Amid rising global demand for copper, gold, and other critical minerals, junior exploration companies are increasingly capturing investor attention. With supply constraints, geopolitical shifts, and the energy transition reshaping resource markets, the opportunity set in early-stage mining has rarely been more compelling.
This update highlights five AIM-listed juniors, Tertiary Minerals, Wishbone Gold, Oracle Power, Alien Metals, and Phoenix Copper, each with a unique regional focus and evolving project portfolio. From Zambia and Nevada to Western Australia and Idaho, these companies are progressing exploration, building partnerships, and positioning for potential re-ratings as results emerge in 2025.
Tertiary Minerals
Tertiary Minerals PLC (AIM: TYM) is a junior exploration company focused on the discovery and development of copper, gold, silver, and zinc resources in Zambia and Nevada, with a legacy fluorspar project in Sweden. Operating through its Zambian subsidiary and 90%-owned Copernicus Minerals Ltd, the company has established an extensive portfolio in the Central African Copperbelt and northwestern Zambia. Flagship projects include the Mushima North, Mukai, and Konkola West licences, which are strategically located near globally significant copper mines and benefit from partnerships with majors such as KoBold Metals and First Quantum Minerals (FQM). The company’s Nevada holdings, including Brunton Pass, add a U.S. exploration angle focused on copper-gold systems with epithermal and porphyry potential.
Recent developments have significantly boosted Tertiary’s exploration credentials. At Mushima North, drilling at Target A1 returned wide intervals of copper-zinc mineralisation, with select intercepts such 33m at 0.21% Cu from 22m, and new discoveries of silver and cobalt adding further value. Meanwhile, drilling at Konkola West, led by KoBold Metals, a high-profile U.S. AI-driven explorer backed by Bill Gates and Jeff Bezos, is targeting the down-dip extensions of one of the world’s richest ore shales. At Mukai, adjacent to FQM’s Sentinel Mine, a $1.5 million exploration programme is underway, with FQM aiming to earn up to 80% by proving a resource of at least 80,000 tonnes of copper. These partnerships not only de-risk the company’s projects but also position it at the frontier of deep copper exploration. Recent drilling at Mukai intersected near-surface anomalous copper and nickel mineralisation, with assays confirming geological structures consistent with the nearby Sentinel mine.
Tertiary’s additional Zambian projects show promise at earlier stages. At Mupala, a copper-in-soil anomaly of 1,800m x 600m was defined adjacent to Anglo American’s $88.5 million JV, while at Jacks, a pitting programme confirmed multiple new targets, and drilling confirmed for the 2025 field season. Across all its Zambia assets, Tertiary benefits from increasing foreign direct investment in copper, a supportive Zambian government, and strategic alignment with the global energy transition. In Nevada, a 2024 drill campaign at Brunton Pass included four RC holes targeting skarn, porphyry copper, and epithermal gold anomalies.
Looking ahead, Tertiary Minerals is entering a pivotal phase, with multiple drill-ready targets, strong joint venture partnerships, and operational momentum across continents. The company raised £1.405 million across 3 placings in 2024, funding its expanded drilling programmes. However, as with most junior explorers, ongoing funding will be critical to sustaining exploration activity, and investor attention will be required as assays and JV decisions emerge through 2025. Operational risk, geopolitical dynamics, and commodity price volatility remain important considerations. Still, Tertiary offers investors exposure to a diverse and scalable pipeline of copper-focused exploration projects, each with catalysts capable of transforming the company’s current sub £2 million valuation in the year ahead.
Wishbone Gold
Wishbone Gold PLC (AIM: WSBN) is a UK-listed exploration company focused on precious and base metals, with a diversified portfolio of projects in Western Australia’s Patersons Range and Pilbara regions. Its core assets include Red Setter, Cottesloe, White Mountain, and Anketell, and the recently added Mosquito Creek lithium-gold project. These projects are located in proximity to world-class operations such as Telfer and Havieron, positioning Wishbone within one of the most prospective gold and base metals belts globally. Since 2020, the company has shifted entirely toward high-impact exploration in Australia, seeking large-scale sediment-hosted gold, silver, copper, and critical minerals systems.
Over the past year, exploration momentum has picked up across key projects. At Cottesloe, a March 2024 drilling update confirmed the project’s potential as a large sediment-hosted base metal and silver system. The program, upported by a Western Australia government Exploration Incentive Scheme (EIS) grant of A$176,000, revealed stratigraphic and geophysical targets consistent with major mineralised systems. At Red Setter, previous data confirmed mineralisation over a 3 km strike length, believed to be analogous to the nearby Telfer deposit. Further upside emerged from Mosquito Creek, where a second EIS grant was awarded in September 2024, validating the technical strength of Wishbone’s submissions and enabling the company to initiate early exploration at this lithium-gold target.
