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Small Cap Weekly Wrap: Small Cap quarterly season comes to an end with some big results

Critical Resources Ltd (ASX:CRR, FRA:9S70) has extended its push into next-generation battery technology, securing an evaluation licence over advanced thermal management systems developed by Singapore’s Nanyang Technological University (NTU), as it builds out its solid-state lithium-ion program.

The agreement, executed with NTU’s commercial arm NTUitive Pte Ltd, gives the company access to intellectual property covering cooling technologies for lithium-ion batteries and high-density electronics — an area increasingly seen as critical to performance, safety and scalability in next-gen battery systems.

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Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF), in its quarterly activities report, highlighted that during the period, it had cleared a major permitting hurdle for what is expected to become the country’s first lithium mine, as Ghana’s Parliament has ratified the Mining Lease for its Ewoyaa Lithium Project.

The ratification represented formal approval for the mine and processing plant ,and enables the company to progress funding talks and continue work towards a project final investment decision.

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New drilling at FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF)'s Green Bay Copper-Gold Project in Newfoundland has reinforced the scale, grade and continuity of the project’s high-grade Core Zone ahead of a planned Mineral Resource Estimate update this quarter.

The update is expected to feed into the company’s Preliminary Economic Assessment (PEA), which remains on track for completion in mid-2026.

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Ariana Resources PLC (AIM:AAU, ASX:AA2, FRA:4A6), in its quarterly activities report, said drilling at its flagship Dokwe Gold Project in Zimbabwe continues to point to resource growth potential, while its Turkish joint venture delivered 4,533 ounces of gold in the first quarter.

The AIM- and ASX-listed miner completed a 31-hole reverse-circulation drilling programme for 5,659 metres at Dokwe, with standout intercepts including 4 metres at 16.90 grams per tonne gold from 69 metres, 10 metres at 7.67 grams per tonne from 110 metres, and 10 metres at 4.91 grams per tonne from 156 metres.

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Krakatoa Resources Ltd (ASX:KTA) has highlighted strong early drilling success and a reworked project deal structure as key drivers during the March 2026 quarter, with momentum building at its flagship Zopkhito Antimony-Gold Project in Georgia.

The company is sharpening its focus on Zopkhito, where maiden drilling has confirmed high-grade mineralisation and supported plans to accelerate exploration and resource definition.

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Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) has highlighted encouraging early clinical data and fresh funding in its March 2026 quarterly report, as the company sharpens its focus on its lead CAR T therapy, azer-cel.

The clinical-stage immuno-oncology company highlighted positive results from its Phase 1b trial, alongside a $16 million capital raising and upcoming exposure at a major global oncology conference.

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BOA Resources Ltd (ASX:BOA) progressed preparations for drilling at its flagship Neds Creek Copper Project in Western Australia’s Murchison Copper Belt during the March quarter, with the Ricci Lee prospect confirmed as the priority target for resource definition drilling.

The company holds a 49% interest in Stanifer Pty Ltd, which owns the Neds Creek project interests, and has an exclusive option to acquire the remaining 51%.

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archTIS Ltd (ASX:AR9, OTCQB:ARHLF) has delivered strong March quarter growth, with progress across its NC Protect and Spirion platforms, new defence wins and completion of a key US Department of Defense software project.

archTIS has reported annual recurring revenue (ARR) of A$15.1 million for the March 2026 quarter, up 231% on the prior corresponding period, alongside total revenue of A$3.5 million, up 143%.

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Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has delivered a substantial resource upgrade at its flagship Muntanga Uranium Project in Zambia, alongside confirming key development parameters and launching the largest drilling campaign at the project in nearly two decades.

In its March 2026 quarterly report, the company reported a 24% increase in total Mineral Resources at Muntanga, lifting the inventory by 11.4 million pounds (Mlbs) to 58.8Mlbs triuranium octoxide (U₃O₈) at 309 parts per million (ppm).

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Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has reported material progress on the Phase 1 Copper Cathode Restart project at the Nifty Copper Complex in Western Australia during the March quarter, keeping the company on track for first cathode production in the September quarter of 2026.

