Daily Special: KGL Resources, Prairie Lithium, Felix Gold

Australian shares edged higher in early trade, with the S&P/ASX 200 rising 0.41% to 8707.5, as markets followed a second consecutive session of gains on Wall Street. Sentiment remained cautious ahead of a scheduled address by US President Donald Trump, with investors focused on potential signals around the timing of any resolution to the Iran conflict. Oil prices fell nearly 3% to around US$101 a barrel, while gold rose 2% to above US$4,765 an ounce.

Across the sectors, gains in materials offset weakness in energy. Gold miners moved higher in line with the rise in bullion prices, alongside strength in aluminium stocks following gains in the underlying metal. Energy stocks declined, tracking lower oil prices, with broad-based losses across the sector.

In company news,

KGL Resources (ASX: KGL) entered a US$300 million precious metals streaming agreement with Wheaton Precious Metals to support construction and development of the Jervois Copper Project in the Northern Territory. The package includes US$275 million in upfront consideration and a further US$25 million contingent cost overrun facility, with early funding available subject to conditions. The agreement applies to silver and gold by-product streams, leaving KGL’s copper production unencumbered.

Prairie Lithium (ASX: PL9) executed a binding definitive agreement with Hydro Lithium for the purchase of 100% of Phase 1 production from the Prairie Lithium Project in Saskatchewan, equal to 150 tonnes per annum of lithium carbonate equivalent. Under the agreement, Hydro Lithium will also provide and operate approximately A$10 million of proprietary refining equipment at site. Construction of Prairie’s Phase 1 facility is already underway, with first production targeted in Q4 2026.

Felix Gold (ASX: FXG) reported gold assay results from 2025 drilling at the NW Array prospect within its Treasure Creek Project in Alaska, confirming multiple shallow gold zones across diamond and reverse circulation drilling. Reported intercepts include 37.65 metres at 2.02g/t gold from 48.55 metres and 11 metres at 4.44g/t gold from surface, alongside other broad mineralised intervals. The results support continuity of mineralisation within the same structural corridor that hosts the company’s antimony system.