Despite these advances, 2024 has also seen corporate turbulence, and on 23rd January 2025 Wishbone entered suspension amid a proposed reverse takeover by Evrensel Global Natural Resources Ltd, which was terminated on March 19th 2025. The company subsequently restored trading on 24 March 2025 following the termination of a proposed reverse takeover and immediately completed a £700,000 fundraise at 0.1 pence per share. Tavira Financial led the placing, raising £450,000, with a further £250,000 placed directly with institutional investors. The proceeds provided essential working capital and enabled the company to resume exploration activity. Alongside the fundraise, Wishbone also finalised the reorganisation of its Western Australian subsidiary and formally transitioned to Tavira as its sole broker, marking a reset in corporate direction and shareholder engagement following a volatile 12-month period.
Looking ahead, Wishbone Gold remains a high-risk, high-reward junior explorer. The company’s portfolio is technically strong and well located, but persistent losses, £1.27 million in 2023 and £883,157 in H1 2024, and low cash reserves (£13,886 as of June 2024) reflect ongoing financial pressure. Exploration success will be pivotal in determining whether 2025 becomes a breakout year. Investors should closely track upcoming drilling outcomes at Cottesloe and Red Setter, as well as any potential corporate developments. If Wishbone can align fresh funding with strong assay results and continue leveraging government support, its position in Western Australia’s resource-rich corridors could finally start converting into lasting shareholder value.
Oracle Power
Oracle Power PLC (AIM: ORCP) is a natural resource and energy development company with a diversified project portfolio across Australia and Pakistan. The company is advancing three primary asset streams: its large-scale Green Hydrogen and Renewable Power Project in Pakistan, the Northern Zone Gold Project and Blue Rock Copper-Silver Project in Western Australia, and the strategic Thar Block VI coal-to-power project. Oracle’s strategic emphasis lies in clean energy and high-impact exploration, backed by global partnerships including a joint venture with Sheikh Ahmed Dalmook Al Maktoum’s Kaheel Energy and a farm-in arrangementwith ASX-listed Riversgold Ltd.
Oracle’s flagship Green Hydrogen Project made significant regulatory and technical progress in H1 2024. The 1.3 GW hybrid facility, comprising 800 MW of solar, 500 MW of wind, and a 260 MW battery energy storage system, secured a critical No Objection Certificate (NOC) from the Sindh Environmental Protection Agency and completed site geotechnical and electrical surveys. The project, supported by a grid interconnection study conducted by Power Planners International and funded by State Grid China, is designed to power hydrogen production at scale, positioning Oracle as a first mover in Pakistan’s green energy transition. Recent extensions to key development permits and active investment discussions with Pakistan Petroleum Ltd and other state entities signal growing government alignment behind the project’s long-term viability.
Meanwhile, the company’s Australian assets are showing increasing upside. At the Northern Zone Gold Project, Riversgold completed an 11-hole, 1,289 metre angled RC drilling programme during Q1 2025, intersecting gold mineralisation in every hole and confirming the presence of a broad, shallow mineralised halo. Standout intercepts include 18m at 1.94 g/t Au (with 3m at 8.20 g/t) and 11m at 1.38 g/t Au. A further 1,805 metres of vertical drilling has since been completed, with 1,303 samples currently at the lab. These results will inform an updated Leapfrog gold model and guide the maiden mineral resource estimate. The results continue to expand the footprint and tenor of the porphyry-hosted system, reinforcing Northern Zone’s potential as a significant gold discovery in Western Australia.
In parallel, Oracle has advanced exploration at the 100%-owned Blue Rock Valley Copper-Silver Project, located in Western Australia’s Ashburton Basin. In Q1 2025, Apex Geoscience completed a maiden geochemical sampling programme across multiple gravity targets along a 2 km mineralised trend, collecting 277 soil samples and 3 rock chip samples. These follow earlier high-grade copper rock chip results of up to 25.7% Cu. Assay results are pending and will inform drill target ranking. Oracle is also evaluating the use of drone-based MobileMT geophysics to identify sulphide anomalies. This systematic programme marks a significant step forward in unlocking the project’s copper, silver, and potential uranium value, while reinforcing Oracle’s growing footprint in one of Australia’s key critical minerals jurisdictions.
Financially, Oracle raised £300,000 in May 2024 and £509,000 in total during H1 2024, bolstering its balance sheet. Cash at mid-year stood at £528,464, up from £203,526 at year-end 2023. Despite remaining pre-revenue and reporting a H1 2024 loss of £264,942, the company has significantly reduced its burn rate. With a renewed board, improving operational efficiency, and maturing assets, Oracle appears better positioned heading into 2025. Still, success hinges on converting its green energy ambitions and exploration potential into tangible development milestones. Investors should monitor updates on the Northern Zone JORC resource, Blue Rock drilling schedule, and the final grid approval for its hydrogen project as Oracle seeks to transition from prospect generator to project enabler.
