Small-cap resources dominated the newsflow again, with a gold optioning deal in Mexico, a lithium disposal in Côte d'Ivoire and a tragic security incident in Ethiopia all landing on the same day. Elsewhere, corporate results told a story of divergence, Team Internet, Concurrent Technologies and The Works all lifted guidance or swung to profit, while Kropz halted output and Strip Tinning leaned on a shareholder loan to keep the lights on. Ferrexpo (LSE:FXPO)'s 35% surge after restarting Ukrainian production capped a session heavy on both promise and peril.
Bluebird options Mexican gold project
Bluebird Mining Ventures (LSE:BMV) has secured an exclusive 120-day option to acquire 100% of El Alamo Resources, owner of the Santa Teresa Gold Project in Baja California, Mexico, with shares rallying 15.79% to 0.055p on the news. The project already carries an NI 43-101 inferred resource of 230,000 tonnes grading 8.7 g/t gold for 64,000 ounces, and an uncapped model, not a reportable resource, Bluebird stresses, points to a much richer 282,000 ounces at 38.2 g/t, underlining the deposit's variability.
Bluebird will pay £75,000 upfront for the option plus £250,000 in shares on completion, with further consideration only kicking in as independently verified resources hit 250,000 ounces, 500,000 ounces and eventually 1 million ounces, capping total acquisition cost at £3 million. The seller retains a 1% net smelter return royalty. The deal is the first project to emerge from January's appointment of Paul Ray, chief executive of Raptor Capital International, to Bluebird's board advisory committee; Ray is also EARL's sole director and seller and has recused himself from the evaluation, though he is expected to lead the project post-completion, focused on consolidating adjoining concessions.
"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 of Bluebird.
The structure is notable for how little cash risk it carries upfront: Bluebird pays a modest option fee for exclusivity while pushing the bulk of consideration out to resource-growth milestones that may never crystallise. Coming so soon after the company's disposal of its Asian gold assets, where it saw no near-term route to cash flow, Santa Teresa reads as a deliberate pivot toward a project with an existing, if capped, resource base rather than pure grassroots exploration risk.
Firering grants option over Côte d'Ivoire lithium assets
Firering Strategic Minerals (FRG), up 5.05% to 0.998p, 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 (roughly £0.79 million). The package comprises a non-refundable A$100,000 option fee and a further A$1.4 million payable if the option is exercised.
The option covers 75% of Atex Mining Resources SARL, out of Firering's 90% holding, plus its 51% stake in Alliance Minerals Corporation SARL and rights to a further 29% of Alliance. Firering would retain a 15% free-carried interest in Atex with no funding obligations until a final investment decision, US$5 million of qualifying spend by Australasian Metals, or completion of an agreed exploration plan; a separate option lets Australasian Metals buy out Firering's retained stake entirely 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 deal crystallises value from assets Firering has effectively classified as non-core, freeing management to concentrate on its quicklime production business while retaining meaningful optionality on the lithium-tantalum upside without further funding commitments.
Futura Medical retail offer oversubscribed, raise upsized
Futura Medical (AIM:FUM) upsized its retail share offer to £200,000 after the tranche closed significantly oversubscribed, even as shares fell 20.86% to 0.22p. The AIM-listed maker of Eroxon, the over-the-counter topical gel for erectile dysfunction, had originally targeted £150,000 from the retail tranche on the BookBuild platform; 100 million new shares are now being issued at 0.2p each, with applicants scaled back proportionately based on existing shareholdings and application size.
The upsized retail tranche forms part of a wider capital raise combining placing, conditional placing, conditional subscription and retail offer to raise approximately £1.8 million before expenses, extending the company's cash runway into February 2027.
The sharp share price fall despite an oversubscribed raise reflects the dilutive mechanics of the fundraise rather than any lack of retail appetite, investors bid up demand for the discounted new shares even as the enlarged share count weighs on the existing price. The raise buys Futura time as it pursues a formal sale process for the business.
