Why companies left AIM in November 2025

Andrew Hore
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Why companies left AIM in November 2025

There were four companies that left AIM in November 2025. Two decided to leave, one did not have a nominated adviser and the other ran out of time to make an acquisition. Winvia Entertainment (LON: WVIA) was the only new admission during November.

4 November

Smarttech247

Cyber security company Smarttech247 left AIM because it believes that this will bring more flexibility in strategy. Full year revenues were ahead of expectations at €14.2m, three-quarters of which was recurring.

Smarttech 247 had been planning to join AIM for more than one year before it floated on 15 December 2022. There was £3.67m raised at 29.66p/share. Smarttech247 was originally going to reverse into former AIM shell Conduity Capital, previously New Trend Lifestyle. The last AIM price was 4p.

Smarttech247 provides cybersecurity services via a combination of automation and human analysis. The core platform is VisionX. There is also the automated managed phishing platform NoPhish and vulnerability software ThreatHub. Contracts are being won and renewed. The shares joined the JP Jenkins matched bargain facility.

5 November

Future Metals NL

Future Metals NL felt that there was no significant value in being on AIM because most of the share trading was on the ASX and it was difficult to raise money. Depositary Interests were swapped for the same number of ordinary shares traded on the ASX.

Future Metals NL did not raise any cash when it gained a secondary quotation on AIM on 21 October 2021 to go with its existing ASX listing. Future Metals was previously known as Red Emperor Resources, which had been involved in oil and gas, and it cancelled its original AIM quotation to make it easier to complete its acquisition of Great Northern Palladium in June 2021 when it raised A$10m.

This brought Future Metals the Panton PGM project, located in the north of Western Australia and discovered in the sixties. There was a JORC mineral resource of 14.3Mt at 5.2g/t PGM and 2.4m ounces of gold at the time. There is also nickel, cobalt and copper mineralisation. A strategic review of assets is underway.

The introduction price was 10p, which valued the company at £34.3m. The last AIM price was 1.1p

21 November

Woodbois Ltd

Forestry and timber company Woodbois was hit by disruption in Gabon. Sales restarted in the middle of 2025. Cash was a problem, but a loan was extended until the end of 2026.

Trading in the shares was suspended at 0.03p on 1 July 2025 because the 2024 accounts were not published. Allenby resigned as nominated adviser on 20 October 2025 after being told that Woodbois wanted to appoint a new firm. No appointment was made.

The company joined AIM as Obtala Resources on 24 April 2008 when £3.5m was raised at 20p/share. It was a minerals explorer focused on Tanzania. A readmission took place on 17 September 2010 when the new holding company was registered in Guernsey. More mining assets were acquired, and it also moved into timber supply and retail outlets. Woodbois was acquired in July 2017 and became the focus of the company.

25 November

Inspirit Energy Holdings

Inspirit Energy became a shell when its business was wound down, and it did not make an acquisition within the allotted timescale. Inspirit Energy was developing a prototype mCHP boiler that generates both hot water and electricity using hydrogen or gas. The company ran the business for more than one decade, but progress was slow.

In 2024, Inspirit Energy became a shell again because the lead engineer of its subsidiary has to stop working for the company to care for a relative. This put waste heat recovery engine development on hold. Earlier in the year, the company secured an order to develop an Inspirit waste heat recovery engine for waste to energy technology developer Eqtec (LON: EQT). A compulsory striking off action was discontinued in June.

Inspirit Energy started out as automotive emissions reducing technology developer Kleenair Systems International, and it joined AIM on 20 March 2006 when £1.25m was raised at 45p/share – £45 after a 100- for-one share consolidation. At the beginning of 2009, Kleenair ran out of cash and entered a company voluntary arrangement. Creditors received 40.6 million ordinary shares and 12.2 million B shares that were convertible into ordinary shares. The new investing policy was focused on acquiring businesses in environmental and energy sectors.  

