Small Cap Wrap: Astral Resources PFS; Firebird Metals LMFP test work; QMines to ramp up Mt Chalmers scale and more

The ASX 200 is set to open lower this morning, with futures down 37 points (-0.43%) at 8:30 am AEST. That comes despite another record high for the Nasdaq overnight, as investors weigh a mix of tech enthusiasm, soft economic signals and the lingering impact of tariff and geopolitical uncertainty.

A rally in AI stocks led by Nvidia helped buoy sentiment early in the session, but major US indices faded into the close as traders looked ahead to a heavy data slate and potential trade policy shifts in the coming weeks.

QMines Ltd (ASX:QML) has announced positive results from bulk flotation metallurgical test work, which significantly boosts the potential scale and economic outlook of its Mt Chalmers project in central Queensland.

The results highlight an increase in processing throughput and concentrate production, positioning the project for a more simplified and efficient operation.

Solis Minerals Ltd has completed its voluntary delisting from the TSX Venture Exchange (TSX-V), effective June 23, 2025. The move signals a strategic shift to focus solely on its Australian Securities Exchange (ASX) listing, a decision aimed at enhancing liquidity, governance, and cost efficiency.

Following the delisting, certain ASX waivers previously granted to the company have either been revoked or modified. Solis also intends to align its financial year-end with the calendar year, adopting December 31, 2025 as its new reporting period.

Astral Resources NL (ASX:AAR) has completed a compelling Pre-Feasibility Study (PFS) for its 100%-owned Mandilla Gold Project, near Kalgoorlie in Western Australia, projecting strong long-term returns and confirming development viability.

The PFS outlines a production target of 1.41 million ounces over a 19-year mine life, including 13 years of open-pit mining. At a base case gold price of A$4,250 per ounce, the project is forecast to generate A$2.8 billion in pre-tax free cashflow and a net present value (NPV8) of around A$1.4 billion. A higher price scenario of A$5,000/oz lifts free cashflow to A$3.9 billion and NPV8 to A$2 billion.

Firebird Metals Ltd (ASX:FRB, OTC:FRBMF) has announced promising early-stage results from its ongoing lithium manganese iron phosphate (LMFP) cathode active material (CAM) development program, forwarding its strategy to become a low-cost, globally competitive producer of manganese-based battery materials.

The progress comes as a global shift towards manganese-rich cathodes, especially LMFP, accelerates, driven by increasing demand for electric vehicles (EVs) and higher-performance battery technologies.