Australian shares are little changed at midday, with the S&P/ASX 200 down marginally at 8950.9 at 12.20pm AEST, as markets consolidate gains following the previous session’s rally. Sentiment remains cautious as investors assess developments around a potential diplomatic resolution to the Iran conflict, with reports of ceasefire breaches adding to uncertainty. Oil prices are slightly higher, with Brent crude around US$97 a barrel.
Across the sectors, technology stocks are weaker as investors take profits following recent gains, while materials are also lower with gold prices retreating. Energy stocks are stronger in line with higher oil prices. In company news, Bendigo and Adelaide Bank flagged workforce changes, Charter Hall secured a new institutional mandate, Sandfire Resources expects production at the lower end of guidance, and Mesoblast updated on product sales.
In other company news,
Pacgold delivers maiden gold production at White Dam project
Pacgold (ASX: PGO) reported first gold production at its White Dam Project in South Australia, marking its transition from explorer to producer. Initial output of around 60 ounces was recovered during the first 14 days following plant recommissioning, with additional production cycles planned ahead of first doré shipment later this month. The company is ramping up operations, with re-crushed ore now under irrigation and processing capacity increasing toward targeted throughput levels.
Dalaroo begins large-scale soil program targeting 9km gold corridor
Dalaroo Metals (ASX: DAL) commenced a 4,400-sample soil geochemistry program at its Bondoukou Project in Côte d’Ivoire, targeting a ~9km structural gold corridor. The program is designed to define strike continuity and identify new drill targets, building on previously identified mineralisation including high-grade rock chip results. Early fieldwork has begun, with initial sampling underway and results expected to support trenching and maiden drilling campaigns.
Condor Energy moves to full ownership of offshore Peru asset
Condor Energy (ASX: CND) entered a binding agreement to acquire the remaining 20% interest in its TEA 86 permit offshore Peru, moving to 100% ownership subject to approvals. The transaction consolidates control over the Tumbes Basin asset and is structured via performance shares linked to licence conversion. Full ownership is expected to streamline partnering discussions and support progression of exploration and development activities across the project.
