Corporate activity dominated the mining sector's session, with disposals, options and a management overhaul running alongside a stark reminder of the risks in frontier gold jurisdictions. Asiamet Resources led the news flow after clearing the final hurdle to sell its KSK Project stake, while SigmaRoc delivered a strong set of interims and Kropz and KEFI both suffered sharp reversals, one operational, one tragic.
Asiamet clears final hurdle to sell KSK Project stake
Asiamet Resources (AIM:ARS) has satisfied or seen waived all conditions precedent to completing the sale of Indokal, the subsidiary that holds 100% of the KSK Project, marking the final procedural step before the disposal to Norin Mining (Hong Kong) can close. The announcement sent the shares up 10.6% to 1.825p, as the market registered that a deal long flagged as pending is now genuinely close to the finish line.
The two parties are now working through the final mechanical steps required to complete the transaction, with Asiamet saying completion is expected shortly and that a further update will follow once the sale has closed. No fresh financial terms were disclosed in the update, which focused purely on the satisfaction of conditions rather than deal economics.
For a company that has spent an extended period trying to monetise the KSK asset, clearing the conditions precedent removes the principal source of uncertainty around timing. The market's reaction suggests investors had been discounting execution risk on the sale, and today's confirmation narrows the gap between announcement and cash.
What changes now is the credibility of Asiamet's balance sheet narrative: a completed sale converts a stranded, non-core Indonesian asset into proceeds the company can redeploy, and removes a persistent overhang that has weighed on sentiment. Until completion is formally confirmed, however, the stock's re-rating remains provisional on a deal that has already required extensive patience from shareholders.
BMV secures option on high-grade Santa Teresa gold project
Bluebird Mining Ventures (LSE:BMV) has taken an exclusive 120-day option to acquire 100% of El Alamo Resources, owner of the Santa Teresa Gold Project in Baja California, Mexico. The project already carries an NI 43-101 inferred resource of 230,000 tonnes at 8.7 g/t gold for 64,000 ounces, with an uncapped calculation from the same model, not a reportable resource, the company stresses, pointing to as much as 282,000 ounces at 38.2 g/t. Shares eased 5.3% to 0.045p despite the news.
The structure is designed to limit upfront risk: BMV pays £75,000 for the option and a further £250,000 in shares on completion, with the remainder of a potential £3 million total consideration only falling due if independently verified resources climb through 250,000, 500,000 and eventually 1 million ounces. The seller keeps a 1% net smelter return royalty, and the deal follows the January appointment of Paul Ray, chief executive of Raptor Capital International, to the board.
"We are acquiring an interest in an established high-grade gold resource, with substantial historic investment and exploration already completed, while structuring the majority of the acquisition consideration around independently verified resource growth," said Sath Ganesarajah, chief executive. The staged consideration effectively transfers exploration risk back onto BMV's own drill results rather than the seller, giving the company optionality on a high-grade asset without committing meaningful capital until resource growth is proven.
Firering grants Australasian Metals option over Côte d'Ivoire lithium assets
Firering Strategic Minerals, the Africa-focused quicklime producer and critical minerals explorer, has granted ASX-listed Australasian Metals an exclusive 90-day option over the bulk of its Atex and Alliance Lithium-Tantalum Projects in northern Côte d'Ivoire, in a deal worth up to AUS$1.5 million (around £0.79 million). Shares traded at 0.95p on the news.
The option comprises a non-refundable A$100,000 fee and a further A$1.4 million if exercised, covering a 75% stake in Atex Mining Resources SARL, out of Firering's 90% holding, plus its 51% interest in Alliance Minerals Corporation SARL and rights to a further 29% of Alliance. Firering retains a 15% free-carried interest in Atex with no funding obligations until a final investment decision, US$5 million of qualifying spend, or completion of an agreed exploration plan; Australasian Metals separately holds an option to buy out Firering's retained stake for A$5 million.
