S&P/ASX 200 rises to 8,682.0 as easing Middle East tensions lift sentiment and push oil prices lower
Australian shares rebounded strongly at midday, with the S&P/ASX 200 rising 1.04% to 8,682.0 at 12:28pm AEST after reports the US and Iran had reached a tentative agreement to extend their ceasefire by 60 days. The market recovered from Thursday’s sharp sell-off as investors grew more optimistic that the three-month conflict may be nearing an end. Brent crude eased 0.4% to US$93.33 a barrel amid hopes that energy flows through the Strait of Hormuz could normalise and reduce geopolitical risks.
Materials led the market higher as gold rebounded above US$4,500 an ounce following recent weakness. West African Resources, Ora Banda Mining and Newmont posted strong gains, while BHP also advanced. Financials edged higher, with ANZ, National Australia Bank, Commonwealth Bank and Westpac all trading in positive territory. Energy was the weakest sector as lower oil prices weighed on Woodside Energy and Santos, while the broader market remained on track to finish both the week and month modestly higher.
Argosy Minerals advances Rincon lithium project with high-purity pilot results
Argosy Minerals (ASX: AGY) reported positive pilot plant test work results for its 12,000 tonnes per annum Rincon Lithium Project in Argentina, achieving lithium chloride purity of 99% and maximum lithium recovery of 94.4%. The company said the pilot-scale program confirmed the technical feasibility of its selected processing technology and demonstrated potential for industrial-scale production.
The results support ongoing engineering and feasibility work for the Definitive Feasibility Study, with Argosy pursuing a staged development strategy that initially targets production of crystallised lithium chloride before downstream conversion into battery-grade lithium carbonate or lithium hydroxide. The company said the successful test work provides a stronger basis for refining project design, execution schedules and cost estimates.
Albion completes Gidgee Gold Project acquisition
Albion Resources (ASX: ALB) has completed the acquisition of the Gidgee Gold Project within Western Australia’s Gum Creek Greenstone Belt, a region known for historical and current gold production. The project comprises two exploration licences considered prospective for gold mineralisation based on previous exploration and regional geology.
Management is currently undertaking field activities and exploration planning, with soil sampling results expected shortly. Albion said priority drill targets are scheduled for release in mid-June, with drilling anticipated to commence following final heritage and operational approvals.
Veris secures more than $2 million in new contract wins
Veris (ASX: VRS) secured a series of new contract awards worth more than $2 million across rail infrastructure, energy and digital solutions, including a major rail condition intelligence contract with John Holland Group. The work covers ground penetrating radar, mobile LiDAR surveys and digital data hosting as part of a metropolitan rail renewal program.
The company also won contracts for stadium precinct dilapidation reporting, local government road condition assessments and gas pipeline survey services. Veris said the awards reflect increasing adoption of its proprietary digital platforms and support its strategy of expanding higher-value, recurring digital and advisory revenue streams.
Commercialisation phase begins as 1414 Degrees scales up SiNTL battery materials program
1414 Degrees (ASX: 14D) has commenced the scale-up phase of its SiNTL silicon anode battery materials program, purchasing equipment to produce manufacturer-scale quantities of material and support third-party evaluation and OEM qualification processes. The company said the move marks the transition from laboratory development toward commercial engagement.
The company has also begun discussions with battery manufacturers to develop complete battery cells incorporating SiNTL technology for use in drones, UAVs, satellites and robotics applications. Development work continues toward a target battery capacity of 600mAh/g, which the company said would exceed current commercial silicon-enhanced anode benchmarks and support growing demand in defence and advanced technology markets.
