Resource explorers dominated the small-cap tape, with a premium-priced placing at Talisman Metals, fresh drill targets at Mila Resources and Bradda Head, and a maiden resource push at Critical Mineral Resources all pointing to a busy period for early-stage mining stories. Elsewhere, corporate activity ran deep: AB Dynamics struck a transatlantic acquisition, Tap Global beat its own downgraded expectations, and profit warnings from Ashtead Technology and Robinson served as a reminder that not every small-cap story this week was a good one.
Talisman Metals prices premium placing for Moroccan drilling
Talisman Metals (AIM:TLM) raised £501,800 in gross proceeds through a placing of new and existing shares at 7p each, a structure that stood out for pricing at a 9.37% premium to the prior close rather than the discount typical of small-cap fundraises. The placing issued 7.17m new shares, lifting the company's total issued and voting share capital to 71.34m shares on admission, and the shares themselves rose 16.7% to 7p in London on the day, part of a broader 18.33% move to 7.1p.
The capital is earmarked for exploration and development work at the Tirzzit and Fougnar copper projects in Morocco, plus general corporate and working capital needs. The timing coincides with the mobilisation of drilling contractor Geosond Maroc SARL, which is set to execute an approximately 3,000-metre reverse circulation programme at Tirzzit, suggesting the money raised is being funnelled directly into field work that had already begun rather than sitting on the balance sheet.
That existing shareholders were willing to back the raise at a premium rather than demand a discount points to confidence in the near-term drilling catalyst, though the company has yet to publish any resource estimate at either project. The investment case now rests squarely on what the RC programme at Tirzzit turns up, with no fallback narrative beyond exploration potential to support the valuation in the interim.
AB Dynamics buys US test systems maker eMpulse
AB Dynamics (AIM:ABDP) has agreed to acquire eMpulse Test Systems, a Michigan-based maker of servoelectric test systems for the global automotive industry, in a deal that extends its reach into North American vehicle testing. AB Dynamics shares rose 2.18% to 798p as the deal was announced, a modest reaction to what is a sizeable bolt-on for the transport-testing specialist.
The initial cash consideration is $11m (£8.1m), funded from existing cash resources, with a further $1.8m (£1.4m) expected from working capital adjustments and up to $15m of contingent consideration payable across three annual tranches tied to performance targets, taking the maximum deal value to roughly $27.8m. eMpulse, spun out of TUV SUD America in a 2021 management buyout, generated revenue of $5.5m in the year to 31 December 2025, down sharply from $9.3m in 2024 after global tariffs disrupted its markets, though the company says trading has since recovered.
The revenue decline and tariff exposure explain the muted stock reaction to what is otherwise a strategic expansion into noise, vibration and harshness testing and structural durability work for North American automotive clients. "We expect the acquisition to provide us with an excellent platform for growth and we are delighted to welcome the eMpulse team to AB Dynamics," said Sarah Matthews-DeMers, chief executive officer of AB Dynamics, the earn-out structure suggests the company is hedging against exactly the kind of demand volatility that hit eMpulse's 2025 top line.
Tap Global beats revenue and earnings expectations
Tap Global Group (LSE:TAP), the AIM-listed digital finance app combining money, payments and crypto settlement, reported revenue of approximately £3m for the year ended 30 June, roughly 7% ahead of market expectations, sending shares up 9.09% to 1.2p. The adjusted EBITDA loss came in at approximately £0.26m, some 80% narrower than the £1.3m loss the board says the market had pencilled in.
Including other income of £0.2m, the group posted an EBITDA loss of roughly £55,000 for the year and was EBITDA profitable in the second half. Tap held combined resources of £2.15m at year-end, comprising £402,000 of cash and £1.75m of cryptoasset holdings, while its Tap Earn yield product, fully launched in May, has grown assets under management to over $5.6m, up 61% in three months, delivering fifteen consecutive weekly payouts and roughly $125,000 in yield revenue.
"In crypto's hardest year since 2022, Tap has outperformed market expectations for revenue and EBITDA," said Arsen Torosian, chief executive of Tap Global. The second-half swing to EBITDA profitability, alongside rapid growth in the Earn product's assets under management, gives the company a tangible momentum story heading into the new financial year, one built on product traction rather than crypto price tailwinds.
Mila Resources reports strong IP results at Monal copper-gold project
Mila Resources (LSE:MILA) reported what it called highly positive results from induced polarisation geophysical surveys at its wholly-owned Monal Copper-Gold Project in south-eastern Queensland, sending shares up 10% to 1.54p. The surveys defined what the company describes as compelling drill targets for potential epithermal and porphyry copper-gold-molybdenum mineralisation.
At the Basilica prospect, three IP lines revealed a chargeability halo roughly a deep resistivity low that becomes conductive with depth, a signature the company interprets as a possible sulphide-bearing zone between 200 and 300 metres. Rock chip sampling directly above the anomaly returned up to 0.72 g/t gold, 1.77% copper and 51 g/t silver hosted in quartz veins with visible chalcopyrite and pyrite, while historic sampling from the same area reached 2% copper; a compact anomaly was also defined at the Childs prospect via gradient-array IP.
