The S&P/ASX Small Ordinaries Index (XSO) closed at 3,670.30, up 16.80 points (0.46%) on Friday, although it remains 1.40% lower over the past five days. With the broader market showing signs of cautious resilience, several small-cap explorers and developers continue to release material updates. You can read about the following and more throughout the day.
Antipa Minerals
Antipa Minerals Ltd (ASX:AZY) reported its seventh batch of assay results from the CY2025 drilling program at the wholly owned Minyari Gold-Copper Project in Western Australia’s Paterson Province. The latest results delivered high-grade intersections beneath the Minyari Dome Deposit, further down-dip extensions at Fiama, multiple thick gold-copper-silver intersections at RPS, and new mineralised zones at Tim’s Dome.
Critical Resources
Critical Resources Ltd (ASX:CRR) announced the engagement of the Pathway Group to support advancement of the flagship Mavis Lake Lithium Project in Ontario. The partnership aims to strengthen government engagement at both federal and provincial levels, assist with funding pathways, and guide commercial and Indigenous partnership development as the company works toward an integrated North American lithium supply chain strategy.
Imugene
Clinical-stage biotech Imugene Ltd (ASX:IMU, OTC:IUGNF) reported it has received written minutes from the US FDA following a Type C meeting held on November 21, 2025, regarding the registrational pathway for its CAR-T therapy azercabtagene zapreleucel (azer-cel). The FDA feedback provided clear alignment on key elements required for progression into a pivotal study, reinforcing the program’s clinical and commercial prospects.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has begun an initial drilling campaign at the North Knoll prospect, located just north of the Central Carbonatite Mineral Resource at the Kangankunde Project in Malawi. The drilling will test the depth and continuity of previously identified high-grade, NdPr-rich surface mineralisation first reported in early 2024.
Terra Metals
Meanwhile, Terra Metals Ltd (ASX:TM1) released new assay results from Phase 3 RC drilling at the Southwest Prospect. Early assays from the SW1 area confirm magmatic Cu-Ni-PGE-Co sulphide mineralisation developed at the bases of mafic cycles—a style distinct from the titanomagnetite-dominant mineralisation within the current mineral resource estimate. Geological textures indicate immiscible sulphide melt pooling during magma recharge, a process typical of major layered intrusions such as Sudbury.
Yandal Resources
Yandal Resources Ltd (ASX:YRL) provided an update on drilling at the Arrakis Prospect within the Ironstone Well–Barwidgee Gold Project. Assay results from diamond hole 25IWBDD0011 confirmed mineralisation approximately 120 metres below earlier intercepts, returning higher grades comparable to nearby holes along strike. A second RC rig has now commenced work to accelerate the ~5,000-metre RC program designed to map the scale and variability of the Arrakis system along 2.2 kilometres of strike.