The Australian sharemarket is trading lower by midday as rising oil prices fuel inflation concerns and strengthen expectations that the Reserve Bank of Australia could raise interest rates next week. The S&P/ASX 200 is down about 1.2 per cent, with energy the only sector in positive territory. Oil has surged toward US$100 a barrel, while the Australian dollar has climbed to a four-year high as markets increasingly price in a potential rate hike.
Energy and coal stocks are leading gains as commodity prices rise, while rate-sensitive sectors are under pressure. Technology and real estate stocks are weaker, and materials have pulled back after recent strength, while major banks are also trading lower. In corporate news, Collins Foods is up after agreeing to acquire additional KFC restaurants in Germany, while Liontown Resources and Atlas Arteria are both trading lower following their respective updates.
In other company news,
Ora Banda expands Little Gem gold system and discovers new Sapphire trend
Ora Banda Mining (ASX: OBM) reported further exploration success at its Little Gem Prospect in Western Australia, with drilling expanding the mineralised envelope to more than 1,500 metres of strike and around 750 metres below surface. The company also discovered a new parallel structure known as the Sapphire Trend, located about 200 metres east of the main Little Gem system, highlighting additional potential for high-grade gold mineralisation. Recent drilling delivered multiple strong gold intersections across both trends, with mineralisation remaining open in several directions. Ora Banda said ongoing drilling will continue to test the broader system and support delivery of a maiden mineral resource estimate for Little Gem expected in the second half of 2026.
Marimaca reports further high-grade copper-silver drilling at Pampa Medina
Marimaca Copper (ASX: MC2) reported additional high-grade copper and silver results from step-out drilling at the Pampa Medina deposit in northern Chile, extending mineralisation more than 600 metres west of previous drilling. Results included several wide, high-grade intervals, reinforcing the scale and continuity of the sediment-hosted copper system. The company said the deposit now shows mineralisation across an exploration area spanning roughly three kilometres by two kilometres. Marimaca plans to significantly expand drilling in 2026, with up to ten rigs targeting definition drilling and further step-outs to test the broader mineralised corridor.
Red Mountain extends high-grade antimony mineralisation at Oaky Creek
Red Mountain Mining (ASX: RMX) reported strong assay results from its auger soil sampling program at the Oaky Creek Prospect within the Armidale Antimony-Gold Project in New South Wales. Rock samples returned grades of up to 28.1% antimony, confirming the extension of the mineralised system beyond previously known workings. The results also extended a previously identified antimony-arsenic soil anomaly and identified additional mineralised zones along a strike length of around three kilometres. Red Mountain said further sampling results are pending and will help refine drill targets ahead of planned drilling later in 2026.
