A strong round of ASX iron ore, gold and critical minerals updates highlighted resource growth, drilling success, development progress and commercial milestones across a range of small cap companies this week.
Iron Bear Resources (ASX:IBR) doubled its Indicated resource to 4.5Bt, materially lifting Pre-Feasibility Study confidence and resetting the development case for one of Canada’s largest magnetite deposits. Verity Resources (ASX:VRL) converted Monument to a maiden 66,200oz Indicated resource, unlocking a credible open pit and underground development pathway in Western Australia’s Laverton Gold District. Mithril Silver and Gold (ASX:MTH) confirmed Target 1 extends 300m beyond its 2021 resource boundary with a June update now in sight. GoldArc Resources (ASX:GA8) returned bonanza intercepts at Cosmopolitan, confirming high-grade mineralisation well beyond historic workings. Bioxyne (ASX:BXN) secured a $50m German supply agreement with $25m committed in year one, delivering near-term revenue visibility. Desert Metals (ASX:DM1) hit gold across all seven drill lines at Tiogo, confirming a continuous 1.5km mineralised corridor. Koonenberry Gold (ASX:KNB) extended Sunnyside deeper across multiple sections while flagging a potential second high-grade shoot. EV Resources (ASX:EVR) confirmed shallow antimony continuity across four of its first five holes, accelerating the path to resource definition. TMK Energy (ASX:TMK) increased April gas production at Gurvantes XXXV while advancing drilling optimisation and power supply discussions in Mongolia. OD6 Metals (ASX:OD6) added a third fluorspar target at Quinn with assays pending. Archer Materials (ASX:AXE) advanced graphene qubit fabrication toward foundry-compatible manufacturing.
Trading Halt Raising Capital: $ELV, $BUR, $CTN
Runs on the Board: $GRE
Selection Table: $CP8, $HLO
Iron Bear Resources (ASX:IBR) Bigger Indicated Tonnes Reset Development Confidence | | |
Iron Bear materially increased study confidence by upgrading 4.5Bt to Indicated while tightening total inventory through stricter resource assumptions. The Play - Indicated resource increased 114% to 4.5Bt at 29.5% total Fe and 20.6% magnetic Fe.
- Total resource now stands at 13.6Bt at 30% total Fe and 20.7% magnetic Fe.
- Total resource reduced 18% after stricter geological interpretation and updated pit optimisation.
- DR concentrate achieved 71.0% Fe with 1.2% SiO2+Al2O3 and 88.8% magnetic Fe yield.
- BF concentrate achieved 69.1% Fe with 3.5% SiO2+Al2O3 and 97.5% magnetic Fe yield.
The Pitch - Iron Bear controls 10 licences covering 7,275ha across 291 mineral claims.
- Project sits approximately 30km northwest of Schefferville in Newfoundland and Labrador.
- Deposit spans roughly 10km strike and approximately 5km width.
- Mineralisation remains open beyond current drilling boundaries.
- Low stripping ratio, hydropower access and nearby rail support development potential.
The Next Overs - Progress ongoing Pre Feasibility Study work using updated optimisation parameters.
- Refine metallurgical assumptions through future study phases.
- Undertake future definition and exploration drilling programs.
Read full ASX Announcement here. | | |
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Verity Resources (ASX:VRL) Maiden Indicated Resource Resets Monument Development Path | | |
Verity converted Monument from an all-Inferred resource into a development-focused asset by lifting confidence, improving grade and adding underground optionality. The Play - Maiden Indicated resource totals 1.18Mt at 1.75g/t Au for 66,200oz gold.
- Open pit Indicated inventory contains 57,000oz at a 0.5g/t Au cut off.
- Grade increased approximately 20% versus the 2021 resource estimate.
- Underground resource adds 1.37Mt at 1.75g/t Au for 77,100oz below pit shells.
- Total MRE stands at 2.5Mt at 1.72g/t Au for 137,700oz gold.
The Pitch - Monument is 100% owned and located in Western Australia’s Laverton Gold District.
- Korong and Waihi sit across approximately 20km of prospective BIF strike.
- Mineralisation is interpreted as analogous to nearby major Laverton gold systems.
- Only a small portion of the broader corridor has been systematically drilled.
- Approximately 60 additional priority targets have already been identified.
The Next Overs - Advance scoping level mining and geotechnical studies.
- Assess development and third party processing pathways.
- Drill resource growth targets along strike and at depth.
Read full ASX Announcement here. | | |
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Mithril Silver and Gold (ASX:MTH) 300 Metre Step Out Expands High Grade Footprint | | |
Mithril confirmed Target 1 extends beyond the 2021 resource boundary while lifting confidence ahead of the June resource update. The Play - Step out drilling confirmed mineralisation 300m west of the 2021 resource boundary.
- RE26 009 intersected 9.65m at 7.00g/t gold and 370g/t silver.
- RE26 009 included 0.50m at 30.70g/t gold and 1,780g/t silver.
