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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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Small cap wrap: Northstar Gold, Phunware, Ecora Royalties...

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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Northstar Gold Corp. (CSE:NSG) announced that it has received approval, alongside consortium partners, to access up to $4 million in total co-investment funding from DIGITAL, Canada’s Global Innovation Cluster for digital technologies to advance the Cam Copper Surgical Mining for Critical Minerals Project.

The project, led by Novamera, is focused on applying Novamera’s Surgical Mining technology to support the extraction of critical minerals, including copper. Northstar is participating as a consortium partner with Novamera and Micon International Limited.

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OKYO Pharma Ltd (NASDAQ:OKYO) announced that it has received positive feedback from the US Food and Drug Administration (FDA) following a Type C meeting on the design of its planned Phase 2b/3 clinical trial of its investigational therapeutic urcosimod for the treatment of neuropathic corneal pain (NCP).

The company said the FDA agreed that the proposed primary endpoint, reduction in pain measured by the Visual Analogue Scale at Week 12, is clinically meaningful, including acknowledgment that a two-point or greater improvement on the scale represents a meaningful treatment effect.

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Phunware Inc (NASDAQ:PHUN, FRA:2RJA) is narrowing its go-to-market strategy around the hospitality sector, concentrating its product offering on two core solutions as the company doubles down on an area where it says customer traction, engagement metrics and revenue potential are strongest.

The enterprise mobile software company also unveiled a redesigned corporate website, highlighting its refined hospitality-focused product portfolio and showcasing how its platform enhances guest experiences, engagement and ancillary revenue.

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Bango PLC (AIM:BGO, OTCQX:BGOPF) has announced a partnership with Japanese telecoms group KDDI, which has opted to take up the AIM-quoted company's Digital Vending Machine, to offer subscription bundles to its customer base.

Specifically, the DVM will be made available to povo2.0 pre-paid customers. The DVM service is designed to bundle streaming subscriptions with mobile plans.

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Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR) has, in today's trading update for the fourth quarter, reported a total portfolio contribution of $57 million for the year ended 31 December.

The group noted that the Q4 portfolio contribution amounted to $14.3 million. It said that the base metals portfolio contribution rose 150% year on year to $28.5 million, helped by higher cobalt deliveries from Voisey’s Bay, a maiden contribution from the Mimbula copper stream and record production at Mantos Blancos.

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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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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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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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