The S&P/ASX Small Ordinaries Index (ASX: XSO) closed Friday at 3,384.20, down 42.60 points (1.24%), extending its decline to 142.60 points (4.04%) over the past five trading days as weakness across the small-cap sector weighed on sentiment.
However, it's business as usual for reporting, as several ASX-listed small caps reported operational and corporate updates this morning. You can read about the following and more throughout the day.
Nova Minerals
Nova Minerals Ltd (ASX:NVA, NASDAQ:NVA, OTC:NVAAF, FRA:QM3) said mobilisation of heavy equipment to its Estelle Project in Alaska has begun via the company’s winter snow road, about 150 kilometres from Willow. Construction of the seasonal access route started in early December under favourable winter conditions, involving snow pre-packing, water flooding to thicken ice at river crossings and minor brush clearing. Exceptionally cold temperatures have enabled the formation of ice bridges more than 1.5 metres thick, capable of supporting freight loads exceeding 100,000 pounds (about 45,000 kilograms) while maintaining a stable snowpack base.
Pantoro Gold
Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) reported further results from ongoing underground drilling from the Bullen Declinewithin the Mainfield area of its 100%-owned Norseman Gold Project in Western Australia. Drilling is continuing across several zones, including the Butterfly area of the Mararoa Reef, which historically produced an estimated 1.4 million ounces of gold.
Aruma Resources
Aruma Resources Ltd (ASX:AAJ) announced results from a 741-sample soil program at its 100%-owned Saltwater Project in Western Australia’s Pilbara region. Sampling across the Saltwater Dome and Tunnel Creek targetsextended known anomalies and highlighted potential for a polymetallic and gold-bearing mineralised system at Saltwater Dome, while also identifying a multi-element soil anomaly at Tunnel Creek.
American Rare Earths
American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF) said it has been selected to supply feedstock to the US Department of Energy’s Minerals to Materials Supply Chain Research Facility (METALLIC) consortium, led by the National Energy Technology Laboratory. In December 2025 the company provided about 5 tonnes of allanite ore from the Cowboy State Mine test pit for research. The consortium brings together nine US national laboratories to help validate and commercialise technologies aimed at strengthening domestic critical minerals and materials supply chains.
Percheron Therapeutics
Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) lodged a prospectus for a pro-rata non-renounceable entitlement offer to raise capital. Eligible shareholders will be offered two new shares for every five held at an issue price of $0.005 per share, with participants receiving one free-attaching option for every two new shares subscribed. The options will have a two-year expiry and an exercise price of $0.01.