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  <date>2026-11-15T16:49:17+00:00</date>
  <publications>
    <publication>
      <date>2026-11-13T14:33:59+00:00</date>
      <company><![CDATA[VEON]]></company>
      <headline><![CDATA[Veon (NASDAQ: VEON) &#8211; Acquisition builds on fintech momentum in Pakistan]]></headline>
      <description><![CDATA[Backing its strongest growth engine]]></description>
      <link>https://www.edisongroup.com/spark/veon-acquisition-builds-on-fintech-momentum-in-pakistan/US91822M5022/widget-xml/</link>
      <isin>US91822M5022</isin>
      <epic>VEON</epic>
    </publication>
    <publication>
      <date>2026-11-13T13:14:15+00:00</date>
      <uid>4308</uid>
      <company><![CDATA[Cereno Scientific]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cereno Scientific — More runway, more opportunity]]></headline>
      <description><![CDATA[ Cereno Scientific has outlined a comprehensive financing package, comprising a proposed SEK400m rights issue and restructuring of its existing SEK175m Fenja debt, marking an important step towards addressing the funding overhang on its clinical programmes. If fully subscribed, management expects the funds to extend financial headroom into Q128, beyond the planned completion of recruitment in the Phase IIb EPIMODE trial for CS1 by end-2027. Two accompanying warrant series (TO6 and TO7) could generate a further SEK400m, potentially financing EPIMODE through its Q428 readout. While we note that the discounted issue and warrants imply substantial potential dilution, we view improved financing visibility as positive, reducing near-term execution risk and potentially strengthening Cereno\'s partnering position. The key consideration now will be successful subscription (expected in January 2027) and securing the subsequent capital required to progress clinical plans. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5afa8c249b7fb35a5ccb5927173eebcc.pdf</url>
      <link>https://www.edisongroup.com/research/more-runway-more-opportunity/BM-4308/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241558</isin>
      <epic>CRNO B</epic>
    </publication>
    <publication>
      <date>2026-11-13T12:15:52+00:00</date>
      <company><![CDATA[AB Dynamics]]></company>
      <headline><![CDATA[AB Dynamics]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/ab-dynamics/BMC-444/widget-xml/</link>
      <isin>GB00B9GQVG73</isin>
      <epic>ABDP</epic>
    </publication>
    <publication>
      <date>2026-11-13T11:03:45+00:00</date>
      <company><![CDATA[Trustpilot]]></company>
      <headline><![CDATA[Trustpilot]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/trustpilot/BMC-443/widget-xml/</link>
      <isin>Trustpilot Group</isin>
      <epic>TRST</epic>
    </publication>
    <publication>
      <date>2026-11-13T09:20:09+00:00</date>
      <company><![CDATA[Matador Secondary Private Equity]]></company>
      <headline><![CDATA[Matador Secondary Private Equity (SIX:SQL) reports record distributions in Q326]]></headline>
      <description><![CDATA[Matador Secondary Private Equity today reported record distributions of CHF3.0m from its fund portfolio in Q326, based on preliminary unaudited figures.]]></description>
      <link>https://www.edisongroup.com/spark/matador-secondary-private-equity-sixsql-reports-record-distributions-in-q326/CH0042797206/widget-xml/</link>
      <isin>CH0042797206</isin>
      <epic>SQL</epic>
    </publication>
    <publication>
      <date>2026-11-13T08:15:47+00:00</date>
      <company><![CDATA[VinFast Auto]]></company>
      <headline><![CDATA[VinFast (NASDAQ: VFS) – launches all-new VF 8 in the Philippines]]></headline>
      <description><![CDATA[VinFast (NASDAQ: VFS) has launched the all-new VF 8 in the Philippines, the first international market for the updated D-segment electric SUV, with initial customer deliveries expected to begin in November 2026.]]></description>
      <link>https://www.edisongroup.com/spark/vinfast-nasdaq-vfs-launches-all-new-vf-8-in-the-philippines/SGXZ55111462/widget-xml/</link>
      <isin>SGXZ55111462</isin>
      <epic>VFS</epic>
    </publication>
    <publication>
      <date>2026-11-13T06:11:49+00:00</date>
      <uid>4301</uid>
      <company><![CDATA[Regional REIT]]></company>
      <type>Flash</type>
      <otc_epic>RGGLF</otc_epic>
      <headline><![CDATA[Regional REIT — Steady strategic progress]]></headline>
      <description><![CDATA[ Regional REIT (RGL) made further progress in Q326 with its ongoing portfolio repositioning strategy, reducing borrowings through additional disposals and enhancing overall portfolio quality. Leasing conditions remain challenging, with occupier decisions taking longer, although rents achieved on completed transactions continue to demonstrate demand for good-quality office space. The company continues to target a fully covered FY26 dividend of 8.0p per share, and we make no changes to our forecasts. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a8fa29029bfbdd045172478c4add400a.pdf</url>
      <link>https://www.edisongroup.com/research/steady-strategic-progress/BM-4301/widget-xml/</link>
      <filename></filename>
      <isin>GG00BSY2LD72</isin>
      <epic>RGL</epic>
    </publication>
    <publication>
      <date>2026-11-12T15:09:46+00:00</date>
      <uid>4260</uid>
      <company><![CDATA[Drax Group]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Drax Group — Grid access opens a data centre option]]></headline>
      <description><![CDATA[ Drax Group is a UK power generator built around the 2.6GW biomass-fired Drax Power Station. Its partnership with Brookfield and Radiant to develop a data centre of more than 1GW in aggregate on the Drax estate offers a route to monetising the site’s 4GW of grid access, with a first phase of up to 100MW targeted for Q128. This follows completion of the Bluefield Solar Income Fund (BSIF) acquisition at a £1,082m enterprise value and a September upgrade that put FY26 EBITDA expectations around the top of the £680–711m consensus range. The 23 November capital markets day should add detail on its growth plan. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6477d7b3b5483e625db64a79fd0e3d32.pdf</url>
      <link>https://www.edisongroup.com/research/grid-access-opens-a-data-centre-option/BM-4260/widget-xml/</link>
      <filename></filename>
      <isin>GB00B1VNSX38</isin>
      <epic>DRX</epic>
    </publication>
    <publication>
      <date>2026-11-12T14:38:24+00:00</date>
      <uid>4306</uid>
      <company><![CDATA[Starpharma]]></company>
      <headline><![CDATA[Starpharma’s Cheryl Maley on DEP HER2-Lu clinical plans and strategic partnerships]]></headline>
      <description><![CDATA[Cheryl Maley, CEO of Starpharma, speaks to Arron Aatkar, director at Edison Group, about the company’s proprietary dendrimer drug delivery technology, its lead oncology asset DEP HER2-Lutetium (DEP HER2-Lu), plans for its first-in-human clinical study and strategic partnerships with Genentech, Radiopharm and Petalion Therapeutics. She also discusses the company’s priorities for London Life Science Week and the near-term milestones investors should watch.
What is Starpharma’s dendrimer technology and how could it improve cancer treatments?
Cheryl Maley: Starpharma is an Australian-based biotech. We have a proprietary drug delivery platform technology based on dendrimers, which essentially allows drugs to be more effective. In oncology, that means making them more effective at treating cancers while also reducing side effects and improving tolerability.
The dendrimer itself is quite a simple structure, but the goal when you incorporate it into a cancer treatment is to make it more effective with fewer side effects, improving outcomes for patients.
How does Starpharma’s lead asset, DEP HER2-Lu, work and what are its potential advantages?
Cheryl Maley: The beauty of the technology is that we can use it in our own pipeline as we develop a portfolio, but we can also license it to partners. Our lead asset, DEP HER2-Lutetium, is a radiotherapy targeting HER2, which is a well-validated target often present in breast cancer and gastric or gastro-oesophageal cancer. It is combined with lutetium, which is a widely available and widely used radioisotope in radiotherapy.
The goal of incorporating the dendrimer into that structure is to make the treatment more effective by achieving higher tumour penetration, uptake and retention, while reducing the impact on healthy tissues, particularly the kidneys. We also want to avoid the treatment remaining in the blood for too long and affecting healthy organs.
What are the clinical development plans for DEP HER2-Lu, and when can investors expect initial results?
Cheryl Maley: We are taking DEP HER2-Lu into the clinic and are hoping to have approval before the end of the year, with the first patient dosed if all goes well. The first-in-human study will involve around 15 patients. The goal is to make sure that the biodistribution matches what we have seen in the preclinical animal studies, where we have generated some really compelling data.
We saw very high tumour uptake and retention out to 12 days, while being able to avoid the kidneys and ensure the treatment was quickly cleared from the blood. Those are some of the challenges we see with radiotherapies, and incorporating the dendrimer in the preclinical studies has shown really encouraging outcomes.
The goal of the first-in-human study is to see whether we get that same outcome in patients. We hope to have the first readout from three to four patients at the start of next year.
How are Starpharma’s strategic partnerships progressing, particularly the recent developments at Petalion Therapeutics?
Cheryl Maley: We have three strategic partners. In October last year, we announced a licensing agreement with Genentech, which has the ability to use our dendrimer technology across a couple of targets within its drug development portfolio.
The partnerships are great validation for us. They show that the benefits we believe our technology can bring to the assets we are developing are also being recognised by partners, some of which have been using our technology for a few years.
Genentech is a great example. It is well renowned for its drug development and innovation and has licensed our technology. We also have Radiopharm, a local Australian biotech that is using the technology in the radiotherapy space.
The third partnership is our joint venture with Medicxi, which is a company called Petalion Therapeutics.
We recently announced that we have increased our equity position in Petalion, allowing us to lead the next phase of research and development on a FAP-targeted dendrimer conjugate. FAP is a pan-cancer target.
It is an exciting area where others have encountered many challenges that we believe the dendrimer can help solve. We are excited to lead this next phase, which builds on our great collaboration with Medicxi and the potential strengths that the dendrimer can bring in the FAP space.
What does Starpharma hope to achieve at London Life Science Week, and what near-term milestones should investors watch?
Cheryl Maley: London Life Science Week is very important for Starpharma. Building on the foundation of the partnerships we already have, it provides an opportunity to explore new partnerships and broaden our investment discussions.
For an Australian biotech, it is very efficient to come to events like this because everyone is in one place, rather than us having to travel all over the world to meet different stakeholders. That is our key goal for the visit to London.
In terms of near-term catalysts, investors should look out for our DEP HER2-Lu study and the first patient dosing milestone. We are also focused on expanding our partnership opportunities and advancing our FAP programme towards lead candidate identification.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee’s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/starpharma-starpharmas-cheryl-maley-on-dep-her2-lu-clinical-plans-and-strategic-partnerships/BM-4306/widget-xml/</link>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-11-12T14:30:26+00:00</date>
      <uid>4278</uid>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <type>Flash</type>
      <otc_epic>MYTHF</otc_epic>
      <headline><![CDATA[Metlen Energy &#038; Metals — METKA: A distinct identity via intended IPO]]></headline>
      <description><![CDATA[ Metlen’s dedicated infrastructure platform has announced its intention to proceed with an IPO on Euronext Athens. METKA brings together Metlen’s infrastructure activities (construction, PPP/concessions, facility management) on one integrated platform covering the full lifecycle of infrastructure projects. The proposed offer is expected to consist of new shares in METKA worth c €250m issued via a share capital increase and a secondary offering with the proceeds intended primarily to fund new PPPs and concession investments and provide additional financial flexibility to pursue selected opportunities in adjacent activities. METKA’s intended IPO should be a positive catalyst for Metlen as 2026 continues to shape up well. Our unchanged €75.3/share valuation offers more than 60% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5c0cbdf865c66005ad0904459da2208b.pdf</url>
      <link>https://www.edisongroup.com/research/metka-a-distinct-identity-via-intended-ipo/BM-4278/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <date>2026-11-12T12:26:22+00:00</date>
      <uid>4302</uid>
      <company><![CDATA[Baker Steel Resources Trust]]></company>
      <headline><![CDATA[Baker Steel Resources Trust – equity proposition]]></headline>
      <description><![CDATA[Baker Steel Resources Trust (BSRT) provides investors with exposure to a concentrated, globally diversified portfolio of natural resources businesses, primarily at the development stage. Managed by the specialist Baker Steel Capital Managers, the trust invests across listed and unlisted equities, convertible loans and royalties, seeking to capture the increase in project valuations as businesses progress towards commercial production. With several major holdings approaching production or expansion, BSRT&#8217;s investment proposition increasingly combines potential development gains with royalty and dividend income, asset realisations and capital returns to shareholders.
We highlight the key points of Baker Steel Resources Trust’s investment story.

BSRT seeks to generate returns beyond commodity price appreciation.
The drive to secure Western critical minerals supplies offers significant opportunities.
Portfolio maturation creates scope for significant royalty and dividend income.
Asset realisations and a new capital allocation policy offer an additional route to shareholder returns.

