The Listed Podcast

The ASX Daily Friday, 22 May 2026

Top Stories ARU — Arafura launches A$350M placement and A$25M SPP at A$0.26/share to fully fund Nolans Rare Earths Project The day after making its Final Investment Decision, Arafura Rare Earths has launched a two-tranche A$350 million institutional placement at A$0.26 per share to fully fund the equity component of the Nolans Project. Hancock Prospecting is anchoring the raise with an A$85 million commitment, taking a roughly 17.5% post-placement stake — serious institutional conviction from one of Australia’s most credible mining investors. Combined with prior equity raises and binding commitments from sovereign-backed institutions across four nations, pro forma cash hits approximately A$911 million upon settlement. A A$25 million SPP is also open for eligible retail shareholders. With 93% of binding offtake targets secured and construction starting September 2026, Australia’s first integrated ore-to-oxide rare earths project is now fully funded. GYG — GYG exits US market immediately, takes US$30-40M hit but upgrades Australia EBITDA guidance to $85M Guzman y Gomez is pulling the plug on all US operations in Chicago with immediate effect — the company says sales momentum was insufficient and financial performance missed every hurdle. The exit will cost GYG a one-off P&L charge of US$30 to $40 million in FY26, though cash exit costs are capped at US$15 million — painful but contained. The more important number for investors is the silver lining: Australian segment underlying EBITDA guidance upgraded to approximately $85 million for FY26, representing 29% growth on the prior year. The domestic business is clearly firing and the strategic focus is now squarely back on Australia and its profitable international master franchise markets in Singapore and Japan. STG — Straker Limited halted pending investigation into US bank account transaction anomalies Straker Limited has called an immediate trading halt while it investigates transaction anomalies discovered in its US bank accounts. No further details have been disclosed, but a halt triggered by potential financial irregularities — rather than a routine capital raise or corporate transaction — is a serious red flag for investors. The halt remains in place until at least Tuesday 26 May. This is one to watch very carefully over the long weekend. Mid-Tier Movers IMU — Imugene’s off-the-shelf CAR T therapy azer-cel delivered an 81% overall response rate across 16 evaluable patients with relapsed or refractory blood cancers — with 100% response rates in four subtypes including CLL and follicular lymphoma. The data has been accepted as an ASCO 2026 abstract with an oral presentation on 29 May in Chicago, a major stage for biotech visibility, and a new combination cohort pairing azer-cel with a BTK inhibitor has been opened targeting a global market worth approximately US$12 billion. MPK — Many Peaks Minerals raised A$27.5 million at $0.90 per share — only a 3.2% discount to last close — to advance its Ferké Gold Project in Côte d’Ivoire, funding a pre-feasibility study targeted for Q4 2026 and more than 35,000 metres of drilling to grow the existing 1.32 million ounce gold resource. Post-raise cash exceeds A$33 million against a market cap of roughly A$151 million — well capitalised to execute. DTI — The Morris Family Trust’s takeover of DTI Group is closing fast. The offer shuts on 29 May with no extension, the bidder already controls between 75% and 90% of shares, and if the 90% compulsory acquisition threshold is crossed the company will be delisted from the ASX entirely. Regardless of the final tally, the entire DTI board is being replaced — remaining shareholders need to act before next Friday. TUA — Tuas Limited has walked away from its acquisition of Singapore telco M1 Limited after conditions precedent failed to be met by the extended Long-Stop Date of 21 May — a deal first announced back in August 2025 has now officially lapsed. Complicating matters further, Simba Telecom is cooperating with a regulatory investigation by Singapore’s IMDA into potential breaches of telecommunications law. GRL — Godolphin Resources is spinning out its Narraburra Rare Earths Project into a new separately listed entity called Matrix Critical Minerals, with MST Financial appointed as lead manager for an ASX IPO targeted in the second half of 2026. The project hosts a 94.9 million tonne JORC resource rich in heavy rare earths dysprosium, terbium and yttrium — commodities that surged in strategic value following China’s 2025 export controls. Existing GRL shareholders are in line for an in-specie distribution plus a priority IPO allocation. VFY — Vitrafy Life Sciences hit a significant IPO milestone with its platelet cryopreservation technology exceeding all FDA and European regulatory standards in a US Army