The Times: Specialist small business lender Shawbrook has announced plans to float on the London Stock Exchange — providing a further boost to the London market.
The company has filed documents with the Financial Conduct Authority ahead of a listing that could put a £2 billion value on the business. Marcelino Castrillo, Shawbrook chief executive, said: “The strength of our platform has enabled us to deliver a long track record of sustainable, profitable growth through a wide variety of macro conditions.”
Comment: One has to applaud any company choosing to list on the London market these days, and choosing the lower valuation that it provides as compared to the US. At least with the £2bn valuation Shawbrook can afford the listing costs.
The Times: Aston Martin (AML): The embattled luxury car group has warned that profits and production will be lower than expected amid “heightened challenges in the global macroeconomic environment” and the “impact of tariffs”. In an unscheduled announcement the company said that it expects adjusted earnings before interest and taxes “to be below the lower end of the range of market consensus” driven by the weaker volumes and pressure on the gross margin per vehicle. The company added that it now expects total wholesale volumes in the current financial year to “decline by mid-high single digit percentage” when compared to the prior year.
Comment: One of the worst and most embarrassing IPOs ever on the London market, and it continues to deliver on the downside. If there was ever a company that should delist it should be AML. Painful to watch.
Wishbone Gold (WSBN) announced that, as part of the exploration expansion being funded by the recent £4 million raise, a second drill rig from Core Drilling Services has been secured for the Company’s Red Setter Gold Dome Project, in Western Australia. Reverse circulation drilling to start third week of October.
The Smarter Web Company (AQUIS: SWC), a London-listed technology company and the UK’s largest publicly traded company holding Bitcoin on its balance sheet, announced a Placing at the closing bid price on 03 October 2025. The gross proceeds from the Placing will be £9,680,640 at £1.00 per share.
Comment: Given that since May most BTC treasury strategy stocks are down as much as 90%, it may be a good idea to pause on the equity dilution and allow BTC / crytos and share prices to rise for a while before more fundraises. A Mnav of one does not help anyone.
Fulcrum Metals (FMET), through its subsidiary, Fulcrum Metals (Canada) Ltd., announce that it has closed the sale of the Tully Gold Project to Loyalist Exploration Limited pursuant to a property purchase agreement between Fulcrum and Loyalist. Under the terms of the Agreement, Fulcrum has been issued with 78,700,000 common shares of Loyalist (the “Consideration Shares”), cash consideration of CAD$500,000, and a 2.0% net smelter return royalty on the Tully Gold Project.
Comment: It has been clear for quite some time that FMET has transformed itself into being a serious player both in the ground and in terms of deal making. This has been underlined by today’s announcement.
Investegate: Hydrogen Utopia International (HUI) has entered a Binding Outline Agreement with BPODash LLC, a U.S.-based AI technology developer, granting HUI exclusive rights to integrate BPOD’s AI-powered platform into its waste-to-hydrogen projects across the Middle East and North Africa, pending a Definitive Agreement expected within 180 days. This integration aims to create digitally optimized, AI-driven plants, improving efficiency and decision-making. HUI intends to demonstrate how AI-enabled operations can be incorporated into hydrogen production to deliver energy and digital resilience sustainably. The partnership aims to deliver hydrogen at less than $2 per kilogram.
Comment: HUI has certainly ensured that its shop is well and truly set up to meet demand, and deliver when those orders come in for waste to hydrogen in MENA. The market is yet to catch up with this significant prospect.
ITM Power (ITM) announced that it has signed a Front-End Engineering Design (FEED) contract for a project which has been shortlisted in the UK’s Hydrogen Allocation Round 2 (HAR2). The FEED is based on multiple NEPTUNE V units, its 5MW containerised green hydrogen plant. The project remains subject to a Final Investment Decision (FID). Its customer expects the plant to be operational in 2028.
Comment: A decent RNS from the company which reported a £33m EBITDA loss in August. Luckily it has over £200m in the bank, so will be fine until 2028 and beyond.
