Category: Market News

Gunsynd PLC (LSE:GUN) has reported preliminary gold assay results from the maiden drilling programme at the Eagle Lake Gold Project in Ontario, Canada, following an operational update from Talon Resources Plc.

The results identified gold mineralisation across multiple exploration targets, including higher-grade intersections at Cedar Trench. Gunsynd also confirmed the completion of its £50,000 disposal of its investment in Low 6 as the company shifts its primary focus towards Canadian gold assets.

Eagle Lake Drilling Returns 21.25 Metres at 2.19 g/t Gold

Initial assay results from the Cedar Trench prospect included an intersection of 21.25 metres grading 2.19 grams per tonne gold from a depth of 64 metres in drill hole EG-26-07.

Within this interval, drilling identified 8.75 metres at 5.05 g/t gold, including 0.93 metres at 15.10 g/t gold and 1.25 metres at 17.08 g/t gold.

The same hole also returned 11.57 metres at 0.85 g/t gold from 48.50 metres, including 0.60 metres at 4.67 g/t gold.

A second Cedar Trench hole, EG-26-06, intersected 33.35 metres grading 0.61 g/t gold from 30.15 metres, including 4.55 metres at 1.83 g/t gold.

Cedar Trench was previously identified as the highest-ranked exploration target by MINML’s PRISM machine-learning platform, which was used to support target selection at Eagle Lake.

Gold Mineralisation Identified at East Fornieri Bay

Drilling at the East Fornieri Bay prospect also returned several gold-bearing intervals.

Hole EG-26-03 identified five intervals of mineralisation, including 0.50 metres grading 6.86 g/t gold from 19.50 metres and 2.99 metres at 0.70 g/t gold from 94 metres.

All assay results for this hole have been received.

Meanwhile, hole EG-26-01 intersected 5.80 metres at 0.54 g/t gold from 33.50 metres, including 1.10 metres at 1.68 g/t gold and 0.80 metres at 1.33 g/t gold.

The results indicate gold mineralisation at both Cedar Trench and East Fornieri Bay, although the drilling programme remains at an early stage.

Further Assay Results Awaited from Maiden Drilling Programme

Talon Resources confirmed that additional samples from the Eagle Lake drilling programme are still being processed by the laboratory.

As of 26 October 2026, assay results remained incomplete for several drill holes, including EG-26-06 and EG-26-07 at Cedar Trench.

The company expects the outstanding results to provide further geological information and assist with interpreting the mineralised zones.

The reported intersections represent drill core lengths rather than confirmed true widths, which remain unknown.

The additional assay data will also contribute to future exploration targeting and the assessment of potential extensions to the mineralisation.

Gunsynd Completes Low 6 Investment Disposal for £50,000

Separately, Gunsynd confirmed that it has sold its holding in Low 6 for £50,000 in cash, with the proceeds received in full.

The disposal follows the company’s announcement on 12 October 2026 and a general meeting held on 28 October.

Gunsynd said it has transitioned to an operating company, with its principal business focus now directed towards gold assets in Canada.

The Low 6 disposal forms part of that change in business direction, while the preliminary Eagle Lake drilling results provide additional exploration data for the company’s Canadian gold interests.

NeoTerra Group Plc (LSE:TERA) has reported progress in developing its Monte Muambe critical minerals project in Mozambique, including the establishment of fluorspar and gallium Mineral Resource Estimates and the award of US$1.875 million in US government grant funding.

In its audited annual results for the year ended 30 June 2026, the African critical minerals exploration and development company outlined the expansion of Monte Muambe into a multi-commodity project, alongside changes to its corporate structure and international market presence.

Monte Muambe Fluorspar Resource Reaches 3.48 Million Tonnes

NeoTerra reported a JORC-compliant fluorspar Mineral Resource Estimate of 3.48 million tonnes grading 20.6% calcium fluoride (CaF₂), containing approximately 716,000 tonnes of CaF₂.

