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.
Cyprium Metals
Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) provided an update on its Paterson Exploration Project following completion of a first-pass review of exploration data received from IGO. Control of the project has recently reverted to Cyprium after the dissolution of the joint venture and farm-in agreement with IGO, under which IGO had completed approximately $24 million of exploration expenditure. Cyprium is progressing its assessment of the dataset as it advances its strategy to support the phased restart of the Nifty Copper Complex in Western Australia’s Paterson region.
AuKing Mining
AuKing Mining Ltd (ASX:AKN) also reported a series of developments during the December quarter across its portfolio of gold, uranium, copper and critical minerals projects in Australia, Canada and Tanzania. The company confirmed that the proposed acquisition of the Cloncurry Gold Project did not complete under the terms of Orion Resources’ sale contract. In addition, the ASX determined that the proposed 100% acquisition of Orion would require full shareholder approvals under Chapter 11 of the Listing Rules, prompting AuKing to withdraw from the transaction on those terms.
AuKing disclosed that Orion has since commenced Supreme Court proceedings in relation to the failed transaction, with details released to the market on January 13, 2026. Elsewhere, final results from an airborne survey at the Myoff Creek niobium and rare earths project in British Columbia indicated potential extensions to known carbonatite mineralisation, while progress continued at the Koongie Park copper-zinc joint venture with Cobalt Blue. The company also completed a $400,000 working capital raising alongside GBA Capital, and subsequent to quarter-end, directors Fisher, Prendergast and Harding retired from the board.
Uranium rises
In the broader resources market, uranium equities were among the strongest performers on the ASX, extending a rally underpinned by firmer spot prices and renewed confidence in the sector’s medium-term supply outlook. The uranium spot price moved above US$85 this week, approaching levels last seen during the 2024 upswing, while a key uranium-focused ETF gained about 3% and now sits close to its October highs.
That momentum flowed through to domestic stocks across the sector, from established producers to early-stage explorers. Larger names such as Paladin Energy Ltd (ASX: PDN) and Deep Yellow Ltd (ASX: DYL) led gains, but strength was broad-based, reflecting improving sentiment, ongoing supply-side constraints and increasing investor attention on projects positioned to move through development in the coming years.