Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
Rare Earths Offtake and US Defence Order Lift ASX Small Caps as 3 Stocks Rally Up to 17%
Highlights:
Introduction
Three ASX-listed small caps posted strong gains, with rare earths and defence technology providing the main news. One company locked in a new buyer for its concentrate, another deepened its relationship with a US defence manufacturer, and a third rose without fresh operational news.
Stocks in Focus
Lindian Secures Binding Monazite Offtake
On 10 November 2026, Lindian Resources said its Singapore subsidiary, Lindian Global Rare Earths, had signed a binding offtake term sheet with a major rare earths refining group. The deal covers monazite concentrate from the Kangankunde Rare Earths Project: 10,000 dry metric tonnes over a one-year Stage 1 term starting January 2027, and 20,000 tonnes a year for five years under Stage 2. Pricing is linked to the Asian Metals Index and includes freight and insurance. The first sea freight shipment from Nacala Port is planned for January 2027, with monthly deliveries after that. Executive Chairman Robert Martin said Stage 1 concentrate capacity is now fully allocated between offtake partners and the company’s own SARECO facility. The Stage 2 allocation stands at 45,000 tonnes, which includes volumes covered by Iluka Resources’ right of first refusal.
Havilah Updates Share Registry Address
Havilah Resources’ release, dated 2 November 2026, was administrative. The company advised that the address of its share registry, Computershare Investor Services, changed with effect from 30 October 2026 to Yarra Falls, 452 Johnston Street, Abbotsford, Victoria. Telephone numbers are unchanged, and documents must now be lodged at the new address. The notice contained no operational or financial update.
Elsight Wins Largest Order From US Defence Customer
On 9 November 2026, Elsight announced an order of about US$1 million for its Halo multi-link connectivity solution from a US-based defence equipment manufacturer. It is the largest order this customer has placed and brings its 2026 total to US$2 million (AU$2.86 million). Deliveries are scheduled across the fourth quarter of 2026 and the first quarter of 2027, with up-front payments supporting working capital. Elsight said Halo was tested against a local competitor that did not meet performance requirements, so it was awarded the full quantity. Chief Executive Yoav Amitai said the company sees further near-term opportunities with the customer, though any additional orders depend on the customer’s purchasing decisions.
Conclusion
Two of the three moves were tied to commercial progress: a new offtake partner ahead of first production, and repeat orders from a growing customer. Investors will now watch for December production at Kangankunde and for follow-on defence orders.
Note: All data presented is based on information available at the time of writing.
Disclaimer for Kapitales Research
The materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.Disclosure: The information mentioned above has been sourced from the company reports and a third-party database, i.e. Koyfin. Investors are advised to use strict stop-loss to protect their investments in case of any unfavorable/uncertain market events.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au