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The Small Cap Weekly Wrap: Carnavale completes BFS drilling; Critical Resources validates solvent-free cathode manufacturing and more...

Felix Group Holdings Ltd (ASX:FLX) has appointed Chris Atkin as chief executive officer, with the appointment to take effect on April 1, 2026, following an external search.

Atkin brings more than 20 years’ experience in international technology and software businesses, including about 10 years leading vertical SaaS and marketplace companies. Felix said he has guided teams through growth and transformation, strengthened go-to-market execution and worked closely with boards and investors to maintain strategic focus.

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RLF AgTech Ltd (ASX:RLF) says a 2025 broadacre wheat field trial in Oldbury, Western Australia, has delivered a measurable uplift in grower economics, with its Complete Crop Nutrition Program (CCNP) generating an average net margin improvement of $212 per hectare and an average 149% return on investment.

The company said the results support the commercial case for its integrated approach — combining seed priming and foliar nutrition alongside a standard fertiliser program — and believes the outcome is relevant to “constrained soils” common across an estimated 12–14 million hectares of Australian wheat production.

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Kaoko Metals (Unlisted (AU):KAOK) has launched an initial public offering (IPO) to raise between $5.5 million and $6.5 million ahead of a proposed listing on the ASX, as the company seeks to advance copper exploration projects in Namibia.

The Perth-based explorer has lodged its prospectus with the Australian Securities and Investments Commission (ASIC) for an offer priced at $0.20 per share, with plans to list under the ticker code KAO. If the maximum amount is raised, the company is expected to debut with an implied market capitalisation of about $12 million on an undiluted basis.

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Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has begun mobilising equipment and personnel for a new seismic program in Queensland’s Taroom Trough, as the company continues to build momentum across its growing gas portfolio in the Bowen Basin.

The company said mobilisation of the seismic fleet for the Teelba 2D Seismic Campaign has commenced in partnership with contractor Terrex Seismic, with acquisition expected to begin within the next week and take roughly three weeks to complete.

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AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has completed the first tranche of its previously announced upsized financing, securing fresh capital to accelerate exploration across its extensive gold projects in Newfoundland, Canada.

The company confirmed it has closed Tranche One of the brokered private placement, raising about C$5.35 million (~A$5.58 million) through the issue of 98.4 million premium flow-through units (PFT Units) priced at C$0.0544 per unit.

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Auravelle Metals Ltd (ASX:AUV) has kicked off a major new exploration phase at its Nuckulla Hill Project in South Australia, launching a detailed aerial magnetic survey across the full 40 kilometres strike of the Yarlbrinda Shear Zone to generate higher-resolution targeting data ahead of further drilling.

The company said the 9,400 line-km survey will be flown on 25 metres line spacing (with selected areas on 50 metres spacing), delivering a step change in detail compared with existing 200 metres-spaced datasets. Auravelle expects the results to help define new target areas and refine existing targets, building on a recent structural targeting review and soil sampling outcomes.

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Radiopharmaceutical developer Telix Pharmaceuticals Ltd (ASX:TLX) is expanding its push into AI-enabled cancer imaging through a new collaboration with Germany’s University Hospital Essen, highlighting a fast-emerging frontier in precision oncology: combining advanced PET imaging with artificial intelligence to improve how cancers are detected, characterised and monitored.

The agreement, announced last Friday, centres on a research initiative known as PROMISE-PET, a program designed to standardise and improve the interpretation of prostate cancer PET scans using AI-assisted analysis. The move underscores a broader strategic direction for Telix as it builds out a global ecosystem around its radiopharmaceutical imaging portfolio.

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Household spending rose 0.3% in January 2026, reversing a 0.5% fall in December and following a 1.0% rise in November, according to seasonally adjusted figures released by the Australian Bureau of Statistics (ABS).

In nominal terms, household spending was up 4.6% compared with January 2025.

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Cannindah Resources Ltd (ASX:CAE) has reported broad copper-gold mineralisation from final assays of its 2025 reconnaissance drilling at the Southern Porphyry Target within the Mt Cannindah Project in central Queensland, confirming the large-scale potential of the system.

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ASX Ltd (ASX:ASX) and London Stock Exchange Group PLC (LSE:LSEG) have announced a collaborative agreement to modernise and upgrade ASX 24’s trading platform, in a move aimed at supporting the next phase of growth and resilience.

ASX 24 is the leading trading venue for Australian and New Zealand interest rate, equity and commodity futures and options, supported by long trading hours, a diverse and liquid trading community, and the stability of Australia’s AAA-rated market.

