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Situations

Every special situation in UK small & mid caps, read from the companies' own announcements – takeover approaches, disposals, activists, capital returns, project milestones, turnarounds and more – each one tracked from the first announcement to the outcome. Shown: what is open and undecided; 29 recommended offers and paid returns sit under Deals in progress.

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Project milestones 138

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Larger tile = more significant for the company Shadeearlyunder waydone / eventended new announcement in the last 2 days
VLXVolex The consolidation of the Group's US manufacturing sites is progressing well and is on... US manufacturing site consolidation · Progressing well, on track next: complete consolidation by end of financial year · 31 Mar TCFTheraCryf Plc The Company expects to submit the application in November 2026 and continues to target... Ox-1 Phase 1 approval in Australia · Preclinical complete; application being compiled next: Submit Australian Phase 1 trial application;... · 31 Dec VASTVast Resources Soviet Tailings pilot flotation plant advancing towards commissioning in Q4 2026 Soviet Tailings reprocessing project · Drilling complete; plant build and assays pending next: Pilot flotation plant commissioning; assays... · 31 Dec ITMITM Power The parties are already progressing a joint Front End Engineering Design (FEED) study... Hydropulse 150 MW refinery project · Heads of Terms signed; FEED study under way next: Complete joint FEED study and reach FID TINCornish Metals PLC Mineral Resource expansion potential: Several intercepts, including newly discovered... Roskear West exploration drilling · Two-hole programme complete; final assays reported next: further drilling to extend Roskear lodes... PLSRPulsar Helium Inc Falcon Project Michigan exploration option · Airborne survey contracted; flying mid-Q4 2026 next: Survey flying to start in mid-Q4 2026;... ORROriole Resources Wapouzé limestone project · Maiden MRE out; ESIA underway; ELA Q4-2026 next: Submit Exploitation Licence Application;... PXCPhoenix Copper Limited Empire PFS and reserves update · Hardrock update underway next: Updated PFS, resources and reserves at... · 31 Dec BSFABSF Enterprise SCHAKAU automotive and robotics partnership · Heads of Terms signed; MOUs targeted next: Binding MOU for lab-grown leather products · 31 Dec GTEGran Tierra Energy Inc. (CDI) Canada Clearwater and Mount Head development · Resource report issued; drilling planned 2027 next: Dawson Clearwater and Mount Head drilling activity · 1 Jan SKAShuka Minerals Kabwe drilling programme · Phase 1 lab results complete; phase 2 planned next: Second drilling phase: densify No 2 orebody... · 31 Dec GELNGelion Top-5 OEM co-funded proof of concept · PoC agreement signed 13 Oct 2026 HDDHardide Three new coating reactors · Board approved £4.5m investment on 22 July 2026 next: Reactors operational in latter part of FY27 GDWNGoodwin Plc Duvelco polyimide plant ramp-up · Dryer issue; fix lead time about ten months next: Update when dryer implementation timetable is firmer ITMITM Power Chronos 1 GW manufacturing line · DESNZ grant formally awarded; funding secured next: Build Chronos line in Sheffield; commercial... LEXLexington Gold Ltd Kroonstad tenure and Exploration Target · Tenure renewed; Exploration Target work under way next: Shango JORC (2012) Exploration Target for Kroonstad OXBOxford Biomedica Durham site ramp-up · GMP online, first run done; ramp expected H2 next: client activity ramp-up at Durham in H2 2026 GELNGelion Mitsui Kinzoku sulfur battery JDA · JDA signed; staged payments tied to milestones next: First milestone payments; any negotiation of... AEGActive Energy Group Bitdeer joint mining partnership · Non-binding LOI; talks continuing next: Agree commercial terms and definitive... GDRGenedrive NHS England MT-RNR1 national tender · PALOH-UK recruitment complete; NICE technology appraisal LNDLandore Resources Limited Lamaune maiden resource · 2026 field campaign under way COILCoiled Therapeutics plc AO-252 Phase I trial progress · Reformulation under way; efficacy data pushed to 2027 GTEGran Tierra Energy Inc. (CDI) Azerbaijan Guba-Khazaryani EDPSA · Signed; legislative approval pending CAMCamellia Four growth projects · All four proceeding to plan TEKTekcapital Vesari geothermal AI portfolio company · Patents pending; valuation sensitivity corrected 21 Aug FORGForgent PLC Green Rock exploration programme · Phase II drilling under way; enlarged to ~142 holes SRCSigmaroc Klinthagen limestone permitting · Construction being finalised; on time