For further details, please refer to our latest research on Baker Steel Resources Trust.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/baker-steel-resources-trust-baker-steel-resources-trust-equity-proposition-2/BM-4302/widget-xml/</link>
      <isin>GG00B6686L20</isin>
      <epic>BSRT</epic>
    </publication>
    <publication>
      <date>2026-11-12T11:15:38+00:00</date>
      <uid>4088</uid>
      <company><![CDATA[IP Group]]></company>
      <type>Update</type>
      <otc_epic>IPZYF</otc_epic>
      <headline><![CDATA[IP Group — Assessing Pfizer’s anti-obesity royalty potential]]></headline>
      <description><![CDATA[ IP Group has exposure to Pfizer’s anti-obesity pipeline following the acquisition of Metsera in November 2025 for up to $10bn. Through IP rights underpinning several Metsera-derived programmes, the group is entitled to milestone payments and royalties on future sales, with the associated asset valued at £152m at end-June 2026. Lead candidate berobenatide has delivered encouraging Phase IIb data and is progressing through Phase III, with potential first approval in 2028. Pfizer is funding clinical development, although standard clinical and commercial risks remain. In this note, we assess the programmes’ prospects and use Evaluate Pharma’s consensus sales forecasts to illustrate the scale of IP Group’s potential future royalty income, including outcomes conditional on successful commercialisation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/17a8e463e34d3e21a08520a16427581e.pdf</url>
      <link>https://www.edisongroup.com/research/assessing-pfizers-anti-obesity-royalty-potential/BM-4088/widget-xml/</link>
      <filename></filename>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-11-12T09:28:33+00:00</date>
      <uid>4297</uid>
      <company><![CDATA[PCI-PAL]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PCI-PAL — Positive momentum continues into FY27]]></headline>
      <description><![CDATA[ PCI Pal has re-confirmed FY26 guidance and now expects to report FY26 results in the week commencing 23 November. The company also provided a trading update for the five months to October 2026 (5M27), with positive commercial momentum continuing into FY27 and new business sales ahead of management expectations. We maintain our conservative FY27 forecasts pending further detail when FY26 results are published. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/95cb0c04cab13f6dcb5b967bb1a4429e.pdf</url>
      <link>https://www.edisongroup.com/research/positive-momentum-continues-into-fy27/BM-4297/widget-xml/</link>
      <filename></filename>
      <isin>GB0009737155</isin>
      <epic>PCIP</epic>
    </publication>
    <publication>
      <date>2026-11-12T05:32:07+00:00</date>
      <uid>4280</uid>
      <company><![CDATA[SIGA Technologies]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SIGA Technologies — International traction builds as US wait extends]]></headline>
      <description><![CDATA[ In line with its procurement-driven business model, SIGA’s Q326 performance was softer than Q226, with revenue of $1.3m and no TPOXX product deliveries during the quarter. However, this has limited read-through for underlying demand given the inherent revenue lumpiness. While the new US RFP remains delayed, the latest Canadian defence department contract (worth up to $15m) reinforces that smallpox preparedness is a government priority, while improving international revenue visibility from 2027. Another international agreement is in advanced negotiations, but these opportunities are modest relative to US stockpile replenishment. In terms of development, more FDA-requested validation work has pushed the PEP filing to 2028, while pediatric Phase I results remain on track for end-FY26. With $116.4m in cash and no debt, SIGA is well positioned to absorb procurement delays, but US contract timing remains the key consideration. We value SIGA at $11.24/share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7ffcbbc38162c0d35ee3d132008405a9.pdf</url>
      <link>https://www.edisongroup.com/research/international-traction-builds-as-us-wait-extends/BM-4280/widget-xml/</link>
      <filename></filename>
      <isin>US8269171067</isin>
      <epic>SIGA</epic>
    </publication>
    <publication>
      <date>2026-11-11T15:15:32+00:00</date>
      <company><![CDATA[Oando]]></company>
      <headline><![CDATA[Breakfast with Oando]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/event/breakfast-with-oando/widget-xml/</link>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
    <publication>
      <date>2026-11-11T14:19:41+00:00</date>
      <uid>4284</uid>
      <company><![CDATA[Herantis Pharma]]></company>
      <type>Spotlight — flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Herantis Pharma — HERMOD launch strengthens Phase II readiness]]></headline>
      <description><![CDATA[ Herantis Pharma has announced the launch of HERMOD, the Horizon Europe-funded consortium supporting its planned Phase II study of HER-096 in Parkinson’s disease (PD). The €8m project brings together specialist clinical and academic centres across Europe, with Karolinska University Hospital coordinating the consortium and Herantis sponsoring the trial. We view the use of this network as a useful step towards study execution, providing access to recruitment infrastructure and specialist imaging capabilities as HER-096 approaches its first test of efficacy. The trial is expected to enrol c 100 newly diagnosed PD patients. Clinical trial application (CTA) submission remains targeted for Q426, with first patient dosing in H127, subject to securing further financing and regulatory approvals. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/4f16174365c5cd0ff8bb4cc1715165d0.pdf</url>
      <link>https://www.edisongroup.com/research/hermod-launch-strengthens-phase-ii-readiness/BM-4284/widget-xml/</link>
      <filename></filename>
      <isin>FI4000087861</isin>
      <epic>HRTIS</epic>
    </publication>
    <publication>
      <date>2026-11-11T13:34:42+00:00</date>
      <uid>4259</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — Clinical strategy takes shape across AML &#038; CML]]></headline>
      <description><![CDATA[ Mendus’s Q326 results highlight continued clinical execution across its expanded vididencel programme in acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML). The key recent development is the emergence of initial immunological signals from the randomised Phase IIb CADENCE study, where vididencel combined with oral azacitidine showed favourable immune cell changes versus control. These findings support its proposed mechanism, with the first assessment of clinical benefit expected in Q227. In CML, VITAL-CML passed its initial safety review and reported encouraging immune markers, supporting plans for VITAL-TFR2. Further, the launch of the Phase Ib DIVA study broadens vididencel’s potential use in AML. Financially, Q326 operating loss was SEK20.9m (Q325: SEK20.4m), with gross cash of SEK55.7m and net cash of SEK7.2m at end-September, following the Fenja drawdown. We value Mendus at SEK1.55bn or SEK23.9 per share (SEK1.53bn or SEK23.7/share previously). ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ce9b683d3ab38bae470fa6cc9809eb48.pdf</url>
      <link>https://www.edisongroup.com/research/clinical-strategy-takes-shape-across-aml-cml/BM-4259/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-11-11T11:23:35+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Omantel: Q3 Mixed picture, investment gains drive earnings]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/omantel-q3-mixed-picture-but-investment-gains-drive-profitability/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-11T09:23:21+00:00</date>
      <uid>4258</uid>
      <company><![CDATA[Mendus]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Mendus — Immune signals across AML and CML; Q326 results]]></headline>
      <description><![CDATA[ Mendus’s Q326 results reflect continued execution of its expanded vididencel strategy across acute myeloid leukaemia (AML) and chronic myeloid leukaemia (CML), supported by initial immunological data from both indications. In the Phase IIb CADENCE trial, early samples suggest improved immune competence with vididencel, consistent with prior clinical findings. In CML, VITAL-CML cleared its eight-patient safety test and showed encouraging immune-marker trends, although sustained molecular responses have yet to emerge. Mendus also initiated the Phase Ib DIVA trial in September, broadening its AML programme to patients receiving less-intensive venetoclax plus azacitidine (Ven-Aza). The Q326 operating loss was SEK20.9m (Q325: SEK20.4m), while operating cash outflow eased to SEK18.8m (Q325: SEK20.5m). Gross cash stood at SEK55.7m at end-Q326, incorporating the SEK16.5m Fenja Capital drawdown. Management reiterates a cash runway into Q227, with additional capital required thereafter. Attention now turns to key CADENCE and DIVA readouts, and further CML data, throughout 2027. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/294392bc8ee92b933d8234f069890dae.pdf</url>
      <link>https://www.edisongroup.com/research/immune-signals-across-aml-and-cml-q326-results/BM-4258/widget-xml/</link>
      <filename></filename>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-11-11T09:21:42+00:00</date>
      <uid>4270</uid>
      <company><![CDATA[Cadence Minerals]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cadence Minerals — Azteca operating licence granted]]></headline>
      <description><![CDATA[ Cadence Minerals has received the Operating Licence (LO) for the Azteca processing plant at its 36.2%-owned Amapá iron ore project in Brazil, following completion of hot commissioning last month. DEV has commenced production at a reduced rate, with full-rate operations expected approximately two weeks after receipt of the remaining US$1.15m working capital under its existing project funding facility. Management continues to target a first shipment before year-end, subject to funding drawdown, feed access and logistics readiness. The licence grant represents an important milestone for the company as it removes a major regulatory uncertainty. We expect first sales and production ramp-up to provide additional support to the shares in the near term. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/bb9fbf7c7db308d179b9d2ec88b37d56.pdf</url>
      <link>https://www.edisongroup.com/research/azteca-operating-licence-granted/BM-4270/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJP0B151</isin>
      <epic>KDNC</epic>
    </publication>
    <publication>
      <date>2026-11-11T05:41:38+00:00</date>
      <uid>4273</uid>
      <company><![CDATA[Oryzon Genomics]]></company>
      <type>Flash</type>
      <otc_epic>ORYZF</otc_epic>
      <headline><![CDATA[Oryzon Genomics — Q326: R&#038;D investments reflect clinical progress]]></headline>
      <description><![CDATA[ Oryzon has reported its Q326 results, reflecting continued investment across its clinical pipeline ahead of several important milestones. R&amp;D expenditure increased to $4.6m, from $3.9m in Q325, bringing nine-month expenditure in 2026 to $16.0m, consistent with the broader pace of clinical development. The reported quarterly operating loss widened to $5.6m, versus $5.1m in Q325, while the net result was a loss of $1.4m. Oryzon ended September with $21.7m (€19.1m) in cash. Operationally, the recent American Society of Hematology (ASH) 2026 annual meeting abstracts reinforced encouraging clinical activity for iadademstat in first-line acute myeloid leukaemia (AML), including a 95% overall response rate and 84% composite complete remission rate in the Phase Ib ALICE-2 study. Updated data will be presented at the ASH meeting in December, ahead of the planned Phase III ALICE-3 programme in 2027. Meanwhile, vafidemstat continues to advance across its central nervous system (CNS) indications, with EVOLUTION recruiting in schizophrenia and preparations progressing for PORTICO-2 in borderline personality disorder (BPD). We plan to revisit our estimates and valuation with the ASH update in December. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/1b955c352818a1ce1565efaf3bb0b4f4.pdf</url>
      <link>https://www.edisongroup.com/research/q326-rd-investments-reflect-clinical-progress/BM-4273/widget-xml/</link>
      <filename></filename>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-11-10T14:24:48+00:00</date>
      <uid>4275</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Beyond the peak season – Greek travel and leisure]]></headline>
      <description><![CDATA[Tourism is around a fifth of Greek output and the country has outgrown every Southern European peer since 2019: arrivals (including cruise) are 21% above pre-COVID levels and receipts (including cruise) 30% higher, reaching &#8364;23.6bn in 2025 and running 9% ahead again in the first eight months of 2026. Yet the listed companies that are exposed to the growth have been left behind. The ATHEX Composite returned 31% over the past year; Aegean, Attica, Autohellas, Motodynamics and LAMDA Development all fell between 8% and 25%. We argue the gap is cyclical, not structural. A fuel shock, squeezed Northern European consumers and a Middle East conflict that interrupted the cruise season have obscured five structural growth drivers: (1) premiumisation, (2) the cruise cycle, (3) airport capacity, (4) a year-round Athens and (5) a funded investment programme that remains intact. Three factors make this an alpha opportunity rather than a value trap: the structural change is measurable; Greece&#8217;s move from emerging to developed market indices (completed by FTSE Russell and STOXX in September, with MSCI set to follow in May 2027) leaves these small-cap names without an index sponsor on either side; and a third of the companies have no consensus forecasts at all. We set out a rules-based Greek tourism and leisure basket, size the headwinds and show that the core basket trades on 6.7x trailing EV/EBITDA and 8.6x trailing earnings with a 7% dividend yield, a third below its pre-pandemic rating and a 55% discount to European travel and leisure sector on 18.9x, while an equal-weighted basket of the same companies is down 8% this year against a 26% rise in the ATHEX Composite.]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/54daf21c82835b74d79f9373981494b6.pdf</url>
      <link>https://www.edisongroup.com/thematic/beyond-the-peak-season/BM-4275/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-10T11:36:32+00:00</date>
      <company><![CDATA[Oman Cables]]></company>
      <headline><![CDATA[Oman Cables]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/oman-cables/BMC-442/widget-xml/</link>
      <isin>OM0000001707</isin>
      <epic>OCAI</epic>
    </publication>
    <publication>
      <date>2026-11-10T11:03:25+00:00</date>
      <uid>4254</uid>
      <company><![CDATA[Napatech]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Napatech — Under-the-radar exposure to AI capex]]></headline>