- Resource drilling confirmed vein thickness and mineral continuity across Target 1.
- La Soledad drilling extended mineralisation southeast beyond the previous resource footprint.
The Pitch - Target 1 hosts a maiden resource of 529,000oz at 6.81g/t AuEq.
- Indicated resource totals 691kt at 5.43g/t gold and 114g/t silver.
- Inferred resource totals 1.725Mt at 4.55g/t gold and 152g/t silver.
- Copalquin covers a 70km² mining district with dozens of historic workings.
- Mithril plans up to 25,000m of district drilling during 2026.
The Next Overs - Complete the current Target 1 drilling program in mid May.
- Deliver the updated Mineral Resource Estimate in late June 2026.
- Continue mapping, sampling, magnetic interpretation and structural studies.
Read full ASX Announcement here. | | |
GoldArc Resources (ASX:GA8) Bonanza hits confirm Cosmopolitan extends beyond historic mining | | |
GoldArc confirmed high grade mineralisation beyond historical workings, while a new Upper Zone expands Cosmopolitan’s discovery footprint. The Play - 23m at 11.31g/t Au confirmed a bonanza grade Main Zone intercept.
- Included 2m at 41.38g/t Au and 3m at 43.78g/t Au.
- New Upper Zone returned 1m at 45.86g/t Au from 41m.
- 18 holes for 2,022m intersected mineralisation across the full strike length tested.
- Mineralisation remains open along strike and at depth in both zones.
The Pitch - Cosmopolitan historically produced approximately 360,000oz at an average grade of 15g/t Au.
- Cosmopolitan sits within GoldArc’s Leonora South Gold Project in Western Australia.
- Prospect is located 8km northeast of Orion and Sapphire.
- Orion and Sapphire host a combined 48,000oz at 2.2g/t Au resource.
- Leonora South is advancing under a profit share partnership with MMS.
The Next Overs Read full ASX Announcement here. | | |
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Bioxyne (ASX:BXN) $50m German supply deal secures revenue visibility | | |
Bioxyne locked in contracted German demand with $25m committed in year one, reducing near term revenue uncertainty. The Play - $50m supply agreement secures a 24 month German sales pathway.
- $25m minimum commitment underpins first 12 month revenue visibility.
- ADREX received exclusive German rights to distribute Dr Watson®.
- Deal expands Bioxyne’s initial ADREX agreement signed in June 2025.
- Agreement automatically renews for a further 12 months.
The Pitch - Breathe Life Sciences is Bioxyne’s wholly owned GMP licensed manufacturing subsidiary.
- BLS manufactures medicinal cannabis flower and other GMP products.
- ADREX imports, manufactures and distributes medicinal cannabis across Germany.
- Germany is Europe’s largest medicinal cannabis market.
- Bioxyne is expanding into pharmaceuticals and controlled substances markets.
The Next Overs - Supply GMP manufactured cannabis products into Germany.
- Scale GMP certified manufacturing across regulated international markets.
- Expand broader pharmaceutical and controlled substances portfolio.
Read full ASX Announcement here. | | |
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Desert Metals (ASX:DM1) All drill lines hit gold at Tiogo | | |
Desert Metals confirmed Tiogo as a continuous gold corridor over ~1.5km, materially reducing continuity risk before deeper drilling. The Play - Tiogo now spans semi continuous ~1.5km north south mineralised strike.
- 40 aircore holes for 2,032m intersected gold across all seven drill lines.
- 4m at 19.48g/t gold from 42m delivered strongest intercept to date.
- 12m at 3.81g/t gold from 34m included 2m at 21.84g/t gold.
- Multiple holes ended in mineralisation, with system open north, south and depth.
The Pitch - Tiogo sits within the Tengrela South project in northern Côte d’Ivoire.
- Project sits 30km and along strike from Perseus Mining’s Sissingué gold mine.
- Desert Metals holds an 80% interest in Tengrela South.
- Mineralisation is a structurally controlled quartz vein hosted gold system.
- Current drilling only reached saprolite and saprolitic bedrock transition zones.
The Next Overs - Complete aircore drilling across remaining 200m and 400m gaps.
- Extend drilling north and south along open mineralised strike.
- Complete RC and/or diamond drilling to 150m to 250m depth.
Read full ASX Announcement here. | | |
Koonenberry Gold (ASX:KNB) Sunnyside deepens as second shoot potential emerges | | |
Koonenberry extended Sunnyside deeper across multiple sections while identifying potential for a second plunging high grade shoot. The Play - Final three holes extended mineralisation 195m down dip on two sections.
- 26ENDD022 extended mineralisation 113m down dip on an adjacent section.
- 4.6m at 8.82g/t Au from 303m sat within 105m at 0.71g/t Au.
- 30m at 1.13g/t Au from 163m sat within 94m at 0.56g/t Au.
- Mineralisation now demonstrates continuity across five sections over +200m strike.
