Small-cap resources names dominated the newsflow, with a fresh fundraise underpinning Empyrean Energy's push into Austrian gas exploration while Aterian's Rwandan subsidiary edged into a new metals trade. Elsewhere, a clutch of half-year results told a mixed story, Cambridge Cognition and Avacta offered signs of progress, while Cirata's revenue collapse and Finseta's swing to loss underlined how patchy trading remains across the tech and payments space. Filtronic's satellite win and Helix Exploration's latest Montana spud rounded out a day where operational milestones did much of the talking.
Empyrean raises £1m to fund Austrian gas well drilling
Empyrean Energy (AIM:EME) has raised gross proceeds of £1m through a placing of 2bn new shares at 0.05p each, as the oil and gas explorer moves to fund its share of drilling costs on a new Austrian gas project. The raise follows Monday's binding Heads of Agreement with ADX VIE, a subsidiary of ASX-listed ADX Energy, covering participation in the GOLD Cluster project in the Molasse Basin of Upper Austria. Shares fell 30.78% to 0.0515p as the market digested the scale of dilution.
Net proceeds will cover Empyrean's success-case commitment of approximately €555,400 (£476,672), 20% of the estimated €2.777m cost cap for the GOLD-1 exploration well, in return for a 10% economic interest in the GOLD Cluster through an Austrian law partnership. ADX.V plans to spud GOLD-1 in the fourth quarter. The placing follows closely on Empyrean's completion last week of the NNB transaction and its earlier move to secure an economic interest in the Mako gas project, where first gas is targeted for the fourth quarter of 2027. Following admission of the new shares, Empyrean will have 7.72bn shares in issue.
"While acknowledging this funding round is dilutive, it provides Empyrean with a significant growth opportunity," said Gaz Bisht, chief executive of Empyrean.
The scale of dilution, nearly doubling the share count in a single stroke, explains the market's sharp reaction, even as management frames the deal as complementary to the company's longer-dated Mako exposure. What matters now is delivery: with GOLD-1 not spudding until the fourth quarter and Mako's first gas still more than a year away, Empyrean is stacking multiple pre-revenue bets simultaneously, leaving shareholders reliant on drilling results rather than near-term cash flow to justify the raise.
Cirata revenue falls to $1m as key contracts slip
Cirata (AIM:CRTA) reported revenue of $1m for the six months to 30 June, down sharply from $4.8m a year earlier, as the data orchestration technology company's shares dropped 33.05% to 7.8p. The adjusted EBITDA loss widened to $5.3m from $4.6m in H1 FY25, even as closing annual contract value rose to $5.3m from $4.8m at December, with no contract expirations in the period.
Cash stood at $2.6m at period end, down from $6.1m a year earlier, against remaining contract billings of $5.7m, of which $3.3m is expected within 12 months. The company said its previously flagged FY26 cash flow breakeven target may now slip, as anticipated deals take longer to close, partly due to a change in outlook at one channel partner.
Chief executive Stephen Kelly said the timing extension on key contracts had prompted the update, adding that Cirata Symphony was "moving from proof-of-concept to deployment, with a leading UK" customer engagement progressing. The scale of the revenue decline, down nearly 80% year-on-year, against a shrinking cash pile puts pressure on management to convert its contracted pipeline before the funding runway narrows further.
Aterian's Eastinco starts tungsten trading trial
Aterian (LSE:ATN), the African-focused critical and strategic metals company, said its wholly owned Rwandan subsidiary Eastinco has begun trialling the trading of tungsten ore and concentrates, extending a procurement network built around tantalum. Shares dipped 1.92% to 25.5p. The trial will run on a controlled, lot-by-lot basis, testing supplier performance, specifications, pricing and traceability before any scale-up.
China supplied around 82% of mined tungsten in 2024, a concentration Aterian says creates supply risk for industries including cutting tools, electronics, aerospace and defence. To fund the trial, Aterian intends to raise approximately £180,000 through a zero-coupon convertible loan note issued to existing long-term shareholders, converting into equity at 25p per share.
Chairman Charles Bray said: "Based on the margins currently indicated, we believe the potential profits available from tungsten trading fully justify the proposed £180,000 equity capital issue and should enable Eastinco to repay the Company's initial investment within a reasonably short timeframe." The modest scale of the raise signals a cautious, self-funding approach to diversification rather than a strategic pivot, with Eastinco testing the waters before committing further capital to a second commodity line.
Cambridge Cognition revenue rises, losses narrow
Cambridge Cognition Holdings (AIM:COG) reported revenue of £5m for the six months to 30 June, up 16% from £4.3m a year earlier, including maiden revenues of £0.1m from new Healthcare and Consumer Wellness pilots. Shares slipped 2.86% to 27.2p despite the adjusted EBITDA loss narrowing to £0.3m from £0.4m and gross margin rising three percentage points to 75%.
