Small caps are leaning into the same tailwinds lifting the broader market — record-setting precious metals, firmer base metals and a generally risk-on tone that’s keeping miners and critical minerals in focus.
Against that backdrop, early news flow on Friday skews towards gold-heavy drilling news, plus a couple of boardroom moves aimed at positioning for the next phase of growth.
Astral Resources
Astral Resources NL (ASX:AAR)’s December quarterly update showed steady on-ground momentum at Mandilla and Feysville, with RC and diamond programs spanning infill, extensional and geotech drilling — including targeted work at Theia around an interpreted high-grade structure.
The company also firmed up key development pieces at Feysville (including the Think Big/Rogan Josh mining licence area), progressed DFS workstreams at Mandilla, and closed the quarter with ~$76 million cash after a $65 million placement (Tranche 2 and director participation still subject to shareholder approval).
Janus Electric
Janus Electric Holdings Ltd (ASX:JNS) has appointed Ben Hutt as CEO and managing director, effective January 12, bringing in a leader with energy transition and capital markets experience, including prior CEO roles at Evergen (which was acquired by Intellihub) and Search Party Group. The company framed the appointment as part of its push to accelerate commercialisation of its exchangeable battery systems for heavy transport.
Nova Minerals
Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) reported another strong batch of drill results from RPM Valley at its Estelle project in Alaska, including a headline 0.5m at 364 g/t gold from 101m — the highest-grade intercept reported across Estelle to date — alongside multiple broad intersections above 1 g/t.
The company said the tightly spaced 2025 infill program is aimed at supporting a maiden Measured and Indicated resource at RPM Valley to feed into its PFS work, while also noting the system remains open in multiple directions.
International Graphite
International Graphite Ltd (ASX:IG6) added graphite industry investor and financier Aidan Nania as an executive director, pointing to his involvement with European graphite operations and his role with joint venture partner Arctic Graphite AS.
The appointment comes as the company positions its Expandable Graphite strategy around downstream processing and European supply chain buildout, following recent partnership and toll-treatment progress it has flagged to the market.