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The Markets
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The Small Cap Wrap: Imugene refund, Droneshield revenue surge, Novo cap raise and more...

archTIS Ltd (ASX:AR9, OTCQB:ARHLF) has secured a contract with a US and European military alliance to provide data security capabilities supporting secure collaboration across transatlantic allied defence operations, building on its US momentum.

The award will see archTIS’ NC Protect platform deployed to safeguard member nation data across multiple civil-military security domains involving dozens of allied countries.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has received independent confirmation from the Australian Nuclear Science and Technology Organisation (ANSTO) that its Kangankunde monazite concentrate is exempt from radioactive transport classification under international regulations — a result the company says materially de-risks its pathway to market.

ANSTO concluded that representative Kangankunde concentrate samples would not be classified as radioactive for transport under the International Atomic Energy Agency (IAEA)’s SSR-6 framework, meaning shipments are not subject to Class 7 dangerous goods controls.

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Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has significantly expanded its landholding at the Kalgoorlie Gold Project, increasing its tenement footprint by more than 800% as it advances plans for the Northern Zone intrusive-hosted gold deposit.

The company’s tenure in the Kalgoorlie East area — about 25 kilometres east of Kalgoorlie in Western Australia — has grown to 6.75 square kilometres from the original 0.8km² Northern Zone tenement, securing additional contiguous ground to the north and east of the existing project area. The expanded area is intended to accommodate the long-term infrastructure requirements of what Riversgold believes could evolve into a substantial porphyry-hosted gold operation.

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The S&P/ASX SMALL ORDINARIES (ASX: XSO) was at 3,727.30, up 63.50 (1.73%) yesterday, but down 2.10 (-0.06%) over the past five days. Looking to follow yesterday's positive momentum are several companies that have delivered news before market open. You can read about the following and more throughout the day.

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) says the Australian Nuclear Science and Technology Organisation (ANSTO) has completed an independent radiological assessment of 2 representative Kangankunde monazite concentrate samples (Certificate of Analysis 25GAM228, Appendix A). ANSTO concluded the representative samples would not be classified as radioactive for transport under the International Atomic Energy Agency (IAEA) transport framework and are exempt from the requirements of SSR-6 (Regulations for the Safe Transport of Radioactive Material). As a result, Lindian’s concentrate shipments will not require Class 7 radioactive dangerous goods controls under SSR-6, supporting a simplified export and logistics pathway.

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Citi says Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) is still “searching for a differentiator” in its investment case. and, for many investors, the view will be “most routes lead through M&A”.

The innvestment bank's analysts argue Rio’s latest results didn’t meaningfully reset expectations, coming “just a couple of months after the CMD in Dec and after the aborted talks with Glencore”, leaving the update as “largely a reiteration of what the market knew”.

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Novo Nordisk (NYSE:NVO)’s once-dominant position in the booming obesity drug market is facing its sternest test yet.

The Danish pharmaceutical giant announced today that it will cut US list prices for its blockbuster GLP-1 therapies — including Wegovy and Ozempic — by up to 50%, a move that signals both political and competitive pressure on the sector’s most dominant player. The decision comes as the company grapples with a bruising run of headlines: a disappointing late-stage trial for its next-generation obesity candidate CagriSema and renewed scrutiny of pricing across the US healthcare system.

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Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) has received a nearly A$2.74 million research and development tax refund for the 2025 financial year, bolstering its funding position as it advances its clinical-stage immuno-oncology pipeline.

The refund, totalling A$2,738,618 and including A$10,911 in interest, was received under the Australian Government’s R&D Tax Incentive program, which provides eligible companies with a refundable tax offset of up to 48.5%.

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Woolworths Limited (ASX:WOW) has posted a solid first-half sales rebound, with total revenue climbing 3.4% to $37.14 billion as the supermarket giant regains its footing against rival Coles and reaffirms its full-year earnings guidance.

The result came in marginally shy of analyst expectations for 3.6% growth, but the trajectory was encouraging — particularly in the second quarter, where Australian supermarket sales accelerated to 3.2% growth, up from a sluggish 2.1% in the opening three months of the year.