"This agreement represents a positive development for Firering and its shareholders, providing near-term cash proceeds from our non-core Côte d'Ivoire lithium-tantalum assets while retaining a 15% free-carried interest and royalty," said Youval Rasin, chairman. The structure lets Firering bank near-term cash while keeping leveraged exposure to any future lithium-tantalum development, sharpening its focus on the core quicklime business without fully exiting the upside.
SigmaRoc lifts margins as core volumes turn positive
SigmaRoc (AIM:SRC), the European lime and minerals group, reported underlying EBITDA of £131 million for the six months to 30 June, up more than 11% year-on-year, with the shares jumping 9.2% to 140.1p as the market welcomed the turn in underlying demand. The EBITDA margin rose 200 basis points to 25.1%, and like-for-like core volumes rose 1%, the first increase in three years, after a stronger second quarter offset a weather-hit start to the year.
Underlying earnings per share climbed 12.2% to 5.23p on revenue growth of 2.5%, with construction contributing 42% of group revenue, industry 36% and environment 22%. Covenant leverage fell to 1.66x, and SigmaRoc secured a €825 million investment-grade facility with a €300 million accordion to fund further acquisitions, alongside permitting for an additional 64 million tonnes of high-grade limestone at its Klinthagen operation in Sweden and a top-tier AAA MSCI ESG rating.
"SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging, the excellent outcome," said Max Vermorken, chief executive. The combination of returning volume growth, falling leverage and a large new acquisition facility positions the group to resume its buy-and-build strategy from a materially stronger financial base than a year ago.
Kropz halts phosphate rock output at Elandsfontein
Kropz (AIM:KRPZ) is restructuring its South African operation and shifting focus toward a soft rock fertiliser product, halting phosphate rock output at Elandsfontein after months of losses. The shares collapsed 38.9% to 0.55p, one of the sharpest moves anywhere in the sector today.
The pivot away from phosphate rock production signals that the existing operating model was no longer commercially viable, forcing a strategic reset rather than incremental cost-cutting. The scale of the share price reaction reflects investor concern over both the near-term cash implications of the restructuring and uncertainty about how quickly a soft rock fertiliser offering can restore profitability.
ACG Metals to buy Keşkek gold licence for $7.85 million
ACG Metals (ACG) has agreed to acquire the Keşkek mining licence in Türkiye from Meta Nikel Kobalt Madencilik for up to $7.85 million, with shares at 2040.0p. The deal extends oxide ore supply to the company's Gediktepe processing facility, addressing feedstock continuity for an operation that depends on a steady ore pipeline.
Securing an additional oxide source ahead of any potential supply gap strengthens the case for sustained processing utilisation at Gediktepe, reducing the risk of throughput disruption as existing ore sources deplete.
Savannah starts final pre-construction drilling at Barroso
Savannah Resources (SAV) has launched the last drilling phase before construction begins at its Barroso Lithium Project in Portugal, with shares up 1.8% to 5.955p. The company also signed its seventh local partnership agreement of the year, continuing a pattern of community engagement alongside the technical work.
Completing this final drilling phase moves Barroso a step closer to a construction decision, while the steady accumulation of local agreements suggests Savannah is building the social licence needed to support permitting and development in Portugal.
Kavango Resources appoints Jasper Musadaidzwa as chief executive
Kavango Resources (KAV) has named Jasper Musadaidzwa, a 27-year veteran of AngloGold Ashanti, as chief executive with immediate effect. Shares rose 3.8% to 0.675p on the appointment.
Bringing in an operator with nearly three decades at one of the world's major gold producers signals an intent to sharpen operational and technical discipline at the Southern Africa-focused explorer and gold producer as it advances its project pipeline.
Tertiary Minerals extends Mushima North silver-copper depth
Tertiary Minerals (TYM) reported new assay results from seven Phase 4 drill holes that push mineralisation at the Discovery Zone of its Mushima North project beyond previous depth limits. Shares gained 4% to 0.065p.
Extending known mineralisation deeper than earlier drilling had established broadens the scope of the deposit and supports the case for further follow-up drilling to test continuity at depth.
