Greatland Resources has been one of AIM’s big success stories, proof that it is possible to build a near-£2bn business on a junior market often written off as dysfunctional.
It has since packed up its toys and moved its main listing to the Australian Securities Exchange, a logical switch given its assets are based in the Paterson Province of Western Australia.
Fear not: the next Greatland may just have emerged from AIM’s backwaters in the form of Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN)
To date, Wishbone’s track record has been patchy. But it appears to have stumbled on something potentially significant, right next door to Greatland’s Havieron and Telfer assets.
Earlier this week, Wishbone reported the discovery of a breccia pipe interval to 152 metres within a broader 257-metre mineralised zone at its Red Setter project.
The latest hole, drilled to 777 metres, revealed quartz-carbonate veining containing chalcopyrite and pyrite, both strong indicators of copper and gold mineralisation.
Drilling has paused while the company awaits delivery of additional rods, with plans to push to at least 1,000 metres.
“We decided to call it a day for now at 777 metres … as we await the delivery of more drill rods to site to drill deeper safely,” said director Ed Mead.
Investors liked what they saw. The shares surged 205% on the news and are up nearly 1,000% over the past six months.
Western Australia is proving a hotbed for small-cap miners.
Alien Metals jumped 39% after joint venture partner West Coast Silver delivered promising assay results from the maiden diamond drill campaign at the Elizabeth Hill project.
Highlights included a 17-metre intercept grading 858 grams per tonne (g/t) of silver from just 5 metres depth, with a spectacular sub-section grading 10,049 g/t. A notable gold hit of 11.1 g/t added to the excitement.
Standing still
For a second week running, the AIM All-Share index stood largely unchanged at 760.68. The FTSE 100 benchmark rose nearly 2% to 9,307.85.
Among the week’s other winners, shares in Sorted Group Holdings PLC (AIM:SORT) soared 71% after the delivery software specialist renewed its contract with Marks & Spencer until September 2028.
The deal extends a partnership that underpins the retailer’s logistics using Sorted’s cloud-based technology.
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) also enjoyed a rare moment in the sun. Its Zulu lithium and tantalum project in Zimbabwe has moved into full operation following the completion of the second phase of plant testing.
The shares rose 39% over the week, though they remain down 43% over the past year after a series of operational and financial challenges.
Shield Therapeutics PLC (AIM:STX, OTCQB:SHIEF) climbed 36% after its interim results showed strong commercial traction for its iron deficiency treatment.
In healthcare, ANGLE PLC (AIM:AGL, OTCQX:ANPCY) rose 14% after announcing a collaboration with Myriad Genetics to develop blood-based cancer diagnostics.
And the losers
Mobile Tornado Group Plc (AIM:MBT) dropped 33% as investors continued to digest last week’s decision to delist from the public markets.
Shares in Nativo Resources PLC (AIM:NTVO) fell 31% after it called a general meeting to seek authority to issue new shares and scrap pre-emption rights, raising concerns over potential dilution.
Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shed 30% after warning that talks over a crucial recapitalisation plan remain incomplete.
The company, listed in both London and New York, is still negotiating the terms of a senior secured loan with Growler Mining, which is central to its survival strategy.
The loan has yet to be signed or funded. Argo said a first High Court hearing on its proposed restructuring is expected in late October, with final approval potentially due in December.
Quiet progress
Lastly, Blencowe Resources PLC (LSE:BRES), up 5%, is making quiet progress at its Orom-Cross graphite project in Uganda.
The company said it has completed all key infrastructure works, including power, water, roads and communications, clearing the way for a final feasibility study and future production.
Chairman Cameron Pearce called it a “major de-risking milestone”, adding: “Having hydro-grid power, water, communications and upgraded road access effectively in place translates into lower capex, shorter development timelines and a sustainable, ESG-compliant operation.”