Precious metals producers dominated the mining news flow, with Fresnillo and Hochschild both reporting steady operational quarters even as costs and output mix drew scrutiny. Elsewhere, exploration progress lifted a clutch of small-cap names, led by a striking gain at Harena Rare Earths on news of US government interest in its Madagascar project, while Ariana Resources and Oriole Resources both advanced key development milestones.
Fresnillo holds 2026 guidance as silver output slips
Fresnillo (FRES) confirmed it remains on track to meet full-year guidance despite a decline in silver production, with chief executive Octavio Alvídrez pointing to "consistent execution across our asset portfolio" in the second quarter. Shares in the miner rose 3.235% to 2649.0p as the market took reassurance from the reiterated targets.
Hochschild sees costs run above guidance despite steady H1 output
Hochschild Mining (HOC) reported robust operating cash flow from its Inmaculada and San Jose mines, with Mara Rosa continuing its operational turnaround, even as costs tracked above guidance for the period. Chief executive Eduardo Landin described the quarter as a "solid operational performance", and the shares climbed 2.826% to 458.4p.
Firering hot-commissions third kiln at Zambia project
Firering Strategic Minerals (FRG) hot-commissioned a third kiln at its Limeco operation in Zambia, a milestone the company said marks "the inflection point" for the business. Chief executive Youval Rasin said Limeco is moving from breakeven into profitable production and is expected to be cash flow positive by year end, with shares nudging up 0.05% to 0.9505p.
Harena Rare Earths shares jump on US-Govt investment in Madagascar rare earth project
Harena Rare Earths (HREE) surged after revealing US government investment in its Ampasindava rare earths project in Madagascar. Executive chairman Ivan Murphy called it "a powerful endorsement of Ampasindava's importance as a Western-aligned source of critical magnet rare earths," and the shares jumped 9.091% to 2.1p on the news.
Oriole Resources completes maiden drilling at Wapouzé project
Oriole Resources (ORR) completed maiden drilling at its Wapouzé project, with chief executive Martin Rosser saying the campaign had "gone extremely well". Rosser added that a maiden mineral resource estimate would "considerably enhance" efforts to secure a cement industry partner, potentially opening the door to a royalty-based structure, as shares rose 4.23% to 0.37p.
Ariana Resources reports Tavşan ramp-up complete
Ariana Resources (AAU) confirmed the ramp-up at its Tavşan mine in Turkey is complete, with chief executive Dr Kerim Sener saying the company "remains very pleased with the progress being maintained" at the site. The shares gained 8.065% to reach 1.675p.
Orosur secures full ownership of El Pantano after maiden drilling
Orosur Mining (OMI) secured full ownership of its El Pantano project following maiden drilling, giving the company complete control over its next steps. Chief executive Brad George said, "We now own the project 100%, and so have many options available to us," as shares edged up 0.65% to 15.5p.
GreenX Metals begins 2026 fieldwork at Eleonore North
GreenX Metals (GRX) kicked off its 2026 fieldwork programme at the Eleonore North project, targeting high-grade occurrences in what chief executive Ben Stoikovich called "a stable Western jurisdiction at a time when supply is heavily concentrated in China." Shares in GreenX rose 3.16% to 49.0p.
Tamar Minerals starts drilling at Great Wheal Vor
Tamar Minerals began drilling at its Great Wheal Vor project in Cornwall, a programme chairman Mark Thompson said he had "wanted to drill for many years". The start of the campaign marks a long-anticipated step for the exploration company.
Great Southern Copper defines Monolith drill target from channel sampling
Great Southern Copper (GSCU) defined a drill target at its Monolith prospect within the Cerro Negro project area, based on channel sampling results. Chief executive Sam Garrett said the results "reinforce Monolith as a priority target" as the company refines its geophysical interpretation and drill-targeting plans, though shares slipped 2.083% to 2.35p.
