Our daily digest of news from UK Small Caps
* 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:
McColl’s Retail Group (MCLS.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.
Market Movers:***
18 November: Roquefort Therapeutics (ROQ.L) proposes to change its name to Coiled Therapeutics plc. The Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
Banquet Buffet****
Aeorema Communications 65.5p £6.16m (AEO.L)
The strategic communications Company provided a trading update for the 18-month period ended 31 December 2025. For comparative purposes, unaudited figures for the 18-month period ended 31 December 2024 were used. Revenue is expected to be no less than £29m (18 months 2024: £27.5m), with underlying profit before tax (excluding one-off restructuring costs) of no less than £700k (18 months 2024: £318k). Reported profit before tax of no less than £390k (18 months 2024: £318k).
Empyrean Energy 0.08p £8.01m (EME.L)
The oil and gas explorer advises that it has received a Notice of Election of Remedy and Forced Withdrawal from West Natuna Exploration Limited, a wholly owned subsidiary of Conrad Asia Energy Ltd and the operator of the Duyung PSC. Empyrean notes that the Notice was issued while Empyrean and WNEL/Conrad have been engaged over several months in constructive and good-faith discussions regarding the basis for and, if appropriate, settlement of valid outstanding cash calls, in accordance with the dispute-resolution procedures set out in the Joint Operating Agreement dated 21 May 2020, as amened.
First Class Metals 1.75p £4.56m (FCM.L)
The UK listed Company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, has announced the mobilisation of a drill rig and the commencement of drilling on the North Hemlo property. Following the recently announced convertible loan note, the Company has committed to drilling at North Hemlo. The programme includes a contracted minimum of 700m of NQ diamond core drilling, with core expected imminently. The initial focus is on the Dead Otter trend, starting in the “19 grammer” area, with at least two additional locations—including the historic Dead Otter trench—to be targeted as the programme progresses. Meanwhile, interpretation of the very low frequency survey results for the Dead Otter trend and surrounding areas is ongoing.
Image Scan Holdings 1.85p £2.19m (IGE.L)
The supplier of X-ray screening systems for security and industrial inspection announced that it has recently secured a double-digit unit contract with its valued Indian partner for the ThreatScan-LS1 system. This contract was awarded following a highly competitive tender process, highlighting the system's size, rugged design, and capability to efficiently handle Passive Infrared devices activated by X-ray technology.
Nativo Resources 0.38p £1.77m (NTVO.L)
The gold-focused mining Company with interests in Peru provided an update on ongoing field activities at the Bonanza Gold Mine on the fully owned Tesoro Gold Concession. The surface trenching programme along the Bonanza Vein has been completed, with 20 trenches being excavated at 25-metre intervals to depths of 1.2-1.5 metres to expose the vein structures beneath the colluvial cover. Each trench was cleaned, geologically logged, structurally measured and photographed, providing the foundation for detailed surface geological mapping
New Frontier Minerals Limited .15p £17.66m (NFM.L)
The dual-listed Australian mineral explorer announced that it has entered a binding commercial framework with Metallium Ltd (ASX: MTM) to create an exclusive western heavy rare earth pathway for Harts Range raw ore that will target US magnetic and defence customers. This follows the test-work results on Harts Range raw ore using MTM's proprietary Flash Joule Heating technology, a metal recovery and mineral processing method.
Prospex Energy 3.40p £13.72m (PXEN.L)
The AIM quoted investment company focused on European gas and power projects provided an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited of an update on activities. Po Valley Operations Pty Limited, a wholly owned subsidiary of PVE is the operator of the Selva Malvezzi production concession, which has a 63% working interest, while Prospex has the remaining 37% working interest. The 3D seismic survey is underway to improve geological understanding across the concession which was commenced on 13 November and is expected to be completed by mid-December, weather permitting. The acquired data will undergo time-domain volume processing, anticipated to be completed by April 2026, producing a full three-dimensional subsurface model for future development planning.
Quantum Data Energy 11.98p £8.23m (MAST.L)
The UK-based multi-asset operator in the Reserve Power market announced, further to its RNS announcement dated 14 October 2025, that its 100% owned Pyebridge 8.1 MW flexible generation power asset has achieved a new record high monthly electricity generation and associated sales, driven by operational performance and market demand for flexgen power. Further, Quantum has boosted its Pyebridge asset's income with a 15-year Capacity Market contract following the recent qualification results announcement by the National Energy System Operator.
Quantum Helium Limited 0.03p £8.90m (QHE.L)
The Company with helium, hydrogen and hydrocarbon projects in the USA announced that field operations have commenced for the high-resolution 3D seismic programme at its Sagebrush helium project in Colorado, USA where it holds an 82.5% Working Interest. Seismic crews and equipment have now arrived on site, with acquisition operations commencing this week. The survey will cover approximately 16 square miles across the Sagebrush field and adjoining leads, linking to existing 3D coverage at Coyote Wash (100% Working Interest). Designed to image subsurface structures in the Leadville Formation and Ismay algal mounds, the data will define the size, shape and continuity of the known helium accumulation intersected in Sagebrush-1. Processing and interpretation are expected to be completed in Q1 2026, refining future drilling targets and supporting development planning.
Roquefort Therapeutics 1.85p £2.68m (ROQ.L)
The biotech Company has announced that further to the announcements made on 8 September, 16 October and 3 November 2025, the Company has entered into a binding exclusive license agreement with Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. regarding the worldwide exclusive rights to AO-252. AO-252 is a clinical stage, novel first-in-class, first in-human new drug alternative targeting the TACC3 protein for the treatment of multiple cancers. TACC3 is over-expressed in multiple cancers, driving chromosomal instability, metastasis, and cancer cell migration. Upon completion, it is proposed that the name of the Company be changed to Coiled Therapeutics plc. As part of the proposed Transaction, the Company will cancel the listing of its ordinary shares on the Equity Shares (Transition) category of the Official List and trading on the Main Market for listed securities of the London Stock Exchange, and make application for its ordinary share capital to be admitted to trading on the AIM market and carry out an equity placing by the issue of new ordinary shares to raise a minimum of £10.5m conditional on Admission.
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