Resources Top 5: ASX explorers go global as the hunt for critical minerals heats up

• RWD acquiring Copper Lance project in Newfoundland   
• LRM moving quickly on infill drilling at Minta Est project in Cameroon 
• MRZ advancing updated PEA for Ashram REE and fluorspar project in Québec

Your standout small cap resources stocks for Wednesday, November 12, 2025. 

Reward Minerals (ASX:RWD)

With copper added to the critical minerals list in the US and increased emphasis, including financial support, on establishing domestic supply chains, Reward Minerals (ASX:RWD) has joined a growing list of ASX-listers accessing projects in North America.   

The company has signed a binding deal to acquire the Copper Lance project in Newfoundland, Canada.

Copper Lance is in an underexplored area of one of the world’s most prospective VMS and mining friendly provinces hosting more than 40 deposits including the world-class Ming copper-gold mine owned by Firefly Metals (ASX:FFM).

Historical sampling has returned assays of up to 42% copper, 4.05oz/t silver and 0.45g/t gold, and the project sits near infrastructure with easy access and a long field season. 

Reward has teamed up with Canadian-based vendors and geological consultants Northex Capital Partners to fast-track exploration.

Data compilation has started and project wide soil sampling is set to kick off on November 17.

“Entry into the highly prospective base and precious metals province of Newfoundland is a very exciting time for the company as it provides another opportunity to add value for shareholders via expansion of its dual asset minerals development strategy,” Reward CEO Lorry Hughes said.

“Newfoundland has a long history of base and precious metals mining with multiple developmental and operational mines within a concentrated area. 

“Firefly’s standout high-grade Ming Mine is located some 115km northeast along strike from Copper Lance and the projects are potentially analogous in terms of the underlying geology.

“The Copper Lance project was selected by Reward due to its highly prospective geology for base and precious metals, the fact it has had limited exploration even though it is proximal to valuable deposits, it is accessible by road allowing cost effective exploration and because Newfoundland is a top mining friendly jurisdiction with a long field season.”

Lion Rock Minerals (ASX:LRM)

Lion Rock Minerals (ASX:LRM) is moving quickly on infill drilling at the Minta Est project in Cameroon after identifying a unique monazite-enriched granite across about 250km2 as the source of monazite and heavy rare earths.

Minta Est hosts a prized basket of high-value minerals enriched with monazite, rutile and zircon.

In this area very high rutile grades, as also seen throughout the Minta project, are materially enriched by the presence of monazite, zircon and potentially xenotime.

Testing by ANSTO shows that the Minta Est monazite sand concentrate can produce TREO enriched with heavy REE elements dysprosium and terbium at a greater level than typical hard-rock monazite deposits.

Sampling also points to high levels of the rare earth samarium, which has recently been recognised by the US as the most vulnerable critical mineral, describing it as the “weakest link in the critical mineral supply chain”.

Up to 3.1% samarium in TREO is considered exceptionally high, especially when accompanied by elevated Dy and Tb.

LRM has prioritised infill drilling  to define zones of enriched monazite and xenotime mineralisation at Minta Est.

The rare earth strategy is progressing alongside ongoing rutile exploration following a recent strategic partnership and placement with Tronox Holdings.

Lion Rock is confident that the Minta and Minta Est projects have the potential to host numerous high-value mineral sands deposits over the 5,000km2 reconnaissance area.

Mont Royal Resources (ASX:MRZ)

Work is underway by Mont Royal Resources (ASX:MRZ) on an updated preliminary economic assessment, which is essentially a scoping study, for the Ashram rare earths and fluorspar project in Québec, Canada.

This will focus on a low-risk staged development plan involving mining, beneficiation and production of a high-grade flotation concentrate in the first stage.

A second stage will see the company consider potential downstream development in hydrometallurgy, oxide separation and collaboration with industry partners to produce separated oxides, metals and magnets.

MRZ has moved quickly to begin this work after it relisted on the ASX a week ago on completing a merger with Canada’s Commerce Resources that granted it the Ashram project, one of North America’s largest monazite-dominant, carbonatite-hosted REE deposits.

Pioneer Lithium (ASX:PLN)

Pioneer Lithium (ASX:PLN) has strengthened its position in Idaho’s premier critical minerals district by expanding its footprint at North Pine project and completing a maiden field program.

An additional 41 lode claims have been staked at the Silver Cliffs prospect, expanding the total to 80 lode claims and solidifying Pioneer’s footprint in the district.

North Pine now comprises 227 claims covering about 18.37km2, representing one of the largest contiguous critical minerals projects in Idaho’s central mineral belt.

There were 129 samples collected across the Northman, Silver Cliffs and Springfield prospects in the field program.

All samples have been submitted for multi-element geochemical analysis, including tungsten, antimony, gold, silver and associated pathfinder elements. 

Results will be used to refine geochemical targeting, classify mineralisation styles and prioritising follow-up exploration.

Sagalio Energy (ASX:SAN)

After its share price rocketed more than 233% this morning, Central Asian oil producer Sagalio Energy (ASX:SAN) was suspended from quotation.

Citing Listing Rule 17.3, the ASX imposed the suspension, saying that the company had been “unable to respond to ASX queries adequately”.

“The suspension will continue until ASX is satisfied that SAN is in compliance with the Listing Rules, including Listing Rules 3.1 and 12.6 and that it is otherwise appropriate for SAN’s securities to be reinstated to quotation,” the ASX stated.

Sagalio, which is headquartered in Hong Kong, is engaged in the exploration, evaluation and development of petroleum resources in Central Asia with interests in oil projects in the Kyrgyz Republic. 

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Mont Royal Resources is a Stockhead advertiser, they did not sponsor this article.