validation study — a 94.4% post-thaw platelet recovery rate using a 3% DMSO no-wash protocol. This activates the pathway to FDA medical device registration for its GUARDION platform, targeted for the first half of FY27. Rapid Fire * MYX — Mayne Pharma was awarded over $13.27 million in legal costs after successfully defending proceedings brought by Cosette Pharmaceuticals over a terminated scheme — a clean win with a meaningful cash recovery, with interest still to be determined. * MND — Monadelphous secured approximately $120 million in new contracts spanning two Rio Tinto Pilbara appointments, a battery storage project at Fortescue’s Cloudbreak mine, and a maintenance panel at Port Waratah Coal Services in Newcastle. * ORN — Orion Minerals raised $15.4 million via placement at 2.2 cents per share to fast-track its South African copper assets, including early works at the Prieska Copper Zinc Mine, while finalising a US$250 million Glencore financing facility. * AS1 — Asara Resources delivered standout gold hits at its Kada project in Guinea, including 40 metres at 4.5 g/t gold, confirming a high-grade northeast extension beyond the current resource envelope with five rigs in the ground. * FXG — Felix Gold confirmed near-surface gold and antimony mineralisation in Alaska, with a best intercept of 29.26 metres at 2.16 g/t gold from just 13.4 metres depth and antimony grades up to 20.85%. * HLX — Helix Resources acquired a 50% stake in a West Pilbara gold-lithium project sitting just 4 kilometres from the Andover Lithium discovery that SQM and Hancock Prospecting acquired for roughly $1.7 billion. * PCK — PainChek raised $5.5 million in convertible notes to accelerate its US aged care expansion, capitalising on a new agreement covering 350 Sabra aged care homes in North America. * NX1 — Nexalis Therapeutics called a trading halt pending an announcement related to its existing debt funding facility. No details yet — debt facility news can cut either way and is worth monitoring from Tuesday. ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com [https://thelisteddigest.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

The ASX Daily Thursday, 21 May 2026

Top Stories ARU — Arafura Rare Earths makes Final Investment Decision to build Australia’s first fully integrated ore-to-oxide rare earths project Arafura Rare Earths has made a Final Investment Decision on the Nolans Rare Earths Project in the Northern Territory — a landmark moment for Australia’s critical minerals industry. The project is backed by binding commitments from sovereign-backed institutions across four nations, with offtake agreements locked in with Hyundai, Kia, Siemens Gamesa and Traxys. Construction is targeting a September 2026 start under EPCM contractor Hatch, and Export Finance Australia has issued a non-binding Letter of Support for up to 500 tonnes per annum of NdPr Oxide under Australia’s Critical Minerals Strategic Reserve. This is Australia’s first fully integrated ore-to-oxide rare earths operation — a project years in the making that now has the green light. EQT — ASIC files civil proceedings against Equity Trustees subsidiary over First Guardian Master Fund ASIC has filed civil proceedings in the Federal Court against Equity Trustees Superannuation Limited over its role as trustee of the First Guardian Master Fund, seeking civil penalties, compensation and costs. Member losses through ETSL’s fund alone total approximately $70 million, part of an estimated $446 million in overall First Guardian investor losses. ETSL says it will defend the allegations, characterising First Guardian as primarily a case of alleged widespread fraud and arguing other parties should be the focus. This is a significant regulatory action with major implications for trustee accountability in Australia’s superannuation sector. MM1 — Midas Minerals delivers exceptional copper-silver drill results at Namibia’s T-13 deposit, with intercepts up to 20.9% CuEq Midas Minerals has reported spectacular infill drilling at its T-13 Copper-Silver Deposit in Namibia — intercepts including 50.6 metres at 7.81% copper equivalent and an eye-catching 14.4 metres at 20.9% copper equivalent, including 13.53% copper and 389 g/t silver. Infill drilling is confirming strong grade continuity in the Main Zone, while a first hole 600 metres away at T-13 West is opening up additional high-grade potential. Five drill rigs are active across the broader Otavi project with a sixth planned shortly and a resource estimate update expected later in 2026 — these are the kinds of grades that turn heads in the copper market. Mid-Tier Movers HGO — Hillgrove Resources secured an 80% earn-in to Havilah’s Mutooroo Copper Project in South Australia — a 12.5 million tonne resource grading 1.53% copper — via staged payments totalling up to $40 million. The smart angle is