Investors in London's growth stocks endured another bruising week with geopolitics continuing to drive sentiment.
The US and Israel's continued bombardment of Iran, counter-punch drone attacks and the virtual blockage of shipping through the Straits of Hormuz perpetuated the risk-off mood.
The AIM All Share fell almost 4% over the week to 729, and is down 5.8% in the year to date. The FTSE 100, by contrast, was off 1.7%, with blue-chips seen as a 'safer' bet.
The hardest hit sector was mining. Cursory analysis suggests this is understandable. Higher energy costs and lower commodity and metals prices feed directly through to the economics of a mine. Case solved, let's all go home.
However, the laughable irony is most so-called miners on AIM are speculative project developers. In other words, their costs are spreadsheets, the intellectual capital owned by geologists, and cash costs of funding drilling work.
Certainly, they aren't troubled by the spiralling costs of running dirty and expensive diesel generators in landlocked Africa, or the expenditure required to tap into the local electricity network.
Do the sums
So, at that level, at least, the maths doesn't add up.
Closer scrutiny suggests the picture is more nuanced. In the case of big fallers such as Kefi Gold and Copper (down 25% after a good run up over the past year) and Emmerson PLC (AIM:EML), the potash specialist off 22% this week, investors have been willing to back their stories.
Both have found fresh investment (in the case of KEFI, with an impressive £34 million), but, given the volatile backdrop outlined above, the cost of that new capital has been somewhat higher than anticipated. In other words, steeper discounts have been applied when selling new shares into the market, driving the share prices down.
At Jangada Mines PLC (AIM:JAN), the story is a little more perplexing. Down 18%, the move does not seem to be in keeping with the news flow.
A week ago it delivered drilling results from its Paranaíta Gold Project in Brazil that supported a low-capex, open-pit gold production project and an increase in the resource estimate, which currently stands at 210,000 ounces (which, granted, is modest on any benchmark).
Back of the envelope
Even so, a conservative (back of the envelope) estimate suggests this could be worth around £40 million in its undeveloped state vs a market capitalisation of £10.5 million.
There have been board changes, but at the non-exec level, and a modest warrant issue. Perhaps, the market is waiting for a cash call.
Outside of the mining sector, the week's big faller, off 33%, was Sound Energy PLC (AIM:SOU, OTC:SNEGF) after securing around £1.6 million, with £500,000 of that raised via a heavily discounted share placing. The proceeds will be used to fund working capital and its solar power joint venture in Morocco.
Onto the week's risers. Shares in Sancus Lending Group, the AIM-listed specialist property lender, doubled in value after the company reported a return to meaningful profitability and a near-doubling of new loan origination in 2025.
Chief executive Rory Mepham said the group had entered 2026 with "increasing confidence" in its ability to deliver sustainable profitability, with revenues in January and February already 30% ahead of the same period last year.
Up 230% year to date, Firering Strategic Minerals PLC (AIM:FRG) climbed 33% over the week after it raised about £4.7 million.
The new investment will allow it to press harder on development of its Redmoor tungsten-tin-copper project in Cornwall, with the cash coming from a direct subscription led by what it described as a prominent international investor.
Atlantic rules the waves
It was a good week for investors in Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF), which said Ghana's Parliament has ratified the mining lease for its Ewoyaa lithium project, handing the developer a key de-risking milestone as it pushes funding talks and works towards a final investment decision on what could become Ghana's first lithium mine. The shares rose 28%.
The approval gives formal backing to the proposed Ewoyaa mine and processing plant. Atlantic said the ratified lease allows it to advance discussions on project financing, with the company framing the move as a major step towards first production of spodumene.
Finally, Active Energy Group PLC (AIM:AEG, OTCID:AEUSF), up 8% this week, has moved to deepen its Abu Dhabi power infrastructure push, agreeing terms to acquire a second energised grid connection asset that will increase its secured capacity as it targets revenue-generating digital infrastructure operations.