The Australian sharemarket is trading slightly higher by midday, supported by gains in energy and banking stocks as investors continue to assess the impact of the Iran conflict on global oil markets. The S&P/ASX 200 is up about 0.1 per cent, although the benchmark remains on track for a weekly decline of roughly 2.5 per cent amid ongoing volatility in crude prices and disruption to shipping through the Strait of Hormuz. Oil is holding near US$100 a barrel, fuelling concerns about inflation and strengthening expectations of a possible Reserve Bank interest rate increase next week.
Energy stocks are leading gains as higher oil and gas prices support the sector, while the major banks are also higher on expectations rising interest rates could lift lending margins. Materials are weighing on the market, with weakness in iron ore producers and gold miners dragging on the index. In company news, Qantas has reached a settlement in a class action related to pandemic-era flight credits, Collins Foods has agreed to settle an employee class action, and Westgold Resources has completed the sale of two Western Australian gold projects.
In other company news,
Everest Metals reports bonanza gold grades at Mt Dimer project
Everest Metals Corporation (ASX: EMC) reported high-grade drilling results from its Mt Dimer Taipan Gold Project in Western Australia, strengthening confidence in the existing open-pit resource ahead of an updated mineral resource estimate expected in the second quarter of 2026. Recent infill reverse circulation drilling returned strong intersections including 8 metres at 10.1 grams per tonne gold, with a standout interval of 1 metre grading 127 g/t gold. The results confirmed the continuity of mineralisation north and south of the current pit while mining operations continue on site. More than 45,000 tonnes of mineralised material have already been delivered to the run-of-mine pad, with toll processing expected to begin in April under a nearby processing agreement.
Asian Battery Metals exercises option to acquire Mongolian copper-gold project
Asian Battery Metals (ASX: AZ9) exercised its option to acquire the Maikhan Uul Copper-Gold Project in southwestern Mongolia through its subsidiary Innova Mineral. The project holds a mining licence valid until 2045 and previous drilling confirmed thick zones of sulphide mineralisation, including 14.5 metres at 2.23% copper and 0.73 g/t gold. The acquisition strengthens the company’s regional exploration footprint alongside its nearby Oval copper-nickel discovery. The company plans to begin geophysical surveys and drilling campaigns in 2026 to expand the mineralised system and progress resource evaluation.
Terrain Minerals begins follow-up drilling at Lort River rare earth project
Terrain Minerals (ASX: TMX) commenced a follow-up air-core drilling program at its Lort River Rare Earth Project in Western Australia to test extensions of previously identified high-grade mineralisation. The campaign targets areas surrounding a prior intersection of 8 metres grading 4,037 ppm total rare earth oxides, including zones rich in magnet rare earth elements such as neodymium and praseodymium. Geological modelling suggests the clay-hosted mineralised basin could extend across more than 66 square kilometres, supporting the potential for a large rare earth discovery in the Esperance region.
