The S&P/ASX Small Ordinaries Index [XSO] closed at 3,565.50 points, adding 61.20 points or 1.75% on the day. Over the past five sessions, the index has gained 73.90 points, up 2.12%. Several companies released key corporate and operational updates, reflecting ongoing activity across resources and exploration.
Askari Metals pursues African exploration strategy
Askari Metals Ltd (ASX:AS2) has reaffirmed its focus on becoming an African-focused explorer through its district-scale position along the Arabian-Nubian Shield in Ethiopia. The company’s key project is the advanced-stage Nejo Gold and Copper Project in Central-Western Ethiopia, which now only awaits shareholder approval for acquisition.
Alongside this, Askari is progressing discussions to divest its Australian assets while seeking a joint venture partner for the Uis Project in Namibia. The project hosts scalable rare-metal pegmatites with high-grade tin and tantalum potential identified in earlier exploration.
Solis Minerals advances drilling at Ilo Este copper project
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has provided an update on its 100% owned Ilo Este copper-gold project in southern Peru. The project has a history of exploration dating back to 2000–2001 and 2014–2016, with past drilling confirming a large copper-gold porphyry system.
Recent geophysical and geochemical surveys have identified new target areas within northern and southern magnetic anomalies, believed to hold higher-grade mineralisation. Solis has commenced a 5,000 metre drilling program to test these undrilled magnetic and induced polarisation (IP) targets.
Ora Banda reports strong financial position in FY25
Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has reported a robust financial year ending 30 June 2025, highlighting the strength of its underground development strategy. Despite investing more than $124.2 million in exploration, development, and capital works, the company increased closing cash by $57.4 million.
Expenditure during the year included A$73.5 million on Riverina and Sand King underground development, A$28.3 million on exploration and resource development, and A$22.4 million on growth capital projects. These works supported upgrades to Sand King, camp facilities, and improvements at the Davyhurst mill.