The Australian sharemarket edged higher on Tuesday, with the S&P/ASX 200 gaining 14 points, or 0.16 per cent, to 8,823.9 at 1.37pm AEDT, after falling as much as 0.3 per cent earlier in the session. Mining and technology stocks led gains, with BHP, Rio Tinto and Codan advancing. Losses in financials and consumer staples limited the rise, with Woolworths, Coles and National Australia Bank trading lower.
The mixed session followed a technology-led rally on Wall Street after Anthropic filed its IPO prospectus, renewing interest in artificial intelligence stocks. Investors remained cautious ahead of major US technology earnings, the Federal Reserve’s interest rate decision and Australian inflation figures. Among individual stocks, Star Entertainment surged following a positive earnings update, SCX.ai gained on news of its selection as an Australian launch partner in SpaceX’s Super Intelligence Partner Network, while Brightstar Resources fell after announcing an $82 million capital raising.
In small cap company news,
Auravelle Metals extends gold trend at Nuckulla Hill to more than 3km
Auravelle Metals (ASX: AUV) has confirmed and extended a gold-bearing trend spanning more than three kilometres at its Nuckulla Hill project in South Australia, following a 34-hole aircore drilling program. Results included 10 metres at 1.4 grams per tonne gold from 56 metres at Sheoak North and eight metres at 1.0 grams per tonne from 48 metres at Myall. The drilling identified several new targets along the Sheoak–Myall corridor, with mineralisation remaining open along strike and at depth. Auravelle expects to begin reverse circulation drilling in the coming weeks to test these targets and further investigate the Sheoak and Bimba prospects.
Desert Metals agrees to sell Tengrela South gold project for up to $5 million
Desert Metals (ASX: DM1) has signed a binding agreement to sell its 80 per cent interest in the Tengrela South gold exploration project in Côte d’Ivoire to Canadian-listed Waraba Gold for up to $5 million in cash. The transaction includes $2.5 million payable by completion, a further $2.5 million contingent on permit renewal, and a 1 per cent net smelter return royalty. Completion remains subject to regulatory and other approvals. Desert Metals plans to direct the proceeds towards exploration at its Adzope Gold Project, including the previously undrilled seven-kilometre Nyan gold anomaly, as well as its Agboville gold-lithium project.
FireFly Metals makes new high-grade copper-gold discovery in Canada
FireFly Metals (ASX: FFM) has reported a new high-grade copper-gold discovery at the Mount Joy prospect within its Green Bay project in Newfoundland, Canada. The first drill hole intersected 22.5 metres grading 2.5 per cent copper equivalent from 109 metres, including nine metres at 3.9 per cent copper equivalent. Follow-up drilling has intersected approximately 40 metres of semi-massive sulphides, with laboratory results pending. The discovery is located 35 kilometres from FireFly’s Ming Mine and 2.6 kilometres from its Nugget Pond processing facility. Regional drilling will continue, while an updated mineral resource estimate and feasibility study for Green Bay are expected in early 2027.
Hamelin Gold reports high-grade drilling results at Day Dawn
Hamelin Gold (ASX: HMG) has reported high-grade gold intersections from its Phase 2 drilling program at the Day Dawn project in Western Australia’s Paterson Province. Results from the first 22 of 35 reverse circulation holes included two metres at 101.5 grams per tonne gold within a broader 11-metre intersection grading 20.2 grams per tonne at the Altus Lode. Drilling also extended the Aurora Lodes near surface and at depth, including seven metres at 5.6 grams per tonne from 147 metres. Assays from the remaining 13 holes are expected in November, while a maiden 1,500-metre diamond drilling program is underway to test deeper extensions.
NGX secures rights to Namibian gold and copper projects alongside $3.6 million raising
NGX (ASX: NGX) has secured rights to acquire interests of up to 85 per cent in seven exploration licences covering more than 1,300 square kilometres in Namibia’s Damara Gold Belt. The land package includes ground near WIA Gold’s Kokoseb gold deposit, with several licences still subject to renewal or application processes. NGX has also secured rights to acquire up to 85 per cent of the 194-square-kilometre Karas Copper Project, near the Haib copper deposit. The company has completed a bookbuild to raise $3.6 million before costs to fund exploration commitments across its new and existing projects.
Orbit Resources identifies 1km magnetic target at Lewis Ponds
Orbit Resources (ASX: OBT) has identified a one-kilometre-long magnetic target immediately along strike from its Cousin Jack discovery at the Lewis Ponds gold, silver and base metals project near Orange in New South Wales. The anomaly, identified through a drone magnetic survey, coincides with an induced polarisation response that may indicate the presence of sulphide mineralisation. Previous drilling at Cousin Jack intersected broad zones of zinc, lead, copper, silver and gold mineralisation, although the newly identified target has yet to be drill tested. Orbit plans to begin field investigations immediately, followed by ground electromagnetic surveys, while assays from its ongoing diamond drilling program remain pending.
