20 Mining Companies to follow in 2026 – Part II (F-Z)
2025 was a strong year for many precious metals stocks, driven by the sustained rally in the price of gold and silver, both of which reached multi-year highs. Demand for coal also hit record levels.
Gold is up more than 60pc since the start of the year, currently trading at just below $4,300. The yellow metal has performed its traditional role as a safe haven in uncertain economic and geopolitical conditions, and has also been in demand as a store of value by central banks.
Silver – with somewhat less fanfare – has done even better, soaring 120pc to more than $60 an ounce. The price has been driven by a steady increase in industrial demand, particularly for electric vehicles and computer chips. The metal has also been stockpiled after being declared a strategic commodity by the White House. There is evidence that both silver and gold are increasingly being traded as speculative assets like AI and cryptocurrencies.
Demand for copper, lithium and rare earth metals continues to rise, driven by the energy transition megatrend, multi-trillion investment in AI data centres, and reliance on uncertain Chinese supply lines.The performance of many base and industrial metals was more mixed, hit by feared – and real – US tariffs, and mixed signals from the massive Chinese market.
The IEA forecasts global coal demand will record a record high in 2025. US production rose, buoyed by political support from the Trump administration, and poor conditions for renewables have slowed Europe’s capacity to move from the fuel. The world was on track to consume 8.85 bn tonnes of coal this year, up 0.5pc from 2024. The IEA indicates coal demand is plateauing and will be well in decline by 2030. The principal uncertainty is the Chinese market, where the transition between fossil fuels and new sources of energy is finely balanced.
The overall outlook for miners in 2026 is for more of the same. Gold and silver are expected to hold their value for the foreseeable future, amid ongoing geopolitical uncertainty, the continued possibility of trading wars, expectations of lower US interest rates, and continued stockpiling by central banks.
Copper and other strategic metals are likely to continue to rise as the factors that drove their value in 2025 persist. Governments are expected to continue to provide strong support to onshore supply chains. Demand may cool if the current impetus towards lower interest rates and fiscal stimulus fades towards the end of the year.
The prospectus for base metals remain unclear. China’s economic challenges, particularly property sector weakness, may dampen demand for some industrial metals.
One of this year’s most fascinating trends has been the adoption of AI by many small cap miners. Exploration is notoriously expensive and risky. Traditionally, only one target out of a thousand delivers a potentially economic deposit. This year will offer further evidence of the possibilities AI offers for transforming the risk-return equation. If it does, those companies that have already adopted AI technologies are well positioned to reap the rewards.
Here, in part 2, we look how a cluster of mining small caps have fared, and how they are positioned moving into 2025. Look out for our specials on the small cap Oil & Gas sector and our alternative selections for 2025.
Focus Xplore (AIM:FOX)
Focus Xplore (AIM:FOX) has taken the initiative this year in the use of AI in the Canadian mining sector, applying a bespoke machine learning and data analysis engine to illuminate exploration opportunities imperceptible to traditional geological technologies.
First developed by a commercial spin-out from the British Geological Survey, the Xplore platform draws on models of more than 50 mineral deposit types, spanning a geological database across 45 countries, to analyse geology, structure, age, mineralogy and spatial geological relationships.
FOX is applying the new technology, developed by geological consultancy Planetary AI, to a cluster of newly acquired REE and lithium projects covering 8,161 hectares in Ontario. Extensive work by the Ontario Geological Survey indicates that all of the projects have anomalous or highly anomalous lake sediment for elements associated with lithium-ceasium-tantalum (LCT) pegmatites with lithium, caesium, niobium and rare earth elements.
FOX conducted initial prospecting and outcrop sampling across six of the new Ontario projects over the summer, an analysis of 73 field samples indicating the presence of enriched granites, a key indicator for the formation of the target lithium and REE pegmatite systems.
By October FOX was able to announce the Focus Xplore AI Discovery Engine, an AI system based on Planetary AI technologies specifically tailored for analysing Ontario’s geological landscape. The Engine applies machine learning to a geochemical database comprising more than 35,000 individual multi-element data points to identify exploration targets within catchment areas that conventional methods might overlook. Its algorithms are able to detect subtle multivariate patterns in data such as that generated by LiDAR (Light Detection and Ranging) technology, a remote sensing method that uses a pulsed laser to generate precise, three-dimensional information of the Earth’s surface.
