Gold and copper producers delivered a run of record earnings on Tuesday, with pricing gains offsetting softer output across several operations. Thor Explorations led the charge with half-year profit records, while AltynGold and Atalaya Mining both posted their strongest quarterly numbers to date, and a clutch of explorers advanced drilling and licensing milestones from Cameroon to Madagascar.
Thor Explorations posts record profit despite lower output
Thor Explorations (LSE:THX), the AIM and TSXV-listed gold producer, reported record first-half revenue, EBITDA and net profit even as production slipped at its Segilola mine in Nigeria. The shares eased 5.751% to 59.0p despite the numbers, with H1 2026 revenue climbing to $151.9 million from $146.8 million a year earlier, while gold poured fell to 39,409 ounces from 45,574 ounces.
The gap between weaker volumes and stronger profitability was bridged entirely by price: the average realised gold price jumped to $4,554 per ounce sold in the second quarter, pushing EBITDA to $108.4 million from $103.9 million and net profit to $95.5 million, up from $86.1 million. Cash operating costs stood at $760 per ounce sold in the quarter, with all-in sustaining costs at $1,262 per ounce, and the company ended the period with adjusted net cash of $218.6 million, revised down from a previously reported $225.6 million following reconciliation work tied to a new financial consolidation system.
"Despite lower production compared with the prior year, the strength of the gold price, together with continued cost discipline and operational efficiencies, resulted in half-year records across revenue, EBITDA and net profit," said Segun Lawson, President and chief executive.
Thor held full-year production guidance at 75,000 to 85,000 ounces and AISC guidance at $1,000 to $1,200 per ounce, signalling confidence that the second-half schedule can absorb the earlier shortfall. The bigger swing factor for the investment case lies in the pipeline behind the headline numbers: underground exploration drilling beneath Segilola's open pit is targeting an updated resource estimate by year-end, Senegal's government is expected to conclude talks on the Douta Mining Convention in the third quarter, and drilling results from the Guitry and Marahui licences in Côte d'Ivoire are also due in the same window, any of which could reset the growth narrative beyond a single-asset producer story.
AltynGold lifts Q2 gold output, stays on track for annual guidance
AltynGold (LSE:ALTN), the Kazakhstan-focused gold miner, produced 15.6koz of gold in the second quarter, up 23.3% on the first quarter and consistent with full-year guidance of 52-55koz. Shares slipped 1.35% to 1035.83p even as the rebound confirmed a deliberate first-quarter slowdown, when the company mined lower-grade transitional zones between ore bodies to bridge a vertical gap in the deposit, was a planned trade-off rather than a setback.
With that transitional work complete, the average grade mined rose to 1.88 g/t from 1.73 g/t, and gold poured climbed 24.2% quarter-on-quarter to 13,242 ounces. Ore mined and processed increased 15.5% and 12.4% respectively, with the Sekisovskoye processing plant now running at its 1 million tonnes per annum nameplate capacity following a December 2024 upgrade.
Total revenue rose 4.6% quarter-on-quarter to $58.9 million, as a 13.6% increase in gold sold to 13,096 ounces outweighed a 7.3% drop in the average realised gold price to $4,459 an ounce. The quarter-on-quarter price dip contrasts with a 31.8% year-on-year revenue gain, underlining how much of AltynGold's recent growth still rests on the broader gold price cycle rather than volume expansion alone.
ECR Minerals fundraise grows amid fresh investor demand
ECR Minerals (AIM:ECR), the London-listed gold exploration and development company focused on Australia, said an institutional investor has increased its participation in the placing announced on 10 August by a further £250,000. Shares traded at 0.18p as the top-up, made on the same terms as the original fundraising, lifted total gross proceeds to £886,250 from the £636,250 initially announced.
Proceeds will fund the same purposes set out in the earlier announcement, including underground development at the Maddens gold project and trial mining at Brothers. "Our strengthened balance sheet allows us to further accelerate underground development at Maddens, advance trial mining at Brothers and continue exploring what we believe is a highly prospective and underexplored goldfield," said chairman Nick Tulloch.
Production at Maddens is expected to begin later this year, and the enlarged raise gives the company more room to fund that ramp-up without returning to the market immediately, a modest but meaningful vote of confidence from existing backers at a stage when small-cap gold explorers often struggle to secure incremental capital.
Atalaya Mining posts record first half earnings
Atalaya Mining (LSE:ATYM) reported record EBITDA of €126.2 million for the first half of 2026, up from €107.6 million a year earlier, as higher copper prices and lower offsite costs offset a decline in output. Shares dipped 0.454% to 987.5p, with the Spanish-focused copper miner posting second-quarter EBITDA of €78.2 million, also a record, on revenue of €147.4 million, up from €124.1 million in the same quarter of 2025.