Alien Metals
Alien Metals (AIM: UFO) is a multi-commodity exploration company advancing a diverse pipeline of projects in Western Australia’s Tier 1 Pilbara mining jurisdiction. Its key assets include the Hancock Iron Ore Project, the consolidated Pinderi Hills district, which encompasses the Elizabeth Hill silver project and the Munni Munni PGM-nickel-lithium project, and earlier-stage prospects at Vivash Gorge and Brockman. Following full consolidation of Elizabeth Hill and Munni Munni under single ownership, Alien has positioned itself for value creation across both bulk and high-grade metals critical to global decarbonisation and industrial demand.
The Hancock Iron Ore Project remains the company’s flagship, with a JORC resource of 8.4Mt @ 60.2% Fe and mining inventory of 3.9Mt @ 58.5% Fe. A 2024 development study estimates a pre-tax NPV10 of A$146m and IRR of 133%, with low upfront capex of A$28m. Key approvals have been secured, including a mining lease and heritage agreements. Alien is now assessing multiple funding pathways, including JV, offtake, and sale proposals. Adjacent tenements at Hancock West and the Mallina target are expected to drive further resource growth, with exploration slated to begin in 2025.
At Pinderi Hills, exploration accelerated in Q4 2024, targeting five key zones across the Munni Munni PGM complex and Elizabeth Hill silver mine. The area holds a historic 2.2Moz PGM-gold resource and a 4.05Moz silver deposit historically graded at 2,195 g/t. Recent reinterpretation of the Elizabeth Hill geological model suggests potential for a larger polymetallic envelope, with high-grade silver and base metal intercepts confirmed. Meanwhile, Alien has entered into a conditional JV with Errawarra Resources, under which Errawarra will acquire a 70% interest in the Elizabeth Hill tenement and the rights to explore for and mine silver at the Pinderi Hills assets. Errawarra will fund all exploration through to a decision to mine, after which Alien may either contribute pro rata or convert to a 2% NSR.
Financially, Alien raised £1.23m across two placings in mid-2024, while narrowing its operating loss to $578k in H1 2024 (vs $1.64m H1 2023). Cash at period-end stood at $697k. With a tightened cost base, advancing projects, and JV-backed work programmes, the company enters 2025 focused on unlocking near-term value. Key catalysts include exploration results at Pinderi Hills, the Hancock development decision, and securing strategic funding. With a market cap under £7m, Alien remains highly leveraged to commodity upside and successful execution across its diversified portfolio.
Phoenix Copper
Phoenix Copper (AIM: PXC) is a U.S.-focused exploration and development company advancing a portfolio of copper, gold, silver, cobalt, and zinc projects in Idaho. Its flagship asset, the Empire Mine, lies on patented land with nearby infrastructure and a straightforward permitting path. Phoenix has built a diversified pipeline around this core project, including the Red Star silver-lead target, the Navarre Creek gold exploration zone, and the Redcastle and Bighorn cobalt prospects. With growing demand for strategic metals and strong local support, Phoenix offers investors exposure to high-potential U.S. mining projects with a near-term development horizon.
The Empire open pit is advancing toward production following a positive pre-feasibility study released in September 2024. The study outlines an 8-year mine life, generating a pre-tax NPV of $87.86 million and a 46.4% internal rate of return. Production is projected at over 40,000 tonnes of copper, 40,000 ounces of gold, and 1.76 million ounces of silver. Phoenix has secured used processing equipment to reduce capex and plans to build a new plant on site. With key groundwork completed, the company is now preparing to access deeper, higher-grade sulphide zones, which could significantly enhance project economics over time.
In parallel, exploration across Phoenix’s wider land package continues to progress. At Navarre Creek, the company plans a follow-up drill campaign after early signs of gold mineralisation. Red Star, located near Empire, has delivered a maiden inferred resource of over half a million ounces of silver and nearly 9,000 tonnes of lead. At Redcastle, Phoenix is partnered with Electra Battery Materials to explore for cobalt, reflecting its strategy to retain long-term optionality across battery metals. Together, these assets add depth and scale to the company’s Idaho footprint, while supporting future feed opportunities for a centralised processing hub.
Phoenix remains well-funded to advance its development plans. In H1 2024, the company raised $8.9 million through equity and bond placements and drew down the first $5 million from its $80 million copper bond facility arranged with NIU Invest SE. As of June 2024, net assets stood at $48.55 million, with over $42 million invested in Empire to date. Although still pre-revenue, Phoenix has maintained a disciplined approach to capital management. With permitting milestones expected in 2025 and first production targeted for 2026, the company is moving steadily toward becoming a low-cost U.S. copper-gold-silver producer with strategic upside across a district-scale landholding.
Final Thoughts
While each of these companies faces the typical challenges of funding, permitting, and execution, they also present asymmetric upside through strategic metals exposure, supportive jurisdictions, and strong technical momentum. For investors willing to look beyond production-stage miners, these explorers offer early access to high-impact drilling campaigns, JV milestones, and development catalysts. With macro tailwinds and project-specific news flow expected throughout 2025, the next 12 months could prove pivotal for these undervalued names on the path from discovery to development.
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.
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