Financing dominated the small-cap mining agenda, with Vast Resources securing a major loan facility from Glencore ahead of its pivotal reverse takeover vote, while Unicorn Mineral Resources and Ajax Resources both moved to lock in funding and deal terms for new acquisitions in Namibia and Chile respectively. Exploration news flowed freely too, with drilling results from Total Graphite, Tertiary Minerals, Mila Resources, Panther Metals and Jangada Mines pointing to a sector still hunting for its next discovery even as balance sheets take centre stage.
Vast Resources lands US$10m Glencore loan tied to reverse takeover
Vast Resources (LSE:VAST) has entered into a $10m term loan agreement with Glencore International, a subsidiary of the commodities giant, in a financing package that arrives at a critical juncture for the AIM-quoted miner. The facility lands just days before shareholders vote on Vast's proposed reverse takeover, a transaction that will determine whether the funds are ever released, and comes with shares up 4.35% at 0.12p.
Of the total facility, $4m is ring-fenced for expansion at the Aprelevka gold mine, while the remaining $6m is earmarked for group working capital and debt repayment. The loan carries interest at Term SOFR plus 5% annually, stepping down to 3.75% once certain qualifying events occur, with repayments beginning 31 March 2027 and running through the second anniversary of closing. Glencore has taken security over Vast's entire stake in Gulf International Minerals once that transaction completes, alongside a 60-month right of first offer on future mineral concentrate production from Vast's mining operations, and has been issued 10m warrants exercisable at 7.5p over three years.
Release of the funds is entirely conditional on two remaining hurdles: shareholder approval of the reverse takeover at Wednesday's general meeting on 18 August, followed by admission to AIM. Both must clear before Vast can draw on the facility.
The structure of the deal tells its own story about where the balance of power sits. Glencore's insistence on a share charge over the Gulf International Minerals stake and a five-year first-offer right on concentrate production signals a lender extracting long-term strategic access, not just a conventional yield, in exchange for underwriting Vast's next phase. For shareholders, Wednesday's vote is now less a formality and more the gateway to capital the company has already structured around passing it.
Unicorn Minerals Resources secures £1.25m loan for Klein Aub deal
Unicorn Mineral Resources (LSE:UMR) has signed final legal documentation for a £1.25m unsecured loan facility with Electro Automation (Group), a company controlled by its own chairman, Paddy Doherty. Shares in the London-listed explorer, which targets zinc, lead, copper and silver deposits, stood at 8.0p as the deal secures the capital needed to complete its proposed acquisition of the Klein Aub Copper Mine in Namibia.
The full £1.25m is expected to be drawn in a single tranche immediately after the Klein Aub acquisition documents are signed, a process the company said is currently being finalised. Proceeds will fund the next stage of work programmes at Klein Aub alongside working capital and general operating costs. The facility carries a 3% establishment fee of £37,500 and interest of 10% per annum, maturing one year after first drawdown, with the lender holding the option to convert principal, interest and fee into Unicorn shares on redemption at a discount.
Related-party financing from a chairman carries obvious governance scrutiny, but it also signals conviction: Doherty is underwriting the Klein Aub push with his own vehicle rather than waiting on external capital markets. For a small explorer, that speed of funding removes a key point of deal risk just as the Namibian acquisition documentation nears completion.
Ecr Minerals secures up to A$3m Bold Gold farm-in at Creswick
Ecr Minerals (AIM:ECR), the Australia-focused gold exploration company, has executed legally binding farm-in and joint venture agreements with Bold Gold Resources over its Creswick Gold Project in Victoria, a deal first flagged back in September 2025. Shares in the AIM-listed group edged up 2.7% to 0.19p as the arrangement lets Bold Gold invest up to A$3m in staged exploration spending to earn as much as 80% of Creswick.
Bold Gold must commit a minimum A$250,000 within the first 12 months under an option period before it can earn a 51% stake by sole-funding a further A$1.0m over two years, taking cumulative spend to A$1.25m. It can then progress to 80% by funding a further A$1.75m within two years of the option period ending, though meeting certain licence retention milestones could trim that final requirement to A$2.75m. No interest transfers until the A$1.25m threshold is met, and the farm-in remains conditional on renewal of two licences.
"With production and development activities advancing in Queensland, exploration programmes progressing elsewhere across the portfolio and gold market fundamentals strengthening again, we believe ECR is exceptionally well positioned as we continue building a diversified Australian gold company," said Adam Jones, ECR Minerals Plc.
The staged structure hands ECR a fully funded exploration path at Creswick without diluting its own treasury, while retaining a meaningful residual interest once Bold Gold's spending thresholds are cleared. Coming alongside advancing production activity in Queensland, the deal broadens ECR's project pipeline at a moment when rising gold prices make junior gold exposure increasingly sought after.
Ajax Resources signs deal for Chile's Paguanta silver project
Ajax Resources (AQSE:AJAX), the Aquis-listed natural resources investment company, has signed a share purchase agreement to acquire a 74.79% interest in the Paguanta Project in Chile from ASX-listed Asara Resources. Shares dipped slightly to 5.51p, down 0.72%, as the deal follows an exclusivity agreement first announced on 19 January and remains conditional on Asara satisfying certain conditions precedent, with no consideration payable until then.
Initial consideration on completion totals US$400,000, split between US$50,000 in cash and US$350,000 in Ajax shares issued at 25p, a 5.55x multiple over the closing price of the company's shares admitted to the Aquis Growth Market on 14 August. Further deferred payments of US$500,000 each fall due on announcement of a JORC-compliant Ore Reserve exceeding 25m tonnes at 5% or greater zinc equivalent, and separately on an Ore Reserve containing at least 5m tonnes of copper. Paguanta is a former producing silver mine.
