ASX Small Caps Weekly Form Guide

• The ASX galloped early, stumbled mid-race, then found late legs as healthcare and gold kept punters more than interested 
• Expert analyst Emanuel Datt chimes in with three timely stock picks
• What’s greatinsports.com’s Hot Stock of the week? It’s QXR. We’ll tell you why below

greatinsports.com’s end-of-week wrap covering small-cap ASX movers, news of note and expert recommendations.

The working week, ending Friday, October 4, 2025, tracked like this:

ASX 200 (XJO): +2.39%; ASX Small Ordinaries (XSO): +4.08%

It was a choppy week early for the local bourse, with gains in healthcare, banking and gold offset by central bank jitters and US shutdown shenanigans. Still, a strong late surge from miners and healthcare stocks kept investors in the saddle.

The market pushed hard out the gates on Monday, as healthcare, banking and gold stocks helped the ASX 200 to a tidy +0.86% win.

Rounding the first turn on Tuesday, a hawkish RBA call spooked the pack, leaving the broader field struggling.

Midweek nerves set in as the US government shutdown put the frighteners on. The benchmark was on the defensive, limping to the post.

The nags found another gear into Thursday’s far turn, with healthcare and miners dragging the market up +1%.

The market kept a steady gallop to the finish on Friday, with tech setting the pace and most sectors travelling well. A strong end to the week and another round at the bar for satisfied punters.

TIPS TRIFECTA

Datt Capital principal Emanuel Datt recommends:

IN THE MONEY

Tambourah Metals (ASX:TMB)

A one-two punch for WA gold explorer Tambourah Metals, with some interesting gold exploration results on Wednesday backed up by news one of Australia’s biggest mining investment funds was taking a big stake in the $29 million capped minnow.

Tribeca Investment Partners, which has shifted from large caps to take a string of stakes in junior explorers over the past few months, will emerge as a substantial shareholder after playing a cornerstone role in a $3m strategic placement.

That cash call, which will give the junior $4.5m in reserves to run drilling at its Beatty Park South target in WA, came in at a price of 8.5c. Its shares were already running to 18c by Friday morning.

With gold prices at record levels, Beatty Park South first caught the eye in early August with shallow aircore drilling hitting grades of up to 126g/t Au.

Follow-up drilling has confirmed high grades at shallow depths, including 24m at 18.8g/t from 20m in BPAC028, 3m at 3.7g/t Au from 44m in BPAC029 and 3m at 6.6g/t Au from 60m in BPAC030.

Just 25% of a 500m-long gold in soil anomaly has been tested to date, but the project is well located if something more substantial is found, with the following all in the vicinity: Meeka Metals’ (ASX:MEK) Murchison gold project, Westgold’s (ASX:WGX) Fortnum mine, the Horseshoe Lights copper-gold mine and the Hermes gold project, which once fed Catalyst Metals’ (ASX:CYL) Plutonic gold mine.

Tambourah shares nearly TRIPLED over the week.

Nelson Resources (ASX:NES)

Nelson is the latest partner of the polygamous mining contractor MEGA Resources, which has signed deals with a catalogue of WA gold juniors in its bid to enter the Aussie mining game.

Under a right-to-mine deal, MEGA will run the numbers and dig the dirt at Nelson’s Yarri project, 140km northeast of Kalgoorlie, one of the earliest stage projects to receive the JV treatment with the Indian-backed mining contractor.

Nelson will receive 30% of profits from the sale of ore, with MEGA to fund the operations, initially via $500,000 for drill programs, then a financing facility of up to $10m should a decision to mine be made.

The deal covers three mining lease applications Nelson has made at Yarri, with Nelson keen to make hay while the sun shines and gold prices closing on US$4000/oz.

Yarri is located on the doorstep of Northern Star Resources’ (ASX:NST) Carosue Dam operations, an operation that relies on a number of ore sources. The unusual aspect of the MEGA deal is it doesn’t yet have a JORC resource.

The mining contractor owns the Rama gold project near Forrestania, but also has JV deals with a host of junior companies including Javelin Minerals (ASX:JAV) and Rumble Resources (ASX:RTR) over the more advanced Eureka and Western Queen projects. Talk about playing the (gold) field.

Nelson shares ran over 125% higher for the week by Friday morn.

Dart Mining (ASX:DTM)

Antimony is all the rage right now, with prices in the west charging to around US$60,000/t after China (officially at least) turned off the taps on supplies of the military metal.

