Resources Top 5: Hawk swoops on scandium as critical minerals soar

• HWK has option to earn up to 80% of WA scandium project 
• EVG has raised $2.3m in a placement at 2.1c per share led by US-based Atlas Strategic Assets
• A $2m placement has seen TAS soar 95.66% to a two-year high of 4.5c

Your standout small cap resources stocks for Friday, October 24, 2025. 

Hawk Resources (ASX:HWK)

A $5 million placement will enable Hawk Resources (ASX:HWK) to zero in on the critical mineral scandium after the company secured an option over the Olympus project in WA’s West Musgrave region.

A binding heads of agreement with unlisted company Opal Resources gives Hawk an option to earn up to 80% of the project in an area that has potential to be a new scandium province.

Olympus was previously explored for copper, nickel, cobalt, PGE and gold between 2001-2009 but scandium was not a target commodity.

A review of pXRF analyses of historical soil, lag and RAB samples identified a 4km x 7km scandium soil anomaly with grades up to 1,284ppm Sc and peak RAB assays of 2,164ppm Sc over 1m sample intervals.

This project aligns with Hawk’s plan to drive near-term value from copper and gold, including its Cactus project in Utah, while adding scalable critical minerals upside.

Scandium is a strategic, high-value critical metal (often associated with rare earths) that strengthens aluminium alloys for auto, aerospace, defence and energy uses and has applications in fuel cells and advanced technologies. 

Its supply vulnerability has led to its designation as a critical mineral by the US, EU and Australian governments.

There are a number of standalone scandium projects under exploration and feasibility in Australia with the majority in an area referred to as Scandium Valley in central NSW. Project owners include Sunrise Energy Metals and Rio Tinto.

“Our first steps are straightforward: obtain permit-to-enter with the Ngaanyatjarra, run confirmatory laboratory assays to validate pXRF, and then execute a systematic program to test thickness and continuity,” Hawk MD Scott Caithness said.

To fund the initial work and drilling at Cactus, commitments have been received from sophisticated, professional and institutional investors to raise $5m through a placement at 2c per share.

Evion Group (ASX:EVG)

Evion Group (ASX:EVG) has locked in $2.3m through a placement at 2.1c per share led by US-based Atlas Strategic Assets, whose advisory team includes a former US Attorney-General and a retired four-star general. 

Atlas Assets, which has a core mission to deliver a US-aligned supply of critical minerals, will invest about $1.84m for an initial 15.9% stake. 

This supports Evion’s vertically integrated graphite strategy encompassing Madagascar, India and Europe with plans to also include the US.

Funds will be used for the expansion of Evion’s expandable graphite production facilities in India and to progress options to develop a similar plant in the USA for industrial and defence needs.

“Evion has worked diligently over the last few years to lay the foundations for the growth of our graphite business into Europe, the United States and non-China Asia,” Evion MD David Round said.

“We are the only Graphite Project outside of Europe to receive recognition by the European Union CRA as a preferred supply of graphite to Europe for the future.

“The investment by Atlas Assets demonstrates the strategic importance of our Maniry Graphite Project in Madagascar, and our PGT Expandable Graphite Operations in India, to supply chains in the United States in both industrial and defense applications.”

Tasman Resources (ASX:TAS)

Tasman Resources (ASX:TAS) has momentum after raising $2m in a placement at 1.25c per share with shares soaring 95.66% to a 2-year high of 4.5c before closing at 3.3c, a lift of 43.48%. 

Binding commitments have been received from Institutional and sophisticated investors with 160m shares to be issued along with one free attaching option for every two shares subscribed for, exercisable at 2c each and expiring June 14, 2028.

Primary use of funds will be for drilling up to five high-priority targets at its Parkinson Dam project in South Australia prospective for gold, silver, copper and base metals.

Initial drilling returned up to 3.4g/t Au and 45g/t Ag over 3m, with thick zones of low-grade lead and zinc (e.g. 96m at 0.2% Pb and 27m at 0.4% Zn).

Riversgold (ASX:RGL)

Riversgold has the drills back in action with a grade control program at Northern Zone gold project, 25km east of Kalgoorlie’s Super Pit in WA.

This is targeting a shallow gap, just 30m to 60m deep, between the western and eastern mineralised zones, an area that hasn’t seen a drill bit but could materially expand the gold footprint.

The work is part of the lead-up to Riversgold’s (ASX:RGL) first estimate for the project.

Across Northern Zone, drilling has consistently returned meaningful widths and strong grades from shallow depths, such as 18m at 4.14g/t Au from 36m and 10m at 8.89g/t from 46m alongside 7m at 3.14g/t from 47m and 6m at 6.12g/t from 35m.

Tartana Minerals (ASX:TAT)

Gold resources at the Cardross project of Tartana Minerals (ASX:TAT)  in the Chillagoe region of Queensland exceed 500,000oz after a maiden resource was estimated.

The inferred MRE is 50.4Mt at 0.31g/t Au for 502,000oz at a 0.1g/t Au cutoff grade.

In addition an exploration target has been estimated at a range of 23 to 72Mt at 0.2–0.3g/t for 220,000 to 460,000oz.

The MRE excludes potential copper, silver and minor metal and rare earth credits due to incomplete assay data across the database.

Combined Cardross and nearby Mountain Maid gold resources of more than 1Moz elevate the area to a significant gold province and excludes consideration of the exploration target.

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