The Australian sharemarket extended losses towards noon on Thursday, tracking weaker US equity futures despite a strong overnight rally on Wall Street. The S&P/ASX 200 fell to 9,109.7, down approximately 0.5 per cent, with mining stocks leading declines as BHP and Rio Tinto both slipped more than 1 per cent. Banks were mixed, with ANZ falling 2 per cent while Commonwealth Bank gained 1.1 per cent.
Technology stocks bucked the broader weakness, supported by a 6.6 per cent rise in Xero following upgraded guidance and a $1 billion share buyback announcement.
In corporate news, G8 Education surged 90 per cent following a $196 million takeover bid, while Aristocrat Leisure dropped 6.5 per cent despite reporting a 15 per cent increase in full-year profit.
In small cap company news:
Etherstack secures US$1.8 million expansion of US telecommunications project
Etherstack (ASX: ESK) has secured a US$1.8 million expansion of its existing project with a Tier 1 US telecommunications carrier, strengthening its position in the public safety communications market. The additional revenue relates to new software features and professional services supporting further deployments and connections between the carrier’s network and public safety agencies. The expansion builds on the original agreement announced in August 2025 and involves Etherstack’s 3GPP LMR-IWF technology, which enables interoperability between traditional land mobile radio systems and modern telecommunications networks. The company expects most of the additional revenue to be recognised within the next 90 days, contributing to both the 2026 and 2027 financial years. Etherstack noted that projects of this nature can provide opportunities for further expansion in scope and revenue. For full announcement, please click here.
White Cliff Minerals extends copper mineralisation to 521 metres at Rae Project
White Cliff Minerals (ASX: WCN) has reported further copper mineralisation at its Rae Copper Project in Canada, with deep drilling at Danvers 1 identifying visible copper sulphides extending to 521 metres downhole. The deepest drillhole recorded a cumulative 386 metres of visually identified copper sulphides, while separate assay results confirmed a new shallow mineralised zone of 63 metres at 0.39 per cent copper from 21 metres. Additional drilling between the Danvers 2 and Danvers 3 prospects also identified extensive copper sulphides, supporting the potential continuity of the wider mineralised system. Assay results from the deeper drilling are expected within six to eight weeks. The company is continuing geological modelling and exploration work towards defining an Exploration Target and ultimately a maiden Mineral Resource Estimate. Visual observations remain subject to laboratory confirmation.
Carnarvon Energy adds second exploration well to 2027 drilling program
Carnarvon Energy (ASX: CVN) has confirmed the addition of the Pavo South-1 exploration well to its 2027 drilling campaign in Western Australia’s offshore Bedout Sub-basin. The well will target an estimated 74 million barrels of oil equivalent in gross prospective resources, with a geological chance of success of 64 per cent. Carnarvon holds a 20 per cent interest in the Pavo South permit, while its second planned well, Ara-1, is scheduled to commence drilling in the second quarter of 2027. Pavo South drilling is expected to begin in the third quarter, subject to regulatory approvals and rig availability. The company’s share of costs for both wells is estimated at approximately $20 million, funded from its $97 million cash balance at the end of September. Any successful discovery could potentially support the proposed Dorado development, although the targeted resources remain undiscovered and subject to exploration risk.
Prescient Therapeutics receives $3.4 million R&D tax refund to support cancer trial
Prescient Therapeutics (ASX: PTX) has received a $3.44 million cash refund under the Australian Government’s Research and Development Tax Incentive, strengthening its funding position as it advances clinical development of its cancer treatment PTX-100. The refund relates to eligible research expenditure during the 2026 financial year, primarily associated with the company’s Phase IIa study in patients with relapsed or refractory cutaneous T-cell lymphoma. The non-dilutive funding follows a $6 million capital raising completed across September and October. Prescient is preparing for its first Dose Optimisation Committee review in December, with 20 evaluable patients enrolled across two dosing groups. Recruitment remains ongoing towards a planned total of 40 evaluable patients.
Austral Resources receives major processing equipment for Rocklands copper restart
Austral Resources (ASX: AR1) has reached a key milestone in its Rocklands Copper Project refurbishment in Queensland, with the arrival of a 4.75-megawatt semi-autogenous grinding mill at the site. The equipment, transported approximately 1,700 kilometres from Cobar in New South Wales, represents the largest single procurement component of the restart program. The mill will replace the existing three-stage crushing circuit as part of a redesigned processing system intended to reduce operational complexity and capital requirements. Austral expects to appoint a construction management contractor before the end of 2026, with refurbishment work progressing towards a targeted production restart in the second half of 2027. Installation and commissioning remain outstanding.
