LONDON, July 6, 2026, 22:01 BST
- Amigo Resources PLC (LON:AMGO) ended Monday at 2.38p, up 5.56%, on 254,070 shares, about a quarter of average volume.
- The spread stayed wide: LSEG/Investors Chronicle showed bid at 2.00p and offer at 2.50p.
- One 12-month price target on Investors Chronicle/LSEG sits at 10.00p, but the same page says forecast data is unavailable for the security.
- The latest company RNS was a July 1 Musensi Hill exploration update, with assay results still pending.
Amigo Resources PLC (LON:AMGO) ended Monday’s London session higher, but the sharper number for investors is the gap between its thinly traded equity value and the hard mining data now in the market.
The stock was quoted at 2.38p at 16:05 BST, up 0.125p, or 5.56%, according to LSEG data carried by Investors Chronicle. Shares traded were 254,070, against average volume of 1.08 million. The same feed showed a 2.00p bid and 2.50p offer, a spread equal to roughly 21% of the quoted mid-price.
The forecast picture is narrow. Investors Chronicle’s forecast page says data is unavailable for Amigo, but also shows one analyst 12-month target of 10.00p, implying a 321.1% rise from the last price shown on that page.
| Measure | Confirmed data | Investor read |
|---|---|---|
| Monday close/quoted price | 2.38p | Up 5.56% on light volume |
| Bid/offer | 2.00p/2.50p | Wide spread limits signal from the day’s move |
| 12-month target | 10.00p | One-analyst figure, not a broad consensus |
| Forecast data | Unavailable | No published earnings bridge for the target |
Amigo’s July 1 update at the Musensi Hill rare earth and critical minerals project in Tanzania said mapping had identified several carbonatite units and that samples were being submitted, or prepared, for multi-element geochemical analysis. The company also said no lab assay results had been received and no conclusion could yet be drawn on grade, continuity or economic value.
“Laboratory analyses are currently underway,” Executive Chairman Craig Ransley said in that RNS. He said the results would be used with mapping for drill target work. Proactiveinvestors UK
At Kabete, Amigo said on June 19 that it had received Processing Licence PCL 0356/2026, started pilot-scale processing and recovered about 1.1 kg of gold during commissioning. It also said the first phase of micro-seismic imaging had found several subsurface targets. Ransley said the company had “a substantial pipeline of geochemical targets”. Proactiveinvestors UK
The balance sheet is still early-stage mining, not producing-company mining. For the six months to March 31, Amigo reported no revenue, a $2.2 million loss before tax, $1.1 million of cash and cash equivalents, and $0.4 million of net assets.
Amigo raised £3.07 million gross in June through 139,710,676 new shares at 2.2p each. After admission, the company had 1,329,798,836 voting shares. At Monday’s 2.38p quoted price, that share count implies an equity value of about £31.6 million, or about 10 times the June gross raise.
| Item | Data point | Simple valuation check |
|---|---|---|
| June subscription price | 2.2p | Monday price was about 8% above it |
| Monday quoted price | 2.38p | Implied equity value about £31.6 mln |
| One 12-month target | 10.00p | Implied equity value about £133.0 mln |
| Reported six-month revenue | $0 | Target rests on future mining proof, not current sales |
That matters because the shares are being priced between a recent cash raise and a single high target, while the operational record still lacks assays, resource figures and revenue. The next hard checks are lab results from Musensi, more Kabete processing data, and any reverse-transaction update tied to the mining strategy.
The company’s RNS list carried by Investors Chronicle showed no July 6 company announcement; the latest dated item remained the July 1 Musensi Hill update.