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Critical Resources Ltd (ASX:CRR, FRA:9S70) has reported a "game-changing" technical milestone in its solid-state battery evaluation program, successfully validating a solvent-free cathode manufacturing process that could simplify battery production and improve safety and energy efficiency.

The company confirmed that Dry Supersonic Deposition (DSD) can produce mechanically robust and electrochemically active lithium iron phosphate (LFP) cathodes without the use of solvents or polymer binders, a development that may support scalable next-generation battery manufacturing.

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Wall Street’s top market regulators are moving closer to formal oversight of the crypto sector and fast-growing prediction markets, marking a significant regulatory step under the Trump administration.

After months of public signalling from officials and political debate in Congress, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have submitted regulatory plans to the White House. While details remain limited, the move represents one of the most concrete actions yet by US regulators as they consider new frameworks for digital assets and event-based contracts.

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Krakatoa Resources Ltd (ASX:KTA) has invited investors and shareholders to join a live webinar today where chief executive Mark Major will provide an update on the company’s exploration progress at the Zopkhito antimony-gold project in Georgia.

Major will speak during the NWR Communications Critical Minerals Webinar, outlining results from Krakatoa’s 2025 drilling campaign and discussing plans for the upcoming exploration season.

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Advance Metals Ltd (ASX:AVM) says new drilling at its 100%-owned Yoquivo silver-gold project in Mexico has delivered a broad, higher-grade intersection that could support a larger-scale development concept, as the company works toward a near-term JORC resource update.

The standout result came from a “scissor” step-out hole in the central Pertenencia zone, drilled in the opposite direction to earlier holes to test geometry and continuity. Hole YQ-26-018 returned 67.88 metres at 134 grams per tonne (g/t) AgEq (68 g/t Ag, 0.9 g/t Au) from 305.9 metres, including 23.89 metres at 257 g/t AgEq (123 g/t Ag, 1.7 g/t Au) from 346.9 metres.

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Aurum Resources Ltd (ASX:AUE) has reported a fresh set of broad, shallow, high-grade gold intercepts from step-back diamond drilling at its 0.87Moz Napié Gold Project in Côte d’Ivoire, with results aimed at locking in final data ahead of an updated Mineral Resource Estimate (MRE).

The latest assays come from 26 holes for 8,021.55 metres across the Tchaga and Gogbala deposits and continue to demonstrate open-pittable style mineralisation, with mineralisation remaining open along strike and at depth.

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Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) has received firm commitments to raise $1.325 million (before costs) through an oversubscribed placement of new fully paid ordinary shares to new and existing institutional, sophisticated and professional investors.

The money will be used to advance the company's 2026 work program, including hydrogen prototype tank development and associated Class Approval workstreams, CO₂ program activities and corporate costs.

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Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) will raise about A$5 million in gross proceeds after receiving applications for 4,587,600 new shares under its 1-for-58 non-renounceable entitlement offer, priced at A$0.52 per share.

The copper developer, focused on the phased restart of the Nifty Copper Complex in WA’s Paterson region, said the capital raising was fully underwritten and was first announced on January 23, 2026.

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Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has locked in the major contractors and critical equipment needed to stimulate, complete and flow test the Diona-1 exploration well in Queensland’s Surat-Bowen Basin, clearing a key execution hurdle ahead of the next phase of work. All essential service and equipment providers for the stimulation, completion and testing program have now been finalised, with field operations expected to begin in March 2026 and culminate in a planned 14-day flow test starting in April 2026.

Finalising procurement effectively shifts Diona-1 from planning into delivery, reducing scheduling risk and giving Elixir a clearer run at a near-term data event that could determine whether the well moves from “potential” to “discoverable and developable”.

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While much of the world is still rolling out 5G infrastructure, the technology industry is already setting its sights on the next leap in wireless connectivity.

Chip giant Qualcomm Inc (NASDAQ:QCOM, XETRA:QCI) and a group of telecom and technology companies this week announced a new initiative aimed at shaping the development trajectory for 6G, the next generation of mobile networks expected to emerge towards the end of the decade.

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Island Pharmaceuticals Ltd (ASX:ILA, OTC:ILA) has entered into a Cooperative Research and Development Agreement (CRADA) with the US Army Medical Research Institute of Infectious Diseases (USAMRIID) and The Geneva Foundation to accelerate development of its antiviral drug candidate galidesivir for the treatment of Marburg virus disease.