"The IP results, together with rock chip sampling showing clear porphyry-style signatures at surface, have significantly strengthened our view of the Project's potential for multiple yet undefined near-surface porphyries across the wider licence area," said Mark Stephenson, director of Mila Resources. With targets now defined at both Basilica and Childs, the company has effectively de-risked its next drilling decision, though the absence of any resource estimate means the stock remains a pure targeting-stage exploration play until a rig is turning.
Potter & Moore shares slump after Q1 revenue update
Potter & Moore (PAM) shares fell 11.2% to 21.31p after the beauty and well-being brand owner said first-quarter revenue trailed the prior year, even as management insisted the shortfall remained in line with internal expectations weighted toward the second half.
The scale of the reaction suggests investors are less willing than management to take the second-half weighting on trust, particularly for a small-cap consumer brand where seasonal skew claims often mask underlying demand softness. The update leaves the shares needing a stronger back half to validate the guidance.
Comptoir Group narrows LFL sales dip as EBITDA improves in H1
Comptoir Group (COM) posted a 0.7% like-for-like revenue decline for the first half but grew adjusted EBITDA over the period, with shares little changed, down 0.98% to 5.446p. The Lebanese restaurant group is pressing ahead with franchise expansion into Algeria and Italy despite the soft domestic like-for-like trend.
The combination of shrinking comparable sales and improving profitability points to cost discipline doing the heavy lifting rather than top-line recovery, making the franchise rollout into new territories the more significant lever for future growth than the existing estate.
Shield Therapeutics narrows H1 loss as revenue jumps 42%
Shield Therapeutics swung to an operating profit in the first half as revenue climbed 42%, with the iron deficiency specialist reiterating it remains on track for full-year operating profitability despite Medicaid reimbursement disruption in New York.
The New York Medicaid issue is a reminder that reimbursement risk remains a live threat to the growth trajectory even as the underlying revenue trend strengthens, but management's confidence in holding the full-year profitability target suggests the disruption is being treated as contained rather than structural.
Robinson shares fall after profit outlook trim
Robinson (RBN) shares dropped 7.55% to 122.5p after the packaging manufacturer said it now expects full-year underlying operating profit of £2.2m to £2.6m, trimmed after first-half margins fell on elevated input costs and a slump in Polish sales.
The combined squeeze of higher input costs and weaker demand from a key European market signals margin pressure that extends beyond a one-off, raising the question of how much of the Polish softness is cyclical versus a longer-term shift in that market's order patterns.
Vast Resources raises further £427,000 via top-up subscription
Vast Resources (VAST) secured an additional £427,000 from a late-joining subscriber, topping up last month's fundraise, while also issuing shares to settle consultant fees. Shares slipped 2.7% to 4.5p on the day.
The top-up nature of the raise, arriving after the original fundraise had already closed, points to continued but incremental demand for the stock rather than a fresh capital event, while settling fees in equity rather than cash preserves what cash resources the miner retains.
PowerPlay Media agreements point to $1.3m annualised revenue
Cloudified Holdings (CHL)'s reverse takeover target, PowerPlay Media, has signed distribution and monetisation agreements with YATOP and Framerate expected to generate combined recurring revenue of roughly $1.3m a year once fully established. Cloudified shares rose 2.27% to 2.25p.
The disclosure gives prospective backers of the pending reverse takeover a concrete revenue figure to underwrite the deal ahead of formal completion, a useful data point for a shell whose valuation currently rests almost entirely on the promise of the incoming business.
Ashtead Technology warns full-year profit to miss consensus
Ashtead Technology Holdings (AT.), trading at 499.2p, cut its full-year outlook after Middle East project delays and vessel scheduling disruption pushed work into 2027.
Pushing revenue recognition into next year rather than losing it outright suggests the underlying order book remains intact, but the immediate consequence is a period of underdelivery against consensus that will likely weigh on sentiment until the delayed Middle East projects are confirmed back on schedule.
NeoTerra picks Valent to lead Mozambique rare earths study
NeoTerra Group (TERA), down 3.57% at 2.025p, has appointed Valentine Enterprises to run the USTDA-funded pre-feasibility study at its Monte Muambe rare earths project, pending final agency approval.
Securing US government-backed funding for the study, rather than relying solely on company cash, lowers the near-term capital burden on NeoTerra while keeping the Mozambique project moving toward a development decision.
Bradda Head starts drilling at Whistlejacket lithium project
Bradda Head Lithium (BHL) has begun infill exploration drilling at its Whistlejacket pegmatite project in Arizona, targeting a maiden resource estimate. Shares rose 3.71% to 2.178p.
A maiden resource is the single most significant near-term catalyst available to an exploration-stage lithium developer, and the start of infill drilling puts Bradda Head on a defined path toward that milestone rather than open-ended target generation.
IG Design Group names Ari Bensoussan as new CFO
IG Design Group (IGR), down 1.03% at 100.45p, said Rohan Cummings will step down as chief financial officer at the end of August, handing over to Ari Bensoussan, who joins from Thai Union Group.
