A busy session for small-cap miners was headlined by corporate activity and project milestones across multiple continents. Celsius Resources (AIM:CLA) surged after agreeing to sell its Namibian cobalt asset to a Chinalco unit for $15 million, while Keras Resources (AIM:KRS) fell sharply after delaying its annual results amid active deal negotiations. Elsewhere, drill results, pre-feasibility studies, and AI-assisted exploration reviews kept the sector busy.
Celsius Resources sells Namibia cobalt project to Chinalco unit for $15 million
Celsius Resources (AIM:CLA) agreed to dispose of its Opuwo cobalt-copper project in Namibia to a subsidiary of Chinese state mining giant Chinalco for $15 million, sending the shares up 77.78% to 0.008p. The proceeds will be directed towards developing Celsius's flagship MCB copper-gold project in the Philippines, sharpening the company's strategic focus on a single, more advanced asset.
Keras Resources delays 2025 annual results as deal talks advance
Keras Resources (AIM:KRS) withheld its full-year 2025 accounts, citing the potential signing of two binding agreements whose terms would materially affect the disclosures required. The delay weighed on sentiment, pushing the shares down 17.65% to 1.4p. No timeline was given for when the agreements are expected to be finalised, leaving investors to weigh the prospect of a transformative deal against the uncertainty of the delayed filing.
Guardian Metal PFS delivers $660 million NPV for Pilot Mountain tungsten project
Guardian Metal Resources (AIM:GMTL) published a pre-feasibility study for its Pilot Mountain tungsten project that returned a post-tax net present value of $660 million, a figure chief executive Oliver Friesen said establishes the asset as one of the most compelling tungsten development opportunities in the Western world. The shares were broadly flat at 15.81p, down just 0.25%, as the market digested the study's economics.
Kendrick Resources drill results confirm high-grade rare earth continuity at Teufelskuppe
Kendrick Resources (AIM:KEN) reported pXRF results from three diamond drill holes at its Teufelskuppe project, with peak grades exceeding 15 wt% total rare earth oxides confirming mineralisation continuity at depth. Certified laboratory analysis remains pending, but the early data was enough to lift the shares 6.0% to 6.625p. The results build on previous surface sampling and support the geological model for the Namibian rare earth project.
Thungela flags stronger coal prices but rand pinches realised revenue
Thungela Resources (LSE:TGA) issued a trading update pointing to first-half net cash of between R5.9 billion and R6.1 billion, as improved benchmark thermal coal prices were partially offset by a stronger rand and softer demand from Indian buyers. The combination of currency headwinds and weaker volumes weighed on realised revenue, and the shares fell 8.75% to 422.5p, making Thungela the session's sharpest large-cap decliner in the sector.
Metals One agrees new consolidation deal for South African gold and energy platform
Metals One (AIM:MET1) announced a consolidation agreement designed to bring together South African gold and energy assets within a single listed structure. Managing Director Daniel Maling said the transaction would place the company's equity "firmly in a listed vehicle that has a defined strategy and clear structure." The shares edged up 0.77% to 1.441p on the news.
Gemfields posts $23 million ruby auction revenue but flags worsening grades at Mozambique mine
Gemfields Group (AIM:GEM) reported $23 million in revenue from its latest ruby auction, with strong customer attendance and competitive bidding across categories. However, the company flagged deteriorating ore grades at its Montepuez ruby mine in Mozambique as a medium-term concern, and the shares slipped 3.9% to 3.7p. Auction director Adrian Banks noted that market conditions in parts of the coloured gemstone sector remain challenging despite the solid attendance.
KEFI Gold and Copper enters month four of Tulu Kapi development with Saudi decision due by year-end
KEFI Gold and Copper (AIM:KEFI) updated shareholders at its annual general meeting, confirming that construction at the Tulu Kapi gold project in Ethiopia remains on schedule for first production in mid-2028. The company also set a fourth-quarter target for a development decision on its Jibal Qutman asset in Saudi Arabia, adding a second near-term catalyst for investors. The shares dipped 0.95% to 1.04p.
Firering results map Limeco ramp up to four-kiln capacity
Firering Strategic Minerals (AIM:FRG) reported a loss of €2.49 million for the 2025 financial year as its Zambian quicklime business, Limeco, scaled operations from a standing start. The full-year results outlined a pathway to four-kiln capacity as the company works to establish a sustainable revenue base in sub-Saharan Africa. The shares eased 1.68% to 0.934p.
First Development Resources begins site preparation ahead of maiden gold drilling at Lander West
First Development Resources (AIM:FDR) confirmed its field team has arrived on site at the Lander West gold project in Nevada, with a drill rig expected within days. Chief executive Tristan Pottas described the mobilisation as the start of "an exciting new phase" for the company as it prepares to test its maiden drill targets. The shares rose 5.88% to 2.7p.
Beowulf Mining's Grafintec secures 12-month extension for Finnish graphite plant
Beowulf Mining (AIM:BEM) announced that its Finnish subsidiary Grafintec has extended its land reservation in Kotka to June 2027, providing a further 12 months to advance permitting and engineering for a planned graphite processing plant. The extension comes as a binding investment deal for the project nears completion. The shares were unchanged at 7.0p.
Neo Energy Metals update highlights progress in uranium and gold projects
Neo Energy Metals (AIM:NEO) delivered its first quarterly operational update, reporting that equity was raised in January and that regulatory progress has been made across its New Beisa uranium asset and its Henkries gold project. The update was well received, with the shares climbing 17.14% to 1.025p, making it one of the session's stronger performers in the uranium and gold development space.
Botswana Minerals AI review finds copper mineralisation in decades-old drill core
Botswana Minerals (AIM:BMIN) used an AI-assisted analysis of more than 50 years of legacy exploration records to confirm the presence of chalcopyrite and other copper minerals in historical boreholes across its licence areas. The review validated the company's copper geological model and provided a low-cost pathway to target generation ahead of any new drilling. The shares rose 4.17% to 0.25p.
Arkadian Strategic Metals launches technical programme at Greenland project
Arkadian Strategic Metals (AIM:AKN) initiated a technical work programme at its Greenland project, with executive chairman George Frangeskides describing the approach as one of "disciplined technical work and careful planning." The company is advancing the asset through systematic geological study ahead of any field campaign. The shares slipped 3.57% to 0.0135p.
Alien Metals starts district-scale geophysics hunt for new silver targets at Elizabeth Hill
Alien Metals (AIM:UFO) launched a geophysical survey covering 4 km of the Munni Munni Fault Zone at its Elizabeth Hill silver project in Western Australia, backed by a state grant of A$114,312. The survey is designed to identify high-grade silver targets that could replicate the known Elizabeth Hill mineralisation elsewhere along the fault, running in parallel with an ongoing drill programme. The shares edged up 1.82% to 0.112p.
Kore Potash sale process loses one bidder
Kore Potash (AIM:KP2) disclosed that one unnamed party withdrew from its formal sale process in February, though the remaining interested parties confirmed they are continuing to engage. The company is seeking a buyer for its Congolese potash assets, and the reduced field of suitors pushed the shares down 2.69% to 2.822p.
