Resources Top 5: Big gold hits and rare earths rallies keep the small caps buzzing

• Hits of up to 12m at 12.18g/t gold bolster FBM’s position at Miriam    
• BMM stepping up the pace to find North America’s next rare earths discovery
• High-grade niobium and rare earths for PNN in auger drilling in Brazil

Your standout small cap resources stocks for Monday, November 10, 2025. 

Future Battery Minerals (ASX:FBM)

Thick high-grade gold hits from the Forrest prospect of Future Battery Minerals (ASX:FBM) Miriam project near Coolgardie in WA’s Goldfields have prompted a surge in shares.

A headline hit of 12m at 12.18g/t Au from 48m, which equates to 146 gram metres, FBM’s highest gram-metre intercept to date at Miriam.

Results from the second phase drill program saw FBM, which intends to rebadge as Ore Resources, climb to an 18-month high of 5.9c, a lift of 40.48% on the previous close.

The 24-hole, 2800m RC campaign at Miriam, which was previously explored for lithium and nickel, delivered a number of other highlights which support a strong foundation from first phase results:

• 6m at 10.76g/t Au from 131m within a broader zone of 25m at 3.28g/t from 119m to the end of hole; 
• 12m at 1.25g/t Au from 117m and 16m at 0.98g/t from 16m, including 8m at 1.73g/t; 
• 12m at 1.35g/t Au from 16m; and
• 4m at 1.83g/t Au from 114m, 4m at 1.15g/t from 84m and 2m at 2.26g/t from 129m.

Encouragingly, several fresh rock intercepts have been modelled as multiple sub-vertical lodes that remain open in multiple directions and could be part of a larger scale gold system.

That all bodes well for follow-up exploration, with phase 2 assays for Canyon expected in the coming weeks and third phase drilling due to start at Miriam later this month.

Heritage surveys have been completed over the Burbanks Monarch, Goroke, Blue Bell and Grand Junction prospects to the north of the tenement package, with soil sampling underway to refine targets ahead of H1 2026 drilling.

“The results are clear: Forrest represents a much larger, higher-grade gold system than originally anticipated. This dynamic mineralised system is now interpreted to possess multiple stacked lodes of gold mineralisation with potentially significant strike lengths,” FBM MD Nick Rathjen said.

Bayan Mining and Minerals (ASX:BMM)

Bayan Mining and Minerals (ASX:BMM) has made up some of the ground lost since October 16 with a 23.8% rise to 13c as it steps up the pace to find North America’s next rare earths discovery.

After closing at 25.5c on October 16, the critical minerals explorer fell 58.82% to 10.5c on November 7.

BMM hopes that gaining approval from the US Bureau of Land Management for its Plan of Operations, including drilling at the Desert Star project in California provides a fillip.

The project is 4.5km northeast of MP Materials’ Mountain Pass mine, the only operating REE mine in the US.

Drilling will aim to determine whether Desert Star hosts the same style of mineralisation that made Mountain Pass a key US asset.

Bayan will now undertake soil and surface sampling across target areas highlighted by recent ground gravity, magnetic and radiometric surveys.

Soil grids will be intensified where results warrant, with outcrop and float sampling refining final targets.

These results will guide drill pad locations.

“The approval of the Plan of Operations for our Desert Star Project represents an important step forward for Bayan, providing the necessary regulatory clearance to progress field activities in a highly prospective critical minerals region,” said executive director Fadi Diab

“We anticipate commencing drilling in 2026, subject to the completion of these technical and preparatory works.”

Power Minerals (ASX:PNN)

Power Minerals (ASX:PNN) has returned high-grade niobium and rare earths results in shallow auger drilling at Santa Anna project in Brazil that provide encouragement for the definition of a significant resource estimate.

Results include 1m at 13,590ppm (or 1.36%) niobium from 8m and 17m at 6895ppm total rare earth oxides from surface including 5m at 13,824ppm TREO from 2m.

Consistent grades from drilling to date indicate potential for a high-grade and advanced critical mineral exploration opportunity at the alkaline carbonatite complex.

The many mineralised intercepts from surface indicate there’s no significant overburden at these sites, which could significantly reduce mining costs.

An initial 2000m of a 10,000m reverse circulation program is expected to start this month with completion in Q1 2026.

Elementos (ASX:ELT)

XRT ore sorting testwork on tungsten points to the potential to lower development costs and increase output at the Cleveland project of Elementos (ASX:ELT)  in Tasmania.

Tests on tungsten samples from Foleys Zone delivered strong results, lifting tungsten grades by 4.1 times, from an average of 0.24% WO3 to 0.98%. Recovery improved to 87% and mass reject to 79%. 

Results from low-grade tungsten samples also impressed with a 6.8 times grade lift to 0.38%, recovery of 69% and mass reject of 90%. 

As a result, ELT will consider XRT sorting of at least the tungsten ore in a future process flow sheet offering the potential to lower construction, operating and processing costs by sizing to a smaller processing plant.

It would also improve ore blending, and reduce tailings and rock waste.

Tali Resources (ASX:TR2)

Ground-based gravity and passive seismic surveys have identified new anomalies in the unexplored northwest of Tali Resources (ASX:TR2)  West Arunta Project in WA.

At Khya prospect a 2km gravity anomaly of up to +1.0mGal has been identified coincident with a 3.5km magnetic high (up to 350nT).

Over at Vanda prospect three 2km gravity anomalies of up to +0.6mGal have been spotted semicoincident with elongated magnetic highs (up to 450nT)

The passive seismic data indicates shallower cover than previously interpreted.

Planning is underway for further exploration, including drilling, to assess the prospects and the north-western area of tenure.

TR2 has been awarded an EIS co-funded grant of up to $220,000 for drill testing the prospects.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Future Battery Minerals, Bayan Mining and Minerals and Power Minerals are Stockhead advertisers, they did not sponsor this article.