The S&P/ASX Small Ordinaries (XSO) was 15.6 points, or 0.45%, lower at 3,457.90 at 10.23 am AEST on Tuesday.
The index opened at its previous close of 3,473.50 and traded between 3,450.60 and 3,473.50. It has now fallen 136.5 points, or 3.8%, over the past five sessions.
Against the weaker market backdrop, small-cap company news focused on clinical trial funding, US critical-minerals policy, Broken Hill drilling results and the development of commercial-scale hydrogen tank manufacturing.
Percheron raises $2.3 million for AML trial
Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has received firm commitments for a $2.3 million institutional placement to fully fund a new clinical trial of its lead oncology asset in acute myeloid leukaemia (AML).
The placement will issue new shares accompanied by one free-attaching option for every two shares subscribed.
The first tranche comprises 300 million shares issued under the company’s existing placement capacity, together with 150 million options that remain subject to shareholder approval.
A second tranche, also requiring shareholder approval, covers up to 138 million shares and 69 million options. A third tranche would issue up to 22 million shares and 11 million options to Dr Michael Baker and related parties, subject to shareholder approval.
Percheron is developing novel therapies targeting oncology and rare diseases.
Nova briefs US officials on antimony strategy
Nova Minerals Corp (ASX:NVA, NYSE-A:NVA) has presented its plans for an integrated US antimony supply chain to Department of Energy officials at a roundtable in Fairbanks, Alaska.
Chief executive Christopher Gerteisen briefed officials on Nova’s progress at the Estelle Gold and Critical Minerals Project, including plans to produce military-grade antimony trisulfide.
US Secretary of Energy Chris Wright highlighted the potential importance of Estelle’s antimony production to US domestic critical-minerals objectives and reiterated the department’s support for Alaskan mining, processing and refining operations.
Nova is advancing an integrated antimony mining, processing and refining operation in Alaska with support from a US$43.4 million Department of War award.
Kingfisher confirms high-grade mineralisation
Kingfisher Mining Ltd (ASX:KFM) has confirmed high-grade silver-lead-zinc mineralisation at the Stephens Trig prospect, around 15 kilometres north of Broken Hill in New South Wales.
The five-hole reverse circulation program comprised 584 metres and represented the first drilling at Stephens Trig since 2017.
Results included 5 metres at 7.4% combined lead and zinc and 10 g/t silver from 79 metres, including 2 metres at 17.5% lead and zinc and 24 g/t silver.
Another intercept returned 4 metres at 3.2% lead and zinc and 11 g/t silver from 67 metres, including 1 metre at 8.3% lead and zinc and 36 g/t silver. Separate one-metre intervals returned as much as 9.3% lead and zinc and 198 g/t silver.
The results support historical drilling and confirm mineralisation within a poorly exposed Broken Hill-style system associated with a 1.5-kilometre lead-zinc geochemical anomaly.
Kingfisher holds a 75% interest in Stephens Trig, with Broken Hill Mines holding the remaining 25%. The parties also have a mining and processing agreement that provides a framework for assessing future development using existing regional infrastructure.
Provaris advances commercial hydrogen tank manufacturing
Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has begun a technical collaboration with Himile Heavy Industries to develop commercial-scale manufacturing plans for its proprietary compressed hydrogen tanks.
The agreement extends Provaris’ prototype fabrication work into a development program covering tanks for the H2Neo hydrogen carrier and H2Leo storage barge.
The collaboration will assess robotic fabrication systems, laser-welding automation, manufacturing costs, capacity requirements and production readiness.
Himile operates manufacturing facilities in Shandong, China, and employs around 3,000 people, including an 800-member engineering team. It has delivered more than 25,000 pressure vessels during the past 17 years.
Cost estimates and production schedules produced through the collaboration will support Provaris’ discussions with targeted shipyards and Japanese shipping group “K” Line.
The companies will also evaluate longer-term manufacturing, licensing and global deployment opportunities, including potential applications in China.