Exploration news dominated the small-cap mining calendar, with resource upgrades and fresh discoveries at gold, copper and zinc projects spanning Cameroon, Ireland and Zimbabwe, while Anglo American's quarterly production update kept the sector's largest name in focus as it presses on with its Teck merger and portfolio disposals.
Anglo American trims copper unit costs, holds output flat
Anglo American (LSE:AAL) reported flat second-quarter copper production and lowered its 2026 unit cost guidance, even as it continues to work through disposals of its coal, diamond and nickel businesses alongside the pending merger with Teck. Shares in Anglo American rose 3.797% to 3663.0p as the market weighed the improved cost outlook against the steady output figures.
Talisman finds new copper outcrop through old-fashioned prospecting
Talisman Metals (LSE:TLM) identified a new copper outcrop at its Tirzzit project, with chief executive Tim McCutcheon noting that "sometimes the best geology is uncovered the old-fashioned way, by mapping and prospecting". Talisman shares traded at 6.5p following the discovery.
Oriole Resources lifts Mbe gold resource to 1.66m oz
Oriole Resources (LSE:ORR) upgraded the mineral resource estimate at its Mbe gold project in Cameroon to 1.66m ounces, a figure chief executive Martin Rosser called "a tremendous achievement", adding the company maintains "a firm opinion that the Mbe project licence has multi-million-ounce gold potential". The update lifted Oriole shares 5.634% to 0.375p.
Group Eleven strikes high-grade zinc at Stonepark
Arkle Resources (LSE:ARK) reported that operator Group Eleven had struck a high-grade zinc zone at the Stonepark project in Ireland, with Arkle chief executive Rory Harding describing it as "the most significant drilling result at Stonepark since Group Eleven assumed operatorship in 2017". Arkle shares stood at 0.75p.
Cobra Resources bolsters team as Manna Hill scale grows
Cobra Resources (LSE:COBR) appointed a new chief financial officer and exploration manager, strengthening the team behind its Blue Rose copper-gold-molybdenum project. Chief executive Rupert Verco said recent drilling at Manna Hill "is adding considerable scale to the Blue Rose copper-gold-molybdenum system", and that the expanded team would support "timely and efficient execution of project acceleration". Cobra shares gained 3.7% to 4.2p.
Caledonia finds new gold zone at Blanket mine
Caledonia Mining (LSE:CMCL) identified a new near-surface gold mineralisation zone at its Blanket mine in Zimbabwe. Chief executive Mark Learmonth said "the potential to develop a low-cost processing route for this near-surface mineralisation could provide an attractive opportunity to complement Blanket's existing underground operations and unlock additional value." Caledonia shares edged up 0.18% to 1417.5p.
Richmond Hill secures drill permit for Martello project
Richmond Hill Resources (LSE:RHR) secured a drill permit for its Martello project, clearing the way for upcoming exploration work. Chief executive Hamish Harris said "it's pleasing to get the drill permit obtained in a timely fashion". Richmond Hill shares traded at 1.4p.