The resource provides the basis for the company’s proposed development of an acid-grade fluorspar operation with planned annual production capacity of 50,000 tonnes.

The company also established an initial gallium Mineral Resource Estimate of 11.73 million tonnes grading 54.7 grams per tonne gallium oxide (Ga₂O₃), containing approximately 641 tonnes of Ga₂O₃.

According to NeoTerra, the gallium estimate is believed to be among the first JORC-compliant resources of its kind reported in Africa.

The resource was defined after drilling less than 20% of the identified gallium soil anomalies, leaving additional areas available for exploration.

Following its 2025 drilling programme, Monte Muambe now has three JORC Mineral Resource Estimates, compared with one previously.

US Government Awards $1.875 Million for Rare Earths Study

NeoTerra secured US$1.875 million in non-dilutive grant funding from the US Trade and Development Agency (USTDA) to support the advancement of the Monte Muambe rare earths project.

The funding will cover key components of the project’s Pre-Feasibility Study.

Following the reporting period, the company selected Valentine Enterprises, supported by SGS North America and New Dominion Consulting, to lead the USTDA-funded programme.

NeoTerra also submitted an application for a further US$5 million grant under the US-Africa Strategic Investment Program to support an expansion of the planned fluorspar production capacity.

The additional funding remains subject to approval.

NeoTerra Increases Monte Muambe Ownership to 70%

Following the financial year-end, NeoTerra completed Phase 3 of the Monte Muambe Farm-Out Agreement, increasing its interest in Monte Muambe Mining Limitada from 51% to 70%.

The company also updated its fluorspar Mineral Resource Estimate to incorporate heavy rare earth elements as a potential additional product stream.

Subject to successful metallurgical processing, NeoTerra estimates that the inclusion of heavy rare earth elements could increase projected fluorspar project revenue by up to 40% over the mine’s operating life.

The company also extended the remaining £0.5 million debt facility to 30 October 2027.

Company Rebrands and Expands US Market Access

During the reporting period, the company changed its name from Altona Rare Earths Plc to NeoTerra Group Plc, with its London Stock Exchange ticker changing from REE to TERA.

The rebranding reflects its broader focus on critical minerals beyond rare earth elements.

NeoTerra also commenced cross-trading on the US OTCQB Venture Market under the ticker ANRCF, providing an additional trading venue for US investors.

The company confirmed that its audited annual report and accounts for the year ended 30 June 2026 are available, with details of its 2026 Annual General Meeting to be announced separately.

Ariana Resources plc (LSE:AAU) reported progress at its wholly owned Dokwe Gold Project in Zimbabwe during the quarter ended 30 September 2026, including completion of metallurgical drilling, additional exploration work and advances across several components of its feasibility study.

The company, which has reported a 1.6 million-ounce gold resource at Dokwe and a pre-tax net present value of US$1.056 billion at a 10% discount rate, ended the quarter with cash of £17.3 million, equivalent to approximately A$32.7 million.

Ariana also completed the disposal of its remaining interest in Türkiye’s Kiziltepe Sector while retaining exposure to the Tavşan Gold Mine through its 9.9% holding in Zenit.

Dokwe Drilling Returns Gold Intercepts of 24 Metres at 4.71 g/t

Ariana completed 2,822 metres of metallurgical drilling across 15 diamond drill holes at Dokwe North and Dokwe Central.

Significant results included 24 metres grading 4.71 grams per tonne gold from 172 metres in hole DPD141, including 2 metres at 46.95 g/t gold.

At Dokwe Central, hole DPD150 intersected 98 metres at 2.85 g/t gold from 91 metres, including 1 metre at 93.72 g/t gold.

Four additional diamond drill holes, totalling 1,005 metres, investigated potential extensions to the mineralisation at Dokwe North. Results included 8 metres at 1.45 g/t gold from 96 metres and 2 metres at 17.31 g/t gold from 174 metres.

