The second half of 2025 was a reminder of how quickly sentiment can swing in small-cap mining, and how sharply the market can reprice companies when a technical story turns into operational delivery, or when funding risk returns to the foreground. Across this basket of AIM and LSE names, the strongest share price moves were generally linked to clear execution milestones, first production, first shipments, first revenues, feasibility studies, and credible pathways to funding, while the weaker periods tended to follow dilution events, slower timelines, or the market simply demanding proof rather than promise.
As we enter 2026, the setup is relatively simple; the winners are likely to be the companies that can turn late 2025 momentum into repeatable delivery, and the laggards are likely to be those that need frequent capital raises without converting activity into measurable progress.
Amaroq Minerals (AIM: AMRQ)
Amaroq Minerals enters the end of 2025 with clear momentum, reflected in the share price rising from 62.6p in late August to around 108.00p as the market reassessed its operational progress. Underground development and commissioning at the Nalunaq gold mine moved forward during the year, with the company confirming initial gold production and early sales as part of its transition into operations. This shift was reinforced by steady operational delivery through the second half of the year, alongside expanding activity across the wider Greenland portfolio. As sentiment turned more selective in late 2025, Amaroq increasingly stood out as a company demonstrating tangible progress rather than pure exploration promise.
The operational core of the business remains the Nalunaq gold mine, which anchors near-term production while supporting exploration-led growth across Greenland. Around Nalunaq, Amaroq continues to advance assets such as Nanoq, Vagar, Stendalen, and the Sava Copper Belt, creating exposure to gold, copper, and strategic metals. During 2025, the company also consolidated its structure by launching a single mining platform to streamline ownership and development across its Greenland licences, supporting a more scalable operating model. This platform approach is designed to underpin long-term production growth rather than isolated project development.
Exploration results through 2025 added depth to the investment case, particularly at Nanoq where drilling intersected high-grade gold at shallow depths, including intervals up to 187.4 g/t gold over 1.5 metres. Follow-up drilling at Nalunaq also delivered encouraging results, confirming continuity and grade within the mine area and supporting future production planning, as demonstrated by the successful 2025 drilling programme. Beyond gold, Amaroq reported the discovery of rare earth elements in South Greenland and identified germanium and gallium occurrences within its West Greenland hub, broadening the strategic relevance of its licence package. These developments positioned the company as more than a single-commodity gold story.
As the company moves from late 2025 into 2026, attention is shifting toward consistency, funding discipline, and repeatable delivery. Amaroq closed the year with improved debt financing terms, strengthening liquidity following a period of heavy capital investment, while its Q3 2025 financial results reflected the early stages of production alongside continued exploration spend. Looking ahead, 2026 will be judged on Nalunaq’s operational stability, further drilling success at Nanoq, and the ability to advance strategic metals alongside gold. If execution continues at the pace seen in 2025, Amaroq enters the new year positioned to evolve from an emerging miner into a more established Greenland-focused producer.
ECR Minerals (AIM: ECR)
ECR Minerals entered the second half of 2025 trading steadily around 0.20p before a sharp re-rating saw the shares reach 0.31p in late September, followed by a pullback to around 0.20p and a subsequent recovery to 0.33p at the time of writing. The initial spike coincided with the confirmation of gold mineralisation at Blue Mountain, where drilling intersected payable alluvial grades during the company’s first substantive field programme. That momentum was later tempered as ECR outlined the staged nature of development, funding requirements, and production timelines across Queensland and Victoria through a combination of project acquisition plans and subsequent corporate and operational updates. By year end, the share price appeared to be reflecting a more measured assessment of delivery risk versus longer-term production potential.
The company’s asset base is centred on Australia, led by the Queensland Gold Project and supported by a portfolio of Victorian assets within the Victoria Gold Project. In Queensland, Blue Mountain drilling confirmed consistent gold mineralisation across multiple target areas, validating the technical basis for small-scale alluvial operations following the completion of the initial drilling programme. In Victoria, ECR agreed heads of terms to advance the Creswick project, allowing a joint venture partner to fund exploration expenditure while preserving ECR’s exposure through either retained equity or a royalty interest. This approach enabled the company to progress several assets in parallel without materially increasing financial risk.
