Australian shares edged higher on Monday, with the S&P/ASX 200 up 0.28 per cent to 8,689.5 at 12:26 pm AEST. Seven of the 11 sectors traded higher, with the major banks helping lead the gains. Oil rose to around US$106 a barrel as Iran maintained its demands for reopening the Strait of Hormuz, raising concerns about further delays to the reopening of the key global shipping route.
In small cap company news,
Hawsons Iron advances hematite recovery testwork
Hawsons Iron (ASX:HIO) has reported results from testwork investigating the recovery of additional iron from the non-magnetic waste stream at its Hawsons Iron Project near Broken Hill. Testing recovered 75 per cent of the iron while rejecting 59.6 per cent of silica and 67.5 per cent of alumina, supporting further work targeting a 55–60 per cent iron hematite concentrate. The follow-up program will run alongside the project’s planned Feasibility Study and is not expected to affect its timing.
D3 Energy expands South African helium footprint
D3 Energy (ASX:D3E) has been awarded five new Technical Cooperation Permits in South Africa’s Free State Province, adding approximately 47,000 acres of prospective helium and methane acreage. The permits are adjacent to the company’s existing holdings and will initially involve geological and geophysical studies, with D3 Energy anticipating applications for full Exploration Rights following completion of the work.
Otto Energy proposes $20 million capital return
Otto Energy (ASX:OEL) plans to return approximately $20 million to shareholders from existing cash reserves, equivalent to $0.417 per share following a proposed 100-for-one share consolidation. Both proposals are subject to shareholder approval at the company’s AGM on 13 November, with the capital return currently scheduled for payment on 15 December.
Micro-X secures US funding to advance baggage scanner
Micro-X (ASX:MX1) has secured a US$750,000, or approximately A$1.05 million, contract extension from the US Department of Homeland Security to advance its Miniaturised CT Baggage Scanner. The eight-month extension will fund an upgraded scanner aimed at faster imaging, easier manufacturing at scale and simpler deployment, moving the technology closer to a commercial product.
Octava Minerals to acquire Argentine fluorspar project
Octava Minerals (ASX:OCT) has entered into an agreement to acquire the West Sierra Grande Fluorspar Project in Argentina, covering 400 square kilometres and including four historical fluorite-producing mines. The company has also secured commitments to raise approximately $1.8 million through a placement and plans to offer eligible shareholders a security purchase plan of up to $500,000, with funds to support exploration and due diligence at the project.
To hear more from ASX listed companies Clever Culture Systems, Unity Metals, Cambium Bio, Latrobe Magnesium and Immutep, join us for the Uncovering Hidden Gems webinar on 30th Sept at 12:30pm AEST.
