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The Small Cap Weekly Wrap: IPOs, resource upgrades, biopharma milestones and more...

Aurum Resources Ltd (ASX:AUE) managing director Dr Caigen Wang has strengthened his commitment to the company by investing $840,000 in Aurum through the purchase of 1.4 million shares at $0.60 per share.

The investment follows shareholder approval at the company's general meeting on June 9, 2026 and comes on the same terms offered to cornerstone investor Perseus Mining Ltd and participants in Aurum's recently completed $28.8 million capital raising.

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St George Mining Ltd (ASX:SGQ, FRA:S0G, OTC:SGQMF) has reported strong initial metallurgical testwork results from its Araxá Niobium and Rare Earth Project in Brazil, with flotation beneficiation producing separate high-grade niobium and rare earth concentrate streams from near-surface mineralisation.

The results are an important step for St George in demonstrating the project's potential to support a dual-commodity operation capable of producing both niobium and rare earth products from the same ore source.

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Critical Resources Ltd (ASX:CRR, FRA:9S70) has confirmed the presence of a gold-antimony system at its Croesus Project in New Zealand's Reefton Goldfield after first-pass reconnaissance sampling returned assays of up to 13.3g/t gold and 6,990ppm antimony.

The results come from a program of rock-chip, float and historic ore-spillage sampling completed along the Croesus-Minerva trend, supporting the company's exploration model for a structurally controlled gold-antimony system hosted within Greenland Group metasedimentary rocks.

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Pilbara Gold Ltd (ASX:PGL) has cleared a key milestone at its Roe Hills Gold Project in Western Australia's Eastern Goldfields, securing Aboriginal heritage approvals that pave the way for a substantial drilling program aimed at delivering a maiden resource estimate. The news comes just as the company has strengthened its board as work at Mt York also ramps up.

Pilbara Gold and the Ngadju Native Title Aboriginal Corporation recently completed a heritage survey covering the mineralised footprints at both Terra and Caliburn.

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Experienced oncology drug development executive Dr Rosalind Wilson is joining Prescient Therapeutics Ltd (ASX:PTX) as chief medical officer, effective from July 13, 2026.

The appointment is expected to strengthen PTX's clinical and strategic capabilities as it advances its pipeline through key stages of development.

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Aurum Resources Ltd (ASX:AUE) has delivered a pre-feasibility study (PFS) and maiden ore reserve for its Boundiali Gold Project in Côte d'Ivoire, outlining a large-scale open pit development with a projected 11-year mine life and first gold targeted in the first half of 2028.

The maiden probable ore reserve stands at 42.1 million tonnes grading 0.9 g/t gold for 1.21 million ounces from four deposits, representing a 77% conversion of indicated mineral resources into reserves. The reserve underpins a life-of-mine mining inventory of 66.2 million tonnes at 0.82 g/t gold for 1.7 million ounces and forecast production of 1.5 million ounces over 11 years. Aurum expects the first five years to deliver 923,000 ounces, averaging 185,000 ounces annually, with 201,000 ounces produced in the first year.

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Anthropic's confidential IPO filing arrived just days before the company unveiled a new generation of Claude models that many developers describe as another significant leap in artificial intelligence capability.

The two developments highlight how quickly the AI industry is evolving.

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Defence technology company BORESIGHT LTD (ASX:BST) made a strong debut on the ASX on Wednesday, with its shares surging as much as 90% after completing an $8 million initial public offering.

The Canberra-based company listed at 20 cents per share, valuing the business at approximately $41.8 million. The IPO was backed by Regal Funds Management, along with several Australian family offices and high-net-worth investors.

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Alicanto Minerals Ltd (ASX:AQI), which is set to be renamed Sinclair Gold Ltd, has secured firm commitments for a strongly supported A$30 million institutional placement to fund an expanded drilling campaign at its Mt Henry Gold Project in Western Australia.

The placement attracted support from existing shareholders as well as several new global resource-focused institutional funds, with demand exceeding the amount sought. The company said the capital raising would strengthen its balance sheet and support an aggressive strategy aimed at growing the existing 915,000-ounce gold resource at Mt Henry.

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Viking Mines Ltd (ASX:VKA) has achieved a significant improvement in metallurgical recovery at its Linka Tungsten Project in Nevada, USA, with combined gravity and flotation testwork delivering a 76.0% recovery rate while maintaining a concentrate grade of 56.9% WO₃. The result exceeds the company's previously stated target of achieving more than 70% recovery at grades above 50% WO₃ and represents a 1.27-fold improvement on the 59.8% recovery reported less than two weeks earlier.

