Break it Down: Mammoth hits the ground running at new US gold projects
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AU Financial Review
2 hours ago
- AU Financial Review
Amaero Limited (ASX 3DA) preps $50m cash call; BJ on ticket
It's shaping up to be an earnings season full of equity raises – at least on the smaller end of the ASX. Street Talk understands Amaero Ltd, a US-based manufacturer of niobium and titanium compounds for the defence, space and aviation industries, had Barrenjoey's bankers crossing fund managers for a cash call on Tuesday afternoon.
Perth Now
3 hours ago
- Perth Now
Healthcare giant's $21bn loss sinks ASX200
Australia's sharemarket snapped a six-day winning streak after pharmaceutical giant CSL had its worst day of trading on record after announcing a disappointing earnings update. The ASX 200 index dropped 63.10 points or 0.70 per cent to 8,896.20 while the broader All Ordinaries fell 59.70 points or 0.65 per cent to 9,173.80 The Australian dollar slipped 0.14 per cent to 64.85 US cents. Seven of the 11 sectors ended higher but a slump in the healthcare sector led to the market downturn. The ASX 200 slumped on CSL's results. NewsWire / Max Mason-Hubers Credit: News Corp Australia Healthcare stocks fell 8.73 per cent, led by CSL shares which slumped 16.89 to $225.50 its biggest ever one day fall, despite reporting underlying profits were up 14 per cent to $3.3bn. This was a fall of around $21bn in market cap. Shares plunged in the healthcare giant after it announced it would cut 3000 global roles costing $770m initially before helping the business save $500m-$550m over three years. CSL also announced its intention to demerge its influenza prevention vaccines-focused unit known as Seqirus into a separate ASX-listed business in 2026. It will also combine the commercial and medical operations of its core blood plasma and iron deficiency businesses into one unit. eToro market analyst Josh Gilbert said while the restructuring comes with a sizeable one off cost, the move is expected to sharpen the group's focus on its high-growth plasma and kidney care business. 'For investors, the view here is that CSL is trying to create a clearer business structure and improve investor returns. However, markets hate uncertainty, and this shake-up brings plenty of it,' he said. 'These are huge changes that come with execution risk, and in my view, the market will react poorly to the news short term.' Overall seven of the 11 sectors finished higher. NewsWire / Max Mason-Hubers Credit: News Corp Australia Australia's second-biggest company BHP jumped 1.57 per cent to $42.12 after the business delivered its latest financial update. The company reported underlying profits of $US10.2bn ($A15.7bn), a 26 per cent fall compared with last year. Revenues came in at $US51.3bn ($A79bn), an 8 per cent fall in 2024. Despite falls in revenue and earnings, chief executive Mike Henry called the results 'a strong performance'. 'FY25 was another strong year for BHP, marked by record production, continued sector-leading margins and disciplined capital allocation,' he said. 'Safety remains our highest priority and we achieved year-on-year improvements across key metrics.' Shares in iron ore rivals Rio Tinto and Fortescue were down 0.22 and 0.15 per cent respectively. Financials were a brighter spot, with all four banks gaining. CBA added 0.51 per cent to $171.05, Westpac gained 0.65 per cent to $37.31, NAB jumped 0.77 per cent to $40.54 and ANZ finished 0.61 per cent higher to $32.77. In company news, Seek was one of strongest performers on the ASX 200 after it announced an increase in revenue despite fewer job ads, leading to a 7.99 per cent bounce to $27.72. Australia's largest manufacturer and distributor of 4x4 accessories ARB shares marched 8.55 per cent higher to $39.49 after the business told the market sales revenue was up 5.3 per cent to $729.9m, while net profits after tax were down 5 per cent to $97.5m. Judo Capital also eked out a gain of 0.29 per cent to $1.75 after full-year profits were up 24 per cent to $86.4m, on the back of a lift to its all important net interest margin. Reliance Worldwide shares fell 6.74 per cent to $4.29 despite the business announcing sales were up 5.5 per cent and reported net earnings after tax jumped 13.5 per cent to $US125m ($192m).
Sydney Morning Herald
4 hours ago
- Sydney Morning Herald
Locksley maps rare earths-antimony as US unveils $1B minerals push
Locksley Resources is shifting its United States exploration campaign into a higher gear. The company has deployed a structural geology crew to its Mojave critical minerals project in California just as Washington rolls out a US$1 billion (A$1.5 billion) push to shore up domestic supply chains. The work, which kicked off on Sunday, involves mapping, sampling and modelling across four key zones to potentially extend the project's rare earth and antimony footprint. Among the focal points is the historic Desert antimony mine, where surface grades have previously returned up to 46 per cent antimony and more than a kilogram of silver per tonne. Management says the latest campaign aims to flesh out fresh drill targets by combining boots-on-the-ground mapping with multi-element rock chip assays. The work will also expand the 3D geological model at the Desert mine to zero in on structures capable of hosting economic mineralisation. Against a backdrop of fast-moving US policy, which appears increasingly tailored to projects such as Mojave, the timing of Locksley's latest exploration round could not be better. Last week, the US Energy Department announced a US$1 billion funding package squarely aimed at securing domestic supply of rare earths, antimony and other critical minerals. 'US policy settingS are shifting strongly in favour of projects like ours, with substantial Department of Energy funding initiatives.' Locksley Resources chairman Nathan Lude said Locksley says the programs announced under the package are a neat fit for its processing strategy, opening the door to non-dilutive funding for pilot-scale development. The company has also applied to join the Critical Materials Institute - a high-profile US research hub backed by the department - and has engagements locked in with the Export-Import Bank and the Interior Department. Both departments can help fast-track financing and permits, using tools such as the Defense Production Act and FAST-41 to speed up projects seen as vital to the country. Locksley Resources chairman Nathan Lude said: 'The deployment of our structural geology team for the second time in 2025 marks an important milestone in advancing Mojave. At the same time, US policy settings are shifting strongly in favour of projects like ours, with substantial Department of Energy funding initiatives, supportive permitting frameworks and direct engagement opportunities with EXIM Bank and the Department of Interior.' The Mojave project covers more than 250 claims across two contiguous blocks, one of which rubs shoulders with MP Materials' Mountain Pass mine – America's only operating rare earth producer. With geological continuity stretching into Locksley's ground, management is keen to test out Mojave's potential for delivering similar results.