Xplore is combining LiDAR data with satellite-based hyperspectral imaging to reveal surface patterns across FOX’s portfolio indicating the presence of LCT pegmatites that might have evaded classic geological processes. The company’s fieldwork is already uncovering lithium-bearing pegmatites precisely where the system has indicated their presence. The company has raised £387,000, with the participation of directors, to support the rapid advancement of its AI-guided work programmes.
FOX continues to lay the groundwork for another venture, the White Pine Uranium Project prospective for intrusive-type uranium (intrusions are large masses of molten rock that push into surrounding rock layers and solidify underground). Highly anomalous uranium is present in lake sediments relative to regional data, including values of up to 149 ppm uranium. Samples with uranium values of more than five standard deviations above mean have been recorded. Radiometric survey results indicate an intense radiometric signature over the property extending at least 14 km. FOX is preparing to start the next phase of fieldwork, building on initial reconnaissance completed during last year’s field season.
FOX is moving into the new year after a pivotal 2025. The company has greatly expanded its portfolio to encompass prospectivity for a wide range of critical metals in addition to uranium. Everything is located in a proven mining province in a well-established jurisdiction. It has positioned itself as a pioneer in the use of AI to swiftly assess and illuminate previously obscure prospects across a wide geological territory. It is fully funded for the next phase of exploratory work both across its new projects and White Pine.
FOX currently trades at 0.035p with a market cap of £1.22m.
GEM Resources (LSE:GEMR)
With fresh funds and new leadership GEM Resources (LSE:GEMR) has revitalised its campaign to bring South Africa’s historic Gravelotte Emerald Mine back into full production and capitalise on growing worldwide demand for gemstones, following in the footsteps of the Mozambique-based Gemfields Group.
During its last phase of operation from 1929 to 1982 Gravelotte produced nearly 113 million carats, and peaked as one of the world’s largest emerald mines through the 1950s and 60s. GEMR wants to apply cutting edge technology to unlock the mine’s untapped emerald reserves, which the company estimates could yield up to 344 million carats. An independent financial model for a revitalised mine forecasts an NPV of more than $22m, pre-tax profit of $79.5m over a mining life of 17 years, an IRR of 76pc, and a payback period of 2.5 years. Auction sales would be conducted through Bonas, the world’s largest independent gemstone tender house.
The processing plant was refurbished and upgraded last year – with an average increase of 45pc in processing capacity – allowing operations to restart in the mine’s historic Cobra Open Pit. By April the upgraded plant was operating consistently at a production rate of up to 100 tonnes per day, yielding both high-grade and high-quality emerald-bearing material. And later that month GEMR was able to announce its first test emerald sales.
The company raised a gross £2.117m in September to support continued operations, and acquired new leadership with extensive commodity trading, corporate restructuring and fintech experience. A fresh strategic transformation plan is focused on advancing in-pit exploration, open pit mining optimisation, and further upgrades to the processing and sorting systems at Gravelotte.
Funds are also being allocated to restart mining operations at a second GEMR mining interest, the Curlew Emerald Mine in Western Australia, in which the company has a 65pc stake. Curlew is currently an active small-scale open-pit emerald producer – particularly known for large emeralds – with significant potential for expansion. The mine is adjacent to Eastern Resources, which has identified high-grade lithium deposits. GEMR aims to bring Curlew back into production ‘in the near term.’
The new team has begun negotiations to secure a significant offtake and pre-finance trade agreement for Gravelotte emerald production. Advanced discussions are underway with leading tokenisation and commodity trading partners to establish a direct-offtake structure to provide upfront liquidity for mine development while opening access to broader global sales channels.
The company has also adopted a Cryptocurrency and Digital Asset Treasury Policy to establish a framework for the acquisition, holding, and management of cryptocurrencies within GEMR’s treasury and commercial operations. The new policy seeks to position the company to benefit from the growing adoption of digital assets in global commerce. The Policy does not change the Company’s strategic focus on emerald mining and development or involve crypto trading. GEMR said: ‘The ability to receive emerald sales proceeds in Bitcoin or other approved digital assets not only aligns GEMR with evolving market preferences, but also enhances our global reach and capital efficiency.’
GEMR now has the financial backing it needs to continue to position Gravelotte to contribute to a global emerald market that has retained its fundamental strength amidst swirling uncertainties regarding international tariff and trade policy. The company is aiming to emulate the rapid growth of success stories such as the Gemfields Group (AIM:GEM), a Mozambique-based miner that is now one of the world’s largest coloured gemstone producers accounting for 25pc and 50pc of global emerald and ruby supply respectively.