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Jumbo Interactive Ltd (ASX:JIN, OTC:JBINF) has delivered a robust first-half result, posting a 22.6% jump in underlying group EBITDA to $37.5 million despite a notably quiet jackpot season in Australia — and the company has wasted no time upgrading its full-year guidance off the back of outperforming international acquisitions.

“Integration of our recent acquisitions in the UK and USA have progressed well with the UK in particular exceeding our expectations, leading to an upgrade in our outlook for that business. Canada is another highlight which has performed ahead of expectations. The resilient performance of the Australian Lottery Retailing business was highlighted by achieving the same level of ticket sales as the prior comparative period, despite a 13% decline in the average value of large jackpots. In this half, approximately 50% of Group EBITDA was derived outside of the Australian Lottery Retailing business,” Jumbo managing director, CEO and founder Mike Veverka said.

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DroneShield Ltd (ASX:DRO, OTC:DRSHF) has delivered a standout full-year performance, with revenue rocketing 276% to $216.5 million and net profit jumping 367% to $3.5 million, underscoring the accelerating global appetite for counter-drone technology.

Shares in the Sydney-based defence tech company edged up 1.3% following the results, which also showed underlying profit before tax surging to $33.3 million — a 1,686% lift on the prior year — as the business continues its transition toward sustainable profitability.

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archTIS Ltd (ASX:AR9, OTCQB:ARHLF) will host an investor webinar on Friday, February 27, 2026, providing an update on its FY26 first half results, covering the period ended December 31, 2025, along with a brief overview of current market activities.

The session will be presented by CEO and managing director Daniel Lai and chief strategy officer and US president Kurt Mueffelmann.

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Australia's consumer price index held steady at 3.8% annually in January, defying expectations of a modest easing and keeping the pressure firmly on the Reserve Bank of Australia (RBA) to act again on interest rates.

The Australian Bureau of Statistics (ABS) data showed monthly headline CPI slowed to 0.4% from 1% previously, but the trimmed mean — the central bank's preferred core measure — edged higher to 3.4% annually, catching markets off guard. The Australian dollar gained 0.2% to US70.71¢ following the release.

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Wisr Ltd (ASX:WZR) has moved closer to sustained profitability after delivering strong loan book growth and achieving cash net profit after tax (NPAT) profitability in the second quarter of FY26.

The fintech lender reported a 23% lift in its closing loan book to $928.5 million as of December 31, 2025, while first-half originations jumped 82% year-on-year to $311.0 million. Revenue rose 14% to $51.5 million, reflecting continued momentum in personal and secured vehicle lending.

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PolarX Ltd (ASX:PXX, OTCQB:PXXXF) has delivered what may be its most significant exploration result to date, with first-pass drilling at the Ridgeline prospect within its Humboldt Range project in Nevada returning multiple wide, high-grade gold intercepts — including a standout bonanza hit of 1.5 metres at 37.29 g/t gold. A further 2.8km of the same anomaly is still to be drilled

The company has wasted no time flagging a major follow-up campaign.

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Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has outlined a string of exceptionally high-grade gold and antimony intersections from infill and extension drilling at the Kendal deposit, a near-mine target adjoining the currently mined Youle lode at its Costerfield operation in Victoria.

The latest results confirm Kendal as the antimony-rich, up-dip continuation of the high-grade Youle and Shepherd systems and point to a substantial body of shallow mineralisation close to existing underground infrastructure. Development to access the newly extended Kendal system began in late 2025 and remains ongoing.

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Red Mountain Mining Ltd (ASX:RMX) has outlined further progress across its expanding US critical minerals portfolio, highlighting high-grade antimony sampling at its newly acquired Thompson Falls project in Montana and advancing exploration plans across Utah and Idaho.

At Thompson Falls, just 4.2 kilometres from United States Antimony Corporation’s operating smelter — the only active antimony smelter in the US — initial rock chip sampling from historical workings returned grades of up to 36.5% antimony and 0.65 g/t gold. The program identified three historical underground mines and an open pit within the project area. Further assay results are due by late February, with a comprehensive surface mapping and sampling campaign scheduled to begin in March, alongside plans for high-resolution geophysical surveys to refine drill targets.

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