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News.com.au
2 days ago
- Business
- News.com.au
Lunch Wrap: Rate cut back on menu as CPI cools; real estate stocks surge
ASX lifts as CPI cools, banks and landlords grin IGO tanks, MinRes and Pilbara cash up DroneShield soars after smashing revenue The ASX was inching up by 0.7% by Wednesday lunchtime in the eastern states. Setting the pace were real estate and the big banks, both basking in the afterglow of some surprisingly tame inflation data. Turns out, consumer prices across Australia aren't rising as fast as the RBA feared. According to the ABS this morning, the CPI rose just 0.7% over the June quarter, down from 0.9% in March. That dragged annual inflation down to 2.1%, comfortably under the market's 2.2% forecast. This is a big deal. Remember, the RBA left everyone scratching their heads earlier this month when it didn't cut interest rates. Governor Michele Bullock said she wanted to see the CPI data first, like a diner sniffing the stew before digging in. Well, the numbers are in, and they smell like rate-cut seasoning. With unemployment ticking up to 4.3% in May and inflation drifting back within the RBA's 2-3% comfort zone, economists reckon an August rate cut is back on the menu. Futures markets are already pricing one in. Lower rates also mean cheaper mortgages and more elbow room for landlords, hence why they're leading today's charge. In large cap news, IGO (ASX:IGO) plunged 9% after revealing its Kwinana lithium refinery was still acting more like a lemon than a lithium play. Production came in at just 35% of nameplate capacity, and another impairment, this one between $70 million and $90 million, is now expected. CEO Ivan Vella pulled no punches, saying IGO had 'low confidence' in the site's ability to get its act together. Mineral Resources (ASX:MIN) rose 3% after meeting production and cost guidance across the board. Its Onslow Iron JV turned cash flow positive, and MinRes closed the quarter with a juicy $1.1 billion in liquidity. Pilbara Minerals (ASX:PLS) also gained 1% after flagging higher output and lower costs in FY26. It's sitting on a $1 billion cash pile and managed a 28% revenue jump last quarter. Still in large caps and in one of the more dramatic turnarounds, counter-drone tech firm DroneShield (ASX:DRO) posted a record $38.8 million in revenue for the June quarter, up a whopping 480% year-on-year. DRO has $176 million already locked in for 2025, and a sales pipeline bursting with $2.3 billion worth of opportunities. DRO's shares surged 9%. And... Air New Zealand (ASX:AIZ) has found its next CEO, promoting chief digital officer Nikhil Ravishankar to the top job. He will replace Greg Foran in October, bringing a background in tech, infrastructure, and, according to the board, a 'fresh perspective grounded in Kiwi values'. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 30 : Security Description Last % Volume MktCap OLI Oliver'S Real Food 0.010 100% 6,705,197 $2,703,660 BSA BSA Limited 0.125 39% 9,179,570 $6,777,023 MX1 Micro-X Limited 0.083 34% 1,577,987 $41,366,540 SFG Seafarms Group Ltd 0.002 33% 583,466 $7,254,899 IS3 I Synergy Group Ltd 0.012 33% 2,502,653 $15,356,699 PIM Pinnacleminerals 0.052 30% 1,332,998 $1,818,533 SP3 Specturltd 0.015 25% 4,097,386 $3,802,801 BUY Bounty Oil & Gas NL 0.003 25% 172,811 $3,122,944 ECT Env Clean Tech Ltd. 0.003 25% 4,252,072 $8,030,871 MOH Moho Resources 0.005 25% 888,795 $2,981,656 TMK TMK Energy Limited 0.003 25% 362,333 $20,444,766 IMI Infinitymining 0.011 22% 1,157,816 $3,807,142 X2M X2M Connect Limited 0.017 21% 630,275 $6,090,796 REM Remsensetechnologies 0.040 21% 150,580 $5,518,722 AAU Antilles Gold Ltd 0.006 20% 3,108,381 $11,895,340 CUF Cufe Ltd 0.012 20% 4,636,229 $13,465,749 LSR Lodestar Minerals 0.019 19% 3,927,452 $6,361,448 KZR Kalamazoo Resources 0.105 17% 4,101,528 $19,745,417 TYX Tyranna Res Ltd 0.004 17% 127,750 $9,865,276 UNT Unith Ltd 0.007 17% 49,396 $8,872,713 PPK PPK Group Limited 0.565 15% 76,329 $44,498,124 SP8 Streamplay Studio 0.008 14% 350,000 $8,969,552 CMB Cambium Bio Limited 0.330 14% 569 $5,301,973 SEQ Sequoia Fin Grp Ltd 0.270 13% 1,781,964 $29,663,256 X-ray tech outfit Micro-X (ASX:MX1) has cracked the big league in the US, signing its first supply agreement with one of America's largest healthcare providers. The deal follows a tough competitive tender and successful in-hospital trial, with the Rover Plus mobile radiology system now officially on the provider's approved procurement list. The customer runs a massive network of 700+ hospitals and facilities, treating over 8.5 million patients a year. Critical minerals explorer, Pinnacle Minerals (ASX:PIM), has secured firm commitments to raise $1.76 million via a placement to professional and sophisticated investors, priced at 4c per share with free-attaching options. Funds will go towards exploration across Canada and Australia, working capital, and assessing new opportunities. