The S&P/ASX Small Ordinaries (XSO) came under pressure at the open on Friday, falling 1.58% to 3,368.60 at market open, down 54.20 points from Thursday’s close of 3,422.80.
The index opened at 3,422.80 before quickly dropping to an early low of 3,377.00, while the latest reading shortly after the open showed the XSO around 3,367. Over the past five sessions, the small-cap benchmark has fallen 2.99%.
Against the weaker market backdrop, company news centred on updated resources and reserves from Alkane Resources and the completion of a major US drilling campaign by Resolution Minerals.
Alkane Resources replaces depletion across producing mines
Alkane Resources Ltd (ASX: ALK, OTC:ALKEF) reported continued resource growth across its three producing operations, with Björkdal, Tomingley and Costerfield all replacing mining depletion during FY26.
Group measured and indicated resources now contain 8.64 million ounces of gold, 1.01 million tonnes of copper and 42,000 tonnes of antimony, while inferred resources contain a further 3.76 million ounces of gold, 450,000 tonnes of copper and 12,900 tonnes of antimony.
Ore reserves stand at 25.49 million tonnes grading 1.7 g/t gold for 1.37 million ounces, plus 15,000 tonnes of contained antimony.
Managing director and CEO Nic Earner said the growth reflected the success of exploration programs across Alkane’s producing portfolio.
Resolution Minerals completes major Horse Heaven campaign
Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has completed its 2026 drilling campaign at the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho, finishing 42 diamond holes for 12,236 metres at Golden Gate.
Assays for gold and tungsten remain outstanding from 39 holes and are expected to be released progressively over the coming months.
The first three holes reported from the program have already extended gold mineralisation at least 2 kilometres south from Golden Gate North to Golden Gate South, where Resolution has declared discovery status.
The best result from the 2026 campaign so far is 305.7 metres at 0.64 g/t gold from surface, including 17.25 metres at 1.19 g/t gold from 264.85 metres.
The drilling also targeted tungsten around the historical Golden Gate Tungsten mine and a substantial tungsten-in-soil anomaly at Golden Gate South, with scheelite identified visually in drill core ahead of laboratory assays.