A collection of the best risers of mostly minnows on the London market so far this year, including Aoti, ACG, Acceler8, Amigo, Delta Gold, Georgina, Galantas, Great Western, Hardide, IQE, Mulberry, Panther, Rent Guarantor, S4, Strategic Minerals, Tungsten West, TPX.
Here is a chart-led rundown of some of the standout small-cap winners on the London market this year. This is an admittedly esoteric selection and deliberately subjective, but the common thread is clear: these are shares with constructive technical setups, strong momentum, or recovery patterns that could still have further to run.
These are chart scenarios, not guarantees. The crucial question in each case is whether the stated support levels continue to hold.
As always, do your own research and treat these as chart-based observations rather than hard recommendations.
AOTI: A Quiet Breakout With 188p Potential
AOTI deserves a lap of honour. Its first, second, third and fourth chart targets have all been met, and it remains a particularly interesting situation because it has attracted relatively little attention. The shares are now above old resistance and the prior 130p target area. As long as that breakout remains intact, the best-case projection is towards 188p, based on a resistance-line projection originating in March. The exact line can move over time, but the broader message is straightforward: above 130p, AOTI has scope to reach 180p or better.
ACG Metals: The Established Small-Cap Star:
ACG Metals has been one of the standout performers not just this year, but across much of last year too. The shares roughly doubled during the prior year and have risen around 85% so far this year.
The chart remains inside a rising channel that began in spring last year. The top of that channel points towards £25, which is an optimistic but potentially achievable year-end destination if the current steady advance continues.
The 50-day moving average sits near £19.30, and the shares have repeatedly held above it. Multiple support points above a rising 50-day line are usually a sign of outsized underlying strength.
Acceler8: Waiting for a Better Entry Point
Acceler8 has already enjoyed the best part of its recent rally, but the broader rising channel from April is still relevant. Rather than chasing strength, the more interesting opportunity may emerge on a pullback towards the channel floor and the 50-day moving average near 74p.
A successful bounce from that zone could open the way towards 100p or more by year end. More cautious chart followers may prefer to wait for the RSI to move back above neutral 50, or for a decisive rebound from the 50-day average.
Amigo: A New Story Building Above 2p
This is the new Amigo, not the old distressed-market story. The company is now positioned as an explorer and developer, and the chart is attempting to break through resistance from January near 2.75p.
A move through that barrier would improve the outlook considerably. The top of the rising channel from December last year points to a possible 5p target, more likely as a 2027 prospect than an immediate move.
For now, the simple framework is: hold above 2p and the 5p scenario remains alive.
Delta Gold: Strong Gains, but Support Is Everything
Delta Gold has already produced an extraordinary move, rising around sevenfold this year after the initial rally began late last year. The shares have done much of the heavy lifting, but the chart can still build on those gains if support holds.
The key level is the 50-day moving average near 1.36p. Above it, a return to the 1.92p highs is the obvious near-term objective. Pullbacks towards the channel and range floor around 1.12p could become buying opportunities if they produce a credible technical bounce.
Georgina Energy: The Bears Have Lost Control
Georgina Energy is another situation where bearish pressure has failed to derail operational progress. Following a fundraise and continuing corporate development, the shares have reached the initial chart targets around 6.7p, 10p and 14p.
The next major upside scenario is 21p, potentially by year end, provided the shares remain above the previous 10p target. That former resistance level is now the line in the sand.
Galantas Gold: 50p if Gold Finds Its Feet
Gold exposure features heavily in this selection, and Galantas Gold is one of the more substantial names, approaching a £300 million market value. In the near term, the shares have reached the top of a rising channel that started in January, around 37p.
If the gold price recovers after its late-week weakness, Galantas could extend towards 50p by the end of the following month. The immediate technical requirement is for the shares to remain above recently broken resistance at 30p.
For wider context on the factors that move the commodity itself, the World Gold Council research hub provides useful gold-market analysis.
Great Western Mining: Nevada, Tungsten and a Bull Flag
Great Western Mining has been described as a potential new Guardian Metal-style story, and the chart supports the renewed enthusiasm. The shares are forming a second bull flag in the recent past, with the floor of the pattern near 3.9p.
Above that level, the chart points to 6p, potentially during October. The setup is reinforced by rising 50-day and 200-day moving averages, along with repeated RSI rebounds above the neutral 50 level.
The company’s Nevada exposure and growing tungsten angle are both supportive themes. Tungsten has become strategically important for industrial and defence supply chains, and Nevada is about as attractive a location as it gets for serving a hungry US market.
Hardide: Contract Momentum Meets a Rising Channel
Hardide has long been a favourite on the back of its contract wins. The old target area around 55p was not merely reached, it was blown away as the shares broke out of the previous rising channel.
A new channel now suggests a 125p to 130p destination by year end. The bullish case remains valid while the shares stay above the channel floor and the 50-day moving average near 85p.
