The Australian sharemarket fell on Thursday, with the S&P/ASX 200 dropping 56 points, or 0.63 per cent, to 8,775.3 at 12.10pm AEDT. Nine of the 11 sectors traded lower, led by weakness in retail and property stocks.
The losses came despite a technology-led rally on Wall Street, while Brent crude climbed above US$110 a barrel following an attack on a Saudi oil field, adding to inflation concerns. The Australian dollar reached a three-week high as traders increased expectations of another RBA rate rise. Technology stocks bucked the local downturn, with NextDC rebounding 6.4 per cent and Megaport gaining 5.8 per cent.
In small cap company news:
Power Minerals intersects high-grade rare earths at depth in Brazil
Power Minerals (ASX: PNN) has reported further high-grade rare earth results from its Morro do Ferro Project in Brazil, including 50 metres at 9.0 per cent total rare earth oxides (TREO) from surface and a deeper intersection of 2 metres at 6.88 per cent TREO from 240 metres. Drillhole MFSR-054 also returned 88 metres at 6.33 per cent TREO, confirming mineralisation extending to 190 metres downhole, with additional mineralised zones identified at greater depths. The results support the company’s ongoing assessment of the deposit’s scale and geometry ahead of a planned maiden JORC mineral resource estimate. Drilling continues, with further results to be released as they become available.
Recce Pharmaceuticals signs exclusive commercialisation agreement with Arrotex
Recce Pharmaceuticals (ASX: RCE) has entered into a binding exclusive licensing and commercialisation agreement with Arrotex Pharmaceuticals for its investigational RECCE 327 topical gel treatment for diabetic foot infections in Australia and New Zealand. Under the agreement, Arrotex will manage regional regulatory approvals and commercialisation, while Recce will retain manufacturing and supply rights and receive a share of gross profit margins from future sales. No upfront or milestone payments are included. The treatment is currently undergoing Phase 3 clinical development, with any commercial launch dependent on successful trial outcomes and regulatory approval. The agreement provides a potential pathway to market through Arrotex’s established pharmaceutical distribution network.
Tambourah Metals reports high-grade gold intersections at Bryah Project
Tambourah Metals (ASX: TMB) has reported high-grade gold results from its maiden reverse circulation drilling program at the Baxters South prospect within its Bryah Gold Project in Western Australia. Results included 4 metres at 41.7 grams per tonne gold from 55 metres, including 1 metre at 146.5 grams per tonne, and 6 metres at 9.5 grams per tonne from 64 metres. Drilling also intersected primary gold mineralisation in fresh rock, returning 3 metres at 35.5 grams per tonne from 169 metres, including 1 metre at 73.2 grams per tonne. The discovery highlights potential mineralisation beyond the near-surface weathered zone, although its extent and continuity remain to be established. Follow-up exploration will focus on defining the mineralised zones and identifying additional drilling targets.
American Uranium reports positive aquifer test results at Lo Herma Project
American Uranium (ASX: AMU) has reported positive results from a large-scale aquifer pumping test at its Lo Herma Uranium Project in Wyoming, supporting further evaluation of the project’s suitability for in-situ recovery (ISR) mining. Testing at the proposed Mine Unit 1 sustained pumping at 19.2 gallons per minute over 48 hours, with groundwater drawdown stabilising at approximately 16.9 feet. The results demonstrated hydraulic communication and aquifer confinement characteristics considered supportive of ISR operations at the test location. The findings will provide technical inputs for the planned scoping study, with additional hydrogeological testing and groundwater assessments required to support future permitting and mine development.
Southern Hemisphere Mining identifies copper mineralisation in Chile drilling program
Southern Hemisphere Mining (ASX: SUH) has identified visible chalcocite and chalcopyrite mineralisation during ongoing diamond drilling at its Llahuin Copper-Gold-Molybdenum Project in Chile. Approximately one-third of the initial 2,000-metre drilling program has been completed, with three holes totalling 658 metres drilled and first assay results expected in late November. The company is also preparing deeper drilling to investigate a potential porphyry feeder zone beneath the Cerro deposit, while adding a new copper-gold exploration target supported by a historical intersection of 8 metres at 3.67 grams per tonne gold. The program aims to test extensions to existing mineralisation, although the significance of the newly observed copper minerals remains subject to laboratory assay confirmation.
