Roundhouse AI (RHAI) set to join AIM on 13 October 2026. This imminent AIM IPO looking to capitalise on Gartner’s predicted $15 trillion of AI Agent transactions. Roundhouse AI is being funded via the proposed £1.5m Placing to prove whether it can become the trusted data and scoring layer for autonomous-agent activity. Roundhouse AI is pursuing a four-layer architecture comprising an x402 Facilitator, Indexed Reputation Graph, Agent Reputation Scores and creating an aGDP Index of economic activity. The investment case is a milestone-led framework for assessing whether Roundhouse AI can move from the current Go to Market and validation stage through early score/API traction, partner validation and on to commercialisation. The initial IPO share price is 5p, and market cap £14m. Company broker Clear Capital is looking for a 12 month share price target of 40p.
https://drive.google.com/file/d/1U5zOQazg2ppDLghDL9c-48VkIdBZ55Rr/view?usp=sharing
Comment: The goal of RHAI is to become the Bloomberg of its chosen area, autonomous-agent activity. This is a punchy goal for a significant addressable market: $15tln. Ideally, it has the early, listed company advantage, and the expertise to deliver over coming months in a fast-moving market. If it even gets close the Clear Capital 12 months 40p share price target could prove to be modest.
Ajax [AQSE: AJAX], the natural resources investment company, said it was pleased to see the positive response to the proposed appointment of The Hon. Michael R. Pompeo as Non-Executive Chairman of Reveille Resources PLC (AQSE:REV), a UK uranium exploration and development company with a primary focus on Italy's largest uranium deposits, together with the announcement of Ajax’s increased shareholding in Reveille, where Ajax is the second largest shareholder. AJAX said, “The recent appointment of The Hon. Michael R. Pompeo, former United States Secretary of State and Director of the CIA, as Reveille’s Non-Executive Chairman further underlines the strategic relevance and international ambition of Reveille’s Italian uranium opportunity. My own investment alongside Ajax, made at the same price and on the same terms, demonstrates my confidence in Reveille and aligns my interests directly with those of Ajax shareholders.”
Comment: AJAX is clearly delighted with its chunky holding in Reveille, especially now with the arrival of heavy US hitter Mike Pompeo. We have already seen the share price of REV respond in kind, something which adds a decent percentage to the implied market cap of AJAX.
Seraphim Space Investment Trust plc (SSIT), the world's first listed SpaceTech investment company, provided an update on its portfolio holding in Xona Space Systems, Inc. ("Xona"). Xona has completed a new financing round, in which SSIT invested US$15 million for the C share portfolio. The financing has resulted in a material increase in the fair value of SSIT's holding in the ordinary share portfolio, making Xona the Company's second largest portfolio holding. Based on the closing sterling-dollar exchange rate, the valuation derived from the financing increases the fair value of the Company's existing holding by approximately £52.2 million from the last published fair value as at 31 March 2026, equivalent to 22.0p per ordinary share (gross of any performance fee accrual). The Company expects to substantially reflect this uplift in the portfolio valuation as at 30 September 2026.
Comment: SSIT has certainly broken the mould amongst many UK listed investment companies with multiple investments, where their positions are either diluted if they do not follow their money, or more importantly, they tend to be valued on their worst investments, or at a deep discount to NAV. Whether it is canny investing, or the SpaceX effect, SSIT looks to have escaped this jinx.
ECR Minerals plc (ECR) , the gold exploration and development company focused on Australia, announced encouraging surface prospecting results from the Brothers Mining Licence area. The Brothers Mining Licence is located in the south-east of the Maddens Flat Group of Mines in North Queensland. ECR has a 50% interest in the Maddens Flat Group of Mines. Prospecting using metal detectors in a 2,100m north-south zone incorporating the Brothers Mining Licence area has recovered multiple gold nuggets from 26 sites ranging from 0.1g to 12.3g in weight, particularly in the Brothers Creek, which drains directly into the alluvial mining area of the Brothers Mining Licence. Geographic locations were established with GPS technology.