GEMR currently trades at 0.46p with a market cap of £2.78m.
Guardian Metal Resources (AIM:GMET)
Guardian Metal Resources (AIM:GMET) is one of 2025’s small cap stars, up by more 330pc after positioning itself as a key player in US efforts to develop a secure domestic supply of tungsten.
The company has secured $27.2m in new funding to press ahead with the development of two highly prospective tungsten projects, including the award of $6.2m from the US Department of Defense to accelerate development at GMET’s fully-owned Pilot Mountain Project. Pilot is located within Nevada’s prolific Walker Lake Mineral Belt, believed to be the largest undeveloped tungsten deposit in the US with significant skarn-style tungsten, copper, silver and zinc mineralisation. The grant accompanied a $21m placing to advance key workstreams at Pilot Mountain and its other major tungsten venture, the Tempiute Tungsten Project, also in Nevada. The new funds will advance work towards pre-feasibility studies at both. GMET anticipates that workstreams at both projects will be completed ‘during H1 2026.’
GMET has recorded high-grade tungsten mineralisation at Pilot Mountain this year, which is also prospective for other metals, assay results indicating ‘highly elevated’ copper and molybdenum concentrations. Results of a geophysical survey published in November point to a much larger and more coherent porphyry system than previously understood, with features that are increasingly consistent with a fertile mineralised porphyry centre. GMET said the findings ‘reinforce our belief that Pilot Mountain may host meaningful upside beyond the extremely important tungsten development pathway that is progressing at pace, and we will continue to advance the porphyry opportunity in a measured and cost-effective way into 2026.’
GMET published a Technical Summary Report earlier this month stating a 16pc increase in open pit Constrained Indicated Mineral Resources over a 2018 Scoping Study. The Report stated 8,694,000 tonnes at the Indicated grade (0.206pc average grade tungsten), and 1,784,000 (0.169pc average grade tungsten) at the Inferred grade.
GMET’s Tempiute Tungsten Project is focused on what was formerly known as the Emerson Tungsten Mine, historically one of the top tungsten-producing mines in the US. Located in south-central Nevada some 250 miles from Pilot Mountain, the mine, which produced tungsten as recently as the late 1980s, is already equipped with infrastructure and lies almost entirely within patented (private) mining claims, providing a foundation for rapid redevelopment. Ongoing drilling has confirmed consistent tungsten mineralisation, with every hole to date intersecting scheelite-bearing skarn intervals of varying thicknesses. The work has opened up ‘clear target areas for drill testing.’
GMET announced a new tungsten project in July following the staking of 59 claims 15 km northwest of Pilot Mountain. The Pilot North Tungsten Project encapsulates three historical tungsten mines, Copper Head, Western Metals and Jasper. Reconnaissance field work has confirmed skarn mineralisation with similar geology to Pilot Mountain. The company said early results from Pilot North have ‘surpassed our expectations, confirming significant tungsten grades alongside copper, silver, zinc and other critical metals. Assay results published in September reported high consistency of copper, silver, and tungsten.
Garfield, another major GMET project in the Walker Lane Mineral Belt, is a copper-gold-silver prospect consisting of 65 lode mining claims covering 5.4 km2. Garfield’s Kibby Basin Lithium Project, close to Pilot Mountain, covers two claim packages prospective for lithium brine mineralisation. The project’s southern claim package is less than 250 metres from a 2022 drillhole which returned a significant 169 metre interval of lithium brine determined to be open in all directions. A November update reported high-grade assay results revealing ‘a much larger alteration footprint than previously recognised.’
Garfield is also prospective for antinomy, another strategic metal, and gold. Results published in June delivered the highest grade gold results to date from the site, GMET continues discussions for a joint venture.
Flush with funds, and aligned with the objectives of a US administration with unprecedented focus on promoting domestic production, all seems set fair for GMET in 2026. GMET currently trades at 146p – up 344pc this year – with a market cap of £247m
Ironveld (AIM:IRON)
Ironveld (AIM:IRON) has secured a JV partnership to ready a South African iron, vanadium and titanium project for production.
