The Australian sharemarket was trading higher on Friday, supported by gains in the major banks and a rebound in gold miners after bullion prices recovered from a four-day slump. Around 1pm, the S&P/ASX 200 Index was up 45.3 points, or 0.5%, at 8930.8, with eight of the 11 sectors in positive territory. The materials sector led the advance as gold prices rose as much as 2.5% following a meeting between US President Donald Trump and Chinese leader Xi Jinping, where both sides pledged renewed cooperation on trade and technology. Westgold climbed 5.6%, Newmont 4.4%, Bellevue Gold 3.9% and Evolution 4.3%, while Commonwealth Bank gained 2%. ANZ edged 0.4% lower ahead of its full-year results, which will include $1.1bn in after-tax charges and $141m in goodwill from its Suncorp Bank acquisition.
Even with Friday’s recovery, the ASX remains around 1.4% lower for the week after a turbulent few sessions dominated by inflation concerns and shifting interest rate expectations. The index fell sharply on Wednesday and Thursday after a hotter-than-expected quarterly inflation reading quashed hopes of a near-term Reserve Bank rate cut, and US Federal Reserve Chair Jerome Powell signalled caution over further easing. Rate-sensitive sectors, including property, consumer discretionary and technology, were among the hardest hit, while lithium miners bucked the trend with double-digit gains midweek. Earlier in the week, the market had been buoyed by optimism over a potential US–China trade deal and a strong performance from the big four banks, but those gains were erased as investors turned defensive heading into the weekend.
A look at some of the companies making the news on Friday.
Hastings and Wyloo join Ucore in U.S. rare-earth supply chain push
Hastings Technology Metals (ASX:HAS) and 60 per cent joint-venture partner Wyloo Gascoyne have signed a non-binding Heads of Agreement with North American processor Ucore Rare Metals. The deal outlines negotiations for a long-term offtake of up to 37,000 tpa of concentrate from the Yangibana rare-earths project in Western Australia, and a joint study into building a hydrometallurgical plant in Louisiana to convert concentrate into mixed rare-earth carbonate (MREC). The partnership aligns with the Australia–US critical-minerals framework, aiming to create a mine-to-oxide supply chain across trusted jurisdictions. Hastings CEO Vince Catania said it de-risks Yangibana by opening a North American outlet, while Wyloo CEO Luca Giacovazzi described it as a step toward securing U.S. downstream processing capacity. The definitive offtake agreement is expected after June 2026, consistent with Yangibana’s development timeline.
Resolution acquires U.S. mill to fast-track antimony and tungsten production
Resolution Minerals (ASX:RML) has agreed to acquire Remington Capital Corporation, giving it an option over the Johnson Creek Tungsten & Antimony Mill and associated Antimony Camp properties in Idaho, USA, directly adjoining its Horse Heaven Project. The purchase includes a processing mill, tungsten stockpiles, water rights and infrastructure on 25 acres of private land, providing an immediate pathway to domestic processing and strengthening U.S. critical-metals supply. Once refurbished, the facility would make RML one of the few U.S. antimony-, tungsten- and gold-producers with its own mill. Executive Director Aharon Zaetz said the acquisition could position Horse Heaven as a key hub supplying the Pentagon’s antimony needs. The transaction involves US$1.25 m in cash and 70 m RML shares plus 35 m options, subject to shareholder approval.
Acusensus expands Queensland contract as AI speed cameras prove life-saving
Acusensus (ASX:ACE) has secured an expanded agreement with Queensland’s Department of Transport and Main Roads to double the number of its trailer-based speed enforcement units. The additional deployments will begin in November 2025 and continue through 2026, each for an initial five-year term, adding an estimated $16.6 m (ex GST) to the contract’s value. Founder and Managing Director Alexander Jannink said the program’s early success, cutting instances of extreme speeding by 92 per cent, had prompted the state to scale up, extending the “life-saving” initiative across more of Queensland’s road network. The company, which listed in 2023, develops AI-enabled systems that detect speeding, mobile-phone use and seat-belt breaches, and also provides work-zone safety technology under its Forsite product line.
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