The S&P/ASX Small Ordinaries Index (ASX) closed yesterday at 3,541.40 points, down 0.56% or 20.10 points for the session.
Despite the daily decline, the small-cap benchmark remains 0.99% or 34.70 points higher over the past five days.
Against that mixed market backdrop, several ASX-listed small caps have reported exploration, permitting and project development updates spanning gold, lithium and base metals. You can read about the following and more throughout the day.
Cosmo Metals identifies broad gold mineralisation at Kanowna
Cosmo Metals Ltd (ASX:CMO) has reported assay results from diamond tails testing the southeastern section of the Kanowna Shear at its Kanowna Gold Project, 13 kilometres northeast of Kalgoorlie in Western Australia.
The project sits adjacent to Northern Star Resources Ltd (ASX:NST) Kanowna Belle gold mine, which has an endowment of more than 7 million ounces of gold.
Drilling at the Adder prospect comprised 3 widely spaced holes — 1 reverse circulation (RC) hole and 2 RC holes completed with diamond tails — targeting potential mineralised positions along a sparsely tested 2-kilometre section of the Kanowna Shear.
The southernmost hole, ADRD003, returned 15.1 metres at 0.35 g/t gold from 189.9 metres and 12 metres at 0.35 g/t from 209 metres, within a broader black shale-hosted mineralised interval of 31.1 metres at 0.33 g/t gold from 189.9 metres.
That mineralisation is around 100 metres down-dip from an earlier intersection of 29 metres at 0.48 g/t gold from 87 metres in hole 24KGRC001, drilled by Cosmo in 2024.
Cosmo said there was negligible drilling below 100 metres vertical depth along around 1.5 kilometres of the Kanowna Shear between ADRD003 and ADRD002, leaving a substantial section of the structure largely untested at depth.
Jindalee clears major permitting hurdle at McDermitt
Jindalee Lithium Ltd (ASX:JLL, OTCQX:JNDAF, FRA:JF80) has secured the state-level permit required for exploratory drilling at its McDermitt Lithium Project in Oregon, US.
The permit was issued by the Oregon Department of Geology and Mineral Industries to Jindalee’s wholly owned US subsidiary, HiTech Minerals Inc.
Drilling is planned under an Exploration Plan of Operations approved by the US Bureau of Land Management in December 2025.
The plan allows for staged drilling across as many as 168 drill sites, with the first phase covering up to 100 sites.
With the Oregon permit now granted, Jindalee said all major approvals required to begin Phase 1 were in place.
HiTech has appointed Forged Drilling Corp. to begin drilling in September 2026, although commencement remains subject to an easing of the current high fire risk and the issue of a fire waiver.
Oregon is experiencing a severe 2026 wildfire season, with more than 2 million acres burned and several large fires continuing across the state.
Hamelin starts second-phase drilling at Day Dawn
Hamelin Gold Ltd (ASX:HMG) has started the next phase of reverse circulation drilling at the Day Dawn Gold Project in Western Australia’s Paterson Province.
The more than 3,000-metre Phase 2 program will test down-plunge extensions of the high-grade Aurora Lode as well as potential parallel repetitions of the mineralised structure.
The program follows a 28-hole RC campaign completed in June 2026 that confirmed continuity of high-grade gold mineralisation from surface.
Results included 3 metres at 93.4 g/t gold from 9 metres, 5 metres at 9.1 g/t from 18 metres, 3 metres at 17.1 g/t from 17 metres, 4 metres at 21.0 g/t from 27 metres, 3 metres at 18.3 g/t from 35 metres and 2 metres at 12.4 g/t from 149 metres.
Hamelin expects results from the Phase 2 campaign in around 6-8 weeks.
The company is also preparing for an Exploration Incentive Scheme co-funded diamond drilling program, which is scheduled to begin in late September 2026.
Aurelia receives approval for Peak plant expansion
Aurelia Metals Ltd (ASX:AMI) has secured the final regulatory approval required to increase throughput at its Peak processing plant near Cobar in New South Wales.
Aurelia’s wholly owned subsidiary Peak Gold Mines Pty Ltd received a Notice of Determination from Cobar Shire Council approving an increase in plant throughput from around 800,000 tonnes per annum to 1.2 million tonnes per annum.
The development consent completes the regulatory approvals required for operation of the plant at the expanded rate.
The higher throughput capacity is being supported by Aurelia’s Tailings & Water Management Project, Tertiary Ball Mill Project and Crushing & Materials Handling Expansion Project.