Resources Top 5: Fin joins Canada’s gold rush as Whitebark and Terra surge on strong results

• FIN acquiring drill-ready Cabin Lake gold project in Canada
• New dry gas zones have been revealed by WBE at the Warro Gas Field in WA
• TM1 intersects multiple massive and semi-massive sulphide zones at Dante

Your standout small cap resources stocks for Wednesday, October 29, 2025.

Fin Resources (ASX:FIN)

The latest ASX junior to plant its flag in the remote, yet highly prospective and gold-rich Northwest Territories of Canada is Fin Resources (ASX:FIN), which surged 89% to a 12-month best of 1.7c before closing at 1c, a lift of 11.11%.

Fin has executed a binding sale and purchase agreement to acquire the fully permitted, drill ready Cabin Lake gold project in a Tier-1 gold province.

Cabin Lake is along a 15km banded iron formation trend called the Bugow Iron Formation and sits within the Archean Slave Craton, a well-endowed greenstone belt that has delivered more than 14Moz of gold and contains a further 10Moz in the development pipeline.

It is 105km northwest of Yellowknife, hosts eight priority drill sites and lies in similar gold-bearing stratigraphy as the 3.3Moz Lupin Mine.

Near-surface mineralisation is documented at the Arrow Zone where early drilling has hit thick, high-grade zones such as 31.9m at 13.66g/t gold from 17.5m and has defined open-pit targets.

Other wide, high-grade intercepts from historical drilling include 13.9m at 13.21g/t Au from 27.92m and 19.9m at 8.02g/t from 24.6m.

Importantly for Fin, an access agreement is in place with the First Nations government covering the area, enabling the company to progress on-ground activities without delay.

The first work program will zero in on a set of high-priority targets picked out by 2018 UAV magnetic and deep IP surveys, anomalies that sit outside the limits of previous drilling and have not yet been tested.

It will aim to confirm and extend high-grade mineralisation already defined at Arrow Zone, drill-test IP anomalies that sit outside the current grid, collect geological and assay data to underpin a resource and build the geochemical model needed to carry out step-out and deeper drilling.

Whitebark Energy (ASX:WBE)

New dry gas zones have been revealed by Whitebark Energy (ASX:WBE) at the Warro Gas Field in WA after a technical review confirmed thick, gas-bearing intervals with minimal mobile water. 

An independent petrophysical review by highly regarded global specialist Steve Adams found that earlier drilling had accidentally hit water zones, masking the field’s true potential.

The new findings enhance the potential commercial viability of Warro in the Perth Basin, 200km north of Perth and 30km from the DBNG pipeline.

Thick, gas bearing intervals with no surrounding mobile water have been identified as immediate targets, particularly in the Yarragadee Lower Formation – a high-quality reservoir unit with strong gas saturation.

The work reaffirms Warro’s potential of 4.4–11.6 TCF of gas-in-place, which, if developed, would be the largest onshore gas resource in WA.

Past drilling confirmed a substantial resource base, with test flows of 1-2 MMscf/d despite suboptimal completion methods.

With the state’s gas market tightening and domestic supply increasingly valuable, Warro stands as a near-term, large-scale energy opportunity.

To fast-track activities, Whitebark completed an oversubscribed placement raising $750,000 at 0.5c per share.

Today, the company soared 85.72% to a 12-month high of 1.3c and more than 150m shares changed hands. 

Whitebark is immediately implementing a work program, including:

• Integrate production data from Warro 3 and 4 into petrophysical model;
• Design a selective re-completion and re-test program to target dry gas zones; and
• Assess potential commercialisation solutions to support rapid maturation of Warro after demonstrating sustained gas flow.

Terra Metals (ASX:TM1)

The prospectivity of the Dante project in WA’s West Musgrave region has been enhanced by Terra Metals (ASX:TM1) after intersecting multiple massive and semi-massive sulphide zones at the Southwest prospect. 

Visual sulphides were logged in a number of recent diamond drill holes, including massive, semi-massive and net-textured sulphide zones characteristic of magmatic sulphide systems.

The sulphide zones are visually logged as containing pentlandite, chalcopyrite and pyrrhotite, which are also consistent with a magmatic nickel-copper-cobalt sulphide system. 

These intercepts occur outside and below the thick titanium-vanadium reefs recorded in the first four drill holes for which assays are pending.

TM1 says the visual results suggest the potential for the Southwest prospect to host a large-scale system capable of concentrating high-grade base and precious metals.

Ballard Mining (ASX:BM1)

Exploration and drilling targeting resource growth at the Mt Ida gold project in WA will be ramped up by Ballard Mining (ASX:BM1) after $20.6m was raised in a placement.

Significantly, the raise at 55c per share, an 11.1% premium to the last trade, was led by new investor and Mt Ida neighbour Aurenne Group Holdings, which becomes a substantial BM1 holder with 9.6%. 

Additionally BM1 chairman Simon Lill will take part in a smaller associated placement of $200,000, subject to shareholder approval.

The company has also released a conceptual exploration target of 11.8-14.6Mt grading 2.6-3.9g/t gold that is separate to the existing 1.1Moz Mt Ida resource.

Ark Mines (ASX:AHK)

Progress is being made by Ark Mines (ASX:AHK) at Sandy Mitchell rare earths project in North Queensland with environmental baseline studies nearing completion in parallel with exploration and development activities.

Monthly water sampling and monitoring is ongoing in accordance with a ground water monitoring plan.

Ark has commissioned a study of water infiltration on mineral sands, a desktop cultural heritage assessment and a field assessment of cultural heritage in the resource area and stage four drill plan area.

A reconnaissance flora and fauna survey was completed in 2023 to recognise any potential red flags and Ark has received environmental authorisation, a key milestone in connection with the mining licence.