Altona confirms xenotime and heavy rare earths at Monte Muambe
Altona Rare Earths (AIM:REE) posted the day's standout exploration result after assays from its 2025 drilling programme at Monte Muambe confirmed widespread heavy rare earths enrichment linked to fluorspar mineralisation, and identified xenotime at the project for the first time. The presence of xenotime, a yttrium phosphate mineral that concentrates heavy rare earths, is a materially positive indicator for the project's potential to supply critical elements in demand for clean energy and defence applications.
The confirmation lifted Altona's shares by 21.59% to 2.675p, making it the session's strongest performer among mining small caps. The company now has a clearer geological framework linking the heavy rare earths signature to a defined mineralogical host, which should inform the next phase of resource definition work at the project.
Gunsynd awaits Barb Gold assay results by end of June
Gunsynd (AIM:GUN) confirmed that contractor Critical Discoveries has completed initial field work at the Barb Gold Project in Manitoba and packed samples for shipment to the laboratory, with assay results expected by 30 June. The update provided investors with a firm timeline for the first analytical data from the project, pushing the shares up 6.34% to 0.109p.
Technology Minerals launches Mantle strategy with deeply discounted fundraise
Technology Minerals (AIM:TM1) opened its books for a new equity raise to fund the initial phase of its expanded "Mantle" strategy, a repositioning anchored in sovereign critical minerals supply, while also seeking to settle outstanding convertible loan notes. The combination of heavy dilution and strategic uncertainty drove the shares down 31.03% to 0.05p, the sharpest decline in the sector on the day.
The company framed the Mantle strategy as a national resilience play, positioning itself as a domestic supplier of critical minerals. The fundraise terms and the scale of the convertible note settlement will be key factors for investors assessing whether the repositioning can be executed from the current capital base.
Jubilee Metals resumes copper ramp-up after maintenance completion
Jubilee Metals Group (AIM:JLP) confirmed it has completed annual maintenance at its copper operations, commissioned a new fine copper concentrate dewatering circuit, and resumed a ramp-up targeting 30,000 tonnes per month of run-of-mine throughput. The operational restart removed a near-term uncertainty that had weighed on the stock, with shares edging up 1.43% to 2.84p.
The new dewatering circuit is expected to improve concentrate quality and recovery rates as the operation scales toward its monthly throughput target, adding incremental value to the copper processing business.
Tertiary Minerals places shares to fund Mushima North drilling
Tertiary Minerals (AIM:TYM) raised £985,000 by placing 1.97 billion shares at 0.05p to fund drilling and technical studies at its Mushima North Target A1 silver project. The fundraise is designed to fast-track work at the project, though the placing price represented a discount that weighed on the stock, which fell 7.69% to 0.06p.
Hamak Gold reports high-grade near-surface intercepts at Akoko
Hamak Gold (AIM:HAMA) reported assay results from seven additional reverse circulation holes at its Akoko oxide gold project, with the best intercepts returning 2.12g/t Au over 28 metres and 1.57g/t Au over 14 metres. The results reinforce the near-surface oxide model at the project and extend the known mineralised footprint. Shares slipped 3.23% to 0.75p despite the positive drill data.
Switch Metals prepares scout drilling at Issia lithium-tantalum targets
Switch Metals (AIM:SWT) announced it is preparing to commence a circa 2,500-metre scout drilling programme at its Issia project in Côte d'Ivoire, targeting lithium and tantalum pegmatites. The company also issued shares to settle consultant fees and noted improving conditions in the lithium market as context for the programme. Shares fell 9.44% to 11.32p on the day.
Neo Energy Metals acquisition deadline extended by six months
NEO Energy Metals (AIM:NEO) disclosed that regulatory approvals for its acquisition of the Beatrix 4 shaft from Sibanye-Stillwater have not yet been granted, and that both parties have agreed to extend the regulatory deadlines by six months. The delay introduced uncertainty around the transaction's completion timeline, sending the shares down 5.51% to 0.841p.
HyProMag USA secures Dallas-Fort Worth facility as broker reiterates Buy on Mkango
Mkango Resources (AIM:MKA) saw its American rare earths magnet recycling venture, HyProMag USA, commit to a 125,000 square-foot facility in the Dallas-Fort Worth area, marking a significant step forward for the US operations. SP Angel maintained its Buy recommendation on the stock in response to the news, citing the strategic value of the Texas hub for the group's North American growth plans. Shares dipped 1.26% to 43.84p.
Guardian Metal identifies new Tremor Zone tungsten discovery at Pilot Mountain
Guardian Metal Resources (AIM:GMTL) reported the identification of a newly defined "Tremor Zone" at its wholly owned Pilot Mountain tungsten project in Nevada, where drilling intersected multiple tungsten-bearing skarn intervals not previously delineated. The discovery has the potential to expand what is already considered one of the largest undeveloped tungsten deposits in the United States. Shares fell 7.02% to 16.365p despite the exploration advance.
