The ASX Daily: Small Bets Monday, 4 May 2026

Top StoriesENP — Entropy Neurodynamics reports 75% response rate in treatment-resistant IBS Phase 2a trial, far exceeding existing therapiesEntropy Neurodynamics announced breakthrough Phase 2a results for TRP-8802, its oral psilocybin candidate, in treatment-resistant IBS patients — achieving a 75% response rate compared to just 17 to 44% for currently approved therapies. The study of 12 patients was presented at Digestive Disease Week 2026 by researchers from Massachusetts General Hospital and Columbia University, lending serious academic credibility to the findings. Subtype results were particularly striking, with IBS-C patients responding at 100% and IBS-M at 80%. The results are expected to de-risk the company’s next-generation IV psilocin candidate TRP-8803 and open the door to partnering discussions in the US$60 billion IBS market.GBR — Great Boulder acquires historic Peak Hill Gold Project from Westgold for $25M cash plus 19.9% equity stakeGreat Boulder Resources has signed a binding agreement to acquire the Peak Hill Gold Project in Western Australia from Westgold Resources, paying $25 million cash and issuing shares representing 19.9% of the company, plus a 1% net smelter royalty. The project hosts a JORC resource of 481,000 ounces and has historic production exceeding 900,000 ounces, with an Ore Purchase Agreement allowing capital-light processing through Westgold’s nearby mills. To fund the deal, Great Boulder is raising $40 million via institutional placement at 8.5 cents per share, leaving approximately $25 million net cash post-completion. A non-binding Strategic Collaboration with Westgold also creates a pathway to fast-track Great Boulder’s 1 million ounce Side Well Gold Project located 25 kilometres from Westgold’s Bluebird Mill.SRZ — Stellar Resources raises $22.1M at 3.3 cents per share to fund Heemskirk Tin Project development, anchored by $17M cornerstone investment from Metals XStellar Resources completed a strongly oversubscribed placement raising $22.1 million, anchored by a $17 million strategic investment from Metals X — Australia’s largest tin producer — which takes a 16.4% stake and a board seat. The additional $5.1 million tranche was significantly oversubscribed, signalling strong institutional conviction in tin as a critical mineral. The raise lifts Stellar’s pro-forma cash to $33 million to fund a Prefeasibility Study due Q3 2026 and a subsequent Definitive Feasibility Study — this has the hallmarks of a project being fast-tracked to development.Mid-Tier MoversBDM — Burgundy Diamond Mines revealed its subsidiary Arctic Canadian Diamond Company, which operates the Ekati Diamond Mine, has filed for CCAA insolvency protection in Canada — the Canadian equivalent of Chapter 11. The filing was triggered by the perfect storm of US tariffs on natural diamonds, weak global demand, and rising fuel costs linked to Middle East conflict. Mining is expected to continue during restructuring, but investors should watch this closely as the outcome will be critical to Burgundy’s future.CML — Connected Minerals signed a binding deal to acquire an 80% stake in Angola’s Bailundo carbonatite complex — a seven-kilometre diameter structure returning surface grades of up to 2.1% niobium pentoxide and 7.7% total rare earth oxides, analogous to world-class Brazilian carbonatite systems. The company is raising $4.5 million to fund exploration with a new CEO who brings 12 years of in-country Angola experience.ARN — Aldoro Resources hit what looks like world-class niobium mineralisation at its Kameelburg carbonatite in Namibia — 11 metres at 0.76% niobium pentoxide — alongside a near-surface REE and strontium bonanza of 5 metres at 2.94% total rare earth oxides. A second hole confirmed southern continuity with 74 metres of cumulative mineralisation across two stacked layers, and an updated mineral resource estimate incorporating strontium for the first time is expected in coming weeks.LGM — Legacy Minerals released a Scoping Study for its Mt Carrington gold-silver project in NSW showing a pre-tax NPV of A$716 million and a 38% IRR over a 19-year mine life, with initial capital of just A$220.5 million. The project benefits from existing brownfield infrastructure including grid power and access roads, with the company holding $8 million cash to advance further studies.MNC — Merino and Co. locked in a three-year exclusive distribution deal covering all of Mainland China with a minimum annual order commitment of CNY 30 million — approximately AUD 6.5 million — across e-commerce, retail and wholesale channels, including a 20% per annum minimum growth rate on renewal. The deal transitions the company from opportunistic exports to a structured, measurable revenue model.WIN — WIN Metals reported bonanza gold grades of up to 334 g/t at its Radio Gold Project in Western Australia, with high-grade hits confirmed both inside and outside the current resource envelope. The company is targeting a final investment decision to commence operations within this financial year — these drill results couldn’t come at a better time.Rapid Fire* PGO — Pacgold poured its maiden gold doré bar at White Dam in South Australia — approximately 3 kilograms or 80 ounces — just five months after acquisition, officially transitioning from explorer to producer with 200,000 tonnes of ore ready for leaching imminently.* ASN — Anson Resources upgraded its Green River Lithium JORC resource by 650% to 773,000 tonnes of lithium carbonate equivalent, driven by new drilling data across the Mississippian Unit, and is now targeting over one million tonnes LCE.* ARL — Ardea Resources’ Kalgoorlie Nickel Project was named in a joint statement by the Australian and Japanese Prime Ministers on critical minerals cooperation — significant political and diplomatic backing for a project already supported by Sumitomo and Mitsubishi.* CLA — Celsius Resources terminated its Executive Director after he issued an unauthorised share transfer notice without board approval. The company is now conducting an internal investigation and seeking independent legal advice.* HAR — Haranga Resources returned high-grade gold hits at its Lincoln Project in California including 4.8 metres at 25.4 g/t gold, with a maiden JORC resource conversion expected in mid-May.* VMT — Vmoto signed a worldwide MotoGP licensing deal to produce three co-branded electric scooter models through 2030, gaining prominent placement at European events and exposure to Liberty Media’s Formula One fanbase of 632 million.ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com