A critical-minerals theme ran through small-cap trading, with the US Department of Energy's decision to designate helium a critical material propelling Mendell Helium and a clutch of resource-sector updates from titanium to rare earths dominating the newsflow. Elsewhere, earnings season delivered a mixed bag, strong half-year numbers from Redcentric, RWS Holdings and Alumasc contrasted with falling revenue at Shoe Zone, while RTW Biotech's largest private holding confirmed plans for a Nasdaq listing via a US SPAC merger.
Mendell Helium says US critical-materials call reinforces Kansas assets
Mendell Helium (AIM:MDH) said the US Department of Energy's decision to add helium to its official Critical Materials list under the Energy Act of 2020 reinforces the strategic position of its producing Kansas assets. The AIM-listed group, trading at 4.9p, is the latest London-listed helium junior to flag the designation since the DOE's move on 23 October, which cited helium's non-substitutable role in semiconductor manufacturing, quantum computing and defence supply chains, and highlighted vulnerabilities in US supply.
Mendell has been extracting, processing and selling helium at surface from its Fort Dodge project and Hugoton assets in Kansas since 2024. A competent person's report by Double L Engineering, published in April, put Fort Dodge's prospective resource at 5.34 billion cubic feet gross on a P50 basis, ranging from 2.12 Bcf at P90 to 9.78 Bcf at P10, implying a notional in-ground value of between $636 million and $2.934 billion at an illustrative $300 per Mcf. The company's Rost 1-26 well has flowed at 5.1% helium composition since coming onstream in November 2025, while the newer Rost 2-26 well has returned concentrations up to 11.5%, and Mendell is now preparing a four-well drilling programme to scale daily flow rates and expand commercial offload capacity.
"The US Department of Energy's designation of helium as a Critical Material is a defining moment for our industry," said Nick Tulloch, chief executive of Mendell Helium.
The designation matters because it reframes helium supply as a national-security issue rather than a niche industrial gas market, potentially unlocking policy support, pricing power and strategic buyer interest for junior producers. Tulloch has also pointed to delegate sentiment at the gasworld Helium Super Summit, where a majority expect only a minority of new projects to reach commercial operation, a dynamic that, if it holds, would favour early movers like Mendell with wells already flowing and a defined drilling pipeline ready to scale.
RTW Biotech's investee Corxel set for Nasdaq listing via Amanat merger
Corxel Pharmaceuticals is heading to public markets through a merger with Amanat Acquisition, a Nasdaq-listed special purpose acquisition company, RTW Biotech Opportunities disclosed in an investor update on Tuesday. Corxel US sits within RTW Bio's largest private holding and represented 5.3% of the London-listed investment company's net asset value, worth approximately $50 million, as at 30 September.
The transaction is expected to generate gross proceeds of roughly $377 million assuming no shareholder redemptions, comprising an oversubscribed PIPE of approximately $300 million alongside roughly $75 million held in Amanat's trust account. Corxel US develops oral treatments for obesity, led by CX11, a once-daily small-molecule GLP-1 receptor agonist due to begin a global Phase 3 trial, alongside a preclinical oral amylin receptor agonist, CX12, targeting an IND filing.
A well-funded Nasdaq listing crystallises value for RTW Bio's stake and gives Corxel the balance sheet to carry CX11 through a costly Phase 3 programme in one of biotech's most competitive therapeutic categories. "This financing will support CX11 through Phase 3, and we look forward to continuing to support the team," said Rod Wong, a reference point for RTW Bio's continued backing of the asset through its transition to public ownership.
Inspiration Healthcare says underlying revenue climbed 26% in first half
Inspiration Healthcare Group (AIM:IHC) reported interim revenue of £22.0 million for the six months to 31 July, down from £24.0 million a year earlier, though the prior-year figure had been flattered by £6.5 million of one-off export orders. Stripping that out, the neonatal medical technology group said underlying revenue rose 26%, with growth across all three divisions, and shares traded at 18.5p.
Gross profit fell to £9.2 million from £11.1 million as the gross margin slipped to 41.9% from 46.2%, which the company attributed to the absence of the prior year's higher-margin export orders, a greater mix of lower-margin infusion therapies, growth in lower-priced international markets, and higher component costs tied to pandemic-era electronic parts still working through inventory. Operating profit nonetheless rose to £0.6 million from £0.2 million, aided by a £0.3 million non-recurring credit linked to settlement of dilapidation liabilities at its former Croydon site.
