Prominence Energy doubled as hydrogen speculation drove the week’s biggest move, while takeover news lifted RAS Technology and Cleanaway.
Zip Co and several resource developers fell as investors weighed costs, capital needs and delivery risks.
- Prominence Energy (ASX:PRM) rose 100.00% after outlining 4,001 Bscf of potential natural hydrogen resources, although drilling and permits are still ahead.
- RAS Technology (ASX:RTH) gained 85.19% after agreeing to a $49.8 million cash takeover by The Press Association.
- Zip Co (ASX:ZIP) fell 32.72% despite reaffirming its FY27 target after a $10.1 million US fraud event and higher bad debts.
- Takeover bids remained a major source of gains, with Cleanaway, Challenger, FleetPartners and Reef Casino also receiving offers.
- Resource companies reported bigger discoveries and project milestones, but many still need permits, funding or shareholder approval.
Prominence Energy (ASX:PRM) was the week’s biggest mover, rising 100.00% after reporting 4,001 billion cubic feet of potential natural hydrogen across South Australia. The estimate is not a discovery. The gas has not been produced, and drilling depends on permits and funding. RAS Technology (ASX:RTH) followed with a 85.19% gain after accepting a $1.04-a-share takeover. At the other end, Zip Co (ASX:ZIP) fell 32.72% after a US fraud event cost $10.1 million and bad debts rose.
Takeovers set the tone
RAS shareholders were offered a 93% premium to the last traded price. The board and founders support the deal, but shareholders, an independent expert and the Federal Court must still approve it. The stock reopened near $1 and then moved little, suggesting the price quickly reflected the offer rather than attracting sustained buying.
Cleanaway (ASX:CWY) also accepted a $3.095-a-share cash offer from EQT Infrastructure. The bid values the group at about $9.3 billion and offers a 34.5% premium to its three-month average price. Cleanaway later reaffirmed FY27 earnings guidance, but a second shareholder protest over executive pay added a governance issue for investors to consider.
Several other bids added support to the market. FleetPartners (ASX:FPR) accepted SG Fleet’s $5.30 offer after a bidding contest. Challenger (ASX:CGF) received a non-binding $11.80 proposal from TAL. Reef Casino Trust (ASX:RCT) backed Iris Capital’s $4.67 offer as Iris moved close to compulsory acquisition. These deals still face approvals, and some could fail before completion.
Resources gained discoveries, but capital remains the test
Gold and critical minerals companies produced many of the week’s announcements. Skylark Minerals (ASX:SKM) more than tripled its Zaranou resource to 1.20 million ounces. Rapid Critical Metals (ASX:RCM) reported a 6,060 grams-per-tonne silver interval at Webbs. Brightstar Resources (ASX:BTR) found 173 metres of gold mineralisation below its existing Two Mile Hill resource.
These results can increase a project’s value, but drill results do not equal a mine. Companies must still prove the size and quality of the deposit, design a plant, obtain permits and raise money. Critica (ASX:CRI), for example, reported a large modelled value for Jupiter rare earths. It also needs about $555.5 million before construction, with no funding secured.
Production stories were mixed. Bannerman Energy (ASX:BMN) approved construction of the Etango uranium project, with first yellowcake targeted in 2028. Orion Minerals (ASX:ORN) made a $40 million Glencore loan unconditional for Prieska, but its larger $210 million loan package remains conditional. Fortescue (ASX:FMG) fell 6.06% after shipments exceeded sales by 3.9 million tonnes while talks with China Mineral Resources Group remained unresolved.
Growth companies face a cash check
Several smaller companies reported progress alongside thin cash balances. Saluda Medical (ASX:SLD) grew revenue 28%, but used US$116 million in operating cash and warned that more money may be needed within 12 months. Microba International (ASX:MAP) raised $2.025 million after holding $3.87 million before the placement. AuKing Mining (ASX:AKN) had about 1.21 quarters of cash at its reported spending rate.
Altech Batteries (ASX:ATC) expects $5.8 million from a Malaysian land sale, but its German subsidiary entered insolvency and the CERENERGY battery project ended. Wiluna Mining (ASX:WMC) is seeking $180 million to restart after a processing-tank rupture. No near-term gold sales are expected. These companies may have valuable assets, but investors must first decide whether they can reach the next stage without issuing large numbers of new shares or taking on expensive debt.
Technology and healthcare deliver uneven results
Pro Medicus (ASX:PME) gained 12.89% after announcing two US cloud-imaging contracts worth $43 million and $24 million. Acusensus (ASX:ACE) secured an ACT traffic-enforcement contract worth about $63 million, with extensions that could lift it to $210 million. Codan (ASX:CDA) also set a first-half FY27 profit floor of $162 million as demand for unmanned systems increased.
Healthcare results were less consistent. Telix Pharmaceuticals (ASX:TLX) lifted third-quarter revenue 19% and advanced its proposed $1.65 billion ITM merger. Cleo Diagnostics (ASX:COV) reported strong early results for an ovarian cancer test, but larger studies are still required. Monash IVF (ASX:MVF) fell to a 41% drop in underlying profit as weaker Australian activity hurt earnings. The next results will show whether new products can offset weaker demand elsewhere.
Bottom Line?
The next week will turn attention to approval dates and funding milestones. Cleanaway’s takeover process, the Challenger proposal and Ingenia Communities’ (ASX:INA) due diligence will test whether recent gains can hold. Resource investors will watch drilling, permits and financing, while Zip Co must show that its fraud loss and higher bad debts will not derail its FY27 target.
Questions in the middle?
- Will Prominence Energy secure permits and funding to test its large hydrogen estimates?
- Can the proposed takeovers complete at their stated prices, or will shareholders demand better terms?
- Will companies such as Saluda Medical, Microba and Wiluna Mining raise enough money to reach their next operating milestone?
Sources
This wrap draws on announcements from 27 companies. For the full story and each verified source, see the company's own article:
ASX:ACE, ASX:AKN, ASX:ATC, ASX:BMN, ASX:BTR, ASX:CDA, ASX:CGF, ASX:COV, ASX:CRI, ASX:CWY, ASX:FMG, ASX:FPR, ASX:INA, ASX:MAP, ASX:MVF, ASX:NAG, ASX:ORN, ASX:PME, ASX:PRM, ASX:RCM, ASX:RCT, ASX:RTH, ASX:SKM, ASX:SLD, ASX:TLX, ASX:WMC, ASX:ZIP