      <description><![CDATA[ Napatech is emerging as a beneficiary of the AI infrastructure investment cycle, building on strong growth in its established network acceleration business. As AI workloads become increasingly distributed, efficient data movement is critical to maximising the utilisation of expensive computing infrastructure. Napatech’s programmable network acceleration products address this requirement. With its first AI Infrastructure production shipments in Q326, the company now has two complementary growth drivers: sustained growth in Core Infrastructure and a potentially much larger AI Infrastructure opportunity. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8c3fc16b1a274c31dbf36a7b894e9d6c.pdf</url>
      <link>https://www.edisongroup.com/research/under-the-radar-exposure-to-ai-capex/BM-4254/widget-xml/</link>
      <filename></filename>
      <isin>DK0060520450</isin>
      <epic>NAPA</epic>
    </publication>
    <publication>
      <date>2026-11-10T10:39:52+00:00</date>
      <company><![CDATA[Oman Cement]]></company>
      <headline><![CDATA[Oman Cement]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/oman-cement/BMC-441/widget-xml/</link>
      <isin>OM0000001749</isin>
      <epic>OCOI</epic>
    </publication>
    <publication>
      <date>2026-11-10T10:03:07+00:00</date>
      <uid>4267</uid>
      <company><![CDATA[Theon International]]></company>
      <type>Flash</type>
      <otc_epic>TNIPF</otc_epic>
      <headline><![CDATA[Theon International — 9M26 on track, mid-term growth upgraded]]></headline>
      <description><![CDATA[ Theon’s strong 2026 performance continued in Q3, with revenue of €134.1m up 40.4% y-o-y (€95.5m) and adjusted EBIT of €35.1m (€22.0m) up 59.5%, representing an adjusted EBIT margin of 26.2% (23.1%). Order intake in the first nine months of 2026 (9M26) was up 22.5% y-o-y to €285.2m (€232.7m), reflecting resilient demand. While the book-to-bill for the first nine months was 0.74x, Theon continues to expect order acceleration in Q4 to deliver a book-to-bill of c 1.0x for 2026. The company remains on track to achieve its recently upgraded 2026 guidance (revenue of €600m and an adjusted EBIT margin of at least 26%). Strong commercial momentum, enhanced revenue visibility and an expanded addressable market drove an upgrade of medium-term organic revenue growth guidance from &gt;15% to &gt;20%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/56593d7d62469fe47d16cdb1706aac60.pdf</url>
      <link>https://www.edisongroup.com/research/9m26-on-track-mid-term-growth-upgraded/BM-4267/widget-xml/</link>
      <filename></filename>
      <isin>CY0200751713</isin>
      <epic>THEON</epic>
    </publication>
    <publication>
      <date>2026-11-10T09:12:30+00:00</date>
      <company><![CDATA[Bally’s Intralot]]></company>
      <headline><![CDATA[Bally&#8217;s Intralot (BYLOT: ASE) Q326 revenue and profitability increase versus Q226]]></headline>
      <description><![CDATA[UK remote gaming duty weighing on 9M26 profitability]]></description>
      <link>https://www.edisongroup.com/spark/ballys-intralot-bylotase-q326-revenue-and-profitability-increase-versus-q226/GRS343313003/widget-xml/</link>
      <isin>GRS343313003</isin>
      <epic>BYLOT</epic>
    </publication>
    <publication>
      <date>2026-11-10T09:06:20+00:00</date>
      <company><![CDATA[Mendus]]></company>
      <headline><![CDATA[Mendus (OMX: IMMU) expands NK cell therapy manufacturing with NorthX]]></headline>
      <description><![CDATA[Swedish innovation grant supports expansion into memory NK cell therapies, extending Mendus\' AML pipeline beyond vididencel]]></description>
      <link>https://www.edisongroup.com/spark/mendus-omx-immu-expands-nk-cell-therapy-manufacturing-with-northx/SE0022239950/widget-xml/</link>
      <isin>SE0022239950</isin>
      <epic>IMMU</epic>
    </publication>
    <publication>
      <date>2026-11-10T08:53:24+00:00</date>
      <uid>3811</uid>
      <company><![CDATA[BlackRock Latin American Inv Trust]]></company>
      <type>Review</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[BlackRock Latin American Inv Trust — Active investment in out-of-favour region]]></headline>
      <description><![CDATA[ BlackRock Latin American Investment Trust (BRLA) is the only UK-listed closed-end fund providing investors with a diversified Latin American equity exposure. Managers Sam Vecht (lead) and Gordon Fraser select stocks on a bottom-up basis, while taking the top-down macroeconomic environment into account. The trust’s geographic and sector weightings can vary markedly from the benchmark MSCI Emerging Markets Latin America Index and the portfolio contains companies across the market cap spectrum. Vecht and Fraser remain positive on the prospects for Latin American equities given the region’s above-average growth prospects and attractive valuations. Although the trust’s relative performance has been disappointing, the managers note that H126 results were negatively affected by a few stock-specific setbacks rather than a broad deterioration in portfolio fundamentals. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/05fa2ce483ac15400fbc47a09ecf58d5.pdf</url>
      <link>https://www.edisongroup.com/research/active-investment-in-out-of-favour-region/BM-3811/widget-xml/</link>
      <filename></filename>
      <isin>GB0005058408</isin>
      <epic>BRLA</epic>
    </publication>
    <publication>
      <date>2026-11-10T08:05:40+00:00</date>
      <company><![CDATA[Avon Technologies]]></company>
      <headline><![CDATA[Avon Technologies (LSE: AVON) – strong FY26 delivery supports continued growth into FY27]]></headline>
      <description><![CDATA[Avon Technologies (LSE: AVON) delivered strong FY26 growth with strong margin expansion, cash generation and deleveraging, while FY27 guidance points to continued progress supported by a solid order book and further growth opportunities.]]></description>
      <link>https://www.edisongroup.com/spark/avon-technologies-lse-avon-strong-fy26-delivery-supports-continued-growth-into-fy27/GB0000667013/widget-xml/</link>
      <isin>GB0000667013</isin>
      <epic>AVON</epic>
    </publication>
    <publication>
      <date>2026-11-10T07:37:18+00:00</date>
      <uid>4266</uid>
      <company><![CDATA[Filtronic]]></company>
      <type>Flash</type>
      <otc_epic>FLTCF</otc_epic>
      <headline><![CDATA[Filtronic — Next step towards volume production for US satellite customer]]></headline>
      <description><![CDATA[ Filtronic has announced a $3m follow-on contract with its undisclosed US-based satellite communications customer. The award is to support procurement of long lead-time components and is the next step towards full commercial sales for the development contract originally signed in March 2026. We view this contract as supportive of our FY28 forecasts and a positive sign that Filtronic is moving closer to volume production with this customer. It also confirms the company’s strength in the space market and further progress in reducing the concentration of its largest customer. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/747ade5a4a8af24e28819f4cc2580cfb.pdf</url>
      <link>https://www.edisongroup.com/research/next-step-towards-volume-production-for-us-satellite-customer/BM-4266/widget-xml/</link>
      <filename></filename>
      <isin>GB0003362992</isin>
      <epic>FTC</epic>
    </publication>
    <publication>
      <date>2026-11-10T06:42:01+00:00</date>
      <uid>4269</uid>
      <company><![CDATA[4imprint Group]]></company>
      <type>Flash</type>
      <otc_epic>FRRFF</otc_epic>
      <headline><![CDATA[4imprint Group — Resilience and encouragement]]></headline>
      <description><![CDATA[ 4imprint’s (FOUR’s) 10-month trading update demonstrates the resilience of its performance, with management indicating FY26 revenue and adjusted profit before tax will be in line with the consensus range. Equally important is the encouragement provided by the further sequential quarter-on-quarter improvement in the number of orders from new customers, which is a leading indicator of potential revenue growth. Despite the forecast year-on-year decline in profit before tax in FY26, the company’s end-October cash position is significantly higher than it was 12 months ago, although the drivers between FY25 and FY26 are slightly different. This raises the prospect of future additional shareholder returns. Special dividends were paid in FY23 and FY25. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/fc150a8958844d4a7e3d687930c58aa5.pdf</url>
      <link>https://www.edisongroup.com/research/resilience-and-encouragement/BM-4269/widget-xml/</link>
      <filename></filename>
      <isin>GB0006640972</isin>
      <epic>FOUR</epic>
    </publication>
    <publication>
      <date>2026-11-10T06:12:18+00:00</date>
      <uid>4262</uid>
      <company><![CDATA[Custodian Property Income REIT]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Custodian Property Income REIT — Broadening the growth opportunity]]></headline>
      <description><![CDATA[ Custodian Property Income REIT (CREI) has announced the acquisition of a complementary portfolio of eight industrial and retail assets for £11.0m. The consideration comprises 10.6m new shares to be issued to the vendors on an adjusted NAV-for-NAV basis, together with £0.4m in cash. We expect the acquisition to be accretive to EPS as rental reversion is captured. In a sector where scale is increasingly important, the transaction further demonstrates CREI’s ability to grow by leveraging its smaller-lot-size investment strategy and listed REIT structure. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/433efd53f649f3e1ed4ec6706382fa7e.pdf</url>
      <link>https://www.edisongroup.com/research/broadening-the-growth-opportunity/BM-4262/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJFLFT45</isin>
      <epic>CREI</epic>
    </publication>
    <publication>
      <date>2026-11-09T15:49:04+00:00</date>
      <uid>4264</uid>
      <company><![CDATA[SCHMID]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SCHMID — Glass core substrate equipment order]]></headline>
      <description><![CDATA[ SCHMID has received an order for wet processing equipment to be used in the manufacturing of glass core substrates. This is the first contract for volume manufacturing that SCHMID has won for this application. The value of the contract is undisclosed; we assume it supports our forecasts. More importantly, it is an endorsement of the technology that SCHMID has developed for the next generation of chip packaging and supports growth in the longer term. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b535a093cda272f99e4538970731c086.pdf</url>
      <link>https://www.edisongroup.com/research/glass-core-substrate-equipment-order/BM-4264/widget-xml/</link>
      <filename></filename>
      <isin>NL00150021T1</isin>
      <epic>SHMD</epic>
    </publication>
    <publication>
      <date>2026-11-09T15:07:06+00:00</date>
      <company><![CDATA[The Metals Company]]></company>
      <headline><![CDATA[The Metals Company (NASDAQ: TMC) &#8211; NOAA final determination on TMC USA&#8217;s certification expected by mid-December 2026]]></headline>
      <description><![CDATA[NOAA final determination on TMC USA\'s certification expected by mid-December 2026]]></description>
      <link>https://www.edisongroup.com/spark/the-metals-company-nasdaq-tmc-noaa-final-determination-on-tmc-usas-certification-expected-by-mid-december-2026/CA87261Y1060/widget-xml/</link>
      <isin>CA87261Y1060</isin>
      <epic>TMC</epic>
    </publication>
    <publication>
      <date>2026-11-09T12:07:58+00:00</date>
      <uid>3785</uid>
      <company><![CDATA[Oando]]></company>
      <type>Initiation</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Oando — Scaling the enlarged upstream platform]]></headline>
      <description><![CDATA[ Oando has emerged from the NAOC acquisition with a materially larger operated asset base. The US$754m transaction doubled its working interest in OMLs 60–63 to 40%, transferred operatorship and raised the 2P reserve base to 928mmboe, backed by extensive oil, gas-processing, pipeline and power infrastructure. Current production remains low relative to this reserve and infrastructure base, leaving substantial scope for higher utilisation. The 2026–30 upstream development programme is the main driver of the next growth phase, while successful balance-sheet restructuring would increase the group’s funding capacity. Execution of the programme should drive higher production, EBITDA and cash generation. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/eee7562b82bbbbdf4eac54822cb60ec4.pdf</url>
      <link>https://www.edisongroup.com/research/scaling-the-enlarged-upstream-platform/BM-3785/widget-xml/</link>
      <filename></filename>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
    <publication>
      <date>2026-11-09T11:36:00+00:00</date>
      <company><![CDATA[Ominvest]]></company>
      <headline><![CDATA[Ominvest]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/ominvest/BMC-440/widget-xml/</link>
      <isin>OM0000001533</isin>
      <epic>OMVS</epic>
    </publication>
    <publication>
      <date>2026-11-09T11:05:55+00:00</date>
      <uid>4263</uid>
      <company><![CDATA[Abcourt Mines]]></company>
      <headline><![CDATA[Abcourt Mines – an all-inclusive opportunity: From a small producer to a polymetallic mining camp]]></headline>
      <description><![CDATA[In this webinar, Dany Cenac Robert, vice president, communications and corporate development at Abcourt Mines, discusses the company’s&#8217; journey from gold exploration to production at the Sleeping Giant mine in Canada&#8217;s Abitibi region of Quebec. He will also outlines the company&#8217;s strategy and opportunities for future growth.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/abcourt-mines-abcourt-mines-an-all-inclusive-opportunity-from-a-small-producer-to-a-polymetallic-mining-camp/BM-4263/widget-xml/</link>
      <isin>CA00288E3005</isin>
      <epic>ABI</epic>
    </publication>
    <publication>
      <date>2026-11-09T10:38:36+00:00</date>
      <uid>4095</uid>
      <company><![CDATA[Freelancer]]></company>
      <type>Update</type>
      <otc_epic>FLNCF</otc_epic>
      <headline><![CDATA[Freelancer — Managing growth and remediation]]></headline>
      <description><![CDATA[ Freelancer’s Q326 update highlighted contrasting trends across its three divisions: continued weakness in the core Freelancer marketplace was offset by strong transaction growth at Escrow.com and a record quarter for Loadshift. Management has made progress in addressing the marketplace operational issues, although this has yet to translate into a recovery in customer activity. Cost reductions have helped preserve profitability despite declining revenue. We view a recovery in marketplace activity as the key revenue growth driver, supported by opportunities in enterprise services, AI-related projects and expansion into new Escrow.com verticals. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f788f4f37a47566a47433cb8c4a29d20.pdf</url>