Asiamet clears final hurdle to sell KSK Project stake
Asiamet Resources (AIM:ARS), up 8.64% to 1.7925p, said all conditions precedent to completing the sale of Indokal, the subsidiary that owns 100% of the KSK Project, have now been satisfied or waived. The company is selling Indokal to Norin Mining (Hong Kong), and the two parties are now working through the final mechanical steps needed to close.
Completion is expected shortly, with Asiamet promising a further update once the transaction closes.
Clearing conditions precedent removes the last source of deal uncertainty for shareholders who have waited through a protracted disposal process, and the market's reaction suggests investors are now pricing in near-certain completion rather than residual execution risk.
Tern raises funds via underwritten open offer
Tern (TERN) shares dropped 22.5% to 0.93p as the IoT investment company launched an underwritten open offer, issuing new shares at a 25% discount to fund operations and protect its stakes in portfolio businesses from dilution.
The discounted, underwritten structure guarantees Tern the cash it needs but comes at a heavy cost to existing holders, whose stakes are diluted even as the company argues the raise is designed to shield its underlying portfolio investments from being squeezed further down the line.
Kistos completes Oman entry as Royal Decree lands
Kistos Holdings (KIST) rose 6.45% to 322.0p after legal ownership of two onshore Oman blocks, 3 and 4, passed to the company following a Royal Decree, clearing the way for formal completion of its $148 million acquisition from Mitsui.
The decree removes the principal regulatory hurdle standing between Kistos and full completion of the deal, marking a concrete step toward diversifying the company's asset base beyond its existing North Sea and European gas exposure.
MedPal hits £28 million run rate as New Health revenue jumps 809%
MedPal AI (MPAL) surged 20.77% to 6.28p after the AIM-listed digital health group said its GLP-1 weight management clinic New Health generated £1.8 million in its first full month of trading, driving group annualised revenue run rate to approximately £28 million.
The 809% jump in New Health revenue signals rapid scaling of the weight-management clinic model, and the run-rate figure gives investors a forward-looking gauge of momentum that goes well beyond backward-looking historical results.
Kropz halts phosphate rock output at Elandsfontein
Kropz (KRPZ) shares collapsed 44.44% to 0.5p as the AIM-listed African phosphate producer confirmed it is halting phosphate rock output at Elandsfontein, restructuring its South African operation and pivoting toward a soft rock fertiliser product after months of losses.
The shift marks a fundamental change in strategy rather than a temporary pause, as the company abandons its previous processing route in favour of a lower-cost product following sustained operational losses at the site.
Incanthera signs exclusive cream supply deal with iSmart
Incanthera (INC) gained 13.54% to 1.3999p after agreeing an exclusive distribution deal with LED skincare device maker iSmart Developments, securing contracted annual minimum orders for its bioactive skincare creams for use alongside LED light-therapy devices.
The contracted minimum order volumes give Incanthera a visible, recurring revenue stream tied to iSmart's device sales, embedding its cream formulations into a complementary hardware ecosystem rather than relying solely on standalone consumer demand.
Xp Factory revenue rises, Boom margins hold in tough market
XP Factory (XPF), down 3.64% to 18.55p, grew underlying revenue to £59.6 million in the year to 29 March, but a weaker competitive socialising market pulled pre-IFRS-16 adjusted EBITDA down to £5.5 million.
The Escape Hunt owner's ability to hold margins at its Boom brand despite a softer market suggests underlying cost discipline, even as top-line growth failed to fully offset the sector-wide slowdown in discretionary leisure spending.
Acuity RM lands second defence contract in a month
Acuity Rm Group (ACRM) climbed 10.43% to 0.773p after a prime defence contractor expanded its STREAM platform deployment to five instances, adding over £160,000 in annual recurring revenue and opening a pipeline across a multinational defence programme.
Landing a second defence contract within a month signals genuine account expansion rather than a one-off win, with the multinational programme pipeline offering a route to materially larger recurring revenue if further instances are rolled out.
