Small Cap Watch: Explorers and developers advance key programs during June quarter

The S&P/ASX Small Ordinaries Index (ASX) fell 57.70 points, or 1.73%, yesterday to close at 3,268.80.

The index is now down 60.20 points, or 1.81%, over the past five trading sessions.

Despite the broader market weakness, small-cap companies continue to generate news across gold exploration, rare earths, helium, battery technology and biotechnology. You can read about the following and more throughout the day.

Ora Banda expands Little Gem mineralisation

Ora Banda Mining Ltd (ASX:OBM, OTC:ESGFF, FRA:M6N) reported further exploration success at its high-grade Little Gem prospect, where recent drilling expanded the mineralised footprint of the Sapphire lodes and delivered additional strong results from the Gem lodes.

New Gem intercepts included 18 metres at 3.4 g/t gold and 16.1 metres at 3.5 g/t, confirming the widths and grades seen in earlier drilling. The Gem lode system has now been defined across about 4.7 kilometres of strike and to roughly 750 metres below surface, with mineralisation remaining open.

More than 360 drill holes have been completed across Little Gem and Sunraysia, with Ora Banda targeting a maiden mineral resource estimate in late 2026.

Askari prepares for active African field season

Askari Metals Ltd (ASX:AS2, FRA:7ZG) continued to advance technical, logistical and stakeholder programs at the Nejo Gold-Copper Project in Ethiopia and the Uis critical metals project in Namibia during the June quarter.

The quarter was focused on consolidating exploration data and preparing for more active field programs designed to test priority targets, validate historical mineralisation and expand known mineralised corridors across both projects.

Altech secures extension for German grant conditions

Altech Batteries Ltd (ASX:ATC, OTC:ALTHF, FRA:A3Y) received an extension to the financial close deadline attached to potential German government funding for its CERENERGY® battery project.

The project has conditional approval for a grant covering about 30% of eligible capital expenditure, up to €46.7 million, under Germany’s STARK economic development program.

The deadline to achieve full project financial close has been extended from June 30 to September 30, 2026.

Lindian advances Kangankunde development

Lindian Resources Ltd (ASX:LIN, OTC:LINIF) achieved further construction, operational and strategic milestones at the Kangankunde Rare Earths Project in Malawi during the June quarter.

The company progressed construction, mining readiness and operational preparations while continuing work on the Stage 2 definitive feasibility study, which is intended to support the project’s longer-term expansion.

Lindian also expanded its downstream and marketing capabilities through the establishment of a Singapore office.

Noble Helium progresses North Rukwa strategy

Noble Helium Ltd (ASX:NHE, OTC:NBHEF, FRA:GN1) continued advancing its North Rukwa helium project in Tanzania, where it is pursuing a staged drilling, appraisal and development strategy.

The company is initially targeting the western margin of the project, where several appraisal opportunities and leads have been identified.

Noble Helium aims to establish a small-scale operation capable of generating cash flow within 18 months, which could support further exploration of deeper gas-phase targets including Chilichili and Gege.

Percheron advances HMBD-002 program

Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) made further progress with its HMBD-002 oncology program during the June quarter, including the manufacture of a new batch of drug substance.

The material is expected to be placed into vials and released for use in a new clinical trial in September 2026.

HMBD-002 was also granted the provisional international non-proprietary name minperstobart by the World Health Organization, while the company raised $2.2 million through a non-renounceable entitlement offer to support the program.

Percheron also presented HMBD-002 research at the American Association for Cancer Research and American Society of Clinical Oncology annual meetings.

Resource Minerals defines Saudi drilling targets

Resource Minerals International Ltd (ASX:RMI) completed a high-resolution ground magnetic survey at the Wadi Salamah Project in Saudi Arabia, identifying two large, deep-seated magnetic anomalies covering about 16 square kilometres.

The anomalies are interpreted as intrusive bodies prospective for porphyry copper-molybdenum mineralisation, with three priority target areas selected for follow-up work.

Mapping and rock-chip sampling are underway at Wadi Salamah and Shaib Marqan ahead of planned 5,000-metre drilling programs at each project during the third quarter of 2026.

The company is also drilling at the Mpanda project in Tanzania and raised $3.5 million through a placement to fund its exploration activities.