The Small Ordinaries (ASX: XSO) was down 52.90 (-1.37%) on Friday to 3,821.20, but is 0.10% higher over 5 days.
Despite this softer small-cap backdrop, several ASX small caps have released material updates. You can read about the following and more throughout the day.
Astral Resources
Astral Resources NL (ASX:AAR) signed a Letter of Intent with Mineral Mining Services to form a development JV for its 100%-owned Think Big deposit within the Feysville Gold Project near Kalgoorlie. Feysville (Think Big, Kamperman, Rogan Josh) was treated as satellite feed in the Mandilla PFS (25 Jun 2025); the LOI establishes a standalone development and funding pathway for Think Big.
Constellation Resources
Constellation Resources Ltd (ASX:CR1) reported highly elevated TOC results from two organic-rich formations at its Yerrida Natural Hydrogen project, a key indicator for potential natural hydrogen generation. The results complement prior Edmund-Collier data indicating hydrogen and helium in historical holes. The company’s WA NatH2 tenure totals 87,602 km² across three sedimentary basins, close to gas pipelines and major miners.
Race Oncology
Race Oncology Ltd (ASX:RAC, OTC:RAONF)CEO/MD Dr Daniel Tillett presented data at ESMO Congress 2025 on the mechanism of action for (E,E)-bisantrene (RCDS1). The poster summarised preclinical and clinical observations suggesting dual anticancer and cardioprotective benefits when combined with anthracyclines such as doxorubicin.
Orthocell
Orthocell Ltd (ASX:OCC, OTC:ORHHF)executed an MoU with Marine Biomedical to lift its equity stake from 1.72% to 11.70% via a A$1.05m investment. The deal is contingent on Orthocell securing first right of refusal over global distribution of Marine Biomedical’s products, including PearlBone™, a next-gen bone substitute derived from sustainably sourced pearl shells from WA’s Kimberley coast.
Resolution Minerals
Tribeca Investment Partners has exclusively committed to a $2 million placement at A$0.08 per share with Resolution Minerals Ltd (ASX:RML, OTC:RLMLF). Subject to shareholder approval, Tribeca will also receive 25,000,000 options (A$0.10 strike, three-year expiry). Proceeds will support downstream critical-minerals processing initiatives, ongoing drilling at Horse Heaven, future drilling/sampling, asset acquisitions, other exploration, and working capital.
Titan Minerals
Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) received US$10 million from Lingbao Gold International Company Ltd three days after executing a subscription agreement for 25,809,865 new shares. The implied issue price of ~A$0.59 per share represents a 31% premium to the October 13, 2025, close, with issuance planned for Wednesday, October 22.