Operational progress accelerated in the final quarter of 2025 as ECR secured funding and moved closer to production readiness. The company raised a total of £750,000 through a placing and retail offer, with the retail tranche significantly oversubscribed, providing capital to advance its Queensland strategy. Site visits at Raglan indicated the potential for more than 200 operating days per year with a low daily breakeven threshold, while wash-plant trials at Blue Mountain returned grades of up to 6.52 grams per bank cubic metre. At the same time, maiden drilling at Lolworth delivered early gold and silver results, including intersections of 2 metres at 3.57 g/t gold, adding exploration upside alongside the developing production story.
As ECR exits 2025 and looks toward 2026, the focus shifts firmly to execution and delivery. The company entered into a binding agreement to acquire the Raglan alluvial project for A$1.01 million, including a 60-tonne-per-hour wash plant, with completion expected before the end of 2025 and production targeted early in the new year. In 2026, investors will be watching for consistent gold recovery at Raglan, further progress at Blue Mountain, and disciplined capital deployment as operations scale. If ECR can convert its late-2025 activity into steady cash generation, the coming year could mark a shift from episodic news flow to a more sustainable operating profile.
First Class Metals (LSE: FCM)
First Class Metals spent much of the start of the second half of 2025 at around 2p before beginning a gradual re-rating in September, reaching around 3.1p by the end of October as operational momentum became more visible. That improvement reflected growing investor focus on drilling activity and portfolio progression rather than early-stage speculation alone. The subsequent pullback below 2p followed the announcement of an interest-free £500,000 convertible loan note, which introduced near-term dilution considerations. More recently, the shares have begun to stabilise again around 2.20p as attention has returned to exploration delivery and results potential.
Operationally, 2025 marked an important transition year as First Class Metals moved decisively into drilling at its flagship North Hemlo project in Ontario. The company commenced a maiden programme of at least 700 metres of NQ core drilling targeting structurally controlled gold mineralisation along the Dead Otter trend, including areas associated with historic high-grade grab samples of 19.6 g/t gold. By early December, nine drillholes had been completed across four priority target zones, with approximately 200 core samples submitted for assay. This steady pace of execution has laid the groundwork for meaningful news flow as results are returned.
Alongside North Hemlo, the company continued to advance its broader Canadian portfolio, particularly at Sunbeam, where 2025 work focused on systematic target generation. Exploration included the collection of more than 500 soil samples over approximately four kilometres of strike, supported by a 192-station VLF survey to refine drill targets along the Roy trend. The company also demonstrated a willingness to explore alternative funding routes by signing a non-binding MOU with Valereum to assess tokenised, project-level financing structures, potentially opening up longer-term non-dilutive options if successfully executed.
As First Class Metals moves into 2026, the focus remains on converting drilling activity into meaningful results, particularly at North Hemlo, while maintaining discipline around funding. Alongside this operational backdrop, an offer period has now commenced following confirmation that a third party has approached the administrators of The 79th Group regarding the potential acquisition of its 78,552,084 share stake, representing approximately 33.5% of the company. No firm offer has been made and no bidder has been identified, but the process places the company under UK takeover regulations, as reflected in the updated disclosure table. While this development introduces uncertainty, it also highlights external interest at a strategic level, meaning 2026 could prove significant not only for exploration results but also for potential changes in ownership and corporate direction.
Fulcrum Metals (AIM: FMET)
Fulcrum Metals saw a sharp volatility during the second half of 2025, with the share price rising from around 3.7p in August to over 7p by late October as investors responded to operational progress and asset monetisation. That move followed the completion of the sale of the Tully Gold Project, which strengthened the balance sheet and sharpened the company’s focus on near-term production assets. The subsequent drift back to around 6.09p reflected profit-taking and a broader reassessment of timelines rather than a reversal of the underlying strategy. By year end, the shares appeared to be consolidating around delivery expectations rather than speculation.
