Small Cap Watch: biotech, gold and critical minerals explorers deliver key milestones
The S&P/ASX Small Ordinaries Index (ASX:XSO) slipped 25.1 points, or 0.74%, to 3,367.6, extending its five-day decline to 1.68% as weakness across the small-cap sector continued despite a steady stream of positive company announcements.
Even as the broader index retreated, several ASX-listed companies reported significant developments spanning biotechnology, gold exploration, critical minerals and strategic resource expansion, highlighting continued project momentum across the sectors. Among the day’s notable announcements, Recce Pharmaceuticals strengthened its global intellectual property portfolio, Astral Resources extended mineralisation beneath its flagship Mandilla Gold Project, Alkane Resources reported encouraging drilling from Brunswick South, Kingfisher Mining delivered more high-grade copper-gold assays near Broken Hill, Nova Minerals advanced its US antimony strategy and Ora Banda Mining unveiled a substantial increase in resources and reserves at Davyhurst. You can read about the following and more throughout the day.
Recce secures Vietnam patent protection
Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) has expanded protection for its synthetic anti-infective platform after Vietnam’s Intellectual Property Office granted a Family 4 patent valid through to 2041.
The patent covers the manufacture and therapeutic use of RECCE® 327 and RECCE® 529 across a broad range of bacterial and viral infections, including diabetic foot infections, burn wounds, urinary tract infections, influenza and SARS-CoV-2. It also protects multiple delivery methods including oral, inhaled, injectable and topical formulations, further strengthening Recce’s commercial position across key international markets.
Astral drilling points to deeper Mandilla growth
Astral Resources NL (ASX:AAR) has reported further encouraging diamond drilling results from the Theia Deposit within its 100%-owned Mandilla Gold Project south of Kalgoorlie.
Results from holes AMRCD260 and AMRCD261 continue to demonstrate mineralisation below the existing April 2026 resource model, reinforcing the potential to grow the cornerstone 1.4-million-ounce Theia resource. Standout intercepts included 52.6 metres at 1.48 g/t gold from 389.4 metres, featuring several high-grade intervals above 16 g/t gold.
Alkane extends high-grade Brunswick South mineralisation
Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has completed another 91 drill holes at the Brunswick South deposit at its Costerfield Operation in Victoria, increasing confidence in the continuity of high-grade gold and antimony mineralisation.
The latest drilling has linked recently discovered deeper gold-rich mineralisation with historical workings while continuing to extend the Kiwi Zone at depth. Geological interpretation suggests the mineralised setting shares similarities with the nearby producing Youle deposit, supporting future underground growth opportunities.
Kingfisher delivers more high-grade copper at Copper Blow
Kingfisher Mining Ltd (ASX:KFM) has returned some of its strongest copper intercepts to date from reverse circulation drilling at the Copper Blow IOCG prospect near Broken Hill.
Highlights included 26 metres at 2.57% copper and 0.75 g/t gold, including 13 metres at 4.07% copper and 1.20 g/t gold, along with 43 metres at 1.32% copper from surface. Drilling has extended sulphide mineralisation by another 50 metres and continues to demonstrate the project’s potential ahead of a maiden mineral resource estimate.
Nova advances integrated US antimony strategy
Nova Minerals Corp (ASX: NVA, NYSE-A:NVA, FRA:QM30) has completed engineering and design work for its Estelle antimony pilot processing plant in Alaska, marking another step towards establishing a fully integrated domestic US antimony supply chain.
The fully funded pilot plant has been designed to produce military-grade antimony trisulfide using proprietary hydrometallurgical processing technology. Equipment procurement is already underway, with construction expected to begin this quarter as Nova positions Estelle to become a scalable processing hub for both its own feedstock and third-party material.
Ora Banda grows Davyhurst inventory
Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF, FRA:M6N) has significantly strengthened the resource base underpinning its Davyhurst Gold Project through its latest annual Mineral Resource and Ore Reserve update.
The standout achievement was the delivery of a maiden Mineral Resource exceeding 1.3 million ounces at Round Dam, alongside a maiden Ore Reserve of 223,000 ounces. The additions substantially increase development flexibility across the Davyhurst portfolio while demonstrating the company’s ability to rapidly convert exploration success into mineable reserves.
