Australian shares recovered from earlier losses but remained slightly lower at midday, with the S&P/ASX 200 down 5.5 points, or 0.06%, to 8,717.4 at 12.20pm AEST. Financials provided support after Bank of America upgraded National Australia Bank to a buy rating, helping offset weakness across most other sectors.
Utilities, energy and consumer stocks weighed on the market as lower oil prices pressured Origin Energy, Woodside and Santos, while Wesfarmers fell following a broker downgrade and Coles extended recent losses. Materials were also weaker, although Newmont and Northern Star outperformed, with Northern Star gaining after announcing a new chief executive and chairman.In small cap company news:
Viking strengthens Linka tungsten case ahead of maiden drilling
Viking Mines (ASX: VKA) says tailings sampling at its Linka Tungsten Project in Nevada has confirmed historical processing recovered most of the tungsten from mined material, with 52 samples returning a thickness-weighted average grade of 0.03% WO₃. The company said the results provide further confidence in the project’s metallurgical characteristics ahead of its maiden reverse circulation drilling program, which is scheduled to begin this month.
Diablo shareholders back transformational Horn Silver acquisition
Diablo Resources (ASX: DBO) has received shareholder approval to acquire an 80% interest in the Horn Silver Project in Utah, clearing the way to complete the transaction and begin exploration. The historic mine produced 17 million ounces of silver and 30,000 ounces of gold, while the broader project hosts multiple drill-ready silver, antimony and copper targets across a district-scale mineralised system.
Tesoro accelerates El Zorro development ahead of DFS
Tesoro Gold (ASX: TSO) has accelerated Definitive Feasibility Study work and development activities at its 1.82Moz Ternera Gold Deposit in Chile, with engineering, permitting, financing and infrastructure workstreams progressing in parallel. The company has strengthened its in-country team, formed a strategic alliance with STRACON Chile, and appointed BurnVoir Corporate Finance to support project funding as it targets delivery of the DFS by the end of 2026.
Ordell identifies extensive gold targets across Goodia
Ordell Minerals (ASX: ORD) has outlined extensive surface gold anomalies across its Goodia Project in Western Australia following a large soil sampling program covering 10 kilometres of strike. The company plans first-pass air-core drilling in the September quarter to test the targets, while recent drilling at the Fisher South Project also identified a gold anomaly extending more than two kilometres and anomalous tungsten mineralisation requiring further follow-up.
Fortuna produces high-grade rutile from Mkanda project
Fortuna Metals (ASX: FUN) has produced a high-grade rutile product exceeding 96% titanium dioxide from initial bulk metallurgical testwork at its Mkanda Rutile and Graphite Project in Malawi. The company said the result supports engagement with potential customers while further analysis of monazite, zircon and graphite continues ahead of additional metallurgical work and early-stage feasibility studies.
