Miners across the board delivered a run of operational progress reports on Thursday, headlined by a dramatic profit turnaround at Gem Diamonds and a swing toward first production at Tungsten West's Hemerdon restart. Explorers were also busy, with East Star Resources unveiling fresh geophysical evidence at its Kazakhstan gold target and Talon Resources launching maiden drilling in Ontario, while Strategic Minerals moved closer to completing its Leigh Creek disposal to fund the Redmoor project.
Gem Diamonds swings to profit as Letšeng cost cuts bite
Gem Diamonds (LSE:GEMD), operator of the Letšeng diamond mine in Lesotho, reported a return to profitability for the six months to 30 June, with shares jumping 48% to 9.25p on the news. Revenue rose 32% to $59.7 million from $45.4 million a year earlier, as a sharply higher average price per carat offset a decline in volumes sold, a reversal that comes after a prolonged stretch of pressure on rough diamond markets globally.
The company swung to a $0.6 million profit from an $11.7 million loss, with underlying EBITDA reaching $8.6 million against negative $2.6 million a year earlier. The average price achieved climbed to $1,395 per carat from $1,008, even as carats sold fell 4% and carats recovered dropped to 41,695 from 47,125, reflecting a shift toward lower-grade Main Pipe ore, which made up 84% of material treated versus 68% previously. Waste mined fell 82% to 0.3 million tonnes. Cash climbed to $20.2 million from $3.8 million at December's end, while net debt collapsed to just $0.5 million from $20.1 million, with revolving credit facilities due for renewal discussions ahead of their December expiry.
"The structural cost measures implemented in July 2025, as well as the extension of Letšeng's royalty relief, are delivering tangible results, materially reduced our cost base as we navigate the challenging global diamond market," said Clifford Elphick, chief executive of Gem Diamonds.
The scale of the balance-sheet repair is the real story here: a company that was burning cash and carrying meaningful net debt a year ago now sits with a fortress-like cash position and near-zero leverage, all while full-year production and cost guidance remain intact. That gives Gem Diamonds room to negotiate its refinancing from a position of strength rather than necessity, and suggests the cost discipline introduced last year is structural rather than a one-off squeeze, a meaningful shift in credibility for a miner operating in a diamond market that remains broadly challenged.
Jangada investees Fodere and Axies edge toward IPOs
Jangada Mines (LSE:JAN), the Brazil-focused natural resources company, said two of its investee companies are advancing toward potential stock market listings, sending its shares up 3.7% to 0.7p. Jangada holds a 7.8% stake in Fodere Titanium, now rebranded Fodere Critical Minerals, following a roughly £1 million investment in 2021, and a 4.4% stake in Axies Ventures after putting in £150,000 across two tranches in 2022 and 2026.
Fodere has shifted focus to a proposed pre-commercial plant in Mississippi, backed by a memorandum of understanding for feedstock from Tronox's Hamilton site, with a US investment bank leading a targeted $10 million to $15 million pre-IPO financing round due to close by the end of October ahead of a possible US listing in the first half of 2027. Fodere's board is also examining liquidity mechanisms for existing shareholders linked to that raise, though the structure remains unconfirmed. Axies, which holds copper and other exploration interests, has separately notified Jangada of its own intention to pursue an IPO.
For Jangada, whose own operations centre on Brazilian iron ore and graphite assets, these stakes represent an increasingly important secondary lever on shareholder value. Chairman Brian McMaster's framing, "We have significant capital invested in two companies that are both progressing towards potential liquidity events", underlines that a successful Fodere listing in particular could crystallise value on a holding acquired for a fraction of what a US-listed critical minerals story might command.
East Star finds new chargeability anomaly at Snowy gold target
East Star Resources (LSE:EST), the Kazakhstan-focused gold and copper explorer, saw its shares surge 23% to 8.25p after reporting encouraging results from an induced polarisation survey at its Snowy epithermal target in Central Kazakhstan. The survey identified a discrete chargeability anomaly stretching roughly 1,700 metres west to east, beginning at 100 metres depth, with amplitudes of 7 to 9 milliseconds per volt, a range the company says is consistent with low sulphidation epithermal systems.
