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The Small Cap Wrap: Small Caps in review this week

Mines and Money will return to Hong Kong on April 13-14, 2026, bringing together mining executives, investors and commodities traders as Asian capital takes a larger role in funding global resource projects and governments intensify efforts to secure long-term access to metals critical to the energy transition and industrial growth.

Operating internationally for more than two decades, the conference will centre on investment, financing and supply-chain partnerships across mining and critical minerals, with a focus on Asia’s expanding influence in global metals markets.

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Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) is again being reminded that global AI deals don’t happen in isolation. Chinese officials are reviewing Meta’s proposed $2 billion acquisition of AI startup Manus, the Financial Times reports.

The review, led by China’s commerce ministry, is at an early stage and is examining whether Manus’s technology and the relocation of staff to Singapore should have required an export licence under Chinese regulations.

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Mesoblast Ltd (NASDAQ:MESO, ASX:MSB) reported $US35.1 million ($52.4 million) in gross revenue from Ryoncil sales in the December quarter, up 60% on the prior period.

Mesoblast has reported $US35.1 million ($52.4 million) in gross revenue from sales of its cell therapy Ryoncil during the December quarter, representing a 60% increase on the prior period.

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Codan (ASX:CDA) expects 1H FY26 group revenue of about $394 million (up 29% on pcp) and underlying net profit after tax of at least $70 million (up about 52%), based on preliminary, unaudited figures for the half-year ended December 31 2025, that remain subject to audit review.

The company said the result was driven by “outstanding” performance in metal detection and continued strength in communications.

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Glencore PLC (LSE:GLEN) has confirmed it is in merger talks with Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF), after reports the miners were discussing a potential tie-up that could reshape the global sector.

The Swiss mining and commodity trading giant said on Friday it was in preliminary discussions with its British-Australian rival “about a possible combination of some or all of their businesses”.

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Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has posted a solid December 2025 quarter across its three operating mines, reporting 43,663 ounces of gold equivalent (AuEq) production for the period October 1 to December 31, 2025.

On a consolidated basis, the group produced 42,767 oz of gold and 267 tonnes of antimony, with the antimony contribution lifting the total to 43,663oz AuEq for the quarter.

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Trade tension between China and Japan has taken a sharply more tech-shaped turn this week — and Australian markets moved quickly to price in what it could mean for supply chains that underpin everything from EV motors and wind turbines to advanced electronics and defence systems.

The immediate trigger was Beijing’s decision to restrict exports of “dual-use” goods to Japan for military purposes, a category that can sweep up sensitive electronics and materials with both civilian and defence applications. Tokyo condemned the move as “absolutely unacceptable”, as the dispute broadened from rhetoric over Taiwan into economic security — the kind of escalation that tends to land directly in the earnings models of chipmakers, automakers, and critical-minerals producers.

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Export Development Canada (EDC) has extended its letter of interest for potential financing support of up to C$100 million (AU$107 million) for Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF)’ Seymour Lithium Project in Ontario, keeping the indicative backing on the table through December 2026 while due diligence and internal approvals continue.

EDC is Canada’s official export credit agency and has completed more than 540 transactions across sectors including mining and energy, totalling more than US$41 billion (AU$61 billion).

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BlueScope Steel (ASX:BSL)’s board has unanimously rejected an unsolicited, non-binding, indicative and conditional takeover proposal from a consortium comprising SGH Limited (ASX: SGH) and Steel Dynamics Inc (NASDAQ:STLD).

The consortium proposed to acquire all BlueScope shares via a scheme of arrangement for $30.00 cash per share, less the value of any dividends paid before completion. BlueScope said the time required to implement any transaction would likely reduce the effective value to shareholders below $30.00 per share, while leaving upside with the consortium.

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Anthropic is in talks to raise about $10 billion in fresh funding at a $350 billion valuation, according to The Wall Street Journal, with Reuters also reporting the same headline terms.

Per the report, the round is expected to be led by Coatue Management and GIC (Singapore’s sovereign wealth fund). People familiar with the discussions told the WSJ the financing could be completed within weeks, though the total amount and final terms may still shift.

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Discord has filed confidentially for an initial public offering, according to people familiar with the matter, as venture capital-backed tech companies build a growing pipeline of potential listings.

According to the chatter, the San Francisco-based chat app is working with Goldman Sachs and JPMorgan on a sharemarket float, noting planning is ongoing and Discord could still decide not to proceed. The sources asked not to be identified because the discussions are not public.

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Ansell Limited (ASX: ANN) managing director and CEO Neil Salmon will retire after 13 years with the company, including serving as chief executive since September 2021.

