UK small-cap RNS · 24 Oct 2025

Key = all announcements except routine filings (voting rights, buybacks, holdings, director forms), plus the ones that are part of a situation. Not investment advice.

1. 07:00
   Record REC £94m

   Second Quarter Trading Update Trading update

   Q2 FY26 update shows record AUM of US$110.3bn, positive FX Alpha flows after prior outflows and £0.5m performance fees versus nil a year ago; full detail comes with interims.

   +4.6% on the day

   Moved: new: Infrastructure Equity fund build-out – first €100m deployed
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2. 07:00
   Strategic Minerals SML £135m

   Trading Update Trading update

   Cobre ore sales and revenue rebounded in Q3 after wildfire downtime, and Redmoor drilling is intersecting the sheeted vein system. However, cash nearly halved to US$0.83m from US$1.59m in the quarter, and Q3 revenue is still below Q3 2024.

   Project milestones outlook positive +16.3% on the day

   Moved: new: Redmoor drilling and MRE update – Six holes drilled, assays and testwork ongoing · new: Cobre sales recovery after wildfires – Q3 volumes recovered; cash reduced
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3. 07:00
   Alumasc Group ALU £83m

   AGM Trading Update Trading update

   Q1 conditions worsened: project delays in Building Envelope and Water Management constrain UK revenue, and the Board is cautious on H1, though the H2 weighting is unchanged.

   outlook mixedfirst since Oct 2023 −14.1% on the day

   Moved: new: H2-weighted FY25/26 recovery – Cautious H1; H2 weighting maintained
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