After a choppy stretch for risk appetite, small caps are trying to build on the recent improvement in breadth — with the Small Ords having been the brighter spot in the last session and ASX futures pointing higher again this morning. Today’s small cap news flow leans heavily to resources and critical minerals, alongside a tech-adjacent battery development update.
Terra Metals
Terra Metals Ltd (ASX:TM1, FRA:21V) says drilling has confirmed a thick, near-surface titanium–vanadium–gallium discovery at the SW3 and SW4 targets within its Dante Project, extending the system to more than 800m of strike and over 400m in width. Individual reef packages were reported at up to 60m thick — far larger than the basal reef underpinning the current 148Mt Dante Reefs resource — with multiple intercepts showing double-digit TiO₂, solid vanadium grades and consistent gallium enrichment.
The company also highlighted Southwest as a vertically stacked polymetallic system, where oxide reef mineralisation coincides with previously reported PGM–copper–nickel sulphide hits, with assays still pending from several visually identified sulphide zones.
Critical Resources
Critical Resources Ltd (ASX:CRR, FRA:9S70) has commenced a solid-state lithium-ion battery evaluation program with the South Dakota School of Mines & Technology under the NSF-backed CEPS framework. The six-month program is designed to generate independent data on electrolytes, interfaces and cathode structures to support early prototype development.
CRR said access to CEPS’ federal-grade infrastructure should reduce development risk and cost as it advances two parallel workstreams covering solid-state electrolytes and dry-deposited cathodes.
D3 Energy
D3 Energy Ltd (ASX:D3E, OTCQB:DNRGF) has secured a new Technical Cooperation Permit (TCP273) in South Africa’s Free State helium province, adding 82,777 acres adjacent to its core ER315 area. The award lifts the company’s total granted and applied-for footprint in the region to nearly 479,000 acres.
The permit sits along the same structural trends as D3’s existing acreage, where prior appraisal work has returned helium concentrations of up to 6.2% from shallow boreholes.
Lindian Resources
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has started Stage 2 resource definition and geotechnical drilling at its Kangankunde Rare Earths Project in Malawi, targeting the conversion of roughly 20–40Mt from Inferred to Indicated status, subject to results. The program includes about 3,400m of diamond drilling and 2,700m of RC drilling, running through April.
The work is aimed at supporting mine scheduling and a potential Stage 2 expansion scenario, including higher throughput and increased monazite concentrate production.
Novo Resources
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has upgraded its Exploration Target at the Belltopper Gold Project in Victoria following a detailed geological review, adding a new reef and extending strike and depth assumptions across several priority structures. The updated 2026 target points to increases in tonnage, grade and contained ounces compared with the 2024 version, noting it remains an Exploration Target rather than a Mineral Resource.
Novo said planning is underway for possible drilling in the second half of 2026 to further test both near-surface and deeper targets.
Aruma Resources
Aruma Resources Ltd (ASX:AAJ) has completed the acquisition of the Tillex Copper–Silver Project in Ontario’s Timmins district, confirming settlement and title transfer across four patent claims. The company described Tillex as a drill-defined, high-grade copper sulphide system with scope for extensions along strike and at depth.
A maiden field program is set to begin in the March quarter, starting with an electromagnetic survey ahead of diamond drilling, with Aruma pointing to historical intercepts including 110m at 1.69% copper and 7.05g/t silver.