Precious metals miners dominated the day's mining news, with a blowout half-year result from Mexico's largest silver producer overshadowing steady progress updates from smaller developers across Ethiopia, the US and Greenland. Corporate housekeeping also featured, as one AIM junior cleared a legacy debt while others advanced drilling and licensing milestones.
Fresnillo profit triples on silver and gold surge
Fresnillo (LSE:FRES), the Mexico-focused silver and gold miner, delivered a first-half performance that dwarfed last year's, with shares up 3.963% to 2597.0p on the back of it. The result underscores how sharply the precious metals cycle has turned in the miner's favour even as its own mines produce less: this is a company whose fortunes are now driven overwhelmingly by price, not volume, a dynamic that will keep investors focused on the commodity backdrop as much as operational execution.
Revenue rose 74.7% to $3.38 billion for the six months to 30 June, with gross profit up 130.7% to $2.36 billion and period profit surging 213% to $1.46 billion from $467.6 million a year earlier. Earnings per share from continuing operations climbed 227.9% to 175.1 cents. The gains came despite attributable silver production falling 11.4% to 22.0 million ounces, partly reflecting the end of the Silverstream contract, and gold output dropping 7.3% to 290.9 thousand ounces on lower grades and processing disruptions at Herradura. Average realised silver prices rose 134.4% to $78.9 per ounce and gold climbed 47.3% to $4,666.8 per ounce, more than offsetting the volume declines. Cash and liquid funds fell to $2.5 billion from $2.76 billion at year-end after funding the Probe Gold acquisition, capital expenditure of $236.2 million and record dividend payments of $797.4 million. The board declared an interim dividend of 43.4 cents per share, up 42% from 30.6 cents, totalling $319.8 million, while full-year silver guidance of 42.0-46.5 million ounces and gold guidance of 500,000-550,000 ounces were left unchanged, alongside revised capex guidance of $500-550 million.
"Fresnillo delivered an exceptional financial performance in the first half of 2026, solid operational execution and cost discipline," said Octavio Alvídrez, Chief Executive.
The scale of the earnings beat, and the decision to lift the dividend sharply despite falling output, signals management's confidence that current metal prices are durable rather than a temporary spike. With cash reserves still substantial after absorbing the Probe Gold deal and record shareholder payouts, Fresnillo has room to keep investing in growth while rewarding holders, a position few peers can match, and one that reinforces its standing as the default large-cap play on the silver price for London investors.
KEFI says Tulu Kapi schedule sees "full production" in 2028
Kefi Gold And Copper (AIM:KEFI), the gold and copper explorer and developer focused on Ethiopia and Saudi Arabia, confirmed its Tulu Kapi Gold Project in Ethiopia remains on schedule for commissioning in late 2027 and full production by mid-2028, with shares edging up 1.313% to 1.08p. The Phase 1 Resettlement Action Plan, which clears the mining licence area for initial infrastructure, has reached 100% completion on compensation agreements with roughly 90% of payments made, allowing preparation to begin on Phase 2 covering the open pit and plant areas.
More than half of the major plant equipment, including the SAG mill, jaw crusher and electrowinning cells, is now ordered or ready for order, while contractors Lycopodium, EEP, ERA and BCM are mobilising personnel and subcontractors following completion of an access road and electrical substation. Project debt drawdown remains on track to trigger in the fourth quarter, with the company saying it remains well funded following its first-half equity raise. "Whilst global markets have been volatile for our sector, in particular since the start of the Iran War, our implementation programme remains on track," said Harry Anagnostaras-Adams, Executive Chairman.
The steady drumbeat of milestones, resettlement nearly complete, equipment ordering underway, contractors mobilised, suggests Tulu Kapi is moving from paper development into physical construction, reducing execution risk ahead of the critical debt drawdown later this year.
Bradda Head strikes solar land deal in Pennsylvania
Bradda Head Lithium (AIM:BHL), the North America-focused lithium developer, said its wholly owned US subsidiary Zenolith has signed an accommodation agreement with solar developer SunShare covering roughly 16 acres of its 136-acre brine lease in Slippery Rock Township, Lawrence County, Pennsylvania. Shares traded at 2.25p. The arrangement lets SunShare build a commercial solar facility on part of the site while Bradda retains its underlying brine lease, mineral rights and access for future lithium development.
Bradda will receive an initial $5,000 payment within 10 business days, followed by a $20,000 option payment once SunShare issues an Effective Notice to proceed with development, with SunShare able to extend the agreement for up to five additional 12-month periods at $5,000 each if construction has not started. Once building begins, SunShare takes over the brine lease's annual rental payments, currently $1,339 through 2027 and rising to $2,421 from 2028 if the lease extension is exercised. "This agreement enables the proposed solar development to progress while preserving the company's brine lease, mineral rights and access for potential future development," said Ian Stalker, Executive Chair.
The deal generates modest near-term cash for Bradda without sacrificing its underlying lithium optionality, effectively monetising surplus land while the company's core brine development timeline continues elsewhere on the lease.
Phoenix Copper clears Indigo Capital loan in full
Phoenix Copper (AIM:PXC), the AIM-listed miner developing the Empire copper, gold and silver project in Idaho, has repaid in full the principal owed to Indigo Capital LP, discharging all contractual obligations under the convertible loan agreement first announced on 4 December 2025. Shares rose 5.128% to 0.41p on the news.
Phoenix holds an 80% stake in the Empire Mine, part of the historic Alder Creek mining district near Mackay, Idaho, where proven and probable reserves at the Empire Open-Pit stand at 10.1 million tonnes containing 109.5 million pounds of copper, 104,000 ounces of gold and 4.65 million ounces of silver, according to the company's May 2024 reserve statement. Phoenix's directors said they look forward to providing shareholders with further operational updates in the coming weeks.
Clearing the convertible debt removes a fixed financial obligation and the associated dilution overhang from the balance sheet, giving Phoenix a cleaner capital structure as it seeks to advance Empire toward production.
GreenX expands Greenland gold footprint
GreenX Metals (GRX) secured two new exploration licences covering roughly 1,600 square kilometres at its Eleonore North project in East Greenland, quadrupling its footprint for gold and critical minerals exploration in the region. Shares rose 3.75% to 49.8p.
The expanded land package gives GreenX significantly more ground to target within an emerging gold and critical minerals district, broadening the exploration options available to the company as it plans future work programmes across the enlarged licence area.
Great Western sets drilling start at Defender tungsten project
Great Western Mining Corporation (GWMO) has appointed Addison Mining Services as Competent Person ahead of drilling starting within two weeks at its Defender Tungsten Project in Nevada. Shares slipped 1.587% to 3.1p.
The appointment clears a procedural step needed before the drilling programme can begin, putting the company on track to generate fresh assay data from Defender within the coming weeks.
