Hybridan Small Cap Feast: 31/10/2024

* A corporate client of Hybridan LLP

** Potential means Intention to Float (ITF) has been announced, or it is a rumour

***Arranged by type of listing and date of announcement

****Alphabetically arranged

Share prices and market capitalisations taken from the current price on the day of publication

Dish of the day

Admissions:  

None

Delistings:

Quantum Exponential Group (AQSE: QBIT) has delisted from AQSE

What’s baking in the oven?

ITF announced:***

Potential**  Initial Public Offerings:

17th October 2024: Selkirk Group, a newly incorporated company established with the primary objective of acquiring a company or business which the Directors believe is undervalued and providing them with their own listing on the AIM market to create shareholder value or acquiring an existing public company and providing a highly incentivised management team with strategic direction. The Company is focused on acquiring business which are headquartered in the UK. The Company is primarily focused on the small and mid-cap market, specifically within the Consumer, Technology and digital media related sectors. Expected first day of trading in early November 2024 with an expected size of primary offer of £7.5m.

Banquet Buffet****

 

Beowulf Mining 20p £7.8m (BEM.L)

The responsible and innovative Company sustainably producing critical raw materials, which includes iron ore, graphite, and base metals and its wholly owned Finnish subsidiary Grafintec Oy (Grafintec) announces the successful completion of the Business Finland funded project Spheronisation and Purification of Natural Graphite for the European Lithium-Ion Battery market. The grant funding of EUR 530k is equivalent to 50 per cent of the three-year EUR1.06m budget for the project, with the rest of the balance funded by Grafintec's cash reserves. The overall aim of the project was to develop a 'state-of-the-art' technological solution, utilising renewable energy, to spheronise and purify graphite for use in the manufacture of lithium-ion battery anodes within a Finnish industrial ecosystem.

Cordel Group 7.25p £15.6m (CRDL.L)

The Artificial Intelligence platform for transport corridor analytics announces an extension to their existing contract with the Australian Rail Track Corporation (ARTC), taking the term of the engagement to 31 August 2025. 2024 marks the 5th year of successful partnership between ARTC and Cordel. This collaboration, which began in 2019, represents Cordel's first large-scale commercial deployment of its unattended infrastructure monitoring solution, setting a new standard in rail technology implementation. The new extension also includes network wide Light Direction and Ranging (LiDAR), Video and Clearance Assessments. Over the past five years, our partnership with ARTC has achieved: More than 250,000 kilometres of track scanned and analysed, automated processing across ARTC's extensive 8,500 km network, streamlined infringement and track clearance surveys and significantly enhanced safety by reducing the need for manual inspections

Filtronic 76p £166.4m (FTC.L)

The designer and manufacturer of products for the aerospace, defence, space and telecoms infrastructure markets provides the following update ahead of its AGM. Manufacturing output has reached planned customer volume and quality requirements following strong order flow from SpaceX in H1 FY2025. The cadence of orders they enjoyed was to support new gateway link rollouts, in line with the growth of the Starlink constellation, and to retrofit the existing gateway links in the field with E-band Solid State Power Amplifiers to increase bandwidth and lower latency in the system. Consequently, they anticipate H1 to be stronger than H2, as the retrofit completes, and they revert back to supporting the extension of the network. This gives confidence of delivering results for the full year in line with market expectations.

Mila Resources 0.45p £2.4m (MILA.L)

Milas announce that it has signed an exploration and option agreement relating to three highly prospective gold projects in Queensland, Australia with EMX Broken Hill Pty Ltd and EMX - NSW 1 Pty Ltd (both wholly owned subsidiaries of EMX Royalty Corp. The Exploration Portfolio is intended to complement Mila's primary asset, the Kathleen Valley Gold Project, located in Western Australia. This is an option to purchase three highly prospective projects with proven gold mineralisation, each with the potential to materially expand Mila's mineral resource inventory. The Company is fully funded to undertake the exploration work, with A$450k (approx. £230k) to be committed within one year of executing the Option Agreement. The Company will initially pay A$25k in cash and issue 16m warrants exercisable at 1p per Ordinary Share for the Option Agreement. The Option must be exercised within 12 months. However, any further payments are subject to exploration and development success.

