ASX Small Ordinaries to slip as companies progress financing, resources and project milestones Proactive uses images sourced from Shutterstock

The S&P/ASX Small Ordinaries Index (ASX: XSO) closed at 3,315.40 on Friday, down 29.20 points or 0.87% for the session, but remained up 114.00 points or 3.56% over the past five days.

While the index pulled back at the end of the week and is expected to do so again, several small-cap companies have already reported material progress across financing, project development and resource definition. You can read about the following and more throughout the day.

Cobalt Blue advances US processing strategy

Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF, FRA:COH) has entered into a consortium agreement with US-based Glomar Minerals LLC to progress a critical minerals processing facility in the United States.

The partnership will focus on advancing feasibility studies for processing polymetallic nodules, with pilot testwork to be undertaken at Cobalt Blue’s Broken Hill Technology Centre.

The proposed facility is positioned as a potential “world-first” plant aimed at supplying processed materials to US advanced manufacturing and defence sectors.

Alkane secures A$150 million in new facilities

Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has executed a new syndicated debt package comprising a A$110 million revolving credit facility (RCF) and a A$40 million contingent instrument facility (CIF).

The facilities were arranged with a syndicate including ANZ, Commonwealth Bank, Macquarie Bank and Westpac.

The RCF will be used for general corporate purposes, while the CIF is expected to improve liquidity by enabling the release of cash currently tied up in performance guarantees.

The new facilities follow Alkane’s early repayment of its previous $45 million project finance facility in August 2025.

Tamboran-Falcon deal receives court approval

The Supreme Court of British Columbia has approved Tamboran Resources Corporation (NYSE:TBN, ASX:TBN, OTC:TBNRL, FRA:O8R)’ proposed acquisition of Falcon Oil & Gas subsidiaries.

The court granted the final order for the transaction, subject to amendments relating to the treatment of Falcon shareholders impacted by sanctions.

The approval marks a key step toward completion of the transaction, which will consolidate Tamboran’s position in its targeted gas assets.

Elixir completes Taroom Trough seismic program

Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has completed its Teelba 2D seismic acquisition program in ATP2057 in Queensland’s Taroom Trough on schedule and within budget.

The company, through contractor Terrex Seismic, acquired 225 kilometres of high-resolution 2D seismic data, including 205.4 kilometres within the permit area.

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Greatland delivers O’Callaghans resource update

Greatland Resources Ltd (AIM:GGP, OTC:GRLGF, FRA:G8G, ASX:GGP) has reported a new Mineral Resource Estimate for the O’Callaghans tungsten-copper-zinc-lead deposit as at 31 December 2025.

The deposit, located 10 kilometres south of the Telfer mine on a granted mining lease, is considered one of the largest high-grade tungsten deposits globally.

In addition to tungsten, the resource includes significant copper, zinc and lead mineralisation, with Greatland holding 100% ownership following its acquisition of the asset.

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