The Australian sharemarket recovered from early losses on Monday, with the S&P/ASX 200 gaining 0.12 per cent, to 8,805.4 at 2.07pm AEDT. Materials and energy stocks advanced, helping offset weakness in consumer stocks and financials. All four major banks fell more than 1 per cent earlier in the session, with Westpac down 1.4 per cent. The recovery followed a weaker session on Wall Street as investors prepared for a busy week of Australian inflation data, US corporate earnings and the Federal Reserve’s interest rate decision. The ASX 200 remains more than 5 per cent below its August record high amid concerns about the cost of artificial intelligence investment. Meanwhile, Elon Musk said SpaceX had secured a US$40 billion debt deal to finance chips for its AI expansion.
In small cap company news,
AML3D secures $2.2 million 3D printing order from Northrop Grumman
AML3D (ASX: AL3) has secured an approximately $2.2 million order from US defence contractor Northrop Grumman Marine Systems for a large-scale ARCEMY X metal 3D printing system. The equipment will support manufacturing within the US Navy’s submarine industrial base and will be installed at Northrop Grumman’s facility in Sunnyvale, California. The contract includes a two-year maintenance and services package, with installation expected in the fourth quarter of FY2027. The agreement marks AML3D’s first order from Northrop Grumman and brings its contracted ARCEMY systems in the United States to 17, strengthening its position in the US naval manufacturing supply chain.
FBR demonstrates Mantis welding robot to Samsung Heavy Industries
FBR (ASX: FBR) has demonstrated its Mantis industrial welding robot to a delegation from South Korea’s Samsung Heavy Industries, one of the world’s largest shipbuilders. Four technical specialists attended FBR’s Western Australian facility to observe the robot completing welding tasks representative of shipbuilding applications. The demonstration covered the full process, from programming using FBR’s AI-powered Weld Creator software through to welding and inspection. Samsung representatives indicated they would examine opportunities to integrate further automation into their production processes. FBR said the demonstration forms part of its international customer engagement program ahead of the first Mantis unit being shipped to a US customer. No new commercial order was announced.
LCL Resources signs second Rio Tinto farm-in agreement in Papua New Guinea
LCL Resources (ASX: LCL) has signed a binding farm-in and joint venture term sheet with Rio Tinto Exploration, allowing Rio Tinto to earn up to an 80 per cent interest in the Liamu copper-gold project in Papua New Guinea. Rio Tinto can initially earn 51 per cent by funding at least $6 million in exploration, including 3,000 metres of drilling, within five years. A further $40 million in expenditure, or the achievement of specified resource and study milestones, could increase its interest to 80 per cent. Exploration will target the Dada porphyry discovery and high-grade Ubei prospect. This is the second agreement between the companies in PNG, following their Ono Project farm-in earlier this year.
Lotus Resources secures final permits for first Kayelekera uranium export
Lotus Resources (ASX: LOT) has secured the final key transport and export authorisations required for its first uranium shipment from the Kayelekera mine in Malawi. The approvals cover transportation through Zambia and Namibia, allowing the company to progress an initial shipment of approximately 145,000 pounds of uranium oxide concentrate. Road haulage has been mobilised, with the product expected to leave the mine within a week and depart Namibia’s Walvis Bay port during November. The shipment is destined for Orano’s conversion facility in France. Routine shipment-specific inspections and notifications remain underway, but the company says the principal regulatory approvals are now in place.
Pinnacle Minerals moves to acquire five US tungsten projects alongside $1.3 million placement
Pinnacle Minerals (ASX: PIM) has entered a binding agreement to acquire APT Tungsten, which holds an exclusive option over five tungsten exploration projects in Utah, United States. The portfolio comprises 199 mining claims covering approximately 4,000 acres, including historical tungsten workings. Pinnacle has also announced a proposed placement of up to $1.3 million, with American Tungsten & Antimony (ASX: AT4) committing approximately $412,000, subject to the relevant approvals and conditions. The acquisition will be funded through shares and performance securities, rather than cash. Pinnacle plans to begin exploration at its priority Hero project in January 2027, subject to completion of the transaction and shareholder approval.
Western Mines Group increases Mulga Tank nickel resource to 7.2 million tonnes
Western Mines Group (ASX: WMG) has reported a 35 per cent increase in its Mineral Resource Estimate at the Mulga Tank nickel project in Western Australia’s Eastern Goldfields. The updated JORC-compliant resource totals 2.65 billion tonnes grading 0.27 per cent nickel, containing approximately 7.2 million tonnes of nickel, alongside 347,000 tonnes of cobalt, 205,000 tonnes of copper and 1.6 million ounces of platinum and palladium. The estimate incorporates 32 additional drill holes, lifting the Indicated resource by 98 per cent to 1.12 billion tonnes. The company says mineralisation remains open in several directions, with the updated resource to inform its initial scoping study assessing potential development options.