New Sales Orders fell 13% to £6m, though this excludes a £1m contract signed three working days after the period ended; including that deal would have shown growth against the prior year's £6.9m. The Order Book stood at £16.1m at 30 June, down 2% year-on-year, but revenue visibility into 2027 improved, with £6.6m already underpinned, up 8.8% on a like-for-like basis. The company generated positive operating cash flow and held cash of £0.6m at period end, with borrowings falling to £0.2m from £0.9m in December and fully repaid in July.
Chief executive Rob Baker said: "Each deployment strengthens our evidence base and data advantage, progressing on time and on budget." The improving margin and cleared debt position matter more than the headline order dip, which the post-period contract already appears to reverse, a sign the neuroscience technology specialist is edging toward sustainable profitability rather than merely growing top line.
Finseta swings to loss, first half revenue slips
Finseta (AIM:FIN) reported a first-half adjusted EBITDA loss of £1m as macroeconomic headwinds cut into revenue, with shares easing 3.7% to 6.5p. Corporate client growth and margin gains provided some offset against the weaker top line.
Chief executive James Hickman's payments business is now navigating a tougher trading backdrop than a year ago, with the swing into loss territory marking a reversal that will put focus on whether the corporate client gains can scale quickly enough to restore profitability.
Artisanal Spirits holds guidance as Branded sales climb 10%
The Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, said full-year expectations remain intact, with US depletions and membership growth offsetting weaker European trading. Branded sales rose 10% in the period under review.
Andrew Dane's business is leaning on its US momentum and subscriber base to absorb softness closer to home, a trade-off that keeps the annual guidance credible even as European conditions stay challenging.
Avacta hits clinical proof of mechanism for AVA6103
Avacta Group (AIM:AVCT) reported early Phase 1 data showing its next-generation cancer drug conjugate AVA6103 matches preclinical predictions on safety and drug release, with shares climbing 4.25% to 83.4p. The clinical proof of mechanism is an early but important milestone for the pre|CISION platform.
Christina Coughlin's team now has clinical evidence to bring to potential partners, strengthening Avacta's negotiating position as it seeks to monetise the technology through licensing or collaboration deals.
Empire Metals joins Australian titanium research partnership
Empire Metals Npv Di (AIM:EEE) saw its research programme with Murdoch University accepted into the government-backed CMCI CRC, targeting a lower-cost route to titanium metal from its Pitfield project. Shares rose 1.43% to 37.124p.
The partnership gives Empire access to co-funded research infrastructure without diluting shareholders, a useful complement to its Pitfield exploration work as it looks to differentiate its titanium extraction economics from conventional processing routes.
Tern investee Talking Medicines launches Intent to Prescribe tool
Talking Medicines, 23.8%-owned by IoT investor Tern (AIM:TERN), has added a prescribing-intent feature to its DrugVoice platform through new point-of-care data partnerships. Tern shares traded at 1.0p.
Jo Halliday's investee company is building out functionality that could deepen engagement with pharmaceutical clients, a development that adds to the underlying value of Tern's minority stake even as the parent's own share price stayed flat.
Mindflair portfolio firm Disseqt wins KPMG Tech Innovator Ireland
Mindflair (AIM:MFAI), up 6.67% to 0.4p, said portfolio company Disseqt, held through Sure Valley Ventures' third fund, will represent Ireland at the KPMG Global Tech Innovator final in Lisbon this November.
Nicholas Lee's investment vehicle benefits from the reputational lift as Disseqt advances to an international showcase, a modest but tangible sign of validation for one of its venture holdings.
Filtronic wins US satellite follow-on order
Filtronic (AIM:FTC) has secured an $8m follow-on contract to build satellite payload prototypes for a US customer, deepening a relationship worth $16.5m since March. Shares jumped 10.09% to 236.7p.
Nat Edington's RF specialist continues to convert its satellite communications pipeline into repeat business, with the expanding order value from a single customer pointing to growing confidence in Filtronic's prototyping capability ahead of potential production volumes.
EnergyPathways files patents for CAES thermal storage tech
EnergyPathways (AIM:EPP) has filed patent applications for in-house technology it says could lift round-trip efficiency of its flagship storage project to as much as 72%. Shares rose 6.818% to 7.05p.
Ben Clube's company is seeking to protect intellectual property behind its compressed air energy storage approach, a move that could support licensing potential and strengthen the commercial case for the project as it advances toward development.
Valkor starts pilot drilling at Utah oil sands site
Quadrise (AIM:QED), trading at 0.99p, said its partner Valkor Technologies has begun drilling two pilot wells in Utah, with an eight-well programme and a 500 bpd pilot plant both due to advance towards 2027 production.
The drilling start marks tangible progress on a project central to Quadrise's oil sands ambitions, with the pilot plant timeline giving investors a concrete milestone to track ahead of the targeted production date.
Helix spuds fourth production well at Rudyard
Helix Exploration (HEX) began drilling the Ollie #1 well on 14 September, targeting the fourth production connection at its Rudyard helium field in Montana. Shares eased 1.31% to 23.685p.
Bo Sears' company continues to expand its production footprint at Rudyard, with each additional well adding to the field's connected capacity as Helix builds toward a fuller commercial helium output profile.