In 2009, the company considered investing in a South African coal briquetting business and there was a potential name change to Resource & Recovery Corporation. Eventually at the beginning of 2011, £440,000 was used to acquire 18.7% of Inspirit Energy. There was a reverse takeover on 26 July 2013 when the other shares were bought, and the name changed to Inspirit Energy Holdings. The last AIM share price was 0.0019p.

Aquis weekly movers: Time to ACT improving revenues in the second half

Andrew Hore
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Aquis weekly movers: Time to ACT improving revenues in the second half

Emissions reduction additives supplier Sulnox Group (LON: SNOX) reported increased interim revenues of £1.2m, up from £440,000, while the loss was reduced from £4.2m to £3.7m. Cash was £1.36m at the end of September 2025. Momentum continues in the second half. The share price rose 18.2% to 97.5p.

EDX Medical (LON: EDX) founder and chief scientific officer Sir Christopher Evans bought 57,304 shares at 11.49p each. He owns 35.2% of the diagnostics company. The share price improved 4.65% to 11.25p

FALLERS

Energy efficient technology developer Time to ACT (LON: TTA) was held back by volatility of orders. In the six months to September 2025, revenues fell from £1.67m to £732,000, while the loss increased from £184,000 to £698,000. There are more than £4m of Large Parts contacts ready to be closed. In November 2025, Diffusion Alloys sold surplus coating compound of £540,000 and a further £472,000 is expected before the end of March 2026. This will make up for some of the shortfall in the first half. The share price declined by one-quarter to 7.5p.

Silverwood Brands (LON: SLWD) has not published its accounts for the 18 months to June 2025 and trading in the shares was suspended on 2 January. Prior to that they had fallen 16.7% to 10p.  

Yorkshire AI Labs reduced its stake in IntelliAM AI (LON: INT) from 15.4% to 13.7%. The share price slipped 6% to 117.5p.

B HODL (LON: HODL) has made an initial drawdown of £70,000 from its Bitcoin-backed loan. One Bitcoin was bought for £65,809. The total holding is 158.211 Bitcoin. The share price dipped 4.55% to 10.5p.

AIM movers: Boku share buyback and ex-dividends

Andrew Hore
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AIM movers: Boku share buyback and ex-dividends

Shares in e-commerce payment services provider Mobility One (LON: MBO) have risen a further 60.5% to 3.05p. This follows conditional approval to carry on Islamic digital banking in Labuan in Malaysia. The business will be called MBO Bank (Labuan). No revenues are expected in 2026. Potential partners and investors will be explored.

Video games publisher and developer Frontier Developments (LON: FDEV) has appointed Johanna Cooke as chief executive. The share price gained 6.94% to 473.75p.

Energy storage technology provider Invinity Energy Systems (LON: IES) has announced four agreements in the past seven working days, including two to supply 20MWh of vanadium flow battery system to a Hungarian client. The cost of production o the equipment continues to be reduced. The 2025 revenues should be £17m and there is an order book also worth £17m, although the timing of £9m o this is uncommitted.  The share price is 6.67% higher at 20p.

Electronic payments services provider Boku (LON: BOKU) has launched a buyback of 5% of its share capital. Up to four million shares will be acquired up until the end of April 2026. The share price increased 5.95% to 222.5p.

Shuka Minerals (LON: SKA) has still not received the final tranche of the promised cash injection by Gathoni Muchai Investments to pay the cash consideration for the acquisition of Leopard Exploration and Mining, owner of the Katwe zinc mine in Zambia. The rest could be received next week and date for completion of the acquisition has been extended. The share price rose 5.56% to 4.75p.

Jubilee Metals Group (LON: JLP) has completed the sale of its South African chrome and PGM operations and the second payment of $10m is expected in the next few days. The focus is copper in Zambia. The share price improved 5.88% to 3.6p.

