Small caps are maintaining a steady stream of project updates on Thursday, with construction progress, aggressive drilling plans and fresh exploration results giving investors a few bright spots as the broader market digests shifting global rate expectations. Gold, uranium and rare earths names in particular remain active into year-end, supported by stronger commodity prices and renewed appetite for high-impact discovery news.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has awarded all major non-process infrastructure contracts for its Kangankunde rare earths project in Malawi — a milestone that boosts confidence ahead of planned first production in late 2026. Construction is already underway across several packages, including the mining workshop, fuel farm, power infrastructure and tailings facility, with all scopes tracking within feasibility-study capital parameters.
Lightning Minerals
Lightning Minerals Ltd (ASX:L1M) has kicked off planning for a fully funded Phase 2 drill program of up to 7,000 metres at its Mt Turner project in Queensland, following a standout Phase 1 campaign that confirmed a mineralised system extending more than 12 kilometres along the Drummer Fault.
Phase 1 returned several high-grade gold hits — including 20.4 metres at 2.4 g/t and 3.9 metres at 3.6 g/t — as well as rock chips up to 21.9 g/t.
Solis Minerals
Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) has finalised its shift to Australian domicile, with the company now officially registered in Australia and preparing to convert CHESS depositary interests into fully paid ordinary shares on a 1:1 basis.
The transition will see CDIs cancelled, deferred-settlement trading begin on December 15 and new holding statements dispatched by Christmas Eve. Solis says the move simplifies its capital structure as it consolidates its primary listing on the ASX.
Atomic Eagle
Atomic Eagle Ltd (ASX:AEU) has reported thick, near-surface uranium intersections from maiden drilling at the Chisebuka target within its Muntanga project in Zambia — the first major work on the prospect in more than 15 years. Intervals included 16.4 metres at 1,036 ppm eU₃O₈ and 29.4 metres at 439 ppm, supporting the company’s view of a large, underexplored mineralised envelope.
The company also announced a leadership change, with corporate development manager Phil Hoskins appointed CEO after Daniel Major withdrew for personal reasons. Chair Govind Friedland said Hoskins offers continuity and strong experience in African project development as the company progresses its resource-growth strategy.
Krakatoa Resources
Krakatoa Resources Ltd (ASX:KTA) continues to build momentum at its Zopkhito antimony–gold project in Georgia, where both adit and surface drilling have intersected widespread visible stibnite and associated sulphides. Sixteen of 18 underground holes and 12 of 15 surface holes reported visible antimony, with assays due from late 2025 into early 2026 to support the conversion of Zopkhito’s sizable foreign resource estimate into a maiden JORC resource.
The option period on the project has been extended by 12 months, giving the company more time to complete drilling, resource definition and transaction milestones.