Another year on AIM is drawing to a close, and with it comes a familiar reminder: backing the market’s smallest companies is not for the faint-hearted — but the rewards can be spectacular.
The rules are different at this end of the market. Volatility is the default setting, visibility is often limited, and the distance between boom and bust can be measured in trading sessions rather than years. That’s the bargain investors sign up for, and in 2025 the payoff — both positive and painful — was on full display.
This year’s standout performers were driven by transformational deals, technical breakthroughs and long-awaited exploration milestones, triggering sharp — and in some cases sudden — re-ratings.
Fiinu topped the leaderboard after shares surged nearly 1,500% in January, following the announcement of non-binding heads of terms for a white-label agreement with a UK bank to deploy its “Plugin Overdraft” product. The proposal would integrate Fiinu’s banking-as-a-service platform into an established lender’s infrastructure, with a targeted launch in late 2025.
Momentum continued in August when Fiinu unveiled a reverse takeover of FX brokerage Everfex — a profitable business that executed more than $1bn of contracts in 2024. Shares that began the year at 0.5p briefly touched 21p before easing back toward 10p as year-end approached.
Strategic Minerals surged in October after strong drill results from its Redmoor tungsten-tin-copper project in Cornwall confirmed the continuity and thickness of its sheeted vein system. With commodity prices now well above levels assumed in its 2020 scoping study, management has flagged Redmoor as one of the highest-grade tungsten projects globally, with a resource update expected in early 2026.
Mkango Resources rallied in July on news of a US$400m merger to form Nasdaq-listed Mkango Rare Earths, combining its Songwe Hill project with the Pulawy separation plant. A subsequent £3m raise strengthened the balance sheet as the company advances its HyProMag magnet recycling business.
Empire Metals rounded out the year by winning Exploration Discovery of the Year for its Pitfield titanium project in Western Australia. High-grade results from the Thomas prospect — averaging 6% TiO₂ over a 3.6km strike — enabled an accelerated push toward a maiden resource estimate.
Elsewhere, Xeros Technology, ImmuPharma, Guardian Metal Resources and Greatland Resources all delivered material rebounds or sustained rallies on commercial agreements, patent filings and exploration success.
AIM top risers
- Fiinu +1680%
- Strategic Minerals +1230%
- Mkango Resources +500%
- Empire Metals +479%
- Xeros Technology +367%
- Guardian Metal Resources +360%
- Westmount Energy +338%
- ImmuPharma +335%
- Thor Explorations +335%
- Shield Therapeutics +315%
- Greatland Resources +315%
- Borders & Southern Petroleum +315%
- Haydale Graphene Industries +302%
- Bezant Resource 243%
- Hardide +229%
Fallers
- Futura Medical -96%
- Mirriad Advertising -96%
- Ethernity Networks 95%
- The Revel Collective 95%
- Polarean Imaging 94%
- Premier African Minerals 92%
- Litigation Capital Management 91%
- Cellbxhealth -90%
- Nativo Resources -89%
- Tissue Regenix Group -88%
- EQTEC -86%
- Thruvision Group -85%
- Synergia Energy -85%
- Revolution Beauty Group -83%
- Oxford BioDynamics -83%
- Data from Sharecope, 22/12/25
AIM’s other side: sharp falls and hard lessons
If 2025 highlighted AIM’s upside, it was equally unforgiving on the downside.
Several of the year’s worst performers were hit by a toxic mix of cash constraints, slow execution, strategic uncertainty and, in some cases, the prospect of leaving the market altogether.
Futura Medical spent much of the year under pressure as sales of Eroxon were slower than hoped. A new interim CEO, fresh funding and a renewed focus on regulatory progress now set the stage for 2026, but shares remain deeply depressed.
Mirriad Advertising collapsed after warning it could run out of cash and enter administration unless funding was secured. Although costs have since been slashed and liquidity stabilised, revenue fell 73% year-on-year, underlining the challenge of rebuilding momentum.
The Revel Collective warned its formal sale process was unlikely to deliver value to shareholders, while Polarean Imaging opted to quit AIM altogether, citing high costs and poor valuation support.
Meanwhile, Premier African Minerals continued to struggle with commissioning delays and funding needs at its Zulu lithium project, leaving shares down more than 80% for the year.
