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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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The Small Cap Wrap: Tough day at the office for ASX small caps...but there was some good news

Astral Resources NL (ASX:AAR) has delivered broad, high-grade gold intersections from deep drilling at the Theia deposit, strengthening the case for a material resource expansion at its 100%-owned Mandilla Gold Project near Kalgoorlie in Western Australia.

Results from drill holes AMRCD260 and AMRCD261 intersected mineralisation both within and beyond the April 2026 resource shell, including zones extending as much as 250 metres below the current model.

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Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) extended high-grade gold and antimony mineralisation at the Brunswick South deposit, strengthening its potential to become a major production source for the Costerfield operation in central Victoria.

Results from 91 additional extension and infill drill holes have confirmed continuity between the deposit’s deeper gold-dominant zone and historical near-surface workings, while identifying further mineralisation along strike and at depth.

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The S&P/ASX Small Ordinaries Index (ASX:XSO) slipped 25.1 points, or 0.74%, to 3,367.6, extending its five-day decline to 1.68% as weakness across the small-cap sector continued despite a steady stream of positive company announcements.

Even as the broader index retreated, several ASX-listed companies reported significant developments spanning biotechnology, gold exploration, critical minerals and strategic resource expansion, highlighting continued project momentum across the sectors. Among the day's notable announcements, Recce Pharmaceuticals strengthened its global intellectual property portfolio, Astral Resources extended mineralisation beneath its flagship Mandilla Gold Project, Alkane Resources reported encouraging drilling from Brunswick South, Kingfisher Mining delivered more high-grade copper-gold assays near Broken Hill, Nova Minerals advanced its US antimony strategy and Ora Banda Mining unveiled a substantial increase in resources and reserves at Davyhurst. You can read about the following and more throughout the day.

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MANUKA RESOURCES LTD (ASX:MKR) has increased the Probable Ore Reserve at its 100%-owned Wonawinta Silver Mine in New South Wales by 28%, strengthening the foundation for a planned restart of gold and silver processing operations this quarter.

The updated reserve stands at 7.9 million tonnes grading 50.4 grams per tonne silver for 12.8 million ounces of contained silver.

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Rapid Critical Metals Ltd (ASX:RCM) has delivered strong initial flotation results from its Webbs and Consol silver projects in New South Wales, recording silver recoveries of up to 98.7% and lead recoveries of as much as 99.3%.

The bench-scale testwork also returned zinc recovery of 93.3% from the Consol Master composite, supporting the company’s view that the mineralisation responds well to conventional flotation processing.

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Greenvale Energy Ltd (ASX:GRV, OTC:GVLMF) has identified 13 priority uranium targets at its Thunderball Uranium Project in the Northern Territory, sharpening the company’s exploration focus ahead of an imminent field campaign.

The targets were generated from a high-resolution airborne magnetics and radiometrics survey over exploration licence EL34157, with four anomalies clustered along the prospective Hayes Creek Fault Zone and the strongest positioned near the historical Spectre Prospect.

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Genesis Minerals (ASX:GMD) has moved closer to securing Vault Minerals Limited (ASX:VAU) after rival bidder Regis Resources Ltd (ASX:RRL) declined to match its higher $5.6 billion cash-and-scrip offer.

Genesis shares rose almost 2% to $5.78 as investors welcomed the prospect of the Raleigh Finlayson-led miner gaining control of Vault and its strategically important processing infrastructure.

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Coles Group Ltd (ASX:COL) is reportedly nearing an agreement to acquire Petbarn owner Greencross in a deal worth more than $4 billion including debt, marking a major expansion beyond its core supermarket business.

The retailer confirmed earlier this month that it was conducting due diligence on Greencross, with reports suggesting negotiations on price are now substantially complete and an announcement could come within days.

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Australia, Canada and India have formalised a new three-way technology partnership designed to strengthen cooperation across artificial intelligence, semiconductors, cybersecurity and digital infrastructure.

The countries have signed a memorandum of understanding establishing the Australia–Canada–India Technology and Innovation Partnership, known as ACITI, creating a framework for governments, researchers, investors and technology businesses to collaborate more closely.

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Orthocell Ltd (ASX:OCC, OTC:ORHHF) has posted record quarterly and full-year revenue, with accelerating adoption of its Remplir™ nerve repair device in Australia and the United States strengthening the regenerative medicine company’s commercial growth outlook.

Revenue reached A$3.8 million in the June quarter, up 20% from the March period and 36% on the corresponding quarter last year. FY2026 revenue increased 44% to a record A$13.2 million, supported by growing sales of Remplir and Striate+™ across domestic and international markets.

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Dalaroo Metals Ltd (ASX:DAL) has transformed its Blue Lagoon project in southern Greenland from an early-stage exploration concept into a defined regional rare earth element system after completing its largest field program to date.

The 2026 campaign combined geological and structural mapping, surface geochemistry, Ground Penetrating Radar (GPR), bathymetric surveys and lagoon and offshore sediment sampling across the 100%-owned project.

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