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The Markets
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The Small Cap Wrap: Valiant Gold IPO, COB advances US polymetallic nodule processing venture; Greatland defines globally significant 70Mt tungsten resource...

New preclinical data for Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) investigational cancer therapy HMBD-002 has been accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago from May 29 to June 2.

The abstract was submitted by a research team at Brisbane-based QIMR Berghofer and reflects ongoing collaboration between the parties to investigate the role of VISTA across several cancer types and identify potential biomarkers for future clinical trials.

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Critical Resources Ltd (ASX:CRR, FRA:9S70) has reported exceptional historical tungsten grades of up to 42.6% WO₃ at its Croesus Project in New Zealand, as the company begins field exploration across its recently secured permits in the Otago and Reefton regions.

The headline result comes from historical sampling at the Croesus Project, where scheelite-rich quartz rubble returned grades of up to 42.6% WO₃, equivalent to 337,642ppm tungsten. Additional float samples graded 26.6% and 19.9% WO₃, reinforcing the presence of a potentially significant high-grade system.

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Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has agreed to farm down a portion of its Beetaloo Basin acreage to Daly Waters Energy (DWE), in a deal that values the assets at a premium and introduces up to US$28.5 million in funding support.

The agreement, struck with DWE’s owner Formentera Partners, covers around 10,000 acres across the Shenandoah North and South Pilot Areas and the Beetaloo Central Development Area (BCDA), and is designed to advance development of the basin while reducing Tamboran’s capital burden.

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ExxonMobil, ConocoPhillips, Repsol and Shell have just competed at the most successful lease sale ever held in Alaska's National Petroleum Reserve.

The timing could hardly be better for 88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ), the AIM-listed explorer advancing plans to drill one of the North Slope's most promising untested prospects.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has outlined a substantial new critical minerals asset within its Paterson Province portfolio, delivering a maiden mineral resource estimate for the O’Callaghans tungsten-copper-zinc-lead deposit in Western Australia.

The resource totals 70 million tonnes (Mt) at 0.35% tungsten trioxide (WO₃), alongside 0.30% copper, 0.57% zinc and 0.28% lead, positioning O’Callaghans as one of the largest high-grade tungsten deposits globally.

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Shares in Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) rose 7% to 545.45p after the AIM-listed gold and copper miner reported a 150% expansion in the mineral resource at its flagship Telfer operation in Western Australia, taking the total to 8 million ounces of gold.

The updated December 2025 estimate adds 4.8 million ounces at a discovery cost of approximately $5 per ounce, with the higher-confidence measured and indicated category growing 163% to 3.8 million ounces, providing a stronger foundation for mine planning and conversion into mineable reserves.

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Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) shares rose 3.6% in early trading after the mining giant said its iron ore port operations in Western Australia had largely resumed following tropical cyclone Narelle.

The FTSE 100 company said three of its four Pilbara port terminals, including East Intercourse Island, had restarted ship loading on 28 March, with repairs underway at the fourth, Cape Lambert A, expected to be completed within days.

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88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ), the AIM and ASX-listed oil and gas explorer, has commenced permitting and planning for the Augusta-1 exploration well on Alaska's North Slope, targeting prospective resources of 64 million barrels of oil equivalent on a best-estimate, gross unrisked basis.

The well is designed to test the stacked Ivishak and Kuparuk reservoirs within the North-West Lease Area of the company's South Prudhoe project, a 52,269-acre position situated immediately south of the prolific Prudhoe Bay and Kuparuk River producing units, in which 88 Energy holds a 100% working interest.

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The geopolitical shock from the Middle East conflict is rippling well beyond oil markets — and into hospital radiology departments.

The escalation of conflict involving Iran and mounting pressure on shipping through the Strait of Hormuz have tightened global supply chains for a range of industrial gases. Among them is helium — a niche commodity essential to parts of the healthcare system, central to the cooling systems that keep MRI machines operational.

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Minerals 260 Ltd (ASX:MI6) has reported more strong drilling results from its 100%-owned Bullabulling Gold Project in Western Australia, with new assays continuing to support resource confidence and growth ahead of a maiden ore reserve and updated mineral resource estimate due in mid-2026.

The latest batch covers 22 holes for 5,425 metres and includes a number of standout intercepts from the Bacchus and Phoenix deposits, both of which sit within the project’s December 2025 resource base of 130 million tonnes at 1.0 grams per ton (g/t) gold for 4.5 million ounces.

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Buxton Resources Limited (ASX:BUX, FRA:3B4) will sell its remaining 49% interest in the Copper Wolf joint venture in Arizona to IGO for about A$6.15 million in cash, in a move the company says will strengthen its balance sheet and give it greater flexibility across its US copper portfolio.

Under the binding asset sale agreement, IGO will take full ownership and operational control of the former JV area once the deal completes, while Buxton will exit the project with cash of about A$6.15 million, made up of A$5.91 million plus US$168,000. The existing farm-in and joint venture agreement will also be terminated.

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Valiant Gold Limited (ASX:VAL) has completed its initial public offering, raising $75 million before costs and listing on the Australian Securities Exchange (ASX) on March 27, 2026, and is now trading.

The IPO attracted strong support from both institutional and retail investors, providing the company with funding to advance development and exploration activities across its Comet and Reedy gold projects in Western Australia’s Murchison region.

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American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF) has commissioned a key technical study aimed at advancing its ambitions to move further down the rare earths value chain, engaging US engineering group Tetra Tech (NASDAQ:TTEK) to assess pathways from oxide production to metal for its flagship Halleck Creek project in Wyoming.

The Oxides to Metals study will evaluate how the company can convert separated heavy rare earth oxides into metal — a critical midstream step immediately preceding the manufacture of permanent magnets used across defence and advanced technology applications.

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Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) on Friday announced it has received court approval for its proposed acquisition of Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO), with the Supreme Court of British Columbia signing off on the transaction subject to amendments to the Plan of Arrangement.

The Final Order clears a key step in the process to acquire all of Falcon’s subsidiaries, although the court has required changes relating to the treatment of certain Falcon shareholders subject to sanctions.

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Following its milestone CLIA waiver clearance for its FebriDx® rapid point-of-care test and the completion of a placement, Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) will conduct an investor presentation covering the two key updates.

LDX will host an investor webinar on Tuesday, March 31, 2026 at 9.00am AEDT, followed by a Q&A session.

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Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has secured a new A$150 million syndicated debt package, comprising a A$110 million revolving credit facility and a A$40 million contingent instrument facility, as it looks to strengthen balance sheet flexibility and expand its banking relationships.

The new facilities follow Alkane’s early repayment of its $45 million project finance facility in August 2025 and were arranged with ANZ, Commonwealth Bank, Macquarie Bank and Westpac under a syndicated facilities agreement.

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