Small-cap miners moved on a cluster of funding and project-advancement news, with explorers across Greenland, Spain, Australia and Mexico all reporting concrete steps forward even as several share prices slipped. The standout was 80 Mile's discounted fundraise to bankroll drilling and plant restart plans, while Vast Resources disclosed a fresh debt facility alongside a stark warning on the consequences of its reverse takeover falling through.
80 Mile prices £1.9m discounted placing for Greenland drilling
80 Mile (LON:80M) has raised £1.9m through a placing of 283.6m new shares at 0.67p, a 10% discount to the prevailing market price, to fund drilling campaigns in Greenland and restart a plant in Italy. The shares fell 9.383% to 0.676p as the market digested the dilution, though the proceeds give the explorer runway to advance both projects concurrently.
Vast Resources agrees $10m loan tied to reverse takeover
Vast Resources (LON:VAST) has struck binding terms for a $10m debt facility linked to its planned reverse takeover of Gulf International Minerals. The company was candid that insolvency is the likely outcome should the transaction fail to complete, underscoring how central the deal has become to its survival. Shares rose 4.35% to 0.12p on the financing news.
Anglesey Mining hires geologist for Parys Mountain push
Anglesey Mining (LON:AYM) has appointed a chartered geologist with two decades of experience in volcanogenic massive sulphide systems and UK mine development to serve as principal geologist. The hire is aimed at strengthening technical work at the company's flagship Parys Mountain project, with shares trading at 4.0p.
Forgent's Peak Hill drilling opens new gold target
Forgent (LON:FORG) reported that maiden drilling at its Peak Hill Gold-Copper Project has confirmed its geological model and identified an undrilled corridor with potential to expand the deposit. The company is now accelerating a Phase 2 drilling campaign to August, though shares fell 12.5% to 0.014p despite the encouraging results.
Technology Minerals secures St Patrick licence to 2028
Technology Minerals (LON:TM1) has extended its Spanish exploration permit covering the St Patrick copper-cobalt licence by two years, giving it until 2028 to evaluate the Aramo Mine asset without committing further capital in the near term. Shares dropped 6.863% to 0.0475p.
Ajax Resources options Spanish copper project from Western Metallica
Ajax Resources (LON:AJAX) has signed a binding option to acquire Western Metallica's Nueva Celti copper project in Andalusia for $300,000, with drilling planned for the autumn. Shares eased 3.3% to 4.3999p as the market weighed the modest upfront cost against the exploration commitment ahead.
Cadence Minerals advances Azteca plant refurbishment to 77%
Cadence Minerals (LON:KDNC) said its Azteca plant refurbishment has progressed to 77% completion, up from 48%, and remains ahead of schedule. Chief executive Kiran Morzaria said the jump "demonstrates that the Azteca refurbishment is moving through its critical execution phase as planned." Shares gained 4.04% to 5.15p on the update.
HyProMag USA brings forward Texas magnet finishing timeline
The HyProMag USA joint venture backed by Mkango Resources (LON:MKA) will fast-track finished magnet production to the first half of 2027, ahead of fully integrated recycling operations slated for the second quarter of 2028. Mkango shares fell 5.732% to 37.0p despite the accelerated timeline for its US magnet-recycling venture.
