ASX Small Cap Stocks to Buy in FY26

As investors hunt for next big growth stories, these ASX small-cap companies are stepping into FY26 with breakthrough developments and expanding market opportunities that set them up as promising buys for 2026.

29Metals Limited (ASX: 29M)

has been showing decent progress as evident in the September 2025 quarter, copper output went up slightly to 5.8kt but zinc production dropped because access to the high-grade stopes at Xantho Extended was limited after some seismic activity.

Quarterly site cost came around $103 million and by the end of the quarter, the company had $153 million cash in hand and $168 million total liquidity which gives it a solid position to move ahead with key growth plans.

In recent months, one of the biggest highlights was the strong copper, zinc and gold hits from drilling at Golden Grove and there were impressive intersections like 21.6m at 17.6% Zn, 1.6g/t Au and 49g/t Ag plus 17m at 1.6% Cu. 

29Metals is stepping up its exploration spending to around $10–14 million for 2025, a big jump from last year’s $4 million.

Altech Batteries Limited (ASX: ATC)

is shifting from research phase to real commercialisation in the growing energy storage industry.

The company is stepping into new space with sodium nickel chloride batteries through a key tie-up with China’s AMPower, which is part of the Chilwee Group.

Through this partnership, Altech gets instant access to AMPower’s existing facilities with total production capacity of about 200 MWh each year while still keeping full rights over its own CERENERGY battery technology. 

Altech had around $0.6 million in cash by end of September 2025 and to boost its cash position further, it also raised $6 million in October 2025 through a share placement and this fundraise gives enough room to continue operations.

Toro Energy Limited (ASX: TOE)

is right in the middle of one of the biggest uranium deals in Australia after it announced that IsoEnergy Limited will be buying 100% of the company.

As per the deal, Toro shareholders will get 0.036 IsoEnergy shares for every Toro share they hold and this puts Toro’s value at around $0.584 per share.

The merger will form a bigger and more diversified uranium company with projects spread across Australia, Canada and the U.S as it will include IsoEnergy’s high-grade Hurricane deposit in the Athabasca Basin and Toro’s Wiluna Uranium Project based in Western Australia.

Toro is still in good position with around $4.6 million in cash by the end of September 2025 and the merger will shape a stronger and better-capitalised uranium firm with access to top mining regions.

Artrya Limited (ASX: AYA)

is slowly building up its pace as it gets ready for a big commercial rollout in the US after hitting few key milestones in the September 2025 quarter.

The company works in medical technology and builds AI based diagnostic tools that help detect and manage coronary artery disease using its cloud platform Salix which lets doctors check heart risks in real time.

During the quarter Artrya got a big breakthrough when it received the FDA 510(k) clearance for its Salix Coronary Plaque module which lets healthcare providers in US use it with category 1 CPT reimbursement of around US$950 per scan.

This approval came right after the company successfully integrated Tanner Health which is its first US hospital partner under a five year deal worth about US$0.6 million. 

Artrya raised $80 million in the quarter and at the end of September 2025, the company had $62.8 million in cash, plus another $19.7 million expected from the second tranche of the placement and the share purchase plan.

(Source: Company Reports)