Hillgrove’s existing Kanmantoo processing facility, creating a lower-capital pathway with ore potentially railed directly for processing, fully funded from cashflow. BTR — Brightstar Resources is on the cusp of a Final Investment Decision for its 1.5 million tonne per annum Laverton Processing Plant, with construction due to start June 2026 and first gold targeted for the June quarter 2027. The project targets approximately 75,000 ounces of gold per annum for six years, with a 2.5 million tonne per annum expansion study also underway. GNG — GR Engineering executed a $229 million EPC contract with Genesis Minerals for the Tower Hill Gold Project in Western Australia — a 3.5 to 4 million tonne per annum gold processing facility. A significant contract win for GR Engineering and a further milestone in Genesis Minerals’ accelerating growth trajectory in the WA goldfields. NOV — Novatti’s Alipay integration at UNSW has generated $33.6 million in gross transaction value and $0.5 million in revenue since launching in October 2025, enabling Chinese international students to pay tuition in yuan settled to the university in Australian dollars. UNSW is just the first of more than 30 Xetta-powered tertiary institutions eligible for the service — the Australian education payments opportunity here is substantial. KNI — Kuniko delivered standout Phase 1 diamond drilling results at Commonwealth-Silica Hill in NSW — 7.1 metres at 8.4 g/t gold and 42 g/t silver, plus a 100-metre step-out at Silica Hill returning 3.4 metres at 4.1 g/t gold and a remarkable 2,947 g/t silver. A diamond rig is secured for Phase 2 commencing early July, targeting larger step-out extensions and deeper high-grade zones. AVE — Avecho Biotechnology completed the treatment phase for all 244 participants in the interim analysis cohort of its pivotal Phase III insomnia trial, with the first efficacy readout expected in late June 2026. The company already holds a commercial partnership with Sandoz AG for Australia worth up to US$19 million including milestones — the interim data could be a significant catalyst. Rapid Fire * DPM — DPM Metals hit 58 metres at 15.28 g/t gold equivalent at Bulgaria’s Chelopech mine — more than double the current reserve grade — with an initial resource estimate targeted by year-end 2026 and preliminary metallurgy confirming compatibility with existing plant infrastructure. * WWI — West Wits Mining executed a binding term sheet for a ZAR 875 million — roughly USD 53 million — senior loan facility with Absa Bank and Nedbank CIB to fund development of its Qala Shallows Gold Project in South Africa, which poured its maiden gold in March 2026. * EOS — Electro Optic Systems completed its acquisition of MARSS, a counter-drone command and control business whose NiDAR system is actively protecting critical assets in the Middle East — expanding EOS’s defence division into the fast-growing counter-UAS market. * ADO — AnteoTech’s Ultranode 95 silicon anode technology was independently validated in commercial-format drone battery cells, delivering over 390 watt-hours per kilogram — more than 40% higher than graphite — and exceeding defence drone cycle targets, with JDA discussions underway with two US drone battery manufacturers. * AGN — Argenica Therapeutics cleared its second FDA hurdle for stroke drug ARG-007 with a clean Mouse Lymphoma Assay — only the hERG cardiac safety assay now stands between the company and a full clinical hold response to resume its US Phase 2b trial. * IFM — The Takeovers Panel declined to block IFM’s off-market takeover bid for Atlas Arteria, clearing a key regulatory hurdle for the deal to proceed at up to $5.10 per security after ASIC granted relief and IFM provided undertakings addressing the Panel’s conditional pricing concerns. * ABG — Abacus Group has been placed in a trading pause by ASX pending a material announcement — watch this space for what could be a capital raise or significant corporate event. ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com [https://thelisteddigest.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

The ASX Daily Wednesday, 20 May 2026