"H1 FY27 demonstrates the strong progress we have made in refocusing the Group on its core businesses, the success of our 'back to basics' approach and our continued focus on customers, distribution partners and operational discipline," said Raffi Stepanian, chief executive. The underlying growth rate suggests the group's core trading momentum is stronger than the headline revenue decline implies, with margin recovery now the key variable for investors to watch as component cost pressures work through the order book.
Empire Metals to begin pilot-scale testwork at Pitfield next month
Empire Metals (AIM:EEE) will begin pilot-scale metallurgical testwork on bulk ore samples from its Pitfield Titanium Project in Western Australia next month, advancing the project toward a pre-feasibility study. Shares nudged up 0.16% to 30.6p as the company, which is developing Pitfield's integrated processing route toward commercial-grade titanium dioxide products, confirmed the pilot runs will test mineral separation, titanium extraction and refining circuits using existing metallurgical laboratories in Perth rather than a purpose-built pilot plant.
Pitfield's mineral resource estimate stands at 8.16 billion tonnes grading 4.3% TiO2 for 349 million tonnes of contained TiO2, following the June 2026 upgrade that delivered Empire's first Measured Resource category at the project. The testwork runs in two phases, with Strategic Metallurgy's laboratory handling mineral separation starting late November or early December.
"The imminent commencement of pilot-scale testwork, the first stage of our piloting programme aimed at validating the recently developed 'Empire Process'," said Shaun Bunn, managing director of DRA Global. Using existing laboratory infrastructure rather than building a dedicated pilot plant shortens the timeline to a pre-feasibility study materially, reducing both capital risk and the time to a bankable economic case for one of the world's largest titanium resources.
Shoe Zone full-year revenue falls 4.5% as store count shrinks
Shoe Zone (AIM:SHOE) reported full-year revenue down 4.5%, reflecting a smaller store estate as the footwear retailer continues to rationalise its physical footprint. Shares traded at 76.5p.
The decline underscores the structural pressure facing high-street footwear retailers as digital channels take share, leaving management's ability to offset store closures with online and value-format growth as the key test for the year ahead.
Redcentric half-year earnings edge ahead of expectations
Redcentric (AIM:RCN) delivered half-year earnings ahead of expectations, with shares rising 2.89% to 87.97p on the update. The managed IT services provider's performance points to resilient demand for its cloud and connectivity offerings.
The beat adds to a run of steadier trading for Redcentric following previous governance issues, giving the board a firmer platform to rebuild market confidence into the full year.
LPA Group holds 2027 guidance after revenue growth
LPA Group (AIM:LPA) maintained its guidance for 2027 after reporting revenue growth, with shares up 1.22% to 83.0p. The rail and transport electronics specialist's confirmation of targets signals management's confidence in order visibility heading into next year.
Holding guidance rather than upgrading it suggests steady rather than spectacular progress, but it reinforces the credibility of LPA's medium-term growth plan after a period of operational investment.
NCC Group appoints new CEO and guides FY26 EBITDA ahead of expectations
NCC Group (LSE:NCC) named a new chief executive and guided FY26 EBITDA ahead of expectations, though shares fell 2.75% to 169.6p despite the upgrade. The cybersecurity and software resilience group's leadership change comes alongside the improved earnings outlook.
The share price reaction suggests investors are weighing the leadership transition against the earnings beat, with the new chief executive now tasked with sustaining the operational improvement that underpins the upgraded guidance.
RWS Holdings returns to growth as full-year revenue rises
RWS Holdings (AIM:RWS) returned to growth with full-year revenue rising, sending shares up 4.13% to 148.9p. The language services and technology group's return to top-line expansion marks a turn after a period of restructuring.
Luceco confirms profit expectations as Energy Transition sales surge
Luceco (LSE:LUCE) confirmed profit expectations as sales in its Energy Transition division surged, even as shares dipped 0.49% to 203.0p. The electrical products manufacturer's reaffirmation points to broad-based demand for its EV charging and renewables-linked product lines offsetting softer legacy categories.