Investors reacted positively to the announcement, with Island shares rising about 9% as of 12:30 pm AEDT on Thursday, extending gains to roughly 16% over the past week and 50% over the past six months.

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Vita Resources NL (ASX:VTA) has begun mobilising drilling equipment for its maiden exploration program at the Ninnis Gold Project in Western Australia’s Eastern Goldfields, with drilling expected to start shortly.

The company has engaged GYRO Drilling to complete an auger drilling campaign comprising about 1,200 holes designed to infill previously identified gold-in-soil anomalies. The program will follow up earlier sub-surface soil sampling conducted by previous operators, which returned anomalous gold results beneath transported cover across the project area.

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Open Campus, the community-led decentralised autonomous organisation (DAO) backed by Animoca Brands Corporation Ltd (Unlisted (AU):AB1) that is building a blockchain-powered financial layer for education, has entered into a memorandum of understanding (MoU) with Vietnamese human resources firm Le & Associates and recruitment technology platform SKALE to explore a credential-powered job matching initiative in Vietnam.

The collaboration aims to combine Open Campus’s education ecosystem and credential and identity infrastructure with Le & Associates’ recruitment expertise and SKALE’s AI-driven digital hiring platform to enable candidates to share verified educational achievements directly with employers.

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Australia’s economy expanded at its fastest pace in nearly three years in the December quarter, with stronger-than-expected growth driven by government spending, private investment and a lift in consumer activity tied to major retail events.

New data from the Australian Bureau of Statistics (ABS) shows gross domestic product (GDP) rose 0.8% in the December quarter, accelerating from 0.4% in the previous quarter. Annual growth climbed to 2.6% from 2.1%, beating economists’ expectations of around 2.3%.

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Kingfisher Mining Ltd (ASX:KFM) and Broken Hill Mines Ltd (ASX:BHM) have entered a legally binding mining and processing cooperation agreement aimed at accelerating the development of Kingfisher’s high-grade projects in the Broken Hill region of New South Wales.

The agreement establishes a framework under which ore from Kingfisher’s tenement portfolio could be mined and processed at Broken Hill Mines’ 100%-owned Rasp Mine processing plant, which has a nameplate capacity of 750,000 tonnes per annum.

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AusQuest Limited (ASX:AQD) has reported further assay results from Stage 3 reverse circulation (RC) drilling at its 100%-owned Cangallo porphyry copper-gold project in Peru, continuing to build the scale of the system.

Broad-spaced RC drilling has now defined a corridor of continuous mineralisation extending more than 1,500 metres along strike, 250–500 m wide and to depths exceeding 400 metres, with the footprint expected to expand with additional drilling. The company also pointed to earlier diamond drilling suggesting mineralisation could extend beyond 800 metres depth.

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Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF, FRA:COH) says its Kwinana Cobalt Refinery project in Western Australia has cleared an important technical milestone after confirming that cobalt sulphate samples produced using its proprietary process meet stringent battery precursor material specifications.

The company reported that material produced at its Broken Hill Technology Centre (BHTC) meets the trace-metal purity and physical specifications required by precursor cathode active material (pCAM) customers — a key step towards commercial offtake agreements and a final investment decision (FID) on the refinery project.

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Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has declared a maiden ore reserve for its flagship Muntanga Uranium Project in Zambia after an independent engineering review confirmed the technical integrity of the project’s feasibility study.

The company reported a probable ore reserve of 39.6 million tonnes at 320 parts per million U₃O₈, containing 28.0 million pounds of uranium, based on the outcomes of a previously completed feasibility study and an independent review undertaken to support ASX compliance.

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Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF, FRA:YAJ) has reported further drill results from the Main Hill Extension target at its 1.4Moz Mt York Gold Project in Western Australia’s Pilbara, with assays from the final 11 holes of the 2025 program confirming continuity of mineralisation along the 1,500-metre-long trend.

The best intercept returned was 8 metres at 3.81 grams per tonne (g/t) gold from 128 metres, including 1 metre at 11.16g/t from 133 metre in hole 25MYDD085. The result sits about 50 metres down dip from a previously reported intercept of 9 metres at 3.92g/t from 97 metres in hole 25MYDD072, supporting the presence of wide, higher-grade zones within the Main Hill Extension.

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Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has completed a substantial drilling campaign across its Lightning and Wildflower prospects at the Smokebush Gold & Silver Project in Western Australia, marking a key step towards a maiden resource estimate at the Lightning discovery.