Top Stories EOS — EOS raises A$190M via institutional and strategic placements at A$8.00 per share to fund MARSS acquisition Electro Optic Systems has completed a fully underwritten A$150 million institutional placement and announced an additional A$40 million strategic placement to Abu Dhabi-based defence firm Calidus and another institutional investor — all at A$8.00 per share. The Calidus placement is subject to shareholder approval at an EGM expected in late June, and a further A$25 million share purchase plan is on offer for eligible retail investors. Combined with a secured term loan, the raise funds the MARSS acquisition and leaves EOS with a pro-forma net cash balance of approximately A$235 million. The Abu Dhabi strategic angle is notable — a Middle Eastern defence firm taking a stake in EOS at exactly the moment MARSS is landing €102 million in Middle East orders is not a coincidence. GNP — GenusPlus raises A$200M via institutional placement to fund transformational MPC Kinetic acquisition GenusPlus has secured firm commitments for a A$200 million single-tranche placement at A$9.25 per share — just a 5% discount to last close — to partly fund its acquisition of MPC Kinetic Holdings, announced just two days ago. The tight discount on a raise of this size signals strong institutional conviction in the deal’s strategic logic. MPC Kinetic completion is expected by 1 July 2026, with the acquisition expected to nearly double GenusPlus’ pro-forma EBITDA to A$195 million and diversify the company from electrical infrastructure into gas, water and civil construction. OSL — OncoSil Medical secures TGA approval for its pancreatic cancer device in Australia OncoSil Medical has received TGA approval for its OncoSil device, making it the first and only TGA-approved Class III medical device that targets tumours directly within the pancreas. Australia sees approximately 4,353 new pancreatic cancer cases each year — one of the most lethal and difficult cancers to treat — so this opens a genuine domestic commercial pathway. The device is already approved in over 30 countries including the EU and UK, and a new manufacturing facility in Sydney’s Macquarie Park is nearing completion. The TGA tick also strengthens OncoSil’s hand in pursuing additional international market approvals. Mid-Tier Movers ORN — Orion Minerals drilled an exceptional intercept at its Okiep Copper Project in South Africa — 7.88 metres at 9.24% copper, including 3.33 metres at a staggering 17.12% copper — confirming continuity of a high-grade norite-hosted copper zone that remains open at depth. A follow-up drill hole is already in the ground targeting extensions beyond the current 10 million tonne resource. INV — InvestSMART agreed to sell its Intelligent Investor subscription and ETF business to Teaminvest Private Group for $16 million cash — a sale price that exceeds InvestSMART’s entire current market capitalisation. Post-sale the company will focus on its wealth platform, digital advice and Professionally Managed Accounts, with a strengthened balance sheet for further strategic acquisitions. CXO — Core Lithium commenced blasting and excavation at the Grants open pit at its Finniss Lithium Operation in the Northern Territory — a physical restart of mining less than three months after Final Investment Decision approval. The Grants pit holds around 784,000 tonnes of ore expected to yield roughly 134,000 tonnes of SC5 spodumene concentrate, with first shipment targeted for Q4 2026. GPR — Geopacific Resources completed a DFS for its Woodlark Gold Project in PNG, delivering a post-tax NPV of A$1.3 billion and an IRR of 50.6% with an 18-month payback from first production. The project targets over 100,000 ounces of gold per year at an AISC of A$1,966 per ounce, underpinned by a 1.2 million ounce ore reserve, with the company now seeking financing partners ahead of a Final Investment Decision by late 2026. GHY — Gold Hydrogen reported air-corrected helium purities of up to 36.9% at its Ramsay Project in South Australia — world-leading figures — with an independent Worley assessment suggesting commercial viability with as few as two wells. With Australia importing 100% of its helium needs and a major global supply disruption removing roughly a third of world supply, the timing couldn’t be better. Flow testing is scheduled for June 2026. WIA — Wia Gold raised A$92 million via institutional placement at A$0.46 per share to advance its Kokoseb Gold Project DFS in Namibia, which hosts a 2.93 million ounce resource. A scoping study previously pointed to a post-tax NPV of US$646 million and a 38% IRR at US$2,600 per ounce gold, with DFS completion targeted for H2 2026. Rapid Fire * FIN — FIN Resources drilled 7.84 metres at 18.2 g/t gold from just 12.66 metres depth at the Arrow Prospect in Canada’s Northwest Territories — two consecutive holes now confirming a broad, shallow, high-grade gold system with results from five further holes pending. * MMA — Maronan Metals secured a $22 million strategic investment from US private equity firm Kinterra Capital at a premium to its last closing price, with Kinterra taking a 19.99% stake and gaining board representation rights — funds advance an expanded 2026 drilling program and a Preliminary Feasibility Study. * KRM — Kingsrose Mining called a trading halt pending an announcement about the conclusion of its Finnmark Alliance with BHP. The BHP connection makes this one to watch when details drop on Friday. * SNG — Siren Gold had its Sams Creek mining permit application rejected by New Zealand regulators, effectively