ASX slips for fifth session as Coles and tech stocks weigh on market
Consumer staples and technology stocks weigh on the ASX as investors monitor US-China talks
Australian shares are lower at midday, with the S&P/ASX 200 down 0.1% to 8620.8 at 12:13pm AEST, marking a fifth straight session of declines as weakness in consumer staples and technology offsets a rebound in financials. Investors are also watching talks between US President Donald Trump and Chinese President Xi Jinping in Beijing, while global markets continue to track momentum in artificial intelligence-related stocks. Consumer staples are the biggest drag after Coles fell following a Federal Court ruling that the supermarket misled customers through discount pricing promotions, while Woolworths also trades lower.
Aurum lifts Boundiali gold resource to 3.22Moz as drilling boosts confidence
Aurum Resources (ASX: AUE) has increased the Mineral Resource Estimate at its Boundiali Gold Project in Côte d’Ivoire to 3.22 million ounces of gold, with Indicated Resources rising 24% to 1.70 million ounces following infill drilling at the BDT2 deposit. The updated estimate lifted Aurum’s total group resource base to 4.38 million ounces including the Napié Gold Project, with the company continuing a 100,000 metre drilling campaign aimed at further expanding and upgrading resources ahead of a pre-feasibility study due this quarter.
The Boundiali project sits within the prolific West African gold belt alongside major operations including Resolute Mining’s Syama mine and Montage Gold’s Koné project. Aurum said mineralisation remains open along strike and at depth across all deposits, with several undrilled prospects also identified across the broader project area. The company reported a cash balance of $61 million at the end of March to support ongoing exploration and development activities.
Stelar Metals expands tungsten exposure with Tennant Creek earn-in
Stelar Metals (ASX: SLB) has entered into a binding earn-in agreement with private company F&H Brothers Metals for an option to acquire 100% of the Hill of Leaders tungsten project in the Northern Territory. The project covers 445 square kilometres within the Tennant Creek Inlier, a well-established mineral province known for copper-gold and tungsten mineralisation.
The Hill of Leaders project includes historical high-grade tungsten workings across a series of surface vein swarms extending more than two kilometres, with associated copper mineralisation and widespread alteration. The acquisition expands Stelar’s exposure to critical minerals at a time of growing interest in secure tungsten supply chains, with the project located near Tungsten Mining’s Hatches Creek development in the broader Tennant Creek region.
Xenitra reports strong early traction for OPAL tokenised sales platform
Xenitra (ASX: XEN) said its OPAL Real World Asset tokenised sales ecosystem generated more than $500,000 in product sales during its first month of operation, with more than 130 distributors joining the platform across China. The launch event also attracted over 12,000 livestream viewers as the company expands its blockchain-linked FMCG distribution model.
The OPAL platform integrates token distribution with real-world product purchases, with a portion of sales contributing to the OPAL Token Reserve and tokens redeemable for rewards within the ecosystem. Xenitra said the early sales momentum and distributor growth support its strategy to scale tokenised commerce across consumer goods, nutraceuticals and personal care products in China and broader Asian markets.