Work during the quarter focused on site infrastructure, heap leach preparation and SX-EW plant refurbishment.

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Prescient Therapeutics Ltd (ASX:PTX) has highlighted continued progress across its oncology development pipeline during the March 2026 quarter, led by expanding enrolment and site activation in its PTX-100 Phase 2a clinical program.

The company's global Phase 2a study of PTX-100 in Cutaneous T-cell Lymphoma (CTCL) continued to build momentum, with two new Italian sites activated during the quarter, taking the total number of active sites to 11 at March 31.

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D3 Energy Ltd (ASX:D3E, OTCQX:DNRGF) has expanded its helium and natural gas footprint in South Africa and strengthened its funding position during the March 2026 quarter, as it continues to advance its flagship ER315 project and broader exploration strategy.

The company’s latest quarterly report highlights regulatory progress across its Free State acreage, alongside a $6.12 million capital raising to support upcoming drilling, seismic work and engineering studies.

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Solis Minerals Ltd (TSX-V:SLMN, ASX:SLM, OTCQB:SLMFF, FRA:08WA) has sharpened its focus on lithium and copper growth across South America, advancing multiple projects in Brazil and Peru during the March quarter while lining up near-term drilling catalysts.

The company capped the period with a strategic move into Brazil’s hard-rock lithium sector, acquiring the Brazil Lithium Project in Minas Gerais shortly after quarter-end, adding to ongoing exploration at its Borborema project.

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Aruma Resources Ltd (ASX:AAJ) has highlighted progress across its core copper, heavy mineral sands and Pilbara exploration projects during the March quarter.

The company completed the acquisition of the Tillex Copper Project in Ontario, Canada, adding a well-defined, high-grade copper sulphide asset in the Tier-1 Timmins minerals district.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has fully entered construction mode at its flagship Kangankunde Rare Earths Project in Malawi while securing a downstream processing acquisition that reshapes its position in global rare earths supply chains.

During the March quarter, engineering contractor Obsideo mobilised to site and began civil works for the Stage 1 processing plant, marking a transition from early works to full-scale execution. The company continues to target first ore feed and initial concentrate production in November 2026.

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Nexus Minerals Ltd (ASX:NXM, FRA:YAK) has advanced both development planning and exploration at its flagship Wallbrook Gold Project in Western Australia during the March quarter, with permitting progress and a major drilling campaign underpinning its next phase of growth.

The company confirmed further key approvals at the Crusader–Templar deposit, alongside continued discussions with potential mining and toll treatment partners, as it works towards a potential staged open-pit operation.

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Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has outlined a busy exploration runway across its Australian gold portfolio, with multiple drill programs under way or imminent following a March quarter focused on target generation and project advancement.

The release captures key activities from the March period and sets the stage for an increasingly active exploration phase through 2026.

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Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) progressed preparations for a planned phase II clinical trial of HMBD-002, its lead oncology program, during the March quarter, supported by a $2.2 million entitlement offer completed after the period end.

The funds are to be used to advance development of HMBD-002, a monoclonal antibody targeting the immune checkpoint regulator VISTA, with the trial planned for the second half of CY2026.

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Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF) has secured two diamond core drill rigs for a major Phase 2 drilling program at the Golden Gate area of its Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, US.

The program, backed by a recent $20 million advance, will start next week and comprise up to 13,700 metres, or 45,000 feet, of diamond core drilling across as many as 45 holes targeting both tungsten and gold mineralisation.

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Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has strengthened its executive team with the appointment of seasoned copper executive Richard Holmes as chief development officer, as the company advances plans to restart its flagship Nifty Copper Complex in Western Australia.

Holmes brings extensive experience across exploration, development and portfolio strategy, most recently serving in the same role at Sandfire Resources, where he led exploration and business development initiatives across a global copper portfolio.

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Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) delivered a 25% increase in gold and 19% increase in silver resources at its flagship Dynasty Gold Project in southern Ecuador in the March quarter, lifting the project’s mineral resource estimate to 65.6 million tonnes at 1.85 grams per ton (g/t) gold and 12.38 g/t silver for 3.9 million ounces of gold and 26.1 million ounces of silver.

