* 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:
Canadian Overseas Petroleum (COPL.L) has left the Main Market.
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****
Cirata 20.60p £24.32m (CRTA.L)
The Company accelerating data-driven revenue growth by automating data transfer and integration announced a multi-year contract with IBM for $6.7m. The 3-year Data Integration software contract is for a financial services customer, under IBM's existing OEM sales agreement. This engagement will support the customer whilst further strengthening Cirata's position in the financial services vertical and its relationship with IBM. This growth contract represents the largest contract with IBM in Cirata's history.
Cordel Group 6.5p £14.1m (CRDL.L)
The Artificial Intelligence platform for transport corridor analytics announced a new contract with V/ Line; the statutory authority that operates regional passenger rail and coach services in the Australian state of Victoria. V/Line provides passenger train services on five commuter routes and eight long-distance services from its major hub at Southern Cross railway station in Melbourne. The initial contract is for an eight week data capture program on the V/Line Northern Corridor and Western Corridor, totalling 820kms of mainline track and passing loops.
Critical Mineral Resources 3.75p £6.44m (CMRS.L)
The exploration and development Company announced results from its maiden core drilling programme at Agadir Melloul, confirming a significant new, shallow copper discovery and establishing the foundations for a potential district scale sediment hosted, copper-silver play.
Near surface copper intercepts include: 5.8m at 1.12% Cu / 19g/t Ag, 6.5m at 1.03% Cu, 4.7m at 1.48% Cu, in addition to 6.0m at 1.4% Cu / 31g/t Ag from the newly identified Rhyolite Target, all exceeding the Board’s expectations. The Company stated that it is on track to break ground on the Initial Mine Development in 2027, with a maiden resource expected as early as H1 2026.
Fevara 134.00p £68.04m (FVA.L)
The international specialist agriculture manufacturer and provider of research-proven, value-added livestock supplements announced the completion of a new Group banking facility with HSBC. The new facility consists of a Revolving Credit Facility (RCF) with £20m of committed facilities and a further £10m of uncommitted facilities. The banking facility is valid for three years and expires in November 2028, with two further one-year extension periods beyond this date. The new facility will support Fevara's entry into complementary, counter-seasonal southern hemisphere markets, in line with their strategic priority to expand into new, extensive grazing-based growth markets.
The developer of neuroscience precision medicine and biomarker analytics using its AI-driven platform to help advance drug development in neurological disorders reports a new contract. The commercial contract is valued at £3.5m over four years and is with a global pharmaceutical company to provide imaging services for a worldwide Phase 3 clinical trial in Huntington's Disease (HD). The increase in biopharma's commitment to invest in rare neurological diseases is building the Company’s commercial momentum. HD is a rare, hereditary neurodegenerative disorder that leads to the progressive breakdown of nerve cells in the brain, affecting motor skills, cognitive function, mood, and emotional well-being.
Narf Industries 0.40p £6.37m (NARF.L)
The cybersecurity Company specialising in high-end threat intelligence and critical infrastructure security announced its unaudited results for the six months ended 30 September 2025 (HY2025). Revenue increased 74% to $2.05m (HY2024: $1.18m), reflecting continued strength in the Government Research and Development segment (GR&D). The loss for the period reduced significantly by 70% to $555,145 (HY2024 loss: $1,868,916). Cash at the period end increased by 65% to $224,512 (HY2024: $135,725) without recourse to the CEO loan facility, which is extended to July 2026, providing flexibility for growth and working capital needs.
Quantum Base Holdings 22.00p £13.78m (QUBE.L)
The quantum science Company focused on creating a new global standard in authentication announced that it has signed an Agreement with Customer #2, which is a startup creating a global art registry.
The Agreement is a comprehensive 15-year deal with exclusivity in the art market, worth a total value of £9.4m. This includes revenues of £135,000 in FY2026, with expected annual recurring revenue (ARR) growing incrementally from £175,000 in 2027 to £880,000 in 2032 onwards, with additional scope for extension. Under the terms of the Agreement, Customer #2 will implement Q-IDs on each piece of art that is managed through its registry, enabling seamless authentication through the integration of Quantum Base's software into its app. This will provide 100% unbreakable quantum security that protects against forgery and creates a verified record of ownership.
RC Fornax 6.25p £5.58m (RCFX.L)
The UK-based consultancy delivering high-impact engineering solutions for critical military platforms announced the completion of a placing and retail offer which raised £2.32m at 6p. The Issue Price represents a discount of approximately 38.5 per cent. to the closing mid-market price on 14 November 2025. The net proceeds of the Fundraising will be used for product development and working capital support for upcoming potential contract wins.
Stelrad Group 151.0p £192.3m (SRAD.L)
The specialist manufacturer and distributor of steel panel and other designer radiators in the UK, Europe and Turkey, issued a Trading Update for the 10 months ended 31 October 2025.
Repair, Maintenance and Improvement (RMI) and new build end-market activity has remained subdued since the half year. While Stelrad's H2 versus H1 performance to date points towards a degree of stability in the rate of volume declines, the backdrop of ongoing economic uncertainty has continued to supress volumes, resulting in lower revenues versus the prior year. In the absence of any improvement in market volumes, the Company now expect FY25 adjusted operating profit within a range of £32m to £33m, ahead of the prior year (FY24: £31.5m), with positive operating margin growth year-on-year.
The Smarter Web Company 54.50p £163.63m (AQSE: SWC)
The technology Company holding Bitcoin on its balance sheet announces that 230,000 Ordinary Shares have been placed in accordance with the terms of the Subscription Agreement announced on 4 September 2025. The gross proceeds from the placing of the Subscription Shares will be £140,548.74, equivalent to approximately £0.61 per share, and the Company will receive approximately 98% of the proceeds as settlement early this week.
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