      <link>https://www.edisongroup.com/research/managing-growth-and-remediation/BM-4095/widget-xml/</link>
      <filename></filename>
      <isin>AU000000FLN2</isin>
      <epic>FLN</epic>
    </publication>
    <publication>
      <date>2026-11-09T09:33:41+00:00</date>
      <company><![CDATA[Kainos Group]]></company>
      <headline><![CDATA[Kainos (LSE: KNOS): Firing on all cylinders in H127]]></headline>
      <description><![CDATA[Outlook for FY27 maintained]]></description>
      <link>https://www.edisongroup.com/spark/kainos-lse-knos-firing-on-all-cylinders-in-h127/GB00BZ0D6727/widget-xml/</link>
      <isin>GB00BZ0D6727</isin>
      <epic>KNOS</epic>
    </publication>
    <publication>
      <date>2026-11-09T08:47:14+00:00</date>
      <uid>4249</uid>
      <company><![CDATA[International Airlines Group]]></company>
      <type>Client QV</type>
      <otc_epic>BABWF</otc_epic>
      <headline><![CDATA[International Airlines Group — Portfolio strength underpins resilience]]></headline>
      <description><![CDATA[ International Airlines Group’s (IAG’s) Q326 results demonstrate the value of its long-haul network and growing Loyalty business against higher fuel prices and operational disruption. Management remains confident of delivering a FY26 operating margin of at least 12%, within its 12–15% through-the-cycle target range. Demand remains supportive, particularly across the Atlantic, while financial strength allows continued investment and shareholder returns. The increased interim dividend and ongoing buyback reflect this confidence, although containing disruption and recovering higher fuel costs remain important to earnings delivery. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/cc52b2d811adc4836f463951fc8ba01b.pdf</url>
      <link>https://www.edisongroup.com/research/portfolio-strength-underpins-resilience/BM-4249/widget-xml/</link>
      <filename></filename>
      <isin>ES0177542018</isin>
      <epic>IAG</epic>
    </publication>
    <publication>
      <date>2026-11-09T08:46:32+00:00</date>
      <company><![CDATA[Drax Group]]></company>
      <headline><![CDATA[Drax Group]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/drax-group/BMC-439/widget-xml/</link>
      <isin>GB00B1VNSX38</isin>
      <epic>DRX</epic>
    </publication>
    <publication>
      <date>2026-11-09T08:20:12+00:00</date>
      <uid>4099</uid>
      <company><![CDATA[PVA TePla]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[PVA TePla — Better-than-expected order intake in Q3]]></headline>
      <description><![CDATA[ PVA TePla (PVA) reported Q326 results that were lower on sales but stronger in order intake compared with consensus. Management reiterated FY26 guidance for revenue of €255–275m and EBITDA at the lower end of the €26–31m range, and expects an acceleration in revenue growth and profitability in FY27. In the conference call, CFO Markus Groß outlined a credible path to achieving FY26 EBITDA guidance, supported by gross margin expansion driven by a better mix (with a higher contribution from Metrology) and revenue growth in Material Solutions, leading to improved utilisation. We maintain our estimates and DCF-based fair value of €36.93. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/dd87faf526d0bbf115651780d3632422.pdf</url>
      <link>https://www.edisongroup.com/research/better-than-expected-order-intake-in-q3/BM-4099/widget-xml/</link>
      <filename></filename>
      <isin>DE0007461006</isin>
      <epic>TPE</epic>
    </publication>
    <publication>
      <date>2026-11-09T08:11:28+00:00</date>
      <uid>4230</uid>
      <company><![CDATA[Wheaton Precious Metals]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Wheaton Precious Metals — Setting up for a strong Q4]]></headline>
      <description><![CDATA[ Wheaton’s (WPM’s) Q326 adjusted EPS exceeded our forecasts by 0.9% and the market consensus by 1.4%. In general, the quarter was characterised by lower production and higher sales than we had expected (especially at Salobo) and lower silver and gold cash costs. This translated into a 2.0% ( US$15.0m) positive variance in revenue, not fully offset by a 4.6% ( US$5.6m) negative variance in depletion to result in a 1.9% ( US$9.1m) positive variance in pre-tax profits, which was somewhat offset by a fractionally higher tax rate (15.9% effective rate vs 15.1%) to result in a 0.9% ( US$3.7m) positive variance in net earnings. In tandem with slightly higher precious metals prices, this has caused us to raise our FY26 EPS estimate by US$0.069/share (1.6%). However, we note that our Q426 and FY26 forecasts are relatively conservative within the market. Our FY27 forecast (which assumes that current metals prices will prevail until December 2027) remains, to all intents and purposes, unchanged. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/48a7edd828391418e2cd7efb3aff7159.pdf</url>
      <link>https://www.edisongroup.com/research/setting-up-for-a-strong-q4/BM-4230/widget-xml/</link>
      <filename></filename>
      <isin>CA9628791027</isin>
      <epic>WPM</epic>
    </publication>
    <publication>
      <date>2026-11-09T07:53:20+00:00</date>
      <uid>4244</uid>
      <company><![CDATA[HgT]]></company>
      <type>Flash</type>
      <otc_epic>HGCTF</otc_epic>
      <headline><![CDATA[HgT — NAV TR of 2.0% in Q326 amid strong trading]]></headline>
      <description><![CDATA[ HgT reported a 2.0% NAV total return (TR) in Q326, following a 0.5% increase in Q226, bringing its NAV per share to 539.1p, continuing the recovery from the Q126 low and limiting the year-to-date NAV TR decline to 3.1%. Continued strong trading added 5% to gross portfolio value during Q326 (15% year to date), more than offsetting a negative 2% impact from lower comparable multiples. Last-12-month revenue and EBITDA grew by a strong 15% and 19% y-o-y, respectively (of which 11% and 17% was organic), at a healthy EBITDA margin of 35% (end-June 2026: 34%). Despite a selective recovery in listed software valuations during Q3, application and vertical software stocks have lagged, leading to a further decline in HgT’s weighted average EV/EBITDA multiple to 22.6x (end-2025: 25.2x). Average net debt to EBITDA improved further to 6.7x from 7.4x at end-2025. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/201d16054fef940e1e987e451b0195bd.pdf</url>
      <link>https://www.edisongroup.com/research/nav-tr-of-2-0-in-q326-amid-strong-trading/BM-4244/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJ0LT190</isin>
      <epic>HGT</epic>
    </publication>
    <publication>
      <date>2026-11-06T14:21:48+00:00</date>
      <uid>4211</uid>
      <company><![CDATA[NYORDA]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[NYORDA — Back to growth in Q326]]></headline>
      <description><![CDATA[ NYORDA’s Q326 results confirmed a return to growth for Partner Marketing and an acceleration in growth for Influencer Marketing. After a period of restructuring in Partner Marketing and the launch of new products in growth areas, the group has delivered broad-based revenue growth and improved profitability. The company reiterated its long-term financial targets and continues to target adjusted EBITDA/gross profit above 25% in FY27. We have made minor upgrades to our forecasts, reflecting the strong performance in Q3. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/d8a8024e0081dc062bd35edbfa291086.pdf</url>
      <link>https://www.edisongroup.com/research/back-to-growth-in-q326/BM-4211/widget-xml/</link>
      <filename></filename>
      <isin>SE0001552357</isin>
      <epic>NYOR</epic>
    </publication>
    <publication>
      <date>2026-11-06T13:13:42+00:00</date>
      <company><![CDATA[Napatech]]></company>
      <headline><![CDATA[Napatech]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/napatech/BMC-438/widget-xml/</link>
      <isin>DK0060520450</isin>
      <epic>NAPA</epic>
    </publication>
    <publication>
      <date>2026-11-06T09:01:49+00:00</date>
      <company><![CDATA[Starpharma]]></company>
      <headline><![CDATA[Starpharma (ASX: SPL) targets December start for DEP HER2-Lu trial]]></headline>
      <description><![CDATA[First patient data expected in H1 CY27, with Phase I/II expansion planned for H2 CY27 and pivotal study readiness targeted for CY28]]></description>
      <link>https://www.edisongroup.com/spark/starpharma-asx-spl-targets-december-start-for-dep-her2-lu-trial/AU000000SPL0/widget-xml/</link>
      <isin>AU000000SPL0</isin>
      <epic>SPL</epic>
    </publication>
    <publication>
      <date>2026-11-06T08:15:45+00:00</date>
      <company><![CDATA[International Airlines Group]]></company>
      <headline><![CDATA[International Airlines Group (LSE:IAG) Q326 results]]></headline>
      <description><![CDATA[Strong pricing cushions fuel and disruption headwinds.]]></description>
      <link>https://www.edisongroup.com/spark/international-airlines-group-lseiag-q326-results/ES0177542018/widget-xml/</link>
      <isin>ES0177542018</isin>
      <epic>IAG</epic>
    </publication>
    <publication>
      <date>2026-11-06T07:57:43+00:00</date>
      <uid>4243</uid>
      <company><![CDATA[Global Fashion Group]]></company>
      <type>Update</type>
      <otc_epic>GLFGF</otc_epic>
      <headline><![CDATA[Global Fashion Group — FY26 profit held despite weaker demand]]></headline>
      <description><![CDATA[ Global Fashion Group’s (GFG’s) Q326 results show further progress in profitability and cash generation, despite a deterioration in trading since Q226. Management’s focus on customer and order economics led to a year-on-year increase in adjusted EBITDA of €2.5m, while normalised free cash flow was positive for the first time in a third quarter. However, weaker demand, particularly in Latin America (LatAm), has continued into October, ahead of the largest trading quarter. Management retains its FY26 adjusted EBITDA guidance but now expects net merchandise value (NMV) towards the bottom of the existing range. We make no changes to our FY26 adjusted EBITDA estimates but lower these for FY27 and FY28 as we factor in fewer active customers in LatAm and South-East Asia (SEA). Further progress towards cash breakeven supports the investment case. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f84ce1737f8271d4ca4681b0f6194305.pdf</url>
      <link>https://www.edisongroup.com/research/fy26-profit-held-despite-weaker-demand/BM-4243/widget-xml/</link>
      <filename></filename>
      <isin>LU2010095458</isin>
      <epic>GFG</epic>
    </publication>
    <publication>
      <date>2026-11-05T17:16:10+00:00</date>
      <company><![CDATA[Xspray Pharma]]></company>
      <headline><![CDATA[Xspray Pharma (STO: XSPRAY) FDA inspection addresses manufacturing hurdle]]></headline>
      <description><![CDATA[FDA inspection of NerPharMa begins as Q426 resubmission plans remain intact]]></description>
      <link>https://www.edisongroup.com/spark/xspray-pharma-sto-xspray-fda-inspection-addresses-manufacturing-hurdle/SE0009973563/widget-xml/</link>
      <isin>SE0009973563</isin>
      <epic>XSPRAY</epic>
    </publication>
    <publication>
      <date>2026-11-05T14:12:53+00:00</date>
      <uid>4237</uid>
      <company><![CDATA[OSE Immunotherapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[OSE Immunotherapeutics — KOLs sharpen the second-line NSCLC case]]></headline>
      <description><![CDATA[ OSE Immunotherapeutics’ (OSE’s) 4 November 2026 key opinion leader (KOL) webcast reinforced the clinical rationale for Tedopi in second-line non-small cell lung cancer (NSCLC), where options remain limited after first-line treatment. The KOLs highlighted the appeal of an immediately available cancer vaccine that may reactivate tumour-specific T-cells in patients whose disease initially responded to checkpoint inhibition. Recent Phase II Combi-TED data provided further encouragement: one-year overall survival (OS) was 47% with Tedopi plus docetaxel, and 46% with Tedopi plus nivolumab, versus 29% with docetaxel alone. The KOLs acknowledged that this exploratory study was not designed to establish superiority between arms, while discussing potential utility in earlier settings. We view the KOL event as supportive of Tedopi’s clinical potential, with the registrational Phase III ARTEMIA monotherapy trial remaining the decisive test in NSCLC. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/721709a3615d12f4b8065d1af1afaafd.pdf</url>
      <link>https://www.edisongroup.com/research/kols-sharpen-the-second-line-nsclc-case/BM-4237/widget-xml/</link>
      <filename></filename>
      <isin>FR0012127173</isin>
      <epic>OSE</epic>
    </publication>
    <publication>
      <date>2026-11-05T13:42:11+00:00</date>
      <uid>4236</uid>
      <company><![CDATA[Supermarket Income REIT]]></company>
      <type>Flash</type>
      <otc_epic>SUPIF</otc_epic>
      <headline><![CDATA[Supermarket Income REIT — Equity raise to fund accretive growth]]></headline>
      <description><![CDATA[ Supermarket Income REIT (SUPR) has raised £60m of equity at 82p per share to part fund six earnings-enhancing transactions, comprising 12 grocery and logistics assets with aggregate consideration of £65.2m. The assets have a blended net initial yield (NIY) of 7.3%, compared with 6.1% for the existing portfolio, and a weighted average unexpired lease term of 12 years. SUPR expects the acquisitions to complete by December 2026, to be EPS accretive from the first full year, including a reduction in the EPRA cost ratio to below 9% in the near term, with minimal dilution to June EPRA net tangible assets (NTA) per share of 87.5p. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/6a80e723dd835a78bf81a3bf43d927e8.pdf</url>
      <link>https://www.edisongroup.com/research/equity-raise-to-fund-accretive-growth/BM-4236/widget-xml/</link>
      <filename></filename>
      <isin>GB00BF345X11</isin>
      <epic>SUPR</epic>
    </publication>
    <publication>
      <date>2026-11-05T13:41:34+00:00</date>
      <uid>4104</uid>
      <company><![CDATA[Orell Fussli]]></company>
      <type>SIX — update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Orell Fussli — Banknotes, books – and don’t forget your ID]]></headline>
      <description><![CDATA[ Orell Füssli’s execution remains consistent with its FY28 targets, including revenue of CHF300m and EBIT margins of 8.5–9.5%. H126 results were in line with management’s expectations. Security Printing capacity utilisation is expected to remain high into 2027 while Book Retailing continues to expand, driven by management’s careful approach to footprint expansion. Having won two contracts, Procivis (digital credentials) is seeing rising enquiries, participating in numerous tenders and offering exciting future potential. Our updated valuation of CHF151/share offers c 9% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/adb75dd3b681bc4c474aace830efb788.pdf</url>
