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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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The Small Cap Wrap: Markets down on inflation realities

AuKing Mining Ltd (ASX:AKN) has agreed to acquire 100% of two tin and silver exploration licence applications in northwestern Tasmania, securing ground adjacent to the world-class Renison Bell tin mine at a time of strong prices and tightening global supply.

The proposed acquisition gives AuKing exposure to a district-scale landholding of around 203 square kilometres near the historic mining town of Rosebery, within one of Australia’s best-known tin provinces. The licence applications sit close to both the operating Renison Bell mine — jointly owned by Metals X and Yunnan Tin — and Critica Ltd’s undeveloped Mt Lindsay tin project.

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Critical Resources Ltd (ASX:CRR, FRA:9S70) has received firm commitments to raise A$1.75 million (before costs) through a placement priced at A$0.01 per share, with the funding to be directed to work programs across its lithium, gold–antimony and solid-state battery technology opportunities.

The company will issue 175 million new fully paid ordinary shares at $0.01 each, with investors also receiving 1-for-4 free attaching options exercisable at $0.008 on or before April 23, 2028.

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Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF) has approved a suite of growth investments designed to lift capacity across processing, mining and accommodation as it continues to pursue organic growth across its 100%-owned Davyhurst tenure in Western Australia.

The board has signed off on $63 million of key project spend, led by funding to move a proposed ~3-million-tonnes-per-annum (Mtpa) standalone processing plant from definitive feasibility study (DFS) into front-end engineering design (FEED), alongside pre-production capital to start a new open pit at Waihi, about 3km from the existing 1.2Mtpa Davyhurst mill.

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Cosmo Metals Ltd (ASX:CMO) has outlined results from a portable X-ray fluorescence (pXRF) geochemistry program across the underexplored Mt Everest–Mona VMS trend at its 484.1km² Bingara Project in northern NSW, identifying two previously untested target zones within a prospective corridor extending more than four kilometres.

The work was co-funded through a NSW Government grant of up to $50,000 under the “Critical Minerals & High-Tech Exploration Program”.

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China’s evolution into a global biopharma innovation hub has moved well beyond a theoretical talking point. A new analyst note from PitchBook outlines how the country has built a durable advantage in early-stage asset generation — one that is already reshaping global licensing markets and changing the competitive context for biotech companies elsewhere, including Australia.

Rather than a simple story of “catch-up”, the report frames China as a market that has quietly assembled a full-stack development engine: original research, rapid clinical validation and scalable manufacturing, increasingly operating in concert. That combination is beginning to influence where global pharma looks first for new assets — and how those assets are priced.

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Australia’s inflation outlook has taken a sharp turn higher, increasing pressure on the Reserve Bank of Australia (RBA) and lifting the risk of the first interest rate hike in more than two years.

Fresh ABS data shows headline inflation jumped to an annual seasonal rate of 3.7%, up from 3.2%, while the trimmed mean – the RBA’s preferred core measure – rose to 3.4%. Both readings remain above the central bank’s 2–3% target band and above the RBA’s most recent guidance, fuelling concerns that prices could stay higher for longer.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has capped a strong December quarter at its Telfer gold-copper operation, delivering higher production, robust margins and a further step-up in cash generation as its first full year of ownership draws to a close.

The company produced 86,273 ounces of gold and 3,528 tonnes of copper during the quarter at an all-in sustaining cost (AISC) of $2,196 per ounce, generating cash flow from operations of $406 million and lifting its closing cash balance to $948 million. Greatland remains debt free.

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American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) successfully produced Mixed Rare Earths Oxide (MREO) from Halleck Creek ore using its updated mineral processing flowsheet during the December 2025 quarter, describing the result as a key technical milestone.

The quarter’s work advanced multiple technical streams across metallurgical processing, beneficiation optimisation and resource definition, alongside corporate leadership changes.

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In its December quarterly, Constellation Resources Ltd (ASX:CR1, FRA:0XX) said on-ground exploration across two Edmund-Collier SPA-AOs is expected to start in the current quarter following permitting approvals, with programs planned for soil gas sampling and inspection of historical mineral exploration holes for evidence of gas seepage.

CR1's total natural hydrogen (NatH2) footprint now covers 87,602km² across 9 SPA-AOs (Special Prospecting Authorities with an Acreage Option) over the Edmund-Collier, Yerrida and Ashburton basins.

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Antipa Minerals Ltd (ASX:AZY) completed an updated Mineral Resource Estimate (MRE) for its 100%-owned 4,500km² Minyari Dome gold-copper development project during the December 2025 quarter.

The updated Minyari MRE added 163koz of gold and 6.6kt of copper (200koz AuEq) and now totals 58Mt at 1.45g/t gold and 0.17% copper (plus 0.42g/t silver and 0.03% cobalt), containing 2.7Moz gold, 90kt copper, 700koz silver and 13kt cobalt — equivalent to 3.3Moz AuEq at 1.80g/t AuEq. Indicated resources represent 70% of the total, with 34.1Mt at 1.60g/t gold and 0.19% copper.

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Altech Batteries Ltd (ASX:ATC, OTC:ALTHF, FRA:A3Y) has reported a standout technical milestone in its December 2025 quarterly update, with its silicon-enhanced Silumina Anodes™ achieving 88.5% capacity retention after 500 charge–discharge cycles, alongside progress on funding, governance changes and a broader strategic reset.

The technical achievement underpins Altech’s push to commercialise its two core battery platforms — Silumina Anodes™ and the CERENERGY® sodium solid-state battery — both of which are being advanced in Germany. The company is operating a pilot facility in Saxony to support scale-up, qualification and partner engagement ahead of full commercial development.

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Aurum Resources Ltd (ASX:AUE) has delivered further high-grade gold results from infill and step-back drilling at the BMT3 deposit within its flagship Boundiali Gold Project in Côte d’Ivoire, bolstering confidence ahead of an updated Mineral Resource Estimate (MRE) and Pre-Feasibility Study (PFS) due in the current quarter.

The latest results form part of Aurum’s 100,000-metre drilling program completed during 2025 and are aimed at increasing both the size and confidence of resources across the 2.41-million-ounce (Moz) Boundiali project. New assays from 20 diamond drill holes for just over 5,000 metres have confirmed multiple high-grade intersections at depth, reinforcing the continuity and upside potential of the BMT3 system.

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D3 Energy Ltd (ASX:D3E, OTCQB:DNRGF) has expanded its helium and hydrogen footprint alongside its flagship assets in South Africa, after finalising the acquisition of two exploration permits in South Australia’s Arckaringa Basin, just south of Oodnadatta and north-east of Coober Pedy.

The company has now secured Petroleum Exploration Licences PEL 121 and PEL 122 through the purchase of 100% of the shares in Unleash Energy Pty Ltd. As part consideration, D3 Energy has issued 5,000,000 fully paid ordinary shares to the vendors of Unleash Energy. The shares are escrowed for 12 months.

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