The Listed Podcast

Top Stories

WAF — West African Resources halted as Burkina Faso government moves to acquire additional 25% stake in Kiaka gold project

West African Resources has entered a trading halt after the Burkina Faso government published a decree relating to the potential acquisition of an additional 25% stake in Kiaka SA — the subsidiary that owns WAF’s recently constructed Kiaka gold project. This is a major sovereign risk event that could significantly dilute WAF’s economic interest in its flagship asset at the worst possible moment, right as the mine was transitioning into production. The halt runs until at least Tuesday 21 April. Investors will be watching closely for the full terms of any forced dilution and what compensation, if any, WAF receives.

IFL — Insignia Financial shares suspended as CC Capital Partners acquisition nears completion

Insignia Financial has been suspended from ASX trading at the close of Friday 17 April, following Federal Court approval of the scheme of arrangement. Daintree BidCo — the CC Capital Partners vehicle — will now take full ownership of one of Australia’s largest wealth management platforms. This wraps up a drawn-out acquisition process that began well over a year ago. A reminder that some of the biggest ASX stories end not with a bang but a quiet suspension notice on a Friday afternoon.

RXL — Rox Resources approves Final Investment Decision for Youanmi Gold Project, fully funded with A$350M debt facility

Rox Resources has approved the Final Investment Decision for its Youanmi Gold Project in Western Australia, backed by a A$350 million debt facility from a syndicate of Australian and international banks — no equity dilution required to get this mine built. Construction approvals are in hand, underground development at United North is tracking on schedule with 1,013 metres of total advance completed, and the main pit is approximately 90% dewatered. First gold pour is targeted for mid-2027, marking Rox’s transformation from explorer to producer — a milestone that typically re-rates a stock significantly.

PEN — Peninsula Energy files urgent court application over share sale disclosure failure, securities to be suspended from 21 April

Peninsula Energy has filed an urgent application with the Supreme Court of Western Australia seeking to validate share sales made between 12 February and 7 April 2026 that may have breached disclosure obligations. A full trading suspension kicks in from 21 April, with a court hearing scheduled for 22 April. If the court doesn’t grant the orders, the consequences for those transactions could be significant. Shareholders are effectively locked out over the long weekend — this is one to watch very carefully next week.

Mid-Tier Movers

ZIP — Zip Co delivered a record March quarter with cash EBTDA of $65.1 million — up 41.5% year-on-year — and upgraded full-year guidance to no less than $260 million, driven by US transaction volume growth of 43% in USD terms. Credit quality is holding firm with US net bad debts at 1.86% of TTV and expected to fall below 1.75% next quarter — the bears’ main concern continues to fade.

ENN — Elanor Investors has completed a $125 million recapitalisation with Rockworth Capital Partners — $70M in senior secured notes and $55M in subordinated notes — fully repaying existing debt and seeking ASX approval to resume trading in ENN securities. The Firmus Capital acquisition in Singapore is also progressing, with the sunset date extended to 31 May 2026 pending regulatory approvals.

PDN — Paladin Energy upgraded FY26 uranium production guidance by up to 9% at the midpoint — from 4.0–4.4 million pounds to 4.5–4.8 million pounds — on the back of better feed grades and strong recovery rates at Langer Heinrich. Capital expenditure guidance was also slashed from up to US$32M down to US$17M, meaning significantly more cash retained. A double positive for uranium investors.

A1G — African Gold has received Supreme Court approval for both its Share Scheme and Option Scheme with Montage. Schemes become legally effective on 20 April, with shareholders receiving consideration on 29 April when scheme shares transfer and options are cancelled with compensation.

PDI — Predictive Discovery has completed its merger with Robex Resources, issuing 2.17 billion new shares worth around A$2 billion to create a West African gold producer targeting over 400,000 ounces per year by 2029 from its Bankan and Kiniero projects. PDI will now trade on the Toronto Stock Exchange from Monday — dual-listed and with serious scale on the global gold stage.

AEL — Amplitude Energy has signed a binding 20 petajoule gas supply agreement with AGL — 5 PJ per year over four years from its East Coast Supply Project, with supply targeted for H2 2028. Securing AGL as a foundation customer is a major commercial validation, though the deal remains conditional on the current drilling campaign confirming minimum reserve levels.