"We believe Paguanta represents a highly compelling opportunity for Ajax," said Patricia, chief executive of Ajax Resources. The deferred consideration structure ties the bulk of the payment to resource delineation success rather than upfront cash, giving the newly Aquis-listed company optionality on a past-producing asset without overcommitting capital before the geology is proven up.
Total Graphite hits 18.62% grade at Vatomina block
Total Graphite (TGR) reported initial drilling results from the Tarandava Block returning high-grade, near-surface graphite intersections, with grades up to 18.62% at the Vatomina block supporting the company's optimisation programme at its Madagascar operation. Shares ticked up 0.69% to 0.73p on the update.
The near-surface nature of the intersections is significant for a development-stage graphite project, as shallow high-grade material typically lowers strip ratios and processing costs once the operation moves toward production planning. The results add to the technical case underpinning Total Graphite's Madagascar strategy as it works through its optimisation programme.
Tertiary Minerals finds new copper zone at Mushima North
Tertiary Minerals (TYM) revealed preliminary pXRF results pointing to a fresh shallow copper zone located 900 metres from the existing Discovery Zone at its Mushima North project in Zambia. Shares jumped 15.385% to 0.075p, the day's strongest mover in the sector, as the market reacted to the extended footprint of mineralisation.
The new zone's proximity to the already-identified Discovery Zone suggests the copper system at Mushima North may extend well beyond the initial target area, giving Tertiary Minerals additional ground to prioritise as it firms up its exploration programme in Zambia's copper belt.
Mila Resources restarts drilling at Yarrol gold project
Mila Resources (MILA) has resumed a fully funded 1,400-metre drilling campaign at its Yarrol gold project in Queensland, targeting extensions to gold mineralisation identified across the broader 20km Yarrol System. Shares rose 11.905% to 1.175p as drilling got back underway.
The fully funded status of the campaign removes near-term financing risk from the exploration programme, allowing Mila to focus on testing strike extensions along a mineralised trend that already spans 20 kilometres, a scale that keeps discovery optionality open across multiple target zones.
Panther Metals hits 38% magnesium recovery at Dotted Lake
Panther Metals (PALM) reported Phase 1 testwork results at its Dotted Lake project in Ontario showing 38% magnesium recovery, a figure that beat the ceilings typically achieved through conventional leaching methods. Shares climbed 9.615% to 142.5p on the news.
Beating conventional leaching recovery rates opens a path toward alternative extraction technology for magnesium, a critical mineral increasingly sought by Western supply chains, and gives Panther Metals a technical differentiator to build on as it advances further test work at the Ontario project.
Arc Minerals lines up driller for Botswana copper hunt
Arc Minerals (ARCM) has appointed Global Drill to carry out an imminent diamond drilling campaign at its Virgo project in Botswana's Kalahari Copper Belt. Shares advanced 8.333% to 0.65p as the appointment moves the project toward active field work.
The Kalahari Copper Belt has drawn growing exploration interest from majors and juniors alike, and securing a drilling contractor marks a concrete step toward testing Virgo's copper potential on the ground.
Andrada Mining secures NAD98m funding for Uis expansion
Andrada Mining (ATM)'s Namibian subsidiary has executed definitive loan agreements with two lenders, completing the NAD98 million funding package needed for a tin ore-sorting expansion at the Uis Mine. Shares rose 7.692% to 4.9p on confirmation the financing is now in place.
With the loan agreements finalised, Andrada can proceed with the ore-sorting expansion without further capital raising delays, a step that should lift processing efficiency and throughput at its flagship Uis tin operation.
First Tin lifts Taronga project value on updated feasibility study
First Tin (1SN) published an updated definitive feasibility study that more than doubles the post-tax valuation of its Taronga tin project, with the company flagging further upside at current spot tin prices. Shares fell 5.303% to 12.5p despite the improved economics.
The scale of the valuation uplift underscores how sensitive tin project economics are to prevailing commodity prices, though the share price move suggests the market had already priced in much of the improvement ahead of the formal study release.
Jangada strikes bonanza gold grades at new Vivi target
Jangada Mines (JAN) completed Phase 1 drilling at its Molly Gold Project in Brazil, confirming historical data at the Molly 1 target and uncovering high-grade rock-chip results of up to 306.2 g/t gold at the newly identified Vivi target. Shares slipped 2.941% to 0.825p despite the bonanza-grade results.
Grades exceeding 300 g/t at a previously untested target give Jangada a new priority zone to carry forward into follow-up work, expanding the exploration footprint at Molly beyond the historically known Molly 1 area.
Blencowe says graphite offtake is advancing with defence applications
Blencowe Resources (BRES) said its graphite offtake discussions are progressing, with growing interest tied to defence-sector applications. Shares rose 2.33% to 7.419p as the company pointed to strengthening demand from customers seeking alternatives to Chinese supply.
"Western customers are increasingly seeking high-quality graphite products from non-Chinese sources to reduce geopolitical and supply-chain risk," said Cameron Pearce, executive chairman of Blencowe Resources. The defence angle adds a new demand driver to the graphite investment case, layering geopolitical urgency on top of the existing battery-material growth story.
Alien Metals sets 12-month plan for Georgina copper-gold project
Alien Metals (UFO) outlined a 12-month plan to spend about £155,000 ranking more than 90 exploration targets at its Georgina copper-gold project in Australia's Northern Territory, ahead of a drilling decision due in June 2027. Shares traded at 0.09p.
The modest budget reflects a disciplined, staged approach to a large target inventory, with the ranking exercise designed to narrow more than 90 prospects down to a drill-ready shortlist before committing to more capital-intensive field work.