Mosman Oil and Gas 0.0425p £8.3m (MSMN.L)

The helium, hydrogen and hydrocarbon exploration, development and production Company announces its final results for the year ended 30 June 2024. Its results include: Gross Project Production: 47,245 BOE 1 2; Net Production to Mosman: 16,340 BOE3;  Revenue: AU$186,232;0 and the net loss for the year: AU$2.1m. Post period Mosman raised £1.5m by way of a placing and subscription of ordinary shares. This, combined with the Stanley sale, enables the Company to fund its share of Vecta drilling 5 wells, acquire seismic at EP-145 and business development seeking additional helium exploration projects.

Nexteq 72.5p £44.8m (NXQ.L)

The technology solutions provider to customers in selected industrial markets, today provides an update on trading for the year ending 31 December 2024. Since the H1 2024 results announced on 10th September 2024, the Group has continued to see ongoing, cross industry de-stocking, resulting in reduced order intake levels. In addition, while customer retention remains impressively high, Nexteq has seen certain customer product and project launches being delayed into Q1 2025, from Q4 2024, with customers opting to delay agreed new project expenditure into a new budget year. As a result, FY24 Group revenue is expected to be 10-12% below previous market expectations. Current gross margin performance is expected to continue through 2024, and there is a strong focus on cost management. The Board expects FY24 Group adjusted profit before tax to be at least $6.0m, driven by the lower revenues. The Group continues to generate healthy cash flow, with a net cash balance of $33m on 30 September 2024. To date the Group has spent approximately £4.6m on its share buyback programme, representing c.7% of the Group's issued share capital, and intends to continue with this programme. The Board expects year end net cash to be c$30m considering the impact of the anticipated share buyback up to the 10% authority granted by shareholders at the 2024 AGM.

Oncimmune Holdings 15.5p   £12.4m (ONC.L)

A trading update has been provided on the commercial progress from this autoantibody profiling Company that provides research services to the pharmaceutical and biotechnology industries. Since the 9th September update, three new contracts have been won for a total value of £0.34m. This is continuing the positive recent commercial traction in which contracts with a value of £2.14m have been signed. Two of the contracts  reported today are in a new area with an existing Top 10 pharma client. The third contract utilises a technological breakthrough, announced on 9 August 2024, and is also with a Top 10 Pharma company. These new contracts do not lead to a raise in outlook expectations, but give visibility of over 40% of the FY2025 revenue guidance of £6.9m and the management add that they represent a strong sign of the increasing commercial success as the Company  becomes a profitable business.

Prospex Energy 6.25p £24.7m (PXEN.L)

The investment Company focused on European gas and power projects provides an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited (PVE) of its Q3 2024 activity report.  Po Valley Operations Pty Limited (PVO), 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 Podere Maiar-1 well at Selva has continued to perform consistently during Q3 2024. Average daily production for the quarter Q3 2024 was 76,910 scm/d. Gross Quarterly production was 7.02 MMscm of gas (2.6 MMscm net to Prospex) and gross revenue for the quarter was EUR2.76m (EUR1.02m net to Prospex).

Seeing Machines 4.3375p £180.3m (SEE.L)

The advanced computer vision technology Company that designs AI-powered operator monitoring systems to improve transport safety has published its audited financial results for the year ended 30 June 2024. Revenue increased by 17% to US$67.6m (FY2023: US$57.8m), in line with market expectations, there was an EBITDA loss of US$17.9m (FY2023: loss of US$9.7m) and  cash at 30 June 2024 of US$23.4m (FY2023: US$36.1m), in line with market expectations. Paul McGlone (CEO) “The business has had a good start to FY2025, and revenue is on track within the consensus range.”

Vast Resources 0.09p £1.9m (VAST.L)

The mining Company announces its audited final results for the 12-month period ended 30 April 2024. Revenues for the year ended 30 April 2024 were US$2.0m compared to US$3.7m for the year ended 30 April 2023. There was an increase in losses after taxation in the year ended 30 April 2024 to US$14.7m (2023:loss of US$10.5m). Cash balances at the end of the period were US$0.025m compared to US$0.530m at 30 April 2023. While this has been a highly challenging year for the Company, much work has been done and continues to be done by the management team and the Board to stabilise the business and originate new commercial opportunities.

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