European equities were largely unchanged on Friday but remained on track for weekly declines as rising crude oil prices—driven by escalating tensions in the Middle East—continued to fuel inflation worries and dampen expectations for near-term interest rate cuts from the Federal Reserve.
In economic developments, new data showed the U.K. economy recorded no growth in January. According to the Office for National Statistics, an increase in construction activity was offset by weakness in industrial output and stagnation in the services sector.
Gross domestic product was unchanged during the month, following expansions of 0.1% in December and 0.2% in November. Economists had expected the economy to grow 0.2% month-on-month.
On an annual basis, the U.K. economy expanded 0.8% in January, slightly below the 0.9% growth forecast by analysts.
Elsewhere in Europe, France’s annual inflation rate accelerated to 0.9% in February, up from 0.3% in January.
In market trading, France’s CAC 40 was hovering just below flat levels, while Germany’s DAX was up 0.1% and the U.K.’s FTSE 100 gained 0.2%.
Shares of Vivendi (EU:VIV) declined even after the French media group reported a return to profitability in the second half of 2025.
Radiator maker Stelrad Group (LSE:SRAD) also fell after reporting lower revenue for 2025 amid weak demand across the U.K., Ireland and continental Europe.
Meanwhile, BE Semiconductor (EU:BESI) rose sharply following reports that the chip-equipment manufacturer has attracted takeover interest.
Oil prices slipped during Asian trading on Friday but quickly recovered most of their initial declines, as persistent concerns about supply disruptions linked to the U.S.-Israel conflict with Iran continued to dominate market sentiment.
Prices had earlier dropped by nearly 1% after the United States said it would allow the purchase of Russian crude already in transit, a move intended to ease supply pressures caused by the Iran conflict.
However, crude soon pared much of the drop and remained on track for a second straight week of solid gains, with the ongoing conflict in Iran — the main catalyst behind the latest surge in oil — showing few signs of easing.
By 02:17 ET (06:17 GMT), Brent crude futures for May were down 0.1% at $100.34 per barrel, while West Texas Intermediate (WTI) crude futures declined 0.4% to $94.05 per barrel.
U.S. greenlights purchases of Russian oil already at sea
Late on Thursday, the U.S. Treasury issued a 30-day waiver permitting countries to buy Russian crude shipments that had already been loaded onto tankers before March 12.
Treasury Secretary Scott Bessent said the measure was designed to help stabilize global energy markets amid supply disruptions stemming from the war with Iran.
Earlier in the week, Washington had also granted limited exemptions allowing the continued purchase of Russian oil, including shipments bound for India, the world’s third-largest crude importer.
The move comes as tensions surrounding Iran remain high, with the United States also signaling it could release large volumes of oil from its Strategic Petroleum Reserve to soften potential supply shocks.
Earlier reports suggested the International Energy Agency is preparing a record emergency release of more than 400 million barrels from strategic reserves to help offset the impact of the Iran conflict.
Oil still poised for strong weekly gains as conflict drags on
Despite the modest pullback on Friday, both Brent and WTI were still set to post weekly gains of roughly 7% to 9%, extending the sharp rally sparked by escalating tensions.
Crude prices had already surged nearly 30% in the previous week.
The conflict entered its fourteenth day on Friday, with the United States and Israel continuing strikes on Iranian targets while Tehran responded with waves of missile and drone attacks against oil infrastructure across several neighboring Middle Eastern countries.
Iran has also threatened to shut down the Strait of Hormuz, a crucial global oil shipping lane, in an attempt to pressure Washington and its allies.
The potential closure of the strait — combined with attacks on energy infrastructure — has intensified fears of longer-term disruptions to global oil supplies. The passage is especially critical because roughly 20% of global oil consumption moves through the waterway.
“The conflict has now moved beyond a short-lived geopolitical shock and into a phase where supply losses are increasingly structural rather than transient,” ANZ analysts wrote in a note.