Dart’s picked up some stibnite in massive sulphides at the Coonambula project over in central Queensland, where it’s farming into six tenements to earn up to a 51% interest alongside Great Divide Mining (ASX:GDM).

That’s come in the first hole of a diamond drill program, which picked up 0.6m of massive sulphide thought to be 70% stibnite (the mineral containing antimony) from 42m. Some more was picked up 70m downhole.

Assays are critical, visual estimates are no proxy for lab tests. They should be back in early November. An initial 2000m of drilling is planned around the historic Banshee antimony mine, with a Queensland Government backed IP survey underway to shine a light on further targets. Dart shares ran 150% higher on the week.

An honourable mention for Renegade Exploration (ASX:RNX), which ran higher on 2025’s time honoured practice of pegging claims around California’s Mountain Pass rare earths mine, a favourite of Trump’s Pentagon.

But after announcing the staking of 39 claims, it’s paused trading in its shares and asked the ASX for more time to clarify Monday’s announcement. It’s a ‘hot mining neighbourhood’, as RNX chair Robert Kirtlan himself said, whether that smoke leads to fire remains to be seen.

Dart’s share price was up 100% for the week at the time of writing.

HOT STOCK OF THE WEEK

QX Resources (ASX:QXR)

Junior explorer QX Resources believes it holds the blueprints to uranium success as it looks across the pond towards an impressive industry peer also operating in Tanzania.

QXR announced in late August it had pivoted to the yellowcake game after acquiring full ownership of the Madaba uranium project, 250km southwest of Rosatom’s Nyota deposit.

Not only does Nyota possess a 125Mlb at 300ppm resource, but the Russian Rosatom has also launched a pilot plant in collaboration with the Tanzanian Government. Production is expected to kick off in 2029 to churn 3,000t of product annually.

Tanzanian President Samia Suluhu Hassan assumed office in 2021 and has since ushered a new embrace of mining practices as she looks to develop world class mines – and the positive sentiment is certainly mutual as explorers and developers continue to pour funds into the ground.

QXR was able to pick up Madaba for roughly $800,000 in cash off the back of raising north of $2 million.

The company has wasted no time getting to work as it digitises historical drill hole data from Madaba.

Sharing results in September, QXR management says several of the drill holes intersected “stacked” and coalescing individual uranium seams forming substantial targets for follow-up drilling.

Standout readings included 15m at 612ppm uranium from 4m (including 3m at 2,465ppm from 10m) and 16m at 337ppm from 4m (including 4m at 1,082ppm from 8m).

Madaba’s acquisition coincided with the appointment of experienced mining executive Russell Bradford to QXR’s board as a non-executive director, who sees major similarities between the project and the Nyota deposit. Bradford serves as general manager for Mantra Resources at Nyota before it was acquired by Uranium One in 2011 for $1.2 billion.

“Having previously worked in Tanzania for years with the development of the world-class Nyota uranium project for Mantra resources, I’m looking forward to being part of a team unlocking the value in Madaba,” he said.

“I see this project as similar to Nyota in terms of geology, grade and scale potential.”

QXR is planning to visit Madaba this month ahead of first stage drilling set for Q1 of next year.

At the time of writing, the uranium spot price was valued at just over US$83/lb, which is roughly the same price as 12 months prior. Although this valuation is a discount to the breakout prices of early last year (excess of US$100/lb), yellowcake’s value has shown resilience throughout 2025 as new demand bubbles.

Just last month, the biennial World Nuclear Association Fuel Report forecast nuclear reactor requirements to double by 2050. The association also says a supply crunch is likely to occur as no major mines are expected to come online within the next five years.

US Energy Secretary Chris Wright has called for the Western world to bolster its uranium stockpiles to not only support the US’ nuclear sector at a time of high energy demands (one major driver being data centres having to feed AI output), but also to diversify supply at a time of geopolitical tensions.

“We are looking forward to undertaking our first site visit, as well as the contracting of an airborne geophysical survey to delineate high-priority targets for ground-truthing,” QXR executive chairman Maurice Feilich said in September.

“Recent Commentary from [Chris Wright] adds to or view that uranium has extremely favourable tailwinds, and that high-grade uranium projects will be in strong demand.”

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Hot Stock of the Week was developed in collaboration with QX Resources, a greatinsports.comadvertiser at the time of publishing.

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