Australian shares are lower in afternoon trade, with the S&P/ASX 200 down 0.3% to 8947.6 at 1.10pm AEST, as ongoing uncertainty around the Strait of Hormuz weighs on sentiment. Investors remain cautious ahead of planned US-Iran talks, with the continued closure of the key shipping route dampening optimism around a sustained ceasefire. Oil prices are slightly higher, with Brent crude around US$96 a barrel, although still on track for a weekly decline.
Across the sectors, technology stocks are weaker following declines in US peers, while energy stocks are also lower. Materials are mixed, with gains in some miners offset by weakness in others. Real estate and financials are the only sectors higher. In company news, Life360 updated on workforce changes, Fortescue outlined plans to accelerate renewable energy development, and Woodside Energy reported drilling activity in the US Gulf Coast.
In other company news,
Magnum launches large-scale drilling at Brazilian REE discovery
Magnum Mining & Exploration (ASX: MGU) commenced a ~10,000 metre drilling program at its Piracanjuba prospect in Brazil following confirmation of ionic adsorption clay-hosted rare earth mineralisation. The program will include up to 830 holes across a large geophysical footprint, targeting an exploration target and maiden JORC resource later in 2026. Early results indicate strong recoveries and high-grade assays, supporting potential for a large-scale system.
Telix receives FDA acceptance for glioma imaging drug application
Telix Pharmaceuticals (ASX: TLX) received US FDA acceptance for its resubmitted New Drug Application for TLX101-Px, a PET imaging agent targeting glioma. The application has been assigned a PDUFA goal date of 11 September 2026. The product has been granted Fast Track and Orphan Drug designations and is aimed at improving imaging of recurrent or progressive brain cancer.
MRG Metals reports high-grade heavy mineral results at Adriano project
MRG Metals (ASX: MRQ) reported high-grade total heavy mineral results from drilling at its Adriano Rare Earth Project in Mozambique, confirming mineralisation across five alluvial target areas. Recent drilling returned grades of up to 4.56% THM, with multiple holes exceeding 3% THM, supporting near-surface, potentially low-strip mineralisation. The results reinforce the potential for a district-scale critical minerals corridor, with further mineralogical work and exploration underway.
