As bulk commodities and base metals cool from recent highs, the Small Ordinaries has held up, shifting attention in the small-cap space toward execution — from drilling momentum to funding runways and near-term development milestones. Today’s updates skew towards lithium, gold and critical minerals, with several companies outlining concrete steps to convert momentum into growth through 2026.
Critical Resources
Critical Resources Ltd (ASX:CRR, FRA:9S70) outlined a focused 2026 exploration program at its Mavis Lake Lithium Project in Ontario, targeting resource growth across the Northern Prospects beyond the existing Main Zone. More than 58,000 metres of drilling since 2023 has already delivered broad spodumene intercepts outside the current resource envelope, including standout hits such as 74.4m at 1.18% Li₂O.
The company plans phased drilling to convert priority targets into resource growth, supported by feasibility-level metallurgical work showing strong spodumene recoveries and infrastructure advantages tied to rail, highway access and hydro power. Permitting and approvals are also being streamlined ahead of the 2026 field season.
Buru Energy
Buru Energy Ltd (ASX:BRU, OTC:BRNGF) used its December quarter update to flag progress toward funding and approvals for its Rafael gas project in Western Australia. The company has launched a global process to secure full funding for a 2026 drilling and flow-testing program, with multiple parties currently conducting due diligence.
Well planning for Rafael is advancing, while engagement continues with third parties around a potential equity interest in the Mars prospect. Buru also completed a $2.35 million share purchase plan during the quarter, helping fund development momentum as it targets first long-term gas cashflows from 2028.
Yandal Resources
Yandal Resources Ltd (ASX:YRL) reported shallow, high-grade air-core results from the New England Granite target within its Ironstone Well–Barwidgee project, highlighting fresh discovery potential across the intrusive complex. Best results included 6m at 6.3g/t gold from 36 metres, including 2m at 18.2g/t, with mineralisation linked to intrusive contacts and interpreted structures.
Several holes ended in anomalous gold, pointing to potential extensions into fresh rock. Follow-up RC drilling is planned for April, with additional aircore work on the western margin of the complex once heritage clearances are finalised.
Orthocell
Orthocell Ltd (ASX:OCC, OTC:ORHHF) delivered another record quarter, posting $3.2 million in revenue — its seventh consecutive quarterly high — driven by growing uptake of its Remplir nerve repair product. December-quarter revenue was up 45% on the prior year, with early US sales beginning to contribute.
The company closed the quarter with $49.4 million in cash following a $30 million institutional raising, supporting ongoing US expansion, regulatory progress in Europe and the UK, and broader commercialisation efforts across multiple markets.
St George Mining
St George Mining Ltd (ASX:SGQ, FRA:S0G) reported further thick, high-grade rare earth and niobium intercepts at its Araxá project in Brazil, with mineralisation extending well beyond the existing resource footprint. Recent drilling returned multiple intervals exceeding 80 metres from surface, with grades topping 22% TREO in individual samples.
Assays continue to point to an open and expanding mineral system, prompting the company to extend drilling into 2026 as it works towards a potential resource upgrade.
Resolution Minerals
Resolution Minerals Ltd (ASX:RML, OTC:RLMLF, FRA:NC3) moved to accelerate development at the historic Golden Gate tungsten mine in Idaho, appointing an experienced former mine geologist to guide exploration and evaluation work. The company is progressing plans for drilling in mid-2026 alongside metallurgical testing of existing tungsten stockpiles.
Resolution is also nearing completion of due diligence on the adjacent Johnson Creek Mill acquisition, positioning the project to capitalise on record tungsten prices and growing demand from defence, clean energy and high-tech applications.
Riversgold
Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) reported further shallow gold intercepts at its Kalgoorlie gold project while confirming a $2.15 million capital raise, with joint venture partner MEGA Resources taking a cornerstone position. Recent drilling returned results such as 8m at 5.81g/t gold from 46 metres, with more assays pending.
A drill rig is booked to return in February as the company works to expand oxide mineralisation ahead of potential near-term gold production, supported by progress toward mining lease conversion and development approvals.