SKS — SKS Technologies has expanded its Melbourne hyperscale data centre contract with Hickory from $130M to $210M after the facility grew from 90MW to 126MW capacity. Total work on hand now sits at $350 million — approximately 8x the June 2023 level — with FY26 guidance of $340M revenue and a 10% pre-tax margin reaffirmed. One of the quieter beneficiaries of the AI infrastructure boom.

HUM — The Takeovers Panel has affirmed unacceptable circumstances in the Humm Group control battle between founder Andrew Abercrombie’s TAG vehicle at $0.58 per share and Credit Corp at $0.72–$0.77 per share. No orders have been made yet — Humm shareholders remain in limbo as to which bidder, if either, will ultimately prevail.

Rapid Fire

* NZK — New Zealand King Salmon more than doubled its FY26 EBITDA guidance to $19M–$27M after lower-than-expected summer fish mortality — a significant operational turnaround.

* AKN — AuKing Mining is acquiring 100% of the Tundulu Rare Earths Project in Malawi — a 91.5 km² carbonatite complex with historic drill hits up to 41 metres at 3.7% TREO.

* IAG — The ACCC has escalated IAG’s proposed acquisition of RAC Insurance to a Phase 2 review over competition concerns in Western Australia, adding up to 90 business days of uncertainty to the deal.

* 5E — 5E Advanced Materials will delist from ASX on 28 May 2026, retaining its Nasdaq listing. CDI holders can sell on-market, convert to Nasdaq stock, or use the sale facility before the 26 May cutoff.

* KSM — K2 Asset Management is closing its ASX-listed small cap ETF KSM after finding it unviable. Investors can sell before 15 May or wait for wind-up redemption proceeds expected by 15 June.

* OCC — Orthocell completed the first Remplir nerve repair surgery in a US military hospital just two days after securing DoD and VA procurement approval — opening access to 221 hospitals across the defence and veterans network.

* AAI — Alcoa posted Q1 2026 net income of $425 million on higher aluminium prices, ending the quarter with $1.4 billion cash and redeeming $219 million in senior notes.

* QML — QMines has halted trading ahead of a strategic investment announcement to fast-track development of its Mt Chalmers copper-gold mine in Central Queensland. Details expected Tuesday.

* SLM — Solis Minerals has halted ahead of an announcement about acquiring a lithium project in Brazil’s Minas Gerais state. Details due by Tuesday.

* CPM — Cooper Metals has halted ahead of a dual acquisition and capital raising announcement — the combination suggests a meaningful strategic transaction being finalised over the long weekend.

* NRW — NRW Holdings’ Fredon subsidiary has won five electrical and mechanical contracts worth approximately $160 million, including a ~$110 million Commonwealth infrastructure project in Northern Australia.

* AI1 — Adisyn has halted trading ahead of a material update on its graphene deposition process — graphene is the company’s core technology focus. Details due Tuesday.

ASX Daily Digest · Not financial advice · Price-sensitive announcements only

Top Stories

VEA — Viva Energy halts trading after significant fire breaks out at Geelong Refinery

Viva Energy has requested an immediate trading halt after a significant fire broke out at its Geelong Refinery — one of Australia’s key fuel refining assets and a core part of Viva’s business. The halt runs until the company releases a formal update or until market open on Monday, 20 April. Any material damage could have significant operational and financial consequences, and with the refinery critical to Australia’s broader fuel supply chain, the implications could extend well beyond Viva’s bottom line. Watch for an announcement over the weekend — this could be a major market mover when trading resumes.

SVM — Sovereign Metals delivers landmark DFS for Kasiya, projecting US$2.2B NPV and world-leading rutile and graphite production

Sovereign Metals has released a Definitive Feasibility Study for its Kasiya Rutile-Graphite Project in Malawi, confirming a pre-tax NPV of US$2.2 billion, a 23% IRR, and annual EBITDA of US$476 million over a 25-year mine life. The numbers are staggering — 222,000 tonnes of rutile and 275,000 tonnes of natural flake graphite per year, positioning Sovereign as the world’s largest producer of both commodities simultaneously. The DFS was completed under Rio Tinto technical oversight, with the World Bank/IFC as potential co-lead arranger and non-binding offtake MOUs already covering more than half of Stage 1 rutile output. A genuine tier-one project announcement.