IRON’s principal asset is its vanadiferous-titaniferous magnetite project on the Northern Limb of the Bushveld Complex, Limpopo Province, South Africa. The deposit is part of the Main Magnetite Layer, a well-known stratiform horizon within the Bushveld Complex. IRON’s mining rights cover approximately 28 km prospective for polymetallic magnetite ore capable of supporting multiple potential revenue streams in addition to bulk iron ore. The latest publicly disclosed SAMREC/JORC-compliant resource states approximately 56 million tonnes of ore grading roughly 1.12pc vanadium oxide, 68.6pc ferric oxide, and 14.7pc titanium oxide.
IRON owns a Dense Media Separation (DMS) magnetite processing plant, designed to process stockpiled and mined magnetite ore into a saleable magnetite product Construction of the plant was completed in May, followed by successful commissioning to produce a magnetite concentrate suitable for DMS applications. Initial trial production samples have been delivered to prospective offtake partners. The plant is well positioned to contribute to rising demand from within South Africa and nearby export countries for iron, vanadium and titanium markets, with optionality for high-purity iron powders.
The company also owns a smelter facility in Rustenburg, South Africa, supporting its longer-term ambition of moving beyond raw ore or concentrate sales into higher-value downstream products. When fully operational the facility will be capable of producing high-purity iron and vanadium- and titanium-bearing slag. IRON has also advanced planning for a water-atomised iron powder pilot plant designed to produce specialist high-purity iron powders for premium industrial applications.
In October IRON took a major step towards its dual aim of priming the mine for greater production and reducing risk by securing a binding Mining Operations Agreement with Daemaneng Minerals. Daemaneng will assume full responsibility for all mining operations at the mine over an initial three-year operational term, de-risking IRON’s cost base while allowing IRON to retain its full ownership and control of the mining licence and governance oversight. Daemaneng will be responsible for all capital investment, operating costs, logistics, labour, compliance, and the establishment of on-site processing infrastructure.
Based on currently anticipated production levels, Daemaneng is expected to fund approximately £21.6m of capital and operational costs, and will recover verified expenditure from the proceeds from realised sales of mined material, ensuring that returns are aligned with production performance. The partnership establishes an additional and strategically valuable income channel through the commercialisation of Run-of-Mine (ROM) material, complementing IRON’s DMS-grade magnetite production. Having successfully mined material from the plant in 2018, Daemaneng brings proven operational familiarity with the deposit and its infrastructure, positioning the project for immediate mobilisation, efficient execution, and scalable growth.
IRON said: ‘This agreement marks a defining moment in Ironveld’s transformation and the first tangible step in pivoting the Company towards delivering a Company focused on revenue generation, risk mitigation, and the realisation of the significant inherent value within our assets … With no opex or capex commitments in mining, Ironveld is now a leaner, significantly de-risked business, well positioned for sustainable growth and long-term shareholder value creation.’
IRON’s most recent operations update reported that Daemaneng had made significant strides in preparing the plant for the upcoming operational ramp-up. Key commissioning and readiness activities have been completed, including confirmation of the plant’s power draw and procurement of a new containerised generator. IRON is also evaluating proposals with contractors for the operation of the DMS plant, further demonstrating its strategy for profitably de-risking financial and operational exposure.
IRON is looking ahead to 2026 having taken significant strides this year to shift dormant assets towards production. The company has raised a gross £900,000 to acquire a larger mill and associated equipment. IRON currently trades at 0.04p with a market cap of £6.7m
Jangada Mines (AIM:JAN)
Jangada Mines (AIM:JAN) has soared this year, reinvigorating a portfolio focused on renewables and battery metals with the acquisition of a highly prospective gold exploration opportunity in Brazil, where new drilling is already underway.
JAN has taken an initial 33pc interest in MTgold, owner of the Paranaíta Gold Project located in Brazil’s historically significant Alta Floresta-Juruena Gold Province. The deal gives JAN the option to increase its stake to 50.1pc. The 7,211-hectare Project, of which JAN has management control, comprises a gold-rich porphyry-epithermal system with extensive historical data, a rich artisanal mining history, and structural similarities to producing high grade gold deposits nearby. Fifteen occurrences of primary high grade gold have already been identified along an eight kilometre east-west mineralised corridor.
