Small Cap Watch: Resource stocks deliver fresh project updates as quarterly season starts to ramp up Proactive uses images sourced from Shutterstock

The S&P/ASX Small Ordinaries Index (ASX: XSO) closed at 3,534.80, down 0.74% on the previous session, although it remains 0.55% higher over the past five days, pointing to some near-term resilience across the small-cap market.

Within that backdrop, several ASX-listed resources companies have delivered fresh operational and project-level updates spanning gold and gas.

Pantoro secures Rama partnership option

Pantoro Gold Ltd (ASX:PNR, OTC:PNTOF, FRA:RKN) has entered into a partnership agreement with Mega Resources Pty Ltd and Bain Global Resources Pty Ltd in relation to the high-grade Rama Open Pit in Western Australia’s Forrestania region.

The deal includes an exclusive option for Pantoro to mine and develop an underground operation beneath the open pit through a profit-sharing arrangement, which could extend the mine life and value of the project beyond the initial open pit development.

Elixir advances Taroom Trough appraisal well

Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has reported progress at its Lorelle-3/3H appraisal well in ATP2056 within the Taroom Trough, with drilling, coring, logging and casing completed on schedule and within budget.

Wireline logging at the Lorelle-3 pilot confirmed four Permian hydrocarbon-bearing reservoirs containing a total of 148 metres of net gas-condensate pay, including 28 metres in the Tinowon ‘Dunk’ Sandstone, 60 metres in the Lorelle Sandstone, 59 metres across six Kianga Group sandstone zones and 1 metre in the Overston Sandstone.

The company also completed drilling, casing and cementing of the Lorelle-3H well to a total measured depth of 4,477 metres, including a 1,157-metre lateral section in the Tinowon ‘Dunk’ Sandstone, making it the longest lateral drilled in the Taroom Trough to date.

Elixir measured 1,033 metres of high-quality net gas-condensate pay within the Tinowon ‘Dunk’ Sandstone, with average porosity of 11.2% and maximum porosity of 18%. Stimulation and production testing remain scheduled for June 2026.

Alkane posts record quarterly gold output

Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) reported record gold production in its quarterly activities report for the period ending 31 March 2026, producing 45,776 ounces of gold equivalent at an all-in sustaining cost of $2,928 per ounce.

Site operating cash flow came in at $189 million for the quarter, while full-year group guidance was maintained at 160,000 to 175,000 ounces of gold equivalent at AISC of $2,600 to $2,900 per ounce.

On the exploration front, Alkane said extension and infill drilling above current workings at Youle and Shepherd at Costerfield defined 25 additional veins within the Kendall prospect near the historic Costerfield mine. Highlighted results included 132.2 g/t gold and 19.8% antimony over 1.94 metres, and 267.5 g/t gold and 5.6% antimony over 2.3 metres.

At Tomingley, deep drilling identified a seismic reflector as a gold-bearing structure about 400 metres below the current Roswell resource.

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