Small-cap news flow ran heavy on Tuesday, dominated by a consolidator's maiden acquisition, a rare public-market route into Anthropic and Stripe, and a fresh twist in the takeover battle for Capricorn Energy. Resources names were active across gold, copper, rare earths and lithium, while a clutch of trading updates and contract wins rounded out a busy session for the small-cap universe.
Connecting Excellence inks first recruitment acquisition
Connecting Excellence Group (AQSE:XCE) has signed binding heads of terms for its first acquisition since listing, a combined recruitment business that generated revenue of £1.79 million and EBITDA of £431,000 in the twelve months to 30 June. The AIM-listed consolidator, which buys owner-managed specialist recruitment firms and lets them keep running independently, saw its shares jump 21.36% to 1.79p on the news.
The initial cash consideration is £575,000 on completion, of which £425,000 simply settles amounts already owed to the target businesses by their vendors and flows back onto XCE's balance sheet, leaving a net outflow of roughly £150,000 before costs. A further £60,000 falls due in 2028, with the rest deferred against EBITDA delivery over a three-year earn-out to 2029, across which XCE expects to retain 75% to 85% of cumulative EBITDA. Unusually, the acquisition targets also hold 8.216 Bitcoin, which XCE will absorb at market value with no premium, adding to a group treasury that has already grown from 62.94 BTC at period end to 72.94 BTC as of 1 September, worth approximately £4.22 million. Flagship operating company Spencer Riley separately reported unaudited revenue growth of 20.6% to £1.84 million for the year.
"Once completed, this will be our first recruitment company acquisition and the template for those that follow," said Scott Ellam, chief executive of Connecting Excellence.
The deal matters less for its modest size than for what it establishes: a repeatable model for buying founder-run recruitment firms that, as Ellam notes, private equity typically won't touch. If the earn-out structure and Bitcoin-transfer mechanic prove replicable across future deals, XCE has found a way to grow both its operating base and its crypto treasury simultaneously, a template that could reshape how the market values the consolidator beyond this single, still-conditional transaction.
Shaires completes US$25.4 million Anthropic and Stripe investments
Shaires Holdings (AIM:SHR) has completed the acquisition of indirect interests in Anthropic and Stripe, first flagged on 13 August, edging its shares up 0.58% to 17.4p. The $25.4 million deal ran through a special purpose vehicle, with $16.2 million allocated to Anthropic and $9.2 million to Stripe.
The Anthropic stake was priced off the AI group's $965 billion Series H valuation, roughly $589.01 per share, giving Shaires an indirect interest of roughly 0.001% of Anthropic's equity. The Stripe exposure was struck at its $159 billion February tender valuation, approximately $63 per share, equating to an indirect stake of roughly 0.006%. A related planned investment in Figure AI, also flagged on 13 August, has not yet completed, with a further update to follow.
Chief executive Vivek Seth said the investments demonstrate "precisely what we established Shaires to do: give public-market investors access to exceptional private companies that have historically been difficult to own." For a small-cap vehicle, the deal is a rare mechanism offering listed exposure to two of the most sought-after private technology names in the world, though the fractional stakes underline that the exposure is symbolic as much as material to near-term earnings.
Ampeak Energy sells stake in AW1 to Jones Bros
Ampeak Energy (LSE:AMP) has sold a 24.7% equity stake in AW1 Storage Holdings to JBR Energy Holdings for £7.8 million, sending shares up 15.38% to 3.0p. JBR is a special purpose vehicle owned by directors of Jones Bros, the civil engineering firm acting as construction partner on the AW1 battery storage project at Ampeak's Uskmouth Sustainable Energy Park.
The £7.8 million splits evenly between £3.9 million for equity in the project's holding company and £3.9 million to buy a shareholder loan to AW1 Energy Storage. Ampeak retains majority control with a 50.6% stake. As a condition agreed with Cardiff Capital Region, half the proceeds are ringfenced for the AW1 expansion that will double capacity from 240MWh to 480MWh, targeting financial close next year and pre-funding a large chunk of Ampeak's required equity contribution.
Chief executive Graham Reid called the investment "great for the project, great for our existing pipeline of projects, and great news for our shareholders." Beyond the cash, the deal is a market validation of Ampeak's portfolio valuation from an experienced construction partner now willing to co-invest, a signal that should help de-risk future capital raises for the wider pipeline.