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Surefire Resources NL (ASX:SRN, FRA:GBL) has reported a new round of high-grade gold results from surface sampling at its Yidby Gold Project in Western Australia, extending the footprint of mineralisation at the emerging Loot prospect.

The latest assays, drawn from follow-up float rock sampling along strike, returned gold grades of up to 13.19 g/t, reinforcing the prospectivity of what the company has described as a newly recognised style of mineralisation hosted in albitite rocks.

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A change in strategic direction and a repositioning as a gold-led Australian exploration and development company under newly appointed chief executive officer Troy Brice has highlighted Lightning Minerals Ltd (ASX:L1M, FRA:YZ1)'s March quarter.

The reset followed a review of its asset base, capital allocation priorities and market conditions, with Mt Turner in Queensland now established as its flagship asset and primary value driver.

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FireFly Metals Ltd (ASX: FFM, TSX: FFM) has completed the sale of its Ontario gold assets to Bellavista Resources Ltd (ASX: BVR), clearing the way for the company to focus more directly on its flagship Green Bay copper-gold project in Newfoundland, Canada.

The assets sold comprise FireFly’s 70% interest in the Pickle Crow Project and 100% of the Sioux Lookout Project. In return, FireFly has received 60 million Bellavista shares and contingent consideration of 50 million Bellavista performance rights.

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Orthocell Ltd (ASX:OCC, OTC:ORHHF) has achieved first commercial sales of its flagship nerve repair device Remplir™ in Canada, marking the start of revenue generation in the country’s estimated US$75 million nerve repair market.

The milestone follows Health Canada approval and distributor appointments in 2H CY25, which give Orthocell majority national coverage and a pathway to surgeon and hospital adoption across Canada.

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Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) has completed the retail component of its entitlement offer, raising about A$24.8 million as part of a broader equity raise totalling approximately US$197.8 million (A$282.6 million).

The retail entitlement offer, priced at A$0.25 per new CDI on a 1-for-10 basis, closed on April 27 and attracted support from eligible shareholders, with applications received for roughly 22.8 million new CDIs and a further 3.2 million sought through oversubscriptions.

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Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares strengthened in Wednesday morning's trade, climbing 10% to 0.66p, as the small-cap's first quarter update highlighted a stronger cash position that provides headroom as it advances its natural hydrogen and helium exploration portfolio.

The firm's cash balance rose to stand at A$3.31 million by the end of March, after completing the sale of the Molyhil Tungsten-Molybdenum Project. The company received A$2.25 million on completion of the Molyhil sale to Tivan Limited in January.

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Altech Batteries Ltd (ASX:ATC, OTC:ALTHF, FRA:A3Y) has reported progress across its battery technology portfolio, with its CERENERGY® sodium-chloride solid-state battery project securing conditional German Government grant approval and its Silumina Anodes™ R&D operations being relocated to Germany.

The company’s CERENERGY® project in Saxony, Germany, has received conditional binding approval for up to €46.11 million (AU$75,32M) under Germany’s federal STARK economic development program.

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Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF, FRA:COH) has advanced multiple workstreams across its refinery, upstream project and technology platform during the March 2026 quarter, with key milestones supporting its broader strategy to build an integrated cobalt supply chain.

"It was incredibly satisfying to receive confirmation during the quarter that samples of our cobalt sulphate met stringent trace metal purity and physical specifications. This is a major milestone as we continue to progress toward an FID decision on our proposed Kwinana Cobalt Refinery in Western Australia," CEO Andrew Tong said.

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The Albanese Government has reopened one of the tech sector’s most contentious fronts, unveiling draft legislation that would effectively tax major digital platforms unless they strike commercial deals with Australian news publishers.

The proposed News Bargaining Incentive (NBI) marks a significant evolution of Australia’s world-first media bargaining regime — shifting from a negotiated framework to a clearer financial penalty for platforms that opt out. The policy is designed to close what policymakers see as a loophole in the existing code: platforms can avoid paying for news simply by removing it altogether.

