Australian shares traded lower at midday on Friday, with the S&P/ASX 200 down 25 points, or 0.27 per cent, to 9,246.6 at 12.10pm AEST. The market pulled back from recent record highs as renewed uncertainty over the Strait of Hormuz lifted Brent crude towards US$80 a barrel, following Iran’s proposal to restrict US and Israeli ships under a potential deal with Qatar.
Financials led the declines, with all four major banks weaker ahead of next week’s earnings, while healthcare also fell as ResMed dropped after flagging price increases to offset inflation. Energy was the standout, supported by gains in Woodside and Santos as oil prices rose. Investors are also awaiting US nonfarm payrolls tonight, which could influence expectations for the Federal Reserve’s next interest rate move.
In small cap company news:
Lycopodium wins $93m contract for Blackwater expansion
Lycopodium (ASX: LYL) has been awarded an Engineering, Procurement and Construction Management contract worth approximately $93 million for Artemis Gold’s Expanded Phase 2 project at the Blackwater Mine in British Columbia, Canada. The expansion will add 13 million tonnes per annum of throughput, lifting total capacity to 21 million tonnes per annum and potentially making Blackwater one of Canada’s three largest gold mines. The contract extends Lycopodium’s involvement at Blackwater, where it has provided EPCM services for Phase 1A and previously completed feasibility and front-end engineering work for the latest expansion. Early construction is already underway, with the first concrete pour for the ball mill foundations completed ahead of schedule.
RocketDNA secures $1m BMA drone contract extension
RocketDNA (ASX: RKT) has received purchase orders worth approximately $1 million from BHP Mitsubishi Alliance to extend autonomous drone operations across its Bowen Basin coal mines. The extension will continue the existing operations for at least three months through to October 2026. The program is described by RocketDNA as one of Australia’s largest continuous autonomous drone deployments and uses the company’s xBot fleet supported by its Skylink and SiteTube software. RocketDNA provides autonomous drone-based geo-data and AI services across the mining, agriculture and critical asset sectors.
Invictus Energy confirms November spud for Musuma-1
Invictus Energy (ASX: IVZ) has confirmed its high-impact Musuma-1 exploration well in Zimbabwe will spud in November 2026 after executing a revised drilling agreement with Exalo Drilling. The agreement secures Exalo Rig 202, with rig preparation, well services procurement and mobilisation activities progressing as the drilling campaign moves into its execution phase. Musuma-1 will target an estimated gross mean unrisked prospective resource of 1.2 trillion cubic feet of gas and 73 million barrels of condensate. The well will be the first high-impact exploration well drilled outside the Mukuyu gas-condensate discovery area and is designed to test a new play type that could expand the resource potential of the Cabora Bassa Basin.
Rimfire Pacific Mining raises $2.3m to accelerate scandium strategy
Rimfire Pacific Mining (ASX: RIM) has secured commitments for a $2.3 million placement alongside a leadership restructure aimed at accelerating development of its scandium portfolio. Experienced mining executive Bronwyn Barnes will become Executive Chair from 1 September, while current Managing Director and CEO David Hutton will transition to Technical Director to focus on exploration, resource development and technical studies. The placement will issue 287.5 million shares at 0.8 cents each, with directors and management committing $585,000. Funds will support expanded drilling, resource growth, metallurgical work and the advancement of Rimfire’s low-iron processing methodology as the company seeks to position itself as an Australian pure-play scandium developer.
Omega Oil & Gas advances Canyon-3 towards key drilling results
Omega Oil & Gas (ASX: OMA) says drilling at its Canyon-3 appraisal well in Queensland’s Taroom Trough is progressing safely and on schedule, with initial results expected within two weeks. The well, the first in Omega’s fully funded 2026/27 appraisal campaign, was drilling at 2,570 metres, with the targeted Permian section expected at approximately 3,200 metres and total depth planned at around 3,900 metres. Located 10 kilometres southeast of Canyon-1/1H, Canyon-3 is testing the hydrocarbon distribution and reservoir quality across the eastern flank of the Taroom Trough. Omega plans to combine results from Canyon-3 and Canyon-4 with previous drilling and seismic data to assess the extent of the oil-bearing Canyon sandstone reservoir across an area of approximately 200 square kilometres.