MTgold’s internally generated Measured, Indicated and Inferred resource estimate stands at circa 210,000 oz grading circa 3.165 g/t (JAN anticipates the resource can be readily upgraded to JORC standard). More than $2m has so far been spent on exploration. JAN believes the alignment of widespread gold mineralisation with geochemical anomalies, and their correlation with magnetic structures ‘strongly indicates the potential presence of a large-scale gold deposit.’ The company has raised £800,000 to fund the potential acquisition with a view to executing a rapid development programme. The company said: ‘In the current gold price environment, high-grade, shallow deposits are especially attractive, as they typically fall at the lower end of the capital cost curve and offer robust margins with strong value potential. We believe Paranaíta exemplifies these characteristics.’
A 15-hole 1,800 metre diamond drilling programme got underway in October, following the completion of 3,100 metres of trenching that yielded further highly visually mineralised veins, the analysis of existing data, and two topographic studies. The campaign is focused on two of six identified high-grade, near-surface zones with the near-term goal of expanding the project’s current resource to approximately 350,000 ounces of gold. Multiple additional targets across the broader project area offer significant potential for further resource growth through continued exploration.
JAN underlined the company’s focus on the new gold strategy with the sale of its 7.1pc interest in Blencowe Resources, focused on the Orom-Cross graphite project in Uganda. Orom-Cross has a reported JORC resource of 24.5Mt @ 6.0pc Total Graphitic Carbon (TGC) based on drilling undertaken on less than 5pc of the project area, part of which already benefits from a 21-year mining licence. Following the sale of its Blencowe holding, and the earlier capital raise, JAN is now well-capitalised to accelerate activities at Paranaíta.
The company retains interests in other strategic metals ventures, notably the Pitombeiras Vanadium Project, also in Brazil, a fully-owned high-grade vanadium, titanium and iron ore development prospect with the potential for open pit extraction. Over the past five years JAN has advanced the Project to the point of production decision. A 2021 Preliminary Economic Assessment highlighted the Project’s robust economics and excellent potential to become a profitable producer of ferrovanadium concentrate. The company also has a 7.8pc stake in Fodere Titanium Limited, a UK minerals technology company developing innovative commercial processes and applications in extractive metallurgy, to extract titanium dioxide, vanadium pentoxide and other valuable products from low-grade ores and waste stockpiles.
But the emphasis is definitely on Paranaíta. Commenting on the acquisition, JAN said: ‘The Company has investigated numerous deal opportunities in recent years and firmly believes that this acquisition is foundational in setting the Company off in a meaningful direction.’
JAN is looking ahead to 2026 positioned as a vehicle for long-term exposure to the energy transition and immediate exposure to a gold market that shows no signs of slowing. The company currently trades at 1.56p – up 100pc this year – with a market cap of £10.88m.
Landore Resources (AIM:LND)
2026 could prove a transformational year for Landore Resources (AIM:LND) as the company prepares to publish a keenly anticipated updated MRE for its highly prospective BAM Gold Deposit.
The company’s main asset base is concentrated at its fully-owned Junior Lake Property spanning 22,000 hectares in northwestern Ontario within an Archean greenstone belt known for gold and base metals. LND’s flagship BAM Gold Project, located in the south-central portion of the Property, is currently prospective for a NI 43-101 compliant resource of approximately 1.5 million ounces of gold (Indicated and Inferred). The upcoming updated MRE, the product of ongoing drilling, geological modelling and reinterpretation of historic data, is expected to demonstrate the Project’s potential for expansion along strike and at depth.
LND commenced a much anticipated 3,500 metre diamond drilling programme in March aiming for greater clarity on the structure of the orebody, and to increase confidence in the overall resource estimate. The results from the 14 holes drilled announced in June confirmed the potential for the existing resource to be expanded. Drilling identified extended mineralisation to the east, and high-grade intercepts at depth and strong gold potential within gabbroic units to the west.
The results, which also demonstrated that there are some high-grade shoots in a consistent orebody, will inform an updated independent MRE, which is set to be a key milestone in BAM’s development. Trading in LND was suspended, at the company’s request, on 11 December pending the publication of the updated MRE. LND ‘expects to announce these results in the coming days.’ LND raised a gross £1,465,000 in October to advance ongoing MRE work including infill sampling and environmental baseline studies at BAM.
Junior Lake hosts several other identified mineral targets with exploration upside. LND has acquired additional mining rights adjacent to BAM, opening opportunity for ‘substantial potential upside’ as the company explores the BAM orebody and Junior Lake greenstone belts. The B4-7 Nickel-Copper-Cobalt-PGEs prospect is an early-stage deposit defined by historical drilling and surface work. The VW Nickel-Copper-Cobalt property is early-stage disseminated sulphide mineralisation with limited modern exploration, and the Lamaune prospect may host a gold-bearing system entirely distinct from BAM. The company has non-core exploration prospects in Canada and the US.