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Australia’s consumer price index (CPI) has accelerated sharply, rising 4.6% in the year to March – its highest level since 2023 – as fuel and housing costs pushed living expenses higher.

On a monthly basis, headline inflation climbed 1.1%, driven largely by a surge in fuel prices after the Middle East conflict lifted oil prices by 60% and doubled jet fuel costs. Housing expenses also continued to rise, with electricity up 25.4%, new dwelling prices increasing 4.5% and rents climbing 3.7%.

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Meteoric Resources NL (ASX:MEI, OTC:METOF, FRA:RNF) has strengthened its tenure over the Caldeira Rare Earths Project in Minas Gerais, Brazil, after executing an amendment agreement with joint venture partner Togni S/A Materiais Refratários.

The agreement consolidates Meteoric’s interests in key tenements needed for the start of production at Caldeira and is expected to streamline the project’s development pathway.

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Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) last week outlined further progress at the Norseman Gold Project in Western Australia, highlighting strong drilling results and a new funding and processing agreement that is expected to enhance production margins.

Managing director Paul Cmrlec said ongoing drilling at the Scotia deposit continues to deliver encouraging results, with the central zone extended by at least 50 metres below the current mine plan. He noted that the zone remains open at depth, with “big, wide, high-grade hits” reported, including intercepts exceeding 10 metres in width and grades of up to around 10 grams per tonne.

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Horizon Gold Ltd (ASX:HRN) has reported a round of high-grade gold intercepts from diamond drilling at its 100%-owned Gum Creek Gold Project in Western Australia, with results from both the Omega and Kingfisher prospects reinforcing underground potential and supporting upcoming resource updates.

The latest assays, drawn from four holes at Omega and three at Kingfisher, continue to extend known mineralisation and refine the company’s geological understanding as work progresses towards a feasibility study.

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NUVA Digital, co-created by Animoca Brands Corporation Ltd (Unlisted (AU):AB1) and Nuva Labs, has raised US$5.2 million in a seed funding round led by Morgan Creek Digital to accelerate development of its real-world asset (RWA) marketplace NUVA.

NUVA is a non-custodial distribution platform providing users with access to institutional-grade RWA vaults.

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Pathkey.AI Ltd (ASX:PKY) has entered a binding share purchase agreement for the right to acquire 100% of Singapore-based Chipforge Pte Ltd, an AI-driven semiconductor hardware design and verification technology company.

The agreement gives Pathkey an irrevocable option to acquire Chipforge within two months, with the option period able to be extended by a further two months on payment of a $200,000 extension fee.

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Phosco Ltd (ASX:PHO) has returned high-grade copper, antimony, silver and zinc assays from selective rock-chip sampling at the King’s Eye prospect within its 100%-owned Simitu Project in northern Tunisia.

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Sovereign Metals Ltd (ASX:SVM, OTCQX:SVMLF, AIM:SVML, FRA:SVM) has outlined a pivotal March quarter, headlined by a definitive feasibility study (DFS) confirming the scale and economics of its Kasiya rutile-graphite project in Malawi, alongside a major resource upgrade and early-stage offtake agreements.

The DFS positions Kasiya as a globally significant critical minerals project, with strong projected margins, long mine life and potential upside from additional by-products.

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Renascor Resources Ltd (ASX:RNU, OTC:RSNUF, FRA:RU8) has started full-plant commissioning at its Purified Spherical Graphite (PSG) Demonstration Plant in Adelaide, South Australia, after completing construction, pre-commissioning and system verification activities.

The project remains in line with budget and schedule, with graphite processing under operating conditions expected to begin this quarter.

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Janus Electric Holdings Ltd (ASX:JNS) has reported a March quarter marked by early international revenue, expanding fleet deployment and a stronger balance sheet, as the heavy vehicle electrification player works through a broader operational reset.

Receipts from customers reached $680,000 for the quarter and $2.59 million year to date, reflecting the commencement of US export revenue following delivery of its first conversion kits into Los Angeles.

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Dimerix Ltd (ASX:DXB, OTC:SBMJF) has moved to strengthen the clinical and regulatory footing of its lead kidney disease program, confirming its pivotal ACTION3 trial remains on track with a high probability of success.

