rapidly growing QC space. This IP will be developed with a top global nanotechnology and QC team at the University of Toronto located in Ontario, Canada, with the intention to further develop the IP, file provisional patents, and subsequently license the technology on a global basis. The University of Toronto will supply facilities and researchers to Delta and the Company plans to develop commercial licenses. Deal details TBC and expected Admission date of 28th November.
Banquet Buffet****
Ariana Resources 1.48p £33.91m (AAU.L)
The mineral exploration, development and production Company with gold project interests in Africa and Europe provided a summary of the ongoing drilling programme at Tavsan Mine, western Türkiye (23.5% owned by Ariana). Assay results were received from the 71-hole programme at Tavsan North Zone, which included - 5.10m @ 7.23g/t Au + 3.61g/t Ag, 8.50m @ 3.70g/t Au + 2.09g/t Ag and 7.30m @ 4.02g/t Au + 4.81g/t Ag (including 1.00m @ 21.54g/t Au + 8.31g/t Ag).
East Star Resources 2.40p £8.91m (EST.L)
The Kazakhstan-focused gold and base metals explorer has announced that it has entered into a binding Earn-In and Joint Venture Agreement with Endeavour Exploration Limited, a subsidiary of Endeavour Mining PLC,
a world gold producer. Endeavour has the right to earn up to an 80% interest in a newly incorporated joint venture company through staged investments, with stage 1 being to invest US$5m within two years to earn a 51% interest in JVCO, and stage 2 having Endeavour invest an additional US$20m over three years to increase its interest to 70%. Stage 3 will involve Endeavour funding and completing a NI 43-101 compliant Pre-Feasibility Study to earn a further 10%, bringing its total interest to 80%. East Star will retain a 20% interest in JVCO upon full earn-in by Endeavour.
The technology consultancy providing Generative Artificial Intelligence (GenAI) services to help research organisations and corporations commercialise their innovations, issued a trading update for the 10-month period ended 31 October 2025. As anticipated in the half year update, GenIP's performance strengthened markedly in the second half. Since 30 June 2025, revenue accelerated as the prepaid orders for AI-powered analytical assessments are delivered to clients. The Company achieved revenues of $408K for the 10 months to 31 October, up from $126k in H1 2025. The gross margin improved to 27%, compared to 18% in H1 2025.
Lords Group Trading 22.50p £51.86m (LORD.L
The distributor of building materials in the UK today issued a trading update for the four months ended 31 October 2025 in which Group revenue increased by 9.6% compared to the equivalent four-month period in 2024. As has been widely reported, the UK housing market has continued to be impacted by uncertainty as to, inter alia, potential property tax reforms in the upcoming Autumn Budget and Repair, Maintenance and Improvement (RMI) demand has remained subdued. The Group expects to report full year 2025 revenue of £480m-£485m and Adjusted EBITDA of between £20m-£21m.
Manx Financial Group 24.50p £29.33m (MFX.L)
The holding company providing a wide range of diversified financial services to the Isle of Man and the UK will now provide an operational update each quarter, starting with the period from 1 July 2025 to 30 September 2025. Highlights include one of the group’s subsidiaries, Conister Bank, having its net loan book growing by 3.9% over the quarter, with deposits increasing by with deposits increasing by 3.7% in the same period. The net loan book has now increased by 9.5% year-to-date, with deposits increasing by just 4.0% over the same period. Conister Bank has now entered an exclusive partnership with Fiinu plc to provide seamless overdrafts for the UK market which is progressing as scheduled. Another subsidiary of the group, Payment Assist Limited, had its buy-now-pay-later products continue to perform with new partners and international expansion, while its other lending subsidiaries total lending up 10% quarter-on-quarter.
Marks Electrical Group 48.00p £50.9m (MRK.L)
The online electrical retailer has announced its unaudited results for the six months ended 30 September 2025. The Group reported revenue of £53.0m, down 9.9% year-on-year, reflecting a challenging market that declined by 2.0% during the first half of FY26. Gross margin remained stable at 24.3% (H1 2025: 24.6%), while adjusted EBITDA came in at £0.5m (H1 2025: £2.0m). Adjusted weighted average EPS was (0.31p) compared to 0.72p in the prior year, with statutory weighted average EPS at (0.45p) (H1 2025: (0.79p)). The Group continues to operate with a debt-free balance sheet, ending the period with net cash of £1.5m (H1 2025: £6.7m). The reduction in cash primarily reflects investment in working capital to build the right inventory mix ahead of peak trading.
Plexus Holdings 6.63p £12.52m (POS.L)
The AIM-quoted wellhead services Company has announced the signing of a new Framework Agreement with a UK North Sea operator for the provision of rental wellhead services. The two-year agreement covers the supply of rental wellhead equipment and associated services for projects across the UK offshore sector. The initial call-off will support a jack-up rig well as part of a decommissioning campaign scheduled for Q1 2026, with further equipment and services to be provided for additional Plug and Abandonment projects thereafter.
Safestay 18.50p £12.34m (SSTY.L)
One of Europe's largest hostel groups has announced that it has exchanged contracts for the sale and subsequent franchising of its freehold property and hostel, Safestay Edinburgh Cowgate, to a private investor for a cash consideration of £5.35m. Under new ownership, the Property will continue to operate under the Safestay brand as part of a new 10-year franchise agreement. Completion of the sale is expected to occur on 1 December 2025.
Tertiary Minerals 0.05p £2.94m (TYM.L)
The mineral Company provided an update on work programmes at Target A1 and preliminary results from portable X-Ray Fluorescence analysis of drill samples. Target A1 is a polymetallic (silver-copper-zinc) prospect, part of the Mushima North Project, and is located in the prospective Iron-Oxide-Copper-Gold region of Zambia. It is located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment. Four holes were completed in the Phase 3 drill programme for a total of 481m with the deepest hole having been drilled to a depth 127m. The remaining programme has been put on hold due to the early start of unusually heavy rains.
Unicorn Mineral Resources 4.0p £1.23m (UMR.L)
The mineral exploration Company has today announced it has signed conditional heads of terms to acquire a 75% stake in the Klein Aub Copper Mine located in Namibia for a total consideration of ZAR 26.5m (approx. £1.0m). The Klein Aub Copper Mine operated for over 20 years until its closure in 1987 and was one of central Namibia's most productive small-scale underground copper operations of the twentieth century. From the underground development of three orebodies with an estimated 7.5m tonnes of total mineable resources, the mine produced over 5.5m tonnes of ore with an average mined ore grade of 2.0% Cu and 50.0g/t Ag.
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