Shares in Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU) have more than doubled since December 16, when the company announced plans to produce a JORC-compliant Exploration Target at its Mushima North copper-silver project in Zambia. But, at a market capitalisation of about £5 million, the rally has prompted questions over whether the stock still understates the breadth of the company's portfolio and partnerships.
Altius Minerals Corporation is outperforming benchmarks, driven by robust royalty revenues in copper, potash, and iron ore, and a strong financial position (rating upgraded to Buy from prior Hold). ATUSF's Q3 2025 saw revenue up 32.3% and adjusted EBITDA up 40.4% YoY, propelled by higher potash and copper volumes and a major gold royalty sale. The $353.3M Arthur Gold royalty sale remarkably bolstered liquidity, enabling debt reduction, dividends, buybacks, and future portfolio expansion.
ECR Minerals PLC (AIM:ECR) shares were up in Wednesday's early trade, rising just over 14% to 0.36p, after announcing it had secured an operating team to commence initial mining at its Raglan alluvial gold project in Queensland. The small-cap miner said it expects initial gold production before the end of January 2026 following its acquisition of the project in December.
The US Geological Survey (USGS) is issued by the Department of the Interior, and the Interior Secretary is Doug Burhum, former governor of North Dakota.
Hudbay Minerals remains a buy as copper prices surge, supporting robust forward earnings and manageable valuation multiples. Despite Q3 operational headwinds at key sites, HBM delivered strong YTD margin expansion and significant net income growth. HBM's balance sheet is improving, with debt reduction underway and a price/book and forward P/E still at or below sector medians.
Happy Creek Minerals Ltd (TSX-V:HPY, OTC:HPYCF) CEO Steve Gray talked with Proactive about recent drilling results from the company's Fox tungsten project in British Columbia. Gray, who joined the company just one month ago, shared that he brings a mix of operational and M&A experience from Rio Tinto, Kinross, and Centerra.
Dorchester Minerals LP remains a buy despite a 12% value decline and ongoing energy market volatility. DMLP's resilient business model, high net income margin (31.5%), robust liquidity, and zero debt underpin sustainable cash distributions. Natural gas royalties are a key growth driver, supported by rising prices and anticipated demand from global data center expansion.
Black Stone's Q3 2025 production increased by 5% quarter-over-quarter. This puts it on track to reach the high-end or above the high-end of its revised (in Q2 2025) guidance for the full year. Black Stone also signed a Kurth Lake Expansion development agreement that will help it towards its goal of 50,000 BOEPD in 2030 production.
ECR Minerals PLC (AIM:ECR) shares jumped in Thursday's trade after it announced that it has entered into a legally binding agreement to acquire Raglan Resources Pty Ltd, owner of the Raglan alluvial gold project in Queensland, Australia. The acquisition is being made for a cash consideration of A$1.01 million and will be funded from the company's existing cash resources.
Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) has announced that Patrick Cheetham will transition to non-executive chairman, with effect from 1 January. Cheetham, the company's founder and chair, who has led it for over 26 years, is stepping back from his having an executive role.
Dorchester's Q3 2025 daily oil sales volumes rebounded by 15% after a dip in Q2 2025. This was marginally lower than I expected but still relatively strong. At the current 2026 strip, Dorchester may be able to offer a quarterly distribution in the low-to-mid 50-cent range.
Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) told investors it has begun work to define a JORC-compliant exploration target at Target A1 within its Mushima North project in Zambia. The work will assess silver-copper-zinc mineralisation.