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ASX Small Cap Equity Research

Evolution Capital publishes independent equity research on ASX-listed small and micro-cap companies across all sectors - resources, healthcare, technology, industrials and energy.

Coverage spans initiation reports, update reports and sector notes, and sits alongside our corporate advisory and equity capital markets capability. More on the firm and the team.

Research is prepared for wholesale clients only, as defined under Sections 761G and 761GA of the Corporations Act 2001 (Cth). See our disclaimers, or get in touch to discuss coverage.

Evolution Capital Pty Ltd (ACN 652 397 263) is a corporate Authorised Representative (number 1293314) of Evolution Capital Securities (ACN 669 773 979), the holder of Australian Financial Services Licence number 551 094. The information contained in this website is only intended for the use of those persons who satisfy the Wholesale definition, pursuant to Section 761G and Section 761GA of the Corporations Act 2001 (Cth) (“the Act”). Persons accessing this information should consider whether they are wholesale clients in accordance with the Act before relying on any information contained. Any advice provided is general in nature.

Scaling Into US Navy Demand

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High on Growth

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One Dollar of Growth, Fifty Cents of Cash

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Profitability Scaling Ahead of Revenue

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Thesis Intact; Waiting on Pivotal Study Progress

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Lilly Puts Its Lead RAS Asset Alongside Narmafotinib

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Earnings Beat, Capital Retained

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Record Year, Export Book Building

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A Quarter That Confirms the Pivot

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Leverage to a Western Scandium Unlock

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The Odyssey Begins

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Compounding From a Higher Base

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Southwest Carries the Upside

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Building Brazil's Next Rare Earth Story

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The Invisible Layer

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Turning AI Into Air Time

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Compelling Development Pipeline of Two Highly Critical Metals

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Araxá De-Risked, Funded & Growing

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Wire to Wire: Filling the Navy's Gaps

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Adriatic Showed the Path, Tlamino is Next

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Channels Switched On, America in View

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Aeromedical Box Ticked; Pivotal Readout Ahead

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Pharma Business, Cannabis Price Tag

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CYP-001 Phase 2 in aGvHD: A Guide to the Readout

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Beyond the Chip: The Drone Stack

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Optionality Builds: Oncology Readout Supports Platform Story

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Old Drug, New Tricks: Bisantrene Reimagined

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Déjà Vu in the Lithium Valley

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First-Quartile Tungsten Restart, High Grade EU Critical Minerals Play

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Backing Its Own Story

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Balance Sheet Ready for the Next Leg

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A Platform Engine Emerging

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AACR Mature Data Reinforces Best-in-Class Profile

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Phase IIa Greenlit; Oncology Optionality Activated

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Through 2Moz and Beyond!

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Fast Forward Towards Commercial Development

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First-Quartile Gold-Cobalt in the EU's #1 Mining Jurisdiction

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AMPLICITY Halted; Focus Sharpens on Gem/Abraxane & KRAS Optionality

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$7.8m Titanium Deal Supports FY27 Visibility

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Tremendous Option Value

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