SLS — Solstice Minerals delivers standout copper-gold drill results at Nanadie, raises $32.6M to accelerate expansion

Solstice Minerals has delivered what it’s calling the best drill result in the history of the Nanadie project — 62 metres at 1.55% copper and 0.66 grams per tonne gold, with a high-grade sub-interval of 22 metres at 2.78% copper and 1.25 grams per tonne gold. The results extend mineralisation laterally, along strike, and at depth beyond the existing 40.4 million tonne Inferred Resource, and have triggered an accelerated Phase 2 drilling campaign combining RC and diamond drilling. A concurrent $32.6 million institutional placement brings the company’s cash position to $48.4 million — the funding is in place to move fast.

IFL — Federal Court approves $4.80/share takeover of Insignia Financial by CC Capital Partners

The Federal Court of Australia has approved the scheme of arrangement for CC Capital Partners to acquire all Insignia Financial shares at $4.80 cash per share. The scheme becomes legally effective on 17 April when court orders are lodged with ASIC, with ASX trading suspended from that date. Shareholders on the record date of 21 April will receive their cash payment on 28 April. This wraps up one of the more closely watched wealth management M&A deals on the ASX — a clean exit at a firm cash price.

Mid-Tier Movers

GMD — Genesis Minerals has posted a record quarter — 67,497 ounces of gold produced and record underlying cash of A$252.8 million — lifting its total cash balance to A$599.9 million with zero bank debt. The company is pushing its aspirational production target to ‘ASPIRE 500’ — 500,000 ounces annually — backed by the $639 million acquisition of Magnetic Resources, which is progressing toward June completion and will lift group milling capacity to potentially 8–9 million tonnes per annum.

OBM — Ora Banda Mining has had its best quarter ever: 38,766 ounces of gold, up 21% on the prior quarter, with $76.3 million in free cash flow lifting total cash to $231.7 million. A tenfold increase in the Round Dam Mineral Resource to 1.3 million ounces helped push group resources up 57% to 3.3 million ounces — a major exploration win alongside the production record.

MAU — Genesis Minerals is acquiring Magnetic Resources at A$2.00 per share — a 25% premium to the last close — in a deal valuing Magnetic at approximately $639 million via Scheme of Arrangement. The Magnetic board unanimously recommends the deal, major shareholders holding nearly 20% of shares are already committed, and completion is targeted for June 2026.

MM1 — Midas Minerals has announced an initial resource of 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver at its T-13 deposit in Namibia — that’s 169,000 tonnes of copper and 7.1 million ounces of silver. The high-grade Main Zone grades out at 3.2% copper equivalent, starts at surface, and the system remains wide open. A $28 million placement has just been completed to fund the next phase of drilling.

29M — 29Metals has delivered a painful guidance cut. Mining at the Xantho Extended orebody has been pushed back to Q4 2026 due to additional geotechnical works addressing seismicity risks, slashing zinc production by 60–70%, gold by up to 50%, and silver by up to 33%. The company insists the extra work falls within existing cost and capex guidance, but with three metals hit hard, this is a significant negative for the year.

AMP — AMP has had a strong start to 2026 with Platforms net cashflows jumping 45% to $1.1 billion and a $150 million on-market share buyback now underway. The new GO deposit product has already hit $942 million in balances and full-year guidance has been upgraded to exceed $1.5 billion — solid momentum despite AUM declining due to market volatility.

SRZ — Stellar Resources crossed the 100,000 tonne contained tin milestone this quarter, with a 41% jump in the Queen Hill resource pushing total Heemskirk project resources to 88,100 tonnes contained tin. Diamond drilling at Severn is hitting a new mineralisation zone 60 metres below the existing model. An updated MRE is coming in Q2, the PFS is targeted for early Q3, and $11.7 million in cash is in hand.

NWL — Netwealth delivered $4.0 billion in net inflows for the March quarter, growing FUA 20.9% year-on-year to $125.8 billion despite a $3.7 billion market headwind. Managed Account FUM surged 30.4% to $27.9 billion and the individual HIN solution is on track for a July market release, targeting a $600 billion addressable market.

