Australian shares are lower just after midday, with the S&P/ASX 200 down 0.48% to 8724.20, as rising oil prices and ongoing uncertainty around the Strait of Hormuz weigh on sentiment. Brent crude extends gains for a sixth session, while the local market lags record highs on Wall Street, with nine of the 11 sectors trading lower.
Utilities and miners lead the declines, while financials are mixed and energy stocks rise on stronger oil prices. In company news, European Lithium surges on a major merger deal, Reliance Worldwide gains after reaffirming guidance, while Domino’s Pizza and Beach Energy decline following weaker updates.
Chilwa Minerals advances drilling across Mpyupyu discovery
Chilwa Minerals (ASX: CHW) reported continued progress at its Mpyupyu project in Malawi, with two diamond drill rigs operating at the Nakombe target to expand its niobium and rare earth discovery. Drilling confirmed mineralisation associated with tantalum and gallium, with results supporting an evolving alkaline-hosted system.The company is progressing pre-resource drilling and advancing work toward a revised Mineral Resource Estimate for its heavy mineral sands deposits, expected in May 2026, alongside broader exploration across its Lake Chilwa licence.
Oceana Metals acquires global-scale rare earths project in Brazil
Oceana Metals (ASX: OCN) entered a binding agreement to acquire 100% of the Serra Negra rare earths and niobium project in Brazil, a large carbonatite-hosted system spanning around 10 kilometres. The acquisition is supported by a $20 million placement to fund exploration, including re-assaying historical drill core and a planned 20,000 metre drilling program. The project has returned high-grade rare earth results from historical drilling, with Oceana targeting resource definition and expansion within a tier-one mining jurisdiction, positioning the company for exposure to global critical minerals demand.
INOVIQ advances ovarian cancer test toward commercialisation
INOVIQ (ASX: IIQ) reported its flagship EXO-OC ovarian cancer screening test is nearing completion of a key clinical study, with results expected in June 2026. The test has demonstrated strong early detection capability, including high sensitivity and specificity across multiple cancer stages. The company is progressing toward US commercialisation through a laboratory-developed test pathway, while advancing discussions with potential laboratory partners and continuing development of its exosome-based therapeutics pipeline.
Etherstack delivers record revenue outlook and upgrades guidance
Etherstack (ASX: ESK) expects record first-half revenue for FY26, guiding to US$7.6 million to US$8.5 million, representing more than 75% of FY25 full-year revenue. The company also upgraded full-year guidance to between US$17.2 million and US$18.9 million, reflecting strong progress across major defence and public safety contracts.
1414 Degrees progresses next-generation battery technology
1414 Degrees (ASX: 14D) reported progress on its SiNTL silicon nanoparticle battery anode, demonstrating improved energy capacity and faster charging compared to traditional graphite-based lithium-ion batteries. The company is preparing to engage with the drone and UAV battery supply chain, targeting early commercial applications.
