Company Interview / Overlooked small cap miners on Brad's watch

Key points

Seward sees rising costs and geopolitics lifting uncertainty but ECM activity returning Higher fuel prices are, in his view, boosting electric vehicle interest and lithium pricing Highlights Gold Ark (ASX:GA8) for high‑grade gold drill results and near‑mine extensions Focussed on Mount Ridley Mines (ASX:MRD) and MinRex Resources (ASX:MRR) as small-cap rare earths and gold-silver opportunities

Brad Seward from GBA Capital states that geopolitical tensions, rising interest rates and budget uncertainty are weighing on sentiment, but he sees renewed strength in equity capital markets. Seward points to recent capital raisings in gold and lithium that are heavily bid, suggesting risk appetite is returning, particularly for energy transition thematics. Higher diesel and petrol prices are, in his view, accelerating interest in electric vehicles, underpinning stronger lithium prices and improving project economics across the sector.

Within mining, Seward focuses on three small caps he regards as compelling. Gold Ark (ASX:GDA) is highlighted after what he calls “fantastic” recent drill results, with high‑grade hits over 50g/t at near‑mine extensions, which he sees as supportive for the next mining phase. He also flags Mount Ridley Mines (ASX:MRD) as a standout rare earths play in Western Australia, describing its higher‑grade clay-style deposit as rich in heavy rare earths such as dysprosium and terbium. ,

Seward is also positive on MinRex Resources (ASX:MRR) following its merger with Electrum Discovery and acquisition of a Serbian project. He cites an existing PEA indicating strong economics at conservative gold and silver prices and notes Serbia’s emerging reputation through peers such as Dundee Precious Metals (TSX:DPM) and Zijin Mining (SHA:601899; HKG:2899).