The board has appointed former Fiskars Group CEO and President Nathalie Ahlström as his successor, citing her global leadership experience.

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Larvotto Resources Ltd (ASX:LRV) has reported further high-grade antimony-gold intersections from diamond drilling at the Clarks Gully prospect, reinforcing growth potential at its 100% owned Hillgrove Antimony-Gold Project in New South Wales.

The latest drilling confirms mineralisation continues both at depth and along strike to the north, with results also validating the company’s resistivity geophysical targeting model.

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Chariot Resources (ASX: CC9) has signed a non-binding memorandum of understanding with Fujian Jinjianqiao New Energy Technology to explore cooperation across offtake, funding support and potential in-country processing for Chariot’s Nigerian lithium portfolio.

Jinjianqiao is a China-based lithium trader with operations in Nigeria, reporting about 90,000t of lithium concentrates and ores marketed and distributed in 2025, with volumes projected to double in 2026.

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St George Mining Ltd (ASX:SGQ) has uncovered a significant new zone of high-grade niobium mineralisation well outside its existing resource footprint at the Araxá Project in Brazil, strengthening the case for a major expansion of one of the world’s most important niobium and rare earths systems.

The discovery, made around 400 metres northwest of the current mineral resource estimate (MRE), returned thick, high-grade niobium intercepts from surface, led by 81.5 metres at 1.27% Nb₂O₅, including 43 metres at 2.01% Nb₂O₅ and grades peaking at 7.2% Nb₂O₅. The standout result came from discovery hole AXDD031, drilled into an area that had never previously been tested.

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Critical Resources Ltd (ASX:CRR) has appointed SLR Consulting (Canada) to develop a regulatory roadmap and support environmental planning and development permitting for its Mavis Lake Lithium Project in Ontario, Canada. The appointment aims to streamline federal and provincial approvals by establishing a coordinated technical and government advisory workstream as the project progresses through its development phase.

The Mavis Lake Lithium Project is positioned as a potential contributor to the North American lithium supply chain. Since acquisition, Critical has expanded its landholding by about 25% to more than 400 km². The project hosts a maiden JORC inferred mineral resource of 8 Mt at 1.07% Li₂O, alongside an expanded exploration target. More than 58,000 m of drilling has been completed at the project since 2022.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) says construction activity at its Kangankunde Rare Earths Project in Malawi is accelerating, with the first deliveries of its owner-operator mining fleet now on site as the project transitions from early works into sustained construction and mining readiness.

The company said initial units from its Komatsu fleet have arrived from South Africa and are being inspected, assembled and commissioned, with operator training progressing in parallel. Remaining fleet deliveries are scheduled through the March quarter, supporting Lindian’s strategy to self-operate mining and retain tighter control over safety, costs and execution.

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Managed funds and exchange traded funds (ETFs) have become core investment vehicles for Australian investors. They offer diversification, professional management and ease of access — but when tax time arrives, many investors are surprised to discover that the income reported on their tax return doesn’t neatly match the cash distributions they received.

This disconnect often stems from Australia’s attribution taxation regime, the use of Attribution Managed Investment Trust (AMIT) statements, and the complex mix of tax components that sit beneath each distribution. Understanding how these elements work is essential for investors who want to avoid errors, unexpected tax bills or confusion when reviewing their annual statements.

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The S&P/ASX Small Ordinaries (XSO) rose to 3,842.60, up 28.20 points (0.74%) today and 81.30 points (2.16%) over the past five days. The uptick could augur well for companies with strong news in this early part of the new trading year. A handful of small caps were in focus this morning.

You can read bout the following and more throughout the day

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NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) announced that the first shipment of equipment for its proposed Battery Anode Facility has arrived in Abu Dhabi, marking a milestone in the company’s plans to expand downstream processing capabilities.

The company said the shipment includes long-lead anode processing equipment that had been procured in advance. Securing and delivering these components ahead of installation is intended to support project timelines and reduce potential delays as the facility moves toward construction and commissioning.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) on Wednesday reported preliminary December 2025 quarter production of 86,273 ounces of gold and 3,528 tonnes of copper.

The ASX- and AIM-listed miner said this compared with 80,890 oz Au and 3,366 tonnes Cu in the September quarter, taking FY2026 H1 production to 167,163 oz Au and 6,894 tonnes Cu.

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Artificial intelligence is already reshaping healthcare behind the scenes — from clinical decision support to drug discovery and hospital administration. But AI’s influence is now increasingly extending beyond professionals and institutions, and directly into the hands of patients navigating increasingly complex health systems.