“Price volatility is likely to remain high, but the skew is increasingly to the upside. Importantly, the longer the disruption persists, the higher the price required to restore market balances.”
Investors remain cautious about the possibility of a prolonged surge in oil prices, as higher energy costs could fuel inflation and push major central banks toward a more hawkish policy stance.
Gold prices moved slightly higher during Asian trading on Friday, but the metal remained on track for a second consecutive weekly loss as investors weighed the inflation risks tied to the ongoing U.S.-Israel conflict with Iran.
Bullion received some support after both the U.S. dollar and crude oil paused their recent rallies, particularly after Washington announced additional waivers allowing certain purchases of Russian crude in an effort to ease supply disruptions linked to Iran.
By 01:14 ET (05:14 GMT), spot gold had gained 0.6% to $5,109.46 per ounce, while gold futures slipped 0.3% to $5,111.84 per ounce.
Gold on course for weekly decline while trading in a tight range
Spot gold was set to fall about 1.2% over the week, marking its second straight weekly drop.
Although the precious metal attracted some safe-haven demand as geopolitical tensions in the Middle East intensified, its upside remained limited by growing fears that inflation could stay elevated.
Investors are concerned that the Iran conflict may keep oil prices high for an extended period, which could fuel global inflation and push major central banks toward a more hawkish policy stance.
This outlook has gradually reduced expectations for near-term interest rate cuts by the Federal Reserve. The central bank is widely expected to keep borrowing costs unchanged when policymakers meet next week.
Since the beginning of the Iran conflict, gold has largely traded within a $5,000–$5,200 per ounce range. While the metal is still higher for the year overall, its momentum has weakened after retreating from a record peak close to $5,600 per ounce reached in late January.
Analysts at ANZ said in a research note that despite recent pressures, gold continues to serve “a key portfolio diversifier, providing protection against a broad range of macro and geopolitical uncertainties.”
Other precious metals also posted gains on Friday but remained relatively subdued over the course of the week. Spot silver climbed 0.7% to $84.3275 per ounce, while spot platinum added 0.5% to $2,143.21 per ounce.
Markets await PCE inflation data for further signals
Investors are now turning their attention to the upcoming release of the U.S. personal consumption expenditures (PCE) price index, which could provide further clues about the outlook for the world’s largest economy.
The measure is the Federal Reserve’s preferred gauge of inflation and is expected to play a role in shaping interest rate expectations.
However, the data reflects conditions in January, meaning it is unlikely to capture any inflationary impact linked to the recent surge in energy prices.
The PCE report will arrive only days before the Federal Reserve’s next policy meeting, where officials are widely expected to keep rates unchanged. Data from CME FedWatch indicates that markets currently anticipate rates will remain steady until at least September.
Bitcoin (COIN:BTCUSD) advanced on Friday, extending its recent rebound and reaching its highest level in about a week, as optimism over potential pro-crypto regulation in the United States helped counter lingering market unease linked to the U.S.-Israel conflict with Iran.
The world’s largest cryptocurrency was also on track to finish the week in positive territory, aided in part by a pause in the recent surge in oil prices.
By 01:49 ET (05:49 GMT), Bitcoin had risen nearly 3% to $71,529.7.
Bitcoin set for weekly rise on regulatory optimism
Bitcoin was poised to gain roughly 6.5% for the week, outperforming broader risk-sensitive assets despite uncertainty tied to the Iran conflict.
The latest upswing in the crypto market followed an announcement on Wednesday that the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) would cooperate on developing a clearer regulatory structure for digital assets in the United States.
According to the agreement, the two agencies plan to coordinate on establishing a federal approach designed to deliver a “fit-for-purpose regulatory framework for crypto assets and other emerging technologies.”
The initiative, referred to as the “Joint Harmonization Initiative,” aims to introduce formal mechanisms for data sharing, simplify reporting standards and prevent separate enforcement actions by the SEC and CFTC against crypto companies.
