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The Markets
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The Markets
by Proactive
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Small Cap Wrap: News ramps up as XSO lifts

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has outlined a suite of high-priority copper targets across its Paterson Exploration Project in Western Australia after completing a first-pass review of a substantial exploration data package inherited following the exit of former joint venture partner IGO.

The review marks an important reset for Cyprium Metals, which regained full control of around 2,000 square kilometres of prospective ground in the Paterson province after the dissolution of its farm-in and joint venture agreement with IGO in 2025.

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The S&P/ASX Small Ordinaries Index (ASX: XSO) edged higher on Monday, closing at 3,960.90, up 3.80 points or 0.096% on the day and 0.53% over the past five trading sessions, as modest gains across small-cap resources stocks supported the benchmark.

It has been a slow start to the morning on the news front, but several ASX-listed explorers and developers have released updates. You can read about these and more throughout the day. You can also check out our uranium piece. The price of uranium continues to rise, assisting most companies on the ASX.

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AuKing Mining Ltd (ASX:AKN) has flagged the end of its proposed Cloncurry Gold Project acquisition as a key development of the December 2025 quarter, while also pointing to continued technical progress across its Canadian exploration portfolio and steady advancement at its Koongie Park copper-zinc joint venture in Western Australia.

In its quarterly report for the three months ended December 31, 2025, the company confirmed it will not proceed with the Cloncurry acquisition or the associated takeover of Orion Resources, after the underlying asset sale failed to complete and the ASX determined the transaction would require full shareholder approvals under the Listing Rules.

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Australian Gold and Copper Ltd (ASX:AGC) is continuing to build its silver and gold inventory at the South Cobar Project in western New South Wales, with new high-grade drilling results expected to contribute to future resource growth at the Achilles deposit.

The South Cobar Project is located within the Cobar Mining District and remains the company’s core focus, with ongoing drilling at the Achilles and Browns–Evergreen targets aimed at expanding both precious and base metal resources.

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Mesoblast Ltd (ASX:MSB, NASDAQ:MESO) shares traded lower on Monday, slipping nearly 4% by 3 pm AEDT despite what, on the surface, looked like constructive regulatory feedback from the US Food and Drug Administration acknowledging the potential efficacy of the company’s chronic back pain treatment.

The stock’s reaction offered a reminder that positive regulatory language does not always translate into immediate market gains — particularly when the news confirms potential rather than delivering a clear approval pathway. The decline came against a broader market that was already under pressure, with the ASX 200 down 0.48% and the healthcare sector off around 0.44%.

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Tivan Limited (ASX: TVN) has completed the acquisition of 100% of the Molyhil Tungsten-Molybdenum Project in the Northern Territory, clearing the way for accelerated development and near-term drilling.

The project is located about 220 kilometres north-east of Alice Springs, adjacent to Tivan’s Sandover Fluorite Project, consolidating the company’s footprint in what it describes as a growing critical minerals precinct in central Australia.

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American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has sharpened its focus on advancing its flagship Halleck Creek Rare Earths Project in Wyoming, United States, after completing the sale of its non-core shareholding in Godolphin Resources Ltd.

The transaction delivered a value-accretive outcome and provides additional financial flexibility as the company progresses technical studies, metallurgical optimisation and development planning at Halleck Creek.

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Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) has secured a follow-on contract worth about US$400,000 with US partner Aptatek Biosciences Inc. to manage a key clinical study aimed at progressing the PheCheck™ in-home phenylketonuria (PKU) monitoring device towards US regulatory clearance.

The new agreement marks the next phase of a long-running collaboration between the two companies and will see Lumos manage an Institutional Review Board (IRB)-approved, multi-centre clinical study designed to support a submission for clearance by the US Food and Drug Administration (FDA).

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Enegex (ASX: ENX) has outlined a new aircore (AC) drill target at its Tougbe permit in Côte d’Ivoire after power auger drilling, combined with historical AC data, defined a mineralised footprint about 650 metres long and more than 100 metres wide, covering roughly 10 ha.

The company said the target area carries an average all-of-hole gold value of 0.34 g/t Au across auger and historical AC results, which it interprets as evidence of a broad mineralised system suitable for follow-up drilling.

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Orthocell Ltd (ASX:OCC, OTC:ORHHF) has delivered a seventh consecutive quarter of record revenue, reporting $3.2 million in sales for the December 2025 quarter as early momentum builds from its US nerve repair product Remplir.

The result represents a 45% increase on the prior corresponding period and a 7% lift on the previous quarterly record, extending a run of consistent growth that the company says reflects rising adoption across both established and emerging markets.

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Djerriwarrh Investments Limited (ASX: DJW) has maintained its interim dividend at 7.25 cents per share, fully franked, for the half-year ended December 31, 2025, matching the prior corresponding period. The dividend will be paid on February 23, 2026, to shareholders on the register at 2 February 2026, with shares trading ex-dividend on January 30, 2026.

The company said the interim dividend was set with reference to its Net Operating Result, which came in at $19.7M, down 6.0% from $21.0M in the prior period. On a per-share basis, net operating result was 7.49c versus 7.96c previously.

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Resolution Minerals Ltd (ASX:RML, OTC:RLMLF, FRA:NC3) has outlined a renewed push to advance and develop the past-producing Golden Gate Tungsten Mine, sharpening its focus on building a US-based critical metals platform at its Horse Heaven project in Idaho.

The company said the next phase of work follows a positive review of historical data, discussions with prior operators and encouraging insights from recent drilling, all of which point to meaningful potential for additional tungsten mineralisation beyond the historic workings.

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Buru Energy Ltd (ASX:BRU, OTC:BRNGF) continued to progress its Rafael Gas Project during the December 2025 quarter, advancing funding discussions, maturing drilling plans and securing key approvals ahead of a pivotal 2026 appraisal and flow-testing program.

The company also strengthened its balance sheet through a $2.35 million Share Purchase Plan, while maintaining a streamlined exploration footprint across the Canning Basin.

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Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has reported assay results from a further 21 drillholes at its Northern Zone intrusive-hosted gold project, part of the company’s broader Kalgoorlie Gold Project located about 25 kilometres east of Kalgoorlie in Western Australia.

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St George Mining Ltd (ASX:SGQ, FRA:S0G) has delivered another strong set of drilling results at its Araxá Rare Earths and Niobium Project in Brazil, with new assays confirming thick, high-grade mineralisation well beyond the boundaries of the current Mineral Resource Estimate (MRE).

The latest diamond drilling has returned multiple broad intersections of total rare earth oxides (TREO) and niobium (Nb₂O₅) from surface, including a standout 99.1 metres at 5.62% TREO and 0.42% Nb₂O₅ from surface in hole AXDD038. Several holes also recorded exceptionally high-grade zones, with assays peaking at up to 22.42% TREO, underscoring the scale and strength of the mineral system.

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