The campaign included 39 reverse circulation (RC) holes and four diamond drill holes for a combined 7,739 metres of drilling, with assays now pending and results expected to begin flowing later this month.

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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 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.

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Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) will request a re-examination of a negative opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP) on its marketing application for trofinetide in Rett syndrome — a move that keeps the door open, but prolongs uncertainty.

The CHMP has formally adopted its refusal, confirming an earlier trend vote. Acadia on Tuesday said it has reviewed the grounds for refusal and intends to trigger the re-examination process, a mechanism that allows companies to challenge and address specific concerns raised by regulators.

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Gold extended its advance for a 5th straight session as intensifying conflict in the Middle East rattled energy markets and pushed investors toward haven assets.

Bullion rose as much as 0.8% to above US$5,360 an ounce, taking gains to more than 3% over the prior four sessions as fighting reverberated across the region. US President Donald Trump said the US would keep up its military campaign “for as long as it takes”, while Israel said it launched a “wave of strikes” aimed at Iranian command centres. Iran, meanwhile, has struck oil and gas facilities and threatened shipping through the strategically vital Strait of Hormuz.

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Thermal coal prices for power generation posted their biggest jump in three years after an unprecedented outage at Qatar’s major liquefied natural gas export complex lifted expectations of fuel-switching across the electricity sector.

Newcastle coal futures — the Asian benchmark — rose 8.6% to US$128.70 a tonne on Monday, the highest level for the front-month contract since December 2024.

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Astron Corporation Ltd (ASX:ATR, OTC:ATRNF) has updated the Mineral Resource and Ore Reserve estimates for Mining Licence MIN5532 at its Donald Rare Earth and Mineral Sands Project in Victoria, incorporating detailed rare earth element data for the first time.

The revised estimates confirm Donald Phase 1 as a significant near-term source of heavy rare earths outside China, with improved dysprosium (Dy) and terbium (Tb) production forecasts over the early years of mining.

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Victory Metals Limited (ASX:VTM) has reported a 48-fold upgrade in total rare earth oxide (TREO) concentration following first-pass sighter flotation test work at its 100%-owned North Stanmore Heavy Rare Earth Element Project in Western Australia.

The company said the test work upgraded a representative 1,251 parts per million (ppm) TREO head grade to a peak concentrate grade of 5.9% TREO, while maintaining a premium 38% heavy rare earth oxide (HREO) to TREO ratio.

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BSA Limited (ASX: BSA) has appointed mining executive David Geraghty as non-executive chairman, effective immediately.

Geraghty has more than 30 years’ experience across the resources and mining services sectors and is a qualified metallurgical engineer. He began his career at Rio Tinto, working in orebody evaluation, before joining Mineral Resources Ltd (ASX:MIN).

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Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has increased total mineral resources at its 100%-owned Muntanga Uranium Project in Zambia by 24% following completion of its maiden drilling campaign, lifting the global resource to 58.8 million pounds (Mlbs) of triuranium octoxide (U₃O₈).

The upgrade adds 11.4Mlbs at an average grade of 309 parts per million (ppm) U₃O₈, with new maiden pit-constrained Mineral Resource Estimates (MREs) defined at the Chisebuka and Muntanga East deposits.

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Robotic construction technology company FBR Limited (ASX:FBR) has executed a binding Wall as a Service® (WaaS®) Offtake Agreement with Victorian modular builder EW Distribution Pty Ltd, trading as AMOVEO, covering a minimum of 5,400 vertical square metres of wall construction over 24 months.

The contract is valued at $400,000–$450,000 for single-leaf walls, inclusive of block and adhesive costs.

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Aruma Resources Ltd (ASX:AAJ) has begun an extensive ground-based electromagnetic survey at its recently acquired Tillex Copper-Silver Project in Ontario’s Timmins mining district, aiming to sharpen and expand drill targets ahead of a maiden diamond program.

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St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has delivered a major uplift to the Mineral Resource Estimate (MRE) for its 100%-owned Araxá rare earths-niobium project in Brazil, with total resources increasing 75% to 70.91 million tonnes (Mt) at 4.06% total rare earth oxides (TREO) and 0.62% niobium pentoxide (Nb₂O₅) at a 2% TREO cut-off.

The substantial upgrade not only expands the overall tonnage but also materially improves resource confidence, with Measured and Indicated resources surging 218% to 29.49Mt at 4.56% TREO and 0.75% Nb₂O₅. The Inferred category now stands at 41.42Mt at 3.71% TREO and 0.52% Nb₂O₅.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) is moving to secure downstream processing capability after signing a binding term sheet to take a controlling stake in an operating mixed rare earth carbonate (MREC) facility in Kazakhstan — an asset the company says could support commercial MREC production by Q4 2026.

