Resources Top 5: The key stories moving small caps on a challenging day

• Multiple zones of high-grade gold and copper at RCR’s Telfer South
• HAR setting a solid pace at Lincoln gold project in California
• CXO continues good run for lithium sector 

Your standout small cap resources stocks for Friday, November 14, 2025. 

Rincon Resources (ASX:RCR)

On a difficult day as the ASX followed Wall Street’s downward lead, there was not too much pleasant reading in the resources sector, even among gold stocks, but it was a different story for Rincon Resources (ASX:RCR) and Haranga Resources (ASX:HAR) .

Rincon delivered a strong batch of gold and copper hits from the latest 14-hole RC program at Hasties Main deposit of its Telfer South project in WA, with 12 holes returning multiple zones of high-grade gold and copper mineralisation. 

The campaign was designed to grow the resource of 870,000t at 0.96g/t Au and 0.26% Cu, or 26,800oz Au and 2,286t Cu.

As well as extending the near-surface zone 150 metres along strike, the drilling strengthened confidence in mineralisation within the resource’s transition zone.

Standout gold results were 23m at 1.05 g/t Au from 64m, including 9m at 1.43g/t, and 12m at 0.91 g/t from 32m, including 1m at 3.71g/t.

Copper also shone with 28m at 0.95% Cu from 31m, including 7m at 2.5%, and 38m at 0.67% from surface, including 6m at 0.43% and an impressive 1m at 16.3%. 

Encouragingly for RCR, the system is open along strike and at depth and the company is drawing up plans to undertake more drilling to feed into a resource update.

The project is in good company in WA’s Paterson Province, 10km south of the Telfer mine. 

“We’re thrilled with the outcomes of this focused drilling program – our drills have intersected several extensive mineralized zones with gold and copper grades that match those outlined in the Hasties Main MRE, yielding ore comparable to what the Telfer Mine is presently processing,” technical director Michael Griffiths said.

“The grades we are seeing at Hasties are highly encouraging, especially when compared to Telfer’s grades for their September 2025 Quarterly of 0.58g/t Au and 0.09% Cu. 

“These results will be incorporated in our revised MRE due in Q1 2026 as we aim to expand our MRE at the Hasties Main deposit.”

Haranga Resources (ASX:HAR)

Setting a solid pace at the Lincoln gold project in California is Haranga Resources (ASX:HAR) as it targets conversion of the historical foreign resource of 958,910t at 9.29g/t gold, or 286,000oz, to JORC compliance by January 2026.

Underground drilling is required and dewatering of the Stringbean Alley Decline is progressing at the maximum permitted rate to access planned drilling positions.

Dewatering has passed the first drill position and Haranga plans to mobilise Swick Gen II diamond drill rig in the second half of November for a drill program of ~2,200m.

Another key task in restarting production is enhancing the essential underground electrical system to avoid voltage drop at depth. This is expected to be finalised in the next two weeks.

Leveraging the existing decline for underground drilling provides clear technical and cost efficiencies by enabling shorter, more accurately oriented drill holes, supporting a capital-efficient development pathway.

“Few gold companies globally have the advantage of stepping into an existing decline and drilling directly into a well-known, high-grade gold system,” MD Peter Batten said.

“With all the necessary preparations progressing at pace, Haranga intends to fully leverage this strategic position, with drilling scheduled to commence in the weeks ahead.

“Our immediate focus is to convert the historical resource into a JORC-compliant estimate in January.”

Core Lithium (ASX:CXO)

It has been a big week for lithium stocks on the back of strengthening market fundamentals with Core Lithium (ASX:CXO)  a beneficiary as it accelerates plans to restart the Finniss lithium operation south of Darwin in the NT.

This includes an optimised mine plan which would deliver first ore within a month of mobilisation and would reduce Grants pre-production capital by $35-45m.

Grants, which has an ore reserve of 1.53Mt at 1.42% Li2O will be initially mined as an open pit and will then transition to an underground mine.

CXO shares surged as the sector ran hot on Thursday and today were up as much as 13.16% to 21.5c, a 12-month high. Since the close on October 23, shares have more than doubled.

Charger Metals (ASX:CHR)

Another lithium focused company on the move is Charger Metals (ASX:CHR) , which has started the first of four RC drill holes into a niobium soil anomaly at Mt Gordon prospect within its Lake Johnston lithium project in WA.

This follows a 3000m RC program that started in October at Lake Johnston targeting five priority lithium targets at Mt Gordon and funded by Rio Tinto Exploration.

Soil sampling across Mt Gordon defined a niobium anomaly covering around 1.8km by 1.7km in the south of the tenement.

Results of up to 21.4ppm Nb were returned in samples with coincident gravity and magnetic anomalies.

Legacy Minerals Holdings (ASX:LGM)

With its eyes on precious and critical minerals in NSW, Legacy Minerals Holdings (ASX:LGM)  has welcomed two grants totalling $53,000 under the NSW Government’s Critical Minerals and High-Tech Metals Exploration program.

While it is primarily focused on the advanced Mt Carrington gold, silver and copper project in the state’s northeast with a1.2Moz gold-equivalent resource, the first grant supports geochemical work at the Thomson project in western NSW, where it has a farm-in agreement with Rio Tinto (ASX:RIO).

The second covers the Rockley asset within the Ordovician Macquarie Arc volcanics, which hosts the world-class Cadia Valley, Northparkes, and Cowal copper-gold orebodies. It covers ground geophysics work, with the company intending to use this as a precursor to drill testing.

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