Savannah Resources secures up to €110m Portuguese state grant for Barroso
Savannah Resources (AIM:SAV) has been awarded a Portuguese state grant of up to €110m to support construction funding for its Barroso lithium project, one of the largest hard-rock lithium deposits in Europe. Chair Rick Anthon described the award as a sizeable contribution toward the project's future construction funding and a clear endorsement of Barroso's national and European significance. The shares edged 0.62% lower to 7.155p, a muted reaction that likely reflects the project's longer development timeline rather than any scepticism about the grant itself.
Tungsten West draws US$25m bridge to fund Hemerdon restart
Tungsten West (AIM:TUN) has secured a US$25m bridging loan from an existing substantial shareholder to fund the restart of the Hemerdon fines gravity circuit at its tungsten and tin mine in Devon. The facility is intended to bridge the company while documentation for a larger up-to-US$85m financing package is finalised. The stock rose 3.63% to 40.0p on the news, reflecting market relief that near-term restart funding is now in place.
NovaCore Uranium launches US$1.25m pre-IPO placement
Metals One (AIM:MET1) announced that its 35%-owned investee NovaCore Uranium is conducting a minimum US$1.25m pre-IPO placement at US$1.00 per share, implying a pre-money valuation of US$6.7m for the uranium vehicle. The placement is a step toward a public listing for NovaCore, and the announcement adds optionality to Metals One's portfolio at a defined valuation. Metals One shares fell 5.05% to 1.5002p on the day.
Shuka Minerals hits maiden Kabwe diamond hole beyond expectations
Shuka Minerals (AIM:SKA) reported that its maiden drill hole at the Kabwe diamond project intersected the target precisely, with results described by Chief Executive Richard Lloyd as well beyond expectations. The company credited the planning process and the skill of the Ox Drilling operators for the on-target result. The announcement drove the shares up 8.29% to 3.032p, making it one of the stronger movers in the small-cap mining space on the day.
Bradda Head applies SRK geochemical tool to sharpen San Domingo targets
Bradda Head Lithium (AIM:BHL) has completed SRK Consulting's proprietary PEG geochemical workflow across its San Domingo lithium project in Arizona, with the analysis identifying multiple high-priority spodumene targets for drilling. The PEG tool is designed to refine target selection ahead of drill programmes, reducing exploration risk at the project. Shares fell 5.5% to 2.835p, though the move appeared unrelated to the announcement itself.
SP Angel initiates Mkango Resources at Buy as Nasdaq spin-out progresses
Mkango Resources (AIM:MKA) received a Buy initiation from London stockbroker SP Angel, timed to coincide with the company's filing of a Form F-4 with the US SEC to advance a proposed business combination that would list subsidiary Mkango Rare Earths under the ticker MKAR on Nasdaq. The F-4 filing marks a material step toward separating the rare earths business into a US-listed entity. Mkango shares slipped 1.67% to 44.25p.
Botswana Minerals flags 36 copper anomalies via AI-assisted analysis
Botswana Minerals (AIM:BMIN) used AI-assisted analysis of two northern Botswana exploration licences to identify 36 copper anomalies distributed across six exploration corridors. Initial field work to follow up the anomalies is planned within three months. The stock rose 4.17% to 0.25p as investors responded positively to the early-stage target generation ahead of boots-on-ground activity.
