The S&P/ASX Small Ordinaries Index closed at 3,692.50 points, down 29.80 points, or about 0.80%, trimming recent gains. Even so, the benchmark remains around 72.60 points, or roughly 2.01%, higher over the past 5 sessions. Several Small Ords companies have reported updates on exploration, project development and corporate activity this morning. You can read about these and more throughout the day.
Solis Minerals
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) reported that new 3D geophysical modelling at its Cucho copper project has outlined a suite of geophysical, geological and geochemical targets for a planned diamond drilling program in 2026. Reinterpretation of historical magnetic and induced polarisation data has defined targets supported by surface geochemistry, which the company believes form part of a deeply rooted porphyry copper-molybdenum system.
A drone-borne magnetic survey is scheduled for December 2025 to map structures and magnetic features associated with the recognised alteration and hydrothermal system, with expanded surface geochemical sampling to begin shortly. Solis has secured community approvals and recently commenced drill permitting.
Yandal Resources
Yandal Resources Ltd (ASX:YRL) advised it has sold the Horizon Minerals Limited shares received as part of the consideration for the sale of a 100% interest in the Gordons Gold Project. The tenement sale agreement, executed in August 2025, delivered full consideration on completion on November 11, 2025, comprising a cash deposit of A$0.2 million on execution, a A$1.0 million cash payment on completion, and 37,573,385 Horizon shares. The shares were issued at a 10% discount to the 15-day volume-weighted average price prior to execution of the agreement and were not subject to escrow.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) provided an update on downstream hydrometallurgical testwork for its Kangankunde Rare Earths Project in Malawi. The work, being conducted at the Australian Nuclear Science and Technology Organisation (ANSTO), is aimed at confirming how Kangankunde monazite concentrate performs in conventional rare earth processing flowsheets and at generating plant-ready data to support production of a commercial mixed rare earth carbonate product.
Astral Resources NL
Astral Resources NL (ASX:AAR) reported assays from the final 17 reverse circulation holes, totalling 2,018 metres, from a recently completed 99-hole, 11,121-metre, 12-metre-by-12-metre in-fill drilling program at the Theia Deposit, part of the 100%-owned Mandilla Gold Project, about 70 kilometres south of Kalgoorlie.
Managing Director Marc Ducler said the in-fill program, designed to de-risk the Theia Stage 1 starter pit, has returned an average grade of 1.93 g/t goldand an average gram-metre result of 52.2. Reported intersections include wide zones of high-grade mineralisation, such as 21 metres at 7.13 g/t gold, 43 metres at 2.46 g/t gold, 28 metres at 3.38 g/t gold and 33 metres at 2.21 g/t gold, along with “bonanza” intervals including 1 metre at 184.7 g/t gold, 2 metres at 63.8 g/t gold, 1 metre at 35.0 g/t gold, 1 metre at 28.4 g/t gold and 1 metre at 25.2 g/t gold.
Terrain Minerals
Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) announced the successful conversion of several prospecting tenements to mining lease status at its 100%-owned Smokebush Gold Project, about 350 kilometres north of Perth in Western Australia. Key among these is Mining Lease M59/0796, which covers the highly prospective Lightning gold and silver prospect where Terrain is targeting a maiden JORC resource by mid-2026. The mining lease has been granted through to 2046, a term of 21 years.
The company has also started a reverse circulation drill campaign of about 34 holes for approximately 6,800 metres across the Lightning and Wildflower prospects, with first assay results expected in early February 2026.