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Peako Ltd (ASX:PKO) has agreed to acquire a 100% interest in a portfolio of gold exploration projects in Saudi Arabia, in a strategic shift into one of the world's newest gold exploration frontiers.

The binding agreement covers 10 exploration licences across six project areas spanning 862 square kilometres in the Central Arabian Gold Region, an underexplored district that hosts several operating gold mines and multi-million-ounce deposits. The acquisition will be accompanied by a $5.17 million capital raising to fund exploration and growth initiatives.

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Impact Minerals Limited (ASX:IPT)'s joint venture partner Kuniko Ltd has secured a drill rig and will begin Phase 2 diamond drilling in early July at the Commonwealth–Silica Hill Gold–Silver Project in central New South Wales, with the program designed to build on recent high-grade gold and silver discoveries and support a mineral resource estimate upgrade later this year.

Under the earn-in and joint venture agreement, Kuniko can earn up to a 70% interest in the project by funding exploration, while Impact retains a free-carried 30% interest through to a decision to mine.

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Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) has restarted drilling at its flagship Dynasty Gold Project in southern Ecuador after trenching identified new areas of shallow gold-silver mineralisation outside the current resource footprint at the Cerro Verde prospect.

The company said three diamond rigs are now operating across the project, targeting both resource extensions and new exploration targets following the March 2026 mineral resource update that lifted Dynasty to 3.9 million ounces of gold and 26.1 million ounces of silver.

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Askari Metals Ltd (ASX:AS2, FRA:7ZG) has reported strong trenching results from the K9 pegmatite target at its 100%-owned Uis Project in Namibia, confirming extensive polymetallic mineralisation and strengthening plans for drilling later this year.

The Phase 1 trenching program returned encouraging grades of tin, lithium, tantalum, rubidium and caesium across a mineralised system extending about 950 metres along strike, with the company describing K9 as an emerging polymetallic target within the broader Uis critical minerals project.

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Pilbara Gold Ltd (ASX:PGL) has strengthened its board and management team with a series of key appointments aimed at supporting the development of its 2.1-million-ounce Mt York Gold Project in Western Australia.

The changes include the appointment of mining engineer Martin Reed as a non-executive director, metallurgist and project manager Jeff Bowen as study manager, and the transition of Robert Klug into a full-time executive role as chief legal and financial officer.

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Critical Resources Ltd (ASX:CRR, FRA:9S70) has identified and sampled 14 pegmatite bodies, including six previously unmapped occurrences, during a field exploration program at the Corona target within its 100%-owned Mavis Lake Lithium Project in Ontario, Canada.

The results expand the known extent of pegmatite mineralisation across the northern Mavis Lake corridor and provide a growing pipeline of targets ahead of the company's planned 2026 Northern Prospects drilling campaign.

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Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares lifted 25%, to 0.75p, after it said Phase-2 survey work at its HY-Range project in South Australia recorded natural hydrogen readings of up to 3%, giving the explorer added confidence as it moves the licence towards seismic work and drilling target definition.

The company said the peak reading, equivalent to 30,000 parts per million, was around 60,000 times background levels. The programme validated three high-priority focus areas (Mallala, Lochiel and Crystal) originally identified in the Phase-1 survey completed in the second quarter of 2025.

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Animoca Brands Corporation Ltd (Unlisted (AU):AB1) and Hong Kong Science and Technology Parks Corporation (HKSTP) have launched Build East, a new demo day initiative designed to showcase Hong Kong-based developers building in the emerging field of agentic artificial intelligence.

Scheduled for July 7, 2026 at Hong Kong Science Park, the event will see eight local teams pitch their projects to investors, ecosystem leaders and international delegates for potential entry into the Minds Investment Programme, which offers access to a support package and an aggregate investment pool of up to US$10 million.

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Business confidence rebounded in May, but sentiment remains firmly negative and underlying conditions suggest the economy continues to cool under the weight of higher interest rates.

The NAB Monthly Business Survey showed business confidence rose 10 points to -14 index points in May, recovering from a low base but remaining below zero across all industries. Business conditions were unchanged at 3 index points, remaining below the long-run average, while capacity utilisation fell 0.5 percentage points to 81.9% — the first reading below 82% in a year.

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Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) has delivered a maiden mineral resource estimate for the Leven Star Reef at its Belltopper Gold Project in Victoria, outlining an inferred resource of 760,000 tonnes grading 3.6 g/t gold for 87,000 ounces of contained gold.

The resource marks the first JORC-compliant mineral resource at Belltopper and provides an initial foundation for a project that Novo believes still offers substantial growth potential through additional drilling and resource definition.

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CAR T therapies have transformed treatment options for some blood cancers. They have also exposed one of cell therapy's biggest practical limitations: time.