The company said approximately 11,000 metres of recent drilling will contribute to updated Mineral Resource and Ore Reserve estimates, being prepared independently by AMC Consultants and Auralia Mining Consultants.

Feasibility Work Advances Across Metallurgy and Infrastructure

Ariana continued several technical programmes supporting the Dokwe feasibility study.

Eight tonnes of metallurgical samples were delivered to Xinhai Mining Services in China, where 28 composite samples were prepared for testing. Further analysis will also take place in Australia.

Water exploration drilling is underway, with 12 priority holes planned for a combined 2,155 metres to investigate potential groundwater sources.

The company also completed six geotechnical holes totalling 1,251 metres at Dokwe Central, while engineering studies continued into waste rock storage, tailings facilities and mine infrastructure.

Further sterilisation drilling is planned for the fourth quarter of 2026 to assess areas proposed for future infrastructure.

Managing Director Dr. Kerim Sener commented:

“The Company has continued to make excellent progress on its 100%-owned Dokwe Gold Project in Zimbabwe towards its Feasibility Study.”

Ariana Completes $3.7 Million Kiziltepe Disposal

In Türkiye, Ariana completed the sale of its remaining 9.9% interest in the Kiziltepe Sector to Proccea Construction Co. for US$3.7 million in cash during July.

The company also received US$0.8 million from Zenit in settlement of an outstanding intercompany debt.

Ariana retains a 9.9% interest in Zenit, which operates the Tavşan Gold Mine and holds the Salinbaş Gold-Silver Project.

Tavşan produced and sold 8,102 ounces of gold during the third quarter, generating US$34.6 million in revenue.

For the nine months ended 30 September, Zenit reported gold production and sales of 17,940 ounces, generating total revenue of US$81.4 million.

Heap-leach operations at Tavşan reached full production capacity following completion of the ramp-up phase in June 2026.

Dokwe Development Remains Ariana’s Main Priority

Ariana said its priorities include completing the Dokwe feasibility study, finalising updated resource and reserve estimates, and advancing metallurgical, water supply, power and environmental assessments.

The company also intends to continue exploration targeting potential extensions to the existing mineralisation.

Following the appointment of Michael Atkins as Executive Chairman, Ariana is evaluating development and financing options for Dokwe as it progresses the project towards potential gold production.

Kenmare Resources plc (LSE:KMR) has received approval from the Government of Mozambique to extend the processing and export rights associated with its Moma Titanium Minerals Mine until 2044, alongside revised royalty arrangements and additional investment commitments.

The company’s Implementation Agreement (IA), which governs mineral processing and export activities undertaken by its subsidiary Kenmare Moma Processing (Mauritius) Limited (KMPL), has been renewed following negotiations with the Mozambican authorities. Mining operations at Moma remain subject to a separate regulatory framework.

The Council of Ministers approved the extension on 13 October 2026, with Kenmare receiving official notification on 29 October.

Moma Royalty Rates to Increase Gradually to 5%

Under the revised agreement, royalties payable on gross revenue will increase from the existing rate of 1% to 3% for the period from 2025 to 2029.

The rate will subsequently rise to 4% between 2030 and 2034, before increasing to 5% for the period from 2035 to 2044.

The updated terms also introduce a 20% withholding tax on services provided to KMPL from outside Mozambique, effective from the date an addendum formalising the agreement comes into force.

Kenmare had continued operating under its previous terms following the expiry of the initial 20-year authorisation period in December 2024.

Kenmare Commits $200 Million to Investment and $50 Million to Community Projects

As part of the extension, KMPL has agreed to invest at least $200 million in plant, machinery and infrastructure over the 20-year period.

The company will also allocate $50 million to social and corporate responsibility projects covering education, healthcare, transport, energy, water, sanitation and opportunities for local businesses.

