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The Markets
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The Markets
by Proactive
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Archive

The Small Cap Wrap: Lightning Minerals and Recce Pharmaceuticals advance

Critical Resources Ltd (ASX:CRR) has confirmed a high-grade tungsten system at the Granite Creek target within its Croesus Project on New Zealand’s South Island, with first-pass sampling returning up to 16.63% tungsten trioxide (WO₃) from an in-situ quartz-scheelite vein.

The standout result came from channel sample A1419, which returned 0.41 metres at 16.63% WO₃ across the true width of an exposed quartz-scheelite vein. The sample was taken perpendicular to the vein and is considered to represent the true width at the sample location.

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Renascor Resources Ltd (ASX:RNU, OTC:RSNUF, FRA:RU8) has started processing graphite through its hydrofluoric acid-free purification flowsheet at its purified spherical graphite (PSG) demonstration plant in Adelaide, marking a key step in the company’s downstream battery materials strategy.

The introduction of graphite and reagents into the integrated purification flowsheet represents the start of processing under operating conditions at the Australian Government co-funded facility.

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Minbos Resources Ltd (ASX:MNB, OTC:MNBRF, FRA:OMB) has signed a US$13.8 million Phase 2 construction contract with Portuguese and Angolan construction group Grupo Arliz to advance the Cabinda Phosphate Fertilizer Plant (CPFP) in Angola through to dry commissioning.

The contract covers the remaining construction works at the plant, including structural steel, mechanical installation, electrical and instrumentation works and process control systems.

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Critical Minerals Group (ASX:CMG) has secured binding subscriptions to raise $1.5 million before costs through a strongly supported two-tranche placement, with funds to be used toward its integrated vanadium supply chain strategy.

The company will issue 20,689,655 new fully paid ordinary shares at $0.0725 per share to sophisticated, professional and other exempt investors.

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Axel REE Ltd (ASX:AXL) has validated the potential for in situ recovery (ISR) of ionic rare earth elements at its Woolrich deposit within the 100%-owned Caladão REE-Gallium Project in Minas Gerais, Brazil, after column leach testing recovered up to 560ppm soluble total rare earth oxides (TREO).

The result, achieved in column leach test CLT-01 using a mild magnesium sulphate solution at pH 4.0, exceeded the best previous diagnostic result and supported the company’s view that Woolrich is amenable to low-acid, low-impact ISR extraction.

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Askari Metals Ltd (ASX:AS2, FRA:7ZG) last week outlined a broadened exploration pipeline at its Uis project in Namibia, after identifying seven new prospective pegmatite targets across two licences.

Executive director Gino D’Anna told Proactive that the company had used in-house hyperspectral analysis to generate the new targets across EPL 7345 and EPL 8535, adding further depth to Askari Metals’ exploration plans ahead of RC drilling expected to begin next month.

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Defence Australia is treating data and artificial intelligence as core elements of national security, with sovereign AI capability increasingly viewed as central to military readiness.

The shift is being supported by the One Defence Data program, which is designed to move Defence away from fragmented information environments and toward a connected data ecosystem capable of supporting faster, better-informed decision-making.

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Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has secured Human Research Ethics Committee (HREC) approval to advance its Australian clinical trial of RECCE® 327 Topical Gel (R327G) for diabetic foot infections (DFI) to a pivotal Phase 3 study, marking a key step in the company’s global registration strategy.

The approval covers a protocol amendment that broadens the trial beyond mild DFI patients to include moderate infections, materially expanding the eligible patient pool. Mild and moderate cases together account for around 80% of DFI presentations.

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Lightning Minerals Ltd (ASX:L1M) has started a 600-sample soil geochemistry program at the Western Zone target within its flagship Mt Turner Gold Project in North Queensland, marking the next stage of target generation ahead of planned Phase 2 drilling in July.

The Western Zone is the second major gold target area identified within the broader Mt Turner project and sits immediately west of the Mt Turner copper porphyry system.

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Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF) has been admitted as a member of the US Defense Industrial Base Consortium (DIBC), giving the company access to a broad range of US defense supply chain initiatives and potential funding programs targeting the critical minerals sector.

Membership supports RML's engagement with the US Department of Defense and related critical minerals programs as it advances a US-focused antimony and tungsten development strategy aligned with national security priorities.

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Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) has completed a $1 million placement to support key 2026 technical milestones across its compressed hydrogen and liquid CO₂ storage and transport development programs.

The placement was backed by new and existing sophisticated and professional investors and will provide funding for the next phase of work at the company’s Robotic Innovation Centre in Norway, as well as ongoing development activity with partner Yinson.

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Lindian Resources Ltd (ASX:LIN, OTC:LINIF) has moved closer to first production at its Kangankunde Rare Earths Project in Malawi, with mining readiness, construction, infrastructure and operational preparation all advancing as the company targets first production in Q4 2026.

The company said front-end commissioning remained scheduled for October 2026, with practical completion targeted for mid-November 2026.

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Far East Gold Ltd (ASX:FEG) has moved to 51% ownership of its flagship Idenburg Gold Project in Papua Province, Indonesia, as new high-grade surface results along the Sua trend reinforce the broader exploration potential of the project.

The company has completed Stage One under the Conditional Share Purchase Agreement for the acquisition of Idenburg, giving it majority ownership of a project that hosts a JORC 2012 inferred mineral resource of about 780,000 ounces of gold at an average grade of 3.1 g/t gold.

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