The S&P/ASX 200 gained 0.43 per cent to 8,698.20 at 12.10pm AEDT on Friday, despite overnight losses on Wall Street. The Nasdaq Composite fell more than 1 per cent, partly following a report raising concerns about OpenAI’s revenue generation. Eight of the 11 sectors were trading higher, led by technology, utilities and consumer discretionary stocks. Materials and communication services recorded the steepest declines, with BHP and Telstra weighing on their respective sectors.
In small cap company news,
Chilwa Minerals advances drilling at Mpyupyu West discovery
Chilwa Minerals (ASX:CHW) has completed approximately 80 per cent of its initial resource drilling program at the Mpyupyu West heavy mineral sands prospect in Malawi. A total of 218 holes covering 2,292 metres have been drilled across a target area exceeding 17 square kilometres, with geological logging and on-site panning indicating consistent mineral-bearing layers averaging approximately 8.6 metres thick. The company expects to complete the initial 272-hole program in October before moving to closer-spaced drilling. Laboratory results are expected in late October to determine heavy mineral content, with a maiden exploration target planned thereafter. Click here for the full announcement.
Mastermyne wins mining services contract worth up to $240 million
Mastermyne Group (ASX:MYE) has secured a new mining services contract supporting the proposed restart and ongoing operation of the Tahmoor coal mine in New South Wales. The initial two-year agreement is expected to generate approximately $80 million in gross revenue, with two optional two-year extensions potentially increasing the total contract value to $240 million over six years. The contract will create approximately 160 roles and expand Mastermyne’s existing operations in the Illawarra region, where it also services the Appin and Dendrobium mines. Following mobilisation, the company’s total workforce is expected to exceed 1,000 employees.
Environmental Clean Technologies advances production of defence materials
Environmental Clean Technologies (ASX:ECT) has reported the successful initial production of MXene, an advanced material used in electromagnetic shielding and defence coatings, through its proposed acquisition target Xenica. The material was produced using Flash Joule Heating technology under a research and engineering agreement with Metallium. Independent laboratory analysis showed results consistent with MXene formation, with two initial production runs completed. The company will now focus on improving production consistency, testing material against defence specifications and preparing samples for potential customers. The work remains at an early development stage, with repeatable commercial-scale production yet to be demonstrated.
Pioneer Minerals secures option over high-grade gold and copper project in Argentina
Pioneer Minerals (ASX:PMM) has entered into staged option agreements to acquire the San Francisco Gold-Copper-Silver Project in Argentina’s San Juan Province. Historical drilling at the project returned significant mineralisation, including 109 metres at 4.94 grams per tonne gold, 109 grams per tonne silver and 1.13 per cent copper from 12 metres. The broader project contains more than 70 historically mapped mineralised and unmineralised breccia structures and over 130 veins, with most yet to be drill tested. Pioneer plans to review historical drilling data, develop a geological model and identify further exploration targets. The proposed acquisition remains subject to staged conditions and shareholder approval, while the company has also secured commitments for a $1.8 million capital raising, subject to approvals.
Li-S Energy signs battery collaboration agreement for Australian defence drones
Li-S Energy (ASX:LIS) has signed a collaboration agreement with Melbourne-based Safesky Systems to evaluate its Australian-made lithium-sulfur batteries for use in tactical defence drones. The agreement, announced at Land Forces 2026 in Perth, will see the companies jointly test and integrate Li-S Energy’s battery cells and packs into Safesky’s drone platforms. The company’s next-generation batteries offer almost twice the energy density of conventional lithium-ion technology, with the potential to extend flight range, operating time and payload capacity. Initial design evaluations are expected to begin during the December quarter, followed by battery integration and flight testing. Any future commercial supply agreement will depend on successful testing and customer procurement decisions.
