Small caps are heading into the end of the week with sentiment still heavily influenced by the AI-driven rally on Wall Street, even as rising bond yields and softer commodity prices create a more uneven backdrop for resources stocks.
Against that backdrop, today’s announcements span fresh drilling activity in the US, record profits from gold and antimony production, and investor updates tied to critical minerals development in Alaska.
NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) received a delegation from Germany's Federal Institute for Geosciences and Natural Resources this week at its Molo Graphite Mine in southern Madagascar.
The BGR, as the institute is known, assessed Molo as part of an independent study on Madagascar's graphite production sector funded by Germany's Federal Ministry for Economic Cooperation and Development, NextSource said in a statement.
Ariana Resources PLC (AIM:AAU, ASX:AA2, FRA:4A6) said drilling at its Dokwe Gold Project in Zimbabwe has confirmed scope to grow the deposit beyond its current resource envelope, with gold mineralisation now shown to extend at least 150 metres beyond Dokwe North.
The AIM- and ASX-listed explorer said all assays have now been received from its 2025-2026 reverse circulation drilling programme at the 100%-owned project. Key Dokwe North intercepts included 22 metres at 1.49 grams per tonne gold from 111 metres, 8 metres at 1.20 grams per tonne from 65 metres, and 1 metre at 3.77 grams per tonne from 101 metres.
AI chipmaker Cerebras Systems is set to begin trading on the Nasdaq on Thursday after pricing its long-awaited initial public offering well above its originally indicated range, in a closely watched test of investor demand for next-generation AI infrastructure companies beyond the dominant GPU ecosystem led by NVIDIA.
The California-based company announced overnight that it had priced 30 million shares at US$185 each, raising around US$5.55 billion before underwriter options and implying a ~US$56 billion valuation well above earlier expectations.
Shares in Megaport Ltd (ASX:MP1) rocketed on Thursday after the network-as-a-service provider unveiled a trio of major AI infrastructure contracts worth a combined US$182.9 million (A$254 million), strengthening investor confidence in the company’s expanding push into high-performance compute.
The stock was up about 27% as of late Thursday afternoon, surging by as much as 37% earlier in the session.
Piercing retailer SkinKandy is preparing to list on the ASX next week after upsizing its initial public offering to $160 million, as the company pushes ahead with plans for rapid international expansion despite ongoing volatility across retail and equity markets.
The company is scheduled to begin trading on May 21 under the ticker SK1, with shares priced at $2.20 each — towards the upper end of the indicative $2.05 to $2.25 range — valuing the business at about $245 million.
Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R) says the March quarter marked another step forward in its Beetaloo Basin development strategy, with record well results, progress on key infrastructure and a strengthened balance sheet to support its 2026 and 2027 work programs.
“The March 2026 quarter represents another major step forward for Tamboran as we continue to execute our Beetaloo Basin strategy," Tamboran Resources Corporation CEO Todd Abbott said.
Carnaby Resources Ltd (ASX:CNB, FRA:1FI) has confirmed a new high-grade copper-gold discovery at the Trek 1 Footwall Lode within its 100%-owned Trekelano Project, part of the Greater Duchess Copper Gold Project in Queensland.
Ordell Minerals Ltd (ASX:ORD) has received binding commitments from existing and new institutional and sophisticated investors to raise about $7 million before costs through a share placement. Ordell is a gold explorer focused on advancing exploration projects in Western Australia. Its key near-term focus is the Barimaia Gold Project, where drilling is targeting additional high-grade gold at McNabs East and testing the wider project area for new discoveries.
The placement will comprise 11,111,112 new fully paid ordinary shares priced at $0.63 per share, with allotment expected on Friday, May 22, 2026.
Burley Minerals Ltd (ASX:BUR)) will raise up to $1 million through a $700,000 placement and a $300,000 share purchase plan (SPP) to advance exploration across its iron ore and lithium portfolio.
