Entropy Neurodynamics Ltd (ASX:ENP, OTC:TYPTF) says the first patient treated with its TRP-8803 (IV-infused psilocin) in a binge eating disorder (BED) trial has completed a 4-week follow-up assessment, with the company reporting “clinically meaningful” improvements across multiple symptom domains.
The patient received two TRP-8803 infusions over three weeks alongside supportive psychotherapy. Entropy said the top-line outcome provides early validation for TRP-8803 and supports ongoing clinical development.
The S&P/ASX Small Ordinaries (XSO) closed at 3,964.40, up 24.30 (0.62%) yesterday and is up 20.80 (0.53%) over the past five days.
Against that firmer small-caps backdrop, we have several companies with news this morning. You can read about the following and more throughout the day.
C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) said on Wednesday it has entered into a bought deal private placement agreement with Paradigm Capital Inc. and a syndicate of underwriters to raise up to C$20 million.
Proceeds from the offering will be used for exploration and development at its wholly owned Khaleesi copper-gold project, its 50%-owned Super Block project, and for general working capital, the company said in a statement.
Jefferies analysts said the continued commercial momentum of Johnson & Johnson (NYSE:JNJ)'s Spravato (esketamine nasal spray) could provide a meaningful tailwind for the broader psychedelics sector, with AtaiBeckley NV (NASDAQ:ATAI, XETRA:9VC) a direct beneficiary.
As reported by J&J on Wednesday, Spravato’s fourth quarter 2025 sales in treatment-resistant depression (TRD) rose 10% sequentially to $503 million worldwide.
G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF, FRA:W97) is expected to maintain strong margins and growth potential over the next two years, according to a Jefferies analyst note, despite higher projected costs for 2026.
Jefferies maintained a Buy rating on GMIN with a C$54 price target, implying 25% upside from current levels.
C3 Metals Inc (TSX-V:CCCM, OTC:CUAUF) has reported results from the second drill hole of its ongoing program at the 100%-owned Khaleesi copper project in southern Peru, which included a higher-grade copper-gold intercept at depth.
The company said drill hole KHZ5800-002 intersected 51.1 metres grading 0.54% copper and 0.31 grams per ton (g/t) gold, 3.21 g/t silver and 6 parts per million (ppm) molybdenum, from 339.6 metres downhole depth, or 0.86% copper equivalent.
TNR Gold Corp (TSX-V:TNR, FRA:TNW, OTC:TRRXF) is on the cusp of becoming a revenue-generating royalty company, according to a new report from Fundamental Research, with analysts citing rising lithium and copper prices as key drivers for near-term earnings.
The company, which focuses on royalties from projects operated by other mining firms, has seen its shares surge 240% year-over-year, significantly outperforming the BetaShares mining royalty ETF, up just 17% over the same period.
Deutsche Bank has reiterated its ‘buy’ rating on Creo Medical Group PLC (AIM:CREO, FRA:1RC, OTC:CMEOF), following a trading update that confirmed 50% revenue growth for the year just gone, in line with expectations.
The medtech firm’s shares closed at 11.63p, with Deutsche maintaining a price target of 40p.
American Resources Corp (NASDAQ:AREC) announced that it has successfully minted the world’s first utility token for critical minerals with its subsidiary ReElement Technologies.
The token, created in partnership with blockchain firm SAGINT, was minted on a private Sui Layer-1 blockchain and tracks refined neodymium oxide from ReElement’s Noblesville, Indiana, facility. It establishes a verifiable chain of custody, recording material origin, processing, and mass balance, and is designed to support compliance with the US Department of War’s Defense Federal Acquisition Regulation Supplement (DFARS).
Lisata Therapeutics Inc (NASDAQ:LSTA, FRA:8NE) said on Wednesday it has agreed to be acquired by privately held Kuva Labs in a cash deal valuing the clinical-stage drug developer at $4 per share, plus potential contingent payments tied to regulatory and licensing milestones.
Under the terms of a binding term sheet, Kuva will launch a tender offer to buy all outstanding Lisata shares for $4 each in cash, with shareholders also eligible to receive up to $2 per share through two non-tradeable contingent value rights, Lisata said.
Shares in KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF, FRA:KMSA) rose 8% to 1.48p on Wednesday after the company confirmed continued progress toward finalising the full $340 million funding package for its Tulu Kapi gold project in Ethiopia.
The company update was supported by a research note from SP Angel, which reiterated a 'buy' recommendation with a 4.9p price target.
Cloudbreak Discovery PLC (LSE:CDL, OTC:CDBDF) shares rose 19% to 0.78p on Wednesday after the company confirmed it had completed the acquisition of three gold projects in Western Australia, solidifying its position in one of the world’s top mining jurisdictions.