Most approved CAR T treatments are manufactured individually from a patient's own immune cells, a process that can take weeks. For patients with aggressive or advanced disease, that delay can be significant.

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Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) earlier this week reported assay results confirming widespread high-grade tungsten mineralisation at its 100%-owned Warby Project in North Queensland, strengthening the company's exposure to a critical mineral that is attracting increasing global attention.

The company received assays from 14 reconnaissance rock chip samples collected from historical workings across eight separate vein systems. Results ranged from 750 parts per million tungsten to more than 50,000 parts per million, equivalent to greater than 5% tungsten.

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Horizon Gold Ltd (ASX:HRN, OTC:HZGLF, FRA:HO0) has returned a string of high-grade gold intercepts from reverse circulation (RC) drilling across multiple prospects at its 100%-owned Gum Creek Gold Project in Western Australia, with results expected to support resource growth beyond the current mine plan as the company advances a feasibility study for a proposed standalone mining operation at Gum Creek.

Assays from Swift, Eagle, Goldfinch and Shrike South continue to add shallow mineralisation close to the proposed 2.4-million-tonne-per-annum processing plant while also highlighting opportunities to expand resources at depth.

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Noxopharm Ltd (ASX:NOX) last week highlighted the growing potential of its Sofra™ technology platform, with CEO Olivier Laczka outlining how the company's immune-modulating approach could address both chronic inflammatory diseases and cancer.

Speaking with Proactive, Laczka discussed the scientific foundation behind the platform, which emerged from research conducted alongside the Hudson Institute of Medical Research in Melbourne.

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First Graphene Ltd (ASX:FGR, OTCQB:FGPHF, FRA:M11) last week announced the acquisition of Mito, a move managing director and CEO Michael Bell said would significantly expand the company’s commercial opportunities and strengthen its presence in the United States.

Speaking with Proactive, Bell said First Graphene has progressed beyond the development stage that continues to characterise much of the graphene sector, establishing a commercial customer base and scaled production capability.

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Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has received preliminary rock sample assay results from farm-in partner AIS Resources at the Saint John antimony, gold, copper and silver project in New Brunswick, Canada. Riversgold retains 100% ownership of the project, with AIS able to earn up to 75% over four years by spending C$4.4 million. Riversgold will retain a 25% free-carried interest through to a decision to mine.

Results released today come from 24 grab and chip rock samples submitted to Actlabs as part of AIS’ due diligence and early-stage exploration work to confirm historical results and identify new prospects.

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Pilbara Gold Ltd (ASX:PGL) has completed more than 5,600 metres of diamond drilling at its 2.1-million-ounce Mt York Gold Project in Western Australia's Pilbara, with the company ramping up what it describes as the largest drilling campaign in its history.

The recently rebranded explorer, formerly known as Kairos Minerals, is advancing a more than 50,000-metre drill program aimed at growing and upgrading resources across the 4.2-kilometre-long Mt York gold system ahead of a future mineral resource estimate update.

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FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:MNXMF) will change its OTC Markets ticker symbol from MNXMF to FFMFF from today, June 9, 2026, bringing its US trading code into line with its ASX and TSX ticker, FFM as it continues to focus on its flagship Green Bay Copper Gold Project.

The change is designed to create greater consistency across the markets where its shares trade and improve recognition among US-based investors. The ticker update is administrative in nature and will not affect the company’s operations, capital structure or shareholder rights.

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AuKing Mining Ltd (ASX:AKN) has commenced its maiden drilling program at the Tundulu Rare Earths Project in southern Malawi, to test the scale and continuity of rare earth element (REE) mineralisation across the project.

The company has engaged southern African drilling contractor Thompson Resources to carry out a planned 10,000-metre program of combined reverse circulation (RC) and diamond drilling across about 50 drill targets.

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Anteris Technologies Pty Ltd (ASX:AVR, NASDAQ:AVR) has secured full regulatory clearance from France's National Agency for Medicines and Health Products Safety (ANSM) for its global pivotal PARADIGM Trial, paving the way for patient recruitment to begin at leading French cardiac centres.

This is a key milestone in Anteris' clinical and regulatory strategy for its DurAVR® Transcatheter Heart Valve (THV), expanding the study's footprint in Europe and supporting efforts to generate the data required for future regulatory submissions.

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South32 Ltd (LSE:S32, ASX:S32, OTC:SHTLF) is Citi's preferred mining stock as the bank becomes more bullish on copper and aluminium prices, while Glencore PLC (LSE:GLEN) is its favoured way to play the copper theme among the major diversified miners.

The US bank has raised its long-term copper forecasts and now expects prices to reach $15,000 a tonne within the next year, versus a current LME price below $13,800.

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