ending the company’s interest in the project. Management says its other projects remain unaffected and an appeal is being considered. * BHM — Broken Hill Mines recommenced open pit mining at its Pinnacles Silver-Lead-Zinc Mine after a five-year COVID-induced pause, with first ore expected at the Rasp Mill in the June quarter — the second high-grade ore feed into the Rasp plant within 12 months of ASX listing. * WJL — Webjet Group revealed the reason for yesterday’s trading halt: Virgin Australia is slashing commissions effective 1 July 2026, cutting an estimated $3 million from annualised revenue. Webjet says it will adjust its commercial strategy in response. * 88E — 88 Energy is targeting 133.7 million barrels of stacked oil resource with its Augusta-1 well on Alaska’s North Slope, with a rig secured, a 58-man Arctic camp contracted, and a Q1 2027 spud date locked in. A farm-out process is underway with multiple parties in the data room. ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com [https://thelisteddigest.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

The ASX Daily Tuesday, 19 May 2026

Top Stories EUR — European Lithium agrees to be acquired by NASDAQ-listed Critical Metals Corp at a 137% premium via scheme of arrangement European Lithium has entered a binding Scheme Implementation Deed with NASDAQ-listed Critical Metals Corp, with EUR shareholders receiving 0.035 CRML shares for each EUR share held — implying A$0.58 per share, a 137% premium to the last unaffected closing price of A$0.245. The all-scrip deal consolidates 100% of the Tanbreez Rare Earths Project in Greenland and the Wolfsberg Lithium Project in Austria under CRML’s umbrella, with EUR shareholders ending up owning approximately 41% of the combined group. For ASX rare earths and lithium investors, this is a significant exit at a meaningful premium — watch trading volumes closely today. CZN — Corazon acquires high-grade Chalice Gold Project for ~A$25.7M, raising A$16.5M and securing Westgold as 19.9% strategic shareholder Corazon Mining is acquiring the Chalice Gold Project from Westgold Resources for approximately A$25.7 million — A$8 million cash upfront, A$6.7 million in scrip, and A$11 million in deferred milestones. The project already hosts a 191,000 ounce JORC resource at 2.7 g/t gold on a granted Mining Lease in WA’s Higginsville district, with a 645,000 ounce production history and immediate proximity to Westgold’s processing facility. Westgold is taking a 19.9% strategic stake as part of the deal, and a concurrent A$16.5 million institutional placement at 14 cents funds both the acquisition and a 15,000 metre drill campaign. This is a transformational moment for the small-cap. 4DX — 4DMedical’s CT:VQ™ technology shown to lift lung surgery success rates from 46% to 76% in landmark journal publication 4DMedical’s CT:VQ imaging platform has been validated in a peer-reviewed study published in the world’s leading respiratory journal, showing it lifts lung volume reduction surgery success rates from 46% to 76% — a 30 percentage point improvement in patient outcomes. The findings were presented at the ATS 2026 Congress in Orlando, the world’s largest respiratory medicine conference, giving the results maximum global clinical exposure. Crucially, CT:VQ derives functional lung data from existing non-contrast CT scans with no additional imaging required, making it straightforward to integrate into hospital workflows — a strong commercial tailwind for 4DX. Mid-Tier Movers BDX — BCAL Diagnostics embedded its cancer detection referral forms into Best Practice and Medical Director — the two GP software platforms covering approximately 97% of Australian GPs — creating an enormous national distribution pathway essentially overnight. A new multi-cancer early detection test is expected to launch in June 2026, with the pancreatic cancer test alone targeting over A$250 million per annum in Australia. ASN — Anson Resources completed a Pre-Feasibility Study for its Green River Lithium Project in Utah, confirming first-quartile C1 operating costs of US$3,837 per tonne of lithium carbonate equivalent and a pre-tax NPV of US$1.37 billion. The company already holds a definitive offtake agreement with LG Energy Solution for 40% of annual production, targeting 10,000 tonnes per year from 2029 with a Definitive Feasibility Study now underway. CUF — CuFe secured a A$15.35 million strategic investment from Pan African Resources’ subsidiary TCMG at a 10% premium to VWAP, giving the multi-billion dollar group a 15% stake in CuFe. Funds target the Gecko and Orlando copper project in Tennant Creek — the largest copper resource in the region — with a joint Technical Committee established to explore synergies with TCMG’s neighbouring Warrego project. CHW — Chilwa Minerals returned 385 metres of continuous niobium