      <link>https://www.edisongroup.com/research/banknotes-books-and-dont-forget-your-id/BM-4104/widget-xml/</link>
      <filename></filename>
      <isin>CH0003420806</isin>
      <epic>OFN</epic>
    </publication>
    <publication>
      <date>2026-11-05T11:34:39+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Zelluna (OSE: ZLNA) Q326 results update: Early safety sets up higher dose testing in 2027]]></headline>
      <description><![CDATA[Encouraging initial safety and biological signals as first clinical trial progresses towards dose escalation]]></description>
      <link>https://www.edisongroup.com/spark/zelluna-ose-zlna-q326-results-update-early-safety-sets-up-higher-dose-testing-in-2027/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-05T11:00:52+00:00</date>
      <uid>4239</uid>
      <company><![CDATA[Metlen Energy &#038; Metals]]></company>
      <type>Flash</type>
      <otc_epic>MYTHF</otc_epic>
      <headline><![CDATA[Metlen Energy &#038; Metals — Strong 9M26 update]]></headline>
      <description><![CDATA[ Metlen delivered a strong nine-month trading update (revenues only). Revenue of €6.2bn increased by 21% y-o-y (€5.1bn) and was a new record for the nine-month period, which saw growth and continued progress across the business. EBITDA guidance for both FY26 and the medium term was reaffirmed at €1.0–1.15bn and €1.92–2.08bn, respectively, and the company continues to work towards a potential METKA listing on Euronext Athens, subject to market and regulatory considerations. 2026 is continuing to shape up well, and we make no changes to our forecasts or our 50/50 DCF/SOTP €75.3/share valuation, which implies upside of more than 50%. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/78fd8276180dcb344ebfa19d3637a71e.pdf</url>
      <link>https://www.edisongroup.com/research/strong-9m26-update/BM-4239/widget-xml/</link>
      <filename></filename>
      <isin>GB00BTQGS779</isin>
      <epic>MTLN; ATHEX: MYTIL</epic>
    </publication>
    <publication>
      <date>2026-11-05T10:55:20+00:00</date>
      <company><![CDATA[Pan American Silver]]></company>
      <headline><![CDATA[Pan American Silver (NYSE: PAAS) – Strong Q3 cash generation supports shareholder returns despite weaker gold outlook]]></headline>
      <description><![CDATA[Pan American Silver (NYSE: PAAS) reported another strongly cash-generative quarter, with revenue increasing 18% y-o-y to US$1.01bn and attributable free cash flow rising 47% to US$377m, supporting US$300m of shareholder returns in Q3 and US$701m year-to-date.]]></description>
      <link>https://www.edisongroup.com/spark/pan-american-silver-nyse-paas-strong-q3-cash-generation-supports-shareholder-returns-despite-weaker-gold-outlook/CA6979001089/widget-xml/</link>
      <isin>CA6979001089</isin>
      <epic>PAAS</epic>
    </publication>
    <publication>
      <date>2026-11-05T10:13:41+00:00</date>
      <uid>4241</uid>
      <company><![CDATA[Herantis Pharma]]></company>
      <type>Spotlight — flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Herantis Pharma — Digital evidence strengthens Phase II rationale]]></headline>
      <description><![CDATA[ Herantis Pharma has highlighted new clinical evidence supporting its choice of a smartphone-based Digital Motor Score (DMS) as the primary efficacy endpoint for the planned Phase II HERMOD study of HER-096 in Parkinson’s disease (PD). Analysis of a separate Phase IIb PD trial suggests smartphone motor measures were c 2.5x more sensitive to disease progression than conventional clinical assessments, while related estimates indicate the potential for c 80% fewer participants needed to detect an equivalent treatment effect. We view this as supportive of HERMOD’s planned c 100 patient design. Herantis also reported successful manufacturing scale up and a formulation enabling the full 300mg dose in a single injection. Clinical trial application (CTA) submission remains targeted for Q426, with first patient dosing expected in H127, subject to financing and regulatory approvals. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/9adbe72d30e4bbadbe3f3d418173c18d.pdf</url>
      <link>https://www.edisongroup.com/research/digital-evidence-strengthens-phase-ii-rationale/BM-4241/widget-xml/</link>
      <filename></filename>
      <isin>FI4000087861</isin>
      <epic>HRTIS</epic>
    </publication>
    <publication>
      <date>2026-11-05T09:18:48+00:00</date>
      <company><![CDATA[Chosa]]></company>
      <headline><![CDATA[CHOSA Oncology (XSAT: CHOSA) targets first US Platin-DRP revenues in summer 2027]]></headline>
      <description><![CDATA[US laboratory agreement advances commercialisation plans, supported by encouraging lung cancer data]]></description>
      <link>https://www.edisongroup.com/spark/chosa-oncology-targets-first-us-platin-drp-revenues-in-summer-2027/SE0007784319/widget-xml/</link>
      <isin>SE0007784319</isin>
      <epic>CHOSA</epic>
    </publication>
    <publication>
      <date>2026-11-05T09:15:39+00:00</date>
      <company><![CDATA[Herantis Pharma]]></company>
      <headline><![CDATA[Herantis Pharma (HEL: HRTIS) digital evidence strengthens Phase II plan]]></headline>
      <description><![CDATA[New clinical evidence supports HER-096 trial design as manufacturing advances and preparations for first dosing progress]]></description>
      <link>https://www.edisongroup.com/spark/herantis-pharma-hel-hrtis-digital-evidence-strengthens-phase-ii-plan/FI4000087861/widget-xml/</link>
      <isin>FI4000087861</isin>
      <epic>HRTIS</epic>
    </publication>
    <publication>
      <date>2026-11-05T09:09:55+00:00</date>
      <uid>4242</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[How AI has changed who tells your company&#8217;s story]]></headline>
      <description><![CDATA[Why AI discoverability has become a strategic priority for investor relations teams]]></description>
      <url>https://edison.bluematrix.com/sellside/AttachmentViewer.action?encrypt=38dff15b-7f58-43e7-b550-132bc40615a1fileId=4242_7f62b204-1bd1-4057-a8c3-6fed8c1ccc28&amp;isPdf=false</url>
      <link>https://www.edisongroup.com/thematic/how-ai-has-changed-who-tells-your-companys-story/BM-4242/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-05T08:39:23+00:00</date>
      <company><![CDATA[PVA TePla]]></company>
      <headline><![CDATA[PVA TePla (FRA: TPE) reports Q326 results]]></headline>
      <description><![CDATA[PVA TePla released its Q3 results this morning, reporting revenue of €62.7m, down 4.6% q-o-q but up 11.8% y-o-y.]]></description>
      <link>https://www.edisongroup.com/spark/pva-tepla-fra-tpe-reports-q326-results/DE0007461006/widget-xml/</link>
      <isin>DE0007461006</isin>
      <epic>TPE</epic>
    </publication>
    <publication>
      <date>2026-11-05T07:58:29+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – Aker BP stake sale lifts FY26 divestment proceeds guidance]]></headline>
      <description><![CDATA[bp successfully completed the sale of a 5% stake in Aker BP for NOK9.83bn, supporting its stated priority of strengthening its balance sheet as it builds a simpler, stronger and more valuable company]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-aker-bp-stake-sale-lifts-fy26-divestment-proceeds-guidance/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
    </publication>
    <publication>
      <date>2026-11-04T14:55:25+00:00</date>
      <company><![CDATA[Smiths News]]></company>
      <headline><![CDATA[Smiths News (LSE: SNWS): Robust FY26 and a clear boost from Go National from FY29]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/smiths-news-lse-snws-robust-fy26-and-a-clear-boost-from-go-national-from-fy29/GB00B17WCR61/widget-xml/</link>
      <isin>GB00B17WCR61</isin>
      <epic>SNWS</epic>
    </publication>
    <publication>
      <date>2026-11-04T13:54:47+00:00</date>
      <uid>4218</uid>
      <company><![CDATA[Cadence Minerals]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Cadence Minerals — Azteca hot commissioning complete]]></headline>
      <description><![CDATA[ Cadence Minerals has completed hot commissioning of the Azteca processing plant at its 36.2%-owned Amapá iron-ore project within the permitted 45-day window. DEV Mineração has also completed the submissions requested by the Amapá state environmental authority (SEMA/AP) for the operating licence (LO), which is now the key milestone before production can start. Management continues to target commercial production and a first shipment before year-end, subject to receipt of the LO. Successful commissioning represents further progress in de-risking Amapá’s staged redevelopment, with Azteca intended to establish an operating track record and generate cash flow to advance the wider project. We see receipt of the LO as the major near-term catalyst for the shares. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/613e4a27c5e8d59a855c4dd9bc2a06bd.pdf</url>
      <link>https://www.edisongroup.com/research/azteca-hot-commissioning-complete/BM-4218/widget-xml/</link>
      <filename></filename>
      <isin>GB00BJP0B151</isin>
      <epic>KDNC</epic>
    </publication>
    <publication>
      <date>2026-11-04T13:47:03+00:00</date>
      <uid>4232</uid>
      <company><![CDATA[Oryzon Genomics]]></company>
      <type>Flash</type>
      <otc_epic>ORYZF</otc_epic>
      <headline><![CDATA[Oryzon Genomics — ASH data to reinforce 1L AML opportunity]]></headline>
      <description><![CDATA[ Oryzon has announced updated positive clinical data for iadademstat in first-line (1L) acute myeloid leukaemia (AML), with three abstracts accepted for presentation at the American Society of Hematology (ASH) 2026 annual meeting in December. The key findings come from ALICE-2, evaluating iadademstat with venetoclax and azacitidine in newly diagnosed AML patients, unfit for chemotherapy treatment. Among 19 evaluable patients, the overall response rate was 95%, with an 84% composite complete remission (CRc) rate and 74% complete response rate, consistent with the previously reported rates of 100%, 89% and 78%, respectively, across 18 patients. After median follow-up of 8 months, 12-month overall survival (OS) was 76%, with median OS not yet reached. We believe these findings strengthen the rationale for the planned registrational ALICE-3 study. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/a7bf49c1ef4a551c07b0b7bcb2e991b2.pdf</url>
      <link>https://www.edisongroup.com/research/ash-data-to-reinforce-1l-aml-opportunity/BM-4232/widget-xml/</link>
      <filename></filename>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-11-04T11:02:39+00:00</date>
      <uid>4121</uid>
      <company><![CDATA[Patria Private Equity Trust]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Patria Private Equity Trust — Resilient portfolio awaiting recovery in exits]]></headline>
      <description><![CDATA[ Patria Private Equity Trust (PPET) delivered an estimated NAV total return (TR) of 4.4% in sterling terms in the nine months to end-June 2026 (9M26), supported by continued earnings growth across its underlying private equity (PE) portfolio. The share price TR was stronger at 13.2%, only slightly below the UK index\'s 14.1%, as the discount to NAV narrowed from 34.4% at end-September 2025 to 29.3%. PPET\'s realisations of £150.1m in 9M26 broadly matched drawdowns of £153.3m, despite weaker distributions in the latest quarter. Meanwhile, the trust maintained an active investment programme, making £228.7m of new commitments. Net gearing increased from 8.4% at end-September 2025 to 13.3% at end-June 2026, although PPET retained £230.7m of cash and undrawn credit facilities. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/ff67e4a05f5f61705d253182c0e0ce75.pdf</url>
      <link>https://www.edisongroup.com/research/resilient-portfolio-awaiting-recovery-in-exits/BM-4121/widget-xml/</link>
      <filename></filename>
      <isin>GB0030474687</isin>
      <epic>PPET</epic>
    </publication>
    <publication>
      <date>2026-11-04T10:22:53+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Trainline (LSE: TRN) – H127 EBITDA up 7%, FY27 guidance maintained]]></headline>
      <description><![CDATA[Trainline H127 results deliver adjusted EBITDA growth as International turns profitable]]></description>
      <link>https://www.edisongroup.com/spark/trainline-lse-trn-h127-ebitda-up-7-fy27-guidance-maintained/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-04T09:07:51+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Corero Network Security: Investment in international sales and channel investment]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/spark/corero-network-security-investment-in-international-sales-and-channel-investment/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-04T08:49:30+00:00</date>
      <company><![CDATA[Braemar]]></company>
      <headline><![CDATA[Braemar (LSE: BMS) – Strong H127 results, 2030 targets unchanged]]></headline>
      <description><![CDATA[Robust results, a healthy balance sheet, strong current trading and accelerated growth investments. ]]></description>
      <link>https://www.edisongroup.com/spark/braemar-lse-bms-strong-h127-results-2030-targets-unchanged/GB0000600931/widget-xml/</link>
      <isin>GB0000600931</isin>
      <epic>BMS</epic>
    </publication>
    <publication>
      <date>2026-11-04T08:38:15+00:00</date>
      <uid>4185</uid>
      <company><![CDATA[BioVersys]]></company>
      <type>SIX — flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[BioVersys — RIV-CARE FPFV raises the bar]]></headline>
      <description><![CDATA[ BioVersys has announced first patient first visit (FPFV) in RIV-CARE, its c 100-patient Phase IIb open-label study evaluating BV100-based combinations against best available therapy (BAT) in difficult-to-treat carbapenem-resistant Acinetobacter baumannii (CRAB) infections. The study complements the pivotal RIV-TARGET Phase III study and is focused on high-resistance Asian markets, where CRAB prevalence and unmet need are substantial. We see RIV-CARE as strategically important given the evolving treatment landscape for CRAB infections, with approvals of Fetroja (cefiderocol) and Xacduro in 2020 and 2023, respectively. With interim data expected in H127, RIV-CARE offers an earlier opportunity to assess BV100’s differentiation ahead of RIV-TARGET top-line data, expected in early 2028. Wellcome funding (c CHF14m) offsets around two-thirds of trial costs, making this a relatively capital-efficient exercise. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/deaee974d9da26782f59c5023eb43026.pdf</url>
      <link>https://www.edisongroup.com/research/riv-care-fpfv-raises-the-bar/BM-4185/widget-xml/</link>
      <filename></filename>
      <isin>CH0210362643</isin>
      <epic>BIOV</epic>
    </publication>
    <publication>
      <date>2026-11-04T01:18:26+00:00</date>
      <uid>4172</uid>
      <company><![CDATA[Recce Pharmaceuticals]]></company>
