The TMS Small Cap Review – The definitive monthly review of news, broker research and management insight from the TMS Client portfolio.
July 2026 Edition
Welcome to the inaugural edition of The TMS Small Cap Review.
July proved that even in one of the toughest small-cap markets for many years, quality companies continue to make meaningful progress. While sentiment across AIM and the wider junior market remained subdued, management teams continued to deliver operational milestones, strategic acquisitions, drilling campaigns, clinical developments and technology breakthroughs.
Rather than simply reproducing regulatory announcements, The TMS Small Cap Review aims to provide investors with a concise monthly overview of the key developments across the TMS client portfolio, highlighting not just what happened, but why it matters.
Alongside company news, each edition will also include broker research highlights, exclusive TMS interviews and the major catalysts investors should be watching in the months ahead.
We hope you enjoy the first edition.
Our quote of the month : “We had to rein in the Americans” – Greenland Energy Company MD Rod Mcillree
Company News
- 80 Mile PLC (80M)
- ACG Metals (ACG)
- Andrada Mining (ATM)
- Aterian plc (ATN)
- Block Energy (BLOE)
- Cindrigo Holdings (CINH)
- ECR Minerals (ECR)
- Empire Metals (EEE)
- Harvest Minerals (HMI)
- Lexington Gold (LEX)
- NeoTerra Group (TERA)
- Panther Metals (PALM)
- Poolbeg Pharma (POLB)
- Power Metal Resources (POW)
- Quantum Helium (QHE)
- Roadside Real Estate (ROAD)
- Tekcapital (TEK)
- URU Metals (URU)
1. 80 Mile PLC (80M)
Greenland momentum builds
July was arguably one of the busiest months of the year for 80 Mile. The company strengthened its Greenland leadership through the appointment of Rod McIllree, commenced drilling at the Disko-Nuussuaq project, provided further operational updates and concluded the month with a £1.9 million fundraising to accelerate development across its portfolio.
Management also continued preparations for the fully funded Jameson Land oil programme while maintaining exploration momentum at Disko. Collectively, the month’s news demonstrated a company moving from planning into execution across several major projects.
2. ACG Metals (ACG)
Operational delivery remains the focus
ACG Metals reported a solid first-half operational update while continuing to optimise production and recovery across its mining operations. The month also included successful demonstration of its proprietary recovery process alongside routine corporate updates, highlighting management’s continued focus on operational excellence and long-term value creation.
3. Andrada Mining (ATM) – Broker Target 16.8p – 350% upside (Zeus Capital 6/7/26)
Lithium Ridge continues to impress
Andrada strengthened its critical minerals story after reporting encouraging Lithium Ridge grab sample results, supporting the project’s growing exploration potential. The company also received favourable initiation coverage from Zeus Capital, recognising its growing exposure to tin, lithium and tantalum production in Namibia.
4. Aterian plc (ATN)
Building a self-funded exploration business
Aterian continued executing its differentiated strategy through ongoing exploration at the Lithosquare Joint Venture alongside further growth in its Rwanda metals trading business. Management’s strategy of generating cash flow to support exploration continues to differentiate the company from many junior explorers. Could Aterian have one of the smartest small-cap mining funding strategies? Listen here and you decide.
5. Block Energy (BLOE) – Broker Target 10p – 1000% upside (Tennyson 22/7/26)
Block Energy Received a BUY recommendation note from Tennyson with a potential upside of over 1000%. The Broker highlighted five key catalysts for 2026/27 along with a 10p price target.
6. Cindrigo Holdings (CINH)
A strategic reset in Finland
Cindrigo announced a transformational lease exchange that materially strengthens its Finnish biomass strategy. The move significantly reduces operating costs while providing an improved industrial base for biomass energy production and the planned Fuelwood pellet operation, enhancing the long-term economics of the project.
7. ECR Minerals (ECR) – Broker Target 0.55p – 100% upside (Allenby 6/7/26)
Capital directed towards higher-value opportunities
Following encouraging drilling news from Lolworth, ECR announced plans to accelerate development at Maddens while reallocating resources from Raglan. The decision reflects management’s disciplined approach to capital allocation and its focus on projects capable of delivering the strongest shareholder returns.
8. Empire Metals (EEE)
Building the team for growth
Empire strengthened its leadership team with key appointments aimed at advancing the world-class Pitfield Titanium Project. The company also introduced a long-term incentive plan designed to align management and employees with shareholder value creation as development progresses.