Ultimate Products international branded sales jump as clearance division wound down
Ultimate Products (AIM:ULTP) reported a jump in international branded sales as its clearance division was wound down, with shares up 1.06% to 47.6p. The consumer goods group's shift toward higher-margin branded international business marks a deliberate mix change away from lower-quality clearance revenue.
Alumasc first-quarter revenue rises 10% as all divisions grow
Alumasc Group (AIM:ALU) reported first-quarter revenue up 10%, with growth across all divisions, as shares traded at 231.0p. The building products group's broad-based performance suggests underlying construction and infrastructure demand remains resilient despite a mixed macro backdrop for the sector.
Mkango unveils pre-feasibility study for HyProMag USA expansion
Mkango Magnetic Materials (AIM:MKA) unveiled a pre-feasibility study for the expansion of its HyProMag USA recycling operation, sending shares up 10.61% to 28.98p. The rare earth magnet recycling specialist's study marks a concrete step toward scaling its US short-loop recycling capacity.
The sharp share price response reflects investor appetite for rare earth supply-chain assets with a credible path to US production, a theme gaining urgency as Western governments push to reduce dependence on Chinese-controlled magnet supply.
Symphony Environmental agrees two-year marketing tie-up with Mexican packaging firm
Symphony Environmental Technologies (AIM:SYM) agreed a two-year marketing partnership with a Mexican packaging firm, with shares at 6.5p. The deal extends distribution for Symphony's degradable plastics technology into the Latin American packaging market.
Kefi's Saudi joint venture approves Jibal Qutman Stage 1 development
Kefi Gold and Copper (AIM:KEFI) said its Saudi joint venture has approved the Stage 1 development of the Jibal Qutman project, with shares little changed at 0.657p. The approval clears the way for construction to proceed on one of the group's key Saudi Arabian gold assets.
Potentially AI appoints Oliver Yonchev as chief executive
Potentially AI (AIM:AGI) appointed Oliver Yonchev as chief executive, with shares down 2.6% to 3.75p. The leadership change comes as the company looks to sharpen execution of its AI-driven strategy.
New Frontier Minerals expects A$303,000 R&D tax refund in November
New Frontier Minerals (LSE:NFM) said it expects to receive an A$303,000 research and development tax refund in November, with shares at 0.275p. The incoming cash provides incremental funding support for the group's exploration programme.
Fulcrum Metals secures £1 million to fund pilot facility commissioning
Fulcrum Metals (AIM:FMET) secured £1 million in funding to support commissioning of its pilot facility, with shares down 2.13% to 5.75p. The raise gives the company capital to progress its processing technology toward operational validation.
Conroy Gold hits deepest gold intersection yet at Clontibret
Conroy Gold and Natural Resources (AIM:CGNR) reported its deepest gold intersection to date at the Clontibret project in Ireland, with shares at 7.75p. The result extends the known mineralisation at depth, supporting the case for further resource growth at the site.
GreenRoc completes Phase III drilling at Amitsoq graphite project
GreenRoc Strategic Materials (AIM:GROC) completed Phase III drilling at its Amitsoq graphite project in Greenland, with shares down 1.37% to 3.65p. The completed programme moves the project toward an updated resource estimate for the graphite deposit.
Kendrick's latest Teufelskuppe holes all return rare earth intercepts
Kendrick Resources (LSE:KEN) said its latest drill holes at the Teufelskuppe project all returned rare earth intercepts, with shares at 5.25p. The consistent hit rate across the latest batch of holes strengthens confidence in the continuity of mineralisation across the target area.
Mcbride chief executive Chris Smith to retire after twelve years
Mcbride (LSE:MCB) said chief executive Chris Smith will retire after twelve years in the role, with shares up 0.55% to 182.2p. The household and personal care products manufacturer's succession announcement opens a leadership transition process after more than a decade of continuity at the top.
S&U secures £600 million in new funding facilities for Advantage and Aspen
S&U (LSE:SUS) secured £600 million in new funding facilities to support its Advantage and Aspen lending businesses, with shares up 0.27% to 1885.0p. The expanded facilities give the specialist motor and property lender additional headroom to grow its loan book.