The S&P/ASX Small Ordinaries Index (XSO) closed at 3,672.80, down 21.40 points (0.58%) today, but up 26.00 points (0.71%) over the past 5 days. In company news, several Small Ords resources stocks reported material progress on key development and study milestones.
Antipa Minerals
Antipa Minerals Ltd (ASX:AZY) has reported a comprehensive update on Pre-Feasibility Study (PFS) workstreams for its 100%-owned Minyari Dome Gold-Copper Development Project. Since commencing the PFS, Antipa has advanced resource definition, mine design, metallurgy, approvals planning, environmental studies and project financing preparation. The work has increased certainty around regulatory requirements, approvals pathways and development timeframes, while systematically de-risking the project ahead of a targeted Final Investment Decision in Q2 CY2028.
American Rare Earths
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has completed another stage of its mineral processing program, producing a mixed rare earths oxide (MREO) using the updated preliminary PFS mineral processing flowsheet for the Halleck Creek project. MREO was produced from a pregnant leach solution generated during impurity removal test work, via precipitation of a mixed rare earth oxalate and subsequent conversion to MREO powder. The milestone demonstrates that rare earths from Halleck Creek ore can be extracted into metallic oxides using the current flowsheet being finalised for the upcoming PFS, with solvent extraction computer simulation now underway using these test results.
Sovereign Metals
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) has signed a strategic collaboration agreement with the International Finance Corporation (IFC) to support the sustainable development of the Kasiya Rutile-Graphite Project in Malawi. IFC, a member of the World Bank Group, focuses on private sector development in emerging markets. In fiscal year 2025, IFC committed a record US$71.7 billion to private companies and financial institutions in developing countries, with a total portfolio of US$68.5 billion as at 30 June 2025, highlighting its capacity to back large-scale projects such as Kasiya.
European Lithium
European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has received final results from the 2024 drilling program at the Fjord area of the Tanbreez Rare Earth Project in Greenland. The campaign was aimed at extending known mineralisation and refining the geological model, with the results to feed into a revised Mineral Resource Estimate and further mine planning studies. Despite logistical challenges around sample processing, transport, extended assay turnaround and quality assurance, the drilling confirmed consistent rare earth grades and highlighted strategic metals including gallium, hafnium, cerium and yttrium, reinforcing Tanbreez’s status as a globally significant peralkaline-hosted rare earth system by scale.