LND also holds a 15.8pc interest in Storm Exploration (TSX-V:STRM), which earned the company CAD$1,312,000 when Storm sold the Miminiska Project in Ontario. LND said: ‘The sale of Miminiska Project to European Electric Metals, a Canadian exploration company for $5.8m, is testament to the high quality of our asset portfolio of 52 patented mineral claims across 5,494 hectares. The expected cash payment of over CAD$1.3m, following our recent oversubscribed placing, will provide Landore with a strong platform going into 2026.’
LND currently trades at 3.67p with a market cap of £13.37m. Prospective investors should prepare for the imminent publication of the company’s updated MRE.
Lexington Gold (AIM:LEX)
Lexington Gold (AIM:LEX) continues to define the potential of projects highly prospective for gold and other precious metals in South Africa’s most prolific gold region, and across historic US gold mines in North and South Carolina. LEX has invited potential partners to discuss options for the development of its US interests with a view to fresh investment in South Africa.
LEX’s South African projects cover some 114,638 hectares in the historic Witwatersrand Gold Basin. Witwatersrand has produced about 40pc of the world’s gold – some two billion ounces – since it was first explored in 1886, and is estimated to host an additional 1.2 billion ounces. LEX has a 76pc interest in three Witwatersrand brownfield and greenfield licences prospective for some 37 million ounces of gold, with uranium as a significant possible by-product. The prospects are backed by significant shareholder Mark Creasy, well known throughout the mining sector for leading the discovery of Australia’s prolific Nova Mine.
The Jelani Resources Joint Venture has an independent MRE of 6.02 Moz of gold with an average grade of 6.47 g/t. A conceptual-level mining study has been commissioned from Bara Consulting to refine the preliminary mine design, set an exploration schedule, and model capital and operating expenses.
The Kroonstad prospect has the potential to become a major new Witwatersrand field, an independent estimate setting a gold exploration resource target of between 6.06 and 62.41 Moz, and a gold grade of between 4.96 g/t and 11.54 g/t. Kroonstad covers an area of approximately 18,340.5 hectares, covering a broad suite of minerals, including gold, rare earth elements, silver, platinum group metals, diamonds (alluvial), uranium, copper, zinc, lead, sulphur, coal, iron, manganese, cobalt, nickel, molybdenum and tungsten.
The Ventersburg Goldfield has an independent Exploration Target of 1.39 to 3.55 Moz of contained gold at grades between 2.82 g/t and 3.44 g/t. Potential uranium and silver by-products have also been identified at the 19,633 hectare licence. The Bothaville Project has a maiden Exploration Target of 16 to 30 Mt, with an average grade range of approximately 3.26 to 6.03 g/t gold, equivalent to 1.7 to 5.8 Moz of gold.
Across the Atlantic LEX has initiated early-stage preparatory work with potentially interested parties for its US gold projects, focused on applying the latest exploration technology to the Carolina Super Terrane, the site of the first gold rush in the early 1800s. The region is already host to several multi-million-ounce mines.
The Jennings-Pioneer Project, LEX’s flagship US prospect, is a cluster of greenfield exploration prospects focused on South Carolina’s Barite Hill Gold district. Assay results have identified gold, silver, copper and zinc, and barite, tellurium and other minerals designated as critical minerals by the US federal government.
The 179.66 acre Jones-Keystone-Loflin Project combines the Jones-Keystone and Loflin Properties mined by small prospectors during the 19th century and early 20th centuries. Pits, trenches, shafts and glory holes at several workings offer evidence of widespread gold mineralisation, with historic grades ranging between 0.5 and 2.5 g/t. The resource is estimated at approximately two million tonnes at 1 g/t gold for 65,000 ounces of contained gold, with potential for further discoveries. Another US prospect, the Carolina Belle Project in Montgomery County, produced 50,000 ounces of gold when last explored in the early 20th century.
LEX has raised £530,000 and secured a £350,000 convertible loan facility to support both its South African and US interests. The company has opened a further funding channel by joining the US OTCQB Venture Market.
With well defined resources, a proven capacity for internal funding, and the exciting prospect of third party interest in US assets that would support rapid development of its South African prospects, LEX is well set for further breakthroughs in 2026. LEX has ticked up this year as anticipation grows, currently trading at 4p with a market cap of £17.5m.
