Small caps have stayed on the back foot this week even as the broader market tries to finish 2025 on a firmer note, with investors still selective around commodities and early-stage growth stories. Despite that cautious tape, several juniors delivered meaningful updates early today.
Carnavale Resources
Carnavale Resources Ltd (ASX:CAV) and joint venture partner Western Resources have signed a Mining and Heritage Agreement with Wangkatja Tjungula Aboriginal Corporation, representing the Nyalpa Pirniku native title holders, for the Kookynie Gold Project south of Leonora.
The company said the agreement is the final step required ahead of the granting of Mining Lease Application M40/362, establishing a framework for collaboration through exploration, development and operations, including cultural heritage and compensation arrangements.
Alkane Resources
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has reported depth drilling success at the Storheden deposit near its Björkdal operation in northern Sweden, more than doubling the tested depth extent of gold-bearing veining to 464 metres from about 200 metres previously. The company also extended the known strike length of mineralisation to more than 2.7 kilometres, with results suggesting the system remains open and grades are not diminishing at depth.
Alkane said the work supports its view that the broader Björkdal system is large and underexplored, with Storheden offering potential to develop a separate production area to help lift the grade profile of mill feed over time.
Aurum Resources
Aurum Resources Ltd (ASX:AUE) has returned further high-grade hits from its 100,000-metre infill program at the 2.41Moz Boundiali Gold Project in Côte d’Ivoire, targeting resource growth and improved confidence at the BMT3 deposit. Better intercepts included 10.15m at 6.05 g/t gold (including 3.60m at 13.88 g/t) and 2.20m at 23.65 g/t, alongside several additional high-grade intervals.
Aurum has expanded its drilling fleet to 12 rigs and said it remains on track for 130,000 metres across Boundiali and Napié this year, with major resource updates and Boundiali PFS results due in Q1 2026, supported by an estimated $43 million cash balance.