Small cap wrap: Fox Tungsten, Royal Road Minerals, 374Water…

The S&P/ASX Small Ordinaries slipped modestly on Tuesday, with the index easing 3.8 points, or 0.11%, to close at 3,322.8.

The small-cap benchmark has declined 20.5 points, or 0.61%, over the past five trading sessions, reflecting a subdued stretch for the junior end of the Australian market.

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) has been awarded a repeat ‘Outperform’ rating from Noble Capital Markets, with the analysts highlighting the company’s positioning in the North American lithium iron phosphate (LFP) battery materials supply chain and its funding position as key advantages.

Noble wrote that First Phosphate “stands out among development-stage critical minerals companies,” pointing out that it has no debt and approximately C$50 million of available capital, including approximately C$33 million of cash and access to a C$16.7 million non-repayable contribution by the Canadian government.

374Water Inc (NASDAQ:SCWO, FRA:8LL) announced that it has completed Phase 2 of its mobile AirSCWO deployment in St. Cloud, Minnesota, and has begun the third phase of the project as the state continues evaluating the company's technology for the destruction of PFAS-contaminated waste.

The deployment is being carried out under a $600,000 waste destruction services contract with the City of St. Cloud, in partnership with Barr Engineering, at the city's Nutrient, Energy, and Water Recovery Facility. The pilot is part of Minnesota's assessment of AirSCWO technology for destroying PFAS-containing waste streams, with support from the Legislative-Citizen Commission on Minnesota Resources and the state's Environment and Natural Resources Trust Fund.

Royal Road Minerals Ltd (TSX-V:RYR, OTC:RRDMF, FRA:RLU) said on Tuesday it has closed a brokered offering under the Listed Issuer Financing Exemption, raising gross proceeds of $7.31 million to drill its Colombian portfolio.

The offering included the sale of 36.53 million ordinary shares priced at $0.20 per share.

Three brokers have shared first place in the FTSE AIM 100 client rankings for the first time since records began in January 2013.

Berenberg and Panmure Liberum moved up from second and third respectively to join Peel Hunt at the top, each now advising 20 companies on the index of AIM's largest constituents.

Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) said drilling at its fully funded 20,000 metre program at the Fox project in British Columbia has intersected visible scheelite mineralization in multiple target areas, including several previously unrecognized parallel mineralized zones at Fox North.

Analytical results have not yet been received, but visual observations from drilling completed to date indicate the exploration program is successfully expanding the mineralized system, the company said.

Gaming Realms PLC (LSE:GMR, OTCQX:PSDMF, FRA:RNE1) said its core licensing business continued to grow in the first half, despite a sharp increase in UK gambling tax and a decline in non-core brand licensing revenue.

The mobile gaming content developer expects group revenue of about £15.5 million and adjusted EBITDA of £6.6 million in the first six months of 2026, versus £16 million and £7.5 million a year ago.

Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF, FRA:HHU) has appointed former HSBC banker Helge Weiner-Trapness as executive chairman as the biotechnology group explores a potential dual primary listing in Hong Kong.

Weiner-Trapness, who joined the group as chief strategy officer and an executive director in January 2026, brings more than 30 years of investment banking experience in the US and Asia. He most recently served as vice chairman of global banking at HSBC.

FireFly Metals Ltd (ASX:FFM, TSX:FFM, OTC:FFMFF) has strengthened the development case for its Green Bay Copper-Gold Project during the June 2026 quarter, reporting encouraging high-grade drilling results from a core zone expected to support early, high-margin production.

The company is now incorporating the latest drilling into an updated mineral resource estimate, which will feed into a preliminary economic assessment and scoping study for an upscaled restart of production at Green Bay. Completion of the study is targeted for August 2026.

DroneShield Ltd (ASX:DRO, OTC:DRSHF) has secured A$23.2 million in European military contracts and reported preliminary first-half 2026 revenue of A$125.8 million, up 74% on the previous corresponding period, as demand for its counter-drone systems continues to accelerate.

The company has also unveiled RfAI-3, the third generation of its proprietary radio frequency intelligence engine, designed to detect emerging drone threats beyond those already catalogued in conventional RF signature libraries.