Bensoussan's background at a major seafood and consumer goods group brings international supply-chain experience to a company still working through the operational challenges typical of a global gifting and packaging business.
Castings expects full-year result in line with expectations
Castings P.L.C. (CGS) said productivity gains and cost control should offset a power outage at its William Lee foundry, keeping full-year results on track. Shares rose 1.68% to 305.05p.
Absorbing an unplanned outage without revising guidance speaks to operational resilience at the foundry business, giving management credibility on cost control heading into the remainder of the year.
Critical Mineral Resources launches maiden resource estimate at Agadir Melloul
Critical Mineral Resources (CMRS) has engaged independent consultancy Addison Mining Services to begin work on the first JORC-compliant Mineral Resource Estimate for its Moroccan copper project, targeted for October. Shares climbed 7.78% to 1.94p.
A maiden JORC resource is the milestone that converts exploration promise into a quantifiable asset, and the October target gives the market a firm date against which to measure progress at Agadir Melloul.
Sunrise Resources shares soar after API drilling-grade result
Sunrise Resources (SRES) jumped 15.14% to 0.0213p after saying processed sepiolite from its Pioche project in Nevada has met American Petroleum Institute drilling-fluid specifications for the first time, opening a commercial route that incumbent producer Tolsa had never tested.
Meeting API drilling-fluid specification opens access to the oilfield services market, a materially larger and more established customer base than the niche absorbent applications sepiolite has traditionally served, giving Sunrise a genuine new commercial avenue to pursue.
Standard Life forms £2bn partnership with CVC and Prudential Financial
Standard Life (SDLF), roughly flat at 903.5p, has launched a new £2bn venture alongside CVC, Prudential Financial, Goldman Sachs and MS&AD to target the UK's largest defined benefit pension schemes.
Assembling four major financial institutions behind a single vehicle signals the scale of capital chasing bulk annuity and DB de-risking deals in the UK pensions market, positioning Standard Life to compete for the largest mandates as that consolidation wave continues.
Diaceutics and PCC launch NGS concordance study
Diaceutics (DXRX), down 2.45% at 139.5p, has partnered with the Precision Cancer Consortium to study variant detection consistency across next-generation sequencing panels used in routine cancer diagnostics.
Establishing concordance data across NGS panels addresses a real clinical concern roughly test reliability, work that could strengthen Diaceutics' positioning with pharmaceutical and diagnostic partners relying on its data services.
CleanTech Lithium shares rise after Laguna Verde amendment
CleanTech Lithium (CTL) shares rose 13.04% to 6.5p after the company renegotiated its Laguna Verde licence acquisition, slashing the cash consideration to $14m and settling all litigation with the vendors.
Resolving the litigation alongside a reduced cash outlay removes a significant overhang on the project and preserves balance sheet capacity, a meaningfully better outcome than the market may have been pricing in given the prior dispute.
Vesari adds satellite networking expert to science board
Tekcapital's Vesari has named LEO networking authority Professor Beatriz Soret to its Science Advisory Board, filling out the satellite data-transmission pillar of its geothermal AI compute platform.
Bringing in a low-earth-orbit networking specialist rounds out the technical bench needed to connect Vesari's geothermal-powered compute ambitions to satellite data infrastructure, a niche but increasingly relevant intersection as AI compute demand grows.
CRISM Therapeutics opens first site for glioblastoma drug trial
CRISM Therapeutics (CRTX) rose 7.5% to 10.75p after activating its first clinical site and beginning patient recruitment for the Phase II trial of irinotecan ChemoSeed in glioblastoma.
Site activation and first recruitment mark the transition from trial design to execution, a meaningful de-risking step for a clinical-stage biotech tackling one of oncology's most difficult-to-treat cancers.
Rome Resources finds new tin targets at Kalayi ahead of resource update
Rome Resources (RMR) fell 11.27% to 0.2795p despite independent modelling identifying two new mineralised zones and a significant undrilled extension at its DRC-focused Kalayi tin deposit.
The disconnect between fresh exploration upside and the share price decline suggests broader sentiment toward DRC-exposed explorers, or funding concerns, are outweighing the geological news in the near term, even as the resource update pipeline builds toward a larger deposit picture.
Fulcrum-linked Terra North starts airborne survey at Charlot-Neely uranium project
Terra North Resources has begun a fully funded exploration programme on Fulcrum Metals (FMET)'s Saskatchewan uranium portfolio, targeting historic radiometric anomalies at the Charlot-Neely Lake project. Fulcrum shares rose 5.32% to 7.899p.
A fully funded programme run by an external partner lets Fulcrum advance its uranium ground without committing its own capital, a low-risk way to test historic anomalies ahead of any decision on further in-house investment.
Atome Energy secures development bank backing for 300MWp solar study
Atome Energy (ATOM), down 3.33% at 29p, said a multilateral development bank's dollar fund will support a feasibility study for its proposed 300MWp solar project in Paraguay.
Development bank backing lends external credibility to the feasibility study and signals institutional appetite for Atome's renewable ambitions in Paraguay, even as the shares themselves slipped on the day.