FALLERS

Tap Global Group (LON: TAP) increased revenues 31% to £3.48m and received £420,000 relating to recovery of historical referable bonuses paid in Bitcoin. The goodwill write down was reduced from £15.9m to £4.7m, which meant that the overall loss was reduced from £18.2m to £5.7m. There is £1.29m of goodwill left in the balance sheet. The cash outflow from operations was £184,000. The digital finance hub operator is focused on scaling up its business. Finance director Steven Borg is stepping down and being replaced by Andrew Milmine. The share price dived 19.2% to 1.9p.

Quantum Helium (LON: QHE) executive director Andrew Scott bought 45 million shares at 0.04p each. The share price dipped 5.48% to 0.0345p.

Galantas Gold (LON: GAL) has completed the acquisition of RDL Mining owner of the Indiana gold copper mine in Chile and closed a placing raising $14.9m at $0.08/unit (one share and one warrant exercisable at C$0.12). The updated mineral resource estimate shows inferred gold of 355,516 ounces and 64,690t of copper. Ocean Partners has been issued 7.81 million shares to satisfy a debt of $625,000. The share price declined 7.14% to 6.5p.

Ex-dividends

James Latham (LON: LTHM) is paying an interim dividend of 8.1p/share and the share price is unchanged at 980p.

One Health Group (LON: OHGR) is paying an interim dividend of 2.1p/share and the share price declined 4p to 252p.

Tavistock Investments (LON: TAVI) is paying a final dividend of 0.1p/share and the share price is unchanged at 4.15p.

Tribal Group (LON: TRB) is paying a dividend of 1.5p/share and the share price improved 0.25p to 67.5p.

FTSE 100 smashes through 10,000 on first trading day of 2026

UK Investor Magazine
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FTSE 100 smashes through 10,000 on first trading day of 2026

The FTSE 100 smashed through the psychologically important 10,000 level on the first day of trading in 2026 as familiar names got off to a strong start to the new year. 

After flirting with the 10,000 in the final days of 2025, the FTSE 100 made a convincing move through the key level in the early hours of trade on Friday, before falling back.

“It’s time to break out the champagne as UK stock markets have delivered a New Year’s treat,” said Dan Coatsworth, head of markets at AJ Bell.

“The FTSE 100 hit the 10,000 jackpot level immediately after rounding off a tremendous year for UK shares. This is a historic moment and already makes 2026 one of the most significant years for the blue-chip index since its launch in 1984.

“Breaking through the 10,000 level is the best New Year’s present Chancellor Rachel Reeves could want. She has been banging the drum about the merits of investing over parking cash in the bank, and the FTSE 100’s achievements just go to show what’s possible when buying UK shares. It also proves to cynics that the UK market is not stuck in the mud, and that the US stock market is not the only place to make money.”

The FTSE 100 returned more than the S&P 500 for the first time in what seems like an eternity in 2025, with London’s leading index surging 21% compared to a 16% rise in the S&P 500.

Over a 5-year period, the FTSE 100 has added 54% while the S&P 500 has gained 82%. The FTSE 100 would have paid more dividends over this period, however.

In terms of individual stock movers on Friday, it appeared to be more of the same for FTSE 100 constituents.

Precious metals miner Fresnillo was among the top risers as silver resumed its meteoric ascent, while defence stocks caught investors’ attention ahead of a year expected to see global government demand. 

Fresnillo was 2.8% higher at the time of writing, while Rolls-Royce added 2.9%.

Why companies let AIM in October 2025

Andrew Hore
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Why companies let AIM in October 2025

There were five AIM departures in October 2025. Three went to the Main Market and two were taken over. Richmond Hill Resources (LON: RHR) moved from Aquis to AIM.  
6 October
Ashtead Technology Group (LON: AT.)
Subsea services provider Ashtead Technology Group moved to the Main Market. It had been on AIM for fewer than four years having joined on 23 November 2021 when it raised £15.5m at 162p/share. The move was made at 398.5p and the year-end price was 310p.
Ashtead Technology has been around for four decades and provides services and rents equipment to the offshore oil and gas and offsh...

