Daily Special: Victory Metals, Lindian Resources, Golden Deeps

The Australian sharemarket is trading lower in early afternoon as investors assess the implications of escalating conflict in the Middle East on energy markets and the broader global economy. The S&P/ASX 200 is down 1.3 per cent by 1pm, with all sectors in the red following Monday’s record close. Energy had earlier been the only sector higher as oil and gas prices rose on supply disruption concerns around the Strait of Hormuz, but broader selling has since taken hold.

 

Gold miners are retreating after recent gains, airlines are extending losses amid ongoing flight disruptions, and the major banks are mixed. Defence stocks are easing following recent strength. In company news, Magellan soared after completing an institutional placement to fund its merger with Barrenjoey, while Life360 fell despite reporting a maiden annual profit. Neuren Pharmaceuticals declined after its partner said it would seek a re-examination of a European regulatory decision, while Stockland and Capstone Copper also retreated following their respective updates.

 

In other company news:

 

Victory Metals achieves breakthrough 48x rare earth upgrade at North Stanmore

Victory Metals (ASX:VTM) delivered flotation results at its North Stanmore Heavy Rare Earth project in Western Australia, achieving a 48-times upgrade in total rare earth oxide concentration to a peak grade of 5.9% TREO. First-pass sighter tests upgraded a representative 1,251ppm TREO head grade while maintaining a 38% heavy rare earth ratio, with recoveries above 80%. The company said the results confirm rare earths are hosted in floatable secondary phosphate minerals, enabling early rejection of more than 95% of ore mass.

 

Lindian secures operating rare earth processing plant in strategic downstream move

Lindian Resources (ASX:LIN) executed a binding term sheet to acquire 100% of an operating mixed rare earth carbonate processing facility in Kazakhstan through a majority-owned joint venture. The US$15 million acquisition provides majority control of an existing hydrometallurgical plant, expected to process approximately 12,500 tonnes per annum of monazite concentrate from the Kangankunde Rare Earths Project, with production targeted by late 2026.

 

Golden Deeps defines large sulphide targets following exceptional high-grade drilling

Golden Deeps (ASX:GED) identified three significant sulphide targets at its Graceland Critical Metals Prospect in Namibia following induced polarisation modelling and maiden diamond drilling. Two priority targets sit directly down plunge from the Gossan zones, where drilling returned high-grade copper, silver and germanium results. A third large IP anomaly extends more than 300 metres and remains open.