The S&P/ASX Small Ordinaries Index gained strong ground on Monday as investors returned to emerging resources stocks, with several companies advancing drilling programs, feasibility studies and development plans across gold, copper and uranium projects.
The XSO climbed 48.10 points, or 1.47%, to close at 3,326.60.
The index has also moved 12.50 points higher over the past five trading days, representing a gain of 0.38%.
Small-cap explorers and developers have delivered a series of operational updates spanning Newfoundland and Labrador, Zambia, Côte d’Ivoire and Western Australia. You can read about the following and more throughout the day.
AuMEGA begins maiden drilling at new targets
AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has started diamond drilling at the Isle aux Morts Granite and adjoining Cape Ray West area in Newfoundland and Labrador, Canada.
The work forms part of the company’s 2026 exploration program along the Cape Ray Shear Zone and marks the first time either target area has been drill-tested.
Initial drilling will investigate structural, geochemical and geophysical targets identified through AuMEGA’s regional exploration campaign and updated geological interpretation.
The program is designed to test the potential for mineralisation around the Isle aux Morts Granite and across the neighbouring Cape Ray West area.
Atomic Eagle extends uranium mineralisation
Atomic Eagle Ltd (ASX:AEU, FRA:6QZ0) continued drilling at the Muntanga Uranium Project in Zambia during the June quarter, with work focused on the Chisebuka target.
The program is testing for mineralisation outside the existing resource boundary while seeking to extend higher-grade uranium zones.
Chisebuka hosts an inferred resource of 19.9 million tonnes at 220 parts per million uranium oxide for 9.7 million pounds of contained uranium oxide.
Atomic Eagle completed 42 holes for 4,209 metres during the reported program, with 13 of the first 15 holes intersecting uranium mineralisation beyond the defined resource area.
The results also expanded a higher-grade zone in the southwest and demonstrated continuity between this area and the existing resource.
Aurum advances Boundiali toward development
Aurum Resources Ltd (ASX:AUE) delivered a pre-feasibility study and maiden ore reserve for the Boundiali Gold Project in Côte d’Ivoire during the June quarter.
The study outlined a technically robust, large-scale open-pit development based on a six-million-tonne-per-annum processing operation.
Boundiali now has a maiden probable ore reserve of 42.1 million tonnes at 0.9 grams per tonne gold for 1.21 million ounces across four open pits.
At an assumed gold price of US$4,076 an ounce, the study estimated life-of-mine post-tax free cash flow of US$2 billion, post-tax net present value of US$1.5 billion and a post-tax internal rate of return of 119%.
The project carries estimated pre-production capital expenditure of US$342 million and an average life-of-mine all-in sustaining cost of US$1,951 an ounce.
Aurum has also increased the Boundiali mineral resource to 3.22 million ounces, including a 24% increase in indicated resources to 1.70 million ounces.
The company is targeting a final investment decision in the fourth quarter of 2026 and first gold production during the first half of 2028.
A definitive feasibility study is now underway alongside drilling, contractor engagement and other early development work.
Carnavale progresses Kookynie feasibility studies
Carnavale Resources Ltd (ASX:CAV, FRA:YBB) concentrated its June-quarter activities on advancing the high-grade Kookynie Gold Project in Western Australia.
The company updated the project’s mineral resource estimate and progressed technical studies supporting a bankable feasibility study.
Kookynie now hosts 855,000 tonnes at 4.4 grams per tonne gold for 120,000 ounces, representing a 2.5% increase from the July 2025 estimate.
Measured and indicated resources account for 67% of the total estimate, including a measured resource of 182,000 tonnes at 5.1 grams per tonne for 30,000 ounces.
Carnavale is assessing a staged development strategy involving an initial low-capital open-pit operation, followed by a transition to underground mining.
Ore would be processed through a nearby third-party toll treatment facility.
More than 5,000 metres of aircore drilling is scheduled to begin this quarter, targeting structural positions along the prospective Puzzle granite-greenstone contact.
FireFly builds Green Bay copper case
FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) reported further strong drilling results from its Green Bay Copper-Gold Project in Newfoundland and Labrador during the June quarter.
The company maintained a multi-rig underground campaign that continued to demonstrate the scale and continuity of Green Bay’s high-grade Core Zone.
FireFly is also progressing economic studies examining a larger-scale restart of production, with the results expected in August 2026.
During the quarter, the company completed the sale of its 70% interest in the Pickle Crow Gold Project and its entire Sioux Lookout Project in Ontario.
FireFly was also promoted into the S&P/ASX 200 Index, marking another step in the company’s transition from explorer toward potential copper producer.