UK Oil & Gas (UKOG) announced that due to continued investor demand, the Company has accepted a further investment of £1 million by means of a direct subscription of new Ordinary Shares at a price of 0.03 pence per share being the same price as the Company’s prior placings announced on 2nd and 3rd October 2025. UKOG said “More specifically, the funding will also enable the Company to commission and deliver the necessary engineering concept and design studies that are essential to deliver the planned collaboration between our wholly owned subsidiary UK Energy Storage and National Gas. The Company sees that this collaboration will support and strengthen the Company’s activities related to securing government revenue support via the Hydrogen Transport and Hydrogen Storage Business Model.”
Comment: Why raise cash once off the back of a hot looking RNS, when you can do so two, three or even ten times? It will be interesting to see how smoothly the path to securing government revenue support goes, given that the government is skint. That said this could be the son of EnergyPathways (EPP).
Rockfire Resources (ROCK), the base metal, critical mineral and precious metal exploration company, is pleased to update shareholders of on-going findings by scientists at the University of Patras at Rockfire’s 100%-owned Molaoi zinc deposit in Greece. Sphalerite crystals have been found to host high-grade gallium up to 858 g/t Ga and a peak silver value of 3,364 g/t Ag. Pyrite crystals at Molaoi are also a strong host of other high-value minerals, including maximum values of 20.7% Ni, 1.37% Cu and 245.0 g/t Au.
Comment: Just in case we did not already know how great Molaoi is, we have further evidence today. Everyone loves high grade sphalerite and pyrite crystals.
Tap Global Group (TAP), an innovative digital finance hub that brings money payments and crypto settlement services together in a single user-friendly announced a landmark strategic partnership with Moorwand, a UK FCA regulated Electronic Money Institution (EMI). Through this partnership, Tap will integrate Moorwand’s comprehensive Banking-as-a-Service (BaaS) platform to provide customers with dedicated GBP accounts, complete with Sort Codes and Account Numbers, and EUR accounts with individual IBANs.
Comment: Decent newsflow here of late regarding revenues and partnerships. But unless whoever is selling the shares aggressively towards 3p stops doing it, the progress does not really mean much.
Hemogenyx Pharmaceuticals (HEMO) announced that the Institutional Review Board (“IRB”) at MD Anderson Cancer Center has approved an amendment to the clinical protocol of the Company’s ongoing Phase I trial of HG-CT-1, its proprietary CAR-T cell therapy for the treatment of relapsed or refractory acute myeloid leukemia (“R/R AML”).
Comment: HEMO continues to deliver grown up newsflow, something which must frustrate the shorters who are now so off side that they are beyond salvation. Nevertheless, they will no doubt continue to throw stones in desperate fashion.
Investegate: EARNZ (EARN) has secured a one-year £1.2 million contract with Equans to improve energy efficiency in 92 privately owned homes in Bradford, West Yorkshire. This contract follows a £7.1 million Warm Homes: Local Authority Grant from Bradford City Council. Further phases of the contract are expected over the next two years, potentially reaching a maximum value of £7.1 million. To manage this contract, Earnz PLC has established a new Yorkshire-based business, Warm Low Living Ltd. Warm Low Living Ltd and A&D Carbon Solutions Ltd will collaborate on the project.
Comment: We have further proof, as if we did not already know it, that the EARN model is right on track and on song. One can expect the momentum in its space to only build momentum.
Alkemy Capital Investments (ALK) 100% owner of Tees Valley Lithium, announced major progress on its flagship lithium refinery, which is on track for Final Investment Decision in Q1 2026. The FEED study has reduced projected CAPEX to $245m, boosted plant uptime by 5% without raising operating costs, and confirmed a project Net Present Value (NPV) of $475 million (GBP £350 million) for the first of four proposed trains, reinforcing the strong economic fundamentals of the refinery.
Comment: The magic combination of lower CAPEX and a stronger market, should ensure that ALK sees its shares resume the recent strong recovery in the share price.
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 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.
