Ann: 1st Production of Lithium Carbonate - Maricunga, page-68

@pocket-rocket i suggest you speak with your accountant.

Here's the short of it:
Essentially you can invest in whatever you want, as long as you aren't deriving a current benefit from that asset being enjoyed today (classic car being driven around, artwork hanging on your wall).

As long as your SMSF's investment mandate stipulates that you can invest in small cap equities and it's signed off by the Trustees or Members (i can't remember which one), you shouldn't have an issue should the ATO conduct an audit. Remember that it's you (the trustee or member) that puts together the investment mandate.

The ATO cautions the use of a superannuation vehicle for speculative purposes as the assets are to be for the benefit / to provide for retirement.

Don't rely on my text above as advice, get it from your accountant, that's what you are paying them for.