ASX small caps are facing a cautious end to the week after a sharp global tech-led sell-off overnight and a late slump in commodity prices, with early company updates relatively light so far this morning.
The Small Ordinaries fell 1.76% yesterday, underperforming the broader ASX 200, as volatility in tech and healthcare spilled into emerging names. Against that backdrop, a handful of resource-focused announcements are setting the tone this morning.
Alkane Resources
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) reported record operating and financial results for the December half, driven by stronger gold and antimony prices and the full contribution from its expanded three-mine portfolio.
Gold equivalent sales of 74,094 ounces generated $404 million in revenue for H1 FY26, with net profit reaching $65 million and adjusted EBITDA of $185 million. The company ended the half with $246 million in cash, bullion and listed investments, and says it remains on track to meet full-year production and cost guidance.
AuMEGA Metals
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has launched a brokered Listed Issuer Financing Exemption (LIFE) offering to raise up to C$10 million to advance exploration across its Newfoundland projects in Canada.
Proceeds will primarily fund what is expected to be the company’s largest drill program in four years — up to 15,000 metres targeting prospects across the Cape Ray District, including Isle aux Morts Granite, Cape Ray West and Bunker Hill — with additional funds allocated to early-stage work at Hermitage and Intersection.
St George Mining
St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) announced that the State of Minas Gerais in Brazil has granted a preferential goods tax regime for its Araxá rare earths and niobium project, reducing development costs by exempting equipment and materials from state goods tax of up to 18%.
The fiscal support follows earlier collaboration agreements with the state and underpins ongoing feasibility work at Araxá, including plans for a large-scale pilot plant through a joint venture with CEFET. Management says the concessions will feed directly into the project’s economic studies as it advances toward potential development.