The core of Fulcrum’s strategy is the reprocessing of historic mine tailings using clean technology across established Canadian gold districts, as set out across its project portfolio. The flagship focus is Teck Hughes in Kirkland Lake, where surface-accessible tailings provide a pathway to low-impact, low-capex gold recovery without conventional mining. During 2025, auger drilling and sampling at Teck Hughes returned gold grades of up to 1.62 g/t Au, supporting the technical basis for advancing the project. This work underpins Fulcrum’s ambition to move quickly from testing into production.
Operational updates through the year continued to de-risk the Teck Hughes development path. The company reported gold and silver recoveries of approximately 70% using the Extrakt cyanide-free process, materially improving the economic outlook for tailings reprocessing. Completion of an expanded auger drilling programme further refined grade distribution and feed characteristics ahead of development studies. In parallel, Fulcrum strengthened its technical capability through the appointment of WSP to support tailings and engineering work, adding credibility as the project moves toward execution.
As Fulcrum exits 2025 and looks into 2026, the focus increasingly shifts to conversion of technical progress into production and cash flow. The company enters the new year having completed all option payments at Teck Hughes, removing a key overhang and simplifying ownership. Investors will be watching for permitting, construction milestones, and clarity on first production timelines as Teck Hughes advances. If execution continues at the pace established in late 2025, 2026 could represent the year Fulcrum transitions from development story to operating clean-technology gold producer.
Geo Exploration (AIM: GEO)
Geo Exploration’s share price moved sharply during 2025, rising from around 0.12p mid-year to a peak of approximately 0.49p in early September before easing back to around 0.18p at the time of writing. The initial re-rating followed renewed activity at the Juno gold project in Western Australia, where drilling updates confirmed the commencement and progress of the maiden programme, drawing market attention to near-term exploration catalysts. That momentum was later diluted by successive equity fundraisings, including a £1.109 million capital raise and a subsequent £1.25 million raise, which materially increased the share count. As a result, the share price retraced as the market recalibrated valuation against dilution and delivery timelines.
The company’s near-term focus is centred on the Juno Project in Western Australia, where drilling activity through 2025 represented a significant step forward for the business. Initial drilling updates confirmed the programme was progressing as planned, with multiple holes completed and geological data gathered to test a Havieron-style intrusion-related gold system, as outlined in successive Juno drilling updates and later follow-up announcements. Momentum was further reinforced when the exploration licence covering Juno was formally granted in late 2025, removing a key regulatory overhang. Together, these developments helped frame Juno as the company’s flagship gold opportunity.
Beyond Juno, Geo Exploration has continued to build out a diversified portfolio across Australia and Namibia. In Western Australia, the Gorge Gold Project was advanced with confirmation of a granted licence and historical high-grade indicators, including rock chip samples up to 134 g/t gold, as detailed in a Gorge project update. Offshore Namibia, the company retains exposure to oil and gas through PEL0094, where it has highlighted ongoing discussions around farm-out opportunities to advance the licence with limited capital exposure. This combination of gold exploration and energy optionality gives Geo multiple pathways for value creation, albeit at different stages of maturity.
As the company exits 2025 and looks ahead to 2026, the emphasis shifts from portfolio expansion to delivery and discipline. With drilling completed at Juno and groundwork laid at Gorge, investors will be watching closely for assay results, follow-up programmes, and evidence that exploration spend translates into tangible geological outcomes. At the same time, balance-sheet management remains central after a year of heavy equity issuance, placing greater importance on capital efficiency and prioritisation. If 2026 brings clearer exploration results and fewer funding shocks, Geo Exploration could begin to rebuild confidence after a volatile but transformational 2025.