A new report from OpenAI offers a data-heavy look at how people are using ChatGPT for health-related questions, adding a patient-driven layer to a trend investors and healthcare executives have been watching for several years. The findings highlight how AI’s impact in medicine is increasingly visible in access, administration and self-advocacy.

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Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has continued to expand the footprint of its Dynasty Gold Project in southern Ecuador, with extensional trenching and drilling confirming new gold and silver mineralisation a further 150 metres west along strike at the Brecha-Comanche target, part of the Cerro Verde prospect.

The newly defined mineralised zone starts from surface, remains open at depth and sits outside previously defined resource boundaries, reinforcing the scale potential of the Dynasty system ahead of a planned mineral resource update in the March quarter.

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Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has flagged further potential resource upside at its RPM North gold deposit, part of its flagship Estelle Gold and Critical Minerals Project, in the prolific Tintina Gold Belt in Alaska, after the latest drilling extended mineralisation to the east and returned broad, near-surface intercepts that add to the “halo” around the high-grade core zone.

The company drilled a total of seven diamond core holes at RPM North in 2025, designed to:

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ConocoPhillips (NYSE:COP, XETRA:YCP) and junior partner 3D Energi (ASX: TDO) say early results from the Charlemont-1 exploration/appraisal well in the offshore Otway Basin indicate gas may be present across the Waarre C, Waarre B and Waarre A sandstones.

Elevated gas readings and resistivity from logging are consistent with “probable hydrocarbon presence” in the three intervals.

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Australia’s monthly inflation measure slowed more than expected in November, reducing expectations the Reserve Bank of Australia (RBA) could resume tightening early in 2026.

The Australian Bureau of Statistics (ABS) said the consumer price index (CPI) rose 3.4% year-on-year in November, down from 3.8% in October. On a month-on-month basis, inflation was flat.

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Capricorn Metals Ltd (ASX:CMM) produced 30,476oz of gold from its Karlawinda Gold Project (KGP) during the December 2025 quarter (Q2 FY26), with the result in line with the FY26 mine plan.

The output compares with 32,318oz in the September 2025 quarter.

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West African Resources Ltd (ASX:WAF) has reported December quarter 2025 (Q4) gold production of 112,019 oz from its Sanbrado and Kiaka operations in Burkina Faso, with gold sales of 105,995 oz at an average realised price of US$4,058/oz.

For full year 2025, the unhedged producer delivered 300,383 oz of gold, meeting group production guidance. Full-year gold sales totalled 280,065 oz at an average realised price of US$3,525/oz.

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4DMedical Ltd (ASX:4DX) says UC San Diego Health has entered a commercial arrangement to begin clinical use of its CT:VQ functional lung imaging software, adding another major US academic medical centre to its early deployment network.

CT:VQ offers a contrast-free alternative to traditional nuclear medicine ventilation-perfusion (VQ) scans and can be incorporated into existing CT workflows.

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Askari Metals Ltd (ASX:AS2) has entered 2026 with a clean balance sheet after fully repaying its outstanding corporate debt, freeing up capital to accelerate exploration across its flagship gold and copper project in Ethiopia and its tin-tantalum-lithium asset in Namibia.

The company has repaid in full its Convertible Note Facility with Lawson Mining Pty Ltd and the remaining Series B Redeemable Notes, leaving Askari debt-free with no security or dilution overhang. Management said the move significantly strengthens the capital structure and allows capital to be directed squarely towards exploration activity.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, ASX:GGP) has reported preliminary production of 86,273 ounces of gold and 3,528 tonnes of copper for the December 2025 quarter, up from 80,890 oz gold and 3,366 t copper in the September quarter.

For the first half of FY2026, Greatland produced 167,163 oz of gold and 6,894 t of copper.

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Aurum Resources Ltd (ASX:AUE) has lodged three mining exploitation licence applications covering its Boundiali Gold Project in Côte d’Ivoire, with the latest two submissions filed in December 2025.

The applications are now before the Côte d’Ivoire Ministry of Mines, Petroleum and Energy and span the Boundiali South (BST), Boundiali DS (BD) and Boundiali Minex (BM) tenements, with a combined area of 572.67 km².

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Novo Nordisk (NYSE:NVO) has moved first in the next phase of the obesity-drug race, launching on Monday an oral version of its blockbuster weight-loss treatment Wegovy across the United States — and momentarily outpacing key rival Eli Lilly and Co (NYSE:LLY) in a market increasingly defined by convenience, pricing pressure and political scrutiny.

