The S&P/ASX Small Ordinaries Index (XSO) fell sharply on Friday as investors retreated from smaller companies, with the benchmark losing 69.60 points, or 2.08%, to close at 3,278.50.
The decline extended the index’s five-day fall to 47 points, or 1.41%, reflecting weaker sentiment across the small-cap end of the Australian market.
Despite the broader sell-off, the market is set to open higher to start the week, and several resources companies havce already delivered operational, regulatory and exploration updates, with Dalaroo Metals preparing to begin a major drilling campaign in Côte d’Ivoire, Nova Minerals highlighting stronger US policy support for domestic antimony supply and Terrain Minerals unveiling a maiden gold resource in Western Australia. There are plenty of quarterlies to look forward to as well this week.
Dalaroo prepares for maiden Gold Ridge drilling
Dalaroo Metals Ltd (ASX:DAL) is completing final operational planning for its maiden drilling campaign at the Gold Ridge prospect, part of the Bondoukou Gold Project in Côte d’Ivoire.
The first phase will comprise around 10,000 metres of reverse circulation drilling focused on the Wilfred target, the largest of three priority targets identified along the approximately 7-kilometre Gold Ridge gold corridor.
Drill pad preparation is scheduled to begin this week, ahead of rig mobilisation and the planned start of drilling in early August 2026.
The program will test priority geological and geochemical targets using holes expected to reach depths of between 100 and 150 metres.
Dalaroo selected reverse circulation drilling for the initial discovery phase because it offers faster penetration and a lower cost per metre, allowing the company to test a greater number of priority positions before committing to more targeted diamond drilling.
Results will be progressively incorporated into the geological model and used to refine diamond drill locations for the second and third phases.
Those later phases are expected to include a combined 10,000 metres of diamond drilling across the Wilfred, Mag and Ali targets.
Nova Minerals welcomes US critical minerals order
Nova Minerals Corp (ASX:NVA, NYSE-A:NVA, FRA:QM30) has welcomed a new US executive order aimed at strengthening defence supply chains and increasing domestic access to critical materials.
The order, titled Securing America’s Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials, was signed by US President Donald Trump on July 20, 2026.
Nova believes the policy represents a significant milestone for the development of domestic critical minerals capacity and reinforces the strategic relevance of its integrated antimony project in Alaska.
The company is working to establish a secure US antimony supply chain spanning mining, processing and refining.
Antimony is regarded as a strategically important material for defence, energy storage and advanced manufacturing applications, with the US currently heavily dependent on foreign supply.
Terrain establishes maiden Lightning resource
Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF, FRA:T4Y) has delivered a maiden mineral resource estimate for the Lightning prospect within its wholly owned Smokebush Gold and Silver Project, 350 kilometres north of Perth.
The independent inferred resource stands at 677,000 tonnes grading 2.5 grams per tonne gold for 54,000 ounces.
Mineralisation begins at surface and remains open along strike and at depth, providing Terrain with opportunities to expand the resource through additional drilling.
The resource is contained within an optimised pit shell, with economic assumptions also applied for potential underground mining.
Terrain plans to accelerate infill and expansion drilling to upgrade portions of the resource to the indicated category and capture mineralisation currently sitting outside the estimate.
The company said the starter resource represented an initial foundation for Lightning rather than the full extent of the project’s mineral endowment.
Several look-alike gold targets across the broader project area will also be advanced as Terrain works towards defining a larger gold inventory.
Initial metallurgical results are expected during the third quarter of 2026, with further test work planned.
Kingfisher advances Broken Hill drilling
Kingfisher Mining Ltd (ASX:KFM) completed 24 reverse circulation holes for 2,962 metres across its Broken Hill Project during the June quarter.
The campaign included 10 holes for 1,576 metres at the Copper Blow copper-gold project, taking total drilling completed at Copper Blow since acquisition to 16 holes for 2,506 metres.
High-grade results announced after the end of the quarter included 26 metres at 2.57% copper and 0.75 grams per tonne gold from 73 metres, including 13 metres at 4.07% copper and 1.20 grams per tonne gold from 75 metres.
Kingfisher is continuing to advance Copper Blow towards a maiden mineral resource estimate.
The company also completed five holes for 584 metres at the Stephens Trig silver-lead-zinc prospect and nine holes for 802 metres at the Allendale silver-lead-zinc project.
Selected samples from Stephens Trig and Allendale have been submitted for laboratory analysis, with results pending.
Kingfisher also continued progressing its strategic partnership with Broken Hill Mines Ltd (ASX:BHM) (ASX), which could provide a future development pathway through access to existing mining and processing infrastructure.
An airborne geophysical survey at Wellington was delayed by technical problems with the unmanned aerial vehicle equipment, although the project’s tenure has been renewed for a further six years.
Riversgold receives positive Northern Zone studies
Riversgold Ltd (ASX:RGL, FRA:RGV, OTC:RVSGF) has received positive technical reports supporting the preparation of mine development and environmental approvals for the Northern Zone Gold Project, 25 kilometres east of Kalgoorlie.
The studies form part of the Mine Development and Closure Proposal and Native Vegetation Clearing Permit being prepared by consultant ResourcesWA for a proposed open-pit operation.
Geotechnical work concluded that the proposed waste dump designs demonstrated high factors of safety.
Hydrology and hydrogeology studies identified the water table at a depth of about 37 metres and found low-permeability conditions across the site.
The reports concluded that groundwater inflows were unlikely to present a material operational or geotechnical risk.
Soil and waste characterisation studies also found minimal risk of acid mine drainage, with most rock material classified as non-acid forming and exhibiting substantial acid-neutralising capacity.
The findings provide Riversgold with further technical support as it advances development and permitting work at Northern Zone.