ACG Metals to buy Keşkek gold licence for $7.85 million
ACG Metals (ACG), flat at 2040.4p, has agreed to acquire the Keşkek mining licence in Türkiye from Meta Nikel Kobalt Madencilik for up to $7.85 million, extending oxide ore supply to its Gediktepe processing facility.
Securing additional feed for Gediktepe addresses a key constraint on processing plant utilisation, giving ACG a clearer path to sustaining throughput at the facility over the medium term.
Team Internet returns to operating profit in H1
Team Internet Group (TIG) slipped 2.14% to 41.1p despite results showing it swung back to an operating profit in the first half, with its Search division turning profitable in June and its strategic review advancing toward a sale.
The profit turnaround and progressing sale process together suggest management is positioning the business for a clean exit, with the Search division's return to profitability likely to be a key selling point to prospective buyers.
Concurrent Technologies lifts guidance after record order intake
Concurrent Technologies (CNC) rose 3.36% to 273.9p after the embedded computing manufacturer said full-year revenue will come in materially ahead of market expectations, with order intake more than doubling in the first half.
The scale of the order intake growth points to a durable demand shift rather than a single large contract, giving the guidance upgrade more credibility as a signal of structural momentum in the business.
The Works lifts FY27 profit guidance on strong sales growth
Theworks Co Uk (WRKS) gained 6.4% to 92.888p after the crafts retailer raised its full-year earnings guidance following like-for-like sales growth of 10.4% in the first 18 weeks of the financial year.
The strength of like-for-like growth this early in the financial year gives management confidence to upgrade guidance well ahead of typical trading updates, suggesting the retailer's turnaround is gaining traction with consumers.
BATM lands second $1 million order from US broadband customer
BATM Advanced Communications (BVC), up 2.13% to 12.0p, secured a $1 million Carrier Ethernet order from a top-10 US cable and broadband provider, following an initial $0.5 million order delivered earlier this year.
The doubling of order size from the same customer suggests the initial deployment performed well, opening the door to further repeat business from a major US broadband operator.
Ondine's Steriwave piloted at Mexico's largest hospital network
Ondine Biomedical (OBI), up 2.04% to 11.48p, signed a commercial deal with Hospital Ángeles to pilot its Steriwave nasal photodisinfection treatment at two flagship Mexican hospitals, following positive Phase 3 results.
Landing Mexico's largest private hospital network as a pilot partner gives Ondine a high-profile reference customer in Latin America, building on the Phase 3 data to support wider commercial adoption.
Savannah starts final pre-construction drilling at Barroso
Savannah Resources (SAV), down 2.56% to 5.7p, launched the last drilling phase before construction at its Barroso Lithium Project in Portugal and signed a seventh local partnership agreement this year.
The move to final pre-construction drilling marks a concrete milestone toward a construction decision, while the steady drumbeat of local partnership agreements suggests management is working to shore up community support ahead of development.
Strip Tinning secures £250,000 shareholder loan
Strip Tinning Holdings (STG) plunged 22.7% to 25.121p after taking a £250,000 unsecured short-term loan from substantial shareholder GPIM to fund working capital needs.
Turning to a major shareholder rather than the market for short-term funding points to near-term cash pressure, and the scale of the share price fall suggests investors are reading the loan as a signal of tighter liquidity than previously assumed.
URU Metals completes 3D model, sets Zeb Nickel drill plan
URU Metals (URU), up 6.33% to 4.2p, will drill for a maiden resource on Zone 2 and test its top-ranked geophysical target after finishing a 3D geological model of the Zeb Nickel Project.
The completed 3D model gives URU a clearer geological framework to prioritise drilling, with the maiden resource target on Zone 2 representing the next tangible catalyst for the project.
Forgent completes Curley's drilling, shifts rig to Cathedral
Forgent (FORG), up 2.5% to 0.0082p, finished 18 holes at its Peak Hill gold-copper project and moved the rig to test a larger, previously undrilled target at Cathedral.
Redeploying the rig to an untested, larger target after completing Curley's suggests management sees higher-impact upside at Cathedral, positioning the next set of results as a potentially more material catalyst.