The once-daily pill, approved by the US Food and Drug Administration (FDA) in December, is the first oral GLP-1 therapy available for chronic weight management, extending Novo’s reach beyond injectable treatments that have powered the category’s rapid growth over the past two years. The rollout — with starter doses priced at about US$149 per month for cash-paying consumers and higher doses up to ~$299 — builds on widespread uptake of GLP-1 drugs such as Wegovy and Eli Lilly’s Zepbound.

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Altech Batteries Ltd (ASX:ATC, OTC:ALTHF)'s majority-owned subsidiary, Altech Batteries GmbH, has received conditional binding funding approval of up to €46.11 million (A$80.51 million) for the CERENERGY® Sodium-Chloride Solid-State battery project in Saxony, Germany.

The approval is under Germany’s federal STARK economic development program and relates to a grant covering about 30% of eligible project capital expenditure.

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Janus Electric Holdings Ltd (ASX:JNS) has received formal approval from the California Air Resources Board (CARB) for its JCM 540 Battery-Electric Conversion System to be eligible under the Clean Truck and Bus Voucher Incentive Project (HVIP).

Under the HVIP listing, qualifying California fleet and freight operators can apply for government-backed vouchers of up to US$90,000 per converted Class-8 truck, reducing the upfront cost of converting existing diesel prime movers to battery-electric operation using Janus’ swappable battery system.

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Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) used its CES 2026 stage to make the case that the AI boom isn’t cooling, but broadening. In his keynote speech today, CEO Jensen Huang framed the next leg as a shift from “AI models” to “AI systems” that can be deployed at scale, more cheaply, and in more real-world settings — from data centres to cars and robots.

At the centre of that pitch was Rubin, Nvidia’s next-generation data-centre platform and successor to Blackwell.

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Adisyn Ltd (ASX: AI1) has confirmed the successful completion of Milestone 1 under the Share Sale and Purchase Agreement (SPA) for its acquisition of 2D Generation Ltd (2DG), following independent technical verification.

The milestone relates to the demonstration of low-temperature deposition of an sp²-based carbon layer onto a metallic substrate using an Atomic Layer Deposition (ALD) system.

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St George Mining Ltd (ASX:SGQ) has delivered another batch of standout diamond drilling results from its 100%-owned Araxá rare earths and niobium project in Brazil, extending thick, high-grade mineralisation from surface and reinforcing the case for a major upgrade to the project’s already world-class Mineral Resource Estimate (MRE).

The latest assays are led by a 128.6-metre intersection grading 4.87% total rare earth oxides (TREO) from surface in hole AXDD027, including 31.25 metres at 6.09% TREO, with the hole ending in high-grade mineralisation. Several additional holes returned similarly broad, high-grade intercepts, continuing a strong run of results from the company’s ongoing intensive drilling campaign.

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Tamboran Resources Corporation (ASX:TBN, NYSE:TBN, OTC:TBNRL) has moved a step closer to consolidating full ownership of Falcon Oil & Gas Australia Ltd (FOGA) after FOGA shareholders approved the sale of Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO)’s 98.1% stake in the Australian subsidiary.

If completed, the acquisition of Falcon’s 98.1% interest would give Tamboran the ability to compulsorily acquire the remaining 1.9% of FOGA held by minority shareholders, effectively allowing Tamboran to take full control of the entity.

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Terra Metals Ltd (ASX:TM1) has confirmed a new platinum group metal (PGM)–copper–nickel sulphide discovery at its Dante Project in Western Australia, after first-pass drilling at the SW6 target returned thick zones of mineralisation and strong geophysical evidence pointing to potential extensions at depth.

Initial assay results from two reconnaissance reverse circulation (RC) drillholes at SW6, part of the broader Southwest Prospect, intersected multiple intervals of elevated PGM mineralisation hosted in ultramafic rocks, with both holes ending in mineralisation. The results mark a clear shift from the magnetite–ilmenite–vanadium reef style that underpins Dante’s existing resource base and highlight a distinct conduit-style PGM–Ni–Cu sulphide system.

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Orthocell Ltd (ASX:OCC, OTC:ORHHF) has delivered record quarterly revenue of $3.2 million for the quarter ended December 31, 2025, supported by ongoing growth in Remplir™ nerve repair sales in established markets and an initial contribution from the United States.

The result marks Orthocell’s seventh consecutive quarter of record revenue.

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Together with Steel Dynamics Inc (NASDAQ:STLD), SGH Ltd (ASX:SGH) has submitted a Non-Binding Indicative Offer (NBIO) for SGH to acquire 100% of BlueScope Steel (ASX:BSL) by way of a scheme of arrangement.

If the Proposal is implemented and following the transaction close, SGH would on-sell Bluescope’s North American operations to Steel Dynamics (SDI), which include BSL’s North Star Flat Rolled Steel Mill and Building and Coated Products North America businesses. SGH would retain the remaining BSL “Australia + Rest of World” operations, including Australian Steel Products, Asia Coated Products, and New Zealand and Pacific Islands businesses.