The placement comprises 30.4 million shares to sophisticated and professional investors at $0.023 per share, representing an 8% discount to Burley’s last closing price of $0.025 and a 17.9% discount to the 5-day VWAP. The shares are expected to be issued on or around May 20, 2026 and will rank equally with existing shares.
Xenitra Ltd (ASX:XEN) has generated more than $500,000 in product sales through its OPAL Real World Asset (RWA) tokenised sales ecosystem within the first month of launch.
The company also onboarded more than 130 distributors into the ecosystem, while its launch event attracted more than 12,000 livestream viewers.
Lumos Diagnostics Holdings Ltd (ASX:LDX, OTC:LDXHF) has completed a further milestone under its BARDA-funded FebriDx® paediatric clinical study, enrolling 250 patients in the trial.
The achievement marks milestone number 7 under the company’s agreement with the Biomedical Advanced Research and Development Authority (BARDA), which is supporting the study of FebriDx in children aged 2 to 12 years.
Critical Resources Ltd (ASX:CRR, FRA:9S70) has moved to expand its footprint over a prospective tungsten system in New Zealand’s South Island, lodging an application to extend the Croesus gold–tungsten project over the western continuation of the Barrytown Granite intrusion associated with mineralisation at Granite Creek.
The company said the Extension of Land (EOL) application, submitted to New Zealand Petroleum and Minerals, would align the permit boundary with the full mapped extent of the Barrytown Granite Pluton — the host intrusion linked to greisen-hosted tungsten mineralisation at Granite Creek.
Aurum Resources Ltd (ASX:AUE) has increased the total mineral resource at its flagship Boundiali Gold Project in Côte d’Ivoire to 3.22 million ounces (Moz) of gold, with a sharp lift in higher-confidence Indicated resources expected to feed directly into the project’s upcoming pre-feasibility study (PFS).
The updated mineral resource estimate (MRE) includes a 24% increase in indicated resources to 1.70Moz following an aggressive infill drilling campaign at the BDT2 deposit, while total Boundiali resources rose 6% overall.
Healius Ltd (ASX:HLS) has become the latest healthcare stock to unsettle investors, with the pathology provider plunging to fresh all-time lows after downgrading earnings guidance and warning deteriorating conditions across the sector were squeezing margins harder than expected.
Shares in the ASX-listed pathology services company fell as much as 20% on Wednesday after the company cut FY26 underlying EBITDA guidance to $259 million–264 million, below market expectations of roughly $271 million, while underlying EBIT guidance of $30 million–35 million came in well short of forecasts.
Compressed gas transport and storage company Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) says Germany’s newly approved renewable transport fuel mandate could mark a major turning point for Europe’s emerging green hydrogen import market, with the company positioning its compressed hydrogen shipping model as a potential solution to looming supply shortfalls.
In a new investor note, the company points to Germany’s formal adoption of the European Union’s Renewable Energy Directive III (RED III) into national law on May 8 as a particularly significant development for the sector.
Conico Ltd (ASX:CNJ) has applied for two new exploration licences in East Greenland, adding the Kai rare earths project and Lilloise gold-platinum group elements (Au-PGE) project to its regional portfolio.
The applications sit adjacent to Conico’s 100%-owned Ryberg Project and, if granted, would lift the company’s Greenland landholding to about 6,460 square kilometres, making it one of the largest landholders in East Greenland.
Neurizon Therapeutics Ltd (ASX:NUZ) has received ethics approval from the Bellberry Human Research Ethics Committee for a Phase 1 formulation study of its NUZ-001 oral liquid treatment for amyotrophic lateral sclerosis (ALS).
The approval allows Neurizon to advance clinical work on an oral liquid version of NUZ-001, which is being developed to improve treatment access and flexibility for people living with ALS.
Nexsen Ltd (ASX:NXN) has secured its first hospital partner in Asia after signing a binding term sheet with GHK Hospital Ltd, operator of Gleneagles Hospital Hong Kong, to support clinical validation and potential commercial adoption of its rapid point-of-care diagnostics platform.
Nexsen is developing rapid point-of-care diagnostics designed to deliver lab-grade results closer to the patient, reducing reliance on slower laboratory testing.
Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) could be significantly undervalued as its focused push into allogeneic CAR-T therapy gathers momentum, according to a new initiation report from RaaS Research, which has assigned the company a risk-adjusted valuation of $0.24 per share — representing 129% upside to the current share price of $0.105.
The broker believes the market is yet to fully appreciate Imugene’s strategic transformation into a streamlined CAR-T-focused biotech centred on its lead asset azer-cel, an “off-the-shelf” allogeneic CAR-T therapy targeting blood cancers.
Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has strengthened its board with the appointments of experienced healthcare and finance executive Susan Knight and company veteran Stephen Denaro as directors.
Knight joins as a Class I director, serving through to the company’s 2028 annual meeting, and will also sit on the audit and risk committee. Denaro returns to the board as a Class II director with a term running until the 2026 annual meeting.
American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF) has formally started the process towards a planned Nasdaq listing, appointing BDO Audit Pty Ltd as its new auditor as the company continues positioning its Halleck Creek rare earths project as part of a broader US critical minerals supply chain strategy.
The company said BDO’s appointment took effect from May 12 and was made to support its planned US Nasdaq listing, which it is targeting for the second half of calendar year 2026.
Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) has expanded its technical and corporate leadership team as the company pushes ahead with a strategic reset centred on Australian gold exploration, appointing experienced geoscientist and corporate executive Andrew Lambert as exploration and corporate development manager.
The appointment comes less than a month after Lightning repositioned itself around its Mt Turner Gold Project in north Queensland, shifting away from its earlier lithium focus to become a gold-led exploration and development company.
Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) has expanded the high-grade southwest zone at the Chisebuka target within its 100%-owned Muntanga Uranium Project in Zambia, with 13 of the first 15 holes in a 2026 drilling program intersecting uranium mineralisation outside the current resource area.
The first 15 holes, comprising 1,540 metres of drilling, form part of a planned 30,000-metre campaign targeting resource growth across Chisebuka, Namakande and Muntanga North.
Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has reported strong operational progress for the March 2026 quarter as the company advanced recruitment for its global PARADIGM pivotal trial and strengthened its balance sheet with US$320 million in capital raises.
The structural heart company said the funding completed in January would support execution of the PARADIGM Trial and accelerate the path toward global commercialisation of its DurAVR® transcatheter heart valve (THV) system.
Resource Minerals International Ltd (ASX:RMI) is gearing up for a 2,500-metre reverse circulation (RC) drilling program at its 100%-owned Mpanda Copper-Gold Project in Tanzania in early June after securing Coreworthy Drilling (T) Ltd as contractor.
The staged campaign will test five priority targets — Stalike, Ibindi, Kabungu, Kabungu North and Kabatini West — selected from integrated geological mapping, geochemical sampling, historical drilling, rock chip results and high-resolution drone magnetic interpretation.
NextSource Materials Inc. (TSX:NEXT, OTCQB:NSRCF) said on Tuesday it has approved a final investment decision on Phase 1 of its Battery Anode Facility in Abu Dhabi, advancing its push into vertically integrated anode materials manufacturing.
The decision follows the completion of front-end engineering design work, which the company said confirmed the economics and project configuration outlined in an October 2025 feasibility study.
UBS has flagged the risk of a "super El Niño" developing from mid-2026, which it says could tighten the seaborne thermal coal market and push prices higher, with Indonesian and Australian producers set to benefit.
The World Meteorological Organisation expects an El Niño event to develop in the coming months, and some scientists predict it could be the strongest this century based on high Pacific Ocean surface temperatures.
Orbminco Ltd (ASX:OB1) will begin a 27-hole reverse circulation drilling program in late May at its 100%-owned Majestic North Gold Project, 65 kilometres southeast of Kalgoorlie in WA’s Eastern Goldfields.
The 2,500-metre program is designed to advance resource development and exploration targeting across the shallow gold system.
