Australian shares traded higher at midday, with the S&P/ASX 200 gaining 1.04% to 8,863.40 at 12.33pm AEST. Sentiment improved after the US and Iran refrained from further military action over the weekend, easing concerns over Middle East energy supplies and pushing Brent crude below US$93 a barrel. Technology and mining stocks led the gains, with Xero, WiseTech Global, NextDC, BHP and Rio Tinto advancing, while gold miners also benefited from firmer bullion prices. Energy stocks underperformed as falling oil prices prompted profit-taking, with Woodside Energy and Santos retreating despite Santos shipping its first condensate cargo from the Barossa gas project.
In small cap company news,
Carnaby Resources (ASX: CNB) backs Evolution takeover
Carnaby Resources (ASX: CNB) has entered into a binding Scheme Implementation Deed under which Evolution Mining (ASX: EVN) will acquire the company in an all-scrip transaction valuing Carnaby at approximately $213 million. The offer gives Carnaby shareholders 0.0682 Evolution shares for each Carnaby share held, implying a value of about $0.77 per share. The Carnaby board has unanimously recommended the proposal, subject to customary conditions and an independent expert’s approval. Evolution said the acquisition strengthens its copper growth pipeline by integrating the Greater Duchess Project with its nearby Ernest Henry operations in Queensland.
1414 Degrees (ASX: 14D) signs AI data centre partnership
1414 Degrees (ASX: 14D) has signed a Heads of Agreement with an Australian data centre operator to develop up to 1GW of AI data centre infrastructure at its Aurora Energy Precinct in South Australia. The staged project will begin with a 17MW campus before expanding to 200MW and ultimately gigawatt scale, supported by Aurora’s renewable energy and battery storage assets. The agreement grants the operator exclusivity over an initial 40-hectare site, with 1414 Degrees providing land, power and connectivity while its partner supplies the capital and operational expertise. The company said the project creates another commercial pathway for the Aurora precinct alongside its battery storage and EV charging plans.
Australian Mines (ASX: AUZ) fast-tracks Flemington PFS
Australian Mines (ASX: AUZ) has commenced and accelerated the pre-feasibility study for its Flemington Scandium Project in New South Wales, expanding the study to assess increasing annual scandium oxide production from 60 tonnes to as much as 180 tonnes. A concurrent drilling program will also test resource extensions and provide material for further metallurgical work. The study is expected to take six to nine months and follows a scoping study that highlighted the project’s strong economics. The company said the expanded assessment reflects growing demand for scandium and aims to position Flemington as a scalable long-term supplier.
Xenitra (ASX: XEN) secures $12m pharmaceutical offtake
Xenitra (ASX: XEN) has signed a three-year pharmaceutical procurement agreement with Kangsheng Hong Kong International Trading that is expected to deliver a minimum of A$12 million in sales. The agreement is the first major commercial contract for the company’s OTC pharmaceuticals division. Initial orders are expected to begin this quarter following operational onboarding. Xenitra said the partnership provides an established distribution channel into China’s healthcare market and supports its three-pillar growth strategy across OTC pharmaceuticals, nutritionals and its OPAL sales ecosystem.
Imricor (ASX: IMR) launches US commercial operations
Imricor (ASX: IMR) has launched its US commercial operations, with Rady Children’s Hospital, San Diego becoming the first hospital in the country to purchase its NorthStar interventional MRI mapping and guidance system. The milestone follows recent FDA clearances and expands the company’s addressable market across more than 250 children’s hospitals and 2,000 adult hospitals in the US. The company expects several additional US hospitals to complete purchases in the coming weeks and said revenue from NorthStar sales is forecast to exceed its total European revenue generated in 2025. Imricor is also expanding its US sales team to support the commercial rollout.