While the agreement itself is not binding, the move has fueled expectations that a more unified regulatory environment for cryptocurrencies could emerge.
The announcement also aligns with U.S. President Donald Trump’s broader pledge to provide clearer oversight of the crypto sector, after appointing leadership at both the SEC and CFTC viewed as supportive of digital assets.
Iran conflict keeps risk sentiment fragile
Despite the rebound, Bitcoin’s recovery remains uncertain after experiencing sharp volatility following several flash crashes in late 2025.
Investor appetite for risk has also remained subdued as global equity markets face heavy selling amid concerns about the economic fallout from the U.S.-Israel conflict with Iran.
The inflationary impact of the conflict remains a key worry. Prolonged disruption to oil supplies could push crude prices higher and reinforce global inflation pressures. In turn, this could prompt major central banks to adopt a more hawkish stance on interest rates — a scenario that tends to weigh on cryptocurrencies and other speculative assets.
Altcoins track Bitcoin higher
Other major cryptocurrencies also moved higher on Friday, broadly following Bitcoin’s gains.
The second-largest digital asset, Ether, climbed 3.9% to $2,109.48, while XRP added 3.6% to $1.4218.
BNB, Cardano, and Solana posted gains ranging between 2.4% and 5.5%.
Among meme tokens, DOGE rose 4.8%, while $TRUMP jumped 13.7%.
Even with the latest rebound, most altcoins — like Bitcoin — remain significantly below their levels from earlier in the year, highlighting ongoing caution among investors toward the cryptocurrency market.
U.S. equity futures moved modestly lower early Friday as energy prices remained elevated amid the continuing conflict in the Middle East. Brent crude stayed above the $100-per-barrel threshold, with little indication that the joint U.S.-Israeli campaign against Iran — now stretching beyond a week — will ease soon. The jump in energy costs has also raised fresh inflation concerns, putting gold on track for a weekly decline, while investors await another key U.S. inflation reading. In corporate news, Adobe (NASDAQ:ADBE) shares slipped after the company announced that its long-serving chief executive will step down.
Futures drift lower
Contracts tied to the major U.S. stock indices pointed to a softer start for Wall Street on Friday, suggesting markets may finish the week under pressure following several sessions of volatility linked to the Iran war and tightening oil supplies.
At 04:10 ET, Dow futures were down 241 points, or 0.5%. S&P 500 futures had fallen 35 points, also about 0.5%, while Nasdaq 100 futures were lower by 157 points, or 0.6%.
The main U.S. benchmarks had already ended the previous session lower as investors saw little evidence that tensions in the Middle East were about to subside. A statement from Iran’s new Supreme Leader Mojtaba Khamenei indicating that the crucial Strait of Hormuz will remain closed helped keep oil prices elevated and weighed on investor sentiment.
Although the U.S. and Israel appear to have gained the upper hand militarily, some analysts believe Iran may be trying to counter the pressure by restricting maritime traffic through the strait, which carries roughly one-fifth of global oil shipments.
To offset Iran’s control over the key passage, the U.S. Treasury has said countries will be allowed to buy certain sanctioned Russian crude until April 11. Treasury Secretary Scott Bessent also said the U.S. Navy may escort commercial ships traveling through the strait.
Brent remains elevated
Fears that the conflict could spread across one of the world’s most important oil-producing regions have helped keep Brent crude above $100 per barrel.
The benchmark has experienced sharp swings throughout the week. At one stage, Brent surged close to $120 a barrel before briefly falling below $90.
While the volatility has captured headlines, the bigger question for investors is whether the surge in oil prices will prove lasting, analysts at Capital Economics noted.
“As it stands, investors in the options market put a one-in-five chance of Brent crude prices being $100 per barrel or higher in three months’ time,” said Kieran Tompkins, Senior Climate and Commodities Economist at Capital Economics, in a note.
At 04:33 ET on Friday, Brent futures had gained 0.6% to $101.04 a barrel, putting the benchmark up more than 9% over the past week. Before the conflict with Iran erupted, Brent had been trading near $70 a barrel.
