* 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:
EDX Medical Group (EDX.L) joined AIM today having left the Aquis market
Delistings:
None
What’s baking in the oven?
Potential IPOs:***
13 May: 1947 Oil& Gas, the newly formed oil and gas production Company operating a material production portfolio in the US is applying for an Admission to AIM which is expected to occur in the Summer of 2026. This follows the successful over subscribed pre-IPO fundraise of £7m, which was supported by UK, US and Canadian institutional investors including Wexford Capital in Connecticut and RAB Capital in the UK, alongside a single family office.
30 April: Reveille Resources, the European-focused investment Company, intends to list on the Aquis Growth Market. Zenith Energy (ZEN.L) has agreed to spin out Futuro Energetico Italiano Srl (FEI) to Reveille on a “no profit, no loss basis”. Reveille has been established to pursue a strategy focused on identifying undervalued historical mineral deposits with significant exploration potential across Europe. The Lombardy Project will be Reveille's flagship project. Deal details and Timing TBC.
16 April: The National Investment Fund of the Republic of Uzbekistan (UzNIF) announced that it has confirmed its intention to proceed with an IPO in the form of ordinary shares and Global Depositary Receipts. All of the Securities to be offered as part of the Offering will be secondary shares from The Ministry of Economy and Finance of the Republic of Uzbekistan. The Offer Price has been set at USD 25.00 per GDR and UZS 4.65 per Offer share. With 5,054,262,531,127 Shares in issue, the Offer Price implies a market capitalisation of approximately USD 1.95bn. The LSE Admission and commencement of unconditional trading in the GDRs on the LSE are expected to take place on or around 18 May.
17 March: Vista Parcs Group has announced its intention to IPO onto AIM. The newly incorporated entity is proposing to acquire a portfolio of 13 UK-based holiday and residential parks currently owned by Barney Group 2 Ltd (BG2) and operated by Baslow Parks Ltd. Deal details TBC and expected Admission date anticipated mid-May.
Reverse Transactions:***
1 May: Lansdowne Oil & Gas (AIM: LOGP), the Company currently suspended from trading on AIM, announced the conditional acquisition of Sao Gabriel Mineracao Ltda. a graphite project in Brazil whilst continuing to progress its litigation claim under the Energy Charter Treaty which has now received litigation funding to pursue a minimum of US$100m (plus interest) claim against Ireland in relation to the Barryroe project. The Company has published its AIM Admission Document and has conditionally completed an equity fundraising of £1.9m by way of a placing. Net proceeds of the Fundraising will allow for the advancement of Macaubas Project through an active exploration programme and provide general working capital. The Company will change its name to Lansdowne Resources and readmission to AIM is expected to occur on 27 May.
19th December 2025: Talon Resources (TAR.L), previously Medcaw Investments, the Company focused on identifying and acquiring prospective mining projects in the precious metals sector, with a primary focus on gold and other high-value commodities announced that it has entered into binding heads of terms (which includes an exclusivity agreement until 31 October 2026) with Ulvestone Ltd in respect of the proposed acquisition by the Company of 90% of the legal and beneficial interest in certain mineral exploration licences located in Ontario, Canada. The aggregate consideration payable by Medcaw is £4.17m, to be satisfied £70k in cash on execution of the definitive share purchase agreement, £100k in cash on AIM Admission, and £4m satisfied through the issue of new ordinary shares in Medcaw at a price of 1.5p per share, to be issued on AIM Admission.
Market Movers:***
26th March: Seed Capital Solutions, a Company formed for the purpose of acquiring a business or businesses operating in market sectors that can display strong ESG credentials, announced that it is working towards finalising the documentation required for the proposed acquisition of Cuarta Dimension Medica SL in exchange for the issue of new ordinary shares in the Company. Subject to completion of the Proposed Acquisition, the enlarged Group will operate as an AI-driven medical diagnostics business, initially focused on the veterinary sector with scope to expand into the wider healthcare market. In conjunction with the Proposed Acquisition, the Company intends in due course to request the cancellation of the listing of its ordinary shares on the FCA's Official List and to cease trading on the London Stock Exchange's main market for listed securities. Instead, the Company intends to apply for its enlarged issued share capital to be admitted to trading on AIM.
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Banquet Buffet****
London Stock Exchange: Main Market and AIM
Arrow Exploration Corp 23.00p £62.18m (AXL.L)
The high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins updates on operational activity at the Icaco field on the Tapir Block where Arrow holds 50%. The Icaco 1 exploration well (IC-1) was spud on May 5, and reached target depth on May 9. The IC-1 well was drilled, on time and under budget, to a total measured depth of 7,800 feet and encountered multiple hydrocarbon-bearing intervals. Arrow plans to production test the IC-1 well in the three formations that are hydrocarbon-bearing on petrophysical analysis. The upcoming tests, and any subsequent development wells, will give Arrow an indication of the magnitude of the discovery.
Enwell Energy 12.25p £44.09m (ENW.L)
The oil and gas exploration and production Company reports its financials for the year ended 31 December 2025. The aggregate production volumes for the year of 48,962 boe have declined since the 722,753 boe in 2024, and revenue was down 98% to $3.3m. This is primarily as a result of significantly lower production following licence suspensions by the Ukrainian Government authorities. The net loss of $4.5m compared to a $23.7m profit in the prior year. Cash and cash equivalents are $97.1m as at 31 December 2025 compared to $99.4m in the prior year with a material proportion held outside Ukraine. The scale and duration of disruption to the Group's business continues to be difficult to predict, and there remains significant uncertainty about the outcome of the war in Ukraine.