Mkango completes Remloy acquisition
Mkango Resources (AIM:MKA) has completed its acquisition of Remloy from Heraeus Amloy Technologies, with shares easing 1.33% to 37.0p. The deal, first announced on 20 May, values Remloy at €8 million (US$9.3 million), with €5 million paid in cash on closing and the remaining €3 million due on 28 August 2028.
Remloy operates a plant in Bitterfeld, Germany, recycling end-of-life rare earth magnets into neodymium-iron-boron alloy powders, targeting capacity of at least 500 tonnes a year. The business brings a stockpile of roughly 345 tonnes of end-of-life magnets, alloys and raw materials, which Mkango says will underpin future feedstock for both Remloy and its existing HyProMag recycling unit. David Bender, Remloy's former co-Head at Heraeus, becomes Managing Director from completion.
Bender said Remloy is "ideally positioned as part of Mkango" and that the team is "now entering a crucial phase in which we will make our products available to customers on a larger scale." The acquisition consolidates Mkango's position across the rare earth recycling chain in Europe, adding processing capacity and feedstock security just as demand for magnet recycling accelerates on supply-chain concerns.
West Coast Silver raises A$6 million to fast-track Elizabeth Hill drilling
West Coast Silver (WCE), in which Alien Metals holds a 30% interest, has secured firm commitments for an A$6 million placement to accelerate exploration at the Elizabeth Hill silver project. West Coast Silver shares fell 4.35% to 0.11p despite the funding news.
The raise gives the joint venture partner immediate capital to bring forward drilling plans at Elizabeth Hill, strengthening the near-term work programme for a project in which Alien retains a meaningful minority stake.
Tomahawk Metals confirms 44.85 g/t gold sample at Saturn project
Tomahawk Metals has confirmed a repeat assay of 44.85 g/t gold from its Saturn Gold Project in Western Australia, headlining a rock-chip sampling programme with high-grade results across an untested 3.7km structural corridor.
The confirmation strengthens the case for follow-up drilling along the corridor, giving Tomahawk a defined high-grade target zone to prioritise as it advances exploration at Saturn.
Helium One extends Colorado offtake deal to Q1 2027
Helium One Group (HE1) has extended a helium purchase agreement with a US buyer through to 31 March 2027, with shares rising 6.35% to 0.4084p on the news.
The extension increases revenue visibility for the Galactica-Pegasus joint venture, locking in an offtake route for output well into 2027 and giving the project firmer commercial underpinning as it moves toward fuller production.
Chariot doubles Angola exposure via Etu Energias deal
Chariot (CHAR) has signed a framework agreement with Etu Energias and BW Energy to support an oil block acquisition offshore Angola, with shares climbing 11.76% to 1.9p.
The deal adds exposure worth over $100 million in net present value, effectively doubling Chariot's footprint in Angola and giving the oil and gas junior a larger stake in a jurisdiction it already knows well through existing partnerships.
88 Energy advances PEL 93 towards drilling as regional flow test de-risks basin
88 Energy (88E) has applied for a new exploration period at its Namibian PEL 93 joint venture, backed by a nearby flow test result and a confirmed drill-ready prospect. Shares rose 7.12% to 1.1248p.
The regional flow test provides independent validation of the basin's hydrocarbon potential, reducing risk roughly 88 Energy's own prospect ahead of a drilling decision at PEL 93.
Renalytix signs Quest Diagnostics deal for kidney test
Renalytix (RENX), trading at 4.15p, has agreed a multi-year US distribution deal with Quest Diagnostics to widen access to its kidneyintelX.dkd blood test.
Quest holds an option to in-license the technology once commercial milestones are hit, giving Renalytix a distribution partner with national reach while retaining upside if the diagnostics platform gains traction with clinicians.
Renalytix raises £9.5 million to fund testing collaboration
Renalytix (RENX) is issuing shares at a steep premium to raise £9.5 million, funding the rollout of the new US testing partnership announced alongside the Quest Diagnostics deal.
The raise simultaneously wipes out Renalytix's Heights Capital debt through conversion to equity, clearing a legacy liability from the balance sheet while capitalising the next phase of commercial expansion.
East Star signs second copper JV to advance Rulikha
East Star Resources (EST) has agreed a binding farm-in deal with Kazakh developer Nova and operator Orion to fund its Rulikha copper project through to production at no further cost to East Star, with shares surging 19.09% to 5.24p.
The structure mirrors East Star's earlier copper joint venture, letting the company retain project exposure while shifting funding risk onto its partners as Rulikha advances toward development.
