UK small-cap RNS · 25 Feb 2026

Every announcement of UK small & mid caps under £2bn. The ones that started or moved a situation are marked – a click opens it.

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

Sort: Newest · Largest companies

09:49

Touchstar TST £5.6m
Director/PDMR Shareholding Director dealing
07:00

Touchstone Exploration Inc TXP £45m
2025 Year-end Reserves
Year-end reserves show PDP up 45% on the Central acquisition, but 1P is down 5% and 2P down 1% on Cascadura Block B downgrades after the weak Cascadura-5 result.

Project milestones outlook mixedfirst in 6 months −2.9% on the day

Moved: Carapal Ridge-3 completion and tie-in: Drilled; completion underway, tie-in targeted Q1 2026 → Completed and perforated; shut-in awaiting tie-in · Cascadura development and compression: Cascadura-5 online but below expectations → Block B reserves cut; compressor due Q2 2026 · Fyzabad property disposal: Agreed, awaiting regulatory approvals → Completed December 2025 for three turnkey wells (closed)
07:00

Petrotal Corporation PTAL £288m
2025 Year-End Oil Reserves
Reserves are broadly flat (1P 66.4 mmbbls, 2P 110.2 mmbbls) and OOIP is unchanged, but lower oil price assumptions and higher development capital cut PV10 values by a third or more.

Project milestones +0.0% on the day

Moved: Bretana drilling restart and water handling: Rig tender under way; restart pushed to Q4 → Restart targeted for October 2026 · 2026 budget and development plan: 2026 budget set; liquidity first → Development plan revised; more wells and water disposal
07:00

H-Power plc HPOW £94m
Final Audited Results Results
Results restate that 2026 is a year of conversion to contractual orders; no figures are raised. This repeats the January stance, so it is no upgrade.

Project milestones 19% of mcapoutlook positivefirst since Oct 2023 −4.9% on the day

Moved: Komatsu ammonia engine JDA: JDA signed; feasibility and design phase → JDA signed; feasibility and design underway · Next-generation S+30 fuel cell generator: First LC30 built, operational testing underway → LC30 launched; inbound commercial interest · ICGL hydrogen joint venture: Pilot cracker relocating to Port Clarence site → Targeting production by end of 2026, permitting pending
07:00

Fulcrum Metals FMET £9.0m
Bonus Warrant Acceleration Offer Closed
Warrant holders exercised 16.7m warrants at 5p, raising £834,575 with no discount issue; the money funds the tailings pilot scoping study and maiden resource work, though it adds dilution.

Project milestones £0.8m · 9% of mcapoutlook positivefirst in 10 months −4.7% on the day

Moved: Teck-Hughes tailings project development: Phase 3 done; 78% gold recovery; 65 assays pending → Funded for scoping study; assays pending
07:00

First Tin 1SN £73m
Half-year Results Results
Interim loss shrank to £0.01m from £2.01m and cash rose to £9.03m after the raise. Taronga permitting advanced, Gottesberg resource tripled, and a US EXIM letter was received, though the company is still pre-revenue.

Project milestones £6.3m · 9% of mcapoutlook positive −0.6% on the day

Moved: Taronga resource update and DFS: Final assays in; independent consultant updating resource → Updated MRE underway ahead of DFS update · Taronga permitting and development approval: EIS exhibition closed; IPC referral avoided → EIS exhibition done; awaiting development approval · Tellerhäuser fast-track permitting: LoMP submission being progressed → LoMP submitted to Mining Authority
07:00

Star Energy Group Plc STAR £40m
Trading Update Trading update
Production missed the company's own expectations, but G&A savings above £2.0m, lower geothermal spend, a £6.3m land sale and hedging gains support cash and net debt, and the share price has risen.

Project milestones below expectationsoutlook mixedfirst in 8 months −3.7% on the day

Moved: new: Singleton gas-to-wire project – Delayed; plant installed, awaiting grid connection · new: Stockbridge water disposal fix – Conversion under way · new: Acquisition search using UK tax losses – Evaluating acquisition opportunities
07:00

Kosmos Energy KOS £1,224m
Sale of Equatorial Guinea Production Assets
Sells non-operated, later-life Equatorial Guinea assets to Panoro for $180m upfront plus up to $39.5m contingent, with proceeds repaying RBL debt after ~$2.9bn net debt and recent refinancing.

Balance-sheet stress / refinancing next step −0.3% on the day

Moved: 2026 and 2027 debt maturities: $350m Nordic bond completed; $100m RBL repaid → Disposal proceeds earmarked for RBL repayment · new: Equatorial Guinea asset sale – Agreed; Equatorial Guinea government approval received