Amigo Resources produces first 10kg of gold in Tanzania
Amigo Resources (AMGO) reported 10 kilograms of gold produced in August at its Tanzanian operations, all recovered through gravity concentration. Shares slipped 3.8% to 2.5p despite the production milestone.
The output was achieved ahead of a planned leaching circuit expansion, meaning current recovery rates likely understate the operation's eventual capacity once the additional processing infrastructure comes online.
URU Metals completes 3D model, sets Zeb Nickel drill plan
URU Metals (URU) has finished a 3D geological model of the Zeb Nickel Project and will now drill for a maiden resource on Zone 2 while testing its top-ranked geophysical target. Shares rose 3.8% to 4.1p.
Moving from geological modelling to a defined drill plan targeting a maiden resource marks a concrete step toward establishing the project's first independently verified tonnage and grade figures.
Strategic Minerals extends Cobre stockpile access to 2031
Strategic Minerals (SML) has secured a two-year extension to its access to the Cobre magnetite stockpile in New Mexico, pushing the term out to 31 March 2031. Shares fell 1.9% to 5.1p.
The extension gives the company a longer runway to continue monetising the stockpile, reducing near-term uncertainty over the duration of one of its established revenue-generating assets.
Rainbow starts Uberaba pre-feasibility study with Mosaic
Rainbow Rare Earths (RBW) has begun a pre-feasibility study for its Brazilian Uberaba rare earths project, with SRK Consulting appointed to prepare a maiden resource estimate. Shares edged up 1.9% to 24.45p.
Advancing to pre-feasibility alongside partner Mosaic marks a formal step change in the project's development timeline, with the forthcoming maiden resource estimate set to give investors their first independently verified sense of scale.
Fulcrum Metals reports strong uranium anomalies at Saskatchewan project
Fulcrum Metals (FMET) said airborne survey work commissioned by Terra North Resources has identified seven radiometric anomalies at the Charlot-Neely Lake uranium project, in which Fulcrum holds equity and royalty exposure. Shares dipped 1.5% to 7.88p.
The multiple anomalies give Terra North a set of prioritised targets for follow-up ground work, with Fulcrum standing to benefit from any resulting discovery through its royalty and equity position without funding the exploration itself.
Cora Gold hits high-grade intercepts outside Sanankoro resource model
Cora Gold (CORA) reported its first 2026 assay results from Zone B, including 34 metres at 6.78 g/t gold, drilled beneath and outside the existing resource pit shell at its Sanankoro project. Shares rose 1.1% to 9.6p.
Intercepts of this grade found outside the current resource model point to potential resource growth beyond the boundaries already defined, giving the company a basis to expand the mine plan through further infill and step-out drilling.
KEFI suspends Tulu Kapi development after fatal security incident
Kefi Gold and Copper (KEFI) has halted development at its Tulu Kapi gold project in Ethiopia following a security incident that killed multiple people, including one company employee. Shares collapsed 37.8% to 0.733p.
The suspension of development activity, and the scale of the share price reaction, underline the severity of the incident and the immediate uncertainty it creates around the project's timeline, workforce safety arrangements and the conditions under which construction might eventually resume.
Forgent completes Curley's drilling, shifts rig to Cathedral
Forgent (FORG) has finished 18 holes at its Peak Hill gold-copper project in Australia and moved its drill rig to test Cathedral, a larger, previously undrilled target. Shares traded at 0.008p.
Redeploying the rig to an untested, larger target after wrapping up the Curley's programme gives the company a fresh shot at a potentially more significant discovery within the same project area.
Ferrexpo restarts Ukraine production after $100 million raise
Ferrexpo (FXPO) resumed output at one pellet line over the weekend, days after closing a $100 million fundraising, with shares up 8.6% to 31.04p. The iron ore producer will route exports to Europe given ongoing attacks on Black Sea ports.
Restarting production so soon after securing fresh capital signals management's confidence that the balance sheet can now support renewed output, even as the rerouting of exports away from the Black Sea reflects the continued operational constraints imposed by the conflict.