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The Markets
by Proactive
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Small cap wrap: Sintana Energy, Charbone Hydrogen, M2i Global, Sonoro Gold…

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has reported a step-change in the economics of its Kangankunde Rare Earths Project in Malawi, following optimisation of the Stage 1 processing plant design and the appointment of Obsideo as design and construction contractor.

The updated process plant design supports a 25% increase in ore throughput, lifting planned monazite concentrate production from 15,300 tonnes per annum to 20,000 tonnes per annum, while keeping capital costs broadly in line with the definitive feasibility study.

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Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has entered an agreement with QGC Pty Limited (QGC) to support its entry into ATP2077 Block A (100% Elixir) and the acquisition of 3D seismic data.

Under the arrangement, Elixir will receive processed 3D seismic data covering Block A, along with data from a reciprocal area extending from the shared boundary between QGC’s ATP645 and Elixir’s ATP2077, to 2 km into ATP645. In exchange for the upfront geophysical data, Elixir will provide QGC with information and logs from the planned Daydream-3 well.

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Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) announced that its acquisition of Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) has officially been completed following the effective date of a Court-sanctioned scheme of arrangement.

The acquisition, initially announced on October 9, was approved by the Court on December 12, and all conditions outlined in the scheme document have been satisfied or waived, the company said on Tuesday. As a result, the entire issued ordinary share capital of Challenger is now owned by Sintana.

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Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) has shared a year-end operational update, outlining progress across its exploration portfolio in Namibia, Angola and Gabon, with several technical and operational milestones expected in 2026.

The company said that 2025 was marked by portfolio expansion and continued exploration activity, including drilling success in Namibia’s Damara Fold Belt, entry into onshore Angola and the addition of an offshore position in Gabon.

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Charbone Hydrogen Corporation (TSX-V:CH, OTCQB:CHHYF) announced that it has officially commenced commercial production of clean ultra high purity (UHP) hydrogen at its modular facility in Sorel-Tracy, Quebec, following the completion and successful testing of Phase 1A operations.

The company said the Sorel-Tracy project entered commercial production after the full installation of Phase 1A equipment and successful testing conducted during the final weekend of November.

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M2i Global Inc (OTC:MTWO) and partners Volato Group Inc and Next-Gen Energy Technology said on Tuesday they have made progress under a long-term collaboration and offtake agreement to develop lithium nickel cobalt aluminum (Li-NCA) cathode materials, as the US and Australia move to bolster supply chains for critical minerals.

Under the agreement signed in late 2024, Next-Gen Energy Technology plans to build a Li-NCA cathode materials plant in Australia, which the companies say would be the first such facility outside China.

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News of Allergy Therapeutics PLC's (AIM:AGY, OTC:AGYTF) marketing authorisation in Germany is "one of the most major catalysts in recent years" for the company, said house broker Cavendish, with the potential to steer the company towards self-sustaining profitability.

German regulators, the Paul Ehrlich Institut, has given the green light for Grass MATA MPL, to be marketed as Grassmuno.

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Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) said on Tuesday it has secured a fully committed C$4 million non-brokered private placement to help advance development of its Cerro Caliche gold project in Mexico.

The Vancouver-based company plans to issue 20 million units priced at C$0.20 each, with each unit consisting of one common share and one warrant. Each warrant will allow the holder to buy an additional share at C$0.28 for a period of three years.

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Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF), the artificial intelligence-focused technology company, has appointed James McGuinness as global head of sales as it looks to expand its commercial operations through 2026.

McGuinness, who has more than two decades of experience in technology sales, will lead the company’s sales organization.

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1911 Gold Corp (TSX-V:AUMB, OTCQB:AUMBF) said its common shares have begun trading on the OTCQX Best Market in the United States, marking an upgrade from lower-tier OTC markets and expanding access for US investors.

The company’s shares will trade on OTCQX under the ticker symbol AUMBF, while continuing to trade on the TSX Venture Exchange in Canada and on the Frankfurt Exchange in Germany.

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Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) announced that its board has approved a quarterly cash dividend and a special dividend, as part of the company’s ongoing capital return strategy.

The Calgary-headquartered oil and gas producer declared a base quarterly dividend of US$0.10 per common share and a special dividend of US$0.02 per share.

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Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) shares climbed in Tuesday morning's trade after the firm signed a collaboration agreement with the International Finance Corporation (IFC), which will support development of its Kasiya rutile-graphite project in Malawi.

IFC will provide environmental and social expertise to support alignment with its performance standards. The collaboration will contribute to the project’s definitive feasibility study and environmental and social impact assessment.

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Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF) told investors it has received marketing authorisation in Germany for Grassmuno, its grass pollen immunotherapy.

The approval was granted by the Paul Ehrlich Institut under the Therapieallergene-Verordnung framework.

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Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF) told investors it has begun work to define a JORC-compliant exploration target at Target A1 within its Mushima North project in Zambia. The work will assess silver-copper-zinc mineralisation.

The exploration target will provide a range of tonnes and grades and is expected to be completed in the first quarter of 2026. Finalisation is dependent on pending silver assay results from Phase 3 drilling.

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It’s another unsettled session for the local tech sector, but DroneShield Ltd (ASX:DRO, OTC:DRSHF) has so far delivered one of the day’s clearest outliers. While information technology names dragged the ASX lower, DroneShield surged nearly 25% as to around $2.87 as of 1:15 pm AEDT — extending its five-day gain to more than 40% — after announcing a major European military contract.

The move stood in sharp contrast to broader sentiment. The S&P/ASX 200 spent most of the day treading water, with tech among the weakest cohorts as global markets continue to rotate out of high-multiple growth names. DroneShield, however, was firmly at the top of the leaderboard, supported by a contract that delivers near-term cash, clear visibility on timing and a reaffirmation of its momentum in NATO-aligned markets.

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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has released final 2024 diamond drilling results from the Fjord area of the Tanbreez Rare Earth Project in southern Greenland, confirming consistent rare earth grades and broad, near-surface mineralised zones.

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Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has secured an AusIndustry Advanced Overseas Finding covering up to A$85 million in eligible research and development expenditure for its synthetic anti-infective programs.

The finding, issued by the Department of Industry, Science and Resources under the federal Research and Development Tax Incentive scheme, confirms that Recce’s overseas R&D activities qualify for the 43.5% refundable tax offset for a three-year period, in addition to its Australian-based work. The ruling is not a grant and does not involve any up-front payment.

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