Comment: It is interesting that ECR has been regular in providing the market with positive sounding exploration news. Therefore, it is surprising that despite this huffing and puffing the share price has not responded in kind. Perhaps concerns over funding need to addressed as being the dampener here – even if this is irrational.
Mendell Helium (MDH) , the helium exploration and production company, announced that it has acquired the remaining 25% interest in the Nilson 22‑1 well in Haskell County, Kansas for US$186,092 (£138,611) to be satisfied through the issue of 3,094,000 new ordinary shares at a price of 4.48 pence. Nilson is located in the Hugoton gas field, one of North America’s most prolific producers of natural gas and helium. Mendell Helium now has a 100% interest in Nilson following the Acquisition.
Comment: It is enjoyable that MDH is one of the few companies in the helium space that has not just gone on and on about how much of a shortage there is in this commodity, but actually gone about producing the stuff. That said, it would appear that being blue sky gets a higher market cap than actually delivering.
Georgina Energy Plc, (GEX) , a helium, hydrogen and natural gas exploration and development company with strategic permits in Australia, updated on the Mt Winter subsalt helium, hydrogen and hydrocarbons prospect in onshore Australia. The Georgina’s technical and operations team along with Aztech will conduct an onsite inspection, including the layout of the proposed seismic program and drill site, from 18-23 October, accessed via the Mereenie field oil and gas field.
Comment: The operational progress continues at GEX, the odd bump in the road notwithstanding. With the company having placed itself in a reasonably comfortable position financially, and seen off malevolent bears, it is well leveraged to even modest good news from drilling et al.
Amigo Resources PLC (AMGO) announced rapid progress across its Tanzanian operations, as both Mojimoto and Kabete advance seamlessly from pilot-scale production into integrated, commercial-scale processing hubs. AMGO said, “Whilst the operations do not have JORC Reserve or JORC Resource … our internal forecast is for gold recovery of between 2.5 grams and 3.0 grams per ton of ore processed … using the installed capacity of 300TPD, production from each beneficiation plant is forecasted to be between 20 kgs and 25 kgs of gold per month. Furthermore, the co-recovery of PGM-bearing concentrate alongside primary gold gives us an immediate, additional value layer. While gold production reports are paused during this active build and installation phase, completing this plant expansion will directly power our ongoing monthly production and revenue trajectory once the next reporting cycle commences, delivering sustained long-term value across our Tanzanian asset base."
Comment: There is sometimes something no more accurate that an internal forecast – of course. So let’s see if AMGO can ride off the back of this, both in terms of the fundamentals and the share price. This is especially the case with the latter up 2.5x so far this year, the third consecutive year of significant gains.
Scancell Holdings plc (SCLP) , the developer of ImmunoBody® and Moditope® active immunotherapies to treat cancer, today announced a business update and provided its unaudited financial results for year ended 30 April 2026. The group recorded an operating loss of £17.4 million in the year ended 30 April 2026 compared to £15.0 million in the year ended 30 April 2025. The below is an analysis of results for the year ended 30 April 2026. Following the FDA's IND clearance and fast track designation for Scancell's Phase 3 clinical trial of iSCIB1+ for the treatment of advanced melanoma, in August 2026 Scancell announced authorization from the UK's Medicines and Healthcare Products Regulatory Agency ("MHRA") for the trial to proceed in the UK, with further regulatory applications expected later in 2026. Scancell expects to initiate its Phase 3 clinical trial later in the fourth quarter of 2026 and to report further PFS data from its Phase 2 SCOPE trial in the first half of 2027.
Comment: Full marks to SCLP for still managing a £127m even with losses of £17m this year and £15m the year before. Of course, the sizzle here remains the company’s interaction with the FDA and the associated fast track designation of a Phase 3 initiative. Presumably, this is the carrot for those who wish to continue bankrolling the company, especially as we know that biotech in general is a money pit – win or lose.