DNO trumps Genel with $396 million cash bid for Capricorn Energy
Norwegian oil and gas group DNO has agreed a recommended cash offer for Capricorn Energy (CNE) worth $5.214 a share, valuing the company at $396 million and topping a rival bid from Genel Energy. Capricorn shares rose 10.5% to 379.0p as the board switched its recommendation to the higher offer.
The higher DNO bid secures Capricorn's board recommendation, ending months of uncertainty over the company's ownership and setting up a contest to see whether Genel returns with an improved offer or steps aside.
Anemoi International's ID4 wins three-year pension platform contract in Switzerland
ID4, the Swiss RegTech subsidiary of Anemoi International, has signed a three-year deal with a major Swiss insurance and pension provider to digitise its pension client lifecycle platform.
The contract extends ID4's foothold in the Swiss financial services sector, adding recurring revenue visibility from a long-term digitisation mandate with an established institutional client.
Harvest Minerals completes Scanty and TVR rare earth acquisition
Harvest Minerals (HMI) has completed its purchase of Brazilian rare earth explorer Scanty Mineração, paying A$200,000 in cash and issuing 40 million new shares. Shares rose 6.4% to 0.266p.
The deal builds an eight-project portfolio alongside Harvest's existing Arapua project, broadening its Brazilian footprint beyond its core fertiliser business into rare earths.
African Pioneer starts drill planning at Ongombo-Ongeama
African Pioneer (AFP) has begun planning a multi-rig drill programme at its Ongombo and Ongeama copper projects, with shares up 12.2% to 2.3p.
The programme is being carried out under African Pioneer's financing tie-up with Hong Kong Xinhai Mining Services, giving the company a funded route to test both targets without an immediate call on its own cash.
Image Scan wins two orders for X-ray inspection systems
Image Scan Holdings (IGE) has secured two MDXi-400 orders from an existing automotive customer for catalytic converter inspection lines in Korea and Brazil, with shares up 5.96% to 2.755p.
The orders come through 3DX-RAY, Image Scan's subsidiary, and extend an established automotive relationship into new geographies, reinforcing repeat business from a customer already using the technology elsewhere.
Ondine's nasal therapy hits primary endpoint in Phase 3 study
Ondine Biomedical (OBI) shares jumped 14.89% to 13.5p after its LANTERN trial found nasal photodisinfection cut surgical site infections by an estimated 40% when added to standard care.
Hitting the primary endpoint clears the path toward FDA engagement, a critical step for a therapy aimed at reducing one of the most costly and persistent complications in hospital surgery.
Croma buys London locksmith William Channon
Croma Security Solutions Group (CSSG) has completed the £1.0 million acquisition of A. Butler & Sons, trading as William Channon, with shares up 1.89% to 71.32p.
The purchase gives the AIM-listed security group its first permanent London presence, extending its physical footprint into a key market for locksmith and security services.
Transense torque tech flies in Unison hybrid-electric demo
Transense Technologies (TRT) shares ticked up 0.22% to 45.599p after its SAWsense torque sensors featured in Unison's hybrid-electric propulsion system.
The technology was used in the first hybrid-electric flight above 30,000 feet and the first hybrid-electric transatlantic crossing, high-profile validation for Transense's sensing technology in an emerging aerospace propulsion niche.
Europa Oil & Gas extends EG-08 farm-out deadline to September
Europa Oil & Gas (EOG) shares rose 1.33% to 1.824p after its associate Antler pushed back the completion date for its Fuhai farm-out deal.
The delay followed Chinese regulatory holdups over outbound investment approval, pushing the deadline into September but leaving the underlying farm-out terms unchanged.
Blencowe graphite proves out at Mach 5.5 rocket test
Blencowe Resources (BRES) shares rose 3.07% to 8.4p after Orom-Cross graphite was used in nozzle, fin coating and battery components during a hypersonic flight test in New Mexico.
The Mach 5.5 test reinforces Blencowe's push into defence and aerospace markets, giving the graphite project a high-performance application beyond its core battery-materials pitch.
Bradda Head confirms high grades as drilling begins at Whistlejacket lithium project
Bradda Head Lithium (BHL) shares slipped 3.55% to 2.122p despite a final round of surface sampling at its Whistlejacket project strengthening priority drill targets.
The company's first Phase 3 drilling programme is now underway, testing the targets refined by the sampling campaign as Bradda Head advances its US lithium project toward a maiden resource.