Copper production totalled 23.4 kilotonnes in H1, down from 27.5 kilotonnes a year earlier, while all-in sustaining costs rose to $2.97 per pound from $2.78, reflecting higher mining and processing costs and a stronger euro against the dollar. "We are pleased to have generated the highest quarterly and half-year EBITDA in Atalaya's history, thanks to strong copper prices, solid Q2 production and good cost performance," said chief executive Alberto Lavandeira, adding that free cash flow of over €58 million in the quarter was also a record.
Net cash rose to €318.3 million, bolstered by proceeds from a January financing move, giving Atalaya a balance sheet cushion that increasingly separates it from copper peers still working through elevated cost inflation, even as rising AISC signals the underlying cost base is not yet fully under control.
East Star adds second rig as Verkhuba JV hits key milestones
East Star Resources (EST), trading at 4.04p and down 0.25%, confirmed its Verkhuba joint venture has cleared a set of establishment milestones, allowing partners to bring a second drill rig onto the project. "These milestones complete the establishment phase of the JV and allow the partners to focus entirely on advancing Verkhuba towards resource conversion, feasibility studies and ultimately production," said chief executive Alex Walker.
The additional rig signals an acceleration in drilling intensity just as the joint venture shifts from setup to substantive resource work, positioning Verkhuba as the near-term catalyst for East Star's newsflow through the rest of the year.
Sunrise Resources secures licence over Bakers high-grade gold target
Sunrise Resources (SRES), down 5.0% at 0.019p, confirmed it has secured exploration rights over its Bakers high-grade gold target following a prolonged licensing impasse. "After years of impasse, our exploration rights are now secure and the Company is free to resume exploration of this exciting project," said executive chairman Patrick Cheetham.
The resolution clears a long-standing overhang on the project and lets Sunrise restart fieldwork on ground it has been unable to access, though the scale of the share price move suggests the market is treating the news as a formality rather than a re-rating trigger.
Oriole Resources reports high-grade rock chips at Niambaram
Oriole Resources (ORR), trading at 0.325p and down 2.99%, reported rock-chip samples grading up to 28.40g/t gold at its Niambaram licence in Cameroon. The high-grade hits underline the prospectivity of the ground even as the company confirmed three permits within its Western Central Licence Package have been revoked following access disputes.
The mixed update, strong grades on one licence, lost ground on another, leaves Oriole's Cameroon portfolio narrower but arguably more focused on its highest-potential targets.
Meridian drills stacked VMS layers beneath Santa Helena
Meridian Mining (MNO), up 2.65% at 93.0p, reported that its latest drill hole at Santa Helena extended volcanogenic massive sulphide mineralisation below the existing resource. The result opens two new exploration frontiers across the company's wider Brazilian licence package.
Extending mineralisation at depth beyond the current resource envelope gives Meridian scope to grow Santa Helena's footprint without acquiring new ground, reinforcing the project's standing as the anchor asset in its portfolio.
Harena signs Madagascar mining terms for Ampasindava project
Harena Rare Earths (HREE), down 1.852% at 2.65p, has signed the Cahier des Charges Minières with Madagascar's Ministry of Mines, a key regulatory step clearing the way to build a pilot plant at its Ampasindava rare earth project.
The signed terms give Harena a formal framework to move from exploration toward pilot-scale processing, a milestone that de-risks the permitting path for a project sitting in a jurisdiction where mining terms have historically been a source of uncertainty for investors.
Orosur says Colombia earthquake has not disrupted Anza operations
Orosur Mining (OMI), up 1.64% at 15.5p, confirmed there were no injuries or major damage at its Anza project following an earthquake in Colombia, with the site located roughly 200 kilometres from the epicentre.
The all-clear removes an immediate operational overhang, allowing the AIM and TSXV-listed miner to keep its Anza work programme on schedule without disruption.
URU Metals finds EM anomaly aligns with nickel sulphide zone
URU Metals (URU), down 1.23% at 4.0p, said new 3D modelling at its Zeb Nickel Project links its strongest electromagnetic responses to known nickel-copper-PGE mineralisation.
The alignment sharpens the case for a priority drill target, giving the company a more defined structural model to guide its next phase of exploration at Zeb.
Amaroq starts 2026 drilling at Nanoq gold project
Amaroq (AMRQ), up 0.38% at 106.4p, has begun its 2026 resource drilling programme at the Nanoq gold project in South Greenland.
The campaign targets a maiden resource estimate later this year, adding a new gold asset to Amaroq's Greenland portfolio alongside its existing production base.
