Resources Top 5: Exploration ramps up as small caps keep foot on the gas

• MDI has completed the acquisition of Konstantin Resources and a $3.4m placement
• Exploration is being ramped up by PVT at its Canadian properties after raising $5.4m in a placement  
• Gas output increased 19% in October as JGH works toward commercial flow rates

Your standout small cap resources stocks for Thursday, November 6, 2025. 

Middle Island Resources (ASX:MDI)

It’s all systems go for Middle Island Resources (ASX:MDI) in Serbia after completing the acquisition of Konstantin Resources and a $3.4m placement.

The all-scrip acquisition was given the green light by shareholders at an extraordinary general meeting on November 3. 

MDI’s efforts are centred on the Bobija polymetallic project in western Serbia where initial RC drilling is targeting polymetallic gold-silver-copper-lead-zinc mineralisation below the floor of the historical Bobija open pit mine.

The company is also awaiting assay results from in-pit channel sampling which was recently completed.

These drill and sampling results together with historical drilling will assist in developing a new geological model to assist with ongoing exploration.

Bobija was originally explored by the Yugoslav State for barite, lead and zinc and has similarities to DPM Metals’ Vares project in Bosnia and Herzegovina which has a resource of 20.9Mt at 1.1g/t Au, 153g/t Ag, 0.4% Cu, 2.8% Pb & 4.3% Zn.

Another recent development for MDI as it accelerates activities has been the appointment of David Al-Izzeddin, a global resources executive with Serbian mining experience, as a non-executive director.

Al-Izzeddin is a geologist with more than 30 years of experience across a range of commodities and geographies. He currently serves as managing director for Ballymore Resources (ASX:BMR).

He has experience in grass roots exploration, target generation, resource definition, project assessment, feasibility studies, economic analysis, mine development and business development. 

The appointment is in line with the acquisition agreement between MDI and Konstantin Resources that provides for Konstantin to nominate a non-executive director. 

Pivotal Metals (ASX:PVT)

Exploration is being ramped up by Pivotal Metals (ASX:PVT) at its Canadian properties after receiving $5.4m in a placement.  

The company aims to refine and discover new drilling targets through geophysical programs at its Quebec projects over the next few months.

These programs come as PVT moves from planning into action, according to managing director Ivan Fairhall.

“The ramp-up of survey work at Lorraine and across Belleterre is indicative of the increased exploration intensity,” he said.

“With the capital now secured, we’re executing a high-quality field program geared toward discovery. 

“The wider Belleterre project has multiple drill ready targets and excellent prospectivity for both massive sulphide copper-platinum group metals and high-grade gold – a fantastic commodity combination in a top-tier mining jurisdiction.”

Jade Gas Holdings (ASX:JGH)

Jade Gas Holdings (ASX:JGH) has its foot firmly on the gas at the Red Lake gas field in the South Gobi region of Mongolia as evidenced by rising monthly production rates.

In October gas output increased 19% on the previous month as the company works toward commercial flow rates.  

Both horizontal wells, RL-Hz-01 and RL-Hz-02, continue to be dewatered with the fluid level now close to minimum operational levels for pumping operations.

Steady progress has been made in stabilising gas flow as dewatering continues.

Jade’s flagship project is the coal bed methane gas project over the Production Sharing Agreement area of Tavantolgoi XXXIII unconventional oil basin. The project has a 2C Gross Unrisked Contingent Resource of 246 Bcf.

The company, in conjunction with drilling contractor DWK, continues to monitor and manage the water production as a key influential factor in the gas flow performance. 

To avoid damage to the well, it is important not to draw down water too hastily, and to allow gas flow rates to stabilise following adjustments to water production rates. 

The priority remains confirming longer term sustainable flow rates to enable completion of the Field Development Plan and Economic Study. 

In addition to the plan and study, an appraisal report, and a resource and reserve evaluation will also be completed and submitted to the Mongolian regulator for review and approval. 

“We are pleased with the ongoing increase in gas flow rates observed over the month,” Jade non-executive director Dr Ian Wang said.

“In line with our well management plan, we continue to monitor and adjust water production rates in order to get to the sustainable flow rates we are expecting. So far, the reservoir is responding to our initiatives very positively.

“We remain focused on achieving commercial flow rates from the initial production wells, and finalising the Field Development Plan and Economic Study, which are expected to demonstrate a highly compelling, long life gas project.”

Tasman Resources (ASX:TAS)

Leverage to Eden Innovations (ASX:EDE)  through an 18.9% holding has seen Tasman Resources (ASX:TAS)  increase after Eden completed the sale of a property in Georgia, USA.

EDE received US$5m (A$7.6m) for the property, a considerable lift from the US$1.2m paid in 2018. 

Tasman’s shareholding had a market value of about $3.5m based on the ASX closing share price of EDE shares at October 30, 2025, of 5c.

TAS shares have performed well in recent weeks owing to a placement to institutional and sophisticated investors that raised $2m, the appointment of an experienced corporate advisor to the board and the start of a high-impact drilling program at Parkinson Dam project in South Australia targeting copper, gold, silver, lead and zinc.

Mount Ridley Mines (ASX:MRD)

Shares in Mount Ridley Mines (ASX:MRD) have surged since the company reported an initial resource for its Mt Ridley project near Esperance on October 28.

The initial inferred resource is 838.7 million tonnes at 29.3ppm gallium (39.5ppm gallium oxide) for 24,584t of contained gallium, reported at a 25ppm cut-off.

That’s in addition to the project’s existing rare earths resource of 168Mt at 1201ppm total rare earths oxides.

The company was up another 6.36% to 5c today and since October 23 has risen from 0.5c.

Stockhead’s Kristie Batten provides insight into the company’s success, including an interview with new CEO Allister Caird.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Pivotal Metals and Mount Ridley Mines are Stockhead advertisers, they did not sponsor this article.