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 30 : Code Name Price % Change Volume Market Cap SCP Scalare Partners 0.125 -31% 323,167 $7,530,304 M2R Miramar 0.003 -25% 1,330,881 $3,987,293 RLG Roolife Group Ltd 0.003 -25% 901,930 $6,371,125 AQC Auspaccoal Ltd 0.011 -21% 3,460,358 $9,806,546 CZN Corazon Ltd 0.002 -20% 4,000,000 $2,961,431 JAV Javelin Minerals Ltd 0.002 -20% 3,415,417 $15,630,562 EQS Equitystorygroupltd 0.023 -18% 5,543 $4,670,971 WWG Wisewaygroupltd 0.150 -17% 20,000 $30,123,575 AMS Atomos 0.005 -17% 31,450 $7,290,111 TEG Triangle Energy Ltd 0.003 -17% 35,535 $6,267,702 CDE Codeifai Limited 0.022 -15% 13,622,645 $12,269,425 COY Coppermoly Limited 0.011 -15% 92,121 $11,474,547 ENT Enterprise Metals 0.003 -14% 150 $4,799,610 GTR Gti Energy Ltd 0.003 -14% 2,271,683 $13,029,292 SMS Starmineralslimited 0.025 -14% 118,888 $5,426,093 WCE Westcoastsilver Ltd 0.130 -13% 2,843,324 $39,018,146 AXI Axiom Properties 0.020 -13% 111,786 $9,952,414 AZL Arizona Lithium Ltd 0.007 -13% 1,946,018 $43,042,516 SHP South Harz Potash 0.004 -13% 150,675 $5,132,248 CBL Control Bionics 0.035 -13% 70,000 $11,784,444 JNS Januselectricholding 0.140 -13% 192,541 $14,386,282 ZGL Zicom Group Limited 0.140 -13% 19,765 $34,329,601 RWD Reward Minerals Ltd 0.042 -13% 63,808 $13,066,539 Bowen Coking Coal (ASX:BCB) has officially waved the white flag, entering voluntary administration after failing to cut a deal with its creditors and the Queensland government. BUMA wants $15 million, the QRO wouldn't budge on royalty deferrals, and global coal prices haven't done any favours either. It's a rough exit for a miner that once held promise. Star Entertainment Group (ASX:SGR) is once again reminding everyone why casinos and smooth sailing rarely go together. Star booked a $27 million EBITDA loss in the June quarter, a slight blowout from the $24 million lost the previous quarter. Revenue was just $270 million, weighed down by ongoing struggles in NSW and the painful $500 cap on cash at the tables. IN CASE YOU MISSED IT Green Critical Minerals (ASX:GCM) has announced its intention to pursue a United States listing in calendar year 2026. LAST ORDERS Challenger Gold (ASX:CEL) says refurbishment of the Casposo toll milling plant is on track for completion by August and expects to begin processing ore in November this year under its toll milling agreement with the operator. CEL will process a minimum of 450k tonnes of near-surface material from its Hualilan gold project over the next three years through Casposo, which has historically produced more than 323k ounces of gold. Trek Metals (ASX:TKM) is preparing to divest the Hendeka-South Woodie Woodie manganese project to US-based Advanced Energy Fuels, Inc after the company began the process of listing to the TSX Venture Exchange. Once listed, AEF intends to acquire Hendeka for $450k in cash and either 8 million shares or the equivalent of a 20% interest in the company. Offloading the project will allow TKM to focus on its flagship Christmas Creek gold project in WA. Trigg Minerals (ASX:TMG) has welcomed capital markets veteran James Graf to its board as a non-executive director, with the expectation he will lead efforts to list TMG on a US exchange. Graf currently serves as CEO of Graf Global Corp, his eighth SPAC entity. He has successfully closed SPAC transactions with Global Eagle Entertainment, Videocon d2h, Williams Scotsman, Target Hospitality, Velodyne Lidar, Crown LNG and NKGen. At Stockhead, we tell it like it is. While Challenger Gold, Trek Metals and Trigg Minerals are Stockhead advertisers, they did not sponsor this article.
AU Financial Review
08-07-2025
- Business
- AU Financial Review
MinRes rethinks Ellison's exit; CBA's dollar warning; Trump rattles markets
Want to get this in your inbox at lunchtime every weekday? Financial Review subscribers can sign up for The Brief newsletter here. Plus start your day with our Before the Bell newsletter and read a full wrap of the day's news in Market Wrap. In today's news, MinRes rethinks Ellison's exit, CBA believes the Aussie dollar could plunge as much as US4¢ over the next few weeks, and Donald Trump's unpredictable approach to foreign policy rattles markets again.