Greatland Resources (AIM, ASX: GGP)
Greatland Resources moved sharply higher in the second half of 2025, rising from around 240p in mid August to approximately 512.01p at the time of writing. The re-rating was driven by September quarter performance at Telfer, where the company produced 80.9koz of gold alongside 3.4kt of copper, generating A$284m of operating cash flow at an AISC of A$2,155 per ounce. The quarter closed with a cash balance of A$750m and a debt-free balance sheet, reinforcing investor confidence in the company’s ability to self-fund growth. By late 2025, the market was increasingly valuing Greatland as a scaled producer rather than a development-stage story.
Operational momentum has been underpinned by consistent delivery at Telfer and expanding underground activity across the broader mining hub. During the September quarter, Greatland advanced drilling at West Dome and Main Dome, extending mineralisation and converting resources within the existing mine plan, while also progressing underground development at the West Dome Underground project. Quarterly updates highlighted improved confidence in mine life extension and production continuity beyond initial expectations, supported by ongoing infill and step-out drilling. This steady operational execution has been a key factor behind the sustained upward move in the share price through the second half of the year.
The longer-term growth driver remains Havieron, where a major milestone was reached with the completion of a full feasibility study. The study confirmed Havieron as a long-life, large-scale underground gold-copper operation with competitive costs and strong forecast cash generation, leveraging existing Telfer infrastructure to materially reduce capital intensity and execution risk. Importantly, the feasibility work demonstrated a clear funding pathway through a combination of existing cash reserves, operating cash flow, and committed facilities, removing a key uncertainty that had previously overhung the project. This significantly strengthened Greatland’s medium-term growth profile.
As the company moves out of 2025 and into 2026, attention is likely to centre on continued delivery at Telfer alongside early works and development decisions at Havieron. Investors will be watching for further evidence of mine life extension, sustained cash generation, and disciplined capital allocation as the Havieron development advances. With a strong balance sheet, an operating base generating material free cash flow, and a clearly defined growth pipeline, Greatland enters 2026 positioned as one of the more mature and financially robust miners on AIM. Execution remains critical, but the transition from explorer to multi-asset producer is now firmly established.
Guardian Metal Resources (AIM: GMET)
Guardian Metal Resources has delivered a pronounced revaluation through the second half of 2025, with the share price rising from around 28p in early June to approximately 148p at the time of writing. That move closely tracked accelerating operational progress at its Nevada tungsten assets, alongside growing strategic interest in secure US critical metals supply chains. Early momentum was driven by confirmation that drilling operations were underway at the Tempiute Project, signalling a shift from asset consolidation into active execution. As the year progressed, successive operational and technical updates reinforced the view that Guardian was advancing toward development rather than remaining a pure exploration story.
Operational focus during 2025 centred on the Tempiute and Pilot Mountain projects, which together form Guardian’s co-flagship tungsten strategy in Nevada. At Tempiute, drilling and preparatory work continued through the year, with a project operational update confirming steady progress across site access, drilling, and technical workstreams. At Pilot Mountain, very high-grade tungsten mineralisation was confirmed through the Pilot North assay results, followed by further encouraging outcomes from the Pilot Mountain porphyry south drilling. These results strengthened confidence in both grade continuity and scale, helping underpin the company’s rapidly improving market profile.
Alongside tungsten development, Guardian continued to advance its broader Nevada portfolio, adding depth to its exploration pipeline. Progress at the Garfield Project demonstrated ongoing gold exploration optionality, while work at Golconda Summit, Stonewall, and Kibby Basin preserved exposure to precious and battery metals. Strategically, the company also took steps to widen its investor base, confirming plans and preparations for enhanced US market access in a US listing update. The listing is targted for the first half of 2026. This combination of operational delivery and capital markets positioning has been a key driver behind the sustained share price strength seen since mid-year.
As Guardian exits 2025 and moves into 2026, the investment narrative increasingly centres on delivery against defined development milestones. The next phase is expected to focus on advancing Pilot Mountain through pre-feasibility, supported by continued drilling and technical studies, as outlined in the December’s pre-feasibility progress update. With geopolitical emphasis on domestic US tungsten supply intensifying, Guardian enters 2026 aligned with both policy direction and market demand. If execution continues at the pace established in 2025, the year ahead could see Guardian transition further from exploration momentum into a clearly defined development and strategic metals story.