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Life360 Inc. (ASX:360) has completed its acquisition of advertising technology company Nativo for about $120 million, made up of 65% cash and 35% stock. The deal is intended to expand how it serves advertisers, enabling brands to reach families with more relevant messages both inside the Life360 app and across Connected TV, mobile, and premium digital environments.

The San Francisco Bay Area-based family connection and safety company now has more than 50 million monthly active users (MAU) in the United States, positioning it among large consumer platforms including Netflix, Spotify, and Pinterest. The company said its scale, combined with continuous family and location insights, supports advertising aimed at reaching families in real-world moments when decisions are being made.

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Monadelphous Group Limited (ASX: MND) has secured a major construction contract from BHP Group Ltd (LSE:BHP, ASX:BHP) for a car dumper project at Finucane Island in Port Hedland, Western Australia.

The approximately $175 million contract covers civil, structural, mechanical, piping and electrical works, including the replacement of key equipment during a planned major shutdown.

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Alzheimer’s disease (AD) has for decades been one of the most stubborn challenges in neuroscience and drug development. Regulatory successes like Biogen Inc (NASDAQ:BIIB, XETRA:IDP)’s Leqembi and Eli Lilly and Co (NYSE:LLY)’s Kisunla have been limited to slowing decline, not restoring lost neurological function. That long-held limitation is now being questioned, at least at the preclinical level.

A new study published in Cell Reports Medicine suggests that advanced Alzheimer’s pathology can be not only halted but reversed in animal models by restoring proper cellular energy balance in the brain. The findings — led by researchers at Case Western Reserve University, University Hospitals Cleveland Medical Center (UH) and the Louis Stokes Cleveland VA Medical Center — could upend how scientists think about treating AD, potentially moving the field from disease modification to disease reversal.

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China’s AI hardware sector has staged an unexpected show of confidence in recent days, with Shanghai Biren Technology’s Friday debut in Hong Kong drawing heavy demand despite ongoing US restrictions on advanced chips — and reigniting investor interest in a corner of the market many had written off as structurally constrained.

Biren’s H-share offering raised about HK$5.6 billion (A$1.07 billion) at the top of its price range, with demand particularly strong on the retail side: the Hong Kong public offer was oversubscribed more than 2,300 times, triggering a full clawback from the international tranche.

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Metallium Ltd (ASX:MTM) has signed its first binding feedstock supply contract, with its US subsidiary Flash Metals USA Inc. executing a binding electronic-scrap (e-scrap) supply agreement with Glencore Ltd.

Under the agreement, Glencore will supply up to 2,400 tonnes per annum of e-scrap into Metallium’s US operations, supporting commissioning and scale-up of the company’s Flash Joule Heating (FJH) technology platform at its Texas Technology Campus.

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Civmec Limited has secured a series of new contracts and extensions worth more than A$400 million, with delivery expected across 2H FY26 and FY27, building on an uplift in activity heading into 2H FY26.

“We are absolutely delighted to be entrusted with this significant package of work. We are honoured to be trusted to deliver, particularly given the location and complexity of the scope, which plays to Civmec’s strengths," Civmec’s chief executive officer Patrick Tallon said. "BHP were among our earliest clients and sustaining this healthy relationship makes this award especially meaningful, a further demonstration of our capabilities, and our proven, proactive and collaborative delivery model.”

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Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) used the December quarter to advance its Smokebush gold-silver project towards resource definition, kicking off a major drilling campaign at the Lightning prospect, securing a mining lease over the area and completing capital raisings to fund exploration through to a maiden JORC estimate targeted for mid-2026.

In its quarterly report released on Monday, the explorer said a 34-hole, 6,800-metre reverse circulation (RC) program was under way across Smokebush, with Lightning — the company’s most advanced gold target — the initial focus. Drilling began on November 27, with 12 holes for 2,459 metres completed before a Christmas and New Year pause. The rig is expected to return in early January, with assay results to be released once the full program is complete.

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Gold and silver traded in a narrow range at the start of the year, following their strongest annual returns since 1979, as investors weighed the impact of an upcoming adjustment to a widely followed commodities benchmark, set to begin next week. Gold climbed on Friday before giving back much of the move later in the US session, while silver cooled after an earlier jump.

Some traders see support ahead if US interest rates keep falling and the US dollar weakens, but near-term flows could move the market in the opposite direction. As both metals have risen sharply, passive funds that track the index may need to cut positions to align with the new allocations.

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