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Archive

Small cap wrap: BioHarvest Sciences, American Resources, First Phosphate, Immunic...

The S&P/ASX Small Ordinaries Index (ASX: XSO) closed at 3,325.00, up 31.90 points (0.97%) for the session and 31.60 points (0.96%) over the past 5 days. At the same time, the companies that make up the index continue to report updates across corporate activity, exploration and project development. You can read about the following and more throughout the day.

European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has closed its current on-market share buy-back as of March 31, 2026, and is proposing a new buy-back program.

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Trust Stamp Inc (NASDAQ:IDAI, ISE:AIID), a provider of digital identity authentication and privacy-enhancing technologies, reported a modest rise in revenue for 2025, highlighting progress in key commercial markets and laying the groundwork for expanded growth in 2026.

The company posted net recognized revenue of $3.14 million for the year ended December 31, up 2% from $3.08 million in 2024. The increase was largely driven by an amended contract with an S&P 500 bank that extends through 2031 and guarantees minimum gross revenue of $12.7 million over the term, contributing $666,000 in revenue last year.

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BioHarvest Sciences Inc (NASDAQ:BHST, FRA:8MV0) has reported its financial results for the fourth quarter and full year 2025, highlighting revenue growth, improved margins, and continued investment in its product and contract manufacturing businesses.

The company recorded full-year revenue of $34.5 million, representing a 37% increase compared to 2024. Fourth quarter revenue reached $9.1 million, up 25% year-over-year and within previously issued guidance.

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Progress Software (NASDAQ:PRGS) boosted its full-year 2026 outlook after reporting a strong first quarter, with revenue and earnings per share surpassing analyst expectations thanks to robust demand for AI-driven products and stable customer retention.

The company posted revenue of approximately $248 million for the quarter ended February 28, representing a 4% increase year-over-year and slightly above consensus estimates.

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American Resources Corp (NASDAQ:AREC) announced a new strategic collaboration involving its affiliated minority holding, ReElement Technologies Corporation, and Mitsubishi Materials Corporation, aimed at strengthening rare earth and critical mineral supply chains across the United States and Japan.

The agreement includes a strategic investment by Mitsubishi Materials in ReElement, signaling support for the company’s refining-focused approach to processing rare earth elements and other critical minerals.

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Immunic Inc (NASDAQ:IMUX, FRA:10VA) has announced the appointment of veteran biopharmaceutical executive Jon Congleton to its board of directors, as the company advances its multiple sclerosis program through late-stage development.

Congleton brings nearly four decades of experience in the biopharmaceutical industry, with a background spanning drug development, commercialization, and executive leadership, according to Immunic.

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BioHarvest Sciences Inc (NASDAQ:BHST, FRA:8MV0) announced that it has completed the first stage of a multi-phase development program focused on a rare scent-producing plant used in the global fragrance industry.

The work was carried out through the company’s contract development and manufacturing organization (CDMO) division under an agreement signed about a year ago.

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MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF, FRA:0C0) said on Tuesday it will close its wholly owned Canadian marketing and distribution arm NexusBioAg in April, as the company pivots capital toward its proprietary TerraSante biofertility product in the United States.

NexusBioAg, which re-sold and distributed third-party agricultural products to Canadian farmers, operated in a lower-margin and highly price-competitive segment, MustGrow said. The company plans to sell remaining inventory through existing channels in the coming months.

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First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) said on Tuesday it has completed an expanded infill drilling program at its Bégin-Lamarche property in Quebec, confirming continuous phosphate mineralization and identifying new zones.

The company said the campaign, initially launched in October 2025, totalled about 40,000 metres after an additional 10,000 metres of drilling was added to the original 30,000-metre program.

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Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) announced that its CEO Evan Gappelberg has acquired an additional 500,000 common shares through open market purchases.

The shares were purchased at an average price of C$0.12 per share.

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Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) said on Tuesday it has closed the final tranche of a non-brokered private placement, raising total gross proceeds of about C$4.8 million and settling a portion of its outstanding debt.

The regenerative agriculture company issued a total of 40.85 million units at C$0.12 each across three tranches of the offering.

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IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), the neurology imaging and data analytics specialist, is raising £10 million to fund a strategic push beyond its established contract research business, with Cavendish arguing the move could unlock a market opportunity up to ten times larger than the company currently addresses.

The fundraise, structured as a conditional equity placing with a retail offer open to raise up to a further £0.5 million, will bankroll a shift towards what the company calls a "TechBio" model, in which its proprietary AI-driven IXI Platform is licensed or subscribed to by larger companies operating in the broader clinical trial management and clinical decision support markets.

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A successful rollout of its newly launched grass-pollen treatment is ste put Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF, FRA:HHU) on the path to self-sustaining profitability.

That's according to Cavendish, the AIM-listed biotech's house broker, which cites management's previous commentary around peak sales potential of €100 million in Germany alone in a global market projected to reach around $1 billion by 2030.

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Poolbeg Pharma PLC (AIM:POLB, OTC:POLBF, FRA:POLBF)shares rose as much as 10% in Tuesday morning trading after the AIM-listed biopharmaceutical company secured its first national patent grant for POLB 001.

This is the drug developer's lead candidate for preventing a serious side effect of cancer immunotherapy.

