🕒 Tuesday 22 September 2026 Tue, 22 Sept 2026

The Takeovers Panel has received a review application from Ida Metal Investments over orders made in the Zenith Minerals takeover matter. The application also seeks interim orders matching those imposed on 6 September, adding another procedural hurdle to the contested bid.

Yandal Resources posted its busiest exploration year yet, expanding the Arrakis discovery and ending FY2026 with 450,200 ounces of reported resources and $9.7 million in cash. But a larger loss, material going-concern uncertainty and a CEO transition leave the company needing to convert drilling momentum into resources and renewed funding support.

G11 Resources has expanded its exploration footprint and reported a conceptual copper Exploration Target at Wilandra, while drilling near Tasmania’s Mt Lyell system continues. The company ended the year with $4.91 million in cash but remains loss-making and reliant on future funding to sustain exploration.

Castile Resources has emerged from FY2026 with a larger Rover 1 resource, stronger preliminary project economics and A$9.37 million in cash. The next challenge is converting a A$1.07 billion pre-tax NPV8 study into a funded, permitted mining project.

Black Canyon has spent the 2026 financial year moving Wandanya from discovery towards resource definition, backed by 17,200 metres of drilling and encouraging manganese beneficiation results. The exploration company ended the year with $7.77 million in cash and no debt, but remains reliant on future funding before any development decision can be made.

Delta Lithium reported a $13.2 million FY2026 profit after separating its gold assets into Ballard Mining, while advancing lithium projects at Mt Ida and Yinnetharra. The result was supported heavily by demerger-related accounting gains, leaving the next test firmly operational: whether the projects can move towards production.

Gold Corporation, trading as The Perth Mint (ASX:GCB), reported a record $100.19 million profit before tax for 2025-26 and recommended its largest-ever dividend to the Western Australian Government. The result was powered by extraordinary precious-metals demand and prices, but the company’s own budget points to a much leaner year ahead.

N1 Holdings increased FY26 revenue, profit and Management EBITDA while expanding commercial loan receivables to $239.6 million and committed lending capacity beyond $400 million. The stronger result comes with higher funding exposure, covenant waivers and a property-backed credit book that carries no recognised expected credit loss provision.

IDP Education has rejected a second, higher takeover proposal from Blackstone, saying the $2.50-per-share offer fails to capture the value of its platform and transformation program. The confidential, non-binding proposal leaves open the question of whether Blackstone will return with a revised bid.

PC Gold’s Spring Hill project emerged from FY2026 with a sharply larger resource, fresh institutional funding and a clearer path towards feasibility studies. The gold explorer remains pre-production and loss-making, but its post-year-end A$75 million raise gives it substantial room to expand drilling and development work.

Southern Hemisphere Mining has reported its strongest Llahuin drilling results yet, but the copper explorer ended FY26 with just $110,027 in cash and a material going-concern uncertainty. The company is relying on further funding, related-party borrowings, asset sales and a possible Chilean VAT refund to keep exploration moving.

Papyrus Australia moved its banana-fibre technology into early commercialisation during FY26, signing an estimated $4.2 million TBS supply contract and delivering commercial-scale samples. But the company ended the year with $257,077 cash, negative equity and an auditor-flagged material uncertainty over its ability to continue as a going concern.

Antipodes Global SMID Fund delivered a sharp improvement in FY2026, with profit attributable to unitholders rising to $22.73 million and net assets expanding more than eightfold to $183.65 million. The fund also added a new unit class and brought its P Class units to the ASX under ticker MIDS.

Firetrail S3 Global Opportunities Fund (Managed Fund) (ASX:S3GO) delivered a 14.07% pre-fee return in the year to 30 June 2026, beating its MSCI World benchmark by 3.69 percentage points. Net assets rose to $36.471 million despite substantial net redemptions during the year.

Firetrail Australian Small Companies Fund delivered a 13.03% pre-fee return for the year to 30 June 2026, outperforming its benchmark by more than 11 percentage points. Net assets nearly doubled to $805.9 million as applications outpaced redemptions, although investors should note the result was before fees and distributions surged alongside performance income.

Cadence Capital delivered a sharply stronger FY2026, with profit after tax rising to $33.4 million and its portfolio returning 20.1% against the All Ordinaries Accumulation Index. The listed investment company also moved decisively away from gold and resources, ending the year with $153.5 million in cash and a further 1.0 cent fully franked special dividend on the way.

CAR Group has confirmed a DRP price of AUD 23.651 for its 43.5-cent ordinary dividend, payable on 12 October. The distribution is 30% franked and will be issued at no discount to participating shareholders.

West Coast Silver has secured a prospecting licence immediately west of its Elizabeth Hill mining lease, opening a new near-mine exploration target with historical silver, copper, nickel and palladium anomalism. The company plans to validate the old data before deciding whether to drill.

Booster Innovation Fund has invested $200,000 in TheiaNova, a University of Auckland spinout developing a self-administered eye drop for keratoconus. The seed-stage bet accounts for 0.76% of BIF’s portfolio, keeping the exposure modest while adding an early biotechnology asset.

Metals Australia has reported a 50 Mt graphite resource, a maiden 21.51 Mt probable ore reserve and strong study-stage economics for its Quebec project. The opportunity is substantial, but the company ended the year with just AUD 3.73 million in cash and no mining revenue.

Harmoney will continue buying back up to 5% of its issued shares while reaffirming FY27 cash NPAT guidance of $16 million or more. The lender also says potential acquisitions could be funded without an equity raising, although no transaction has been announced.

Rua Bioscience delivered a sharp rise in customer revenue and secured a UK agreement expected to generate NZ$10 million over two years. But PwC disclaimed an audit opinion, warning the company may not have enough cash without another capital raise.

Reach Resources has increased the Blue Heaven resource by 30% to 80,000 ounces while advancing a proposed profit-sharing mining arrangement with Andel Resources. The progress came alongside a sharply larger FY2026 loss and a balance sheet still dependent on future project execution.

Firetrail Alpha Plus Fund delivered a 19.05% pre-fee return in the year to 30 June 2026, more than tripling the S&P/ASX 200 Accumulation Index’s 6.01% gain. Net assets almost doubled to $42.944 million as the fund added an ASX-listed unit class and expanded its investor base.