Rapid Fire

* PEN — Peninsula Energy has halted trading after discovering a February cleansing notice was legally defective — the company is heading to the Supreme Court of WA to validate share sales made before 7 April, creating real legal uncertainty for holders. Halt runs until 21 April.

* BDM — Burgundy Diamond Mines is seeking retrospective shareholder approval for $43.4 million in undisclosed short-term diamond financing deals it argued were non-material — the ASX clearly disagreed. Worth watching at the upcoming general meeting.

* WHC — Whitehaven Coal has priced US$900 million in senior secured notes at around 6.3% to refinance its acquisition debt, saving an estimated A$50–55 million per year in interest — a smart balance sheet move.

* RAD — Radiopharm has finished enrolling all 30 patients in its Phase 2b US brain metastases imaging trial, with interim data showing 90% concordance with MRI. Full data readout expected June 2026 ahead of a Phase 3 pivot.

* MNB — Minbos Resources is now fully funded to complete its Cabinda fertilizer plant in Angola after securing a US$5.48 million BFA loan, complementing the previously announced US$16 million IDC facility.

* XEN — Xenitra posted preliminary Q3 sales of $8.3 million — a 300%-plus surge on Q2 — driven by its Danone nutritionals partnership with Rockcheck Group, with two new higher-margin divisions launching in Q4.

* A1M — AIC Mines has now hit production guidance for eleven consecutive quarters at Eloise, generating $27.7 million in net mine cash flow in Q1 2026, with mineral resources growing 10% to 631,800 tonnes contained copper.

* BB1 — BlinkLab raised A$17.5 million in an oversubscribed placement to fund its pivotal FDA 510(k) trial for its autism diagnostic tool and launch a new US ADHD clinical program — two large neuro developmental markets in the crosshairs.

ASX Daily Digest · Not financial advice · Price-sensitive announcements only

Top Stories

DUR — Duratec Ertech JV secures $281M Defence contract for HMAS Stirling submarine infrastructure upgrades

Duratec’s 50:50 joint venture with Ertech has been awarded a $281 million contract to upgrade infrastructure at HMAS Stirling in Western Australia, directly tied to the AUKUS partnership and Australia’s future submarine capability. Combined with a previously awarded $9.2M early works contract and ~$5M in long lead items, total project value reaches just under $300 million with a 24-month delivery window. This is exactly the kind of defence spending story retail investors should be watching as AUKUS commitments translate into real ASX earnings.

TLX — Telix raises US$600M in upsized convertible bond offering to refinance existing debt

Telix Pharmaceuticals priced a US$600 million convertible bond at 1.50% coupon due 2031 — upsized from US$550M on the back of strong global demand. The conversion price of US$13.85 per share represents a 37.5% premium to the reference price. Simultaneously, Telix is buying back more than 85% of its existing 2029 bonds, extending its debt maturity profile by two years and giving the company significant financial flexibility heading into key commercial milestones.

EVN — Evolution Mining achieves net cash position of $42M with strong quarterly cash flows and record mine performances

Evolution Mining generated $406M in Group cash flow for the March quarter, with cash on hand rising 42% to $1.37 billion. Production came in at 170,000 ounces at an AISC of $2,220 per ounce, keeping FY26 guidance intact and below original cost guidance. Record net mine cash flows at both Mungari ($175M) and Red Lake ($104M). With no debt repayments until FY29 and $1.9 billion in total liquidity, Evolution is one of the best-capitalised gold producers on the ASX right now.

STK — Strickland Metals delivers maiden 1.25Moz Indicated Resource at Shanac, growing total Rogozna project to 8.6Moz AuEq

Strickland Metals has established a maiden Indicated Resource of 1.25 million ounces at its Shanac deposit in Serbia, pushing the total Rogozna project to 8.6Moz AuEq across four deposits. The company is sitting on approximately $93 million in cash following a recent institutional placement. At 8.6 million ounces, Rogozna is starting to look like a genuine tier-one development project — and an Indicated Resource milestone is exactly the kind of de-risking event that attracts major mining company attention.

