The ASX Daily: Small Bets Thursday, 23 April 2026

Top StoriesCMB — FDA greenlights single pivotal trial pathway for Cambium Bio’s Elate Ocular, cutting costs and accelerating approval timelineCambium Bio received FDA confirmation that its dry eye disease treatment Elate Ocular only needs a single pivotal Phase 3 trial instead of two — a significant reduction in capital required and time to potential approval. The CAMOMILE-3 trial will enrol 400 patients with First Patient In targeted for later in 2026, with rolling BLA submission enabled by existing Fast Track Designation. Cutting the clinical pathway in half is a genuine derisking event for a small ASX biotech and meaningfully improves the probability of reaching approval.GHM — Golden Horse Minerals hits visible gold 830m north of historic Hopes Hill pit with 16m at 6.8 g/t AuGolden Horse Minerals drilled 16 metres at 6.8 g/t gold — including a stunning 1 metre at 98.4 g/t — at Hopes Hill North, in its first diamond hole drilled into a zone that was previously inaccessible due to tenement constraints the company has since resolved through tenure consolidation. The result confirms the footwall lode extends at least 830 metres beyond prior drilling. Combined with recent high-grade results to the south and at depth, the company now believes Hopes Hill could be a significantly larger gold system than the market has priced in, across a potential 2.5 kilometre strike.AI1 — Adisyn raises A$14M at $0.0675/share backed by Regal Funds and Israel’s Meitav following twin graphene breakthroughsAdisyn secured A$14 million in an institutional placement cornerstoned by Regal Funds Management and Meitav — Israel’s largest investment house with approximately A$190 billion under management. The raise follows two graphene breakthroughs: forming graphene at semiconductor-compatible temperatures using an industrial ALD system targeting the ~US$1 trillion semiconductor market, and securing an exclusive worldwide licence from Tel Aviv University for graphene-based radar absorption technology targeting the US$66.5 billion military drone market. Tier-one institutional backing combined with dual technology milestones makes this one of the more compelling small-cap tech stories on the ASX this week.Mid-Tier MoversFRB — Firebird Metals won a $2 million non-dilutive ARENA grant to build what it claims will be the world’s first manganese-to-cathode demonstration plant in Perth, converting ore directly into finished EV battery cathode materials. The grant follows rigorous independent technical due diligence — as good a validation signal as a small-cap can get — and leaves Firebird’s IP ownership entirely intact.ARI — Arika Resources reported exceptional RC drilling results at Yundamindra in WA, headlined by 57 metres at 1.42 g/t gold with a high-grade zone hitting 35.96 g/t within the F1 and Landed at Last structures. With assays still pending for 75 holes totalling around 10,000 metres, the news flow from this project is far from over as the company works toward a maiden Mineral Resource Estimate.ARN — Aldoro Resources achieved 98.96% strontium extraction at its Kameelburg Project in Namibia using a simple ambient-temperature hydrochloric acid leach — considered among the best extraction results ever reported globally for any strontium ore system. The timing is notable: strontium carbonate prices have surged roughly 150% to US$3,150 per tonne, and the ore also hosts rare earth elements, giving Aldoro a potential dual-commodity angle.DRE — Dreadnought Resources received Mine Development and Closure Proposal approval for open pit mining at its Star of Mangaroon gold project in WA’s Gascoyne region. The strategy is smart for a small explorer — outsourcing funding, haulage and processing to third parties including JV partner Black Cat, allowing Dreadnought to generate internal cash flow without constantly hitting the market for capital.MCP — McPherson’s withdrew its FY26 EBITDA growth guidance, citing weaker-than-expected sales and additional supplier surcharges tied to macroeconomic pressures. The company maintains a net cash position and will continue its share buy-back, but the guidance scrapping will likely weigh on the stock.FGR — First Graphene completed a world-first production trial with UK’s largest precast concrete manufacturer FP McCann, producing over 10,000 graphene-enhanced cement roof tiles and demonstrating up to 14% carbon emission reduction and 8% less cement required — opening a pathway into a global market projected to reach US$11.8 billion by 2034.Rapid Fire* CVR — Cavalier Resources raised $4 million at $0.30 per share to fund pre-production works at its Crawford Gold Project, including long-lead equipment and haul road construction, while separately negotiating a US$13 million pre-payment facility with Raptor Capital.* SQX — SQX Resources completed a 25-hole maiden drill program at Red Bird Gold in Arizona, confirming a larger-than-expected system with intercepts including 22.9 metres at 2.8 g/t gold. Mineralisation remains open along strike and at depth.* ADG — Adelong Gold confirmed high-grade gold at Comet — 9.8 metres at 2.76 g/t — and made its first-ever antimony discovery at New Trojan in Victoria, drawing comparisons to the Fosterville style of mineralisation.* KLI — Killi Resources is in a trading halt pending both exploration results and a potential acquisition announcement — a dual catalyst worth watching when trading resumes Tuesday 28 April.* SBR — Sabre Resources halted trading ahead of an acquisition and capital raising announcement. Details expected before Monday’s open.* WNX — Wellnex Life failed to repay $2.88 million in director loans by its April deadline, paying $150,000 to extend to July — a red flag on liquidity management for this consumer health company.ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. 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