The Pitch - Sunnyside extends from surface to an average depth of 370m.
- Maximum vertical depth now reaches 415m from surface.
- 17 of 22 holes drilled at Sunnyside intersected visible gold.
- Mineralisation remains open at depth and along NE and SW strike.
- Enmore contains over 30km of prospective regional structures.
The Next Overs Read full ASX Announcement here. | | |
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EV Resources (ASX:EVR) Shallow Antimony System Opens Resource Definition Path | | |
EVR’s maiden drilling was designed to validate geology. It instead confirmed shallow antimony continuity across multiple holes and accelerated the pathway toward resource definition. The Play - Shallow antimony mineralisation hit in 4 of first 5 holes received.
- 3.05m @ 2.10% Sb from 8.1m confirmed high grade feeder potential.
- 2.0m @ 1.71% Sb from 9.35m extended shallow CRD continuity.
- Mineralised CRD horizon intersected at multiple locations from less than 10m depth.
- DDH_L1-11_26 stepped 200m southwest and confirmed broader replacement continuity.
The Pitch - Los Lirios hosts a broad antimony carbonate replacement system in Oaxaca, Mexico.
- EVR completed 15 maiden diamond drill holes with assays received from 5 holes.
- Mineralisation remains shallow, tabular and gently folded, supporting lower cost drilling.
- Historical workings targeted higher grade feeder zones intersecting the CRD horizon.
- EVR is refurbishing the Tecomatlán processing plant for near term antimony production.
The Next Overs - Receive remaining assay results from Phase 1 drilling.
- Design Phase 2 drilling to define scale and continuity.
- Progress toward maiden JORC Mineral Resource Estimate by Q3 CY2026.
Read full ASX Announcement here. | | |
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TMK Energy (ASX:TMK) LF-07 Gas Rates Rise As Power Plans Advance | | |
TMK Energy announced increased April gas production and operational initiatives across the Gurvantes XXXV Project in Mongolia. The Play - Reported 663m3/day April gas production, increasing 13% from February despite lower March production levels
- Confirmed LF-07 gas rates continued increasing following March curtailment under existing reservoir management practices
- Completed third independent technical review assessing drilling plans, reservoir management and optimisation techniques implementation
- Maintained approximately 490bbls daily water production despite LF-03 mechanical pump failure impacting monthly gas output
- Commenced discussions with government and consortium stakeholders regarding natural gas power generation opportunities across Mongolia
The Pitch - Gurvantes XXXV Project targets coal seam gas production within Mongolia’s South Gobi energy region
- Existing reservoir management plan delivered increasing gas rates with stable water production across 9 months
- LF-01 through LF-07 wells form the current pilot production well network at project site
- Pilot Project gas utilisation agreement exists under signed MoU with Mongolian regulator MRPAM
- Australian Embassy and Austrade continue engagement supporting Australian CSG expertise and investment initiatives in Mongolia
The Next Overs Read full ASX Announcement here. | | |
OD6 Metals (ASX:OD6) Big Jim expands Quinn drill inventory | | |
OD6 added a third high grade fluorspar target at Quinn, materially expanding its future drill pipeline. The Play - Big Jim rediscovery confirms a third extensive fluorspar system at Quinn.
- Historic workings extend more than 220m and remain open north and south.
- Historic reports recorded grades of 94.6%, 96% and 98.6% CaF₂.
- Footwall breccia reported grades up to 60% CaF₂.
- Rock and metallurgical samples were collected with assays pending.
The Pitch - Big Jim sits approximately 1km NNE of the Horseshoe Fluorspar Deposit.
- Mammoth and Horseshoe host mineralisation mapped over 9,000m² and 3,000m².
- Quinn is located approximately 220km north of Las Vegas, Nevada.
- The United States imports 100% of domestic fluorspar demand.
- Quinn sits approximately 300km by road from Hawthorne Strategic Minerals Reserve.
The Next Overs Read full ASX Announcement here. | | |
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Archer Materials (ASX:AXE) Archer advances qubit pathway toward wafer scale manufacturing | | |
Archer is moving from laboratory validation toward scalable semiconductor production, strengthening the commercial pathway for its quantum devices. The Play - Archer remains on track to demonstrate a working qubit this year.
- Archer is advancing beyond laboratory devices toward wafer scale manufacturing.
- Multiple design, fabrication and testing cycles have been completed.
- Repeatable fabrication methods now support graphene based quantum device manufacture.
- Processes are being aligned with semiconductor industry standard environments.
The Pitch - Archer develops quantum technologies across computing, sensing and medical diagnostics.
- Archer builds graphene based quantum devices within the semiconductor industry.
- Previous milestones include chip design validation and quantum signal detection.
- Graphene fabrication capabilities may support THz sensing, photonics and AI infrastructure.
- Archer targets integration into semiconductor supply chains and foundry environments.
The Next Overs Read full ASX Announcement here. | | |
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