mineralisation from surface at its Nakombe target in Malawi, with pXRF grades of 0.17% Nb2O5 over the full interval and a higher-grade zone of 0.24% over 60.5 metres near surface. Importantly, pXRF historically understates Nb2O5 by about 20%, so confirmed lab assays could come in higher — mineralisation is open in multiple directions with 180 metres of northeast extension already confirmed. FAL — Falcon Metals confirmed gold mineralisation across more than 600 metres of strike at its Blue Moon Gold Project in Victoria, with a new Jasmine Zone identified and a northern step-out hole potentially doubling the Lotus Zone strike to 600 metres. Three diamond rigs are drilling 24/7 and the company holds A$19.3 million cash — one of the more active Victorian gold stories on the ASX right now. NTM — NT Minerals scrapped its proposed Endeavour Project acquisition and cancelled tomorrow’s general meeting after a staggering 78% of proxy votes were cast against all resolutions. The deal was derailed by an unresolved rehabilitation liability at the McKinnons Gold Mine in NSW dating back to 2002 — the company’s ASX reinstatement conditions won’t be met and a supplementary prospectus will formally withdraw the capital raise. Rapid Fire * PV1 — Provaris Energy partnered with Japanese shipping giant K LINE and Norwegian Hydrogen to develop a compressed hydrogen supply chain from Norway to Northern Europe using its H2Neo carriers — the FjordH2 project already has a take-or-pay term sheet with Uniper targeting up to 40,000 tonnes per annum. * SRZ — Stellar Resources hit 4.7 metres at 1.29% tin at its Montana deposit — the first drilling there in 14 years — as spot tin prices rally above US$50,000 per tonne near all-time highs, with a full Heemskirk PFS on track for the second half of 2026. * MTM — Metallium’s US affiliate won a US$1 million Phase II contract from the US Department of War to scale up its Flash Joule Heating technology for recovering gallium and germanium from e-waste — two critical minerals where China dominates global supply. * NTU — The Australian Treasurer ordered six foreign shareholders to divest approximately 17.6% of Northern Minerals by 2 July 2026 on national security grounds — the fourth government intervention in NTU’s register in three years, as the company targets a Final Investment Decision for Browns Range by 30 September 2026. * RTR — Rumble Resources signed a toll milling deal with Kirkalocka Gold to process all of Western Queen’s forecast gold output at a 2.1 million tonne per annum plant — eliminating the need to build its own mill and fast-tracking the path to cash flow. * WJL — Webjet Group is in a trading halt pending a material announcement about changes to a commercial arrangement expected to have a material financial impact. The halt lifts before market open tomorrow. * VMM — Viridis Mining lodged its Installation Licence for the Colossus Rare Earth Project in Brazil — the second of three environmental licensing steps — with a Final Investment Decision targeted for the second half of 2026. ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com [https://thelisteddigest.substack.com?utm_medium=podcast&utm_campaign=CTA_1]

The ASX Daily Monday, 18 May 2026

Top Stories CEL — Challenger Gold delivers outstanding PFS for Hualilan with US$1.45bn pre-tax NPV and 1.84Moz AuEq production target Challenger Gold’s Pre-Feasibility Study for its 100%-owned Hualilan Gold Project in Argentina delivers a pre-tax NPV of US$1.45 billion, post-tax NPV of US$1.10 billion, and a 14.25-year mine life producing 1.84 million ounces of gold equivalent at an AISC of US$1,618 per ounce. What makes this particularly compelling is the capital efficiency — just US$232 million upfront with a 2.25-year payback. At current spot gold prices of US$4,600 per ounce, the pre-tax NPV balloons to US$2.67 billion with an IRR of 83%. The company has backed the result with an A$85 million placement and the appointment of Yamana Gold founder Peter Marrone as Non-Executive Chairman — a signal of serious intent toward development. GNP — GenusPlus agrees to acquire MPC Kinetic for up to A$400M in transformational deal GenusPlus has signed a binding agreement to acquire MPC Kinetic — a leading Australian gas gathering, well maintenance and renewable construction services company — for up to A$400 million including earn-out. MPC Kinetic generated FY25 audited revenue of A$533 million and EBITDA of A$104 million, and the deal would nearly double GenusPlus’ pro-forma EBITDA to A$195 million. The acquisition is funded via up to A$200 million in equity and upsized debt, diversifying GenusPlus into gas, water and civil infrastructure alongside its existing electrical capabilities. Notably, this announcement comes on the same day GenusPlus upgraded its FY26 EBITDA guidance by up to 13% to A$96–100 million — a strong