Australian shares surged to a two-month high at midday, with the S&P/ASX 200 rising 1.28% to 8,916.9 at 12:19pm AEST after the US and Iran announced an agreement to reopen the Strait of Hormuz following nearly four months of disruption. The market also drew support from optimism that a broader diplomatic resolution could be reached, alongside positive sentiment following SpaceX’s successful IPO last week. Materials led gains across the market as gold rebounded 2.5%, lifting Newmont 6.7%, Northern Star 7.3% and Ora Banda Mining 13.1%, while BHP advanced 3.3%. Financials were also stronger, with National Australia Bank up 2.9%, Commonwealth Bank gaining 1.6%, and ANZ and Westpac both higher. Energy stocks were the weakest performers as lower oil prices weighed on the sector, with Karoon Energy, Viva Energy, Santos and Woodside all retreating. Woodside also moved to dismiss recent media speculation, stating it was not in discussions with ExxonMobil regarding any potential transaction.
In other company news,
Chilwa defines maiden exploration target at Nakombe South
Chilwa Minerals (ASX: CHW) reported further strong drilling results from its Nakombe South discovery in Malawi, including 37.2 metres at 0.29% niobium oxide. The company said the results confirm a large critical minerals system prospective for niobium, rare earth elements, tantalum and gallium. Chilwa also unveiled a maiden conceptual Exploration Target of between 34 million and 51 million tonnes and said three drill rigs are now operating across Nakombe South and Nakombe North as it advances towards a maiden Mineral Resource estimate. For the full anouncement click here.
Vintage secures $5 million in government funding
Vintage Energy (ASX: VEN) has executed agreements for two South Australian Government grants worth a combined $5 million to support drilling of the Odin-3 and Vali-4 gas wells in the Cooper Basin. The company said the funding could cover up to half of drilling costs and will assist efforts to increase domestic gas supply, with the projects targeting more than 130 petajoules of gross proved and probable reserves.
XPON sells Datisan business to focus on AI growth
XPON Technologies (ASX: XPN) has agreed to sell its Datisan business to Incubeta Australia for up to $7.5 million, including a $5.5 million upfront payment and a potential earn-out. XPON said the sale will strengthen its balance sheet and allow greater focus on expanding its Wondaris AIMarketing Platform, while also providing capital for future AI-focused acquisitions.
Join our next investor webinar, Uncovering Hidden Gems, featuring Ariana Resources, Clever Culture Systems and Hiremii, on Wednesday 17 June at 12:30 pm AEST. Register now to secure your spot.
