Gold prices rose to $4,970/oz at 23:08 pm on Thursday evening in the spot market, consolidating overnight at $4,930/oz, gaining 7% on the week. Silver hit $101.8/oz at 1:24 am yesterday, following gold and lifted by demand for solar panels and EVs. Goldman Sachs raised its gold forecast to $5,400/oz, likely drawing further retail attention to precious metals markets and supporting the rally.
Gold and Silver at Record Highs, A Fifty-Year Story of Confidence, Crisis, and Credibility
Turning to the wider market, the AIM All-Share finished the week up 2.2% at 820, its highest level since May 2023. It comfortably outperformed the FTSE 100, which fell 0.75% over the same period.
The improving sentiment has triggered a wave of fundraisings — a trend likely to persist if confidence holds. Predator Oil & Gas Holdings PLC led the way with a £4.5 million placing, followed by Strategic Minerals PLC at £4 million and Cloudbreak Discovery PLC at £1.85 million, highlighting renewed appetite for natural resources exposure.
While discounted placings and dilution will inevitably attract criticism, the reality is that AIM appears to be open for business again for the first time in almost three years — doing what it was designed to do by supplying growth capital to entrepreneurial companies.
Risers
Aura Energy (LON: AURA) said strategic investors will provide C$10 million for a 19.7% stake in the polymetallic Haggan project in Sweden, valuing the asset at C$50 million. The project will be transferred into Canadian private company SIU Metals, with Aura retaining a 78.7% interest. Shares rose 14.35% to 11p.
Celsius Resources (LON: CLA) reported that the definitive feasibility study for its MCB project delivered a post-tax NPV (8%) of US$1.3 billion. Assumptions include a copper price of US$4.30/lb and gold at US$3,000/oz for the first nine years — both well below current spot prices — with higher prices thereafter. Cash costs average US$0.41/lb over the first decade and US$1.73/lb over life of mine, with a projected 35-year mine life. Shares gained 11.1% to 1p.
EnergyPathways PLC (LON: EPP) rose 14% over the week and is up 21% over the past month.
eEnergy Group (LON: EAAS) reported a modest decline in full-year revenue to £23.0 million from £25.1 million, reflecting delayed project work, while EBITDA almost trebled to £1.7 million. Cash stood at £0.9 million at the end of 2025, with a forward order book of £14 million. Shares rebounded 8.08% to 5.35p.
Fallers
Genetics specialist GENinCode (LON: GENI) which outlined plans to raise up to £4 million, was down 44% following its fundraising. That drop may yet prove temporary if the capital accelerates commercial scale-up.
Phoenix Copper (LON: PXC) said higher copper prices have lifted the project’s post-tax NPV (10%) to US$185.2 million, nearly triple the original estimate, based on copper rising from US$4.45/lb to US$5.58/lb. However, shares fell 10.3% to 2.6p after Indigo Capital converted US$2.1 million of loan notes into 26.98 million shares at 1.483p and sold down 24.2 million shares to European investors.
Inspiration Healthcare (LON: IHC) slipped 9.26% to 12.25p after Universal Investment sold its 6.12% stake.