combination. EOS — EOS launches $175M capital raise to fund MARSS acquisition amid A$726M combined order book Electro Optic Systems is raising up to A$175 million — a fully underwritten A$150 million institutional placement plus a A$25 million SPP, both priced at A$8.00 per share — to fund the MARSS counter-drone acquisition. MARSS has just secured €102 million in new Middle East orders, pushing its order book to €135 million and the combined EOS group order book to A$726 million, with 60 to 80% expected to convert to revenue across 2026 and 2027. For investors in the defence technology theme, this is one of the most significant ASX stories of the year. Mid-Tier Movers OBM — Ora Banda Mining approved a A$465 million growth plan — a new 3.0 Mtpa processing plant at Davyhurst for A$375 million and a A$90 million Waihi Underground mine — targeting nearly double nameplate milling capacity to 4.2 Mtpa by FY29. The company backed this with a 69% jump in total Mineral Resources to 3.57 million ounces and a strong balance sheet of A$232 million cash plus a new A$200 million revolving credit facility. NTU — The Australian Treasurer issued forced disposal orders under the Foreign Acquisitions and Takeovers Act requiring divestment of approximately 1.68 billion Northern Minerals shares held by six named foreign-linked entities. Combined with earlier interim directions covering a further 361 million shares, over 2 billion NTU shares are now subject to government action — a highly unusual and significant regulatory intervention. TUA — Singapore’s IMDA suspended its regulatory review of Tuas Limited’s proposed acquisition of M1 after subsidiary Simba allegedly used unauthorised radio frequency bands, potentially breaching the Telecommunications Act. With the deal’s long-stop date just days away on 21 May, this suspension creates serious uncertainty about whether the transaction can proceed at all. AGR — Aguia Resources received its Operating Licence for the Tres Estradas phosphate project in Brazil, with mining commencing immediately on 18 May. First processed material arrives at the plant in early June, marking Aguia’s formal transition from developer to producer at a time of elevated pricing and supply disruptions in the domestic Brazilian market. PME — Pro Medicus signed a A$90 million, 7-year contract with Boston-based Beth Israel Lahey Health — a 14-hospital system covering over 39,000 employees — for the full Visage 7 platform deployed in the cloud on a transaction-based licensing model. Go-live is targeted for Q1 2027, adding meaningful recurring revenue to PME’s already strong US contract book. SDI — SDI Limited’s scheme booklet was registered by ASIC for a A$1.40 per share cash takeover by InnoXvest Dental, a subsidiary of Beijing Guoci linked to Shenzhen-listed Sinocera. The independent expert has declared the scheme fair and reasonable, the board unanimously recommends voting in favour, and the scheme meeting is set for 22 June with delisting expected 7 July. Rapid Fire * AA2 — Ariana Resources sold a 13.6% stake in Turkish gold miner Zenit for US$19.5 million, with proceeds funding a feasibility study at its 1.1 million ounce Dokwe Gold Project in Zimbabwe — leaving the company with A$53 million cash and no debt. * ASK — Abacus Storage King is internalising its management for A$24 million, expecting around 6% FFO per security accretion from approximately A$7 million in annual cost savings, and will rebrand as Storage King Group trading under the new ticker SKG from 30 June. * ALC — Alcidion is acquiring three Kyra patient flow software products from Telstra Health for A$3 million upfront plus up to A$1 million in earn-outs, adding 33 customers and A$3.7 million in forecast FY26 revenue at a compelling 2.7x EBITDA multiple. * SSM — Service Stream won A$455 million in new utility contracts including a 9-year, A$405 million deal with Yarra Valley Water commencing October 2026 — long-term annuity-style revenue across water and energy sectors. * DWG — Dataworks Group launched BetGuard — Ontario’s centralised self-exclusion platform — marking its entry into a second regulated international jurisdiction and connecting it to over 230 wagering operators globally. * EXR — Elixir Energy confirmed Diona-1 as a commercial gas discovery in the Taroom Trough with zero CO2 and H2S impurities, a Contingent Resource booking now being pursued, and net acreage growing to 548,000 net acres — the largest position in the play. * RR1 — Reach Resources secured a fully-funded path to gold production at its 80,000 ounce Murchison South project via a 50/50 profit-share deal with Andel Resources, who will pay a non-refundable A$2 million option fee and fund all mining and processing costs. ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com [https://thelisteddigest.substack.com?utm_medium=podcast&utm_campaign=CTA_1]