Mid-Tier Movers

LRV — Larvotto’s Hillgrove antimony-gold project remains on time and on budget, with commissioning targeted for August 2026 and first production in mid-2026. The federal government has legislated a Critical Minerals Stockpile with antimony among the first four priority commodities, and Larvotto is one of only two Australian companies positioned to supply it.

BOE — Boss Energy has cut FY26 uranium production guidance by roughly 10% to 1.40–1.45 million pounds, down from 1.6 million, after repeated rainfall events disrupted operations at Honeymoon in South Australia. Costs are tracking toward the upper end of guidance, though C1 cost guidance itself remains unchanged at $36–40 per pound.

ALK — Alkane Resources will join the S&P/ASX 200 Index on 22 April, replacing National Storage REIT following its Brookfield and GIC acquisition. Index inclusion typically triggers mandatory buying from ETFs and passive funds — a meaningful re-rating catalyst for ALK shareholders.

NUF — Nufarm reported underlying first-half EBITDA of $239–244 million, up approximately 17% on the prior year. Net debt reduced by $130 million and a new $50 million cost savings program announced under incoming CEO Rico Christensen. Positive trading momentum has continued into April.

VGN — Virgin Australia has kept its FY26 guidance intact despite jet fuel prices more than doubling since late February, thanks to strong hedging covering 92% of Brent crude exposure. RASK growth forecast upgraded to ~5% from 3–4% previously. Group liquidity stands at $1.5 billion with leverage below its own 1–2x target range.

SER — Strategic Energy Resources has executed a binding JV with Sumitomo Metal Mining for its Bulimba Gold Project in Queensland. Sumitomo can earn up to 90% through $6M in expenditure and 7,500m of drilling. SER stays free-carried through all earn-in stages and earns a 10% operator fee.

AVH — AVITA Medical’s Cohealyx bioscaffold cut average time to skin grafting from a 33-day real-world benchmark down to just 13.6 days across 40 patients — statistically significant at p<0.001. 90% investigator satisfaction including among first-time users. Full dataset expected later in 2026.

RGL — Riversgold has reported its best-ever drilling campaign at its Northern Zone project 25km east of Kalgoorlie, with standout results including 15 metres at 5.62 g/t gold and individual metre results hitting 71 g/t. Mining Lease conversion expected within weeks.

Rapid Fire

* WTM — Waratah Minerals hits 54m at 1.88 g/t Au at Spur Gold Project in NSW with 10 rigs still turning at the expanding Consols zone.

* EL8 — Elevate Uranium declares a maiden 10.1 million pound resource at Namib IV, lifting total Koppies Project to 76.2 million pounds U3O8.

* PYC — PYC Therapeutics clears its Safety Review Committee to advance PYC-001 into a Multiple Ascending Dose study after positive 60mcg safety data.

* OM1 — Omnia Metals pivots into US critical minerals, acquiring an antimony project directly adjacent to the only DOD-approved smelter in North America.

* MQR — Marquee Resources secures a patent licence from Oak Ridge National Laboratory for NEAREST REE separation technology — up to 6.7x better than conventional methods.

* IMM — Immutep receives FDA Orphan Drug Designation for efti in soft tissue sarcoma, unlocking potential seven years of market exclusivity upon approval.

* OCC — Orthocell gains access to 221 US military and VA hospitals for its Remplir nerve repair device, backed by real-world use in 23 procedures on soldiers in Ukraine.

* HZR — Hazer and KBR complete a standardised Process Design Package for a 30,000 tonne per annum hydrogen plant, enabling global commercial licensing.

* NHC — New Hope raises A$300M in convertible notes due 2032 to refinance 2029 debt, while flagging rising thermal coal prices and on-track FY26 production.

* XRF — XRF Scientific posts revenue up 13.8% to $15.8M for the March quarter with ~$1M in unprocessed orders rolling into June.

* RYM — Ryman Healthcare reports Q4 ORA sales up 10% year-on-year and FY26 free cash flow of approximately $180 million.

* DGL — DGL Group shares resume trading today after suspension lifted following lodgement of its December 2025 half-year report.

ASX Daily Digest · Not financial advice · Price-sensitive announcements only