Australian shares were lower at midday, with the S&P/ASX 200 falling 0.6% to 8735 at 12:40pm AEST as renewed uncertainty over the Iran conflict pushed oil prices higher and reignited concerns about inflation and interest rates. Brent crude climbed above US$79 a barrel after US President Donald Trump said the ceasefire with Iran was effectively “over”, raising fears of further disruption to global oil supplies.
Materials and financials weighed on the market, with BHP, Newmont and West African Resources declining alongside Commonwealth Bank, NAB, Westpac and ANZ. Energy stocks outperformed as higher oil prices lifted Woodside Energy and Santos, extending the sector’s recent gains.
In small cap company news:
Corazon completes Chalice acquisition to accelerate WA gold growth
Corazon Mining (ASX: CZN) has completed its acquisition of the Chalice Gold Project from Westgold Resources, marking its third Western Australian gold acquisition in less than a year and reinforcing its strategy of becoming an emerging gold developer. The project hosts a JORC Mineral Resource of 191,000 ounces at 2.7g/t gold, with mineralisation remaining open along strike and at depth across four zones. The acquisition was supported by a $16.5 million capital raising, providing funding for an immediate drilling campaign and technical studies aimed at expanding the resource. Westgold has also emerged with a 19.9% shareholding in Corazon, while the project’s proximity to existing processing infrastructure is expected to support future development opportunities.
Golden Deeps prepares deeper drilling at Graceland
Golden Deeps (ASX: GED) is preparing to begin a deeper diamond drilling program at its Graceland Critical Metals Project in Namibia, targeting three high-priority sulphide anomalies identified through induced polarisation surveys. The program follows exceptional historical copper, silver, zinc and germanium results and will test extensions beneath previously identified high-grade mineralisation. Stage one drilling will focus on targets beneath the Gossan 1 and Gossan 1 East zones before expanding to deeper and blind sulphide targets. The company says recent shallow drilling has also intersected further mineralised zones, with assays pending, adding confidence ahead of the next phase of exploration.
Odyssey study highlights strong economics at Tuckanarra
Odyssey Gold (ASX: ODY) has released a Stage 1 Scoping Study for its Tuckanarra Gold Project in Western Australia, outlining a low-capex development capable of producing around 79,000 ounces of gold over a 29-month mine life. The study estimates initial capital of approximately $7 million and pre-tax cashflows of around $180 million based on a gold price of A$6,000 an ounce. The project benefits from existing mining approvals and a conditional toll treatment agreement with the nearby Kirkalocka processing plant, allowing a potential fast-track development pathway. Odyssey has now commenced a Stage 1 Feasibility Study while continuing resource growth and mine life extension work across the broader 451,000-ounce Tuckanarra resource.
Future Metals strengthens Panton resource for development
Future Metals (ASX: FME) has upgraded the Mineral Resource Estimate for its Panton PGM Project in Western Australia to 82.3 million tonnes at 1.6g/t platinum equivalent for 4.24 million ounces. The updated resource incorporates new optimisation work using Net Smelter Return modelling and provides a stronger technical foundation for the company’s planned Scoping Study. The revised estimate includes both open pit and underground resources and confirms Panton as one of Australia’s highest-grade platinum group metal projects. Future Metals plans targeted infill drilling to increase the proportion of Indicated resources as it advances the project towards development.
Freehill partners with Austral Gold on Chile copper strategy
Freehill Mining (ASX: FHS) has signed a non-binding memorandum of understanding with Austral Gold to jointly identify, assess and develop copper and copper-gold opportunities in Chile. The partnership combines Austral’s technical and operational expertise with Freehill’s expanding copper portfolio as the company seeks to accelerate project development. The agreement complements Freehill’s existing Joshua and Blanco y Negro copper-gold projects while leaving its growing aggregates business unaffected. Management says the collaboration is expected to support the company’s strategy of building a portfolio of low-capex copper projects alongside its established revenue-generating operations.