The deals, covering the Darlot West Gold Project, its nearby expansion area, and the Crofton Gold Project, were first announced between September and December last year.
Sintana Energy Inc's (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) move to secure an option on Namibia’s PEL37 licence marks a calculated extension of its exposure to one of the world’s most closely watched offshore exploration frontiers.
The deal, outlined in a Letter of Intent, gives Sintana a three-month exclusivity period to conduct due diligence on Paragon Oil and Gas and the shallow-water block, with a modest financial commitment: $1 million, only a third of which is non-refundable if the company walks away.
Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A) shares rose 2% to 37.2p on Wednesday, taking their gain to 77% over the past year, after the company confirmed its transition into commercial production with a first order from US partner Cirtec Medical.
The deal covers the supply of electrodes, the key conductive components in Ilika’s miniature Stereax solid-state batteries, and follows two years of development work.
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML, FRA:SVM) shares rose 25% to 38p after the company revealed the successful recovery of high-value heavy rare earths from tailings at its Kasiya project in Malawi, a development that could add a third revenue stream at near-zero cost.
Monazite concentrate extracted during rutile processing was found to contain exceptional levels of dysprosium, terbium and yttrium — rare earths critical to defence, aerospace and advanced electronics.
The final pieces of KEFI Gold and Copper PLC's (AIM:KEFI, OTC:KFFLF, FRA:KMSA) $100 million equity package for its Tulu Kapi gold project in Ethiopia are expected to be completed in February, paving the way for full financial close and the start of major on-site works.
In an update, the company reconfirmed that binding documentation has now been signed for its $240 million loan facility, with the remaining equity elements (including $30 million in subordinated streaming and royalty deals and $20 million in Ethiopian preference shares) undergoing final documentation.
Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF, FRA:3ZX1, AIM:SEI) has secured exclusive rights to pursue a potential investment in a large offshore exploration block in Namibia’s Walvis Basin, expanding its footprint in one of the world’s most closely watched emerging oil plays.
The company announced it has signed a letter of intent for a period of exclusivity through to 30 April 2026 to negotiate a deal for an indirect stake in Petroleum Exploration Licence (PEL) 37, which covers 17,295km² of seabed in relatively shallow waters off the Namibian coast.
AFC Energy PLC (AIM:AFC, OTC:AFGYF, FRA:QC8) has completed its first build of a new hydrogen fuel cell generator that it says dramatically reduces costs and improves performance, putting the company on a clearer path toward commercial scale-up.
The 30kW LC30 Generator, the company’s first liquid-cooled model, is now undergoing operational testing and is already producing power to design specifications.
Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the British battery technology company, has received its first commercial order from Cirtec Medical for components used in its miniature solid-state batteries — a deal that marks the company’s move from R&D into revenue-generating production.
The order, announced today, covers the supply of electrodes, conductive elements at the heart of Ilika’s Stereax batteries, and follows more than two years of development work with Cirtec, a US-based manufacturer of implantable medical devices. Ilika delivered initial prototypes in December.
Andrew Forrest’s private mining vehicle Wyloo Metals has spent $200 million building its position in ASX-listed Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP), lifting its holding to more than 18%.
Greatland operates the Telfer gold and copper mine in Western Australia and is developing the nearby Havieron deposit.
Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF) has agreed to be acquired by Energy Fuels Inc. (TSX:EFR, NYSE-A:UUUU)) via a court-approved scheme of arrangement under a binding Scheme Implementation Deed.
The nes sent ASM's share price sky high. Just before market close, the company was up 120% to $1.59.
Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF, FRA:QM3) has confirmed the potential for a higher-grade starter pit at its Korbel Main Deposit after shallow reverse circulation (RC) drilling outlined a near-surface core grading up to 1.2 g/t gold within the broader bulk-tonnage resource.
The 2025 RC program targeted the upper portion of the Korbel Main resource, which currently stands at 800 Mt at 0.3 g/t Au for 6.64 Moz, part of the wider Korbel Gold Deposit containing a combined 8.65 Moz of gold when including the Cathedral Deposit.
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML, FRA:SVM) has recovered a monazite product containing heavy rare earth elements from the tailings stream generated during rutile processing at its Kasiya Rutile-Graphite Project in Malawi.
The monazite concentrate was produced at Sovereign's upgraded Lilongwe laboratory facilities from material that would otherwise be discarded — specifically, the non-conductor tailings stream from electrostatic separation of a heavy mineral gravity concentrate derived from Kasiya ore.