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The Markets
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Archive

The Small Cap Wrap: XSO falls, but there are plenty of strong company results

Aurum Resources Ltd (ASX:AUE) has appointed capital markets veteran Richard Simpson as non-executive chairman, effective February 2, 2026.

Current chairman Troy Flannery will step down from the role on the same date and continue as a non-executive director.

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Star Minerals Ltd (ASX:SMS) has restarted grade control drilling at its Tumblegum South Gold Project, 40 kilometres south, southeast of Meekatharra, with MEGA Resources coordinating the program.

The drilling campaign is expected to total about 4,000 metres, with 611 metres completed before Christmas.

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Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF, FRA:ATY) shares dropped around 20% on Thursday after it announced the cancellation of its AIM market admission, effective from 13 February 2026.

The decision follows a review of the costs and benefits of maintaining the dual listing. Artemis cited limited UK liquidity, increased regulatory burdens and ongoing capital-raising challenges in the UK as key reasons for the move.

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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has reported a strong opening set of assay results from its 2025 diamond drilling program at the Tanbreez Rare Earths Project in southern Greenland, reinforcing the scale, continuity and multi-commodity nature of the globally significant peralkaline-hosted system.

The first results, from the Fjord and Upper Fjord areas, confirm consistent total rare earth oxide plus yttrium (TREO+Y) grades across broad intervals, with a substantial heavy rare earth component and a recurring suite of strategic metals including gallium, hafnium, yttrium and cerium.

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Yesterday was a standout session for Neuren Pharmaceuticals Ltd (ASX:NEU), with the stock surging on fresh commercial optimism around its Rett syndrome drug Daybue. After markets digested a solid biotech update from its US partner Acadia Pharmaceuticals, NEU popped about 8% higher intraday before trimming gains today as traders recalibrated risk and reward.

Acadia said it now expects Daybue net sales to reach roughly US$700 million by 2028, underpinning a stronger long-term revenue outlook for Neuren’s 10–15% royalty stream on the drug. For biotech investors, understanding both the upside and the caveats behind that number is critical as NEU’s share price swings with news flow.

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Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has restarted reverse-circulation (RC) drilling at its 100%-owned Smokebush Gold & Silver Project, about 350 kilometres north of Perth, following a Christmas and New Year break.

The rig is now operating at the Lightning prospect, where it is conducting a 21-hole, 4,500-metre RC program as part of a broader Smokebush campaign, totalling 34 holes for more than 6,800 metres.

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Kalamazoo Resources Ltd (ASX:KZR) has formally started a pre-feasibility study (PFS) at its Mt Olympus deposit within the 1.44-million-ounce Ashburton Gold Project, following a kick-off meeting with key technical consultants in Perth, as it continues to advance the Pilbara asset towards potential development.

At the same time, Kalamazoo has restarted diamond drilling at Mt Olympus after a brief Christmas–New Year pause, with early results expected to feed directly into mine planning and optimisation work for the study.

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Red Mountain Mining (ASX: RMX) has reported a fresh tranche of high-grade antimony rock-chip results from the Oaky Creek prospect within its 100%-owned Armidale antimony-gold project in northeast New South Wales, with assays topping 34.3% Sb.

The latest grab sampling targeted the southern portion of the 1.2 km-long Oaky Creek North soil anomaly and returned 11 of 13 samples above 1.9% Sb, reinforcing Oaky Creek North as a standout surface expression of antimony mineralisation. The best result came from sample AAR239, which assayed 34.3% Sb (342,728 ppm Sb), described as weakly oxidised massive stibnite float. Other headline assays included 23.1% Sb from AAR237 (230,751 ppm Sb) and 19.1% Sb from AAR240 (191,143 ppm Sb).

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ReNerve Limited (ASX: ReNerve) has received market registration (approval) in Malaysia for its NervAlign® Nerve Cuff.

The approval adds Malaysia to the Company’s list of Asia-Pacific clearances, alongside Hong Kong and Thailand. Malaysia has a population of 35 million and is a key market within ReNerve’s broader regional strategy, with many hospitals operating across multiple countries. The nerve repair market across Asia-Pacific is estimated to be worth around USD$100 million in 2026.

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Oil dropped after the US close, reversing a day of gains after President Donald Trump said he had been assured Iran would stop killing protesters—signalling he may hold off on a threatened military response to the crackdown on widespread demonstrations.

West Texas Intermediate fell as much as 3% after settlement on Wednesday (Thursday AEDT), sliding to about $US59 a barrel before trimming losses. Prices had settled on Wednesday at $US62.02. Oil had risen in each of the past 5 sessions as traders awaited a US response to the unrest in Iran, with America moving military staff and Tehran warning neighbouring countries against assisting any attack.

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Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) added to gains in the materials sector, rising 1% after agreeing to work with BHP Group Ltd (LSE:BHP, ASX:BHP) on extracting up to 200 million tonnes of iron ore from their neighbouring Yandicoogina and Yandi operations in the Pilbara.

Under two non-binding memoranda of understanding, the companies will explore collaboration on developing Rio Tinto’s Wunbye deposit, while BHP will supply ore from its Yandi Lower Channel Deposit to Rio Tinto for processing through Rio’s existing wet plants under agreed commercial terms.

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Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has delivered another round of high-grade gold results from the Golden Pole lode at its Waihi Project in Western Australia, continuing to expand the mineralisation envelope and reinforcing the project’s potential as the company’s third underground mine.

Ora Banda Mining said targeted follow-up drilling at Golden Pole has returned thick, high-grade intercepts, with standout results including 7 metres at 27.4 grams per tonne gold, featuring a bonanza-grade 2m interval at 87.5 g/t.

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Renegade Exploration Ltd (ASX:RNX) has delivered a strong early signal of scale and grade from its Broken Hills Project in Nevada, returning rock chip results of up to 1,013g/t silver alongside elevated gold, as surface work continues to unlock a large epithermal system within the Walker Lane Trend.

The latest results confirm and extend previously reported high-grade silver-gold mineralisation and support Renegade’s interpretation of a continuous Ag-Au-As-Mo zone now stretching more than 2 kilometres in strike length.

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Skylark Minerals Ltd (ASX: SKM) has strengthened its technical leadership as it prepares to kick off field operations at its flagship Zaranou Gold Project in Côte d’Ivoire, with drilling targeted to commence in the March quarter of CY2026.

The company has appointed experienced resource geologist Arnand van Heerden as vice president of exploration, a move that comes as drill planning reaches an advanced stage and Skylark confirms it is fully funded for the year ahead.

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Aurum Resources Ltd (ASX:AUE) has delivered another batch of encouraging high-grade gold intercepts from infill drilling at the BDT2 deposit within its flagship Boundiali Gold Project in northern Côte d’Ivoire, reinforcing continuity of mineralisation ahead of a key Mineral Resource Estimate (MRE) update due this quarter.

The results form part of Aurum’s 100,000-metre infill drilling campaign at Boundiali, which hosts a current 2.41-million-ounce gold resource and is the company’s core development asset.

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Yandal Resources Ltd (ASX:YRL) has reported a fresh batch of reverse circulation (RC) drilling results from its Arrakis prospect in Western Australia, highlighting consistent mineralisation and reinforcing the potential for higher-grade gold continuity along a more than 2.2-kilometre mineralised trend.

Assays have been received from 10 of 17 reverse circulation holes drilled in late 2025 at Arrakis, part of the Ironstone Well–Barwidgee Gold Project. The program tested the mineralised structure on broadly 200-metre-spaced sections, ahead of planned closer-spaced drilling later this year.

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