IQE: Recovery Potential After a Fivefold Move
IQE has already delivered a substantial return, rising from roughly 10p to the 50p area. That is an excellent outcome for shareholders, but the chart may still be trying to establish another upward leg.
The shares were heavily criticised by bears, yet the recovery has proven them wrong so far. A move towards 60p is the best-case chart scenario during the early autumn, as long as IQE continues to hold above 40p.
Mulberry: The Quiet, Persistent Climb
Mulberry is the one that was easy to miss precisely because it did not produce a single dramatic upward day. It simply kept rising, gradually and persistently, within a rising trend channel.
The channel projects towards £3 by year end. With a market value around £175 million, the business is moving beyond classic micro-cap territory, but there is still technical upside while it holds above the channel floor near £2.03.
Ideally, the shares should remain above 225p, which has acted as recent intraday support.
Panther Metals: A Revamped Chart With Bigger Ambitions
Panther Metals has finally started to look like a revamped story after years of promise. The shares are bouncing above rising 50-day and 200-day moving averages, a constructive combination when a chart is trying to shift into a sustained uptrend.
The longer the shares remain above the rising channel floor around 130p, the stronger the case becomes for an end-of-year target near 220p. It is ambitious, but the technical picture is far more encouraging than it has been for some time.
RentGuarantor: Rising Like a Homesick Angel
RentGuarantor has become a recurring topic for a reason. Its steep rising trend channel resembles Mulberry’s vertical-style advance, only with considerably more velocity.
Previous targets at 50p and 71p have been met. The next question is where the channel top sits, and £1.20 looks like a reasonable working objective by year end.
The shares need to hold above recent support around 60p. Staying above 65p, the mid-August peak, would make the technical picture even cleaner.
S4 Capital: A Surprisingly Constructive Recovery
S4 Capital has been one of the surprise winners. This is a recovery chart, with a rising trend channel in place since January.
The top of that channel currently projects to 75p, which would be an optimistic year-end target. The recovery remains credible while the shares hold around or above the 40p zone, where both the 50-day and 200-day moving averages are providing support.
Strategic Minerals: A Fresh Attempt at the Upside
Strategic Minerals had a straight rally from January through April and is now making another attempt to move higher. The shares have found support above rising 50-day and 200-day moving averages, with the latest RSI rebound occurring above neutral 50.
That combination often precedes the more meaningful upside moves. An initial target is 6p by the end of the following month, while 8p is the best-case year-end objective.
Tullow Oil: A Slow-Burn Route to 28p
Tullow Oil is approaching the longer-term 22p target derived from old resistance. There could have been several more oil stocks in this selection, but Tullow’s chart offers a clear and measured setup.
For the bigger picture, a resistance-line projection points towards 28p by year end. The upside case is still valid while the shares remain above 18p, an area that combines recent support and old resistance.
This is not necessarily a fast mover. It looks more like a slow-burn recovery with a defined chart destination.
Tungsten West: Government Backing and a 73p Objective
Tungsten West is operating in a sector that has become increasingly fashionable, and government involvement has added to the interest. The shares have already posted strong gains, having roughly doubled in 2024, doubled again last year, and risen around threefold this year.
The first target is 56p. Beyond that, a projection from the October 2025 resistance line suggests 73p by year end. The level to protect is the latest gap at 43p.
Government involvement is not always a blessing for a share price, but from a chart perspective the trend remains attractive while that gap support holds.
TPXimpact: A Straightforward Channel Play
TPXimpact may be less high profile than some of the names above, but its chart is one of the cleaner ones. The shares have been moving within a straightforward rising channel since February.
The top of the channel points towards 97p by the end of the following month. Recent support sits near 79p, and the RSI has repeatedly bounced from above neutral 50 during the month, which supports the positive outlook.
What These Small-Cap Charts Have in Common
The most promising charts in this group are not simply those that have already risen the most. They tend to share a few important characteristics:
- Rising trend channels that give a framework for both targets and risk levels.
- Support above rising moving averages, particularly the 50-day line.
- Old resistance becoming new support, confirming a breakout rather than a temporary spike.
- RSI rebounds above 50, showing that momentum has remained on the bullish side.
- Clear invalidation levels, allowing traders to distinguish a healthy pullback from a broken chart.
Small caps can move sharply in both directions, so the level beneath the price is often just as important as the target above it. If a share loses its channel floor, breaks below a key moving average, or fails to hold former resistance, the bullish case needs reassessing. Until then, these remain some of the more compelling technical situations among London’s smaller-cap names.
Are chart targets guaranteed price outcomes?
No. Chart targets are projected destinations based on price patterns and technical levels. They remain conditional on shares holding key support and maintaining positive momentum.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to, or to engage in or refrain from doing so, or to engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
