Small caps are heading into Thursday's session facing a tougher market backdrop after rising oil prices, weaker commodity markets and renewed Middle East tensions pushed ASX futures sharply lower overnight.
The Small Ordinaries was little changed on Wednesday, edging up just 0.01% as gains in resources and energy were largely offset by weakness elsewhere in the market.
Early small-cap updates include a US expansion move by First Graphene, fresh drilling results from Nexus Minerals and operational milestones across the energy, battery metals and critical minerals sectors.
First Graphene acquires US graphene business
First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) has agreed to acquire the assets, intellectual property and product portfolio of US-based MITO Material Solutions.
The company said the deal expands its presence in the United States, adds exposure to defence and aerospace applications and provides an established commercial platform with more than 25 customers in late-stage testing. First Graphene expects the acquisition to broaden its product offering beyond its existing PureGRAPH® range and accelerate revenue opportunities in North America.
Nexus extends high-grade gold at Wallbrook
Nexus Minerals Ltd (ASX:NXM, FRA:YAK) reported further strong drilling results from the Payns Prospect at its Wallbrook Gold Project near Kalgoorlie.
Assays from the first 30 reverse-circulation holes returned grades of up to 19.0 g/t gold, with all holes intersecting anomalous mineralisation. The company said results support the potential for a shallow maiden resource at Payns and future growth beyond the current 304,000-ounce Wallbrook inventory.
Janus advances North American rollout
Janus Electric Holdings Ltd (ASX:JNS) reported further progress in the United States, with customer Ability Tri-Modal increasing its order from two to four conversion kits.
The company also highlighted government incentives worth about US$166,000 per truck for qualifying Californian fleet operators, while construction has begun on a dedicated Charge & Change Station supporting the rollout. Janus said battery testing with partner Electrovaya remains on track to commence in Canada next month.
Elixir moves towards key flow testing phase
Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has commenced the next stage of work at its Lorelle-3H appraisal well in Queensland's Taroom Trough.
A diagnostic fracture injection test is beginning this week ahead of a planned 11-stage stimulation program later this month. Flow-back and production testing are expected to follow immediately, with the company aiming to establish commercial flow rates and production characteristics from the Tinowon sandstone reservoir.
Lightning confirms high-grade tungsten potential
Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) reported rock chip assays of up to more than 5% tungsten from its Warby Project in north Queensland.
The results confirmed widespread tungsten mineralisation across a 2-kilometre structural corridor, with multiple samples returning grades above 3% tungsten. Follow-up mapping and geochemical work is planned for the September quarter as the company assesses the broader scale of the system.
AuMEGA kicks off Canadian field season
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has mobilised exploration teams for what it describes as one of its most comprehensive field seasons in Newfoundland and Labrador.
Initial work will focus on the Isle aux Morts Granite target, where gold, copper, molybdenum and bismuth anomalies have been identified across a multi-kilometre area. Drilling is expected to begin in the coming weeks, subject to weather conditions.