Panther Metals (LSE:PALM)
Panther Metals (LSE:PALM) consolidated interests in Canada’s Ontario mining district this year with an option agreement for the Winston Project, like the company’s Dotted Lake and Obonga Projects prospective for a range of base and precious metals.
PALM secured options for the Winston Project in June, a high-grade, advanced stage, polymetallic zinc, copper and precious metal property offering potential for early cashflow from historical mine tailings. Existing infrastructure including power lines, plant site, and underground development offers a foundation for near-term production.
An underground mining feasibility study published in 2021 indicates an average life of mine annual EBITDA of CAD$67.64m, a pre-tax NPV of CAD$175.8m, and an IRR of 26pc, with further strong exploration potential for defining additional mineral resources and mineral reserves from the two main deposits, and other near-mine VMS exploration targets. Sampling from the mine tailings storage facility has reported elevated gold, gallium, silver, zinc, copper and cobalt grades.
PALM has continued to advance the company’s fully-owned Dotted Lake and Obonga Projects beyond generative exploration to delineate multiple drill ready discovery and resource targets.
The Dotted Lake Project extends 36.9 km2 across a largely unexplored area of the Schreiber-Helmo Greenstone Belt, prospective for base metals including nickel, cobalt, copper and zinc, and precious metals such as gold, silver and Platinum Group Metals (PGM). The Project is located 16 km north of Barrick Gold’s Hemlo Gold Mine which has produced over 22 Moz of gold over 30 years to date, and 9 km from GT Resources’ Tyko One Belt discovery at West Pickle Lake.
PALM has developed Dotted Lake this year from a reconnaissance-stage asset into a project with clearly ranked drill targets for future campaigns. Drilling has confirmed the presence of mineralised systems containing gold and base metals, and demonstrated geological continuity, validating the exploration model and paving the way for further work.
The Obonga Project covers 90pc of the district scale Obonga Greenstone Belt in northwest Ontario, spanning a total area of 291 km2. The Belt is prospective for base metals including copper, zinc, lead and nickel, and precious metals including gold, silver and PGM. Minerals such as lithium and graphite are also present. PALM has shifted Obonga’s potential into focus, advancing the Project from a greenfield target area to a well defined prospect with clearly delineated base metal VMS and graphite discoveries, and prospective drilling targets.
PALM has extended purchase terms for the Project this year, reducing short-term financial pressure while preserving long-term upside, and laid the groundwork for future work by narrowing exploration focus to the most prospective structural corridors and gold occurrences across the greenstone belt.
PALM has raised funds to support ongoing work, raising a gross £655,000 through a placing and retail offer in October. The company also established a Bitcoin treasury to use digital holdings as financial leverage to support acquisition funding.
After materially improving the technical understanding, optionality, and strategic balance of its portfolio over 2025, PALM moves into the new year with defined drill targets at Dotted Lake, a secured and rationalised position at Obonga, and a potentially transformative development-stage opportunity at Winston.
PALM currently trades at 65p with a market cap of £4.54m.
Power Metal Resources (AIM:POW)
Power Metal Resources (AIM:POW) has continued to define opportunities prospective for uranium in Canada and critical metals across the Arabian Gulf. The company has also crystallised returns from its diverse holdings, notably £9m through the partial sale of its holding in Guardian Metal Resources, a ten-fold return on its initial investment.
POW has interests in a fast-evolving portfolio of resource projects in North America, Saudi Arabia, Africa and Australia prospective for precious, base and strategic metals. Projects are developed internally or through partnerships until primed for disposal through outright sale or separate listing.
The company has a 30pc holding in Fermi Exploration, a joint venture with UCAM aiming to realise the potential of a set of uranium projects covering 914,714 km2 in and around the prolific Athabasca Basin, northern Saskatchewan, and the prolific Central Mineral Belt, in Labrador. Extensive drilling through the summer has reported meaningful uranium grades of up to 0.33pc uranium over a small dataset. The vast majority of geochemical assays, mineralogical analyses, and petrological work is still pending.
POW has also progressed its interests in the Arabian Gulf, consolidated in Power Arabia (in which POW holds an 83pc stake), a subsidiary established to encompass all of the company’s activities in the region. Exploration work at the Al Maider and Al Mansur prospects across the Block 8 concession in Oman has produced evidence of significant copper mineralisation.Maiden drilling at Block 8 has identified lithological units, alteration, brecciation and mineralisation consistent with copper-dominant Volcanogenic Massive Sulphide.
