The Australian sharemarket traded lower around noon on Wednesday as investors adjusted to higher interest rates following Tuesday’s Reserve Bank decision and awaited early results from the US midterm elections. The S&P/ASX 200 was down 0.45 per cent to 8,846.50 at 12.30pm AEDT, with five of the 11 sectors trading higher. Utilities led gains, supported by a nearly 2 per cent rise in Origin Energy, while energy stocks advanced as oil prices rebounded amid mixed signals from US-Iran peace negotiations. Oil prices recovered slightly after falling around 8 per cent earlier in the week, with West Texas Intermediate approaching US$97 a barrel and Brent closing below US$104. Meanwhile, US stock futures declined as investors assessed election developments and earnings from major artificial intelligence companies. On the ASX, technology stocks initially gained 1 per cent following positive results from chipmaker AMD, before paring gains to trade broadly flat as US futures weakened.
In small cap company news,
Core Energy Minerals mobilises drilling contractor for Namibia uranium project
Core Energy Minerals (ASX: CR3) has commenced mobilisation of its geological team and drilling contractor to the Barking Gecko uranium prospect within the Nova Joint Venture Project in Namibia. Diamond and reverse circulation drilling is expected to begin shortly, targeting extensions to uranium mineralisation identified through 82 historical drillholes. The planned program comprises 24 holes covering approximately 5,280 metres, with an initial 12-hole campaign followed by further drilling in 2027. Barking Gecko is located in Namibia’s Erongo Region, adjacent to Bannerman Energy’s Etango Uranium Project. Core Energy can earn up to a 51 per cent interest in the Nova Joint Venture through staged exploration expenditure totalling $5 million. Initial drilling results will help assess mineralisation continuity and guide further exploration.
AuKing Mining discovers high-grade rare earth mineralisation at East Tundulu
AuKing Mining (ASX: AKN) has reported a new high-grade rare earth discovery at its Tundulu Project in southern Malawi, extending the known mineralised footprint more than one kilometre east of the main Nathace Hill target. Maiden drilling at East Tundulu returned 67 metres grading 1.68 per cent total rare earth oxides from surface, including 12 metres at 2.56 per cent. Further results from Nathace Hill included 34 metres at 1.68 per cent, with a higher-grade interval of six metres at 5.33 per cent. The results indicate rare earth mineralisation across multiple areas of the carbonatite complex. AuKing is awaiting additional assays from deeper drilling, with further exploration intended to support a maiden Mineral Resource estimate.
BPM Minerals intersects high-grade gold at Bonnie & Clyde prospect
BPM Minerals (ASX: BPM) has reported high-grade gold intersections from the first two reverse circulation drillholes at its Bonnie & Clyde prospect within the Forelands Gold Project in Western Australia. Drillhole FLRC125 returned four metres grading 20.57 grams per tonne gold from 39 metres, including one metre at 73.33 grams per tonne, and eight metres at 9.23 grams per tonne from 71 metres. The results were recorded within a gold-in-soil anomaly extending more than six kilometres. BPM has completed 38 holes covering 5,272 metres, with further assay results expected through late 2026 and early 2027. Additional reverse circulation and diamond drilling is planned, alongside a geophysical survey to investigate the extent of mineralisation.
Avenira secures potential $10 million exploration funding for Jundee South
Avenira (ASX: AEV) has signed a binding earn-in agreement with Manda Resources, backed by Emerald Resources, covering its Jundee South Gold Project in Western Australia. Under the agreement, Manda will commit an initial $4 million in exploration expenditure within 24 months to earn a 14 per cent interest, with the option to invest a further $6 million to increase its stake to 35 per cent. Avenira would retain a 65 per cent interest following completion of the full earn-in. The agreement also resolves outstanding Warden’s Court proceedings, with Manda withdrawing objections and forfeiture applications affecting project tenements. The arrangement provides a funding pathway for gold exploration while allowing Avenira to concentrate resources on its Wonarah Phosphate Project in the Northern Territory.
Orcoda secures three-year transport technology contract worth $500,000
Orcoda (ASX: ODA) has secured a three-year contract worth approximately $500,000 with Linked Community Services, a major community transport provider in New South Wales. The agreement will see Orcoda deploy its AI-enabled Transport360 platform to support route optimisation, fleet management and operational efficiency across Linked’s transport network, which provides approximately 180,000 passenger trips annually. The contract adds to Orcoda’s previously announced annual recurring revenue base of $14.7 million, although the new contract value covers the full three-year term. Orcoda expects revenue from the arrangement to increase as Linked expands its operations. The company is targeting further growth in community transport following the launch of its upgraded Transport360 platform.