      <type>Update</type>
      <otc_epic>RECEF</otc_epic>
      <headline><![CDATA[Recce Pharmaceuticals — R327G progressing towards commercialisation]]></headline>
      <description><![CDATA[ Recce recently announced an exclusive commercial agreement with Arrotex Pharmaceuticals for the marketing and distribution of the topical gel formulation (R327G) of lead anti-infective drug candidate RECCE 327 (R327) for the treatment of diabetic foot infections (DFIs) in Australia and New Zealand. This comes on the heels of blinded data from Recce’s Phase III Indonesian DFI study showing encouraging safety and efficacy in DFIs, with unblinded data expected in the coming weeks. If positive, we anticipate that Recce will proceed with regulatory approval applications in Indonesia and other ASEAN nations, potentially marking Recce’s transition to a commercial-stage company. We value Recce at A$658.4m, or A$2.15 per share. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8cde75a361e3c00a834bb225eaa1fc9b.pdf</url>
      <link>https://www.edisongroup.com/research/r327g-progressing-towards-commercialisation/BM-4172/widget-xml/</link>
      <filename></filename>
      <isin>AU000000RCE5</isin>
      <epic>RCE</epic>
    </publication>
    <publication>
      <date>2026-11-03T16:56:20+00:00</date>
      <uid>4226</uid>
      <company><![CDATA[CI Games]]></company>
      <type>Flash</type>
      <otc_epic>CIGMF</otc_epic>
      <headline><![CDATA[CI Games — Game launch financing secured]]></headline>
      <description><![CDATA[ As expected, CI Games has successfully re-aligned its short-term financing to reflect the revised launch schedule for its all important Lords of the Fallen II (LotF2) game in Q127. With funding to support the remaining production and global marketing now in place and the main campaign due to kick off in December attention can turn to the game itself, with the release date expected to be announced shortly. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/27cc8348664fd5bb015aab0a45aa6cb8.pdf</url>
      <link>https://www.edisongroup.com/research/game-launch-financing-secured/BM-4226/widget-xml/</link>
      <filename></filename>
      <isin>PLCTINT00018</isin>
      <epic>CIG</epic>
    </publication>
    <publication>
      <date>2026-11-03T15:29:02+00:00</date>
      <uid>4220</uid>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <type>Flash</type>
      <otc_epic>BPMUF</otc_epic>
      <headline><![CDATA[Basilea Pharmaceutica — Cresemba delivers another milestone]]></headline>
      <description><![CDATA[ Following its recent FY26 guidance upgrade, Basilea has reported a  US$37.5m sales milestone from commercial partner Pfizer, triggered by European in-market sales of its flagship antifungal Cresemba exceeding a predefined threshold. The payment represents a 25% increase over the US$30m European milestone received in November 2025, underscoring continued commercial momentum. Global in-market sales reached US$817m in the 12 months to June 2026, up 25% y-o-y, maintaining Cresemba’s position as the largest branded antifungal for invasive fungal infections worldwide. The milestone payment is consistent with the recent material upgrade to FY26 guidance, with another c CHF30m expected before year-end, potentially from US partner Astellas. We view the announcement as further validation of Cresemba’s commercial durability and Basilea’s partner-led business model. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/849944b0e8d5593f76a72b757854e189.pdf</url>
      <link>https://www.edisongroup.com/research/cresemba-delivers-another-milestone/BM-4220/widget-xml/</link>
      <filename></filename>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
    </publication>
    <publication>
      <date>2026-11-03T15:04:35+00:00</date>
      <uid>4219</uid>
      <company><![CDATA[BlackRock Greater Europe Investment Trust]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[BlackRock Greater Europe Investment Trust — Strategic initiatives to strengthen proposition]]></headline>
      <description><![CDATA[ BlackRock Greater Europe Investment Trust (BRGE) has announced a package of strategic initiatives aimed at enhancing shareholder returns and broadening its investor appeal following another year of disappointing relative performance. In FY26 (year ended August 2026), BRGE delivered an 8.8% NAV total return, 12.1pp below its Europe ex-UK reference index. The measures include a substantially enhanced dividend policy, which complements the evolution of the portfolio under its new management team, while preserving the trust’s quality growth investment philosophy. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/b7c0c2bd7eef9369fb0ceb514ba3ff3f.pdf</url>
      <link>https://www.edisongroup.com/research/strategic-initiatives-to-strengthen-proposition/BM-4219/widget-xml/</link>
      <filename></filename>
      <isin>GB00B01RDH75</isin>
      <epic>BRGE</epic>
    </publication>
    <publication>
      <date>2026-11-03T13:51:08+00:00</date>
      <uid>4198</uid>
      <company><![CDATA[Oando]]></company>
      <type>Client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Oando — Lower costs, stronger cash flow drive deleveraging]]></headline>
      <description><![CDATA[ Oando’s 9M26 results showed continued improvement across the upstream business, with higher production, lower unit costs and reduced leverage. Average production increased 14% year-on-year to 43.0kboepd, while production opex declined 22% to US$15.4/boe, implying a materially lower Q3 run-rate. Facility uptime increased to 96.1%, while revenue rose 9% to NGN2.78tn, adjusted EBITDA turned positive at NGN182bn and cash generated from operations swung to NGN285bn. Total borrowings declined 20% from FY25 to NGN2.16tn and net debt fell to NGN1.99tn. Management narrowed FY26 production guidance to 40–45kboepd, maintained US$90–100m capex guidance and reiterated its previously reduced 22–26mmbbl crude trading target. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/87701551638a04bbd604870402277a6b.pdf</url>
      <link>https://www.edisongroup.com/research/lower-costs-stronger-cash-flow-drive-deleveraging/BM-4198/widget-xml/</link>
      <filename></filename>
      <isin>NGOANDO00002</isin>
      <epic>OANDO</epic>
    </publication>
    <publication>
      <date>2026-11-03T13:46:41+00:00</date>
      <uid>4158</uid>
      <company><![CDATA[Materialise]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Materialise — On track to meet FY26 guidance]]></headline>
      <description><![CDATA[ Materialise’s Q326 results confirmed c 5% underlying year-on-year revenue growth, with the Medical segment (54% of revenue) achieving close to double-digit growth. Excluding the impact of disposals, Manufacturing (31% of revenue) is seeing strong demand for series manufacturing, which is offsetting weaker prototyping demand. The company maintained guidance for FY26 which implies revenue growth of 2–6% and adjusted EBIT growth of 13–32%. The sharp share price decline, despite broadly unchanged earnings expectations and a strong net cash position, suggests an increasingly attractive valuation, with evidence of improving Medical margins, sustained growth in series manufacturing and a recovery in Software demand providing potential catalysts for a re-rating. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/5fbfd011591500bd43ae7a7ef770890e.pdf</url>
      <link>https://www.edisongroup.com/research/on-track-to-meet-fy26-guidance/BM-4158/widget-xml/</link>
      <filename></filename>
      <isin>US57667T1007</isin>
      <epic>MTLS</epic>
    </publication>
    <publication>
      <date>2026-11-03T13:43:02+00:00</date>
      <uid>4225</uid>
      <company><![CDATA[Pathos Communications]]></company>
      <headline><![CDATA[Inside Pathos Communications: Meet the team behind the customer journey]]></headline>
      <description><![CDATA[This video takes us inside Pathos Communications to meet the team behind its customer journey, from identifying prospective clients to building longer-term relationships. Filmed in Dubai, Oliver Haslam speaks with Mark Hivert, director of growth, Sarah Davey, director of new clients, and Robert Blease, director of client success, about how their teams work together and how the business is adapting as it grows.
The discussion explores how Pathos uses data to identify SMEs with a story to tell, assesses their suitability for mainstream media coverage and develops initial engagements into longer-term PR relationships. Drawing on a database of almost 500,000 companies that have expressed an interest in PR, the team explains how it connects prospective clients with relevant services. Looking ahead, they discuss expanding relationships with publishers, podcast networks and TV stations, broadening the product range and introducing more specialised roles to support continued growth.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/inside-pathos-communications-meet-the-team-behind-the-customer-journey/BM-4225/widget-xml/</link>
      <isin>GB00BTWSXW71</isin>
      <epic>NEWS</epic>
    </publication>
    <publication>
      <date>2026-11-03T12:51:20+00:00</date>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Zalando (XETR: ZAL) Q326 results: B2B drives profit growth; guidance rests on Q4]]></headline>
      <description><![CDATA[Zalando’s Q326 GMV grew 7.5% and revenue 5.1% y-o-y (pro-forma 6.1% and 3.3%), with adjusted EBIT up 10.6% to €106.5m at a 3.4% margin, and FY26 guidance reiterated.]]></description>
      <link>https://www.edisongroup.com/spark/zalando-xetr-zal-q326-results-b2b-drives-profit-growth-guidance-rests-on-q4/widget-xml/</link>
      <isin></isin>
      <epic></epic>
    </publication>
    <publication>
      <date>2026-11-03T12:01:10+00:00</date>
      <uid>4064</uid>
      <company><![CDATA[Econocom]]></company>
      <type>Non client QV</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Econocom — Q3 growth returns as financing decline moderates]]></headline>
      <description><![CDATA[ Econocom returned to growth in Q326, with revenue up 5.0% y-o-y (3.4% organic), reducing the nine-month decline to 1.0%. Products &amp; Solutions (P&amp;S) remains the main driver, while the decline in Technology Management &amp; Financing (TMF) is moderating as the group limits deals financed by its own balance sheet. Management reiterated its 2–3% FY26 revenue growth guidance, requiring a strong Q4. Improving momentum and One Econocom restructuring offer recovery potential, although financing volumes, margins and cash generation remain key uncertainties. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/868ef00c032f648da563b060da4f8503.pdf</url>
      <link>https://www.edisongroup.com/research/q3-growth-returns-as-financing-decline-moderates/BM-4064/widget-xml/</link>
      <filename></filename>
      <isin>BE0974313455</isin>
      <epic>ECONB</epic>
    </publication>
    <publication>
      <date>2026-11-03T12:00:11+00:00</date>
      <uid>4221</uid>
      <company><![CDATA[Halyk Bank]]></company>
      <headline><![CDATA[Halyk Bank – equity proposition]]></headline>
      <description><![CDATA[Halyk Bank is the leading financial group in Kazakhstan with a diversified presence across retail, SME and corporate banking, as well as insurance, leasing, brokerage, asset management and lifestyle services. It serves its clients through well-developed digital channels and a physical network.
We highlight four reasons why Halyk Bank represents an interesting investment case.

Kazakhstan is an important frontier market.
Halyk Bank is the largest player in Kazakhstan by total assets.
Halyk Bank is highly profitable.
Halyk Bank has successfully rolled out its digital ecosystem.

To learn more about Halyk Bank please see our latest research.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/halyk-bank-halyk-bank-equity-proposition/BM-4221/widget-xml/</link>
      <isin>US46627J3023</isin>
      <epic>HSBK</epic>
    </publication>
    <publication>
      <date>2026-11-03T11:15:27+00:00</date>
      <uid>4214</uid>
      <company><![CDATA[SynAct Pharma]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[SynAct Pharma — Q3 sets up key catalysts for resomelagon]]></headline>
      <description><![CDATA[ SynAct Pharma’s Q326 results mark an important juncture for lead asset resomelagon, with focus shifting towards pivotal development in rheumatoid arthritis (RA) and advancing the dengue opportunity. The encouraging post-hoc analysis from the Phase IIb ADVANCE study strengthens the case for continued development despite the missed primary endpoint and we view the planned FDA Type C meeting in Q426 as a key upcoming catalyst. This should clarify if the current Phase II dataset supports direct progression into Phase III or whether further clinical work is required. In dengue, the Hipolabor agreement (50:50 profit sharing) establishes a clear pathway in Brazil and should also provide proof of concept for expansion into other endemic markets. RESOVIR-2 Part 1 data are expected in Q426, with full results targeted for Q227, which, if supportive, should strengthen the case for broader dengue development. Importantly, with end-Q326 cash of SEK42.4m and access to the Fenja facility, SynAct is funded beyond these near-term milestones. We will follow with updated estimates incorporating the dengue opportunity. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/99c400ae1908b5bbf91f0353ba1efc2a.pdf</url>
      <link>https://www.edisongroup.com/research/q3-sets-up-key-catalysts-for-resomelagon/BM-4214/widget-xml/</link>
      <filename></filename>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
    </publication>
    <publication>
      <date>2026-11-03T09:54:17+00:00</date>
      <company><![CDATA[Oryzon Genomics]]></company>
      <headline><![CDATA[Oryzon Genomics (MADRID: ORY) gains Spanish approval for VIVALDI study]]></headline>
      <description><![CDATA[New Phase Ib study expands iadademstat\'s clinical programme in high risk AML, supporting preparations for pivotal Phase III development]]></description>
      <link>https://www.edisongroup.com/spark/oryzon-genomics-madrid-ory-gains-spanish-approval-for-vivaldi-study/ES0167733015/widget-xml/</link>
      <isin>ES0167733015</isin>
      <epic>ORY</epic>
    </publication>
    <publication>
      <date>2026-11-03T09:50:35+00:00</date>
      <uid>4216</uid>
      <company><![CDATA[Alphamin Resources]]></company>
      <headline><![CDATA[Alphamin Resources’ CEO Eoin O’Driscoll on record Q3 EBITDA of c US$171m]]></headline>
      <description><![CDATA[In this interview, Alphamin’s chief executive, Eoin O&#8217;Driscoll, discusses the company’s rise from being a junior in early 2020, with a share price of just C$0.13, to being a producer and paying an interim dividend of C$0.13/share in FY26. He also talks about what it takes to succeed in the Democratic Republic of the Congo, prospects for the tin price, Ebola and the company&#8217;s plans, hopes and future challenges.