POW also has many interests beyond Canada and Saudi. Earlier this year the company proved the capacity of its investment model, realising £9m through the partial disposal of its stake in Guardian Metal Resources (AIM:GMET). POW also realised value from a 43.44pc holding in First Development Resources, an Australian copper-gold miner, which raised a gross £2.3m on joining AIM in July.
POW has a 87.71pc stake in the Molopo Farms Complex Project in Botswana, prospective for nickel, copper and PGEs. Exploration programmes have demonstrated significant potential for a major nickel-platinum group element discovery or discoveries. The company has full ownership of the Tati Project in Botswana, prospective for gold and nickel. POW also fully owns ION Battery Resources, a holding company seeking transformational metal discoveries to supply the battery industry.
More recently POW signed a binding subscription agreement for an investment of £4m in Apex Royalties, a high growth, diversified mining royalty company with gold, tin and bauxite assets. The agreement was followed by with a proposed investment of up to £3m in Minestarters, a blockchain-enabled platform bringing real-world asset tokenisation to mining exploration, for up to a 49pc. Minestarters aims to be the first DeFi platform to offer investors regulated, compliant and transparent access to mineral exploration and development.
Prospective investors should follow POW’s news update services to track the company’s fast evolving portfolio. POW currently trades at 13.5p with a £15.2m market cap.
URU Metals (AIM:URU)
URU Metals (AIM:URU) has leapt by more than 60pc over the past few months after getting the green light to press ahead with its flagship Zebedelia Nickel Project in South Africa, winning a mining licence allowing drilling and the engagement of project partners.
The ‘Zeb’ project is highly prospective for the premium grade nickel essential for the lithium-ion batteries powering the EV market, and for meeting the world’s relentless demand for stainless steel. The Project, in which URU holds a 75pc interest, is located in South Africa’s Limpopo Province, close to the platinum mining hub at Mokopane. The Project’s geology promises to host abundant resources of nickel, copper, platinum group metals (PGE), gold, chrome, cobalt, vanadium and iron ore, following the pattern of the prolific Nkomati Nickel Mine at the Uitkomst Complex.
URU believes Zeb has the potential to supply key metals over a 30-year period. A Preliminary Economic Assessment (PEA) completed in 2012 reported Inferred and Indicated resources of more than 1.5 billion tonnes with an estimated NPV of $317m and a post-tax IRR of 18.6pc. The assessment assumed a post-tax discount rate of 10pc, a nickel price of $8.50 per pound, annual nickel production of 20,000 tonnes over a 25 year mine life, a total capex cost of $708m, and operating costs of $3.35 per pound of nickel.
URU is positioning itself to benefit from demand for a more diverse supply chain as the west’s supply networks with Asia come under increasing pressure, and for higher long-term demand for the Class 1 nickel sulphide with which Zeb may be so richly endowed.
URU has designated four Project targets for exploration, each related to different styles of mineralisation. An high-resolution airborne geophysical survey highlighted the presence of a long-lived ultramafic magmatic plumbing system, and indicated several major NE-SW fault zones, interpreted to be part of a regional fault network, that likely acted as magma conduits and trap sites for sulphide mineralisation.
Assay results and geological interpretations from this summer’s drilling programme confirmed the Project’s geological model, and the presence of thicker, higher-grade nickel-copper-PGE horizons beneath the historic open-pit resource. Mineralisation remains open along strike and at depth, highlighting meaningful scale-up potential for both tonnage and grade.
The company went on to commission a ground electromagnetic (EM) and gravity survey over two priority targets to generate decision-ready drill targets, building on the results of the airborne survey earlier in the year. And last month URU achieved the year’s big breakthrough, securing a 30-year Mining Right from South African regulators. URU said: ‘The granting and execution of the Mining Right materially de-risks Zeb Nickel by securing the right for 30 years and positions the project to engage quality partners as we advance. Our immediate priority is to complete the ground EM and gravity survey and associated modelling and present a clear, efficient drill plan focused on the highest ranked targets; registration formalities are in progress.’
URU followed the announcement by raising £1.1m to support the ground geophysics programme to make way for drilling. A tender process is underway to find a contractor for the work, which is expected to start in Q1 2026.
URU currently trades at 7p, up 15pc this year, with a market cap of £7.17m.
