Daily Special: Chilwa Minerals, Leeuwin Metals, VRX Silica

Australian shares were little changed at midday, with the S&P/ASX 200 edging up 0.06% to 8,821.0 as investors monitored progress in US-Iran peace talks and awaited key Australian inflation data due on Wednesday. Brent crude held near US$78 a barrel after the US issued a 60-day licence allowing Iran to resume oil exports, while markets continued to assess the outlook for interest rates ahead of the inflation update.

Financials led gains, with Macquarie, National Australia Bank, Commonwealth Bank, ANZ and Westpac all higher. Technology stocks lagged following weakness in US software and AI shares, with Xero, TechnologyOne and WiseTech Global lower. Gold miners also weakened as bullion slipped towards US$4,150 an ounce, while Lynas Rare Earths fell after being asked to submit an updated environmental impact assessment in Malaysia. Energy stocks remained under pressure, with Woodside and Viva Energy lower as softer oil prices weighed on the sector.

Chilwa Minerals (ASX: CHW) reported that reconnaissance exploration had more than tripled the size of its Mpyupyu West heavy mineral sands discovery in Malawi, expanding the target area from around 5 square kilometres to more than 17 square kilometres. The enlarged target now extends towards the recently upgraded Mpyupyu Dune and Flat deposits, which together host a Mineral Resource of 109.6 million tonnes. The company said it had completed 179 of approximately 204 planned near-surface sample sites and had commenced sonic drilling at Mpyupyu West. Management believes the discovery may ultimately link with the existing Mpyupyu resource and highlighted its proximity to the Nakombe rare earth and niobium discovery, potentially creating future infrastructure synergies across a broader critical minerals development hub. To read the full announcement, click here.

Leeuwin Metals (ASX: LM1) has identified multiple high-priority exploration targets at its Marda Gold Project in Western Australia after reviewing historical drilling results from the Red Boomerang and Deception Hill prospects. Significant intercepts include 24 metres at 1.79 grams per tonne gold and 66 metres at 1.12 grams per tonne gold, with none of the results currently included in the existing 342,300-ounce Marda resource. The company said drilling approvals are being progressed, with exploration planned for the second half of 2026. A resource update is also underway across several deposits, while assays remain pending from 55 recently completed drill holes as Leeuwin continues to target resource growth and new discoveries across the broader project area.

VRX Silica (ASX: VRX) has secured support from the Western Australian Government for a proposed land swap at its Muchea Silica Sand Project, 50 kilometres north of Perth. The proposal would provide access to larger volumes of high-grade silica sand while reducing environmental impacts and supporting future development of the project. The Muchea project hosts a Mineral Resource of 208 million tonnes grading 99.6% silica and is viewed as a potential source of high-purity silica sand for ultra-clear glass manufacturing and other downstream industries. VRX said the government backing provides greater certainty as it advances environmental approvals, updates its bankable feasibility study and pursues potential priority project status.