Small caps lagged on Wednesday as the broader market pulled back, with the Small Ordinaries Index down 1.7%. Heavy selling in materials weighed on sentiment, though energy and financial names provided some offset.
Futures suggest a cautious open today, with traders digesting a wave of quarterly results, AGM commentary and a fresh round of announcements from ASX juniors spanning gold, rare earths, and critical minerals.
Ora Banda extends Little Gem with standout gold hits
Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) continues to build momentum at its Little Gem prospect, reporting more broad, high-grade intersections from its Phase 3 drilling program. Results included 25.6 metres at 4.3 g/t gold, 15 metres at 4.2 g/t and 9 metres at 8.1 g/t, confirming mineralisation now extends 1.2 kilometres along strike and 700 metres below surface.
The discovery remains open in all directions, with a Phase 4 drill program due to begin in January 2026.
Lumos Diagnostics logs $3.4 million revenue and US distribution milestone
Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) booked US$3.4 million in Q1 FY26 revenue, including a 300% year-on-year jump in product sales. The company signed a pivotal US$317 million exclusive distribution deal with PHASE Scientific for its FebriDx test in the US — one of the largest agreements by an Australian point-of-care diagnostics firm.
Lumos ended the quarter with US$4.5 million cash and has also launched a paediatric study for FebriDx in the US following its CLIA waiver submission.
St George expands high-grade REE and niobium zone in Brazil
St George Mining Ltd (ASX:SGQ) reported further strong assay results from its Araxá Project in Brazil, where drilling intersected 87.7 metres at 2.95% total rare earth oxides and 0.41% niobium oxide from near surface.
The new intercept, located 150 metres west of the existing resource boundary, supports a significant potential resource expansion. Araxá already ranks as the largest and highest-grade carbonatite-hosted rare earth resource in South America.
Astral Resources drills more high-grade gold at Mandilla
Astral Resources NL (ASX:AAR) released another batch of strong in-fill drilling results from its Theia deposit, part of the Mandilla Gold Project near Kalgoorlie. Intercepts included 40 metres at 2.9 g/t gold from 45 metres and 6 metres at 17.3 g/t from 91 metres.
The results show close correlation to the current 1.15-million-ounce resource and support the company’s plans to upgrade the deposit’s classification in future resource updates.
Highfield Resources secures $10 million in funding in September quarter
Highfield Resources Ltd (ASX:HFR) raised A$10 million from key shareholders EMR Capital and Tectonic Investment Management following the termination of its proposed China-linked strategic transaction during the September quarter, it reported.
The potash developer also received a letter of support from the Government of Navarra for its Muga Project in Spain and continued cost-control measures, ending the quarter with A$3.98 million in cash.
International Graphite moves Collie project toward construction
International Graphite Ltd (ASX:IG6) executed a land sale contract for its planned micronising facility at Collie, Western Australia, and lodged development and power applications to advance approvals. The site will support up to 7,500 tonnes of graphite product per year, with detailed design work under way.
CEO Andrew Worland said strong interest from local manufacturers highlights the importance of securing domestic graphite supply amid global market uncertainty.