and on budget CHSSWorld Chess FIDE partnership expansion · Application submitted 1 September 2026 CADCadogan Energy Solutions Northern Italy gas exploration licences · Historic seismic data analysis under way WPHOWindar Photonics Test order conversion programme · Pipeline strong; first small orders won RBDReabold Resources West Newton A-2 recompletion · Funded; recompletion planned Q4 2026 GNSGenus PRP gene edit commercialisation · Four approvals; Latin America launch beginning PANRPantheon Resources Kodiak seismic reprocessing and Theta West-2 · Reprocessing complete; formal resource estimate pending THSTharisa Karo Platinum Project build-out · Construction; awaiting bond drawdown FVAFevara plc Brazil São Paulo production facility · Low Moisture Block installation in progress CHGChemring Group Norway second explosives facility · Feasibility study with Norwegian Government under way JSEJadestone Energy Nam Du/U Minh Vietnam development · Restart still targeted around end Q3 2026 UJOUnion Jack Oil Crossroads well, Oklahoma · Spudded 5 May; good shows; testing mid-June HSPHargreaves Services Duisburg zinc recycling facility · In build, on plan; commissioning early 2028 SVMLSovereign Metals Limited Kasiya heavy rare earth by-product · Strategy restated in June 2026 quarterly TXPTouchstone Exploration Inc Carapal Ridge-3 completion and tie-in · Cleanout failed; Karamat completion planned October EUAEurasia Mining NKT feasibility study and mining licence · No new milestone reported WYNWynnstay Group Wynnstay Strategy Genesis growth plan · First named capacity project under the plan GEMGemfields Group Limited MRM second processing plant · Largely operational; sustainability of recoveries unproven ARSAsiamet Resources Limited Beutong Project · Options under evaluation, no plan yet CAPDCapital Limited Reko Diq mining ramp-up · Performing in line with contract; Barrick review continues STCMSteppe Cement Ltd Clinker line 6 capacity expansion · Under construction, on time and budget, funded RRRRed Rock Resources DRC social housing JV · Contract signed; payment awaited, sales delayed GMETGuardian Metal Resources plc Pilot Mountain pre-feasibility study · Phase I done; Phase II 28 of 46 holes; rehabilitation decided AGYAllergy Therapeutics Hong Kong dual listing · Still exploring; no timetable ITMITM Power Lingen and Refhyne II 100 MW plants · First hydrogen delivered to customer during commissioning FMETFulcrum Metals Teck-Hughes tailings project development · Pilot site and technology agreement secured ENOGEnergean Katlan and Irena developments · Principal terms agreed with EGPC JLPJubilee Metals Group Molefe mine ramp-up · Commissioning complete; fine-tuning for stable operation AETAfentra Block 3/05 redevelopment and drilling · Rig moved to Impala-2; Pacassa SW sidetrack follows BYGBig Yellow Group Store development pipeline · Six stores on site; four open this year PTALPetrotal Corporation Bretana drilling restart and water handling · Well 25H drilling on schedule at 3,362m TINCornish Metals PLC South Crofty development and financing · Equity raise proposed; trading paused PXENProspex Energy Selva Malvezzi development wells and 3D · Licences held; Mniszow development planning THRThor Energy HY-Range hydrogen and helium exploration · Letter of Award signed; seismic expected Q4 2026 PLSRPulsar Helium Inc Topaz multi-well drilling campaign · Plant site agreed; financing and approvals open 80M80 Mile Jameson Land exploration drilling · Drilling under way since 1 July 2026 AURAAura Energy Limited Häggån uranium legislation and permitting · Permit pending; Swedish government change AMPAmpeak Energy Limited AW1 battery expansion · Turbine serviced onshore; three turbines operating AOTIAOTI, INC. CMS local coverage determination · Proposed LCD published July 2026 CRTXCrism Therapeutics Corporation Irinotecan-ChemoSeed glioblastoma Phase 2 · Recruiting at lead NHS site since 27 August STARStar Energy Group Plc Singleton gas-to-wire project · Grid connection delayed; first production early October SEASeascape Energy Asia Plc Temaris block gas development · Acreage extension agreed in principle; farm-out restarted TANDTan Delta Systems Customer trials and rollouts · 30 trials running; conversion slower than hoped NIOXNiox Group NIOX PRO device rollout · CE/MHRA rollout begun; US, Japan submissions progressing LEXLexington Gold Ltd Jelani joint venture and mining licence · Shango data capture and QA/QC under way GWMOGreat Western Mining Corporation (CDI) Pine Crow-Defender tungsten exploration · Drilling complete; assays awaited; new CFO in place ZPHRZephyr Energy Paradox project first gas · Awaiting Enbridge approval; acreage added EDXEDX Medical Group Plc