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Galantas Gold Corp (AIM:GAL, TSX-V:GAL, OTCQX:GALKF) shares fell 9.4% to 32.6p after it updated investors on its planned acquisition of the Andacollo Oro gold project in Chile, with the deal still subject to approvals.

The gold miner said it is working to satisfy closing conditions for the transaction, including sign-off from the TSX Venture Exchange and minority shareholder approval, with completion expected in the second quarter of 2026.

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Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) shares dropped 14% to 9.5p after the TSX and LSE-listed oil and gas producer disclosed material uncertainties over its ability to continue as a going concern, with the company projecting a potential breach of banking covenants by the end of 2026.

The Trinidad-focused company said it could breach net senior funded debt and debt service coverage covenants as of 31 December this year, which could render its bank debt immediately repayable, while a working capital deficit of $15.4 million at the year end leaves limited headroom.

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Valereum PLC (AQSE:VLRM, FRA:6TJ, OTCQB:VLRMF), the Aquis-listed digital markets infrastructure company, has launched a regulated tokenised gold product and entered an exclusivity agreement with its largest shareholder, Quorium Global Photonics (QGP), as the two companies work towards a full strategic integration within 30 days.

The new product, VGOLD, is described as an institutional-grade, asset-backed and yield-bearing digital token supported by gold assets, subject to final verification and regulatory approvals.

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Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF), the oil and gas specialist company focused on Alaska's North Slope, is in advanced discussions with multiple major energy companies over a potential farm-in partnership as it seeks to convert its certified resource base into commercial production.

In its interim results statement, the company said interest in Alaska is at its strongest level in recent years, with several major operators actively evaluating its Kodiak and Ahpun projects through a data room process.

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IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB), the neuroscience imaging and analytics company, is raising up to £10.5 million through a combination of placings, a director subscription and a retail offer, as it seeks to accelerate development of its artificial intelligence-driven IXI platform and pursue US regulatory approval.

The investment round comprises an initial placing of £2.8 million and a £0.1 million subscription by certain directors, both priced at 8p per share, representing a 1.6% premium to the closing price of 7.875p on Monday (30 March).

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Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF, FRA:HHU), the immunotherapy company, expects commercial momentum to build through the second half of its financial year as its newly launched Grassmuno grass pollen treatment gains traction in Germany, while planning advances for a phase IIb trial of its short-course peanut allergy vaccine candidate.

Grassmuno, an injected grass pollen allergen immunotherapy that received German regulatory approval during the period, launched in January 2026 and has seen a strong early response from prescribing clinicians, with the company describing it as an expected major driver of revenue in its largest market.

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Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF, FRA:RR1), the LSE-listed company recovering rare earth elements from industrial waste, has raised £11.1 million through a share subscription.

The investment round is backed by strategic investors, including Traxys Group, one of the largest rare earth traders in the West and a partner to a $12 billion US government critical minerals stockpile fund.

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Astron Corporation Ltd (ASX:ATR, OTC:ATRNF) has completed a Bankable Feasibility Study (BFS) for Phase 1 of its Donald Rare Earth and Mineral Sands Project in Victoria, confirming strong project economics ahead of a targeted final investment decision (FID) in Q2 2026.

The BFS reflects technical and commercial progress made through 2025 and early 2026, positioning the project as a long-life supplier of critical minerals.

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Bayan Mining and Minerals Ltd (ASX:BMM, OTC:BMMKF, FRA:7JL) has secured membership of the US Defense Industrial Base Consortium (DIBC), opening a pathway to engage directly with US defence programs and funding linked to critical minerals.

The membership enables participation in US Department of War-backed initiatives, including grants, cooperative agreements and technology development programs aligned with rare earths supply chains.

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AIC Mines Ltd (ASX:A1M, OTC:IAUFF, FRA:HLS) has reported higher Mineral Resources and Ore Reserves across its Eloise copper operation and Jericho project in north Queensland, with the updated March 31 statement highlighting strong growth in the group’s Mineral Resource Estimate (MRE).

The standout figure is the combined Eloise Project Mineral Resource, which rose 10% to 31.2 million tonnes at 2.0% copper and 0.4g/t gold, containing 631,800 tonnes of copper and 445,000 ounces of gold. The company said this represented a 12% lift in contained copper and a 9% increase in contained gold, giving the Eloise processing plant access to its largest resource base in 30 years.

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St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has moved to strengthen the downstream pathway for its flagship Araxá project in Brazil, signing a strategic engineering alliance with Spanish group Técnicas Reunidas SA to test advanced rare earths processing technology and assess access to European markets.

The memorandum of understanding (MOU) will see Técnicas Reunidas undertake metallurgical test work on samples from St George’s high-grade Araxá niobium-rare earths project in Minas Gerais, with a focus on refining processing routes and evaluating the suitability of its proprietary RARETECH® technology.

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Kairos Minerals Ltd (ASX:KAI, OTCQB:KAIFF, FRA:YAJ) is set to rebrand as Pilbara Gold Ltd after shareholders approved a company name change at an extraordinary general meeting held on March 30, alongside a 1-for-15 consolidation of issued securities.

The company said the new name reflects its focus on the 100%-owned Mt York Gold Project in WA’s Pilbara, where it holds a 1.4-million-ounce gold resource and sees further growth potential along the project’s Main Trend and surrounding targets.

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