Great Southern Copper (LSE: GSCU)
Great Southern Copper’s share price was relatively stable through the second half of 2025, trading around 3.25p in July, peaking near 3.67p in mid October, and easing back to approximately 3.37p at the time of writing. This muted share price performance reflected a market that was absorbing a steady flow of technical progress without a single step-change catalyst. While exploration momentum accelerated across the Especularita district, valuation remained anchored by ongoing funding needs, including a £2.5 million equity raise to expand drilling activity. As a result, the shares largely tracked delivery rather than speculation.
Operationally, 2025 was marked by increasingly intensive drilling across the company’s flagship Especularita Project, particularly at Cerro Negro and the Mostaza mine area. Scout drilling at Viuda Negra confirmed the presence of a large mineralised system, as reported in early results that identified copper and silver mineralisation across multiple structures. Momentum then built with the commencement of Phase III diamond drilling at Cerro Negro, followed by the mobilisation of a third drill rig to accelerate exploration along strike and at depth. This step-up in activity materially increased the scale and pace of news flow.
Drilling results through the year continued to reinforce the geological potential of the district. High-grade copper and silver samples at Mostaza expanded the monolith target, with reported assays including elevated Ag-Cu grades that exceeded historical expectations. Subsequent drilling confirmed that mineralisation extended beyond the original footprint, as demonstrated when drilling extended copper-silver mineralisation at Cerro Negro. In parallel, geophysical work progressed with the commencement of a ground magnetics survey at Viuda, adding a further layer of targeting data ahead of future drilling.
As Great Southern Copper moves from 2025 into 2026, the investment case increasingly hinges on scale and continuity rather than early discovery. With multiple rigs having tested key targets, fresh capital secured to fund expanded programmes, and a growing technical dataset across Especularita, the groundwork is in place for a more definitive assessment of resource potential. Investors will be watching for further drilling that converts geological promise into something that can be modelled and valued with greater confidence. If 2026 delivers clearer evidence of district-scale mineralisation, the relatively subdued share price performance of late 2025 may come to be seen as a period of consolidation ahead of a more decisive phase.
Kodal Minerals (AIM: KOD)
Kodal’s second half of 2025 was defined by delivery milestones at the Bougouni lithium project in Mali, which helped explain why the shares swung from about 0.24.5p in early July to around 0.38p in early September, dipped back toward 0.24.5p in early November, then recovered to roughly 0.31p at the time of writing. The first clear catalyst was the project receiving its Mali export permit, which de risked the route to sales after commissioning. Momentum then built as the company moved from trial operations to a more repeatable logistics and shipping narrative, with regular progress flagged via the operations update. The subsequent pullback looked consistent with typical AIM behaviour once “firsts” are in the price and the market starts focusing on ramp up consistency and cash collection timing.
What changed the conversation in late 2025 was the transition from “about to sell” to “actually selling.” Kodal confirmed the first shipment of spodumene concentrate, which matters because it converts a commissioning story into a working export chain that can be repeated. It then followed with the key validation retail investors usually wait for, confirmation that first revenues had been received. That combination tends to tighten the valuation framework, because the debate moves from funding risk to operating performance, realised pricing, and working capital discipline. Kodal also used this period to keep the market updated on the export cadence through its shipment update.
There was also a political and strategic layer that likely influenced sentiment into year end. The company highlighted the Bougouni site profile when the Mali President opened the project, an event that can matter in frontier jurisdictions because it signals national importance and, sometimes, smoother operational alignment. On the corporate side, Kodal reinforced its messaging around the production ramp and market positioning through a new presentation, and framed the financial picture in its interim results. Put simply, 2025 ended with the core question shifting from “will it ship” to “how smoothly can it scale shipments and margins.”