Gold heads for weekly loss
Spot gold was meanwhile poised for a second consecutive weekly decline, highlighting concerns that the Iran conflict could trigger a fresh wave of inflation through higher energy costs.
Much of the oil and gas transported through the Strait of Hormuz is used in manufacturing products such as fertilizers and plastics. A sustained rise in energy prices could therefore ripple through supply chains and increase inflationary pressures across global economies.
Such concerns could also prompt central banks — including the Federal Reserve — to reconsider plans for near-term interest rate cuts. Higher borrowing costs tend to attract foreign capital and support the U.S. dollar. The dollar index, which tracks the currency against a basket of major peers, has strengthened as the conflict has intensified.
Although gold is typically viewed as a safe-haven asset during geopolitical crises, a stronger dollar can reduce its appeal by making bullion more expensive for buyers outside the United States.
U.S. inflation data ahead
Markets will also be watching closely for the release of the U.S. personal consumption expenditures price index for January later on Friday.
Excluding volatile categories such as food and energy, the so-called “core” PCE index is expected to rise 3.1% year-on-year, slightly higher than the 3.0% recorded in December. The gauge is closely followed by financial markets because it is one of the Federal Reserve’s preferred indicators when shaping monetary policy.
Interestingly, the Commerce Department’s PCE figures have recently come in hotter than the Labor Department’s consumer price index readings. The difference largely reflects variations in weighting — particularly for housing and healthcare — as well as differences in scope and consumer substitution patterns. Specifically, the lower weighting of cooling housing costs in the PCE and its higher exposure to rising healthcare expenses have kept the PCE above CPI.
On Wednesday, February’s CPI data showed relatively moderate inflation of 2.4% year-on-year.
However, the data largely reflect a period before the outbreak of the Iran conflict, which began with U.S. and Israeli air strikes in late February. Since then, the inflation outlook has become more uncertain.
Adobe CEO to step down
Adobe shares declined in after-hours trading after the company revealed that Shantanu Narayen — who has served as chief executive for eighteen years — will step down as the board begins the process of identifying a successor.
Narayen joined Adobe in 1998 and rose through the company before becoming CEO in December 2007. One of his most notable strategic decisions was transitioning Adobe’s software portfolio to a cloud-based subscription model.
During his leadership, Adobe’s annual revenue expanded sharply, rising from $3.58 billion to $23.77 billion.
The San Jose, California-based firm — known for products such as image editor Photoshop and video editing software Premiere Pro — also reported quarterly results that exceeded expectations on both revenue and earnings and issued guidance for the current quarter that was largely above market forecasts.
European equity markets started Friday’s session in negative territory as crude prices held above $100 per barrel, even after the United States moved to allow some sanctioned Russian oil purchases in an effort to ease global supply pressures.
By 08:04 GMT, the pan-European Stoxx 600 index had declined 0.7%. Germany’s DAX was down 0.9%, France’s CAC 40 had dropped 1.0%, and the UK’s FTSE 100 was lower by 0.8%.
Markets in Europe followed a weak lead from Asia, where investors showed little confidence that the joint U.S.-Israeli military campaign against Iran will end quickly. Major stock indices in South Korea and Japan—both heavily reliant on Middle Eastern oil imports—fell by more than 1.4%.
Like many Asian economies, several European countries depend significantly on energy shipments passing through the Strait of Hormuz, a critical maritime corridor bordered on three sides by Iran.
Iran’s new Supreme Leader Mojtaba Khamenei stated on Thursday that the strait would remain closed until hostilities cease. Shipping traffic through the strategic chokepoint has nearly halted, as companies fear potential attacks that could put crews at risk. In addition, shipping operators are encountering growing difficulty securing insurance for voyages considered increasingly dangerous.
