Australian shares fell sharply on Thursday, with the S&P/ASX 200 down 161.6 points, or 1.81 per cent, to 8,749.8 at 12.05pm AEST. All 11 sectors traded lower as oil moved above US$101 a barrel and hopes for a peaceful resolution to the Iran war faded.
Global bond yields also rose, adding pressure to equities as investors weighed the risk of higher inflation and interest rates. The Australian dollar remained near a four-month high at around US72.2 cents.
Resources led the losses despite copper reaching a fresh record high, with BHP down 3.5 per cent, Fortescue 3.1 per cent and Rio Tinto 4 per cent. Gold miners also weakened, while financials came under heavy pressure, with CBA down 2.6 per cent, NAB 2.4 per cent, Westpac 1.8 per cent and ANZ 1.7 per cent.
In small cap company news:
Ariana advances Dokwe feasibility study with strong gold results
Ariana Resources
(ASX:AA2) has reported further drilling results from its Dokwe Gold Project in Zimbabwe as work progresses on the Definitive Feasibility Study. Results included 24 metres at 4.71 grams per tonne gold and 98 metres at 2.85 grams per tonne gold, while eight tonnes of samples have been sent to China for metallurgical testing. Ariana remains funded to complete the DFS technical work programs during the first quarter of 2027.
QEM identifies rare metals opportunity at Garden Valley
QEM Limited
(ASX:QEM) has completed a review of historical exploration data for its Garden Valley Project in Idaho, identifying significant potential for niobium, tantalum and rare earth elements. The project includes the historical Vaught-Peck mine, which reportedly produced around 500 pounds of columbite, while several additional mineralised pegmatites provide further exploration targets. QEM plans to begin geological mapping, sampling and geophysical work before potentially drilling priority targets.
Gateway defines new three-kilometre gold target at Pewy
Gateway Mining
(ASX:GML) has identified a new three-kilometre gold target at Pewy within its Yandal Gold Project in Western Australia. The geological setting is similar to the company’s Cowza discovery, while nearby drilling has returned gold mineralisation on both sides of the currently untested target zone. Gateway has engaged drilling contractors, with first-pass drilling scheduled to begin in early October.
Theta receives first $51.2 million bond drawdown
Theta Gold Mines
(ASX:TGM) has received A$51.2 million from the first drawdown of its secured bond financing after satisfying the required conditions. The company can draw up to US$90 million under the facility, with the remaining funds available progressively as required. The initial proceeds will help fund development and construction of the TGME Gold Mine Project in South Africa.
Optiscan reaches key milestone in digital pathology study
Optiscan Imaging
(ASX:OIL) has reached a key milestone in its digital pathology study with Australian Clinical Labs, successfully imaging more than 80 cases using its InForm platform. The study is testing the technology in a live pathology laboratory across a broad range of tissue types, cancers and clinical uses. A total of 84 cases have now been imaged at Australian Clinical Labs’ Western Australian facility, allowing Optiscan to assess its real-time, slide-free cellular imaging technology under everyday clinical conditions. The data will support further development, pathologist training and future regulatory submissions in Australia and the United States, while helping prepare the platform for broader commercial use.