The anomaly remains open at both ends and sits over an intensely altered tuff unit riddled with quartz veinlets, roughly 1km east of IP lines surveyed in 2025. Geophysical contractor Mitre Geophysics flagged that the survey fell short of its designed charge input, meaning the true scale of the chargeability response may be understated. "The target sits between two known gold deposits of similar mineralisation and with gold samples at surface it remains a compelling target," said chief executive Alex Walker, who added the company looks forward to continuing to progress Snowy toward a potential low sulphidation epithermal discovery.
The location between two established gold deposits gives the anomaly added credibility, and the acknowledgment that results likely understate the true response leaves room for upside as follow-up work refines the target. For a company still at the exploration stage, this kind of structural and geochemical corroboration is the currency that de-risks the next stage of drilling.
Tungsten West posts £7.9 million operating loss as Hemerdon restart advances
Tungsten West (LSE:TUN), which is restarting production at the Hemerdon tungsten and tin mine in Devon, narrowed its operating loss to £7.9 million for the year to 31 March, down from £19 million the prior year, with shares edging up 1% to 49.0p. Cash and equivalents jumped to £25.5 million at year-end from just £0.02 million previously, largely thanks to a £43 million gross equity raise completed in February that funded the start of construction works.
The company booked its first tungsten concentrate sales of £0.6 million in December, from re-commissioning the pre-existing Mineral Processing Facility ahead of full restart. Loss before tax, however, widened sharply to £175.6 million from £25 million, driven by a £167.3 million non-cash finance charge tied to fair value movements on convertible loan notes converted into equity in December and February, a consequence of the share price appreciating well above the conversion price. Chief executive Jeff Court stressed that "this is a non-cash accounting adjustment only and has had no impact whatsoever on the Company's cash position, liquidity or ability to execute its business plan."
The headline loss figure masks what is otherwise a company executing to plan: cash reserves are now substantial, first concentrate sales have begun, and the accounting charge is purely a function of the stock's own strong performance rather than any operational shortfall. The real test now shifts to ramping Hemerdon to full production and converting that cash cushion into sustained revenue.
Kazera settles Fujax debt, weighs £500k raise
Kazera Global (LSE:KZG) shares jumped 24% to 1.95p after the company agreed a $1 million settlement with Fujax over a legacy prepayment dispute, drawing a line under a long-running liability. The resolution clears the way for the company to focus on its operational plans without the overhang of unresolved litigation.
Kazera is also exploring an equity raise of roughly £500,000, a move that triggered a temporary suspension of its shares under AIM's new Capital Access Window process, a mechanism designed to give companies room to complete fundraising discussions before shares resume trading.
Bezant nears first concentrate at Hope & Gorob copper-gold mine
Bezant Resources (LSE:BZT) shares rose 6.7% to 0.16p as the company said it expects first ore through its Tsoaxaub processing plant this month, marking a key milestone toward first concentrate production at the Hope & Gorob copper-gold project.
Alongside the operational update, a Phase II review has lifted the project's estimated life of mine to roughly 35 years, a substantial extension that strengthens the long-term economic case for the operation as it approaches its first production.
Talon starts maiden drilling at Eagle Lake gold project
Talon Resources (LSE:TAR) shares gained 3.8% to 1.35p as the company began a fully funded 11-hole diamond drilling campaign at its Eagle Lake gold project in Ontario, kicking off at the highest-priority East Fornieri Bay target.
The fully funded status of the programme removes near-term financing risk for the campaign, allowing Talon to progress its maiden drilling without the distraction of raising capital mid-programme.
Strategic Minerals agrees final terms to sell Leigh Creek copper mine
Strategic Minerals (LSE:SML) shares ticked up 0.6% to 5.5332p after the company locked in definitive terms to sell its Leigh Creek Copper Mine to Cuprum Metals, in a layered package combining cash, shares, royalties and earn-outs.
Proceeds from the sale are earmarked for the Redmoor tungsten-tin-copper project in Cornwall, signalling a strategic pivot away from the Australian copper asset toward the UK critical minerals opportunity as the definitive agreement moves the disposal closer to completion.
Rockfire drilling resumes at Molaoi zinc project
Rockfire Resources (LSE:ROCK) shares rose 4.8% to 0.11p as diamond drilling resumed at its Molaoi zinc deposit in Greece, with early metallurgical results pointing to lower processing costs than previously anticipated.
The lower-cost metallurgical signal adds an economic tailwind to the resumed drilling programme, potentially improving the project's development economics as further results come through.