The update centres on a blinded statistical review of the Phase 3 study for DMX-200 in focal segmental glomerulosclerosis (FSGS), a rare and serious kidney disorder with limited treatment options.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP), in its quarterly activities report, told investors it had delivered a record quarterly cash build of A$260 million in the March quarter, as strong gold sales and high realised prices lifted its balance sheet to more than A$1.2 billion.

The Western Australia-focused gold and copper miner produced 82,723 ounces of gold and 4,128 tonnes of copper in the quarter at all-in sustaining costs of A$2,056 per ounce. Net revenue came in at A$742 million, supported by sales of 97,800 ounces of gold and 4,620 tonnes of copper.

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Aurum Resources Ltd (ASX:AUE) has continued to expand its West African gold footprint in the March quarter, lifting group resources to 4.2 million ounces (Moz) as drilling and resource upgrades at its Boundiali and Napié projects underpin a growing development pipeline.

The quarter was headlined by a significant upgrade at the flagship Boundiali Gold Project in Côte d’Ivoire, where total resources rose 26% to 3.03Moz, including a 49% jump in higher-confidence Indicated resources to 1.37Moz.

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AuKing Mining Ltd (ASX:AKN) sharpened its critical minerals focus with the proposed acquisition of the Tundulu Rare Earths Project in southern Malawi and the completed acquisition of tin and silver exploration interests in north-west Tasmania in the March quarter.

The company announced the Tundulu acquisition after the March quarter, describing the project as a district-scale carbonatite complex with historical drilling that returned high-grade rare earth mineralisation.

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Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has delivered a solid March quarter, generating strong cash flow from its Norseman Gold Project operations while continuing to advance multiple growth fronts across the asset.

Quarterly gold production came in at 17,757 ounces, with 20,016 ounces sold at an average price of $6,916 per ounce, underpinning EBITDA of $88.4 million.

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Carnavale Resources Ltd (ASX:CAV, FRA:YBB) has advanced work on the bankable feasibility study (BFS) for its Kookynie Gold Project in Western Australia, after completing infill, metallurgical and geotechnical drilling during the March quarter.

Drilling focused on the Swiftsure and Tiptoe deposits, where Carnavale is planning open pit developments. The company said results confirmed continuity of high-grade gold zones, with mineralisation now defined less than 20 metres from surface.

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St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has delivered a standout March quarter, headlined by a major resource upgrade at its flagship Araxá rare earths and niobium project in Brazil, alongside growing momentum on downstream partnerships and development planning.

The company increased the Araxá Mineral Resource Estimate (MRE) by 75% to 70.91 million tonnes at 4.06% total rare earth oxides (TREO) and 0.62% niobium pentoxide (Nb₂O₅), reinforcing its position as a globally significant deposit.

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European Lithium Ltd (ASX:EUR, OTCQB:EULIF) has unveiled a proposed merger with NASDAQ-listed Critical Metals Corp. (NASDAQ:CRML) that would see the two companies combine in an all-scrip deal valuing EUR at an implied A$0.58 per share — a significant premium to recent trading levels.

Under a non-binding indicative agreement, CRML would acquire 100% of European Lithium via a scheme of arrangement, with EUR shareholders receiving 0.035 CRML shares for each EUR share held.

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Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has delivered March quarter gold production of 82,723 ounces alongside 4,128 tonnes of copper, with all-in sustaining costs (AISC) of $2,056 per ounce.

Year-to-date production for FY26 reached 249,887 ounces of gold and 11,022 tonnes of copper at an AISC of $2,136 per ounce, positioning the company to meet — or slightly exceed — the upper end of its 260,000–310,000 ounce full-year production guidance.

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American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF) has bolstered its US-based leadership and technical bench as it moves to advance its flagship Halleck Creek rare earths project in Wyoming, appointing two senior figures focused on community engagement and project delivery.

The company has named Wyoming local Brook Brockman as director of public and government affairs for its subsidiary Wyoming Rare (USA) Inc., alongside Taylor Cable as director of projects and engineering, in a move aimed at strengthening both stakeholder relationships and execution capability.

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