Even with recent measures by the United States and the International Energy Agency aimed at increasing oil availability, supply has remained limited, pushing Brent crude back above $100 per barrel. Price swings in Brent have been particularly sharp. Earlier in the week, the global benchmark surged close to $120 per barrel before briefly falling below $90.
Despite that volatility, crude prices remain significantly higher than before the conflict began, raising fears that renewed inflationary pressures could emerge globally and complicate expectations for central banks to begin easing monetary policy. In Europe, these concerns have driven government bond yields higher in countries such as Germany and France, adding pressure to equities.
“European and Asian equity markets have been hit harder than those of the U.S., and the longer the crisis goes on, the greater this divergence will become,” analysts at ING said in a note.
Inflation readings in focus
Against this backdrop, investors are analyzing new inflation figures from France and Spain.
In France, the euro area’s second-largest economy, consumer prices rose 1.1% year-on-year in February on a harmonized EU basis. The figure matched expectations and represented an acceleration from 0.4% in January. Spain reported a similar measure edging up slightly to 2.5%.
Later on Friday, markets will turn their attention to the release of the U.S. personal consumption expenditures price index for January, a key inflation indicator closely monitored by the Federal Reserve.
However, the data largely reflect a period before the outbreak of the Iran conflict, which began with a wave of U.S. and Israeli air strikes in late February. Since then, the inflation outlook has become more uncertain—particularly in Europe, where economists had previously suggested that price pressures were largely under control.
UK equities extended their recent decline on Friday, while the pound slipped below $1.33, as escalating Middle East tensions kept oil prices above $100 per barrel. Investor sentiment was further dampened by weaker-than-expected UK economic data showing the economy failed to grow in January.
By 08:54 GMT, the blue-chip FTSE 100 index had fallen 0.7%. Sterling also weakened, with GBP/USD down 0.6% to 1.3265. European markets were similarly under pressure, with Germany’s DAX declining 0.7% and France’s CAC 40 losing 0.9%.
Iran latest update
Iran’s Supreme Leader Mojtaba Khamenei said Friday that the Strait of Hormuz will remain closed, with Iran effectively blocking maritime traffic to use the blockade as leverage against Western nations.
Separately, the United States moved to ease sanctions on Russian oil in an attempt to reduce upward pressure on global energy prices.
UK round up
New economic data showed the UK economy failed to expand in January, missing expectations and raising fresh concerns about the country’s resilience ahead of rising energy costs linked to the Middle East conflict.
The Office for National Statistics said gross domestic product was unchanged month-on-month at 0.0% in January, below economists’ forecasts for a 0.2% increase. The figures were released Friday before oil prices surged further amid the regional tensions.
UK government bond prices declined, pushing yields higher. The 10-year gilt yield climbed to 4.817%, its highest level since September. Yields on five-year and 10-year gilts increased by roughly three to four basis points shortly after trading began.
Housebuilder Berkeley Group Holdings (LSE:BKG) reiterated its annual profit guidance but cautioned that geopolitical uncertainty and macroeconomic pressures are weighing on housing demand. The company said it still expects pre-tax profit of about £450 million for the current financial year and a similar level for fiscal 2027, while targeting a net cash position of around £300 million by year-end.
Shares in radiator manufacturer Stelrad Group (LSE:SRAD) declined after the company reported annual revenue of £279.6 million, down 3.8% from the previous year amid ongoing economic uncertainty across its key markets in the UK, Ireland and Europe. “Market demand remains subdued and we expect this to continue for at least first half of 2026,” Stelrad said.
Property investor CLS Holdings (LSE:CLI) also fell, becoming the largest decliner on the FTSE small-caps index. The company said economic conditions across Europe remain challenging and noted that it is too early to gauge the potential short- or long-term effects of the Middle East conflict on the region’s economies and property markets. CLS reported that its 2025 net rental income dropped around 11% to £101.3 million.
Glenveagh Properties (LSE:GLV) has reiterated its guidance for the 2026 financial year, with management expressing confidence in the group’s growth outlook and ability to generate stronger cash flows.
