The S&P/ASX Small Ordinaries Index slipped 0.78% to 3,654.10 on Tuesday, extending its decline over the past five sessions to 2.88% as small caps remained under pressure.
Despite the decline, there has been some exceptional news from small caps this morning. You can read about the following and more throughout the day.
FireFly Metals
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) has announced a substantial Mineral Resource increase, with strong growth in tonnes, grade and contained metal at its Green Bay Copper-Gold Project in Newfoundland, Canada.
The updated November 2025 Mineral Resource Estimate (MRE) now stands at 50.4Mt at 2.0% CuEq for 1Mt CuEq in the higher-confidence Measured and Indicated (M&I) categories, plus an additional 29.3Mt at 2.5% CuEq for 722kt CuEq in the Inferred category (Table 1). This represents a 35% increase in tonnes and a 51% increase in contained CuEq metal relative to the October 2024 MRE announced on 29 October 2024.
Aurum Resources
Aurum Resources Ltd (ASX:AUE) has reported encouraging high-grade gold results from its ongoing 100,000-metre infill drilling program at the 2.41Moz Boundiali Gold Project in Côte d'Ivoire. The program is aimed at growing and increasing confidence in Mineral Resources at the BMT3 deposit and has confirmed multiple high-grade intercepts.
Critical Resources
Critical Resources Ltd (ASX:CRR) has secured an exclusive option to evaluate next-generation solid-state lithium-ion battery technology in partnership with the South Dakota School of Mines & Technology (SDM). The option covers a research evaluation program over five granted US patents and one pending application.
The patents target key challenges in solid-state lithium-ion batteries, with engineered advances in material applications aimed at maintaining sulphide-free solid-state electrolyte conductivity at elevated temperatures, thereby widening the safe operating window and improving performance in real-world applications. The program is intended to support validation, prototype demonstration and potential global licensing commercialisation.
Astral Resources NL
Astral Resources NL (ASX:AAR) has reported assay results for a further 20 holes (2,080m) from its recently completed 99-hole (11,121m) 12m-by-12m infill drilling program at the flagship Theia Deposit, part of the 100%-owned Mandilla Gold Project, about 70km south of Kalgoorlie in Western Australia.
With this update, assay results have now been received for 82 holes totalling 9,108 metres.
Riversgold Limited
Riversgold Ltd (ASX:RGL, OTC:RVSGF) has restarted drilling at its Kalgoorlie Gold Project, with the current phase focused on the Northern Zone and aimed at expanding the gold mineralisation footprint. The project is located 25km east of the Kalgoorlie Super Pit in Western Australia.
The Phase 2 program is planned for 30 holes totalling 2,000m. Northern Zone is hosted within a porphyry unit (Tonalite–Trondhjemite Intrusion, TTI) characterised by high background gold and horizontal mineralised units. The project sits within the Cannon Shear or fault zone, and further drilling is required to define the limits of mineralisation identified to date. The horizontal geometry has allowed drilling to be completed perpendicular to mineralisation, and the absence of water to 60 metres depth supports the continued use of current drilling techniques.
Nexus Minerals
Nexus Minerals Ltd (ASX:NXM) has received final one-metre gold assay results from the Clement and Godfrey prospects, part of the recently completed 6,155m / 59-hole RC drilling program at the Wallbrook Gold Project, 140km northeast of Kalgoorlie, WA. The program covered Clement, Godfrey and Amand prospects (with Amand results reported on 5 November 2025) and has confirmed significant gold mineralisation within targets previously identified in aircore drilling.
Nexus has also completed a 10,073m aircore program at the new Target MC3.3 and at extension opportunities at the Branches Prospect, with assay results expected in the coming weeks.
Cobalt Blue Holdings
Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) is shifting the focus of its Broken Hill Technology Centre (BHTC) toward assessing the viability of processing battery black mass as a domestic feedstock for the planned Kwinana Cobalt Refinery (KCR).
The initiative is intended to de-risk KCR while potentially creating modest near-term revenue opportunities from BHTC operations. Following a non-binding MOU with Ecobatt in December 2024, COB has successfully tested battery black mass samples during 2025 for the extraction of cobalt, nickel and manganese. The company has also received a non-binding Letter of Intent from Hartree Partners, LP, indicating market demand for cobalt metal produced from BHTC’s recycled feedstock.