Looking into 2026, Kodal reads like a classic execution year where the upside comes from boring consistency rather than headline grabs. If the company can keep repeat shipments flowing after the maiden shipment, and keep converting production into cash like the first confirmed revenues, the market often starts valuing the asset more like an operating producer than a commissioning story. The main risk is that lithium pricing and any operational hiccups can still dominate short term price action, even if the long term thesis remains intact. For retail investors, the clean checklist for 2026 is simple, shipment regularity, unit economics, and whether updates keep showing the same steady progress as the late 2025 operations update.
Mkango Resources (AIM: MKA)
Mkango’s 2025 story has increasingly become less about a single rare earth development asset and more about building a vertically connected platform spanning recycling, magnet alloy production, and longer dated mined supply. That shift has helped drive the re-rating from 12.25p in early July to 46p at the time of writing, with momentum supported by a steady cadence of HyProMag USA execution updates, funding progress, and clearer medium term timelines. In the background, the Q3 MD&A also flags a post quarter end £3 million equity raising alongside a reported cash position of $2m at 30 September 2025, which matters because it frames how much of the near term work programme can be pushed forward without constant market taps.
Operationally, the most investable thread is the push to industrialise rare earth magnet recycling in the US through HyProMag USA, with 2025 bringing tangible steps that investors can actually track. The company moved from groundwork to logistics by formally commencing feedstock stockpiling via HyProMag USA’s arrangement with ILS, with pre processing expected to begin before 31 December 2025. It then tightened the project pathway by progressing the EPCM detailed design phase, with the notice to proceed expected in Q1 2026 and commissioning targeted for mid 2027.
Funding and partnership optics have also improved through 2025, which helps explain why the market has started paying up for the “platform” narrative rather than valuing Mkango as a long wait Malawi developer. The company raised $3.0m and followed with project development funding of US$4.6 million, while HyProMag USA also expanded its feedstock position through an expanded supply agreement and locked in operational footing with a long term lease. Alongside this, the proposed rare earth platform transaction around MKAR and CPTK has been positioned as a catalyst in its own right, with Mkango highlighting a pro forma value of $400 million for its MKAR shareholding under the BCA framework.
Looking into 2026, the key is whether Mkango can turn “progress updates” into irreversible execution milestones that force the re-rate to stick. The near term tell is the HyProMag USA notice to proceed in Q1 2026, because that is the point where investors start judging delivery against a defined build schedule rather than concept and study work. If the company can also keep widening feedstock access and demonstrate early operational throughput as stockpiling and pre-processing scale, the 2026 narrative shifts from promise to industrial momentum, and that tends to be when specialist capital becomes more interested in funding the next phase rather than trading the share price around headlines.
Panther Metals (AIM: PALM)
Panther Metals experienced pronounced volatility during the second half of 2025, with the share price rising from around 58p in early July to approximately 98p in early September before falling back to about 41p in early December and then rebounding to around 65.00p at the time of writing. The initial rise reflected growing investor focus on the Winston project in Canada, where the company continued to advance a staged redevelopment strategy centred on tailings reprocessing and phased mine restart potential. That momentum eased as the market absorbed the impact of equity fundraising, including a placing and director’s dealing and a subsequent WRAP retail offer. The more recent recovery appears to reflect renewed attention on operational progress rather than financing headlines.
Operational focus through 2025 remained firmly on Winston, where Panther has prioritised lower-capex pathways ahead of a full mine restart. The company continued to progress work on the Winston tailings dam project, positioning tailings reprocessing as a potential first step toward cash generation. This strategy was reinforced by a broader Winston project update, which outlined ongoing technical studies and preparatory work across the site. The approach reflects an attempt to reduce execution risk by sequencing development rather than committing immediately to a capital-intensive restart.
