Defence group Cohort (CHRT) secured a €140.7m (approximately £120m) Cohort ELAC sonar contract on Thursday, with subsidiary ELAC SONAR winning the award from Saab to supply integrated sonar systems for the Polish Orka Submarine Programme. Work extends into the mid-2030s. The share price gained 5.77% to £14.30.
The win builds on an already strong order book. AIM Micro reported that Cohort’s order book had previously reached a record £620m, with £253m covering 80% of 2026-27 expectations. Full-year operating profit is forecast to improve from £27.5m to £36m, with the communications and intelligence division driving that growth.
Touchstone Exploration flags working capital deficit despite cash build
Trinidad-focused oil and gas producer Touchstone Exploration (TXP) reported Q2 2026 production 5% below Q1 levels, with sales of $17.5m and cash of $68.7m at 30 June 2026. The company expects production to grow in the second half. Shares jumped 21.9% to 9.75p.
The Touchstone Exploration Q2 2026 results filing disclosed a working capital deficit of $28.7m as of 30 June 2026. That figure includes a $10.3m convertible debenture maturing in August 2028, classified as current solely because of holder conversion rights, and an $8.4m short-term debenture issued during Q2 2026. Subsequent to the quarter end, the $8.4m debenture was repaid, with proceeds redirected into a common share transaction.
Q1 2026 provided the comparison point: Yahoo Finance UK reported average production of 4,657 barrels of oil equivalent per day in Q1, an 8% increase on the same period a year earlier, with Q1 sales revenue of $12.5m.
Central Asia Metals seeks shareholder sign-off on Cygnus deal
Central Asia Metals (CAML) published its shareholder circular for the proposed acquisition of Cygnus Metals, sending the share price down 1.99% to 143.1p.
The deal, first announced on 2 June 2026, is structured as an Australian scheme of arrangement. CAML is offering 0.06 new CAML shares per Cygnus share, implying an equity value of approximately A$232m for Cygnus, according to Stockopedia. The transaction adds Cygnus’ Chibougamau copper-gold project in Québec to CAML’s portfolio.
CAML shareholders approved the share issuance resolution at an Extraordinary General Meeting on 4 September 2026, according to Kalkine Media. Subject to regulatory and remaining conditions, the transaction is expected to close in early October 2026, with CAML also pursuing a concurrent TSX listing.
The backdrop is strong: CAML reported H1 2026 revenue of $145.5m, up 46%, and EBITDA of $75.5m, up 89%, driven by higher copper and zinc prices, according to Investing.com.
Other AIM movers
Xtract Resources (XTR) rose 8.33% to 1.3p after its 80%-owned Amghas antimony project in Morocco demonstrated the potential to produce more than 55% antimony concentrate. The company said it has successfully removed lead from the concentrate, bringing it to a commercially saleable grade.
Winking Studios (WKS) edged up 1.79% to 14.25p. The video games art outsourcing group grew interim revenues 21% to $23.5m, with organic growth of 9%. All gains came from the art outsourcing division; game development services were flat. Investment in North American operations and AI is compressing margins: broker SP Angel trimmed its full-year revenue forecast to $47.9m and now projects a full-year loss of $6.6m. Gross margins are expected to recover as new staff begin generating income next year.
Aptamer (APTA) fell 11.8% to 0.375p. Non-executive directors received 12.9 million shares as payment for services, with an average issue price of 0.7708p. New options were also awarded to directors.
The next scheduled catalyst for Cohort is delivery progress on the Orka programme through the mid-2030s, with investor focus likely to rest on whether the ELAC sonar contract drives a further upward revision to the £36m operating profit forecast.
