Latest Turnaround News

Waterco Limited (ASX:WAT) delivered record FY26 EBIT of $23.8 million and lifted net profit after tax 59.6% to $15.4 million, despite only modest revenue growth. The stronger result supports a higher fully franked dividend, but the group is carrying more debt and inventory as it expands manufacturing capacity.

BOA Resources has returned high-grade copper intersections from all six initial RC holes at Ricci Lee, including 14 metres at 2.49% copper and 15 metres at 2.25%. Assays from 40 further RC holes and 92 aircore holes across five other prospects remain pending.

Bayan Mining and Minerals has begun a third phase of surface sampling at its Bayan Springs South gold project in Nevada, extending an open southern anomaly and testing a previously unsampled northern fault intersection. The work is intended to sharpen drill targets, while assays from the company’s completed Desert Star RC program are expected in October 2026.

Right Resources has begun a fully funded 2,000-metre aircore program at its Blue Prospect near Tumbarumba, testing six tungsten and five gold anomalies for the first time below surface. Assay results are expected progressively during the December Quarter, but the campaign is exploratory and is not designed to define a Mineral Resource.

Vectus Biosystems swung to a $1.56 million FY2026 profit, but the result was driven largely by the sale of its VB4-P5 compound for XORTX shares and warrants rather than recurring operations. The company is now directing its resources towards VB0004 while its auditor flags material uncertainty over ongoing funding.

Bellavista Resources is advancing a 15,000-metre drilling campaign and early development studies at Pickle Crow, while assay results have been pushed into October after Canadian laboratory delays. At Brumby, continuity drilling is complete and CSIRO column leach testwork is being prepared.

Magnum Mining has completed more than 10,000 metres of drilling at its Piracanjuba North rare earths project in Brazil and is shifting its main effort to the 32.5km² Plateau Zone. A further 2,000-metre diamond drilling phase will run alongside independent resource, radiological and metallurgical studies, although delayed assay turnaround creates a risk to the company’s November timetable.

Dyno Nobel has reaffirmed its FY26 outlook and retained its A$600 million FY28 underlying EBIT ambition, while setting a new A$800 million target for FY31. The explosives maker is positioning defence energetics, premium technology and growth in mining markets as the next leg of expansion.

Alliance Aviation has completed the retail leg of its entitlement offer, raising $636,000 from just 10.6% of the shares available. The shortfall will be allotted to sub-underwriters, taking the company’s total capital raising to approximately $40 million.

Scalare Partners has swung to positive EBITDA as acquisitions of Tank Stream Labs and Planet Startup lifted FY26 total income 411% to $17.9 million. The startup investor remains loss-making after sharply higher depreciation, amortisation and financing costs, while its portfolio reached $12.5 million across 25 companies.

American West Metals has reported thick visual copper, zinc and molybdenum mineralisation in three new holes at its West Desert Project in Utah. The strongest result came from WD26-07, but laboratory assays are still needed to establish grades and economic significance.

Pacific Edge is positioning Cxbladder for a Medicare-led recovery, but the company remains loss-making with NZ$7.8 million in net cash after a difficult FY26. The investment case now turns on final US coverage, test volumes and whether the enlarged balance sheet can carry the business to scale.