The revised agreement additionally allows the Mozambican government to purchase up to 20% of KMPL’s annual production for local processing at market prices, subject to two years’ advance notice or a shorter period agreed by KMPL.

Kenmare Managing Director Tom Hickey commented:

“Kenmare is delighted that the extension of its rights and concessions under Moma’s IA has been approved. With Mineral Resources to support production for over 100 years, we have always taken a long-term view on our operations and relations in Mozambique. Consequently, we have agreed some changes to the applicable investment regime, which strike an appropriate balance between Kenmare’s interests and increased contribution to Mozambique. The extension provides Kenmare with the certainty to continue to invest in Moma and support our host communities, while continuing to generate returns for all stakeholders.”

Agreement Provides Option for Further Extension in 2044

The government resolution also establishes KMPL’s right to obtain a further 20-year extension in 2044, subject to the legal framework applicable at that time.

The latest approval replaces an earlier Council of Ministers resolution issued in July 2025, which Kenmare had previously disclosed in March 2026.

Kenmare is now working with the Mozambican government to finalise and sign an addendum to the Implementation Agreement.

Following signature, the document is expected to be submitted to Mozambique’s Administrative Court to complete the relevant administrative procedures.

Investor Webinar Scheduled for 30 October

Kenmare will hold an investor webinar at 9:00 a.m. UK time on 30 October 2026 to discuss the revised agreement.

The presentation will be available to analysts, institutional investors and private shareholders through the Investor Meet Company platform, with participants able to submit questions during the session.

GreenX Metals Limited (LSE:GRX) has reported progress across its exploration projects in Germany and Greenland during the quarter ended 30 September 2026, including the definition of a copper exploration target at Tannenberg and the expansion of its Eleonore North gold and critical minerals portfolio.

The company also provided an update on its ongoing arbitration proceedings against Poland, following developments in the Singapore and English courts.

Tannenberg Copper Project Exploration Target Established

GreenX reported an Exploration Target at its Tannenberg Copper Project in Germany of between 144 million and 279 million tonnes, grading 0.9% to 1.4% copper and 15 to 21 grams per tonne silver.

The target represents a conceptual estimate of 1.3 million to 3.9 million tonnes of contained copper and 69 million to 188 million ounces of silver.

The Exploration Target was prepared in accordance with the JORC Code (2012). GreenX cautioned that insufficient exploration has been undertaken to establish a Mineral Resource and that further work may not result in a resource estimate.

Ongoing activities include compiling and digitising historical geological, mining and production records, alongside seismic surveys intended to support future drilling.

The company plans to commence an initial drilling programme in 2027 to investigate the exploration target.

Greenland Exploration Portfolio Expands to 2,100 Square Kilometres

At its Eleonore North Project in East Greenland, GreenX secured two additional exploration licences covering approximately 1,600 square kilometres.

The expansion brings the project’s total portfolio to four licences covering approximately 2,100 square kilometres.

The new areas contain multiple targets associated with reduced intrusion-related gold systems, which GreenX has been investigating in the region since 2024.

Historical exploration identified gold mineralisation grading up to 50 grams per tonne in boulders and quartz veins hosted by granitic intrusions.

Regional sediment sampling also identified anomalous gold, silver, tungsten and arsenic concentrations, alongside evidence of scheelite mineralisation.

The licences cover part of a 160-kilometre mineralised structural corridor associated with several known mineral deposits and prospects.

Greenland Fieldwork Completed as Assay Results Awaited

GreenX confirmed completion of its 2026 fieldwork programme at Eleonore North, including reconnaissance sampling and geological mapping across the newly acquired licences.

The programme was conducted alongside exploration activities at the company’s existing Greenland properties.

Results from the July 2026 fieldwork are expected in the coming months.

Bulk samples of tungsten- and antimony-mineralised material from the North and South Margeries deposits are intended to support preliminary metallurgical testing.

