Key Highlights

  • Cadoux Ltd (ASX:CCM) was trading at A$0.022, down 12.00%, during the 23 October 2026 session.
  • Podium Minerals Ltd (ASX:POD) and Arrow Minerals Ltd (ASX:AMD) were each trading at A$0.023, down 11.54%.
  • The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT, a much smaller decline than the three penny stocks.

Three ASX-listed penny stocks recorded double-digit declines during the 23 October 2026 trading session, while the S&P/ASX 200 (XJO) was at 8,760.50, down 0.37% (32.70 points), at 1:16 pm AEDT. Cadoux Ltd (ASX:CCM), a high purity alumina and rare earths developer, was trading at A$0.022, down 12.00%. Podium Minerals Ltd (ASX:POD), a platinum group metals developer, and Arrow Minerals Ltd (ASX:AMD), an explorer with Pilbara iron ore ambitions, were each trading at A$0.023, down 11.54%. All three have released company updates in recent weeks, which are summarised below with their release dates.

Cadoux Ltd (ASX:CCM)

Cadoux shares were trading at A$0.022 during the 23 October 2026 session, down 12.00% and well below the benchmark's 0.37% decline. The company describes itself as an emerging developer of critical minerals projects focused on high purity alumina (HPA) and rare earth minerals. Its HPA strategy centres on a staged plan that includes a 1,000tpa small-scale facility in Western Australia, followed by a 10,000tpa commercial plant, while its Minhub project in the Northern Territory is intended to process third-party mineral concentrate in Darwin.

In an ASX release dated 14 October 2026, Cadoux highlighted a milestone achieved by the SAFELOOP consortium, a European Union Horizon Europe funded battery project. According to the announcement, 500 kg of battery-grade graphite containing recycled material was delivered to Turkish manufacturer Aspilsan Enerji, and 18650 size lithium-ion cells incorporating the recycled materials and Cadoux's premiumHPA completed the full manufacturing process in the September quarter 2026. The company said it is the sole HPA materials supplier to the consortium.

Podium Minerals Ltd (ASX:POD)

Podium Minerals was trading at A$0.023 during the 23 October 2026 session, down 11.54%. The company is developing the Parks Reef PGM Project in Western Australia and also reports on the Range Well Nickel Project.

On 14 October 2026, Podium released its quarterly activities report for the three months ended 30 September 2026. The company reported that Phase 3 optimisation work lifted flotation circuit 3E recovery to 67% from 51%, with overall concentrator recovery maintained at approximately 80% 3E. It also reported executing a non-binding memorandum of understanding with US-based PGM Processing LLC and completing an underwritten A$4.0 million Share Purchase Plan at A$0.034 per share. Cash on hand at 30 September 2026 was A$7.1 million, according to the report.

Arrow Minerals Ltd (ASX:AMD)

Arrow Minerals was trading at A$0.023 during the 23 October 2026 session, down 11.54%. The company is based in West Perth, and its 16 October 2026 announcement focused on iron ore exploration in the Pilbara region of Western Australia.

On 16 October 2026, Arrow said it had executed a binding agreement to acquire the Turee Creek Iron Ore Project and had lodged twelve new first-in-time exploration licence applications covering 880 square kilometres. The company said these steps would increase its Pilbara landholding to more than 1,600 square kilometres. Under the share purchase agreement, consideration is A$150,000 in shares plus A$20,000 in cash for reimbursement of project costs, with completion due within two months of execution. The tenements remain pending applications, and the company said no new exploration work has been carried out by current holders on them.

Related Sector Context

All three companies sit within the ASX resources and materials space, though they target different commodities: high purity alumina and rare earths, platinum group metals with copper and nickel, and iron ore. Each is at a development or exploration stage, and the companies' own announcements describe project milestones rather than production revenue. Penny stocks, which trade at very low per-share prices, can record large percentage moves on small absolute price changes. For reference, the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Risks to Weigh In

  • Cadoux describes its HPA and Minhub projects as being in a staged development phase, and its release refers to opportunities to translate qualification activities into future commercial relationships rather than existing ones.
  • Podium reported a net loss of A$4.5 million for the year ended 30 June 2026 and described its MOU with PGM Processing LLC as non-binding.
  • Podium's report states that PGM prices have generally softened and that supportive fundamentals have been overshadowed by macroeconomic factors in 2026.
  • Arrow's Pilbara tenements are pending applications, and its announcement notes that heritage agreements and a pastoral access agreement must be signed before ground-disturbing work can take place.
  • Penny stocks can show large price swings, as seen in today's session moves.

Catalysts on Watch

  • Cadoux said it will continue to focus on advancing its HPA business and pursuing future commercial relationships for premiumHPA.
  • Podium said its immediate priority is validating concentrator performance across a broader range of sulphide feed, and it is working towards a detailed Collaboration Agreement with PGM Processing LLC within six months of the MOU.
  • Podium's Annual General Meeting is scheduled for Tuesday, 24 November 2026.
  • Arrow said the Turee Creek acquisition is due to complete within two months of the agreement's execution, and that it is reviewing past exploration work to develop work programs in due course.

Where Things Stand

Cadoux, Podium and Arrow each recorded declines of more than 10% during the 23 October 2026 trading session, compared with a 0.37% decline for the S&P/ASX 200 at 1:16 pm AEDT. The companies' most recent updates, dated 14 October 2026 for Cadoux and Podium and 16 October 2026 for Arrow, cover battery materials, platinum group metals metallurgy and Pilbara iron ore tenure respectively. Further announcements from each company will be published through the ASX.