Resources Top 5: West Africa in focus again as Enegex steps up Côte d’Ivoire gold hunt
Enegex has kept the gold spotlight on West Africa this week as it steps up exploration at two prospective permits in Côte d’Ivoire.
Your standout small cap resources stocks for Thursday, December 4, 2025.
- ENX starts auger drilling in bid to outline Côte d’Ivoire gold targets
- A coal shipment has been completed by Cokal from BBM operations to Krakatau Posco
- TM1 has strong start to resource upgrade drilling campaign
Enegex (ASX:ENX)
West Africa has been in the gold spotlight this week with two significant M&A moves grabbing attention and today junior explorer Enegex (ASX:ENX) has come to the fore by stepping up exploration efforts at the Tougbe and Gogo exploration permits in Côte d’Ivoire.
After ASX-listed explorer African Gold (ASX:A1G) on Tuesday revealed a merger with fellow Côte d’Ivoire player and largest shareholder Montage Gold, Wednesday’s all-scrip bid by Perseus Mining (ASX:PRU) to scoop Predictive Discovery (ASX:PDI), trumping a previous bid by Robex Resources (ASX:RXR), was a major talking point.
While the Enegex news is not as significant, it kept West Africa in focus and saw shares lift by as much as 23.81% to a 3-year high of 26c.
A 1,500m power auger program has started at the Tougbe permit in a bid to outline gold targets for angled aircore drilling early in 2026.
This program is following up historical drill results from Tougbe with 70 auger holes planned.
This is a focused initial program aimed solely at defining the mineralised position in advance of aircore drilling.
A larger structural target beneath alluvial cover to the northwest will be drilled in the first quarter of 2026.
Another 2,000m power auger program will follow on the Gogo permit testing under alluvium in the gap between the emerging NE Bonoubana and S Bonoubana gold-in-soil anomalies.
Enegex has also started trenching at NE Bonoubana to follow up extensive, high-grade gold-in-soil anomalies which cover more than 26 hectares with an average of 473ppb Au, or 0.47g/t, and peak values of 4.14g/t, 3.77g/t, 3.41g/t and 2.96g/t Au.
Four permit applications have been approved for grant by the Ministerial Council, the penultimate step before receipt of the permit grant documents.
“Enegex’s exploration in Côte D’Ivoire is proceeding apace. Following up on the excellent soil geochemistry results on the Gogo permit released last week, we are very pleased to be underway with both auger drilling and trenching on Gogo and Tougbe,” incoming MD Paul Roberts said.
Cokal (ASX:CKA)
A new coal shipment has been completed by Cokal (ASX:CKA) from its BBM operations in Kalimantan, Indonesia, to Krakatau Posco, a member of the POSCO Group (Korea), under a 7000 MT supply contract.
The first barge has been dispatched and the second barge is scheduled to be loaded before the end of this week, marking continued progress in the company’s sales program.
This shipment was structured and marketed by M Resources, whose strong market reach and strategic engagement continue to play a key role in unlocking higher-value opportunities for Cokal.
Cokal notes that market conditions have strengthened considerably since the previous shipment, allowing it to secure substantially improved pricing.
It views this as a positive reflection of market recovery and the growing acceptance of BBM coal among regional steelmakers and coke producers.
Cokal is also in active discussions with Krakatau Posco through M Resources regarding an additional small-volume delivery targeted for late December, which would further extend the sales momentum into year-end.
With improving market fundamentals and increasing buyer interest, Cokal hopes to be well positioned to continue building sales traction and achieving price outcomes through Q4 and into 2026.
ASX-listed Cokal has interests in four projects in Central Kalimantan considered prospective for metallurgical coal.
Terra Metals (ASX:TM1)
It has been a strong start to the resource upgrade drilling campaign of Terra Metals (ASX:TM1) at Dante project in WA’s West Musgrave region, with first assays from Reef 2 confirming thick, high-grade mineralisation from surface.
Results show continuous copper-titanium-vanadium-PGE-gold intercepts across areas not drilled before, reinforcing the scale and consistency of the 148Mt Dante resource.
Assays include 28m at 0.76% copper equivalent from surface, 45m at 0.70% CuEq from 19m and multiple holes carrying higher-grade zones above 2% CuEq.
At Reef 2, drilling outlined a shallowly dipping, stratiform mineralised horizon that stretches over 6.2km of mapped strike at surface.
The system remains open in all directions, matching Terra’s geological interpretation of a large, laterally extensive intrusive complex.
Cavalier Resources (ASX:CVR)
High-grade results have been received by Cavalier Resources (ASX:CVR) from 4,647m of RC and 408m of aircore drilling at the Crawford gold project in the Leonora region of WA.
Best results from the Northern Development Area immediately along strike north of the first stage starter pit were 7m at 5.07g/t Au from 88m, including 2m at 13.60g/t, and 5m at 6.26g/t Au from 87m, including 1m at 21.30g/t.
The drilling targeted extensions outside the starter pit with the aim of bulking up the resource for future pit stages and supports the potential to carry out a cutback or further stages of mining within the area.
Crawford has a JORC-compliant resource of 117,900oz and an ore reserve of 29,300oz.
Results from Southern Development Area and Miranda target remain pending. The southern program investigated the continuity of mineralisation south of the starter pit.
Dragon Mountain Gold (ASX:DMG)
A 116.7% increase to 1.3c for Dragon Mountain Gold (ASX:DMG) prompted an ASX speeding ticket.
In a price and volume query, the ASX referred to: “The change in the price of DMG’s securities from a low of $0.007 to an intraday high of $0.013 today”. The company closed at 0.6c on Wednesday.
ASX also referred to: “The significant increase in the volume of DMG’s securities traded today”. By the close more than 4.2m shares had changed hands.
In its response, DMG said it was complying with ASX Listing Rules and, in particular, Listing Rule 3.1.
DMG is progressing gold projects in WA with the Avalon project in the Ora Banda area and Cawse in the Bulong area.
This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Terra Metals is a Stockhead advertiser, it did not sponsor this article.
Originally published as Resources Top 5: West Africa in focus again as Enegex steps up Côte d’Ivoire gold hunt