Top five performers on AIM in 2025

Andrew Hore
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Top five performers on AIM in 2025

There were 64 companies on AIM whose share price at least doubled in 2025. The top performer was a financials business and the other four of the top five were mining companies.

Fiinu (LON: BANK),

+1,550

The best performer was Fiinu, which has developed the Plugin overdraft that provides customers with an overdraft facility without the requirement to switch banks. This is an example of the potential for open banking.

Testing has started on the white label offering of the Plugin overdraft by Conister Bank, a subsidiary of AIM-quoted Manx Financial, whose share price doubled during the year. The launch is targeted for the first quarter of 2026.

In August, Fiinu acquired Poland-based forex business Everfex to provide a revenue stream and cash flow, Everfex made a pre-tax profit of more than £600,000 for the four months to April 2025. The acquisition will broaden the range of activities of the company and provide opportunities for the Plugin Overdraft product. This resulted in the readmission of the company to AIM. The share price reached 19p and ended the year at 8.25p.

Mkango Resources (LON: MKA)

+485%

There was an initial spike upwards of the share price of Mkango Resources at the beginning of July. This was after it extended a non-binding agreement to reverse its upstream and midstream businesses into Nasdaq shell Crown PropTech Acquisitions, where it will be the majority owner. The acquirer will own the Songwe Hill rare earths project in Malawi and a separation plant in Poland. Mkango Resources will retain the recycling business.

In October, Mkango Resourcesraised £3m at 30p/unit (one share and 0.5 of a warrant exercisable at 45p). This will fund the development of the rare earth recycling and manufacturing sites in the UK and Germany.

In December, joint venture HyProMag USA, a rare earth recycling and processing business, expanded the Texas hub facility and is planning a listing in the US in around one year’s time. The NPV of the Texas project and two other sites is $409m based on current market prices. The figure is much higher based on forecast prices. Up front capital costs are $142m.

The share price peaked at 69p in October and ended the year at 46.5p.

Strategic Minerals (LON: SML)

+470%

The share price started to take off in October and peaked at 1.81p, before ending 2025 at 1.425p. Positive drilling results for the Redmoor tungsten tin copper project in Cornwall confirmed multiple zones of high-grade tungsten mineralisation. This suggests that Redmoor could be the highest-grade undeveloped tungsten deposit. There are also positive results for copper.

In April, Strategic Minerals had raised £1m at 0.3p/share to develop the Redmoor project and for working capital.

More than 5,000 metres of drilling has been completed at Redmoor with CRD041 intersecting the full extent of the sheeted vein system with visible signs of mineralisation and additional zones. There are further drill holes still to be analysed and metallurgical testing is progressing.

Empire Metals (LON: EEE)

+469%  

Empire Metals is developing the Pitfield titanium project in Western Australia. The mineral resource estimate (MRE) totals 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.The share price peaked at 71p in September and ended the year at 39p. Positive drilling news had pushed the share price ahead.

At the end of August, a breakthrough in process development was achieved at the Pitfield project. Recoveries were 77% at the rougher stage and 90% at the cleaning stage. Leach results achieved 98% titanium dissolution. Overall titanium recovery is 67% and this is expected to improve. This is a high purity product.

Following the share price rise, in October £7m was raised at 40p/share. This will pay for additional exploration and project development. Additional cash will come from the sale of 75% of the Eclipse gold project for A$750,000, subject to due diligence.

Bezant Resources (LON: BZT)

+435%

There was an upward trend from early in the year. The first major spike upwards after an update on the sale of 53.4 million Blackstone Minerals shares, raising £1.84m. It still owned 80.6 million shares and Blackstone Minerals subsequently gained regulatory approval in the Philippines for a two-year extension to the Mankayan copper gold project work programme.