The proposed structure would see an incorporated joint venture (JV) formed between Lindian (51%) and local partner RA Group (49%), which would then acquire 100% of the SARECO hydrometallurgical plant in Stepnogorsk. The facility has a prior operating history, having previously been run under a Sumitomo Corporation and Kazatomprom joint venture.

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NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF), the Toronto-listed graphite miner, has signed a binding supply agreement with Syrah Resources, the Australian graphite producer, to provide feedstock for its planned battery anode facility in Abu Dhabi.

Under the deal, NextSource will source between 34,000 and 68,000 tonnes of natural graphite fines from Syrah over seven years, with annual volumes subject to conditions including the commencement of commercial production at the Abu Dhabi plant and approval of Syrah's material by NextSource's downstream customers.

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The AI trade has entered a new phase — and it’s not just about chips, models and eye-watering funding rounds. It’s about headcount.

Last week, Block Inc (NYSE:SQ) stunned markets by announcing it would cut more than 4,000 roles — reducing its workforce by over 40% — as it restructures around what CEO Jack Dorsey calls an “intelligence-native” operating model. The fintech group behind Square and Afterpay is shrinking from more than 10,000 employees to just under 6,000, arguing that a smaller team armed with AI tools can move faster and build more efficiently.

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Oil prices surged on Monday after unprecedented joint US and Israeli strikes on Iran sharply escalated tensions across the Middle East, raising concerns about potential disruptions to global energy supply.

The coordinated attacks late Friday targeted senior Iranian military and political leadership. Iranian state media confirmed Supreme Leader Ayatollah Ali Khamenei was killed along with other senior officials. Tehran has since retaliated with missile strikes on US-linked sites and across Israel, while airspace closures and shipping disruptions have spread across the Gulf.

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Magellan Financial Group Ltd (ASX:MFG) has agreed to merge with Barrenjoey Capital Partners in a transaction valuing Barrenjoey at $1.6 billion, with Magellan set to acquire the remaining stock it does not already own by issuing 106,838,520 new shares.

The deal implies total consideration of $903 million for the stake to be acquired at completion and a transaction multiple of 15 times price-to-earnings, based on Barrenjoey’s last 12-month adjusted net profit of $108 million on revenue of $522 million.

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Investigator Silver Ltd (ASX:IVR) has declared a maiden ore reserve and confirmed strong economics for its 100%-owned Paris Silver Project in South Australia, following completion of a definitive feasibility study (DFS).

The DFS outlines an 11-year open-pit silver operation producing silver doré via a conventional crush–grind–leach and Merrill–Crowe recovery circuit, positioning Paris as a finance-ready development.

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Syrah Resources Ltd (ASX:SYR) has signed a binding, conditional offtake agreement with NextSource Materials to supply natural graphite fines from its Balama operation in Mozambique.

The 7-year agreement, starting no earlier than June 1, covers aggregate volumes of about 34,000 to 68,000 tonnes. Pricing will be set quarterly at a premium to an independent graphite fines index, with adjustments for product grade and shipping.

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Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has completed its acquisition of the Johnson Creek Tungsten & Antimony Mill, associated infrastructure and 2,000 tonnes of historic tungsten ore stockpiles adjacent to its Horse Heaven Project in Idaho, marking a significant step towards potential US-based critical minerals production.

The deal secures the processing mill site, industrial water rights and electrical infrastructure, as well as workshop, storage and accommodation facilities across about 25 acres of private land. The stockpiles were mined from the former Golden Gate Tungsten Mine and are located at the mill site.

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Red Mountain Mining Ltd (ASX:RMX)'s Thompson Falls Antimony Project has delivered further high-grade antimony and associated gold results from the historical Eastern Star mine area, reinforcing the prospectivity of the project on the Montana–Idaho border.

Rock chip sampling has returned average grades of 8.7% antimony and 0.37 grams per tonne (g/t) gold, with peak assays of up to 36.5% Sb and 1.12g/t Au.

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Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF, FRA:QM3) has identified a large-scale gold-copper anomaly measuring about 1.5 kilometres by 800 metres at its West Wing prospect within the flagship Estelle Gold and Critical Minerals Project in Alaska.

The anomaly was delineated through rock and soil sampling completed during the 2025 field season and represents one of the most significant surface geochemical targets generated across the broader Estelle district to date.

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