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The Markets
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The Small Cap Wrap: A good day for small caps marked by good news

Resolution Minerals Ltd (ASX:RML, OTC:RLMLF) has reported new high-grade antimony, silver and gold assays from rock sampling at the historical Antimony Ridge Mine within its Horse Heaven Project in Idaho, USA.

Results from five massive stibnite samples collected in October 2025 confirmed “widespread” high-grade antimony mineralisation, with peak grades including 48.7% Sb and 270 g/t Ag (sample 732005) and 37.9% Sb and 890 g/t Ag (sample 732008).

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Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has reported a new round of wide, high-grade gold intercepts from infill drilling at its 100%-owned Dynasty Gold Project in southern Ecuador, results that are lifting confidence in the scale, continuity and quality of mineralisation ahead of a planned resource update.

The latest assays come from diamond drilling at the Cerro Verde prospect, where the company has been focusing on the Brecha-Comanche target as part of its resource definition campaign. Titan says the results will support both an upgrade in resource confidence and an updated Mineral Resource Estimate (MRE), now targeted for late Q1 2026.

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The technologies built for space have a habit of filtering back down to Earth — often quietly, and usually with outsized impact. This week, that pattern showed up again, in the form of a new infrared sensor aimed squarely at some of the most data-hungry challenges facing mining, agriculture and climate monitoring.

France-based LYNRED has unveiled Sirocco SW, an extended short-wave infrared (eSWIR) detector that takes hardware originally developed and qualified for space missions and repackages it for industrial and environmental use. The launch coincides with SPIE Photonics West in the US later this month, one of the global industry’s major shop windows.

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Janus Electric Holdings Ltd (ASX:JNS) has appointed Ben Hutt as Chief Executive Officer and Managing Director, effective January 12, 2026.

Hutt joins the heavy transport electrification company with a background in energy technology, business scaling and capital markets. He brings more than 20 years’ experience driving growth across the technology and industrial sectors, including CEO roles at energy SaaS group Evergen and HR technology company Search Party Group.

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The Western Australian Government has granted RareX Limited (ASX: REE, REEO) Mining Lease M80/648 over its 100% owned Cummins Range Project - a major regulatory milestone that moves the asset beyond the exploration and tenure-risk phase.

The company said a granted mining lease provides the statutory right to develop a mining operation and is widely regarded as the most complex and time-consuming approval to secure in Western Australia, meaning the decision materially reduces regulatory and development risk.

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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has flagged another step forward at its Greenland rare earths exposure after US-listed partner Critical Metals Corp. ordered a fully integrated, mobile assay laboratory to support development work at the Tanbreez project.

Critical Metals has approved and ordered a turnkey Integrated Mobile Geochemical Analysis Centre from Bromet, at a cost of about US$1 million, to deliver on-site rare earth element (REE) analysis for drilling, pilot plant activities and broader project development.

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Singular Health Group Ltd (ASX:SHG) has received US Food and Drug Administration (FDA) 510(k) clearance for 3DICOM MD® Cloud, marking a key regulatory milestone and strengthening the company’s US commercial strategy.

The clearance covers 3DICOM MD® Cloud as a Class II Software as a Medical Device (SaMD), allowing the cloud-based platform to be marketed and used clinically across the United States. It builds on the company’s prior FDA clearance for the desktop version of 3DICOM MD®, granted in October 2022, and expands Singular Health’s regulated product portfolio.

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Biotech’s long-quiet IPO window is again showing fresh signs of life with Eikon Therapeutics Inc. filing to go public on the Nasdaq Global Market in what could become one of the sector’s most high-profile listings this year. The late-stage oncology specialist, backed by more than US$1 billion in private capital, joins a small but growing cohort of drug developers preparing market debuts as investor appetite for biotech equities tentatively returns.

Eikon’s IPO filing, submitted on Friday, reveals plans to list under the ticker EIKN, though the company has yet to disclose the final share count or pricing range in its preliminary prospectus. The offering will mark the first time Eikon’s stock is publicly traded, transitioning from a fully private startup to a public clinical-stage biotech.

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Three of four fistulising Crohn’s disease patients treated with NeuroScientific Biopharmaceuticals Ltd (ASX:NSB)'s StemSmart™ mesenchymal stem cell (MSC) therapy under the Therapeutic Goods Administration’s (TGA) Special Access Scheme (SAS) Category B pathway achieved a successful “Clinical Response”. A Clinical Response is defined as closure of at least 50% of fistula openings, or at least a 50% reduction in fistula discharge as assessed by the treating physician or qualified investigator.

The fourth patient recorded a partial response and improved, with further clinical assessment ongoing.

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Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF) has delivered its highest-grade gold intersection to date at the RPM Valley deposit, part of its its flagship Estelle Gold and Critical Minerals Project in Alaska, as closely spaced drilling confirms continuity across a broad mineralised system that remains open in multiple directions.

The standout result from the company’s 2025 infill and step-out program was a narrow but exceptionally high-grade intercept of 0.5 metres at 364 grams per tonne gold from 101 metres, with visible gold observed in core — the best result recorded across the broader Estelle project so far.

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International Graphite Ltd (ASX:IG6) has appointed graphite industry investor and financier Aidan Nania as an executive director.

Nania is a founder and director of Arctic Graphite AS, the company’s joint venture partner in the Expandable Graphite Project in Europe. He was previously a director and significant shareholder of Skaland Graphite AS — Europe’s largest natural graphite producer — from 2020 to 2023.

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Alphabet Inc (NASDAQ:GOOG)’s Google has confirmed it has entered a multi-year deal with Apple Inc (NASDAQ:AAPL, XETRA:APC) to power the iPhone maker’s artificial intelligence technology, including the Siri voice assistant.

Shares in both companies were higher in the final hour of trading in New York.

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South Harz Potash Ltd (ASX:SHP) has strengthened its board with the appointment of experienced resources executive Christian Barbier as a non-executive director, as the company advances a broader multi-asset critical minerals strategy.

Barbier brings more than 30 years’ experience across the resources and industrial sectors, including senior management roles and board positions spanning Europe, Australia and Asia. His background includes senior executive roles at major ASX-listed companies operating in critical and industrial minerals supply chains.

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HaemaLogiX Ltd has appointed Dr Chris Baldwin as chief executive officer and managing director, effective January 5, 2026, as the clinical-stage biotech progresses its novel immunotherapies for blood cancers and B-cell diseases.

Baldwin brings more than 20 years of experience across scientific research, operational leadership, capital markets and commercial strategy in Australia, Asia-Pacific, Europe and the United States.

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