Pneumonia test NHS launch · Clinical evaluation underway since mid-May 2026 ANICAgronomics Limited Liberation Bioindustries fermentation plant build · Funding gap; completion slipped beyond Q4 2026 QHEQuantum Helium Limited Sagebrush-1 extended flow test · Permitting and planning; 2027 drilling planned CPH2Clean Power Hydrogen MFE220 1MW testing and on-site operation · Provisional findings; remedial redesign started; external verification pending AEXAminex (CDI) Ntorya gas field development · Revised programme agreed; execution pending CLACelsius Resources Limited MCB copper-gold project development · Foreclosure auction won by Equinaire; disputed RKHRockhopper Exploration Sea Lion Phase 1 development · Funded; contractor replacement under way TUNTungsten West Hemerdon Project Financing · Production under way; offtake signed NEONeo Energy Metals Beisa Mine restart · EIR under way; two more studies added BSFABSF Enterprise Lab-grown leather commercial launch · Tanned skin done; Paris auction set KDNCCadence Minerals Azteca Plant restart · Hot commissioning underway; licence pending ATMAndrada Mining Limited Lithium Ridge exploration with SQM · Drilling complete; fifth batch of assays reported PNNPennon Group Pennon Power build-out · Fife and Aberdeenshire energised, generating revenue CBOXCake Box Holdings Bradford warehouse build · Under construction; £2.57m spent in FY26 PETSPets at Home Group Pets insurance launch · FCA approval achieved; building technology HLCLHelical Southwark student accommodation scheme · Gateway 2 submitted, awaiting approval FIHFIH Group Falklands 70 houses contract · Progressing; completion due first half of next financial year KRPZKropz Elandsfontein trial production ramp-up · Phosrock production halted; restructuring begun TLWTullow Oil Jubilee drilling and seismic programme · 2025-26 campaign complete; Campaign 2 contracted CMCXCMC Markets Westpac partnership · Build phase; launch targeted during 2027 TRCSTracsis Tap Converter ticketing contract · Implementation underway; first month of revenue KMRKenmare Resources (CDI) WCP A upgrade and Nataka transition · Throughput improving; nameplate pushed to H1 2027 CMRSCritical Mineral Resources PLC Agadir Melloul resource and mine development · Funded further; resource due Q4 2026 COBRCobra Resources Boland ISR development · RC drilling ongoing; 23 of up to 58 holes done GDPGoldplat TSF retreatment and pipeline · Pipeline work, water licence, geotechnical studies pending GALGalantas Gold Corp. Indiana resource update and option payments · Exploration prioritised; PEA deferred MTLMetals Exploration La India construction · Pre-drilling underway; drilling expected Q4 2026 FUMFutura Medical Eroxon Intense and WSD4000 development · Optimised Intense HUT positive; H1 2027 launch planned HFGHilton Food Group Canada facilities and Saudi JV · Scoping; bigger expansion possible EAHECO Animal Health Group ECOVAXXIN MS EU approval and launch · USDA-CVB accepted field safety data; US licence pending SCLPScancell Holdings iSCIB1+ melanoma registration path · Phase 3 set-up; start later in Q4 2026 HPOWH-Power plc Hy5 portable cracker development · Phase 1 complete; final phase begins September 2026 UFOAlien Metals Limited Elizabeth Hill silver drilling · Final diamond assays in; MRE update Q4 2026 NANONanoco Group Asian chemical customer SWIR JDA · On track for year-one milestones; volumes to double FY27 PRTCPureTech Health LYT-200 AML development · Fast Track and Phase 2 design set; funding sought KZGKazera Global 2A Mining Right approval · 2A executed; SAI preparing development KOSKosmos Energy GTA Phase 1 ramp-up · J76 and J77 online; J50 imminent BRESBlencowe Resources Orom-Cross DFS and JORC update · Board reshaped; interim CEO on Board; funding open ALLAtlantic Lithium Limited Côte d'Ivoire lithium exploration · FIRB condition satisfied; other conditions outstanding NOGNostrum Oil & Gas Chinarevskoye drilling and workovers · Review underway; no timetable KP2Kore Potash Kola Potash financing and early works · Ministry of Finance to hold; legal process begun AAUAriana Resources Dokwe RC drilling campaign · Drilling done; testwork pending IRONIronveld DMS Plant production ramp-up · Sustained production reached; tuning to 5 tph ECOREcora Resources Santo Domingo development · Workstreams advancing towards FID, expected Q4 2026 RSGResolute Mining Limited Doropo project development · Infill drilling continuing with 11 rigs 1SNFirst Tin Taronga permitting and development approval · Final approval stages; RTS under assessment RBWRainbow Rare Earths Limited Phalaborwa DFS and financing · Neo MoU signed; PFS added; DFS now H1 2027

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