Small Cap Resources Stocks Shine as Oil Prices Soar
The resources sector experienced a significant uplift this Thursday, March 19, 2026, driven primarily by a substantial surge in oil prices. Brent crude climbed by over 6%, breaching the US$110 a barrel mark, which in turn propelled the S&P/ASX Energy index by a healthy 5.08%. While the materials sector saw a slight dip of 4.83%, individual companies across various commodities demonstrated strong performance.
Beyond the oil and gas giants, advancements in uranium exploration in Tanzania and a robust coal position in South Africa also contributed to positive market movements. Notably, EV Resources emerged as an outlier, charting a near-term path to antimony production in Mexico, signalling the diverse opportunities within the small-cap resources space.
Here’s a closer look at some of the standout performers:
Bass Oil (ASX:BAS): Boosting Indonesian Production
Bass Oil is poised to significantly enhance its oil output in Indonesia with the upcoming Bunian 6 oil development well. The Indonesian regulator has granted the necessary approval for the award of a drilling contract, marking a crucial step forward for the company. Bass Oil holds a substantial 55% interest in a joint venture that operates the Bunian oil field, situated onshore in the South Sumatra Basin. The field currently produces approximately 250 barrels of oil per day, and the new Bunian 6 well is projected to add an impressive 500 barrels per day once fully operational.
This development represents the latest positive trajectory for Bass Oil. The company’s share price has seen a remarkable climb, rising from a closing price of 2.1 cents on September 10, 2025, to a high of 8.7 cents today, with the latest surge representing a 26.1% increase. The stock has experienced volatility, mirroring the broader market’s reaction to oil supply disruptions stemming from the ongoing Middle East conflict, having closed at 4.9 cents on February 27.
The joint venture has selected its drilling rig, which is currently under contract with Pertamina EP. This rig is expected to commence drilling operations at the Bunian 6 well location in May. All essential materials for both the drilling and completion phases of the well are already on-site. The Bunian 6 well is the final component of the firm work program commitment for the permit. Its location is southwest of the Bunian 3 well, which has historically produced over 1.2 million barrels of oil to date.
Tino Guglielmo, Bass Oil’s Managing Director, expressed his optimism, stating, “We have been eagerly awaiting the approval to drill this well as it is expected to materially boost oil production, this, at a time of elevated oil prices. The well is expected online by mid-year as the flowline to site has already been installed and tested.”
In addition to its Indonesian interests, Bass Oil also holds a majority stake in eight permits within the Cooper Basin in central Australia, including the wholly owned Worrior and Padulla oil fields.
88 Energy (ASX:88E): Unlocking Alaska’s North Slope Potential
Another energy company making significant strides is 88 Energy. With extensive acreage on Alaska’s North Slope, the company’s share price reached 4.3 cents, marking a 30.31% improvement on its previous closing price. 88 Energy is actively seeking farm-in partners for its high-potential South Prudhoe project. Recent assessments have outlined a Gross (2U) Best Estimate of 507 million barrels of oil and natural gas liquids (NGLs), with 422 million barrels attributable to 88 Energy.
The South Prudhoe project boasts multi-million-barrel potential across 17 mapped prospects and five independent reservoir intervals. The lease position encompasses approximately 52,269 acres, strategically located within one of the most productive hydrocarbon corridors on Alaska’s North Slope, immediately south of the Prudhoe Bay and Kuparuk River Units. This consolidated acreage includes newly secured leases and the former Project Leonis area, creating a highly strategic corridor of stacked reservoirs with direct access to existing infrastructure.
Despite the North Slope’s extensive infrastructure, production has seen a decline since the 1980s. This situation presents a favourable development environment for junior explorers like 88 Energy. Furthermore, 88 Energy is planning a production test for Project Phoenix in the latter half of this year. The company holds a 74.3% working interest in this project and has secured a farm-out agreement that fully carries the costs of a horizontal well and production test. Project Phoenix is estimated to contain a 2C contingent resource of 379 million barrels of oil equivalent (MMboe), with 229 MMboe net to 88 Energy.
QX Resources (ASX:QXR): Enhanced Uranium Prospects in Tanzania
QX Resources has seen its uranium potential at the Madaba project in Tanzania significantly boosted following the confirmation of high-grade, supergene-enriched mineralisation. This confirmation was achieved by digitising historical trenching data. Of the 36 trenches examined, five have been digitised and interpreted, revealing the presence of rich mineralisation and highlighting high-priority drill targets.
Several trenches displayed mineralised zones ranging in thickness from 0.5 metres to 2 metres. This suggests the potential to delineate shallow, high-grade resources that are amenable to cost-effective drilling and mining techniques. Notable results from the trenching include 1 metre grading 1.60% U3O8. At the Sipa prospect, another trench returned 0.8 metres grading 1.36% U3O8, which included a 0.1-metre section grading an impressive 7.25%. Other prospects yielded significant results, such as 2.1 metres grading 0.30% U3O8, 0.2 metres grading 4.25%, and 0.2 metres grading 0.16% U3O8.
These trenching outcomes build upon similar recent exercises conducted on drill data. QX Resources believes that the Madaba project shares geological similarities with the Nyota uranium project, located approximately 250 kilometres away, which hosts an estimated 125 million pounds (Mlb) of U3O8.
MC Mining (ASX:MCM): Transitioning to Hard Coking Coal Production
MC Mining is on track to become a primary South African producer of hard coking coal, with the hot commissioning of the Makhado project’s coal handling and preparation plant (CHPP) scheduled for April. Significant progress has been made in the installation of steelwork, mechanical components, and equipment. Furthermore, a permanent access bridge across the Mutamba River has been successfully commissioned.
Approximately 1.3 million bench cubic metres of overburden have been mined to expose the run-of-mine coal required for the commissioning process. Substantial advancements have also been made on the 14-kilometre, 22kV overhead power line, including the successful delivery of transformers to the site.
Concurrently, operations at the Uitkomst met coal colliery and Vele Aluwani semi-soft coking coal colliery have been temporarily suspended. MC Mining is currently prioritising tenements for future development within the Greater Soutpansberg region and is actively preparing applications for environmental and water licences.
EV Resources (ASX:EVR): A Clear Path to Antimony Production
EV Resources has established a near-term pathway to antimony production in Mexico following the finalisation of a restructured agreement pertaining to the Tecomatlán processing plant. This agreement strategically links EV Resources’ payments to the successful attainment of permitting milestones for the plant, which encompass flotation, leaching, and smelting permits.
Refurbishment of the Tecomatlán plant is currently underway, positioning the company for rapid commissioning. The plant boasts proven metallurgical performance, with recovery rates reaching 90.8%. EV Resources intends to supply high-grade antimony ore from its Los Lirios project, located a mere 50 kilometres from the processing facility.
Mike Brown, MD and CEO of EV Resources, commented on the strategic advantage of the new agreement: “By shifting the bulk of our capital commitment to the back end of the permitting process, we have significantly de-risked the Tecomatlán acquisition. This ensures that our capital is deployed in lockstep with the delivery of the Soil Use Permits and final flotation approval, providing a clear, incentivised path to first antimony production.”