Tertiary Minerals extends Mushima North silver-copper depth
Tertiary Minerals (TYM), up 5.28% to 0.0658p, reported new assay results from seven Phase 4 drill holes pushing mineralisation at the Discovery Zone beyond previous depth limits.
Extending the known depth of mineralisation broadens the potential resource envelope at Mushima North, giving the company scope to argue for a larger deposit than previously modelled.
Fulcrum Metals reports strong uranium anomalies in Saskatchewan
Fulcrum Metals (FMET) fell 4.25% to 7.66p despite airborne survey work commissioned by Terra North Resources identifying seven radiometric anomalies at the Charlot-Neely Lake uranium project, in which Fulcrum holds equity and royalty exposure.
The anomalies give Fulcrum indirect exposure to a potentially exciting uranium target without carrying operatorship risk, though the share price fall suggests the market is treating the royalty stake as a secondary consideration for now.
Symphony's d2w plastic fully mineralises in soil study
Symphony Environmental Technologies (SYM), up 5.93% to 7.15p, said independent testing by Intertek found its d2w plastic achieved 98.7% mineralisation in soil over 600 days, with no microplastic residue or ecotoxic effects detected.
Third-party validation of near-complete mineralisation without microplastic residue directly addresses the core environmental criticism levelled at oxo-biodegradable plastics, strengthening Symphony's regulatory and commercial case for d2w.
Dianomi returns to revenue growth in first half
Dianomi (DNM), trading at 26.0p, posted a 2% revenue rise and a sharply narrower EBITDA loss in its first half, with the company noting the momentum has extended into the second half.
The narrowing loss alongside renewed top-line growth suggests the digital advertising group's cost actions are beginning to convert improved revenue into a more sustainable earnings trajectory.
Amigo Resources produces first 10kg of gold in Tanzania
Amigo Resources (AMGO), down 6.77% to 2.424p, reported 10 kilograms of gold produced in August at its Tanzanian operations, all recovered through gravity concentration ahead of a planned leaching circuit expansion.
First production via gravity concentration alone, before the leaching circuit is even online, points to further recovery gains ahead as the expanded processing capacity comes on stream.
Kavango Resources appoints Jasper Musadaidzwa as CEO
Kavango Resources (KAV), trading at 0.65p, named Jasper Musadaidzwa, a 27-year AngloGold Ashanti veteran, as chief executive effective immediately.
Bringing in a long-serving major-miner executive signals an intent to professionalise operations at the Southern Africa-focused explorer and gold producer as it looks to advance its project pipeline.
Oxford Metrics names Stefan Lampa as new CEO
Oxford Metrics (OMG), at 39.0p, said chief executive Imogen O'Connor is stepping down immediately for health reasons, with robotics veteran Stefan Lampa taking over in December.
The immediate departure creates a leadership gap ahead of Lampa's December start, though his robotics background aligns closely with the smart sensing group's strategic direction.
Cora Gold hits high-grade intercepts outside Sanankoro model
Cora Gold (CORA), up 2.53% to 9.74p, reported its first 2026 assay results from Zone B including 34 million at 6.78 g/t gold, drilled beneath and outside the project's existing resource pit shell.
Intercepts of this grade outside the current resource pit shell point to meaningful extensions to the Sanankoro deposit, giving the company scope to grow its resource base beyond the existing model.
Prospex clears EIA hurdle for Selva drilling plan
Prospex Energy (PXEN), up 12.99% to 5.48p, reported record monthly revenue across its Italian and Spanish assets as Italy's environment ministry admitted the environmental impact assessment for a planned four-well programme at Selva.
Clearing the EIA admission stage removes a key regulatory gate ahead of the four-well programme, and the record revenue backdrop gives Prospex a stronger financial footing from which to fund the next phase of drilling.
4basebio expands DNA manufacturing for personalised medicine
4basebio (4BB), up 0.12% to 475.55p, upgraded its high-quality and cGMP operations to support smaller, patient-specific batches for person