The company also submitted historical drill core from both deposits for laboratory analysis, with assay results expected in the coming month.

GreenX Updates Poland Arbitration Proceedings

GreenX reported that the Singapore Court had dismissed Poland’s application to set aside the company’s Energy Charter Treaty (ECT) arbitration award, upholding its previously established right to compensation.

Poland subsequently appealed the decision, with the Singapore Court of Appeal hearing the case in September 2026.

The company said the appeal represents Poland’s final opportunity to challenge the decision within the Singapore court system.

Separately, proceedings concerning GreenX’s bilateral investment treaty (BIT) award were heard in England during October.

GreenX has also begun preparations for enforcement activities relating to the ECT award following the initial Singapore Court ruling.

The company said it would continue defending both arbitration awards and provide further updates as the legal proceedings progress.

Sealand Capital Galaxy Limited (LSE:SCGL) has completed the acquisition of Brilliant Glow Group Co., Limited (BGG) for £6.6 million, following its initial announcement of the transaction on 22 July 2026.

The company confirmed that it has acquired 100% of BGG’s issued share capital, with all conditions under the sale and purchase agreement either satisfied or waived. The necessary company registration procedures have also been completed, making BGG a wholly owned subsidiary of Sealand.

The transaction adds consulting and technology-related services to Sealand’s existing operations and extends its business activities in the Asia-Pacific (APAC) region.

Acquisition Completed Following Regulatory and Contractual Formalities

Sealand confirmed that the acquisition has been finalised after the completion of the required contractual and company registration procedures.

The total consideration for the transaction was £6.6 million, as previously disclosed in the company’s announcement dated 22 July 2026.

With the acquisition now complete, Brilliant Glow Group has become a wholly owned subsidiary of Sealand Capital Galaxy.

The company did not disclose additional changes to the transaction terms in its completion announcement.

Brilliant Glow Group’s Consulting Operations

Brilliant Glow Group is a consulting services business focused on markets across the Asia-Pacific region.

The company operates through its wholly owned subsidiary, Shenzhen Brilliant Glow Consulting Services Co., Limited.

Its activities cover digital and intelligent transformation, technology services, retail solutions and capital markets consulting.

These services are provided to businesses seeking consulting expertise and technology-related support across different commercial sectors.

The acquisition brings BGG’s existing operations, personnel and client relationships into the Sealand group.

Acquisition Expands Sealand’s APAC Business Activities

Sealand said the transaction is intended to broaden its consulting and technology-enabled service capabilities.

The addition of BGG also expands the group’s operational presence across the Asia-Pacific region, where the acquired business already provides consulting services.

The acquisition forms part of Sealand’s strategy to develop commercial activities involving businesses operating across national markets.

BGG’s consulting expertise and existing client relationships will become part of Sealand’s wider business operations following completion.

The company has not provided specific revenue, earnings or financial contribution forecasts for BGG in its latest announcement.

Management Comments on the Completed Transaction

Daniel Cao, Chief Executive Officer of Sealand Capital Galaxy, commented on the acquisition:

“We are delighted to have completed the acquisition of BGG, marking another important step in Sealand’s development. BGG brings an experienced team, established client relationships and valuable expertise across a range of consulting and technology services. We look forward to working closely with the team to expand our capabilities across the APAC region, pursue new commercial opportunities and deliver long-term value for shareholders.”

The statement outlined management’s intention to integrate BGG’s consulting and technology services into Sealand’s operations and pursue additional commercial opportunities in the region.

Next Steps Following the Acquisition

With the transaction completed, Sealand now owns the entire issued share capital of Brilliant Glow Group.

The company’s immediate focus will include incorporating BGG’s consulting operations into its wider business activities and evaluating opportunities across the Asia-Pacific market.

The acquisition provides Sealand with an additional operating business in consulting and technology services, although the financial impact of the transaction has not yet been quantified in the completion announcement.

Further information about the original transaction was disclosed by Sealand on 22 July 2026.