The company left its FY26 targets unchanged across its business segments. Within its housebuilding division, Glenveagh expects to complete around 1,600 homes with an average selling price above €375,000 and a gross margin exceeding 21%.
Its partnerships division is forecast to deliver a mid-teen gross margin while generating average annual gross profit of at least €60 million.
Across the group, Glenveagh is targeting total completions of approximately 2,750 units, €45 million in land sales and earnings per share of 21 cents. The company noted that construction has already begun on all homes scheduled for delivery in 2026, with a housebuilding order book of 1,252 units representing about 78% of planned completions.
Management said a significant share of the year’s construction costs are already locked in, allowing the company to maintain its margin expectations.
The group also indicated that earnings are likely to be weighted toward the second half of 2026 due to the timing of deliveries from development sites acquired in late 2024.
Glenveagh added that its existing land bank requires no significant additional investment to sustain annual delivery levels of between 2,750 and 3,600 units through to 2030.
The company expects a notable improvement in cash generation during 2026, particularly in the second half of the year, driven by higher completion volumes and the release of €142 million tied up in contract assets.
Meanwhile, the €25 million share buyback programme announced in January is expected to continue until around May. Management indicated that stronger cash generation in the latter part of 2026 should support further reinvestment and allow room for additional shareholder returns.
Within the partnerships division, Glenveagh added 100 units across three projects currently in advanced negotiations, bringing the total under discussion to 500 units. The company also disclosed for the first time that its development pipeline exceeds 7,000 units, representing an estimated €3 billion in net developable value.
More about Glenveagh Properties
Glenveagh Properties is an Irish homebuilder focused on delivering large-scale residential developments across Ireland. The company operates through its housebuilding and partnerships divisions, supplying homes for both private buyers and institutional partners. Glenveagh aims to scale production while maintaining strong margins and cash generation, supported by a sizeable land bank and a growing development pipeline.
ECR Minerals plc (LSE:ECR) has outlined its initial mining plan for the Raglan gold project in Queensland, Australia, supported by internal economic estimates based on deliberately conservative assumptions. The company’s chairman, Nick Tulloch, discussed the strategy and broader portfolio development during an interview on The Watchlist with host Ricki Lee.
The plan represents the first step in the company’s strategy to move toward in-house production and revenue generation, while continuing to expand its gold project pipeline across the region.
Conservative Assumptions for Phase One Economics
According to Nick Tulloch, the economic assumptions used in the Raglan analysis were intentionally conservative as the company begins early-stage operations.
ECR Minerals based its calculations on the lowest grade recorded from test pits, using a gold grade of 0.12 grams per bank cubic metre (g/bcm).
Tulloch explained that in alluvial mining, grade and volume are the key drivers of profitability.
“Alluvial mining is all about the grade and the volume. We’ve taken the very lowest grade from the test pits that have been dug to date,” Tulloch said.
If further testing demonstrates higher grades within the deposit, the project’s economics could improve quickly because higher gold content would increase recoverable ounces across the same mined volume.
Proving that the actual grade across Raglan exceeds the conservative 0.12 g/bcm benchmark is therefore one of the next priorities for the company.
Geological Advantages of the Historic River Channel
The Raglan project sits within a historic river channel system, which provides significant operational advantages compared with deeper underground gold deposits.
Unlike traditional hard-rock gold mining, alluvial mining at Raglan requires only shallow excavation.
Tulloch noted that mining depths are expected to range between two and four metres, as the bedrock lies relatively close to the surface.
This shallow geological setting simplifies operations in several ways:
Lower mining costs, due to minimal excavation depth
Simpler access to gold-bearing gravels
Clear geological mapping, as the ancient river channel acts as a guide for the mineralised zone
Although the river system no longer contains water, the shape and direction of the former channel can still be traced through the ground, helping define the initial mining area.
The current internal estimate of approximately $7 million in potential value is derived solely from the main historic riverbed, excluding additional geological features such as side channels and gullies.
