ASX small caps are wading through a quarterly-heavy news flow this morning, with a firmer futures lead setting a constructive tone even as offshore markets continue to rotate away from pricey software and into resources and cyclicals.
Against that backdrop, today’s updates skew to gold/copper and critical minerals, with a handful of biotech names also posting clinical and regulatory progress.
Alkane Resources
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) moved to expand its Victorian footprint, executing a term sheet with Nagambie Resources for a proposed earn-in over the Nagambie gold–antimony project, around 40km from its Costerfield operations. The deal includes a $2.5 million equity investment and up to $27.5 million in staged exploration and development spend, targeting depth extensions and potential processing synergies via Costerfield.
FireFly Metals
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) reported a strong December quarter as it advanced economic studies at its Green Bay copper-gold project in Canada, underpinned by a 51% increase in mineral resources to 50.4Mt at 2.0% CuEq (M&I). The company enters 2026 well funded, with a Preliminary Economic Assessment due in the June quarter.
Critical Resources
Critical Resources Ltd (ASX:CRR, FRA:9S70) made progress across multiple fronts, expanding its Mavis Lake lithium footprint in Canada to more than 400km² while advancing early drilling at its New Zealand gold assets. The company also secured an option over next-generation solid-state battery technology, positioning itself across both upstream resources and downstream battery innovation.
Lightning Minerals
Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) completed a successful inaugural drill program at its Mt Turner project in Queensland, intersecting gold and base metal mineralisation in all nine holes, including high-grade epithermal gold and zinc-silver zones. Phase 2 drilling is planned for early 2026 following a $2.5 million capital raise.
Percheron Therapeutics
Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) advanced its HMBD-002 oncology program during the quarter, presenting final Phase I data that confirmed a favourable safety profile and early signs of efficacy. The company outlined plans to commence a modular Phase II trial across multiple tumour types, with drug manufacturing scheduled for completion in mid-2026.
Nexus Minerals
Nexus Minerals Ltd (ASX:NXM, FRA:YAK) reported strong drilling momentum at its Wallbrook gold project in Western Australia, with multiple regional prospects advancing toward resource definition. Resource definition drilling is planned for early 2026 as the company continues to position Wallbrook as an emerging gold camp.
Sovereign Metals
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML, FRA:SVM) highlighted the recovery of heavy rare earth-rich monazite from rutile tailings at its Kasiya project in Malawi, opening the door to a potential third revenue stream. The quarter also saw the World Bank’s IFC commit to supporting project financing and sustainability frameworks for Kasiya.
Synertec
Synertec Corporation Ltd (ASX:SOP) delivered a solid quarter, posting $5.1 million in revenue and positive operating cash flow of $1.1 million, driven by improved margins and cost discipline. Its Powerhouse energy units continued to generate high-margin revenue, with a growing pipeline of engineering and energy infrastructure opportunities.
Solis Minerals
Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) advanced its Peruvian copper portfolio during the quarter, completing the acquisition of the Cucho copper project and progressing drilling across multiple targets. The company ended the period with $4.2 million in cash after a $5.9 million capital raise.
Prescient Therapeutics
Prescient Therapeutics Ltd (ASX:PTX) reported continued progress across its PTX-100 clinical program, securing European regulatory approvals to commence a Phase 2a trial in CTCL. Cash at quarter-end stood at $9.7 million, bolstered by a $4.3 million R&D tax refund received in January.
BOA Resources
BOA Resources Ltd (ASX:BOA) entered Western Australia’s Murchison copper belt during the quarter, acquiring a 49% interest in the Neds Creek copper project. Early work has identified multiple drill-ready targets, with drilling planned to commence in the June quarter.
archTIS
archTIS Ltd (ASX:AR9, OTCQB:ARHLF) reported another strong quarter of growth, with annual recurring revenue up 308% year-on-year to $16.3 million, driven by continued momentum with the US Department of Defense. Integration of the Spirion acquisition delivered material cost synergies, supporting further US expansion.
Imugene
Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) reported encouraging clinical data from its azer-cel CAR-T program, including an 82% overall response rate in relapsed/refractory DLBCL. The company also outlined lower expected operating costs for FY26 as it advances toward pivotal trial planning.
Kairos Minerals
Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF, FRA:YAJ) completed a major drilling campaign at its Mt York gold project in the Pilbara, with results expected to support an updated mineral resource estimate in the first half of 2026. Drilling extended high-grade mineralisation across multiple prospects, including the Main Hill extension.
Terra Metals
Terra Metals Ltd (ASX:TM1, FRA:21V) delivered standout results from drilling at the Southwest Prospect within its Dante project, confirming high-grade PGE mineralisation near surface. The company ended the quarter with around $11 million in cash following a $15 million placement to fund further exploration and resource work.