More About Sealand Capital Galaxy

Sealand Capital Galaxy Limited is a London-listed company pursuing business opportunities involving technology, consulting and cross-border commercial activities.

The acquisition of Brilliant Glow Group adds an Asia-Pacific-focused consulting business to the group, with services covering digital transformation, technology solutions, retail consulting and capital markets advisory activities.

Galileo Resources Plc (LSE:GLR) has reported results from a completed drilling programme at its Molefe copper project in Zambia, confirming continuity of mineralisation and extending the identified strike length by approximately 380 metres.

The programme increased the estimated strike length of mineralisation from 930 metres to 1,310 metres and provided geological information to support mine development planning and the identification of locations for future infrastructure.

The work was carried out under a collaboration and project development agreement signed with Jubilee Metals Group PLC (LSE:JLP) on 27 November 2025.

Drilling Programme Confirms Eastern Extension

The drilling programme comprised 23 holes totalling 1,851.5 metres, with nine holes covering 552.6 metres designed to assess the continuity, geometry and copper grades of mineralisation along the eastern section of the ore zone.

The remaining 14 holes, totalling 1,298.9 metres, were drilled to assess areas proposed for waste rock disposal, tailings storage, processing facilities and other mine infrastructure.

Results from the mineralisation-focused drilling confirmed the continuation of copper mineralisation eastwards, increasing the identified strike length by approximately 380 metres.

Among the reported intercepts, drill hole MNKDD021 returned 3.10 metres grading 2.97% total copper (TCu), while MNKDD027 intersected 10.5 metres at 1.24% TCu. Drill hole MNKDD029 recorded 12.5 metres grading 1.51% TCu.

The results have been incorporated into the project’s development planning and mine scheduling work.

Mine Schedule Targets Approximately One Million Tonnes of Oxide Copper

Galileo has submitted a mine development plan and schedule to Jubilee for consideration, incorporating information from the drilling programme and in-pit sampling.

The proposed schedule targets an oxide copper reef comprising approximately one million tonnes at grades of at least 1.30% total copper.

Within that total, approximately 240,000 tonnes grading 1.45% TCu are associated with pits 2 and 3, which have been identified as the initial mining targets.

Galileo emphasised that the drilling and sampling results were collected specifically to support mine scheduling and do not constitute a mineral resource estimate under any recognised reporting standard.

The newly identified eastern extension of mineralisation has not been included in the current mine schedule.

Infrastructure Planning Supported by Condemnation Drilling

The condemnation drilling programme assessed areas within the Molefe licence where future mining infrastructure could be located without unnecessarily restricting access to mineralised zones.

The work identified areas considered suitable for waste rock disposal, tailings facilities and a processing plant.

These findings have been incorporated into the mine development plan submitted to Jubilee.

The information is intended to support decisions on infrastructure placement and the sequencing of potential mining activities.

Development Recommendations Submitted to Jubilee

Galileo said the completed programme had provided additional geological information for mine planning and potential future development at Molefe.

The company has submitted its mine development plan, mining schedule and recommendations for subsequent work to Jubilee under the existing collaboration agreement.

Colin Bird, chairman of Galileo Resources, commented:

“We are pleased to be able to increase the strike length of mineralisation providing additional potential tonnes for mining and processing. The data collected has been included in a mine development plan and mine schedule and recommendations for subsequent development provided to Jubilee. Drilling has also enabled detailed planning to be undertaken with regard to future infrastructural development.”

The next stages of project development will depend on consideration of the submitted plans and recommendations.

More About Galileo Resources

Galileo Resources Plc is a London-listed mineral exploration and development company with projects focused on identifying and evaluating mineral deposits.

The Molefe Project in Zambia is being advanced under a collaboration agreement with Jubilee Metals Group, with current activities focused on defining copper mineralisation, preparing mine schedules and evaluating infrastructure requirements.