The S&P/ASX Small Ordinaries Index (XSO) edged 3.7 points, or 0.11%, higher on Wednesday to close at 3,326.50, although the benchmark remains 44.5 points, or 1.32%, lower over the past five trading sessions.
Meanwhile, quarterly season is in full swing as several more explorers and developers outline drilling programs, stronger operating plans and major project milestones across gold and critical minerals assets. You can read about the following and more throughout the day.
Novo prepares Tibooburra drilling
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO, FRA:1NOR) is preparing to begin a 2,700-metre reverse circulation drilling program at the Tibooburra Gold Project in New South Wales during late September quarter 2026, subject to regulatory and landholder approvals.
The program will include about 1,700 metres at the Clone prospect and 1,000 metres at Pioneer South.
Novo will also continue regional stream sediment sampling, mapping and surface sampling during the second half of 2026 to identify new gold anomalies, expand its exploration pipeline and prioritise targets for future drilling.
Pantoro outlines FY27 growth plans
Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) produced 18,028 ounces of gold from its Norseman operation in Western Australia during the June quarter, with 16,366 ounces sold at an average price of A$6,293 per ounce.
Quarterly all-in sustaining costs were A$4,107 per ounce, generating EBITDA of A$44.8 million.
Drilling continued to confirm high-grade extensions at the Scotia underground mine, while development and production rates improved at the OK mine following Redpath Australia’s appointment as principal contractor.
Pantoro has also approved Stage 3 of the Gladstone open pit, extending planned mining at the centre to August 2028.
The company expects to produce between 90,000 and 105,000 ounces in FY2027 at an AISC of A$2,800 to A$3,400 per ounce.
Sovereign advances Kasiya development case
Sovereign Metals Ltd (ASX:SVM, OTCQX:SVMLF, AIM:SVML, FRA:SVM) highlighted the completion of a definitive feasibility study for the Kasiya Critical Minerals Project in Malawi.
The study delivered a pre-tax net present value of US$2.2 billion against capital expenditure to first production of US$727 million.
Kasiya is forecast to generate steady-state annual EBITDA of US$476 million and pre-tax free cash flow of US$452 million over an initial 25-year mine life.
The project is positioned to become the world’s largest producer of natural rutile and natural flake graphite, with planned annual output of 222,000 tonnes and 275,000 tonnes respectively.
Sovereign is also assessing the potential to recover a heavy rare earth concentrate as a by-product, which was not included in the feasibility study economics.
Titan targets Dynasty resource upgrade
Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) continued resource expansion and conversion drilling at its Dynasty Gold Project in southern Ecuador during the quarter.
Three diamond rigs completed 2,395 metres of drilling at the Cerro Verde prospect, alongside 1,045 metres at the Gissell porphyry copper target.
Dynasty currently hosts a mineral resource of 65.55 million tonnes grading 1.85 g/t gold and 12.38 g/t silver for 3.9 million ounces of gold and 26.1 million ounces of silver.
Titan is targeting a resource upgrade in the March quarter of 2027, with recent trenching results identifying additional near-surface and strike-extension targets for drilling during 2026.