The Australian sharemarket advanced on Friday, with the S&P/ASX 200 rising 75 points, or 0.86 per cent, to 8,794.7 at 12.05pm AEDT. Mining and technology stocks rebounded from Thursday’s sell-off, with materials gaining 2.6 per cent and technology jumping 4.5 per cent, led by WiseTech and Xero. Meanwhile, consumer staples lagged, with Coles and Woolworths both falling around 0.7 per cent.
In small cap company news:
Latrobe Magnesium targets first metal production by end of 2026
Latrobe Magnesium (ASX: LMG) has reported further progress at its demonstration plant in Victoria, with Phase 1B installation reaching 95 per cent and commissioning 35 per cent complete as of 16 October. The company remains on track to produce its first magnesium metal crowns, with purity exceeding 98 per cent, by the end of 2026. Latrobe Magnesium is also advancing plans for a proposed 50,000-tonne-per-year magnesium plant in South Carolina, United States, supported by non-binding offtake letters of intent totalling 32,000 tonnes annually. The company held $3.4 million in cash at the end of September and is undertaking a fully underwritten $3.4 million entitlement offer as part of its refinancing strategy.
Caprice Resources extends gold mineralisation at Island Gold Project
Caprice Resources (ASX: CRS) has reported further gold drilling results at its Island Gold Project in Western Australia’s Murchison region, extending known mineralisation at several prospects. Results included 4 metres grading 4.05 grams per tonne gold at Baxter and 3 metres at 8.73 grams per tonne approximately 400 metres south of Golconda. The company has also commenced aircore drilling across the western section of the project to test new discovery targets. Approximately 26,500 metres of its planned 50,000-metre drilling program had been completed by 14 October, with additional assay results pending. Caprice remains on track to release its maiden mineral resource estimate in early November 2026.
Gulf Stream Energy identifies two oil discoveries in Louisiana
Gulf Stream Energy (ASX: GSE) has identified two separate oil-bearing zones at its Zydeco Oil and Gas Project in Louisiana, United States, following completion of the Zydeco-1 sidetrack well. Wireline logging identified oil in the Homeseeker B sandstone at approximately 8,935 feet and the shallower Borsum Sand at 3,364 feet. The sidetrack reached a total measured depth of 9,180 feet, while its casing configuration preserves access to the deeper Upper Tweedle gas and condensate exploration target. No flow testing or fluid sampling has yet been undertaken, and further evaluation is required to determine whether the oil discoveries are commercially recoverable. Gulf Stream plans to provide an update on its next evaluation program.
Iondrive advances US rare earth recycling plans with Oklahoma incentive application
Iondrive (ASX: ION) has moved into Oklahoma’s formal qualification process for potential government incentives supporting its first commercial rare earth recycling module in the United States. The Oklahoma Department of Commerce has identified approximately US$5.2 million in potential state and local benefits for the first module, within a broader incentive framework that could exceed US$15 million across three modules. The company’s application to the state’s Quality Jobs program has been accepted for processing, although no incentives have yet been approved or awarded. Iondrive is also pursuing additional government funding opportunities and a proposed US$18 million debt facility under a US Department of Agriculture loan guarantee program, while progressing engineering and commercial development of its first US operation.
S2 Resources begins gold and copper drilling at Warraweena
S2 Resources (ASX: S2R) is preparing to commence diamond drilling at its Warraweena Project in northern New South Wales, targeting gold and copper mineralisation. A drill rig is on site, with up to five holes planned at the T37 gold target to follow up a historical intersection of 4 metres grading 1.1 grams per tonne gold, subsequently re-assayed at 0.75 grams per tonne. The rig will then move to the Lilyfield copper target, where two or three holes are planned to investigate previously identified copper mineralisation. The program is expected to take approximately two months, with gold assay results potentially available before Christmas and copper results anticipated in early 2027.
To hear more from ASX-listed company’s join us at the Uncovering Hidden Gems webinar on 21st October at 12:30pm AEDT. To register go to Sharecafe.com.au.