9. Harvest Minerals (HMI)
Expanding into rare earths
Harvest Minerals significantly broadened its strategic focus through the acquisition of a Brazilian rare earth portfolio. The transaction provides exposure to one of the fastest-growing commodity sectors while complementing the company’s existing fertiliser business and creating additional long-term growth opportunities.
10. Lexington Gold (LEX)
Growing confidence in Kroonstad
Lexington Gold appointed specialist consultants to complete a JORC resource upgrade at its Kroonstad Project. The work is expected to improve geological confidence and support future development planning across the company’s South African gold assets. Why are more investors watching Lexington Gold’s South African Strategy? Listen here and you decide.
11. NeoTerra Group (TERA)
Rare earth potential takes centre stage
NeoTerra delivered one of the month’s standout announcements by updating the Monte Muambe resource to include heavy rare earth elements. Combined with operational progress at the project, the revised resource has the potential to materially enhance project economics and long-term strategic value.
12. Panther Metals (PALM)
Drilling gathers momentum
Panther Metals expanded drilling activities at the Obonga VMS Project following encouraging exploration success. The programme continues to improve understanding of the mineral system while increasing confidence in the project’s exploration potential.
13. Poolbeg Pharma (POLB) – Cavendish t/p 19p (214% upside) 15th July
Clinical progress accelerates
Poolbeg enjoyed a landmark month after dosing the first patient in its POLB 001 topical clinical trial while successfully raising £3.5 million to support development across its expanding pipeline. The company also strengthened its intellectual property portfolio through an Israeli patent allowance covering POLB 001.
14. Power Metal Resources (POW)
Botswana drilling advances
Power Metal maintained strong exploration momentum at the Molopo Farms Project, with drilling continuing across the eastern feeder system following licence renewal earlier in the month. Investors now await assay results as the programme progresses.
15. Quantum Helium (QHE)
Production funding exploration
Quantum Helium reported first-half oil revenues exceeding US$316,000 while continuing to advance development of its helium discoveries. The company also submitted its OTC Markets application, broadening potential market exposure ahead of future drilling activity.
16. Roadside Real Estate (ROAD) – Broker target £1.10 – Cavendish 18/6/26
Portfolio continues to expand
Roadside Real Estate completed another strategic acquisition during July, continuing management’s strategy of building a diversified roadside property portfolio with attractive long-term development potential.
17. Tekcapital (TEK)
Portfolio companies continue to mature
Tekcapital’s portfolio delivered a number of significant developments during July. Innovative Eyewear expanded into over 345 Canadian retail stores, while Vesari strengthened its AI infrastructure strategy through additional patents, geothermal expertise and preparations for a potential US listing. The breadth of activity demonstrates continued progress across the investment portfolio.
18. URU Metals (URU)
Preparing for the next drilling phase
URU Metals appointed specialist geological modelling consultants to develop an integrated three-dimensional model of the Zebediela Project. The work is expected to optimise future drill targeting and improve confidence ahead of the next exploration campaign.
Looking Ahead
Despite subdued market conditions, July demonstrated that operational progress continues across the junior market. Exploration programmes advanced, new resources were defined, strategic acquisitions completed, clinical trials progressed and technology businesses continued expanding internationally.
As we move into August, investors will be watching closely for drilling results, operational updates, broker research, funding milestones and further evidence that strong operational performance will ultimately be reflected in company valuations.
This Month’s TMS Interviews
Every month, TMS sits down with directors and senior management teams to go beyond the headlines and discuss the strategy, opportunities and challenges shaping their businesses.
July featured a number of exclusive interviews, giving investors the opportunity to hear directly from the people leading these companies and providing valuable context behind the latest announcements.
Featured interviews included:
- Aterian PLC – Building a self-funded exploration company
- Caledonian Holdings PLC – A New Name. New management. A £9.5m Fintech Platform. Is Caledonian About to Surprise the Market.
- Lexington Gold Ltd – Why More Investors Are Watching Lexington Gold’s South African Strategy
Watch all interviews:
• YouTube
• X
• Website
Thank you for taking the time to read the inaugural edition of The TMS Small Cap Review.
Our aim is simple: to bring together the most important developments from across the TMS client portfolio in one concise, engaging publication that helps investors stay informed without having to read every announcement.
We hope you’ve enjoyed this first edition and found it a valuable addition to your monthly research.
See you in the August edition, where we’ll once again bring together the biggest stories, interviews, broker research and market developments from across the TMS universe.
David Burton
Founder
Total Market Solutions
