ASX rises as hopes for Iran breakthrough lift miners and consumer stocks
The S&P/ASX 200 rose 45.2 points, or 0.52%, to 8666.9 at 12:38pm AEST, with BHP and Rio Tinto leading gains as oil rebounded and investors scaled back expectations for further rate hikes following weaker jobs data. Brent crude rose about 2% to near US$105 a barrel after comments from Iran regarding uranium enrichment and the Strait of Hormuz renewed concerns around global energy supplies and supported sentiment across resource stocks.
In company news, small caps push ahead with drilling, clinical and exploration milestones.
Rapid begins drilling at Webbs Silver Project
Rapid Critical Metals (ASX: RCM) said drilling is now underway at its flagship Webbs Silver Project in New South Wales, with the first of two drill rigs testing the southern extension of the Webbs ore body and a newly identified parallel lode. The company also lodged a new exploration licence application covering prospective ground south of the existing Webbs trend, while planning a separate four-hole RC program at the Tangoa South prospect pending approvals. Rapid said it now controls the western periphery of the Mole Granite region, which it believes is highly prospective for intrusion-related silver, lead and zinc mineralisation.
Avira starts siteworks ahead of maiden drilling campaign at Mt Cattlin Gold Project
Avira Resources (ASX: AVW) commenced siteworks ahead of its inaugural 4,500 metre RC drilling program at the Mt Cattlin Gold Project in Western Australia. The company said drill pad preparation, surveying and access works were underway following receipt of heritage and regulatory approvals. The drilling campaign will target the Sirdar, Maori Queen, Ellendale and Plantagenet prospects, with historical drilling at Sirdar previously returning intersections including 1 metre at 131.24 grams per tonne gold and 6 metres at 50.07 grams per tonne gold. Avira is targeting a maiden Mineral Resource Estimate in the second half of 2026.
TrivarX advances oncology imaging platform
TrivarX (ASX: TRI) engaged contract research organisation Beyond Drug Development to support progression of its planned Phase 1 safety trial for the company’s Stabl-Im oncology imaging platform. Stabl-Im is designed to visualise tumour activity using MRI-based functional imaging without radioactive tracers. The planned study will assess safety and tolerability in healthy volunteers ahead of potential Phase 2 efficacy studies. TrivarX said the engagement marked an important step in advancing the platform toward broader clinical development and commercialisation opportunities in oncology imaging.
Felix Gold reports strong gold and antimony drilling results from Alaska project
Felix Gold (ASX: FXG) reported further near-surface gold and antimony drilling results from the NW Array prospect within its Treasure Creek Project in Alaska. Highlights included 29.26 metres at 2.16 grams per tonne gold from 13.41 metres, including 21.03 metres at 2.83 grams per tonne gold, alongside high-grade antimony intersections including 0.5 metres at 20.85% antimony. The company said the results reinforced the project’s dual-commodity potential, with both gold and antimony mineralisation hosted within the same structural system and remaining open in multiple directions.
AFI continues share buy-back program with more than 19 million shares repurchased
Australian Foundation Investment Company (ASX: AFI) continued its on-market share buy-back program, purchasing 304,000 ordinary shares on 21 May for just under $2 million. The company has now bought back more than 19 million shares under the program since February, as part of its broader capital management strategy. AFI’s current buy-back facility allows for up to 111.9 million shares to be repurchased through to February 2027.