Koonenberry Gold Ltd (ASX:KNB) has extended gold mineralisation at the Sunnyside Prospect within its Enmore Project in northern New South Wales, with the final three holes from its Phase II drilling campaign continuing to return broad gold zones and high-grade intervals at depth.
The latest assays have pushed mineralisation a further 195 metres down dip on two drill sections and confirmed continuity across more than 200 metres of strike and to vertical depths of up to 415 metres, reinforcing Sunnyside’s emergence as a sizeable orogenic gold system.
Auravelle Metals Ltd (ASX:AUV) is preparing to start its next round of reverse circulation (RC) drilling at the Nuckulla Hill Gold Project in South Australia, with work to focus on the Sheoak and Sheoak East prospects.
The program is designed to infill and extend high-grade gold mineralisation at Sheoak, while also testing early-stage targets at Sheoak East and elsewhere across the project area.
Biome Australia Ltd (ASX:BIO) has extended its exclusive supply agreement with long-term strain partner Probiotical SpA for a further two years, providing continuity in the company’s supply chain as it expands internationally.
The new agreement replaces the previous deal, which had been due to expire in June 2026, and will now remain in place until 2028 on existing commercial terms.
Dalaroo Metals Ltd (ASX:DAL) has completed a large-scale systematic soil geochemistry program across the Gold Ridge Prospect within its Bondoukou Gold Project in Côte d’Ivoire, marking a key step toward maiden drilling.
Wall Street’s AI trade is starting to look increasingly split between believers and sceptics.
In the space of just a few days, investors have been confronted with several mixed signals about where the artificial intelligence boom is heading: Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) ramping up its already extraordinary investment push across the AI ecosystem, famed short-seller Michael Burry warning of bubble-like conditions, and veteran strategist Ed Yardeni lifting his S&P 500 target yet again.
AuKing Mining Ltd (ASX:AKN) will host an investor webinar this week to provide shareholders and investors with an operational update across its expanding exploration portfolio, including recent developments at the Tundulu rare earths project in Malawi.
Managing director Paul Williams is set to present the webinar on Wednesday, May 13, where the company will discuss exploration activities and broader progress across its portfolio.
Critical Resources Ltd (ASX:CRR, FRA:9S70) is stepping up exploration across its Mavis Lake Lithium Project in Ontario, launching a new field campaign at the underexplored Corona Pegmatite Field as part of a broader strategy to build a multi-deposit lithium district in Canada.
The ASX-listed company has mobilised field crews to the Corona target, about 4 kilometres north of the existing Mavis Lake Main Zone deposit, where it already hosts an inferred mineral resource of 8.0 million tonnes grading 1.07% lithium oxide.
Cavendish sees huge upside (more than thirteenfold) for 88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ), with the bullish house-broker highlighting that the explorer has reshaped its Namibia farm-in agreement.
This, it says, will strip out $15 million of anticipated funding exposure while retaining a 20% stake in frontier acreage.
For stroke patients, diagnosis still depends heavily on access to advanced hospital imaging — even though treatment outcomes can deteriorate by the minute.
That challenge is helping drive interest in portable brain scanning technologies that could help doctors identify and triage strokes earlier, particularly in emergency departments, regional hospitals and eventually ambulances.
Acrux (ASX:ACR) has secured binding commitments to raise $1.6 million before costs through a share placement to institutional and professional investors.
The placement was strongly supported, with commitment bids totalling $2.6 million received before the offer was scaled back by $1 million.
Delta Lithium Ltd (ASX:DLI) has delivered a dual-project update that adds a potentially significant new commodity to its Yinnetharra project while Mt Ida continues to build resource confidence ahead of a scoping study.
The company's regional exploration campaign at Yinnetharra in Western Australia's Gascoyne region has returned eye-catching fluorite assays from surface sampling and a shallow drill program, while partner drilling at Mt Ida is consistently intercepting high-grade lithium at depth.
Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) said drilling has pointed to a potentially significant southward extension of its West Dome Underground deposit at Telfer after a step-out hole returned one of the project’s best intercepts to date.
