* 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.
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****
88 Energy Limited 1.08p £12.15m (88E.L)
The Australian oil and gas Company advised that on 19 November, its wholly owned subsidiary, Captivate Energy Alaska, Inc., was declared the successful bidder for select acreage in the North Slope Areawide 2025W Oil and Gas Lease Sale. The successful bids expand 88 Energy's operated acreage across two high-potential areas to the east and west of Project Leonis, consistent with the Company's infrastructure-led and data-driven exploration approach. The bid included fourteen new leases secured covering approximately 34,560 acres across two focus areas—South Prudhoe and Kad River East.
Cobra Resources 3.8p £38m (COBR.L)
The South Australian mineral exploration and development Company has announced further results from flowsheet optimisation studies aimed at reducing cost and maximising the value of strategic rare earth elements (RREs), particularly valuable dysprosium and terbium, from its Boland in situ recovery project in South Australia. The Company aims to produce a Mixed Rare Earth Carbonate (MREC) from Boland via low cost and environmentally sustainable in situ recovery (ISR). MREC is generally sold by offtake to a purchaser who will separate REEs into oxide metals. REE separation is complex, requires considerable capital, and involves multiple steps to produce individual rare earth oxides. Cerium and lanthanum are both relatively abundant, have low value, and represent the first stage of rare earth separation. Tests yielded 66% recovery and showed that treating the solution with selected reagents at ambient temperature removes 90% of cerium at pH 3 with minimal loss of valuable REEs.
Georgina Energy 4.65p £5.17m (GEX.L)
The helium, hydrogen and natural gas resources Company has advised it has now received a non-binding expression of interest from Harlequin Energy Limited to provide the funding and enter into a Joint Operating Agreement for the drilling of the Hussar EP513 well for the recovery of helium, hydrogen and natural gas subject to further technical and economic due diligence by Harlequin. The JOA will include all associated logistics and planning. This will involve working with Georgina's engineering consultants, Aztec Well Construction, as well as coordinating with an Industry leading global oilfield Services Company engaged by Harlequin.
Naked Wines 74.00p £52.21m (WINE.L)
The wine and spirit retailer provided a post-close trading update (unaudited) ahead of announcing its half year results for the 26 weeks to 29 September on 9 December. Since the Company's last Trading Update at the time of the AGM in September, performance has continued to be in line with the Company's communicated FY26 guidance of £200m to £216m revenue and an Adjusted EBITDA of £5.5m to £7.5m, with Net cash FY26 guidance at £35m to £39m. The Company also completed its first share buyback program of a total £2m consideration on 11 September.
Oriole Resources 0.25p £9.21m (ORR.L)
The AIM quoted gold exploration Company focused on West and Central Africa updated on its 90% owned Bibemi orogenic gold project in Cameroon. The Company received approval for its Environmental and Social Impact Assessment (ESIA) study for the Bibemi project from Cameroon's Ministry of Environment, Nature Protection and Sustainable Development. Approval of the ESIA is an essential step towards progressing the Company's Exploitation Licence Application (ELA) at Bibemi. Negotiations remain ongoing, with a targeted completion date for approval of the ELA by the end of Q2 2026.
Panther Metals 50.50p £3.53m (PALM.L)*
The exploration Company focused on mineral projects in Canada has announced that Platinum Diamond Drilling Inc. has been contracted to undertake the Mineral Resource focussed drilling programme at the Winston Tailings Project in Ontario, Canada. The appointment of Platinum follows on from the appointment of SRK Exploration Ltd as independent consultants to conduct the Mineral Resource estimate. The MRE will be one of a series of workstreams to quantify, evaluate, and permit the contained high-grade gold, gallium, silver, zinc, copper and cobalt and other recoverable minerals located within the historic Winston Lake Mine tailings storage facility.
Solid State 142.5p £78.16m (SOLI.L)
The value-added supplier and design-in manufacturer of computing, power, and communications products has announced that its Power Division, Custom Power, has secured several major orders with a total value of $7.4m since the half year ending 30 September. The orders relate to the supply of specialist power packs for applications across unmanned aerial vehicles, maritime technologies, portable medical devices, industrial applications and the energy sector. In the US, Custom Power has secured repeat and new demand from both its Tier 1 defence and security customers in the air and maritime domains and commercial customers for its advanced battery technologies used in autonomous vehicles. In the UK, follow-on orders have been secured from key customers in the medical device, industrial and energy sectors.
TMT Investments 266$c $83.3m (TMT.L)*
The venture capital Company investing in high-growth technology companies announced the purchases of ordinary shares yesterday pursuant to the Company's share buyback programme announced on 19 November. A total of 30,251 ordinary shares were purchased at an average price of US$2.547.
Zenith Energy Ltd 4.25p £12.48m (ZEN.L)
The listed international energy production and development Company announced that it has initiated a tender exercise for the construction of a portfolio of solar energy assets in the Puglia region of Italy, with a total installed capacity of 7 MWp. The first project to be constructed is a 3 MWp PV solar energy project, categorised as Ready-to-Build and with all the necessary permits for the immediate commencement of construction. The second and third projects to be constructed are also located in close proximity to Andria-1. Andria-2 and Barletta-1 are currently in the Development phase and are expected to reach Ready-to-Build status within four months. These assets form part of the acquisition announced on 17 September.
Zephyr Energy 2.55p £50.42m (ZPHR.L)
The technology-led oil and gas Company updates on the ongoing development of its project in the Paradox Basin, Utah, U.S. Following the Competent Person's Report confirming a major upgrade to reserves and resources, Zephyr’s focus has shifted to tying in its three Paradox wells to nearby pipeline infrastructure. Work with Enbridge on engineering, commercial documentation, and regulatory approvals is advancing, and the Company is close to selecting a marketing partner. With increasing demand in western U.S. gas markets, Zephyr expects to update the timeline to first gas once the required documentation is complete. The Company also announced the successful refinancing of the Company's existing borrowing base at a lowered blended cost of capital, and the securing of additional short-term loan financing to fund the Company's incremental near-term expansion and development plans.
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