Resources Top 5: Gold and rare earths come alive as these small caps rise

• LRM results reinforce world-class potential of Minta monazite and rutile project in Cameroon
• Yangibana JV partners HAS and Wyloo in REE agreement with Ucore Rare Metals
• PGD leveraged to gold and iron ore at Newman project in WA

Your standout small cap resources stocks for Friday, October 31, 2025. 

Lion Rock Minerals (ASX:LRM)

Neither Halloween or creepy vibes from US markets, where the bears drew blood, held any tricks for critical minerals or gold stocks with some treats for a number of companies, including Lion Rock Minerals (ASX:LRM), Hastings Technology Metals (ASX:HAS), Peregrine Gold (ASX:PGD) and Nova Minerals (ASX:NVA).

First-pass reconnaissance drilling by Lion Rock at the Minta monazite and rutile project in Cameroon returned in situ rutile grades of up to 2.2% and rutile assemblage up to 71%.

Minta Est, which hosts an extraordinary mineral assemblage of rutile, zircon and rare earth-enriched monazite, proved compelling with eight out of the top 10 results.

A total of 712 holes were drilled for 3,018 metres and from this, 3,339 drill and QA samples and 68 grab samples were collected.

Results to date include:

• 4m at 1.3% in situ rutile from surface;
• 3.9m at 1.2% in situ rutile from surface; and
• 5m at 1.0% in situ rutile from surface.

Further results are expected from the highest priority zones still to be tested, with initial results ranked for follow up exploration.

Based on these first mineral assemblage results, the company is now in a position to undertake infill drilling with a field-ready, expanded exploration team in place.

A wholly-owned HM lab is nearing completion in Yaoundé to accelerate assay turnaround times and reduce costs.

In-country capacity is also expanding significantly with the appointment of key management and support staff.

“These latest results continue to reinforce the world-class potential of the Minta Monazite and Rutile Project and highlight Cameroon’s emergence as a significant new rutile province,” Lion Rock CEO Casper Adson said. 

“The scale and grade of mineralisation being defined at Minta is exceptional, with in situ rutile grades of up to 2.2% from surface confirming the project’s potential as one of the largest undeveloped natural rutile systems globally.”

Hastings Technology Metals (ASX:HAS)

Hastings Technology Metals (ASX:HAS) was up after it and Yangibana JV partner Wyloo Gascoyne signed a non-binding Heads of Agreement with North American rare earth processing company, Ucore Rare Metals Inc.

The HoA provides a framework for the Yangibana JV to negotiate a long-term offtake agreement for supply of rare earth concentrate to Ucore.

This potentially covers the sale of up to 37,000tpa of Yangibana’s high-grade REE concentrate and resulted in HAS lifting 19.3% to a daily high of 68c.

HAS, Wyloo and Ucore will jointly evaluate the economic and technical feasibility of establishing a downstream hydrometallurgy plant in Louisiana, USA, or utilising a qualified third-party US facility, to convert concentrate into mixed rare earth carbonate.

The proposed integrated REE supply chain will use proprietary process flow technology from the Yangibana JV in WA and integrate it with Ucore’s proprietary Rapid SX oxides separation technology.

As such, the partnership is aligned with the US-Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths.

It provides a pathway for Yangibana to supply an integrated rare earths supply chain across Australia and the US, while exploring value-accretive downstream processing opportunities.

The parties will now work to execute a definitive agreement, which is expected to be finalised after June 2026.

“The joint evaluation of a downstream Hyrdromet plant in the US demonstrates the efforts by Wyloo, Ucore and Hastings to access the financing and commercial opportunities arising from the recently announced rare earth deal by the US and Australian governments to jointly support ‘ready to go’ projects,” HAS CEO Vince Catania said.

Peregrine Gold (ASX:PGD)

Leverage to gold and iron ore at its Newman Gold & Iron Ore Project in WA has Peregrine Gold (ASX:PGD) well-placed to capitalise on strength in both.

This has been recognised by high-profile resource sector players including major shareholder Mark Creasy and institutional investor Lion Selection Group with both being cornerstone investors in a $3m placement. 

With about $4.3m in the bank at the end of the September quarter, PGD has a strong foundation for increased exploration and drilling on core projects.

The quarter saw large-scale high-grade CID targets identified at the Coopers and Peninsula CID prospects and PGD continues assessing the iron ore opportunities.

Anomalous gold footprints were expanded at the Tin Can and Epithermal gold prospects, which prompted phase two aircore drilling with assays expected shortly.

Nova Minerals (ASX:NVA)

Nova Minerals (ASX:NVA) has started procuring critical mining and processing equipment for its Estelle starter antimony mining operations and associated downstream antimony refinery in Alaska.

First production of military-grade antimony trisulphide is targeted for 2026/27.

All equipment is scheduled for delivery in the coming months, ahead of transportation to site via the snow road in January 2026.

Equipment purchases include two ore sorters following successful ore sorting testwork which demonstrated strong potential for onsite recovery and upgrading of antimony ore. 

A 500kg Styx sample achieved 60.3% antimony recovery in 26.1% of the mass from a single pass, increasing the feed grade from 15.2% to 35.2% Sb – a 2.3-fold improvement.

PhosCo (ASX:PHO)

Tunisian phosphate pre-developer PhosCo (ASX:PHO) has received two financial injections that will accelerate work, including a BFS, at the Gasaat phosphate project.

European Bank for Reconstruction and Development has granted PHO $1.8m while PHO MD Taz Aldaoud exercised 21.4m options for a further $1.1m.

Funds will assist PhosCo achieve its goal of becoming a cost-competitive, globally significant fertiliser producer and will be used to co-finance technical work to optimise Gasaat.

This includes prioritising low-strip deposits which will enhance economics early in project life. 

Proceeds will also fold in the high-grade KM discovery in advance of the BFS. KM has generated thick, higher-grade intersections and, given the lower strip ratio and proximity to the proposed plant, is expected to positively impact economics.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Peregrine Gold is a Stockhead advertiser, it did not sponsor this article.