Alphamin owns (84.14% effective) and operates the Bisie tin mine at Mpama North and Mpama South in the North Kivu province of the Democratic Republic of the Congo. With a grade of c 3% tin (the world’s highest) and accounting for c 7% of global mined supply, it is the second largest tin mine in the world outside China and Indonesia.
How did Alphamin Resources develop the Bisie tin deposit from exploration to production?
Eoin O’Driscoll: Bisie is an extraordinary deposit in an extraordinary location. It&#8217;s the highest-grade tin mine in the world. It started out in the 2000s, when it was run as an illegal artisanal mine. It was in some ways a poster child for conflict minerals in the early 2000s.
The artisanals found it difficult to keep going as they dug deeper. Conflict minerals legislation made it more difficult for buyers to buy the product, and that allowed space for Alphamin to come in in the early 2010s and really apply some proper industrial exploration techniques. Alphamin Resources came in from 2012, and from 2013 Denham Capital came in as our anchor funder. From there, it really snowballed.
Exploration results were exceptional. From 2012 to 2014, we completed an exploration programme at Mpama North and found the highest tin grade deposit in the world, at about 150,000 tonnes of tin. We rapidly accelerated development of that mine and built Mpama North in just under two years for $180m. It started production in the middle of 2019, so our first full year of production was 2020. That was obviously a challenging year with COVID, and commodity prices were low.
But from 2021, things really started to snowball. The tin price worked in our favour, we turned cash flow positive, and we were already in a dividend-paying position from 2022. We were also in a position to fund further expansion and further exploration. We very quickly added another 150,000 tonnes at Mpama South, in the space of about 18 months. Again, we decided to develop that mine off the back of what was really a scoping study, which was a calculated risk at the time.
Within 18 months, Mpama South was up and running. It added another 7,000 tonnes to the 13,000 that Mpama North was doing, taking us to our current level of about 20,000 tonnes per annum of contained tin. That&#8217;s about 7% of the world&#8217;s mined production. The tin market has about 300,000 tonnes of mined production per annum, or 400,000 tonnes including recycling, and we&#8217;re in a strong position as a 7% producer.
How does the grade at Mpama North compare with other tin mines in the world?
Eoin O’Driscoll: Mpama North&#8217;s resource grade is about 4.5%. The average tin mine in the rest of the world is running at roughly 0.5–0.75%. So it&#8217;s an order of magnitude higher than what is out there in the rest of the world.
Other companies have failed to make good deposits work, so what has made Alphamin successful in the DRC?
Eoin O’Driscoll: Geographically, we&#8217;re very much in our own area, quite far from the crowded space of the copper mines in Katanga.
I think the secret to our success has really just been sticking to what we said we would do. We&#8217;ve had huge government support, provincially and nationally, from the outset. It&#8217;s a particularly difficult part of the DRC. It has essentially no infrastructure, it&#8217;s had security challenges over the years and, as you know, there&#8217;s now the Ebola outbreak. So it&#8217;s a very challenging environment in which to operate. But we&#8217;ve had huge support from the outset to make a success of it, and our grade has allowed us to produce this profitable mine.
There&#8217;s so much enthusiasm and so much potential in this region. It&#8217;s completely unexplored because of the security situation, the historical problems and the infrastructure challenges. We saw ourselves, and the government also saw us, as a catalyst for potential future investment into this region. That&#8217;s how we always saw our success, although it&#8217;s been slowed down a bit recently by the security situation. But we still feel this area is so prospective, and has so much potential, that others will follow us. If they don&#8217;t, that&#8217;s okay. We&#8217;ll just expand ourselves and look around that area, because it has so much mineral potential. It&#8217;s incredible.
With both mines at steady state, what is Alphamin&#8217;s next big challenge?
Eoin O’Driscoll: We decided to go ahead and develop both deposits, at Mpama North and Mpama South, as soon as we had a 10–12-year life of mine, knowing that they would produce a good return.
When we developed Mpama North, we paused exploration, because the development was taking up all of our resources and capital. When we decided to develop Mpama South, we again paused exploration to focus on the development in terms of people capacity, site capacity and financial capacity.
Both mines are now up and running, and our next big challenge is life of mine. We&#8217;ll update our resources and reserves by the end of the year. But if you look at what we put out in 2022, less depletion, clearly we don&#8217;t have a long life of mine left.
That said, with current tin prices and free cash flow generation where it is, we have unprecedented capital available to apply to exploration. It&#8217;s now our biggest single objective for the next two, three, four years. While maintaining our 20,000 tonnes per annum run-rate of production, we want to really throw the hammer at exploration and try to do this province justice. We&#8217;ve always believed it&#8217;s not just Mpama North and Mpama South. It&#8217;s a tin province that&#8217;s completely unexplored, and we&#8217;ve now got the capital and the footprint to really make that happen.
Where is Alphamin exploring, and which near-mine and regional exploration techniques is it using?
Eoin O’Driscoll: The initial focus is certainly still on extensions of North and South. When we stopped drilling at Mpama North and Mpama South to start the development of those projects, we were still in the ore body, and we&#8217;re continuing to drill for extensions.
It&#8217;s been a little bit challenging at Mpama North. We&#8217;ve lost contact a little bit with folding, and now we have to find it again on the other side. At Mpama South, we&#8217;ve had some really encouraging drill results lately. The last one that we put out a few weeks ago was, I think, 20 metres at 5%, which is really an Mpama North-type hit. So we&#8217;ll continue drilling for extensions there.
The wider land package is also extremely prospective. We&#8217;ve recently completed a helicopter-borne VTEM survey, which looks for electromagnetic responses. We&#8217;re in the process of finalising that now on the western side of our package. It&#8217;s showing some very interesting targets that I think will keep us very busy drilling for the next 12 to 18 months, once we refine them.
Is the aim to find and delineate new resources, convert them into reserves and extend the life of mine?
Eoin O’Driscoll: Exactly.
How is the security situation in eastern DRC affecting Alphamin?
Eoin O’Driscoll: It&#8217;s an extremely remote area, without real proper road access from the Goma side. It&#8217;s been a challenging 18 months. Clearly, we had the evacuation last year as M23 approached the mine.
But we were very encouraged by the international response. We&#8217;re still very grateful to the US government, which was very actively involved in the peace process in the region and played a lead role in creating space to allow us to go back in and start operating again. Since we went back in April last year, we haven&#8217;t seen much movement in the front lines of the conflict.
It is a very serious matter, and it&#8217;s ongoing. M23 still controls large swathes of North and South Kivu. But in terms of our operations, they&#8217;re sufficiently far from the mine for us to operate in complete peace, and our import-export routes aren&#8217;t affected by M23-controlled areas. So in some ways it&#8217;s business as usual, albeit with a bit of reshuffling. We don&#8217;t have access to Goma anymore, and we haven&#8217;t been there since January last year. But operations are continuing unaffected for now.
Does the dense rainforest around the mine site make it harder for conflict to reach the operation?
Eoin O’Driscoll: It does, and I&#8217;d like to say it&#8217;s a very special place. It&#8217;s an incredibly beautiful place, but it is extremely remote.
Has the Ebola outbreak in North Kivu affected Alphamin&#8217;s operations?
Eoin O’Driscoll: It is in North Kivu, but it&#8217;s not in Walikale, our part of North Kivu. There have been no cases reported in Walikale.
It&#8217;s a devastating disease, and it&#8217;s a very serious outbreak. Cases continue to rise, and the fatality rate is still close to 50%. So it&#8217;s very serious. But in terms of how contagious it is, it&#8217;s the kind of disease that requires transmission through bodily fluids. In a controlled, hygienic environment like a mine site, it&#8217;s relatively easy to follow the proper protocols and monitor temperatures. We haven&#8217;t had any issues, and we don&#8217;t anticipate any.
So production is very much carrying on as normal. Our import-export routes do go through the epicentre of the outbreak, so it&#8217;s a matter of making sure the truck drivers follow the protocols and monitoring them closely when they get to the mine. But the borders are open for goods, and we don&#8217;t anticipate any impact on production.
Do Alphamin&#8217;s export routes run through Uganda and East Africa, with the tin concentrate ultimately going to China?
Eoin O’Driscoll: So far, all of our concentrate goes to China, mainly to Yunnan Tin, which takes about 70% of it.
There is a smelter being built in the US at the moment, and we&#8217;re hopeful we&#8217;ll be able to conclude a deal with them soon for a bit of diversification. If we get to that, we&#8217;ll be very pleased. But right now, everything goes to China.
What is Alphamin&#8217;s view on the outlook for the tin price?
Eoin O’Driscoll: Owing to our grade, we&#8217;re a very low-cost producer, so in some ways we&#8217;re tin price agnostic. We&#8217;re essentially debt-free and low cost.
We&#8217;re obviously very happy with the price in the US$50,000s per tonne, and it looks to us like it&#8217;s going to be higher for longer. It does seem that marginal producers&#8217; costs are under pressure with the diesel situation and declining grades. So we&#8217;re very bullish about the tin price, but ultimately, we&#8217;re fairly agnostic to it.
How did Alphamin perform in the third quarter of 2026, and is it on track for its production target?
Eoin O’Driscoll: EBITDA was about $170m, so it was a record quarter for us, largely driven by the tin price. Production has been very steady since April last year. We&#8217;ve been running at our target run-rate of 20,000 tonnes a year, and that is what we expect to do this year. We should be on track for that.
We&#8217;ve done just about 5,000 tonnes in each of the first three quarters and remain on track for 5,000 tonnes in Q4. That will be our first year at the fully expanded 20,000 tonne rate, which is very exciting for the company.