The Pinnacles hole, drilled around 1.2 kilometres south of the current West Dome Underground resource, intersected 58.7 metres at 6.5 grams per tonne gold and 0.1% copper from 1,754 metres, including 37 metres at 9.98 g/t gold and 0.14% copper.
Australian Mines Ltd (ASX:AUZ) has submitted additional metal hydride samples to the National Laboratory of the Rockies (NLR) for independent testing by a US Department of Energy national laboratory team, as the company advances its proprietary solid-state hydrogen storage technology toward potential commercial applications.
The latest submission follows earlier testing undertaken through the Hydrogen Materials Advanced Research Consortium (HyMARC), which previously evaluated the company’s MH-May24 metal hydride formulation.
88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) announced it has secured its 20% working interest in Namibia’s PEL 93 on an unconditional basis while cutting about $15 million of minimum future funding exposure under an amended farm-in agreement.
The AIM- and ASX-listed explorer said the revised deal with operator Monitor Exploration cancels Stage 2 and Stage 3 farm-in obligations, removes reassignment risk and simplifies the original commercial structure.
Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) told investors that it has consented to Elevra Lithium transferring its rights and obligations in the Ewoyaa Lithium Project to Zhejiang Huayou Cobalt, potentially simplifying the funding route for Ghana’s flagship lithium development.
Elevra currently holds rights to a 22.5% interest in Atlantic’s Ghana lithium portfolio, including Ewoyaa, after meeting the Stage 2 terms of the project agreement.
Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) last week outlined plans for the next phase of drilling at the company’s flagship Mount Turner Gold Project in far north Queensland, with chief executive Troy Brice providing an on-site update ahead of the commencement of drilling activities in June.
Brice said the company had finalised logistics and drill planning for the phase two campaign, which is expected to comprise around 670 metres of diamond drilling across six holes. The drilling program is designed to follow up on high-grade mineralisation identified during the company’s November 2025 campaign and further define mineralisation beneath Pit Three at Mount Turner.
Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has outlined a potentially significant southern extension to its West Dome Underground (WDU) system at Telfer, after a deep step-out drill hole at the Pinnacles prospect returned one of the strongest intercepts recorded from the project to date.
The company said a 1,858-metre diamond hole drilled from surface intersected 58.7 metres at 6.5 g/t gold and 0.1% copper from 1,754 metres, including 37 metres at 9.98 g/t gold and 0.14% copper, approximately 1.2 kilometres south of the current WDU mineral resource.
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has strengthened its executive and operational leadership team with seven new appointments across legal, sustainability, supply chain, health and safety, technology, finance and investor relations as the company pushes towards first production at its Kangankunde Rare Earths Project in Malawi.
The appointments come as Lindian transitions from project developer to future producer, with construction at Kangankunde well advanced and first production from both the Malawi upstream operation and the company’s planned SARECO hydrometallurgical facility in Kazakhstan targeted for Q4 2026.
Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has begun flow-back and clean-up operations at the Diona-1 exploration well in Queensland’s Surat-Bowen Basin after successfully completing stimulation and well completion activities.
The Diona-1 well, in which Elixir holds a 49% operating interest alongside joint venture partner Xstate Resources Limited (ASX:XST, FRA:XW7), has been stimulated across identified Permian net gas pay zones and completed with 2-3/8-inch tubing and sliding sleeve completions.
Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has strengthened its land position at the Kalgoorlie Gold Project in Western Australia through a binding agreement to acquire 100% of granted tenement P25/2850.
The acquisition increases the project area by 20% to 10.22 square kilometres from 8.36 square kilometres, adding ground immediately north of the company’s Northern Zone porphyry gold project.
Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has identified a significant new high-grade gold discovery at the Racetrack target within its Norseman Gold Project in Western Australia, with early drilling pointing to a substantial new ore source close to existing infrastructure.
The discovery comes from an initial 27-hole RC and diamond drilling growth program targeting early-stage prospects across the Norseman Mainfield, including Racetrack, Golden Goose and southern extensions to the Crown Reef.