The S&P/ASX Small Ordinaries Index (XSO) closed yesterday at 3,646.70, down 19.90 points or 0.54%, extending its recent softness with a 30.30-point, or 0.82%, decline over the past 5 sessions.
Against this slightly weaker small-cap backdrop, several small caps have news this morning. You can read about the following and more throughout the day.
Critical Resources
Critical Resources Ltd (ASX:CRR) has kicked off its inaugural reverse circulation (RC) drilling program at the Cap Burn Gold Project in the Otago region of New Zealand’s South Island. The initial phase of work will comprise about 10 RC holes for roughly 1,100 metres of drilling, targeting down-plunge extensions of defined arsenic-in-soil anomalies adjacent to the Cap Burn Fault structure. Wide-spaced drill collars are designed to test beneath the Cap Burn Fault, which marks the boundary between the Textural Zone 3 (TZ3) and Textural Zone 4 (TZ4) schist units. Drilling is expected to run for 2–3 weeks, with site preparations and landowner coordination already completed.
International Graphite
International Graphite Ltd (ASX:IG6) has released strong financial projections for its planned expandable graphite facility (EGF) in Germany, to be developed under a 50/50 joint venture structure. Based on a recent techno-economic evaluation, the proposed processing facility is designed to produce about 4,200 tonnes per year of expandable graphite, with capacity to scale through additional processing lines and purification circuits to deliver high-value products grading above 99% carbon. The EGF is planned as a joint venture with Arctic Graphite AS, whose major shareholder is Norwegian construction group Nilsen Leonhard & Sønner (LNS). LNS has extensive graphite mining experience and has recently agreed to acquire Europe’s only operating graphite mine, the Skaland Graphite Project in Norway.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has entered into an underwriting agreement with Petra Capital Pty Ltd covering a tranche of listed options approaching expiry. The agreement relates to options due to expire on 9 December 2025, each with an exercise price of A$0.30. Petra Capital will underwrite approximately 17.8 million options that remained unexercised as at 8 December 2025, representing around A$5.0 million in potential gross proceeds if all underwritten options are converted.
Riversgold
Riversgold Ltd (ASX:RGL, OTC:RVSGF) has reported assay results from a further 6 drillholes at the Northern Zone Intrusive Hosted Gold Project, part of its broader Kalgoorlie Gold Project located about 25 kilometres east of Kalgoorlie in Western Australia. Results from another 9 grade control holes are expected shortly. In addition, samples from 28 aircore drillholes completed recently have been submitted for analysis, with assay results from all 37 holes anticipated to be received in batches over the next six weeks.