Billionaire Raphael Geminder faces backlash on Pact delisting plan
Packaging and property billionaire Raphael Geminder is set to battle with minority shareholders as he seeks to delist Pact Group, after a failed $234 million takeover bid last year.
Pact said on Tuesday that it would hold an extraordinary general meeting on June 12 for a vote to delist, citing low liquidity in the stock and the costs of maintaining an ASX listing. Geminder holds 87.9 per cent of the company.
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Herald Sun
14 minutes ago
- Herald Sun
Brightstar is shooting for gold with attractive DFS for Menzies and Laverton
Brightstar Resources' DFS for Menzies and Laverton projects pre-tax NPV of $316m and IRR of 73% Staged development provides clear, low-cost pathway to becoming a mid-tier gold producer Company has also flagged non-binding terms to acquire Aurumin to consolidate Sandstone assets Special Report: Brightstar Resources has unveiled a highly anticipated definitive feasibility study for its Menzies and Laverton gold projects in Western Australia, charting a path directly to Australia's class of mid-tier gold producers. Under the spot gold price scenario of $5000/oz, the two projects are expected to jointly deliver undiscounted pre-tax cash flow of $461m and return a net present value and internal rate of return of $316m and 73% respectively. The economics remain attractive at a conservative base case gold price scenario ($4500/oz) with the projects expected to generate cash flow of $316m with NPV and IRR of $203m and 48% respectively. Peak capex under the spot gold price scenario is estimated at a modest $120m with a payback of just one year from commissioning of a planned 1Mtpa processing plant at Laverton. Brightstar Resources' (ASX:BTR) staged DFS estimates an initial mine production target of ~6.4Mt grading 1.81g/t gold, or the recovery of 338,528oz of gold over about five years. This is underpinned by a newly declared open pit ore reserve of 4Mt at 1.63g/t, or 210,500oz of contained gold, that complements the existing underground ore reserve of 24,000oz at the Second Fortune and Fish mines in the Laverton hub. However, the DFS assumptions exclude any material from these two underground mines. Average recovered ounces are expected to be ~70,000oz per annum though the company believes there is strong potential to increase mine life with continued exploration of existing resources of +1.5Moz. Along with the final investment decision for Sandstone, which is targeted for 2027, this supports the company's goal of producing 200,000ozpa by 2029. The DFS comes as the company embarks on merger discussions with Aurumin (ASX:AUN) to consolidate their respective tenement holdings in the Central Sandstone region, which will de-risk and potentially accelerate development of the Sandstone project. The compelling combination will provide greater certainty for the development of new infrastructure in the region and unlock exploration synergies. A consolidated Sandstone project grow BTR's total resources in the overlooked gold field to 2.4Moz gold at an average grade of 1.5g/t on granted mining licences. Clear pathway Managing director Alex Rovira said the Laverton and Menzies DFS outlines a robust and clear pathway to building BTR into a meaningful mid-tier gold miner with average production of about 70kozpa for five years. 'Importantly, Brightstar has the vision that the gold production from Menzies and Laverton outlined in the study is targeted to provide the organic free cash flow required to develop the significant Sandstone gold project in the coming years, underpinning our aspiration of building a +200,000oz per annum gold production business,' he added. 'We have identified and will execute on a staged development plan to deliver the optimal outcome when considering capital requirements and operational risk management, which commences at Menzies with the near-term development of the Lady Shenton open pit. 'This staged approach to developing multiple mines across Menzies and Laverton generates capital to expand the business, which includes the construction of a new 1Mtpa CIL processing plant in a highly strategic location south-east of Laverton, utilising the significant benefits of existing infrastructure and permitting.' Support in place BTR has already received letters of intent and term sheets from multiple domestic and offshore commercial banks, as well as demonstrable interest from non-bank lenders for debt financing support account for ~70% of the capital requirements. It has also received a non-binding term sheet from an offshore precious metals specialist investment company for a material $120m funding package comprised of a gold doré offtake and equity financing at a premium. Additionally, the company could ramp-up production in the near-term under a memorandum of understanding with Paddington Gold, which owns the Paddington processing plant north of Kalgoorlie. Under the MoU, both companies are advancing towards a binding agreement for BTR to sell up to 2Mt of ore from the Menzies gold project from H1 2026 over a period of 2.5 years. This will add to the current Laverton ore purchase agreement for the delivery, sale and processing of up to 500,000t of ore from the Second Fortune and Fish mines to Genesis Minerals' (ASX:GMD) Laverton mill over 2025 and Q1 2026. Development plans Under the DFS, BTR plans to construct a new 1Mtpa processing plant in Laverton on the existing processing plant site, which will deliver significant capital and timetable saving by using existing infrastructure and permits. Initial production from come from the Menzies project in 2026 with processing through the targeted agreement with Paddington. Ore will be sourced from the Lady Shenton open pit and ancillary adjacent open pits such as Aspacia, Lady Harriet and Link Zone. Material from the Yunndaga underground mine will be processed through the planned Laverton processing plant, which is expected to come online in 2027. This will also process ore from the Lord Byron and Cork Tree Well open pits and the Alpha underground mine. Separately BTR's move to acquire Aurumin will see the latter's shareholders receive one new BTR share for every 4.6 AUN shares they hold under the non-binding indicative terms for a scheme of arrangement. Based on the 20-day volume weighted average price of 54c per BTR share, this implies a value of 11.7c for each AUN share, or a 26% premium to their 20-day VWAP of 9.3c. Both companies have held a number of discussions and are currently progressing mutual due diligence investigations. This article was developed in collaboration with Brightstar Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as Brightstar is shooting for gold with attractive DFS for Menzies and Laverton
