ASX Microcaps to be Kept Under the Radar

Smaller in size, but these ASX microcaps are making big moves as they continuously strengthen their position and quietly build serious growth potential under the market’s radar.

Astral Resources NL (ASX: AAR)

is slowly making its name as one of the most promising small gold players on ASX backed by strong drilling progress and expansion plans. In it’s October updates, the company shared some really solid infill drilling results at its Theia Deposit which is part of the main Mandilla Gold Project. 

Drilling at the Spargoville Gold Project also gave good results which shows there’s still more growth possible near Mandilla.

In FY25 the company finished the Mandilla Pre-Feasibility Study which estimated a Net Present Value of about $1.4 billion and expected yearly production of 95koz at an AISC of $2,085/oz. 

Total assets at year end were around $87.3 million. With three rigs already running, a diamond drilling program in progress and many mining leases in place, Astral looks set to make its development decision in 2026.The company’s strong grades, expanding deposits and regional advantage make it a very interesting gold story to keep an eye on.

Strickland Metals Limited (ASX: STK)

kept showing strong drilling results from its Rogozna Gold and Base Metals Project in Serbia, proving the large-scale mineralisation across many deposits.

The October updates showed some solid and thick gold intercepts from Gradina and Shanac. 
The company plans to release its first Mineral Resource Estimate for Gradina around late 2025. On the financial side, FY25 ended with around $52.4 million in cash and liquid assets.
The low-cost drilling across 7 rigs helped keep things efficient. With more infill and step-out drilling going on and new base metal zones being found at Shanac, Gradina and Medenovac, Strickland Metals is slowly turning into a promising gold-copper explorer with big potential.

RareX Limited (ASX: REE)

is working on two big critical mineral projects which are Cummins Range in Western Australia and Mrima Hill in Kenya. These projects put the company in a strong place among rare earth and strategic metal players. 

In 2025, the company reported record gallium and scandium finds at Cummins Range which proved that it’s one of the world’s biggest undeveloped scandium and gallium deposits. The total 524Mt JORC resource has around 1.6Mt of rare earths, 24Mt phosphate and 38,250t scandium oxide. 

For FY25, the company posted a net loss of about $3.5 million, mostly due to high exploration costs. Its funding position improved after securing a $50 million facility from GEM Global Yield.

The Iluka consortium linked to Mrima Hill is still being checked by Kenya’s National Mining Corporation. If cleared, RareX will take charge of reducing project risks and managing ESG work. With its spread across rare earths, gallium, scandium and phosphate, the company looks like a strong multi-commodity growth story in critical minerals.

(Source: Company announcement)