Jonathan Swann increased his Bezant Resources stake from 5.19% to 6.57%. The share price reached a peak of 0.11p during October.

Although the share price fell back it rebounded to a new 2025 high of 0.115p at the end of the year. That followed Bezant Resources completing the acquisition of 90% of the company that owns the NLZM processing plant, which is an important part of developing the Hope & Gorob gold project in Namibia.

Before the end o the year, chairman Colin Bird bought 30 million shares at 0.0745p each, five million shares at 0.075p each and 15.2 million shares at 0.0885p each. He owns 6.22% of Bezant Resources.

Why companies left AIM in September 2025

Andrew Hore
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Why companies left AIM in September 2025

Six companies left AIM in September 2025. Three chose to leave, two were acquired and one got into financial difficulties and a potential bid lapsed. Vulcan Two Group (LON: VUL) was the only new admission during the month.
2 September 2025
Argentex Group
Currency services provider Argentex ran into financial difficulties when it took on too much risk on foreign currency transactions. It recommended a bid of 2.49p/share from IFX Payments, but that lapsed when the company was placed in administration.
This followed the main trading subsidiary, Argentex LLP agreeing to a Voluntary Requi...

A rollercoaster year for Fulcrum Metals

Andrew Hore
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A rollercoaster year for Fulcrum Metals

Fulcrum Metals (LON: FMET) had contrasting periods during 2025 with the share price slumping in the early months before recovering later in the year and currently appearing set on an upward trend. Non-core assets have been sold so the company can concentrate on tailings operations.

Canada is a country that has large stocks of tailings from mining in recent centuries. The government and the local populations in these areas are keen to be offered ways of dealing with these tailings.

Canada-based Extrakt Process Solutions has developed non-cyanide separation technology that significantly reduces leaching times and recovery rates. Fulcrum Metals has signed a master licence agreement with Extrakt for the exclusive use of its extraction technology for tailings projects in the Kirkland Lake and Timmins mining regions of Canada.

In July, Fulcrum Metals, raised £1.29m at 3p/share. That was at a significant discount to the share price, and it slumped to a low of 3.6p that month. The disposal by Panther Metals (LON: PALM) of its 7.625 million shares in the company for 3.5p each had previously hit the share price.

The cash helps to advance the Teck Hughes mine gold tailings project and complete a mineral resource estimate, as well as environmental assessment. It will also fund the annual payment for the licence for the Extrakt technology. Metals One (LON: MET1) made an investment of £175,000 as part of the fundraising.

The company paid off £233,000 of convertibles and associated interest using some of the funds raised. The other £430,000 converted into 14.3 million shares at 3p each. The converted shares come with a warrant exercisable at 5p/share.

Processing progress

Fulcrum Metals achieved more than 70% gold and silver recoveries at Teck Hughes in Canada. This is part of the phase 3 metallurgical work. Previous gold recovery levels were 59.4%. Full results from the tests are expected in the first quarter of 2026, and this will support a mineral resource estimate. This will be followed by a phase 4 preliminary feasibility study.

Management is trying to generate additional funding though a bonus warrant acceleration offer that closes on 16 January 2026. Holders of warrants exercisable at 3p or 5p can exercise at that price, while anyone with warrants at a higher exercise price can exercise them for 5p each. Every two warrants exercised will be entitled to one new warrant exercisable at 10p.  

Because the company is in a closed period the directors holding 3.6 million warrants do not expect to be able to take up the bonus warrant offer. Allenby and Clear Capital have warrants from when the company joined AIM and they run out in 2026 and are exercisable at prices well above 5p. That could generate more than £90,000. There are a lot more warrants in issue, but it is difficult to assess how many will be exercised.

The share price has fallen from 7.75p to 6.125p during the year, although it did nearly get back to the opening level in November.