Building a Production-Focused Strategy
Beyond Raglan, ECR Minerals plc is advancing several additional assets in Queensland, including Blue Mountain and the Lolworth project, both of which offer larger-scale opportunities.
Tulloch emphasised that the company’s strategy differs from many small-cap exploration firms that typically discover resources and then sell or farm them out to larger mining companies.
Instead, ECR intends to develop projects internally and build a production-driven business model.
“Small cap companies often find a resource and then farm it out to a larger company. We’re doing this in-house,” Tulloch said.
Under this strategy:
Raglan serves as the first step toward generating revenue
Blue Mountain represents the next stage with a larger land package
Lolworth offers a district-scale opportunity with long-term potential
Lolworth: A District-Scale Opportunity
While Raglan is expected to provide the company’s initial cash flow, Tulloch highlighted Lolworth as a project that could ultimately define the company’s long-term identity.
The project spans a large district-scale area and has already demonstrated multi-million-ounce potential, making it a significant strategic asset for the future.
If ECR successfully establishes itself as a profitable alluvial gold producer, Tulloch believes projects such as Lolworth could become cornerstone assets for the company over the coming years.
Focus on Cash Generation
For now, however, the company’s priority remains clear: generating revenue through production.
Tulloch said ECR’s capital allocation strategy is tightly focused on projects capable of delivering cash flow, which is why Raglan and Blue Mountain will remain central to company activity throughout the year.
Investors should therefore expect continued operational updates and progress reports from these two projects as development advances.
Outlook
With its initial mining plan in place for Raglan and a broader pipeline of gold projects across Queensland, ECR Minerals plc is positioning itself to transition from exploration into production and cash generation.
If successful, the approach could allow the company to build a sustainable mining business while retaining full ownership of its assets, rather than relying on partnerships with larger operators.
As Tulloch concluded, the immediate objective is straightforward: deliver production at Raglan and use that momentum to develop the company’s wider portfolio.
Jangada Mines (LSE:JAN) has reported promising results from Stage 1 diamond drilling at its Paranaíta Gold Project in Brazil. The 1,100-metre programme, comprising 10 drill holes at the TP2 target, intersected gold mineralisation in every hole. Among the highlights was an intercept of 1.32 metres grading 43.61 g/t gold, supporting the continuity of the mineralised system and indicating it remains open for further exploration. The company plans additional drilling, resource modelling and further geophysical and geochemical studies to upgrade and expand the project’s current inferred resource of around 210,000 ounces toward JORC classification. Drilling is also progressing at the Molly Project, which already hosts a 130,000-ounce JORC-compliant resource and has produced strong sulphide-bearing intercepts that point to further resource expansion potential.
Management believes the shallow vein-swarm style mineralisation identified at Paranaíta could be suitable for a relatively low-cost open-pit development, with a conceptual production target of roughly 20,000 ounces of gold per year. The latest drilling and trenching results are expected to support a revised geological model and inform a second-phase drilling campaign targeting multiple prospects along an approximately 8-kilometre corridor. Success at both Paranaíta and Molly could strengthen the company’s position in Brazil’s gold sector by demonstrating scalable, open-pit-friendly resources across its project portfolio.
The company’s outlook remains constrained by its financial profile, including its pre-revenue status, ongoing operating losses and continued cash burn, although it currently carries no debt. Technical indicators provide a more positive signal, with the share price trading above key moving averages and showing moderately positive momentum. However, valuation remains limited due to negative earnings and the absence of dividend support.
More about Jangada Mines PLC
Jangada Mines is an AIM-listed natural resources company focused on developing mining assets in Brazil, particularly gold projects in the Mato Grosso region and other established gold provinces. Its portfolio includes the Paranaíta Gold Project in the Alta Floresta-Juruena Gold Province and the Molly Gold Project, where the company aims to define shallow, open-pittable gold resources that could be developed with relatively low capital requirements.