News.com.au
34 minutes ago
- News.com.au
Health Check: Tetratherix breaks biotech IPO drought with 13pc gain on debut
Tetratherix's listed life starts on a solid note Dimerix pockets a $4.2 million milestone – with close to $1.4 billion to come Orthocell chalks up first commercial US procedure for its Remplir device Today's ASX debut of wound management house Tetratherix (TTX) has raised the hopes of other life-science plays that have eyed an IPO but have relegated the idea to the too-hard basket. Having downsized its offer from $35 million $25 million to banish the fast money, Tetratherix traded up to 13% above their $2.88 a share offer price. The company has developed an injected liquid polymer that hardens at body temperature and then biodegrades after the job is done. Yet to be approved, the platform-based tech targets novel applications including tissue healing, bone regeneration and surgical spacing (such as in prostate radiation therapy). CEO Will Knox dubs the platform as 'medical Lego', in that the products are built from the same polymer structure. 'That means you can use the same underlying biological performance and safety data in all regulatory applications. 'Our path to market is a lot faster and simpler because the data is interchangeable across the different applications.' Post raising, Tetratherix has cash of circa $30 million. This factors in two US Food & Drug Administration (FDA) approval applications, one further submission and 'multiple clinical trial readouts'. Tetratherix is the first life sciences IPO since late November 2024, when cryogenics play Vitrafy Life Sciences (ASX:VFY) and nerve repair house ReNerve (ASX:RNV) listed on the same day. Their shares are down 20% and 50% to date, respectively. Aptium is on IPO foot-ing The developer of an AI-powered tool for the podiatry market, the private Aptium is eyeing an IPO after a private whip-'round. Aptium's scanner provides real-time thermal and three and four dimensional analysis of motion and the shape of the foot. This enables 3D manufacturing of patient-specific insoles 'with precision-grade firmness and softness:. The tech also may detect diabetic foot ulcers early. Co-founded by biotech greybeards Dr Mel Bridges and Carl Stubbings, Aptium is seeking to tap $5 million in a private convertible note round. The company aspires to list within the next 18 months or so. Bridges has founded six companies, including ImpediMed (ASX:IPD) and the formerly ASX-listed Panbio. Stubbings was former CEO of Sienna Cancer Diagnostics, which merged with Bard1 to become Inoviq (ASX:IIQ). Aptium could test IPO appetite in more ways than one. That's because the company is 40% owned by Greg Creed, the former CEO of US giant Yum! Brands which owns KFC, Pizza Hut and Taco Bell. Dimerix pockets first milestone from Japanese partner Kidney drug developer Dimerix (ASX:DXB) has pocketed $4.2 million as its first milestone payment from Japan's Fuso, one of the company's four global partners. Signed in January this year, the Fuso compact could deliver up to $100 million of milestone payments. This is subject to progress on Dimerix's lead phase III program, for the kidney ailment focal segmental glomerulosclerosis. In October 2023 Dimerix inked distribution deals with the London-based Advanz Pharma (covering Europe, Canada, Australia and New Zealand). The company followed up in May last year by entering a Middle East licensing agreement with the Oman-based pharma group, Taiba. In its biggest deal, Dimerix last May signed up the Nasdaq-listed rare diseases house Amicus Therapeutics for the US honours. Collectively, the deals promise $1.4 billion of potential milestones, largely contingent on eventual FDA drug approval. The Amicus deal alone involves of US$520 million of success-based payments. The Fuso milestone became payable on opening of the first Japanese site for the Action 3 trial. Investors now expect likely follow-on deals in territories including China, Latin America and South Korea. LTR Pharma is full bottle on safety study Drug development is all about getting the small stuff right, such as whether the packaging is tickety-boo. In this vein, LTR Pharma (ASX:LTP) has affirmed that the bottle and pump components for its proposed nasal mist based erectile dysfunctional treatment meet accepted standards. LTR completed the so-called extractables study with co-development partner Aptar Pharma. The study confirmed that all detected compounds met International Council for Harmonisation safety thresholds – the standard adopted by the FDA and other agencies. A 'leachables' study is now underway, to support an FDA marketing submission. As the name suggests, the leachables study evaluates the potential migration of compounds from packaging into the liquid. This takes account of 'real-world' storage conditions, such as the back of the bedside drawer. The study will run for at least 24 months, after which the company can submit its FDA entreaty. Dubbed Spontan, LTR's treatment is based on the same active ingredient as current oral treatments but is much faster acting. LTR is also developing Oroflow, a spray treatment for a group of ailments that affect swallowing function. Orthocell hits the right nerve Nerve repair play Orthocell (ASX:OCC) reports the first use of its Remplir device in a US surgical procedure, to repair a foot injury. The FDA approved Remplir in April. The company says the first use is a crucial step in its US rollout, 'building surgical experience and knowledge of the product that will be key in driving product sales'. Remplir is a collagen 'wrap' that improves regeneration of damaged nerves and requires less stitching. The surgery took place at an unnamed Ohio hospital, sourced from Orthocell's network of 14 specialist distributors. These intermediaries have 'mature, direct-to-surgeon, hospital and other customer relationships' across 25 US states. Orthocell CEO Paul Anderson said the critical first step in the US rollout was 'getting Remplir into surgeons' hands for them to gain familiarity with its key features and benefits in clinical practice'. The company promises 'material' sales growth in the December half - which of course starts tomorrow – with the financial benefits reflected in the June half 2026 accounts. Orthocell estimates that surgeons carry out two million peripheral nerve repairs annually, equating to a US$3.5 billion market. This is across its approved markets of Australia/New Zealand, Singapore, the US, Europe/UK, Canada, Brazil, Japan, Hong Kong and Thailand.
