ASX Small-Cap Stocks to Watch

Investors are likely to keep an eye on the following small-cap stocks listed on the Australian Securities Exchange.

Antipa Minerals (ASX:AZY)

Antipa Minerals agreed to sell its approximately 32% stake in the Citadel joint venture project to JV partner Rio Tinto Exploration (ASX:RIO) for AU$17 million. Proceeds from the transaction will be used for further exploration and advancement of its Minyari Dome project.

Metals Australia (ASX:MLS)

Metals Australia confirmed higher-value coarse flake graphite in the northwest zone of its Lac Carheil development project in Canada through comprehensive metallurgical test work. The company also expanded Lac Carheil's landholding by 62% to 11,905 hectares, primarily due to pegging of additional claims for southeast extension.

Mount Ridley Mines (ASX:MRD)

Mount Ridley Mines completed a regional rock chip sampling program at its Weld Range West iron ore project in Western Australia to test the Madoonga Formation, Lulworth Formation, and the Wilgie Mia Formation banded iron formation zones within exploration license 20/842.

Medallion Metals (ASX:MM8)

Medallion Metals is set to start a reverse circulation and diamond drill hole program at its Ravensthorpe gold project in Western Australia. The program includes an infill component to boost sulfide resource confidence and collect samples for metallurgical test work, with extensional targets at Flag/Harbour View deposits and regional targets at Flanders to be tested as well.

Vanadium Resources (ASX:VR8)

Vanadium Resources identified several improvements to the concentrator plant, salt-roach-leach plant, and overall facility layout following an internal review. Construction of mine and concentrator is expected to start in the third quarter of 2025, with SRL plant construction to start after the first quarter of 2026.

Visioneering Technologies (ASX:VTI)

Visioneering Technologies said Chief Operating Officer and Chief Financial Officer Brian Lane is resigning after a transition period ending Nov. 15.

Mako Gold (ASX:MKG)

Mako Gold received high-grade results from its ongoing mapping and rock chip sampling program at the Komboro prospect in its 90%-owned Napie project in Ivory Coast, including 170 grams per tonne gold, 41.9 grams per tonne gold, and 6.3 grams per tonne gold. Work is ongoing to generate new targets for drill testing.