GetBusy 71.50p £35.74m (GETB.L)
The provider of SaaS platforms delivering AI to regulated professionals updates on trading for the four months to 30 April 2026 at the AGM. There is a meaningful step-up in growth as ARR increased 11% to £23.4m, validating the Group's strategy driven by strong adoption of AI technologies within applications. SmartVault is firmly established as a strategic platform in US tax preparation, with the business embedded across all major tax software ecosystems and extending materially deeper into firms' core workflows. As SmartVault's strategic position is strengthening, the Board reconfirms its expectations for 2026 with a high degree of confidence.
Itim Group 24.00p £7.54m (ITIM.L)
The SAAS based technology Company that enables store-based retailers to optimise their businesses to improve financial performance reports results for the FY to 31 December 2025. Revenues increased 2% to £17.5m with a small increase in recurring revenue to £14.2m, which is 77% of total revenue. The EBITDA reduced to £1.7m from £2.5m in the prior year, with a loss before tax of £0.5m compared to a loss before tax of £0.2m in the prior year and cash is lower at £2.6m from £3.8m in FY 2024. In response to the challenging UK retail environment, the Group is seeking geographic diversification, and progress has been made in expanding into new territories. There is continued investment in innovation with the launch of itimAIQ. This new AI-enabled platform represents an important extension into the growing adoption of AI across the retail sector.
Inspecs Group 83.50p £84.90m (SPEC.L)
The designer, manufacturer and distributor of eyewear, report’s finals for the FY to 31 December 2025. Revenue is marginally lower at £191.7m, as is the gross margin at 51.7% from 52.4% in the prior period. The EBITDA was 9.2% lower at £17.7m and the operating profit pre before nonunderlying items
was £5.7m against £5.9m in the prior year. Net debt increased to £32.3m from £22.9m as at FY 2024. The manufacturing performance improved materially in H2, following the tariff related disruption and startup underutilisation in H1. The actions taken in 2025 provide a strong foundation for operational improvement, margin recovery and sustainable longterm value creation and the Group is on track to deliver Board expectations for 2026.
KRM22 31.50p £18.68m (KRM.L)
The technology and software Company focused on risk management in capital markets, reports Finals for the 12 months to 31 December 2025. Revenue increased 9.9% to £7.4m with ARR up 18.8% to £7.6m. EBITDA decreased to £0.8m from £1.0m in the prior period, with a Loss before Tax of £2.1m compared to a Loss before Tax of £1.4mi n the prior period. Net cash was £5.2m compared to net debt of £3.5m in the prior period, which is after a £9.2m fund raise in November. During the year, 8 new ARR contracts were signed, including 3 new customers.
Orosur Mining Inc 21.75p £76.02m (OMI.L)
The minerals explorer and developer currently operating in Colombia and Argentina updates on the progress of exploration activities at the Company's exploration project at Anzá in Colombia. Since acquiring 100% control, the Company has focussed its attention on three high grade gold prospects. Primarily on El Cedro, a cluster of gold porphyry intrusions in the south of the Project area that are currently subject to mapping and sampling programs, with a view to potentially being drilled as soon as targets can be finalised and logistics arranged. Since assuming control of the Pepas Project in late 2024 exploration led to the publication of a maiden MRE gold deposit on February 10th, 2026. A new zone of mineralisation, geologically like Pepas, has been discovered approximately 100m west of the main zone.
Panther Metals 125.00p £10.66m (PALM.L)*
The exploration Company focused on mineral projects in Canada reports the sixth and final batch of Vibracore sample assay results for the Winston Tailings Project in Canada. The Vibracore tailings sampling is in support of the Mineral Resource estimate programme of recoverable minerals located within the historic Winston Lake Mine tailings storage facility. The final assay results show remarkable consistency and mark the completion of the on-the-ground tailings sampling work which will be feeding into the Mineral Resource modelling and estimation, and metallurgical recovery work streams. The next phase of groundwork will be relatively low-cost and concerns the engineering design for the exploitation. The Board is buoyed by the growing interest from potential investment partners and looks forward to providing updates as the work progresses.
Premier African Minerals Limited 0.02p £7.85m (PREM.L)
The multi-commodity mining and natural resource development Company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe updates on trading. The Company also announces a £1m fund raising at 0.0185p. The Company is now preparing its Zulu Lithium flotation plant to transition into hot commissioning involving the introduction of ore into the circuit, representing another important milestone in the overall commissioning and optimisation process. Whilst commissioning activities naturally remain iterative in nature, the progress to date continues to support the commissioning timeline of Q2 2026.
Rome Resources 0.39p £29.56m (RMR.L)
The DRC focused tin and copper explorer reports participating in an airborne geophysical survey to cover the greater Bisie tin district, a district that contains one of the world's highest grade tin plays. The Survey forms part of a broader contiguous programme of geophysical data acquisition being conducted across adjacent areas of the wider Bisie tin district and will cover the entirety of Rome Resources two licences. It is expected to help calibrate geophysical anomalies on the acreage with those of nearby producing mines. This represents an important step in advancing the understanding of the broader Bisie mineralisation system providing critical data to guide plans for the next phase of drilling.
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