If the warrants bring in sufficient cash, Fulcrum Metals will be able to work on multiple tailings projects to generate mineral resource estimates. There should be further good news about assay results in early 2026, which should help the share price to improve this year.

Top five performers on Aquis in 2025

Andrew Hore
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Top five performers on Aquis in 2025

There were 28 Aquis companies where share prices increased over the past year and seven have at least doubled. Three out of the top five were mining companies.

Hot Rocks Investments (LON: HRIP)

+509%

The share price peaked at 2.5p in June when Hot Rocks Investments was buying warrants in The Smarter Web Company (LON: SWC). The warrants are exercisable at 2.5p each after the company has been quoted for 12 months. The warrants cost 100p each. The Smarter Web Company share price has fallen back to 32.5p.

Ther was a subsequent additional investment in WeShop, which floated on Nasdaq. Hot Rocks Investments owns 150,000 WeShop shares, which went to a substantial premium and despite falling back the share price of $95.10 is still a multiple of the issue price. This helped the Hot Rocks share price to recover to 1.675p.

Wishbone Gold (LON: WSBN)

+308%

The main rise in the share price happened during August when the gold explorer revealed that drilling at the Red Setter gold dome project in Western Australia has reached the top of a significant breccia pipe. In September, there was news that Wishbone Gold intersected multiple zones of brecciation and alteration sulphide mineralisation starting at around 520 metres in the second drill hole.

Assay results for the Red Setter gold dome project will be released over the next few months. Management will then formulate a plan for 2026.

Wishbone Gold consolidated 100 shares into one new share and trading commenced on 1 December. The share price ended the year at 75.5p, having reached the equivalent of 180p during September. That rise sparked a fundraising of £4m at 1.3p/share – equivalent to 130p.

Gowin New Energy (LON: GWIN)

+300%

The share price hardly moved during the year and then jumped to 0.03p on 19 December and remained at that level. On that day, there were two buys worth £10 and one sell worth £12.

The company has interests in LED products, tea trading and agarwood trading. Interim revenues were RMB51,000 and the cash outflow during the period was RMB756,000. The company is reliant on shareholder loans and has net liabilities.

BWA Holdings (LON: BWAP)

+157%

There was a sharp jump in the share price in early May when exploration results for the Dehane heavy mineral sands project in Cameroon were published. This showed significant accumulations of heavy mineral sands. Total heavy mineral sands grades were up to 4.7% over eight metres thickness. Significant areas remain untested.

There is increasing investment interest in Cameroon. BWA is starting due diligence and ground truthing at the Aracari gold project in Cameroon.

The share price has been unchanged at 0.45p for the past five months.

Ajax Resources (LON: AJAX)

+125%

Ajax Resources moved from the Main Market to Aquis on 18 June, but all the increase in the share price came after the switch.  The initial rise came around the time of news that the Environmental Impact Study had been submitted for the Eureka copper and gold project in Argentina and then there was another boost when it was approved in December.

The peak was 7.75p. There was a subsequent share issue raising £1.2m at 5.5p each and creditors converted £110,000 of money owed into shares at the same price. This knocked the share price, and it has recovered to 6.75p on news that Ajax Resources has signed a conditional option to acquire the Rachaite silver, lead, zinc and copper/gold prospect in Argentina.

Why companies left AIM in August 2025

Andrew Hore
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4
Why companies left AIM in August 2025

Six companies left AIM in August 2025. Two were taken over, two chose to leave, one moved to the Main Market and the other got into financial difficulties. There were two reverse takeovers in the month: Rosebank Industries (LON: ROSE) and Fiinu (LON: BANK). Rentguarantor (LON: RGG) switched from Aquis and Medpal AI (LON: MPAL) was a completely new admission.  
1 August
Johnson Service Group (LON: JSG)
Linen hire company Johnson Service Group returned to the Main Market having switched to AIM on 10 June 2008 when the share price was 27.75p. The share price rose to 141.2p when it moved back...

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