The S&P/ASX Small Ordinaries Index (XSO) was unchanged at 3,369.20, holding flat on the day after closing previously at 3,383.30.
Over the past five trading sessions, the small-cap benchmark has slipped 58.20 points, or 1.69%, reflecting a softer tone across the junior end of the market as investors continue to assess exploration updates, capital discipline and near-term catalysts.
It's been a quiet morning, but several ASX-listed explorers have used fresh operational updates to outline progress across antimony, gold, zinc and technology-led exploration programs. You can read about the following and more throughout the day.
Krakatoa sees visual antimony at Zopkhito
Krakatoa Resources Ltd (ASX:KTA) has reported multiple zones of significant visual antimony from initial surface diamond drill holes at the Zopkhito Antimony-Gold Project in Georgia’s Caucasus region of eastern Europe.
The company has completed two surface diamond drill holes and four underground holes, targeting known antimony and gold mineralised veins within historical underground workings.
The drilling forms part of Krakatoa’s 2026 exploration program, which is designed to convert the current foreign resource estimate at Zopkhito into a JORC 2012 standard mineral resource estimate.
Krakatoa also expects underground panel and bulk sampling to begin in the coming weeks, adding another layer of technical work as it builds confidence in the project’s mineralised system.
Lightning Minerals signs AI exploration MOU
Lightning Minerals Ltd (ASX:L1M, FRA:YZ1) has entered into a memorandum of understanding with Eigenform NextMaps Pte Ltd to assess the use of advanced artificial intelligence, geological data analytics and digital exploration technologies across its Australian exploration portfolio.
The collaboration is aimed at improving exploration planning, sharpening drill targeting and supporting more efficient capital allocation as Lightning continues to implement its April 2026 Strategic Reset.
The company said the MOU reflected its focus on disciplined capital management, technical excellence and the adoption of technologies that could enhance exploration outcomes across its portfolio.
Variscan to start maiden drilling at Guajaraz
Variscan Mines Ltd (ASX:VAR) is preparing to begin its maiden diamond drilling program at the Guajaraz zinc-polymetallic project in central Spain.
The 5-hole, 1,430-metre campaign will test high-priority zinc-rich polymetallic targets, including lead, silver and copper mineralisation.
The drilling follows an extensive exploration program that included geological mapping, geochemical sampling and an 8.5 line-kilometre Deep Ground Penetrating Radar survey, which identified several priority targets.
For Variscan, the program marks a significant step in expanding its Spanish exploration footprint beyond the flagship Novales-Udías zinc project in Cantabria.
