The S&P/ASX Small Ordinaries (INDEXASX: XSO) closed at 3,711.30, down 67.80 points (1.79%) yesterday, but is up 7.00 points (0.19%) over the past five days. While it's likely to be a rocky road ahead, the show must go on. Against this backdrop, several ASX small caps delivered project updates spanning gold exploration and downstream battery materials. You can read about the following and more throughout the day.
Kairos Minerals
Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF, FRA:YAJ) has reported assay results from the remaining 11 drill holes completed at the Main Hill Extension target within its 1.4Moz Mt York Gold Project in Western Australia’s Pilbara region.
The 1,500-metre-long target area has historically returned some intercepts from previous drilling by Pilbara Minerals Ltd (ASX:PLS), but has not been subject to a systematic resource drilling campaign. Kairos said any additional gold mineralisation defined across the extension area has the potential to contribute directly to the existing 1.4Moz resource base at Mt York.
The company is advancing drilling as part of its broader strategy to grow the resource inventory at the project.
Cobalt Blue
Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF, FRA:COH) reported continued progress on development of the proposed Kwinana Cobalt Refinery (KCR), alongside supporting programs at its Broken Hill Technology Centre.
Recent activities have focused on advancing customer qualification processes, progressing offtake discussions, expanding intellectual property protection and assessing battery black mass feedstock options. Cobalt Blue said the work is aimed at strengthening technical and commercial readiness ahead of a Final Investment Decision, as it seeks to establish Australia’s first cobalt refinery.
Terrain Minerals
Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has completed reverse circulation (RC) and diamond drilling at its 100%-owned Smokebush Gold & Silver Project, 350 kilometres north of Perth.
The campaign comprised 39 RC holes for 7,079 metres and four diamond drill holes (RC pre-collars with diamond tails) for 660m, targeting the Lightning and Wildflower prospects. Assay results for the Lightning RC program are expected later this month, with diamond results anticipated in late April 2026. Wildflower RC results are also due in late April 2026.
Executive director Justin Virgin said the program marks a key step toward delivering a maiden JORC Mineral Resource at Lightning by mid-2026, with diamond core providing density and geological data to support the estimate.
Vita Resources
Vita Resources NL (ASX: VTA) has provided an update on its maiden exploration program at the Ninnis Gold Project, located about 30 kilometres west of Laverton in Western Australia’s Eastern Goldfields.
Vita acquired the project in November 2025 and has since completed a technical review. The company has now designed an initial auger drilling campaign targeting geological settings considered analogous to those associated with major regional gold discoveries.