Daily Special: Pilbara Gold, Livium, Imugene

Australian shares recovered from steeper morning losses at midday, with the S&P/ASX 200 down 0.5% to 8,578.4 at 12:25pm AEST after earlier falling as much as 1.5%. Sentiment improved as geopolitical tensions in the Middle East eased and markets stabilised following Friday’s stronger-than-expected US jobs report, which triggered a global sell-off and reduced expectations for US interest rate cuts. Brent crude slipped 0.5% to US$93.75 a barrel as investors responded to signs of de-escalation between Israel and Iran. Materials remained the weakest sector as gold prices fell to around US$4,320 an ounce and iron ore hovered near US$100 a tonne. Newmont, Northern Star, Bellevue Gold, BHP, Fortescue and Rio Tinto all traded lower. Technology stocks recovered some early losses, with Megaport rebounding into positive territory, while WiseTech remained weaker. Financials also improved through the session, with Commonwealth Bank edging higher and losses narrowing across the major banks. Investors rotated into defensive sectors, lifting Coles, Woolworths, CSL and Cochlear as market uncertainty continued to favour healthcare and consumer staples.

Pilbara Gold (ASX: PGL) has completed 5,680 metres of diamond drilling across its Mt York Gold Project in Western Australia as part of a planned 50,000-metre exploration campaign aimed at expanding the project’s 2.1-million-ounce gold resource. Three diamond rigs are operating on double shifts, with two additional RC rigs due to arrive this month, while initial assay results are expected from July. The company said drilling is targeting extensions of mineralisation at Main Hill, Main Hill Extension, Breccia Hill and Gossan Hill, with several holes intersecting altered banded iron formations associated with gold mineralisation. Pilbara Gold also reported encouraging visual observations from four holes drilled at the Gilt Dragon prospect, where veining and hydrothermal alteration were intersected ahead of assay results. In addition, the company is planning an airborne electromagnetic survey across approximately 200 square kilometres of the Greater Mt York area to identify potential sulphide-bearing gold systems. Management believes the current resource remains open at depth and that the drilling program could support a future Mineral Resource Estimate upgrade.

Livium (ASX: LIT) has signed a new battery recycling framework agreement with CATL Hong Kong, a subsidiary of the world’s largest lithium-ion battery manufacturer, formalising an existing commercial relationship. Under the agreement, Livium’s wholly owned subsidiary Envirostream will provide battery collection, logistics, recycling, certification and reporting services across Australia, with potential expansion into New Zealand. The framework agreement runs through to May 2029 and establishes a structured process for future service orders. The agreement does not contain minimum volume commitments, with individual projects to be agreed on a purchase-order basis. Livium said the deal strengthens its position within the battery recycling supply chain and supports its strategy of partnering with global battery manufacturers as demand for end-of-life battery management continues to grow across the region.

Imugene (ASX: IMU) has received US Food and Drug Administration Fast Track Designation for its allogeneic CAR T-cell therapy azer-cel in two blood cancer indications: relapsed or refractory Chronic Lymphocytic Leukaemia/Small Lymphocytic Lymphoma and Marginal Zone Lymphoma. The designation is intended to accelerate development and regulatory review for therapies addressing serious conditions with unmet medical needs and provides opportunities for closer engagement with the FDA.The designation follows positive Phase 1b clinical data, which showed a 100% overall response rate in CAR T-naive CLL/SLL patients and an 83% overall response rate in Marginal Zone Lymphoma, including four complete responses. Imugene said azer-cel’s off-the-shelf design enables treatment within days, offering a potential advantage over traditional CAR T therapies that require weeks to manufacture.