News.com.au
2 hours ago
- News.com.au
Top 10 at 11: ASX on the up as resource companies drum up drill bit cash
Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading. With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest. In brief, this is what the market has been up to this morning. ASX makes steady early gains The ASX 200 has climbed 0.25% as of about 10:30 am AEST, with 7 of 11 sectors in the green. Healthcare (+0.77%) is leading gains, but the ASX 200 Banks (+0.55%) and All Tech (+0.48%) indices are also climbing. A fall in gold prices overnight (-1.8%) is applying pressure to resource stocks; the materials sector has shed 0.9% and the ASX 200 Resources index 1.22%. Despite the headwinds for mining stocks, several are making big gains this morning, drumming up fresh finance and preparing for new drilling programs. Let's take a look. WINNERS Code Name Last % Change Volume Market Cap EEL Enrg Elements Ltd 0.002 100% 839101 $3,253,779 WEL Winchester Energy 0.002 100% 165600 $1,363,019 LSR Lodestar Minerals 0.011 83% 15811453 $1,910,543 ADD Adavale Resource Ltd 0.0015 50% 1242527 $2,287,279 AYT Austin Metals Ltd 0.004 33% 2338307 $4,722,574 CTO Citigold Corp Ltd 0.004 33% 50000 $9,000,000 EMT Emetals Limited 0.004 33% 50000 $2,550,000 GTR Gti Energy Ltd 0.004 33% 1475000 $8,996,849 M2R Miramar 0.004 33% 2750614 $2,990,470 MPR Mpower Group Limited 0.009 29% 3334491 $2,405,923 In the news... Lodestar Minerals (ASX:LSR) is looking to follow up on gold hits at the Darwin gold project in Chile with proceeds from a $2.2m two-tranche share placement. LSR is offering shares at 0.06 cents each to clients of lead manager Oakley Capital Partners and at 0.05 cents in a second tranche subject to shareholder approval at the next general meeting. The company is offering two options for every three shares, and will issue one loyalty option to all shareholders on a 1:30 basis once the placement is complete. Adavale Resources (ASX:ADD) is preparing to put drill bit to ground at the London Victoria Mine in NSW, which historically produced gold grades up to 43.8 g/t gold. It's the first exploration at the mine in 30 years; ADD will target shallow extensions to the existing mineral resource estimate, which currently sits at 115,000 ounces of gold. GTI Energy (ASX:GTR) is locking in a $4.5m capital raise after securing firm commitments from investors for a placement at an issue price of 0.035 cents a share, a 16.7% premium to the last close price of 0.030 cents. The money will be funnelled directly to resource expansion and infill drilling at the Lo Herma uranium project. GTR's recent scoping study revealed a potential pre-tax net present value of between $174m and $187m and an internal rate of return of between 52% and 66% for Lo Herma, depending on its development context. LAGGARDS Code Name Last % Change Volume Market Cap IS3 I Synergy Group Ltd 0.2 -5000% 3140000 $2,002,920 CCO The Calmer Co Int 0.2 -3333% 142635 $9,034,060 GMN Gold Mountain Ltd 0.15 -2500% 1503543 $11,239,518 T3D 333D Limited 0.7 -2222% 195 $1,585,651 AUK Aumake Limited 0.2 -2000% 326886 $7,558,397 SKK Stakk Limited 0.4 -2000% 60707 $10,375,398 EMH European Metals Hldg 14.5 -1471% 15520 $35,265,600 HCH Hot Chili Ltd 56.5 -1172% 89413 $97,021,535 BEZ Besragoldinc 4.6 -1154% 174945 $21,605,842 At Stockhead, we tell it like it is. While GTI Energy is a Stockhead advertiser, it did not sponsor this article.