To strengthen technical credibility, Panther appointed SRK Consulting to support its evaluation work at Winston, a step that carries weight with investors familiar with brownfield project redevelopment. The company also maintained optionality elsewhere in its portfolio, including the Pick Lake option, which provides additional exploration upside without immediate capital commitment. Toward year end, operational momentum continued with the appointment of Platinum Diamond Drilling as PALM’s drilling contractor, signalling intent to keep technical work moving into 2026. Together, these steps suggest a focus on steady de-risking rather than headline-driven exploration.
As Panther moves out of 2025 and into 2026, the investment case increasingly hinges on execution rather than concept. Investors will be watching for tangible outcomes from the Winston work programme, particularly evidence that tailings reprocessing or phased redevelopment can translate into a clearer economic pathway. Balance sheet discipline remains important after a year that included multiple funding events, placing emphasis on converting technical progress into measurable value. If 2026 delivers visible milestones on site, the volatility seen during 2025 may begin to give way to a more stable valuation framework built around delivery rather than expectation.
Wishbone Gold (AIM: WSBN)
Wishbone Gold saw extreme volatility through the second half of 2025, with the share price moving from around 35p in early July to a peak near 185p in late September before falling back to approximately 97.72p at the time of writing. The sharp re-rating was driven by escalating exploration momentum at the Red Setter Gold Dome project in Western Australia, where drilling activity moved rapidly from initial mobilisation into a sequence of technically encouraging updates. Early catalysts included confirmation that drilling operations had commenced at Red Setter, followed by successive drilling updates that maintained market attention through the summer. The subsequent pullback reflected a combination of profit-taking and the impact of multiple equity raises used to fund an expanding exploration programme.
Operationally, 2025 was dominated by the Red Setter Gold Dome, where drilling consistently pointed toward a large intrusive-related gold system. Early holes confirmed geological continuity through a breccia pipe intersection, which was subsequently shown to extend over a broader interval as drilling expanded the breccia pipe zone. Later updates reported strong alteration zones consistent with a large mineralised system rather than a narrow vein target. This sequence of results underpinned the speculative upside that drove the share price sharply higher during the late summer.
As confidence in the scale of the system grew, Wishbone accelerated activity through a series of fundraisings designed to expand drilling coverage. The company raised capital to increase the scope of work at Red Setter, first through a £1.5 million raise to expand drilling, followed by a larger £4 million raise to further extend exploration. These funds supported a materially expanded drill programme, formally confirmed in subsequent announcements covering the expansion of drilling at Red Setter. While dilution weighed on the share price after the initial excitement faded, the financing ensured continuous drilling through year end.
Moving into 2026, the Wishbone investment case rests on whether Red Setter can transition from a high-impact exploration story into something that can be more clearly quantified. Late-2025 updates confirmed mineralisation extending over more than 3 kilometres of strike, shifting the discussion toward scale rather than isolated intersections. Investors will be watching closely for follow-up drilling that defines continuity, geometry, and grade distribution across the dome. If 2026 delivers clearer geological definition rather than further conceptual expansion, the sharp volatility seen in 2025 may begin to resolve into a more stable valuation framework based on deliverability rather than anticipation alone.
Final Thoughts
As 2026 begins, the key theme for retail investors is selectivity. Many of these companies have done enough in H2 2025 to earn attention, but the next leg depends less on headlines and more on consistency, cash discipline, and tangible milestones that reduce uncertainty. Projects moving from commissioning to steady output, from first shipment to repeat shipments, from study to build decisions, and from early drilling to coherent geological models should be the practical markers worth tracking. In a year where commodity prices, rates, and geopolitics can shift quickly, mining shares will still move hard on sentiment, but the longer lasting re-ratings usually come when execution starts removing the need for “what if” assumptions.
Disclaimer: The information presented in this article represents the opinions and research of the author and is provided for informational purposes only. It is not intended to be, nor should it be interpreted as, financial, investment, or legal advice. Investors are encouraged to perform their own due diligence and consult with qualified financial advisors before making any investment decisions. Investing in small-cap stocks involves significant risks, and past performance is not indicative of future results. The author and publisher are not liable for any financial losses or actions taken based on the content of this article.