This transcript has been lightly edited for clarity and readability. Verbal fillers, false starts and minor repetitions have been removed from the interviewee&#8217;s responses only. Punctuation, spelling and formatting have also been standardised in line with Edison house style. No substantive changes have been made to the meaning of the discussion
]]></description>
      <link>https://www.edisongroup.com/edison-tv/alphamin-resources-alphamin-resources-ceo-eoin-odriscoll-on-record-q3-ebitda-of-c-us171m/BM-4216/widget-xml/</link>
      <isin>MU0456S00006</isin>
      <epic>AFM</epic>
    </publication>
    <publication>
      <date>2026-11-03T09:17:30+00:00</date>
      <uid>4215</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[The UK government opened the Modernising Corporate Reporting (MCR) consultation in September, proposing a wholesale review of how UK companies communicate with investors and creditors: From annual reports and strategic disclosures to AGMs and digital communications.]]></headline>
      <description><![CDATA[]]></description>
      <url></url>
      <link>https://www.edisongroup.com/thematic/the-uk-government-opened-the-modernising-corporate-reporting-mcr-consultation-in-september-proposing-a-wholesale-review-of-how-uk-companies-communicate-with-investors-and-creditors/BM-4215/widget-xml/</link>
      <filename></filename>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-11-03T08:36:15+00:00</date>
      <uid>4170</uid>
      <company><![CDATA[Wheaton Precious Metals]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Wheaton Precious Metals — Honing Q326 estimates]]></headline>
      <description><![CDATA[ Wheaton Precious Metals’ (WPM’s) Q326 results are scheduled for release on Thursday 5 November, after the bell in Toronto. Our last note on WPM was published on 7 August, when the gold price was 7.7% higher than today and the silver price 25.7% higher. This note updates our forecasts for Q326 and FY26 for movements in metals prices as well as known production numbers for Salobo, Sudbury, Voisey’s Bay, Antamina, Penasquito, Neves-Corvo, Zinkgruvan, San Dimas, Blackwater and Hemlo. Production from Penasquito and Salobo during the three-month period under review looks to have been materially strong according to data released by their operators. While we do not believe that this will all flow through to Wheaton’s Q3 results, owing to a lag between production and sales, the strength of output from these two assets has nevertheless been a material factor our lowering our FY26 EPS estimate by only 5.3% (ie materially less than the fall in precious metals prices). Note that our updated FY27 EPS forecasts represents a 13.7% upgrade compared to our prior forecasts and now assume that current metals prices will prevail until December next year. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/f1e90a2bd8f16fd35aa94bfc86359482.pdf</url>
      <link>https://www.edisongroup.com/research/honing-q326-estimates/BM-4170/widget-xml/</link>
      <filename></filename>
      <isin>CA9628791027</isin>
      <epic>WPM</epic>
    </publication>
    <publication>
      <date>2026-11-03T08:07:21+00:00</date>
      <company><![CDATA[Aamal Company]]></company>
      <headline><![CDATA[Aamal Company (QAR: AHCS) &#8211; Exclusive radiotherapy agreement expands healthcare offering]]></headline>
      <description><![CDATA[Aamal Company\'s wholly owned subsidiary, Aamal Medical, has signed an agreement with Leo Cancer Care to become the exclusive distributor of its upright radiotherapy technologies across the Middle East and North Africa.]]></description>
      <link>https://www.edisongroup.com/spark/aamal-company-qar-ahcs-exclusive-radiotherapy-agreement-expands-healthcare-offering/QA000A0NCQB1/widget-xml/</link>
      <isin>QA000A0NCQB1</isin>
      <epic>AHCS</epic>
    </publication>
    <publication>
      <date>2026-11-03T07:36:20+00:00</date>
      <company><![CDATA[Basilea Pharmaceutica]]></company>
      <headline><![CDATA[Basilea Pharmaceutica (SIX: BSLN) receives a US$37.5m milestone payment from Pfizer]]></headline>
      <description><![CDATA[Basilea’s US$37.5m Pfizer milestone underscores Cresemba’s sustained commercial momentum, reinforcing FY26 guidance and supporting longer-term cash generation]]></description>
      <link>https://www.edisongroup.com/spark/basilea-pharmaceutica-six-bsln-receives-a-us37-5m-milestone-payment-from-pfizer/CH0011432447/widget-xml/</link>
      <isin>CH0011432447</isin>
      <epic>BSLN</epic>
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    <publication>
      <date>2026-11-03T07:13:54+00:00</date>
      <company><![CDATA[SynAct Pharma]]></company>
      <headline><![CDATA[SynAct Pharma (STO: SYNACT) &#8211; Q326 highlights clinical progress]]></headline>
      <description><![CDATA[SynAct’s Q3 update highlights progress in RA and dengue, with FDA feedback and RESOVIR-2 data the key upcoming catalysts]]></description>
      <link>https://www.edisongroup.com/spark/synact-pharma-omxsynact-q326-highlights-clinical-progress/SE0008241491/widget-xml/</link>
      <isin>SE0008241491</isin>
      <epic>SYNACT</epic>
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    <publication>
      <date>2026-11-03T06:46:09+00:00</date>
      <uid>4165</uid>
      <company><![CDATA[Aamal Company]]></company>
      <type>Update</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Aamal Company — Revenue resilience masks earnings pressure]]></headline>
      <description><![CDATA[ Aamal Company’s 9M26 revenue declined 1.4% y-o-y to QAR1,542.7m, while operating profit fell 1.6% to QAR265.0m. Growth in Property and Industrial Manufacturing partly offset weaker Trading and Distribution, but higher financing costs and lower equity-accounted earnings reduced attributable profit by 12.2% to QAR287.2m. We have increased our FY26 revenue forecast and leave FY27 broadly unchanged, while lowering operating margin assumptions and reducing PBT forecasts by c 23% in both years. Our revised operating margins of 17.1% and 17.9% remain within Aamal’s five-year historical range, supporting the case for operating resilience despite regional disruption. Our revised DCF valuation is QAR0.76/share, implying c 16% upside to the reference share price of QAR0.66. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/8441fe76abcabfb768aa1a7f211815b8.pdf</url>
      <link>https://www.edisongroup.com/research/revenue-resilience-masks-earnings-pressure/BM-4165/widget-xml/</link>
      <filename></filename>
      <isin>QA000A0NCQB1</isin>
      <epic>AHCS</epic>
    </publication>
    <publication>
      <date>2026-11-02T14:21:47+00:00</date>
      <uid>4206</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Budget breakdown with Gervais Williams: What does it really mean?]]></headline>
      <description><![CDATA[Join us for Budget breakdown with Gervais Williams, hosted by Edison&#8217;s Neil Shah. In this one-hour webinar, Gervais examines the latest Budget announcements, offering his perspective on what they mean for individuals, businesses and the wider economy.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/budget-breakdown-with-gervais-williams-what-does-it-really-mean-2/BM-4206/widget-xml/</link>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-11-02T12:54:35+00:00</date>
      <company><![CDATA[IP Group]]></company>
      <headline><![CDATA[IP Group (LSE: IPO) advances Scottish Widows venture mandate]]></headline>
      <description><![CDATA[IP Group has been appointed by Aberdeen Investments to manage a UK venture LTAF portfolio, extending institutional capital to its holdings.]]></description>
      <link>https://www.edisongroup.com/spark/ip-group-lseipo-advances-scottish-widows-venture-mandate/GB00B128J450/widget-xml/</link>
      <isin>GB00B128J450</isin>
      <epic>IPO</epic>
    </publication>
    <publication>
      <date>2026-11-02T09:29:56+00:00</date>
      <company><![CDATA[Sareum Holdings]]></company>
      <headline><![CDATA[Sareum (AIM: SAR) reports FY26 results; targets Phase II readiness by mid-CY27]]></headline>
      <description><![CDATA[Sareum reports FY26 results, with October’s fundraising supporting SDC-1801’s targeted Phase II readiness in mid-CY27.]]></description>
      <link>https://www.edisongroup.com/spark/sareum-aimsar-reports-fy26-results-targets-phase-ii-readiness-by-mid-cy27/GB00BMC3RJ87/widget-xml/</link>
      <isin>GB00BMC3RJ87</isin>
      <epic>SAR</epic>
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    <publication>
      <date>2026-11-02T09:28:28+00:00</date>
      <uid>3974</uid>
      <company><![CDATA[Theon International]]></company>
      <type>Update</type>
      <otc_epic>TNIPF</otc_epic>
      <headline><![CDATA[Theon International — Goggles, gimbals and growth]]></headline>
      <description><![CDATA[ Theon’s H126 revenue grew by 35% to €248.7m, with adjusted EBIT up 37% to €65.1m, equating to an adjusted EBIT margin of 26.2%, up 40bp y-o-y. Order intake increased by 38.5% to €232.5m (H125: €167.9m), reflecting continued demand across Theon’s products and taking the soft backlog to €1.46bn, providing good forward revenue visibility. FY26 revenue guidance was upgraded by c 2.5%, with adjusted EBIT margins now guided to ≥26%, from the mid-20s previously, for both FY26 and the medium term. Growth is well underpinned by orders, robust end markets and strategic initiatives, with ISR continuing to scale. Our updated DCF/SOTP valuation of €42.1 per share (€35.3 previously) implies almost 40% upside. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/7cafcd50ddc22e31f9384dc112a02079.pdf</url>
      <link>https://www.edisongroup.com/research/goggles-gimbals-and-growth/BM-3974/widget-xml/</link>
      <filename></filename>
      <isin>CY0200751713</isin>
      <epic>THEON</epic>
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    <publication>
      <date>2026-11-02T09:21:54+00:00</date>
      <uid>4203</uid>
      <company><![CDATA[]]></company>
      <headline><![CDATA[Take on Trusts – October 2026]]></headline>
      <description><![CDATA[Saba defeated for third time at Baillie Gifford US Growth
Saba Capital suffered a third defeat in its campaign to overhaul Baillie Gifford US Growth Trust (USA), with shareholders rejecting all three of its board nominees at the trust’s AGM on 23 October. Despite Saba and fellow hedge fund Sessa Capital together holding approximately 37.6% of the trust’s voting rights, the resolutions were defeated by 52.8% to 47.2% on a turnout of more than 82%, with 99.2% of votes cast by independent shareholders supporting the incumbent board. The result represents another significant endorsement of Baillie Gifford’s public and private growth investment strategy, although the dispute is not necessarily over. Saba and Sessa successfully blocked special resolutions authorising share buybacks and the disapplication of pre-emption rights, potentially constraining the board’s capital management flexibility. The board intends to engage with both shareholders to seek a longer-term solution, highlighting the continuing tensions between activist demands for liquidity and the interests of long-term investors.
AI valuations under pressure as Anthropic prepares for landmark IPO
October brought a sharp correction in parts of the AI sector, as concerns over the scale of infrastructure spending, elevated valuations and the returns on substantial capital investment weighed on sentiment. Semiconductor stocks were particularly affected, while investors increasingly favoured less technology-dependent and more defensive sectors. The sell-off reinforced a broader shift in US equity-market leadership, with value stocks substantially outperforming growth stocks year-to-date, although this divergence partly reflects changes in index composition rather than a wholesale move away from AI-related investments. For technology-focused investment trusts, the changing market environment presents both challenges and opportunities, with active management and stock selection potentially playing an increasingly important role in assessing the sustainability of AI-driven growth and whether valuations adequately reflect the associated opportunities and risks.
Against this backdrop, Anthropic announced on 26 October that it had filed for a Nasdaq IPO under the ticker ANT. The proposed flotation is particularly significant for Baillie Gifford-managed investment trusts (following September&#8217;s upward revaluation of their Anthropic holdings), as well as RIT Capital Partners. At end-September, Anthropic represented 9.1% of Baillie Gifford US Growth’s (USA) assets, 8.7% of The Schiehallion Fund’s (MNTN) assets and 4.0% of Scottish Mortgage’s (SMT) assets. A successful listing could improve portfolio liquidity and provide a public-market valuation benchmark. However, mixed reactions to the latest technology company results underline investors’ increasing focus on AI monetisation and capital discipline, with the IPO’s eventual reception likely to provide an important test of sentiment towards the sector.
Corporate activity: Partners Group Private Equity winds down as consolidation continues
Corporate restructuring continues across the sector, with Partners Group Private Equity (PEY) becoming the latest trust to approve a managed wind-down. At its 7 October EGM, shareholders voted 99.89% in favour of realising the entire portfolio, following elections in which holders of 74.1% of shares opted for realisation rather than continued investment. The company expects to begin returning realisation proceeds semi-annually from March 2027. On 28 October, it also declared a second interim dividend of €0.325 per share, payable in December, and confirmed the termination of its dividend reinvestment plan.
Meanwhile, consolidation among UK smaller-company trusts remains firmly on the agenda. On 29 October, JPMorgan UK Small Cap Growth &amp; Income (JUGI) and Aberdeen UK Smaller Companies Growth (AUSC) published shareholder circulars detailing their proposed merger, following the agreement of heads of terms in September. JUGI, which reported a 7.2% NAV total return for FY26, would be the continuing vehicle, offering greater scale, potentially improved liquidity and lower management fees. AUSC shareholders can elect to roll over into JUGI or receive cash, subject to an aggregate cap of 35% of AUSC’s shares. Shareholder votes are scheduled for November and December, with completion expected on 8 December, subject to approvals. Alongside PEY’s wind-down, the transaction highlights two increasingly common responses to persistent challenges in the investment trust sector: consolidation to preserve scale and competitiveness, or capital returns where shareholders favour an exit.
]]></description>
      <link>https://www.edisongroup.com/edison-tv/take-on-trusts-october-2026/BM-4203/widget-xml/</link>
      <isin></isin>
      <epic></epic>
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    <publication>
      <date>2026-11-02T09:04:14+00:00</date>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <headline><![CDATA[Percheron Therapeutics (ASX:PER): FDA clears AML trial]]></headline>
      <description><![CDATA[FDA clearance advances Percheron’s Vanderbilt AML trial, providing a capital-efficient route to clinical evidence, with recruitment expected in H1 CY27.]]></description>
      <link>https://www.edisongroup.com/spark/percheron-therapeutics-asxper-fda-clears-aml-trial/AU0000317281/widget-xml/</link>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
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    <publication>
      <date>2026-11-02T08:44:16+00:00</date>
      <company><![CDATA[Amoeba]]></company>
      <headline><![CDATA[Amoéba (PAR: ALMIB) &#8211; H126 confirmed and financing completed]]></headline>
      <description><![CDATA[Amoéba’s H126 results confirm preliminary figures covered in our 19 October note]]></description>
      <link>https://www.edisongroup.com/spark/amoeba-h126-confirmed-and-financing-completed/FR0011051598/widget-xml/</link>
      <isin>FR0011051598</isin>
      <epic>ALMIB</epic>
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    <publication>
      <date>2026-11-02T08:34:39+00:00</date>
      <uid>4201</uid>
      <company><![CDATA[Percheron Therapeutics]]></company>
      <type>Flash</type>
      <otc_epic></otc_epic>
      <headline><![CDATA[Percheron Therapeutics — HMBD-002 moves closer to clinic with FDA greenlight]]></headline>
      <description><![CDATA[ Percheron Therapeutics has taken a key step towards the clinic for lead asset HMBD-002, with FDA regulatory clearance for Vanderbilt Health-led investigator-sponsored trial in acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS). The study will evaluate HMBD-002 alongside standards of care azacitidine and venetoclax in up to 20 patients with relapsed/refractory (r/r) AML or AML/MDS, with dose optimisation the immediate focus. With trial drug product already in place, we believe the current announcement removes another execution hurdle. While we note that the cohort size is smaller than the 29–38 patients previously anticipated, we continue to view the investigator-sponsored approach as a credible, capital-efficient route to generating preliminary clinical evidence, albeit with reduced control over recruitment and timelines. Management expects recruitment to initiate in H1 CY27, and we believe that establishing preliminary efficacy and securing funding for broader development will be the key de-risking milestones. ]]></description>
      <url>https://d3s3shtvds09gm.cloudfront.net/35777fe36703c8134d457453a6f21a57.pdf</url>
      <link>https://www.edisongroup.com/research/hmbd-002-moves-closer-to-clinic-with-fda-greenlight/BM-4201/widget-xml/</link>
      <filename></filename>
      <isin>AU0000317281</isin>
      <epic>PER</epic>
    </publication>
    <publication>
      <date>2026-11-02T08:21:46+00:00</date>
      <company><![CDATA[Polar Capital Global Financials Trust]]></company>
      <headline><![CDATA[Polar Capital Global Financials Trust]]></headline>
      <description><![CDATA[]]></description>
      <link>https://www.edisongroup.com/equity/polar-capital-global-financials-trust-2/BMC-261/widget-xml/</link>
      <isin>GB00B9XQT119</isin>
      <epic>PCFT</epic>
    </publication>
    <publication>
      <date>2026-11-02T08:17:41+00:00</date>
      <company><![CDATA[bp]]></company>
      <headline><![CDATA[bp (LSE: BP) – completes Castrol transaction, with $6bn proceeds supporting balance sheet reduction]]></headline>
      <description><![CDATA[bp (LSE: BP) announces completion of the sale of a 65% stake in Castrol to Stonepeak. ]]></description>
      <link>https://www.edisongroup.com/spark/bp-lse-bp-completes-castrol-transaction-with-6bn-proceeds-supporting-balance-sheet-reduction/GB0007980591/widget-xml/</link>
      <isin>GB0007980591</isin>
      <epic>BP.</epic>
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