AU Financial Review
08-07-2025
- Business
- AU Financial Review
MinRes reconsiders Ellison's exit, admits Kali share trading probe
Mineral Resources says it is reconsidering whether its managing director Chris Ellison should stay in the job despite having told shareholders he would leave next year after admitting to involvement in a tax evasion scheme that enriched the businessman at the expense of the company. Ellison is the high-profile West Australian entrepreneur who founded MinRes in 1992, growing the sprawling company into an ASX-listed diversified miner and mining services business worth almost $5 billion.
West Australian
07-07-2025
- Business
- West Australian
Former Woodside CFOs and Justin Langer to comprise Mineral Resources' ethics and governance committee
Mineral Resources' all-important ethics and governance committee has gone from all-female to all-male with two new directors joining and Justin Langer shuffled in. The miner on Monday added seasoned bean counters Lawrie Tremaine and Ross Carroll to its board as independent non-executive directors. The duo will also be part of the three-person ethics and governance committee. The committee was set up in November to help restore MinRes' reputation after a series of scandals surrounding founder and chief executive Chris Ellison. The appointments of Mr Tremaine and Mr Carroll follow the abrupt resignations more than two months ago of the three female directors that comprised the committee. Denise McComish, Jacqueline McGill and Susie Corlett all quit MinRes within the space of a fortnight in April. Two senior in-house lawyers tasked with assisting the committee have also departed. MinRes on Monday said Mr Tremaine and Mr Carroll together brought 'a wealth of executive management, financial, strategic and capital markets expertise gained from senior leadership roles with ASX-listed companies across the resources, energy and mining services sectors'. Mr Tremaine was most recently the chief financial officer at Origin Energy for seven years until 2024 and prior to that was Woodside Energy's CFO. His career also includes 17 years at Alcoa and he currently serves as chair of MoneyCatcha, a private fintech firm. Mr Carroll, who is now chair of MinRes' ethics and governance committee, was CFO at a Hong Kong Stock Exchange-listed global base metals company MMG from 2015 to 2024. He was the chief of local mining services provider Macmahon between 2012 and 2015 and like Mr Tremaine, he has been CFO of Woodside. Former Australian test cricketer and coach Justin Langer now rounds out the ethics and governance committee. Mr Langer has been a MinRes board member since the beginning of 2023. More to come . . .
West Australian
26-06-2025
- Business
- West Australian
Not selling MinRes mining services unit says Mike Grey, with Onslow staying in the black a white-hot focus
The 'crown jewel' of Mineral Resources is not for sale, according to the man that oversees the division, because keeping it could help the company's flagship mine turn a decent profit even if iron ore crashes below $US60 per tonne. MinRes mining services chief executive Mike Grey shot down speculation a big chunk of the business unit he oversees could be flogged off to ease the company's swelling debt burden. The speculation emerged following a note published by Morgan Stanley this week. 'There's no truth to it all, no truth,' Mr Grey told The West Australian. Director of strategy, Tim Picton, chimed in to say the division – called CSI Mining Services – was the company's 'crown jewel'. 'You don't sell the crown jewel and mining services is the heart of our business and what makes us competitive against the majors,' Mr Picton said. 'We've got no plans to sell any of our assets, except the (mothballed) Yilgarn (iron ore complex).' CSI is the mining services provider at MinRes' majority-owned iron ore and lithium mines, and is also contracted to other operations run by the likes of BHP, Rio Tinto and Gina Rinehart. MinRes' $3.5 billion Onslow Iron project is arguably CSI's most important gig. Onslow is the only mine in the MinRes stable that can generate the meaningful sums of cash required to pay down the company's $5.8 billion debt pile. MinRes reckons its 57 per cent stake in Onslow can bring in annual earnings before interest, tax, depreciation and amortisation of $727 million when the iron ore spot price is $US90/t. The steelmaking commodity is currently at about $US92/t with Australia's big four banks broadly pencilling in the price to fall to $US80/t by the end of the year. MinRes predicts Onslow's break-even price is $US57/t. Mr Picton said this estimate does not include the money raked in from mining services at Onslow, which would push the break-even price 'down a material amount'. But all the estimates are contingent on Onslow Iron running smoothly, and so far, there have been numerous bumps along the road. The biggest bump has been the performance of its haul road that links the Kens Bore mine to the Port of Ashburton. MinRes is spending $230 million to fix and upgrade the road following cyclonic weather earlier this year and a spate of truck rollovers. The company struggled to attract drivers to transport ore along the road and recently had to lower its driver experience requirements while boosting the pay on offer. Mr Grey said those hiring struggles are now behind MinRes. 'The labour side has really stabilised across the supply chain recently which is really good,' he said. 'We're at our peak now with (truck) drivers.' MinRes plans to roll out autonomous trucks with no drivers in the cabs during the latter half of next year.
